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)
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| 888 Boylston Street, Suite 800, Boston, Massachusetts 02199-8197 |
| (Address of principal executive offices) (Zip code) |
Susan McWhan Tobin, Esq.
Natixis Distribution, LLC
888 Boylston Street, Suite 800
Boston, Massachusetts 02199-8197
(Name and address of agent for service)
Registrant’s telephone number, including area code: (617) 449-2139
Date of fiscal year end: January 31
Date of reporting period: July 31, 2023
Item 1. Reports to Stockholders.
(a) The Registrant’s semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Semiannual Report
July 31, 2023
AEW Global Focused Real Estate Fund |
AEW Global Focused Real Estate Fund
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AEW Capital Management, L.P. |
| Effective July 14, 2023, An Chen and Peter Ho serve as portfolio managers of the Fund. |
| Effective July 14, 2023, Milton Low no longer serves as portfolio manager of the Fund. |
Investment GoalThe Fund seeks to provide investors with above-average income and long-term growth of capital.
Average Annual Total Returns — July 31, 20231,2 |
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With 5.75% Maximum Sales Charge | | | | | | |
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FTSE EPRA Nareit Developed Index (Net)5 | | | | | | |
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.
| For certain periods, Fund performance has been increased by fee waivers and/or expense reimbursements, without which performance would have been lower. |
| 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. |
| 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 5/31/24. 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. |
| Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years. |
| The FTSE EPRA Nareit Developed Index (Net) is an index designed to track the performance of listed real estate companies and real estate investment trusts ("REITs") worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds ("ETFs"). |
ADDITIONAL INFORMATION
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 (“SEC”) website at www.sec.gov. Information about how the Natixis Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available through the Natixis Funds’ website and the SEC 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 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.
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 February 1, 2023 through July 31, 2023. 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
2/1/2023 | Ending
Account Value
7/31/2023 | Expenses Paid
2/1/2023 – 7/31/2023 |
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Hypothetical (5% return before expenses) | | | |
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Hypothetical (5% return before expenses) | | | |
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Hypothetical (5% return before expenses) | | | |
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Hypothetical (5% return before expenses) | | | |
| 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 (181), divided by 365 (to reflect the half-year period). |
BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENT
The Board of Trustees of the Trust (the “Board”), including the Independent Trustees, considers matters bearing on the Fund’s advisory agreement (the “Agreement”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreement to determine whether to recommend that the full Board approve the continuation of the Agreement, typically for an additional one-year period. This meeting typically includes all the Independent Trustees, including the Trustees who do not serve on the Contract Review Committee. After the Contract Review Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreement at its June Board Meeting.
In connection with these meetings, the Trustees receive materials that the Fund’s investment adviser (the “Adviser”) believes to be reasonably necessary for the Trustees to evaluate the Agreement. These materials generally include, among other items, (i) information on the investment performance of the Fund and the performance of a peer group of funds and the Fund’s performance benchmark, (ii) information on the Fund’s advisory fee and other expenses, including information comparing the Fund’s advisory fee to the fees charged to institutional accounts with similar strategies managed by the Adviser, if any, and to those of a peer group of funds and information about any applicable expense limitations and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Fund, (iv) information about the profitability of the Agreement to the Adviser and (v) information obtained through the completion by the Adviser of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) the Fund’s investment objective and strategies and the size, education and experience of the Adviser’s investment staff and its use of technology, external research and trading cost measurement tools, (ii) arrangements in respect of the distribution of the Fund’s shares and the related costs, (iii) the allocation of the Fund’s brokerage, if any, including, to the extent applicable, allocations to brokers affiliated with the Adviser and the use of “soft” commission dollars to pay for research and other similar services, (iv) the Adviser’s policies and procedures relating to, among other things, compliance, trading and best execution, proxy voting, liquidity and valuation, (v) information about amounts invested by the Fund’s portfolio managers in the Fund or in similar accounts that they manage and (vi) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Adviser and the Independent Trustees meet separately with independent legal counsel outside the presence of Adviser personnel.
In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreement, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Fund’s investment performance and the fees charged to the Fund for advisory and other services. The information received by the Trustees generally includes, where available, among other things, an internal performance rating for the Fund based on agreed-upon criteria, graphs showing the Fund’s performance and expense differentials against the Fund’s peer group/category of funds, total return information for various periods, performance rankings provided by a third-party data provider for various periods comparing the Fund against similarly categorized funds and performance ratings provided by a different third-party rating organization. The portfolio management team for the Fund or other representatives of the Adviser make periodic presentations to the Contract Review Committee and/or the full Board, and if the Fund is identified as presenting possible performance concerns it may be subject to more frequent Board or Committee presentations and reviews. In addition, the Trustees are periodically provided with detailed statistical information about the Fund’s portfolio. The Trustees also receive periodic updates between meetings, both at the Board and at the Committee level.
The Board most recently approved the continuation of the Agreement for a one-year period at its meeting held in June 2023. In considering whether to approve the continuation of the Agreement, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreement included, but were not limited to, the factors listed below.
The nature, extent and quality of the services provided to the Fund under the Agreement.The Trustees considered the nature, extent and quality of the services provided by the Adviser and its affiliates to the Fund and the resources dedicated to the Fund by the Adviser and its affiliates. The Trustees also considered their experience with other funds advised or sub-advised by the Adviser as well as the affiliation between the Adviser and Natixis Investment Managers, LLC, whose affiliates provide investment advisory services to other funds in the Natixis family of funds.
The Trustees considered not only the advisory services provided by the Adviser to the Fund, but also the benefits to the Fund from the monitoring and oversight services provided by Natixis Advisors, LLC (“Natixis Advisors”). They also considered the administrative and shareholder services provided by Natixis Advisors and its affiliates to the Fund. They also took into consideration increases in the services provided resulting from new regulatory requirements, such as recent rules relating to the fair valuation of investments and the use of derivatives, as well as from monitoring proposed rules, such as those relating to privacy and cybersecurity, environmental, social and governance-specific disclosures, and vendor oversight.
The Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services.
After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the nature, extent and quality of services provided supported the renewal of the Agreement.
Investment performance of the Fund and the Adviser.As noted above, the Trustees received information about the performance of the Fund over various time periods, including information that compared the performance of the Fund to the performance of a peer group and category of funds and the Fund’s performance benchmark. The Board noted that while it found the data provided by the independent third-party data provider useful, it recognized its limitations, including, in particular, that notable differences may exist between the Fund and the performance comparisons (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the performance comparisons. In addition, the Trustees reviewed data prepared by an independent third-party rating organization that analyzed the performance of the Fund using a variety of performance metrics, including metrics that measured the performance of the Fund on a risk adjusted basis.
The Board noted that through December 31, 2022, the Fund’s one-, three- and five-year performance, stated as percentile rankings within categories selected by the independent third-party data provider, was as follows (where the best performance would be in the first percentile of its category):
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AEW Global Focused Real Estate Fund | | | |
The Board noted that the Fund’s performance lagged that of the Fund’s category group median as determined by the independent third-party data provider for all periods. The Board concluded that other factors relevant to performance supported renewal of the Agreement, including: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund outperformed its relevant benchmark for the three-year period ended December 31, 2022; (3) that the Fund generally performed in line with its benchmark and performed equally to its peer group median for the one-year period ended December 31, 2022; and (4) that the Fund’s strategy changed effective June 1, 2019, and therefore the Fund’s performance rankings for periods prior to that date are not necessarily as relevant a comparison. The Board also considered information about the Fund’s more recent performance, including how performance over various periods had been impacted by various factors such as market and economic events.
The Trustees also considered the Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Adviser to Trustee concerns about performance and the willingness of the Adviser to take steps intended to improve performance.
After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the performance of the Fund and the Adviser and/or other relevant factors supported the renewal of the Agreement.
The costs of the services to be provided and profits to be realized by the Adviser and its affiliates from their respective relationships with the Fund.The Trustees considered the fees charged to the Fund for advisory and administrative services as well as the total expense level of the Fund. This information included comparisons (provided both by management and by an independent third-party) of the Fund’s advisory fee and total expense level to those of its peer group and information about the advisory fees charged by the Adviser to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets, the greater regulatory costs associated with the management of such assets, and the entrepreneurial, regulatory and other risks associated with sponsoring and managing mutual funds. In evaluating the Fund’s advisory fee, the Trustees also took into account the demands, complexity and quality of the investment management of the Fund and the need for the Adviser to offer competitive compensation and the potential need to expend additional resources to the extent the Fund grows in size. The Trustees considered that over the past several years, management had demonstrated its intention to have competitive fee levels by making recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense limitations for various funds in the fund family. They noted that the Fund has an expense limitation in place and they considered the amounts waived or reimbursed by the Adviser for the Fund under its expense limitation agreement. The Trustees also noted that the Fund’s total advisory fee rate was below the median of a peer group of funds. The Board also considered that the fee and expense information reflected information as of a certain date and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.
The Trustees also considered the compensation directly or indirectly received by the Adviser and its affiliates from their relationships with the Fund. The Trustees reviewed information provided by management as to the profitability of the Adviser’s and its affiliates’ relationships with the Fund, and information about how expenses are determined and allocated for purposes of profitability calculations. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the Fund, the expense levels of the Fund, whether the Adviser had implemented breakpoints and/or expense limitations with respect to the Fund and the overall profit margin of Natixis Investment Managers, LLC compared to that of certain other investment managers for which such data was available. The Board also noted the competitive nature of the global asset management industry.
After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the advisory fee charged to the Fund was fair and reasonable, and that the costs of these services generally and the related profitability of the Adviser and its affiliates in respect of their relationships with the Fund supported the renewal of the Agreement.
Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Adviser and whether those economies are shared with the Fund through breakpoints in its investment advisory fee or other means, such as expense limitations. The Trustees also considered management’s explanation of the factors that are taken into account with respect to the implementation of breakpoints in investment advisory fees or expense limitations, which reduced the total expenses borne by shareholders. With respect to economies of scale, the Trustees noted that the Fund was subject to an expense limitation. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Adviser and its affiliates of their relationships with the Fund, as discussed above.
After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the extent to which economies of scale were shared with the Fund supported the renewal of the Agreement.
The Trustees also considered other factors, which included but were not limited to the following:
• The effect of various factors and recent market and economic events, such as recent market volatility, geopolitical instability, aggressive domestic and foreign central bank policies, and lingering effects of the Covid-19 crisis, as applicable, on the performance, asset levels and expense ratios of the Fund.
• Whether the Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Fund and the Adviser. They also considered the compliance-related resources the Adviser and its affiliates were providing to the Fund.
• So-called “fallout benefits” to the Adviser, such as the engagement of affiliates of the Adviser to provide distribution and administrative services to the Fund, and the benefits of research made available to the Adviser by reason of brokerage commissions (if any) generated by the Fund’s securities transactions. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.
• The Trustees’ review and discussion of the Fund’s advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.
Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that the existing Agreement should be continued through June 30, 2024.
LIQUIDITY RISK MANAGEMENT PROGRAM
Annual Report for the Period Commencing on January 1, 2022 and ending December 31, 2022 (including updates through July 31, 2023)
Effective December 1, 2018, the Fund adopted a liquidity risk management program (the “Program”) pursuant to the requirements of Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Rule”). The Rule requires registered open-end funds, including mutual funds and exchange-traded funds, to establish liquidity risk management programs in order to effectively manage fund liquidity and mitigate the risk that a fund could not meet redemption requests without significantly diluting the interests of remaining investors.
The Rule requires the Fund to assess, manage and review its liquidity risk considering applicable factors during normal and foreseeable stressed conditions. In fulfilling this requirement, the Fund assesses and reviews (where applicable and amongst other matters) its investment strategy, portfolio holdings, possible investment concentrations, use of derivatives, short-term and long-term cash flow projections, use of cash and cash equivalents, as well as borrowing arrangements and other funding sources. The Program has established a Program Administrator (“Administrator”) which is the adviser of the Fund.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
The Fund is prohibited from acquiring an investment if, after the acquisition, its holdings of illiquid assets will exceed 15% of its net assets. If a Fund does not hold a majority of highly liquid investments in its portfolio, then the Fund is required to establish a highly liquid investment minimum (“HLIM”). The Fund has not established an HLIM.
During the period from January 1, 2022 to December 31, 2022, there were no material changes to the Program and no material events that impacted the operation of the Fund’s Program. During the period, the Fund held sufficient liquid assets to meet redemptions on a timely basis and did not have any illiquid security violations.
During the period January 1, 2023 through July 31, 2023, the Fund held sufficient liquid assets to meet redemptions on a timely basis and did not have any illiquid security violations.
Annual Program Assessment and Conclusion
In the opinion of the Program Administrators, the Program approved by the Fund's Board is operating effectively. The Program Administrators have also monitored, assessed and managed the Fund’s liquidity risk regularly throughout the period.
Pursuant to the Rule’s requirements, the Board has received and reviewed a written report prepared by the Fund’s Program Administrator that addressed the operation of the Program, assessed its adequacy and effectiveness and described any material changes made to the Program.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
AEW Global Focused Real Estate Fund
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Common Stocks — 98.3% of Net Assets |
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| Ingenia Communities Group | |
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| Dream Industrial Real Estate Investment Trust | |
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| Henderson Land Development Co. Ltd. | |
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| Sun Hung Kai Properties Ltd. | |
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| Wharf Real Estate Investment Co. Ltd. | |
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| Invincible Investment Corp. | |
| Kenedix Office Investment Corp. | |
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| Nippon Accommodations Fund, Inc. | |
| Nippon Building Fund, Inc. | |
| Nomura Real Estate Holdings, Inc. | |
| Sumitomo Realty & Development Co. Ltd. | |
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| Mapletree Logistics Trust | |
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| Merlin Properties SOCIMI SA | |
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| Fastighets AB Balder, Class B(a) | |
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| LondonMetric Property PLC | |
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| United Kingdom — continued |
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| American Homes 4 Rent, Class A | |
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| AvalonBay Communities, Inc. | |
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| Brixmor Property Group, Inc. | |
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| Digital Realty Trust, Inc. | |
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| Healthcare Realty Trust, Inc. | |
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| Rexford Industrial Realty, Inc. | |
| Ryman Hospitality Properties, Inc. | |
| Simon Property Group, Inc. | |
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| Total Common Stocks
(Identified Cost $87,602,924) | |
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Short-Term Investments — 2.2% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2023 at 2.500% to be repurchased at $1,865,905 on 8/01/2023 collateralized by $2,191,800 U.S. Treasury Note, 1.250% due 9/30/2028 valued at $1,903,156 including accrued interest (Note 2 of Notes to Financial Statements)
(Identified Cost $1,865,776) | |
| Total Investments — 100.5%
(Identified Cost $89,468,700) | |
| Other assets less liabilities — (0.5)% | |
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| See Note 2 of Notes to Financial Statements.
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| Non-income producing security. |
| Japan Real Estate Investment Trust |
| Real Estate Investment Trusts |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
AEW Global Focused Real Estate Fund (continued)
Industry Summary at July 31, 2023 (Unaudited)
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Real Estate Management & Development | |
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Other assets less liabilities | |
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Currency Exposure Summary at July 31, 2023 (Unaudited)
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Other assets less liabilities | |
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See accompanying notes to financial statements.
Statement of Assets and Liabilities
July 31, 2023 (Unaudited)
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Net unrealized depreciation | |
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Foreign currency at value (identified cost $15) | |
Receivable for Fund shares sold | |
Receivable for securities sold | |
Dividends and interest receivable | |
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Payable for securities purchased | |
Payable for Fund shares redeemed | |
Management fees payable (Note 5) | |
Deferred Trustees’ fees (Note 5) | |
Administrative fees payable (Note 5) | |
Audit and tax services fees payable | |
Payable to distributor (Note 5d) | |
Other accounts payable and accrued expenses | |
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COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | |
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Shares of beneficial interest | |
Net asset value and redemption price per share | |
Offering price per share (100/94.25 of net asset value) (Note 1) | |
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1) | |
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Shares of beneficial interest | |
Net asset value and offering price per share | |
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Shares of beneficial interest | |
Net asset value, offering and redemption price per share | |
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Shares of beneficial interest | |
Net asset value, offering and redemption price per share | |
See accompanying notes to financial statements.
For the Six Months Ended July 31, 2023 (Unaudited)
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Less net foreign taxes withheld | |
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Administrative fees (Note 5) | |
Service and distribution fees (Note 5) | |
Trustees' fees and expenses (Note 5) | |
Transfer agent fees and expenses (Notes 5 and 6) | |
Audit and tax services fees | |
Custodian fees and expenses | |
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Shareholder reporting expenses | |
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Less waiver and/or expense reimbursement (Note 5) | |
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Net realized and unrealized gain (loss) on Investments and Foreign currency transactions | |
Net realized gain (loss) on: | |
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Capital gains distributions received (Note 2) | |
Foreign currency transactions (Note 2c) | |
Net change in unrealized appreciation (depreciation) on: | |
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Foreign currency translations (Note 2c) | |
Net realized and unrealized loss on Investments and Foreign currency transactions | |
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | |
See accompanying notes to financial statements.
Statement of Changes in Net Assets
| Six Months Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 |
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Net realized loss on investments and foreign currency transactions, including distributions of capital gains received from investments | | |
Net change in unrealized depreciation on investments and foreign currency translations | | |
Net decrease in net assets resulting from operations | | |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | |
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NET DECREASE IN NET ASSETS FROM CAPITAL SHARES TRANSACTIONS (Note 10) | | |
Net decrease in net assets | | |
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See accompanying notes to financial statements.
For a share outstanding throughout each period.
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| Six Months
Ended
July 31,
2023
(Unaudited) | Year Ended
January 31,
2023 | Year Ended
January 31,
2022 | Year Ended
January 31,
2021 | Year Ended
January 31,
2020 | Year Ended
January 31,
2019 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
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Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.17, total return would have been 22.99% and the ratio of net investment income to average net assets would have been 1.14%. |
| A sales charge for Class A shares is not reflected in total return calculations. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| 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. |
| Computed on an annualized basis for periods less than one year. |
| Effective June 1, 2019, the expense limit decreased from 1.25% to 1.15%. |
| 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.
Financial Highlights (continued)
For a share outstanding throughout each period.
| |
| Six Months
Ended
July 31,
2023
(Unaudited) | Year Ended
January 31,
2023 | Year Ended
January 31,
2022 | Year Ended
January 31,
2021 | Year Ended
January 31,
2020 | Year Ended
January 31,
2019 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.07, total return would have been 21.99% and the ratio of net investment income to average net assets would have been 0.51%. |
| A contingent deferred sales charge for Class C shares is not reflected in total return calculations. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| 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. |
| Computed on an annualized basis for periods less than one year. |
| Effective June 1, 2019, the expense limit decreased from 2.00% to 1.90%. |
| 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.
Financial Highlights (continued)
For a share outstanding throughout each period.
| |
| Six Months
Ended
July 31,
2023
(Unaudited) | Year Ended
January 31,
2023 | Year Ended
January 31,
2022 | Year Ended
January 31,
2021 | Year Ended
January 31,
2020 | Year Ended
January 31,
2019 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.19, total return would have been 23.30% and the ratio of net investment income to average net assets would have been 1.43%. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| 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. |
| Computed on an annualized basis for periods less than one year. |
| Effective June 1, 2019, the expense limit decreased from 0.95% to 0.85%. |
| 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.
Financial Highlights (continued)
For a share outstanding throughout each period.
| |
| Six Months
Ended
July 31,
2023
(Unaudited) | Year Ended
January 31,
2023 | Year Ended
January 31,
2022 | Year Ended
January 31,
2021 | Year Ended
January 31,
2020 | Year Ended
January 31,
2019 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.17, total return would have been 23.22% and the ratio of net investment income to average net assets would have been 1.27%. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| 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. |
| Computed on an annualized basis for periods less than one year. |
| Effective June 1, 2019, the expense limit decreased from 1.00% to 0.90%. |
| 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.
