Natixis Funds Trust IV NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09945

Natixis Funds Trust IV

(Exact name of registrant as specified in charter)

888 Boylston Street, Suite 800 Boston, Massachusetts 02199-8197

(Address of principal executive offices) (Zip code)

Russell L. Kane, Esq.

Natixis Distribution, L.P.

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(Name and address of agent for service)

��

Registrant’s telephone number, including area code: (617) 449-2822

Date of fiscal year end: January 31

Date of reporting period: January 31, 2021

Item 1. Report to Stockholders.

The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

LOGO

Annual Report

January 31, 2021

AEW Global Focused Real Estate Fund

Table of Contents


Portfolio Review			1
Portfolio of Investments			6
Financial Statements			8
Notes to Financial Statements			15

LOGO

AEW GLOBAL FOCUSED REAL ESTATE FUND



Managers		Symbols

Robert Oosterkamp		Class A NRFAX

Milton Low, CFA^®		Class C NRCFX

Gina Szymanski, CFA^®		Class N NRFNX

AEW Capital Management, L.P.		Class Y NRFYX

Investment Goal

The Fund seeks to provide investors with above-average income and long-term growth of capital.

Market Conditions

Real estate securities declined over the one-year period due to investor concerns regarding the pandemic’s impact on demand for real estate space. In North America, the Federal Reserve and the US government implemented significant monetary and fiscal stimulus, and the 10-Year US Treasury yield ended the period 40 basis points lower than the prior 12-month period at 1.11%. In Europe, interest rates were low or negative, and political risk declined after a Brexit agreement was reached. Asia Pacific was first impacted by the pandemic, and during the 12-month period, governments continued stimulus, and central banks kept interest rates low. Regarding global real estate market conditions, the Industrial/Logistics and Data Center sectors had strong fundamentals before the onset of the pandemic and benefited further from increased demand as people increasingly shopped, worked, and learned from home. Meanwhile, lockdowns across the globe most severely impacted demand and occupancy rates in the Hotel, Retail, and Office sectors. At the end of the 12-month period, real estate securities within each region (North America, Europe, and Asia Pacific) traded at discounts to private real estate and at attractive spreads compared to yield alternatives.

Performance Results

For the 12 months ended January 31, 2021, Class Y shares of the AEW Global Focused Real Estate Fund returned -8.68% at net asset value. The Fund held up better than its benchmark, the FTSE EPRA Nareit Developed Index (Net), which returned -10.53%.

Explanation of Fund Performance

Positive stock selection and positive regional allocation drove the Fund’s performance versus the benchmark. Stock selection was strongest in North America and slightly positive in both Europe and Asia Pacific. The portfolio benefited from an overweight to North America and underweight to Asia Pacific, while an underweight to Europe was a detractor.

Among the individual securities, the largest contributors included US companies Americold Realty Trust, Brixmor Property Group, and Duke Realty Corporation. Americold Realty and Duke Realty are both Industrial REITs. The Industrial sector already had strong fundamentals and further benefited from increased demand for e-commerce space as customers primarily shopped from home. Additionally, Americold specializes in Cold Storage, which benefited from increasing demand for grocery delivery. Brixmor Property Group is a Shopping Center REIT, and the company benefitted from vaccine announcements in November 2020, which should quicken the pace of store re-openings. The company also entered into a partnership with Collection Sites, a Covid-19 testing lab that will lease space in 340 of Brixmor’s parking lots. This will create a network of testing sites, beginning in California and Texas. We like Brixmor given the company’s attractive valuation along with above average earnings visibility, especially compared to other Retail companies.

The largest individual detractors included US companies Prologis, Essex Property Trust, and STORE Capital. Prologis is an Industrial REIT, a sector with strong outperformance, and we were hurt by our underweight position in Prologis, but the portfolio’s overweights to Americold and Duke Realty more than offset this detraction. Essex Property is an Apartment REIT, and the company reported lower-than-expected results due to rent and occupancy declines in their denser urban markets like San Francisco, which were hit harder by the pandemic. STORE Capital is a Retail Triple Net Lease REIT. The portfolio was overweight this position in the first quarter of 2020, and it underperformed following the onset of the pandemic and lockdowns.

Outlook

In North America, the vaccine rollout will be the biggest determinant of how quickly the pandemic recedes and how fast the economy rebounds. Hard hit sectors like travel, entertainment, and restaurants should benefit most. On the political front, Joe Biden is the new US President, and the Democrats have won control of the Senate by a slim margin. We expect the largest near-term impacts will likely be additional economic stimulus and infrastructure spending and faster approval of Biden’s Cabinet members. While there will be a push for more regulations and tax increases, we believe most of those efforts will be delayed until the economic recovery has taken hold.

1 |

In Europe, although the outlook for Retail has improved significantly, retailers will continue to rebuild their profitability and will likely still need support from their landlords in 2021 and perhaps in 2022 as well. Retailers also will not invest much in their physical stores but will instead invest in their online platforms, which will benefit property companies that own assets in Logistics. On the political front, a Brexit agreement between the European Union and the United Kingdom was finally completed on Christmas Eve, and as a result, there will be no tariffs or quotas on trade between the UK and EU, though an agreement on services (42% of UK exports to EU) has yet to be put in place. Positively for the UK, Brexit allows trade deals with other countries like the US and allows Value-Added Tax changes. Negatively for the UK is that free movement of employment without a visa is no longer possible, so recruiting staff from the EU into London offices will be difficult (though not impossible). Looking ahead, the outlook for the European listed real estate sector overall is attractive. Interest rates are expected to stay low for a long time, which means continued strong investment demand for safe yielding assets. Sectors we expect to show an attractive and growing rental income stream are German Affordable Residential, Logistics, Healthcare, and other alternative real estate asset classes. The outlook for the Office sector is more uncertain as a recession nearly always leads to rental declines in the more volatile markets, and the work-from-home trend will further reduce demand for office space. The outlook for the Retail REITs also continues to be uncertain as rents and values have continued to decline, and it is uncertain whether the balance sheets of these companies are strong enough to weather the storm. Overall, European REITs lagged general equities in 2020 and ended the year at a discount of 5% to net asset values with an expected cash flow yield of around 5% and a dividend yield of 3.5%. We expect attractive net asset value and earnings growth for most sectors as the European economies recover.

In Asia, with several vaccines now approved and vaccinations beginning in early 2021, we expect to see a return to some normalcy in the economies, which should drive improvement in property fundamentals. Nevertheless, we expect some structural challenges to remain. For example, we expect the Retail sector environment to remain difficult as retailers continue to evolve from brick-and-mortar to omnichannel. Office demand may change as flexible work arrangements are more accepted, but space per user may increase. In Asia, we believe that the work-from-home trend will be less pronounced as most people live in smaller sized, less conducive apartments. At year-end, the region traded at a discount to net asset value (NAV) but with dispersion across sectors. The Industrial and Residential sectors traded at premiums to NAV. However, these sectors are viewed as defensive and also benefit from structural tailwinds from the pandemic that should drive rental and NAV growth and help to deliver an attractive total return. Meanwhile, the Office, Hotel, and Retail sectors traded at discounts to NAV. Overall, while fundamentals vary across the region, from a bottom-up perspective, the portfolio has positions in stocks where we expect a recovery in fundamentals in 2021.

Hypothetical Growth of $100,000 Investment in Class Y Shares^3,5

January 31, 2011 through January 31, 2021

LOGO

See notes to chart on page 3.

| 2

AEW GLOBAL FOCUSED REAL ESTATE FUND

Top Ten Holdings as of January 31, 2021



Security Name			% of Net Assets
	1	Essex Property Trust, Inc.		4.80	%
	2	VICI Properties, Inc.		4.42
	3	Welltower, Inc.		4.37
	4	Brixmor Property Group, Inc.		4.29
	5	ProLogis, Inc.		3.94
	6	Americold Realty Trust		3.64
	7	Equinix, Inc.		3.63
	8	Vonovia SE		2.93
	9	Invitation Homes, Inc.		2.86
	10	Deutsche Wohnen SE		2.82

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments.

Average Annual Total Returns — January 31, 2021^3,5



													Expense Ratios⁴

	1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Class Y (Inception 8/31/00)
NAV		-8.68	%		4.78	%		7.52	%		—	%		1.23	%		0.90	%

Class A (Inception 12/29/00)
NAV		-8.94			4.51			7.25			—			1.48			1.15
With 5.75% Maximum Sales Charge		-14.19			3.29			6.61			—

Class C (Inception 12/29/00)
NAV		-9.68			3.71			6.44			—			2.23			1.90
With CDSC¹		-10.56			3.71			6.44			—

Class N (Inception 5/01/13)
NAV		-8.67			4.84			—			5.23			1.07			0.85

Comparative Performance

FTSE EPRA Nareit Developed Index (Net)²		-10.53			4.49			5.22			2.85

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

1	Class C share performance assumes a 1.00% CDSC applied when you sell shares within one year of purchase.

2	The FTSE EPRA Nareit Developed Index (Net) is an index designed to track the performance of listed real estate companies and REITs (real estate investment trust) worldwide.

3	For certain periods, Fund performance has been increased by fee waivers and/or expense reimbursements, without which performance would have been lower.

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 5/31/21. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

5	The performance results shown for the periods prior to the close of business on May 31, 2019 reflect results achieved using a different investment strategy.

3 |

ADDITIONAL INFORMATION

The views expressed in this report reflect those of the portfolio managers as of the dates indicated. The managers’ views are subject to change at any time without notice based on changes in market or other conditions. References to specific securities or industries should not be regarded as investment advice. Because the Fund is actively managed, there is no assurance that it will continue to invest in the securities or industries mentioned.

All investing involves risk, including the risk of loss. There is no assurance that any investment will meet its performance objectives or that losses will be avoided.

ADDITIONAL INDEX INFORMATION

This document may contain references to third party copyrights, indexes, and trademarks, each of which is the property of its respective owner. Such owner is not affiliated with Natixis Investment Managers or any of its related or affiliated companies (collectively “Natixis Affiliates”) and does not sponsor, endorse or participate in the provision of any Natixis Affiliates services, funds or other financial products.

The index information contained herein is derived from third parties and is provided on an “as is” basis. The user of this information assumes the entire risk of use of this information. Each of the third party entities involved in compiling, computing or creating index information disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to such information.

PROXY VOTING INFORMATION

A description of the Natixis Funds proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the Natixis Funds’ website at im.natixis.com; and on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Natixis Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available from the Natixis Funds’ website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

The Natixis Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov. First and third quarter schedules of portfolio holdings are also available at im.natixis.com/funddocuments. A hard copy may be requested from the Fund at no charge by calling 800-225-5478.

CFA^® and Chartered Financial Analyst^® are registered trademarks owned by the CFA Institute.

| 4

UNDERSTANDING FUND EXPENSES

As a mutual fund shareholder, you incur different costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions, and ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the Fund’s prospectus. The following examples are intended to help you understand the ongoing costs of investing in the Fund and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table of each class of Fund shares shows the actual account values and actual Fund expenses you would have paid on a $1,000 investment in the Fund from August 1, 2020 through January 31, 2021. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, $8,600 account value divided by $1,000 = 8.60) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

The second line in the table of each class of Fund shares provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown reflect ongoing costs only, and do not include any transaction costs, such as sales charges. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If transaction costs were included, total costs would be higher.


AEW GLOBAL FOCUSED REAL ESTATE FUND	BEGINNING ACCOUNT VALUE 8/1/2020		ENDING ACCOUNT VALUE 1/31/2021		EXPENSES PAID DURING PERIOD* 8/1/2020 – 1/31/2021
Class A
Actual		$1,000.00		$1,076.60		$6.00
Hypothetical (5% return before expenses)		$1,000.00		$1,019.36		$5.84
Class C
Actual		$1,000.00		$1,071.90		$9.90
Hypothetical (5% return before expenses)		$1,000.00		$1,015.59		$9.63
Class N
Actual		$1,000.00		$1,078.60		$4.44
Hypothetical (5% return before expenses)		$1,000.00		$1,020.86		$4.32
Class Y
Actual		$1,000.00		$1,077.50		$4.70
Hypothetical (5% return before expenses)		$1,000.00		$1,020.61		$4.57

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.15%, 1.90%, 0.85% and 0.90% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 366 (to reflect the half-year period).

5 |

Portfolio of Investments – as of January 31, 2021

AEW Global Focused Real Estate Fund


Shares		Description	Value (†)
	Common Stocks — 98.1% of Net Assets
		Australia — 3.7%
	310,626	GPT Group (The)	$	1,020,812
	57,044	Lendlease Corp. Ltd.		520,082
	338,067	Stockland		1,140,907
	87,838	Vicinity Centres		102,208

				2,784,009

		Canada — 1.5%
	110,900	Summit Industrial Income REIT		1,148,243

		France — 1.9%
	4,090	Covivio		335,831
	5,903	Gecina S.A.		838,663
	11,408	Klepierre S.A.		273,417

				1,447,911

		Germany — 7.6%
	20,192	ADLER Group S.A.(a)		608,484
	109,269	Aroundtown S.A.		758,576
	43,055	Deutsche Wohnen SE		2,130,642
	33,124	Vonovia SE		2,211,689

				5,709,391

		Hong Kong — 5.1%
	9,056	GDS Holdings Ltd., Class A(a)		116,335
	80,229	Link REIT		696,007
	111,374	New World Development Co. Ltd.		515,671
	130,000	Sun Hung Kai Properties Ltd.		1,775,828
	256,800	Swire Properties Ltd.		744,367

				3,848,208

		Japan — 11.0%
	203	AEON REIT Investment Corp.		267,958
	612	GLP J-REIT		985,961
	640	Japan Retail Fund Investment Corp.		1,214,423
	146	Kenedix Office Investment Corp.		939,710
	82,600	Mitsubishi Estate Co. Ltd.		1,306,730
	63,200	Mitsui Fudosan Co. Ltd.		1,282,811
	161	Nippon Accommodations Fund, Inc.		885,969
	182	Nippon Building Fund, Inc.		1,099,290
	25,500	Tokyo Tatemono Co. Ltd.		344,262

				8,327,114

		Netherlands — 0.3%
	5,645	NSI NV		232,743

		Singapore — 3.1%
	440,487	Ascendas Real Estate Investment Trust		1,016,349
	562,000	Keppel REIT		513,591
	172,630	Mapletree Industrial Trust		371,719
	307,214	Mapletree Logistics Trust		455,642

				2,357,301

		Spain — 1.2%
	91,607	Merlin Properties SOCIMI S.A.		877,373

		Sweden — 2.5%
	67,749	Kungsleden AB		692,749
	90,190	Nyfosa AB(a)		871,447
	86,063	Samhallsbyggnadsbolaget i Norden AB		281,853

				1,846,049

		United Kingdom — 5.3%
	218,691	Capital & Counties Properties PLC		417,862
	9,433	Derwent London PLC		408,322
	137,768	Segro PLC		1,792,978
	420,663	Tritax Big Box REIT PLC		1,059,403
	202,755	Warehouse REIT PLC		344,478

				4,023,043

		United States — 54.9%
	23,959	Agree Realty Corp.	$	1,514,209
	78,700	Americold Realty Trust		2,747,417
	191,100	Brixmor Property Group, Inc.		3,235,323
	12,679	EastGroup Properties, Inc.		1,713,440
	191,300	Empire State Realty Trust, Inc., Class A		1,886,218
	3,700	Equinix, Inc.		2,737,852
	15,100	Essex Property Trust, Inc.		3,618,111
	18,600	Extra Space Storage, Inc.		2,116,494
	135,800	Host Hotels & Resorts, Inc.		1,840,090
	125,100	Independence Realty Trust, Inc.		1,661,328
	73,100	Invitation Homes, Inc.		2,154,988
	29,800	Kilroy Realty Corp.		1,687,574
	28,800	ProLogis, Inc.		2,972,160
	4,100	SBA Communications Corp.		1,101,547
	13,600	Sun Communities, Inc.		1,946,568
	16,000	UDR, Inc.		615,200
	26,700	Ventas, Inc.		1,230,069
	131,900	VICI Properties, Inc.		3,334,432
	54,431	Welltower, Inc.		3,298,518

				41,411,538

		Total Common Stocks (Identified Cost $68,152,977)		74,012,923


Principal Amount
	Short-Term Investments — 2.1%
$	1,580,095	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/29/2021 at 0.000% to be repurchased at $1,580,095 on 2/01/2021 collateralized by $1,535,800 U.S. Treasury Note, 1.500% due 10/31/2024 valued at $1,611,778 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $1,580,095)		1,580,095


		Total Investments — 100.2% (Identified Cost $69,733,072)		75,593,018
		Other Assets Less Liabilities — (0.2)%		(157,911	)

		Net Assets — 100.0%	$	75,435,107


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

	REITs	Real Estate Investment Trusts

Industry Summary at January 31, 2021


REITs — Diversified	19.9	%
Real Estate Management & Development	18.7
REITs — Warehouse/Industrials	17.5
REITs — Apartments	11.9
REITs — Shopping Centers	7.2
REITs — Office Property	6.9
REITs — Health Care	6.0
REITs — Storage	2.8
REITs — Manufactured Homes	2.6
REITs — Hotels	2.4
REITs — Single Tenant	2.0
IT Services	0.2
Short-Term Investments	2.1

Total Investments	100.2
Other assets less liabilities	(0.2	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 6

Portfolio of Investments – as of January 31, 2021

AEW Global Focused Real Estate Fund – (continued)

Currency Exposure Summary at January 31, 2021


United States Dollar	57.0	%
Japanese Yen	11.0
Euro	11.0
British Pound	5.3
Hong Kong Dollar	5.1
Australian Dollar	3.7
Singapore Dollar	3.1
Swedish Krona	2.5
Canadian Dollar	1.5

Total Investments	100.2
Other assets less liabilities	(0.2	)

Net Assets	100.0	%

See accompanying notes to financial statements.

7 |

Statement of Assets and Liabilities

January 31, 2021


ASSETS
Investments at cost	$	69,733,072
Net unrealized appreciation		5,859,946

Investments at value		75,593,018
Foreign currency at value (identified cost $72,958)		72,958
Receivable for Fund shares sold		35,760
Receivable for securities sold		585,594
Dividends receivable		72,918
Tax reclaims receivable		17,544
Prepaid expenses (Note 7)		4

TOTAL ASSETS		76,377,796

LIABILITIES
Payable for securities purchased		536,994
Payable for Fund shares redeemed		100,952
Management fees payable (Note 5)		23,441
Deferred Trustees’ fees (Note 5)		160,988
Administrative fees payable (Note 5)		2,761
Payable to distributor (Note 5d)		1,718
Other accounts payable and accrued expenses		115,835

TOTAL LIABILITIES		942,689

NET ASSETS	$	75,435,107

NET ASSETS CONSIST OF:
Paid-in capital	$	75,882,068
Accumulated loss		(446,961	)

NET ASSETS	$	75,435,107

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	22,619,128

Shares of beneficial interest		1,812,520

Net asset value and redemption price per share	$	12.48

Offering price per share (100/94.25 of net asset value) (Note 1)	$	13.24

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	643,056

Shares of beneficial interest		51,206

Net asset value and offering price per share	$	12.56

Class N shares:
Net assets	$	2,809,676

Shares of beneficial interest		247,600

Net asset value, offering and redemption price per share	$	11.35

Class Y shares:
Net assets	$	49,363,247

Shares of beneficial interest		4,361,247

Net asset value, offering and redemption price per share	$	11.32

See accompanying notes to financial statements.

| 8

Statement of Operations

For the Year Ended January 31, 2021


INVESTMENT INCOME
Dividends	$	2,385,601
Interest		2,180
Less net foreign taxes withheld		(71,689	)

		2,316,092

Expenses
Management fees (Note 5)		673,161
Service and distribution fees (Note 5)		70,135
Administrative fees (Note 5)		39,654
Trustees’ fees and expenses (Note 5)		39,951
Transfer agent fees and expenses (Notes 5 and 6)		136,644
Audit and tax services fees		66,284
Custodian fees and expenses		71,223
Legal fees (Note 7)		2,950
Registration fees		68,559
Shareholder reporting expenses		30,536
Miscellaneous expenses (Note 7)		32,731

Total expenses		1,231,828
Less waiver and/or expense reimbursement (Notes 5 and 7)		(355,053	)

Net expenses		876,775

Net investment income		1,439,317

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(4,449,065	)
Foreign currency transactions (Note 2c)		(20,006	)
Capital gain distributions received (Note 2)		186,888
Net change in unrealized appreciation (depreciation) on:
Investments		(9,068,712	)
Foreign currency translations (Note 2c)		1,977

Net realized and unrealized loss on investments and foreign currency transactions		(13,348,918	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,909,601	)

See accompanying notes to financial statements.

9 |

Statement of Changes in Net Assets


	Year Ended January 31, 2021			Year Ended January 31, 2020
FROM OPERATIONS:
Net investment income	$	1,439,317		$	2,008,493
Net realized gain (loss) on investments and foreign currency transactions		(4,282,183	)		15,972,386
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(9,066,735	)		(2,415,583	)

Net increase (decrease) in net assets resulting from operations		(11,909,601	)		15,565,296

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(836,667	)		(5,054,377	)
Class C		(24,340	)		(203,308	)
Class N		(108,101	)		(1,522,448	)
Class Y		(2,427,151	)		(12,551,418	)

Total distributions		(3,396,259	)		(19,331,551	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		(38,765,689	)		12,496,453

Net increase (decrease) in net assets		(54,071,549	)		8,730,198
NET ASSETS
Beginning of the year		129,506,656			120,776,458

End of the year	$	75,435,107		$	129,506,656

See accompanying notes to financial statements.

| 10

Financial Highlights

For a share outstanding throughout each period.


	Class A
	Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2019			Year Ended January 31, 2018			Year Ended January 31, 2017
Net asset value, beginning of the period	$	14.23		$	14.62		$	14.49		$	15.84		$	15.93

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.22			0.25			0.24			0.18
Net realized and unrealized gain (loss)		(1.52	)		1.61			1.07			(0.14	)		1.33

Total from Investment Operations		(1.35	)		1.83			1.32			0.10			1.51

LESS DISTRIBUTIONS FROM:
Net investment income		(0.22	)		(0.39	)		(0.23	)		(0.22	)		(0.22	)
Net realized capital gains		(0.18	)		(1.83	)		(0.96	)		(1.23	)		(1.38	)

Total Distributions		(0.40	)		(2.22	)		(1.19	)		(1.45	)		(1.60	)

Net asset value, end of the period	$	12.48		$	14.23		$	14.62		$	14.49		$	15.84

Total return(b)(c)		(8.94	)%		13.18	%		9.95	%		0.49	%		9.51	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	22,619		$	33,864		$	38,826		$	41,189		$	58,312
Net expenses(d)		1.15	%		1.18	%(e)		1.25	%		1.29	%(f)		1.35	%
Gross expenses		1.55	%		1.50	%		1.45	%		1.43	%		1.38	%
Net investment income		1.43	%		1.46	%		1.75	%		1.49	%		1.06	%
Portfolio turnover rate		119	%		107	%(g)		20	%		11	%		13	%

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	A sales charge for Class A shares is not reflected in total return calculations.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Effective June 1, 2019, the expense limit decreased from 1.25% to 1.15%.

(f)	Effective July 1, 2017, the expense limit decreased from 1.35% to 1.25%.

(g)	The variation in the Fund’s turnover rate from the year ended January 31, 2019 to the year ended January 31, 2020 was primarily due to a change in the investment strategy of the Fund. Portfolio turnover is expected to remain higher as a result of the strategy change.

See accompanying notes to financial statements.

11 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Class C
	Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2019			Year Ended January 31, 2018			Year Ended January 31, 2017
Net asset value, beginning of the period	$	14.32		$	14.70		$	14.54		$	15.87		$	15.95

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.11			0.14			0.11			0.06
Net realized and unrealized gain (loss)		(1.53	)		1.61			1.06			(0.12	)		1.33

Total from Investment Operations		(1.45	)		1.72			1.20			(0.01	)		1.39

LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.27	)		(0.08	)		(0.09	)		(0.09	)
Net realized capital gains		(0.18	)		(1.83	)		(0.96	)		(1.23	)		(1.38	)

Total Distributions		(0.31	)		(2.10	)		(1.04	)		(1.32	)		(1.47	)

Net asset value, end of the period	$	12.56		$	14.32		$	14.70		$	14.54		$	15.87

Total return(b)(c)		(9.68	)%		12.35	%		9.03	%		(0.21	)%		8.67	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	643		$	1,391		$	1,946		$	4,472		$	7,307
Net expenses(d)		1.90	%		1.93	%(e)		2.00	%		2.05	%(f)		2.10	%
Gross expenses		2.30	%		2.25	%		2.20	%		2.18	%		2.13	%
Net investment income		0.67	%		0.71	%		0.98	%		0.71	%		0.34	%
Portfolio turnover rate		119	%		107	%(g)		20	%		11	%		13	%

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Effective June 1, 2019, the expense limit decreased from 2.00% to 1.90%.

(f)	Effective July 1, 2017, the expense limit decreased from 2.10% to 2.00%.

(g)	The variation in the Fund’s turnover rate from the year ended January 31, 2019 to the year ended January 31, 2020 was primarily due to a change in the investment strategy of the Fund. Portfolio turnover is expected to remain higher as a result of the strategy change.

See accompanying notes to financial statements.

| 12

Financial Highlights (continued)

For a share outstanding throughout each period.


	Class N
	Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2019			Year Ended January 31, 2018			Year Ended January 31, 2017
Net asset value, beginning of the period	$	13.00		$	13.54		$	13.52		$	14.87		$	15.05

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.24			0.27			0.26			0.22
Net realized and unrealized gain (loss)		(1.38	)		1.48			0.98			(0.11	)		1.27

Total from Investment Operations		(1.21	)		1.72			1.25			0.15			1.49

LESS DISTRIBUTIONS FROM:
Net investment income		(0.26	)		(0.43	)		(0.27	)		(0.27	)		(0.29	)
Net realized capital gains		(0.18	)		(1.83	)		(0.96	)		(1.23	)		(1.38	)

Total Distributions		(0.44	)		(2.26	)		(1.23	)		(1.50	)		(1.67	)

Net asset value, end of the period	$	11.35		$	13.00		$	13.54		$	13.52		$	14.87

Total return		(8.67	)%(b)		13.49	%(b)		10.22	%(b)		0.88	%(b)		9.91	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,810		$	10,319		$	6,830		$	6,865		$	6,108
Net expenses		0.85	%(c)		0.88	%(c)(d)		0.95	%(c)		0.97	%(c)(e)		0.97	%
Gross expenses		1.17	%		1.09	%		1.00	%		1.01	%		0.97	%
Net investment income		1.55	%		1.69	%		2.07	%		1.79	%		1.38	%
Portfolio turnover rate		119	%		107	%(f)		20	%		11	%		13	%

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(d)	Effective June 1, 2019, the expense limit decreased from 0.95% to 0.85%.

(e)	Effective July 1, 2017, the expense limit decreased from 1.05% to 0.95%.

(f)	The variation in the Fund’s turnover rate from the year ended January 31, 2019 to the year ended January 31, 2020 was primarily due to a change in the investment strategy of the Fund. Portfolio turnover is expected to remain higher as a result of the strategy change.

See accompanying notes to financial statements.

13 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Class Y
	Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2019			Year Ended January 31, 2018			Year Ended January 31, 2017
Net asset value, beginning of the period	$	12.96		$	13.50		$	13.48		$	14.84		$	15.01

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.24			0.27			0.25			0.21
Net realized and unrealized gain (loss)		(1.38	)		1.47			0.98			(0.12	)		1.27

Total from Investment Operations		(1.20	)		1.71			1.25			0.13			1.48

LESS DISTRIBUTIONS FROM:
Net investment income		(0.26	)		(0.42	)		(0.27	)		(0.26	)		(0.27	)
Net realized capital gains		(0.18	)		(1.83	)		(0.96	)		(1.23	)		(1.38	)

Total Distributions		(0.44	)		(2.25	)		(1.23	)		(1.49	)		(1.65	)

Net asset value, end of the period	$	11.32		$	12.96		$	13.50		$	13.48		$	14.84

Total return(b)		(8.68	)%		13.48	%		10.19	%		0.73	%		9.78	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	49,363		$	83,933		$	73,173		$	88,954		$	126,203
Net expenses(c)		0.90	%		0.93	%(d)		1.00	%		1.04	%(e)		1.10	%
Gross expenses		1.30	%		1.25	%		1.20	%		1.18	%		1.13	%
Net investment income		1.69	%		1.72	%		2.00	%		1.71	%		1.30	%
Portfolio turnover rate		119	%		107	%(f)		20	%		11	%		13	%

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(d)	Effective June 1, 2019, the expense limit decreased from 1.00% to 0.90%.

(e)	Effective July 1, 2017, the expense limit decreased from 1.10% to 1.00%.

(f)	The variation in the Fund’s turnover rate from the year ended January 31, 2019 to the year ended January 31, 2020 was primarily due to a change in the investment strategy of the Fund. Portfolio turnover is expected to remain higher as a result of the strategy change.

See accompanying notes to financial statements.

| 14

Notes to Financial Statements

January 31, 2021

1. Organization. Natixis Funds Trust IV (the “Trust”) is organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The financial statements for certain funds of the Trust are presented in separate reports. Information presented in this report pertains to AEW Global Focused Real Estate Fund (the “Fund”).

The Fund is a diversified investment company.

The Fund offers Class A, Class C, Class N and Class Y shares.

Class A shares are sold with a maximum front-end sales charge of 5.75%. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for ten years (at which point they automatically convert to Class A shares) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the Fund’s prospectus.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”) and Natixis ETF Trust and Natixis ETF Trust II (“Natixis ETF Trusts”). Expenses of the Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Class A and Class C), and transfer agent fees are borne collectively for Class A, Class C and Class Y and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of the Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

2. Significant Accounting Policies. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund’s financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to year-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Fund’s financial statements.

a. Valuation. Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.

15 |

Notes to Financial Statements (continued)

January 31, 2021

bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.

As of January 31, 2021, securities held by the Fund were fair valued as follows:


Equity securities¹	Percentage of Net Assets
$30,992,329		41.1	%

¹	Certain foreign equity securities were fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of those securities.

b. Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on the trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as the Fund is notified, and interest income is recorded on an accrual basis. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in dividends received from the Fund’s investments in real estate investment trusts (“REITs”) are reported to the Fund after the end of the calendar year; accordingly, the Fund estimates these amounts for accounting purposes until the characterization of REIT distributions is reported to the Fund after the end of the calendar year. Estimates for the period from January 1 through January 31, 2021 are included in the Statement of Operations. Estimates are based on the most recent REIT distribution information available. Interest income is increased by the accretion of discount and decreased by the amortization of premium. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class-specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

c. Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statement of Operations. For federal income tax purposes, net realized foreign exchange gains or losses are characterized as ordinary income, and may, if the Fund has net losses, reduce the amount of income available to be distributed by the Fund.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statement of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities.

The Fund may use foreign currency exchange contracts to facilitate transactions in foreign-denominated investments. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

d. Federal and Foreign Income Taxes. The Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of the Fund’s tax positions for the open tax years as of January 31, 2021 and has concluded that no provisions for income tax are required. The Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that

| 16

Notes to Financial Statements (continued)

January 31, 2021

are reasonably possible to occur in the next twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Fund. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

The Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statement of Operations as a reduction of investment income, net of amounts that have been or are expected to be reclaimed and paid. Dividends and interest receivable on the Statement of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or are expected to be filed and paid are reflected on the Statement of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statement of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statement of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to the Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statement of Assets and Liabilities and are recorded as a realized gain when received.

e. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. When the Fund identifies the character of distributions paid by REITs in the previous calendar year, certain distributions to Fund shareholders may be redesignated as capital gain distributions or, if in excess of taxable income, as a return of capital. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as distribution re-designations, foreign currency gains and losses, passive foreign investment company adjustments, capital gain distributions received and return of capital distributions received. Permanent book and tax basis differences relating to shareholder distributions, net investment income, and net realized gains will result in reclassifications to the capital accounts reported on the Statement of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, passive foreign investment company adjustments and wash sales. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Fund’s fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended January 31, 2021 and 2020 was as follows:


2021 Distributions						2020 Distributions
Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
	$1,844,382	$	1,551,877	$	3,396,259	$	5,390,847	$	13,940,704	$	19,331,551

Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of America, are consolidated and reported on the Statement of Changes in Net Assets as Distributions to Shareholders. Distributions paid to shareholders from net investment income and net realized capital gains expressed in per-share amounts, based on accounting principles generally accepted in the United States of America, are separately stated and reported within the Financial Highlights.

As of January 31, 2021, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	$	1,142,306
Capital loss carryforward:
Short-term:
No expiration date		(4,018,468	)
Long-term:
No expiration date		(1,507,627	)

Total capital loss carryforward		(5,526,095	)

Unrealized appreciation		4,097,816

Total accumulated losses	$	(285,973	)

17 |

Notes to Financial Statements (continued)

January 31, 2021

As of January 31, 2021, the tax cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:


Federal tax cost	$	71,496,002

Gross tax appreciation	$	5,393,278
Gross tax depreciation		(1,296,262	)

Net tax appreciation	$	4,097,016

The difference between these amounts and those reported in the components of distributable earnings is primarily attributable to foreign currency mark-to-market.

f. Repurchase Agreements. The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of January 31, 2021, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statement of Assets and Liabilities for financial reporting purposes.

g. Securities Lending. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. Government securities, sovereign debt issued by non-U.S. Governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent.

For the year ended January 31, 2021, the Fund did not loan securities under this agreement.

h. Indemnifications. Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

3. Fair Value Measurements. In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

•

Level 1 – quoted prices in active markets for identical assets or liabilities;

•

Level 2 – prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and

•

Level 3 – prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

| 18

Notes to Financial Statements (continued)

January 31, 2021

The following is a summary of the inputs used to value the Fund’s investments as of January 31, 2021, at value:

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	2,784,009	$	—	$	2,784,009
France		—		1,447,911		—		1,447,911
Germany		—		5,709,391		—		5,709,391
Hong Kong		116,335		3,731,873		—		3,848,208
Japan		—		8,327,114		—		8,327,114
Netherlands		—		232,743		—		232,743
Singapore		—		2,357,301		—		2,357,301
Spain		—		877,373		—		877,373
Sweden		—		1,846,049		—		1,846,049
United Kingdom		344,478		3,678,565		—		4,023,043
All Other Common Stocks(a)		42,559,781		—		—		42,559,781

Total Common Stocks	$	43,020,594	$	30,992,329	$	—	$	74,012,923

Short-Term Investments		—		1,580,095		—		1,580,095

Total	$	43,020,594	$	32,572,424	$	—	$	75,593,018

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

4. Purchases and Sales of Securities. For the year ended January 31, 2021, purchases and sales of securities (excluding short-term investments) were $104,611,967 and $142,080,902, respectively.

5. Management Fees and Other Transactions with Affiliates.

a. Management Fees. AEW Capital Management, L.P. (“AEW”) serves as the investment adviser to the Fund. AEW is a wholly-owned subsidiary of Natixis Investment Managers, LLC (“Natixis”), which is part of Natixis Investment Managers, an international asset management group based in Paris, France. Under the terms of the management agreement, the Fund pays a management fee at the annual rate of 0.75%, calculated daily and payable monthly, based on the Fund’s average daily net assets.

AEW has given a binding undertaking to the Fund to waive management fees and/or reimburse certain expenses to limit the Fund’s operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. This undertaking is in effect until May 31, 2021, may be terminated before then only with the consent of the Fund’s Board of Trustees, and is reevaluated on an annual basis. Management fees payable, as reflected on the Statement of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statement of Assets and Liabilities as receivable from investment adviser.

For the year ended January 31, 2021, the expense limits as a percentage of average daily net assets under the expense limitation agreement were as follows:


Expense Limit as a Percentage of Average Daily Net Assets
Class A	Class C	Class N	Class Y
1.15%	1.90%	0.85%	0.90%

AEW shall be permitted to recover expenses borne under the expense limitation agreement (whether through waiver of management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below a class’ expense limits, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

19 |

Notes to Financial Statements (continued)

January 31, 2021

For the year ended January 31, 2021, the management fees and waiver of management fees for the Fund were as follows:


Gross Management Fees	Contractual Waivers of Management Fees¹	Net Management Fees	Percentage of Average Daily Net Assets
Gross Management Fees	Contractual Waivers of Management Fees¹	Net Management Fees	Gross	Net
$673,161	$353,098	$320,063	0.75%	0.36%

¹	Management fee waiver is subject to possible recovery until January 31, 2022.

No expenses were recovered during the year ended January 31, 2021 under the terms of the expense limitation agreement.

b. Service and Distribution Fees. Natixis Distribution, L.P. (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis, has entered into a distribution agreement with the Trust. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Fund.

Pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted a Service Plan relating to the Fund’s Class A shares (the “Class A Plan”) and a Distribution and Service Plan relating to the Fund’s Class C shares (the “Class C Plan”).

Under the Class A Plan, the Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class A shares, as reimbursement for expenses incurred by Natixis Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.

Under the Class C Plan, the Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class C shares, as compensation for services provided by Natixis Distribution in providing personal services to investors in Class C shares and/or the maintenance of shareholder accounts.

Also under the Class C Plan, the Fund pays Natixis Distribution a monthly distribution fee at the annual rate of 0.75% of the average daily net assets attributable to the Fund’s Class C shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Class C shares.

For the year ended January 31, 2021, the service and distribution fees for the Fund were as follows:


Service Fees		Distribution Fees
Class A	Class C	Class C
$61,626	$2,127	$6,382

c. Administrative Fees. Natixis Advisors, L.P. (“Natixis Advisors”) provides certain administrative services for the Fund and contracts with State Street Bank to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, the Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.

For the year ended January 31, 2021, the administrative fees were as follows:

Administrative Fees

$39,654

d. Sub-Transfer Agent Fees. Natixis Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Fund and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Fund primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Fund. These services would have been provided by the Fund’s transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Fund’s transfer agent. Accordingly, the Fund has agreed to reimburse Natixis Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to Natixis Distribution are subject to a current per-account equivalent fee limit approved by the Fund’s Board of Trustees, which is based on fees for similar services paid to the Fund’s transfer agent and other service providers. Class N shares do not bear such expenses.

| 20

Notes to Financial Statements (continued)

January 31, 2021

For the year ended January 31, 2021, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statement of Operations) for the Fund were $105,967.

As of January 31, 2021, the Fund owes Natixis Distribution $1,718 in reimbursements for sub-transfer agent fees (which are reflected in the Statement of Assets and Liabilities as payable to distributor).

Sub-transfer agent fees attributable to Class A, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

e. Commissions. Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the year ended January 31, 2021 amounted to $1,098.

f. Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $199,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Fund until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, and are normally reflected as Trustees’ fees and expenses in the Statement of Operations. The portions of the accrued obligations allocated to the Fund under the Plan are reflected as Deferred Trustees’ fees in the Statement of Assets and Liabilities.

Certain officers and employees of Natixis Advisors and its affiliates are also officers and/or Trustees of the Trust.

g. Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for the Fund’s Class N shares. This undertaking is in effect through May 31, 2021 and is not subject to recovery under the expense limitation agreement described above.

For the year ended January 31, 2021, Natixis Advisors reimbursed the Fund $1,043 for transfer agency expenses related to Class N shares.

h. Payment by Affiliates. For the year ended January 31, 2021, Natixis Advisors reimbursed the Fund $4,544 for trading costs incurred on sales of securities as a result of a redemption by an affiliate of the Fund. This amount is included in realized gains in the Statement of Operations.

6. Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses attributable to Class A, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

For the year ended January 31, 2021, the Fund incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):


	Class A		Class C		Class N		Class Y
Transfer Agent Fees and Expenses	$	38,644	$	1,332	$	1,043	$	95,625

7. Line of Credit. The Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000

21 |

Notes to Financial Statements (continued)

January 31, 2021

limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and certain other legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees and/or miscellaneous expenses on the Statement of Operations. The unamortized balance is reflected as prepaid expenses on the Statement of Assets and Liabilities.

For the year ended January 31, 2021, the Fund had an average daily balance on the line of credit (for those days on which there were

borrowings) of $9,500,000 at a weighted average interest rate of 1.15%. Interest expense incurred on the line of credit was $912, which was reimbursed to the Fund by Natixis Advisors.

8. Risk. The Fund concentrates its investments in real estate securities, including REITs. A fund with a concentrated portfolio is vulnerable to the risks of the industry in which it invests and is subject to greater risks and market fluctuations than funds investing in a broader range of industries. Real estate securities are susceptible to the risks associated with direct ownership of real estate such as declining property values, increases in property taxes, operating expenses, interest rates or competition, zoning changes and losses from casualty and condemnation.

The Fund’s investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

Global markets have experienced periods of high volatility triggered by the ongoing public health emergency known as coronavirus (“Covid-19”). As the situation continues, the extent and duration of the impact that the Covid-19 outbreak may have on financial markets and the economy as a whole remains highly uncertain. If the effects of the Covid-19 outbreak on financial markets and the economy continue for an extended period of time, the Fund’s future financial and investment results may be adversely affected.

9. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Fund. As of January 31, 2021, based on management’s evaluation of the shareholder account base, the Fund had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:

Number of 5%

Account Holders

Percentage of
Ownership

32.22%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Fund does not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

10. Capital Shares. The Fund may issue an unlimited number of shares of beneficial interest without par value. Transactions in capital shares were as follows:


	Year Ended January 31, 2021						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		232,954		$	2,777,090			319,793		$	4,789,208
Issued in connection with the reinvestment of distributions		74,415			795,812			331,314			4,591,537
Redeemed		(874,660	)		(10,653,558	)		(927,512	)		(13,834,719	)

Net change		(567,291	)	$	(7,080,656	)		(276,405	)	$	(4,453,974	)

| 22

Notes to Financial Statements (continued)

January 31, 2021

10. Capital Shares (continued).


	Year Ended January 31, 2021						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class C
Issued from the sale of shares		7,610		$	91,522			22,418		$	338,924
Issued in connection with the reinvestment of distributions		1,853			19,462			11,152			155,279
Redeemed		(55,421	)		(637,394	)		(68,812	)		(1,043,756	)

Net change		(45,958	)	$	(526,410	)		(35,242	)	$	(549,553	)

Class N
Issued from the sale of shares		113,790		$	1,210,785			327,855		$	4,634,832
Issued in connection with the reinvestment of distributions		10,445			103,053			120,236			1,520,839
Redeemed		(670,111	)		(8,514,979	)		(159,161	)		(2,194,099	)

Net change		(545,876	)	$	(7,201,141	)		288,930		$	3,961,572

Class Y
Issued from the sale of shares		2,147,833		$	22,067,789			2,660,649		$	37,412,704
Issued in connection with the reinvestment of distributions		244,026			2,363,363			958,247			12,105,884
Redeemed		(4,504,542	)		(48,388,634	)		(2,563,936	)		(35,980,180	)

Net change		(2,112,683	)	$	(23,957,482	)		1,054,960		$	13,538,408

Increase (decrease) from capital share transactions		(3,271,808	)	$	(38,765,689	)		1,032,243		$	12,496,453

23 |

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Natixis Funds Trust IV and Shareholders of AEW Global Focused Real Estate Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AEW Global Focused Real Estate Fund (one of the funds constituting Natixis Funds Trust IV, referred to hereafter as the “Fund”) as of January 31, 2021, the related statement of operations for the year ended January 31, 2021, the statement of changes in net assets for each of the two years in the period ended January 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended January 31, 2021 and the financial highlights for each of the five years in the period ended January 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

March 23, 2021

We have served as the auditor of one or more of the investment companies in the Natixis Investment Company Complex since at least 1995. We have not been able to determine the specific year we began serving as auditor.

| 24

2021 U.S. Tax Distribution Information to Shareholders (Unaudited)

Qualified Dividend Income. For the fiscal year ended January 31, 2021, 40.10% of the ordinary income dividends paid by the Fund are considered qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. Complete information will be reported in conjunction with Form 1099-DIV.

Capital Gains Distributions. Pursuant to Internal Revenue Section 852(b), the Fund designates as a capital gain dividend the amounts reflected below for the fiscal year ended January 31, 2021:

$1,551,877 subject to a Long-Term capital gains tax rate of not greater than 20%, and $47,527 subject to a Long-Term capital gains tax rate of not greater than 25%.

Qualified Business Income Deduction. For the fiscal year ended January 31, 2021, 35.96% of the ordinary income dividends paid by the Fund are eligible for the Qualified Business Income deduction.

25 |

Trustee and Officer Information

The tables below provide certain information regarding the trustees and officers of Natixis Trust IV (the “Trust”). Unless otherwise indicated, the address of all persons below is 888 Boylston Street, Suite 800, Boston, MA 02199-8197. The Fund’s Statement of Additional Information includes additional information about the trustees of the Trust and is available by calling Natixis Funds at 800-225-5478.


Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES

Edmond J. English (1953)	Trustee since 2013 Chairperson of Governance Committee and Audit Committee Member	Executive Chairman of Bob’s Discount Furniture (retail)	54 Director, Burlington Stores, Inc. (retail)	Significant experience on the Board and on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)

Richard A. Goglia (1951)	Trustee since 2015 Contract Review Committee Member and Governance Committee Member	Retired	54 Director of Triumph Group (aerospace industry)	Significant experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)

Wendell J. Knox (1948)	Trustee since 2009 Chairperson of Contract Review Committee	Retired	54 Director of Abt Associates Inc. (research and consulting); Director, The Hanover Insurance Group (property and casualty insurance); formerly, Director, Eastern Bank (bank)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

Martin T. Meehan (1956)	Trustee since 2012 Audit Committee Member	President, University of Massachusetts	54 None	Significant experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience

| 26

Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES – continued

Maureen B. Mitchell (1951)	Trustee since 2017 Contract Review Committee Member and Governance Committee Member	Retired; formerly President, Global Sales and Marketing, GE Asset Management, Inc. (financial services)	54 Director, Sterling Bancorp (bank)	Experience on the Board; financial services industry and executive experience (including role as president of global sales and marketing at a financial services company)

James P. Palermo (1955)	Trustee since 2016 Contract Review Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity)	54 Director, FutureFuel.io (chemicals and biofuels)	Experience on the Board; financial services industry and executive experience (including roles as chief executive officer of client management and asset servicing for a banking and financial services company)

Erik R. Sirri (1958)	Chairperson of the Board of Trustees since 2021 Trustee since 2009 Ex Officio member of Audit Committee, Contract Review Committee and Governance Committee	Professor of Finance at Babson College	54 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist

Peter J. Smail (1952)	Trustee since 2009 Audit Committee Member and Governance Committee Member	Retired	54 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)

27 |

Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES – continued

Kirk A. Sykes (1958)	Trustee since 2019 Contract Review Committee Member	Managing Director of Accordia Partners, LLC (real estate development); President of Primary Corporation (real estate development); Managing Principal of Merrick Capital Partners (infrastructure finance); formerly, President of Urban Strategy America Fund (real estate fund manager)	54 Trustee, Eastern Bank (bank); Director of Apartment Investment and Management Company (real estate investment trust) formerly Director, Ares Commercial Real Estate Corporation (real estate investment trust)	Experience on the Board and significant experience on the boards of other business organizations (including real estate companies and banks)

Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Audit Committee and Governance Committee Member	Retired; formerly, Deputy Dean for Finance and Administration, Yale University School of Medicine	54 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

INTERESTED TRUSTEES

Kevin P. Charleston³ (1965) One Financial Center Boston, MA 02111	Trustee since 2015	President, Chief Executive Officer and Chairman of the Board of Directors, Loomis, Sayles & Company, L.P.	54 None	Significant experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

David L. Giunta⁴ (1965)	Trustee since 2011 President and Chief Executive Officer since 2008	President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation	54 None	Significant experience on the Board; experience as President and Chief Executive Officer of Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation

¹	Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term.

The trustees of the Trust serve as trustees of a fund complex that includes all series of the Trust, Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust, Loomis Sayles Funds I, Loomis Sayles Funds II, Natixis ETF Trust and Natixis ETF Trust II (collectively, the “Fund Complex”).

³	Mr. Charleston is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

⁴

Mr. Giunta is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation.

| 28

Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trust	Term of Office¹ and Length of Time Served	Principal Occupation(s) During Past 5 Years²

OFFICERS OF THE TRUST

Russell L. Kane (1969)	Secretary, Clerk and Chief Legal Officer Chief Compliance Officer and Anti-Money Laundering Officer	Since 2016 Since 2020	Executive Vice President, General Counsel, Secretary and Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.; formerly, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.

Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since 2004	Senior Vice President, Natixis Advisors, L.P. and Natixis Distribution, L.P.

¹	Each officer of the Trust serves for an indefinite term in accordance with the Trust’s current by-laws until the date his or her successor is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified.

Each person listed above, except as noted, holds the same position(s) with the Fund Complex. Previous positions during the past five years with Natixis Distribution, L.P., Natixis Advisors, L.P. or Loomis, Sayles & Company, L.P. are omitted, if not materially different from an officer’s current position with such entity.

29 |

LOGO

Annual Report

January 31, 2021

Natixis Sustainable Future 2015 Fund^®

Natixis Sustainable Future 2020 Fund^®

Natixis Sustainable Future 2025 Fund^®

Natixis Sustainable Future 2030 Fund^®

Natixis Sustainable Future 2035 Fund^®

Natixis Sustainable Future 2040 Fund^®

Natixis Sustainable Future 2045 Fund^®

Natixis Sustainable Future 2050 Fund^®

Natixis Sustainable Future 2055 Fund^®

Natixis Sustainable Future 2060 Fund^®

Table of Contents


Portfolio Review			1
Portfolio of Investments			23
Financial Statements			93
Notes to Financial Statements			111

LOGO

NATIXIS SUSTAINABLE FUTURE FUNDS^®



Managers		Symbols

Natixis Advisors, L.P.*

AIA U.S. Large Cap Value ESG Segment AIA U.S. Small/Mid Cap ESG Segment AIA International Developed Markets Equity ESG Segment Active Index Advisors^®, a division of Natixis Advisors, L.P. Harris Associates Large Cap Value Segment Harris Associates L.P. Loomis Sayles All Cap Growth Segment Loomis Sayles Core Fixed Income Segment Loomis Sayles Inflation Protected Securities Fund* Loomis Sayles Limited Term Government and Agency Fund* Loomis, Sayles & Company, L.P. Mirova Climate Ambition U.S. Equity Segment Mirova Global Green Bond Fund* Mirova International Sustainable Equity Fund* Mirova US LLC WCM Focused International Growth Fund* WCM Focused Emerging Markets Fund*** WCM Investment Management		2015 Fund Class N NSFBX 2020 Fund Class N NSFDX 2025 Fund Class N NSFEX 2030 Fund Class N NSFFX 2035 Fund Class N NSFGX 2040 Fund Class N NSFHX 2045 Fund Class N NSFJX 2050 Fund Class N NSFKX 2055 Fund Class N NSFLX 2060 Fund Class N NSFMX

*	Natixis Advisors, L.P. is responsible for determining each Fund’s available underlying funds and separately managed segments, determining each Fund’s glide path and target allocations and supervising the activities of each Fund’s subadvisers.

**	Subadviser

***	Affiliated mutual fund

Investment Goal

Each Fund seeks the highest total return consistent with its current asset allocation.

Market Conditions

Given the onset of the Covid-19 pandemic in 2020, the 12-month period ending January 31, 2021 was one with many different themes as the world sought to solve a global health crisis. After a strong start to 2020, volatility exploded across global markets in late February in response to the pandemic. Energy markets plummeted, as did yields, and equity markets spent over three weeks in crisis.

Towards the end of March, supported by fiscal and monetary intervention from central banks and policymakers around the world, the freefall halted and began to reverse. Over the rest of the year, equity markets rallied sharply, led by technology stocks and those businesses less fazed by a global health crisis. Despite the strong rally, volatility remained above long-term averages throughout the year.

Unrest around the US presidential election, rising Covid-19 cases, and ongoing Brexit negotiations led to somewhat higher volatility in September and October. Markets weighed the balance between hope for a vaccine and fear of further lockdowns and restrictions. In November and December, hope seemed to prevail, with the election generally resolved and the development and testing of vaccines. Equity markets surged, with somewhat of a rotation toward cyclically oriented areas that had been harder hit by the pandemic. Despite a strong start to the month, January 2021 proved to be a lackluster start to the new year with weakness across equity and fixed income markets, and a continued rotation toward cyclically exposed businesses.

1 |

Performance Results

For the 12-month period ending January 31, 2021, all ten Natixis Sustainable Future Funds^® posted gains, ranging from 12.97% for the shortest-dated 2015 Fund to 19.09% for the longest-dated 2060 Fund. All Fund vintages outperformed their peer-based S&P Target Date benchmarks, by margins ranging from 3.05% for the 2055 Fund to 4.50% for the 2020 fund.



Fund Name	Fund Performance as of 1/31/2021			Benchmark	Benchmark Performance as of 1/31/2021
Natixis Sustainable Future 2015 Fund		12.97	%	S&P Target Date 2015^® Index¹		9.64	%
Natixis Sustainable Future 2020 Fund		14.26		S&P Target Date 2020^® Index¹		9.76
Natixis Sustainable Future 2025 Fund		14.35		S&P Target Date 2025^® Index¹		11.07
Natixis Sustainable Future 2030 Fund		15.88		S&P Target Date 2030^® Index¹		12.11
Natixis Sustainable Future 2035 Fund		16.62		S&P Target Date 2035^® Index¹		13.35
Natixis Sustainable Future 2040 Fund		18.04		S&P Target Date 2040^® Index¹		14.23
Natixis Sustainable Future 2045 Fund		18.30		S&P Target Date 2045^® Index¹		14.68
Natixis Sustainable Future 2050 Fund		19.05		S&P Target Date 2050^® Index¹		15.00
Natixis Sustainable Future 2055 Fund		18.07		S&P Target Date 2055^® Index¹		15.02
Natixis Sustainable Future 2060 Fund		19.09		S&P Target Date 2060+ Index¹		15.15

The S&P Target Date^® Index Series consists of multi-asset class indices, each corresponding to a specific target retirement date. The asset allocation for each index is determined through an annual survey of target date fund groups with a minimum asset threshold of $100 million. The various asset class exposures of the Indices may include equities, fixed income, REITs, and commodities depending on the allocations reported in the survey. Index returns are calculated daily. You may not invest directly in an index.

Performance Explanation

Both the Funds’ fixed income and equity allocations posted positive absolute returns and contributed to the Funds’ performance for the 12-month period ending January 31, 2021.

While the Funds are managed to our internal asset allocation glide path (the Funds’ targeted mix of equity and fixed income allocations, which becomes more conservative over time as the target retirement date nears) rather than to the S&P Target Date benchmarks, we like to understand how the Funds’ performance compares to these peer-based benchmarks and why. During the 12-month period, the Funds’ outperformance relative to the S&P Target Date benchmarks was due primarily to our slight overweight to equities and underweight to fixed income. Importantly, despite the higher equity allocation, the Funds performed in line with their S&P Target Date benchmarks during the steep equity market decline that began February 20^th and ended March 23^rd, during which the S&P 500^® Index¹ declined 33.8%. The Funds outperformed their respective benchmarks during the equity market recovery that followed.

More specifically, the Funds’ exposure to growth equities was additive to results given the strong outperformance of growth vs value stocks during the 12-month period. In particular, the Mirova Climate Ambition U.S. Equity strategy significantly outperformed its benchmark, the S&P 500^®. On the other hand, exposure to the Loomis Sayles All Cap Growth strategy was a relative detractor as the strategy underperformed its asset class benchmark. While the Harris Large Cap Value strategy had been a relative detractor for most of the period, the strategy was particularly additive during the fourth quarter of 2020 as investors rotated toward stocks that had been harder hit by the pandemic and value outperformed growth. Within our international developed equity allocation, the Mirova International Sustainable Equity Fund also exhibited strong performance. On the fixed income side, the Funds’ underweight to investment grade fixed income contributed to returns relative to the S&P Target Date benchmarks. All the fixed income fund investments generally performed in line with their respective asset class benchmarks.

Portfolio Positioning

As expected in a period marked by significant moves in the markets, we rebalanced the Funds several times early in the period in an effort to return their exposures back to target. Specifically, the Funds were rebalanced twice during March 2020 to reduce overweights to fixed income and underweights to equity, which were a result of the precipitous decline in the equity markets during that period. The Funds were then rebalanced once in April and again in May to increase fixed income and reduce equity exposure, as they had become underweight fixed income and overweight equity due to the reversal and advance of the equity markets following the sharp decline.

| 2

NATIXIS SUSTAINABLE FUTURE FUNDS^®

Effective October 30, 2020, we also implemented changes to the underlying manager lineup by adding two new underlying funds — the WCM Focused International Growth Fund and WCM Focused Emerging Markets Fund — and removing the AIA Emerging Markets ESG Segment. These changes were designed to pursue new opportunities and improve the underlying constituents of the Funds. The Funds’ asset class exposures, however, did not change as a result of these modifications.

Finally, effective December 31, 2020, in an effort to further enhance and streamline the day-to-day management of the Funds, Natixis Advisors fully assumed the glide path and related responsibilities from Wilshire Associates Incorporated (which then ceased to be a sub-adviser). The Funds’ asset allocation glide path did not change as a result of this transition, as we believe it continues to be appropriate and in the best interest of the shareholders to maintain it.

Outlook

Despite 2020 ending on a more positive economic note, we remain in the midst of a global health crisis that affects individuals and the capital markets in a number of different ways. The unprecedented conditions that characterized most of 2020 will take time to resolve and the pace of inoculations remains a risk. While interest rates will likely remain at historic lows for some time, the equity market recovery has been uneven. The expectation is for volatility to continue as the pace of recovery remains uncertain.

As we continue to navigate this uncertainty, we encourage you to maintain a long-term perspective when it comes to your investments. We thank you for your continued trust and wish the best for you and your family in the coming months.

S&P 500^® Index is a widely recognized measure of U.S. stock market performance. It is an unmanaged index of 500 common stocks chosen for market size, liquidity, and industry group representation, among other factors. It also measures the performance of the large-cap segment of the U.S. equities market.

NATIXIS SUSTAINABLE FUTURE 2015 FUND

Hypothetical Growth of $1,000,000 Investment in Class N Shares²

February 28, 2017 (inception) through January 31, 2021

LOGO

See notes to chart on page 18.

3 |

Asset Allocation as of January 31, 2021*



	% of Net Assets
Equity		43.03	%
AIA International Developed Markets Equity ESG Segment		3.97
AIA Large Cap Value ESG Segment		3.90
AIA U.S. Small/Mid Cap ESG Segment		5.74
Harris Associates Large Cap Value Segment		7.10
Loomis Sayles All Cap Growth Segment		6.81
Mirova Climate Ambition U.S. Equity Segment		6.11
Mirova International Sustainable Equity Fund		4.18
WCM Focused Emerging Markets Fund		1.06
WCM Focused International Growth Fund		4.16
Fixed Income		54.99
Loomis Sayles Core Fixed Income Segment		20.37
Loomis Sayles Inflation Protected Securities Fund		12.91
Loomis Sayles Limited Term Government and Agency Fund		11.34
Mirova Global Green Bond Fund		10.37
Cash		1.98

*	Differences between these amounts and those reported elsewhere in the financial statements are attributable to the inclusion of other assets and liabilities.

Average Annual Total Returns — January 31, 2021²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		12.97	%		9.24	%		3.36	%		0.55	%

Comparative Performance
S&P Target Date 2015^® Index¹		9.64			7.41

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. See notes to tables on page 18.

| 4

NATIXIS SUSTAINABLE FUTURE FUNDS^®

NATIXIS SUSTAINABLE FUTURE 2020 FUND

Hypothetical Growth of $1,000,000 Investment in Class N Shares²

February 28, 2017 (inception) through January 31, 2021

LOGO

See notes to chart on page 18.

Asset Allocation as of January 31, 2021*



	% of Net Assets
Equity		51.93	%
AIA International Developed Markets Equity ESG Segment		4.55
AIA Large Cap Value ESG Segment		3.98
AIA U.S. Small/Mid Cap ESG Segment		7.50
Harris Associates Large Cap Value Segment		8.97
Loomis Sayles All Cap Growth Segment		8.17
Mirova Climate Ambition U.S. Equity Segment		7.20
Mirova International Sustainable Equity Fund		4.73
WCM Focused Emerging Markets Fund		2.13
WCM Focused International Growth Fund		4.70
Fixed Income		45.69
Loomis Sayles Core Fixed Income Segment		18.60
Loomis Sayles Inflation Protected Securities Fund		8.28
Loomis Sayles Limited Term Government and Agency Fund		9.62
Mirova Global Green Bond Fund		9.19
Cash		2.38

*	Differences between these amounts and those reported elsewhere in the financial statements are attributable to the inclusion of other assets and liabilities.

