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

Natixis Funds Trust IV N-CSRCertified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09945

Natixis Funds Trust IV

(Exact name of registrant as specified in charter)

888 Boylston Street, Suite 800 Boston, Massachusetts	02199-8197
(Address of principal executive offices)	(Zip code)

Russell L. Kane, Esq.

Natixis Distribution, L.P.

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197 (Name and address of agent for service)

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

Date of fiscal year end: January 31

Date of reporting period: January 31, 2020

Item 1. Report to Stockholders.

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

LOGO

Annual Report

January 31, 2020

AEW Global Focused Real Estate Fund

Table of Contents



Portfolio Review			1

Portfolio of Investments			9

Financial Statements			12

Notes to Financial Statements			19

IMPORTANT NOTICE TO SHAREHOLDERS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you wish to continue receiving paper copies of your shareholder reports after January 1, 2021, you can inform the Fund at any time by calling 1-800-225-5478. If you hold your account with a financial intermediary and you wish to continue receiving paper copies after January 1, 2021, you should call your financial intermediary directly. Paper copies are provided free of charge, and your election to receive reports in paper will apply to all funds held with the Natixis Funds complex. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You currently may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically at www.icsdelivery.com/natixisfunds.

AEW GLOBAL FOCUSED REAL ESTATE FUND



Managers		Symbols

Robert Oosterkamp*		Class A NRFAX

Milton Low, CFA^®*		Class C NRCFX

Matthew A. Troxell, CFA^®*		Class N NRFNX

J. Hall Jones, Jr., CFA^®		Class Y NRFYX

Gina Szymanski, CFA^®

AEW Capital Management, L.P.

*	Effective at the close of business on May 31, 2019, Messrs. Robert Oosterkamp and Milton Low joined the portfolio management team, and Mr. Matthew Troxell no longer serves as portfolio manager of the Fund.

Investment Goal

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

Market Conditions

Real estate securities, as well as other securities, posted strong returns over the one-year period, led by global monetary easing and reduced political risks. Employment growth in the US remained solid throughout the period, and the unemployment rate reached a 50-year low of 3.5%. The Federal Reserve reversed course and made three 25-basis-point cuts in short-term interest rates. Meanwhile, the 10-year US Treasury yield declined 112 basis points to end the period at 1.51%.

At close of business on May 31, 2019, the Fund changed its name and investment strategy. The Fund continues to use the same investment approach it always has, but it is now applied to real estate securities globally. This gives us the flexibility to allocate assets to those geographic areas where we see the most attractive opportunities for investment.

Performance Results

For the 12 months ended January 31, 2020, Class Y shares of the AEW Global Focused Real Estate Fund returned 13.48% at net asset value. The Fund outperformed its benchmark, the FTSE EPRA Nareit Developed Index (Net), which returned 11.93%.

Explanation of Fund Performance

Positive stock selection and positive regional allocation drove the Fund’s outperformance. Stock selection was strongest in North America, neutral in Asia Pacific, and slightly negative in Europe. The portfolio benefited from an overweight to North America and underweight to Europe and Asia Pacific.

Among the individual securities, the largest contributors included US companies VICI Properties, Inc., Duke Realty Corporation, and Invitation Homes, Inc. VICI is a triple net lease gaming/casino REIT, and the company benefited from increased institutional investor interest in the casino space, specifically Blackstone’s $4.25 billion acquisition of the Bellagio from MGM. Duke Realty is an industrial REIT, and the company benefited from continued strength in e-commerce retailers and demand for so-called “last mile” warehouse space near

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online customers. Invitation Homes is a single-family rental REIT, a sector that is also benefiting from strong demand due to a dearth of homes for sale.

The largest individual detractors included US regional mall company Simon Property Group, Inc., US industrial company Prologis, Inc. (PLD), and Hong Kong company Link Real Estate Investment Trust. Malls continued to be impacted by store closures, and even landlords with higher quality assets, such as Simon Property Group, faced increasing capital expenditure needs to backfill space. As a result, we moved from an overweight to underweight position in the name over the one-year period. Prologis reported solid performance results throughout the period and increased 2019 guidance. The company also announced it would acquire peer company Liberty Property Trust, which the portfolio did not hold. Overall, however, we prefer the relative valuations of Duke Realty Corporation, Rexford Industrial Realty, Inc., and Americold Realty Trust, Inc., and the portfolio’s overweight position in these industrial peers more than offset the detraction from the portfolio’s underweight position in Prologis and Liberty. Link owns parking, retail, and office properties across Hong Kong and mainland China, and investor concern regarding the economic impact of social unrest in Hong Kong weighed on the company’s share price. We quickly trimmed our overweight position, and the portfolio’s large underweight position to Hong Kong over the one-year period was a positive contributor.

Outlook

The coronavirus will have a negative impact on economic growth and a significant negative effect on some sectors such as hotels, airlines, and retail. Central banks around the world have taken action by cutting interest rates, and governments are likely to continue to announce stimulus packages. These actions are expected to support economic growth but also to avoid a credit crunch. Within real estate, however, we expect that the investment market will slow as investors will not travel to property inspections. Over time, we think that investment demand may improve as investors will continue to invest in safe yielding asset classes given that interest rates will be lower for longer and given that the gap between property yields and interest rates has widened. On the demand side, we expect that demand for retail and industrial/logistics space will be impacted as the flow of goods — especially from China and Italy — will temporarily slow. We are less concerned about the long-term effect on industrial/logistics as the sector has strong long-term fundamentals, but the impact on the already struggling retail sector could be more severe. The hotel sector is also heavily impacted as people travel less. Demand for office space will likely also slow temporarily.

In North America, the hotel sector has been hit hardest, and the outlook for 2020 was already weak before the virus. These stocks could be buys once the virus stops spreading, but until then we remain underweight. Retail has also been very weak. At some point, lower oil prices and lower interest rates may be a catalyst for improved consumer spending, but near-term concerns regarding a weakening economy only add to the existing problems in the retail sector, and we remain underweight. Defensive sectors (Storage, Manufactured Housing) and sectors with structural growth stories (Data Centers, Single-Family Rental) are outperforming.

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AEW GLOBAL FOCUSED REAL ESTATE FUND

In Europe, Switzerland is outperforming due to investor flows into safe haven countries, while the Netherlands and Italy have declined the most, primarily due to retail stocks. During the correction, we added a new position to the portfolio, Alstria Office REIT (German offices), as valuations began to look attractive.

In Asia Pacific, Australia is underperforming the most given the country’s larger dependence on Chinese export demand. Due to the announcement of the virus in January, we had already reduced our hotel exposure in Japan. We were originally overweight the sector, as this is the Olympic year for Tokyo and the hospitality sector should benefit from the event. The Asia Pacific portfolio remains underweight hotels and retail in all markets, which have both underperformed year-to-date.

The Fund continues to be well positioned as fear and uncertainty spreads along with the virus. We continue to watch for opportunities to rotate into names that may have sold off more than warranted and also those we feel could rebound more quickly once the negative sentiment troughs. Overall, if the impact of the coronavirus proves to be temporary, the current selloff may provide a good entry point into REITs.

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Hypothetical Growth of $100,000 Investment in Class Y Shares^4,6

January 31, 2010 through January 31, 2020

LOGO

See notes to chart on page 5.