Notes to Financial Statements
July 31, 2023 (Unaudited)
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 eight years (at which point they automatically convert to Class A shares) (prior to May 1, 2021, Class C shares automatically converted to Class A shares after ten years) 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 period-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. Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. Each Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Funds’ Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board’s oversight.
Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Shares of open-end investment companies are valued at net asset value ("NAV") per share.
Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair 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 fair valued using evaluated bids furnished by an independent pricing service, if available.
Debt securities and unlisted preferred equity securities are fair 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 fair value debt and unlisted equities where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment.
The Fund may also fair value investments 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 a Fund’s investments, the valuation designee may, among other things, use modeling tools or other
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund’s NAV is calculated. Fair valuation by the Fund’s valuation designee may require subjective determinations about the value of the investment, 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 investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments 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 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 February 1 through July 31, 2023 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, if applicable. 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 in the Fund’s books and records 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. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the Statement of Operations, may be 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 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 July 31, 2023 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 are reasonably possible to occur in the next six 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
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
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 foreign currency gains and losses, passive foreign investment company adjustments and distribution re-designations. 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 year ended January 31, 2023 was as follows:
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, 2023, capital loss carryforwards were as follows:
Capital loss carryforward: | |
| |
| |
As of July 31, 2023, the tax cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:
Amounts in the table above exclude certain adjustments that will be made at the end of the Fund's fiscal year for tax purposes. Adjustments may include, but are not limited to, wash sales.
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
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
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 July 31, 2023, 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. 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 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 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.
The Fund’s pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Fund has knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.
Under certain conditions and based upon specific facts and circumstances, the Fund’s valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
The following is a summary of the inputs used to value the Fund’s investments as of July 31, 2023, at value:
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All Other Common Stocks(a) | | | | |
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| 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 six months ended July 31, 2023, purchases and sales of securities (excluding short-term investments) were $30,433,852 and $31,272,392, 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, 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, 2024, 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 six months ended July 31, 2023, 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 |
| | | |
| | | |
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 both (1) a class’ expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a class’ current applicable expense limitation ratio, 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.
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
For the six months ended July 31, 2023, the management fees and waiver of management fees for the Fund were as follows:
| Contractual
Waivers of
Management
| | Percentage of
Average
Daily Net Assets |
| |
| | | | |
| Management fee waiver is subject to possible recovery until January 31, 2024. |
No expenses were recovered during the six months ended July 31, 2023, under the terms of the expense limitation agreement.
b. Service and Distribution Fees. Natixis Distribution, LLC (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis Investment Managers, LLC, 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 six months ended July 31, 2023, the service and distribution fees for the Fund were as follows:
c. Administrative Fees. Natixis Advisors, LLC ("Natixis Advisors") provides certain administrative services for the Fund and contracts with State Street Bank and Trust Company ("State Street Bank") to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC. 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 six months ended July 31, 2023, the administrative fees were as follows:
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
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
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.
For the six months ended July 31, 2023, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statement of Operations) for the Fund were $37,432.
As of July 31, 2023, the Fund owes Natixis Distribution $1,200 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 six months ended July 31, 2023 amounted to $124.
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 Investment Managers, LLC 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 $210,000. 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. Each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends either in person or 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. 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. Deferred amounts remain in the funds until distributed in accordance with the provisions of the Plan. 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, 2024 and is not subject to recovery under the expense limitation agreement described above.
For the six months ended July 31, 2023, Natixis Advisors reimbursed the Fund $942 for transfer agency expenses related to Class N shares.
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 six months ended July 31, 2023, the Fund incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):
| | | | |
Transfer Agent Fees and Expenses | | | | |
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 syndicated, revolving, committed, unsecured line of credit with State Street Bank as administrative agent. The aggregate revolving commitment amount is $575,000,000. Any one Fund may borrow up to $402,500,000 under the line of credit
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $575,000,000 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 certain 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 on the Statement of Operations. The unamortized balance is reflected as prepaid expenses on the Statement of Assets and Liabilities.
Prior to April 6, 2023, the Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a $500,000,000 committed unsecured line of credit provided by State Street Bank. The Fund was able to borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate did not exceed the $500,000,000 limit at any time), subject to the Fund’s investment restrictions and its contractual obligations under the line of credit. Interest was charged to the Fund 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, was accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.
For the six months ended July 31, 2023, the Fund had no borrowings under this agreement.
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.
Russia’s military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These and any related events could significantly impact a Fund’s performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries affected by the invasion.
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 July 31, 2023, 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 | |
| |
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.
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
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:
| Six Months Ended
July 31, 2023 | Year Ended
January 31, 2023 |
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Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
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Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
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Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
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Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
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Decrease from capital share transactions | | | | |
This Page Intentionally Left Blank
˃To learn more about Natixis Funds products and services:
Visit: im.natixis.com Call: 800-225-5478
Before investing, consider the fund’s investment objectives, risks, charges, and expenses. Visit im.natixis.com or call 800-225-5478 for a prospectus or summary prospectus containing this and other information.
Contact us by mail:
If you wish to communicate with the funds’ Board of Trustees, you may do so by writing to:
Secretary of the Funds
Natixis Advisors, LLC
888 Boylston Street, Suite 800
Boston, MA 02199-8197
The correspondence must (a) be signed by the shareholder; (b) include the shareholder’s name and address; and (c) identify the fund(s), account number, share class, and number of shares held in that fund, as of a recent date.
Or by e-mail:
secretaryofthefunds@natixis.com (Communications regarding recommendations for Trustee candidates may not be submitted by e-mail.)
Please note: Unlike written correspondence, e-mail is not secure. Please do NOT include your account number, Social Security number, PIN, or any other non-public personal information in an e-mail communication because this information may be viewed by others.
Exp. 9/30/245955794.1.1RE58SA-0723This page not part of shareholder report
Semiannual Report
July 31, 2023
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® |
Natixis Sustainable Future 2065 Fund® |
NATIXIS SUSTAINABLE FUTURE FUNDS®
|
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AIA U.S. Large Cap Core ESG Segment |
AIA U.S. Large Cap Value ESG Segment |
AIA U.S. Small/Mid Cap ESG Segment |
AIA International Developed Markets Equity ESG Segment |
Natixis Investment Managers Solutions, a division of Natixis Advisors, LLC
|
Harris Associates Large Cap Value Segment |
|
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 Global Green Bond Fund*** |
Mirova International Sustainable Equity Fund*** |
|
WCM Focused International Growth Fund |
WCM Focused Emerging Markets Fund |
WCM Investment Management |
| Natixis Advisors, LLC 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. |
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Investment GoalEach Fund seeks the highest total return consistent with its current asset allocation.
NATIXIS SUSTAINABLE FUTURE 2015 FUND
Average Annual Total Returns — July 31, 20231 |
| | | | | |
| | |
Class N (Inception 2/28/17) | | | | | | |
| | | | | | |
| | | | | | |
S&P Target Date 2015® Index4 | | | | | | |
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 7.
NATIXIS SUSTAINABLE FUTURE 2020 FUND
Average Annual Total Returns — July 31, 20231 |
| | | | | |
| | |
Class N (Inception 2/28/17) | | | | | | |
| | | | | | |
| | | | | | |
S&P Target Date 2020® Index4 | | | | | | |
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 7.
NATIXIS SUSTAINABLE FUTURE FUNDS®
NATIXIS SUSTAINABLE FUTURE 2025 FUND
Average Annual Total Returns — July 31, 20231 |
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| | |
Class N (Inception 2/28/17) | | | | | | |
| | | | | | |
| | | | | | |
S&P Target Date 2025® Index4 | | | | | | |
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 7.
NATIXIS SUSTAINABLE FUTURE 2030 FUND
Average Annual Total Returns — July 31, 20231 |
| | | | | |
| | |
Class N (Inception 2/28/17) | | | | | | |
| | | | | | |
| | | | | | |
S&P Target Date 2030® Index4 | | | | | | |
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 7.
NATIXIS SUSTAINABLE FUTURE 2035 FUND
Average Annual Total Returns — July 31, 20231 |
| | | | | |
| | |
Class N (Inception 2/28/17) | | | | | | |
| | | | | | |
| | | | | | |
S&P Target Date 2035® Index4 | | | | | | |
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 7.
NATIXIS SUSTAINABLE FUTURE 2040 FUND
Average Annual Total Returns — July 31, 20231 |
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| | |
Class N (Inception 2/28/17) | | | | | | |
| | | | | | |
| | | | | | |
S&P Target Date 2040® Index4 | | | | | | |
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 7.
NATIXIS SUSTAINABLE FUTURE FUNDS®
NATIXIS SUSTAINABLE FUTURE 2045 FUND
Average Annual Total Returns — July 31, 20231 |
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Class N (Inception 2/28/17) | | | | | | |
| | | | | | |
| | | | | | |
S&P Target Date 2045® Index4 | | | | | | |
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 7.
NATIXIS SUSTAINABLE FUTURE 2050 FUND
Average Annual Total Returns — July 31, 20231 |
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| | |
Class N (Inception 2/28/17) | | | | | | |
| | | | | | |
| | | | | | |
S&P Target Date 2050® Index4 | | | | | | |
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 7.
NATIXIS SUSTAINABLE FUTURE 2055 FUND
Average Annual Total Returns — July 31, 20231 |
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Class N (Inception 2/28/17) | | | | | | |
| | | | | | |
| | | | | | |
S&P Target Date 2055® Index4 | | | | | | |
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 7.
NATIXIS SUSTAINABLE FUTURE 2060 FUND
Average Annual Total Returns — July 31, 20231 |
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Class N (Inception 2/28/17) | | | | | | |
| | | | | | |
| | | | | | |
S&P Target Date 2060® Index4 | | | | | | |
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 7.
NATIXIS SUSTAINABLE FUTURE FUNDS®
NATIXIS SUSTAINABLE FUTURE 2065 FUND
Average Annual Total Returns — July 31, 20231 |
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Class N (Inception 12/15/21) | | | | | |
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S&P Target Date 2065+® Index4 | | | | | |
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.
| 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. 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 5/31/24. 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. |
| 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, real estate investment trusts ("REITs"), and commodities depending on the allocations reported in the survey. Index returns are calculated daily. You may not invest directly in an index. |
ADDITIONAL INFORMATION
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 (“SEC”) website at www.sec.gov. Information about how the Natixis Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available through the Natixis Funds’ website and the SEC 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 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.
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 February 1, 2023 through July 31, 2023. 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.
NATIXIS SUSTAINABLE FUTURE 2015 FUND | Beginning
Account Value
2/1/2023 | Ending
Account Value
7/31/2023 | |
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Hypothetical (5% return before expenses) | | | |
| Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement) of 0.24%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half–year (181), divided by 365 (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. |
| Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes. Amounts expressed in the table include the effect of such adjustments. |
NATIXIS SUSTAINABLE FUTURE 2020 FUND | Beginning
Account Value
2/1/2023 | Ending
Account Value
7/31/2023 | |
| | | |
| | | |
Hypothetical (5% return before expenses) | | | |
| Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement) of 0.25%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half–year (181), divided by 365 (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. |
| Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes. Amounts expressed in the table include the effect of such adjustments. |
NATIXIS SUSTAINABLE FUTURE 2025 FUND | Beginning
Account Value
2/1/2023 | Ending
Account Value
7/31/2023 | |
| | | |
| | | |
Hypothetical (5% return before expenses) | | | |
| Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement) of 0.25%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half–year (181), divided by 365 (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. |
| Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes. Amounts expressed in the table include the effect of such adjustments. |
NATIXIS SUSTAINABLE FUTURE 2030 FUND | Beginning
Account Value
2/1/2023 | Ending
Account Value
7/31/2023 | Expenses Paid
2/1/2023 – 7/31/2023 |
| | | |
| | | |
Hypothetical (5% return before expenses) | | | |
| Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement) of 0.27%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half–year (181), divided by 365 (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
2/1/2023 | Ending
Account Value
7/31/2023 | Expenses Paid
2/1/2023 – 7/31/2023 |
| | | |
| | | |
Hypothetical (5% return before expenses) | | | |
| Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement) of 0.28%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half–year (181), divided by 365 (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
2/1/2023 | Ending
Account Value
7/31/2023 | |
| | | |
| | | |
Hypothetical (5% return before expenses) | | | |
| Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement) of 0.29%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half–year (181), divided by 365 (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. |
| Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes. Amounts expressed in the table include the effect of such adjustments. |
NATIXIS SUSTAINABLE FUTURE 2045 FUND | Beginning
Account Value
2/1/2023 | Ending
Account Value
7/31/2023 | Expenses Paid
2/1/2023 – 7/31/2023 |
| | | |
| | | |
Hypothetical (5% return before expenses) | | | |
| Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement) of 0.27%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half–year (181), divided by 365 (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
2/1/2023 | Ending
Account Value
7/31/2023 | Expenses Paid
2/1/2023 – 7/31/2023 |
| | | |
| | | |
Hypothetical (5% return before expenses) | | | |
| Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement) of 0.29%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half–year (181), divided by 365 (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 2055 FUND | Beginning
Account Value
2/1/2023 | Ending
Account Value
7/31/2023 | Expenses Paid
2/1/2023 – 7/31/2023 |
| | | |
| | | |
Hypothetical (5% return before expenses) | | | |
| Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement) of 0.27%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half–year (181), divided by 365 (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
2/1/2023 | Ending
Account Value
7/31/2023 | Expenses Paid
2/1/2023 – 7/31/2023 |
| | | |
| | | |
Hypothetical (5% return before expenses) | | | |
| Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement) of 0.27%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half–year (181), divided by 365 (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 2065 FUND | Beginning
Account Value
2/1/2023 | Ending
Account Value
7/31/2023 | Expenses Paid
2/1/2023 – 7/31/2023 |
| | | |
| | | |
Hypothetical (5% return before expenses) | | | |
| Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement) of 0.28%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half–year (181), divided by 365 (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. |
BOARD APPROVAL OF THE EXISTING ADVISORY AND SUB-ADVISORY AGREEMENTS
The Board of Trustees of the Trust (the “Board”), including the Independent Trustees, considers matters bearing on each Fund’s advisory and sub-advisory agreements (collectively, the “Agreements”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreements to determine whether to recommend that the full Board approve the continuation of the Agreements, typically for an additional one-year period. This meeting typically includes all the Independent Trustees, including the Trustees who do not serve on the Contract Review Committee. After the Contract Review Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreements at its June Board Meeting.
In connection with these meetings, the Trustees receive materials that the Funds’ investment adviser and sub-advisers (collectively, the “Advisers”), believe to be reasonably necessary for the Trustees to evaluate the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Funds and the performance of peer groups of funds and the Funds’ performance benchmarks, (ii) information on the Funds’ advisory and sub-advisory fees and other expenses, including information comparing the Funds’ advisory and sub-advisory fees to the fees charged to institutional accounts with similar strategies managed by the Advisers, if any, and to those of peer groups of funds and information about any applicable expense limitations and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Funds, (iv) information about the profitability of the Agreements to the Advisers and (v) information obtained through the completion by the Advisers of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) each Fund’s investment objective and strategies and the size, education and experience of each Adviser’s investment staff and its use of technology, external research and trading cost measurement tools, (ii) arrangements in respect of the distribution of the Funds’ shares and the related costs, (iii) the allocation of the Funds’ brokerage, if any, including, if applicable, allocations to brokers affiliated with the Advisers and the use of “soft” commission dollars to pay Fund expenses and to pay for research and other similar services, (iv) each Adviser’s policies and procedures relating to, among other things, compliance, trading and best execution, proxy voting, liquidity and valuation, (v) information about amounts invested by the Funds’ portfolio managers in the Funds or in similar accounts that they manage and (vi) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Advisers and the Independent Trustees meet separately with independent legal counsel outside the presence of Adviser personnel.
In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance and the fees charged to the Funds for advisory and other services. The information received by the Trustees generally includes, among other things, an internal performance rating for each Fund based on agreed-upon criteria, total return information for various periods, and performance rankings provided by a third-party data provider for various periods comparing a Fund against similarly categorized funds. The portfolio management team for each Fund or other representatives of the Advisers make periodic presentations to the Contract Review Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent Board presentations and reviews. In addition, the Trustees are periodically provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings, both at the Board and at the Committee level.
The Board most recently approved the continuation of the Agreements for a one-year period at its meeting held in June 2023. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.
The nature, extent and quality of the services provided to the Funds under the Agreements.The Trustees considered the nature, extent and quality of the services provided by the Advisers and their affiliates to the Funds and the resources dedicated to the Funds by the Advisers and the Advisers’ affiliates. The Trustees also considered their experience with other funds advised or sub-advised by the Advisers as well as the affiliation between the Advisers and Natixis Investment Managers, LLC, whose affiliates provide investment advisory services to other funds in the Natixis family of funds.
The Trustees considered not only the advisory and sub-advisory services provided by the Advisers to the Funds, but also the benefits to the Funds from the monitoring and oversight services provided by Natixis Advisors, LLC (“Natixis Advisors”), including with respect to the oversight of each Fund’s “glidepath” and the oversight of its sustainability criteria. They also considered the administrative and shareholder services provided by Natixis Advisors and its affiliates to the Funds. They also took into consideration increases in the services provided resulting from new regulatory requirements, such as recent rules relating to the fair valuation of investments and the use of derivatives, as well as from monitoring proposed rules, such as those relating to privacy and cybersecurity, environmental, social and governance-specific disclosures, and vendor oversight.
The Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services.
After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the nature, extent and quality of services provided supported the renewal of the Agreements.
Investment performance of the Funds and the Advisers.As noted above, the Trustees received information about the performance of the Funds over various time periods, including information that compared the performance of the Funds to the performance of peer groups and categories of funds and the Funds’ performance benchmarks. The Board noted that while it found the data provided by the independent third-party data provider useful, it recognized its limitations, including, in particular, that notable differences may exist between the Funds and the performance comparisons (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the performance comparisons. In addition, the Trustees reviewed data prepared by an independent third-party rating organization that analyzed the performance of the Funds using a variety of performance metrics, including metrics that measured the performance of the Funds on a risk adjusted basis.
The Board noted that, through December 31, 2022, each Fund’s one-, three-, and five-year performance, as applicable, stated as percentile rankings within categories selected by the independent third-party data provider, was as follows (where the best performance would be in the first percentile of its category):
| | | |
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 | | | |
Natixis Sustainable Future 2065 Fund | | | |
In the case of each Fund that had performance that lagged that of a relevant category median as determined by the independent third-party data provider for certain periods, the Board concluded that other factors relevant to performance supported renewal of the Agreements. These factors included one or more of the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Advisers and the sub-advisers of the Fund’s underlying segments that were reasonable and consistent with the investment objective and policies of the Fund and the Fund’s underlying segments, respectively; (2) that the Fund is relatively new and therefore has a limited performance history; and (3) that the Fund’s longer-term (three- and/or five-year) performance has been stronger relative to its category. The Board also considered information about the Funds’ more recent performance, including how performance over various periods had been impacted by various factors such as market and economic events.
The Trustees also considered the Advisers’ performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Advisers to Trustee concerns about performance and the willingness of the Advisers to take steps intended to improve performance.
After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the performance of the Funds and the Advisers and/or other relevant factors supported the renewal of the Agreements.