5 |

Average Annual Total Returns — January 31, 2021²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		14.26	%		10.05	%		3.34	%		0.55	%

Comparative Performance
S&P Target Date 2020^® Index¹		9.76			7.77

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. See notes to tables on page 18.

NATIXIS SUSTAINABLE FUTURE 2025 FUND

Hypothetical Growth of $1,000,000 Investment in Class N Shares²

February 28, 2017 (inception) through January 31, 2021

LOGO

See notes to chart on page 18.

| 6

NATIXIS SUSTAINABLE FUTURE FUNDS^®

NATIXIS SUSTAINABLE FUTURE 2025 FUND

Asset Allocation as of January 31, 2021*



	% of Net Assets
Equity		57.04	%
AIA International Developed Markets Equity ESG Segment		5.77
AIA Large Cap Value ESG Segment		0.00
AIA U.S. Small/Mid Cap ESG Segment		8.33
Harris Associates Large Cap Value Segment		9.90
Loomis Sayles All Cap Growth Segment		9.95
Mirova Climate Ambition U.S. Equity Segment		8.46
Mirova International Sustainable Equity Fund		5.67
WCM Focused Emerging Markets Fund		3.22
WCM Focused International Growth Fund		5.74
Fixed Income		40.79
Loomis Sayles Core Fixed Income Segment		18.70
Loomis Sayles Inflation Protected Securities Fund		5.69
Loomis Sayles Limited Term Government and Agency Fund		8.21
Mirova Global Green Bond Fund		8.19
Cash		2.17

*	Differences between these amounts and those reported elsewhere in the financial statements are attributable to the inclusion of other assets and liabilities.

Average Annual Total Returns — January 31, 2021²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		14.35	%		10.41	%		3.82	%		0.56	%

Comparative Performance
S&P Target Date 2025^® Index¹		11.07			8.54

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. See notes to tables on page 18.

7 |

NATIXIS SUSTAINABLE FUTURE 2030 FUND

Hypothetical Growth of $1,000,000 Investment in Class N Shares²

February 28, 2017 (inception) through January 31, 2021

LOGO

See notes to chart on page 18.

Asset Allocation as of January 31, 2021*



	% of Net Assets
Equity		67.07	%
AIA International Developed Markets Equity ESG Segment		6.39
AIA Large Cap Value ESG Segment		5.91
AIA U.S. Small/Mid Cap ESG Segment		8.79
Harris Associates Large Cap Value Segment		10.69
Loomis Sayles All Cap Growth Segment		10.89
Mirova Climate Ambition U.S. Equity Segment		8.41
Mirova International Sustainable Equity Fund		6.81
WCM Focused Emerging Markets Fund		3.09
WCM Focused International Growth Fund		6.09
Fixed Income		30.88
Loomis Sayles Core Fixed Income Segment		14.28
Loomis Sayles Inflation Protected Securities Fund		5.06
Loomis Sayles Limited Term Government and Agency Fund		5.01
Mirova Global Green Bond Fund		6.53
Cash		2.05

*	Differences between these amounts and those reported elsewhere in the financial statements are attributable to the inclusion of other assets and liabilities.

| 8

NATIXIS SUSTAINABLE FUTURE FUNDS^®

NATIXIS SUSTAINABLE FUTURE 2030 FUND

Average Annual Total Returns — January 31, 2021²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		15.88	%		11.35	%		3.99	%		0.57	%

Comparative Performance
S&P Target Date 2030^® Index¹		12.11			9.21

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. See notes to tables on page 18.

NATIXIS SUSTAINABLE FUTURE 2035 FUND

Hypothetical Growth of $1,000,000 Investment in Class N Shares²

February 28, 2017 (inception) through January 31, 2021

LOGO

See notes to chart on page 18.

9 |

Asset Allocation as of January 31, 2021*



	% of Net Assets
Equity		75.44	%
AIA International Developed Markets Equity ESG Segment		6.87
AIA Large Cap Value ESG Segment		6.40
AIA U.S. Small/Mid Cap ESG Segment		10.18
Harris Associates Large Cap Value Segment		12.14
Loomis Sayles All Cap Growth Segment		12.23
Mirova Climate Ambition U.S. Equity Segment		9.85
Mirova International Sustainable Equity Fund		7.09
WCM Focused Emerging Markets Fund		3.54
WCM Focused International Growth Fund		7.14
Fixed Income		22.52
Loomis Sayles Core Fixed Income Segment		9.69
Loomis Sayles Inflation Protected Securities Fund		4.28
Loomis Sayles Limited Term Government and Agency Fund		3.74
Mirova Global Green Bond Fund		4.81
Cash		2.04

*	Differences between these amounts and those reported elsewhere in the financial statements are attributable to the inclusion of other assets and liabilities.

Average Annual Total Returns — January 31, 2021²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		16.62	%		12.10	%		3.55	%		0.58	%

Comparative Performance
S&P Target Date 2035^® Index¹		13.35			9.89

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. See notes to tables on page 18.

| 10

NATIXIS SUSTAINABLE FUTURE FUNDS^®

NATIXIS SUSTAINABLE FUTURE 2040 FUND

Hypothetical Growth of $1,000,000 Investment in Class N Shares²

February 28, 2017 (inception) through January 31, 2021

LOGO

See notes to chart on page 18.

Asset Allocation as of January 31, 2021*



	% of Net Assets
Equity		83.32	%
AIA International Developed Markets Equity ESG Segment		7.36
AIA Large Cap Value ESG Segment		6.91
AIA U.S. Small/Mid Cap ESG Segment		10.69
Harris Associates Large Cap Value Segment		13.74
Loomis Sayles All Cap Growth Segment		13.78
Mirova Climate Ambition U.S. Equity Segment		10.83
Mirova International Sustainable Equity Fund		8.19
WCM Focused Emerging Markets Fund		4.09
WCM Focused International Growth Fund		7.73
Fixed Income		14.72
Loomis Sayles Core Fixed Income Segment		6.08
Loomis Sayles Inflation Protected Securities Fund		2.70
Loomis Sayles Limited Term Government and Agency Fund		2.16
Mirova Global Green Bond Fund		3.78
Cash		1.96

*	Differences between these amounts and those reported elsewhere in the financial statements are attributable to the inclusion of other assets and liabilities.

11 |

Average Annual Total Returns — January 31, 2021²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		18.04	%		12.67	%		4.06	%		0.59	%

Comparative Performance
S&P Target Date 2040^® Index¹		14.23			10.36

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. See notes to tables on page 18.

NATIXIS SUSTAINABLE FUTURE 2045 FUND

Hypothetical Growth of $1,000,000 Investment in Class N Shares²

February 28, 2017 (inception) through January 31, 2021

LOGO

See notes to chart on page 18.

| 12

NATIXIS SUSTAINABLE FUTURE FUNDS^®

NATIXIS SUSTAINABLE FUTURE 2045 FUND

Asset Allocation as of January 31, 2021*



	% of Net Assets
Equity		88.73	%
AIA International Developed Markets Equity ESG Segment		8.45
AIA Large Cap Value ESG Segment		7.49
AIA U.S. Small/Mid Cap ESG Segment		10.94
Harris Associates Large Cap Value Segment		14.34
Loomis Sayles All Cap Growth Segment		14.46
Mirova Climate Ambition U.S. Equity Segment		11.52
Mirova International Sustainable Equity Fund		8.49
WCM Focused Emerging Markets Fund		4.49
WCM Focused International Growth Fund		8.55
Fixed Income		9.36
Loomis Sayles Core Fixed Income Segment		4.09
Loomis Sayles Inflation Protected Securities Fund		2.11
Loomis Sayles Limited Term Government and Agency Fund		1.58
Mirova Global Green Bond Fund		1.58
Cash		1.91

*	Differences between these amounts and those reported elsewhere in the financial statements are attributable to the inclusion of other assets and liabilities.

Average Annual Total Returns — January 31, 2021²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		18.30	%		13.06	%		4.72	%		0.59	%

Comparative Performance
S&P Target Date 2045^® Index¹		14.68			10.61

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. See notes to tables on page 18.

13 |

NATIXIS SUSTAINABLE FUTURE 2050 FUND

Hypothetical Growth of $1,000,000 Investment in Class N Shares²

February 28, 2017 (inception) through January 31, 2021

LOGO

See notes to chart on page 18.

Asset Allocation as of January 31, 2021*



	% of Net Assets
Equity		92.34	%
AIA International Developed Markets Equity ESG Segment		8.92
AIA Large Cap Value ESG Segment		7.95
AIA U.S. Small/Mid Cap ESG Segment		11.37
Harris Associates Large Cap Value Segment		14.32
Loomis Sayles All Cap Growth Segment		14.41
Mirova Climate Ambition U.S. Equity Segment		11.44
Mirova International Sustainable Equity Fund		9.65
WCM Focused Emerging Markets Fund		5.08
WCM Focused International Growth Fund		9.20
Fixed Income		5.65
Loomis Sayles Core Fixed Income Segment		4.04
Loomis Sayles Inflation Protected Securities Fund		0.00
Loomis Sayles Limited Term Government and Agency Fund		0.00
Mirova Global Green Bond Fund		1.61
Cash		2.01

*	Differences between these amounts and those reported elsewhere in the financial statements are attributable to the inclusion of other assets and liabilities.

| 14

NATIXIS SUSTAINABLE FUTURE FUNDS^®

NATIXIS SUSTAINABLE FUTURE 2050 FUND

Average Annual Total Returns — January 31, 2021²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		19.05	%⁴		13.26	%		4.84	%		0.60	%

Comparative Performance
S&P Target Date 2050^® Index¹		15.00			10.78

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. See notes to tables on page 18.

NATIXIS SUSTAINABLE FUTURE 2055 FUND

Hypothetical Growth of $1,000,000 Investment in Class N Shares²

February 28, 2017 (inception) through January 31, 2021

LOGO

See notes to chart on page 18.

15 |

Asset Allocation as of January 31, 2021*



	% of Net Assets
Equity		92.28	%
AIA International Developed Markets Equity ESG Segment		8.88
AIA Large Cap Value ESG Segment		7.99
AIA U.S. Small/Mid Cap ESG Segment		11.33
Harris Associates Large Cap Value Segment		14.37
Loomis Sayles All Cap Growth Segment		14.35
Mirova Climate Ambition U.S. Equity Segment		11.42
Mirova International Sustainable Equity Fund		9.65
WCM Focused Emerging Markets Fund		5.10
WCM Focused International Growth Fund		9.19
Fixed Income		5.68
Loomis Sayles Core Fixed Income Segment		4.09
Loomis Sayles Inflation Protected Securities Fund		0.00
Loomis Sayles Limited Term Government and Agency Fund		0.00
Mirova Global Green Bond Fund		1.59
Cash		2.04

*	Differences between these amounts and those reported elsewhere in the financial statements are attributable to the inclusion of other assets and liabilities.

Average Annual Total Returns — January 31, 2021²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		18.07	%		13.14	%		5.22	%		0.60	%

Comparative Performance
S&P Target Date 2055^® Index¹		15.02			10.84

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. See notes to tables on page 18.

| 16

NATIXIS SUSTAINABLE FUTURE FUNDS^®

NATIXIS SUSTAINABLE FUTURE 2060 FUND

Hypothetical Growth of $1,000,000 Investment in Class N Shares²

February 28, 2017 (inception) through January 31, 2021

LOGO

See notes to chart on page 18.

Asset Allocation as of January 31, 2021*



	% of Net Assets
Equity		92.45	%
AIA International Developed Markets Equity ESG Segment		8.90
AIA Large Cap Value ESG Segment		8.00
AIA U.S. Small/Mid Cap ESG Segment		11.28
Harris Associates Large Cap Value Segment		14.49
Loomis Sayles All Cap Growth Segment		14.40
Mirova Climate Ambition U.S. Equity Segment		11.43
Mirova International Sustainable Equity Fund		9.67
WCM Focused Emerging Markets Fund		5.11
WCM Focused International Growth Fund		9.17
Fixed Income		5.55
Loomis Sayles Core Fixed Income Segment		3.99
Loomis Sayles Inflation Protected Securities Fund		0.00
Loomis Sayles Limited Term Government and Agency Fund		0.00
Mirova Global Green Bond Fund		1.56
Cash		2.00

*	Differences between these amounts and those reported elsewhere in the financial statements are attributable to the inclusion of other assets and liabilities.

17 |

Average Annual Total Returns—January 31, 2021²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		19.09	%		13.41	%		5.62	%		0.60	%

Comparative Performance
S&P Target Date 2060+ Index¹		15.15			11.03

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

2	Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report and include the expenses of the underlying funds in which the Fund invests. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 5/31/22. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund for financial reporting purposes only, and as such, the total returns reflected above are different from the total returns reported in the financial highlights. The returns presented in the table above are what an investor would have actually experienced.

| 18

ADDITIONAL INFORMATION

The views expressed in this report reflect those of the portfolio managers as of the dates indicated. The managers’ views are subject to change at any time without notice based on changes in market or other conditions. References to specific securities or industries should not be regarded as investment advice. Because the Funds are actively managed, there is no assurance that they will continue to invest in the securities or industries mentioned.

All investing involves risk, including the risk of loss. There is no assurance that any investment will meet its performance objectives or that losses will be avoided.

ADDITIONAL INDEX INFORMATION

PROXY VOTING INFORMATION

A description of the Natixis Funds’ proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the Natixis Funds’ website at im.natixis.com; and on the Securities and Exchange Commission’s (SEC) website at www.sec.gov. Information regarding how the Natixis Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Natixis Funds’ website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

19 |

UNDERSTANDING FUND EXPENSES


NATIXIS SUSTAINABLE FUTURE 2015 FUND	BEGINNING ACCOUNT VALUE 8/1/2020		ENDING ACCOUNT VALUE 1/31/2021		EXPENSES PAID DURING PERIOD* 8/1/2020 – 1/31/2021
Class N
Actual		$1,000.00		$1,083.80		$1.68
Hypothetical (5% return before expenses)		$1,000.00		$1,023.53		$1.63

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.32%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 366 (to reflect the half-year period). Expense ratios do not include the expenses of the underlying funds in which the Fund invests. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.


NATIXIS SUSTAINABLE FUTURE 2020 FUND	BEGINNING ACCOUNT VALUE 8/1/2020		ENDING ACCOUNT VALUE 1/31/2021		EXPENSES PAID DURING PERIOD* 8/1/2020 – 1/31/2021
Class N
Actual		$1,000.00		$1,100.50		$1.69
Hypothetical (5% return before expenses)		$1,000.00		$1,023.53		$1.63


NATIXIS SUSTAINABLE FUTURE 2025 FUND	BEGINNING ACCOUNT VALUE 8/1/2020		ENDING ACCOUNT VALUE 1/31/2021		EXPENSES PAID DURING PERIOD* 8/1/2020 – 1/31/2021
Class N
Actual		$1,000.00		$1,108.00		$1.75
Hypothetical (5% return before expenses)		$1,000.00		$1,023.48		$1.68

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.33%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 366 (to reflect the half-year period). Expense ratios do not include the expenses of the underlying funds in which the Fund invests. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.

| 20


NATIXIS SUSTAINABLE FUTURE 2030 FUND	BEGINNING ACCOUNT VALUE 8/1/2020		ENDING ACCOUNT VALUE 1/31/2021		EXPENSES PAID DURING PERIOD* 8/1/2020 – 1/31/2021
Class N
Actual		$1,000.00		$1,128.60		$1.82
Hypothetical (5% return before expenses)		$1,000.00		$1,023.43		$1.73

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.34%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 366 (to reflect the half-year period). Expense ratios do not include the expenses of the underlying funds in which the Fund invests. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.


NATIXIS SUSTAINABLE FUTURE 2035 FUND	BEGINNING ACCOUNT VALUE 8/1/2020		ENDING ACCOUNT VALUE 1/31/2021		EXPENSES PAID DURING PERIOD* 8/1/2020 – 1/31/2021
Class N
Actual		$1,000.00		$1,147.60		$1.94
Hypothetical (5% return before expenses)		$1,000.00		$1,023.33		$1.83

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.36%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 366 (to reflect the half-year period). Expense ratios do not include the expenses of the underlying funds in which the Fund invests. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.


NATIXIS SUSTAINABLE FUTURE 2040 FUND	BEGINNING ACCOUNT VALUE 8/1/2020		ENDING ACCOUNT VALUE 1/31/2021		EXPENSES PAID DURING PERIOD* 8/1/2020 – 1/31/2021
Class N
Actual		$1,000.00		$1,157.90		$1.90
Hypothetical (5% return before expenses)		$1,000.00		$1,023.38		$1.78

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.35%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 366 (to reflect the half-year period). Expense ratios do not include the expenses of the underlying funds in which the Fund invests. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.


NATIXIS SUSTAINABLE FUTURE 2045 FUND	BEGINNING ACCOUNT VALUE 8/1/2020		ENDING ACCOUNT VALUE 1/31/2021		EXPENSES PAID DURING PERIOD* 8/1/2020 – 1/31/2021
Class N
Actual		$1,000.00		$1,166.40		$2.01
Hypothetical (5% return before expenses)		$1,000.00		$1,023.28		$1.88

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.37%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 366 (to reflect the half-year period). Expense ratios do not include the expenses of the underlying funds in which the Fund invests. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.


NATIXIS SUSTAINABLE FUTURE 2050 FUND	BEGINNING ACCOUNT VALUE 8/1/2020		ENDING ACCOUNT VALUE 1/31/2021		EXPENSES PAID DURING PERIOD* 8/1/2020 – 1/31/2021
Class N
Actual		$1,000.00		$1,172.00		$2.02
Hypothetical (5% return before expenses)		$1,000.00		$1,023.28		$1.88

21 |


NATIXIS SUSTAINABLE FUTURE 2055 FUND	BEGINNING ACCOUNT VALUE 8/1/2020		ENDING ACCOUNT VALUE 1/31/2021		EXPENSES PAID DURING PERIOD* 8/1/2020 – 1/31/2021
Class N
Actual		$1,000.00		$1,169.60		$2.07
Hypothetical (5% return before expenses)		$1,000.00		$1,023.23		$1.93

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.38%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 366 (to reflect the half-year period). Expense ratios do not include the expenses of the underlying funds in which the Fund invests. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.


NATIXIS SUSTAINABLE FUTURE 2060 FUND	BEGINNING ACCOUNT VALUE 8/1/2020		ENDING ACCOUNT VALUE 1/31/2021		EXPENSES PAID DURING PERIOD* 8/1/2020 – 1/31/2021
Class N
Actual		$1,000.00		$1,178.90		$2.03
Hypothetical (5% return before expenses)		$1,000.00		$1,023.28		$1.88

| 22

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2015 Fund


Shares		Description	Value (†)
	Common Stocks — 29.9% of Net Assets
		Aerospace & Defense — 0.5%
	10	Axon Enterprise, Inc.(a)	$	1,642
	58	Boeing Co. (The)		11,263
	24	General Dynamics Corp.		3,520
	2	L3Harris Technologies, Inc.		343
	14	Moog, Inc., Class A		1,034
	27	Raytheon Technologies Corp.		1,802

				19,604

		Air Freight & Logistics — 0.3%
	93	Expeditors International of Washington, Inc.		8,325
	15	United Parcel Service, Inc., Class B		2,325

				10,650

		Airlines — 0.1%
	5	Alaska Air Group, Inc.		244
	20	Delta Air Lines, Inc.		759
	136	JetBlue Airways Corp.(a)		1,951

				2,954

		Auto Components — 0.2%
	51	Aptiv PLC		6,814
	6	BorgWarner, Inc.		252
	92	Dana, Inc.		1,781
	13	Visteon Corp.(a)		1,657

				10,504

		Automobiles — 0.3%
	187	General Motors Co.		9,477
	13	Thor Industries, Inc.		1,573

				11,050

		Banks — 1.4%
	38	Ameris Bancorp		1,486
	68	BancorpSouth Bank		1,880
	321	Bank of America Corp.		9,518
	158	Citigroup, Inc.		9,162
	50	Citizens Financial Group, Inc.		1,822
	48	Columbia Banking System, Inc.		1,849
	7	Comerica, Inc.		400
	30	Cullen/Frost Bankers, Inc.		2,767
	20	Fifth Third Bancorp		579
	120	Fulton Financial Corp.		1,608
	32	Huntington Bancshares, Inc.		423
	60	International Bancshares Corp.		2,269
	81	KeyCorp		1,366
	14	M&T Bank Corp.		1,854
	81	People’s United Financial, Inc.		1,106
	29	PNC Financial Services Group, Inc. (The)		4,162
	95	Regions Financial Corp.		1,616
	51	TCF Financial Corp.		1,982
	93	Truist Financial Corp.		4,462
	87	Trustmark Corp.		2,390
	42	U.S. Bancorp		1,800
	160	Wells Fargo & Co.		4,781
	25	Wintrust Financial Corp.		1,505

				60,787

		Beverages — 0.7%
	73	Coca-Cola Co. (The)		3,515
	36	Constellation Brands, Inc., Class A		7,593
	137	Keurig Dr Pepper, Inc.		4,357
	145	Monster Beverage Corp.(a)		12,590
	26	PepsiCo, Inc.		3,551

				31,606

		Biotechnology — 0.7%
	21	AbbVie, Inc.	$	2,152
	18	Amgen, Inc.		4,346
	5	Biogen, Inc.(a)		1,413
	37	BioMarin Pharmaceutical, Inc.(a)		3,063
	52	Gilead Sciences, Inc.		3,411
	8	Ligand Pharmaceuticals, Inc.(a)		1,483
	23	Regeneron Pharmaceuticals, Inc.(a)		11,588

				27,456

		Building Products — 0.2%
	12	Carrier Global Corp.		462
	11	Johnson Controls International PLC		548
	9	Lennox International, Inc.		2,480
	27	Owens Corning		2,095
	17	Trex Co., Inc.(a)		1,560

				7,145

		Capital Markets — 1.8%
	4	Ameriprise Financial, Inc.		792
	259	Bank of New York Mellon Corp. (The)		10,316
	4	BlackRock, Inc.		2,805
	190	Charles Schwab Corp. (The)		9,793
	6	CME Group, Inc.		1,091
	21	FactSet Research Systems, Inc.		6,349
	29	Franklin Resources, Inc.		762
	25	Goldman Sachs Group, Inc. (The)		6,779
	12	Intercontinental Exchange, Inc.		1,324
	13	Invesco Ltd.		268
	45	Janus Henderson Group PLC		1,384
	57	KKR & Co., Inc.		2,220
	12	Moody’s Corp.		3,195
	4	Morgan Stanley		268
	12	MSCI, Inc.		4,744
	46	Northern Trust Corp.		4,103
	16	S&P Global, Inc.		5,072
	78	SEI Investments Co.		4,122
	171	State Street Corp.		11,970
	2	T. Rowe Price Group, Inc.		313

				77,670

		Chemicals — 0.3%
	3	Air Products & Chemicals, Inc.		800
	12	DuPont de Nemours, Inc.		953
	3	Ecolab, Inc.		614
	26	HB Fuller Co.		1,323
	18	Innospec, Inc.		1,580
	19	Linde PLC		4,663
	22	Minerals Technologies, Inc.		1,356
	3	PPG Industries, Inc.		404
	1	Sherwin-Williams Co. (The)		692
	13	Stepan Co.		1,465

				13,850

		Commercial Services & Supplies — 0.1%
	25	Healthcare Services Group, Inc.		811
	12	MSA Safety, Inc.		1,873
	3	Republic Services, Inc.		272
	18	Tetra Tech, Inc.		2,188
	6	Waste Management, Inc.		668

				5,812

		Communications Equipment — 0.3%
	13	Arista Networks, Inc.(a)		3,998
	29	Ciena Corp.(a)		1,548
	157	Cisco Systems, Inc.		6,999
	3	F5 Networks, Inc.(a)		588
	16	Lumentum Holdings, Inc.(a)		1,501

				14,634

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2015 Fund – (continued)


Shares		Description	Value (†)
		Construction & Engineering — 0.1%
	56	AECOM(a)	$	2,806
	69	Fluor Corp.		1,193

				3,999

		Consumer Finance — 0.8%
	309	Ally Financial, Inc.		11,692
	64	American Express Co.		7,441
	107	Capital One Financial Corp.		11,156
	15	Green Dot Corp., Class A(a)		753
	16	PROG Holdings, Inc.		755

				31,797

		Containers & Packaging — 0.1%
	22	Ball Corp.		1,937
	20	International Paper Co.		1,006
	88	O-I Glass, Inc.		1,112

				4,055

		Distributors — 0.0%
	13	Genuine Parts Co.		1,220

		Diversified Telecommunication Services — 0.2%
	71	AT&T, Inc.		2,033
	380	Lumen Technologies, Inc.		4,704

				6,737

		Electric Utilities — 0.4%
	45	American Electric Power Co., Inc.		3,641
	70	Edison International		4,071
	11	Eversource Energy		963
	17	IDACORP, Inc.		1,501
	66	NextEra Energy, Inc.		5,338
	17	PPL Corp.		470

				15,984

		Electrical Equipment — 0.4%
	7	Acuity Brands, Inc.		842
	128	Ballard Power Systems, Inc.(a)		4,374
	15	Eaton Corp. PLC		1,765
	10	Generac Holdings, Inc.(a)		2,464
	11	Hubbell, Inc.		1,712
	11	Rockwell Automation, Inc.		2,734
	20	Sunrun, Inc.(a)		1,385

				15,276

		Electronic Equipment, Instruments & Components — 0.5%
	4	Amphenol Corp., Class A		499
	31	Avnet, Inc.		1,095
	32	Cognex Corp.		2,628
	8	Coherent, Inc.(a)		1,607
	15	Corning, Inc.		538
	48	Itron, Inc.(a)		4,129
	6	Littelfuse, Inc.		1,460
	6	Rogers Corp.(a)		936
	47	TE Connectivity Ltd.		5,659
	38	Trimble, Inc.(a)		2,505
	57	Vishay Intertechnology, Inc.		1,228

				22,284

		Energy Equipment & Services — 0.2%
	241	Archrock, Inc.		2,138
	47	Baker Hughes Co.		944
	35	NOV, Inc.		433
	216	Schlumberger NV		4,797
	37	TechnipFMC PLC		396

				8,708

		Entertainment — 0.6%
	14	Activision Blizzard, Inc.	$	1,274
	29	Cinemark Holdings, Inc.		587
	24	Electronic Arts, Inc.		3,437
	12	Netflix, Inc.(a)		6,388
	93	Walt Disney Co. (The)(a)		15,640

				27,326

		Food & Staples Retailing — 0.1%
	24	BJ’s Wholesale Club Holdings, Inc.(a)		1,010
	31	Kroger Co. (The)		1,069
	76	SpartanNash Co.		1,408
	12	Sysco Corp.		858
	26	Walgreens Boots Alliance, Inc.		1,306

				5,651

		Food Products — 0.2%
	25	Campbell Soup Co.		1,203
	8	Conagra Brands, Inc.		277
	30	Darling Ingredients, Inc.(a)		1,860
	18	General Mills, Inc.		1,046
	32	Hain Celestial Group, Inc. (The)(a)		1,331
	25	Hormel Foods Corp.		1,172
	17	Ingredion, Inc.		1,283
	6	J.M. Smucker Co. (The)		698
	11	Kellogg Co.		648
	4	McCormick & Co., Inc.		358

				9,876

		Gas Utilities — 0.1%
	36	New Jersey Resources Corp.		1,260
	20	ONE Gas, Inc.		1,463
	37	South Jersey Industries, Inc.		855
	43	UGI Corp.		1,547

				5,125

		Health Care Equipment & Supplies — 0.6%
	18	Abbott Laboratories		2,225
	3	Baxter International, Inc.		230
	2	Becton Dickinson & Co.		524
	17	Boston Scientific Corp.(a)		602
	3	Cooper Cos., Inc. (The)		1,092
	6	Danaher Corp.		1,427
	6	DENTSPLY SIRONA, Inc.		321
	18	Edwards Lifesciences Corp.(a)		1,486
	17	Globus Medical, Inc., Class A(a)		1,049
	9	Haemonetics Corp.(a)		1,029
	17	Hill-Rom Holdings, Inc.		1,633
	11	Hologic, Inc.(a)		877
	4	Intuitive Surgical, Inc.(a)		2,990
	14	Medtronic PLC		1,559
	47	Meridian Bioscience, Inc.(a)		1,039
	15	Merit Medical Systems, Inc.(a)		812
	9	Penumbra, Inc.(a)		2,350
	5	Quidel Corp.(a)		1,255
	2	STERIS PLC		374
	4	Stryker Corp.		884
	2	Varian Medical Systems, Inc.(a)		351

				24,109

		Health Care Providers & Services — 1.1%
	6	Amedisys, Inc.(a)		1,724
	8	Anthem, Inc.		2,376
	15	BioTelemetry, Inc.(a)		1,072
	48	Centene Corp.(a)		2,894
	4	Chemed Corp.		2,072
	11	Cigna Corp.		2,388

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2015 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	71	CVS Health Corp.	$	5,087
	16	Encompass Health Corp.		1,286
	56	HCA Healthcare, Inc.		9,099
	12	Henry Schein, Inc.(a)		790
	19	Humana, Inc.		7,279
	8	Laboratory Corp. of America Holdings(a)		1,831
	66	MEDNAX, Inc.(a)		1,800
	29	Patterson Cos., Inc.		919
	13	Quest Diagnostics, Inc.		1,679
	9	UnitedHealth Group, Inc.		3,002

				45,298

		Health Care Technology — 0.2%
	74	Allscripts Healthcare Solutions, Inc.(a)		1,221
	75	Cerner Corp.		6,008
	31	HMS Holdings Corp.(a)		1,142

				8,371

		Hotels, Restaurants & Leisure — 0.8%
	1	Chipotle Mexican Grill, Inc.(a)		1,480
	16	Dine Brands Global, Inc.		1,100
	59	Hilton Worldwide Holdings, Inc.		5,982
	20	Jack in the Box, Inc.		1,883
	199	MGM Resorts International		5,684
	7	Royal Caribbean Cruises Ltd.		455
	22	Shake Shack, Inc., Class A(a)		2,495
	73	Starbucks Corp.		7,067
	68	Wendy’s Co. (The)		1,387
	80	Yum China Holdings, Inc.		4,537
	26	Yum! Brands, Inc.		2,639

				34,709

		Household Durables — 0.2%
	50	KB Home		2,082
	38	Meritage Homes Corp.(a)		3,050
	5	Mohawk Industries, Inc.(a)		718
	68	Taylor Morrison Home Corp.(a)		1,767

				7,617

		Household Products — 0.3%
	2	Clorox Co. (The)		419
	73	Colgate-Palmolive Co.		5,694
	43	Kimberly-Clark Corp.		5,680

				11,793

		Independent Power & Renewable Electricity Producers — 0.3%
	34	AES Corp. (The)		829
	40	Boralex, Inc., Class A		1,566
	57	NextEra Energy Partners LP		4,646
	24	Ormat Technologies, Inc.		2,740
	46	Sunnova Energy International, Inc.(a)		2,017

				11,798

		Industrial Conglomerates — 0.2%
	9	Carlisle Cos., Inc.		1,305
	596	General Electric Co.		6,365
	3	Honeywell International, Inc.		586

				8,256

		Insurance — 0.8%
	11	Aflac, Inc.		497
	13	Allstate Corp. (The)		1,393
	177	American International Group, Inc.		6,627
	24	Chubb Ltd.		3,496
	31	First American Financial Corp.		1,621
	10	Hanover Insurance Group, Inc. (The)		1,125
	45	Hartford Financial Services Group, Inc. (The)		2,161
		Insurance — continued
	5	Lincoln National Corp.	$	227
	16	Marsh & McLennan Cos., Inc.		1,759
	98	MetLife, Inc.		4,719
	23	Prudential Financial, Inc.		1,800
	80	Reinsurance Group of America, Inc.		8,404
	11	Travelers Cos., Inc. (The)		1,499

				35,328

		Interactive Media & Services — 1.4%
	9	Alphabet, Inc., Class A(a)		16,446
	11	Alphabet, Inc., Class C(a)		20,193
	94	Facebook, Inc., Class A(a)		24,283

				60,922

		Internet & Direct Marketing Retail — 1.4%
	60	Alibaba Group Holding Ltd., Sponsored ADR(a)		15,230
	6	Amazon.com, Inc.(a)		19,237
	5	Booking Holdings, Inc.(a)		9,722
	173	eBay, Inc.		9,776
	3	Etsy, Inc.(a)		597
	3	Expedia Group, Inc.		372
	229	Qurate Retail, Inc., Class A		2,886

				57,820

		IT Services — 1.5%
	20	Accenture PLC, Class A		4,838
	37	Akamai Technologies, Inc.(a)		4,108
	49	Automatic Data Processing, Inc.		8,091
	18	Cognizant Technology Solutions Corp., Class A		1,403
	225	DXC Technology Co.		6,345
	30	Fiserv, Inc.(a)		3,081
	38	Gartner, Inc.(a)		5,773
	29	MasterCard, Inc., Class A		9,173
	9	Paychex, Inc.		786
	86	Sabre Corp.		927
	5	VeriSign, Inc.(a)		970
	85	Visa, Inc., Class A		16,426
	8	WEX, Inc.(a)		1,509

				63,430

		Leisure Products — 0.0%
	45	Callaway Golf Co.		1,255

		Life Sciences Tools & Services — 0.4%
	7	Agilent Technologies, Inc.		841
	21	Illumina, Inc.(a)		8,955
	4	IQVIA Holdings, Inc.(a)		711
	38	NeoGenomics, Inc.(a)		2,015
	16	Repligen Corp.(a)		3,200
	4	Thermo Fisher Scientific, Inc.		2,039
	3	Waters Corp.(a)		794

				18,555

		Machinery — 1.3%
	22	AGCO Corp.		2,440
	58	Caterpillar, Inc.		10,605
	23	Cummins, Inc.		5,392
	54	Deere & Co.		15,595
	24	Flowserve Corp.		853
	4	Illinois Tool Works, Inc.		777
	28	ITT, Inc.		2,092
	38	Kennametal, Inc.		1,439
	22	Oshkosh Corp.		2,015
	26	Parker-Hannifin Corp.		6,880
	7	Proto Labs, Inc.(a)		1,483
	32	Terex Corp.		1,144
	24	Toro Co. (The)		2,262

				52,977

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2015 Fund – (continued)


Shares		Description	Value (†)
		Media — 0.7%
	1	Cable One, Inc.	$	2,000
	13	Charter Communications, Inc., Class A(a)		7,898
	263	Comcast Corp., Class A		13,037
	38	Discovery, Inc., Series A(a)		1,574
	16	Discovery, Inc., Series C(a)		561
	25	Fox Corp., Class A		780
	19	Interpublic Group of Cos., Inc. (The)		457
	30	New York Times Co. (The), Class A		1,488
	23	News Corp., Class A		446
	32	Omnicom Group, Inc.		1,996

				30,237

		Metals & Mining — 0.2%
	91	Cleveland-Cliffs, Inc.		1,396
	51	Commercial Metals Co.		1,004
	4	Nucor Corp.		195
	21	Reliance Steel & Aluminum Co.		2,438
	15	Royal Gold, Inc.		1,603

				6,636

		Multi-Utilities — 0.1%
	28	Consolidated Edison, Inc.		1,982
	10	DTE Energy Co.		1,187
	12	Sempra Energy		1,485
	6	WEC Energy Group, Inc.		534

				5,188

		Multiline Retail — 0.1%
	130	Macy’s, Inc.		1,955
	15	Target Corp.		2,718

				4,673

		Oil, Gas & Consumable Fuels — 0.6%
	340	Apache Corp.		4,855
	54	ConocoPhillips		2,162
	33	Devon Energy Corp.		543
	60	Diamondback Energy, Inc.		3,401
	139	EOG Resources, Inc.		7,084
	61	EQT Corp.		995
	37	Kinder Morgan, Inc.		521
	168	Marathon Oil Corp.		1,216
	27	ONEOK, Inc.		1,075
	185	Southwestern Energy Co.(a)		698
	19	Valero Energy Corp.		1,072
	31	World Fuel Services Corp.		948

				24,570

		Paper & Forest Products — 0.0%
	37	Louisiana-Pacific Corp.		1,406

		Personal Products — 0.0%
	1	Estee Lauder Cos., Inc. (The), Class A		237

		Pharmaceuticals — 0.8%
	27	Bristol-Myers Squibb Co.		1,659
	9	Eli Lilly & Co.		1,872
	12	Jazz Pharmaceuticals PLC(a)		1,866
	78	Merck & Co., Inc.		6,011
	88	Novartis AG, Sponsored ADR		7,961
	29	Novo Nordisk A/S, Sponsored ADR		2,018
	14	Perrigo Co. PLC		598
	65	Pfizer, Inc.		2,333
	163	Roche Holding AG, Sponsored ADR		7,076
	3	Zoetis, Inc.		463

				31,857

		Professional Services — 0.1%
	22	Exponent, Inc.	$	1,817
	3	IHS Markit Ltd.		261
	8	Insperity, Inc.		628
	24	Korn Ferry		1,094
	14	ManpowerGroup, Inc.		1,238
	21	Nielsen Holdings PLC		469

				5,507

		Real Estate Management & Development — 0.1%
	46	CBRE Group, Inc., Class A(a)		2,805
	11	Jones Lang LaSalle, Inc.(a)		1,608

				4,413

		REITs – Apartments — 0.1%
	44	American Campus Communities, Inc.		1,811
	27	Camden Property Trust		2,758
	13	Equity Residential		801

				5,370

		REITs – Diversified — 0.1%
	13	American Tower Corp.		2,955
	3	Crown Castle International Corp.		478
	26	Weyerhaeuser Co.		811

				4,244

		REITs – Health Care — 0.0%
	14	Ventas, Inc.		645
	6	Welltower, Inc.		364

				1,009

		REITs – Hotels — 0.1%
	43	Host Hotels & Resorts, Inc.		583
	121	Park Hotels & Resorts, Inc.		2,018

				2,601

		REITs – Mortgage — 0.1%
	61	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		3,608

		REITs – Office Property — 0.2%
	2	Boston Properties, Inc.		183
	67	Corporate Office Properties Trust		1,760
	70	Douglas Emmett, Inc.		1,940
	93	Easterly Government Properties, Inc.		2,041
	33	Kilroy Realty Corp.		1,869

				7,793

		REITs – Shopping Centers — 0.1%
	167	Brixmor Property Group, Inc.		2,827

		REITs – Storage — 0.0%
	8	Iron Mountain, Inc.		269

		REITs – Warehouse/Industrials — 0.1%
	19	CyrusOne, Inc.		1,386
	25	ProLogis, Inc.		2,580

				3,966

		Road & Rail — 0.2%
	8	CSX Corp.		686
	12	Norfolk Southern Corp.		2,839
	19	Ryder System, Inc.		1,189
	10	Union Pacific Corp.		1,975

				6,689

		Semiconductors & Semiconductor Equipment — 1.5%
	16	Advanced Micro Devices, Inc.(a)		1,370
	4	Analog Devices, Inc.		589
	10	Applied Materials, Inc.		967
	23	Cirrus Logic, Inc.(a)		2,155
	43	Cree, Inc.(a)		4,347

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2015 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — continued
	15	Enphase Energy, Inc.(a)	$	2,735
	54	First Solar, Inc.(a)		5,354
	31	Ichor Holdings Ltd.(a)		1,119
	59	Intel Corp.		3,275
	2	Lam Research Corp.		968
	5	Micron Technology, Inc.(a)		391
	38	NVIDIA Corp.		19,745
	65	QUALCOMM, Inc.		10,158
	18	Silicon Laboratories, Inc.(a)		2,361
	27	Texas Instruments, Inc.		4,474
	10	Universal Display Corp.		2,308
	3	Xilinx, Inc.		392

				62,708

		Software — 2.1%
	11	Adobe, Inc.(a)		5,046
	11	ANSYS, Inc.(a)		3,898
	53	Autodesk, Inc.(a)		14,704
	13	Blackbaud, Inc.		864
	22	Bottomline Technologies, Inc.(a)		1,051
	4	Citrix Systems, Inc.		533
	6	Fair Isaac Corp.(a)		2,701
	68	Microsoft Corp.		15,773
	15	NortonLifeLock, Inc.		316
	207	Oracle Corp.		12,509
	11	Paylocity Holding Corp.(a)		2,062
	16	PTC, Inc.(a)		2,127
	12	Qualys, Inc.(a)		1,662
	51	salesforce.com, Inc.(a)		11,504
	19	SPS Commerce, Inc.(a)		1,879
	53	Workday, Inc., Class A(a)		12,059

				88,688

		Specialty Retail — 0.5%
	48	American Eagle Outfitters, Inc.		1,089
	16	Asbury Automotive Group, Inc.(a)		2,282
	1	AutoZone, Inc.(a)		1,118
	11	Best Buy Co., Inc.		1,197
	7	Five Below, Inc.(a)		1,230
	22	Gap, Inc. (The)(a)		445
	24	Home Depot, Inc. (The)		6,500
	10	Lithia Motors, Inc., Class A		3,187
	6	Lowe’s Cos., Inc.		1,001
	14	Monro, Inc.		819
	4	TJX Cos., Inc. (The)		256
	3	Ulta Beauty, Inc.(a)		839
	16	Williams-Sonoma, Inc.		2,063

				22,026

		Technology Hardware, Storage & Peripherals — 0.3%
	392	Hewlett Packard Enterprise Co.		4,837
	235	HP, Inc.		5,720
	39	NCR Corp.(a)		1,301
	7	Seagate Technology PLC		463

				12,321

		Textiles, Apparel & Luxury Goods — 0.3%
	9	Deckers Outdoor Corp.(a)		2,628
	293	Under Armour, Inc., Class A(a)		5,127
	26	VF Corp.		1,999
	36	Wolverine World Wide, Inc.		1,031

				10,785

		Thrifts & Mortgage Finance — 0.1%
	52	Mr. Cooper Group, Inc.(a)		1,416
	135	New York Community Bancorp, Inc.		1,412

				2,828

		Trading Companies & Distributors — 0.0%
	11	GATX Corp.	$	1,021

		Water Utilities — 0.2%
	14	American Water Works Co., Inc.		2,226
	99	Essential Utilities, Inc.		4,584

				6,810

		Wireless Telecommunication Services — 0.1%
	25	Shenandoah Telecommunications Co.		972
	23	T-Mobile US, Inc.(a)		2,900

				3,872

		Total Common Stocks (Identified Cost $1,012,319)		1,258,157


Principal Amount
	Bonds and Notes — 20.9%
		Automotive — 0.3%
$	7,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		8,018
	6,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		6,127

				14,145

		Banking — 3.4%
	7,000	American Express Co., 3.700%, 8/03/2023		7,556
	6,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		6,156
	8,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		8,080
	7,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		7,655
	5,000	Bank of Nova Scotia (The), 3.400%, 2/11/2024		5,433
	8,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		8,498
	7,000	Capital One Financial Corp., 3.300%, 10/30/2024		7,635
	7,000	Citigroup, Inc., 4.600%, 3/09/2026		8,121
	5,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		5,184
	4,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		4,031
	7,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		7,794
	7,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		7,543
	9,000	KeyCorp, MTN, 2.550%, 10/01/2029		9,598
	6,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		6,623
	9,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		9,821
	4,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		4,274
	3,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		3,243
	8,000	Truist Bank, 3.200%, 4/01/2024		8,673
	7,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		7,571
	7,000	Westpac Banking Corp., 2.350%, 2/19/2025		7,475

				140,964

		Brokerage — 0.5%
	9,000	BlackRock, Inc., 2.400%, 4/30/2030		9,672
	10,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		10,233

				19,905

		Cable Satellite — 0.2%
	7,000	Comcast Corp., 3.000%, 2/01/2024		7,526

		Construction Machinery — 0.3%
	8,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023		8,060
	6,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		6,134

				14,194

		Consumer Cyclical Services — 0.3%
	5,000	Amazon.com, Inc., 3.875%, 8/22/2037		6,086
	6,000	eBay, Inc., 3.800%, 3/09/2022		6,209

				12,295

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2015 Fund – (continued)


Principal Amount		Description	Value (†)
		Electric — 0.9%
$	9,000	Duke Energy Corp., 3.750%, 4/15/2024	$	9,834
	8,000	Entergy Corp., 0.900%, 9/15/2025		7,985
	4,000	Exelon Corp., 4.050%, 4/15/2030		4,677
	8,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		8,281
	6,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		6,614

				37,391

		Finance Companies — 0.1%
	6,000	Ares Capital Corp., 3.250%, 7/15/2025		6,346

		Financial Other — 0.2%
	8,000	ORIX Corp., 2.900%, 7/18/2022		8,274

		Food & Beverage — 0.6%
	8,000	Coca-Cola Co. (The), 1.450%, 6/01/2027		8,191
	7,000	General Mills, Inc., 4.000%, 4/17/2025		7,886
	7,000	Mondelez International, Inc., 2.750%, 4/13/2030		7,566

				23,643

		Government Owned—No Guarantee — 0.4%
	11,000	Federal National Mortgage Association, 6.625%, 11/15/2030		16,473

		Health Insurance — 0.4%
	7,000	Anthem, Inc., 4.101%, 3/01/2028		8,183
	6,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		8,702

				16,885

		Healthcare — 0.6%
	4,000	Cigna Corp., 3.750%, 7/15/2023		4,315
	4,000	CVS Health Corp., 4.300%, 3/25/2028		4,699
	4,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		4,239
	7,000	McKesson Corp., 3.950%, 2/16/2028		8,085
	5,000	Quest Diagnostics, Inc., 2.950%, 6/30/2030		5,501

				26,839

		Independent Energy — 0.2%
	8,000	EQT Corp., 3.000%, 10/01/2022		8,125

		Integrated Energy — 0.6%
	6,000	BP Capital Markets PLC, 3.814%, 2/10/2024		6,570
	9,000	Exxon Mobil Corp., 2.992%, 3/19/2025		9,783
	6,000	Shell International Finance BV, 6.375%, 12/15/2038		9,085

				25,438

		Life Insurance — 0.1%
	3,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		3,306

		Media Entertainment — 0.1%
	5,000	ViacomCBS, Inc., 4.750%, 5/15/2025		5,767

		Midstream — 0.4%
	8,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		8,726
	8,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		8,732

				17,458

		Mortgage Related — 2.9%
	44,830	FNMA, 2.500%, with various maturities from 2050 to 2051(b)		47,217
	35,809	FNMA, 3.000%, with various maturities from 2034 to 2049(b)		37,685
	23,857	FNMA, 3.500%, with various maturities in 2049(b)		25,346
	5,701	FNMA, 4.000%, 3/01/2050		6,108
	6,099	FNMA, 4.500%, with various maturities in 2049(b)		6,629

				122,985

		Natural Gas — 0.2%
	8,000	NiSource, Inc., 0.950%, 8/15/2025		8,009

		Oil Field Services — 0.2%
	7,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022	$	7,292

		Pharmaceuticals — 0.6%
	7,000	AbbVie, Inc., 3.600%, 5/14/2025		7,759
	6,000	Amgen, Inc., 2.650%, 5/11/2022		6,171
	10,000	Johnson & Johnson, 1.300%, 9/01/2030		9,865

				23,795

		Property & Casualty Insurance — 0.2%
	7,000	American International Group, Inc., 3.400%, 6/30/2030		7,811

		Railroads — 0.2%
	8,000	CSX Corp., 2.600%, 11/01/2026		8,709

		REITs – Office Property — 0.1%
	5,000	Boston Properties LP, 2.750%, 10/01/2026		5,416

		Restaurants — 0.2%
	8,000	Starbucks Corp., 2.250%, 3/12/2030		8,334

		Technology — 1.4%
	7,000	Apple, Inc., 2.500%, 2/09/2025		7,529
	4,000	Broadcom, Inc., 4.110%, 9/15/2028		4,515
	4,000	HP, Inc., 3.000%, 6/17/2027		4,386
	4,000	Intel Corp., 2.450%, 11/15/2029		4,282
	8,000	International Business Machines Corp., 4.000%, 6/20/2042		9,569
	3,000	NVIDIA Corp., 2.850%, 4/01/2030		3,306
	7,000	Oracle Corp., 2.950%, 5/15/2025		7,614
	8,000	QUALCOMM, Inc., 1.650%, 5/20/2032		7,881
	8,000	VMware, Inc., 2.950%, 8/21/2022		8,288

				57,370

		Treasuries — 4.9%
	7,000	U.S. Treasury Bond, 2.500%, 5/15/2046		8,033
	19,000	U.S. Treasury Bond, 2.875%, 11/15/2046		23,328
	21,000	U.S. Treasury Bond, 3.000%, 5/15/2045		26,219
	7,000	U.S. Treasury Bond, 3.000%, 2/15/2048		8,824
	19,000	U.S. Treasury Bond, 3.000%, 2/15/2049		24,054
	4,000	U.S. Treasury Bond, 4.250%, 11/15/2040		5,819
	7,000	U.S. Treasury Bond, 4.375%, 5/15/2041		10,382
	3,000	U.S. Treasury Bond, 4.500%, 2/15/2036		4,296
	20,000	U.S. Treasury Note, 0.375%, 11/30/2025		19,969
	8,000	U.S. Treasury Note, 1.125%, 9/30/2021		8,056
	27,000	U.S. Treasury Note, 1.625%, 8/31/2022		27,642
	38,000	U.S. Treasury Note, 2.125%, 12/31/2022		39,453

				206,075

		Wireless — 0.2%
	7,000	Vodafone Group PLC, 6.150%, 2/27/2037		9,777

		Wirelines — 0.2%
	8,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.321%, 5/15/2025(c)		8,232

		Total Bonds and Notes (Identified Cost $861,561)		878,779


Shares
	Exchange-Traded Funds — 4.0%
	2,323	iShares^® ESG Aware MSCI EAFE ETF (Identified Cost $137,522)		168,046


	Affiliated Mutual Funds — 44.1%
	45,334	Loomis Sayles Inflation Protected Securities Fund, Class N		543,559
	41,424	Loomis Sayles Limited Term Government and Agency Fund, Class N		478,029
	40,664	Mirova Global Green Bond Fund, Class N		436,726

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2015 Fund – (continued)


Shares		Description	Value (†)
	Affiliated Mutual Funds – continued
	12,891	Mirova International Sustainable Equity Fund, Class N	$	175,572
	2,219	WCM Focused Emerging Markets Fund, Institutional Class		44,507
	7,103	WCM Focused International Growth Fund, Institutional Class		175,029

		Total Affiliated Mutual Funds (Identified Cost $1,724,756)		1,853,422


Principal Amount
	Short-Term Investments — 2.4%
$	100,758	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/29/2021 at 0.000% to be repurchased at $100,758 on 2/01/2021 collateralized by $96,800 U.S. Treasury Note, 2.750% due 5/31/2023 valued at $103,104 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $100,758)		100,758


		Total Investments — 101.3% (Identified Cost $3,836,916)		4,259,162
		Other assets less liabilities — (1.3)%		(55,154	)

		Net Assets — 100.0%	$	4,204,008


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(c)	Variable rate security. Rate as of January 31, 2021 is disclosed.

	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ETF	Exchange-Traded Fund
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

Asset Allocation Summary at January 31, 2021


Fixed Income	55.6	%
Equity	43.3
Short-Term Investments	2.4

Total Investments	101.3
Other assets less liabilities	(1.3	)

Net Assets	100.0	%

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2020 Fund


Shares		Description	Value (†)
	Common Stocks — 36.8% of Net Assets
		Aerospace & Defense — 0.6%
	9	Axon Enterprise, Inc.(a)	$	1,478
	49	Boeing Co. (The)		9,515
	21	General Dynamics Corp.		3,080
	1	L3Harris Technologies, Inc.		172
	12	Moog, Inc., Class A		886
	22	Raytheon Technologies Corp.		1,468

				16,599

		Air Freight & Logistics — 0.3%
	78	Expeditors International of Washington, Inc.		6,983
	12	United Parcel Service, Inc., Class B		1,860

				8,843

		Airlines — 0.1%
	2	Alaska Air Group, Inc.		98
	13	Delta Air Lines, Inc.		493
	124	JetBlue Airways Corp.(a)		1,778

				2,369

		Auto Components — 0.3%
	45	Aptiv PLC		6,012
	5	BorgWarner, Inc.		210
	84	Dana, Inc.		1,626
	11	Visteon Corp.(a)		1,402

				9,250

		Automobiles — 0.3%
	168	General Motors Co.		8,514
	12	Thor Industries, Inc.		1,452

				9,966

		Banks — 1.8%
	32	Ameris Bancorp		1,251
	58	BancorpSouth Bank		1,604
	289	Bank of America Corp.		8,569
	143	Citigroup, Inc.		8,293
	42	Citizens Financial Group, Inc.		1,530
	44	Columbia Banking System, Inc.		1,695
	3	Comerica, Inc.		172
	28	Cullen/Frost Bankers, Inc.		2,583
	18	Fifth Third Bancorp		521
	101	Fulton Financial Corp.		1,353
	27	Huntington Bancshares, Inc.		357
	51	International Bancshares Corp.		1,928
	61	KeyCorp		1,028
	10	M&T Bank Corp.		1,325
	66	People’s United Financial, Inc.		901
	22	PNC Financial Services Group, Inc. (The)		3,157
	71	Regions Financial Corp.		1,208
	47	TCF Financial Corp.		1,826
	71	Truist Financial Corp.		3,407
	80	Trustmark Corp.		2,198
	36	U.S. Bancorp		1,543
	144	Wells Fargo & Co.		4,303
	21	Wintrust Financial Corp.		1,264

				52,016

		Beverages — 0.9%
	54	Coca-Cola Co. (The)		2,600
	32	Constellation Brands, Inc., Class A		6,750
	124	Keurig Dr Pepper, Inc.		3,943
	122	Monster Beverage Corp.(a)		10,593
	19	PepsiCo, Inc.		2,595

				26,481

		Biotechnology — 0.8%
	17	AbbVie, Inc.	$	1,742
	14	Amgen, Inc.		3,380
	4	Biogen, Inc.(a)		1,130
	33	BioMarin Pharmaceutical, Inc.(a)		2,732
	39	Gilead Sciences, Inc.		2,558
	8	Ligand Pharmaceuticals, Inc.(a)		1,483
	20	Regeneron Pharmaceuticals, Inc.(a)		10,077

				23,102

		Building Products — 0.2%
	11	Carrier Global Corp.		424
	10	Johnson Controls International PLC		498
	9	Lennox International, Inc.		2,479
	25	Owens Corning		1,940
	16	Trex Co., Inc.(a)		1,468

				6,809

		Capital Markets — 2.3%
	4	Ameriprise Financial, Inc.		792
	225	Bank of New York Mellon Corp. (The)		8,962
	3	BlackRock, Inc.		2,104
	169	Charles Schwab Corp. (The)		8,710
	5	CME Group, Inc.		909
	19	FactSet Research Systems, Inc.		5,744
	20	Franklin Resources, Inc.		526
	23	Goldman Sachs Group, Inc. (The)		6,237
	8	Intercontinental Exchange, Inc.		883
	16	Invesco Ltd.		329
	41	Janus Henderson Group PLC		1,261
	51	KKR & Co., Inc.		1,986
	10	Moody’s Corp.		2,663
	2	Morgan Stanley		134
	9	MSCI, Inc.		3,558
	38	Northern Trust Corp.		3,389
	14	S&P Global, Inc.		4,438
	67	SEI Investments Co.		3,541
	150	State Street Corp.		10,500
	2	T. Rowe Price Group, Inc.		313

				66,979

		Chemicals — 0.4%
	2	Air Products & Chemicals, Inc.		533
	8	DuPont de Nemours, Inc.		636
	4	Ecolab, Inc.		818
	22	HB Fuller Co.		1,119
	16	Innospec, Inc.		1,405
	14	Linde PLC		3,436
	19	Minerals Technologies, Inc.		1,171
	3	PPG Industries, Inc.		404
	1	Sherwin-Williams Co. (The)		692
	11	Stepan Co.		1,239

				11,453

		Commercial Services & Supplies — 0.2%
	20	Healthcare Services Group, Inc.		648
	11	MSA Safety, Inc.		1,717
	2	Republic Services, Inc.		181
	17	Tetra Tech, Inc.		2,067
	5	Waste Management, Inc.		557

				5,170

		Communications Equipment — 0.4%
	11	Arista Networks, Inc.(a)		3,383
	27	Ciena Corp.(a)		1,441
	132	Cisco Systems, Inc.		5,885
	2	F5 Networks, Inc.(a)		392
	15	Lumentum Holdings, Inc.(a)		1,407

				12,508

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2020 Fund – (continued)


Shares		Description	Value (†)
		Construction & Engineering — 0.1%
	52	AECOM(a)	$	2,605
	64	Fluor Corp.		1,107

				3,712

		Consumer Finance — 1.0%
	278	Ally Financial, Inc.		10,520
	55	American Express Co.		6,394
	97	Capital One Financial Corp.		10,113
	14	Green Dot Corp., Class A(a)		703
	13	PROG Holdings, Inc.		614

				28,344

		Containers & Packaging — 0.1%
	16	Ball Corp.		1,408
	14	International Paper Co.		704
	81	O-I Glass, Inc.		1,024

				3,136

		Distributors — 0.0%
	11	Genuine Parts Co.		1,033

		Diversified Telecommunication Services — 0.2%
	57	AT&T, Inc.		1,632
	322	Lumen Technologies, Inc.		3,986

				5,618

		Electric Utilities — 0.5%
	33	American Electric Power Co., Inc.		2,670
	58	Edison International		3,373
	9	Eversource Energy		788
	15	IDACORP, Inc.		1,324
	55	NextEra Energy, Inc.		4,448
	12	PPL Corp.		332

				12,935

		Electrical Equipment — 0.5%
	6	Acuity Brands, Inc.		721
	103	Ballard Power Systems, Inc.(a)		3,519
	13	Eaton Corp. PLC		1,530
	9	Generac Holdings, Inc.(a)		2,218
	10	Hubbell, Inc.		1,556
	9	Rockwell Automation, Inc.		2,237
	17	Sunrun, Inc.(a)		1,178

				12,959

		Electronic Equipment, Instruments & Components — 0.7%
	3	Amphenol Corp., Class A		375
	29	Avnet, Inc.		1,024
	29	Cognex Corp.		2,382
	6	Coherent, Inc.(a)		1,205
	11	Corning, Inc.		394
	39	Itron, Inc.(a)		3,355
	6	Littelfuse, Inc.		1,460
	6	Rogers Corp.(a)		936
	42	TE Connectivity Ltd.		5,057
	35	Trimble, Inc.(a)		2,307
	52	Vishay Intertechnology, Inc.		1,121

				19,616

		Energy Equipment & Services — 0.2%
	220	Archrock, Inc.		1,952
	33	Baker Hughes Co.		663
	24	NOV, Inc.		297
	167	Schlumberger NV		3,709
	15	TechnipFMC PLC		160

				6,781

		Entertainment — 0.8%
	10	Activision Blizzard, Inc.	$	910
	25	Cinemark Holdings, Inc.		506
	19	Electronic Arts, Inc.		2,721
	11	Netflix, Inc.(a)		5,856
	76	Walt Disney Co. (The)(a)		12,781

				22,774

		Food & Staples Retailing — 0.2%
	23	BJ’s Wholesale Club Holdings, Inc.(a)		968
	21	Kroger Co. (The)		725
	70	SpartanNash Co.		1,296
	10	Sysco Corp.		715
	18	Walgreens Boots Alliance, Inc.		904

				4,608

		Food Products — 0.3%
	20	Campbell Soup Co.		962
	6	Conagra Brands, Inc.		208
	28	Darling Ingredients, Inc.(a)		1,736
	15	General Mills, Inc.		871
	30	Hain Celestial Group, Inc. (The)(a)		1,248
	20	Hormel Foods Corp.		937
	15	Ingredion, Inc.		1,132
	4	J.M. Smucker Co. (The)		466
	7	Kellogg Co.		413
	2	McCormick & Co., Inc.		179

				8,152

		Gas Utilities — 0.2%
	31	New Jersey Resources Corp.		1,085
	17	ONE Gas, Inc.		1,243
	34	South Jersey Industries, Inc.		786
	37	UGI Corp.		1,332