Top Ten Holdings as of January 31, 2020


Security Name		% of net assets
1	AvalonBay Communities, Inc.		5.86	%
2	VICI Properties, Inc.		5.59
3	Americold Realty Trust		5.03
4	Invitation Homes, Inc.		5.03
5	Duke Realty Corp.		4.96
6	Canadian Apartment Properties REIT		4.72
7	Boston Properties, Inc.		4.17
8	Healthcare Trust of America, Inc., Class A		4.13
9	Healthpeak Properties, Inc.		3.89
10	Douglas Emmett, Inc.		3.48

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

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Average Annual Total Returns — January 31, 2020^4,6



										Life of			Expense Ratios⁵
	1 Year			5 Years			10 Years			Class N			Gross			Net

Class Y (Inception 8/31/00)
NAV		13.48	%		5.39	%		12.19	%		—	%		1.15	%		0.90	%

Class A (Inception 12/29/00)
NAV		13.18			5.13			11.92			—			1.40			1.15
With 5.75% Maximum Sales Charge		6.69			3.89			11.26			—

Class C (Inception 12/29/00)
NAV		12.35			4.35			11.08			—			2.15			1.90
With CDSC¹		11.38			4.35			11.08			—

Class N (Inception 5/01/13)
NAV		13.49			5.49			—			7.47			0.95			0.85

Comparative Performance
FTSE EPRA Nareit Developed Index (Net)²		11.93			5.69			9.99			5.89
MSCI US REIT Index³		13.89			5.89			12.68			7.76

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

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

Effective at the close of business on May 31, 2019, the FTSE EPRA Nareit Developed Index (Net) replaced the MSCI US REIT Index as the Fund’s primary benchmark because the Fund believes the FTSE EPRA Nareit Developed Index (Net), an index designed to track the performance of listed real estate companies and REITs (real estate investment trust) worldwide, is a more appropriate comparison to the Fund’s investment strategies.

3	MSCI US REIT Index is an unmanaged index that is composed of the most actively traded equity REIT securities.

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 5/31/20. 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.

6	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.

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ADDITIONAL INFORMATION

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

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

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO SCHEDULES

Natixis Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.

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

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UNDERSTANDING FUND EXPENSES

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

The first line in the table of each class of Fund shares shows the actual account values and actual Fund expenses you would have paid on a $1,000 investment in the Fund from August 1, 2019 through January 31, 2020. 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.

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AEW GLOBAL FOCUSED REAL ESTATE FUND	BEGINNING ACCOUNT VALUE 8/1/2019		ENDING ACCOUNT VALUE 1/31/2020		EXPENSES PAID DURING PERIOD* 8/1/2019 – 1/31/2020
Class A
Actual		$1,000.00		$1,083.80		$6.04
Hypothetical (5% return before expenses)		$1,000.00		$1,019.41		$5.85
Class C
Actual		$1,000.00		$1,079.10		$9.96
Hypothetical (5% return before expenses)		$1,000.00		$1,015.63		$9.65
Class N
Actual		$1,000.00		$1,085.30		$4.47
Hypothetical (5% return before expenses)		$1,000.00		$1,020.92		$4.33
Class Y
Actual		$1,000.00		$1,084.50		$4.73
Hypothetical (5% return before expenses)		$1,000.00		$1,020.67		$4.58

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.15%, 1.90%, 0.85% and 0.90% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 365 (to reflect the half-year period).

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Portfolio of Investments – as of January 31, 2020

AEW Global Focused Real Estate Fund


Shares		Description	Value (†)
	Common Stocks — 96.8% of Net Assets
		Australia — 2.7%
	135,965	Goodman Group	$	1,346,041
	943,561	Mirvac Group		2,128,637

				3,474,678

		Canada — 4.7%
	143,000	Canadian Apartment Properties REIT		6,115,914

		France — 2.7%
	13,389	Gecina S.A.		2,525,298
	7,503	Unibail-Rodamco-Westfield		1,020,179

				3,545,477

		Germany — 4.0%
	100,773	Aroundtown S.A.		954,000
	30,679	Deutsche Wohnen SE		1,298,034
	50,156	Vonovia SE		2,862,709

				5,114,743

		Hong Kong — 5.2%
	164,000	Hang Lung Properties Ltd.		342,584
	256,400	Link REIT		2,592,848
	1,853,300	New World Development Co. Ltd.		2,315,017
	1,067,800	Sino Land Co. Ltd.		1,455,237

				6,705,686

		Japan — 11.7%
	238	Daiwa Office Investment Corp.		1,907,419
	11,028	Invesco Office J-REIT, Inc.		2,348,662
	172	Kenedix Retail REIT Corp.		426,210
	518	LaSalle Logiport REIT		836,060
	123,500	Mitsubishi Estate Co. Ltd.		2,418,681
	125,400	Mitsui Fudosan Co. Ltd.		3,321,282
	360	Nippon Building Fund, Inc.		2,916,252
	12,800	Nomura Real Estate Holdings, Inc.		315,213
	391	Nomura Real Estate Master Fund, Inc.		687,677

				15,177,456

		Netherlands — 0.4%
	9,921	NSI NV		541,342

		New Zealand — 0.8%
	898,822	Precinct Properties New Zealand Ltd.		1,088,477

		Singapore — 2.4%
	403,200	CapitaLand Commercial Trust		606,811
	371,700	CapitaLand Ltd.		979,494
	1,305,400	Lendlease Global Commercial REIT(a)		880,088
	474,800	Mapletree Logistics Trust		638,974

				3,105,367

		Spain — 1.2%
	105,619	Merlin Properties Socimi S.A.		1,498,039

See accompanying notes to financial statements.

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Portfolio of Investments – as of January 31, 2020

AEW Global Focused Real Estate Fund – (continued)


Shares		Description	Value (†)
		Sweden — 2.7%
	97,820	Fabege AB	$	1,676,795
	167,990	Kungsleden AB		1,790,376

				3,467,171

		United Kingdom — 5.2%
	31,253	Derwent London PLC		1,693,316
	276,381	Grainger PLC		1,079,123
	126,660	Hammerson PLC		389,756
	195,047	Segro PLC		2,342,105
	78,105	Workspace Group PLC		1,254,154

				6,758,454

		United States — 53.1%
	189,000	Americold Realty Trust		6,514,830
	35,000	AvalonBay Communities, Inc.		7,584,150
	37,700	Boston Properties, Inc.		5,404,295
	34,100	CyrusOne, Inc.		2,074,985
	108,500	Douglas Emmett, Inc.		4,502,750
	177,000	Duke Realty Corp.		6,426,870
	35,000	Federal Realty Investment Trust		4,375,700
	167,000	Healthcare Trust of America, Inc., Class A		5,349,010
	140,000	Healthpeak Properties, Inc.		5,038,600
	207,000	Invitation Homes, Inc.		6,514,290
	25,000	Life Storage, Inc.		2,829,500
	9,700	Simon Property Group, Inc.		1,291,555
	91,000	STORE Capital Corp.		3,571,750
	270,000	VICI Properties, Inc.		7,236,000

				68,714,285

		Total Common Stocks (Identified Cost $110,378,431)		125,307,089

Principal Amount
	Short-Term Investments — 2.2%
$	2,918,970	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/31/2020 at 0.900% to be repurchased at $2,919,189 on 2/03/2020 collateralized by $2,885,000 U.S. Treasury Note, 2.875% due 10/15/2021 valued at $2,979,057 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $2,918,970)		2,918,970


		Total Investments — 99.0% (Identified Cost $113,297,401)		128,226,059
		Other Assets Less Liabilities — 1.0%		1,280,597

		Net Assets — 100.0%	$	129,506,656


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

	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

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Portfolio of Investments – as of January 31, 2020

AEW Global Focused Real Estate Fund – (continued)

Industry Summary at January 31, 2020


REITs – Diversified	23.5	%
Real Estate Management & Development	16.1
REITs – Apartments	15.5
REITs – Office Property	13.3
REITs – Health Care	8.0
REITs – Warehouse/Industrials	7.6
REITs – Shopping Centers	6.8
REITs – Single Tenant	2.8
REITs – Storage	2.2
REITs – Regional Malls	1.0
Short-Term Investments	2.2

Total Investments	99.0
Other assets less liabilities	1.0

Net Assets	100.0	%

Currency Exposure Summary at January 31, 2020


United States Dollar	55.3	%
Japanese Yen	11.7
Euro	8.3
British Pound	5.2
Hong Kong Dollar	5.2
Canadian Dollar	4.7
Australian Dollar	2.7
Swedish Krona	2.7
Singapore Dollar	2.4
New Zealand Dollar	0.8

Total Investments	99.0
Other assets less liabilities	1.0

Net Assets	100.0	%

See accompanying notes to financial statements.