The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their respective relationships with each Fund.The Trustees considered the fees charged to the Funds for advisory, sub-advisory and administrative services, as well as the total expense levels of the Funds. This information included comparisons (provided both by management and also by an independent third-party) of the Funds’ advisory and sub-advisory fees and total expense levels to those of their peer groups and information about the advisory fees charged by the Advisers to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees
considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets, the greater regulatory costs associated with the management of such assets, and the entrepreneurial, regulatory and other risks associated with sponsoring and managing mutual funds. In evaluating each Fund’s advisory and sub-advisory fees, the Trustees also took into account the demands, complexity, and quality of the investment management of each Fund and the need for the Advisers to offer competitive compensation and the potential need to expend additional resources to the extent the Funds grow in size. The Trustees considered that over the past several years, management had demonstrated its intention to have competitive fee levels by making recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense limitations for various funds in the fund family. They noted that each Fund has an expense limitation in place, and they considered the amounts waived or reimbursed by Natixis Advisors for each Fund under their respective expense limitation agreements. The Trustees also noted that each Fund had a total advisory fee rate that was at or below the median of its peer group of funds. The Board also considered that the fee and expense information reflected information as of a certain date and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.
The Trustees also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the Funds. The Trustees reviewed information provided by management as to the profitability of the Advisers’ and their affiliates’ relationships with the Funds, and information about how expenses are determined and allocated for purposes of profitability calculations. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the Funds, the expense levels of the Funds, whether the Advisers had implemented breakpoints and/or expense limitations with respect to such Funds and the overall profit margin of Natixis Investment Managers, LLC compared to that of certain other investment managers for which such data was available. The Board also noted the competitive nature of the global asset management industry.
After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory and sub-advisory fees and expenses charged to each Fund were fair and reasonable, and that the costs of these services generally and the related profitability of the Advisers and their affiliates in respect of their relationship with the Funds supported the renewal of the Agreements.
Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense limitations. The Trustees also considered management’s explanation of the factors that are taken into account with respect to the implementation of breakpoints in investment advisory fees or expense limitations, which reduced the total expenses borne by shareholders. With respect to economies of scale, the Trustees noted that each of the Funds was subject to an expense limitation. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Advisers and their affiliates of their relationships with the Funds, as discussed above. They also considered that because of their relatively small size, the Funds did not have significant economies of scale.
After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the extent to which economies of scale were shared with the Funds supported the renewal of the Agreements.
The Trustees also considered other factors, which included but were not limited to the following:
• The effect of various factors and recent market and economic events, such as recent market volatility, geopolitical instability, aggressive domestic and foreign central bank policies, and lingering effects of the Covid-19 crisis, as applicable, on the performance, asset levels and expense ratios of each Fund.
• Whether each Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Funds and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates were providing to the Funds.
• So-called “fallout benefits” to the Advisers, such as the engagement of affiliates of the Advisers to provide distribution, administrative and brokerage services to the Funds, and the benefits of research made available to the Advisers by reason of brokerage commissions (if any) generated by the Funds’ securities transactions. The Trustees also considered the benefits to the parent company of Natixis Advisors from the ability to offer target date funds with a sustainable investment theme. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.
• The Trustees’ review and discussion of the Funds’ advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.
• The benefit to the Advisers and Natixis Advisors of being able to offer a suite of target date funds with environmental, social and governance-related investment strategies.
Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that each of the existing Agreements should be continued through June 30, 2024.
LIQUIDITY RISK MANAGEMENT PROGRAM
Annual Report for the Period Commencing on January 1, 2022 and ending December 31, 2022 (including updates through July 31, 2023)
Effective December 1, 2018 (December 15, 2021 for Natixis Sustainable Future 2065 Fund), the Funds adopted a liquidity risk management program (the “Program”) pursuant to the requirements of Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Rule”). The Rule requires registered open-end funds, including mutual funds and exchange-traded funds, to establish liquidity risk management programs in order to effectively manage fund liquidity and mitigate the risk that a fund could not meet redemption requests without significantly diluting the interests of remaining investors.
The Rule requires the Funds to assess, manage and review their liquidity risk considering applicable factors during normal and foreseeable stressed conditions. In fulfilling this requirement, each Fund assesses and reviews (where applicable and amongst other matters) its investment strategy, portfolio holdings, possible investment concentrations, use of derivatives, short-term and long-term cash flow projections, use of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Each Program has established a Program Administrator (“Administrator”) which is the adviser or sub-adviser to the Funds.
In accordance with the Program, each of the Funds’ portfolio investments is classified into one of four liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
Each Fund is prohibited from acquiring an investment if, after the acquisition, its holdings of illiquid assets will exceed 15% of its net assets. If a Fund does not hold a majority of highly liquid investments in its portfolio, then the Fund is required to establish a highly liquid investment minimum (“HLIM”). None of the Funds has established an HLIM.
During the period from January 1, 2022 to December 31, 2022, there were no material changes to the Programs and no material events that impacted the operation of the Funds’ Programs. During the period, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any illiquid security violations.
During the period January 1, 2023 through July 31, 2023, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any illiquid security violations.
Annual Program Assessment and Conclusion
In the opinion of the Program Administrators, the Program of each Fund approved by the Funds’ Board is operating effectively. The Program Administrators have also monitored, assessed and managed each Fund’s liquidity risk regularly throughout the period.
Pursuant to the Rule’s requirements, the Board has received and reviewed a written report prepared by each Fund’s Program Administrator that addressed the operation of the Programs, assessed their adequacy and effectiveness and described any material changes made to the Programs.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2015 Fund
| | |
Common Stocks — 26.4% of Net Assets |
| Aerospace & Defense — 0.5% |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.2% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.4% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| Biotechnology — continued |
| | |
| CRISPR Therapeutics AG(a) | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR(a) | |
| | |
| | |
| | |
| | |
| |
| Builders FirstSource, Inc.(a) | |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2015 Fund (continued)
| | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.1% |
| | |
| | |
| | |
| Communications Equipment — 0.2% |
| | |
| | |
| | |
| Lumentum Holdings, Inc.(a) | |
| | |
| | |
| Construction & Engineering — 0.1% |
| | |
| Construction Materials — 0.1% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 0.4% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.1% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.1% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.2% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| Electric Utilities — 0.2% |
| American Electric Power Co., Inc. | |
| | |
| | |
| | |
| Electric Utilities — continued |
| | |
| | |
| | |
| Electrical Equipment — 0.2% |
| | |
| | |
| | |
| | |
| Rockwell Automation, Inc. | |
| | |
| Electronic Equipment, Instruments & Components — 0.4% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Keysight Technologies, Inc.(a) | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.1% |
| | |
| | |
| | |
| | |
| |
| Activision Blizzard, Inc.(a) | |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros Discovery, Inc.(a) | |
| | |
| Financial Services — 0.9% |
| | |
| | |
| FleetCor Technologies, Inc.(a) | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Darling Ingredients, Inc.(a) | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2015 Fund (continued)
| | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.2% |
| | |
| J.B. Hunt Transport Services, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 0.5% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| | |
| Edwards Lifesciences Corp.(a) | |
| GE HealthCare Technologies, Inc. | |
| Globus Medical, Inc., Class A(a) | |
| | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| | |
| Shockwave Medical, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 0.5% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Laboratory Corp. of America Holdings | |
| | |
| Select Medical Holdings Corp. | |
| Tenet Healthcare Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Health Care Technology — 0.2% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| Hotels, Restaurants & Leisure — 0.9% |
| | |
| Booking Holdings, Inc.(a) | |
| Chipotle Mexican Grill, Inc.(a) | |
| Hilton Worldwide Holdings, Inc. | |
| Marriott Vacations Worldwide Corp. | |
| | |
| Norwegian Cruise Line Holdings Ltd.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.3% |
| | |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.2% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.0% |
| | |
| Industrial Conglomerates — 0.2% |
| | |
| | |
| Honeywell International, Inc. | |
| | |
| |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2015 Fund (continued)
| | |
| Interactive Media & Services — 1.6% |
| Alphabet, Inc., Class A(a) | |
| Alphabet, Inc., Class C(a) | |
| Meta Platforms, Inc., Class A(a) | |
| Pinterest, Inc., Class A(a) | |
| | |
| ZoomInfo Technologies, Inc.(a) | |
| | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Shopify, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 0.3% |
| Agilent Technologies, Inc. | |
| | |
| Fortrea Holdings, Inc.(a) | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| West Pharmaceutical Services, Inc. | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| New York Times Co., Class A | |
| | |
| Paramount Global, Class B | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| Metals & Mining — continued |
| | |
| | |
| Reliance Steel & Aluminum Co. | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.0% |
| Invesco Mortgage Capital, Inc. | |
| KKR Real Estate Finance Trust, Inc. | |
| | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| |
| | |
| Corporate Office Properties Trust | |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 0.9% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| Passenger Airlines — 0.1% |
| Alaska Air Group, Inc.(a) | |
| | |
| | |
| | |
| Personal Care Products — 0.0% |
| Estee Lauder Cos., Inc., Class A | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2015 Fund (continued)
| | |
| Pharmaceuticals — continued |
| | |
| | |
| | |
| Professional Services — 0.2% |
| Automatic Data Processing, Inc. | |
| Ceridian HCM Holding, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
| Real Estate Management & Development — 0.2% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| | |
| | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 1.3% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Extra Space Storage, Inc. | |
| | |
| | |
| | |
| |
| Asbury Automotive Group, Inc.(a) | |
| Boot Barn Holdings, Inc.(a) | |
| Dick's Sporting Goods, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.3% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.2% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| Under Armour, Inc., Class C(a) | |
| | |
| Trading Companies & Distributors — 0.1% |
| | |
| | |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $1,243,834) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2015 Fund (continued)
| | |
| |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Bank of New York Mellon Corp., Series 12, MTN, 3.650%, 2/04/2024 | |
| Bank of Nova Scotia, 3.400%, 2/11/2024 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| Royal Bank of Canada, GMTN, 2.550%, 7/16/2024 | |
| Santander Holdings USA, Inc., 3.500%, 6/07/2024 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Truist Bank, 3.200%, 4/01/2024 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.4% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.3% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Duke Energy Corp., 3.750%, 4/15/2024 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| | |
| |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| Government Owned - No Guarantee — 0.5% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II Sarl, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 3/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, with various maturities in 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.000%, with various maturities in 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.500%, with various maturities in 2052(c) | |
| Federal National Mortgage Association, 2.000%, with various maturities in 2051(c) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2015 Fund (continued)
| | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 2.500%, with various maturities from 2050 to 2052(c) | |
| Federal National Mortgage Association, 3.000%, with various maturities from 2034 to 2052(c) | |
| Federal National Mortgage Association, 3.500%, with various maturities from 2049 to 2052(c) | |
| Federal National Mortgage Association, 4.000%, with various maturities from 2050 to 2052(c) | |
| Federal National Mortgage Association, 4.500%, with various maturities in 2049(c) | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| NiSource, Inc., 0.950%, 8/15/2025 | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| Piedmont Operating Partnership LP, 3.150%, 8/15/2030 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| AbbVie, Inc., 3.600%, 5/14/2025 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.0% |
| Fidelity National Financial, Inc., 3.400%, 6/15/2030 | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| Spirit Realty LP, 2.700%, 2/15/2032 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 3 mo. USD LIBOR + 1.100%, 6.421%, 5/15/2025(d) | |
| | |
| Total Bonds and Notes
(Identified Cost $1,235,538) | |
| | |
Exchange-Traded Funds — 3.4% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $165,870) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $274,686) | |
|
|
Affiliated Mutual Funds — 42.5% |
| Loomis Sayles Inflation Protected Securities Fund, Class N | |
| Loomis Sayles Limited Term Government and Agency Fund, Class N | |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $2,565,227) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2015 Fund (continued)
| | |
Short-Term Investments — 3.1% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2023 at 2.500% to be repurchased at $160,611 on 8/01/2023 collateralized by $158,000 U.S. Treasury Bond, 4.375% due 5/15/2041 valued at $164,285 including accrued interest (Note 2 of Notes to Financial Statements) | |
| U.S. Treasury Bills, 5.151%, 8/08/2023(e) | |
| Total Short-Term Investments
(Identified Cost $165,595) | |
| Total Investments — 100.8%
(Identified Cost $5,650,750) | |
| Other assets less liabilities — (0.8)% | |
| | |
| See Note 2 of Notes to Financial Statements.
|
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2023, the value of Rule 144A holdings amounted to $7,307 or 0.1% of net assets. |
| The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and 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. |
| Variable rate security. Rate as of July 31, 2023 is disclosed. |
| Interest rate represents discount rate at time of purchase; not a coupon rate. |
| 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. |
| |
| |
| London Interbank Offered Rate |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2023 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2020 Fund
| | |
Common Stocks — 33.5% of Net Assets |
| Aerospace & Defense — 0.7% |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.3% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.4% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| Biotechnology — continued |
| | |
| CRISPR Therapeutics AG(a) | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR(a) | |
| | |
| | |
| | |
| | |
| |
| Builders FirstSource, Inc.(a) | |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2020 Fund (continued)
| | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.1% |
| | |
| | |
| | |
| Communications Equipment — 0.2% |
| | |
| | |
| | |
| Lumentum Holdings, Inc.(a) | |
| | |
| | |
| Construction & Engineering — 0.1% |
| | |
| Construction Materials — 0.1% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 0.4% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.1% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.1% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.2% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| Electric Utilities — 0.2% |
| American Electric Power Co., Inc. | |
| | |
| | |
| | |
| Electric Utilities — continued |
| | |
| | |
| | |
| Electrical Equipment — 0.3% |
| | |
| | |
| | |
| | |
| Rockwell Automation, Inc. | |
| | |
| Electronic Equipment, Instruments & Components — 0.5% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Keysight Technologies, Inc.(a) | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.1% |
| | |
| | |
| | |
| | |
| |
| Activision Blizzard, Inc.(a) | |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros Discovery, Inc.(a) | |
| | |
| Financial Services — 1.2% |
| | |
| | |
| FleetCor Technologies, Inc.(a) | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Darling Ingredients, Inc.(a) | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2020 Fund (continued)
| | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.2% |
| | |
| J.B. Hunt Transport Services, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 0.6% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| | |
| Edwards Lifesciences Corp.(a) | |
| GE HealthCare Technologies, Inc. | |
| Globus Medical, Inc., Class A(a) | |
| | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| | |
| Shockwave Medical, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 0.7% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Laboratory Corp. of America Holdings | |
| | |
| Select Medical Holdings Corp. | |
| Tenet Healthcare Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Health Care Technology — 0.3% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| Hotels, Restaurants & Leisure — 1.1% |
| | |
| Booking Holdings, Inc.(a) | |
| Hilton Worldwide Holdings, Inc. | |
| Marriott Vacations Worldwide Corp. | |
| | |
| Norwegian Cruise Line Holdings Ltd.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.3% |
| | |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.3% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.0% |
| | |
| Industrial Conglomerates — 0.2% |
| | |
| | |
| Honeywell International, Inc. | |
| | |
| |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
| Interactive Media & Services — 2.0% |
| Alphabet, Inc., Class A(a) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2020 Fund (continued)
| | |
| Interactive Media & Services — continued |
| Alphabet, Inc., Class C(a) | |
| Meta Platforms, Inc., Class A(a) | |
| Pinterest, Inc., Class A(a) | |
| | |
| ZoomInfo Technologies, Inc.(a) | |
| | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Shopify, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 0.4% |
| Agilent Technologies, Inc. | |
| | |
| Fortrea Holdings, Inc.(a) | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| West Pharmaceutical Services, Inc. | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| New York Times Co., Class A | |
| | |
| Paramount Global, Class B | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| | |
| Metals & Mining — continued |
| | |
| Reliance Steel & Aluminum Co. | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Invesco Mortgage Capital, Inc. | |
| KKR Real Estate Finance Trust, Inc. | |
| | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| |
| | |
| Corporate Office Properties Trust | |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 1.2% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| Passenger Airlines — 0.1% |
| Alaska Air Group, Inc.(a) | |
| | |
| | |
| | |
| Personal Care Products — 0.0% |
| Estee Lauder Cos., Inc., Class A | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2020 Fund (continued)
| | |
| Pharmaceuticals — continued |
| | |
| | |
| | |
| Professional Services — 0.3% |
| Automatic Data Processing, Inc. | |
| Ceridian HCM Holding, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
| Real Estate Management & Development — 0.2% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| | |
| | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 1.6% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Extra Space Storage, Inc. | |
| | |
| | |
| | |
| |
| Asbury Automotive Group, Inc.(a) | |
| Boot Barn Holdings, Inc.(a) | |
| Dick's Sporting Goods, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.4% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.3% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| Under Armour, Inc., Class C(a) | |
| | |
| Trading Companies & Distributors — 0.1% |
| | |
| | |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $1,237,921) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2020 Fund (continued)
| | |
| |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Bank of New York Mellon Corp., Series 12, MTN, 3.650%, 2/04/2024 | |
| Bank of Nova Scotia, 3.400%, 2/11/2024 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| Royal Bank of Canada, GMTN, 2.550%, 7/16/2024 | |
| Santander Holdings USA, Inc., 3.500%, 6/07/2024 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Truist Bank, 3.200%, 4/01/2024 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.3% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.3% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Duke Energy Corp., 3.750%, 4/15/2024 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| | |
| |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| Government Owned - No Guarantee — 0.5% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II Sarl, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 3/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, with various maturities from 2051 to 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.000%, with various maturities from 2049 to 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.500%, with various maturities in 2052(c) | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal National Mortgage Association, 2.000%, with various maturities from 2050 to 2051(c) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2020 Fund (continued)
| | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 2.500%, with various maturities from 2050 to 2051(c) | |
| Federal National Mortgage Association, 3.000%, with various maturities from 2035 to 2052(c) | |
| Federal National Mortgage Association, 3.500%, with various maturities from 2049 to 2052(c) | |
| Federal National Mortgage Association, 4.000%, with various maturities from 2050 to 2052(c) | |
| Federal National Mortgage Association, 4.500%, with various maturities in 2049(c) | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| NiSource, Inc., 0.950%, 8/15/2025 | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| Piedmont Operating Partnership LP, 3.150%, 8/15/2030 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| AbbVie, Inc., 3.600%, 5/14/2025 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.0% |
| Fidelity National Financial, Inc., 3.400%, 6/15/2030 | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| Spirit Realty LP, 2.700%, 2/15/2032 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 3 mo. USD LIBOR + 1.100%, 6.421%, 5/15/2025(d) | |
| | |
| Total Bonds and Notes
(Identified Cost $870,475) | |
| | |
Exchange-Traded Funds — 4.1% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $156,291) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $236,131) | |
|
|
Affiliated Mutual Funds — 35.7% |
| Loomis Sayles Inflation Protected Securities Fund, Class N | |
| Loomis Sayles Limited Term Government and Agency Fund, Class N | |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $1,589,081) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2020 Fund (continued)
| | |
Short-Term Investments — 3.1% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2023 at 2.500% to be repurchased at $119,153 on 8/01/2023 collateralized by $117,300 U.S. Treasury Bond, 4.375% due 5/15/2041 valued at $121,966 including accrued interest (Note 2 of Notes to Financial Statements) | |
| U.S. Treasury Bills, 5.151%, 8/08/2023(e) | |
| Total Short-Term Investments
(Identified Cost $126,138) | |
| Total Investments — 101.1%
(Identified Cost $4,216,037) | |
| Other assets less liabilities — (1.1)% | |
| | |
| See Note 2 of Notes to Financial Statements.