				4,446

		Health Care Equipment & Supplies — 0.7%
	15	Abbott Laboratories		1,854
	1	Baxter International, Inc.		77
	3	Becton Dickinson & Co.		785
	12	Boston Scientific Corp.(a)		425
	2	Cooper Cos., Inc. (The)		728
	5	Danaher Corp.		1,189
	4	DENTSPLY SIRONA, Inc.		214
	15	Edwards Lifesciences Corp.(a)		1,239
	16	Globus Medical, Inc., Class A(a)		987
	8	Haemonetics Corp.(a)		914
	15	Hill-Rom Holdings, Inc.		1,441
	7	Hologic, Inc.(a)		558
	4	Intuitive Surgical, Inc.(a)		2,990
	11	Medtronic PLC		1,225
	38	Meridian Bioscience, Inc.(a)		840
	12	Merit Medical Systems, Inc.(a)		650
	8	Penumbra, Inc.(a)		2,089
	4	Quidel Corp.(a)		1,004
	1	STERIS PLC		187
	3	Stryker Corp.		663
	1	Varian Medical Systems, Inc.(a)		175

				20,234

		Health Care Providers & Services — 1.3%
	5	Amedisys, Inc.(a)		1,437
	7	Anthem, Inc.		2,079
	12	BioTelemetry, Inc.(a)		857
	38	Centene Corp.(a)		2,291
	4	Chemed Corp.		2,072
	9	Cigna Corp.		1,953

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2020 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	64	CVS Health Corp.	$	4,586
	15	Encompass Health Corp.		1,206
	47	HCA Healthcare, Inc.		7,637
	9	Henry Schein, Inc.(a)		593
	17	Humana, Inc.		6,513
	6	Laboratory Corp. of America Holdings(a)		1,373
	60	MEDNAX, Inc.(a)		1,636
	27	Patterson Cos., Inc.		855
	10	Quest Diagnostics, Inc.		1,291
	8	UnitedHealth Group, Inc.		2,669

				39,048

		Health Care Technology — 0.2%
	59	Allscripts Healthcare Solutions, Inc.(a)		973
	62	Cerner Corp.		4,967
	28	HMS Holdings Corp.(a)		1,031

				6,971

		Hotels, Restaurants & Leisure — 1.0%
	1	Chipotle Mexican Grill, Inc.(a)		1,480
	14	Dine Brands Global, Inc.		963
	53	Hilton Worldwide Holdings, Inc.		5,374
	18	Jack in the Box, Inc.		1,695
	179	MGM Resorts International		5,112
	6	Royal Caribbean Cruises Ltd.		390
	20	Shake Shack, Inc., Class A(a)		2,268
	61	Starbucks Corp.		5,905
	58	Wendy’s Co. (The)		1,183
	68	Yum China Holdings, Inc.		3,856
	20	Yum! Brands, Inc.		2,030

				30,256

		Household Durables — 0.2%
	47	KB Home		1,957
	35	Meritage Homes Corp.(a)		2,809
	4	Mohawk Industries, Inc.(a)		574
	63	Taylor Morrison Home Corp.(a)		1,637

				6,977

		Household Products — 0.3%
	1	Clorox Co. (The)		209
	64	Colgate-Palmolive Co.		4,992
	35	Kimberly-Clark Corp.		4,624

				9,825

		Independent Power & Renewable Electricity Producers — 0.3%
	24	AES Corp. (The)		585
	33	Boralex, Inc., Class A		1,292
	48	NextEra Energy Partners LP		3,912
	20	Ormat Technologies, Inc.		2,283
	37	Sunnova Energy International, Inc.(a)		1,623

				9,695

		Industrial Conglomerates — 0.3%
	8	Carlisle Cos., Inc.		1,159
	537	General Electric Co.		5,735
	2	Honeywell International, Inc.		391

				7,285

		Insurance — 1.1%
	8	Aflac, Inc.		361
	11	Allstate Corp. (The)		1,179
	160	American International Group, Inc.		5,990
	18	Chubb Ltd.		2,622
	27	First American Financial Corp.		1,412
	10	Hanover Insurance Group, Inc. (The)		1,125
	38	Hartford Financial Services Group, Inc. (The)		1,825
	4	Lincoln National Corp.		182
		Insurance — continued
	13	Marsh & McLennan Cos., Inc.	$	1,429
	82	MetLife, Inc.		3,948
	18	Prudential Financial, Inc.		1,409
	73	Reinsurance Group of America, Inc.		7,669
	9	Travelers Cos., Inc. (The)		1,227

				30,378

		Interactive Media & Services — 1.8%
	8	Alphabet, Inc., Class A(a)		14,619
	10	Alphabet, Inc., Class C(a)		18,357
��	80	Facebook, Inc., Class A(a)		20,667

				53,643

		Internet & Direct Marketing Retail — 1.6%
	50	Alibaba Group Holding Ltd., Sponsored ADR(a)		12,692
	5	Amazon.com, Inc.(a)		16,031
	3	Booking Holdings, Inc.(a)		5,833
	151	eBay, Inc.		8,533
	2	Etsy, Inc.(a)		398
	3	Expedia Group, Inc.		372
	206	Qurate Retail, Inc., Class A		2,596

				46,455

		IT Services — 1.9%
	16	Accenture PLC, Class A		3,871
	31	Akamai Technologies, Inc.(a)		3,442
	44	Automatic Data Processing, Inc.		7,265
	15	Cognizant Technology Solutions Corp., Class A		1,169
	195	DXC Technology Co.		5,499
	27	Fiserv, Inc.(a)		2,773
	34	Gartner, Inc.(a)		5,165
	24	MasterCard, Inc., Class A		7,591
	8	Paychex, Inc.		698
	79	Sabre Corp.		852
	3	VeriSign, Inc.(a)		582
	72	Visa, Inc., Class A		13,914
	8	WEX, Inc.(a)		1,509

				54,330

		Leisure Products — 0.0%
	36	Callaway Golf Co.		1,004

		Life Sciences Tools & Services — 0.5%
	6	Agilent Technologies, Inc.		721
	17	Illumina, Inc.(a)		7,250
	3	IQVIA Holdings, Inc.(a)		533
	33	NeoGenomics, Inc.(a)		1,750
	15	Repligen Corp.(a)		3,000
	3	Thermo Fisher Scientific, Inc.		1,529
	2	Waters Corp.(a)		529

				15,312

		Machinery — 1.5%
	19	AGCO Corp.		2,107
	48	Caterpillar, Inc.		8,776
	20	Cummins, Inc.		4,688
	44	Deere & Co.		12,707
	17	Flowserve Corp.		605
	3	Illinois Tool Works, Inc.		583
	26	ITT, Inc.		1,942
	33	Kennametal, Inc.		1,250
	20	Oshkosh Corp.		1,832
	22	Parker-Hannifin Corp.		5,821
	6	Proto Labs, Inc.(a)		1,271
	26	Terex Corp.		930
	23	Toro Co. (The)		2,168

				44,680

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2020 Fund – (continued)


Shares		Description	Value (†)
		Media — 0.9%
	1	Cable One, Inc.	$	2,000
	11	Charter Communications, Inc., Class A(a)		6,683
	232	Comcast Corp., Class A		11,500
	33	Discovery, Inc., Series A(a)		1,367
	6	Discovery, Inc., Series C(a)		210
	23	Fox Corp., Class A		717
	18	Interpublic Group of Cos., Inc. (The)		433
	28	New York Times Co. (The), Class A		1,389
	22	News Corp., Class A		427
	25	Omnicom Group, Inc.		1,560

				26,286

		Metals & Mining — 0.2%
	83	Cleveland-Cliffs, Inc.		1,273
	47	Commercial Metals Co.		925
	3	Nucor Corp.		146
	20	Reliance Steel & Aluminum Co.		2,322
	13	Royal Gold, Inc.		1,390

				6,056

		Multi-Utilities — 0.1%
	21	Consolidated Edison, Inc.		1,486
	7	DTE Energy Co.		831
	10	Sempra Energy		1,238
	6	WEC Energy Group, Inc.		533

				4,088

		Multiline Retail — 0.1%
	119	Macy’s, Inc.		1,790
	13	Target Corp.		2,355

				4,145

		Oil, Gas & Consumable Fuels — 0.7%
	293	Apache Corp.		4,184
	45	ConocoPhillips		1,801
	23	Devon Energy Corp.		379
	54	Diamondback Energy, Inc.		3,061
	126	EOG Resources, Inc.		6,421
	48	EQT Corp.		783
	22	Kinder Morgan, Inc.		310
	117	Marathon Oil Corp.		847
	22	ONEOK, Inc.		876
	147	Southwestern Energy Co.(a)		554
	16	Valero Energy Corp.		903
	25	World Fuel Services Corp.		765

				20,884

		Paper & Forest Products — 0.1%
	34	Louisiana-Pacific Corp.		1,292

		Personal Products — 0.0%
	1	Estee Lauder Cos., Inc. (The), Class A		237

		Pharmaceuticals — 0.9%
	21	Bristol-Myers Squibb Co.		1,290
	7	Eli Lilly & Co.		1,456
	11	Jazz Pharmaceuticals PLC(a)		1,710
	65	Merck & Co., Inc.		5,010
	77	Novartis AG, Sponsored ADR		6,966
	24	Novo Nordisk A/S, Sponsored ADR		1,670
	10	Perrigo Co. PLC		427
	52	Pfizer, Inc.		1,867
	136	Roche Holding AG, Sponsored ADR		5,904
	2	Zoetis, Inc.		309

				26,609

		Professional Services — 0.2%
	21	Exponent, Inc.	$	1,734
	2	IHS Markit Ltd.		174
	8	Insperity, Inc.		628
	21	Korn Ferry		958
	13	ManpowerGroup, Inc.		1,150
	9	Nielsen Holdings PLC		201

				4,845

		Real Estate Management & Development — 0.1%
	41	CBRE Group, Inc., Class A(a)		2,500
	11	Jones Lang LaSalle, Inc.(a)		1,608

				4,108

		REITs – Apartments — 0.2%
	38	American Campus Communities, Inc.		1,564
	25	Camden Property Trust		2,554
	11	Equity Residential		678

				4,796

		REITs – Diversified — 0.1%
	11	American Tower Corp.		2,501
	2	Crown Castle International Corp.		319
	18	Weyerhaeuser Co.		561

				3,381

		REITs – Health Care — 0.0%
	10	Ventas, Inc.		461
	4	Welltower, Inc.		242

				703

		REITs – Hotels — 0.1%
	30	Host Hotels & Resorts, Inc.		407
	111	Park Hotels & Resorts, Inc.		1,851

				2,258

		REITs – Mortgage — 0.1%
	51	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		3,017

		REITs – Office Property — 0.2%
	1	Boston Properties, Inc.		91
	57	Corporate Office Properties Trust		1,497
	64	Douglas Emmett, Inc.		1,773
	86	Easterly Government Properties, Inc.		1,888
	28	Kilroy Realty Corp.		1,586

				6,835

		REITs – Shopping Centers — 0.1%
	153	Brixmor Property Group, Inc.		2,590

		REITs – Storage — 0.0%
	7	Iron Mountain, Inc.		236

		REITs – Warehouse/Industrials — 0.1%
	18	CyrusOne, Inc.		1,313
	19	ProLogis, Inc.		1,961

				3,274

		Road & Rail — 0.2%
	7	CSX Corp.		600
	8	Norfolk Southern Corp.		1,893
	16	Ryder System, Inc.		1,002
	6	Union Pacific Corp.		1,185

				4,680

		Semiconductors & Semiconductor Equipment — 1.9%
	14	Advanced Micro Devices, Inc.(a)		1,199
	3	Analog Devices, Inc.		442
	8	Applied Materials, Inc.		773
	22	Cirrus Logic, Inc.(a)		2,061

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2020 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — continued
	37	Cree, Inc.(a)	$	3,740
	12	Enphase Energy, Inc.(a)		2,188
	46	First Solar, Inc.(a)		4,561
	29	Ichor Holdings Ltd.(a)		1,047
	50	Intel Corp.		2,776
	2	Lam Research Corp.		968
	3	Micron Technology, Inc.(a)		235
	34	NVIDIA Corp.		17,666
	54	QUALCOMM, Inc.		8,439
	17	Silicon Laboratories, Inc.(a)		2,230
	19	Texas Instruments, Inc.		3,148
	9	Universal Display Corp.		2,077
	3	Xilinx, Inc.		392

				53,942

		Software — 2.6%
	9	Adobe, Inc.(a)		4,129
	9	ANSYS, Inc.(a)		3,189
	44	Autodesk, Inc.(a)		12,207
	13	Blackbaud, Inc.		864
	18	Bottomline Technologies, Inc.(a)		860
	3	Citrix Systems, Inc.		400
	6	Fair Isaac Corp.(a)		2,701
	58	Microsoft Corp.		13,454
	11	NortonLifeLock, Inc.		232
	173	Oracle Corp.		10,454
	11	Paylocity Holding Corp.(a)		2,062
	15	PTC, Inc.(a)		1,994
	11	Qualys, Inc.(a)		1,523
	42	salesforce.com, Inc.(a)		9,474
	18	SPS Commerce, Inc.(a)		1,780
	44	Workday, Inc., Class A(a)		10,011

				75,334

		Specialty Retail — 0.7%
	38	American Eagle Outfitters, Inc.		862
	14	Asbury Automotive Group, Inc.(a)		1,997
	1	AutoZone, Inc.(a)		1,118
	9	Best Buy Co., Inc.		979
	7	Five Below, Inc.(a)		1,230
	18	Gap, Inc. (The)(a)		365
	21	Home Depot, Inc. (The)		5,687
	10	Lithia Motors, Inc., Class A		3,187
	4	Lowe’s Cos., Inc.		667
	11	Monro, Inc.		643
	2	TJX Cos., Inc. (The)		128
	2	Ulta Beauty, Inc.(a)		560
	14	Williams-Sonoma, Inc.		1,805

				19,228

		Technology Hardware, Storage & Peripherals — 0.4%
	320	Hewlett Packard Enterprise Co.		3,949
	197	HP, Inc.		4,795
	36	NCR Corp.(a)		1,201
	4	Seagate Technology PLC		264

				10,209

		Textiles, Apparel & Luxury Goods — 0.3%
	8	Deckers Outdoor Corp.(a)		2,336
	246	Under Armour, Inc., Class A(a)		4,305
	22	VF Corp.		1,691
	33	Wolverine World Wide, Inc.		945

				9,277

		Thrifts & Mortgage Finance — 0.1%
	47	Mr. Cooper Group, Inc.(a)		1,280
		Thrifts & Mortgage Finance — continued
	124	New York Community Bancorp, Inc.	$	1,297

				2,577

		Trading Companies & Distributors — 0.0%
	11	GATX Corp.		1,021

		Water Utilities — 0.2%
	10	American Water Works Co., Inc.		1,590
	81	Essential Utilities, Inc.		3,750

				5,340

		Wireless Telecommunication Services — 0.1%
	24	Shenandoah Telecommunications Co.		933
	21	T-Mobile US, Inc.(a)		2,648

				3,581

		Total Common Stocks (Identified Cost $910,181)		1,072,581


Principal Amount
	Bonds and Notes — 18.9%
		Automotive — 0.4%
$	5,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		5,727
	5,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		5,106

				10,833

		Banking — 2.6%
	5,000	American Express Co., 3.700%, 8/03/2023		5,397
	5,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		5,130
	4,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		4,374
	2,000	Bank of Nova Scotia (The), 3.400%, 2/11/2024		2,174
	5,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		5,311
	3,000	Capital One Financial Corp., 3.300%, 10/30/2024		3,272
	4,000	Citigroup, Inc., 4.600%, 3/09/2026		4,640
	2,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		2,074
	5,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		5,567
	5,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		5,388
	5,000	KeyCorp, MTN, 2.550%, 10/01/2029		5,332
	4,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		4,415
	5,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		5,456
	2,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		2,137
	2,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		2,162
	4,000	Truist Bank, 3.200%, 4/01/2024		4,337
	4,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		4,326
	5,000	Westpac Banking Corp., 2.350%, 2/19/2025		5,340

				76,832

		Brokerage — 0.3%
	5,000	BlackRock, Inc., 2.400%, 4/30/2030		5,373
	5,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		5,117

				10,490

		Cable Satellite — 0.2%
	5,000	Comcast Corp., 3.000%, 2/01/2024		5,376

		Construction Machinery — 0.3%
	6,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023		6,045
	4,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		4,089

				10,134

		Consumer Cyclical Services — 0.2%
	2,000	Amazon.com, Inc., 3.875%, 8/22/2037		2,435
	5,000	eBay, Inc., 3.800%, 3/09/2022		5,174

				7,609

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2020 Fund – (continued)


Principal Amount		Description	Value (†)
		Electric — 0.8%
$	5,000	Duke Energy Corp., 3.750%, 4/15/2024	$	5,463
	5,000	Entergy Corp., 0.900%, 9/15/2025		4,991
	2,000	Exelon Corp., 4.050%, 4/15/2030		2,339
	5,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		5,176
	5,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		5,511

				23,480

		Finance Companies — 0.1%
	2,000	Ares Capital Corp., 3.250%, 7/15/2025		2,115

		Financial Other — 0.2%
	5,000	ORIX Corp., 2.900%, 7/18/2022		5,171

		Food & Beverage — 0.5%
	5,000	Coca-Cola Co. (The), 1.450%, 6/01/2027		5,119
	5,000	General Mills, Inc., 4.000%, 4/17/2025		5,633
	5,000	Mondelez International, Inc., 2.750%, 4/13/2030		5,404

				16,156

		Government Owned – No Guarantee — 0.4%
	8,000	Federal National Mortgage Association, 6.625%, 11/15/2030		11,981

		Health Insurance — 0.3%
	4,000	Anthem, Inc., 4.101%, 3/01/2028		4,676
	4,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		5,801

				10,477

		Healthcare — 0.5%
	2,000	Cigna Corp., 3.750%, 7/15/2023		2,158
	3,000	CVS Health Corp., 4.300%, 3/25/2028		3,524
	2,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		2,120
	4,000	McKesson Corp., 3.950%, 2/16/2028		4,620
	2,000	Quest Diagnostics, Inc., 2.950%, 6/30/2030		2,200

				14,622

		Independent Energy — 0.2%
	5,000	EQT Corp., 3.000%, 10/01/2022		5,078

		Integrated Energy — 0.5%
	5,000	BP Capital Markets PLC, 3.814%, 2/10/2024		5,476
	5,000	Exxon Mobil Corp., 2.992%, 3/19/2025		5,435
	3,000	Shell International Finance BV, 6.375%, 12/15/2038		4,542

				15,453

		Life Insurance — 0.1%
	2,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		2,204

		Media Entertainment — 0.1%
	2,000	ViacomCBS, Inc., 4.750%, 5/15/2025		2,307

		Midstream — 0.4%
	5,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		5,454
	5,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		5,457

				10,911

		Mortgage Related — 2.9%
	2,288	FHLMC, 3.000%, 6/01/2049		2,405
	4,912	FNMA, 2.000%, 9/01/2050		5,075
	30,830	FNMA, 2.500%, with various maturities from 2050 to 2051(b)		32,472
	17,841	FNMA, 3.000%, with various maturities from 2035 to 2050(b)		18,812
	16,475	FNMA, 3.500%, with various maturities in 2049(b)		17,701
	3,801	FNMA, 4.000%, 3/01/2050		4,072
	3,938	FNMA, 4.500%, with various maturities in 2049(b)		4,280

				84,817

		Natural Gas — 0.2%
$	5,000	NiSource, Inc., 0.950%, 8/15/2025	$	5,006

		Oil Field Services — 0.2%
	5,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		5,208

		Pharmaceuticals — 0.5%
	5,000	AbbVie, Inc., 3.600%, 5/14/2025		5,542
	3,000	Amgen, Inc., 2.650%, 5/11/2022		3,086
	5,000	Johnson & Johnson, 1.300%, 9/01/2030		4,932

				13,560

		Property & Casualty Insurance — 0.2%
	5,000	American International Group, Inc., 3.400%, 6/30/2030		5,580

		Railroads — 0.2%
	5,000	CSX Corp., 2.600%, 11/01/2026		5,443

		REITs – Office Property — 0.1%
	2,000	Boston Properties LP, 2.750%, 10/01/2026		2,166

		Restaurants — 0.2%
	5,000	Starbucks Corp., 2.250%, 3/12/2030		5,208

		Technology — 1.3%
	5,000	Apple, Inc., 2.500%, 2/09/2025		5,378
	2,000	Broadcom, Inc., 4.110%, 9/15/2028		2,258
	4,000	HP, Inc., 3.000%, 6/17/2027		4,385
	2,000	Intel Corp., 2.450%, 11/15/2029		2,141
	5,000	International Business Machines Corp., 4.000%, 6/20/2042		5,981
	2,000	NVIDIA Corp., 2.850%, 4/01/2030		2,204
	5,000	Oracle Corp., 2.950%, 5/15/2025		5,438
	5,000	QUALCOMM, Inc., 1.650%, 5/20/2032		4,926
	5,000	VMware, Inc., 2.950%, 8/21/2022		5,180

				37,891

		Treasuries — 4.6%
	5,000	U.S. Treasury Bond, 2.500%, 5/15/2046		5,738
	13,000	U.S. Treasury Bond, 2.875%, 11/15/2046		15,962
	13,000	U.S. Treasury Bond, 3.000%, 5/15/2045		16,231
	5,000	U.S. Treasury Bond, 3.000%, 2/15/2048		6,303
	12,000	U.S. Treasury Bond, 3.000%, 2/15/2049		15,192
	3,000	U.S. Treasury Bond, 4.250%, 11/15/2040		4,364
	3,000	U.S. Treasury Bond, 4.375%, 5/15/2041		4,449
	2,000	U.S. Treasury Bond, 4.500%, 2/15/2036		2,864
	11,000	U.S. Treasury Note, 0.375%, 11/30/2025		10,983
	23,000	U.S. Treasury Note, 1.625%, 8/31/2022		23,547
	28,000	U.S. Treasury Note, 2.125%, 12/31/2022		29,071

				134,704

		Wireless — 0.2%
	4,000	Vodafone Group PLC, 6.150%, 2/27/2037		5,587

		Wirelines — 0.2%
	5,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.321%, 5/15/2025(c)		5,145

		Total Bonds and Notes (Identified Cost $548,189)		551,544


Shares
	Exchange-Traded Funds — 4.8%
	1,922	iShares^® ESG Aware MSCI EAFE ETF (Identified Cost $121,105)		139,037


	Affiliated Mutual Funds — 39.0%
	20,279	Loomis Sayles Inflation Protected Securities Fund, Class N		243,143

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2020 Fund – (continued)


Shares		Description	Value (†)
	Affiliated Mutual Funds – continued
	24,503	Loomis Sayles Limited Term Government and Agency Fund, Class N	$	282,763
	25,077	Mirova Global Green Bond Fund, Class N		269,329
	10,189	Mirova International Sustainable Equity Fund, Class N		138,776
	3,105	WCM Focused Emerging Markets Fund, Institutional Class		62,277
	5,597	WCM Focused International Growth Fund, Institutional Class		137,899

		Total Affiliated Mutual Funds (Identified Cost $1,080,892)		1,134,187


Principal Amount
	Short-Term Investments — 1.9%
$	54,858	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/29/2021 at 0.000% to be repurchased at $54,858 on 2/01/2021 collateralized by $53,000 U.S. Treasury Note, 2.750% due 5/31/2023 valued at $56,451 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $54,858)		54,858


		Total Investments — 101.4% (Identified Cost $2,715,225)		2,952,207
		Other assets less liabilities — (1.4)%		(39,845	)

		Net Assets — 100.0%	$	2,912,362


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(c)	Variable rate security. Rate as of January 31, 2021 is disclosed.

	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ETF	Exchange-Traded Fund
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

Asset Allocation Summary at January 31, 2021


Equity	53.2	%
Fixed Income	46.3
Short-Term Investments	1.9

Total Investments	101.4
Other assets less liabilities	(1.4	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2025 Fund


Shares		Description	Value (†)
	Common Stocks — 39.2% of Net Assets
		Aerospace & Defense — 0.6%
	24	Axon Enterprise, Inc.(a)	$	3,940
	133	Boeing Co. (The)		25,827
	53	General Dynamics Corp.		7,774
	4	L3Harris Technologies, Inc.		686
	36	Moog, Inc., Class A		2,659
	53	Raytheon Technologies Corp.		3,537

				44,423

		Air Freight & Logistics — 0.3%
	222	Expeditors International of Washington, Inc.		19,873
	29	United Parcel Service, Inc., Class B		4,495

				24,368

		Airlines — 0.1%
	13	Alaska Air Group, Inc.		635
	44	Delta Air Lines, Inc.		1,670
	352	JetBlue Airways Corp.(a)		5,048

				7,353

		Auto Components — 0.3%
	111	Aptiv PLC		14,830
	13	BorgWarner, Inc.		546
	237	Dana, Inc.		4,588
	29	Visteon Corp.(a)		3,697

				23,661

		Automobiles — 0.3%
	390	General Motors Co.		19,765
	30	Thor Industries, Inc.		3,630

				23,395

		Banks — 1.9%
	92	Ameris Bancorp		3,598
	152	BancorpSouth Bank		4,203
	704	Bank of America Corp.		20,874
	348	Citigroup, Inc.		20,180
	106	Citizens Financial Group, Inc.		3,863
	125	Columbia Banking System, Inc.		4,815
	8	Comerica, Inc.		458
	74	Cullen/Frost Bankers, Inc.		6,826
	52	Fifth Third Bancorp		1,504
	288	Fulton Financial Corp.		3,859
	76	Huntington Bancshares, Inc.		1,005
	135	International Bancshares Corp.		5,104
	146	KeyCorp		2,461
	27	M&T Bank Corp.		3,577
	158	People’s United Financial, Inc.		2,158
	57	PNC Financial Services Group, Inc. (The)		8,181
	181	Regions Financial Corp.		3,079
	123	TCF Financial Corp.		4,780
	193	Truist Financial Corp.		9,260
	210	Trustmark Corp.		5,769
	101	U.S. Bancorp		4,328
	353	Wells Fargo & Co.		10,548
	61	Wintrust Financial Corp.		3,671

				134,101

		Beverages — 1.0%
	143	Coca-Cola Co. (The)		6,885
	75	Constellation Brands, Inc., Class A		15,820
	301	Keurig Dr Pepper, Inc.		9,572
	360	Monster Beverage Corp.(a)		31,259
	52	PepsiCo, Inc.		7,101

				70,637

		Biotechnology — 0.8%
	40	AbbVie, Inc.		4,099
	36	Amgen, Inc.		8,691
	11	Biogen, Inc.(a)		3,109
	93	BioMarin Pharmaceutical, Inc.(a)		7,699
	87	Gilead Sciences, Inc.		5,707
	17	Ligand Pharmaceuticals, Inc.(a)		3,151
	54	Regeneron Pharmaceuticals, Inc.(a)		27,207

				59,663

		Building Products — 0.2%
	31	Carrier Global Corp.		1,194
	28	Johnson Controls International PLC		1,395
	21	Lennox International, Inc.		5,785
	65	Owens Corning		5,044
	42	Trex Co., Inc.(a)		3,854

				17,272

		Capital Markets — 2.4%
	9	Ameriprise Financial, Inc.		1,781
	551	Bank of New York Mellon Corp. (The)		21,946
	7	BlackRock, Inc.		4,909
	410	Charles Schwab Corp. (The)		21,131
	13	CME Group, Inc.		2,363
	49	FactSet Research Systems, Inc.		14,815
	41	Franklin Resources, Inc.		1,078
	56	Goldman Sachs Group, Inc. (The)		15,185
	23	Intercontinental Exchange, Inc.		2,538
	14	Invesco Ltd.		288
	118	Janus Henderson Group PLC		3,630
	126	KKR & Co., Inc.		4,908
	25	Moody’s Corp.		6,656
	10	Morgan Stanley		670
	26	MSCI, Inc.		10,278
	99	Northern Trust Corp.		8,830
	36	S&P Global, Inc.		11,412
	195	SEI Investments Co.		10,306
	382	State Street Corp.		26,740
	4	T. Rowe Price Group, Inc.		626

				170,090

		Chemicals — 0.4%
	5	Air Products & Chemicals, Inc.		1,334
	20	DuPont de Nemours, Inc.		1,589
	8	Ecolab, Inc.		1,636
	64	HB Fuller Co.		3,257
	42	Innospec, Inc.		3,687
	36	Linde PLC		8,834
	55	Minerals Technologies, Inc.		3,390
	8	PPG Industries, Inc.		1,078
	2	Sherwin-Williams Co. (The)		1,383
	31	Stepan Co.		3,493

				29,681

		Commercial Services & Supplies — 0.2%
	62	Healthcare Services Group, Inc.		2,010
	30	MSA Safety, Inc.		4,684
	4	Republic Services, Inc.		362
	44	Tetra Tech, Inc.		5,349
	9	Waste Management, Inc.		1,002

				13,407

		Communications Equipment — 0.5%
	29	Arista Networks, Inc.(a)		8,919
	78	Ciena Corp.(a)		4,165
	373	Cisco Systems, Inc.		16,628
	6	F5 Networks, Inc.(a)		1,176

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2025 Fund – (continued)


Shares		Description	Value (†)
		Communications Equipment — continued
	40	Lumentum Holdings, Inc.(a)	$	3,752

				34,640

		Construction & Engineering — 0.1%
	136	AECOM(a)		6,813
	147	Fluor Corp.		2,542

				9,355

		Consumer Finance — 0.9%
	676	Ally Financial, Inc.		25,580
	135	American Express Co.		15,695
	230	Capital One Financial Corp.		23,980
	33	Green Dot Corp., Class A(a)		1,658
	30	PROG Holdings, Inc.		1,415

				68,328

		Containers & Packaging — 0.1%
	45	Ball Corp.		3,961
	29	International Paper Co.		1,459
	187	O-I Glass, Inc.		2,364

				7,784

		Distributors — 0.0%
	27	Genuine Parts Co.		2,535

		Diversified Telecommunication Services — 0.2%
	159	AT&T, Inc.		4,552
	913	Lumen Technologies, Inc.		11,303

				15,855

		Electric Utilities — 0.5%
	89	American Electric Power Co., Inc.		7,201
	160	Edison International		9,305
	23	Eversource Energy		2,012
	43	IDACORP, Inc.		3,797
	149	NextEra Energy, Inc.		12,050
	22	PPL Corp.		609

				34,974

		Electrical Equipment — 0.5%
	18	Acuity Brands, Inc.		2,165
	271	Ballard Power Systems, Inc.(a)		9,260
	29	Eaton Corp. PLC		3,413
	24	Generac Holdings, Inc.(a)		5,914
	27	Hubbell, Inc.		4,201
	25	Rockwell Automation, Inc.		6,213
	39	Sunrun, Inc.(a)		2,702

				33,868

		Electronic Equipment, Instruments & Components — 0.7%
	9	Amphenol Corp., Class A		1,124
	66	Avnet, Inc.		2,330
	77	Cognex Corp.		6,324
	15	Coherent, Inc.(a)		3,013
	22	Corning, Inc.		789
	98	Itron, Inc.(a)		8,430
	16	Littelfuse, Inc.		3,894
	12	Rogers Corp.(a)		1,873
	103	TE Connectivity Ltd.		12,401
	92	Trimble, Inc.(a)		6,064
	120	Vishay Intertechnology, Inc.		2,586

				48,828

		Energy Equipment & Services — 0.3%
	581	Archrock, Inc.		5,153
	80	Baker Hughes Co.		1,607
	65	NOV, Inc.		805
	475	Schlumberger NV		10,550
		Energy Equipment & Services — continued
	45	TechnipFMC PLC		481

				18,596

		Entertainment — 0.8%
	25	Activision Blizzard, Inc.		2,275
	68	Cinemark Holdings, Inc.		1,377
	51	Electronic Arts, Inc.		7,303
	26	Netflix, Inc.(a)		13,842
	211	Walt Disney Co. (The)(a)		35,484

				60,281

		Food & Staples Retailing — 0.2%
	52	BJ’s Wholesale Club Holdings, Inc.(a)		2,188
	52	Kroger Co. (The)		1,794
	199	SpartanNash Co.		3,685
	14	Sysco Corp.		1,001
	45	Walgreens Boots Alliance, Inc.		2,261

				10,929

		Food Products — 0.3%
	50	Campbell Soup Co.		2,405
	12	Conagra Brands, Inc.		415
	78	Darling Ingredients, Inc.(a)		4,837
	36	General Mills, Inc.		2,092
	85	Hain Celestial Group, Inc. (The)(a)		3,535
	48	Hormel Foods Corp.		2,249
	44	Ingredion, Inc.		3,321
	11	J.M. Smucker Co. (The)		1,281
	16	Kellogg Co.		943
	8	McCormick & Co., Inc.		716

				21,794

		Gas Utilities — 0.2%
	88	New Jersey Resources Corp.		3,081
	50	ONE Gas, Inc.		3,656
	78	South Jersey Industries, Inc.		1,802
	106	UGI Corp.		3,815

				12,354

		Health Care Equipment & Supplies — 0.8%
	42	Abbott Laboratories		5,191
	9	Baxter International, Inc.		691
	5	Becton Dickinson & Co.		1,309
	24	Boston Scientific Corp.(a)		851
	5	Cooper Cos., Inc. (The)		1,820
	15	Danaher Corp.		3,568
	11	DENTSPLY SIRONA, Inc.		588
	43	Edwards Lifesciences Corp.(a)		3,551
	37	Globus Medical, Inc., Class A(a)		2,282
	19	Haemonetics Corp.(a)		2,171
	43	Hill-Rom Holdings, Inc.		4,130
	19	Hologic, Inc.(a)		1,515
	12	Intuitive Surgical, Inc.(a)		8,972
	31	Medtronic PLC		3,451
	87	Meridian Bioscience, Inc.(a)		1,923
	28	Merit Medical Systems, Inc.(a)		1,516
	21	Penumbra, Inc.(a)		5,483
	10	Quidel Corp.(a)		2,510
	5	STERIS PLC		935
	6	Stryker Corp.		1,326
	5	Varian Medical Systems, Inc.(a)		878

				54,661

		Health Care Providers & Services — 1.4%
	14	Amedisys, Inc.(a)		4,022
	19	Anthem, Inc.		5,643

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2025 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	31	BioTelemetry, Inc.(a)	$	2,215
	101	Centene Corp.(a)		6,090
	10	Chemed Corp.		5,179
	25	Cigna Corp.		5,426
	155	CVS Health Corp.		11,106
	42	Encompass Health Corp.		3,377
	119	HCA Healthcare, Inc.		19,335
	18	Henry Schein, Inc.(a)		1,185
	43	Humana, Inc.		16,474
	16	Laboratory Corp. of America Holdings(a)		3,662
	171	MEDNAX, Inc.(a)		4,663
	63	Patterson Cos., Inc.		1,996
	24	Quest Diagnostics, Inc.		3,100
	22	UnitedHealth Group, Inc.		7,339

				100,812

		Health Care Technology — 0.3%
	154	Allscripts Healthcare Solutions, Inc.(a)		2,541
	176	Cerner Corp.		14,100
	65	HMS Holdings Corp.(a)		2,393

				19,034

		Hotels, Restaurants & Leisure — 1.1%
	2	Chipotle Mexican Grill, Inc.(a)		2,960
	41	Dine Brands Global, Inc.		2,819
	129	Hilton Worldwide Holdings, Inc.		13,079
	50	Jack in the Box, Inc.		4,707
	438	MGM Resorts International		12,509
	17	Royal Caribbean Cruises Ltd.		1,105
	53	Shake Shack, Inc., Class A(a)		6,011
	172	Starbucks Corp.		16,652
	165	Wendy’s Co. (The)		3,366
	173	Yum China Holdings, Inc.		9,811
	64	Yum! Brands, Inc.		6,496

				79,515

		Household Durables — 0.3%
	122	KB Home		5,080
	92	Meritage Homes Corp.(a)		7,384
	12	Mohawk Industries, Inc.(a)		1,723
	165	Taylor Morrison Home Corp.(a)		4,287

				18,474

		Household Products — 0.4%
	5	Clorox Co. (The)		1,047
	173	Colgate-Palmolive Co.		13,494
	94	Kimberly-Clark Corp.		12,418

				26,959

		Independent Power & Renewable Electricity Producers — 0.4%
	58	AES Corp. (The)		1,415
	95	Boralex, Inc., Class A		3,720
	129	NextEra Energy Partners LP		10,514
	57	Ormat Technologies, Inc.		6,507
	85	Sunnova Energy International, Inc.(a)		3,727

				25,883

		Industrial Conglomerates — 0.3%
	21	Carlisle Cos., Inc.		3,043
	1,309	General Electric Co.		13,980
	5	Honeywell International, Inc.		977

				18,000

		Insurance — 1.1%
	15	Aflac, Inc.		678
	27	Allstate Corp. (The)		2,894
	364	American International Group, Inc.		13,628
		Insurance — continued
	47	Chubb Ltd.		6,846
	76	First American Financial Corp.		3,974
	29	Hanover Insurance Group, Inc. (The)		3,262
	108	Hartford Financial Services Group, Inc. (The)		5,186
	12	Lincoln National Corp.		546
	33	Marsh & McLennan Cos., Inc.		3,627
	222	MetLife, Inc.		10,689
	42	Prudential Financial, Inc.		3,288
	184	Reinsurance Group of America, Inc.		19,329
	22	Travelers Cos., Inc. (The)		2,999

				76,946

		Interactive Media & Services — 1.9%
	19	Alphabet, Inc., Class A(a)		34,720
	24	Alphabet, Inc., Class C(a)		44,058
	214	Facebook, Inc., Class A(a)		55,282

				134,060

		Internet & Direct Marketing Retail — 1.8%
	140	Alibaba Group Holding Ltd., Sponsored ADR(a)		35,536
	15	Amazon.com, Inc.(a)		48,093
	9	Booking Holdings, Inc.(a)		17,499
	393	eBay, Inc.		22,208
	7	Etsy, Inc.(a)		1,394
	8	Expedia Group, Inc.		993
	502	Qurate Retail, Inc., Class A		6,325

				132,048

		IT Services — 1.9%
	44	Accenture PLC, Class A		10,645
	82	Akamai Technologies, Inc.(a)		9,104
	107	Automatic Data Processing, Inc.		17,668
	35	Cognizant Technology Solutions Corp., Class A		2,728
	474	DXC Technology Co.		13,367
	65	Fiserv, Inc.(a)		6,675
	84	Gartner, Inc.(a)		12,760
	62	MasterCard, Inc., Class A		19,610
	19	Paychex, Inc.		1,659
	209	Sabre Corp.		2,253
	10	VeriSign, Inc.(a)		1,941
	195	Visa, Inc., Class A		37,684
	20	WEX, Inc.(a)		3,772

				139,866

		Leisure Products — 0.0%
	82	Callaway Golf Co.		2,287

		Life Sciences Tools & Services — 0.6%
	15	Agilent Technologies, Inc.		1,802
	47	Illumina, Inc.(a)		20,043
	8	IQVIA Holdings, Inc.(a)		1,422
	85	NeoGenomics, Inc.(a)		4,507
	38	Repligen Corp.(a)		7,600
	8	Thermo Fisher Scientific, Inc.		4,078
	6	Waters Corp.(a)		1,588

				41,040

		Machinery — 1.6%
	51	AGCO Corp.		5,656
	122	Caterpillar, Inc.		22,306
	51	Cummins, Inc.		11,955
	124	Deere & Co.		35,811
	34	Flowserve Corp.		1,209
	9	Illinois Tool Works, Inc.		1,748
	68	ITT, Inc.		5,080
	94	Kennametal, Inc.		3,561
	53	Oshkosh Corp.		4,854

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2025 Fund – (continued)


Shares		Description	Value (†)
		Machinery — continued
	55	Parker-Hannifin Corp.	$	14,554
	15	Proto Labs, Inc.(a)		3,177
	67	Terex Corp.		2,396
	59	Toro Co. (The)		5,561

				117,868

		Media — 1.0%
	4	Cable One, Inc.		8,000
	27	Charter Communications, Inc., Class A(a)		16,404
	593	Comcast Corp., Class A		29,395
	93	Discovery, Inc., Series A(a)		3,852
	17	Discovery, Inc., Series C(a)		595
	64	Fox Corp., Class A		1,996
	51	Interpublic Group of Cos., Inc. (The)		1,228
	80	New York Times Co. (The), Class A		3,967
	63	News Corp., Class A		1,222
	65	Omnicom Group, Inc.		4,055

				70,714

		Metals & Mining — 0.2%
	234	Cleveland-Cliffs, Inc.		3,590
	108	Commercial Metals Co.		2,126
	8	Nucor Corp.		390
	52	Reliance Steel & Aluminum Co.		6,036
	33	Royal Gold, Inc.		3,527

				15,669

		Multi-Utilities — 0.1%
	50	Consolidated Edison, Inc.		3,539
	21	DTE Energy Co.		2,493
	29	Sempra Energy		3,589
	11	WEC Energy Group, Inc.		978

				10,599

		Multiline Retail — 0.1%
	275	Macy’s, Inc.		4,136
	33	Target Corp.		5,979

				10,115

		Oil, Gas & Consumable Fuels — 0.7%
	718	Apache Corp.		10,253
	122	ConocoPhillips		4,884
	68	Devon Energy Corp.		1,119
	131	Diamondback Energy, Inc.		7,426
	307	EOG Resources, Inc.		15,645
	111	EQT Corp.		1,810
	89	Kinder Morgan, Inc.		1,253
	240	Marathon Oil Corp.		1,738
	54	ONEOK, Inc.		2,151
	426	Southwestern Energy Co.(a)		1,606
	39	Valero Energy Corp.		2,201
	76	World Fuel Services Corp.		2,325

				52,411

		Paper & Forest Products — 0.1%
	98	Louisiana-Pacific Corp.		3,725

		Personal Products — 0.0%
	3	Estee Lauder Cos., Inc. (The), Class A		710

		Pharmaceuticals — 1.0%
	60	Bristol-Myers Squibb Co.		3,686
	21	Eli Lilly & Co.		4,367
	29	Jazz Pharmaceuticals PLC(a)		4,509
	175	Merck & Co., Inc.		13,487
	221	Novartis AG, Sponsored ADR		19,994
	72	Novo Nordisk A/S, Sponsored ADR		5,011
	27	Perrigo Co. PLC		1,153
		Pharmaceuticals — continued
	144	Pfizer, Inc.		5,170
	396	Roche Holding AG, Sponsored ADR		17,190
	6	Zoetis, Inc.		926

				75,493

		Professional Services — 0.2%
	54	Exponent, Inc.		4,459
	5	IHS Markit Ltd.		436
	17	Insperity, Inc.		1,334
	48	Korn Ferry		2,189
	36	ManpowerGroup, Inc.		3,184
	22	Nielsen Holdings PLC		491

				12,093

		Real Estate Management & Development — 0.1%
	101	CBRE Group, Inc., Class A(a)		6,159
	27	Jones Lang LaSalle, Inc.(a)		3,948

				10,107

		REITs – Apartments — 0.2%
	107	American Campus Communities, Inc.		4,404
	66	Camden Property Trust		6,742
	19	Equity Residential		1,171

				12,317

		REITs – Diversified — 0.1%
	32	American Tower Corp.		7,275
	6	Crown Castle International Corp.		956
	38	Weyerhaeuser Co.		1,185

				9,416

		REITs – Health Care — 0.0%
	24	Ventas, Inc.		1,106
	9	Welltower, Inc.		545

				1,651

		REITs – Hotels — 0.1%
	62	Host Hotels & Resorts, Inc.		840
	292	Park Hotels & Resorts, Inc.		4,871

				5,711

		REITs – Mortgage — 0.1%
	144	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		8,518

		REITs – Office Property — 0.3%
	4	Boston Properties, Inc.		365
	161	Corporate Office Properties Trust		4,229
	169	Douglas Emmett, Inc.		4,683
	225	Easterly Government Properties, Inc.		4,939
	81	Kilroy Realty Corp.		4,587

				18,803

		REITs – Shopping Centers — 0.1%
	402	Brixmor Property Group, Inc.		6,806

		REITs – Storage — 0.0%
	13	Iron Mountain, Inc.		438

		REITs – Warehouse/Industrials — 0.1%
	52	CyrusOne, Inc.		3,794
	61	ProLogis, Inc.		6,295

				10,089

		Road & Rail — 0.2%
	14	CSX Corp.		1,201
	22	Norfolk Southern Corp.		5,206
	38	Ryder System, Inc.		2,378
	22	Union Pacific Corp.		4,344

				13,129

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2025 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — 2.0%
	39	Advanced Micro Devices, Inc.(a)	$	3,340
	12	Analog Devices, Inc.		1,768
	27	Applied Materials, Inc.		2,610
	57	Cirrus Logic, Inc.(a)		5,340
	101	Cree, Inc.(a)		10,209
	35	Enphase Energy, Inc.(a)		6,382
	125	First Solar, Inc.(a)		12,394
	66	Ichor Holdings Ltd.(a)		2,383
	141	Intel Corp.		7,827
	4	Lam Research Corp.		1,936
	13	Micron Technology, Inc.(a)		1,017
	88	NVIDIA Corp.		45,724
	152	QUALCOMM, Inc.		23,755
	43	Silicon Laboratories, Inc.(a)		5,640
	47	Texas Instruments, Inc.		7,787
	23	Universal Display Corp.		5,309
	8	Xilinx, Inc.		1,045

				144,466

		Software — 2.9%
	25	Adobe, Inc.(a)		11,469
	25	ANSYS, Inc.(a)		8,859
	124	Autodesk, Inc.(a)		34,401
	29	Blackbaud, Inc.		1,928
	41	Bottomline Technologies, Inc.(a)		1,959
	8	Citrix Systems, Inc.		1,066
	15	Fair Isaac Corp.(a)		6,752
	161	Microsoft Corp.		37,346
	20	NortonLifeLock, Inc.		421
	488	Oracle Corp.		29,490
	28	Paylocity Holding Corp.(a)		5,249
	40	PTC, Inc.(a)		5,316
	29	Qualys, Inc.(a)		4,016
	121	salesforce.com, Inc.(a)		27,293
	46	SPS Commerce, Inc.(a)		4,549
	118	Workday, Inc., Class A(a)		26,849

				206,963

		Specialty Retail — 0.7%
	100	American Eagle Outfitters, Inc.		2,269
	36	Asbury Automotive Group, Inc.(a)		5,134
	2	AutoZone, Inc.(a)		2,237
	20	Best Buy Co., Inc.		2,176
	20	Five Below, Inc.(a)		3,515
	52	Gap, Inc. (The)(a)		1,053
	53	Home Depot, Inc. (The)		14,353
	26	Lithia Motors, Inc., Class A		8,286
	10	Lowe’s Cos., Inc.		1,669
	28	Monro, Inc.		1,637
	12	TJX Cos., Inc. (The)		768
	7	Ulta Beauty, Inc.(a)		1,958
	36	Williams-Sonoma, Inc.		4,641

				49,696

		Technology Hardware, Storage & Peripherals — 0.4%
	878	Hewlett Packard Enterprise Co.		10,834
	534	HP, Inc.		12,998
	83	NCR Corp.(a)		2,769
	9	Seagate Technology PLC		595

				27,196

		Textiles, Apparel & Luxury Goods — 0.4%
	22	Deckers Outdoor Corp.(a)		6,423
	714	Under Armour, Inc., Class A(a)		12,495
	62	VF Corp.		4,766
		Textiles, Apparel & Luxury Goods — continued
	76	Wolverine World Wide, Inc.		2,177

				25,861

		Thrifts & Mortgage Finance — 0.1%
	133	Mr. Cooper Group, Inc.(a)		3,622
	287	New York Community Bancorp, Inc.		3,002

				6,624

		Trading Companies & Distributors — 0.0%
	24	GATX Corp.		2,227

		Water Utilities — 0.2%
	28	American Water Works Co., Inc.		4,453
	228	Essential Utilities, Inc.		10,556

				15,009

		Wireless Telecommunication Services — 0.1%
	68	Shenandoah Telecommunications Co.		2,643
	50	T-Mobile US, Inc.(a)		6,304

				8,947

		Total Common Stocks (Identified Cost $2,428,408)		2,821,128


Principal Amount
	Bonds and Notes — 17.0%
		Automotive — 0.3%
$	10,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		11,454
	8,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		8,170

				19,624

		Banking — 2.7%
	10,000	American Express Co., 3.700%, 8/03/2023		10,794
	11,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		11,286
	11,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		11,110
	8,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		8,748
	6,000	Bank of Nova Scotia (The), 3.400%, 2/11/2024		6,520
	10,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		10,623
	11,000	Capital One Financial Corp., 3.300%, 10/30/2024		11,998
	10,000	Citigroup, Inc., 4.600%, 3/09/2026		11,601
	5,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		5,184
	4,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		4,030
	9,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		10,021
	10,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		10,775
	11,000	KeyCorp, MTN, 2.550%, 10/01/2029		11,731
	9,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		9,934
	11,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		12,003
	5,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		5,343
	6,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		6,487
	11,000	Truist Bank, 3.200%, 4/01/2024		11,926
	11,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		11,897
	11,000	Westpac Banking Corp., 2.350%, 2/19/2025		11,747

				193,758

		Brokerage — 0.3%
	11,000	BlackRock, Inc., 2.400%, 4/30/2030		11,821
	11,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		11,257

				23,078

		Cable Satellite — 0.1%
	10,000	Comcast Corp., 3.000%, 2/01/2024		10,752

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2025 Fund – (continued)


Principal Amount		Description	Value (†)
		Construction Machinery — 0.3%
$	12,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023	$	12,090
	9,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		9,201

				21,291

		Consumer Cyclical Services — 0.2%
	5,000	Amazon.com, Inc., 3.875%, 8/22/2037		6,086
	9,000	eBay, Inc., 3.800%, 3/09/2022		9,313

				15,399

		Electric — 0.7%
	10,000	Duke Energy Corp., 3.750%, 4/15/2024		10,927
	12,000	Entergy Corp., 0.900%, 9/15/2025		11,977
	6,000	Exelon Corp., 4.050%, 4/15/2030		7,016
	12,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		12,422
	7,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		7,716

				50,058

		Finance Companies — 0.1%
	6,000	Ares Capital Corp., 3.250%, 7/15/2025		6,346

		Financial Other — 0.2%
	11,000	ORIX Corp., 2.900%, 7/18/2022		11,377

		Food & Beverage — 0.5%
	12,000	Coca-Cola Co. (The), 1.450%, 6/01/2027		12,286
	10,000	General Mills, Inc., 4.000%, 4/17/2025		11,266
	12,000	Mondelez International, Inc., 2.750%, 4/13/2030		12,970

				36,522

		Government Owned – No Guarantee — 0.3%
	16,000	Federal National Mortgage Association, 6.625%, 11/15/2030		23,961

		Health Insurance — 0.3%
	10,000	Anthem, Inc., 4.101%, 3/01/2028		11,689
	8,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		11,603

				23,292

		Healthcare — 0.5%
	6,000	Cigna Corp., 3.750%, 7/15/2023		6,473
	6,000	CVS Health Corp., 4.300%, 3/25/2028		7,048
	6,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		6,359
	10,000	McKesson Corp., 3.950%, 2/16/2028		11,550
	6,000	Quest Diagnostics, Inc., 2.950%, 6/30/2030		6,601

				38,031

		Independent Energy — 0.2%
	11,000	EQT Corp., 3.000%, 10/01/2022		11,172

		Integrated Energy — 0.4%
	9,000	BP Capital Markets PLC, 3.814%, 2/10/2024		9,856
	11,000	Exxon Mobil Corp., 2.992%, 3/19/2025		11,956
	7,000	Shell International Finance BV, 6.375%, 12/15/2038		10,599

				32,411

		Life Insurance — 0.1%
	4,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		4,408

		Media Entertainment — 0.1%
	6,000	ViacomCBS, Inc., 4.750%, 5/15/2025		6,920

		Midstream — 0.3%
	11,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		11,998
	11,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		12,007

				24,005

		Mortgage Related — 2.5%
	10,706	FHLMC, 3.500%, 8/01/2049		11,363
	5,894	FNMA, 2.000%, 9/01/2050		6,090
		Mortgage Related — continued
	65,796	FNMA, 2.500%, with various maturities from 2050 to 2051(b)		69,300
	45,731	FNMA, 3.000%, with various maturities from 2034 to 2049(b)		48,119
	26,076	FNMA, 3.500%, with various maturities in 2049(b)		27,704
	6,477	FNMA, 4.000%, with various maturities from 2049 to 2050(b)		6,939
	6,738	FNMA, 4.500%, with various maturities from 2048 to 2049(b)		7,324

				176,839

		Natural Gas — 0.2%
	12,000	NiSource, Inc., 0.950%, 8/15/2025		12,013

		Oil Field Services — 0.1%
	10,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		10,417

		Pharmaceuticals — 0.4%
	10,000	AbbVie, Inc., 3.600%, 5/14/2025		11,084
	9,000	Amgen, Inc., 2.650%, 5/11/2022		9,257
	11,000	Johnson & Johnson, 1.300%, 9/01/2030		10,851

				31,192

		Property & Casualty Insurance — 0.2%
	11,000	American International Group, Inc., 3.400%, 6/30/2030		12,275

		Railroads — 0.2%
	10,000	CSX Corp., 2.600%, 11/01/2026		10,887

		REITs – Office Property — 0.1%
	6,000	Boston Properties LP, 2.750%, 10/01/2026		6,499

		Restaurants — 0.2%
	12,000	Starbucks Corp., 2.250%, 3/12/2030		12,500

		Technology — 1.1%
	10,000	Apple, Inc., 2.500%, 2/09/2025		10,756
	6,000	Broadcom, Inc., 4.110%, 9/15/2028		6,773
	5,000	HP, Inc., 3.000%, 6/17/2027		5,482
	6,000	Intel Corp., 2.450%, 11/15/2029		6,423
	10,000	International Business Machines Corp., 4.000%, 6/20/2042		11,961
	6,000	NVIDIA Corp., 2.850%, 4/01/2030		6,613
	10,000	Oracle Corp., 2.950%, 5/15/2025		10,877
	13,000	QUALCOMM, Inc., 1.650%, 5/20/2032		12,807
	10,000	VMware, Inc., 2.950%, 8/21/2022		10,360

				82,052

		Treasuries — 4.1%
	10,000	U.S. Treasury Bond, 2.500%, 5/15/2046		11,477
	26,000	U.S. Treasury Bond, 2.875%, 11/15/2046		31,923
	29,000	U.S. Treasury Bond, 3.000%, 5/15/2045		36,207
	10,000	U.S. Treasury Bond, 3.000%, 2/15/2048		12,605
	28,000	U.S. Treasury Bond, 3.000%, 2/15/2049		35,448
	10,000	U.S. Treasury Bond, 4.250%, 11/15/2040		14,547
	10,000	U.S. Treasury Bond, 4.375%, 5/15/2041		14,831
	4,000	U.S. Treasury Bond, 4.500%, 2/15/2036		5,728
	28,000	U.S. Treasury Note, 0.375%, 11/30/2025		27,956
	42,000	U.S. Treasury Note, 1.625%, 8/31/2022		42,999
	56,000	U.S. Treasury Note, 2.125%, 12/31/2022		58,142

				291,863

		Wireless — 0.2%
	9,000	Vodafone Group PLC, 6.150%, 2/27/2037		12,570

		Wirelines — 0.1%
	9,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.321%, 5/15/2025(c)		9,261

		Total Bonds and Notes (Identified Cost $1,205,903)		1,220,773

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2025 Fund – (continued)


Shares		Description	Value (†)
	Exchange-Traded Funds — 5.4%
	5,357	iShares^® ESG Aware MSCI EAFE ETF (Identified Cost $344,190)	$	387,525


	Affiliated Mutual Funds — 34.6%
	32,204	Loomis Sayles Inflation Protected Securities Fund, Class N		386,121
	48,305	Loomis Sayles Limited Term Government and Agency Fund, Class N		557,438
	51,741	Mirova Global Green Bond Fund, Class N		555,694
	28,274	Mirova International Sustainable Equity Fund, Class N		385,086
	10,883	WCM Focused Emerging Markets Fund, Institutional Class		218,309
	15,804	WCM Focused International Growth Fund, Institutional Class		389,412

		Total Affiliated Mutual Funds (Identified Cost $2,354,674)		2,492,060


Principal Amount
	Short-Term Investments — 4.3%
$	305,976	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/29/2021 at 0.000% to be repurchased at $305,976 on 2/01/2021 collateralized by $293,500.00 U.S. Treasury Note, 2.750% due 5/31/2023 valued at $312,612 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $305,976)		305,976


		Total Investments — 100.5% (Identified Cost $6,639,151)		7,227,462
		Other assets less liabilities — (0.5)%		(35,673	)

		Net Assets — 100.0%	$	7,191,789


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(c)	Variable rate security. Rate as of January 31, 2021 is disclosed.