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Statement of Assets and Liabilities

January 31, 2020


ASSETS
Investments at cost	$	113,297,401
Net unrealized appreciation		14,928,658

Investments at value		128,226,059
Receivable for Fund shares sold		158,359
Receivable for securities sold		4,799,018
Dividends and interest receivable		158,716
Tax reclaims receivable		3,962
Prepaid expenses (Note 7)		3

TOTAL ASSETS		133,346,117

LIABILITIES
Payable for securities purchased		3,325,029
Payable for Fund shares redeemed		50,750
Foreign currency payable to custodian bank at value (identified cost $171,259) (Note 8)		171,251
Management fees payable (Note 5)		47,011
Deferred Trustees’ fees (Note 5)		137,179
Administrative fees payable (Note 5)		4,656
Payable to distributor (Note 5d)		2,806
Other accounts payable and accrued expenses		100,779

TOTAL LIABILITIES		3,839,461

NET ASSETS	$	129,506,656

NET ASSETS CONSIST OF:
Paid-in capital	$	114,647,757
Accumulated earnings		14,858,899

NET ASSETS	$	129,506,656

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	33,863,842

Shares of beneficial interest		2,379,811

Net asset value and redemption price per share	$	14.23

Offering price per share (100/94.25 of net asset value) (Note 1)	$	15.10

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	1,391,365

Shares of beneficial interest		97,164

Net asset value and offering price per share	$	14.32

Class N shares:
Net assets	$	10,318,607

Shares of beneficial interest		793,476

Net asset value, offering and redemption price per share	$	13.00

Class Y shares:
Net assets	$	83,932,842

Shares of beneficial interest		6,473,930

Net asset value, offering and redemption price per share	$	12.96

See accompanying notes to financial statements.

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Statement of Operations

For the Year Ended January 31, 2020


INVESTMENT INCOME
Dividends		$	3,356,236
Interest			24,773
Less net foreign taxes withheld			(116,433	)

			3,264,576

Expenses
Management fees (Note 5)			946,821
Service and distribution fees (Note 5)			108,180
Administrative fees (Note 5)			54,283
Trustees’ fees and expenses (Note 5)			42,398
Transfer agent fees and expenses (Notes 5 and 6)			208,086
Audit and tax services fees			67,275
Custodian fees and expenses			33,434
Legal fees (Note 7)			2,951
Registration fees			79,667
Shareholder reporting expenses			68,615
Miscellaneous expenses (Note 7)			28,385

Total expenses			1,640,095
Less waiver and/or expense reimbursement (Note 5)			(384,012	)

Net expenses			1,256,083

Net investment income			2,008,493

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investments	��		15,558,652
Payments by affiliates (Note 5)			94,912
Foreign currency transactions (Note 2c)			80,707
Capital gain distributions received (Note 2)			238,115
Net change in unrealized appreciation (depreciation) on:
Investments			(2,414,406	)
Foreign currency translations (Note 2c)			(1,177	)

Net realized and unrealized gain on investments and foreign currency transactions			13,556,803

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	15,565,296

See accompanying notes to financial statements.

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Statement of Changes in Net Assets


	Year Ended January 31, 2020			Year Ended January 31, 2019
FROM OPERATIONS:
Net investment income	$	2,008,493		$	2,465,715
Net realized gain on investments and foreign currency transactions		15,972,386			7,275,452
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(2,415,583	)		2,058,032

Net increase in net assets resulting from operations		15,565,296			11,799,199

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(5,054,377	)		(3,178,207	)
Class C		(203,308	)		(188,907	)
Class N		(1,522,448	)		(609,544	)
Class Y		(12,551,418	)		(7,039,510	)

Total distributions		(19,331,551	)		(11,016,168	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		12,496,453			(21,486,790	)

Net increase (decrease) in net assets		8,730,198			(20,703,759	)
NET ASSETS
Beginning of the year		120,776,458			141,480,217

End of the year	$	129,506,656		$	120,776,458

See accompanying notes to financial statements.

| 14

Financial Highlights

For a share outstanding throughout each period.


	Class A
	Year Ended January 31, 2020			Year Ended January 31, 2019			Year Ended January 31, 2018			Year Ended January 31, 2017			Year Ended January 31, 2016
Net asset value, beginning of the period	$	14.62		$	14.49		$	15.84		$	15.93		$	18.51

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

Total from Investment Operations		1.83			1.32			0.10			1.51			(1.11	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.39	)		(0.23	)		(0.22	)		(0.22	)		(0.18	)
Net realized capital gains		(1.83	)		(0.96	)		(1.23	)		(1.38	)		(1.29	)

Total Distributions		(2.22	)		(1.19	)		(1.45	)		(1.60	)		(1.47	)

Net asset value, end of the period	$	14.23		$	14.62		$	14.49		$	15.84		$	15.93

Total return(b)(c)		13.18	%		9.95	%		0.49	%		9.51	%		(6.21	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	33,864		$	38,826		$	41,189		$	58,312		$	56,344
Net expenses(d)		1.18	%(e)		1.25	%		1.29	%(f)		1.35	%		1.36	%(g)
Gross expenses		1.50	%		1.45	%		1.43	%		1.38	%		1.38	%
Net investment income		1.46	%		1.75	%		1.49	%		1.06	%		1.31	%
Portfolio turnover rate		107	%(h)		20	%		11	%		13	%		17	%

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

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

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

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

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

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

(g)	Effective May 1, 2015, the expense limit decreased from 1.40% to 1.35%.

(h)	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. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

15 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Class C
	Year Ended January 31, 2020			Year Ended January 31, 2019			Year Ended January 31, 2018			Year Ended January 31, 2017			Year Ended January 31, 2016
Net asset value, beginning of the period	$	14.70		$	14.54		$	15.87		$	15.95		$	18.55

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.14			0.11			0.06			0.09
Net realized and unrealized gain (loss)		1.61			1.06			(0.12	)		1.33			(1.33	)

Total from Investment Operations		1.72			1.20			(0.01	)		1.39			(1.24	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.27	)		(0.08	)		(0.09	)		(0.09	)		(0.07	)
Net realized capital gains		(1.83	)		(0.96	)		(1.23	)		(1.38	)		(1.29	)

Total Distributions		(2.10	)		(1.04	)		(1.32	)		(1.47	)		(1.36	)

Net asset value, end of the period	$	14.32		$	14.70		$	14.54		$	15.87		$	15.95

Total return(b)(c)		12.35	%		9.03	%		(0.21	)%		8.67	%		(6.87	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,391		$	1,946		$	4,472		$	7,307		$	7,869
Net expenses(d)		1.93	%(e)		2.00	%		2.05	%(f)		2.10	%		2.11	%(g)
Gross expenses		2.25	%		2.20	%		2.18	%		2.13	%		2.13	%
Net investment income		0.71	%		0.98	%		0.71	%		0.34	%		0.55	%
Portfolio turnover rate		107	%(h)		20	%		11	%		13	%		17	%

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

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

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

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

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

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

(g)	Effective May 1, 2015, the expense limit decreased from 2.15% to 2.10%.

(h)	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. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

| 16

Financial Highlights (continued)

For a share outstanding throughout each period.