|
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2023, the value of Rule 144A holdings amounted to $8,225 or 0.2% of net assets. |
| The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and 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. |
| Variable rate security. Rate as of July 31, 2023 is disclosed. |
| Interest rate represents discount rate at time of purchase; not a coupon rate. |
| 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. |
| |
| |
| London Interbank Offered Rate |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2023 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2025 Fund
| | |
Common Stocks — 35.7% of Net Assets |
| Aerospace & Defense — 0.8% |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.3% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.5% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| Biotechnology — continued |
| | |
| CRISPR Therapeutics AG(a) | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR(a) | |
| | |
| | |
| | |
| | |
| |
| Builders FirstSource, Inc.(a) | |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2025 Fund (continued)
| | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.1% |
| | |
| | |
| | |
| Communications Equipment — 0.2% |
| | |
| | |
| | |
| Lumentum Holdings, Inc.(a) | |
| | |
| | |
| Construction & Engineering — 0.1% |
| | |
| Construction Materials — 0.1% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 0.5% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.1% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.1% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.2% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| Electric Utilities — 0.2% |
| American Electric Power Co., Inc. | |
| | |
| | |
| | |
| Electric Utilities — continued |
| | |
| | |
| | |
| Electrical Equipment — 0.3% |
| | |
| | |
| | |
| | |
| Rockwell Automation, Inc. | |
| | |
| Electronic Equipment, Instruments & Components — 0.6% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Keysight Technologies, Inc.(a) | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.1% |
| | |
| | |
| | |
| | |
| |
| Activision Blizzard, Inc.(a) | |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros Discovery, Inc.(a) | |
| | |
| Financial Services — 1.3% |
| | |
| | |
| FleetCor Technologies, Inc.(a) | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Darling Ingredients, Inc.(a) | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2025 Fund (continued)
| | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.3% |
| | |
| J.B. Hunt Transport Services, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 0.7% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| | |
| Edwards Lifesciences Corp.(a) | |
| GE HealthCare Technologies, Inc. | |
| Globus Medical, Inc., Class A(a) | |
| | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| | |
| Shockwave Medical, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 0.7% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Laboratory Corp. of America Holdings | |
| | |
| Select Medical Holdings Corp. | |
| Tenet Healthcare Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Health Care Technology — 0.3% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| Hotels, Restaurants & Leisure — 1.1% |
| | |
| Booking Holdings, Inc.(a) | |
| Chipotle Mexican Grill, Inc.(a) | |
| Hilton Worldwide Holdings, Inc. | |
| Marriott Vacations Worldwide Corp. | |
| | |
| Norwegian Cruise Line Holdings Ltd.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.3% |
| | |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.3% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.0% |
| | |
| Industrial Conglomerates — 0.2% |
| | |
| | |
| Honeywell International, Inc. | |
| | |
| |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2025 Fund (continued)
| | |
| Interactive Media & Services — 2.1% |
| Alphabet, Inc., Class A(a) | |
| Alphabet, Inc., Class C(a) | |
| Meta Platforms, Inc., Class A(a) | |
| Pinterest, Inc., Class A(a) | |
| | |
| ZoomInfo Technologies, Inc.(a) | |
| | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Shopify, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 0.5% |
| Agilent Technologies, Inc. | |
| | |
| Fortrea Holdings, Inc.(a) | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| West Pharmaceutical Services, Inc. | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| New York Times Co., Class A | |
| | |
| Paramount Global, Class B | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| Metals & Mining — continued |
| | |
| | |
| Reliance Steel & Aluminum Co. | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Invesco Mortgage Capital, Inc. | |
| KKR Real Estate Finance Trust, Inc. | |
| | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| |
| | |
| Corporate Office Properties Trust | |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 1.3% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| Passenger Airlines — 0.1% |
| Alaska Air Group, Inc.(a) | |
| | |
| | |
| | |
| Personal Care Products — 0.0% |
| Estee Lauder Cos., Inc., Class A | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2025 Fund (continued)
| | |
| Pharmaceuticals — continued |
| | |
| | |
| | |
| Professional Services — 0.3% |
| Automatic Data Processing, Inc. | |
| Ceridian HCM Holding, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
| Real Estate Management & Development — 0.3% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| | |
| | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 1.7% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Extra Space Storage, Inc. | |
| | |
| | |
| | |
| |
| Asbury Automotive Group, Inc.(a) | |
| Boot Barn Holdings, Inc.(a) | |
| Dick's Sporting Goods, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.5% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.3% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| Under Armour, Inc., Class C(a) | |
| | |
| Trading Companies & Distributors — 0.1% |
| | |
| | |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $2,915,511) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2025 Fund (continued)
| | |
| |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Bank of New York Mellon Corp., Series 12, MTN, 3.650%, 2/04/2024 | |
| Bank of Nova Scotia, 3.400%, 2/11/2024 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| Royal Bank of Canada, GMTN, 2.550%, 7/16/2024 | |
| Santander Holdings USA, Inc., 3.500%, 6/07/2024 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Truist Bank, 3.200%, 4/01/2024 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.3% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.3% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Duke Energy Corp., 3.750%, 4/15/2024 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| | |
| |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| Government Owned - No Guarantee — 0.4% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II Sarl, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| | |
| |
| Federal Home Loan Mortgage Corp., 2.500%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, with various maturities in 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.500%, with various maturities from 2049 to 2052(c) | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal National Mortgage Association, 2.000%, with various maturities from 2050 to 2051(c) | |
| Federal National Mortgage Association, 2.500%, with various maturities from 2050 to 2051(c) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2025 Fund (continued)
| | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 3.000%, with various maturities from 2034 to 2052(c) | |
| Federal National Mortgage Association, 3.500%, with various maturities from 2049 to 2052(c) | |
| Federal National Mortgage Association, 4.000%, with various maturities from 2049 to 2052(c) | |
| Federal National Mortgage Association, 4.500%, with various maturities from 2048 to 2049(c) | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| NiSource, Inc., 0.950%, 8/15/2025 | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| Piedmont Operating Partnership LP, 3.150%, 8/15/2030 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| AbbVie, Inc., 3.600%, 5/14/2025 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.0% |
| Fidelity National Financial, Inc., 3.400%, 6/15/2030 | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| Spirit Realty LP, 2.700%, 2/15/2032 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 3.137%, 11/15/2035(b) | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| | |
| |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 3 mo. USD LIBOR + 1.100%, 6.421%, 5/15/2025(d) | |
| | |
| Total Bonds and Notes
(Identified Cost $1,890,941) | |
| | |
Exchange-Traded Funds — 4.9% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $431,300) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $717,167) | |
|
|
Affiliated Mutual Funds — 30.6% |
| Loomis Sayles Inflation Protected Securities Fund, Class N | |
| Loomis Sayles Limited Term Government and Agency Fund, Class N | |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $2,973,670) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2025 Fund (continued)
| | |
Short-Term Investments — 3.0% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2023 at 2.500% to be repurchased at $267,382 on 8/01/2023 collateralized by $178,200 U.S. Treasury Inflation-Indexed Note, 0.125% due 10/15/2026 valued at $185,720; $83,900 U.S. Treasury Bond, 4.375% due 5/15/2041 valued at $87,237 including accrued interest (Note 2 of Notes to Financial Statements)
(Identified Cost $267,364) | |
| Total Investments — 100.4%
(Identified Cost $9,195,953) | |
| Other assets less liabilities — (0.4)% | |
| | |
| See Note 2 of Notes to Financial Statements.
|
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2023, the value of Rule 144A holdings amounted to $13,413 or 0.1% of net assets. |
| The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and 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. |
| Variable rate security. Rate as of July 31, 2023 is disclosed. |
| 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. |
| |
| |
| London Interbank Offered Rate |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2023 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2030 Fund
| | |
Common Stocks — 41.3% of Net Assets |
| Aerospace & Defense — 0.9% |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.3% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.5% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| Biotechnology — continued |
| | |
| CRISPR Therapeutics AG(a) | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR(a) | |
| | |
| | |
| | |
| | |
| |
| Builders FirstSource, Inc.(a) | |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2030 Fund (continued)
| | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.1% |
| | |
| | |
| | |
| Communications Equipment — 0.2% |
| | |
| | |
| | |
| Lumentum Holdings, Inc.(a) | |
| | |
| | |
| Construction & Engineering — 0.1% |
| | |
| Construction Materials — 0.1% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 0.5% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.1% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.1% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.2% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| Electric Utilities — 0.3% |
| American Electric Power Co., Inc. | |
| | |
| | |
| | |
| Electric Utilities — continued |
| | |
| | |
| | |
| Electrical Equipment — 0.4% |
| | |
| | |
| | |
| | |
| Rockwell Automation, Inc. | |
| | |
| Electronic Equipment, Instruments & Components — 0.7% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Keysight Technologies, Inc.(a) | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.2% |
| | |
| | |
| | |
| | |
| |
| Activision Blizzard, Inc.(a) | |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros Discovery, Inc.(a) | |
| | |
| Financial Services — 1.5% |
| | |
| | |
| FleetCor Technologies, Inc.(a) | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Darling Ingredients, Inc.(a) | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2030 Fund (continued)
| | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.3% |
| | |
| J.B. Hunt Transport Services, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 0.8% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| | |
| Edwards Lifesciences Corp.(a) | |
| GE HealthCare Technologies, Inc. | |
| Globus Medical, Inc., Class A(a) | |
| | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| | |
| Shockwave Medical, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 0.8% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Laboratory Corp. of America Holdings | |
| | |
| Select Medical Holdings Corp. | |
| Tenet Healthcare Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Health Care Technology — 0.4% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| Hotels, Restaurants & Leisure — 1.3% |
| | |
| Booking Holdings, Inc.(a) | |
| Chipotle Mexican Grill, Inc.(a) | |
| Hilton Worldwide Holdings, Inc. | |
| Marriott Vacations Worldwide Corp. | |
| | |
| Norwegian Cruise Line Holdings Ltd.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.4% |
| | |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.3% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Industrial Conglomerates — 0.3% |
| | |
| | |
| Honeywell International, Inc. | |
| | |
| |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2030 Fund (continued)
| | |
| Interactive Media & Services — 2.4% |
| Alphabet, Inc., Class A(a) | |
| Alphabet, Inc., Class C(a) | |
| Meta Platforms, Inc., Class A(a) | |
| Pinterest, Inc., Class A(a) | |
| | |
| ZoomInfo Technologies, Inc.(a) | |
| | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Shopify, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 0.5% |
| Agilent Technologies, Inc. | |
| | |
| Fortrea Holdings, Inc.(a) | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| West Pharmaceutical Services, Inc. | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| New York Times Co., Class A | |
| | |
| Paramount Global, Class B | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| Metals & Mining — continued |
| | |
| | |
| Reliance Steel & Aluminum Co. | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Invesco Mortgage Capital, Inc. | |
| KKR Real Estate Finance Trust, Inc. | |
| | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| |
| | |
| Corporate Office Properties Trust | |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 1.5% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| Passenger Airlines — 0.2% |
| Alaska Air Group, Inc.(a) | |
| | |
| | |
| | |
| Personal Care Products — 0.0% |
| Estee Lauder Cos., Inc., Class A | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2030 Fund (continued)
| | |
| Pharmaceuticals — continued |
| | |
| | |
| | |
| Professional Services — 0.4% |
| Automatic Data Processing, Inc. | |
| Ceridian HCM Holding, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
| Real Estate Management & Development — 0.3% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| | |
| | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 2.0% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Extra Space Storage, Inc. | |
| | |
| | |
| | |
| |
| Asbury Automotive Group, Inc.(a) | |
| Boot Barn Holdings, Inc.(a) | |
| Dick's Sporting Goods, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.5% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.3% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| Under Armour, Inc., Class C(a) | |
| | |
| Trading Companies & Distributors — 0.1% |
| | |
| | |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $6,170,068) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2030 Fund (continued)
| | |
| |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Bank of New York Mellon Corp., Series 12, MTN, 3.650%, 2/04/2024 | |
| Bank of Nova Scotia, 3.400%, 2/11/2024 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| Royal Bank of Canada, GMTN, 2.550%, 7/16/2024 | |
| Santander Holdings USA, Inc., 3.500%, 6/07/2024 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Truist Bank, 3.200%, 4/01/2024 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.2% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.2% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Duke Energy Corp., 3.750%, 4/15/2024 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| | |
| |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| Government Owned - No Guarantee — 0.4% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II Sarl, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 3/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, with various maturities from 2051 to 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.000%, with various maturities from 2049 to 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal National Mortgage Association, 2.000%, with various maturities from 2050 to 2051(c) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2030 Fund (continued)
| | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 2.500%, with various maturities from 2050 to 2052(c) | |
| Federal National Mortgage Association, 3.000%, with various maturities from 2034 to 2052(c) | |
| Federal National Mortgage Association, 3.500%, with various maturities from 2049 to 2052(c) | |
| Federal National Mortgage Association, 4.000%, with various maturities from 2049 to 2052(c) | |
| Federal National Mortgage Association, 4.500%, with various maturities from 2048 to 2049(c) | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| NiSource, Inc., 0.950%, 8/15/2025 | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| Piedmont Operating Partnership LP, 3.150%, 8/15/2030 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| AbbVie, Inc., 3.600%, 5/14/2025 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.0% |
| Fidelity National Financial, Inc., 3.400%, 6/15/2030 | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| Spirit Realty LP, 2.700%, 2/15/2032 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 3.137%, 11/15/2035(b) | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 3 mo. USD LIBOR + 1.100%, 6.421%, 5/15/2025(d) | |
| | |
| Total Bonds and Notes
(Identified Cost $2,990,808) | |
| | |
Exchange-Traded Funds — 5.7% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $913,629) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $1,589,828) | |
|
|
Affiliated Mutual Funds — 24.7% |
| Loomis Sayles Inflation Protected Securities Fund, Class N | |
| Loomis Sayles Limited Term Government and Agency Fund, Class N | |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $4,481,672) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2030 Fund (continued)
| | |
Short-Term Investments — 3.3% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2023 at 2.500% to be repurchased at $527,278 on 8/01/2023 collateralized by $517,600 U.S. Treasury Bond, 4.375% due 5/15/2041 valued at $538,190 including accrued interest (Note 2 of Notes to Financial Statements) | |
| U.S. Treasury Bills, 5.150%, 8/08/2023(e) | |
| Total Short-Term Investments
(Identified Cost $547,222) | |
| Total Investments — 100.3%
(Identified Cost $16,693,227) | |
| Other assets less liabilities — (0.3)% | |
| | |
| See Note 2 of Notes to Financial Statements.
|
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2023, the value of Rule 144A holdings amounted to $21,630 or 0.1% of net assets. |
| The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and 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. |
| Variable rate security. Rate as of July 31, 2023 is disclosed. |
| Interest rate represents discount rate at time of purchase; not a coupon rate. |
| 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. |
| |
| |
| London Interbank Offered Rate |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2023 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2035 Fund
| | |
Common Stocks — 47.1% of Net Assets |
| Aerospace & Defense — 1.0% |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.4% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.6% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| Biotechnology — continued |
| | |
| CRISPR Therapeutics AG(a) | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR(a) | |
| | |
| | |
| | |
| | |
| |
| Builders FirstSource, Inc.(a) | |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2035 Fund (continued)
| | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.1% |
| | |
| | |
| | |
| Communications Equipment — 0.3% |
| | |
| | |
| | |
| Lumentum Holdings, Inc.(a) | |
| | |
| | |
| Construction & Engineering — 0.1% |
| | |
| Construction Materials — 0.2% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 0.6% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.1% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.1% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.3% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| Electric Utilities — 0.3% |
| American Electric Power Co., Inc. | |
| | |
| | |
| | |
| Electric Utilities — continued |
| | |
| | |
| | |
| Electrical Equipment — 0.4% |
| | |
| | |
| | |
| | |
| Rockwell Automation, Inc. | |
| | |
| Electronic Equipment, Instruments & Components — 0.8% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Keysight Technologies, Inc.(a) | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.2% |
| | |
| | |
| | |
| | |
| |
| Activision Blizzard, Inc.(a) | |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros Discovery, Inc.(a) | |
| | |
| Financial Services — 1.7% |
| | |
| | |
| FleetCor Technologies, Inc.(a) | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Darling Ingredients, Inc.(a) | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2035 Fund (continued)
| | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.3% |
| | |
| J.B. Hunt Transport Services, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 0.9% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| | |
| Edwards Lifesciences Corp.(a) | |
| GE HealthCare Technologies, Inc. | |
| Globus Medical, Inc., Class A(a) | |
| | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| | |
| Shockwave Medical, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 1.0% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Laboratory Corp. of America Holdings | |
| | |
| Select Medical Holdings Corp. | |
| Tenet Healthcare Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Health Care Technology — 0.4% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| Hotels, Restaurants & Leisure — 1.5% |
| | |
| Booking Holdings, Inc.(a) | |
| Chipotle Mexican Grill, Inc.(a) | |
| Hilton Worldwide Holdings, Inc. | |
| Marriott Vacations Worldwide Corp. | |
| | |
| Norwegian Cruise Line Holdings Ltd.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.4% |
| | |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.4% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Industrial Conglomerates — 0.3% |
| | |
| | |
| Honeywell International, Inc. | |
| | |
| |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2035 Fund (continued)
| | |
| Interactive Media & Services — 2.8% |
| Alphabet, Inc., Class A(a) | |
| Alphabet, Inc., Class C(a) | |
| Meta Platforms, Inc., Class A(a) | |
| Pinterest, Inc., Class A(a) | |
| | |
| ZoomInfo Technologies, Inc.(a) | |
| | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Shopify, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 0.6% |
| Agilent Technologies, Inc. | |
| | |
| Fortrea Holdings, Inc.(a) | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| West Pharmaceutical Services, Inc. | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| New York Times Co., Class A | |
| | |
| Paramount Global, Class B | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| Metals & Mining — continued |
| | |
| | |
| Reliance Steel & Aluminum Co. | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Invesco Mortgage Capital, Inc. | |
| KKR Real Estate Finance Trust, Inc. | |
| | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| |
| | |
| Corporate Office Properties Trust | |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 1.7% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| Passenger Airlines — 0.2% |
| Alaska Air Group, Inc.(a) | |
| | |
| | |
| | |
| Personal Care Products — 0.0% |
| Estee Lauder Cos., Inc., Class A | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2035 Fund (continued)
| | |
| Pharmaceuticals — continued |
| | |
| | |
| | |
| Professional Services — 0.4% |
| Automatic Data Processing, Inc. | |
| Ceridian HCM Holding, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
| Real Estate Management & Development — 0.4% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| | |
| | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 2.2% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Extra Space Storage, Inc. | |
| | |
| | |
| | |
| |
| Asbury Automotive Group, Inc.(a) | |
| Boot Barn Holdings, Inc.(a) | |
| Dick's Sporting Goods, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.6% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.4% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| Under Armour, Inc., Class C(a) | |
| | |
| Trading Companies & Distributors — 0.1% |
| | |
| | |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $7,406,933) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2035 Fund (continued)
| | |
| |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Bank of New York Mellon Corp., Series 12, MTN, 3.650%, 2/04/2024 | |
| Bank of Nova Scotia, 3.400%, 2/11/2024 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| Royal Bank of Canada, GMTN, 2.550%, 7/16/2024 | |
| Santander Holdings USA, Inc., 3.500%, 6/07/2024 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Truist Bank, 3.200%, 4/01/2024 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.2% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.2% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Duke Energy Corp., 3.750%, 4/15/2024 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| | |
| |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| Government Owned - No Guarantee — 0.3% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II Sarl, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 3/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, with various maturities from 2051 to 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.000%, with various maturities in 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.500%, with various maturities in 2052(c) | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal National Mortgage Association, 2.000%, with various maturities from 2050 to 2051(c) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2035 Fund (continued)
| | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 2.500%, with various maturities from 2050 to 2052(c) | |
| Federal National Mortgage Association, 3.000%, with various maturities from 2034 to 2052(c) | |
| Federal National Mortgage Association, 3.500%, with various maturities from 2049 to 2052(c) | |
| Federal National Mortgage Association, 4.000%, with various maturities from 2049 to 2052(c) | |
| Federal National Mortgage Association, 4.500%, 5/01/2049 | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| NiSource, Inc., 0.950%, 8/15/2025 | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| Piedmont Operating Partnership LP, 3.150%, 8/15/2030 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| AbbVie, Inc., 3.600%, 5/14/2025 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.0% |
| Fidelity National Financial, Inc., 3.400%, 6/15/2030 | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| Spirit Realty LP, 2.700%, 2/15/2032 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 3.137%, 11/15/2035(b) | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 3 mo. USD LIBOR + 1.100%, 6.421%, 5/15/2025(d) | |
| | |
| Total Bonds and Notes
(Identified Cost $2,364,966) | |
| | |
Exchange-Traded Funds — 6.5% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $1,120,687) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $1,946,884) | |
|
|
Affiliated Mutual Funds — 21.3% |
| Loomis Sayles Inflation Protected Securities Fund, Class N | |
| Loomis Sayles Limited Term Government and Agency Fund, Class N | |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $4,102,401) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2035 Fund (continued)
| | |
Short-Term Investments — 3.0% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2023 at 2.500% to be repurchased at $524,978 on 8/01/2023 collateralized by $515,300 U.S. Treasury Bond, 4.375% due 5/15/2041 valued at $535,798 including accrued interest (Note 2 of Notes to Financial Statements)
(Identified Cost $524,942) | |
| Total Investments — 100.2%
(Identified Cost $17,466,813) | |
| Other assets less liabilities — (0.2)% | |
| | |
| See Note 2 of Notes to Financial Statements.