	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ETF	Exchange-Traded Fund
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

Asset Allocation Summary at January 31, 2021


Equity	58.4	%
Fixed Income	37.8
Short-Term Investments	4.3

Total Investments	100.5
Other assets less liabilities	(0.5	)

Net Assets	100.0	%

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2030 Fund


Shares		Description	Value (†)
	Common Stocks — 44.7% of Net Assets
		Aerospace & Defense — 0.7%
	26	Axon Enterprise, Inc.(a)	$	4,268
	165	Boeing Co. (The)		32,041
	67	General Dynamics Corp.		9,828
	6	L3Harris Technologies, Inc.		1,029
	38	Moog, Inc., Class A		2,807
	81	Raytheon Technologies Corp.		5,405

				55,378

		Air Freight & Logistics — 0.4%
	267	Expeditors International of Washington, Inc.		23,902
	43	United Parcel Service, Inc., Class B		6,665

				30,567

		Airlines — 0.1%
	19	Alaska Air Group, Inc.		928
	67	Delta Air Lines, Inc.		2,543
	378	JetBlue Airways Corp.(a)		5,421

				8,892

		Auto Components — 0.4%
	135	Aptiv PLC		18,036
	23	BorgWarner, Inc.		965
	255	Dana, Inc.		4,937
	35	Visteon Corp.(a)		4,462

				28,400

		Automobiles — 0.4%
	468	General Motors Co.		23,718
	36	Thor Industries, Inc.		4,357

				28,075

		Banks — 2.1%
	99	Ameris Bancorp		3,872
	177	BancorpSouth Bank		4,894
	844	Bank of America Corp.		25,025
	417	Citigroup, Inc.		24,182
	141	Citizens Financial Group, Inc.		5,138
	134	Columbia Banking System, Inc.		5,162
	11	Comerica, Inc.		629
	86	Cullen/Frost Bankers, Inc.		7,933
	60	Fifth Third Bancorp		1,736
	309	Fulton Financial Corp.		4,141
	85	Huntington Bancshares, Inc.		1,124
	157	International Bancshares Corp.		5,936
	213	KeyCorp		3,591
	36	M&T Bank Corp.		4,769
	240	People’s United Financial, Inc.		3,278
	84	PNC Financial Services Group, Inc. (The)		12,056
	252	Regions Financial Corp.		4,286
	143	TCF Financial Corp.		5,557
	250	Truist Financial Corp.		11,995
	243	Trustmark Corp.		6,675
	112	U.S. Bancorp		4,799
	423	Wells Fargo & Co.		12,639
	67	Wintrust Financial Corp.		4,033

				163,450

		Beverages — 1.1%
	207	Coca-Cola Co. (The)		9,967
	90	Constellation Brands, Inc., Class A		18,984
	361	Keurig Dr Pepper, Inc.		11,480
	422	Monster Beverage Corp.(a)		36,642
	75	PepsiCo, Inc.		10,243

				87,316

		Biotechnology — 1.0%
	47	AbbVie, Inc.	$	4,817
	47	Amgen, Inc.		11,347
	13	Biogen, Inc.(a)		3,674
	107	BioMarin Pharmaceutical, Inc.(a)		8,857
	128	Gilead Sciences, Inc.		8,397
	23	Ligand Pharmaceuticals, Inc.(a)		4,263
	66	Regeneron Pharmaceuticals, Inc.(a)		33,253

				74,608

		Building Products — 0.3%
	35	Carrier Global Corp.		1,348
	32	Johnson Controls International PLC		1,594
	25	Lennox International, Inc.		6,887
	75	Owens Corning		5,820
	49	Trex Co., Inc.(a)		4,497

				20,146

		Capital Markets — 2.7%
	12	Ameriprise Financial, Inc.		2,374
	657	Bank of New York Mellon Corp. (The)		26,168
	10	BlackRock, Inc.		7,013
	501	Charles Schwab Corp. (The)		25,822
	19	CME Group, Inc.		3,453
	62	FactSet Research Systems, Inc.		18,745
	75	Franklin Resources, Inc.		1,972
	67	Goldman Sachs Group, Inc. (The)		18,168
	34	Intercontinental Exchange, Inc.		3,752
	21	Invesco Ltd.		432
	130	Janus Henderson Group PLC		3,999
	151	KKR & Co., Inc.		5,881
	30	Moody’s Corp.		7,988
	14	Morgan Stanley		939
	35	MSCI, Inc.		13,836
	121	Northern Trust Corp.		10,792
	42	S&P Global, Inc.		13,314
	228	SEI Investments Co.		12,050
	448	State Street Corp.		31,360
	7	T. Rowe Price Group, Inc.		1,095

				209,153

		Chemicals — 0.5%
	9	Air Products & Chemicals, Inc.		2,401
	29	DuPont de Nemours, Inc.		2,304
	10	Ecolab, Inc.		2,045
	70	HB Fuller Co.		3,562
	50	Innospec, Inc.		4,390
	53	Linde PLC		13,006
	60	Minerals Technologies, Inc.		3,698
	9	PPG Industries, Inc.		1,212
	2	Sherwin-Williams Co. (The)		1,384
	34	Stepan Co.		3,831

				37,833

		Commercial Services & Supplies — 0.2%
	61	Healthcare Services Group, Inc.		1,978
	35	MSA Safety, Inc.		5,464
	9	Republic Services, Inc.		815
	51	Tetra Tech, Inc.		6,200
	16	Waste Management, Inc.		1,781

				16,238

		Communications Equipment — 0.5%
	33	Arista Networks, Inc.(a)		10,149
	83	Ciena Corp.(a)		4,431
	436	Cisco Systems, Inc.		19,437
	7	F5 Networks, Inc.(a)		1,372

See accompanying notes to financial statements.

| 44

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2030 Fund – (continued)


Shares		Description	Value (†)
		Communications Equipment — continued
	46	Lumentum Holdings, Inc.(a)	$	4,315

				39,704

		Construction & Engineering — 0.1%
	158	AECOM(a)		7,916
	194	Fluor Corp.		3,354

				11,270

		Consumer Finance — 1.1%
	810	Ally Financial, Inc.		30,650
	172	American Express Co.		19,997
	275	Capital One Financial Corp.		28,672
	44	Green Dot Corp., Class A(a)		2,210
	40	PROG Holdings, Inc.		1,887

				83,416

		Containers & Packaging — 0.1%
	63	Ball Corp.		5,545
	51	International Paper Co.		2,566
	246	O-I Glass, Inc.		3,109

				11,220

		Distributors — 0.0%
	40	Genuine Parts Co.		3,755

		Diversified Telecommunication Services — 0.2%
	187	AT&T, Inc.		5,354
	982	Lumen Technologies, Inc.		12,157

				17,511

		Electric Utilities — 0.6%
	127	American Electric Power Co., Inc.		10,276
	182	Edison International		10,585
	34	Eversource Energy		2,975
	46	IDACORP, Inc.		4,062
	172	NextEra Energy, Inc.		13,910
	44	PPL Corp.		1,217

				43,025

		Electrical Equipment — 0.5%
	18	Acuity Brands, Inc.		2,164
	313	Ballard Power Systems, Inc.(a)		10,695
	44	Eaton Corp. PLC		5,179
	28	Generac Holdings, Inc.(a)		6,900
	32	Hubbell, Inc.		4,979
	28	Rockwell Automation, Inc.		6,959
	52	Sunrun, Inc.(a)		3,602

				40,478

		Electronic Equipment, Instruments & Components — 0.8%
	11	Amphenol Corp., Class A		1,374
	88	Avnet, Inc.		3,107
	90	Cognex Corp.		7,392
	20	Coherent, Inc.(a)		4,017
	38	Corning, Inc.		1,363
	113	Itron, Inc.(a)		9,720
	18	Littelfuse, Inc.		4,381
	17	Rogers Corp.(a)		2,653
	124	TE Connectivity Ltd.		14,930
	107	Trimble, Inc.(a)		7,052
	159	Vishay Intertechnology, Inc.		3,426

				59,415

		Energy Equipment & Services — 0.3%
	671	Archrock, Inc.		5,951
	120	Baker Hughes Co.		2,411
	89	NOV, Inc.		1,102
	604	Schlumberger NV		13,415
		Energy Equipment & Services — continued
	67	TechnipFMC PLC	$	716

				23,595

		Entertainment — 1.0%
	37	Activision Blizzard, Inc.		3,367
	82	Cinemark Holdings, Inc.		1,660
	60	Electronic Arts, Inc.		8,592
	31	Netflix, Inc.(a)		16,504
	276	Walt Disney Co. (The)(a)		46,415

				76,538

		Food & Staples Retailing — 0.2%
	69	BJ’s Wholesale Club Holdings, Inc.(a)		2,903
	80	Kroger Co. (The)		2,760
	221	SpartanNash Co.		4,093
	16	Sysco Corp.		1,144
	68	Walgreens Boots Alliance, Inc.		3,417

				14,317

		Food Products — 0.4%
	76	Campbell Soup Co.		3,656
	24	Conagra Brands, Inc.		830
	84	Darling Ingredients, Inc.(a)		5,209
	56	General Mills, Inc.		3,254
	91	Hain Celestial Group, Inc. (The)(a)		3,784
	76	Hormel Foods Corp.		3,561
	46	Ingredion, Inc.		3,472
	16	J.M. Smucker Co. (The)		1,863
	28	Kellogg Co.		1,650
	16	McCormick & Co., Inc.		1,433

				28,712

		Gas Utilities — 0.2%
	94	New Jersey Resources Corp.		3,291
	54	ONE Gas, Inc.		3,949
	103	South Jersey Industries, Inc.		2,379
	113	UGI Corp.		4,067

				13,686

		Health Care Equipment & Supplies — 0.9%
	48	Abbott Laboratories		5,932
	12	Baxter International, Inc.		922
	7	Becton Dickinson & Co.		1,833
	32	Boston Scientific Corp.(a)		1,134
	7	Cooper Cos., Inc. (The)		2,548
	16	Danaher Corp.		3,805
	19	DENTSPLY SIRONA, Inc.		1,016
	47	Edwards Lifesciences Corp.(a)		3,881
	49	Globus Medical, Inc., Class A(a)		3,023
	25	Haemonetics Corp.(a)		2,857
	46	Hill-Rom Holdings, Inc.		4,418
	27	Hologic, Inc.(a)		2,153
	14	Intuitive Surgical, Inc.(a)		10,467
	36	Medtronic PLC		4,008
	115	Meridian Bioscience, Inc.(a)		2,542
	37	Merit Medical Systems, Inc.(a)		2,004
	25	Penumbra, Inc.(a)		6,527
	13	Quidel Corp.(a)		3,263
	6	STERIS PLC		1,123
	8	Stryker Corp.		1,768
	6	Varian Medical Systems, Inc.(a)		1,053

				66,277

		Health Care Providers & Services — 1.6%
	17	Amedisys, Inc.(a)		4,884
	22	Anthem, Inc.		6,534
	37	BioTelemetry, Inc.(a)		2,644

See accompanying notes to financial statements.

45 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2030 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	140	Centene Corp.(a)	$	8,442
	11	Chemed Corp.		5,697
	28	Cigna Corp.		6,077
	186	CVS Health Corp.		13,327
	46	Encompass Health Corp.		3,698
	150	HCA Healthcare, Inc.		24,372
	33	Henry Schein, Inc.(a)		2,173
	53	Humana, Inc.		20,305
	23	Laboratory Corp. of America Holdings(a)		5,265
	184	MEDNAX, Inc.(a)		5,018
	83	Patterson Cos., Inc.		2,629
	36	Quest Diagnostics, Inc.		4,649
	25	UnitedHealth Group, Inc.		8,340

				124,054

		Health Care Technology — 0.3%
	178	Allscripts Healthcare Solutions, Inc.(a)		2,937
	205	Cerner Corp.		16,423
	86	HMS Holdings Corp.(a)		3,166

				22,526

		Hotels, Restaurants & Leisure — 1.3%
	3	Chipotle Mexican Grill, Inc.(a)		4,440
	43	Dine Brands Global, Inc.		2,957
	155	Hilton Worldwide Holdings, Inc.		15,715
	54	Jack in the Box, Inc.		5,084
	524	MGM Resorts International		14,965
	20	Royal Caribbean Cruises Ltd.		1,300
	61	Shake Shack, Inc., Class A(a)		6,919
	217	Starbucks Corp.		21,008
	183	Wendy’s Co. (The)		3,733
	214	Yum China Holdings, Inc.		12,136
	76	Yum! Brands, Inc.		7,713

				95,970

		Household Durables — 0.3%
	142	KB Home		5,913
	106	Meritage Homes Corp.(a)		8,508
	14	Mohawk Industries, Inc.(a)		2,010
	191	Taylor Morrison Home Corp.(a)		4,962

				21,393

		Household Products — 0.4%
	7	Clorox Co. (The)		1,466
	211	Colgate-Palmolive Co.		16,458
	111	Kimberly-Clark Corp.		14,663

				32,587

		Independent Power & Renewable Electricity Producers — 0.4%
	88	AES Corp. (The)		2,146
	109	Boralex, Inc., Class A		4,269
	150	NextEra Energy Partners LP		12,225
	63	Ormat Technologies, Inc.		7,192
	98	Sunnova Energy International, Inc.(a)		4,297

				30,129

		Industrial Conglomerates — 0.3%
	25	Carlisle Cos., Inc.		3,623
	1,570	General Electric Co.		16,768
	8	Honeywell International, Inc.		1,563

				21,954

		Insurance — 1.2%
	30	Aflac, Inc.		1,355
	39	Allstate Corp. (The)		4,180
	437	American International Group, Inc.		16,361
	69	Chubb Ltd.		10,051
		Insurance — continued
	81	First American Financial Corp.	$	4,236
	31	Hanover Insurance Group, Inc. (The)		3,487
	116	Hartford Financial Services Group, Inc. (The)		5,570
	18	Lincoln National Corp.		819
	43	Marsh & McLennan Cos., Inc.		4,726
	258	MetLife, Inc.		12,423
	64	Prudential Financial, Inc.		5,010
	217	Reinsurance Group of America, Inc.		22,796
	31	Travelers Cos., Inc. (The)		4,225

				95,239

		Interactive Media & Services — 2.1%
	23	Alphabet, Inc., Class A(a)		42,029
	29	Alphabet, Inc., Class C(a)		53,236
	262	Facebook, Inc., Class A(a)		67,683

				162,948

		Internet & Direct Marketing Retail — 2.1%
	174	Alibaba Group Holding Ltd., Sponsored ADR(a)		44,166
	19	Amazon.com, Inc.(a)		60,918
	11	Booking Holdings, Inc.(a)		21,388
	456	eBay, Inc.		25,768
	8	Etsy, Inc.(a)		1,593
	9	Expedia Group, Inc.		1,117
	240	Qurate Retail, Inc., Class A		3,024

				157,974

		IT Services — 2.2%
	51	Accenture PLC, Class A		12,338
	93	Akamai Technologies, Inc.(a)		10,326
	136	Automatic Data Processing, Inc.		22,456
	51	Cognizant Technology Solutions Corp., Class A		3,975
	579	DXC Technology Co.		16,328
	78	Fiserv, Inc.(a)		8,010
	101	Gartner, Inc.(a)		15,343
	73	MasterCard, Inc., Class A		23,089
	27	Paychex, Inc.		2,358
	241	Sabre Corp.		2,598
	14	VeriSign, Inc.(a)		2,717
	243	Visa, Inc., Class A		46,960
	24	WEX, Inc.(a)		4,526

				171,024

		Leisure Products — 0.0%
	109	Callaway Golf Co.		3,040

		Life Sciences Tools & Services — 0.7%
	21	Agilent Technologies, Inc.		2,523
	59	Illumina, Inc.(a)		25,160
	11	IQVIA Holdings, Inc.(a)		1,956
	99	NeoGenomics, Inc.(a)		5,249
	44	Repligen Corp.(a)		8,800
	10	Thermo Fisher Scientific, Inc.		5,097
	7	Waters Corp.(a)		1,853

				50,638

		Machinery — 1.9%
	59	AGCO Corp.		6,543
	156	Caterpillar, Inc.		28,523
	62	Cummins, Inc.		14,534
	154	Deere & Co.		44,475
	61	Flowserve Corp.		2,169
	13	Illinois Tool Works, Inc.		2,525
	79	ITT, Inc.		5,902
	103	Kennametal, Inc.		3,902
	62	Oshkosh Corp.		5,679
	68	Parker-Hannifin Corp.		17,994

See accompanying notes to financial statements.

| 46

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2030 Fund – (continued)


Shares		Description	Value (†)
		Machinery — continued
	18	Proto Labs, Inc.(a)	$	3,812
	78	Terex Corp.		2,789
	69	Toro Co. (The)		6,503

				145,350

		Media — 1.1%
	4	Cable One, Inc.		8,000
	33	Charter Communications, Inc., Class A(a)		20,050
	686	Comcast Corp., Class A		34,005
	108	Discovery, Inc., Series A(a)		4,473
	31	Discovery, Inc., Series C(a)		1,086
	74	Fox Corp., Class A		2,307
	59	Interpublic Group of Cos., Inc. (The)		1,420
	85	New York Times Co. (The), Class A		4,215
	72	News Corp., Class A		1,397
	86	Omnicom Group, Inc.		5,365

				82,318

		Metals & Mining — 0.2%
	252	Cleveland-Cliffs, Inc.		3,866
	143	Commercial Metals Co.		2,815
	12	Nucor Corp.		585
	60	Reliance Steel & Aluminum Co.		6,965
	40	Royal Gold, Inc.		4,275

				18,506

		Multi-Utilities — 0.2%
	76	Consolidated Edison, Inc.		5,379
	30	DTE Energy Co.		3,562
	32	Sempra Energy		3,960
	20	WEC Energy Group, Inc.		1,778

				14,679

		Multiline Retail — 0.2%
	363	Macy’s, Inc.		5,459
	39	Target Corp.		7,066

				12,525

		Oil, Gas & Consumable Fuels — 0.9%
	871	Apache Corp.		12,438
	154	ConocoPhillips		6,165
	93	Devon Energy Corp.		1,531
	157	Diamondback Energy, Inc.		8,900
	369	EOG Resources, Inc.		18,804
	147	EQT Corp.		2,397
	135	Kinder Morgan, Inc.		1,901
	424	Marathon Oil Corp.		3,070
	78	ONEOK, Inc.		3,107
	482	Southwestern Energy Co.(a)		1,817
	55	Valero Energy Corp.		3,104
	75	World Fuel Services Corp.		2,294

				65,528

		Paper & Forest Products — 0.1%
	105	Louisiana-Pacific Corp.		3,991

		Personal Products — 0.0%
	3	Estee Lauder Cos., Inc. (The), Class A		710

		Pharmaceuticals — 1.2%
	63	Bristol-Myers Squibb Co.		3,870
	22	Eli Lilly & Co.		4,575
	34	Jazz Pharmaceuticals PLC(a)		5,287
	198	Merck & Co., Inc.		15,260
	270	Novartis AG, Sponsored ADR		24,427
	87	Novo Nordisk A/S, Sponsored ADR		6,055
	41	Perrigo Co. PLC		1,751
	153	Pfizer, Inc.		5,493
		Pharmaceuticals — continued
	473	Roche Holding AG, Sponsored ADR	$	20,533
	8	Zoetis, Inc.		1,234

				88,485

		Professional Services — 0.2%
	63	Exponent, Inc.		5,202
	10	IHS Markit Ltd.		871
	25	Insperity, Inc.		1,962
	64	Korn Ferry		2,918
	38	ManpowerGroup, Inc.		3,361
	32	Nielsen Holdings PLC		715

				15,029

		Real Estate Management & Development — 0.2%
	121	CBRE Group, Inc., Class A(a)		7,378
	32	Jones Lang LaSalle, Inc.(a)		4,679

				12,057

		REITs – Apartments — 0.2%
	115	American Campus Communities, Inc.		4,733
	76	Camden Property Trust		7,764
	34	Equity Residential		2,096

				14,593

		REITs – Diversified — 0.1%
	35	American Tower Corp.		7,958
	8	Crown Castle International Corp.		1,274
	69	Weyerhaeuser Co.		2,152

				11,384

		REITs – Health Care — 0.0%
	36	Ventas, Inc.		1,659
	17	Welltower, Inc.		1,030

				2,689

		REITs – Hotels — 0.1%
	112	Host Hotels & Resorts, Inc.		1,517
	338	Park Hotels & Resorts, Inc.		5,638

				7,155

		REITs – Mortgage — 0.1%
	159	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		9,405

		REITs – Office Property — 0.3%
	7	Boston Properties, Inc.		639
	173	Corporate Office Properties Trust		4,544
	196	Douglas Emmett, Inc.		5,431
	261	Easterly Government Properties, Inc.		5,729
	87	Kilroy Realty Corp.		4,927

				21,270

		REITs – Shopping Centers — 0.1%
	465	Brixmor Property Group, Inc.		7,872

		REITs – Storage — 0.0%
	25	Iron Mountain, Inc.		842

		REITs – Warehouse/Industrials — 0.1%
	55	CyrusOne, Inc.		4,012
	73	ProLogis, Inc.		7,534

				11,546

		Road & Rail — 0.2%
	28	CSX Corp.		2,401
	34	Norfolk Southern Corp.		8,045
	50	Ryder System, Inc.		3,130
	22	Union Pacific Corp.		4,344

				17,920

See accompanying notes to financial statements.

47 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2030 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — 2.3%
	43	Advanced Micro Devices, Inc.(a)	$	3,683
	13	Analog Devices, Inc.		1,915
	32	Applied Materials, Inc.		3,094
	66	Cirrus Logic, Inc.(a)		6,184
	114	Cree, Inc.(a)		11,523
	38	Enphase Energy, Inc.(a)		6,929
	142	First Solar, Inc.(a)		14,079
	87	Ichor Holdings Ltd.(a)		3,141
	156	Intel Corp.		8,660
	5	Lam Research Corp.		2,420
	20	Micron Technology, Inc.(a)		1,565
	109	NVIDIA Corp.		56,635
	180	QUALCOMM, Inc.		28,130
	52	Silicon Laboratories, Inc.(a)		6,821
	65	Texas Instruments, Inc.		10,770
	27	Universal Display Corp.		6,232
	9	Xilinx, Inc.		1,175

				172,956

		Software — 3.3%
	28	Adobe, Inc.(a)		12,846
	28	ANSYS, Inc.(a)		9,922
	152	Autodesk, Inc.(a)		42,169
	39	Blackbaud, Inc.		2,593
	54	Bottomline Technologies, Inc.(a)		2,580
	10	Citrix Systems, Inc.		1,333
	17	Fair Isaac Corp.(a)		7,652
	187	Microsoft Corp.		43,377
	40	NortonLifeLock, Inc.		843
	582	Oracle Corp.		35,170
	33	Paylocity Holding Corp.(a)		6,186
	48	PTC, Inc.(a)		6,380
	35	Qualys, Inc.(a)		4,846
	146	salesforce.com, Inc.(a)		32,932
	54	SPS Commerce, Inc.(a)		5,340
	154	Workday, Inc., Class A(a)		35,040

				249,209

		Specialty Retail — 0.8%
	120	American Eagle Outfitters, Inc.		2,723
	43	Asbury Automotive Group, Inc.(a)		6,132
	2	AutoZone, Inc.(a)		2,237
	29	Best Buy Co., Inc.		3,156
	21	Five Below, Inc.(a)		3,690
	60	Gap, Inc. (The)(a)		1,215
	65	Home Depot, Inc. (The)		17,603
	30	Lithia Motors, Inc., Class A		9,560
	14	Lowe’s Cos., Inc.		2,336
	33	Monro, Inc.		1,929
	17	TJX Cos., Inc. (The)		1,089
	8	Ulta Beauty, Inc.(a)		2,238
	42	Williams-Sonoma, Inc.		5,415

				59,323

		Technology Hardware, Storage & Peripherals — 0.4%
	1,008	Hewlett Packard Enterprise Co.		12,439
	630	HP, Inc.		15,334
	110	NCR Corp.(a)		3,670
	20	Seagate Technology PLC		1,322

				32,765

		Textiles, Apparel & Luxury Goods — 0.4%
	25	Deckers Outdoor Corp.(a)		7,300
	841	Under Armour, Inc., Class A(a)		14,717
	68	VF Corp.		5,227
		Textiles, Apparel & Luxury Goods — continued
	100	Wolverine World Wide, Inc.	$	2,864

				30,108

		Thrifts & Mortgage Finance — 0.1%
	143	Mr. Cooper Group, Inc.(a)		3,894
	378	New York Community Bancorp, Inc.		3,954

				7,848

		Trading Companies & Distributors — 0.0%
	32	GATX Corp.		2,970

		Water Utilities — 0.2%
	41	American Water Works Co., Inc.		6,520
	250	Essential Utilities, Inc.		11,575

				18,095

		Wireless Telecommunication Services — 0.1%
	74	Shenandoah Telecommunications Co.		2,876
	60	T-Mobile US, Inc.(a)		7,565

				10,441

		Total Common Stocks (Identified Cost $2,899,441)		3,430,020


Principal Amount
	Bonds and Notes — 14.4%
		Automotive — 0.2%
$	8,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		9,163
	9,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		9,191

				18,354

		Banking — 2.3%
	10,000	American Express Co., 3.700%, 8/03/2023		10,794
	8,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		8,208
	9,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		9,090
	9,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		9,842
	4,000	Bank of Nova Scotia (The), 3.400%, 2/11/2024		4,347
	10,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		10,622
	10,000	Capital One Financial Corp., 3.300%, 10/30/2024		10,907
	9,000	Citigroup, Inc., 4.600%, 3/09/2026		10,441
	5,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		5,184
	3,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		3,023
	8,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		8,908
	8,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		8,620
	11,000	KeyCorp, MTN, 2.550%, 10/01/2029		11,731
	9,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		9,934
	11,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		12,003
	5,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		5,343
	4,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		4,324
	11,000	Truist Bank, 3.200%, 4/01/2024		11,926
	10,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		10,815
	11,000	Westpac Banking Corp., 2.350%, 2/19/2025		11,747

				177,809

		Brokerage — 0.3%
	9,000	BlackRock, Inc., 2.400%, 4/30/2030		9,672
	10,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		10,233

				19,905

		Cable Satellite — 0.1%
	8,000	Comcast Corp., 3.000%, 2/01/2024		8,602

See accompanying notes to financial statements.

| 48

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2030 Fund – (continued)


Principal Amount		Description	Value (†)
		Construction Machinery — 0.3%
$	11,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023	$	11,083
	8,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		8,178

				19,261

		Consumer Cyclical Services — 0.2%
	5,000	Amazon.com, Inc., 3.875%, 8/22/2037		6,086
	8,000	eBay, Inc., 3.800%, 3/09/2022		8,279

				14,365

		Electric — 0.6%
	8,000	Duke Energy Corp., 3.750%, 4/15/2024		8,741
	11,000	Entergy Corp., 0.900%, 9/15/2025		10,979
	6,000	Exelon Corp., 4.050%, 4/15/2030		7,016
	10,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		10,351
	8,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		8,819

				45,906

		Finance Companies — 0.1%
	6,000	Ares Capital Corp., 3.250%, 7/15/2025		6,346

		Financial Other — 0.1%
	8,000	ORIX Corp., 2.900%, 7/18/2022		8,274

		Food & Beverage — 0.4%
	11,000	Coca-Cola Co. (The), 1.450%, 6/01/2027		11,262
	9,000	General Mills, Inc., 4.000%, 4/17/2025		10,139
	10,000	Mondelez International, Inc., 2.750%, 4/13/2030		10,809

				32,210

		Government Owned – No Guarantee — 0.3%
	14,000	Federal National Mortgage Association, 6.625%, 11/15/2030		20,966

		Health Insurance — 0.3%
	9,000	Anthem, Inc., 4.101%, 3/01/2028		10,520
	8,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		11,603

				22,123

		Healthcare — 0.4%
	5,000	Cigna Corp., 3.750%, 7/15/2023		5,394
	4,000	CVS Health Corp., 4.300%, 3/25/2028		4,699
	5,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		5,299
	9,000	McKesson Corp., 3.950%, 2/16/2028		10,395
	4,000	Quest Diagnostics, Inc., 2.950%, 6/30/2030		4,401

				30,188

		Independent Energy — 0.1%
	8,000	EQT Corp., 3.000%, 10/01/2022		8,125

		Integrated Energy — 0.4%
	9,000	BP Capital Markets PLC, 3.814%, 2/10/2024		9,856
	10,000	Exxon Mobil Corp., 2.992%, 3/19/2025		10,870
	7,000	Shell International Finance BV, 6.375%, 12/15/2038		10,598

				31,324

		Life Insurance — 0.0%
	3,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		3,306

		Media Entertainment — 0.1%
	4,000	ViacomCBS, Inc., 4.750%, 5/15/2025		4,613

		Midstream — 0.3%
	9,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		9,817
	9,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		9,824

				19,641

		Mortgage Related — 2.0%
	5,338	FHLMC, 3.000%, 6/01/2049		5,612
	4,912	FNMA, 2.000%, 9/01/2050		5,075
	59,830	FNMA, 2.500%, with various maturities from 2050 to 2051(b)		63,016
		Mortgage Related — continued
$	34,019	FNMA, 3.000%, with various maturities from 2034 to 2049(b)	$	35,812
	29,676	FNMA, 3.500%, with various maturities in 2049(b)		31,528
	7,252	FNMA, 4.000%, with various maturities from 2049 to 2050(b)		7,770
	7,035	FNMA, 4.500%, with various maturities from 2048 to 2049(b)		7,646

				156,459

		Natural Gas — 0.2%
	11,000	NiSource, Inc., 0.950%, 8/15/2025		11,012

		Oil Field Services — 0.1%
	10,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		10,417

		Pharmaceuticals — 0.4%
	9,000	AbbVie, Inc., 3.600%, 5/14/2025		9,976
	9,000	Amgen, Inc., 2.650%, 5/11/2022		9,257
	10,000	Johnson & Johnson, 1.300%, 9/01/2030		9,864

				29,097

		Property & Casualty Insurance — 0.1%
	8,000	American International Group, Inc., 3.400%, 6/30/2030		8,927

		Railroads — 0.1%
	10,000	CSX Corp., 2.600%, 11/01/2026		10,887

		REITs – Office Property — 0.1%
	6,000	Boston Properties LP, 2.750%, 10/01/2026		6,499

		Restaurants — 0.1%
	10,000	Starbucks Corp., 2.250%, 3/12/2030		10,417

		Technology — 1.0%
	9,000	Apple, Inc., 2.500%, 2/09/2025		9,680
	6,000	Broadcom, Inc., 4.110%, 9/15/2028		6,773
	6,000	HP, Inc., 3.000%, 6/17/2027		6,578
	6,000	Intel Corp., 2.450%, 11/15/2029		6,423
	10,000	International Business Machines Corp., 4.000%, 6/20/2042		11,961
	5,000	NVIDIA Corp., 2.850%, 4/01/2030		5,511
	8,000	Oracle Corp., 2.950%, 5/15/2025		8,701
	10,000	QUALCOMM, Inc., 1.650%, 5/20/2032		9,852
	10,000	VMware, Inc., 2.950%, 8/21/2022		10,360

				75,839

		Treasuries — 3.5%
	14,000	U.S. Treasury Bond, 2.500%, 5/15/2046		16,067
	25,000	U.S. Treasury Bond, 2.875%, 11/15/2046		30,695
	27,000	U.S. Treasury Bond, 3.000%, 5/15/2045		33,710
	9,000	U.S. Treasury Bond, 3.000%, 2/15/2048		11,345
	24,000	U.S. Treasury Bond, 3.000%, 2/15/2049		30,384
	5,000	U.S. Treasury Bond, 4.250%, 11/15/2040		7,274
	7,000	U.S. Treasury Bond, 4.375%, 5/15/2041		10,382
	4,000	U.S. Treasury Bond, 4.500%, 2/15/2036		5,728
	30,000	U.S. Treasury Note, 0.375%, 11/30/2025		29,953
	47,000	U.S. Treasury Note, 1.625%, 8/31/2022		48,118
	46,000	U.S. Treasury Note, 2.125%, 12/31/2022		47,759

				271,415

		Wireless — 0.2%
	9,000	Vodafone Group PLC, 6.150%, 2/27/2037		12,570

		Wirelines — 0.1%
	7,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.321%, 5/15/2025(c)		7,203

		Total Bonds and Notes (Identified Cost $1,072,042)		1,102,060

See accompanying notes to financial statements.

49 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2030 Fund – (continued)


Shares		Description	Value (†)
	Exchange-Traded Funds — 6.6%
	7,002	iShares^® ESG Aware MSCI EAFE ETF (Identified Cost $442,880)	$	506,525


	Affiliated Mutual Funds — 33.1%
	32,801	Loomis Sayles Inflation Protected Securities Fund, Class N		393,284
	33,798	Loomis Sayles Limited Term Government and Agency Fund, Class N		390,030
	47,242	Mirova Global Green Bond Fund, Class N		507,378
	38,866	Mirova International Sustainable Equity Fund, Class N		529,359
	11,960	WCM Focused Emerging Markets Fund, Institutional Class		239,917
	19,216	WCM Focused International Growth Fund, Institutional Class		473,475

		Total Affiliated Mutual Funds (Identified Cost $2,333,843)		2,533,443


Principal Amount
	Short-Term Investments — 2.5%
$	194,788	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/29/2021 at 0.000% to be repurchased at $194,788 on 2/01/2021 collateralized by $187,000 U.S. Treasury Note, 2.750% due 5/31/2023 valued at $199,177 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $194,788)		194,788


		Total Investments — 101.3% (Identified Cost $6,942,994)		7,766,836
		Other assets less liabilities — (1.3)%		(101,997	)

		Net Assets — 100.0%	$	7,664,839


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(c)	Variable rate security. Rate as of January 31, 2021 is disclosed.

	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ETF	Exchange-Traded Fund
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

Asset Allocation Summary at January 31, 2021


Equity	67.5	%
Fixed Income	31.3
Short-Term Investments	2.5

Total Investments	101.3
Other assets less liabilities	(1.3	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 50

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2035 Fund


Shares		Description	Value (†)
	Common Stocks — 51.7% of Net Assets
		Aerospace & Defense — 0.8%
	29	Axon Enterprise, Inc.(a)	$	4,761
	182	Boeing Co. (The)		35,342
	72	General Dynamics Corp.		10,561
	6	L3Harris Technologies, Inc.		1,029
	43	Moog, Inc., Class A		3,176
	82	Raytheon Technologies Corp.		5,472

				60,341

		Air Freight & Logistics — 0.5%
	307	Expeditors International of Washington, Inc.		27,483
	45	United Parcel Service, Inc., Class B		6,975

				34,458

		Airlines — 0.1%
	18	Alaska Air Group, Inc.		879
	59	Delta Air Lines, Inc.		2,240
	410	JetBlue Airways Corp.(a)		5,879

				8,998

		Auto Components — 0.4%
	140	Aptiv PLC		18,704
	24	BorgWarner, Inc.		1,008
	276	Dana, Inc.		5,343
	37	Visteon Corp.(a)		4,717

				29,772

		Automobiles — 0.4%
	526	General Motors Co.		26,658
	40	Thor Industries, Inc.		4,840

				31,498

		Banks — 2.4%
	112	Ameris Bancorp		4,380
	192	BancorpSouth Bank		5,309
	950	Bank of America Corp.		28,167
	470	Citigroup, Inc.		27,255
	138	Citizens Financial Group, Inc.		5,029
	146	Columbia Banking System, Inc.		5,624
	14	Comerica, Inc.		801
	97	Cullen/Frost Bankers, Inc.		8,947
	60	Fifth Third Bancorp		1,736
	335	Fulton Financial Corp.		4,489
	115	Huntington Bancshares, Inc.		1,521
	178	International Bancshares Corp.		6,730
	213	KeyCorp		3,591
	36	M&T Bank Corp.		4,769
	238	People’s United Financial, Inc.		3,251
	88	PNC Financial Services Group, Inc. (The)		12,630
	247	Regions Financial Corp.		4,201
	155	TCF Financial Corp.		6,023
	260	Truist Financial Corp.		12,475
	276	Trustmark Corp.		7,582
	116	U.S. Bancorp		4,971
	476	Wells Fargo & Co.		14,223
	70	Wintrust Financial Corp.		4,213

				177,917

		Beverages — 1.3%
	215	Coca-Cola Co. (The)		10,352
	101	Constellation Brands, Inc., Class A		21,304
	406	Keurig Dr Pepper, Inc.		12,911
	483	Monster Beverage Corp.(a)		41,939
	78	PepsiCo, Inc.		10,652

				97,158

		Biotechnology — 1.1%
	51	AbbVie, Inc.	$	5,226
	50	Amgen, Inc.		12,072
	16	Biogen, Inc.(a)		4,522
	120	BioMarin Pharmaceutical, Inc.(a)		9,934
	134	Gilead Sciences, Inc.		8,790
	27	Ligand Pharmaceuticals, Inc.(a)		5,004
	74	Regeneron Pharmaceuticals, Inc.(a)		37,284

				82,832

		Building Products — 0.3%
	35	Carrier Global Corp.		1,348
	32	Johnson Controls International PLC		1,594
	29	Lennox International, Inc.		7,989
	86	Owens Corning		6,674
	56	Trex Co., Inc.(a)		5,139

				22,744

		Capital Markets — 3.1%
	12	Ameriprise Financial, Inc.		2,374
	740	Bank of New York Mellon Corp. (The)		29,474
	11	BlackRock, Inc.		7,714
	555	Charles Schwab Corp. (The)		28,605
	18	CME Group, Inc.		3,271
	63	FactSet Research Systems, Inc.		19,047
	73	Franklin Resources, Inc.		1,919
	75	Goldman Sachs Group, Inc. (The)		20,338
	32	Intercontinental Exchange, Inc.		3,531
	25	Invesco Ltd.		515
	144	Janus Henderson Group PLC		4,429
	170	KKR & Co., Inc.		6,622
	34	Moody’s Corp.		9,053
	13	Morgan Stanley		872
	36	MSCI, Inc.		14,231
	124	Northern Trust Corp.		11,060
	46	S&P Global, Inc.		14,582
	266	SEI Investments Co.		14,058
	506	State Street Corp.		35,420
	8	T. Rowe Price Group, Inc.		1,252

				228,367

		Chemicals — 0.6%
	10	Air Products & Chemicals, Inc.		2,668
	31	DuPont de Nemours, Inc.		2,463
	12	Ecolab, Inc.		2,454
	78	HB Fuller Co.		3,969
	53	Innospec, Inc.		4,653
	55	Linde PLC		13,497
	63	Minerals Technologies, Inc.		3,883
	9	PPG Industries, Inc.		1,212
	3	Sherwin-Williams Co. (The)		2,075
	36	Stepan Co.		4,057

				40,931

		Commercial Services & Supplies — 0.2%
	61	Healthcare Services Group, Inc.		1,978
	38	MSA Safety, Inc.		5,933
	8	Republic Services, Inc.		724
	58	Tetra Tech, Inc.		7,051
	13	Waste Management, Inc.		1,447

				17,133

		Communications Equipment — 0.6%
	38	Arista Networks, Inc.(a)		11,687
	91	Ciena Corp.(a)		4,859
	483	Cisco Systems, Inc.		21,532
	8	F5 Networks, Inc.(a)		1,568

See accompanying notes to financial statements.

51 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2035 Fund – (continued)


Shares		Description	Value (†)
		Communications Equipment — continued
	53	Lumentum Holdings, Inc.(a)	$	4,971

				44,617

		Construction & Engineering — 0.2%
	180	AECOM(a)		9,018
	221	Fluor Corp.		3,821

				12,839

		Consumer Finance — 1.3%
	912	Ally Financial, Inc.		34,510
	189	American Express Co.		21,973
	310	Capital One Financial Corp.		32,321
	50	Green Dot Corp., Class A(a)		2,511
	40	PROG Holdings, Inc.		1,887

				93,202

		Containers & Packaging — 0.2%
	66	Ball Corp.		5,810
	52	International Paper Co.		2,616
	280	O-I Glass, Inc.		3,539

				11,965

		Distributors — 0.1%
	38	Genuine Parts Co.		3,567

		Diversified Telecommunication Services — 0.3%
	204	AT&T, Inc.		5,841
	1,124	Lumen Technologies, Inc.		13,915

				19,756

		Electric Utilities — 0.6%
	132	American Electric Power Co., Inc.		10,680
	191	Edison International		11,109
	34	Eversource Energy		2,975
	50	IDACORP, Inc.		4,415
	193	NextEra Energy, Inc.		15,608
	35	PPL Corp.		968

				45,755

		Electrical Equipment — 0.6%
	18	Acuity Brands, Inc.		2,164
	350	Ballard Power Systems, Inc.(a)		11,959
	41	Eaton Corp. PLC		4,826
	31	Generac Holdings, Inc.(a)		7,639
	36	Hubbell, Inc.		5,602
	32	Rockwell Automation, Inc.		7,953
	60	Sunrun, Inc.(a)		4,156

				44,299

		Electronic Equipment, Instruments & Components — 0.9%
	11	Amphenol Corp., Class A		1,374
	100	Avnet, Inc.		3,531
	102	Cognex Corp.		8,377
	22	Coherent, Inc.(a)		4,418
	38	Corning, Inc.		1,363
	128	Itron, Inc.(a)		11,011
	19	Littelfuse, Inc.		4,624
	19	Rogers Corp.(a)		2,965
	139	TE Connectivity Ltd.		16,736
	121	Trimble, Inc.(a)		7,975
	181	Vishay Intertechnology, Inc.		3,901

				66,275

		Energy Equipment & Services — 0.3%
	763	Archrock, Inc.		6,768
	120	Baker Hughes Co.		2,411
	87	NOV, Inc.		1,077
	639	Schlumberger NV		14,192
		Energy Equipment & Services — continued
	58	TechnipFMC PLC	$	620

				25,068

		Entertainment — 1.1%
	34	Activision Blizzard, Inc.		3,094
	75	Cinemark Holdings, Inc.		1,518
	66	Electronic Arts, Inc.		9,451
	35	Netflix, Inc.(a)		18,634
	296	Walt Disney Co. (The)(a)		49,778

				82,475

		Food & Staples Retailing — 0.2%
	78	BJ’s Wholesale Club Holdings, Inc.(a)		3,281
	79	Kroger Co. (The)		2,725
	232	SpartanNash Co.		4,297
	29	Sysco Corp.		2,074
	67	Walgreens Boots Alliance, Inc.		3,367

				15,744

		Food Products — 0.4%
	75	Campbell Soup Co.		3,608
	19	Conagra Brands, Inc.		657
	96	Darling Ingredients, Inc.(a)		5,953
	56	General Mills, Inc.		3,254
	104	Hain Celestial Group, Inc. (The)(a)		4,325
	75	Hormel Foods Corp.		3,515
	50	Ingredion, Inc.		3,773
	16	J.M. Smucker Co. (The)		1,863
	23	Kellogg Co.		1,356
	12	McCormick & Co., Inc.		1,074

				29,378

		Gas Utilities — 0.2%
	107	New Jersey Resources Corp.		3,746
	57	ONE Gas, Inc.		4,168
	118	South Jersey Industries, Inc.		2,726
	123	UGI Corp.		4,427

				15,067

		Health Care Equipment & Supplies — 1.0%
	53	Abbott Laboratories		6,550
	11	Baxter International, Inc.		845
	8	Becton Dickinson & Co.		2,094
	35	Boston Scientific Corp.(a)		1,240
	7	Cooper Cos., Inc. (The)		2,548
	19	Danaher Corp.		4,519
	16	DENTSPLY SIRONA, Inc.		856
	49	Edwards Lifesciences Corp.(a)		4,046
	56	Globus Medical, Inc., Class A(a)		3,455
	29	Haemonetics Corp.(a)		3,314
	50	Hill-Rom Holdings, Inc.		4,802
	28	Hologic, Inc.(a)		2,233
	16	Intuitive Surgical, Inc.(a)		11,962
	34	Medtronic PLC		3,785
	131	Meridian Bioscience, Inc.(a)		2,895
	37	Merit Medical Systems, Inc.(a)		2,004
	27	Penumbra, Inc.(a)		7,050
	15	Quidel Corp.(a)		3,765
	6	STERIS PLC		1,123
	8	Stryker Corp.		1,768
	6	Varian Medical Systems, Inc.(a)		1,053

				71,907

		Health Care Providers & Services — 1.9%
	20	Amedisys, Inc.(a)		5,746
	23	Anthem, Inc.		6,831
	41	BioTelemetry, Inc.(a)		2,930

See accompanying notes to financial statements.

| 52

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2035 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	141	Centene Corp.(a)	$	8,502
	13	Chemed Corp.		6,733
	29	Cigna Corp.		6,294
	209	CVS Health Corp.		14,975
	51	Encompass Health Corp.		4,100
	164	HCA Healthcare, Inc.		26,647
	33	Henry Schein, Inc.(a)		2,173
	59	Humana, Inc.		22,603
	24	Laboratory Corp. of America Holdings(a)		5,494
	209	MEDNAX, Inc.(a)		5,699
	95	Patterson Cos., Inc.		3,010
	38	Quest Diagnostics, Inc.		4,908
	26	UnitedHealth Group, Inc.		8,673

				135,318

		Health Care Technology — 0.4%
	203	Allscripts Healthcare Solutions, Inc.(a)		3,349
	235	Cerner Corp.		18,826
	99	HMS Holdings Corp.(a)		3,645

				25,820

		Hotels, Restaurants & Leisure — 1.5%
	3	Chipotle Mexican Grill, Inc.(a)		4,440
	49	Dine Brands Global, Inc.		3,369
	175	Hilton Worldwide Holdings, Inc.		17,743
	59	Jack in the Box, Inc.		5,554
	590	MGM Resorts International		16,851
	20	Royal Caribbean Cruises Ltd.		1,300
	70	Shake Shack, Inc., Class A(a)		7,939
	253	Starbucks Corp.		24,493
	192	Wendy’s Co. (The)		3,917
	269	Yum China Holdings, Inc.		15,255
	92	Yum! Brands, Inc.		9,337

				110,198

		Household Durables — 0.3%
	154	KB Home		6,413
	121	Meritage Homes Corp.(a)		9,711
	14	Mohawk Industries, Inc.(a)		2,010
	207	Taylor Morrison Home Corp.(a)		5,378

				23,512

		Household Products — 0.5%
	7	Clorox Co. (The)		1,466
	230	Colgate-Palmolive Co.		17,940
	125	Kimberly-Clark Corp.		16,513

				35,919

		Independent Power & Renewable Electricity Producers — 0.5%
	87	AES Corp. (The)		2,122
	109	Boralex, Inc., Class A		4,268
	168	NextEra Energy Partners LP		13,692
	66	Ormat Technologies, Inc.		7,535
	128	Sunnova Energy International, Inc.(a)		5,613

				33,230

		Industrial Conglomerates — 0.3%
	27	Carlisle Cos., Inc.		3,913
	1,766	General Electric Co.		18,861
	8	Honeywell International, Inc.		1,563

				24,337

		Insurance — 1.4%
	29	Aflac, Inc.		1,310
	41	Allstate Corp. (The)		4,394
	491	American International Group, Inc.		18,383
	72	Chubb Ltd.		10,488
		Insurance — continued
	89	First American Financial Corp.	$	4,654
	33	Hanover Insurance Group, Inc. (The)		3,712
	124	Hartford Financial Services Group, Inc. (The)		5,955
	15	Lincoln National Corp.		682
	43	Marsh & McLennan Cos., Inc.		4,726
	288	MetLife, Inc.		13,867
	66	Prudential Financial, Inc.		5,167
	245	Reinsurance Group of America, Inc.		25,737
	33	Travelers Cos., Inc. (The)		4,498

				103,573

		Interactive Media & Services — 2.5%
	26	Alphabet, Inc., Class A(a)		47,511
	32	Alphabet, Inc., Class C(a)		58,744
	293	Facebook, Inc., Class A(a)		75,691

				181,946

		Internet & Direct Marketing Retail — 2.5%
	194	Alibaba Group Holding Ltd., Sponsored ADR(a)		49,243
	21	Amazon.com, Inc.(a)		67,330
	13	Booking Holdings, Inc.(a)		25,276
	511	eBay, Inc.		28,877
	8	Etsy, Inc.(a)		1,593
	9	Expedia Group, Inc.		1,117
	678	Qurate Retail, Inc., Class A		8,543

				181,979

		IT Services — 2.6%
	58	Accenture PLC, Class A		14,031
	107	Akamai Technologies, Inc.(a)		11,880
	141	Automatic Data Processing, Inc.		23,282
	54	Cognizant Technology Solutions Corp., Class A		4,209
	648	DXC Technology Co.		18,274
	88	Fiserv, Inc.(a)		9,037
	113	Gartner, Inc.(a)		17,166
	82	MasterCard, Inc., Class A		25,936
	28	Paychex, Inc.		2,445
	275	Sabre Corp.		2,964
	14	VeriSign, Inc.(a)		2,717
	273	Visa, Inc., Class A		52,757
	26	WEX, Inc.(a)		4,904

				189,602

		Leisure Products — 0.0%
	124	Callaway Golf Co.		3,458

		Life Sciences Tools & Services — 0.7%
	23	Agilent Technologies, Inc.		2,764
	61	Illumina, Inc.(a)		26,013
	13	IQVIA Holdings, Inc.(a)		2,311
	108	NeoGenomics, Inc.(a)		5,726
	50	Repligen Corp.(a)		10,000
	11	Thermo Fisher Scientific, Inc.		5,607
	8	Waters Corp.(a)		2,117

				54,538

		Machinery — 2.2%
	67	AGCO Corp.		7,430
	168	Caterpillar, Inc.		30,717
	69	Cummins, Inc.		16,175
	165	Deere & Co.		47,652
	61	Flowserve Corp.		2,169
	14	Illinois Tool Works, Inc.		2,719
	85	ITT, Inc.		6,350
	114	Kennametal, Inc.		4,318
	71	Oshkosh Corp.		6,503
	76	Parker-Hannifin Corp.		20,111

See accompanying notes to financial statements.

53 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2035 Fund – (continued)


Shares			Description	Value (†)
			Machinery — continued
	20		Proto Labs, Inc.(a)	$	4,236
	89		Terex Corp.		3,183
	78		Toro Co. (The)		7,352

					158,915

			Media — 1.3%
	5		Cable One, Inc.		10,000
	37		Charter Communications, Inc., Class A(a)		22,480
	778		Comcast Corp., Class A		38,565
	107		Discovery, Inc., Series A(a)		4,432
	26		Discovery, Inc., Series C(a)		911
	73		Fox Corp., Class A		2,276
	58		Interpublic Group of Cos., Inc. (The)		1,396
	93		New York Times Co. (The), Class A		4,612
	72		News Corp., Class A		1,397
	87		Omnicom Group, Inc.		5,427

					91,496

			Metals & Mining — 0.3%
	273		Cleveland-Cliffs, Inc.		4,188
	163		Commercial Metals Co.		3,209
	10		Nucor Corp.		487
	69		Reliance Steel & Aluminum Co.		8,010
	42		Royal Gold, Inc.		4,489

					20,383

			Multi-Utilities — 0.2%
	78		Consolidated Edison, Inc.		5,520
	29		DTE Energy Co.		3,443
	34		Sempra Energy		4,208
	21		WEC Energy Group, Inc.		1,867

					15,038

			Multiline Retail — 0.2%
	393		Macy’s, Inc.		5,911
	41		Target Corp.		7,428

					13,339

			Oil, Gas & Consumable Fuels — 1.0%
	969		Apache Corp.		13,837
	164		ConocoPhillips		6,565
	90		Devon Energy Corp.		1,481
	177		Diamondback Energy, Inc.		10,034
	414		EOG Resources, Inc.		21,097
	167		EQT Corp.		2,724
	120		Kinder Morgan, Inc.		1,690
	419		Marathon Oil Corp.		3,034
	81		ONEOK, Inc.		3,226
	445		Southwestern Energy Co.(a)		1,678
	58		Valero Energy Corp.		3,273
	76		World Fuel Services Corp.		2,325

					70,964

			Paper & Forest Products — 0.1%
	119		Louisiana-Pacific Corp.		4,523

			Personal Products — 0.0%
	4		Estee Lauder Cos., Inc. (The), Class A		947

			Pharmaceuticals — 1.3%
	65		Bristol-Myers Squibb Co.		3,993
	26		Eli Lilly & Co.		5,407
	37		Jazz Pharmaceuticals PLC(a)		5,753
	227		Merck & Co., Inc.		17,495
	296		Novartis AG, Sponsored ADR		26,779
	111		Novo Nordisk A/S, Sponsored ADR		7,726
	32		Perrigo Co. PLC		1,366
	159		Pfizer, Inc.		5,708
			Pharmaceuticals — continued
	504		Roche Holding AG, Sponsored ADR	$	21,879
	8		Zoetis, Inc.		1,234

					97,340

			Professional Services — 0.2%
	68		Exponent, Inc.		5,615
	8		IHS Markit Ltd.		697
	27		Insperity, Inc.		2,119
	73		Korn Ferry		3,329
	43		ManpowerGroup, Inc.		3,803
	43		Nielsen Holdings PLC		960

					16,523

			Real Estate Management & Development — 0.2%
	136		CBRE Group, Inc., Class A(a)		8,293
	35		Jones Lang LaSalle, Inc.(a)		5,118

					13,411

			REITs – Apartments — 0.2%
	125		American Campus Communities, Inc.		5,145
	87		Camden Property Trust		8,887
	34		Equity Residential		2,096

					16,128

			REITs – Diversified — 0.2%
	38		American Tower Corp.		8,640
	8		Crown Castle International Corp.		1,274
	68		Weyerhaeuser Co.		2,121

					12,035

			REITs – Health Care — 0.0%
	35		Ventas, Inc.		1,613
	14		Welltower, Inc.		848

					2,461

			REITs – Hotels — 0.1%
	89		Host Hotels & Resorts, Inc.		1,206
	366		Park Hotels & Resorts, Inc.		6,105

		��			7,311

			REITs – Mortgage — 0.1%
	178		Hannon Armstrong Sustainable Infrastructure Capital, Inc.		10,529

			REITs – Office Property — 0.3%
	9		Boston Properties, Inc.		821
	187		Corporate Office Properties Trust		4,912
	212		Douglas Emmett, Inc.		5,875
	283		Easterly Government Properties, Inc.		6,212
	94		Kilroy Realty Corp.		5,323

					23,143

			REITs – Shopping Centers — 0.1%
	529		Brixmor Property Group, Inc.		8,956

			REITs – Storage — 0.0%
	25		Iron Mountain, Inc.		842

			REITs – Warehouse/Industrials — 0.2%
	63		CyrusOne, Inc.		4,596
	77		ProLogis, Inc.		7,946

					12,542

			Road & Rail — 0.3%
	32		CSX Corp.		2,744
	34		Norfolk Southern Corp.		8,045
	57		Ryder System, Inc.		3,568
	27		Union Pacific Corp.		5,332

					19,689

See accompanying notes to financial statements.

| 54

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2035 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — 2.6%
	44	Advanced Micro Devices, Inc.(a)	$	3,768
	15	Analog Devices, Inc.		2,210
	37	Applied Materials, Inc.		3,577
	72	Cirrus Logic, Inc.(a)		6,746
	124	Cree, Inc.(a)		12,534
	40	Enphase Energy, Inc.(a)		7,294
	160	First Solar, Inc.(a)		15,864
	95	Ichor Holdings Ltd.(a)		3,429
	175	Intel Corp.		9,714
	7	Lam Research Corp.		3,388
	18	Micron Technology, Inc.(a)		1,409
	123	NVIDIA Corp.		63,909
	208	QUALCOMM, Inc.		32,506
	58	Silicon Laboratories, Inc.(a)		7,608
	71	Texas Instruments, Inc.		11,764
	30	Universal Display Corp.		6,925
	9	Xilinx, Inc.		1,175

				193,820

		Software — 3.8%
	33	Adobe, Inc.(a)		15,139
	31	ANSYS, Inc.(a)		10,985
	170	Autodesk, Inc.(a)		47,163
	44	Blackbaud, Inc.		2,926
	62	Bottomline Technologies, Inc.(a)		2,962
	9	Citrix Systems, Inc.		1,200
	20	Fair Isaac Corp.(a)		9,002
	213	Microsoft Corp.		49,408
	38	NortonLifeLock, Inc.		801
	664	Oracle Corp.		40,126
	37	Paylocity Holding Corp.(a)		6,936
	51	PTC, Inc.(a)		6,778
	37	Qualys, Inc.(a)		5,123
	160	salesforce.com, Inc.(a)		36,090
	61	SPS Commerce, Inc.(a)		6,032
	166	Workday, Inc., Class A(a)		37,770

				278,441

		Specialty Retail — 0.9%
	133	American Eagle Outfitters, Inc.		3,018
	48	Asbury Automotive Group, Inc.(a)		6,845
	3	AutoZone, Inc.(a)		3,355
	28	Best Buy Co., Inc.		3,047
	23	Five Below, Inc.(a)		4,042
	60	Gap, Inc. (The)(a)		1,215
	74	Home Depot, Inc. (The)		20,041
	34	Lithia Motors, Inc., Class A		10,835
	14	Lowe’s Cos., Inc.		2,336
	32	Monro, Inc.		1,871
	15	TJX Cos., Inc. (The)		961
	8	Ulta Beauty, Inc.(a)		2,238
	46	Williams-Sonoma, Inc.		5,930

				65,734

		Technology Hardware, Storage & Peripherals — 0.5%
	1,058	Hewlett Packard Enterprise Co.		13,056
	694	HP, Inc.		16,892
	125	NCR Corp.(a)		4,170
	17	Seagate Technology PLC		1,124

				35,242

		Textiles, Apparel & Luxury Goods — 0.5%
	30	Deckers Outdoor Corp.(a)		8,759
	910	Under Armour, Inc., Class A(a)	��	15,925
	70	VF Corp.		5,381
	115	Wolverine World Wide, Inc.		3,294

				33,359

		Thrifts & Mortgage Finance — 0.1%
	155	Mr. Cooper Group, Inc.(a)	$	4,220
	430	New York Community Bancorp, Inc.		4,498

				8,718

		Trading Companies & Distributors — 0.0%
	37	GATX Corp.		3,434

		Water Utilities — 0.3%
	43	American Water Works Co., Inc.		6,838
	278	Essential Utilities, Inc.		12,871

				19,709

		Wireless Telecommunication Services — 0.2%
	82	Shenandoah Telecommunications Co.		3,187
	68	T-Mobile US, Inc.(a)		8,574

				11,761

		Total Common Stocks (Identified Cost $3,265,606)		3,784,226


Principal Amount
	Bonds and Notes — 8.9%
		Automotive — 0.2%
$	6,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		6,872
	5,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		5,106

				11,978

		Banking — 1.5%
	5,000	American Express Co., 3.700%, 8/03/2023		5,397
	6,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		6,156
	6,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		6,060
	5,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		5,468
	4,000	Bank of Nova Scotia (The), 3.400%, 2/11/2024		4,347
	5,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		5,311
	5,000	Capital One Financial Corp., 3.300%, 10/30/2024		5,454
	5,000	Citigroup, Inc., 4.600%, 3/09/2026		5,800
	3,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		3,111
	2,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		2,015
	6,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		6,681
	6,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		6,465
	6,000	KeyCorp, MTN, 2.550%, 10/01/2029		6,399
	5,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		5,519
	7,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		7,638
	4,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		4,274
	3,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		3,243
	6,000	Truist Bank, 3.200%, 4/01/2024		6,505
	6,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		6,489
	6,000	Westpac Banking Corp., 2.350%, 2/19/2025		6,407

				108,739

		Brokerage — 0.2%
	6,000	BlackRock, Inc., 2.400%, 4/30/2030		6,448
	6,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		6,140

				12,588

		Cable Satellite — 0.1%
	5,000	Comcast Corp., 3.000%, 2/01/2024		5,376

		Construction Machinery — 0.1%
	6,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023		6,045
	4,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		4,089

				10,134

See accompanying notes to financial statements.

55 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2035 Fund – (continued)


Principal Amount		Description	Value (†)
		Consumer Cyclical Services — 0.1%
$	4,000	Amazon.com, Inc., 3.875%, 8/22/2037	$	4,869
	5,000	eBay, Inc., 3.800%, 3/09/2022		5,174

				10,043

		Electric — 0.4%
	5,000	Duke Energy Corp., 3.750%, 4/15/2024		5,463
	8,000	Entergy Corp., 0.900%, 9/15/2025		7,985
	3,000	Exelon Corp., 4.050%, 4/15/2030		3,508
	6,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		6,211
	6,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		6,614

				29,781

		Finance Companies — 0.1%
	4,000	Ares Capital Corp., 3.250%, 7/15/2025		4,231

		Financial Other — 0.1%
	6,000	ORIX Corp., 2.900%, 7/18/2022		6,206

		Food & Beverage — 0.3%
	6,000	Coca-Cola Co. (The), 1.450%, 6/01/2027		6,143
	6,000	General Mills, Inc., 4.000%, 4/17/2025		6,760
	6,000	Mondelez International, Inc., 2.750%, 4/13/2030		6,485

				19,388

		Government Owned — No Guarantee — 0.2%
	9,000	Federal National Mortgage Association, 6.625%, 11/15/2030		13,478

		Health Insurance — 0.1%
	5,000	Anthem, Inc., 4.101%, 3/01/2028		5,845
	4,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		5,801

				11,646

		Healthcare — 0.3%
	4,000	Cigna Corp., 3.750%, 7/15/2023		4,315
	3,000	CVS Health Corp., 4.300%, 3/25/2028		3,524
	4,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		4,239
	5,000	McKesson Corp., 3.950%, 2/16/2028		5,775
	4,000	Quest Diagnostics, Inc., 2.950%, 6/30/2030		4,401

				22,254

		Independent Energy — 0.1%
	5,000	EQT Corp., 3.000%, 10/01/2022		5,078

		Integrated Energy — 0.2%
	5,000	BP Capital Markets PLC, 3.814%, 2/10/2024		5,476
	6,000	Exxon Mobil Corp., 2.992%, 3/19/2025		6,522
	4,000	Shell International Finance BV, 6.375%, 12/15/2038		6,056

				18,054

		Life Insurance — 0.0%
	2,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		2,204

		Media Entertainment — 0.1%
	4,000	ViacomCBS, Inc., 4.750%, 5/15/2025		4,613

		Midstream — 0.2%
	6,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		6,545
	5,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		5,457

				12,002

		Mortgage Related — 1.2%
	3,929	FNMA, 2.000%, 9/01/2050		4,060
	29,864	FNMA, 2.500%, with various maturities from 2050 to 2051(b)		31,455
	22,995	FNMA, 3.000%, with various maturities from 2034 to 2049(b)		24,206
	16,598	FNMA, 3.500%, with various maturities in 2049(b)		17,634
		Mortgage Related — continued
$	4,398	FNMA, 4.000%, with various maturities from 2049 to 2050(b)	$	4,712
	3,552	FNMA, 4.500%, 5/01/2049		3,861

				85,928

		Natural Gas — 0.1%
	8,000	NiSource, Inc., 0.950%, 8/15/2025		8,009

		Oil Field Services — 0.1%
	6,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		6,250

		Pharmaceuticals — 0.2%
	6,000	AbbVie, Inc., 3.600%, 5/14/2025		6,651
	6,000	Amgen, Inc., 2.650%, 5/11/2022		6,171
	6,000	Johnson & Johnson, 1.300%, 9/01/2030		5,918

				18,740

		Property & Casualty Insurance — 0.1%
	6,000	American International Group, Inc., 3.400%, 6/30/2030		6,696

		Railroads — 0.1%
	6,000	CSX Corp., 2.600%, 11/01/2026		6,532

		REITs – Office Property — 0.0%
	3,000	Boston Properties LP, 2.750%, 10/01/2026		3,249

		Restaurants — 0.1%
	6,000	Starbucks Corp., 2.250%, 3/12/2030		6,250

		Technology — 0.6%
	5,000	Apple, Inc., 2.500%, 2/09/2025		5,378
	4,000	Broadcom, Inc., 4.110%, 9/15/2028		4,515
	3,000	HP, Inc., 3.000%, 6/17/2027		3,289
	3,000	Intel Corp., 2.450%, 11/15/2029		3,211
	6,000	International Business Machines Corp., 4.000%, 6/20/2042		7,177
	3,000	NVIDIA Corp., 2.850%, 4/01/2030		3,307
	5,000	Oracle Corp., 2.950%, 5/15/2025		5,439
	7,000	QUALCOMM, Inc., 1.650%, 5/20/2032		6,896
	5,000	VMware, Inc., 2.950%, 8/21/2022		5,180

				44,392

		Treasuries — 1.9%
	5,000	U.S. Treasury Bond, 2.500%, 5/15/2046		5,738
	14,000	U.S. Treasury Bond, 2.875%, 11/15/2046		17,189
	15,000	U.S. Treasury Bond, 3.000%, 5/15/2045		18,728
	5,000	U.S. Treasury Bond, 3.000%, 2/15/2048		6,303
	14,000	U.S. Treasury Bond, 3.000%, 2/15/2049		17,724
	3,000	U.S. Treasury Bond, 4.250%, 11/15/2040		4,364
	5,000	U.S. Treasury Bond, 4.375%, 5/15/2041		7,416
	3,000	U.S. Treasury Bond, 4.500%, 2/15/2036		4,296
	12,000	U.S. Treasury Note, 0.375%, 11/30/2025		11,981
	6,000	U.S. Treasury Note, 1.125%, 9/30/2021		6,042
	18,000	U.S. Treasury Note, 1.625%, 8/31/2022		18,428
	23,000	U.S. Treasury Note, 2.125%, 12/31/2022		23,880

				142,089

		Wireless — 0.1%
	5,000	Vodafone Group PLC, 6.150%, 2/27/2037		6,984

		Wirelines — 0.1%
	5,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.321%, 5/15/2025(c)		5,145

		Total Bonds and Notes (Identified Cost $640,820)		648,057

See accompanying notes to financial statements.

| 56

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2035 Fund – (continued)


Shares		Description	Value (†)
	Exchange-Traded Funds — 6.8%
	6,905	iShares^® ESG Aware MSCI EAFE ETF (Identified Cost $446,955)	$	499,508


	Affiliated Mutual Funds — 31.0%
	26,438	Loomis Sayles Inflation Protected Securities Fund, Class N		316,998
	24,046	Loomis Sayles Limited Term Government and Agency Fund, Class N		277,491
	33,136	Mirova Global Green Bond Fund, Class N		355,881
	38,571	Mirova International Sustainable Equity Fund, Class N		525,338
	13,085	WCM Focused Emerging Markets Fund, Institutional Class		262,485
	21,463	WCM Focused International Growth Fund, Institutional Class		528,852

		Total Affiliated Mutual Funds (Identified Cost $2,090,950)		2,267,045


Principal Amount
	Short-Term Investments — 2.2%
$	164,558	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/29/2021 at 0.000% to be repurchased at $164,558 on 2/01/2021 collateralized by $118,400 U.S. Treasury Note, 2.750% due 5/31/2023 valued at $126,110; $40,800 U.S. Treasury Note, 1.625% due 4/30/2023 valued at $42,321 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $164,558)		164,558


		Total Investments — 100.6% (Identified Cost $6,608,889)		7,363,394
		Other assets less liabilities — (0.6)%		(41,361	)

		Net Assets — 100.0%	$	7,322,033


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(c)	Variable rate security. Rate as of January 31, 2021 is disclosed.