	Class N
	Year Ended January 31, 2020			Year Ended January 31, 2019			Year Ended January 31, 2018			Year Ended January 31, 2017			Year Ended January 31, 2016
Net asset value, beginning of the period	$	13.54		$	13.52		$	14.87		$	15.05		$	17.57

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.24			0.27			0.26			0.22			(0.17	)(b)
Net realized and unrealized gain (loss)		1.48			0.98			(0.11	)		1.27			(0.81	)

Total from Investment Operations		1.72			1.25			0.15			1.49			(0.98	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.43	)		(0.27	)		(0.27	)		(0.29	)		(0.25	)
Net realized capital gains		(1.83	)		(0.96	)		(1.23	)		(1.38	)		(1.29	)

Total Distributions		(2.26	)		(1.23	)		(1.50	)		(1.67	)		(1.54	)

Net asset value, end of the period	$	13.00		$	13.54		$	13.52		$	14.87		$	15.05

Total return		13.49	%(c)		10.22	%(c)		0.88	%(c)		9.91	%		(5.79	)%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	10,319		$	6,830		$	6,865		$	6,108		$	4,513
Net expenses		0.88	%(d)(e)		0.95	%(d)		0.97	%(d)(f)		0.97	%		0.94	%(d)(g)
Gross expenses		1.09	%		1.00	%		1.01	%		0.97	%		1.01	%
Net investment income (loss)		1.69	%		2.07	%		1.79	%		1.38	%		(1.14	)%(b)
Portfolio turnover rate		107	%(h)		20	%		11	%		13	%		17	%

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

(b)	The net investment loss does not correspond with aggregate net investment income earned by the Fund due to the timing of income earned and expenses accrued in relation to changes in net assets of the Fund during the period.

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

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

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

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

(g)	Effective May 1, 2015, the expense limit decreased from 1.10% to 1.05%.

(h)	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. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

17 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Class Y
	Year Ended January 31, 2020			Year Ended January 31, 2019			Year Ended January 31, 2018			Year Ended January 31, 2017			Year Ended January 31, 2016
Net asset value, beginning of the period	$	13.50		$	13.48		$	14.84		$	15.01		$	17.54

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

Total from Investment Operations		1.71			1.25			0.13			1.48			(1.02	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.42	)		(0.27	)		(0.26	)		(0.27	)		(0.22	)
Net realized capital gains		(1.83	)		(0.96	)		(1.23	)		(1.38	)		(1.29	)

Total Distributions		(2.25	)		(1.23	)		(1.49	)		(1.65	)		(1.51	)

Net asset value, end of the period	$	12.96		$	13.50		$	13.48		$	14.84		$	15.01

Total return(b)		13.48	%		10.19	%		0.73	%		9.78	%		(5.95	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	83,933		$	73,173		$	88,954		$	126,203		$	140,022
Net expenses(c)		0.93	%(d)		1.00	%		1.04	%(e)		1.10	%		1.11	%(f)
Gross expenses		1.25	%		1.20	%		1.18	%		1.13	%		1.13	%
Net investment income		1.72	%		2.00	%		1.71	%		1.30	%		1.55	%
Portfolio turnover rate		107	%(g)		20	%		11	%		13	%		17	%

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

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

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

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

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

(f)	Effective May 1, 2015, the expense limit decreased from 1.15% to 1.10%.

(g)	The variation in the Fund’s turnover rate from the year ended January 31, 2019 to the year ended January 31, 2020 was primarily due to a change in the investment strategy of the Fund. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

| 18

Notes to Financial Statements

January 31, 2020

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”).

At close of business on May 31, 2019, the Fund changed its name and investment strategy.

The Fund is a diversified investment company.

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

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

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”) and Natixis ETF Trust. 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

19 |

Notes to Financial Statements (continued)

January 31, 2020

disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to year-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Fund’s financial statements.

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

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

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general

| 20

Notes to Financial Statements (continued)

January 31, 2020

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

As of January 31, 2020, securities held by Fund were fair valued as follows:

Equity
securities¹

Percentage of

Net Assets

$44,564,541

34.4%

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

b. Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on the trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as the Fund is notified, and interest income is recorded on an accrual basis. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in dividends received from the Fund’s investments in real estate investment trusts (“REITs”) are reported to the Fund after the end of the calendar year; accordingly, the Fund estimates these amounts for accounting purposes until the characterization of REIT distributions is reported to the Fund after the end of the calendar year. Estimates for the period from January 1 through January 31, 2020 are included in the Statement of Operations. Estimates are based on the most recent REIT distribution information available. Interest income is increased by the accretion of discount and decreased by the amortization of premium. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class-specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

21 |

Notes to Financial Statements (continued)

January 31, 2020

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

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

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

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

d. Federal and Foreign Income Taxes. The Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of the Fund’s tax positions for the open tax years as of January 31, 2020 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 twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Fund. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

| 22

Notes to Financial Statements (continued)

January 31, 2020

The Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statement of Operations as a reduction of investment income, net of amounts eligible to be reclaimed. 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 will be filed 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 return of capital distributions received. Permanent book and tax basis differences relating to foreign currency gains and losses, distribution re-designations, passive foreign investment company adjustments and return of capital and capital gain distributions received 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.

23 |

Notes to Financial Statements (continued)

January 31, 2020

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended January 31, 2020 and 2019 were as follows:


2020 Distributions Paid From:					2019 Distributions Paid From:
Ordinary Income	Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
$5,390,847	$	13,940,704	$	19,331,551	$	2,362,427	$	8,653,741	$	11,016,168

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, 2020, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	$	182,917
Undistributed long-term capital gains		1,557,625

Total undistributed earnings		1,740,542

Unrealized appreciation		13,255,536

Total accumulated earnings	$	14,996,078

As of January 31, 2020, the tax cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:


Federal tax cost	$	114,969,346

Gross tax appreciation	$	15,156,013
Gross tax depreciation		(1,899,300	)

Net tax appreciation	$	13,256,713

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

f. Repurchase Agreements. The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of

| 24

Notes to Financial Statements (continued)

January 31, 2020

the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of January 31, 2020, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statement of Assets and Liabilities for financial reporting purposes.

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

For the year ended January 31, 2020, the Fund did not loan securities under this agreement.

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

i. New Accounting Pronouncement. In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update introduces new fair value disclosure requirements, eliminates some prior fair value disclosure requirements, and modifies certain existing fair value disclosure requirements. ASU 2018-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Management has evaluated the impact of the

25 |

Notes to Financial Statements (continued)

January 31, 2020

adoption of ASU 2018-13 and will incorporate required disclosure updates in the Fund’s semiannual financial statements as of July 31, 2020.

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

•

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

•

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

•

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

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

The following is a summary of the inputs used to value the Fund’s investments as of January 31, 2020, at value:

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	3,474,678	$	—	$	3,474,678
France		1,020,179		2,525,298		—		3,545,477
Germany		—		5,114,743		—		5,114,743
Hong Kong		—		6,705,686		—		6,705,686
Japan		426,210		14,751,246		—		15,177,456
New Zealand		—		1,088,477		—		1,088,477
Singapore		880,088		2,225,279		—		3,105,367
Spain		—		1,498,039		—		1,498,039
Sweden		1,790,376		1,676,795		—		3,467,171
United Kingdom		1,254,154		5,504,300		—		6,758,454
All Other Common Stocks(a)		75,371,541		—		—		75,371,541

Total Common Stocks	$	80,742,548	$	44,564,541	$	—	$	125,307,089

Short-Term Investments		—		2,918,970		—		2,918,970

Total	$	80,742,548	$	47,483,511	$	—	$	128,226,059

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

| 26

Notes to Financial Statements (continued)

January 31, 2020

For the year ended January 31, 2020, there were no transfers among Levels 1, 2 and 3.

4. Purchases and Sales of Securities. For the year ended January 31, 2020, purchases and sales of securities (excluding short-term investments) were $130,288,294 and $137,458,499 respectively.

5. Management Fees and Other Transactions with Affiliates.

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

Prior to June 1, 2019, the Fund paid a management fee at the annual rate of 0.80% of the first $500 million of the Fund’s average daily net assets and 0.75% of the Fund’s average daily net assets in excess of $500 million, calculated daily and payable monthly.