|
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2023, the value of Rule 144A holdings amounted to $23,456 or 0.1% of net assets. |
| The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and 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. |
| Variable rate security. Rate as of July 31, 2023 is disclosed. |
| 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. |
| |
| |
| London Interbank Offered Rate |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2023 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2040 Fund
| | |
Common Stocks — 53.2% of Net Assets |
| Aerospace & Defense — 1.1% |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.5% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.7% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| Biotechnology — continued |
| | |
| CRISPR Therapeutics AG(a) | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR(a) | |
| | |
| | |
| | |
| | |
| |
| Builders FirstSource, Inc.(a) | |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2040 Fund (continued)
| | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.1% |
| | |
| | |
| | |
| Communications Equipment — 0.3% |
| | |
| | |
| | |
| Lumentum Holdings, Inc.(a) | |
| | |
| | |
| Construction & Engineering — 0.1% |
| | |
| Construction Materials — 0.2% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 0.7% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.1% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.1% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.3% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| Electric Utilities — 0.3% |
| American Electric Power Co., Inc. | |
| | |
| | |
| | |
| Electric Utilities — continued |
| | |
| | |
| | |
| Electrical Equipment — 0.4% |
| | |
| | |
| | |
| | |
| Rockwell Automation, Inc. | |
| | |
| Electronic Equipment, Instruments & Components — 0.9% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Keysight Technologies, Inc.(a) | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.2% |
| | |
| | |
| | |
| | |
| |
| Activision Blizzard, Inc.(a) | |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros Discovery, Inc.(a) | |
| | |
| Financial Services — 1.9% |
| | |
| | |
| FleetCor Technologies, Inc.(a) | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Darling Ingredients, Inc.(a) | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2040 Fund (continued)
| | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.4% |
| | |
| J.B. Hunt Transport Services, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 1.0% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| | |
| Edwards Lifesciences Corp.(a) | |
| GE HealthCare Technologies, Inc. | |
| Globus Medical, Inc., Class A(a) | |
| | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| | |
| Shockwave Medical, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 1.1% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Laboratory Corp. of America Holdings | |
| | |
| Select Medical Holdings Corp. | |
| Tenet Healthcare Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Health Care Technology — 0.4% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| Hotels, Restaurants & Leisure — 1.7% |
| | |
| Booking Holdings, Inc.(a) | |
| Chipotle Mexican Grill, Inc.(a) | |
| Hilton Worldwide Holdings, Inc. | |
| Marriott Vacations Worldwide Corp. | |
| | |
| Norwegian Cruise Line Holdings Ltd.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.5% |
| | |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.4% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Industrial Conglomerates — 0.3% |
| | |
| | |
| Honeywell International, Inc. | |
| | |
| |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2040 Fund (continued)
| | |
| Interactive Media & Services — 3.2% |
| Alphabet, Inc., Class A(a) | |
| Alphabet, Inc., Class C(a) | |
| Meta Platforms, Inc., Class A(a) | |
| Pinterest, Inc., Class A(a) | |
| | |
| ZoomInfo Technologies, Inc.(a) | |
| | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Shopify, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 0.7% |
| Agilent Technologies, Inc. | |
| | |
| Fortrea Holdings, Inc.(a) | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| West Pharmaceutical Services, Inc. | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| New York Times Co., Class A | |
| | |
| Paramount Global, Class B | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| Metals & Mining — continued |
| | |
| | |
| Reliance Steel & Aluminum Co. | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Invesco Mortgage Capital, Inc. | |
| KKR Real Estate Finance Trust, Inc. | |
| | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| |
| | |
| Corporate Office Properties Trust | |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 1.9% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| Passenger Airlines — 0.2% |
| Alaska Air Group, Inc.(a) | |
| | |
| | |
| | |
| Personal Care Products — 0.0% |
| Estee Lauder Cos., Inc., Class A | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2040 Fund (continued)
| | |
| Pharmaceuticals — continued |
| | |
| | |
| | |
| Professional Services — 0.5% |
| Automatic Data Processing, Inc. | |
| Ceridian HCM Holding, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
| Real Estate Management & Development — 0.4% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| | |
| | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 2.5% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Extra Space Storage, Inc. | |
| | |
| | |
| | |
| |
| Asbury Automotive Group, Inc.(a) | |
| Boot Barn Holdings, Inc.(a) | |
| Dick's Sporting Goods, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.7% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.4% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| Under Armour, Inc., Class C(a) | |
| | |
| Trading Companies & Distributors — 0.2% |
| | |
| | |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $8,738,811) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2040 Fund (continued)
| | |
| |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Bank of New York Mellon Corp., Series 12, MTN, 3.650%, 2/04/2024 | |
| Bank of Nova Scotia, 3.400%, 2/11/2024 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| Royal Bank of Canada, GMTN, 2.550%, 7/16/2024 | |
| Santander Holdings USA, Inc., 3.500%, 6/07/2024 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Truist Bank, 3.200%, 4/01/2024 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.1% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.1% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Duke Energy Corp., 3.750%, 4/15/2024 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| | |
| |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| Government Owned - No Guarantee — 0.2% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II Sarl, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 3/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, with various maturities from 2051 to 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.000%, with various maturities from 2049 to 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.500%, with various maturities in 2052(c) | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal National Mortgage Association, 2.000%, with various maturities from 2050 to 2051(c) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2040 Fund (continued)
| | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 2.500%, with various maturities from 2050 to 2052(c) | |
| Federal National Mortgage Association, 3.000%, with various maturities from 2034 to 2052(c) | |
| Federal National Mortgage Association, 3.500%, with various maturities from 2049 to 2052(c) | |
| Federal National Mortgage Association, 4.000%, with various maturities from 2049 to 2052(c) | |
| Federal National Mortgage Association, 4.500%, with various maturities in 2049(c) | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| NiSource, Inc., 0.950%, 8/15/2025 | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| Piedmont Operating Partnership LP, 3.150%, 8/15/2030 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| AbbVie, Inc., 3.600%, 5/14/2025 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.0% |
| Fidelity National Financial, Inc., 3.400%, 6/15/2030 | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| Spirit Realty LP, 2.700%, 2/15/2032 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 3.137%, 11/15/2035(b) | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 3 mo. USD LIBOR + 1.100%, 6.421%, 5/15/2025(d) | |
| | |
| Total Bonds and Notes
(Identified Cost $1,585,282) | |
| | |
Exchange-Traded Funds — 6.8% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $1,229,594) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $2,172,478) | |
|
|
Affiliated Mutual Funds — 17.1% |
| Loomis Sayles Inflation Protected Securities Fund, Class N | |
| Loomis Sayles Limited Term Government and Agency Fund, Class N | |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $3,400,681) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2040 Fund (continued)
| | |
Short-Term Investments — 3.4% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2023 at 2.500% to be repurchased at $610,757 on 8/01/2023 collateralized by $82,700 U.S. Treasury Note, 1.500% due 1/31/2027 valued at $74,960; $527,300 U.S. Treasury Bond, 4.375% due 5/15/2041 valued at $548,276 including accrued interest (Note 2 of Notes to Financial Statements) | |
| U.S. Treasury Bills, 5.150%, 8/08/2023(e) | |
| Total Short-Term Investments
(Identified Cost $635,690) | |
| Total Investments — 99.2%
(Identified Cost $17,762,536) | |
| Other assets less liabilities — 0.8% | |
| | |
| See Note 2 of Notes to Financial Statements.
|
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2023, the value of Rule 144A holdings amounted to $15,221 or 0.1% of net assets. |
| The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and 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. |
| Variable rate security. Rate as of July 31, 2023 is disclosed. |
| Interest rate represents discount rate at time of purchase; not a coupon rate. |
| 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. |
| |
| |
| London Interbank Offered Rate |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2023 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2045 Fund
| | |
Common Stocks — 56.0% of Net Assets |
| Aerospace & Defense — 1.2% |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.5% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.7% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| Biotechnology — continued |
| | |
| CRISPR Therapeutics AG(a) | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR(a) | |
| | |
| | |
| | |
| | |
| |
| Builders FirstSource, Inc.(a) | |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2045 Fund (continued)
| | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.1% |
| | |
| | |
| | |
| Communications Equipment — 0.3% |
| | |
| | |
| | |
| Lumentum Holdings, Inc.(a) | |
| | |
| | |
| Construction & Engineering — 0.2% |
| | |
| Construction Materials — 0.2% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 0.7% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.1% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.1% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.3% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| Electric Utilities — 0.3% |
| American Electric Power Co., Inc. | |
| | |
| | |
| | |
| Electric Utilities — continued |
| | |
| | |
| | |
| Electrical Equipment — 0.5% |
| | |
| | |
| | |
| | |
| Rockwell Automation, Inc. | |
| | |
| Electronic Equipment, Instruments & Components — 0.9% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Keysight Technologies, Inc.(a) | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.2% |
| | |
| | |
| | |
| | |
| |
| Activision Blizzard, Inc.(a) | |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros Discovery, Inc.(a) | |
| | |
| Financial Services — 2.0% |
| | |
| | |
| FleetCor Technologies, Inc.(a) | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Darling Ingredients, Inc.(a) | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2045 Fund (continued)
| | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.4% |
| | |
| J.B. Hunt Transport Services, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 1.1% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| | |
| Edwards Lifesciences Corp.(a) | |
| GE HealthCare Technologies, Inc. | |
| Globus Medical, Inc., Class A(a) | |
| | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| | |
| Shockwave Medical, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 1.1% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Laboratory Corp. of America Holdings | |
| | |
| Select Medical Holdings Corp. | |
| Tenet Healthcare Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Health Care Technology — 0.5% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| Hotels, Restaurants & Leisure — 1.8% |
| | |
| Booking Holdings, Inc.(a) | |
| Chipotle Mexican Grill, Inc.(a) | |
| Hilton Worldwide Holdings, Inc. | |
| Marriott Vacations Worldwide Corp. | |
| | |
| Norwegian Cruise Line Holdings Ltd.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.5% |
| | |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.5% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Industrial Conglomerates — 0.3% |
| | |
| | |
| Honeywell International, Inc. | |
| | |
| |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2045 Fund (continued)
| | |
| Interactive Media & Services — 3.3% |
| Alphabet, Inc., Class A(a) | |
| Alphabet, Inc., Class C(a) | |
| Meta Platforms, Inc., Class A(a) | |
| Pinterest, Inc., Class A(a) | |
| | |
| ZoomInfo Technologies, Inc.(a) | |
| | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Shopify, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 0.7% |
| Agilent Technologies, Inc. | |
| | |
| Fortrea Holdings, Inc.(a) | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| West Pharmaceutical Services, Inc. | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| New York Times Co., Class A | |
| | |
| Paramount Global, Class B | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| Metals & Mining — continued |
| | |
| | |
| Reliance Steel & Aluminum Co. | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Invesco Mortgage Capital, Inc. | |
| KKR Real Estate Finance Trust, Inc. | |
| | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| |
| | |
| Corporate Office Properties Trust | |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 2.0% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| Passenger Airlines — 0.2% |
| Alaska Air Group, Inc.(a) | |
| | |
| | |
| | |
| Personal Care Products — 0.0% |
| Estee Lauder Cos., Inc., Class A | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2045 Fund (continued)
| | |
| Pharmaceuticals — continued |
| | |
| | |
| | |
| Professional Services — 0.5% |
| Automatic Data Processing, Inc. | |
| Ceridian HCM Holding, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
| Real Estate Management & Development — 0.4% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| | |
| | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 2.7% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Extra Space Storage, Inc. | |
| | |
| | |
| | |
| |
| Asbury Automotive Group, Inc.(a) | |
| Boot Barn Holdings, Inc.(a) | |
| Dick's Sporting Goods, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.7% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.5% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| Under Armour, Inc., Class C(a) | |
| | |
| Trading Companies & Distributors — 0.2% |
| | |
| | |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $8,835,641) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2045 Fund (continued)
| | |
| |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Bank of New York Mellon Corp., Series 12, MTN, 3.650%, 2/04/2024 | |
| Bank of Nova Scotia, 3.400%, 2/11/2024 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| Royal Bank of Canada, GMTN, 2.550%, 7/16/2024 | |
| Santander Holdings USA, Inc., 3.500%, 6/07/2024 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Truist Bank, 3.200%, 4/01/2024 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.1% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.1% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Duke Energy Corp., 3.750%, 4/15/2024 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| | |
| |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| Government Owned - No Guarantee — 0.1% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II Sarl, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 3/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, with various maturities from 2051 to 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.000%, with various maturities from 2049 to 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.500%, with various maturities in 2052(c) | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal National Mortgage Association, 2.000%, with various maturities in 2051(c) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2045 Fund (continued)
| | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 2.500%, with various maturities from 2051 to 2052(c) | |
| Federal National Mortgage Association, 3.000%, with various maturities from 2034 to 2052(c) | |
| Federal National Mortgage Association, 3.500%, with various maturities from 2049 to 2052(c) | |
| Federal National Mortgage Association, 4.000%, with various maturities from 2050 to 2052(c) | |
| Federal National Mortgage Association, 4.500%, with various maturities in 2049(c) | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| NiSource, Inc., 0.950%, 8/15/2025 | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| Piedmont Operating Partnership LP, 3.150%, 8/15/2030 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| AbbVie, Inc., 3.600%, 5/14/2025 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.0% |
| Fidelity National Financial, Inc., 3.400%, 6/15/2030 | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| Spirit Realty LP, 2.700%, 2/15/2032 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 3 mo. USD LIBOR + 1.100%, 6.421%, 5/15/2025(d) | |
| | |
| Total Bonds and Notes
(Identified Cost $846,228) | |
| | |
Exchange-Traded Funds — 7.9% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $1,369,924) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $2,507,823) | |
|
|
Affiliated Mutual Funds — 15.6% |
| Loomis Sayles Inflation Protected Securities Fund, Class N | |
| Loomis Sayles Limited Term Government and Agency Fund, Class N | |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $3,004,144) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2045 Fund (continued)
| | |
Short-Term Investments — 3.5% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2023 at 2.500% to be repurchased at $620,527 on 8/01/2023 collateralized by $609,200 U.S. Treasury Bond, 4.375% due 5/15/2041 valued at $633,433 including accrued interest (Note 2 of Notes to Financial Statements) | |
| U.S. Treasury Bills, 5.151%, 8/08/2023(e) | |
| Total Short-Term Investments
(Identified Cost $627,477) | |
| Total Investments — 100.2%
(Identified Cost $17,191,237) | |
| Other assets less liabilities — (0.2)% | |
| | |
| See Note 2 of Notes to Financial Statements.
|
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2023, the value of Rule 144A holdings amounted to $6,389 or less than 0.1% of net assets. |
| The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and 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. |
| Variable rate security. Rate as of July 31, 2023 is disclosed. |
| Interest rate represents discount rate at time of purchase; not a coupon rate. |
| 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. |
| |
| |
| London Interbank Offered Rate |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2023 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2050 Fund
| | |
Common Stocks — 58.4% of Net Assets |
| Aerospace & Defense — 1.2% |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.5% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.8% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| Biotechnology — continued |
| | |
| CRISPR Therapeutics AG(a) | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR(a) | |
| | |
| | |
| | |
| | |
| |
| Builders FirstSource, Inc.(a) | |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2050 Fund (continued)
| | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.1% |
| | |
| | |
| | |
| Communications Equipment — 0.3% |
| | |
| | |
| | |
| Lumentum Holdings, Inc.(a) | |
| | |
| | |
| Construction & Engineering — 0.2% |
| | |
| Construction Materials — 0.2% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 0.8% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.1% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.2% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.3% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| Electric Utilities — 0.4% |
| American Electric Power Co., Inc. | |
| | |
| | |
| | |
| Electric Utilities — continued |
| | |
| | |
| | |
| Electrical Equipment — 0.5% |
| | |
| | |
| | |
| | |
| Rockwell Automation, Inc. | |
| | |
| Electronic Equipment, Instruments & Components — 0.9% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Keysight Technologies, Inc.(a) | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.2% |
| | |
| | |
| | |
| | |
| |
| Activision Blizzard, Inc.(a) | |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros Discovery, Inc.(a) | |
| | |
| Financial Services — 2.1% |
| | |
| | |
| FleetCor Technologies, Inc.(a) | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Darling Ingredients, Inc.(a) | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2050 Fund (continued)
| | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.4% |
| | |
| J.B. Hunt Transport Services, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 1.1% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| | |
| Edwards Lifesciences Corp.(a) | |
| GE HealthCare Technologies, Inc. | |
| Globus Medical, Inc., Class A(a) | |
| | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| | |
| Shockwave Medical, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 1.2% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Laboratory Corp. of America Holdings | |
| | |
| Select Medical Holdings Corp. | |
| Tenet Healthcare Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Health Care Technology — 0.5% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| Hotels, Restaurants & Leisure — 1.9% |
| | |
| Booking Holdings, Inc.(a) | |
| Chipotle Mexican Grill, Inc.(a) | |
| Hilton Worldwide Holdings, Inc. | |
| Marriott Vacations Worldwide Corp. | |
| | |
| Norwegian Cruise Line Holdings Ltd.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.6% |
| | |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.5% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Industrial Conglomerates — 0.3% |
| | |
| | |
| Honeywell International, Inc. | |
| | |
| |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2050 Fund (continued)
| | |
| Interactive Media & Services — 3.4% |
| Alphabet, Inc., Class A(a) | |
| Alphabet, Inc., Class C(a) | |
| Meta Platforms, Inc., Class A(a) | |
| Pinterest, Inc., Class A(a) | |
| | |
| ZoomInfo Technologies, Inc.(a) | |
| | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Shopify, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 0.8% |
| Agilent Technologies, Inc. | |
| | |
| Fortrea Holdings, Inc.(a) | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| West Pharmaceutical Services, Inc. | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| New York Times Co., Class A | |
| | |
| Paramount Global, Class B | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| Metals & Mining — continued |
| | |
| | |
| Reliance Steel & Aluminum Co. | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Invesco Mortgage Capital, Inc. | |
| KKR Real Estate Finance Trust, Inc. | |
| | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| |
| | |
| Corporate Office Properties Trust | |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 2.1% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| Passenger Airlines — 0.2% |
| Alaska Air Group, Inc.(a) | |
| | |
| | |
| | |
| Personal Care Products — 0.0% |
| Estee Lauder Cos., Inc., Class A | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2050 Fund (continued)
| | |
| Pharmaceuticals — continued |
| | |
| | |
| | |
| Professional Services — 0.5% |
| Automatic Data Processing, Inc. | |
| Ceridian HCM Holding, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
| Real Estate Management & Development — 0.4% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| | |
| | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 2.8% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Extra Space Storage, Inc. | |
| | |
| | |
| | |
| |
| Asbury Automotive Group, Inc.(a) | |
| Boot Barn Holdings, Inc.(a) | |
| Dick's Sporting Goods, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.7% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.5% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| Under Armour, Inc., Class C(a) | |
| | |
| Trading Companies & Distributors — 0.2% |
| | |
| | |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $8,637,927) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2050 Fund (continued)
| | |
| |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Bank of New York Mellon Corp., Series 12, MTN, 3.650%, 2/04/2024 | |
| Bank of Nova Scotia, 3.400%, 2/11/2024 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| Royal Bank of Canada, GMTN, 2.550%, 7/16/2024 | |
| Santander Holdings USA, Inc., 3.500%, 6/07/2024 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Truist Bank, 3.200%, 4/01/2024 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.1% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.1% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Duke Energy Corp., 3.750%, 4/15/2024 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| | |
| |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| Government Owned - No Guarantee — 0.1% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II Sarl, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 3/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, with various maturities from 2051 to 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.000%, with various maturities from 2049 to 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.500%, with various maturities in 2052(c) | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal National Mortgage Association, 2.000%, with various maturities from 2050 to 2051(c) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2050 Fund (continued)
| | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 2.500%, with various maturities from 2050 to 2052(c) | |
| Federal National Mortgage Association, 3.000%, with various maturities from 2034 to 2052(c) | |
| Federal National Mortgage Association, 3.500%, with various maturities from 2049 to 2052(c) | |
| Federal National Mortgage Association, 4.000%, with various maturities from 2050 to 2052(c) | |
| Federal National Mortgage Association, 4.500%, with various maturities in 2049(c) | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| NiSource, Inc., 0.950%, 8/15/2025 | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| Piedmont Operating Partnership LP, 3.150%, 8/15/2030 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| AbbVie, Inc., 3.600%, 5/14/2025 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.0% |
| Fidelity National Financial, Inc., 3.400%, 6/15/2030 | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| Spirit Realty LP, 2.700%, 2/15/2032 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 3.137%, 11/15/2035(b) | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 3 mo. USD LIBOR + 1.100%, 6.421%, 5/15/2025(d) | |
| | |
| Total Bonds and Notes
(Identified Cost $934,506) | |
| | |
Exchange-Traded Funds — 8.5% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $1,386,249) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $2,468,007) | |
|
|
Affiliated Mutual Funds — 11.2% |
| Loomis Sayles Inflation Protected Securities Fund, Class N | |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $1,997,520) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2050 Fund (continued)
| | |
Short-Term Investments — 3.9% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2023 at 2.500% to be repurchased at $643,640 on 8/01/2023 collateralized by $631,800 U.S. Treasury Bond, 4.375% due 5/15/2041 valued at $656,933 including accrued interest (Note 2 of Notes to Financial Statements) | |
| U.S. Treasury Bills, 5.151%, 8/08/2023(e) | |
| Total Short-Term Investments
(Identified Cost $651,587) | |
| Total Investments — 100.6%
(Identified Cost $16,075,796) | |
| Other assets less liabilities — (0.6)% | |
| | |
| See Note 2 of Notes to Financial Statements.