	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ETF	Exchange-Traded Fund
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

Asset Allocation Summary at January 31, 2021


Equity	76.5	%
Fixed Income	21.9
Short-Term Investments	2.2

Total Investments	100.6
Other assets less liabilities	(0.6	)

Net Assets	100.0	%

See accompanying notes to financial statements.

57 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2040 Fund


Shares		Description	Value (†)
	Common Stocks — 51.8% of Net Assets
		Aerospace & Defense — 0.8%
	20	Axon Enterprise, Inc.(a)	$	3,283
	139	Boeing Co. (The)		26,992
	53	General Dynamics Corp.		7,774
	4	L3Harris Technologies, Inc.		686
	32	Moog, Inc., Class A		2,364
	60	Raytheon Technologies Corp.		4,004

				45,103

		Air Freight & Logistics — 0.5%
	233	Expeditors International of Washington, Inc.		20,858
	33	United Parcel Service, Inc., Class B		5,115

				25,973

		Airlines — 0.1%
	15	Alaska Air Group, Inc.		733
	44	Delta Air Lines, Inc.		1,670
	297	JetBlue Airways Corp.(a)		4,259

				6,662

		Auto Components — 0.4%
	104	Aptiv PLC		13,894
	13	BorgWarner, Inc.		546
	200	Dana, Inc.		3,872
	27	Visteon Corp.(a)		3,442

				21,754

		Automobiles — 0.4%
	385	General Motors Co.		19,512
	30	Thor Industries, Inc.		3,630

				23,142

		Banks — 2.4%
	77	Ameris Bancorp		3,011
	138	BancorpSouth Bank		3,816
	694	Bank of America Corp.		20,577
	343	Citigroup, Inc.		19,891
	107	Citizens Financial Group, Inc.		3,899
	105	Columbia Banking System, Inc.		4,045
	8	Comerica, Inc.		458
	71	Cullen/Frost Bankers, Inc.		6,549
	52	Fifth Third Bancorp		1,504
	242	Fulton Financial Corp.		3,243
	74	Huntington Bancshares, Inc.		979
	123	International Bancshares Corp.		4,651
	165	KeyCorp		2,782
	29	M&T Bank Corp.		3,842
	170	People’s United Financial, Inc.		2,322
	64	PNC Financial Services Group, Inc. (The)		9,185
	190	Regions Financial Corp.		3,232
	112	TCF Financial Corp.		4,352
	196	Truist Financial Corp.		9,404
	199	Trustmark Corp.		5,467
	98	U.S. Bancorp		4,199
	348	Wells Fargo & Co.		10,398
	50	Wintrust Financial Corp.		3,009

				130,815

		Beverages — 1.3%
	155	Coca-Cola Co. (The)		7,463
	74	Constellation Brands, Inc., Class A		15,609
	297	Keurig Dr Pepper, Inc.		9,445
	365	Monster Beverage Corp.(a)		31,693
	57	PepsiCo, Inc.		7,784

				71,994

		Biotechnology — 1.1%
	41	AbbVie, Inc.	$	4,202
	38	Amgen, Inc.		9,175
	10	Biogen, Inc.(a)		2,826
	90	BioMarin Pharmaceutical, Inc.(a)		7,450
	97	Gilead Sciences, Inc.		6,363
	18	Ligand Pharmaceuticals, Inc.(a)		3,336
	55	Regeneron Pharmaceuticals, Inc.(a)		27,711

				61,063

		Building Products — 0.3%
	31	Carrier Global Corp.		1,194
	28	Johnson Controls International PLC		1,395
	20	Lennox International, Inc.		5,510
	62	Owens Corning		4,811
	38	Trex Co., Inc.(a)		3,487

				16,397

		Capital Markets — 3.1%
	9	Ameriprise Financial, Inc.		1,781
	532	Bank of New York Mellon Corp. (The)		21,190
	7	BlackRock, Inc.		4,909
	409	Charles Schwab Corp. (The)		21,080
	13	CME Group, Inc.		2,363
	50	FactSet Research Systems, Inc.		15,117
	52	Franklin Resources, Inc.		1,367
	55	Goldman Sachs Group, Inc. (The)		14,914
	25	Intercontinental Exchange, Inc.		2,759
	20	Invesco Ltd.		412
	99	Janus Henderson Group PLC		3,045
	124	KKR & Co., Inc.		4,830
	25	Moody’s Corp.		6,656
	9	Morgan Stanley		603
	29	MSCI, Inc.		11,464
	96	Northern Trust Corp.		8,562
	33	S&P Global, Inc.		10,461
	186	SEI Investments Co.		9,830
	367	State Street Corp.		25,690
	5	T. Rowe Price Group, Inc.		782

				167,815

		Chemicals — 0.5%
	7	Air Products & Chemicals, Inc.		1,867
	21	DuPont de Nemours, Inc.		1,668
	9	Ecolab, Inc.		1,841
	57	HB Fuller Co.		2,901
	38	Innospec, Inc.		3,336
	40	Linde PLC		9,816
	45	Minerals Technologies, Inc.		2,773
	8	PPG Industries, Inc.		1,078
	2	Sherwin-Williams Co. (The)		1,384
	26	Stepan Co.		2,930

				29,594

		Commercial Services & Supplies — 0.2%
	55	Healthcare Services Group, Inc.		1,783
	29	MSA Safety, Inc.		4,527
	6	Republic Services, Inc.		543
	42	Tetra Tech, Inc.		5,106
	11	Waste Management, Inc.		1,225

				13,184

		Communications Equipment — 0.6%
	30	Arista Networks, Inc.(a)		9,227
	65	Ciena Corp.(a)		3,470
	363	Cisco Systems, Inc.		16,182
	5	F5 Networks, Inc.(a)		980

See accompanying notes to financial statements.

| 58

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2040 Fund – (continued)


Shares		Description	Value (†)
		Communications Equipment — continued
	36	Lumentum Holdings, Inc.(a)	$	3,377

				33,236

		Construction & Engineering — 0.2%
	130	AECOM(a)		6,513
	152	Fluor Corp.		2,628

				9,141

		Consumer Finance — 1.2%
	666	Ally Financial, Inc.		25,201
	136	American Express Co.		15,811
	227	Capital One Financial Corp.		23,667
	34	Green Dot Corp., Class A(a)		1,708
	31	PROG Holdings, Inc.		1,463

				67,850

		Containers & Packaging — 0.2%
	48	Ball Corp.		4,225
	36	International Paper Co.		1,811
	208	O-I Glass, Inc.		2,629

				8,665

		Distributors — 0.1%
	29	Genuine Parts Co.		2,723

		Diversified Telecommunication Services — 0.3%
	158	AT&T, Inc.		4,523
	831	Lumen Technologies, Inc.		10,288

				14,811

		Electric Utilities — 0.6%
	96	American Electric Power Co., Inc.		7,767
	150	Edison International		8,724
	24	Eversource Energy		2,100
	36	IDACORP, Inc.		3,179
	142	NextEra Energy, Inc.		11,484
	31	PPL Corp.		858

				34,112

		Electrical Equipment — 0.6%
	14	Acuity Brands, Inc.		1,683
	258	Ballard Power Systems, Inc.(a)		8,816
	35	Eaton Corp. PLC		4,119
	23	Generac Holdings, Inc.(a)		5,668
	25	Hubbell, Inc.		3,890
	24	Rockwell Automation, Inc.		5,965
	41	Sunrun, Inc.(a)		2,840

				32,981

		Electronic Equipment, Instruments & Components — 0.9%
	9	Amphenol Corp., Class A		1,124
	74	Avnet, Inc.		2,613
	74	Cognex Corp.		6,078
	15	Coherent, Inc.(a)		3,013
	28	Corning, Inc.		1,004
	93	Itron, Inc.(a)		8,000
	14	Littelfuse, Inc.		3,407
	13	Rogers Corp.(a)		2,029
	102	TE Connectivity Ltd.		12,281
	88	Trimble, Inc.(a)		5,800
	124	Vishay Intertechnology, Inc.		2,672

				48,021

		Energy Equipment & Services — 0.4%
	527	Archrock, Inc.		4,675
	85	Baker Hughes Co.		1,708
	96	NOV, Inc.		1,188
	502	Schlumberger NV		11,149
		Energy Equipment & Services — continued
	41	TechnipFMC PLC	$	438

				19,158

		Entertainment — 1.1%
	26	Activision Blizzard, Inc.		2,366
	69	Cinemark Holdings, Inc.		1,397
	51	Electronic Arts, Inc.		7,303
	26	Netflix, Inc.(a)		13,842
	217	Walt Disney Co. (The)(a)		36,493

				61,401

		Food & Staples Retailing — 0.2%
	58	BJ’s Wholesale Club Holdings, Inc.(a)		2,440
	56	Kroger Co. (The)		1,932
	167	SpartanNash Co.		3,093
	15	Sysco Corp.		1,073
	45	Walgreens Boots Alliance, Inc.		2,261

				10,799

		Food Products — 0.4%
	50	Campbell Soup Co.		2,405
	16	Conagra Brands, Inc.		554
	66	Darling Ingredients, Inc.(a)		4,093
	39	General Mills, Inc.		2,266
	71	Hain Celestial Group, Inc. (The)(a)		2,952
	53	Hormel Foods Corp.		2,484
	36	Ingredion, Inc.		2,717
	11	J.M. Smucker Co. (The)		1,280
	20	Kellogg Co.		1,179
	10	McCormick & Co., Inc.		895

				20,825

		Gas Utilities — 0.2%
	79	New Jersey Resources Corp.		2,766
	44	ONE Gas, Inc.		3,218
	81	South Jersey Industries, Inc.		1,871
	88	UGI Corp.		3,167

				11,022

		Health Care Equipment & Supplies — 1.0%
	41	Abbott Laboratories		5,067
	8	Baxter International, Inc.		615
	6	Becton Dickinson & Co.		1,571
	33	Boston Scientific Corp.(a)		1,170
	6	Cooper Cos., Inc. (The)		2,184
	14	Danaher Corp.		3,330
	11	DENTSPLY SIRONA, Inc.		588
	41	Edwards Lifesciences Corp.(a)		3,386
	41	Globus Medical, Inc., Class A(a)		2,529
	21	Haemonetics Corp.(a)		2,400
	36	Hill-Rom Holdings, Inc.		3,457
	19	Hologic, Inc.(a)		1,515
	11	Intuitive Surgical, Inc.(a)		8,224
	31	Medtronic PLC		3,451
	90	Meridian Bioscience, Inc.(a)		1,989
	33	Merit Medical Systems, Inc.(a)		1,787
	20	Penumbra, Inc.(a)		5,222
	12	Quidel Corp.(a)		3,012
	4	STERIS PLC		748
	7	Stryker Corp.		1,547
	4	Varian Medical Systems, Inc.(a)		702

				54,494

		Health Care Providers & Services — 1.8%
	14	Amedisys, Inc.(a)		4,022
	18	Anthem, Inc.		5,346
	28	BioTelemetry, Inc.(a)		2,001

See accompanying notes to financial statements.

59 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2040 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	110	Centene Corp.(a)	$	6,633
	9	Chemed Corp.		4,661
	24	Cigna Corp.		5,209
	153	CVS Health Corp.		10,962
	37	Encompass Health Corp.		2,975
	121	HCA Healthcare, Inc.		19,660
	23	Henry Schein, Inc.(a)		1,515
	42	Humana, Inc.		16,091
	17	Laboratory Corp. of America Holdings(a)		3,891
	144	MEDNAX, Inc.(a)		3,927
	65	Patterson Cos., Inc.		2,059
	26	Quest Diagnostics, Inc.		3,358
	21	UnitedHealth Group, Inc.		7,005

				99,315

		Health Care Technology — 0.4%
	140	Allscripts Healthcare Solutions, Inc.(a)		2,310
	180	Cerner Corp.		14,420
	73	HMS Holdings Corp.(a)		2,688

				19,418

		Hotels, Restaurants & Leisure — 1.5%
	3	Chipotle Mexican Grill, Inc.(a)		4,440
	36	Dine Brands Global, Inc.		2,475
	128	Hilton Worldwide Holdings, Inc.		12,978
	45	Jack in the Box, Inc.		4,236
	431	MGM Resorts International		12,310
	17	Royal Caribbean Cruises Ltd.		1,105
	48	Shake Shack, Inc., Class A(a)		5,444
	183	Starbucks Corp.		17,716
	139	Wendy’s Co. (The)		2,836
	203	Yum China Holdings, Inc.		11,512
	70	Yum! Brands, Inc.		7,104

				82,156

		Household Durables — 0.3%
	111	KB Home		4,622
	88	Meritage Homes Corp.(a)		7,063
	12	Mohawk Industries, Inc.(a)		1,723
	150	Taylor Morrison Home Corp.(a)		3,897

				17,305

		Household Products — 0.5%
	5	Clorox Co. (The)		1,047
	171	Colgate-Palmolive Co.		13,338
	91	Kimberly-Clark Corp.		12,021

				26,406

		Independent Power & Renewable Electricity Producers — 0.5%
	61	AES Corp. (The)		1,488
	95	Boralex, Inc., Class A		3,720
	123	NextEra Energy Partners LP		10,024
	55	Ormat Technologies, Inc.		6,279
	86	Sunnova Energy International, Inc.(a)		3,771

				25,282

		Industrial Conglomerates — 0.3%
	21	Carlisle Cos., Inc.		3,044
	1,290	General Electric Co.		13,777
	6	Honeywell International, Inc.		1,172

				17,993

		Insurance — 1.4%
	21	Aflac, Inc.		949
	30	Allstate Corp. (The)		3,215
	359	American International Group, Inc.		13,441
	52	Chubb Ltd.		7,575
		Insurance — continued
	63	First American Financial Corp.	$	3,294
	24	Hanover Insurance Group, Inc. (The)		2,699
	98	Hartford Financial Services Group, Inc. (The)		4,706
	10	Lincoln National Corp.		455
	34	Marsh & McLennan Cos., Inc.		3,737
	212	MetLife, Inc.		10,208
	48	Prudential Financial, Inc.		3,758
	178	Reinsurance Group of America, Inc.		18,699
	24	Travelers Cos., Inc. (The)		3,271

				76,007

		Interactive Media & Services — 2.6%
	20	Alphabet, Inc., Class A(a)		36,547
	25	Alphabet, Inc., Class C(a)		45,894
	219	Facebook, Inc., Class A(a)		56,574

				139,015

		Internet & Direct Marketing Retail — 2.5%
	146	Alibaba Group Holding Ltd., Sponsored ADR(a)		37,059
	16	Amazon.com, Inc.(a)		51,299
	10	Booking Holdings, Inc.(a)		19,443
	374	eBay, Inc.		21,135
	7	Etsy, Inc.(a)		1,394
	8	Expedia Group, Inc.		993
	496	Qurate Retail, Inc., Class A		6,250

				137,573

		IT Services — 2.6%
	42	Accenture PLC, Class A		10,161
	78	Akamai Technologies, Inc.(a)		8,660
	112	Automatic Data Processing, Inc.		18,493
	40	Cognizant Technology Solutions Corp., Class A		3,118
	474	DXC Technology Co.		13,367
	65	Fiserv, Inc.(a)		6,675
	83	Gartner, Inc.(a)		12,609
	61	MasterCard, Inc., Class A		19,294
	20	Paychex, Inc.		1,746
	189	Sabre Corp.		2,037
	12	VeriSign, Inc.(a)		2,329
	206	Visa, Inc., Class A		39,810
	20	WEX, Inc.(a)		3,772

				142,071

		Leisure Products — 0.0%
	85	Callaway Golf Co.		2,371

		Life Sciences Tools & Services — 0.7%
	16	Agilent Technologies, Inc.		1,923
	48	Illumina, Inc.(a)		20,469
	8	IQVIA Holdings, Inc.(a)		1,422
	77	NeoGenomics, Inc.(a)		4,083
	35	Repligen Corp.(a)		7,000
	8	Thermo Fisher Scientific, Inc.		4,078
	5	Waters Corp.(a)		1,323

				40,298

		Machinery — 2.1%
	46	AGCO Corp.		5,101
	125	Caterpillar, Inc.		22,855
	50	Cummins, Inc.		11,721
	121	Deere & Co.		34,945
	43	Flowserve Corp.		1,529
	9	Illinois Tool Works, Inc.		1,748
	65	ITT, Inc.		4,856
	78	Kennametal, Inc.		2,955
	51	Oshkosh Corp.		4,671
	54	Parker-Hannifin Corp.		14,289

See accompanying notes to financial statements.

| 60

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2040 Fund – (continued)


Shares		Description	Value (†)
		Machinery — continued
	14	Proto Labs, Inc.(a)	$	2,965
	61	Terex Corp.		2,181
	54	Toro Co. (The)		5,090

				114,906

		Media — 1.3%
	4	Cable One, Inc.		8,000
	27	Charter Communications, Inc., Class A(a)		16,404
	570	Comcast Corp., Class A		28,255
	18	Discovery, Inc., Series C(a)		631
	94	Discovery, Inc., Series A(a)		3,893
	65	Fox Corp., Class A		2,027
	51	Interpublic Group of Cos., Inc. (The)		1,228
	67	New York Times Co. (The), Class A		3,322
	63	News Corp., Class A		1,222
	68	Omnicom Group, Inc.		4,242

				69,224

		Metals & Mining — 0.3%
	198	Cleveland-Cliffs, Inc.		3,037
	120	Commercial Metals Co.		2,363
	8	Nucor Corp.		390
	50	Reliance Steel & Aluminum Co.		5,804
	30	Royal Gold, Inc.		3,206

				14,800

		Multi-Utilities — 0.2%
	57	Consolidated Edison, Inc.		4,034
	22	DTE Energy Co.		2,612
	28	Sempra Energy		3,465
	14	WEC Energy Group, Inc.		1,245

				11,356

		Multiline Retail — 0.2%
	285	Macy’s, Inc.		4,286
	33	Target Corp.		5,979

				10,265

		Oil, Gas & Consumable Fuels — 1.0%
	707	Apache Corp.		10,096
	123	ConocoPhillips		4,924
	75	Devon Energy Corp.		1,234
	129	Diamondback Energy, Inc.		7,313
	303	EOG Resources, Inc.		15,441
	115	EQT Corp.		1,876
	90	Kinder Morgan, Inc.		1,267
	301	Marathon Oil Corp.		2,179
	58	ONEOK, Inc.		2,310
	407	Southwestern Energy Co.(a)		1,534
	41	Valero Energy Corp.		2,314
	59	World Fuel Services Corp.		1,805

				52,293

		Paper & Forest Products — 0.1%
	82	Louisiana-Pacific Corp.		3,117

		Personal Products — 0.0%
	3	Estee Lauder Cos., Inc. (The), Class A		710

		Pharmaceuticals — 1.4%
	55	Bristol-Myers Squibb Co.		3,379
	19	Eli Lilly & Co.		3,951
	27	Jazz Pharmaceuticals PLC(a)		4,198
	167	Merck & Co., Inc.		12,871
	230	Novartis AG, Sponsored ADR		20,808
	84	Novo Nordisk A/S, Sponsored ADR		5,846
	28	Perrigo Co. PLC		1,196
	133	Pfizer, Inc.		4,775
		Pharmaceuticals — continued
	384	Roche Holding AG, Sponsored ADR	$	16,669
	6	Zoetis, Inc.		926

				74,619

		Professional Services — 0.2%
	52	Exponent, Inc.		4,294
	7	IHS Markit Ltd.		610
	18	Insperity, Inc.		1,413
	54	Korn Ferry		2,462
	32	ManpowerGroup, Inc.		2,830
	24	Nielsen Holdings PLC		536

				12,145

		Real Estate Management & Development — 0.2%
	99	CBRE Group, Inc., Class A(a)		6,037
	25	Jones Lang LaSalle, Inc.(a)		3,655

				9,692

		REITs – Apartments — 0.2%
	90	American Campus Communities, Inc.		3,704
	63	Camden Property Trust		6,436
	24	Equity Residential		1,479

				11,619

		REITs – Diversified — 0.2%
	29	American Tower Corp.		6,593
	6	Crown Castle International Corp.		956
	48	Weyerhaeuser Co.		1,497

				9,046

		REITs – Health Care — 0.0%
	25	Ventas, Inc.		1,152
	11	Welltower, Inc.		666

				1,818

		REITs – Hotels — 0.1%
	78	Host Hotels & Resorts, Inc.		1,057
	265	Park Hotels & Resorts, Inc.		4,420

				5,477

		REITs – Mortgage — 0.1%
	131	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		7,749

		REITs – Office Property — 0.3%
	5	Boston Properties, Inc.		456
	135	Corporate Office Properties Trust		3,546
	153	Douglas Emmett, Inc.		4,240
	204	Easterly Government Properties, Inc.		4,478
	68	Kilroy Realty Corp.		3,851

				16,571

		REITs – Shopping Centers — 0.1%
	381	Brixmor Property Group, Inc.		6,450

		REITs – Storage — 0.0%
	17	Iron Mountain, Inc.		572

		REITs – Warehouse/Industrials — 0.2%
	46	CyrusOne, Inc.		3,356
	59	ProLogis, Inc.		6,089

				9,445

		Road & Rail — 0.3%
	18	CSX Corp.		1,544
	26	Norfolk Southern Corp.		6,152
	42	Ryder System, Inc.		2,629
	20	Union Pacific Corp.		3,949

				14,274

See accompanying notes to financial statements.

61 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2040 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — 2.7%
	37	Advanced Micro Devices, Inc.(a)	$	3,169
	11	Analog Devices, Inc.		1,621
	23	Applied Materials, Inc.		2,224
	55	Cirrus Logic, Inc.(a)		5,153
	92	Cree, Inc.(a)		9,299
	33	Enphase Energy, Inc.(a)		6,018
	117	First Solar, Inc.(a)		11,600
	68	Ichor Holdings Ltd.(a)		2,455
	128	Intel Corp.		7,105
	6	Lam Research Corp.		2,904
	13	Micron Technology, Inc.(a)		1,017
	94	NVIDIA Corp.		48,841
	161	QUALCOMM, Inc.		25,161
	42	Silicon Laboratories, Inc.(a)		5,509
	50	Texas Instruments, Inc.		8,284
	23	Universal Display Corp.		5,309
	8	Xilinx, Inc.		1,045

				146,714

		Software — 3.9%
	26	Adobe, Inc.(a)		11,928
	24	ANSYS, Inc.(a)		8,505
	128	Autodesk, Inc.(a)		35,511
	30	Blackbaud, Inc.		1,995
	45	Bottomline Technologies, Inc.(a)		2,150
	8	Citrix Systems, Inc.		1,066
	14	Fair Isaac Corp.(a)		6,302
	163	Microsoft Corp.		37,809
	27	NortonLifeLock, Inc.		569
	510	Oracle Corp.		30,819
	26	Paylocity Holding Corp.(a)		4,874
	37	PTC, Inc.(a)		4,918
	27	Qualys, Inc.(a)		3,739
	122	salesforce.com, Inc.(a)		27,518
	42	SPS Commerce, Inc.(a)		4,153
	124	Workday, Inc., Class A(a)		28,214

				210,070

		Specialty Retail — 0.9%
	91	American Eagle Outfitters, Inc.		2,065
	35	Asbury Automotive Group, Inc.(a)		4,991
	3	AutoZone, Inc.(a)		3,355
	22	Best Buy Co., Inc.		2,394
	17	Five Below, Inc.(a)		2,987
	52	Gap, Inc. (The)(a)		1,053
	57	Home Depot, Inc. (The)		15,437
	25	Lithia Motors, Inc., Class A		7,967
	10	Lowe’s Cos., Inc.		1,669
	25	Monro, Inc.		1,462
	13	TJX Cos., Inc. (The)		833
	7	Ulta Beauty, Inc.(a)		1,958
	35	Williams-Sonoma, Inc.		4,512

				50,683

		Technology Hardware, Storage & Peripherals — 0.5%
	823	Hewlett Packard Enterprise Co.		10,156
	501	HP, Inc.		12,194
	92	NCR Corp.(a)		3,069
	12	Seagate Technology PLC		794

				26,213

		Textiles, Apparel & Luxury Goods — 0.5%
	21	Deckers Outdoor Corp.(a)		6,132
	683	Under Armour, Inc., Class A(a)		11,953
	59	VF Corp.		4,535
	85	Wolverine World Wide, Inc.		2,434

				25,054

		Thrifts & Mortgage Finance — 0.1%
	112	Mr. Cooper Group, Inc.(a)	$	3,050
	296	New York Community Bancorp, Inc.		3,096

				6,146

		Trading Companies & Distributors — 0.0%
	25	GATX Corp.		2,320

		Water Utilities — 0.3%
	31	American Water Works Co., Inc.		4,929
	209	Essential Utilities, Inc.		9,677

				14,606

		Wireless Telecommunication Services — 0.2%
	61	Shenandoah Telecommunications Co.		2,371
	50	T-Mobile US, Inc.(a)		6,304

				8,675

		Total Common Stocks (Identified Cost $2,378,442)		2,814,574


Principal Amount
	Bonds and Notes — 5.2%
		Automotive — 0.1%
$	2,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		2,291
	2,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		2,042

				4,333

		Banking — 0.8%
	2,000	American Express Co., 3.700%, 8/03/2023		2,159
	2,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		2,052
	2,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		2,020
	2,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		2,187
	2,000	Bank of Nova Scotia (The), 3.400%, 2/11/2024		2,173
	3,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		3,187
	2,000	Capital One Financial Corp., 3.300%, 10/30/2024		2,181
	3,000	Citigroup, Inc., 4.600%, 3/09/2026		3,480
	2,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		2,074
	1,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		1,008
	2,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		2,227
	2,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		2,155
	3,000	KeyCorp, MTN, 2.550%, 10/01/2029		3,199
	3,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		3,311
	2,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		2,182
	1,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		1,081
	3,000	Truist Bank, 3.200%, 4/01/2024		3,253
	3,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		3,245
	2,000	Westpac Banking Corp., 2.350%, 2/19/2025		2,136

				45,310

		Brokerage — 0.1%
	2,000	BlackRock, Inc., 2.400%, 4/30/2030		2,149
	2,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		2,047

				4,196

		Cable Satellite — 0.0%
	2,000	Comcast Corp., 3.000%, 2/01/2024		2,150

		Construction Machinery — 0.1%
	3,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023		3,022
	2,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		2,045

				5,067

See accompanying notes to financial statements.

| 62

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2040 Fund – (continued)


Principal Amount		Description	Value (†)
		Consumer Cyclical Services — 0.1%
$	2,000	Amazon.com, Inc., 3.875%, 8/22/2037	$	2,434
	2,000	eBay, Inc., 3.800%, 3/09/2022		2,070

				4,504

		Electric — 0.2%
	2,000	Duke Energy Corp., 3.750%, 4/15/2024		2,185
	2,000	Entergy Corp., 0.900%, 9/15/2025		1,996
	2,000	Exelon Corp., 4.050%, 4/15/2030		2,339
	2,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		2,070
	2,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		2,205

				10,795

		Finance Companies — 0.0%
	2,000	Ares Capital Corp., 3.250%, 7/15/2025		2,115

		Financial Other — 0.0%
	2,000	ORIX Corp., 2.900%, 7/18/2022		2,069

		Food & Beverage — 0.2%
	4,000	Coca-Cola Co. (The), 1.450%, 6/01/2027		4,095
	2,000	General Mills, Inc., 4.000%, 4/17/2025		2,253
	2,000	Mondelez International, Inc., 2.750%, 4/13/2030		2,162

				8,510

		Government Owned – No Guarantee — 0.1%
	4,000	Federal National Mortgage Association, 6.625%, 11/15/2030		5,990

		Health Insurance — 0.1%
	3,000	Anthem, Inc., 4.101%, 3/01/2028		3,507
	2,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		2,901

				6,408

		Healthcare — 0.2%
	2,000	Cigna Corp., 3.750%, 7/15/2023		2,158
	2,000	CVS Health Corp., 4.300%, 3/25/2028		2,349
	2,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		2,120
	2,000	McKesson Corp., 3.950%, 2/16/2028		2,310

				8,937

		Independent Energy — 0.0%
	2,000	EQT Corp., 3.000%, 10/01/2022		2,031

		Integrated Energy — 0.2%
	3,000	BP Capital Markets PLC, 3.814%, 2/10/2024		3,286
	2,000	Exxon Mobil Corp., 2.992%, 3/19/2025		2,174
	2,000	Shell International Finance BV, 6.375%, 12/15/2038		3,028

				8,488

		Life Insurance — 0.1%
	2,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		2,204

		Midstream — 0.1%
	2,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		2,182
	3,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		3,274

				5,456

		Mortgage Related — 0.7%
	763	FHLMC, 3.000%, 6/01/2049		802
	1,965	FNMA, 2.000%, 9/01/2050		2,030
	14,932	FNMA, 2.500%, with various maturities from 2050 to 2051(b)		15,727
	8,210	FNMA, 3.000%, with various maturities from 2034 to 2049(b)		8,644
	7,481	FNMA, 3.500%, with various maturities in 2049(b)		7,949
	1,655	FNMA, 4.000%, with various maturities from 2049 to 2050(b)		1,772
		Mortgage Related — continued
$	1,757	FNMA, 4.500%, with various maturities in 2049(b)	$	1,909

				38,833

		Natural Gas — 0.0%
	2,000	NiSource, Inc., 0.950%, 8/15/2025		2,002

		Oil Field Services — 0.0%
	2,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		2,083

		Pharmaceuticals — 0.1%
	2,000	AbbVie, Inc., 3.600%, 5/14/2025		2,217
	2,000	Amgen, Inc., 2.650%, 5/11/2022		2,057
	3,000	Johnson & Johnson, 1.300%, 9/01/2030		2,959

				7,233

		Property & Casualty Insurance — 0.1%
	2,000	American International Group, Inc., 3.400%, 6/30/2030		2,232

		Railroads — 0.1%
	2,000	CSX Corp., 2.600%, 11/01/2026		2,177

		REITs – Office Property — 0.0%
	2,000	Boston Properties LP, 2.750%, 10/01/2026		2,166

		Restaurants — 0.1%
	3,000	Starbucks Corp., 2.250%, 3/12/2030		3,125

		Technology — 0.4%
	3,000	Apple, Inc., 2.500%, 2/09/2025		3,227
	2,000	Broadcom, Inc., 4.110%, 9/15/2028		2,258
	2,000	HP, Inc., 3.000%, 6/17/2027		2,193
	2,000	Intel Corp., 2.450%, 11/15/2029		2,141
	3,000	International Business Machines Corp., 4.000%, 6/20/2042		3,589
	2,000	NVIDIA Corp., 2.850%, 4/01/2030		2,204
	2,000	Oracle Corp., 2.950%, 5/15/2025		2,175
	2,000	QUALCOMM, Inc., 1.650%, 5/20/2032		1,970
	2,000	VMware, Inc., 2.950%, 8/21/2022		2,072

				21,829

		Treasuries — 1.2%
	2,000	U.S. Treasury Bond, 2.500%, 5/15/2046		2,295
	6,000	U.S. Treasury Bond, 2.875%, 11/15/2046		7,367
	7,000	U.S. Treasury Bond, 3.000%, 5/15/2045		8,740
	2,000	U.S. Treasury Bond, 3.000%, 2/15/2048		2,521
	6,000	U.S. Treasury Bond, 3.000%, 2/15/2049		7,596
	2,000	U.S. Treasury Bond, 4.250%, 11/15/2040		2,909
	2,000	U.S. Treasury Bond, 4.375%, 5/15/2041		2,966
	1,000	U.S. Treasury Bond, 4.500%, 2/15/2036		1,432
	6,000	U.S. Treasury Note, 0.375%, 11/30/2025		5,991
	11,000	U.S. Treasury Note, 1.625%, 8/31/2022		11,262
	11,000	U.S. Treasury Note, 2.125%, 12/31/2022		11,421

				64,500

		Wireless — 0.1%
	2,000	Vodafone Group PLC, 6.150%, 2/27/2037		2,794

		Wirelines — 0.0%
	2,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.321%, 5/15/2025(c)		2,058

		Total Bonds and Notes (Identified Cost $273,043)		279,595


Shares
	Exchange-Traded Funds — 6.3%
	4,747	iShares^® ESG Aware MSCI EAFE ETF (Identified Cost $301,861)		343,398

See accompanying notes to financial statements.

63 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2040 Fund – (continued)


Shares		Description	Value (†)
	Affiliated Mutual Funds — 27.5%
	11,742	Loomis Sayles Inflation Protected Securities Fund, Class N	$	140,788
	9,773	Loomis Sayles Limited Term Government and Agency Fund, Class N		112,782
	18,340	Mirova Global Green Bond Fund, Class N		196,967
	31,363	Mirova International Sustainable Equity Fund, Class N		427,161
	10,648	WCM Focused Emerging Markets Fund, Institutional Class		213,594
	16,360	WCM Focused International Growth Fund, Institutional Class		403,115

		Total Affiliated Mutual Funds (Identified Cost $1,346,060)		1,494,407


Principal Amount
	Short-Term Investments — 4.7%
$	256,642	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/29/2021 at 0.000% to be repurchased at $256,642 on 2/01/2021 collateralized by $51,400 U.S. Treasury Note, 2.750% due 5/31/2023 valued at $54,747; $199,900 U.S. Treasury Note, 1.625% due 4/30/2023 valued at $207,353 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $256,642)		256,642


		Total Investments — 95.5% (Identified Cost $4,556,048)		5,188,616
		Other assets less liabilities — 4.5%		242,126

		Net Assets — 100.0%	$	5,430,742


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(c)	Variable rate security. Rate as of January 31, 2021 is disclosed.

	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ETF	Exchange-Traded Fund
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

Asset Allocation Summary at January 31, 2021


Equity	77.3	%
Fixed Income	13.5
Short-Term Investments	4.7

Total Investments	95.5
Other assets less liabilities	4.5

Net Assets	100.0	%

See accompanying notes to financial statements.

| 64

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2045 Fund


Shares		Description	Value (†)
	Common Stocks — 56.8% of Net Assets
		Aerospace & Defense — 0.9%
	26	Axon Enterprise, Inc.(a)	$	4,268
	176	Boeing Co. (The)		34,177
	72	General Dynamics Corp.		10,561
	5	L3Harris Technologies, Inc.		858
	33	Moog, Inc., Class A		2,438
	77	Raytheon Technologies Corp.		5,138

				57,440

		Air Freight & Logistics — 0.5%
	297	Expeditors International of Washington, Inc.		26,587
	42	United Parcel Service, Inc., Class B		6,510

				33,097

		Airlines — 0.1%
	15	Alaska Air Group, Inc.		732
	51	Delta Air Lines, Inc.		1,936
	370	JetBlue Airways Corp.(a)		5,306

				7,974

		Auto Components — 0.4%
	131	Aptiv PLC		17,502
	21	BorgWarner, Inc.		882
	250	Dana, Inc.		4,840
	34	Visteon Corp.(a)		4,334

				27,558

		Automobiles — 0.5%
	521	General Motors Co.		26,404
	35	Thor Industries, Inc.		4,236

				30,640

		Banks — 2.6%
	97	Ameris Bancorp		3,794
	173	BancorpSouth Bank		4,783
	941	Bank of America Corp.		27,901
	465	Citigroup, Inc.		26,965
	136	Citizens Financial Group, Inc.		4,956
	132	Columbia Banking System, Inc.		5,085
	12	Comerica, Inc.		686
	84	Cullen/Frost Bankers, Inc.		7,748
	54	Fifth Third Bancorp		1,562
	277	Fulton Financial Corp.		3,712
	96	Huntington Bancshares, Inc.		1,270
	154	International Bancshares Corp.		5,823
	172	KeyCorp		2,900
	35	M&T Bank Corp.		4,636
	221	People’s United Financial, Inc.		3,019
	82	PNC Financial Services Group, Inc. (The)		11,769
	228	Regions Financial Corp.		3,878
	140	TCF Financial Corp.		5,440
	238	Truist Financial Corp.		11,419
	238	Trustmark Corp.		6,538
	104	U.S. Bancorp		4,456
	471	Wells Fargo & Co.		14,074
	64	Wintrust Financial Corp.		3,852

				166,266

		Beverages — 1.5%
	200	Coca-Cola Co. (The)		9,630
	100	Constellation Brands, Inc., Class A		21,093
	402	Keurig Dr Pepper, Inc.		12,783
	465	Monster Beverage Corp.(a)		40,376
	73	PepsiCo, Inc.		9,970

				93,852

		Biotechnology — 1.3%
	48	AbbVie, Inc.	$	4,919
	47	Amgen, Inc.		11,347
	15	Biogen, Inc.(a)		4,239
	120	BioMarin Pharmaceutical, Inc.(a)		9,934
	118	Gilead Sciences, Inc.		7,741
	21	Ligand Pharmaceuticals, Inc.(a)		3,892
	73	Regeneron Pharmaceuticals, Inc.(a)		36,780

				78,852

		Building Products — 0.3%
	32	Carrier Global Corp.		1,232
	29	Johnson Controls International PLC		1,445
	25	Lennox International, Inc.		6,887
	74	Owens Corning		5,742
	49	Trex Co., Inc.(a)		4,497

				19,803

		Capital Markets — 3.5%
	12	Ameriprise Financial, Inc.		2,374
	711	Bank of New York Mellon Corp. (The)		28,319
	10	BlackRock, Inc.		7,013
	558	Charles Schwab Corp. (The)		28,759
	18	CME Group, Inc.		3,271
	60	FactSet Research Systems, Inc.		18,140
	55	Franklin Resources, Inc.		1,446
	74	Goldman Sachs Group, Inc. (The)		20,067
	33	Intercontinental Exchange, Inc.		3,642
	24	Invesco Ltd.		494
	113	Janus Henderson Group PLC		3,476
	168	KKR & Co., Inc.		6,544
	34	Moody’s Corp.		9,053
	11	Morgan Stanley		738
	34	MSCI, Inc.		13,440
	126	Northern Trust Corp.		11,238
	47	S&P Global, Inc.		14,899
	257	SEI Investments Co.		13,582
	494	State Street Corp.		34,580
	5	T. Rowe Price Group, Inc.		782

				221,857

		Chemicals — 0.6%
	10	Air Products & Chemicals, Inc.		2,668
	29	DuPont de Nemours, Inc.		2,304
	12	Ecolab, Inc.		2,454
	60	HB Fuller Co.		3,053
	48	Innospec, Inc.		4,214
	51	Linde PLC		12,516
	52	Minerals Technologies, Inc.		3,205
	8	PPG Industries, Inc.		1,078
	3	Sherwin-Williams Co. (The)		2,075
	30	Stepan Co.		3,380

				36,947

		Commercial Services & Supplies — 0.2%
	55	Healthcare Services Group, Inc.		1,783
	35	MSA Safety, Inc.		5,464
	10	Republic Services, Inc.		905
	51	Tetra Tech, Inc.		6,200
	12	Waste Management, Inc.		1,336

				15,688

		Communications Equipment — 0.7%
	37	Arista Networks, Inc.(a)		11,380
	82	Ciena Corp.(a)		4,378
	477	Cisco Systems, Inc.		21,265
	8	F5 Networks, Inc.(a)		1,567
	46	Lumentum Holdings, Inc.(a)		4,315

				42,905

See accompanying notes to financial statements.

65 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2045 Fund – (continued)


Shares		Description	Value (†)
		Construction & Engineering — 0.2%
	155	AECOM(a)	$	7,766
	173	Fluor Corp.		2,991

				10,757

		Consumer Finance — 1.5%
	903	Ally Financial, Inc.		34,169
	184	American Express Co.		21,392
	307	Capital One Financial Corp.		32,008
	40	Green Dot Corp., Class A(a)		2,009
	37	PROG Holdings, Inc.		1,746

				91,324

		Containers & Packaging — 0.2%
	60	Ball Corp.		5,281
	39	International Paper Co.		1,962
	216	O-I Glass, Inc.		2,731

				9,974

		Distributors — 0.1%
	39	Genuine Parts Co.		3,661

		Diversified Telecommunication Services — 0.3%
	196	AT&T, Inc.		5,612
	1,079	Lumen Technologies, Inc.		13,358

				18,970

		Electric Utilities — 0.7%
	123	American Electric Power Co., Inc.		9,952
	197	Edison International		11,457
	32	Eversource Energy		2,800
	46	IDACORP, Inc.		4,062
	185	NextEra Energy, Inc.		14,961
	45	PPL Corp.		1,245

				44,477

		Electrical Equipment — 0.7%
	16	Acuity Brands, Inc.		1,924
	336	Ballard Power Systems, Inc.(a)		11,481
	41	Eaton Corp. PLC		4,826
	28	Generac Holdings, Inc.(a)		6,900
	32	Hubbell, Inc.		4,979
	30	Rockwell Automation, Inc.		7,456
	52	Sunrun, Inc.(a)		3,602

				41,168

		Electronic Equipment, Instruments & Components — 1.0%
	10	Amphenol Corp., Class A		1,249
	77	Avnet, Inc.		2,719
	88	Cognex Corp.		7,227
	20	Coherent, Inc.(a)		4,017
	41	Corning, Inc.		1,471
	122	Itron, Inc.(a)		10,494
	16	Littelfuse, Inc.		3,894
	15	Rogers Corp.(a)		2,341
	138	TE Connectivity Ltd.		16,615
	105	Trimble, Inc.(a)		6,921
	139	Vishay Intertechnology, Inc.		2,995

				59,943

		Energy Equipment & Services — 0.4%
	656	Archrock, Inc.		5,819
	112	Baker Hughes Co.		2,250
	88	NOV, Inc.		1,089
	597	Schlumberger NV		13,259
	63	TechnipFMC PLC		674

				23,091

		Entertainment — 1.3%
	35	Activision Blizzard, Inc.	$	3,185
	68	Cinemark Holdings, Inc.		1,376
	65	Electronic Arts, Inc.		9,308
	35	Netflix, Inc.(a)		18,634
	283	Walt Disney Co. (The)(a)		47,592

				80,095

		Food & Staples Retailing — 0.2%
	61	BJ’s Wholesale Club Holdings, Inc.(a)		2,566
	73	Kroger Co. (The)		2,519
	191	SpartanNash Co.		3,537
	15	Sysco Corp.		1,073
	63	Walgreens Boots Alliance, Inc.		3,166

				12,861

		Food Products — 0.4%
	70	Campbell Soup Co.		3,368
	27	Conagra Brands, Inc.		934
	83	Darling Ingredients, Inc.(a)		5,147
	52	General Mills, Inc.		3,021
	81	Hain Celestial Group, Inc. (The)(a)		3,369
	70	Hormel Foods Corp.		3,280
	41	Ingredion, Inc.		3,094
	12	J.M. Smucker Co. (The)		1,397
	21	Kellogg Co.		1,238
	15	McCormick & Co., Inc.		1,343

				26,191

		Gas Utilities — 0.2%
	82	New Jersey Resources Corp.		2,871
	47	ONE Gas, Inc.		3,437
	91	South Jersey Industries, Inc.		2,102
	101	UGI Corp.		3,635

				12,045

		Health Care Equipment & Supplies — 1.0%
	51	Abbott Laboratories		6,303
	9	Baxter International, Inc.		691
	7	Becton Dickinson & Co.		1,833
	28	Boston Scientific Corp.(a)		992
	8	Cooper Cos., Inc. (The)		2,912
	18	Danaher Corp.		4,281
	18	DENTSPLY SIRONA, Inc.		963
	44	Edwards Lifesciences Corp.(a)		3,633
	43	Globus Medical, Inc., Class A(a)		2,653
	23	Haemonetics Corp.(a)		2,629
	46	Hill-Rom Holdings, Inc.		4,418
	20	Hologic, Inc.(a)		1,595
	15	Intuitive Surgical, Inc.(a)		11,215
	32	Medtronic PLC		3,563
	102	Meridian Bioscience, Inc.(a)		2,254
	33	Merit Medical Systems, Inc.(a)		1,787
	24	Penumbra, Inc.(a)		6,266
	12	Quidel Corp.(a)		3,012
	4	STERIS PLC		748
	8	Stryker Corp.		1,768
	7	Varian Medical Systems, Inc.(a)		1,229

				64,745

		Health Care Providers & Services — 2.0%
	17	Amedisys, Inc.(a)		4,884
	23	Anthem, Inc.		6,830
	32	BioTelemetry, Inc.(a)		2,287
	131	Centene Corp.(a)		7,899
	11	Chemed Corp.		5,697
	30	Cigna Corp.		6,511

See accompanying notes to financial statements.

| 66

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2045 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	207	CVS Health Corp.	$	14,832
	44	Encompass Health Corp.		3,538
	159	HCA Healthcare, Inc.		25,834
	24	Henry Schein, Inc.(a)		1,580
	55	Humana, Inc.		21,071
	23	Laboratory Corp. of America Holdings(a)		5,265
	180	MEDNAX, Inc.(a)		4,909
	73	Patterson Cos., Inc.		2,313
	35	Quest Diagnostics, Inc.		4,520
	27	UnitedHealth Group, Inc.		9,007

				126,977

		Health Care Technology — 0.4%
	160	Allscripts Healthcare Solutions, Inc.(a)		2,640
	226	Cerner Corp.		18,105
	76	HMS Holdings Corp.(a)		2,798

				23,543

		Hotels, Restaurants & Leisure — 1.7%
	3	Chipotle Mexican Grill, Inc.(a)		4,440
	43	Dine Brands Global, Inc.		2,957
	173	Hilton Worldwide Holdings, Inc.		17,540
	54	Jack in the Box, Inc.		5,083
	585	MGM Resorts International		16,708
	18	Royal Caribbean Cruises Ltd.		1,170
	60	Shake Shack, Inc., Class A(a)		6,805
	246	Starbucks Corp.		23,815
	159	Wendy’s Co. (The)		3,244
	259	Yum China Holdings, Inc.		14,688
	89	Yum! Brands, Inc.		9,033

				105,483

		Household Durables — 0.3%
	139	KB Home		5,788
	104	Meritage Homes Corp.(a)		8,347
	12	Mohawk Industries, Inc.(a)		1,723
	187	Taylor Morrison Home Corp.(a)		4,858

				20,716

		Household Products — 0.5%
	5	Clorox Co. (The)		1,047
	216	Colgate-Palmolive Co.		16,848
	117	Kimberly-Clark Corp.		15,456

				33,351

		Independent Power & Renewable Electricity Producers — 0.5%
	65	AES Corp. (The)		1,585
	98	Boralex, Inc., Class A		3,838
	161	NextEra Energy Partners LP		13,122
	68	Ormat Technologies, Inc.		7,763
	111	Sunnova Energy International, Inc.(a)		4,867

				31,175

		Industrial Conglomerates — 0.4%
	25	Carlisle Cos., Inc.		3,623
	1,749	General Electric Co.		18,680
	6	Honeywell International, Inc.		1,172

				23,475

		Insurance — 1.5%
	22	Aflac, Inc.		994
	38	Allstate Corp. (The)		4,073
	486	American International Group, Inc.		18,196
	67	Chubb Ltd.		9,760
	80	First American Financial Corp.		4,183
	27	Hanover Insurance Group, Inc. (The)		3,037
	111	Hartford Financial Services Group, Inc. (The)		5,330
		Insurance — continued
	17	Lincoln National Corp.	$	773
	42	Marsh & McLennan Cos., Inc.		4,616
	276	MetLife, Inc.		13,289
	61	Prudential Financial, Inc.		4,775
	230	Reinsurance Group of America, Inc.		24,162
	31	Travelers Cos., Inc. (The)		4,225

				97,413

		Interactive Media & Services — 2.8%
	25	Alphabet, Inc., Class A(a)		45,684
	32	Alphabet, Inc., Class C(a)		58,744
	285	Facebook, Inc., Class A(a)		73,624

				178,052

		Internet & Direct Marketing Retail — 2.8%
	186	Alibaba Group Holding Ltd., Sponsored ADR(a)		47,212
	20	Amazon.com, Inc.(a)		64,124
	13	Booking Holdings, Inc.(a)		25,276
	499	eBay, Inc.		28,198
	7	Etsy, Inc.(a)		1,394
	8	Expedia Group, Inc.		993
	671	Qurate Retail, Inc., Class A		8,455

				175,652

		IT Services — 2.9%
	56	Accenture PLC, Class A		13,548
	103	Akamai Technologies, Inc.(a)		11,436
	143	Automatic Data Processing, Inc.		23,612
	50	Cognizant Technology Solutions Corp., Class A		3,898
	640	DXC Technology Co.		18,048
	87	Fiserv, Inc.(a)		8,934
	112	Gartner, Inc.(a)		17,014
	79	MasterCard, Inc., Class A		24,987
	27	Paychex, Inc.		2,358
	216	Sabre Corp.		2,328
	15	VeriSign, Inc.(a)		2,911
	265	Visa, Inc., Class A		51,211
	24	WEX, Inc.(a)		4,526

				184,811

		Leisure Products — 0.0%
	95	Callaway Golf Co.		2,650

		Life Sciences Tools & Services — 0.8%
	21	Agilent Technologies, Inc.		2,524
	58	Illumina, Inc.(a)		24,733
	9	IQVIA Holdings, Inc.(a)		1,600
	97	NeoGenomics, Inc.(a)		5,143
	44	Repligen Corp.(a)		8,800
	11	Thermo Fisher Scientific, Inc.		5,607
	8	Waters Corp.(a)		2,117

				50,524

		Machinery — 2.4%
	58	AGCO Corp.		6,432
	162	Caterpillar, Inc.		29,620
	65	Cummins, Inc.		15,237
	160	Deere & Co.		46,208
	46	Flowserve Corp.		1,636
	13	Illinois Tool Works, Inc.		2,525
	77	ITT, Inc.		5,753
	89	Kennametal, Inc.		3,371
	61	Oshkosh Corp.		5,587
	73	Parker-Hannifin Corp.		19,317
	18	Proto Labs, Inc.(a)		3,812
	68	Terex Corp.		2,432
	68	Toro Co. (The)		6,409

				148,339

See accompanying notes to financial statements.

67 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2045 Fund – (continued)


Shares		Description	Value (†)
		Media — 1.4%
	4	Cable One, Inc.	$	8,000
	36	Charter Communications, Inc., Class A(a)		21,872
	762	Comcast Corp., Class A		37,772
	29	Discovery, Inc., Series C(a)		1,016
	96	Discovery, Inc., Series A(a)		3,976
	66	Fox Corp., Class A		2,058
	52	Interpublic Group of Cos., Inc. (The)		1,252
	76	New York Times Co. (The), Class A		3,769
	65	News Corp., Class A		1,261
	72	Omnicom Group, Inc.		4,491

				85,467

		Metals & Mining — 0.3%
	247	Cleveland-Cliffs, Inc.		3,789
	125	Commercial Metals Co.		2,461
	14	Nucor Corp.		682
	60	Reliance Steel & Aluminum Co.		6,965
	39	Royal Gold, Inc.		4,169

				18,066

		Multi-Utilities — 0.2%
	72	Consolidated Edison, Inc.		5,096
	30	DTE Energy Co.		3,562
	30	Sempra Energy		3,713
	15	WEC Energy Group, Inc.		1,333

				13,704

		Multiline Retail — 0.2%
	355	Macy’s, Inc.		5,339
	39	Target Corp.		7,066

				12,405

		Oil, Gas & Consumable Fuels — 1.1%
	962	Apache Corp.		13,737
	158	ConocoPhillips		6,325
	92	Devon Energy Corp.		1,514
	175	Diamondback Energy, Inc.		9,921
	411	EOG Resources, Inc.		20,945
	131	EQT Corp.		2,137
	103	Kinder Morgan, Inc.		1,450
	391	Marathon Oil Corp.		2,831
	76	ONEOK, Inc.		3,027
	401	Southwestern Energy Co.(a)		1,512
	54	Valero Energy Corp.		3,047
	67	World Fuel Services Corp.		2,049

				68,495

		Paper & Forest Products — 0.1%
	103	Louisiana-Pacific Corp.		3,915

		Personal Products — 0.0%
	3	Estee Lauder Cos., Inc. (The), Class A		710

		Pharmaceuticals — 1.5%
	65	Bristol-Myers Squibb Co.		3,993
	21	Eli Lilly & Co.		4,367
	34	Jazz Pharmaceuticals PLC(a)		5,287
	218	Merck & Co., Inc.		16,801
	286	Novartis AG, Sponsored ADR		25,874
	107	Novo Nordisk A/S, Sponsored ADR		7,447
	30	Perrigo Co. PLC		1,281
	150	Pfizer, Inc.		5,385
	497	Roche Holding AG, Sponsored ADR		21,575
	6	Zoetis, Inc.		926

				92,936

		Professional Services — 0.2%
	62	Exponent, Inc.	$	5,120
	12	IHS Markit Ltd.		1,045
	21	Insperity, Inc.		1,648
	57	Korn Ferry		2,599
	38	ManpowerGroup, Inc.		3,361
	38	Nielsen Holdings PLC		849

				14,622

		Real Estate Management & Development — 0.2%
	135	CBRE Group, Inc., Class A(a)		8,232
	32	Jones Lang LaSalle, Inc.(a)		4,679

				12,911

		REITs – Apartments — 0.2%
	113	American Campus Communities, Inc.		4,651
	75	Camden Property Trust		7,661
	25	Equity Residential		1,541

				13,853

		REITs – Diversified — 0.2%
	38	American Tower Corp.		8,640
	6	Crown Castle International Corp.		955
	51	Weyerhaeuser Co.		1,591

				11,186

		REITs – Health Care — 0.0%
	35	Ventas, Inc.		1,612
	18	Welltower, Inc.		1,091

				2,703

		REITs – Hotels — 0.1%
	114	Host Hotels & Resorts, Inc.		1,545
	331	Park Hotels & Resorts, Inc.		5,521

				7,066

		REITs – Mortgage — 0.2%
	171	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		10,115

		REITs – Office Property — 0.3%
	8	Boston Properties, Inc.		730
	155	Corporate Office Properties Trust		4,072
	192	Douglas Emmett, Inc.		5,320
	255	Easterly Government Properties, Inc.		5,597
	85	Kilroy Realty Corp.		4,814

				20,533

		REITs – Shopping Centers — 0.1%
	455	Brixmor Property Group, Inc.		7,703

		REITs – Storage — 0.0%
	27	Iron Mountain, Inc.		909

		REITs – Warehouse/Industrials — 0.2%
	55	CyrusOne, Inc.		4,012
	65	ProLogis, Inc.		6,708

				10,720

		Road & Rail — 0.3%
	30	CSX Corp.		2,572
	35	Norfolk Southern Corp.		8,282
	44	Ryder System, Inc.		2,754
	23	Union Pacific Corp.		4,542

				18,150

		Semiconductors & Semiconductor Equipment — 2.9%
	40	Advanced Micro Devices, Inc.(a)		3,426
	15	Analog Devices, Inc.		2,210
	35	Applied Materials, Inc.		3,384
	65	Cirrus Logic, Inc.(a)		6,090
	119	Cree, Inc.(a)		12,028

See accompanying notes to financial statements.

| 68

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2045 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — continued
	41	Enphase Energy, Inc.(a)	$	7,476
	149	First Solar, Inc.(a)		14,773
	78	Ichor Holdings Ltd.(a)		2,816
	168	Intel Corp.		9,326
	7	Lam Research Corp.		3,388
	15	Micron Technology, Inc.(a)		1,174
	119	NVIDIA Corp.		61,831
	204	QUALCOMM, Inc.		31,881
	50	Silicon Laboratories, Inc.(a)		6,558
	66	Texas Instruments, Inc.		10,936
	27	Universal Display Corp.		6,232
	8	Xilinx, Inc.		1,045

				184,574

		Software — 4.2%
	32	Adobe, Inc.(a)		14,680
	32	ANSYS, Inc.(a)		11,340
	163	Autodesk, Inc.(a)		45,221
	36	Blackbaud, Inc.		2,394
	47	Bottomline Technologies, Inc.(a)		2,246
	8	Citrix Systems, Inc.		1,066
	17	Fair Isaac Corp.(a)		7,652
	205	Microsoft Corp.		47,552
	42	NortonLifeLock, Inc.		885
	633	Oracle Corp.		38,252
	32	Paylocity Holding Corp.(a)		5,999
	46	PTC, Inc.(a)		6,114
	31	Qualys, Inc.(a)		4,292
	155	salesforce.com, Inc.(a)		34,962
	53	SPS Commerce, Inc.(a)		5,241
	162	Workday, Inc., Class A(a)		36,860

				264,756

		Specialty Retail — 1.0%
	104	American Eagle Outfitters, Inc.		2,360
	42	Asbury Automotive Group, Inc.(a)		5,990
	3	AutoZone, Inc.(a)		3,355
	24	Best Buy Co., Inc.		2,612
	19	Five Below, Inc.(a)		3,339
	54	Gap, Inc. (The)(a)		1,093
	71	Home Depot, Inc. (The)		19,228
	30	Lithia Motors, Inc., Class A		9,560
	14	Lowe’s Cos., Inc.		2,336
	29	Monro, Inc.		1,696
	13	TJX Cos., Inc. (The)		832
	7	Ulta Beauty, Inc.(a)		1,958
	42	Williams-Sonoma, Inc.		5,415

				59,774

		Technology Hardware, Storage & Peripherals — 0.5%
	1,069	Hewlett Packard Enterprise Co.		13,192
	660	HP, Inc.		16,064
	96	NCR Corp.(a)		3,203
	18	Seagate Technology PLC		1,190

				33,649

		Textiles, Apparel & Luxury Goods — 0.5%
	25	Deckers Outdoor Corp.(a)		7,300
	877	Under Armour, Inc., Class A(a)		15,347
	63	VF Corp.		4,843
	88	Wolverine World Wide, Inc.		2,520

				30,010

		Thrifts & Mortgage Finance — 0.1%
	140	Mr. Cooper Group, Inc.(a)		3,812
	338	New York Community Bancorp, Inc.		3,536

				7,348

		Trading Companies & Distributors — 0.0%
	28	GATX Corp.	$	2,598

		Water Utilities — 0.3%
	40	American Water Works Co., Inc.		6,361
	250	Essential Utilities, Inc.		11,575

				17,936

		Wireless Telecommunication Services — 0.2%
	64	Shenandoah Telecommunications Co.		2,488
	67	T-Mobile US, Inc.(a)		8,447

				10,935

		Total Common Stocks (Identified Cost $3,120,109)		3,572,091


Principal Amount
	Bonds and Notes — 3.7%
		Automotive — 0.1%
$	2,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		2,291

		Banking — 0.6%
	2,000	American Express Co., 3.700%, 8/03/2023		2,159
	2,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		2,052
	2,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		2,020
	2,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		2,187
	2,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		2,125
	2,000	Capital One Financial Corp., 3.300%, 10/30/2024		2,181
	2,000	Citigroup, Inc., 4.600%, 3/09/2026		2,320
	1,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		1,037
	1,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		1,008
	2,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		2,227
	2,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		2,155
	2,000	KeyCorp, MTN, 2.550%, 10/01/2029		2,133
	2,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		2,208
	2,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		2,182
	2,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		2,137
	2,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		2,162
	2,000	Truist Bank, 3.200%, 4/01/2024		2,168
	2,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		2,163
	3,000	Westpac Banking Corp., 2.350%, 2/19/2025		3,204

				39,828

		Brokerage — 0.1%
	2,000	BlackRock, Inc., 2.400%, 4/30/2030		2,149
	2,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		2,047

				4,196

		Cable Satellite — 0.0%
	2,000	Comcast Corp., 3.000%, 2/01/2024		2,150

		Construction Machinery — 0.1%
	3,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023		3,023
	1,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		1,022

				4,045

		Consumer Cyclical Services — 0.1%
	2,000	Amazon.com, Inc., 3.875%, 8/22/2037		2,434
	2,000	eBay, Inc., 3.800%, 3/09/2022		2,070

				4,504

		Electric — 0.1%
	2,000	Duke Energy Corp., 3.750%, 4/15/2024		2,185
	2,000	Entergy Corp., 0.900%, 9/15/2025		1,996

See accompanying notes to financial statements.