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, 2020, 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 period June 1, 2019 to January 31, 2020, the expense limits as a percentage of average daily net assets under the expense limitation agreement were as follows:


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

Prior to June 1, 2019, the expense limits as a percentage of average daily net assets under the expense limitation agreement were as follows:


Expense Limit as a Percentage of Average Daily Net Assets
Class A	Class C		Class N		Class Y
1.25%		2.00%		0.95%		1.00%

27 |

Notes to Financial Statements (continued)

January 31, 2020

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

For the year ended January 31, 2020, the management fees and waiver of management fees for the Fund were as follows:


Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Percentage of Average Daily Net Assets
Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Gross			Net
$	946,821	$	382,467	$	564,354		0.77	%		0.46	%

¹	Management fee waiver is subject to possible recovery until January 31, 2021.

No expenses were recovered during the year ended January 31, 2020 under the terms of the expense limitation agreement.

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

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

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

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

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

| 28

Notes to Financial Statements (continued)

January 31, 2020

For the year ended January 31, 2020, the service and distribution fees for the Fund were as follows:


Service Fees		Distribution Fees
Class A	Class C	Class C
$91,207	$4,243	$12,730

c. Administrative Fees. Natixis Advisors, L.P. (“Natixis Advisors”) provides certain administrative services for the Fund and contracts with State Street Bank to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trust and Natixis Advisors, effective July 1, 2019, 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 Trust, 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 Trust of $10 million, which is reevaluated on an annual basis.

Prior to July 1, 2019, the Fund paid Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, 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 Trust of $10 million.

Effective October 1, 2018, State Street Bank agreed to reduce the fees it receives from Natixis Advisors for serving as sub-administrator to the Fund. Also, effective October 1, 2018, Natixis Advisors agreed to voluntarily waive fees paid by the Fund in an amount equal to the reduction in sub-administrative fees discussed above. The waiver was in effect through June 30, 2019.

For the year ended January 31, 2020, the administrative fees were as follows:


Gross Administrative Fees	Waiver of Administrative Fees	Net Administrative Fees
$54,283	$519	$53,764

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

29 |

Notes to Financial Statements (continued)

January 31, 2020

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

For the year ended January 31, 2020, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statement of Operations) for the Fund were $173,064.

As of January 31, 2020, the Fund owes Natixis Distribution $2,806 in reimbursements for sub-transfer agent fees (which are reflected in the Statement of Assets and Liabilities as payable to distributor).

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

e. Commissions. Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the year ended January 31, 2020 amounted to $1,927.

f. Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $199,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee and the chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $20,000. The chairperson of the Governance Committee receives 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

| 30

Notes to Financial Statements (continued)

January 31, 2020

or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust 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.

Prior to January 1, 2020, the Chairperson of the Board received a retainer fee at the annual rate of $360,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $190,000, and the chairperson of the Governance Committee received an additional retainer fee at the annual rate of $15,000. All other Trustee fees remained unchanged.

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

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

g. Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for the Fund’s Class N shares. This undertaking is in effect through May 31, 2020 and is not subject to recovery under the expense limitation agreement described above.

For the year ended January 31, 2020, Natixis Advisors reimbursed the Fund $1,026 for transfer agency expenses related to Class N shares.

h. Payment by Affiliates. For the year ended January 31, 2020, AEW and Natixis reimbursed the Fund $94,912 for transaction costs incurred in conjunction with a strategy change (see Note 1 of Notes to Financial Statements). This amount is included in realized gains in the Statement of Operations.

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

31 |

Notes to Financial Statements (continued)

January 31, 2020

For the year ended January 31, 2020, the Fund incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):


	Class A		Class C		Class N		Class Y
Transfer Agent Fees and Expenses	$	66,017	$	3,094	$	1,026	$	137,949

7. Line of Credit. The Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and certain other legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees and/or miscellaneous expenses on the Statement of Operations. The unamortized balance is reflected as prepaid expenses on the Statement of Assets and Liabilities.

For the year ended January 31, 2020, the Fund had no borrowings under this agreement.

8. Payable to Custodian Bank. The Fund’s custodian bank provides overdraft protection to the Fund in the event of a cash shortfall. Cash overdrafts bear interest at various rates depending on the type of currency overdrawn. At January 31, 2020, the Fund had payables, at value, of $171,251 to the custodian bank for foreign currency overdrafts that bear interest at a rate per annum equal to a flat rate of 5.25%.

9. Concentration of 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.

| 32

Notes to Financial Statements (continued)

January 31, 2020

10. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Fund. As of January 31, 2020, based on management’s evaluation of the shareholder account base, the Fund had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:


Number of 5% Account Holders		Percentage of Ownership
3		27.92%

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.

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


	Year Ended January 31, 2020						Year Ended January 31, 2019
	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		319,793		$	4,789,208			526,863		$	7,517,660
Issued in connection with the reinvestment of distributions		331,314			4,591,537			201,730			2,730,701
Redeemed		(927,512	)		(13,834,719	)		(914,593	)		(13,021,531	)

Net change		(276,405	)	$	(4,453,974	)		(186,000	)	$	(2,773,170	)

Class C
Issued from the sale of shares		22,418		$	338,924			16,412		$	230,189
Issued in connection with the reinvestment of distributions		11,152			155,279			11,125			149,205
Redeemed		(68,812	)		(1,043,756	)		(202,751	)		(2,915,664	)

Net change		(35,242	)	$	(549,553	)		(175,214	)	$	(2,536,270	)

Class N
Issued from the sale of shares		327,855		$	4,634,832			56,043		$	737,042
Issued in connection with the reinvestment of distributions		120,236			1,520,839			48,507			609,543
Redeemed		(159,161	)		(2,194,099	)		(107,938	)		(1,433,215	)

Net change		288,930		$	3,961,572			(3,388	)	$	(86,630	)

33 |

Notes to Financial Statements (continued)

January 31, 2020

11. Capital Shares (continued).


	Year Ended January 31, 2020						Year Ended January 31, 2019
	Shares			Amount			Shares			Amount
Class Y
Issued from the sale of shares		2,660,649		$	37,412,704			969,223		$	12,626,402
Issued in connection with the reinvestment of distributions		958,247			12,105,884			509,525			6,385,886
Redeemed		(2,563,936	)		(35,980,180	)		(2,656,842	)		(35,103,008	)

Net change		1,054,960		$	13,538,408			(1,178,094	)	$	(16,090,720	)

Increase (decrease) from capital share transactions		1,032,243		$	12,496,453			(1,542,696	)	$	(21,486,790	)

12. Subsequent Events. Subsequent to January 31, 2020, global markets have experienced periods of high volatility triggered by the rapidly evolving public health emergency known as coronavirus (“COVID-19”). As the situation continues to unfold, the extent and duration of the impact that the COVID-19 outbreak may have on financial markets and the economy as a whole remains highly uncertain. If the effects of the COVID-19 outbreak on financial markets and the economy continue for an extended period of time, the Funds’ future financial and investment results may be adversely affected.

| 34

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AEW Global Focused Real Estate Fund (one of the funds constituting Natixis Funds Trust IV, referred to hereafter as the “Fund”) as of January 31, 2020, the related statement of operations for the year ended January 31, 2020, the statement of changes in net assets for each of the two years in the period ended January 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended January 31, 2020 and the financial highlights for each of the five years in the period ended January 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2020 by correspondence with the custodian and brokers; when replies

35 |

Report of Independent Registered Public Accounting Firm

were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

March 23, 2020

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

| 36

2020 U.S. Tax Distribution Information to Shareholders (Unaudited)

Qualified Dividend Income. For the fiscal year ended January 31, 2020, 3.69% of the ordinary income dividends paid by the Fund are considered qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. Complete information will be reported in conjunction with Form 1099-DIV.