|
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2023, the value of Rule 144A holdings amounted to $9,750 or 0.1% of net assets. |
| The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and 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. |
| Variable rate security. Rate as of July 31, 2023 is disclosed. |
| Interest rate represents discount rate at time of purchase; not a coupon rate. |
| 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. |
| |
| |
| London Interbank Offered Rate |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2023 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2055 Fund
| | |
Common Stocks — 58.2% of Net Assets |
| Aerospace & Defense — 1.2% |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.5% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.8% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| Biotechnology — continued |
| | |
| CRISPR Therapeutics AG(a) | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR(a) | |
| | |
| | |
| | |
| | |
| |
| Builders FirstSource, Inc.(a) | |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2055 Fund (continued)
| | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.1% |
| | |
| | |
| | |
| Communications Equipment — 0.3% |
| | |
| | |
| | |
| Lumentum Holdings, Inc.(a) | |
| | |
| | |
| Construction & Engineering — 0.2% |
| | |
| Construction Materials — 0.2% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 0.8% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.1% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.2% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.3% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| Electric Utilities — 0.4% |
| American Electric Power Co., Inc. | |
| | |
| | |
| | |
| Electric Utilities — continued |
| | |
| | |
| | |
| Electrical Equipment — 0.5% |
| | |
| | |
| | |
| | |
| Rockwell Automation, Inc. | |
| | |
| Electronic Equipment, Instruments & Components — 0.9% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Keysight Technologies, Inc.(a) | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.2% |
| | |
| | |
| | |
| | |
| |
| Activision Blizzard, Inc.(a) | |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros Discovery, Inc.(a) | |
| | |
| Financial Services — 2.1% |
| | |
| | |
| FleetCor Technologies, Inc.(a) | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Darling Ingredients, Inc.(a) | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2055 Fund (continued)
| | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.4% |
| | |
| J.B. Hunt Transport Services, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 1.1% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| | |
| Edwards Lifesciences Corp.(a) | |
| GE HealthCare Technologies, Inc. | |
| Globus Medical, Inc., Class A(a) | |
| | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| | |
| Shockwave Medical, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 1.2% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Laboratory Corp. of America Holdings | |
| | |
| Select Medical Holdings Corp. | |
| Tenet Healthcare Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Health Care Technology — 0.5% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| Hotels, Restaurants & Leisure — 1.9% |
| | |
| Booking Holdings, Inc.(a) | |
| Chipotle Mexican Grill, Inc.(a) | |
| Hilton Worldwide Holdings, Inc. | |
| Marriott Vacations Worldwide Corp. | |
| | |
| Norwegian Cruise Line Holdings Ltd.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.6% |
| | |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.5% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Industrial Conglomerates — 0.3% |
| | |
| | |
| Honeywell International, Inc. | |
| | |
| |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2055 Fund (continued)
| | |
| Interactive Media & Services — 3.4% |
| Alphabet, Inc., Class A(a) | |
| Alphabet, Inc., Class C(a) | |
| Meta Platforms, Inc., Class A(a) | |
| Pinterest, Inc., Class A(a) | |
| | |
| ZoomInfo Technologies, Inc.(a) | |
| | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Shopify, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 0.7% |
| Agilent Technologies, Inc. | |
| | |
| Fortrea Holdings, Inc.(a) | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| West Pharmaceutical Services, Inc. | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| New York Times Co., Class A | |
| | |
| Paramount Global, Class B | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| Metals & Mining — continued |
| | |
| | |
| Reliance Steel & Aluminum Co. | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Invesco Mortgage Capital, Inc. | |
| KKR Real Estate Finance Trust, Inc. | |
| | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| |
| | |
| Corporate Office Properties Trust | |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 2.1% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| Passenger Airlines — 0.2% |
| Alaska Air Group, Inc.(a) | |
| | |
| | |
| | |
| Personal Care Products — 0.0% |
| Estee Lauder Cos., Inc., Class A | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2055 Fund (continued)
| | |
| Pharmaceuticals — continued |
| | |
| | |
| | |
| Professional Services — 0.5% |
| Automatic Data Processing, Inc. | |
| Ceridian HCM Holding, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
| Real Estate Management & Development — 0.4% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| | |
| | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 2.8% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Extra Space Storage, Inc. | |
| | |
| | |
| | |
| |
| Asbury Automotive Group, Inc.(a) | |
| Boot Barn Holdings, Inc.(a) | |
| Dick's Sporting Goods, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.7% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.5% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| Under Armour, Inc., Class C(a) | |
| | |
| Trading Companies & Distributors — 0.2% |
| | |
| | |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $7,406,291) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2055 Fund (continued)
| | |
| |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Bank of New York Mellon Corp., Series 12, MTN, 3.650%, 2/04/2024 | |
| Bank of Nova Scotia, 3.400%, 2/11/2024 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| Royal Bank of Canada, GMTN, 2.550%, 7/16/2024 | |
| Santander Holdings USA, Inc., 3.500%, 6/07/2024 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Truist Bank, 3.200%, 4/01/2024 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.1% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.1% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Duke Energy Corp., 3.750%, 4/15/2024 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| | |
| |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| Government Owned - No Guarantee — 0.1% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II Sarl, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 3/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, with various maturities from 2051 to 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.000%, with various maturities in 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.500%, with various maturities in 2052(c) | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal National Mortgage Association, 2.000%, with various maturities in 2051(c) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2055 Fund (continued)
| | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 2.500%, with various maturities from 2051 to 2052(c) | |
| Federal National Mortgage Association, 3.000%, with various maturities from 2034 to 2052(c) | |
| Federal National Mortgage Association, 3.500%, with various maturities from 2049 to 2052(c) | |
| Federal National Mortgage Association, 4.000%, with various maturities from 2049 to 2052(c) | |
| Federal National Mortgage Association, 4.500%, with various maturities from 2048 to 2049(c) | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| NiSource, Inc., 0.950%, 8/15/2025 | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| Piedmont Operating Partnership LP, 3.150%, 8/15/2030 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| AbbVie, Inc., 3.600%, 5/14/2025 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| | |
| Property & Casualty Insurance — 0.0% |
| Fidelity National Financial, Inc., 3.400%, 6/15/2030 | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| Spirit Realty LP, 2.700%, 2/15/2032 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| | |
| |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 3 mo. USD LIBOR + 1.100%, 6.421%, 5/15/2025(d) | |
| | |
| Total Bonds and Notes
(Identified Cost $603,958) | |
| | |
Exchange-Traded Funds — 9.0% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $1,259,752) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $2,215,759) | |
|
|
Affiliated Mutual Funds — 10.4% |
| Loomis Sayles Inflation Protected Securities Fund, Class N | |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $1,580,913) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2055 Fund (continued)
| | |
Short-Term Investments — 3.7% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2023 at 2.500% to be repurchased at $514,525 on 8/01/2023 collateralized by $505,000 U.S. Treasury Bond, 4.375% due 5/15/2041 valued at $525,089 including accrued interest (Note 2 of Notes to Financial Statements) | |
| U.S. Treasury Bills, 5.151%, 8/08/2023(e) | |
| Total Short-Term Investments
(Identified Cost $518,485) | |
| Total Investments — 99.4%
(Identified Cost $13,585,158) | |
| Other assets less liabilities — 0.6% | |
| | |
| See Note 2 of Notes to Financial Statements.
|
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2023, the value of Rule 144A holdings amounted to $4,572 or less than 0.1% of net assets. |
| The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and 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. |
| Variable rate security. Rate as of July 31, 2023 is disclosed. |
| Interest rate represents discount rate at time of purchase; not a coupon rate. |
| 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. |
| |
| |
| London Interbank Offered Rate |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2023 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2060 Fund
| | |
Common Stocks — 59.0% of Net Assets |
| Aerospace & Defense — 1.2% |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.5% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.8% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| Biotechnology — continued |
| | |
| CRISPR Therapeutics AG(a) | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR(a) | |
| | |
| | |
| | |
| | |
| |
| Builders FirstSource, Inc.(a) | |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2060 Fund (continued)
| | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.1% |
| | |
| | |
| | |
| Communications Equipment — 0.3% |
| | |
| | |
| | |
| Lumentum Holdings, Inc.(a) | |
| | |
| | |
| Construction & Engineering — 0.2% |
| | |
| Construction Materials — 0.2% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 0.8% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.1% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.2% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.3% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| Electric Utilities — 0.4% |
| American Electric Power Co., Inc. | |
| | |
| | |
| | |
| Electric Utilities — continued |
| | |
| | |
| | |
| Electrical Equipment — 0.5% |
| | |
| | |
| | |
| | |
| Rockwell Automation, Inc. | |
| | |
| Electronic Equipment, Instruments & Components — 1.0% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Keysight Technologies, Inc.(a) | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.2% |
| | |
| | |
| | |
| | |
| |
| Activision Blizzard, Inc.(a) | |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros Discovery, Inc.(a) | |
| | |
| Financial Services — 2.1% |
| | |
| | |
| FleetCor Technologies, Inc.(a) | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Darling Ingredients, Inc.(a) | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2060 Fund (continued)
| | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.4% |
| | |
| J.B. Hunt Transport Services, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 1.1% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| | |
| Edwards Lifesciences Corp.(a) | |
| GE HealthCare Technologies, Inc. | |
| Globus Medical, Inc., Class A(a) | |
| | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| | |
| Shockwave Medical, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 1.2% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Laboratory Corp. of America Holdings | |
| | |
| Select Medical Holdings Corp. | |
| Tenet Healthcare Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Health Care Technology — 0.5% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| Hotels, Restaurants & Leisure — 1.9% |
| | |
| Booking Holdings, Inc.(a) | |
| Chipotle Mexican Grill, Inc.(a) | |
| Hilton Worldwide Holdings, Inc. | |
| Marriott Vacations Worldwide Corp. | |
| | |
| Norwegian Cruise Line Holdings Ltd.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.6% |
| | |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.5% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Industrial Conglomerates — 0.4% |
| | |
| | |
| Honeywell International, Inc. | |
| | |
| |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2060 Fund (continued)
| | |
| Interactive Media & Services — 3.4% |
| Alphabet, Inc., Class A(a) | |
| Alphabet, Inc., Class C(a) | |
| Meta Platforms, Inc., Class A(a) | |
| Pinterest, Inc., Class A(a) | |
| | |
| ZoomInfo Technologies, Inc.(a) | |
| | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Shopify, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 0.8% |
| Agilent Technologies, Inc. | |
| | |
| Fortrea Holdings, Inc.(a) | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| West Pharmaceutical Services, Inc. | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| New York Times Co., Class A | |
| | |
| Paramount Global, Class B | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| Metals & Mining — continued |
| | |
| | |
| Reliance Steel & Aluminum Co. | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Invesco Mortgage Capital, Inc. | |
| KKR Real Estate Finance Trust, Inc. | |
| | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| |
| | |
| Corporate Office Properties Trust | |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 2.1% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| Passenger Airlines — 0.2% |
| Alaska Air Group, Inc.(a) | |
| | |
| | |
| | |
| Personal Care Products — 0.0% |
| Estee Lauder Cos., Inc., Class A | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2060 Fund (continued)
| | |
| Pharmaceuticals — continued |
| | |
| | |
| | |
| Professional Services — 0.5% |
| Automatic Data Processing, Inc. | |
| Ceridian HCM Holding, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
| Real Estate Management & Development — 0.4% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| | |
| | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 2.9% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Extra Space Storage, Inc. | |
| | |
| | |
| | |
| |
| Asbury Automotive Group, Inc.(a) | |
| Boot Barn Holdings, Inc.(a) | |
| Dick's Sporting Goods, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.8% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.5% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| Under Armour, Inc., Class C(a) | |
| | |
| Trading Companies & Distributors — 0.2% |
| | |
| | |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $5,477,273) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2060 Fund (continued)
| | |
| |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Bank of New York Mellon Corp., Series 12, MTN, 3.650%, 2/04/2024 | |
| Bank of Nova Scotia, 3.400%, 2/11/2024 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| Royal Bank of Canada, GMTN, 2.550%, 7/16/2024 | |
| Santander Holdings USA, Inc., 3.500%, 6/07/2024 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Truist Bank, 3.200%, 4/01/2024 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.1% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.1% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Duke Energy Corp., 3.750%, 4/15/2024 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| Government Owned - No Guarantee — 0.1% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II Sarl, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 3/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, with various maturities from 2051 to 2052(b) | |
| Federal Home Loan Mortgage Corp., 3.000%, with various maturities in 2052(b) | |
| Federal Home Loan Mortgage Corp., 3.500%, with various maturities in 2052(b) | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal National Mortgage Association, 2.000%, with various maturities in 2051(b) | |
| Federal National Mortgage Association, 2.500%, with various maturities from 2051 to 2052(b) | |
| Federal National Mortgage Association, 3.000%, with various maturities from 2034 to 2052(b) | |
| Federal National Mortgage Association, 3.500%, with various maturities from 2049 to 2052(b) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2060 Fund (continued)
| | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 4.000%, with various maturities from 2050 to 2052(b) | |
| Federal National Mortgage Association, 4.500%, 5/01/2049 | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| NiSource, Inc., 0.950%, 8/15/2025 | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| Piedmont Operating Partnership LP, 3.150%, 8/15/2030 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| AbbVie, Inc., 3.600%, 5/14/2025 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Spirit Realty LP, 2.700%, 2/15/2032 | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 4.926%, 5/15/2037(c) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 3 mo. USD LIBOR + 1.100%, 6.421%, 5/15/2025(d) | |
| | |
| Total Bonds and Notes
(Identified Cost $435,396) | |
| | |
Exchange-Traded Funds — 9.2% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $944,639) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $1,633,026) | |
|
|
Affiliated Mutual Funds — 10.5% |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $1,163,430) | |
| | |
Short-Term Investments — 3.7% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2023 at 2.500% to be repurchased at $384,306 on 8/01/2023 collateralized by $377,100 U.S. Treasury Bond, 4.375% due 5/15/2041 valued at $392,101 including accrued interest (Note 2 of Notes to Financial Statements) | |
| U.S. Treasury Bills, 5.151%, 8/08/2023(e) | |
| Total Short-Term Investments
(Identified Cost $390,273) | |
| Total Investments — 100.7%
(Identified Cost $10,044,037) | |
| Other assets less liabilities — (0.7)% | |
| | |
| See Note 2 of Notes to Financial Statements.