69 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2045 Fund – (continued)


Principal Amount		Description	Value (†)
		Electric — continued
$	2,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030	$	2,070
	2,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		2,205

				8,456

		Finance Companies — 0.0%
	2,000	Ares Capital Corp., 3.250%, 7/15/2025		2,115

		Financial Other — 0.0%
	2,000	ORIX Corp., 2.900%, 7/18/2022		2,069

		Food & Beverage — 0.1%
	2,000	Coca-Cola Co. (The), 1.450%, 6/01/2027		2,048
	2,000	General Mills, Inc., 4.000%, 4/17/2025		2,253
	2,000	Mondelez International, Inc., 2.750%, 4/13/2030		2,162

				6,463

		Government Owned – No Guarantee — 0.1%
	3,000	Federal National Mortgage Association, 6.625%, 11/15/2030		4,493

		Health Insurance — 0.1%
	2,000	Anthem, Inc., 4.101%, 3/01/2028		2,338
	2,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		2,901

				5,239

		Healthcare — 0.2%
	2,000	Cigna Corp., 3.750%, 7/15/2023		2,158
	2,000	CVS Health Corp., 4.300%, 3/25/2028		2,349
	2,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		2,120
	2,000	McKesson Corp., 3.950%, 2/16/2028		2,310

				8,937

		Independent Energy — 0.0%
	2,000	EQT Corp., 3.000%, 10/01/2022		2,031

		Integrated Energy — 0.1%
	2,000	BP Capital Markets PLC, 3.814%, 2/10/2024		2,190
	2,000	Exxon Mobil Corp., 2.992%, 3/19/2025		2,174
	2,000	Shell International Finance BV, 6.375%, 12/15/2038		3,028

				7,392

		Life Insurance — 0.0%
	1,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		1,102

		Midstream — 0.1%
	2,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		2,182
	2,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		2,183

				4,365

		Mortgage Related — 0.5%
	762	FHLMC, 3.000%, 6/01/2049		802
	10,000	FNMA, 2.500%, 2/01/2051		10,533
	7,735	FNMA, 3.000%, with various maturities from 2034 to 2049(b)		8,142
	4,889	FNMA, 3.500%, with various maturities in 2049(b)		5,195
	1,267	FNMA, 4.000%, 3/01/2050		1,357
	1,313	FNMA, 4.500%, with various maturities in 2049(b)		1,426

				27,455

		Natural Gas — 0.0%
	2,000	NiSource, Inc., 0.950%, 8/15/2025		2,002

		Oil Field Services — 0.0%
	2,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		2,083

		Pharmaceuticals — 0.1%
	2,000	AbbVie, Inc., 3.600%, 5/14/2025		2,217
	2,000	Amgen, Inc., 2.650%, 5/11/2022		2,057
		Pharmaceuticals — continued
	2,000	Johnson & Johnson, 1.300%, 9/01/2030		1,973

				6,247

		Property & Casualty Insurance — 0.0%
	2,000	American International Group, Inc., 3.400%, 6/30/2030		2,232

		Railroads — 0.0%
	2,000	CSX Corp., 2.600%, 11/01/2026		2,177

		REITs – Office Property — 0.0%
	1,000	Boston Properties LP, 2.750%, 10/01/2026		1,083

		Restaurants — 0.0%
	2,000	Starbucks Corp., 2.250%, 3/12/2030		2,083

		Technology — 0.2%
	2,000	Apple, Inc., 2.500%, 2/09/2025		2,151
	2,000	Intel Corp., 2.450%, 11/15/2029		2,141
	2,000	International Business Machines Corp., 4.000%, 6/20/2042		2,392
	2,000	Oracle Corp., 2.950%, 5/15/2025		2,175
	3,000	QUALCOMM, Inc., 1.650%, 5/20/2032		2,956
	2,000	VMware, Inc., 2.950%, 8/21/2022		2,072

				13,887

		Treasuries — 1.0%
	2,000	U.S. Treasury Bond, 2.500%, 5/15/2046		2,295
	6,000	U.S. Treasury Bond, 2.875%, 11/15/2046		7,367
	6,000	U.S. Treasury Bond, 3.000%, 5/15/2045		7,491
	2,000	U.S. Treasury Bond, 3.000%, 2/15/2048		2,521
	5,000	U.S. Treasury Bond, 3.000%, 2/15/2049		6,330
	1,000	U.S. Treasury Bond, 4.250%, 11/15/2040		1,455
	2,000	U.S. Treasury Bond, 4.375%, 5/15/2041		2,966
	1,000	U.S. Treasury Bond, 4.500%, 2/15/2036		1,432
	6,000	U.S. Treasury Note, 0.375%, 11/30/2025		5,991
	6,000	U.S. Treasury Note, 1.125%, 9/30/2021		6,042
	9,000	U.S. Treasury Note, 1.625%, 8/31/2022		9,214
	9,000	U.S. Treasury Note, 2.125%, 12/31/2022		9,344

				62,448

		Wireless — 0.1%
	2,000	Vodafone Group PLC, 6.150%, 2/27/2037		2,793

		Wirelines — 0.0%
	2,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.321%, 5/15/2025(c)		2,058

		Total Bonds and Notes (Identified Cost $231,308)		236,224


Shares
	Exchange-Traded Funds — 8.5%
	7,378	iShares^® ESG Aware MSCI EAFE ETF (Identified Cost $481,976)		533,724


	Affiliated Mutual Funds — 26.9%
	11,054	Loomis Sayles Inflation Protected Securities Fund, Class N		132,533
	8,634	Loomis Sayles Limited Term Government and Agency Fund, Class N		99,640
	9,254	Mirova Global Green Bond Fund, Class N		99,388
	39,261	Mirova International Sustainable Equity Fund, Class N		534,741
	14,106	WCM Focused Emerging Markets Fund, Institutional Class		282,960
	21,847	WCM Focused International Growth Fund, Institutional Class		538,318

		Total Affiliated Mutual Funds (Identified Cost $1,529,915)		1,687,580

See accompanying notes to financial statements.

| 70

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2045 Fund – (continued)


Principal Amount		Description	Value (†)
	Short-Term Investments — 4.7%
$	292,909	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/29/2021 at 0.000% to be repurchased at $292,909 on 2/01/2021 collateralized by $59,600 U.S. Treasury Note, 2.750% due 5/31/2023 valued at $63,481; $211,100 U.S. Treasury Note, 2.750% due 4/30/2023 valued at $224,904; $10,400 U.S. Treasury Note, 1.625% due 4/30/2023 valued at $10,788 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $292,909)	$	292,909


		Total Investments — 100.6% (Identified Cost $5,656,217)		6,322,528
		Other assets less liabilities — (0.6)%		(39,656	)

		Net Assets — 100.0%	$	6,282,872


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(c)	Variable rate security. Rate as of January 31, 2021 is disclosed.

	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ETF	Exchange-Traded Fund
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

Asset Allocation Summary at January 31, 2021


Equity	86.9	%
Fixed Income	9.0
Short-Term Investments	4.7

Total Investments	100.6
Other assets less liabilities	(0.6	)

Net Assets	100.0	%

See accompanying notes to financial statements.

71 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2050 Fund


Shares		Description	Value (†)
	Common Stocks — 58.7% of Net Assets
		Aerospace & Defense — 0.9%
	22	Axon Enterprise, Inc.(a)	$	3,611
	141	Boeing Co. (The)		27,381
	57	General Dynamics Corp.		8,361
	5	L3Harris Technologies, Inc.		858
	29	Moog, Inc., Class A		2,142
	71	Raytheon Technologies Corp.		4,738

				47,091

		Air Freight & Logistics — 0.5%
	237	Expeditors International of Washington, Inc.		21,216
	39	United Parcel Service, Inc., Class B		6,045

				27,261

		Airlines — 0.1%
	15	Alaska Air Group, Inc.		732
	52	Delta Air Lines, Inc.		1,974
	320	JetBlue Airways Corp.(a)		4,589

				7,295

		Auto Components — 0.5%
	106	Aptiv PLC		14,161
	17	BorgWarner, Inc.		714
	216	Dana, Inc.		4,182
	29	Visteon Corp.(a)		3,697

				22,754

		Automobiles — 0.5%
	404	General Motors Co.		20,475
	30	Thor Industries, Inc.		3,630

				24,105

		Banks — 2.8%
	83	Ameris Bancorp		3,246
	149	BancorpSouth Bank		4,120
	728	Bank of America Corp.		21,585
	360	Citigroup, Inc.		20,876
	125	Citizens Financial Group, Inc.		4,555
	114	Columbia Banking System, Inc.		4,391
	10	Comerica, Inc.		572
	70	Cullen/Frost Bankers, Inc.		6,457
	46	Fifth Third Bancorp		1,331
	261	Fulton Financial Corp.		3,497
	67	Huntington Bancshares, Inc.		886
	133	International Bancshares Corp.		5,029
	184	KeyCorp		3,102
	31	M&T Bank Corp.		4,107
	179	People’s United Financial, Inc.		2,445
	76	PNC Financial Services Group, Inc. (The)		10,908
	188	Regions Financial Corp.		3,198
	121	TCF Financial Corp.		4,702
	215	Truist Financial Corp.		10,316
	205	Trustmark Corp.		5,631
	90	U.S. Bancorp		3,857
	365	Wells Fargo & Co.		10,906
	55	Wintrust Financial Corp.		3,310

				139,027

		Beverages — 1.5%
	186	Coca-Cola Co. (The)		8,956
	77	Constellation Brands, Inc., Class A		16,242
	312	Keurig Dr Pepper, Inc.		9,921
	373	Monster Beverage Corp.(a)		32,387
	68	PepsiCo, Inc.		9,287

				76,793

		Biotechnology — 1.3%
	40	AbbVie, Inc.	$	4,099
	42	Amgen, Inc.		10,140
	13	Biogen, Inc.(a)		3,674
	96	BioMarin Pharmaceutical, Inc.(a)		7,947
	111	Gilead Sciences, Inc.		7,282
	20	Ligand Pharmaceuticals, Inc.(a)		3,707
	56	Regeneron Pharmaceuticals, Inc.(a)		28,215

				65,064

		Building Products — 0.3%
	27	Carrier Global Corp.		1,040
	25	Johnson Controls International PLC		1,246
	21	Lennox International, Inc.		5,785
	64	Owens Corning		4,966
	42	Trex Co., Inc.(a)		3,854

				16,891

		Capital Markets — 3.6%
	12	Ameriprise Financial, Inc.		2,374
	578	Bank of New York Mellon Corp. (The)		23,022
	9	BlackRock, Inc.		6,311
	437	Charles Schwab Corp. (The)		22,523
	17	CME Group, Inc.		3,090
	50	FactSet Research Systems, Inc.		15,117
	68	Franklin Resources, Inc.		1,788
	58	Goldman Sachs Group, Inc. (The)		15,728
	31	Intercontinental Exchange, Inc.		3,421
	19	Invesco Ltd.		391
	107	Janus Henderson Group PLC		3,291
	130	KKR & Co., Inc.		5,063
	26	Moody’s Corp.		6,923
	11	Morgan Stanley		738
	28	MSCI, Inc.		11,068
	108	Northern Trust Corp.		9,633
	36	S&P Global, Inc.		11,412
	206	SEI Investments Co.		10,887
	395	State Street Corp.		27,650
	7	T. Rowe Price Group, Inc.		1,095

				181,525

		Chemicals — 0.7%
	8	Air Products & Chemicals, Inc.		2,134
	22	DuPont de Nemours, Inc.		1,748
	9	Ecolab, Inc.		1,841
	58	HB Fuller Co.		2,952
	41	Innospec, Inc.		3,599
	48	Linde PLC		11,779
	49	Minerals Technologies, Inc.		3,020
	7	PPG Industries, Inc.		943
	3	Sherwin-Williams Co. (The)		2,075
	26	Stepan Co.		2,930

				33,021

		Commercial Services & Supplies — 0.3%
	47	Healthcare Services Group, Inc.		1,524
	29	MSA Safety, Inc.		4,527
	9	Republic Services, Inc.		815
	43	Tetra Tech, Inc.		5,227
	12	Waste Management, Inc.		1,336

				13,429

		Communications Equipment — 0.7%
	30	Arista Networks, Inc.(a)		9,227
	70	Ciena Corp.(a)		3,737
	375	Cisco Systems, Inc.		16,717
	7	F5 Networks, Inc.(a)		1,372
	39	Lumentum Holdings, Inc.(a)		3,658

				34,711

See accompanying notes to financial statements.

| 72

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2050 Fund – (continued)


Shares		Description	Value (†)
		Construction & Engineering — 0.2%
	134	AECOM(a)	$	6,713
	164	Fluor Corp.		2,836

				9,549

		Consumer Finance — 1.4%
	700	Ally Financial, Inc.		26,488
	150	American Express Co.		17,439
	238	Capital One Financial Corp.		24,814
	34	Green Dot Corp., Class A(a)		1,708
	31	PROG Holdings, Inc.		1,462

				71,911

		Containers & Packaging — 0.2%
	56	Ball Corp.		4,929
	38	International Paper Co.		1,912
	192	O-I Glass, Inc.		2,427

				9,268

		Distributors — 0.1%
	36	Genuine Parts Co.		3,380

		Diversified Telecommunication Services — 0.3%
	138	AT&T, Inc.		3,951
	873	Lumen Technologies, Inc.		10,808

				14,759

		Electric Utilities — 0.8%
	115	American Electric Power Co., Inc.		9,305
	163	Edison International		9,480
	30	Eversource Energy		2,625
	39	IDACORP, Inc.		3,444
	150	NextEra Energy, Inc.		12,130
	38	PPL Corp.		1,051

				38,035

		Electrical Equipment — 0.7%
	13	Acuity Brands, Inc.		1,563
	272	Ballard Power Systems, Inc.(a)		9,294
	37	Eaton Corp. PLC		4,355
	24	Generac Holdings, Inc.(a)		5,914
	27	Hubbell, Inc.		4,201
	25	Rockwell Automation, Inc.		6,214
	44	Sunrun, Inc.(a)		3,048

				34,589

		Electronic Equipment, Instruments & Components — 1.0%
	8	Amphenol Corp., Class A		999
	68	Avnet, Inc.		2,401
	76	Cognex Corp.		6,242
	17	Coherent, Inc.(a)		3,414
	37	Corning, Inc.		1,327
	94	Itron, Inc.(a)		8,086
	15	Littelfuse, Inc.		3,650
	13	Rogers Corp.(a)		2,029
	107	TE Connectivity Ltd.		12,883
	90	Trimble, Inc.(a)		5,932
	134	Vishay Intertechnology, Inc.		2,888

				49,851

		Energy Equipment & Services — 0.4%
	568	Archrock, Inc.		5,038
	116	Baker Hughes Co.		2,330
	83	NOV, Inc.		1,028
	531	Schlumberger NV		11,793
	56	TechnipFMC PLC		599

				20,788

		Entertainment — 1.3%
	32	Activision Blizzard, Inc.	$	2,912
	64	Cinemark Holdings, Inc.		1,295
	51	Electronic Arts, Inc.		7,303
	27	Netflix, Inc.(a)		14,375
	237	Walt Disney Co. (The)(a)		39,856

				65,741

		Food & Staples Retailing — 0.2%
	53	BJ’s Wholesale Club Holdings, Inc.(a)		2,230
	58	Kroger Co. (The)		2,001
	181	SpartanNash Co.		3,352
	13	Sysco Corp.		930
	50	Walgreens Boots Alliance, Inc.		2,512

				11,025

		Food Products — 0.5%
	65	Campbell Soup Co.		3,127
	25	Conagra Brands, Inc.		865
	71	Darling Ingredients, Inc.(a)		4,403
	48	General Mills, Inc.		2,789
	71	Hain Celestial Group, Inc. (The)(a)		2,953
	65	Hormel Foods Corp.		3,046
	36	Ingredion, Inc.		2,717
	11	J.M. Smucker Co. (The)		1,280
	21	Kellogg Co.		1,238
	10	McCormick & Co., Inc.		895

				23,313

		Gas Utilities — 0.2%
	80	New Jersey Resources Corp.		2,801
	45	ONE Gas, Inc.		3,291
	80	South Jersey Industries, Inc.		1,848
	96	UGI Corp.		3,455

				11,395

		Health Care Equipment & Supplies — 1.1%
	36	Abbott Laboratories		4,449
	10	Baxter International, Inc.		768
	5	Becton Dickinson & Co.		1,309
	26	Boston Scientific Corp.(a)		921
	7	Cooper Cos., Inc. (The)		2,548
	12	Danaher Corp.		2,854
	15	DENTSPLY SIRONA, Inc.		802
	38	Edwards Lifesciences Corp.(a)		3,138
	42	Globus Medical, Inc., Class A(a)		2,591
	19	Haemonetics Corp.(a)		2,172
	39	Hill-Rom Holdings, Inc.		3,746
	20	Hologic, Inc.(a)		1,595
	13	Intuitive Surgical, Inc.(a)		9,719
	27	Medtronic PLC		3,006
	89	Meridian Bioscience, Inc.(a)		1,967
	28	Merit Medical Systems, Inc.(a)		1,516
	21	Penumbra, Inc.(a)		5,483
	11	Quidel Corp.(a)		2,761
	6	STERIS PLC		1,123
	6	Stryker Corp.		1,326
	4	Varian Medical Systems, Inc.(a)		702

				54,496

		Health Care Providers & Services — 2.1%
	14	Amedisys, Inc.(a)		4,022
	19	Anthem, Inc.		5,643
	28	BioTelemetry, Inc.(a)		2,001
	118	Centene Corp.(a)		7,116
	10	Chemed Corp.		5,179
	23	Cigna Corp.		4,992

See accompanying notes to financial statements.

73 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2050 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	160	CVS Health Corp.	$	11,464
	38	Encompass Health Corp.		3,055
	130	HCA Healthcare, Inc.		21,123
	24	Henry Schein, Inc.(a)		1,580
	46	Humana, Inc.		17,623
	21	Laboratory Corp. of America Holdings(a)		4,807
	155	MEDNAX, Inc.(a)		4,227
	65	Patterson Cos., Inc.		2,059
	33	Quest Diagnostics, Inc.		4,262
	21	UnitedHealth Group, Inc.		7,005

				106,158

		Health Care Technology — 0.4%
	138	Allscripts Healthcare Solutions, Inc.(a)		2,277
	184	Cerner Corp.		14,740
	67	HMS Holdings Corp.(a)		2,467

				19,484

		Hotels, Restaurants & Leisure — 1.7%
	3	Chipotle Mexican Grill, Inc.(a)		4,440
	33	Dine Brands Global, Inc.		2,269
	134	Hilton Worldwide Holdings, Inc.		13,586
	46	Jack in the Box, Inc.		4,330
	453	MGM Resorts International		12,938
	15	Royal Caribbean Cruises Ltd.		975
	52	Shake Shack, Inc., Class A(a)		5,898
	198	Starbucks Corp.		19,168
	150	Wendy’s Co. (The)		3,060
	208	Yum China Holdings, Inc.		11,796
	71	Yum! Brands, Inc.		7,206

				85,666

		Household Durables — 0.4%
	120	KB Home		4,997
	90	Meritage Homes Corp.(a)		7,223
	11	Mohawk Industries, Inc.(a)		1,580
	162	Taylor Morrison Home Corp.(a)		4,209

				18,009

		Household Products — 0.6%
	7	Clorox Co. (The)		1,466
	176	Colgate-Palmolive Co.		13,728
	96	Kimberly-Clark Corp.		12,682

				27,876

		Independent Power & Renewable Electricity Producers — 0.5%
	80	AES Corp. (The)		1,951
	84	Boralex, Inc., Class A		3,289
	131	NextEra Energy Partners LP		10,677
	51	Ormat Technologies, Inc.		5,822
	80	Sunnova Energy International, Inc.(a)		3,508

				25,247

		Industrial Conglomerates — 0.4%
	21	Carlisle Cos., Inc.		3,044
	1,355	General Electric Co.		14,471
	6	Honeywell International, Inc.		1,172

				18,687

		Insurance — 1.6%
	31	Aflac, Inc.		1,401
	35	Allstate Corp. (The)		3,751
	377	American International Group, Inc.		14,115
	62	Chubb Ltd.		9,031
	69	First American Financial Corp.		3,608
	26	Hanover Insurance Group, Inc. (The)		2,924
	96	Hartford Financial Services Group, Inc. (The)		4,610
		Insurance — continued
	14	Lincoln National Corp.	$	637
	38	Marsh & McLennan Cos., Inc.		4,176
	224	MetLife, Inc.		10,786
	57	Prudential Financial, Inc.		4,462
	185	Reinsurance Group of America, Inc.		19,434
	29	Travelers Cos., Inc. (The)		3,953

				82,888

		Interactive Media & Services — 2.8%
	20	Alphabet, Inc., Class A(a)		36,547
	24	Alphabet, Inc., Class C(a)		44,058
	226	Facebook, Inc., Class A(a)		58,383

				138,988

		Internet & Direct Marketing Retail — 2.7%
	149	Alibaba Group Holding Ltd., Sponsored ADR(a)		37,821
	16	Amazon.com, Inc.(a)		51,299
	9	Booking Holdings, Inc.(a)		17,499
	394	eBay, Inc.		22,265
	6	Etsy, Inc.(a)		1,194
	7	Expedia Group, Inc.		869
	520	Qurate Retail, Inc., Class A		6,552

				137,499

		IT Services — 3.0%
	45	Accenture PLC, Class A		10,886
	83	Akamai Technologies, Inc.(a)		9,216
	118	Automatic Data Processing, Inc.		19,484
	47	Cognizant Technology Solutions Corp., Class A		3,664
	497	DXC Technology Co.		14,015
	68	Fiserv, Inc.(a)		6,983
	87	Gartner, Inc.(a)		13,216
	65	MasterCard, Inc., Class A		20,559
	21	Paychex, Inc.		1,834
	187	Sabre Corp.		2,016
	14	VeriSign, Inc.(a)		2,717
	211	Visa, Inc., Class A		40,776
	19	WEX, Inc.(a)		3,583

				148,949

		Leisure Products — 0.0%
	84	Callaway Golf Co.		2,343

		Life Sciences Tools & Services — 0.9%
	20	Agilent Technologies, Inc.		2,404
	48	Illumina, Inc.(a)		20,469
	9	IQVIA Holdings, Inc.(a)		1,600
	84	NeoGenomics, Inc.(a)		4,454
	38	Repligen Corp.(a)		7,600
	9	Thermo Fisher Scientific, Inc.		4,587
	8	Waters Corp.(a)		2,117

				43,231

		Machinery — 2.5%
	50	AGCO Corp.		5,545
	135	Caterpillar, Inc.		24,683
	53	Cummins, Inc.		12,424
	132	Deere & Co.		38,122
	45	Flowserve Corp.		1,600
	10	Illinois Tool Works, Inc.		1,942
	67	ITT, Inc.		5,006
	85	Kennametal, Inc.		3,220
	53	Oshkosh Corp.		4,854
	60	Parker-Hannifin Corp.		15,877
	15	Proto Labs, Inc.(a)		3,177
	60	Terex Corp.		2,146
	58	Toro Co. (The)		5,466

				124,062

See accompanying notes to financial statements.

| 74

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2050 Fund – (continued)


Shares		Description	Value (†)
		Media — 1.4%
	3	Cable One, Inc.	$	6,000
	29	Charter Communications, Inc., Class A(a)		17,619
	599	Comcast Corp., Class A		29,693
	24	Discovery, Inc., Series C(a)		841
	83	Discovery, Inc., Series A(a)		3,438
	57	Fox Corp., Class A		1,777
	45	Interpublic Group of Cos., Inc. (The)		1,083
	72	New York Times Co. (The), Class A		3,571
	56	News Corp., Class A		1,086
	72	Omnicom Group, Inc.		4,491

				69,599

		Metals & Mining — 0.3%
	201	Cleveland-Cliffs, Inc.		3,083
	111	Commercial Metals Co.		2,186
	13	Nucor Corp.		634
	51	Reliance Steel & Aluminum Co.		5,920
	33	Royal Gold, Inc.		3,527

				15,350

		Multi-Utilities — 0.2%
	67	Consolidated Edison, Inc.		4,742
	27	DTE Energy Co.		3,205
	26	Sempra Energy		3,218
	15	WEC Energy Group, Inc.		1,334

				12,499

		Multiline Retail — 0.2%
	307	Macy’s, Inc.		4,617
	35	Target Corp.		6,341

				10,958

		Oil, Gas & Consumable Fuels — 1.1%
	748	Apache Corp.		10,682
	129	ConocoPhillips		5,164
	82	Devon Energy Corp.		1,350
	136	Diamondback Energy, Inc.		7,710
	318	EOG Resources, Inc.		16,205
	114	EQT Corp.		1,859
	105	Kinder Morgan, Inc.		1,478
	409	Marathon Oil Corp.		2,961
	60	ONEOK, Inc.		2,390
	378	Southwestern Energy Co.(a)		1,425
	43	Valero Energy Corp.		2,427
	58	World Fuel Services Corp.		1,774

				55,425

		Paper & Forest Products — 0.1%
	89	Louisiana-Pacific Corp.		3,383

		Personal Products — 0.0%
	3	Estee Lauder Cos., Inc. (The), Class A		710

		Pharmaceuticals — 1.5%
	50	Bristol-Myers Squibb Co.		3,072
	18	Eli Lilly & Co.		3,743
	28	Jazz Pharmaceuticals PLC(a)		4,354
	177	Merck & Co., Inc.		13,641
	230	Novartis AG, Sponsored ADR		20,808
	87	Novo Nordisk A/S, Sponsored ADR		6,055
	30	Perrigo Co. PLC		1,281
	126	Pfizer, Inc.		4,523
	399	Roche Holding AG, Sponsored ADR		17,321
	6	Zoetis, Inc.		926

				75,724

		Professional Services — 0.2%
	53	Exponent, Inc.	$	4,377
	11	IHS Markit Ltd.		958
	18	Insperity, Inc.		1,413
	50	Korn Ferry		2,280
	32	ManpowerGroup, Inc.		2,830
	31	Nielsen Holdings PLC		692

				12,550

		Real Estate Management & Development — 0.2%
	104	CBRE Group, Inc., Class A(a)		6,342
	27	Jones Lang LaSalle, Inc.(a)		3,948

				10,290

		REITs – Apartments — 0.2%
	97	American Campus Communities, Inc.		3,993
	63	Camden Property Trust		6,435
	25	Equity Residential		1,541

				11,969

		REITs – Diversified — 0.2%
	30	American Tower Corp.		6,821
	6	Crown Castle International Corp.		955
	63	Weyerhaeuser Co.		1,965

				9,741

		REITs – Health Care — 0.1%
	38	Ventas, Inc.		1,751
	16	Welltower, Inc.		969

				2,720

		REITs – Hotels — 0.1%
	101	Host Hotels & Resorts, Inc.		1,369
	286	Park Hotels & Resorts, Inc.		4,770

				6,139

		REITs – Mortgage — 0.2%
	138	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		8,163

		REITs – Office Property — 0.4%
	7	Boston Properties, Inc.		639
	146	Corporate Office Properties Trust		3,835
	165	Douglas Emmett, Inc.		4,572
	220	Easterly Government Properties, Inc.		4,829
	73	Kilroy Realty Corp.		4,134

				18,009

		REITs – Shopping Centers — 0.1%
	393	Brixmor Property Group, Inc.		6,653

		REITs – Storage — 0.0%
	23	Iron Mountain, Inc.		774

		REITs – Warehouse/Industrials — 0.2%
	47	CyrusOne, Inc.		3,429
	58	ProLogis, Inc.		5,985

				9,414

		Road & Rail — 0.3%
	25	CSX Corp.		2,144
	31	Norfolk Southern Corp.		7,335
	39	Ryder System, Inc.		2,441
	19	Union Pacific Corp.		3,752

				15,672

		Semiconductors & Semiconductor Equipment — 3.0%
	34	Advanced Micro Devices, Inc.(a)		2,912
	13	Analog Devices, Inc.		1,915
	29	Applied Materials, Inc.		2,804
	56	Cirrus Logic, Inc.(a)		5,247
	95	Cree, Inc.(a)		9,603

See accompanying notes to financial statements.

75 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2050 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — continued
	34	Enphase Energy, Inc.(a)	$	6,200
	123	First Solar, Inc.(a)		12,195
	74	Ichor Holdings Ltd.(a)		2,671
	126	Intel Corp.		6,994
	5	Lam Research Corp.		2,420
	15	Micron Technology, Inc.(a)		1,174
	95	NVIDIA Corp.		49,361
	159	QUALCOMM, Inc.		24,849
	42	Silicon Laboratories, Inc.(a)		5,509
	60	Texas Instruments, Inc.		9,941
	23	Universal Display Corp.		5,309
	7	Xilinx, Inc.		914

				150,018

		Software — 4.3%
	26	Adobe, Inc.(a)		11,928
	26	ANSYS, Inc.(a)		9,214
	131	Autodesk, Inc.(a)		36,343
	30	Blackbaud, Inc.		1,995
	42	Bottomline Technologies, Inc.(a)		2,007
	8	Citrix Systems, Inc.		1,067
	15	Fair Isaac Corp.(a)		6,752
	165	Microsoft Corp.		38,273
	34	NortonLifeLock, Inc.		716
	514	Oracle Corp.		31,061
	27	Paylocity Holding Corp.(a)		5,061
	40	PTC, Inc.(a)		5,316
	29	Qualys, Inc.(a)		4,016
	124	salesforce.com, Inc.(a)		27,969
	46	SPS Commerce, Inc.(a)		4,549
	127	Workday, Inc., Class A(a)		28,896

				215,163

		Specialty Retail — 1.0%
	90	American Eagle Outfitters, Inc.		2,042
	36	Asbury Automotive Group, Inc.(a)		5,134
	3	AutoZone, Inc.(a)		3,355
	22	Best Buy Co., Inc.		2,394
	18	Five Below, Inc.(a)		3,163
	46	Gap, Inc. (The)(a)		931
	58	Home Depot, Inc. (The)		15,708
	25	Lithia Motors, Inc., Class A		7,967
	11	Lowe’s Cos., Inc.		1,835
	25	Monro, Inc.		1,462
	13	TJX Cos., Inc. (The)		833
	6	Ulta Beauty, Inc.(a)		1,679
	36	Williams-Sonoma, Inc.		4,641

				51,144

		Technology Hardware, Storage & Peripherals — 0.6%
	816	Hewlett Packard Enterprise Co.		10,069
	558	HP, Inc.		13,582
	93	NCR Corp.(a)		3,103
	17	Seagate Technology PLC		1,124

				27,878

		Textiles, Apparel & Luxury Goods — 0.5%
	22	Deckers Outdoor Corp.(a)		6,423
	718	Under Armour, Inc., Class A(a)		12,565
	55	VF Corp.		4,228
	78	Wolverine World Wide, Inc.		2,234

				25,450

		Thrifts & Mortgage Finance — 0.1%
	114	Mr. Cooper Group, Inc.(a)		3,104
	319	New York Community Bancorp, Inc.		3,337

				6,441

		Trading Companies & Distributors — 0.0%
	25	GATX Corp.	$	2,320

		Water Utilities — 0.3%
	37	American Water Works Co., Inc.		5,884
	216	Essential Utilities, Inc.		10,001

				15,885

		Wireless Telecommunication Services — 0.2%
	56	Shenandoah Telecommunications Co.		2,177
	52	T-Mobile US, Inc.(a)		6,556

				8,733

		Total Common Stocks (Identified Cost $2,545,819)		2,944,928


Principal Amount
	Bonds and Notes — 3.9%
		Automotive — 0.1%
$	2,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		2,291

		Banking — 0.6%
	2,000	American Express Co., 3.700%, 8/03/2023		2,159
	1,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		1,026
	2,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		2,020
	2,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		2,187
	2,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		2,124
	1,000	Capital One Financial Corp., 3.300%, 10/30/2024		1,091
	2,000	Citigroup, Inc., 4.600%, 3/09/2026		2,320
	1,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		1,037
	2,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		2,227
	2,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		2,155
	2,000	KeyCorp, MTN, 2.550%, 10/01/2029		2,133
	2,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		2,208
	2,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		2,182
	2,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		2,137
	2,000	Truist Bank, 3.200%, 4/01/2024		2,168
	2,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		2,163

				31,337

		Brokerage — 0.1%
	2,000	BlackRock, Inc., 2.400%, 4/30/2030		2,149
	2,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		2,047

				4,196

		Cable Satellite — 0.0%
	2,000	Comcast Corp., 3.000%, 2/01/2024		2,150

		Construction Machinery — 0.1%
	2,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023		2,015
	2,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		2,045

				4,060

		Consumer Cyclical Services — 0.0%
	2,000	eBay, Inc., 3.800%, 3/09/2022		2,070

		Electric — 0.1%
	2,000	Duke Energy Corp., 3.750%, 4/15/2024		2,186
	2,000	Entergy Corp., 0.900%, 9/15/2025		1,996
	2,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		2,070

				6,252

		Food & Beverage — 0.0%
	2,000	Mondelez International, Inc., 2.750%, 4/13/2030		2,162

See accompanying notes to financial statements.

| 76

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2050 Fund – (continued)


Principal Amount		Description	Value (†)
		Government Owned – No Guarantee — 0.1%
$	2,000	Federal National Mortgage Association, 6.625%, 11/15/2030	$	2,995

		Health Insurance — 0.1%
	2,000	Anthem, Inc., 4.101%, 3/01/2028		2,338
	1,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		1,450

				3,788

		Healthcare — 0.1%
	2,000	CVS Health Corp., 4.300%, 3/25/2028		2,349
	2,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		2,120
	2,000	McKesson Corp., 3.950%, 2/16/2028		2,310

				6,779

		Integrated Energy — 0.1%
	2,000	BP Capital Markets PLC, 3.814%, 2/10/2024		2,190
	1,000	Shell International Finance BV, 6.375%, 12/15/2038		1,514

				3,704

		Midstream — 0.1%
	2,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		2,182
	2,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		2,183

				4,365

		Mortgage Related — 0.5%
	381	FHLMC, 3.000%, 6/01/2049		401
	982	FNMA, 2.000%, 9/01/2050		1,015
	8,966	FNMA, 2.500%, with various maturities from 2050 to 2051(b)		9,443
	5,146	FNMA, 3.000%, with various maturities from 2034 to 2049(b)		5,417
	4,502	FNMA, 3.500%, with various maturities in 2049(b)		4,783
	1,267	FNMA, 4.000%, 3/01/2050		1,357
	1,313	FNMA, 4.500%, with various maturities in 2049(b)		1,426

				23,842

		Natural Gas — 0.0%
	2,000	NiSource, Inc., 0.950%, 8/15/2025		2,002

		Pharmaceuticals — 0.1%
	2,000	AbbVie, Inc., 3.600%, 5/14/2025		2,217
	2,000	Amgen, Inc., 2.650%, 5/11/2022		2,057
	2,000	Johnson & Johnson, 1.300%, 9/01/2030		1,973

				6,247

		Property & Casualty Insurance — 0.1%
	2,000	American International Group, Inc., 3.400%, 6/30/2030		2,232

		Railroads — 0.1%
	2,000	CSX Corp., 2.600%, 11/01/2026		2,177

		REITs – Office Property — 0.0%
	1,000	Boston Properties LP, 2.750%, 10/01/2026		1,083

		Restaurants — 0.0%
	2,000	Starbucks Corp., 2.250%, 3/12/2030		2,083

		Technology — 0.2%
	1,000	Apple, Inc., 2.500%, 2/09/2025		1,076
	2,000	International Business Machines Corp., 4.000%, 6/20/2042		2,392
	2,000	QUALCOMM, Inc., 1.650%, 5/20/2032		1,970
	2,000	VMware, Inc., 2.950%, 8/21/2022		2,072

				7,510

		Treasuries — 1.4%
	2,000	U.S. Treasury Bond, 2.500%, 5/15/2046		2,295
	4,000	U.S. Treasury Bond, 2.875%, 11/15/2046		4,911
	6,000	U.S. Treasury Bond, 3.000%, 5/15/2045		7,491
		Treasuries — continued
$	2,000	U.S. Treasury Bond, 3.000%, 2/15/2048	$	2,521
	4,000	U.S. Treasury Bond, 3.000%, 2/15/2049		5,064
	2,000	U.S. Treasury Bond, 4.250%, 11/15/2040		2,909
	2,000	U.S. Treasury Bond, 4.375%, 5/15/2041		2,966
	3,000	U.S. Treasury Bond, 4.500%, 2/15/2036		4,296
	10,000	U.S. Treasury Note, 0.375%, 11/30/2025		9,985
	8,000	U.S. Treasury Note, 1.125%, 9/30/2021		8,056
	9,000	U.S. Treasury Note, 1.625%, 8/31/2022		9,214
	10,000	U.S. Treasury Note, 2.125%, 12/31/2022		10,383

				70,091

		Wireless — 0.0%
	1,000	Vodafone Group PLC, 6.150%, 2/27/2037		1,397

		Wirelines — 0.0%
	2,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.321%, 5/15/2025(c)		2,058

		Total Bonds and Notes (Identified Cost $192,758)		196,871


Shares
	Exchange-Traded Funds — 8.4%
	5,803	iShares^® ESG Aware MSCI EAFE ETF (Identified Cost $372,161)		419,789


	Affiliated Mutual Funds — 25.2%
	7,283	Mirova Global Green Bond Fund, Class N		78,218
	35,148	Mirova International Sustainable Equity Fund, Class N		478,716
	12,558	WCM Focused Emerging Markets Fund, Institutional Class		251,906
	18,512	WCM Focused International Growth Fund, Institutional Class		456,143

		Total Affiliated Mutual Funds (Identified Cost $1,140,753)		1,264,983


Principal Amount
	Short-Term Investments — 2.9%
$	145,112	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/29/2021 at 0.000% to be repurchased at $145,112 on 2/01/2021 collateralized by $91,800 U.S. Treasury Note, 2.750% due 4/30/2023 valued at $97,803; $33,800 U.S. Treasury Note, 2.750% due 5/31/2023 valued at $36,001; $14,100 U.S. Treasury Note, 1.625% due 4/30/2023 valued at $14,626 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $145,112)		145,112


		Total Investments — 99.1% (Identified Cost $4,396,603)		4,971,683
		Other assets less liabilities — 0.9%		45,495

		Net Assets — 100.0%	$	5,017,178


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(c)	Variable rate security. Rate as of January 31, 2021 is disclosed.

See accompanying notes to financial statements.

77 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2050 Fund – (continued)


	ADR			An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ETF			Exchange-Traded Fund
	FHLMC			Federal Home Loan Mortgage Corp.
	FNMA			Federal National Mortgage Association
	GMTN			Global Medium Term Note
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	REITs			Real Estate Investment Trusts

Asset Allocation Summary at January 31, 2021


Equity	90.7	%
Fixed Income	5.5
Short-Term Investments	2.9

Total Investments	99.1
Other assets less liabilities	0.9

Net Assets	100.0	%

See accompanying notes to financial statements.

| 78

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2055 Fund


Shares		Description	Value (†)
	Common Stocks — 57.7% of Net Assets
		Aerospace & Defense — 0.9%
	17	Axon Enterprise, Inc.(a)	$	2,791
	108	Boeing Co. (The)		20,972
	44	General Dynamics Corp.		6,454
	3	L3Harris Technologies, Inc.		515
	22	Moog, Inc., Class A		1,625
	50	Raytheon Technologies Corp.		3,336

				35,693

		Air Freight & Logistics — 0.5%
	182	Expeditors International of Washington, Inc.		16,293
	28	United Parcel Service, Inc., Class B		4,340

				20,633

		Airlines — 0.1%
	11	Alaska Air Group, Inc.		537
	37	Delta Air Lines, Inc.		1,405
	225	JetBlue Airways Corp.(a)		3,226

				5,168

		Auto Components — 0.5%
	83	Aptiv PLC		11,089
	15	BorgWarner, Inc.		630
	152	Dana, Inc.		2,943
	22	Visteon Corp.(a)		2,804

				17,466

		Automobiles — 0.5%
	314	General Motors Co.		15,914
	21	Thor Industries, Inc.		2,541

				18,455

		Banks — 2.7%
	58	Ameris Bancorp		2,268
	105	BancorpSouth Bank		2,903
	567	Bank of America Corp.		16,812
	280	Citigroup, Inc.		16,237
	88	Citizens Financial Group, Inc.		3,207
	80	Columbia Banking System, Inc.		3,082
	9	Comerica, Inc.		515
	55	Cullen/Frost Bankers, Inc.		5,073
	34	Fifth Third Bancorp		984
	184	Fulton Financial Corp.		2,466
	51	Huntington Bancshares, Inc.		674
	100	International Bancshares Corp.		3,781
	111	KeyCorp		1,871
	23	M&T Bank Corp.		3,047
	145	People’s United Financial, Inc.		1,981
	54	PNC Financial Services Group, Inc. (The)		7,750
	147	Regions Financial Corp.		2,500
	85	TCF Financial Corp.		3,303
	154	Truist Financial Corp.		7,389
	155	Trustmark Corp.		4,258
	66	U.S. Bancorp		2,828
	284	Wells Fargo & Co.		8,486
	38	Wintrust Financial Corp.		2,287

				103,702

		Beverages — 1.5%
	131	Coca-Cola Co. (The)		6,308
	60	Constellation Brands, Inc., Class A		12,656
	243	Keurig Dr Pepper, Inc.		7,727
	285	Monster Beverage Corp.(a)		24,747
	48	PepsiCo, Inc.		6,555

				57,993

		Biotechnology — 1.3%
	31	AbbVie, Inc.	$	3,177
	31	Amgen, Inc.		7,484
	9	Biogen, Inc.(a)		2,543
	75	BioMarin Pharmaceutical, Inc.(a)		6,209
	79	Gilead Sciences, Inc.		5,182
	13	Ligand Pharmaceuticals, Inc.(a)		2,410
	43	Regeneron Pharmaceuticals, Inc.(a)		21,665

				48,670

		Building Products — 0.3%
	20	Carrier Global Corp.		770
	18	Johnson Controls International PLC		897
	16	Lennox International, Inc.		4,408
	49	Owens Corning		3,802
	32	Trex Co., Inc.(a)		2,937

				12,814

		Capital Markets — 3.5%
	8	Ameriprise Financial, Inc.		1,583
	435	Bank of New York Mellon Corp. (The)		17,326
	6	BlackRock, Inc.		4,208
	334	Charles Schwab Corp. (The)		17,214
	11	CME Group, Inc.		1,999
	39	FactSet Research Systems, Inc.		11,791
	36	Franklin Resources, Inc.		947
	45	Goldman Sachs Group, Inc. (The)		12,203
	20	Intercontinental Exchange, Inc.		2,207
	17	Invesco Ltd.		350
	75	Janus Henderson Group PLC		2,307
	101	KKR & Co., Inc.		3,934
	20	Moody’s Corp.		5,325
	8	Morgan Stanley		536
	21	MSCI, Inc.		8,301
	72	Northern Trust Corp.		6,422
	27	S&P Global, Inc.		8,559
	157	SEI Investments Co.		8,298
	300	State Street Corp.		21,000
	5	T. Rowe Price Group, Inc.		782

				135,292

		Chemicals — 0.6%
	6	Air Products & Chemicals, Inc.		1,601
	19	DuPont de Nemours, Inc.		1,509
	7	Ecolab, Inc.		1,432
	40	HB Fuller Co.		2,036
	32	Innospec, Inc.		2,809
	34	Linde PLC		8,344
	34	Minerals Technologies, Inc.		2,095
	5	PPG Industries, Inc.		673
	2	Sherwin-Williams Co. (The)		1,384
	22	Stepan Co.		2,479

				24,362

		Commercial Services & Supplies — 0.3%
	35	Healthcare Services Group, Inc.		1,135
	23	MSA Safety, Inc.		3,591
	7	Republic Services, Inc.		633
	33	Tetra Tech, Inc.		4,012
	8	Waste Management, Inc.		890

				10,261

		Communications Equipment — 0.7%
	22	Arista Networks, Inc.(a)		6,766
	49	Ciena Corp.(a)		2,616
	282	Cisco Systems, Inc.		12,572
	5	F5 Networks, Inc.(a)		980
	30	Lumentum Holdings, Inc.(a)		2,814

				25,748

See accompanying notes to financial statements.

79 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2055 Fund – (continued)


Shares		Description	Value (†)
		Construction & Engineering — 0.2%
	101	AECOM(a)	$	5,060
	115	Fluor Corp.		1,988

				7,048

		Consumer Finance — 1.5%
	546	Ally Financial, Inc.		20,661
	113	American Express Co.		13,137
	185	Capital One Financial Corp.		19,288
	26	Green Dot Corp., Class A(a)		1,306
	23	PROG Holdings, Inc.		1,085

				55,477

		Containers & Packaging — 0.2%
	40	Ball Corp.		3,521
	32	International Paper Co.		1,610
	146	O-I Glass, Inc.		1,845

				6,976

		Distributors — 0.1%
	23	Genuine Parts Co.		2,159

		Diversified Telecommunication Services — 0.3%
	117	AT&T, Inc.		3,350
	646	Lumen Technologies, Inc.		7,997

				11,347

		Electric Utilities — 0.7%
	81	American Electric Power Co., Inc.		6,554
	113	Edison International		6,572
	21	Eversource Energy		1,837
	27	IDACORP, Inc.		2,384
	111	NextEra Energy, Inc.		8,977
	33	PPL Corp.		913

				27,237

		Electrical Equipment — 0.7%
	10	Acuity Brands, Inc.		1,202
	191	Ballard Power Systems, Inc.(a)		6,527
	24	Eaton Corp. PLC		2,825
	19	Generac Holdings, Inc.(a)		4,682
	21	Hubbell, Inc.		3,268
	17	Rockwell Automation, Inc.		4,225
	31	Sunrun, Inc.(a)		2,147

				24,876

		Electronic Equipment, Instruments & Components — 1.0%
	6	Amphenol Corp., Class A		749
	52	Avnet, Inc.		1,836
	58	Cognex Corp.		4,764
	13	Coherent, Inc.(a)		2,611
	19	Corning, Inc.		682
	70	Itron, Inc.(a)		6,021
	12	Littelfuse, Inc.		2,920
	11	Rogers Corp.(a)		1,717
	83	TE Connectivity Ltd.		9,993
	68	Trimble, Inc.(a)		4,482
	94	Vishay Intertechnology, Inc.		2,026

				37,801

		Energy Equipment & Services — 0.4%
	400	Archrock, Inc.		3,548
	73	Baker Hughes Co.		1,467
	45	NOV, Inc.		557
	373	Schlumberger NV		8,284
	46	TechnipFMC PLC		492

				14,348

		Entertainment — 1.3%
	21	Activision Blizzard, Inc.	$	1,911
	68	Cinemark Holdings, Inc.		1,377
	34	Electronic Arts, Inc.		4,869
	21	Netflix, Inc.(a)		11,180
	178	Walt Disney Co. (The)(a)		29,934

				49,271

		Food & Staples Retailing — 0.2%
	41	BJ’s Wholesale Club Holdings, Inc.(a)		1,725
	48	Kroger Co. (The)		1,656
	127	SpartanNash Co.		2,352
	16	Sysco Corp.		1,144
	41	Walgreens Boots Alliance, Inc.		2,060

				8,937

		Food Products — 0.4%
	46	Campbell Soup Co.		2,213
	19	Conagra Brands, Inc.		657
	50	Darling Ingredients, Inc.(a)		3,101
	34	General Mills, Inc.		1,975
	54	Hain Celestial Group, Inc. (The)(a)		2,246
	46	Hormel Foods Corp.		2,156
	27	Ingredion, Inc.		2,038
	10	J.M. Smucker Co. (The)		1,164
	14	Kellogg Co.		825
	8	McCormick & Co., Inc.		716

				17,091

		Gas Utilities — 0.2%
	56	New Jersey Resources Corp.		1,961
	31	ONE Gas, Inc.		2,267
	61	South Jersey Industries, Inc.		1,409
	67	UGI Corp.		2,411

				8,048

		Health Care Equipment & Supplies — 1.1%
	28	Abbott Laboratories		3,461
	7	Baxter International, Inc.		538
	4	Becton Dickinson & Co.		1,047
	24	Boston Scientific Corp.(a)		851
	5	Cooper Cos., Inc. (The)		1,820
	9	Danaher Corp.		2,141
	8	DENTSPLY SIRONA, Inc.		428
	28	Edwards Lifesciences Corp.(a)		2,312
	29	Globus Medical, Inc., Class A(a)		1,789
	15	Haemonetics Corp.(a)		1,714
	30	Hill-Rom Holdings, Inc.		2,881
	17	Hologic, Inc.(a)		1,355
	9	Intuitive Surgical, Inc.(a)		6,729
	21	Medtronic PLC		2,338
	66	Meridian Bioscience, Inc.(a)		1,459
	21	Merit Medical Systems, Inc.(a)		1,137
	16	Penumbra, Inc.(a)		4,177
	9	Quidel Corp.(a)		2,259
	3	STERIS PLC		561
	6	Stryker Corp.		1,326
	3	Varian Medical Systems, Inc.(a)		527

				40,850

		Health Care Providers & Services — 2.1%
	11	Amedisys, Inc.(a)		3,160
	15	Anthem, Inc.		4,455
	21	BioTelemetry, Inc.(a)		1,501
	84	Centene Corp.(a)		5,065
	8	Chemed Corp.		4,143
	17	Cigna Corp.		3,690

See accompanying notes to financial statements.

| 80

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2055 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	125	CVS Health Corp.	$	8,956
	26	Encompass Health Corp.		2,090
	98	HCA Healthcare, Inc.		15,923
	16	Henry Schein, Inc.(a)		1,054
	35	Humana, Inc.		13,409
	14	Laboratory Corp. of America Holdings(a)		3,205
	109	MEDNAX, Inc.(a)		2,973
	49	Patterson Cos., Inc.		1,552
	21	Quest Diagnostics, Inc.		2,712
	17	UnitedHealth Group, Inc.		5,671

				79,559

		Health Care Technology — 0.4%
	103	Allscripts Healthcare Solutions, Inc.(a)		1,700
	139	Cerner Corp.		11,135
	51	HMS Holdings Corp.(a)		1,878

				14,713

		Hotels, Restaurants & Leisure — 1.7%
	2	Chipotle Mexican Grill, Inc.(a)		2,960
	25	Dine Brands Global, Inc.		1,719
	104	Hilton Worldwide Holdings, Inc.		10,545
	35	Jack in the Box, Inc.		3,295
	352	MGM Resorts International		10,053
	11	Royal Caribbean Cruises Ltd.		715
	39	Shake Shack, Inc., Class A(a)		4,423
	150	Starbucks Corp.		14,522
	105	Wendy’s Co. (The)		2,142
	159	Yum China Holdings, Inc.		9,017
	54	Yum! Brands, Inc.		5,480

				64,871

		Household Durables — 0.4%
	91	KB Home		3,789
	68	Meritage Homes Corp.(a)		5,457
	8	Mohawk Industries, Inc.(a)		1,149
	113	Taylor Morrison Home Corp.(a)		2,936

				13,331

		Household Products — 0.5%
	4	Clorox Co. (The)		838
	134	Colgate-Palmolive Co.		10,452
	70	Kimberly-Clark Corp.		9,247

				20,537

		Independent Power & Renewable Electricity Producers — 0.5%
	43	AES Corp. (The)		1,049
	62	Boralex, Inc., Class A		2,428
	97	NextEra Energy Partners LP		7,905
	38	Ormat Technologies, Inc.		4,338
	63	Sunnova Energy International, Inc.(a)		2,763

				18,483

		Industrial Conglomerates — 0.4%
	17	Carlisle Cos., Inc.		2,464
	1,055	General Electric Co.		11,267
	6	Honeywell International, Inc.		1,172

				14,903

		Insurance — 1.6%
	14	Aflac, Inc.		633
	23	Allstate Corp. (The)		2,465
	293	American International Group, Inc.		10,970
	44	Chubb Ltd.		6,410
	48	First American Financial Corp.		2,510
	18	Hanover Insurance Group, Inc. (The)		2,024
	71	Hartford Financial Services Group, Inc. (The)		3,409
		Insurance — continued
	12	Lincoln National Corp.	$	546
	26	Marsh & McLennan Cos., Inc.		2,858
	166	MetLife, Inc.		7,993
	40	Prudential Financial, Inc.		3,131
	143	Reinsurance Group of America, Inc.		15,022
	21	Travelers Cos., Inc. (The)		2,862

				60,833

		Interactive Media & Services — 2.7%
	14	Alphabet, Inc., Class A(a)		25,583
	19	Alphabet, Inc., Class C(a)		34,879
	173	Facebook, Inc., Class A(a)		44,691

				105,153

		Internet & Direct Marketing Retail — 2.9%
	114	Alibaba Group Holding Ltd., Sponsored ADR(a)		28,937
	13	Amazon.com, Inc.(a)		41,681
	8	Booking Holdings, Inc.(a)		15,555
	300	eBay, Inc.		16,953
	4	Etsy, Inc.(a)		796
	5	Expedia Group, Inc.		620
	405	Qurate Retail, Inc., Class A		5,103

				109,645

		IT Services — 3.0%
	34	Accenture PLC, Class A		8,225
	62	Akamai Technologies, Inc.(a)		6,884
	90	Automatic Data Processing, Inc.		14,861
	30	Cognizant Technology Solutions Corp., Class A		2,338
	389	DXC Technology Co.		10,970
	53	Fiserv, Inc.(a)		5,442
	68	Gartner, Inc.(a)		10,330
	49	MasterCard, Inc., Class A		15,498
	16	Paychex, Inc.		1,397
	140	Sabre Corp.		1,509
	9	VeriSign, Inc.(a)		1,747
	163	Visa, Inc., Class A		31,500
	16	WEX, Inc.(a)		3,018

				113,719

		Leisure Products — 0.1%
	64	Callaway Golf Co.		1,785

		Life Sciences Tools & Services — 0.8%
	14	Agilent Technologies, Inc.		1,682
	36	Illumina, Inc.(a)		15,352
	8	IQVIA Holdings, Inc.(a)		1,422
	59	NeoGenomics, Inc.(a)		3,128
	29	Repligen Corp.(a)		5,800
	7	Thermo Fisher Scientific, Inc.		3,568
	4	Waters Corp.(a)		1,059

				32,011

		Machinery — 2.4%
	38	AGCO Corp.		4,214
	102	Caterpillar, Inc.		18,650
	41	Cummins, Inc.		9,611
	98	Deere & Co.		28,302
	38	Flowserve Corp.		1,351
	9	Illinois Tool Works, Inc.		1,748
	51	ITT, Inc.		3,810
	59	Kennametal, Inc.		2,235
	40	Oshkosh Corp.		3,664
	45	Parker-Hannifin Corp.		11,907
	12	Proto Labs, Inc.(a)		2,542
	46	Terex Corp.		1,645
	44	Toro Co. (The)		4,147

				93,826

See accompanying notes to financial statements.