Capital Gains Distributions. Pursuant to Internal Revenue Section 852(b), the Fund designates as a capital gain dividend the amounts reflected below for the fiscal year ended January 31, 2020:

$13,858,068 subject to a long-term capital gains tax rate of not greater than 20%, and $82,636 subject to a long-term capital gains tax rate of not greater than 25%.

Qualified Business Income Deduction. For the fiscal year ended January 31, 2020, 31.65% of the ordinary income dividends paid by the Fund are eligible for the Qualified Business Income deduction.

37 |

Trustee and Officer Information

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


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

INDEPENDENT TRUSTEES

Kenneth A. Drucker (1945)	Chairperson of the Board of Trustees since January 2017 Trustee since 2008 Ex Officio member of the Audit Committee, Contract Review Committee and Governance Committee	Retired	51 None	Significant experience on the Board and on the boards of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)

Edmond J. English (1953)	Trustee since 2013 Chairperson of the Governance Committee and Audit Committee Member	Executive Chairman of Bob’s Discount Furniture (retail)	51 Director, Burlington Stores, Inc. (retail)	Significant experience on the Board and on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)

| 38

Trustee and Officer Information


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

INDEPENDENT TRUSTEES continued

Richard A. Goglia (1951)	Trustee since 2015 Contract Review Committee Member and Governance Committee Member	Retired; formerly Vice President and Treasurer of Raytheon Company (defense)	51 None	Significant experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)

Wendell J. Knox (1948)	Trustee since 2009 Chairperson of the Contract Review Committee	Director of Abt Associates Inc. (research and consulting)	51 Director, The Hanover Insurance Group (property and casualty insurance); formerly, Director, Eastern Bank (bank)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

39 |

Trustee and Officer Information


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

INDEPENDENT TRUSTEES continued

Martin T. Meehan (1956)	Trustee since 2012 Audit Committee Member	President, University of Massachusetts; formerly, Chancellor and faculty member, University of Massachusetts Lowell	51 None	Significant experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience

Maureen B. Mitchell (1951)	Trustee since 2017 Contract Review Committee Member and Governance Committee Member	Retired; formerly President, Global Sales and Marketing, GE Asset Management, Inc. (financial services)	51 Director, Sterling Bancorp (bank)	Experience on the Board; financial services industry and executive experience (including role as president of global sales and marketing at a financial services company)

| 40

Trustee and Officer Information


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

INDEPENDENT TRUSTEES continued

James P. Palermo (1955)	Trustee since 2016 Contract Review Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity)	51 Director, FutureFuel.io (chemicals and biofuels)	Experience on the Board; financial services industry and executive experience (including roles as chief executive officer of client management and asset servicing for a banking and financial services company)

Erik R. Sirri (1958)	Trustee since 2009 Chairperson of the Audit Committee	Professor of Finance at Babson College	51 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist

Peter J. Smail (1952)	Trustee since 2009 Audit Committee Member and Governance Committee Member	Retired	51 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)

41 |

Trustee and Officer Information


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

INDEPENDENT TRUSTEES continued

Kirk A. Sykes (1958)	Trustee since 2019 Contract Review Committee Member	Managing Director of Accordia Partners, LLC (real estate development); President of Primary Corporation (real estate development); Managing Principal of Merrick Capital Partners (infrastructure finance); formerly, President of Urban Strategy America Fund (real estate fund manager)	51 Trustee, Eastern Bank (bank); formerly Director, Ares Commercial Real Estate Corporation (real estate investment trust)	Experience on the Board and significant experience on the boards of other business organizations (including real estate companies and banks)

Cynthia L. Walker (1956)	Trustee since 2005 Audit Committee Member and Governance Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine	51 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

| 42

Trustee and Officer Information


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

INTERESTED TRUSTEES

Kevin P. Charleston³ (1965) One Financial Center Boston, MA 02111	Trustee since 2015	President, Chief Executive Officer and Chairman of the Board of Directors; formerly, Chief Financial Officer, Loomis, Sayles & Company, L.P.	51 None	Experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

David L. Giunta⁴ (1965)	Trustee since 2011 President and Chief Executive Officer since 2008	President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation	51 None	Significant experience on the Board; experience as President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation

Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term. Mr. Drucker was appointed to serve an additional one year term as the Chairperson of the Board on June 12, 2019.

²	The trustees of the Trust serve as trustees of a fund complex that includes all series of the Trust, Natixis Funds Trust I, Natixis Funds Trust II, Gateway Trust, Loomis Sayles Funds I, Loomis Sayles Funds II and Natixis ETF Trust (collectively, the “Fund Complex”).

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

⁴

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

43 |

Trustee and Officer Information


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

OFFICERS OF THE TRUST

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

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

Kirk D. Johnson (1981)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Since 2018	Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.; formerly, Associate General Counsel, Natixis Distribution, L.P.; Vice President and Counsel, Natixis Investment Managers, LLC

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

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

| 44

LOGO

Annual Report

January 31, 2020

Natixis Sustainable Future 2015 Fund^®

Natixis Sustainable Future 2020 Fund^®

Natixis Sustainable Future 2025 Fund^®

Natixis Sustainable Future 2030 Fund^®

Natixis Sustainable Future 2035 Fund^®

Natixis Sustainable Future 2040 Fund^®

Natixis Sustainable Future 2045 Fund^®

Natixis Sustainable Future 2050 Fund^®

Natixis Sustainable Future 2055 Fund^®

Natixis Sustainable Future 2060 Fund^®

Table of Contents


Portfolio Review			1
Portfolio of Investments			27
Financial Statements			97
Notes to Financial Statements			115

IMPORTANT NOTICE TO SHAREHOLDERS

NATIXIS SUSTAINABLE FUTURE FUNDS^®



Managers		Symbols

Natixis Advisors, L.P.*

Mirova Global Sustainable Equity Segment		2015 Fund Class N NSFBX

Mirova Carbon Neutral U.S. Equity Segment		2020 Fund Class N NSFDX

Mirova US LLC (formerly a division within Ostrum Asset Management U.S., LLC)		2025 Fund Class N NSFEX 2030 Fund Class N NSFFX

		2035 Fund Class N NSFGX

AIA U.S. Large Cap Value ESG Segment		2040 Fund Class N NSFHX

AIA U.S. Small/Mid Cap ESG Segment		2045 Fund Class N NSFJX

AIA International Developed Markets Equity ESG Segment		2050 Fund Class N NSFKX

AIA Emerging Markets ESG Segment		2055 Fund Class N NSFLX

Active Index Advisors^®, a division of Natixis Advisors, L.P.		2060 Fund Class N NSFMX

Harris Associates Large Cap Value Segment

Harris Associates L.P.

Loomis Sayles All Cap Growth Segment

Loomis Sayles Core Fixed Income Segment

Loomis, Sayles & Company, L.P.

Portfolio Allocations

Wilshire Associates Incorporated

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

Investment Goal

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

Market Conditions

Volatility continued in the markets in 2019. The combination of US-China trade wars, changing monetary stimulus, global growth concerns, volatile oil prices, and lower long-term bond prices drove volatility in stocks but ultimately lifted them by the end of the year. Risk assets, and stocks in particular, have benefitted from the low interest rates and easy monetary policy that have been in place since 2008. When the Federal Reserve (Fed) began raising rates in 2015, financial conditions began to grow less favorable. However, in 2019, the Fed reversed course and lowered rates three times. This helped to ease investors’ worry about the impact of higher rates and tighter financial conditions on company fundamentals.

Overall, both US and foreign stocks gained in the 12 months ending January 31, 2020. The year started slowly through May, but volatility started to creep back into the market by late summer as investors’ concern continued about the global impact of trade tensions between the US and China. However, as the prospect of resolution grew, equities picked up steam again, leading to all-time highs into December and the best calendar year performance in recent years. The top performing regions were the US, Japan and Europe, while the emerging markets were positive but trailed for the period. At the very end of the period, markets came off of their highs as uncertainty grew with the spread of the corona virus.