|
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2060 Fund (continued)
| Non-income producing security. |
| The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and 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. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2023, the value of Rule 144A holdings amounted to $1,817 or less than 0.1% of net assets. |
| Variable rate security. Rate as of July 31, 2023 is disclosed. |
| Interest rate represents discount rate at time of purchase; not a coupon rate. |
| 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. |
| |
| |
| London Interbank Offered Rate |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2023 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2065 Fund
| | |
Common Stocks — 61.4% of Net Assets |
| Aerospace & Defense — 1.4% |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.5% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.8% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| Biotechnology — continued |
| | |
| CRISPR Therapeutics AG(a) | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR(a) | |
| | |
| | |
| | |
| | |
| |
| Builders FirstSource, Inc.(a) | |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2065 Fund (continued)
| | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.1% |
| | |
| | |
| | |
| Communications Equipment — 0.3% |
| | |
| | |
| | |
| Lumentum Holdings, Inc.(a) | |
| | |
| | |
| Construction & Engineering — 0.2% |
| | |
| Construction Materials — 0.2% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 0.8% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.1% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.1% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.4% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| Electric Utilities — 0.4% |
| American Electric Power Co., Inc. | |
| | |
| | |
| | |
| Electric Utilities — continued |
| | |
| | |
| | |
| Electrical Equipment — 0.5% |
| | |
| | |
| | |
| | |
| Rockwell Automation, Inc. | |
| | |
| Electronic Equipment, Instruments & Components — 1.0% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Keysight Technologies, Inc.(a) | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.2% |
| | |
| | |
| | |
| | |
| |
| Activision Blizzard, Inc.(a) | |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros Discovery, Inc.(a) | |
| | |
| Financial Services — 2.3% |
| | |
| | |
| FleetCor Technologies, Inc.(a) | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Darling Ingredients, Inc.(a) | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2065 Fund (continued)
| | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.4% |
| | |
| J.B. Hunt Transport Services, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 1.1% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| | |
| Edwards Lifesciences Corp.(a) | |
| GE HealthCare Technologies, Inc. | |
| Globus Medical, Inc., Class A(a) | |
| | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| | |
| Shockwave Medical, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 1.2% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Laboratory Corp. of America Holdings | |
| | |
| Select Medical Holdings Corp. | |
| Tenet Healthcare Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Health Care Technology — 0.6% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| Hotels, Restaurants & Leisure — 2.0% |
| | |
| Booking Holdings, Inc.(a) | |
| Chipotle Mexican Grill, Inc.(a) | |
| Hilton Worldwide Holdings, Inc. | |
| Marriott Vacations Worldwide Corp. | |
| | |
| Norwegian Cruise Line Holdings Ltd.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.6% |
| | |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.5% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Industrial Conglomerates — 0.3% |
| | |
| | |
| Honeywell International, Inc. | |
| | |
| |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2065 Fund (continued)
| | |
| Interactive Media & Services — 3.8% |
| Alphabet, Inc., Class A(a) | |
| Alphabet, Inc., Class C(a) | |
| Meta Platforms, Inc., Class A(a) | |
| Pinterest, Inc., Class A(a) | |
| | |
| ZoomInfo Technologies, Inc.(a) | |
| | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Shopify, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 0.8% |
| Agilent Technologies, Inc. | |
| | |
| Fortrea Holdings, Inc.(a) | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| West Pharmaceutical Services, Inc. | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| New York Times Co., Class A | |
| | |
| Paramount Global, Class B | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| Metals & Mining — continued |
| | |
| | |
| Reliance Steel & Aluminum Co. | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Invesco Mortgage Capital, Inc. | |
| KKR Real Estate Finance Trust, Inc. | |
| | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| |
| | |
| Corporate Office Properties Trust | |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 2.1% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| Passenger Airlines — 0.2% |
| Alaska Air Group, Inc.(a) | |
| | |
| | |
| | |
| Personal Care Products — 0.0% |
| Estee Lauder Cos., Inc., Class A | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2065 Fund (continued)
| | |
| Pharmaceuticals — continued |
| | |
| | |
| | |
| Professional Services — 0.5% |
| Automatic Data Processing, Inc. | |
| Ceridian HCM Holding, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
| Real Estate Management & Development — 0.5% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| | |
| | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 3.1% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Extra Space Storage, Inc. | |
| | |
| | |
| | |
| |
| Asbury Automotive Group, Inc.(a) | |
| Boot Barn Holdings, Inc.(a) | |
| Dick's Sporting Goods, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.8% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.5% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| Under Armour, Inc., Class C(a) | |
| | |
| Trading Companies & Distributors — 0.2% |
| | |
| | |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $1,731,251) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2065 Fund (continued)
| | |
| |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Bank of New York Mellon Corp., Series 12, MTN, 3.650%, 2/04/2024 | |
| Bank of Nova Scotia, 3.400%, 2/11/2024 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| Royal Bank of Canada, GMTN, 2.550%, 7/16/2024 | |
| Santander Holdings USA, Inc., 3.500%, 6/07/2024 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Truist Bank, 3.200%, 4/01/2024 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.0% |
| Owens Corning, 3.950%, 8/15/2029 | |
| Diversified Manufacturing — 0.1% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| Duke Energy Corp., 3.750%, 4/15/2024 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| | |
| Government Owned - No Guarantee — 0.1% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| DH Europe Finance II Sarl, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Federal Home Loan Mortgage Corp., 2.500%, with various maturities in 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.000%, with various maturities in 2052(c) | |
| Federal Home Loan Mortgage Corp., 3.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal National Mortgage Association, 2.500%, 4/01/2052 | |
| Federal National Mortgage Association, 3.000%, 4/01/2052 | |
| Federal National Mortgage Association, 3.500%, with various maturities in 2052(c) | |
| Federal National Mortgage Association, 4.000%, 9/01/2052 | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| NiSource, Inc., 0.950%, 8/15/2025 | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| Piedmont Operating Partnership LP, 3.150%, 8/15/2030 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| AbbVie, Inc., 3.600%, 5/14/2025 | |
| Property & Casualty Insurance — 0.0% |
| American International Group, Inc., 3.400%, 6/30/2030 | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2023 (Unaudited)
Natixis Sustainable Future 2065 Fund (continued)
| | |
| |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 4.110%, 9/15/2028 | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| Total Bonds and Notes
(Identified Cost $119,230) | |
| | |
Exchange-Traded Funds — 8.8% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $268,673) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $489,704) | |
|
|
Affiliated Mutual Funds — 9.9% |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $348,084) | |
| | |
Short-Term Investments — 3.7% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2023 at 2.500% to be repurchased at $108,313, on 8/01/2023 collateralized by $106,600 U.S. Treasury Bond, 4.375% due 5/15/2041 valued at $110,840 including accrued interest (Note 2 of Notes to Financial Statements) | |
| U.S. Treasury Bills, 5.151%, 8/08/2023(d) | |
| Total Short-Term Investments
(Identified Cost $109,305) | |
| Total Investments — 101.0%
(Identified Cost $3,066,247) | |
| Other assets less liabilities — (1.0)% | |
| | |
| See Note 2 of Notes to Financial Statements.
|
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2023, the value of Rule 144A holdings amounted to $918 or less than 0.1% of net assets. |
| The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and 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. |
| Interest rate represents discount rate at time of purchase; not a coupon rate. |
| 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. |
| |
| |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2023 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Statements of Assets and Liabilities
July 31, 2023 (Unaudited)
| Natixis
Sustainable
Future 2015
Fund | Natixis
Sustainable
Future 2020
Fund | Natixis
Sustainable
Future 2025
Fund | Natixis
Sustainable
Future 2030
Fund |
| | | | |
Unaffiliated investments at cost | | | | |
Affiliated investments at cost | | | | |
Net unrealized appreciation on unaffiliated investments | | | | |
Net unrealized depreciation on affiliated investments | | | | |
| | | | |
| | | | |
Receivable for Fund shares sold | | | | |
Receivable from investment adviser (Note 5) | | | | |
Receivable for securities sold | | | | |
Dividends and interest receivable | | | | |
Dividends receivable from affiliates | | | | |
Prepaid expenses (Note 6) | | | | |
| | | | |
| | | | |
Payable for securities purchased | | | | |
Payable for Fund shares redeemed | | | | |
Deferred Trustees’ fees (Note 5) | | | | |
Administrative fees payable (Note 5) | | | | |
Audit and tax services fees payable | | | | |
Other accounts payable and accrued expenses | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | | | | |
| | | | |
| | | | |
Shares of beneficial interest | | | | |
Net asset value, offering and redemption price per share | | | | |
See accompanying notes to financial statements.
Statements of Assets and Liabilities (continued)
July 31, 2023 (Unaudited)
| Natixis
Sustainable
Future 2035
Fund | Natixis
Sustainable
Future 2040
Fund | Natixis
Sustainable
Future 2045
Fund | Natixis
Sustainable
Future 2050
Fund |
| | | | |
Unaffiliated investments at cost | | | | |
Affiliated investments at cost | | | | |
Net unrealized appreciation on unaffiliated investments | | | | |
Net unrealized depreciation on affiliated investments | | | | |
| | | | |
| | | | |
Receivable for Fund shares sold | | | | |
Receivable from investment adviser (Note 5) | | | | |
Receivable for securities sold | | | | |
Dividends and interest receivable | | | | |
Dividends receivable from affiliates | | | | |
Prepaid expenses (Note 6) | | | | |
| | | | |
| | | | |
Payable for securities purchased | | | | |
Payable for Fund shares redeemed | | | | |
Deferred Trustees’ fees (Note 5) | | | | |
Administrative fees payable (Note 5) | | | | |
Audit and tax services fees payable | | | | |
Other accounts payable and accrued expenses | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | | | | |
| | | | |
| | | | |
Shares of beneficial interest | | | | |
Net asset value, offering and redemption price per share | | | | |
See accompanying notes to financial statements.
Statements of Assets and Liabilities (continued)
July 31, 2023 (Unaudited)
| Natixis
Sustainable
Future 2055
Fund | Natixis
Sustainable
Future 2060
Fund | Natixis
Sustainable
Future 2065
Fund |
| | | |
Unaffiliated investments at cost | | | |
Affiliated investments at cost | | | |
Net unrealized appreciation on unaffiliated investments | | | |
Net unrealized depreciation on affiliated investments | | | |
| | | |
Receivable for Fund shares sold | | | |
Receivable from investment adviser (Note 5) | | | |
Receivable for securities sold | | | |
Dividends and interest receivable | | | |
Prepaid expenses (Note 6) | | | |
| | | |
| | | |
Payable for securities purchased | | | |
Payable for Fund shares redeemed | | | |
Deferred Trustees’ fees (Note 5) | | | |
Administrative fees payable (Note 5) | | | |
Audit and tax services fees payable | | | |
Other accounts payable and accrued expenses | | | |
| | | |
| | | |
| | | |
| | | |
Accumulated earnings (loss) | | | |
| | | |
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | | | |
| | | |
| | | |
Shares of beneficial interest | | | |
Net asset value, offering and redemption price per share | | | |
See accompanying notes to financial statements.
For the Six Months Ended July 31, 2023 (Unaudited)
| Natixis
Sustainable
Future 2015
Fund | Natixis
Sustainable
Future 2020
Fund | Natixis
Sustainable
Future 2025
Fund | Natixis
Sustainable
Future 2030
Fund |
| | | | |
Dividends from unaffiliated investments | | | | |
Dividends from affiliated investments | | | | |
| | | | |
Less net foreign taxes withheld | | | | |
| | | | |
| | | | |
| | | | |
Administrative fees (Note 5) | | | | |
Trustees' fees and expenses (Note 5) | | | | |
Transfer agent fees and expenses | | | | |
Audit and tax services fees | | | | |
Custodian fees and expenses | | | | |
Interest expense (Note 9) | | | | |
| | | | |
| | | | |
| | | | |
Shareholder reporting expenses | | | | |
| | | | |
| | | | |
Less waiver and/or expense reimbursement (Note 5) | | | | |
| | | | |
| | | | |
Net realized and unrealized gain (loss) on Investments | | | | |
Net realized gain (loss) on: | | | | |
| | | | |
| | | | |
Net change in unrealized appreciation (depreciation) on: | | | | |
| | | | |
| | | | |
Net realized and unrealized gain on investments | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | | |
See accompanying notes to financial statements.
Statements of Operations (continued)
For the Six Months Ended July 31, 2023 (Unaudited)
| Natixis
Sustainable
Future 2035
Fund | Natixis
Sustainable
Future 2040
Fund | Natixis
Sustainable
Future 2045
Fund | Natixis
Sustainable
Future 2050
Fund |
| | | | |
Dividends from unaffiliated investments | | | | |
Dividends from affiliated investments | | | | |
| | | | |
Less net foreign taxes withheld | | | | |
| | | | |
| | | | |
| | | | |
Administrative fees (Note 5) | | | | |
Trustees' fees and expenses (Note 5) | | | | |
Transfer agent fees and expenses | | | | |
Audit and tax services fees | | | | |
Custodian fees and expenses | | | | |
Interest expense (Note 9) | | | | |
| | | | |
| | | | |
| | | | |
Shareholder reporting expenses | | | | |
| | | | |
| | | | |
Less waiver and/or expense reimbursement (Note 5) | | | | |
| | | | |
| | | | |
Net realized and unrealized gain (loss) on Investments | | | | |
Net realized gain (loss) on: | | | | |
| | | | |
| | | | |
Net change in unrealized appreciation (depreciation) on: | | | | |
| | | | |
| | | | |
Net realized and unrealized gain on investments | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | | |
See accompanying notes to financial statements.
Statements of Operations (continued)
For the Six Months Ended July 31, 2023 (Unaudited)
| Natixis
Sustainable
Future 2055
Fund | Natixis
Sustainable
Future 2060
Fund | Natixis
Sustainable
Future 2065
Fund |
| | | |
Dividends from unaffiliated investments | | | |
Dividends from affiliated investments | | | |
| | | |
Less net foreign taxes withheld | | | |
| | | |
| | | |
| | | |
Administrative fees (Note 5) | | | |
Trustees' fees and expenses (Note 5) | | | |
Transfer agent fees and expenses | | | |
Audit and tax services fees | | | |
Custodian fees and expenses | | | |
| | | |
| | | |
| | | |
Shareholder reporting expenses | | | |
| | | |
| | | |
Less waiver and/or expense reimbursement (Note 5) | | | |
| | | |
| | | |
Net realized and unrealized gain (loss) on Investments | | | |
Net realized gain (loss) on: | | | |
| | | |
| | | |
Net change in unrealized appreciation (depreciation) on: | | | |
| | | |
| | | |
Net realized and unrealized gain on investments | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | |
See accompanying notes to financial statements.
Statements of Changes in Net Assets
| Natixis
Sustainable
Future 2015
Fund | Natixis
Sustainable
Future 2020
Fund | Natixis
Sustainable
Future 2025
Fund |
| Six Months Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 | Six Months Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 | Six Months Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 |
| | | | | | |
| | | | | | |
Net realized gain (loss) on investments | | | | | | |
Net change in unrealized appreciation (depreciation) on investments | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | | | | |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | |
| | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARES TRANSACTIONS (Note 10) | | | | | | |
Net increase (decrease) in net assets | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
See accompanying notes to financial statements.
Statements of Changes in Net Assets (continued)
| Natixis
Sustainable
Future 2030
Fund | Natixis
Sustainable
Future 2035
Fund | Natixis
Sustainable
Future 2040
Fund |
| Six Months Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 | Six Months Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 | Six Months Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 |
| | | | | | |
| | | | | | |
Net realized gain on investments | | | | | | |
Net change in unrealized appreciation (depreciation) on investments | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | | | | |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | |
| | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARES TRANSACTIONS (Note 10) | | | | | | |
Net increase (decrease) in net assets | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
See accompanying notes to financial statements.
Statements of Changes in Net Assets (continued)
| Natixis
Sustainable
Future 2045
Fund | Natixis
Sustainable
Future 2050
Fund | Natixis
Sustainable
Future 2055
Fund |
| Six Months Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 | Six Months Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 | Six Months Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 |
| | | | | | |
| | | | | | |
Net realized gain on investments | | | | | | |
Net change in unrealized appreciation (depreciation) on investments | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | | | | |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | |
| | | | | | |
NET INCREASE IN NET ASSETS FROM CAPITAL SHARES TRANSACTIONS (Note 10) | | | | | | |
Net increase in net assets | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
See accompanying notes to financial statements.
Statements of Changes in Net Assets (continued)
| Natixis
Sustainable
Future 2060
Fund | Natixis
Sustainable
Future 2065
Fund |
| Six Months Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 | Six Months Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 |
| | | | |
| | | | |
Net realized gain (loss) on investments | | | | |
Net change in unrealized appreciation (depreciation) on investments | | | | |
Net increase (decrease) in net assets resulting from operations | | | | |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
NET INCREASE IN NET ASSETS FROM CAPITAL SHARES TRANSACTIONS (Note 10) | | | | |
Net increase (decrease) in net assets | | | | |
| | | | |
| | | | |
| | | | |
See accompanying notes to financial statements.
For a share outstanding throughout each period.
| Sustainable Future 2015 Fund—Class N |
| Six Months
Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 | Year Ended
January 31, 2022 | Year Ended
January 31, 2021 | Year Ended
January 31, 2020 | Year Ended
January 31, 2019 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| 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. |
| Periods less than one year are not annualized. |
| 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. |
| Computed on an annualized basis for periods less than one year. |
| 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 0.50% and 3.29%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.55% to 0.50%. |
| 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 0.52% and 3.68%, respectively. |
| 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 3.35%, respectively. |
| 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. |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.55%. |
| 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. |
| 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. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Sustainable Future 2020 Fund—Class N |
| Six Months
Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 | Year Ended
January 31, 2022 | Year Ended
January 31, 2021 | Year Ended
January 31, 2020 | Year Ended
January 31, 2019 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| 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. |
| Periods less than one year are not annualized. |
| 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. |
| Computed on an annualized basis for periods less than one year. |
| Includes interest expense. Without this expense the ratio of net expenses would have been 0.25% and the ratio of gross expenses would have been 4.01%. |
| 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 0.50% and 4.27%, respectively. |
| 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 0.52% and 4.48%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.55% to 0.50%. |
| 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 3.92%, respectively. |
| 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. |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.60%. |
| 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. |
| 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. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Sustainable Future 2025 Fund—Class N |
| Six Months
Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 | Year Ended
January 31, 2022 | Year Ended
January 31, 2021 | Year Ended
January 31, 2020 | Year Ended
January 31, 2019 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| 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. |
| Periods less than one year are not annualized. |
| 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. |
| Computed on an annualized basis for periods less than one year. |
| 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 0.51% and 2.24%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.56% to 0.51%. |
| 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 0.53% and 2.65%, respectively. |
| 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 2.02%, respectively. |
| 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. |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.56%. |
| 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. |
| 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. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Sustainable Future 2030 Fund—Class N |
| Six Months
Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 | Year Ended
January 31, 2022 | Year Ended
January 31, 2021 | Year Ended
January 31, 2020 | Year Ended
January 31, 2019 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Amount rounds to less than $0.01 per share. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| 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. |
| Computed on an annualized basis for periods less than one year. |
| Includes interest expense. Without this expense the ratio of net expenses would have been 0.26% and the ratio of gross expenses would have been 1.26%. |
| 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 0.53% and 1.52%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.57% to 0.52%. |
| 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 0.54% and 1.66%, respectively. |
| 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 1.69%, respectively. |
| 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. |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.57%. |
| 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. |
| 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. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Sustainable Future 2035 Fund—Class N |
| Six Months
Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 | Year Ended
January 31, 2022 | Year Ended
January 31, 2021 | Year Ended
January 31, 2020 | Year Ended
January 31, 2019 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Amount rounds to less than $0.01 per share. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| 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. |
| Computed on an annualized basis for periods less than one year. |
| 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 0.53% and 1.49%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.58% to 0.53%. |
| 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 1.63%, respectively. |
| 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 1.87%, respectively. |
| 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. |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.58%. |
| 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. |
| 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. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Sustainable Future 2040 Fund—Class N |
| Six Months
Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 | Year Ended
January 31, 2022 | Year Ended
January 31, 2021 | Year Ended
January 31, 2020 | Year Ended
January 31, 2019 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Amount rounds to less than $0.01 per share. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| 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. |
| Periods less than one year are not annualized. |
| 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. |
| Computed on an annualized basis for periods less than one year. |
| 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 0.54% and 1.51%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.59% to 0.54%. |
| 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 1.88%, respectively. |
| 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 2.25%, respectively. |
| 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 |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.59%. |
| 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. |
| 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. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Sustainable Future 2045 Fund—Class N |
| Six Months
Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 | Year Ended
January 31, 2022 | Year Ended
January 31, 2021 | Year Ended
January 31, 2020 | Year Ended
January 31, 2019 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Amount rounds to less than $0.01 per share. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| 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. |
| Computed on an annualized basis for periods less than one year. |
| 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 0.54% and 1.61%, respectively |
| Effective June 1, 2022, the expense limit decreased from 0.59% to 0.54%. |
| 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 1.88%, respectively. |
| 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 2.19%, respectively. |
| 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. |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.59%. |
| 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. |
| 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. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Sustainable Future 2050 Fund—Class N |
| Six Months
Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 | Year Ended
January 31, 2022 | Year Ended
January 31, 2021 | Year Ended
January 31, 2020 | Year Ended
January 31, 2019 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Amount rounds to less than $0.01 per share. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| 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. |
| Computed on an annualized basis for periods less than one year. |
| 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 1.69%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.60% to 0.55%. |
| 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 2.05%, respectively. |
| 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 2.38%, respectively. |
| 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. |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.60%. |
| 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. |
| 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. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Sustainable Future 2055 Fund—Class N |
| Six Months
Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 | Year Ended
January 31, 2022 | Year Ended
January 31, 2021 | Year Ended
January 31, 2020 | Year Ended
January 31, 2019 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Amount rounds to less than $0.01 per share. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| 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. |
| Computed on an annualized basis for periods less than one year. |
| 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 1.93%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.60% to 0.55%. |
| 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 2.37%, respectively. |
| 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 2.95%, respectively. |
| 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. |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.60%. |
| 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. |
| 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. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Sustainable Future 2060 Fund—Class N |
| Six Months
Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 | Year Ended
January 31, 2022 | Year Ended
January 31, 2021 | Year Ended
January 31, 2020 | Year Ended
January 31, 2019 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Amount rounds to less than $0.01 per share. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| 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. |
| Computed on an annualized basis for periods less than one year. |
| 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 2.51%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.60% to 0.55%. |
| 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 3.22%, respectively. |
| 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 3.53%, respectively. |
| 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. |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.60%. |
| 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. |
| 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. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Sustainable Future 2065 Fund—Class N |
| Six Months
Ended
July 31, 2023
(Unaudited) | Year Ended
January 31, 2023 | |
Net asset value, beginning of the period | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | |
| | | |
Net realized and unrealized gain (loss) | | | |
Total from Investment Operations | | | |
| | | |
| | | |
Net realized capital gains | | | |
| | | |
Net asset value, end of the period | | | |
| | | |
RATIOS TO AVERAGE NET ASSETS: | | | |
Net assets, end of the period (000's) | | | |
| | | |
| | | |
| | | |
| | | |
| From commencement of operations on December 15, 2021 through January 31, 2022. |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Amount rounds to less than $0.01 per share. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| 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. |
| Computed on an annualized basis for periods less than one year. |
| 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 5.39%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.60% to 0.55%. |
| 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 5.85%, respectively. |
| 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 8.34%, respectively. |
See accompanying notes to financial statements.