81 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2055 Fund – (continued)


Shares		Description	Value (†)
		Media — 1.4%
	3	Cable One, Inc.	$	6,000
	22	Charter Communications, Inc., Class A(a)		13,366
	459	Comcast Corp., Class A		22,753
	61	Discovery, Inc., Series A(a)		2,527
	21	Discovery, Inc., Series C(a)		736
	42	Fox Corp., Class A		1,310
	33	Interpublic Group of Cos., Inc. (The)		794
	50	New York Times Co. (The), Class A		2,479
	41	News Corp., Class A		795
	47	Omnicom Group, Inc.		2,932

				53,692

		Metals & Mining — 0.3%
	150	Cleveland-Cliffs, Inc.		2,301
	85	Commercial Metals Co.		1,674
	10	Nucor Corp.		487
	39	Reliance Steel & Aluminum Co.		4,527
	23	Royal Gold, Inc.		2,458

				11,447

		Multi-Utilities — 0.2%
	47	Consolidated Edison, Inc.		3,327
	18	DTE Energy Co.		2,137
	19	Sempra Energy		2,351
	10	WEC Energy Group, Inc.		889

				8,704

		Multiline Retail — 0.2%
	216	Macy’s, Inc.		3,249
	25	Target Corp.		4,529

				7,778

		Oil, Gas & Consumable Fuels — 1.1%
	584	Apache Corp.		8,340
	99	ConocoPhillips		3,963
	47	Devon Energy Corp.		774
	105	Diamondback Energy, Inc.		5,952
	247	EOG Resources, Inc.		12,587
	87	EQT Corp.		1,419
	73	Kinder Morgan, Inc.		1,028
	255	Marathon Oil Corp.		1,846
	50	ONEOK, Inc.		1,992
	260	Southwestern Energy Co.(a)		980
	36	Valero Energy Corp.		2,031
	43	World Fuel Services Corp.		1,315

				42,227

		Paper & Forest Products — 0.1%
	62	Louisiana-Pacific Corp.		2,357

		Personal Products — 0.0%
	2	Estee Lauder Cos., Inc. (The), Class A		473

		Pharmaceuticals — 1.5%
	36	Bristol-Myers Squibb Co.		2,212
	14	Eli Lilly & Co.		2,912
	22	Jazz Pharmaceuticals PLC(a)		3,421
	131	Merck & Co., Inc.		10,096
	175	Novartis AG, Sponsored ADR		15,832
	65	Novo Nordisk A/S, Sponsored ADR		4,524
	19	Perrigo Co. PLC		811
	96	Pfizer, Inc.		3,446
	304	Roche Holding AG, Sponsored ADR		13,197
	4	Zoetis, Inc.		617

				57,068

		Professional Services — 0.2%
	41	Exponent, Inc.	$	3,386
	5	IHS Markit Ltd.		435
	13	Insperity, Inc.		1,020
	38	Korn Ferry		1,733
	25	ManpowerGroup, Inc.		2,211
	27	Nielsen Holdings PLC		603

				9,388

		Real Estate Management & Development — 0.2%
	81	CBRE Group, Inc., Class A(a)		4,939
	21	Jones Lang LaSalle, Inc.(a)		3,071

				8,010

		REITs – Apartments — 0.2%
	68	American Campus Communities, Inc.		2,799
	49	Camden Property Trust		5,005
	21	Equity Residential		1,295

				9,099

		REITs – Diversified — 0.2%
	21	American Tower Corp.		4,774
	6	Crown Castle International Corp.		956
	33	Weyerhaeuser Co.		1,029

				6,759

		REITs – Health Care — 0.0%
	17	Ventas, Inc.		783
	8	Welltower, Inc.		485

				1,268

		REITs – Hotels — 0.1%
	54	Host Hotels & Resorts, Inc.		732
	201	Park Hotels & Resorts, Inc.		3,352

				4,084

		REITs – Mortgage — 0.2%
	102	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		6,033

		REITs – Office Property — 0.3%
	3	Boston Properties, Inc.		274
	103	Corporate Office Properties Trust		2,706
	116	Douglas Emmett, Inc.		3,215
	155	Easterly Government Properties, Inc.		3,402
	56	Kilroy Realty Corp.		3,171

				12,768

		REITs – Shopping Centers — 0.1%
	296	Brixmor Property Group, Inc.		5,011

		REITs – Storage — 0.0%
	13	Iron Mountain, Inc.		438

		REITs – Warehouse/Industrials — 0.2%
	33	CyrusOne, Inc.		2,407
	43	ProLogis, Inc.		4,438

				6,845

		Road & Rail — 0.3%
	18	CSX Corp.		1,544
	21	Norfolk Southern Corp.		4,969
	29	Ryder System, Inc.		1,815
	16	Union Pacific Corp.		3,159

				11,487

		Semiconductors & Semiconductor Equipment — 2.9%
	25	Advanced Micro Devices, Inc.(a)		2,141
	7	Analog Devices, Inc.		1,031
	21	Applied Materials, Inc.		2,030
	43	Cirrus Logic, Inc.(a)		4,029
	70	Cree, Inc.(a)		7,076

See accompanying notes to financial statements.

| 82

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2055 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — continued
	23	Enphase Energy, Inc.(a)	$	4,194
	90	First Solar, Inc.(a)		8,924
	50	Ichor Holdings Ltd.(a)		1,805
	93	Intel Corp.		5,162
	4	Lam Research Corp.		1,936
	11	Micron Technology, Inc.(a)		861
	72	NVIDIA Corp.		37,410
	121	QUALCOMM, Inc.		18,910
	33	Silicon Laboratories, Inc.(a)		4,329
	44	Texas Instruments, Inc.		7,290
	18	Universal Display Corp.		4,155
	5	Xilinx, Inc.		653

				111,936

		Software — 4.2%
	19	Adobe, Inc.(a)		8,717
	19	ANSYS, Inc.(a)		6,733
	100	Autodesk, Inc.(a)		27,743
	23	Blackbaud, Inc.		1,529
	32	Bottomline Technologies, Inc.(a)		1,529
	5	Citrix Systems, Inc.		667
	11	Fair Isaac Corp.(a)		4,951
	124	Microsoft Corp.		28,763
	19	NortonLifeLock, Inc.		400
	390	Oracle Corp.		23,568
	21	Paylocity Holding Corp.(a)		3,937
	30	PTC, Inc.(a)		3,987
	20	Qualys, Inc.(a)		2,769
	94	salesforce.com, Inc.(a)		21,203
	35	SPS Commerce, Inc.(a)		3,461
	99	Workday, Inc., Class A(a)		22,525

				162,482

		Specialty Retail — 1.0%
	67	American Eagle Outfitters, Inc.		1,520
	28	Asbury Automotive Group, Inc.(a)		3,993
	2	AutoZone, Inc.(a)		2,237
	18	Best Buy Co., Inc.		1,959
	14	Five Below, Inc.(a)		2,460
	34	Gap, Inc. (The)(a)		688
	43	Home Depot, Inc. (The)		11,645
	20	Lithia Motors, Inc., Class A		6,374
	9	Lowe’s Cos., Inc.		1,502
	19	Monro, Inc.		1,111
	9	TJX Cos., Inc. (The)		576
	4	Ulta Beauty, Inc.(a)		1,119
	28	Williams-Sonoma, Inc.		3,610

				38,794

		Technology Hardware, Storage & Peripherals — 0.5%
	613	Hewlett Packard Enterprise Co.		7,565
	395	HP, Inc.		9,614
	65	NCR Corp.(a)		2,168
	13	Seagate Technology PLC		860

				20,207

		Textiles, Apparel & Luxury Goods — 0.5%
	17	Deckers Outdoor Corp.(a)		4,963
	544	Under Armour, Inc., Class A(a)		9,520
	40	VF Corp.		3,075
	59	Wolverine World Wide, Inc.		1,690

				19,248

		Thrifts & Mortgage Finance — 0.1%
	85	Mr. Cooper Group, Inc.(a)		2,315
	225	New York Community Bancorp, Inc.		2,353

				4,668

		Trading Companies & Distributors — 0.0%
	19	GATX Corp.	$	1,763

		Water Utilities — 0.3%
	26	American Water Works Co., Inc.		4,134
	149	Essential Utilities, Inc.		6,899

				11,033

		Wireless Telecommunication Services — 0.2%
	43	Shenandoah Telecommunications Co.		1,672
	41	T-Mobile US, Inc.(a)		5,169

				6,841

		Total Common Stocks (Identified Cost $1,910,721)		2,213,000


Principal Amount
	Bonds and Notes — 3.5%
		Automotive — 0.1%
$	2,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		2,291

		Banking — 0.5%
	2,000	American Express Co., 3.700%, 8/03/2023		2,159
	1,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		1,094
	2,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		2,125
	1,000	Citigroup, Inc., 4.600%, 3/09/2026		1,160
	2,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		2,227
	2,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		2,155
	2,000	KeyCorp, MTN, 2.550%, 10/01/2029		2,133
	1,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		1,104
	2,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		2,182
	2,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		2,137
	2,000	Truist Bank, 3.200%, 4/01/2024		2,168
	2,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		2,163

				22,807

		Brokerage — 0.1%
	2,000	BlackRock, Inc., 2.400%, 4/30/2030		2,149
	1,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		1,024

				3,173

		Construction Machinery — 0.1%
	2,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023		2,015

		Electric — 0.1%
	2,000	Duke Energy Corp., 3.750%, 4/15/2024		2,186
	2,000	Entergy Corp., 0.900%, 9/15/2025		1,996
	2,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		2,070

				6,252

		Food & Beverage — 0.1%
	2,000	Mondelez International, Inc., 2.750%, 4/13/2030		2,162

		Government Owned – No Guarantee — 0.1%
	2,000	Federal National Mortgage Association, 6.625%, 11/15/2030		2,995

		Health Insurance — 0.1%
	1,000	Anthem, Inc., 4.101%, 3/01/2028		1,169
	1,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		1,450

				2,619

		Healthcare — 0.0%
	1,000	CVS Health Corp., 4.300%, 3/25/2028		1,175

		Independent Energy — 0.1%
	2,000	EQT Corp., 3.000%, 10/01/2022		2,031

See accompanying notes to financial statements.

83 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2055 Fund – (continued)


Principal Amount		Description	Value (†)
		Integrated Energy — 0.1%
$	1,000	BP Capital Markets PLC, 3.814%, 2/10/2024	$	1,095
	1,000	Shell International Finance BV, 6.375%, 12/15/2038		1,514

				2,609

		Midstream — 0.1%
	2,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		2,182
	1,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		1,091

				3,273

		Mortgage Related — 0.5%
	6,000	FNMA, 2.500%, 2/01/2051		6,320
	7,651	FNMA, 3.000%, with various maturities from 2034 to 2049(b)		8,057
	4,886	FNMA, 3.500%, with various maturities in 2049(b)		5,191
	2,202	FNMA, 4.000%, with various maturities from 2049 to 2050(b)		2,359
	1,241	FNMA, 4.500%, with various maturities from 2048 to 2049(b)		1,348

				23,275

		Natural Gas — 0.1%
	2,000	NiSource, Inc., 0.950%, 8/15/2025		2,002

		Oil Field Services — 0.1%
	2,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		2,083

		Pharmaceuticals — 0.0%
	1,000	Johnson & Johnson, 1.300%, 9/01/2030		987

		Railroads — 0.1%
	2,000	CSX Corp., 2.600%, 11/01/2026		2,177

		REITs – Office Property — 0.0%
	1,000	Boston Properties LP, 2.750%, 10/01/2026		1,083

		Restaurants — 0.1%
	2,000	Starbucks Corp., 2.250%, 3/12/2030		2,083

		Technology — 0.1%
	1,000	Apple, Inc., 2.500%, 2/09/2025		1,076
	1,000	International Business Machines Corp., 4.000%, 6/20/2042		1,196

				2,272

		Treasuries — 1.0%
	1,000	U.S. Treasury Bond, 2.500%, 5/15/2046		1,148
	4,000	U.S. Treasury Bond, 2.875%, 11/15/2046		4,911
	4,000	U.S. Treasury Bond, 3.000%, 5/15/2045		4,994
	1,000	U.S. Treasury Bond, 3.000%, 2/15/2048		1,260
	3,000	U.S. Treasury Bond, 3.000%, 2/15/2049		3,798
	1,000	U.S. Treasury Bond, 4.250%, 11/15/2040		1,455
	1,000	U.S. Treasury Bond, 4.375%, 5/15/2041		1,483
	1,000	U.S. Treasury Bond, 4.500%, 2/15/2036		1,432
	7,000	U.S. Treasury Note, 0.375%, 11/30/2025		6,989
	4,000	U.S. Treasury Note, 1.125%, 9/30/2021		4,028
	6,000	U.S. Treasury Note, 1.625%, 8/31/2022		6,143
	6,000	U.S. Treasury Note, 2.125%, 12/31/2022		6,229

				43,870

		Wireless — 0.0%
	1,000	Vodafone Group PLC, 6.150%, 2/27/2037		1,397

		Total Bonds and Notes (Identified Cost $132,543)		134,631


Shares		Description	Value (†)
	Exchange-Traded Funds — 9.3%
	4,927	iShares^® ESG Aware MSCI EAFE ETF (Identified Cost $319,787)	$	356,419


	Affiliated Mutual Funds — 25.7%
	5,676	Mirova Global Green Bond Fund, Class N		60,961
	27,382	Mirova International Sustainable Equity Fund, Class N		372,937
	9,812	WCM Focused Emerging Markets Fund, Institutional Class		196,838
	14,400	WCM Focused International Growth Fund, Institutional Class		354,813

		Total Affiliated Mutual Funds (Identified Cost $890,828)		985,549


Principal Amount
	Short-Term Investments — 4.9%
$	187,959	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/29/2021 at 0.000% to be repurchased at $187,959 on 2/01/2021 collateralized by $170,400 U.S. Treasury Note, 2.750% due 5/31/2023 valued at $181,496; $10,100 U.S. Treasury Note, 2.750% due 4/30/2023 valued at $10,760 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $187,959)		187,959


		Total Investments — 101.1% (Identified Cost $3,441,838)		3,877,558
		Other assets less liabilities — (1.1)%		(41,288	)

		Net Assets — 100.0%	$	3,836,270


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.

	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ETF	Exchange-Traded Fund
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

Asset Allocation Summary at January 31, 2021


Equity	91.1	%
Fixed Income	5.1
Short-Term Investments	4.9

Total Investments	101.1
Other assets less liabilities	(1.1	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 84

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2060 Fund


Shares		Description	Value (†)
	Common Stocks — 59.5% of Net Assets
		Aerospace & Defense — 0.9%
	17	Axon Enterprise, Inc.(a)	$	2,791
	100	Boeing Co. (The)		19,419
	42	General Dynamics Corp.		6,161
	3	L3Harris Technologies, Inc.		514
	22	Moog, Inc., Class A		1,625
	53	Raytheon Technologies Corp.		3,537

				34,047

		Air Freight & Logistics — 0.5%
	167	Expeditors International of Washington, Inc.		14,950
	29	United Parcel Service, Inc., Class B		4,495

				19,445

		Airlines — 0.1%
	11	Alaska Air Group, Inc.		537
	38	Delta Air Lines, Inc.		1,443
	241	JetBlue Airways Corp.(a)		3,456

				5,436

		Auto Components — 0.5%
	82	Aptiv PLC		10,955
	15	BorgWarner, Inc.		630
	163	Dana, Inc.		3,156
	22	Visteon Corp.(a)		2,804

				17,545

		Automobiles — 0.5%
	304	General Motors Co.		15,407
	23	Thor Industries, Inc.		2,783

				18,190

		Banks — 2.9%
	63	Ameris Bancorp		2,464
	106	BancorpSouth Bank		2,931
	547	Bank of America Corp.		16,219
	271	Citigroup, Inc.		15,715
	94	Citizens Financial Group, Inc.		3,425
	86	Columbia Banking System, Inc.		3,313
	9	Comerica, Inc.		515
	55	Cullen/Frost Bankers, Inc.		5,073
	34	Fifth Third Bancorp		984
	186	Fulton Financial Corp.		2,492
	90	Huntington Bancshares, Inc.		1,190
	100	International Bancshares Corp.		3,781
	146	KeyCorp		2,462
	24	M&T Bank Corp.		3,179
	134	People’s United Financial, Inc.		1,830
	57	PNC Financial Services Group, Inc. (The)		8,181
	139	Regions Financial Corp.		2,364
	91	TCF Financial Corp.		3,536
	158	Truist Financial Corp.		7,581
	155	Trustmark Corp.		4,258
	66	U.S. Bancorp		2,828
	274	Wells Fargo & Co.		8,187
	41	Wintrust Financial Corp.		2,468

				104,976

		Beverages — 1.5%
	138	Coca-Cola Co. (The)		6,645
	58	Constellation Brands, Inc., Class A		12,234
	235	Keurig Dr Pepper, Inc.		7,473
	263	Monster Beverage Corp.(a)		22,836
	50	PepsiCo, Inc.		6,828

				56,016

		Biotechnology — 1.3%
	32	AbbVie, Inc.		3,280
	31	Amgen, Inc.		7,484
	10	Biogen, Inc.(a)		2,826
	67	BioMarin Pharmaceutical, Inc.(a)		5,546
	84	Gilead Sciences, Inc.		5,511
	15	Ligand Pharmaceuticals, Inc.(a)		2,780
	42	Regeneron Pharmaceuticals, Inc.(a)		21,161

				48,588

		Building Products — 0.3%
	20	Carrier Global Corp.		770
	18	Johnson Controls International PLC		896
	16	Lennox International, Inc.		4,408
	48	Owens Corning		3,725
	31	Trex Co., Inc.(a)		2,845

				12,644

		Capital Markets — 3.7%
	9	Ameriprise Financial, Inc.		1,781
	435	Bank of New York Mellon Corp. (The)		17,326
	7	BlackRock, Inc.		4,909
	330	Charles Schwab Corp. (The)		17,008
	13	CME Group, Inc.		2,363
	36	FactSet Research Systems, Inc.		10,884
	56	Franklin Resources, Inc.		1,472
	43	Goldman Sachs Group, Inc. (The)		11,660
	23	Intercontinental Exchange, Inc.		2,538
	18	Invesco Ltd.		371
	75	Janus Henderson Group PLC		2,307
	98	KKR & Co., Inc.		3,817
	20	Moody’s Corp.		5,325
	8	Morgan Stanley		537
	19	MSCI, Inc.		7,511
	81	Northern Trust Corp.		7,224
	27	S&P Global, Inc.		8,559
	145	SEI Investments Co.		7,663
	290	State Street Corp.		20,300
	6	T. Rowe Price Group, Inc.		939

				134,494

		Chemicals — 0.7%
	6	Air Products & Chemicals, Inc.		1,601
	17	DuPont de Nemours, Inc.		1,351
	5	Ecolab, Inc.		1,022
	41	HB Fuller Co.		2,086
	31	Innospec, Inc.		2,721
	36	Linde PLC		8,834
	35	Minerals Technologies, Inc.		2,157
	5	PPG Industries, Inc.		674
	2	Sherwin-Williams Co. (The)		1,384
	20	Stepan Co.		2,254

				24,084

		Commercial Services & Supplies — 0.3%
	44	Healthcare Services Group, Inc.		1,426
	21	MSA Safety, Inc.		3,279
	8	Republic Services, Inc.		724
	33	Tetra Tech, Inc.		4,012
	9	Waste Management, Inc.		1,002

				10,443

		Communications Equipment — 0.7%
	22	Arista Networks, Inc.(a)		6,766
	50	Ciena Corp.(a)		2,669
	267	Cisco Systems, Inc.		11,903
	6	F5 Networks, Inc.(a)		1,176

See accompanying notes to financial statements.

85 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2060 Fund – (continued)


Shares		Description	Value (†)
		Communications Equipment — continued
	30	Lumentum Holdings, Inc.(a)		2,814

				25,328

		Construction & Engineering — 0.2%
	101	AECOM(a)		5,060
	116	Fluor Corp.		2,006

				7,066

		Consumer Finance — 1.5%
	526	Ally Financial, Inc.		19,904
	113	American Express Co.		13,137
	179	Capital One Financial Corp.		18,663
	25	Green Dot Corp., Class A(a)		1,256
	24	PROG Holdings, Inc.		1,132

				54,092

		Containers & Packaging — 0.2%
	42	Ball Corp.		3,697
	29	International Paper Co.		1,459
	148	O-I Glass, Inc.		1,870

				7,026

		Distributors — 0.1%
	27	Genuine Parts Co.		2,535

		Diversified Telecommunication Services — 0.3%
	106	AT&T, Inc.		3,035
	648	Lumen Technologies, Inc.		8,022

				11,057

		Electric Utilities — 0.8%
	85	American Electric Power Co., Inc.		6,877
	122	Edison International		7,096
	19	Eversource Energy		1,662
	27	IDACORP, Inc.		2,384
	111	NextEra Energy, Inc.		8,977
	33	PPL Corp.		913

				27,909

		Electrical Equipment — 0.7%
	10	Acuity Brands, Inc.		1,202
	202	Ballard Power Systems, Inc.(a)		6,902
	30	Eaton Corp. PLC		3,531
	18	Generac Holdings, Inc.(a)		4,436
	19	Hubbell, Inc.		2,957
	18	Rockwell Automation, Inc.		4,474
	31	Sunrun, Inc.(a)		2,147

				25,649

		Electronic Equipment, Instruments & Components — 1.0%
	6	Amphenol Corp., Class A		749
	52	Avnet, Inc.		1,836
	57	Cognex Corp.		4,682
	12	Coherent, Inc.(a)		2,410
	30	Corning, Inc.		1,076
	70	Itron, Inc.(a)		6,021
	11	Littelfuse, Inc.		2,677
	10	Rogers Corp.(a)		1,561
	80	TE Connectivity Ltd.		9,632
	68	Trimble, Inc.(a)		4,482
	101	Vishay Intertechnology, Inc.		2,177

				37,303

		Energy Equipment & Services — 0.4%
	427	Archrock, Inc.		3,788
	67	Baker Hughes Co.		1,346
	68	NOV, Inc.		842
	345	Schlumberger NV		7,662
		Energy Equipment & Services — continued
	47	TechnipFMC PLC	$	502

				14,140

		Entertainment — 1.3%
	25	Activision Blizzard, Inc.		2,275
	48	Cinemark Holdings, Inc.		971
	38	Electronic Arts, Inc.		5,442
	20	Netflix, Inc.(a)		10,648
	173	Walt Disney Co. (The)(a)		29,093

				48,429

		Food & Staples Retailing — 0.2%
	40	BJ’s Wholesale Club Holdings, Inc.(a)		1,683
	44	Kroger Co. (The)		1,518
	128	SpartanNash Co.		2,371
	16	Sysco Corp.		1,144
	37	Walgreens Boots Alliance, Inc.		1,859

				8,575

		Food Products — 0.5%
	42	Campbell Soup Co.		2,021
	22	Conagra Brands, Inc.		761
	54	Darling Ingredients, Inc.(a)		3,349
	31	General Mills, Inc.		1,801
	54	Hain Celestial Group, Inc. (The)(a)		2,246
	42	Hormel Foods Corp.		1,968
	27	Ingredion, Inc.		2,038
	8	J.M. Smucker Co. (The)		931
	15	Kellogg Co.		884
	8	McCormick & Co., Inc.		716

				16,715

		Gas Utilities — 0.2%
	55	New Jersey Resources Corp.		1,926
	34	ONE Gas, Inc.		2,486
	62	South Jersey Industries, Inc.		1,432
	68	UGI Corp.		2,447

				8,291

		Health Care Equipment & Supplies — 1.1%
	27	Abbott Laboratories		3,337
	7	Baxter International, Inc.		538
	5	Becton Dickinson & Co.		1,309
	18	Boston Scientific Corp.(a)		638
	6	Cooper Cos., Inc. (The)		2,184
	9	Danaher Corp.		2,141
	13	DENTSPLY SIRONA, Inc.		695
	28	Edwards Lifesciences Corp.(a)		2,312
	32	Globus Medical, Inc., Class A(a)		1,974
	15	Haemonetics Corp.(a)		1,714
	29	Hill-Rom Holdings, Inc.		2,785
	15	Hologic, Inc.(a)		1,196
	8	Intuitive Surgical, Inc.(a)		5,981
	20	Medtronic PLC		2,227
	69	Meridian Bioscience, Inc.(a)		1,525
	22	Merit Medical Systems, Inc.(a)		1,191
	16	Penumbra, Inc.(a)		4,178
	9	Quidel Corp.(a)		2,259
	4	STERIS PLC		748
	5	Stryker Corp.		1,105
	5	Varian Medical Systems, Inc.(a)		878

				40,915

		Health Care Providers & Services — 2.2%
	11	Amedisys, Inc.(a)		3,160
	13	Anthem, Inc.		3,861

See accompanying notes to financial statements.

| 86

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2060 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	21	BioTelemetry, Inc.(a)	$	1,501
	87	Centene Corp.(a)		5,246
	7	Chemed Corp.		3,625
	17	Cigna Corp.		3,690
	121	CVS Health Corp.		8,670
	26	Encompass Health Corp.		2,090
	97	HCA Healthcare, Inc.		15,760
	18	Henry Schein, Inc.(a)		1,185
	35	Humana, Inc.		13,409
	16	Laboratory Corp. of America Holdings(a)		3,663
	110	MEDNAX, Inc.(a)		3,000
	50	Patterson Cos., Inc.		1,584
	25	Quest Diagnostics, Inc.		3,229
	17	UnitedHealth Group, Inc.		5,671

				79,344

		Health Care Technology — 0.4%
	107	Allscripts Healthcare Solutions, Inc.(a)		1,766
	131	Cerner Corp.		10,494
	51	HMS Holdings Corp.(a)		1,878

				14,138

		Hotels, Restaurants & Leisure — 1.7%
	2	Chipotle Mexican Grill, Inc.(a)		2,960
	25	Dine Brands Global, Inc.		1,719
	101	Hilton Worldwide Holdings, Inc.		10,240
	35	Jack in the Box, Inc.		3,295
	341	MGM Resorts International		9,739
	11	Royal Caribbean Cruises Ltd.		715
	39	Shake Shack, Inc., Class A(a)		4,423
	141	Starbucks Corp.		13,650
	106	Wendy’s Co. (The)		2,163
	147	Yum China Holdings, Inc.		8,336
	50	Yum! Brands, Inc.		5,075

				62,315

		Household Durables — 0.4%
	90	KB Home		3,747
	68	Meritage Homes Corp.(a)		5,458
	8	Mohawk Industries, Inc.(a)		1,149
	115	Taylor Morrison Home Corp.(a)		2,988

				13,342

		Household Products — 0.6%
	4	Clorox Co. (The)		838
	126	Colgate-Palmolive Co.		9,828
	74	Kimberly-Clark Corp.		9,775

				20,441

		Independent Power & Renewable Electricity Producers — 0.5%
	48	AES Corp. (The)		1,171
	62	Boralex, Inc., Class A		2,428
	97	NextEra Energy Partners LP		7,905
	37	Ormat Technologies, Inc.		4,224
	63	Sunnova Energy International, Inc.(a)		2,763

				18,491

		Industrial Conglomerates — 0.4%
	15	Carlisle Cos., Inc.		2,174
	1,020	General Electric Co.		10,894
	6	Honeywell International, Inc.		1,172

				14,240

		Insurance — 1.7%
	16	Aflac, Inc.		723
	26	Allstate Corp. (The)		2,787
	283	American International Group, Inc.		10,596
		Insurance — continued
	46	Chubb Ltd.		6,701
	49	First American Financial Corp.		2,562
	18	Hanover Insurance Group, Inc. (The)		2,024
	71	Hartford Financial Services Group, Inc. (The)		3,409
	13	Lincoln National Corp.		591
	29	Marsh & McLennan Cos., Inc.		3,187
	166	MetLife, Inc.		7,993
	42	Prudential Financial, Inc.		3,288
	140	Reinsurance Group of America, Inc.		14,707
	22	Travelers Cos., Inc. (The)		2,999

				61,567

		Interactive Media & Services — 2.8%
	14	Alphabet, Inc., Class A(a)		25,583
	19	Alphabet, Inc., Class C(a)		34,879
	163	Facebook, Inc., Class A(a)		42,108

				102,570

		Internet & Direct Marketing Retail — 2.8%
	105	Alibaba Group Holding Ltd., Sponsored ADR(a)		26,652
	12	Amazon.com, Inc.(a)		38,474
	7	Booking Holdings, Inc.(a)		13,610
	295	eBay, Inc.		16,671
	4	Etsy, Inc.(a)		796
	5	Expedia Group, Inc.		621
	391	Qurate Retail, Inc., Class A		4,927

				101,751

		IT Services — 3.0%
	33	Accenture PLC, Class A		7,983
	62	Akamai Technologies, Inc.(a)		6,884
	87	Automatic Data Processing, Inc.		14,366
	35	Cognizant Technology Solutions Corp., Class A		2,728
	377	DXC Technology Co.		10,631
	51	Fiserv, Inc.(a)		5,237
	65	Gartner, Inc.(a)		9,874
	48	MasterCard, Inc., Class A		15,182
	15	Paychex, Inc.		1,310
	145	Sabre Corp.		1,563
	10	VeriSign, Inc.(a)		1,941
	154	Visa, Inc., Class A		29,761
	15	WEX, Inc.(a)		2,829

				110,289

		Leisure Products — 0.0%
	65	Callaway Golf Co.		1,813

		Life Sciences Tools & Services — 0.8%
	12	Agilent Technologies, Inc.		1,442
	33	Illumina, Inc.(a)		14,072
	6	IQVIA Holdings, Inc.(a)		1,067
	63	NeoGenomics, Inc.(a)		3,340
	28	Repligen Corp.(a)		5,600
	7	Thermo Fisher Scientific, Inc.		3,568
	6	Waters Corp.(a)		1,588

				30,677

		Machinery — 2.5%
	37	AGCO Corp.		4,103
	101	Caterpillar, Inc.		18,467
	40	Cummins, Inc.		9,377
	94	Deere & Co.		27,147
	34	Flowserve Corp.		1,209
	9	Illinois Tool Works, Inc.		1,748
	50	ITT, Inc.		3,735
	60	Kennametal, Inc.		2,273
	40	Oshkosh Corp.		3,663

See accompanying notes to financial statements.

87 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2060 Fund – (continued)


Shares		Description	Value (†)
		Machinery — continued
	44	Parker-Hannifin Corp.	$	11,643
	11	Proto Labs, Inc.(a)		2,330
	47	Terex Corp.		1,681
	44	Toro Co. (The)		4,147

				91,523

		Media — 1.5%
	3	Cable One, Inc.		6,000
	22	Charter Communications, Inc., Class A(a)		13,366
	448	Comcast Corp., Class A		22,207
	21	Discovery, Inc., Series C(a)		736
	61	Discovery, Inc., Series A(a)		2,527
	42	Fox Corp., Class A		1,310
	33	Interpublic Group of Cos., Inc. (The)		794
	51	New York Times Co. (The), Class A		2,529
	41	News Corp., Class A		795
	49	Omnicom Group, Inc.		3,057

				53,321

		Metals & Mining — 0.3%
	151	Cleveland-Cliffs, Inc.		2,316
	85	Commercial Metals Co.		1,674
	10	Nucor Corp.		487
	38	Reliance Steel & Aluminum Co.		4,411
	25	Royal Gold, Inc.		2,672

				11,560

		Multi-Utilities — 0.2%
	50	Consolidated Edison, Inc.		3,539
	21	DTE Energy Co.		2,493
	19	Sempra Energy		2,351
	11	WEC Energy Group, Inc.		978

				9,361

		Multiline Retail — 0.2%
	218	Macy’s, Inc.		3,279
	24	Target Corp.		4,348

				7,627

		Oil, Gas & Consumable Fuels — 1.1%
	570	Apache Corp.		8,140
	97	ConocoPhillips		3,883
	71	Devon Energy Corp.		1,169
	102	Diamondback Energy, Inc.		5,782
	240	EOG Resources, Inc.		12,230
	88	EQT Corp.		1,435
	77	Kinder Morgan, Inc.		1,084
	237	Marathon Oil Corp.		1,716
	45	ONEOK, Inc.		1,792
	264	Southwestern Energy Co.(a)		995
	32	Valero Energy Corp.		1,806
	45	World Fuel Services Corp.		1,377

				41,409

		Paper & Forest Products — 0.1%
	63	Louisiana-Pacific Corp.		2,395

		Personal Products — 0.0%
	2	Estee Lauder Cos., Inc. (The), Class A		473

		Pharmaceuticals — 1.5%
	40	Bristol-Myers Squibb Co.		2,457
	12	Eli Lilly & Co.		2,496
	22	Jazz Pharmaceuticals PLC(a)		3,421
	131	Merck & Co., Inc.		10,096
	163	Novartis AG, Sponsored ADR		14,747
	61	Novo Nordisk A/S, Sponsored ADR		4,246
	22	Perrigo Co. PLC		939
		Pharmaceuticals — continued
	90	Pfizer, Inc.		3,231
	273	Roche Holding AG, Sponsored ADR		11,851
	5	Zoetis, Inc.		771

				54,255

		Professional Services — 0.3%
	40	Exponent, Inc.		3,303
	10	IHS Markit Ltd.		871
	14	Insperity, Inc.		1,099
	38	Korn Ferry		1,733
	24	ManpowerGroup, Inc.		2,122
	28	Nielsen Holdings PLC		625

				9,753

		Real Estate Management & Development — 0.2%
	79	CBRE Group, Inc., Class A(a)		4,817
	19	Jones Lang LaSalle, Inc.(a)		2,778

				7,595

		REITs – Apartments — 0.2%
	69	American Campus Communities, Inc.		2,840
	49	Camden Property Trust		5,005
	19	Equity Residential		1,171

				9,016

		REITs – Diversified — 0.2%
	21	American Tower Corp.		4,775
	4	Crown Castle International Corp.		637
	37	Weyerhaeuser Co.		1,154

				6,566

		REITs – Health Care — 0.1%
	27	Ventas, Inc.		1,244
	13	Welltower, Inc.		788

				2,032

		REITs – Hotels — 0.1%
	84	Host Hotels & Resorts, Inc.		1,138
	215	Park Hotels & Resorts, Inc.		3,586

				4,724

		REITs – Mortgage — 0.2%
	103	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		6,092

		REITs – Office Property — 0.4%
	7	Boston Properties, Inc.		639
	104	Corporate Office Properties Trust		2,732
	125	Douglas Emmett, Inc.		3,464
	166	Easterly Government Properties, Inc.		3,643
	52	Kilroy Realty Corp.		2,945

				13,423

		REITs – Shopping Centers — 0.1%
	296	Brixmor Property Group, Inc.		5,011

		REITs – Storage — 0.0%
	20	Iron Mountain, Inc.		673

		REITs – Warehouse/Industrials — 0.2%
	33	CyrusOne, Inc.		2,407
	43	ProLogis, Inc.		4,438

				6,845

		Road & Rail — 0.3%
	18	CSX Corp.		1,544
	22	Norfolk Southern Corp.		5,206
	32	Ryder System, Inc.		2,003
	14	Union Pacific Corp.		2,764

				11,517

See accompanying notes to financial statements.

| 88

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2060 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — 3.0%
	25	Advanced Micro Devices, Inc.(a)	$	2,141
	7	Analog Devices, Inc.		1,031
	21	Applied Materials, Inc.		2,030
	42	Cirrus Logic, Inc.(a)		3,935
	74	Cree, Inc.(a)		7,480
	23	Enphase Energy, Inc.(a)		4,194
	92	First Solar, Inc.(a)		9,122
	52	Ichor Holdings Ltd.(a)		1,877
	101	Intel Corp.		5,607
	4	Lam Research Corp.		1,936
	11	Micron Technology, Inc.(a)		861
	67	NVIDIA Corp.		34,813
	115	QUALCOMM, Inc.		17,972
	32	Silicon Laboratories, Inc.(a)		4,197
	45	Texas Instruments, Inc.		7,456
	18	Universal Display Corp.		4,155
	5	Xilinx, Inc.		653

				109,460

		Software — 4.3%
	19	Adobe, Inc.(a)		8,717
	19	ANSYS, Inc.(a)		6,733
	93	Autodesk, Inc.(a)		25,801
	23	Blackbaud, Inc.		1,529
	31	Bottomline Technologies, Inc.(a)		1,481
	6	Citrix Systems, Inc.		800
	11	Fair Isaac Corp.(a)		4,951
	119	Microsoft Corp.		27,603
	31	NortonLifeLock, Inc.		653
	365	Oracle Corp.		22,057
	21	Paylocity Holding Corp.(a)		3,937
	30	PTC, Inc.(a)		3,987
	22	Qualys, Inc.(a)		3,047
	89	salesforce.com, Inc.(a)		20,075
	34	SPS Commerce, Inc.(a)		3,362
	92	Workday, Inc., Class A(a)		20,933

				155,666

		Specialty Retail — 1.0%
	70	American Eagle Outfitters, Inc.		1,588
	27	Asbury Automotive Group, Inc.(a)		3,850
	2	AutoZone, Inc.(a)		2,237
	16	Best Buy Co., Inc.		1,741
	13	Five Below, Inc.(a)		2,285
	34	Gap, Inc. (The)(a)		689
	44	Home Depot, Inc. (The)		11,916
	19	Lithia Motors, Inc., Class A		6,055
	8	Lowe’s Cos., Inc.		1,335
	19	Monro, Inc.		1,111
	10	TJX Cos., Inc. (The)		640
	4	Ulta Beauty, Inc.(a)		1,119
	27	Williams-Sonoma, Inc.		3,481

				38,047

		Technology Hardware, Storage & Peripherals — 0.6%
	643	Hewlett Packard Enterprise Co.		7,935
	414	HP, Inc.		10,077
	66	NCR Corp.(a)		2,202
	13	Seagate Technology PLC		859

				21,073

		Textiles, Apparel & Luxury Goods — 0.5%
	16	Deckers Outdoor Corp.(a)		4,672
	489	Under Armour, Inc., Class A(a)		8,557
	40	VF Corp.		3,075
		Textiles, Apparel & Luxury Goods — continued
	59	Wolverine World Wide, Inc.		1,690

				17,994

		Thrifts & Mortgage Finance — 0.1%
	85	Mr. Cooper Group, Inc.(a)		2,315
	227	New York Community Bancorp, Inc.		2,374

				4,689

		Trading Companies & Distributors — 0.1%
	21	GATX Corp.		1,949

		Water Utilities — 0.3%
	28	American Water Works Co., Inc.		4,453
	161	Essential Utilities, Inc.		7,454

				11,907

		Wireless Telecommunication Services — 0.2%
	43	Shenandoah Telecommunications Co.		1,671
	39	T-Mobile US, Inc.(a)		4,917

				6,588

		Total Common Stocks (Identified Cost $1,885,535)		2,174,460


Principal Amount
	Bonds and Notes — 3.9%
		Automotive — 0.1%
$	2,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		2,291

		Banking — 0.6%
	2,000	American Express Co., 3.700%, 8/03/2023		2,159
	2,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		2,052
	1,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		1,093
	1,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		1,062
	1,000	Citigroup, Inc., 4.600%, 3/09/2026		1,160
	1,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		1,037
	1,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		1,008
	2,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		2,155
	2,000	KeyCorp, MTN, 2.550%, 10/01/2029		2,133
	1,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		1,104
	2,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		2,182
	2,000	Truist Bank, 3.200%, 4/01/2024		2,168
	2,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		2,163
	2,000	Westpac Banking Corp., 2.350%, 2/19/2025		2,136

				23,612

		Brokerage — 0.1%
	2,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		2,047

		Construction Machinery — 0.1%
	2,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023		2,015

		Consumer Cyclical Services — 0.1%
	2,000	eBay, Inc., 3.800%, 3/09/2022		2,070

		Electric — 0.1%
	2,000	Entergy Corp., 0.900%, 9/15/2025		1,996
	2,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		2,070
	2,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		2,205

				6,271

See accompanying notes to financial statements.

89 |

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2060 Fund – (continued)


Principal Amount		Description	Value (†)
		Food & Beverage — 0.1%
$	2,000	Mondelez International, Inc., 2.750%, 4/13/2030	$	2,162

		Government Owned – No Guarantee — 0.1%
	2,000	Federal National Mortgage Association, 6.625%, 11/15/2030		2,995

		Health Insurance — 0.1%
	1,000	Anthem, Inc., 4.101%, 3/01/2028		1,169
	1,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		1,450

				2,619

		Healthcare — 0.0%
	1,000	CVS Health Corp., 4.300%, 3/25/2028		1,175

		Independent Energy — 0.1%
	2,000	EQT Corp., 3.000%, 10/01/2022		2,031

		Integrated Energy — 0.1%
	1,000	BP Capital Markets PLC, 3.814%, 2/10/2024		1,095
	2,000	Exxon Mobil Corp., 2.992%, 3/19/2025		2,174
	1,000	Shell International Finance BV, 6.375%, 12/15/2038		1,514

				4,783

		Midstream — 0.0%
	1,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		1,092

		Mortgage Related — 0.4%
	6,000	FNMA, 2.500%, 2/01/2051		6,319
	6,068	FNMA, 3.000%, with various maturities from 2034 to 2049(b)		6,389
	3,339	FNMA, 3.500%, with various maturities in 2049(b)		3,547
	633	FNMA, 4.000%, 3/01/2050		679
	888	FNMA, 4.500%, 5/01/2049		965

				17,899

		Natural Gas — 0.1%
	2,000	NiSource, Inc., 0.950%, 8/15/2025		2,002

		Oil Field Services — 0.1%
	2,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		2,083

		Pharmaceuticals — 0.0%
	1,000	Johnson & Johnson, 1.300%, 9/01/2030		986

		Railroads — 0.1%
	2,000	CSX Corp., 2.600%, 11/01/2026		2,177

		REITs – Office Property — 0.0%
	1,000	Boston Properties LP, 2.750%, 10/01/2026		1,083

		Restaurants — 0.1%
	2,000	Starbucks Corp., 2.250%, 3/12/2030		2,083

		Technology — 0.2%
	1,000	International Business Machines Corp., 4.000%, 6/20/2042		1,196
	2,000	Oracle Corp., 2.950%, 5/15/2025		2,176
	2,000	QUALCOMM, Inc., 1.650%, 5/20/2032		1,970
	2,000	VMware, Inc., 2.950%, 8/21/2022		2,072

				7,414

		Treasuries — 1.3%
	1,000	U.S. Treasury Bond, 2.500%, 5/15/2046		1,148
	4,000	U.S. Treasury Bond, 2.875%, 11/15/2046		4,911
	3,000	U.S. Treasury Bond, 3.000%, 5/15/2045		3,745
	1,000	U.S. Treasury Bond, 3.000%, 2/15/2048		1,261
	4,000	U.S. Treasury Bond, 3.000%, 2/15/2049		5,064
	1,000	U.S. Treasury Bond, 4.250%, 11/15/2040		1,455
	1,000	U.S. Treasury Bond, 4.375%, 5/15/2041		1,483
	1,000	U.S. Treasury Bond, 4.500%, 2/15/2036		1,432
	9,000	U.S. Treasury Note, 0.375%, 11/30/2025		8,986
		Treasuries — continued
	4,000	U.S. Treasury Note, 1.125%, 9/30/2021		4,028
	5,000	U.S. Treasury Note, 1.625%, 8/31/2022		5,119
	9,000	U.S. Treasury Note, 2.125%, 12/31/2022		9,344

				47,976

		Wireless — 0.0%
	1,000	Vodafone Group PLC, 6.150%, 2/27/2037		1,397

		Wirelines — 0.0%
	1,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.321%, 5/15/2025(c)		1,029

		Total Bonds and Notes (Identified Cost $139,189)		141,292


Shares
	Exchange-Traded Funds — 8.5%
	4,312	iShares^® ESG Aware MSCI EAFE ETF (Identified Cost $284,756)		311,930


	Affiliated Mutual Funds — 25.7%
	5,324	Mirova Global Green Bond Fund, Class N		57,185
	26,147	Mirova International Sustainable Equity Fund, Class N		356,124
	9,379	WCM Focused Emerging Markets Fund, Institutional Class		188,138
	13,700	WCM Focused International Growth Fund, Institutional Class		337,577

		Total Affiliated Mutual Funds (Identified Cost $836,905)		939,024


Principal Amount
	Short-Term Investments — 3.4%
$	126,130	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/29/2021 at 0.000% to be repurchased at $126,130 on 2/01/2021 collateralized by $121,200 U.S. Treasury Note, 2.750% due 5/31/2023 valued at $129,092 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $126,130)		126,130


		Total Investments — 101.0% (Identified Cost $3,272,515)		3,692,836
		Other assets less liabilities — (1.0)%		(35,485	)

		Net Assets — 100.0%	$	3,657,351


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(c)	Variable rate security. Rate as of January 31, 2021 is disclosed.

See accompanying notes to financial statements.

| 90

Portfolio of Investments – as of January 31, 2021

Natixis Sustainable Future 2060 Fund – (continued)


	ADR			An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ETF			Exchange-Traded Fund
	FNMA			Federal National Mortgage Association
	GMTN			Global Medium Term Note
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	REITs			Real Estate Investment Trusts

Asset Allocation Summary at January 31, 2021


Equity	92.1	%
Fixed Income	5.5
Short-Term Investments	3.4

Total Investments	101.0
Other assets less liabilities	(1.0	)

Net Assets	100.0	%

See accompanying notes to financial statements.

91 |

This Page Intentionally Left Blank

| 92

Statements of Assets and Liabilities

January 31, 2021


	Natixis Sustainable Future 2015 Fund		Natixis Sustainable Future 2020 Fund		Natixis Sustainable Future 2025 Fund		Natixis Sustainable Future 2030 Fund
ASSETS
Unaffiliated investments at cost	$	2,112,160	$	1,634,333	$	4,284,477	$	4,609,151
Affiliated investments at cost		1,724,756		1,080,892		2,354,674		2,333,843
Net unrealized appreciation on unaffiliated investments		293,580		183,687		450,925		624,242
Net unrealized appreciation on affiliated investments		128,666		53,295		137,386		199,600

Investments at value		4,259,162		2,952,207		7,227,462		7,766,836
Receivable for Fund shares sold		2,953		7,830		5,585		141,448
Receivable from investment adviser (Note 5)		23,362		23,824		23,242		23,677
Receivable for securities sold		18,795		529		482		434
Dividends and interest receivable		6,801		4,378		10,085		9,790
Dividends receivable from affiliates		391		238		470		321
Tax reclaims receivable		369		508		375		361
Prepaid expenses (Note 6)		1		1		—		—

TOTAL ASSETS		4,311,834		2,989,515		7,267,701		7,942,867

LIABILITIES
Payable for securities purchased		32,707		238		470		321
Payable for Fund shares redeemed		—		—		—		198,987
Deferred Trustees’ fees (Note 5)		15,824		15,815		15,796		15,791
Administrative fees payable (Note 5)		152		107		269		286
Audit and tax services fees payable		29,507		29,507		29,507		29,507
Other accounts payable and accrued expenses		29,636		31,486		29,870		33,136

TOTAL LIABILITIES		107,826		77,153		75,912		278,028

NET ASSETS	$	4,204,008	$	2,912,362	$	7,191,789	$	7,664,839

NET ASSETS CONSIST OF:
Paid-in capital	$	3,775,376	$	2,720,370	$	6,582,914	$	6,736,590
Accumulated earnings		428,632		191,992		608,875		928,249

NET ASSETS	$	4,204,008	$	2,912,362	$	7,191,789	$	7,664,839

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class N shares:
Net assets	$	4,204,008	$	2,912,362	$	7,191,789	$	7,664,839

Shares of beneficial interest		405,336		310,829		629,509		640,173

Net asset value, offering and redemption price per share	$	10.37	$	9.37	$	11.42	$	11.97

See accompanying notes to financial statements.

93 |

Statements of Assets and Liabilities (continued)

January 31, 2021


Natixis Sustainable Future 2035 Fund		Natixis Sustainable Future 2040 Fund		Natixis Sustainable Future 2045 Fund		Natixis Sustainable Future 2050 Fund		Natixis Sustainable Future 2055 Fund		Natixis Sustainable Future 2060 Fund

$	4,517,939	$	3,209,988	$	4,126,302	$	3,255,850	$	2,551,010	$	2,435,610
	2,090,950		1,346,060		1,529,915		1,140,753		890,828		836,905
	578,410		484,221		508,646		450,850		340,999		318,202
	176,095		148,347		157,665		124,230		94,721		102,119

	7,363,394		5,188,616		6,322,528		4,971,683		3,877,558		3,692,836
	14,699		298,751		7,955		93,756		7,820		3,821
	23,098		23,482		22,541		23,432		22,994		26,219
	10,510		7,738		359		4,169		1,042		12,092
	6,792		3,842		3,863		3,268		2,304		2,327
	212		91		72		—		—		—
	406		500		428		385		378		384
	—		—		—		—		—		1

	7,419,111		5,523,020		6,357,746		5,096,693		3,912,096		3,737,680


	22,017		15,311		72		427		1,231		—
	—		—		83		—		—		—
	15,796		15,775		15,746		15,742		15,729		15,716
	255		191		215		175		136		129
	29,507		29,507		29,507		29,507		29,507		29,507
	29,503		31,494		29,251		33,664		29,223		34,977

	97,078		92,278		74,874		79,515		75,826		80,329

$	7,322,033	$	5,430,742	$	6,282,872	$	5,017,178	$	3,836,270	$	3,657,351


$	6,389,059	$	4,698,361	$	5,585,605	$	4,421,118	$	3,397,849	$	3,209,295
	932,974		732,381		697,267		596,060		438,421		448,056

$	7,322,033	$	5,430,742	$	6,282,872	$	5,017,178	$	3,836,270	$	3,657,351



$	7,322,033	$	5,430,742	$	6,282,872	$	5,017,178	$	3,836,270	$	3,657,351

	609,161		464,388		518,224		426,826		332,848		314,262

$	12.02	$	11.69	$	12.12	$	11.75	$	11.53	$	11.64

See accompanying notes to financial statements.

| 94

Statements of Operations

For the Year Ended January 31, 2021


	Natixis Sustainable Future 2015 Fund			Natixis Sustainable Future 2020 Fund			Natixis Sustainable Future 2025 Fund			Natixis Sustainable Future 2030 Fund
INVESTMENT INCOME
Dividends from unaffiliated investments	$	33,536		$	31,939		$	48,108		$	58,793
Dividends from affiliated investments		29,138			19,181			24,262			22,757
Interest		22,875			17,120			19,468			18,047
Less net foreign taxes withheld		(509	)		(157	)		(179	)		(168	)

		85,040			68,083			91,659			99,429

Expenses
Management fees (Note 5)		35,669			29,712			39,217			44,049
Administrative fees (Note 5)		2,687			2,138			2,860			3,129
Trustees’ fees and expenses (Note 5)		17,839			17,802			17,854			17,875
Transfer agent fees and expenses		1,424			1,568			1,464			1,728
Audit and tax services fees		32,661			32,661			32,661			32,661
Custodian fees and expenses		38,595			44,327			41,930			45,232
Legal fees (Note 6)		417			389			412			433
Registration fees		21,101			21,101			22,381			21,101
Regulatory filing fees		13,000			13,000			13,000			13,000
Shareholder reporting expenses		12,636			13,026			11,935			14,233
Miscellaneous expenses (Note 6)		11,852			11,877			11,689			11,745

Total expenses		187,881			187,601			195,403			205,186
Less waiver and/or expense reimbursement (Note 5)		(168,986	)		(171,881	)		(173,922	)		(180,956	)

Net expenses		18,895			15,720			21,481			24,230

Net investment income		66,145			52,363			70,178			75,199

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on:
Unaffiliated investments		319,766			373,905			337,927			312,824
Affiliated investments		162,441			178,757			119,833			103,130
Distributions of capital gains received from affiliated investments		26,397			20,238			51,056			66,221
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		125,094			(9,478	)		276,807			433,960
Affiliated investments		35,452			(37,379	)		58,965			122,975

Net realized and unrealized gain on investments		669,150			526,043			844,588			1,039,110

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	735,295		$	578,406		$	914,766		$	1,114,309

See accompanying notes to financial statements.

95 |

Statements of Operations (continued)

For the Year Ended January 31, 2021


Natixis Sustainable Future 2035 Fund			Natixis Sustainable Future 2040 Fund			Natixis Sustainable Future 2045 Fund			Natixis Sustainable Future 2050 Fund			Natixis Sustainable Future 2055 Fund			Natixis Sustainable Future 2060 Fund

$	59,578		$	56,212		$	55,050		$	50,535		$	43,065		$	36,959
	15,760			11,484			7,908			5,476			4,371			4,028
	9,882			5,237			3,745			3,425			2,847			2,376
	(209	)		(224	)		(189	)		(193	)		(174	)		(138	)

	85,011			72,709			66,514			59,243			50,109			43,225


	40,110			36,442			33,080			30,315			26,046			21,213
	2,794			2,468			2,245			2,035			1,738			1,426
	17,854			17,819			17,799			17,779			17,754			17,725
	1,511			1,751			1,553			1,846			1,542			1,579
	32,661			32,661			32,661			32,661			32,661			32,661
	40,582			38,264			39,766			40,232			39,932			38,754
	401			396			375			364			346			318
	21,101			21,101			21,101			21,101			21,101			21,101
	13,000			13,000			13,000			13,000			13,000			13,000
	11,982			14,084			12,054			14,010			11,511			11,049
	11,802			11,642			11,645			11,651			11,647			11,622

	193,798			189,628			185,279			184,994			177,278			170,448
	(170,764	)		(169,439	)		(166,382	)		(167,403	)		(161,869	)		(158,120	)

	23,034			20,189			18,897			17,591			15,409			12,328

	61,977			52,520			47,617			41,652			34,700			30,897



	400,844			389,330			239,564			285,269			242,909			242,375
	133,490			142,576			89,636			96,702			91,761			72,939
	56,625			51,323			51,741			47,384			37,571			34,989

	346,371			255,004			353,243			292,088			195,872			168,337
	76,823			55,498			81,667			52,967			32,040			40,231

	1,014,153			893,731			815,851			774,410			600,153			558,871

$	1,076,130		$	946,251		$	863,468		$	816,062		$	634,853		$	589,768

See accompanying notes to financial statements.

| 96

Statements of Changes in Net Assets


	Natixis Sustainable Future 2015 Fund						Natixis Sustainable Future 2020 Fund						Natixis Sustainable Future 2025 Fund
	Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2021			Year Ended January 31, 2020
FROM OPERATIONS:
Net investment income	$	66,145		$	82,696		$	52,363		$	82,274		$	70,178		$	70,718
Net realized gain on investments and distributions of capital gains received from affiliated investments		508,604			259,265			572,900			231,141			508,816			219,081
Net change in unrealized appreciation (depreciation) on investments		160,546			238,456			(46,857	)		291,488			335,772			232,508

Net increase in net assets resulting from operations		735,295			580,417			578,406			604,903			914,766			522,307

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class N		(605,621	)		(322,135	)		(706,173	)		(285,054	)		(589,169	)		(285,723	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		(2,116,817	)		1,332,578			(2,966,175	)		1,146,637			851,212			2,021,861

Net increase (decrease) in net assets		(1,987,143	)		1,590,860			(3,093,942	)		1,466,486			1,176,809			2,258,445
NET ASSETS
Beginning of the year		6,191,151			4,600,291			6,006,304			4,539,818			6,014,980			3,756,535

End of the year	$	4,204,008		$	6,191,151		$	2,912,362		$	6,006,304		$	7,191,789		$	6,014,980

See accompanying notes to financial statements.

97 |

Statements of Changes in Net Assets (continued)


		Natixis Sustainable Future 2030 Fund						Natixis Sustainable Future 2035 Fund						Natixis Sustainable Future 2040 Fund
		Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2021			Year Ended January 31, 2020
FROM OPERATIONS:
Net investment income		$	75,199		$	67,400		$	61,977		$	70,937		$	52,520		$	63,590
Net realized gain on investments and distributions of capital gains received from affiliated investments			482,175			290,381			590,959			259,790			583,229			247,544
Net change in unrealized appreciation (depreciation) on investments			556,935			226,711			423,194			301,347			310,502			288,202

Net increase in net assets resulting from operations			1,114,309			584,492			1,076,130			632,074			946,251			599,336
	��
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class N			(537,498	)		(297,864	)		(523,070	)		(318,050	)		(590,062	)		(300,687	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)			838,108			2,769,661			1,203,343			1,152,393			(587,824	)		2,033,532

Net increase (decrease) in net assets			1,414,919			3,056,289			1,756,403			1,466,417			(231,635	)		2,332,181
NET ASSETS
Beginning of the year			6,249,920			3,193,631			5,565,630			4,099,213			5,662,377			3,330,196

End of the year		$	7,664,839		$	6,249,920		$	7,322,033		$	5,565,630		$	5,430,742		$	5,662,377

See accompanying notes to financial statements.

| 98

Statements of Changes in Net Assets (continued)


	Natixis Sustainable Future 2045 Fund						Natixis Sustainable Future 2050 Fund						Natixis Sustainable Future 2055 Fund
	Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2021			Year Ended January 31, 2020
FROM OPERATIONS:
Net investment income	$	47,617		$	50,470		$	41,652		$	49,890		$	34,700		$	43,940
Net realized gain on investments and distributions of capital gains received from affiliated investments		380,941			219,629			429,355			245,116			372,241			204,494
Net change in unrealized appreciation (depreciation) on investments		434,910			169,511			345,055			179,402			227,912			158,295

Net increase in net assets resulting from operations		863,468			439,610			816,062			474,408			634,853			406,729

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class N		(435,927	)		(253,894	)		(512,519	)		(264,071	)		(431,682	)		(254,037	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		904,542			2,248,041			156,675			1,854,491			(544,538	)		1,410,632

Net increase (decrease) in net assets		1,332,083			2,433,757			460,218			2,064,828			(341,367	)		1,563,324
NET ASSETS
Beginning of the year		4,950,789			2,517,032			4,556,960			2,492,132			4,177,637			2,614,313

End of the year	$	6,282,872		$	4,950,789		$	5,017,178		$	4,556,960		$	3,836,270		$	4,177,637

See accompanying notes to financial statements.

99 |

Statements of Changes in Net Assets (continued)


	Natixis Sustainable Future 2060 Fund
	Year Ended January 31, 2021			Year Ended January 31, 2020
FROM OPERATIONS:
Net investment income	$	30,897		$	40,507
Net realized gain on investments and distributions of capital gains received from affiliated investments		350,303			197,433
Net change in unrealized appreciation (depreciation) on investments		208,568			147,193

Net increase in net assets resulting from operations		589,768			385,133

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class N		(375,626	)		(237,210	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		245,221			561,758

Net increase in net assets		459,363			709,681
NET ASSETS
Beginning of the year		3,197,988			2,488,307

End of the year	$	3,657,351		$	3,197,988

See accompanying notes to financial statements.

| 100

Financial Highlights

For a share outstanding throughout each period


	Sustainable Future 2015 Fund—Class N
	Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	10.70		$	10.11		$	11.13		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12			0.17			0.23			0.15
Net realized and unrealized gain (loss)		1.25			1.02			(0.41	)		1.19

Total from Investment Operations		1.37			1.19			(0.18	)		1.34

LESS DISTRIBUTIONS FROM:
Net investment income		(0.25	)		(0.18	)		(0.23	)		(0.16	)
Net realized capital gains		(1.45	)		(0.42	)		(0.61	)		(0.05	)

Total Distributions		(1.70	)		(0.60	)		(0.84	)		(0.21	)

Net asset value, end of the period	$	10.37		$	10.70		$	10.11		$	11.13

Total return(b)		12.97	%		11.81	%		(1.28	)%		13.42	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	4,204		$	6,191		$	4,600		$	4,536
Net expenses(d)		0.31	%(e)		0.31	%(f)(g)		0.35	%(h)		0.38	%(i)(j)
Gross expenses		3.08	%(e)		3.70	%(f)		4.04	%(h)		3.57	%(i)(j)
Net investment income		1.09	%		1.62	%		2.10	%		1.49	%(i)
Portfolio turnover rate		61	%		73	%		41	%		15	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.55% and 3.32%, respectively.

(f)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.58% and 3.97%, respectively.

(g)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.55%.

(h)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 4.34%, respectively.

(i)	Computed on an annualized basis for periods less than one year.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 3.84%, respectively.

See accompanying notes to financial statements.

101 |

Financial Highlights (continued)

For a share outstanding throughout each period


	Sustainable Future 2020 Fund—Class N
	Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	10.66		$	9.97		$	11.34		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.17			0.22			0.14
Net realized and unrealized gain (loss)		1.38			1.06			(0.46	)		1.39

Total from Investment Operations		1.49			1.23			(0.24	)		1.53

LESS DISTRIBUTIONS FROM:
Net investment income		(0.29	)		(0.18	)		(0.23	)		(0.15	)
Net realized capital gains		(2.49	)		(0.36	)		(0.90	)		(0.04	)

Total Distributions		(2.78	)		(0.54	)		(1.13	)		(0.19	)

Net asset value, end of the period	$	9.37		$	10.66		$	9.97		$	11.34

Total return(b)		14.26	%		12.31	%		(1.66	)%		15.38	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,912		$	6,006		$	4,540		$	4,617
Net expenses(d)		0.32	%(e)		0.32	%(f)(g)		0.38	%(h)		0.41	%(i)(j)
Gross expenses		3.88	%(e)		3.69	%(f)		4.10	%(h)		3.58	%(i)(j)
Net investment income		1.08	%		1.60	%		1.98	%		1.40	%(i)
Portfolio turnover rate		95	%		74	%		65	%		15	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.55% and 4.11%, respectively.

(f)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.58% and 3.95%, respectively.

(g)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.55%.

(h)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 4.37%, respectively.

(i)	Computed on an annualized basis for periods less than one year.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 3.82%, respectively.

See accompanying notes to financial statements.

| 102

Financial Highlights (continued)

For a share outstanding throughout each period


	Sustainable Future 2025 Fund—Class N
	Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	10.89		$	10.22		$	11.54		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12			0.17			0.21			0.13
Net realized and unrealized gain (loss)		1.41			1.12			(0.54	)		1.59

Total from Investment Operations		1.53			1.29			(0.33	)		1.72

LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.17	)		(0.20	)		(0.14	)
Net realized capital gains		(0.84	)		(0.45	)		(0.79	)		(0.04	)

Total Distributions		(1.00	)		(0.62	)		(0.99	)		(0.18	)

Net asset value, end of the period	$	11.42		$	10.89		$	10.22		$	11.54

Total return(b)		14.35	%		12.73	%		(2.46	)%		17.31	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	7,192		$	6,015		$	3,757		$	3,518
Net expenses(d)		0.33	%(e)		0.34	%(f)(g)		0.42	%(h)		0.45	%(i)(j)
Gross expenses		3.00	%(e)		4.18	%(f)		4.88	%(h)		4.41	%(i)(j)
Net investment income		1.08	%		1.59	%		1.88	%		1.30	%(i)
Portfolio turnover rate		84	%		67	%		59	%		16	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.56% and 3.23%, respectively.

(f)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.59% and 4.43%, respectively.

(g)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.56%.

(h)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.11%, respectively.

(i)	Computed on an annualized basis for periods less than one year.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 4.61%, respectively.

See accompanying notes to financial statements.

103 |

Financial Highlights (continued)

For a share outstanding throughout each period


	Sustainable Future 2030 Fund—Class N
	Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	11.15		$	10.39		$	11.79		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12			0.17			0.19			0.12
Net realized and unrealized gain (loss)		1.60			1.19			(0.60	)		1.86

Total from Investment Operations		1.72			1.36			(0.41	)		1.98

LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.14	)		(0.18	)		(0.14	)
Net realized capital gains		(0.72	)		(0.46	)		(0.81	)		(0.05	)

Total Distributions		(0.90	)		(0.60	)		(0.99	)		(0.19	)

Net asset value, end of the period	$	11.97		$	11.15		$	10.39		$	11.79

Total return(b)		15.88	%		13.12	%		(2.91	)%		19.79	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	7,665		$	6,250		$	3,194		$	3,033
Net expenses(d)		0.34	%(e)		0.37	%(f)(g)		0.48	%(h)		0.50	%(i)(j)
Gross expenses		2.88	%(e)		4.37	%(f)		5.34	%(h)		5.04	%(i)(j)
Net investment income		1.06	%		1.55	%		1.68	%		1.22	%(i)
Portfolio turnover rate		69	%		80	%		65	%		15	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.57% and 3.11%, respectively.

(f)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 4.60%, respectively.

(g)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.57%.

(h)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.51%, respectively.

(i)	Computed on an annualized basis for periods less than one year.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.19%, respectively.