On the bond front, despite the strong demand for stocks, long-term bonds appreciated, causing yields on 10-year Treasuries to fall over 1.1% to about 1.5% at the end of the period. This movement in bond yields paralleled the actions of the Fed as they eased from a recent high of 2.5% to 1.75% on the Federal Funds Target Rate.

Performance Results

While the Natixis Sustainable Future Funds gained for the 12-month period ended January 31, 2020, they also outperformed their benchmarks, except for the Natixis Sustainable Future 2040 Fund, which underperformed its benchmark. This table shows performance for each Fund for the year ended January 31, 2020 compared to its benchmark in the S&P Target Date^® Index Series.



Fund Name	Fund Performance as of 1/31/2020			Benchmark	Benchmark Performance as of 1/31/2020
Natixis Sustainable Future 2015 Fund		11.81	%	S&P Target Date 2015^® Index¹		11.05	%
Natixis Sustainable Future 2020 Fund		12.31		S&P Target Date 2020^® Index¹		11.52
Natixis Sustainable Future 2025 Fund		12.73		S&P Target Date 2025^® Index¹		12.26

1 |



Fund Name	Fund Performance as of 1/31/2020			Benchmark	Benchmark Performance as of 1/31/2020
Natixis Sustainable Future 2030 Fund		13.12	%	S&P Target Date 2030^® Index¹		13.01	%
Natixis Sustainable Future 2035 Fund		14.29		S&P Target Date 2035^® Index¹		13.67
Natixis Sustainable Future 2040 Fund		14.05		S&P Target Date 2040^® Index¹		14.10
Natixis Sustainable Future 2045 Fund		14.73		S&P Target Date 2045^® Index¹		14.35
Natixis Sustainable Future 2050 Fund		14.47		S&P Target Date 2050^® Index¹		14.41
Natixis Sustainable Future 2055 Fund		14.93		S&P Target Date 2055^® Index¹		14.48
Natixis Sustainable Future 2060 Fund		14.78		S&P Target Date 2060+^® Index¹		14.65

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results.

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

Explanation of Fund Performance

The Funds are diversified across thirteen US and international allocations. Eight of the allocations follow a sustainable investing approach, selecting investments based on ESG criteria. ESG stands for environmental, social and governance, also known as sustainable or socially responsible investing. Two of the allocations invest in US companies and investments are reviewed for ESG criteria. The remaining two allocations invest primarily in US government and agency securities.

The Funds added three new segments and stopped allocating to one in April, enhancing diversification through dedicated access to specific asset classes.

•

Mirova Global Sustainable Equity Segment invests in US and international companies that relate to sustainable development themes and which Mirova believes adhere to ESG practices, have strong fundamentals, and offer attractive valuations. (no longer allocated as of April, 2019)

•

Mirova International Sustainable Equity Fund invests in non-US companies that relate to sustainable development themes and adhere to ESG practices, have strong fundamentals, and offer attractive valuations.

•

Mirova Carbon Neutral U.S. Equity Segment provides broad exposure to the S&P 500^® Index, but factors carbon neutrality into its security selection.

•

Mirova Global Green Bond Fund focuses on investment-grade bonds issued to finance projects with a positive environmental impact.

•

AIA U.S. Large Cap Value ESG Segment maintains an ESG focus to investing in US large-cap stocks, with a value bias.

•

AIA U.S. Small/Mid Cap ESG Segment maintains an ESG focus to investing in US small- and mid-cap stocks.

•

AIA International Developed Markets Equity ESG Segment maintains an ESG focus to investing in international stocks from the developed markets.

•

AIA Emerging Markets ESG Segment maintains an ESG focus to investing in emerging market stocks.

•

Harris Associates Large Cap Value Segment invests in mid-sized and large US companies that are valued at a discount to intrinsic value. (Added April, 2019)

•

Loomis Sayles All Cap Growth Segment invests in US companies across all market capitalizations focusing on quality, growth potential and valuations. (Added April, 2019)

•

Loomis Sayles Inflation Protected Securities Fund invests primarily in Treasury Inflation Protected Securities (“TIPs”) to provide income and hedge against inflation.

•

Loomis Sayles Limited Term Government and Agency Fund provides ballast to help minimize volatility and losses.

•

Loomis Sayles Core Fixed Income Segment is a benchmark aware core bond portfolio that combines bottom-up security selection with top-down macro strategy. Seeks to outperform the Bloomberg Barclays US Aggregate Index while providing strong risk adjusted returns. (Added April, 2019)

Both the Funds’ fixed income and equity allocations posted positive absolute returns and added to overall performance for the 12 months ending January 31, 2020. The benchmarks mentioned below are specific to each segment or Fund, as applicable.

The Mirova Global Sustainable Equity Segment outpaced its benchmark, the MSCI World Index (Net)¹. Strong stock picking within the healthcare, industrials, materials, financials and information technology sectors was the largest contributor. This was partially offset by security selection in the communication services sector.

The Mirova International Sustainable Equity Fund outperformed its benchmark, the MSCI EAFE Index (Net)². Strong security selection within the information technology, industrials and utilities sectors, coupled with an overweight position to the best performing information technology sector, were the largest contributors. An underweight position in energy, the worst performing sector, also contributed. This was partially offset by security selection in the healthcare, materials and consumer staples sectors.

| 2

NATIXIS SUSTAINABLE FUTURE FUNDS^®

The Mirova Carbon Neutral U.S. Equity Segment underperformed its benchmark, the S&P 500^® Index³. Security selection within the information technology, healthcare, consumer discretionary and financials sectors was the largest detractor. This was partially offset by an underweight position to energy, the worst performing sector, and strong security selection in the industrials and utilities sectors.

The Mirova Global Green Bond Fund slightly underperformed its benchmark, the Bloomberg Barclays MSCI Green Bond Index⁴. Currency hedging was the largest detractor, specifically hedging the Fund’s Euro exposure back to USD, as the dollar strengthened vs. the Euro for the period.

The AIA U.S. Large Cap Value ESG Segment underperformed its benchmark, the S&P 500^® Value Index⁵. An underweight allocation to information technology, the best performing sector, was the largest detractor. Security selection within the financials, real estate and communication services sectors also detracted. This was partially offset by strong stock selection in the materials and utilities sectors.

The AIA U.S. Small/Mid Cap ESG Segment outperformed its benchmark, the S&P 1000^® Index⁶. Strong security selection within the healthcare, consumer discretionary, real estate and materials sectors was the primary contributor. This was partially offset by security selection in the financials and information technology sectors.

The AIA International Developed Markets Equity ESG Segment outperformed its benchmark, The MSCI EAFE Index (Net)². Strong security selection within the consumer discretionary, industrials and financials sectors was the primary contributor. This was partially offset by stock picking in the real estate sector.

The AIA Emerging Markets ESG Segment outperformed its benchmark, the MSCI Emerging Markets Index⁷. Strong security selection within the industrials, communication services and utilities sectors was the primary contributor. This was partially offset by stock picking in the financials, materials and energy sectors.

The Harris Associates Large Cap Value Segment underperformed its benchmark, the S&P 500^® Index³. Security selection in the information technology, energy, consumer discretionary and industrials sectors was the largest detractor. This was partially offset by strong stock selection in the financials and communication services sectors. An underweight to materials also positively contributed.

The Loomis Sayles All Cap Growth Segment underperformed its benchmark, the Russell 3000^® Growth Index⁸. Security selection in the information technology, consumer discretionary, healthcare and industrials sectors was the largest detractor. This was partially offset by strong stock picking in the financials and communication services sectors.

The Loomis Sayles Limited Term Government and Agency Fund underperformed its benchmark, the Bloomberg Barclays U.S. 1-5 Year Government Bond Index⁹. An out-of-benchmark allocation to agency pass through securities and agency CMOs was the largest detractor. Yield curve positioning within those sectors, specifically being short on the curve, also detracted.