Notes to Financial Statements
July 31, 2023 (Unaudited)
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® (“Sustainable Future 2015 Fund”)
Natixis Sustainable Future 2020 Fund® (“Sustainable Future 2020 Fund”)
Natixis Sustainable Future 2025 Fund® (“Sustainable Future 2025 Fund”)
Natixis Sustainable Future 2030 Fund® (“Sustainable Future 2030 Fund”)
Natixis Sustainable Future 2035 Fund® (“Sustainable Future 2035 Fund”)
Natixis Sustainable Future 2040 Fund® (“Sustainable Future 2040 Fund”)
Natixis Sustainable Future 2045 Fund® (“Sustainable Future 2045 Fund”)
Natixis Sustainable Future 2050 Fund® (“Sustainable Future 2050 Fund”)
Natixis Sustainable Future 2055 Fund® (“Sustainable Future 2055 Fund”)
Natixis Sustainable Future 2060 Fund® (“Sustainable Future 2060 Fund”)
Natixis Sustainable Future 2065 Fund® (“Sustainable Future 2065 Fund”)
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.
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”).
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 period-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. Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. Each Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Funds’ Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board’s oversight.
Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Shares of open-end investment companies are valued at net asset value ("NAV") per share.
Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair 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 fair valued using evaluated bids furnished by an independent pricing service, if available.
Debt securities and unlisted preferred equity securities are fair 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 fair value debt and unlisted equities where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment.
The Fund may also fair value investments 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
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
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 a Fund’s investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund’s NAV is calculated. Fair valuation by the Fund’s valuation designee may require subjective determinations about the value of the investment, 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 investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments 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, are 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. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. 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 July 31, 2023 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years, where applicable, 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 six 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.
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
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
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, passive foreign investment company adjustments, 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, passive foreign investment company adjustments 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 year ended January 31, 2023 was as follows:
| |
| | | |
Sustainable Future 2015 Fund | | | |
Sustainable Future 2020 Fund | | | |
Sustainable Future 2025 Fund | | | |
Sustainable Future 2030 Fund | | | |
Sustainable Future 2035 Fund | | | |
Sustainable Future 2040 Fund | | | |
Sustainable Future 2045 Fund | | | |
Sustainable Future 2050 Fund | | | |
Sustainable Future 2055 Fund | | | |
Sustainable Future 2060 Fund | | | |
Sustainable Future 2065 Fund | | | |
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, 2023, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:
| Sustainable
Future 2015
Fund | Sustainable
Future 2020
Fund | Sustainable
Future 2025
Fund | Sustainable
Future 2030
Fund | Sustainable
Future 2035
Fund |
Late-year ordinary and post-October
| | | | | |
| Under current tax law, capital losses, foreign currency losses, and losses on passive foreign investment companies and contingent payment debt instruments after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year. Sustainable Future 2020 Fund is deferring capital losses. |
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
| Sustainable
Future 2040
Fund | Sustainable
Future 2045
Fund | Sustainable
Future 2050
Fund | Sustainable
Future 2055
Fund | Sustainable
Future 2060
Fund | Sustainable
Future 2065
Fund |
Capital loss carryforward: | | | | | | |
| | | | | | |
| | | | | | |
As of July 31, 2023, 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 |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Sustainable
Future 2040
Fund | Sustainable
Future 2045
Fund | Sustainable
Future 2050
Fund | Sustainable
Future 2055
Fund | Sustainable
Future 2060
Fund | Sustainable
Future 2065
Fund |
| | | | | | |
| | | | | | |
| | | | | | |
Net tax appreciation (depreciation) | | | | | | |
Amounts in the table above exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Adjustments may include, but are not limited to, wash sales.
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 July 31, 2023, 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 (“FASB”) issued ASU 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 was expected to occur no later than June 30, 2023. In January 2021, FASB issued Accounting Standard Update 2021-01 (“ASU 2021-01”), which is an update of ASU 2020-04. Regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation than LIBOR. 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
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
establishment of new contracts or the continuation of existing contracts. ASU 2021-01 clarifies that certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. In December 2022, FASB issued a further update to Topic 848 under ASU 2022-06, which defers the sunset date of Topic 848 to December 31, 2024, after which entities will no longer be permitted to apply the optional expedients provided in Topic 848. As of June 30, 2023, LIBOR had ceased to be published on a representative basis, and will be replaced by an alternative reference rate at the next reset date subsequent to June 30, 2023 for all investments for which LIBOR is the current reference rate. Management has elected to apply the optional expedients when appropriate and account for such modifications by prospectively adjusting the effective interest rate.
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 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 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 Funds' pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Funds have knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Funds do not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.
Under certain conditions and based upon specific facts and circumstances, the Fund’s valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.
The following is a summary of the inputs used to value the Funds' investments as of July 31, 2023, at value:
Sustainable Future 2015 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
Sustainable Future 2020 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Sustainable Future 2025 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Sustainable Future 2030 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
Sustainable Future 2035 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Sustainable Future 2040 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Sustainable Future 2045 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
Sustainable Future 2050 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Sustainable Future 2055 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Sustainable Future 2060 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
Sustainable Future 2065 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| 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 six months ended July 31, 2023, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:
| U.S. Government/
Agency Securities | |
| | | | |
Sustainable Future 2015 Fund | | | | |
Sustainable Future 2020 Fund | | | | |
Sustainable Future 2025 Fund | | | | |
Sustainable Future 2030 Fund | | | | |
Sustainable Future 2035 Fund | | | | |
Sustainable Future 2040 Fund | | | | |
Sustainable Future 2045 Fund | | | | |
Sustainable Future 2050 Fund | | | | |
Sustainable Future 2055 Fund | | | | |
Sustainable Future 2060 Fund | | | | |
Sustainable Future 2065 Fund | | | | |
5.Management Fees and Other Transactions with Affiliates.
a. Management Fees. Natixis Advisors, LLC (“Natixis Advisors”) serves as investment adviser to each Fund. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC, which is part of Natixis Investment Managers, an international asset management group based in Paris, France. Natixis Advisors, through its Natixis Investment Managers Solutions division, 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 AIA U.S. Large Cap Core ESG Segment. 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 Investment Managers, LLC.
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 Investment Managers, LLC.
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, (iii) 0.20% of the average daily net assets of the AIA International Developed Markets Equity ESG Segment and (iv) effective October 17, 2022, 0.165% of the average daily net assets of the AIA U.S. Large Cap Core ESG Segment, each payable to Natixis Advisors as adviser; (v) 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-
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
adviser; (vi) 0.35% of the average daily net assets of the Loomis Sayles All Cap Growth Segment, and (vii) 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. 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.
Natixis Advisors will voluntarily waive its fee for the management of a segment for any period during which the segment is invested entirely in unaffiliated exchange-traded funds. During the six months ended July 31, 2023, management fees payable to Natixis Advisors with respect to the AIA International Developed Markets Equity 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, 2024, 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 six months ended July 31, 2023, 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:
| |
| Expense Limit as a Percentage of
Average Daily Net Assets |
Sustainable Future 2015 Fund | |
Sustainable Future 2020 Fund | |
Sustainable Future 2025 Fund | |
Sustainable Future 2030 Fund | |
Sustainable Future 2035 Fund | |
Sustainable Future 2040 Fund | |
Sustainable Future 2045 Fund | |
Sustainable Future 2050 Fund | |
Sustainable Future 2055 Fund | |
Sustainable Future 2060 Fund | |
Sustainable Future 2065 Fund | |
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 both (1) a Funds’ expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a Funds’ current applicable expense limitation ratio, 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.
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
For the six months ended July 31, 2023, the management fees and waivers/reimbursements of management fees for each Fund were as follows:
| | Contractual
Waivers of
Management
| Voluntary
Waivers of
Management
| Reimbursement
of Sub-adviser
| | Percentage of
Average
Daily Net Assets |
| | |
Sustainable Future 2015 Fund | | | | | | | |
Sustainable Future 2020 Fund | | | | | | | |
Sustainable Future 2025 Fund | | | | | | | |
Sustainable Future 2030 Fund | | | | | | | |
Sustainable Future 2035 Fund | | | | | | | |
Sustainable Future 2040 Fund | | | | | | | |
Sustainable Future 2045 Fund | | | | | | | |
Sustainable Future 2050 Fund | | | | | | | |
Sustainable Future 2055 Fund | | | | | | | |
Sustainable Future 2060 Fund | | | | | | | |
Sustainable Future 2065 Fund | | | | | | | |
| Waiver of Natixis Advisors’ management fee with respect to the AIA U.S. Large Cap Core ESG, AIA U.S. Large Cap Value ESG and AIA U.S. Small/Mid Cap ESG Segments is subject to possible recovery until January 31, 2025. |
| Voluntary waiver of Natixis Advisors’ management fee with respect to the AIA International Developed Markets Equity ESG Segment is not subject to recovery under the expense limitation agreements described above. |
| Contractual reimbursements of fees paid directly to sub-advisers are subject to possible recovery until January 31, 2025. |
For the six months ended July 31, 2023, expenses have been reimbursed as follows (including fees paid to the sub-advisers included in the table above):
| | | |
Sustainable Future 2015 Fund | | | |
Sustainable Future 2020 Fund | | | |
Sustainable Future 2025 Fund | | | |
Sustainable Future 2030 Fund | | | |
Sustainable Future 2035 Fund | | | |
Sustainable Future 2040 Fund | | | |
Sustainable Future 2045 Fund | | | |
Sustainable Future 2050 Fund | | | |
Sustainable Future 2055 Fund | | | |
Sustainable Future 2060 Fund | | | |
Sustainable Future 2065 Fund | | | |
| Contractual expense reimbursements are subject to possible recovery until January 31, 2025. |
No expenses were recovered during the six months ended July 31, 2023, under the terms of the expense limitation agreement.
b. Service and Distribution Fees. Natixis Distribution, LLC (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis Investment Managers, LLC, 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.
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
For the six months ended July 31, 2023, the administrative fees for each Fund were as follows:
| |
Sustainable Future 2015 Fund | |
Sustainable Future 2020 Fund | |
Sustainable Future 2025 Fund | |
Sustainable Future 2030 Fund | |
Sustainable Future 2035 Fund | |
Sustainable Future 2040 Fund | |
Sustainable Future 2045 Fund | |
Sustainable Future 2050 Fund | |
Sustainable Future 2055 Fund | |
Sustainable Future 2060 Fund | |
Sustainable Future 2065 Fund | |
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 Investment Managers, LLC 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 $210,000. 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. Each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends either in person or 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. 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. Deferred amounts remain in the funds until distributed in accordance with the provisions of the Plan. 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 July 31, 2023, the percentage of net assets owned by Natixis Investment Managers, LLC is as follows:
| |
Sustainable Future 2065 Fund | |
Investment activities of affiliated shareholders could have material impacts on the Funds.
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
f. Affiliated Fund Transactions. A summary of affiliated fund transactions for each underlying fund held by the Funds for the six months ended July 31, 2023, is as follows:
Sustainable Future 2015 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Loomis Sayles Inflation Protected Securities Fund, Class N | | | | | | | | |
Loomis Sayles Limited Term Government and Agency Fund, Class N | | | | | | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Sustainable Future 2020 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Loomis Sayles Inflation Protected Securities Fund, Class N | | | | | | | | |
Loomis Sayles Limited Term Government and Agency Fund, Class N | | | | | | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
Sustainable Future 2025 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Loomis Sayles Inflation Protected Securities Fund, Class N | | | | | | | | |
Loomis Sayles Limited Term Government and Agency Fund, Class N | | | | | | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Sustainable Future 2030 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Loomis Sayles Inflation Protected Securities Fund, Class N | | | | | | | | |
Loomis Sayles Limited Term Government and Agency Fund, Class N | | | | | | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
Sustainable Future 2035 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Loomis Sayles Inflation Protected Securities Fund, Class N | | | | | | | | |
Loomis Sayles Limited Term Government and Agency Fund, Class N | | | | | | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Sustainable Future 2040 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Loomis Sayles Inflation Protected Securities Fund, Class N | | | | | | | | |
Loomis Sayles Limited Term Government and Agency Fund, Class N | | | | | | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
Sustainable Future 2045 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Loomis Sayles Inflation Protected Securities Fund, Class N | | | | | | | | |
Loomis Sayles Limited Term Government and Agency Fund, Class N | | | | | | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Sustainable Future 2050 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Loomis Sayles Inflation Protected Securities Fund, Class N | | | | | | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Sustainable Future 2055 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Loomis Sayles Inflation Protected Securities Fund, Class N | | | | | | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
Sustainable Future 2060 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Sustainable Future 2065 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| 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 and Mirova International Sustainable Equity Fund are available, without charge, on the Funds’ website at im.natixis.com.
g. 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 syndicated, revolving, committed, unsecured line of credit with State Street Bank as administrative agent. The aggregate revolving commitment amount is $575,000,000. Any one Fund may borrow up to $402,500,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $575,000,000 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 certain 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 on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.
Prior to April 6, 2023, each Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a $500,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund was able to borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate did not exceed the $500,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest was 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, was accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.
For the six months ended July 31, 2023, none of the Funds had borrowings under this agreement.
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
7.Risk. A Fund will indirectly bear the management, service and other fees of any other investment companies, including ETFs, in which it invests in addition to its own expenses. A Fund is also indirectly exposed to the same risks as the underlying funds in proportion to the allocation of the Fund’s assets among the underlying funds. In addition, investments in ETFs have unique characteristics, including, but not limited to, the expense structure and additional expenses associated with investing in ETFs.
Russia’s military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These and any related events could significantly impact a Fund’s performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries affected by the invasion.
8.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 July 31, 2023, 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:
| Number of 5%
Account
Holders | |
Sustainable Future 2015 Fund | | |
Sustainable Future 2020 Fund | | |
Sustainable Future 2025 Fund | | |
Sustainable Future 2030 Fund | | |
Sustainable Future 2035 Fund | | |
Sustainable Future 2040 Fund | | |
Sustainable Future 2045 Fund | | |
Sustainable Future 2050 Fund | | |
Sustainable Future 2055 Fund | | |
Sustainable Future 2060 Fund | | |
Sustainable Future 2065 Fund | | |
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.
9.Interest Expense. The Funds incur interest expense on cash overdrafts. Interest expense incurred for the six months ended July 31, 2023 is reflected on the Statements of Operations.
10.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 |
| Six Months Ended
July 31, 2023 | Year Ended
January 31, 2023 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase (decrease) from capital share transactions | | | | |
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
10.Capital Shares (continued).
Sustainable Future 2020 Fund |
| Six Months Ended
July 31, 2023 | Year Ended
January 31, 2023 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase (decrease) from capital share transactions | | | | |
Sustainable Future 2025 Fund |
| Six Months Ended
July 31, 2023 | Year Ended
January 31, 2023 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase (decrease) from capital share transactions | | | | |
Sustainable Future 2030 Fund |
| Six Months Ended
July 31, 2023 | Year Ended
January 31, 2023 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase from capital share transactions | | | | |
Sustainable Future 2035 Fund |
| Six Months Ended
July 31, 2023 | Year Ended
January 31, 2023 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase (decrease) from capital share transactions | | | | |
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
10.Capital Shares (continued).
Sustainable Future 2040 Fund |
| Six Months Ended
July 31, 2023 | Year Ended
January 31, 2023 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase from capital share transactions | | | | |
Sustainable Future 2045 Fund |
| Six Months Ended
July 31, 2023 | Year Ended
January 31, 2023 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase from capital share transactions | | | | |
Sustainable Future 2050 Fund |
| Six Months Ended
July 31, 2023 | Year Ended
January 31, 2023 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase from capital share transactions | | | | |
Sustainable Future 2055 Fund |
| Six Months Ended
July 31, 2023 | Year Ended
January 31, 2023 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase from capital share transactions | | | | |
Notes to Financial Statements (continued)
July 31, 2023 (Unaudited)
10.Capital Shares (continued).
Sustainable Future 2060 Fund |
| Six Months Ended
July 31, 2023 | Year Ended
January 31, 2023 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase from capital share transactions | | | | |
Sustainable Future 2065 Fund |
| Six Months Ended
July 31, 2023 | Year Ended
January 31, 2023 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase from capital share transactions | | | | |
˃To learn more about Natixis Funds products and services:
Visit: im.natixis.com Call: 800-225-5478
Before investing, consider the fund’s investment objectives, risks, charges, and expenses. Visit im.natixis.com or call 800-225-5478 for a prospectus or summary prospectus containing this and other information.
Contact us by mail:
If you wish to communicate with the funds’ Board of Trustees, you may do so by writing to:
Secretary of the Funds
Natixis Advisors, LLC
888 Boylston Street, Suite 800
Boston, MA 02199-8197
The correspondence must (a) be signed by the shareholder; (b) include the shareholder’s name and address; and (c) identify the fund(s), account number, share class, and number of shares held in that fund, as of a recent date.
Or by e-mail:
secretaryofthefunds@natixis.com (Communications regarding recommendations for Trustee candidates may not be submitted by e-mail.)
Please note: Unlike written correspondence, e-mail is not secure. Please do NOT include your account number, Social Security number, PIN, or any other non-public personal information in an e-mail communication because this information may be viewed by others.
Exp 9/30/245955706.1.1NSFF58SA-0723This page not part of shareholder report
(b) Not applicable.
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
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 period covered by this report that have 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.
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: | | September 22, 2023 |
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: | | September 22, 2023 |
| |
| By: | | /s/ Matthew J. Block |
| Name: | | Matthew J. Block |
| Title: | | Treasurer and Principal Financial and Accounting Officer |
| Date: | | September 22, 2023 |