See accompanying notes to financial statements.

| 104

Financial Highlights (continued)

For a share outstanding throughout each period


	Sustainable Future 2035 Fund—Class N
	Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	11.24		$	10.46		$	12.01		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.16			0.17			0.11
Net realized and unrealized gain (loss)		1.70			1.33			(0.67	)		2.08

Total from Investment Operations		1.81			1.49			(0.50	)		2.19

LESS DISTRIBUTIONS FROM:
Net investment income		(0.17	)		(0.17	)		(0.17	)		(0.13	)
Net realized capital gains		(0.86	)		(0.54	)		(0.88	)		(0.05	)

Total Distributions		(1.03	)		(0.71	)		(1.05	)		(0.18	)

Net asset value, end of the period	$	12.02		$	11.24		$	10.46		$	12.01

Total return(b)		16.62	%		14.29	%		(3.68	)%		21.95	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	7,322		$	5,566		$	4,099		$	3,112
Net expenses(d)		0.36	%(e)		0.39	%(f)(g)		0.52	%(h)		0.55	%(i)(j)
Gross expenses		3.05	%(e)		3.95	%(f)		5.12	%(h)		5.03	%(i)(j)
Net investment income		0.97	%		1.47	%		1.52	%		1.13	%(i)
Portfolio turnover rate		89	%		63	%		74	%		14	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.58% and 3.27%, respectively.

(f)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 4.16%, respectively.

(g)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.58%.

(h)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.25%, respectively.

(i)	Computed on an annualized basis for periods less than one year.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.13%, respectively.

See accompanying notes to financial statements.

105 |

Financial Highlights (continued)

For a share outstanding throughout each period


	Sustainable Future 2040 Fund—Class N
	Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	11.18		$	10.43		$	12.20		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.16			0.16			0.11
Net realized and unrealized gain (loss)		1.85			1.29			(0.75	)		2.26

Total from Investment Operations		1.95			1.45			(0.59	)		2.37

LESS DISTRIBUTIONS FROM:
Net investment income		(0.19	)		(0.15	)		(0.16	)		(0.12	)
Net realized capital gains		(1.25	)		(0.55	)		(1.02	)		(0.05	)

Total Distributions		(1.44	)		(0.70	)		(1.18	)		(0.17	)

Net asset value, end of the period	$	11.69		$	11.18		$	10.43		$	12.20

Total return(b)		18.04	%		13.94	%		(4.19	)%		23.80	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,431		$	5,662		$	3,330		$	3,096
Net expenses(d)		0.36	%(e)		0.39	%(f)(g)		0.56	%(h)		0.59	%(i)(j)
Gross expenses		3.38	%(e)		4.45	%(f)		5.40	%(h)		5.04	%(i)(j)
Net investment income		0.94	%		1.50	%		1.42	%		1.04	%(i)
Portfolio turnover rate		64	%		63	%		90	%		15	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.59% and 3.61%, respectively.

(f)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.61% and 4.67%, respectively.

(g)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.59%.

(h)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.49%, respectively.

(i)	Computed on an annualized basis for periods less than one year.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.10%, respectively.

See accompanying notes to financial statements.

| 106

Financial Highlights (continued)

For a share outstanding throughout each period


	Sustainable Future 2045 Fund—Class N
	Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	11.17		$	10.38		$	12.31		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.16			0.15			0.10
Net realized and unrealized gain (loss)		1.89			1.37			(0.81	)		2.39

Total from Investment Operations		1.99			1.53			(0.66	)		2.49

LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.15	)		(0.16	)		(0.12	)
Net realized capital gains		(0.86	)		(0.59	)		(1.11	)		(0.06	)

Total Distributions		(1.04	)		(0.74	)		(1.27	)		(0.18	)

Net asset value, end of the period	$	12.12		$	11.17		$	10.38		$	12.31

Total return(b)		18.30	%		14.73	%		(4.53	)%		24.92	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,283		$	4,951		$	2,517		$	2,568
Net expenses(d)		0.37	%(e)		0.40	%(f)(g)		0.58	%(h)		0.61	%(i)(j)
Gross expenses		3.63	%(e)		5.12	%(f)		6.46	%(h)		5.97	%(i)(j)
Net investment income		0.93	%		1.45	%		1.32	%		0.97	%(i)
Portfolio turnover rate		72	%		58	%		77	%		17	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.59% and 3.85%, respectively.

(f)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.61% and 5.33%, respectively.

(g)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.59%.

(h)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.53%, respectively.

(i)	Computed on an annualized basis for periods less than one year.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.01%, respectively.

See accompanying notes to financial statements.

107 |

Financial Highlights (continued)

For a share outstanding throughout each period


	Sustainable Future 2050 Fund—Class N
	Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	11.15		$	10.41		$	12.38		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.16			0.15			0.10
Net realized and unrealized gain (loss)		1.92			1.35			(0.84	)		2.45

Total from Investment Operations		2.02			1.51			(0.69	)		2.55

LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.15	)		(0.16	)		(0.11	)
Net realized capital gains		(1.24	)		(0.62	)		(1.12	)		(0.06	)

Total Distributions		(1.42	)		(0.77	)		(1.28	)		(0.17	)

Net asset value, end of the period	$	11.75		$	11.15		$	10.41		$	12.38

Total return(b)		18.94	%(c)		14.57	%		(4.82	)%		25.64	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,017		$	4,557		$	2,492		$	2,514
Net expenses(e)		0.38	%(f)		0.41	%(g)(h)		0.59	%(i)		0.62	%(j)(k)
Gross expenses		4.00	%(f)		5.24	%(g)		6.42	%(i)		6.00	%(j)(k)
Net investment income		0.90	%		1.43	%		1.29	%		0.94	%(j)
Portfolio turnover rate		80	%		75	%		83	%		18	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)

Generally accepted accounting principles require certain adjustments to be made to the net assets of the Fund for financial reporting purposes only, and as such, the total returns based on the adjusted net asset values per share may differ from the total returns reported in the average annual total return table.

(d)	Periods less than one year are not annualized.

(e)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 4.22%, respectively.

(g)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.62% and 5.45%, respectively.

(h)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.60%.

(i)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.48%, respectively.

(j)	Computed on an annualized basis for periods less than one year.

(k)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.03%, respectively.

See accompanying notes to financial statements.

| 108

Financial Highlights (continued)

For a share outstanding throughout each period


	Sustainable Future 2055 Fund—Class N
	Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	11.11		$	10.43		$	12.38		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.16			0.15			0.10
Net realized and unrealized gain (loss)		1.86			1.40			(0.83	)		2.45

Total from Investment Operations		1.96			1.56			(0.68	)		2.55

LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.16	)		(0.16	)		(0.11	)
Net realized capital gains		(1.34	)		(0.72	)		(1.11	)		(0.06	)

Total Distributions		(1.54	)		(0.88	)		(1.27	)		(0.17	)

Net asset value, end of the period	$	11.53		$	11.11		$	10.43		$	12.38

Total return(b)		18.07	%		14.93	%		(4.80	)%		25.64	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,836		$	4,178		$	2,614		$	2,534
Net expenses(d)		0.39	%(e)		0.42	%(f)(g)		0.59	%(h)		0.62	%(i)(j)
Gross expenses		4.49	%(e)		5.63	%(f)		6.44	%(h)		5.98	%(i)(j)
Net investment income		0.88	%		1.42	%		1.27	%		0.94	%(i)
Portfolio turnover rate		71	%		64	%		85	%		18	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 4.70%, respectively.

(f)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.62% and 5.83%, respectively.

(g)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.60%.

(h)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.50%, respectively.

(i)	Computed on an annualized basis for periods less than one year.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.01%, respectively.

See accompanying notes to financial statements.

109 |

Financial Highlights (continued)

For a share outstanding throughout each period


	Sustainable Future 2060 Fund—Class N
	Year Ended January 31, 2021			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	11.03		$	10.40		$	12.38		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.16			0.15			0.10
Net realized and unrealized gain (loss)		1.95			1.38			(0.82	)		2.45

Total from Investment Operations		2.05			1.54			(0.67	)		2.55

LESS DISTRIBUTIONS FROM:
Net investment income		(0.19	)		(0.17	)		(0.16	)		(0.11	)
Net realized capital gains		(1.25	)		(0.74	)		(1.15	)		(0.06	)

Total Distributions		(1.44	)		(0.91	)		(1.31	)		(0.17	)

Net asset value, end of the period	$	11.64		$	11.03		$	10.40		$	12.38

Total return(b)		19.09	%		14.78	%		(4.56	)%		25.59	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,657		$	3,198		$	2,488		$	2,575
Net expenses(d)		0.38	%(e)		0.42	%(f)(g)		0.59	%(h)		0.62	%(i)(j)
Gross expenses		5.25	%(e)		6.03	%(f)		6.45	%(h)		5.97	%(i)(j)
Net investment income		0.95	%		1.45	%		1.29	%		0.94	%(i)
Portfolio turnover rate		79	%		64	%		80	%		17	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 5.47%, respectively.

(f)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.62% and 6.23%, respectively.

(g)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.60%.

(h)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.51%, respectively.

(i)	Computed on an annualized basis for periods less than one year.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.00%, respectively.

See accompanying notes to financial statements.

| 110

Notes to Financial Statements

January 31, 2021

1. Organization. Natixis Funds Trust IV (the “Trust”) is organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The financial statements for certain funds of the Trust are presented in separate reports. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:

Natixis Funds Trust IV:

Natixis Sustainable Future 2015 Fund (the “Sustainable Future 2015 Fund”)

Natixis Sustainable Future 2020 Fund (the “Sustainable Future 2020 Fund”)

Natixis Sustainable Future 2025 Fund (the “Sustainable Future 2025 Fund”)

Natixis Sustainable Future 2030 Fund (the “Sustainable Future 2030 Fund”)

Natixis Sustainable Future 2035 Fund (the “Sustainable Future 2035 Fund”)

Natixis Sustainable Future 2040 Fund (the “Sustainable Future 2040 Fund”)

Natixis Sustainable Future 2045 Fund (the “Sustainable Future 2045 Fund”)

Natixis Sustainable Future 2050 Fund (the “Sustainable Future 2050 Fund”)

Natixis Sustainable Future 2055 Fund (the “Sustainable Future 2055 Fund”)

Natixis Sustainable Future 2060 Fund (the “Sustainable Future 2060 Fund”)

On September 10, 2020, the Board of Trustees approved several changes to the Funds including (i) an investment strategy change and name change for the existing Mirova Carbon Neutral U.S. Equity Segment of each Fund; (ii) revisions to the Funds’ advisory and sub-advisory agreements to reduce the sub-advisory fee rate for the existing Loomis Sayles Core Fixed Income Segment of each Fund; and (iii) removal of references to certain underlying segments of the Funds to which Natixis Advisors, L.P. (“Natixis Advisors”) will no longer allocate assets. Effective October 30, 2020, Mirova Carbon Neutral U.S. Equity Segment’s name changed to “Mirova Climate Ambition U.S. Equity Segment.”

On December 3, 2020, the Board of Trustees approved the termination of the subadvisory agreement with Wilshire Associates Incorporated (“Wilshire”). Effective December 31, 2020, Wilshire no longer serves as a subadviser to the Funds and the responsibilities previously handled by Wilshire are now handled directly by Natixis Advisors.

Each Fund is a diversified investment company.

Each Fund offers Class N shares. Class N shares do not pay a front-end sales charge, a contingent deferred sales charge or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Certain categories of investors are exempted from the minimum investment amounts for Class N as outlined in the Funds’ prospectus.

2. Significant Accounting Policies. The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds’ financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to year-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds’ financial statements.

a. Valuation. Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser or sub-adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or sub-adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

111 |

Notes to Financial Statements (continued)

January 31, 2021

the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Mutual funds are valued at net asset value.

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Funds may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Funds may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by a Fund.

b. Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on the trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis.

c. Foreign Currency Translation. The books and records of the Funds are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statements of Operations. For federal income tax purposes, net realized foreign exchange gains or losses are characterized as ordinary income, and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities.

The Funds may use foreign currency exchange contracts to facilitate transactions in foreign-denominated investments. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

d. Federal and Foreign Income Taxes. The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of January 31, 2021 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

| 112

Notes to Financial Statements (continued)

January 31, 2021

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts that have been or are expected to be reclaimed and paid. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or are expected to be filed and paid are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

e. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as paydown gains and losses, premium amortization, corporate actions, distribution re-designations, return of capital distributions received, capital gain distribution received and distributions received from underlying funds. Permanent book and tax basis differences relating to shareholder distributions, net investment income and net realized gains will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, wash sales and premium amortization. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended January 31, 2021 and 2020 was as follows:


	2021 Distributions						2020 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Sustainable Future 2015 Fund	$	267,785	$	337,836	$	605,621	$	156,559	$	165,576	$	322,135
Sustainable Future 2020 Fund		355,113		351,060		706,173		177,667		107,387		285,054
Sustainable Future 2025 Fund		283,245		305,924		589,169		150,416		135,307		285,723
Sustainable Future 2030 Fund		319,330		218,168		537,498		157,746		140,118		297,864
Sustainable Future 2035 Fund		259,380		263,690		523,070		186,903		131,147		318,050
Sustainable Future 2040 Fund		246,499		343,563		590,062		147,146		153,541		300,687
Sustainable Future 2045 Fund		196,192		239,735		435,927		99,913		153,981		253,894
Sustainable Future 2050 Fund		235,300		277,219		512,519		112,587		151,484		264,071
Sustainable Future 2055 Fund		180,418		251,264		431,682		104,280		149,757		254,037
Sustainable Future 2060 Fund		144,087		231,539		375,626		81,555		155,655		237,210

Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of America, are consolidated and reported on the Statements of Changes in Net Assets as Distributions to Shareholders. Distributions paid to shareholders from net investment income and net realized capital gains expressed in per-share amounts, based on accounting principles generally accepted in the United States of America, are separately stated and reported within the Financial Highlights.

As of January 31, 2021, the components of distributable earnings on a tax basis were as follows:


	Sustainable Future 2015 Fund		Sustainable Future 2020 Fund		Sustainable Future 2025 Fund		Sustainable Future 2030 Fund		Sustainable Future 2035 Fund
Undistributed ordinary income	$	26,518	$	18,154	$	39,298	$	63,009	$	85,646
Undistributed long-term capital gains		34,574		16,716		69,918		114,464		171,276

Total undistributed earnings		61,092		34,870		109,216		177,473		256,922

Unrealized appreciation		383,364		172,937		515,455		766,567		691,848

Total accumulated earnings	$	444,456	$	207,807	$	624,671	$	944,040	$	948,770

113 |

Notes to Financial Statements (continued)

January 31, 2021


	Sustainable Future 2040 Fund		Sustainable Future 2045 Fund		Sustainable Future 2050 Fund		Sustainable Future 2055 Fund		Sustainable Future 2060 Fund
Undistributed ordinary income	$	57,641	$	33,178	$	32,286	$	22,534	$	27,843
Undistributed long-term capital gains		102,762		55,269		50,732		33,894		44,597

Total undistributed earnings		160,403		88,447		83,018		56,428		72,440

Unrealized appreciation		587,753		624,566		528,785		397,723		391,332

Total accumulated earnings	$	748,156	$	713,013	$	611,803	$	454,151	$	463,772

As of January 31, 2021, the tax cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:


	Sustainable Future 2015 Fund			Sustainable Future 2020 Fund			Sustainable Future 2025 Fund			Sustainable Future 2030 Fund			Sustainable Future 2035 Fund
Federal tax cost	$	3,875,798		$	2,779,270		$	6,712,007		$	7,000,269		$	6,671,546

Gross tax appreciation	$	407,204		$	196,694		$	566,323		$	827,279		$	747,680
Gross tax depreciation		(23,840	)		(23,757	)		(50,868	)		(60,712	)		(55,832	)

Net tax appreciation	$	383,364		$	172,937		$	515,455		$	766,567		$	691,848


	Sustainable Future 2040 Fund			Sustainable Future 2045 Fund			Sustainable Future 2050 Fund			Sustainable Future 2055 Fund			Sustainable Future 2060 Fund
Federal tax cost	$	4,600,863		$	5,697,962		$	4,442,898		$	3,479,835		$	3,301,504

Gross tax appreciation	$	643,194		$	700,125		$	583,358		$	440,658		$	432,275
Gross tax depreciation		(55,441	)		(75,559	)		(54,573	)		(42,935	)		(40,943	)

Net tax appreciation	$	587,753		$	624,566		$	528,785		$	397,723		$	391,332

f. Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of January 31, 2021, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

g. Indemnifications. Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

h. New Accounting Pronouncement. In March 2020, the Financial Accounting Standards Board issued Accounting Standard Update 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of the London Interbank Offered Rate (“LIBOR”), which is expected to occur no later than December 31, 2021, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides temporary guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 amendments offer optional expedients for contract modifications that would allow an entity to account for such modifications by prospectively adjusting the effective interest rate, instead of evaluating each contract, in accordance with existing accounting standards, as to whether reference rate modifications constitute the establishment of new contracts or the continuation of existing contracts. ASU 2020-04 amendments are currently effective and an

| 114

Notes to Financial Statements (continued)

January 31, 2021

entity may elect to apply its provisions as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020. No Fund contracts have yet been impacted by reference rate reform. Management expects to apply the optional expedients when appropriate.

3. Fair Value Measurements. In accordance with accounting standards related to fair value measurements and disclosures, the Funds have categorized the inputs utilized in determining the value of each Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

•

Level 1 – quoted prices in active markets for identical assets or liabilities;

•

Level 3 – prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds’ investments as of January 31, 2021, at value:

Sustainable Future 2015 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,258,157	$	—	$	—	$	1,258,157
Bonds and Notes(a)		—		878,779		—		878,779
Exchange-Traded Funds		168,046		—		—		168,046
Affiliated Mutual Funds		1,853,422		—		—		1,853,422
Short-Term Investments	��	—		100,758		—		100,758

Total	$	3,279,625	$	979,537	$	—	$	4,259,162

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

Sustainable Future 2020 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,072,581	$	—	$	—	$	1,072,581
Bonds and Notes(a)		—		551,544		—		551,544
Exchange-Traded Funds		139,037		—		—		139,037
Affiliated Mutual Funds		1,134,187		—		—		1,134,187
Short-Term Investments		—		54,858		—		54,858

Total	$	2,345,805	$	606,402	$	—	$	2,952,207

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

115 |

Notes to Financial Statements (continued)

January 31, 2021

Sustainable Future 2025 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,821,128	$	—	$	—	$	2,821,128
Bonds and Notes(a)		—		1,220,773		—		1,220,773
Exchange-Traded Funds		387,525		—		—		387,525
Affiliated Mutual Funds		2,492,060		—		—		2,492,060
Short-Term Investments		—		305,976		—		305,976

Total	$	5,700,713	$	1,526,749	$	—	$	7,227,462

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

Sustainable Future 2030 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	3,430,020	$	—	$	—	$	3,430,020
Bonds and Notes(a)		—		1,102,060		—		1,102,060
Exchange-Traded Funds		506,525		—		—		506,525
Affiliated Mutual Funds		2,533,443		—		—		2,533,443
Short-Term Investments		—		194,788		—		194,788

Total	$	6,469,988	$	1,296,848	$	—	$	7,766,836

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

Sustainable Future 2035 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	3,784,226	$	—	$	—	$	3,784,226
Bonds and Notes(a)		—		648,057		—		648,057
Exchange-Traded Funds		499,508		—		—		499,508
Affiliated Mutual Funds		2,267,045		—		—		2,267,045
Short-Term Investments		—		164,558		—		164,558

Total	$	6,550,779	$	812,615	$	—	$	7,363,394

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

Sustainable Future 2040 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,814,574	$	—	$	—	$	2,814,574
Bonds and Notes(a)		—		279,595		—		279,595
Exchange-Traded Funds		343,398		—		—		343,398
Affiliated Mutual Funds		1,494,407		—		—		1,494,407
Short-Term Investments		—		256,642		—		256,642

Total	$	4,652,379	$	536,237	$	—	$	5,188,616

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

| 116

Notes to Financial Statements (continued)

January 31, 2021

Sustainable Future 2045 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	3,572,091	$	—	$	—	$	3,572,091
Bonds and Notes(a)		—		236,224		—		236,224
Exchange-Traded Funds		533,724		—		—		533,724
Affiliated Mutual Funds		1,687,580		—		—		1,687,580
Short-Term Investments		—		292,909		—		292,909

Total	$	5,793,395	$	529,133	$	—	$	6,322,528

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

Sustainable Future 2050 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,944,928	$	—	$	—	$	2,944,928
Bonds and Notes(a)		—		196,871		—		196,871
Exchange-Traded Funds		419,789		—		—		419,789
Affiliated Mutual Funds		1,264,983		—		—		1,264,983
Short-Term Investments		—		145,112		—		145,112

Total	$	4,629,700	$	341,983	$	—	$	4,971,683

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

Sustainable Future 2055 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,213,000	$	—	$	—	$	2,213,000
Bonds and Notes(a)		—		134,631		—		134,631
Exchange-Traded Funds		356,419		—		—		356,419
Affiliated Mutual Funds		985,549		—		—		985,549
Short-Term Investments		—		187,959		—		187,959

Total	$	3,554,968	$	322,590	$	—	$	3,877,558

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

Sustainable Future 2060 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,174,460	$	—	$	—	$	2,174,460
Bonds and Notes(a)		—		141,292		—		141,292
Exchange-Traded Funds		311,930		—		—		311,930
Affiliated Mutual Funds		939,024		—		—		939,024
Short-Term Investments		—		126,130		—		126,130

Total	$	3,425,414	$	267,422	$	—	$	3,692,836

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

117 |

Notes to Financial Statements (continued)

January 31, 2021

4. Purchases and Sales of Securities. For the year ended January 31, 2021, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:


	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Sustainable Future 2015 Fund	$	601,902	$	835,168	$	2,874,725	$	5,184,505
Sustainable Future 2020 Fund		604,405		909,010		3,792,818		6,957,342
Sustainable Future 2025 Fund		707,086		670,783		4,733,350		4,559,723
Sustainable Future 2030 Fund		407,304		384,716		4,751,426		4,324,071
Sustainable Future 2035 Fund		342,834		344,133		5,790,907		5,101,015
Sustainable Future 2040 Fund		172,734		196,611		3,293,654		4,812,246
Sustainable Future 2045 Fund		129,028		135,295		3,773,434		3,434,032
Sustainable Future 2050 Fund		135,399		125,529		3,435,174		3,861,976
Sustainable Future 2055 Fund		106,992		114,987		2,567,357		3,585,704
Sustainable Future 2060 Fund		110,511		109,946		2,436,227		2,626,138

5. Management Fees and Other Transactions with Affiliates.

a. Management Fees. Natixis Advisors serves as investment adviser to each Fund. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC (“Natixis”), which is part of Natixis Investment Managers, an international asset management group based in Paris, France. Natixis Advisors, through its Active Index Advisors^® division (“AIA”), makes investment decisions with respect to the AIA U.S. Large Cap Value ESG Segment, AIA U.S. Small/Mid Cap ESG Segment, AIA International Developed Markets Equity ESG Segment and, prior to October 30, 2020, the AIA Emerging Markets ESG Segment of each Fund. Additionally, Natixis Advisors performs certain asset allocation, glide path monitoring and compliance responsibilities for each Fund, and oversees, evaluates and monitors the subadvisory services provided to each Fund. Under the terms of the management agreements, each Fund pays a management fee calculated daily and payable monthly, based on each Fund’s average daily net assets.

Natixis Advisors has entered into a subadvisory agreement with Harris Associates L.P. (“Harris”) with respect to the Harris Associates Large Cap Value Segment of each Fund. Harris is a limited partnership whose sole general partner, Harris Associates Inc., is a subsidiary of Natixis.

Natixis Advisors has entered into a subadvisory agreement with Loomis, Sayles & Company, L.P. (“Loomis Sayles”) with respect to the Loomis Sayles All Cap Growth Segment and Loomis Sayles Core Fixed Income Segment of each Fund. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., is indirectly owned by Natixis.

Natixis Advisors has entered into a subadvisory agreement with Mirova US LLC (“Mirova US”) with respect to the Mirova Climate Ambition U.S. Equity Segment of each Fund. Mirova US has entered into a personnel sharing arrangement with its Paris-based affiliate, Mirova, which is part of Natixis Investment Managers.

Effective December 31, 2020, the aggregate management fee to be paid by each Fund is equal to the sum of: (i) 0.165% of the average daily net assets of the AIA U.S. Large Cap Value ESG Segment, (ii) 0.20% of the average daily net assets of the AIA U.S. Small/Mid Cap ESG Segment, and (iii) 0.20% of the average daily net assets of the AIA International Developed Markets Equity ESG Segment, each payable to Natixis Advisors as adviser; (iv) 0.52% of the average daily net assets of the Harris Associates Large Cap Value Segment, payable by the Fund directly to Harris as sub-adviser; (v) 0.35% of the average daily net assets of the Loomis Sayles All Cap Growth Segment, and (vi) 0.15% of the average daily net assets of the Loomis Sayles Core Fixed Income Segment, each payable by the Fund directly to Loomis Sayles as sub-adviser; (vii) 0.25% of the average daily net assets of the Mirova Climate Ambition U.S. Equity Segment, payable by the Fund directly to Mirova US as sub-adviser. The aggregate management fee payable by each Fund is subject to a maximum equal to the sum of: (i) 0.25% of the average daily net assets of each segment managed directly by Natixis Advisors and (ii) 0.70% of the average daily net assets of any segment managed by any sub-adviser.

Prior to December 31, 2020, Natixis Advisors had also entered into a subadvisory agreement with Wilshire, pursuant to which Wilshire performed certain asset allocation, glide path monitoring and compliance responsibilities for each Fund, which are now handled directly by Natixis Advisors. The aggregate management fee paid by each Fund included fees paid to Wilshire equal to the greater of an asset based fee calculated by multiplying the Fund’s average daily net assets by a rate based on the combined average daily net assets of all the Funds, equal to 0.08% of the first $250 million, 0.07% of the next $250 million, 0.06% of the next $750 million and 0.03% of amounts exceeding $1.25 billion of the combined average daily net assets of the Funds, or the Fund’s allocable portion of a minimum annual fee of $250,000 which applied to the Funds in the aggregate, payable by each Fund directly to Wilshire as sub-adviser. The aggregate management fee paid by each Fund was subject to a maximum equal to the sum of: (i) 0.25% of the average daily net assets

| 118

Notes to Financial Statements (continued)

January 31, 2021

of each segment managed directly by Natixis Advisors; (ii) 0.70% of the average daily net assets of any segment managed by any sub-adviser other than Wilshire; and (iii) the greater of the asset based fee, or the Fund’s allocable portion of the minimum annual aggregate fee as outlined above for Wilshire.

Prior to October 30, 2020, the aggregate management fee paid by each Fund included fees with respect to the Loomis Sayles Core Fixed Income Segment of 0.20% of the average daily net assets of such segment, payable by the Fund directly to Loomis Sayles as sub-adviser, and fees with respect to the AIA Emerging Markets ESG Segment of 0.25% of the average daily net assets of such segment, payable to Natixis Advisors as adviser.

Management fees payable to Natixis Advisors with respect to the AIA International Developed Markets Equity ESG Segment and, prior to October 30, 2020, the AIA Emerging Markets ESG Segment were voluntarily waived.

Natixis Advisors has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses, including fees paid to the sub-advisers and expenses of the underlying funds in which each fund invests, to limit the Funds’ operating expenses, exclusive of brokerage expenses, interest expense, taxes, organizational and extraordinary expenses, such as litigation and indemnification expenses. These undertakings are in effect until May 31, 2022, may be terminated before then only with the consent of the Funds’ Board of Trustees, and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the year ended January 31, 2021, the Funds’ expense limit as a percentage of average daily net assets under the expense limitation agreements, including expenses of the underlying funds in which each Fund invests, were as follows:


Fund	Expense Limit as a Percentage of Average Daily Net Assets
Sustainable Future 2015 Fund		0.55	%
Sustainable Future 2020 Fund		0.55	%
Sustainable Future 2025 Fund		0.56	%
Sustainable Future 2030 Fund		0.57	%
Sustainable Future 2035 Fund		0.58	%
Sustainable Future 2040 Fund		0.59	%
Sustainable Future 2045 Fund		0.59	%
Sustainable Future 2050 Fund		0.60	%
Sustainable Future 2055 Fund		0.60	%
Sustainable Future 2060 Fund		0.60	%

Natixis Advisors shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fees or otherwise) in later periods to the extent a Fund’s annual operating expenses fall below its expense limit, provided, however, that a Fund is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the year ended January 31, 2021, the management fees and waivers/reimbursements of management fees for each Fund were as follows:


Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Voluntary Waivers of Management Fees²		Reimbursement of Sub-Adviser Fees³		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Voluntary Waivers of Management Fees²		Reimbursement of Sub-Adviser Fees³		Net Management Fees		Gross			Net
Sustainable Future 2015 Fund	$	35,669	$	1,146	$	732	$	33,791		—		0.59	%		—
Sustainable Future 2020 Fund		29,712		1,032		777		27,903		—		0.61	%		—
Sustainable Future 2025 Fund		39,217		1,552		1,223		36,442		—		0.60	%		—
Sustainable Future 2030 Fund		44,049		2,016		1,487		40,546		—		0.62	%		—
Sustainable Future 2035 Fund		40,110		2,010		1,496		36,604		—		0.63	%		—
Sustainable Future 2040 Fund		36,442		1,918		1,456		33,068		—		0.65	%		—
Sustainable Future 2045 Fund		33,080		1,780		1,441		29,859		—		0.65	%		—
Sustainable Future 2050 Fund		30,315		1,667		1,454		27,194		—		0.66	%		—
Sustainable Future 2055 Fund		26,046		1,424		1,255		23,367		—		0.66	%		—
Sustainable Future 2060 Fund		21,213		1,167		1,010		19,036		—		0.65	%		—

¹	Waiver of Natixis Advisors’ management fee with respect to the AIA U.S. Large Cap Value ESG and AIA U.S. Small/Mid Cap ESG Segments is subject to possible recovery until January 31, 2022.

²	Voluntary waiver of Natixis Advisors’ management fee is not subject to recovery under the expense limitation agreements described above.

³	Contractual reimbursements of fees paid directly to sub-advisers are subject to possible recovery until January 31, 2022.

119 |

Notes to Financial Statements (continued)

January 31, 2021

For the year ended January 31, 2021, expenses have been reimbursed as follows (including fees paid to the sub-advisers included in the table above):


Fund	Sub-Adviser Fees⁴		Other Expenses⁴		Total Reimbursement⁴
Sustainable Future 2015 Fund	$	33,791	$	133,317	$	167,108
Sustainable Future 2020 Fund		27,903		142,169		170,072
Sustainable Future 2025 Fund		36,442		134,705		171,147
Sustainable Future 2030 Fund		40,546		136,907		177,453
Sustainable Future 2035 Fund		36,604		130,654		167,258
Sustainable Future 2040 Fund		33,068		132,997		166,065
Sustainable Future 2045 Fund		29,859		133,302		163,161
Sustainable Future 2050 Fund		27,194		137,088		164,282
Sustainable Future 2055 Fund		23,367		135,823		159,190
Sustainable Future 2060 Fund		19,036		136,907		155,943

⁴	Contractual expense reimbursements are subject to possible recovery until January 31, 2022.

No expenses were recovered during the year ended January 31, 2021 under the terms of the expense limitation agreement.

b. Service and Distribution Fees. Natixis Distribution, L.P. (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis, has entered into a distribution agreement with the Trust. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Funds of the Trust. Natixis Distribution currently is not paid a fee for serving as distributor for the Funds.

c. Administrative Fees. Natixis Advisors provides certain administrative services for the Funds and contracts with State Street Bank and Trust Company (“State Street Bank”) to serve as sub-administrator. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.

For the year ended January 31, 2021, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Sustainable Future 2015 Fund	$	2,687
Sustainable Future 2020 Fund		2,138
Sustainable Future 2025 Fund		2,860
Sustainable Future 2030 Fund		3,129
Sustainable Future 2035 Fund		2,794
Sustainable Future 2040 Fund		2,468
Sustainable Future 2045 Fund		2,245
Sustainable Future 2050 Fund		2,035
Sustainable Future 2055 Fund		1,738
Sustainable Future 2060 Fund		1,426

d. Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $199,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

| 120

Notes to Financial Statements (continued)

January 31, 2021

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

Certain officers and employees of Natixis Advisors and its affiliates are also officers and/or Trustees of the Trust.

e. Affiliated Ownership. As of January 31, 2021, the percentage of each Fund’s net assets owned by Natixis and affiliates is as follows:


	Percentage of Net Assets
Sustainable Future 2015 Fund		45.27	%
Sustainable Future 2020 Fund		14.64	%
Sustainable Future 2030 Fund		6.82	%
Sustainable Future 2055 Fund		13.35	%
Sustainable Future 2060 Fund		43.25	%

Investment activities of affiliated shareholders could have material impacts on the Funds.

f. Payment by Affiliates. For the year ended January 31, 2021, Natixis Advisors reimbursed Sustainable Future 2060 Fund $5,797 in connection with a trading error.

g. Affiliated Fund Transactions. A summary of affiliated fund transactions for each underlying fund held by the Funds for the year ended January 31, 2021, is as follows:

Sustainable Future 2015 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	814,794	$	189,664	$	538,470	$	56,079	$	21,492		$	543,559	$	7,182
Loomis Sayles Limited Term Government and Agency Fund, Class N		715,181		215,767		461,653		9,188		(454	)		478,029		9,230
Mirova Global Green Bond Fund, Class N		684,150		159,302		420,983		34,043		(19,786	)		436,726		18,300
Mirova International Sustainable Equity Fund, Class N		448,734		188,118		529,755		62,135		6,340			175,572		17,921
WCM Focused Emerging Markets Fund, Institutional Class		—		39,634		1,599		185		6,287			44,507		388
WCM Focused International Growth Fund, Institutional Class		—		159,671		7,026		811		21,573			175,029		2,514

	$	2,662,859	$	952,156	$	1,959,486	$	162,441	$	35,452		$	1,853,422	$	55,535

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

121 |

Notes to Financial Statements (continued)

January 31, 2021

Sustainable Future 2020 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	518,655	$	248,276	$	566,360	$	48,843	$	(6,271	)	$	243,143	$	3,546
Loomis Sayles Limited Term Government and Agency Fund, Class N		615,284		322,453		662,838		13,351		(5,487	)		282,763		6,744
Mirova Global Green Bond Fund, Class N		615,575		284,576		639,840		36,570		(27,552	)		269,329		12,150
Mirova International Sustainable Equity Fund, Class N		510,216		261,646		688,563		79,341		(23,864	)		138,776		14,463
WCM Focused Emerging Markets Fund, Institutional Class		—		54,763		1,479		195		8,798			62,277		541
WCM Focused International Growth Fund, Institutional Class		—		124,045		3,600		457		16,997			137,899		1,975

	$	2,259,730	$	1,295,759	$	2,562,680	$	178,757	$	(37,379	)	$	1,134,187	$	39,419

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Sustainable Future 2025 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	322,163	$	198,061	$	166,352	$	16,537	$	15,712		$	386,121	$	3,675
Loomis Sayles Limited Term Government and Agency Fund, Class N		482,941		311,142		242,335		5,304		386			557,438		6,572
Mirova Global Green Bond Fund, Class N		515,436		275,445		239,863		19,991		(15,315	)		555,694		19,914
Mirova International Sustainable Equity Fund, Class N		634,081		292,739		608,619		76,837		(9,952	)		385,086		37,742
WCM Focused Emerging Markets Fund, Institutional Class		—		194,194		3,747		633		27,229			218,309		1,893
WCM Focused International Growth Fund, Institutional Class		—		351,469		3,493		531		40,905			389,412		5,522

	$	1,954,621	$	1,623,050	$	1,264,409	$	119,833	$	58,965		$	2,492,060	$	75,318

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

| 122

Notes to Financial Statements (continued)

January 31, 2021

Sustainable Future 2030 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	322,480	$	152,429	$	114,892	$	8,293	$	24,974		$	393,284	$	3,672
Loomis Sayles Limited Term Government and Agency Fund, Class N		357,919		159,301		131,761		2,917		1,654			390,030		4,946
Mirova Global Green Bond Fund, Class N		429,745		201,925		128,130		8,021		(4,183	)		507,378		17,312
Mirova International Sustainable Equity Fund, Class N		810,571		305,260		672,958		78,171		8,315			529,359		53,782
WCM Focused Emerging Markets Fund, Institutional Class		—		219,988		16,019		2,065		33,883			239,917		2,184
WCM Focused International Growth Fund, Institutional Class		—		442,099		30,619		3,663		58,332			473,475		7,082

	$	1,920,715	$	1,481,002	$	1,094,379	$	103,130	$	122,975		$	2,533,443	$	88,978

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Sustainable Future 2035 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	209,556	$	222,862	$	137,448	$	13,677	$	8,351		$	316,998	$	2,646
Loomis Sayles Limited Term Government and Agency Fund, Class N		209,352		202,229		136,386		3,382		(1,086	)		277,491		3,011
Mirova Global Green Bond Fund, Class N		239,601		252,709		139,638		11,716		(8,507	)		355,881		10,791
Mirova International Sustainable Equity Fund, Class N		736,642		399,794		693,673		93,163		(10,588	)		525,338		46,874
WCM Focused Emerging Markets Fund, Institutional Class		—		269,345		43,879		3,464		33,555			262,485		2,166
WCM Focused International Growth Fund, Institutional Class		—		557,346		91,680		8,088		55,098			528,852		6,897

	$	1,395,151	$	1,904,285	$	1,242,704	$	133,490	$	76,823		$	2,267,045	$	72,385

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

123 |

Notes to Financial Statements (continued)

January 31, 2021

Sustainable Future 2040 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	158,340	$	75,669	$	108,126	$	10,357	$	4,548		$	140,788	$	1,532
Loomis Sayles Limited Term Government and Agency Fund, Class N		126,556		72,020		87,314		2,037		(517	)		112,782		1,644
Mirova Global Green Bond Fund, Class N		221,691		107,451		135,748		9,324		(5,751	)		196,967		7,322
Mirova International Sustainable Equity Fund, Class N		872,982		169,376		710,234		112,535		(17,498	)		427,161		44,458
WCM Focused Emerging Markets Fund, Institutional Class		—		206,750		25,014		3,617		28,241			213,594		1,944
WCM Focused International Growth Fund, Institutional Class		—		388,748		36,814		4,706		46,475			403,115		5,907

	$	1,379,569	$	1,020,014	$	1,103,250	$	142,576	$	55,498		$	1,494,407	$	62,807

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Sustainable Future 2045 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	55,746	$	98,939	$	28,004	$	2,860	$	2,992		$	132,533	$	814
Loomis Sayles Limited Term Government and Agency Fund, Class N		83,527		58,115		42,911		873		36			99,640		1,087
Mirova Global Green Bond Fund, Class N		83,514		53,335		38,049		2,092		(1,504	)		99,388		2,814
Mirova International Sustainable Equity Fund, Class N		850,917		214,406		606,267		83,549		(7,864	)		534,741		46,193
WCM Focused Emerging Markets Fund, Institutional Class		—		249,739		678		100		33,799			282,960		2,152
WCM Focused International Growth Fund, Institutional Class		—		485,239		1,291		162		54,208			538,318		6,589

	$	1,073,704	$	1,159,773	$	717,200	$	89,636	$	81,667		$	1,687,580	$	59,649

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

| 124

Notes to Financial Statements (continued)

January 31, 2021

Sustainable Future 2050 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Ending Value		Distribution Received⁽²⁾
Mirova Global Green Bond Fund, Class N	$	77,764	$	55,131	$	54,919	$	2,340	$	(2,098	)	$	78,218	$	2,527
Mirova International Sustainable Equity Fund, Class N		818,734		223,748		632,133		92,642		(24,275	)		478,716		42,531
WCM Focused Emerging Markets Fund, Institutional Class		—		226,224		6,537		1,007		31,212			251,906		2,007
WCM Focused International Growth Fund, Institutional Class		—		412,354		5,052		713		48,128			456,143		5,795

	$	896,498	$	917,457	$	698,641	$	96,702	$	52,967		$	1,264,983	$	52,860

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Sustainable Future 2055 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Ending Value		Distribution Received⁽²⁾
Mirova Global Green Bond Fund, Class N	$	67,160	$	43,827	$	50,700	$	2,822	$	(2,148	)	$	60,961	$	2,037
Mirova International Sustainable Equity Fund, Class N		707,089		152,483		546,351		87,237		(27,521	)		372,937		33,672
WCM Focused Emerging Markets Fund, Institutional Class		—		175,830		4,276		611		24,673			196,838		1,604
WCM Focused International Growth Fund, Institutional Class		—		323,948		7,262		1,091		37,036			354,813		4,629

	$	774,249	$	696,088	$	608,589	$	91,761	$	32,040		$	985,549	$	41,942

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Sustainable Future 2060 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Ending Value		Distribution Received⁽²⁾
Mirova Global Green Bond Fund, Class N	$	51,629	$	35,974	$	30,759	$	1,839	$	(1,498	)	$	57,185	$	1,856
Mirova International Sustainable Equity Fund, Class N		543,568		124,670		365,149		69,725		(16,690	)		356,124		31,331
WCM Focused Emerging Markets Fund, Institutional Class		—		169,540		5,161		435		23,324			188,138		1,500
WCM Focused International Growth Fund, Institutional Class		—		309,876		8,334		940		35,095			337,577		4,330

	$	595,197	$	640,060	$	409,403	$	72,939	$	40,231		$	939,024	$	39,017

(1)	Purchase cost includes dividend reinvested, if any.

(2)	Distributions received includes distributions from net investment income and from capital gains, if any.

Financial statements of Loomis Sayles Inflation Protected Securities Fund, Loomis Sayles Limited Term Government and Agency Fund, Mirova Global Green Bond Fund, Mirova International Sustainable Equity Fund, WCM Focused Emerging Markets Fund and WCM Focused International Growth Fund are available, without charge, on the Funds’ website at im.natixis.com.

125 |

Notes to Financial Statements (continued)

January 31, 2021

h. Acquired Fund Fees and Expenses. Each Fund will indirectly realize its pro rata share of the fees and expenses of the underlying funds in which it invests. These fees and expenses are reflected in the valuation of the underlying funds.

6. Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and certain other legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees and/or miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the year ended January 31, 2021, Sustainable Future 2020 Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $1,100,000 at a weighted average interest rate of 1.19%. Interest expense incurred on the line of credit was $36. Sustainable Future 2035 Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $683,333 at a weighted average interest rate of 1.15%. Interest expense incurred on the line of credit was $131.

7. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Fund. As of January 31, 2021, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Funds’ total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:


Fund	Number of 5% Non-Affiliated Account Holders		Percentage of Non-Affiliated Ownership			Percentage of Affiliated Ownership (Note 5e)			Total Percentage of Ownership
Sustainable Future 2015 Fund		3		49.77	%		45.27	%		95.04	%
Sustainable Future 2020 Fund		4		65.86	%		14.64	%		80.50	%
Sustainable Future 2025 Fund		3		78.59	%		—			78.59	%
Sustainable Future 2030 Fund		3		53.29	%		6.82	%		60.11	%
Sustainable Future 2035 Fund		5		68.06	%		—			68.06	%
Sustainable Future 2040 Fund		5		45.58	%		—			45.58	%
Sustainable Future 2045 Fund		4		55.43	%		—			55.43	%
Sustainable Future 2050 Fund		5		48.97	%		—			48.97	%
Sustainable Future 2055 Fund		4		38.09	%		13.35	%		51.44	%
Sustainable Future 2060 Fund		1		16.54	%		43.25	%		59.79	%

Retirement plan omnibus accounts and omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts are included in the table above. For other omnibus accounts, the Fund does not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

8. Risk. Global markets have experienced periods of high volatility triggered by the ongoing public health emergency known as coronavirus (“Covid-19”). As the situation continues, the extent and duration of the impact that the Covid-19 outbreak may have on financial markets and the economy as a whole remains highly uncertain. If the effects of the Covid-19 outbreak on financial markets and the economy continue for an extended period of time, the Funds’ future financial and investment results may be adversely affected.

| 126

Notes to Financial Statements (continued)

January 31, 2021

9. Capital Shares. Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:

Sustainable Future 2015 Fund


	Year Ended January 31, 2021						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		188,689		$	1,958,189			107,062		$	1,155,616
Issued in connection with the reinvestment of distributions		58,720			605,621			30,103			322,135
Redeemed		(420,475	)		(4,680,627	)		(13,798	)		(145,173	)

Increase (decrease) from capital share transactions		(173,066	)	$	(2,116,817	)		123,367		$	1,332,578

Sustainable Future 2020 Fund


	Year Ended January 31, 2021						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		431,269		$	4,536,134			90,230		$	957,399
Issued in connection with the reinvestment of distributions		75,137			706,173			26,705			285,054
Redeemed		(758,792	)		(8,208,482	)		(8,948	)		(95,816	)

Increase (decrease) from capital share transactions		(252,386	)	$	(2,966,175	)		107,987		$	1,146,637

Sustainable Future 2025 Fund


	Year Ended January 31, 2021						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		415,638		$	4,756,099			175,466		$	1,921,703
Issued in connection with the reinvestment of distributions		52,480			589,169			26,164			285,723
Redeemed		(390,946	)		(4,494,056	)		(17,020	)		(185,565	)

Increase from capital share transactions		77,172		$	851,212			184,610		$	2,021,861

Sustainable Future 2030 Fund


	Year Ended January 31, 2021						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		381,814		$	4,318,284			291,513		$	3,187,950
Issued in connection with the reinvestment of distributions		47,072			537,498			26,543			297,864
Redeemed		(349,011	)		(4,017,674	)		(65,153	)		(716,153	)

Increase from capital share transactions		79,875		$	838,108			252,903		$	2,769,661

Sustainable Future 2035 Fund


	Year Ended January 31, 2021						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		546,038		$	6,078,089			81,597		$	903,262
Issued in connection with the reinvestment of distributions		45,133			523,070			28,066			318,050
Redeemed		(477,220	)		(5,397,816	)		(6,174	)		(68,919	)

Increase from capital share transactions		113,951		$	1,203,343			103,489		$	1,152,393

127 |

Notes to Financial Statements (continued)

January 31, 2021

9. Capital Shares (continued).

Sustainable Future 2040 Fund


	Year Ended January 31, 2021						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		268,284		$	3,104,116			184,391		$	2,004,238
Issued in connection with the reinvestment of distributions		52,226			590,062			26,710			300,687
Redeemed		(362,463	)		(4,282,002	)		(24,195	)		(271,393	)

Increase (decrease) from capital share transactions		(41,953	)	$	(587,824	)		186,906		$	2,033,532

Sustainable Future 2045 Fund


	Year Ended January 31, 2021						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		325,175		$	3,804,645			191,315		$	2,137,833
Issued in connection with the reinvestment of distributions		37,547			435,927			22,418			253,894
Redeemed		(287,685	)		(3,336,030	)		(12,959	)		(143,686	)

Increase from capital share transactions		75,037		$	904,542			200,774		$	2,248,041

Sustainable Future 2050 Fund


	Year Ended January 31, 2021						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		261,010		$	2,983,171			190,146		$	2,093,770
Issued in connection with the reinvestment of distributions		45,699			512,519			23,410			264,071
Redeemed		(288,755	)		(3,339,015	)		(44,077	)		(503,350	)

Increase from capital share transactions		17,954		$	156,675			169,479		$	1,854,491

Sustainable Future 2055 Fund


	Year Ended January 31, 2021						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		166,800		$	1,914,874			107,604		$	1,210,350
Issued in connection with the reinvestment of distributions		38,539			431,682			22,553			253,971
Redeemed		(248,490	)		(2,891,094	)		(4,861	)		(53,689	)

Increase (decrease) from capital share transactions		(43,151	)	$	(544,538	)		125,296		$	1,410,632

Sustainable Future 2060 Fund


	Year Ended January 31, 2021						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		195,588		$	2,218,316			32,812		$	361,010
Issued in connection with the reinvestment of distributions		33,287			375,626			21,137			237,210
Redeemed		(204,604	)		(2,348,721	)		(3,304	)		(36,462	)

Increase from capital share transactions		24,271		$	245,221			50,645		$	561,758

| 128

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Natixis Funds Trust IV and Shareholders of Natixis Sustainable Future 2015 Fund, Natixis Sustainable Future 2020 Fund, Natixis Sustainable Future 2025 Fund, Natixis Sustainable Future 2030 Fund, Natixis Sustainable Future 2035 Fund, Natixis Sustainable Future 2040 Fund, Natixis Sustainable Future 2045 Fund, Natixis Sustainable Future 2050 Fund, Natixis Sustainable Future 2055 Fund and Natixis Sustainable Future 2060 Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments of Natixis Sustainable Future 2015 Fund, Natixis Sustainable Future 2020 Fund, Natixis Sustainable Future 2025 Fund, Natixis Sustainable Future 2030 Fund, Natixis Sustainable Future 2035 Fund, Natixis Sustainable Future 2040 Fund, Natixis Sustainable Future 2045 Fund, Natixis Sustainable Future 2050 Fund, Natixis Sustainable Future 2055 Fund and Natixis Sustainable Future 2060 Fund (ten of the funds constituting Natixis Funds Trust IV, hereafter collectively referred to as the “Funds”) as of January 31, 2021, the related statements of operations for the year ended January 31, 2021, the statements of changes in net assets for each of the two years in the period ended January 31, 2021, including the related notes, and the financial highlights for each of the three years in the period ended January 31, 2021 and for the period February 28, 2017 (commencement of operations) through January 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of January 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended January 31, 2021 and each of the financial highlights for each of the three years in the period ended January 31, 2021 and for the period February 28, 2017 (commencement of operations) through January 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2021 by correspondence with the custodian, transfer agent and brokers: when replies were not received from brokers; we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Boston, Massachusetts

March 23, 2021

129 |

2021 U.S. Tax Distribution Information to Shareholders (Unaudited)

Qualified Dividend Income. For the calendar year ended January 31, 2021, a percentage of the ordinary income dividends paid by the Funds are considered qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Funds paid a distribution during calendar year 2020, complete information will be reported in conjunction with Form 1099-DIV. These percentages are noted below:


Fund	Qualifying Percentage
Sustainable Future 2015 Fund		10.80	%
Sustainable Future 2020 Fund		7.74	%
Sustainable Future 2025 Fund		13.47	%
Sustainable Future 2030 Fund		14.59	%
Sustainable Future 2035 Fund		18.19	%
Sustainable Future 2040 Fund		18.84	%
Sustainable Future 2045 Fund		22.35	%
Sustainable Future 2050 Fund		17.11	%
Sustainable Future 2055 Fund		18.92	%
Sustainable Future 2060 Fund		20.28	%

Corporate Dividends Received Deduction. For the year ended January 31, 2021, a percentage of dividends distributed by the Funds listed below qualify for the dividends received deduction for corporate shareholders. These percentages are as follows:


Fund	Qualifying Percentage
Sustainable Future 2015 Fund		10.27	%
Sustainable Future 2020 Fund		9.64	%
Sustainable Future 2025 Fund		14.97	%
Sustainable Future 2030 Fund		20.11	%
Sustainable Future 2035 Fund		21.74	%
Sustainable Future 2040 Fund		24.15	%
Sustainable Future 2045 Fund		29.24	%
Sustainable Future 2050 Fund		27.98	%
Sustainable Future 2055 Fund		26.80	%
Sustainable Future 2060 Fund		27.52	%

Capital Gains Distributions. Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the year ended January 31, 2021.


Fund	Amount
Sustainable Future 2015 Fund	$	337,836
Sustainable Future 2020 Fund		351,060
Sustainable Future 2025 Fund		305,924
Sustainable Future 2030 Fund		218,168
Sustainable Future 2035 Fund		263,690
Sustainable Future 2040 Fund		343,563
Sustainable Future 2045 Fund		239,735
Sustainable Future 2050 Fund		277,219
Sustainable Future 2055 Fund		251,264
Sustainable Future 2060 Fund		231,539

| 130

Trustee and Officer Information

The tables below provide certain information regarding the trustees and officers of Natixis Funds Trust IV (the “Trust”). Unless otherwise indicated, the address of all persons below is 888 Boylston Street, Suite 800, Boston, MA 02199-8197. The Funds’ Statement of Additional Information includes additional information about the trustees of the Trust and is available by calling Natixis Funds at 800-225-5478.


Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES

Edmond J. English (1953)	Trustee since 2013 Chairperson of Governance Committee and Audit Committee Member	Executive Chairman of Bob’s Discount Furniture (retail)	54 Director, Burlington Stores, Inc. (retail)	Significant experience on the Board and on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)

Richard A. Goglia (1951)	Trustee since 2015 Contract Review Committee Member and Governance Committee Member	Retired	54 Director of Triumph Group (aerospace industry)	Significant experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)

Wendell J. Knox (1948)	Trustee since 2009 Chairperson of Contract Review Committee	Retired	54 Director of Abt Associates Inc. (research and consulting); Director, The Hanover Insurance Group (property and casualty insurance); formerly, Director, Eastern Bank (bank)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

131 |

Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES – continued

Martin T. Meehan (1956)	Trustee since 2012 Audit Committee Member	President, University of Massachusetts	54 None	Significant experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience

Maureen B. Mitchell (1951)	Trustee since 2017 Contract Review Committee Member and Governance Committee Member	Retired; formerly President, Global Sales and Marketing, GE Asset Management, Inc. (financial services)	54 Director, Sterling Bancorp (bank)	Experience on the Board; financial services industry and executive experience (including role as president of global sales and marketing at a financial services company)

James P. Palermo (1955)	Trustee since 2016 Contract Review Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity)	54 Director, FutureFuel.io (chemicals and biofuels)	Experience on the Board; financial services industry and executive experience (including roles as chief executive officer of client management and asset servicing for a banking and financial services company)

Erik R. Sirri (1958)	Chairperson of the Board of Trustees since January 2021 Trustee since 2009 Ex Officio member of Audit Committee, Contract Review Committee and Governance Committee	Professor of Finance at Babson College	54 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist

| 132

Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES – continued

Peter J. Smail (1952)	Trustee since 2009 Audit Committee Member and Governance Committee Member	Retired	54 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)

Kirk A. Sykes (1958)	Trustee since 2019 Contract Review Committee Member	Managing Director of Accordia Partners, LLC (real estate development); President of Primary Corporation (real estate development); Managing Principal of Merrick Capital Partners (infrastructure finance); formerly, President of Urban Strategy America Fund (real estate fund manager)	54 Trustee, Eastern Bank (bank); Director of Apartment Investment and Management Company (real estate investment trust); formerly Director, Ares Commercial Real Estate Corporation (real estate investment trust)	Experience on the Board and significant experience on the boards of other business organizations (including real estate companies and banks)

Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Audit Committee and Governance Committee Member	Retired; formerly, Deputy Dean for Finance and Administration, Yale University School of Medicine	54 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

INTERESTED TRUSTEES

Kevin P. Charleston³ (1965) One Financial Center Boston, MA 02111	Trustee since 2015	President, Chief Executive Officer and Chairman of the Board of Directors, Loomis, Sayles & Company, L. P.	54 None	Significant experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

133 |

Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INTERESTED TRUSTEES – continued

David L. Giunta⁴ (1965)	Trustee since 2011 President and Chief Executive Officer since 2008	President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation	54 None	Significant experience on the Board; experience as President and Chief Executive Officer of Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation

¹	Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term.

The trustees of the Trust serve as trustees of a fund complex that includes all series of the Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust, Loomis Sayles Funds I, Loomis Sayles Funds II, Natixis ETF Trust and Natixis ETF Trust II (collectively, the “Fund Complex”).

³	Mr. Charleston is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

⁴

| 134

Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trust	Term of Office¹ and Length of Time Served	Principal Occupation(s) During Past 5 Years²

OFFICERS OF THE TRUST

Russell L. Kane (1969)	Secretary, Clerk and Chief Legal Officer Chief Compliance Officer and Anti-Money Laundering Officer	Since 2016 Since 2020	Executive Vice President, General Counsel, Secretary and Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.; formerly, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.

Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since 2004	Senior Vice President, Natixis Advisors, L.P. and Natixis Distribution, L.P.

¹	Each officer of the Trust serves for an indefinite term in accordance with the Trust’s current by-laws until the date his or her successor is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified.

135 |

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer and persons performing similar functions. There have been no amendments or waivers of the Registrant’s code of ethics during the period.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the Registrant has established an audit committee. Mr. Edmond J. English, Mr. Martin T. Meehan, Mr. Peter J. Smail and Ms. Cynthia L. Walker are members of the audit committee and have been designated as “audit committee financial experts” by the Board of Trustees. Each of these individuals is also an Independent Trustee of the Registrant.

Item 4. Principal Accountant Fees and Services.

Fees billed by the Principal Accountant for services rendered to the Registrant.

The table below sets forth fees billed by the principal accountant, PricewaterhouseCoopers LLP, for the past two fiscal years for professional services rendered in connection with a) the audit of the Registrant’s annual financial statements and services provided in connection with regulatory filings; b) audit-related services (including services that are reasonably related to the performance of the audit of the Registrant’s financial statements but not reported under “Audit Fees”); c) tax compliance, tax advice and tax planning; and d) all other fees billed for professional services rendered by the principal accountant to the Registrant, other than the services provided reported as a part of (a) through (c) of this Item.


	Audit fees				Audit-related fees¹				Tax fees²				All other fees
	2/1/19-1/31/20		2/1/20-1/31/21		2/1/19-1/31/20		2/1/20-1/31/21		2/1/19-1/31/20		2/1/20-1/31/21		2/1/19-1/31/20		2/1/20-1/31/21
Natixis Funds Trust IV	$	310,972	$	314,081	$	28	$	30	$	78,780	$	78,780	$	—	$	—

Audit-related fees consist of:

2020 & 2021– Performance of agreed-upon procedures related to the Registrant’s deferred compensation plan

Tax fees consist of:

2020 & 2021 – review of the Registrant’s tax returns

Aggregate fees billed to the Registrant for non-audit services during the fiscal years ended 2020 and 2021 were $78,808 and $78,810 respectively.

Fees billed by the Principal Accountant for services rendered to the Adviser and Control Affiliates.

The following table sets forth the fees billed by the Registrant’s principal accountant for non-audit services rendered to AEW Capital Management, L.P (“AEW”), Natixis Advisors, L.P. (“Natixis Advisors”), and entities controlling, controlled by or under common control with AEW and Natixis Advisors (“Control Affiliates”) that provide ongoing services to the Registrant, for engagements that related directly to the operations and financial reporting of the Registrant for the last two fiscal years.


	Audit-related fees				Tax fees				All other fees
	2/1/19-1/31/20		2/1/20-1/31/21		2/1/19-1/31/20		2/1/20-1/31/21		2/1/19-1/31/20		2/1/20-1/31/21
Control Affiliates	$	—	$	—	$	26,750	$	18,255	$	—	$	63,023

The following table sets forth the aggregate fees billed by the Registrant’s principal accountant for non-audit services rendered to AEW, Natixis Advisors, and Control Affiliates that provide ongoing services to the Registrant, for the last two fiscal years, including the fees disclosed in the table above.


	Aggregate Non-Audit Fees
	2/1/19-1/31/20		2/1/20-1/31/21
Control Affiliates	$	377,557	$	356,050

None of the services described above were approved pursuant to (c)(7)(i)(C) of Regulation S-X.

Audit Committee Pre-Approval Policies.

Annually, the Registrant’s Audit Committee reviews the audit, audit-related, tax and other non-audit services together with the projected fees, for services proposed to be rendered to the Registrant and/or other entities for which pre-approval is required during the upcoming year. Any subsequent revisions to already pre-approved services or fees (including fee increases) and requests for pre-approval of new services would be presented for consideration quarterly as needed.

If, in the opinion of management, a proposed engagement by the Registrant’s independent accountants needs to commence before the next regularly scheduled Audit Committee meeting, any member of the Audit Committee who is an independent Board member is authorized to pre-approve the engagement, but only for engagements to provide audit, audit-related and tax services. This approval is subject to review of the full Audit Committee at its next quarterly meeting. All other engagements require the approval of all the members of the audit committee.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a) (1)

Code of Ethics required by Item 2 hereof, filed herewith as Exhibit (a)(1).

(a) (2)

Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.

(a) (3)

Not applicable.

(b)

Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Natixis Funds Trust IV

By:		/s/ David L. Giunta

Name:		David L. Giunta
Title:		President and Chief Executive Officer
Date:		March 23, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:		/s/ David L. Giunta

Name:		David L. Giunta
Title:		President and Chief Executive Officer
Date:		March 23, 2021

By:		/s/ Michael C. Kardok

Name:		Michael C. Kardok
Title:		Treasurer and Principal Financial and Accounting Officer
Date:		March 23, 2021

Natixis Funds Trust IV N-CSRCertified annual shareholder report (management investment company)