The Loomis Sayles Inflation Protected Securities Fund slightly underperformed its benchmark, the Bloomberg Barclays U.S. Treasury Inflation Protected Securities Index¹⁰. Select Treasury positions slightly detracted. Inflation expectations remained dampened throughout most of 2019 due to continued easing from global central banks.

The Loomis Sayles Core Fixed Income Segment outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹¹. The strategy’s overweight position to investment grade corporate credit positively contributed. Strong security selection in the technology, REITs, insurance and consumer cyclical sectors was also additive.

The allocations for each Fund during the period approximated the amounts shown in the charts on pages 4-21.

MSCI World Index (Net) is an unmanaged index that is designed to measure the equity market performance of developed markets. It is comprised of common stocks of companies representative of the market structure of developed market countries in North America, Europe, and the Asia/Pacific Region. The index is calculated without dividends, with net or with gross dividends reinvested, in both U.S. dollars and local currencies.

2.	MSCI EAFE Index (Net) is a free float-adjusted market capitalization index designed to measure large and mid-cap equity performance in developed markets, excluding the U.S. and Canada. The Index includes countries in Europe, Australasia, and the Far East.

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

Bloomberg Barclays MSCI Green Bond Index provides a broad-based measure of global fixed-income securities issued to fund projects with direct environmental benefits according to MSCI ESG Research’s green bond criteria. The green bonds are primarily investment-grade, or may be classified by other sources when bond ratings are not available. The Index may include green bonds from the corporate, securitized, Treasury, or government-related sectors.

5.	S&P 500^® Value Index measures the performance of the large-capitalization value sector in the US equity market. It is a subset of the S&P 500^® Index and consists of those stocks in the S&P 500 Index exhibiting the strongest value characteristics.

6.	S&P 1000^® Index combines the S&P MidCap 400^® and the S&P SmallCap 600^® to form a benchmark for the mid- to small-cap segment of the U.S. equity market.

7.	MSCI Emerging Markets Index is an unmanaged index that is designed to measure the equity market performance of emerging markets.

Russell 3000^® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000^® Growth Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad growth market. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

Bloomberg Barclays U.S. 1-5 Year Government Bond Index is a subindex of the Bloomberg Barclays U.S. Government Index, which is comprised of the Bloomberg Barclays U.S. Treasury and U.S. Agency Indices. The Bloomberg Barclays U.S. Government Index includes Treasuries (public obligations of the U.S. Treasury that have remaining maturities of more than one year) and U.S. agency debentures (publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The Bloomberg Barclays U.S. Government Index is a component of the Bloomberg Barclays U.S. Government/Credit Bond Index and the Bloomberg Barclays U.S. Aggregate Bond Index.

3 |

10.

Bloomberg Barclays U.S. Treasury Inflation Protected Securities Index is an unmanaged index that tracks inflation protected securities issued by the U.S. Treasury. On March 1, 1997, Barclays launched the Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index (Series-L), a rules-based, market value-weighted index that tracks inflation-protected securities issued by the U.S. Treasury.

11.

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based index that covers the U.S.-dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, government-related, corporate, mortgage-backed securities, asset-backed securities, and collateralized mortgage-backed securities sectors.

Covid-19 Pandemic

The recent overall impact of the coronavirus (“COVID-19”) outbreak on the financial markets and the performance of the Funds’ investments has been significant. The potential duration and continued impact of COVID-19 on the financial markets and the overall economy are uncertain. If the financial markets and/or the overall economy are impacted for an extended period, the Funds’ future financial and investment results may be adversely affected.

NATIXIS SUSTAINABLE FUTURE 2015 FUND

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

February 28, 2017 (inception) through January 31, 2020

LOGO

See notes to chart on page 22.

Asset Allocation as of January 31, 2020*



	% of net assets
Equity		43.91	%
AIA Emerging Markets ESG Segment		1.47
AIA International Developed Markets Equity ESG Segment		4.45
AIA Large Cap Value ESG Segment		4.44
AIA U.S. Small/Mid Cap ESG Segment		5.86
Harris Associates Large Cap Value Segment		7.36
Loomis Sayles All Cap Growth Segment		7.44
Mirova Carbon Neutral U.S. Equity Segment		5.92
Mirova International Sustainable Equity Segment		6.97
Fixed Income		54.08
Loomis Sayles Core Fixed Income Segment		19.70
Loomis Sayles Inflation Protected Securities Fund		12.65
Loomis Sayles Limited Term Government and Agency Fund		11.11
Mirova Global Green Bond Fund		10.62
Cash		2.01

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

| 4

NATIXIS SUSTAINABLE FUTURE FUNDS^®

NATIXIS SUSTAINABLE FUTURE 2015 FUND

Average Annual Total Returns – January 31, 2020²



					Expense Ratios³

	1 Year		Life of Fund		Gross		Net

Class N (Inception 2/28/17)
NAV		11.81%		7.99%		4.12%		0.55%

Comparative Performance
S&P Target Date 2015^® Index¹		11.05		6.66

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 22.

NATIXIS SUSTAINABLE FUTURE 2020 FUND

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

February 28, 2017 (inception) through January 31, 2020

LOGO

See notes to chart on page 22.

5 |

Asset Allocation as of January 31, 2020*



	% of net assets
Equity		51.91	%
AIA Emerging Markets ESG Segment		2.44
AIA International Developed Markets Equity ESG Segment		5.45
AIA Large Cap Value ESG Segment		4.45
AIA U.S. Small/Mid Cap ESG Segment		6.85
Harris Associates Large Cap Value Segment		8.86
Loomis Sayles All Cap Growth Segment		8.96
Mirova Carbon Neutral U.S. Equity Segment		6.92
Mirova International Sustainable Equity Segment		7.98
Fixed Income		46.08
Loomis Sayles Core Fixed Income Segment		18.73
Loomis Sayles Inflation Protected Securities Fund		8.11
Loomis Sayles Limited Term Government and Agency Fund		9.61
Mirova Global Green Bond Fund		9.63
Cash		2.01

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

Average Annual Total Returns – January 31, 2020²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		12.31	%		8.65	%		4.15	%		0.55	%

Comparative Performance
S&P Target Date 2020^® Index¹		11.52			7.10

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 22.

| 6

NATIXIS SUSTAINABLE FUTURE FUNDS^®

NATIXIS SUSTAINABLE FUTURE 2025 FUND

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

February 28, 2017 (inception) through January 31, 2020

LOGO

See notes to chart on page 22.

Asset Allocation as of January 31, 2020*



	% of net assets
Equity		60.44	%
AIA Emerging Markets ESG Segment		3.43
AIA International Developed Markets Equity ESG Segment		6.45
AIA Large Cap Value ESG Segment		4.95
AIA U.S. Small/Mid Cap ESG Segment		7.87
Harris Associates Large Cap Value Segment		9.85
Loomis Sayles All Cap Growth Segment		9.98
Mirova Carbon Neutral U.S. Equity Segment		7.92
Mirova International Sustainable Equity Segment		9.99
Fixed Income		37.54
Loomis Sayles Core Fixed Income Segment		16.74
Loomis Sayles Inflation Protected Securities Fund		5.08
Loomis Sayles Limited Term Government and Agency Fund		7.60
Mirova Global Green Bond Fund		8.12
Cash		2.02

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

7 |

Average Annual Total Returns – January 31, 2020²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		12.73	%⁴		9.10	%		4.82	%		0.56	%

Comparative Performance
S&P Target Date 2025^® Index¹		12.26			7.70

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 22.

| 8

NATIXIS SUSTAINABLE FUTURE FUNDS^®

NATIXIS SUSTAINABLE FUTURE 2030 FUND

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

February 28, 2017 (inception) through January 31, 2020

LOGO

See notes to chart on page 22.

Asset Allocation as of January 31, 2020*



	% of net assets
Equity		68.97	%
AIA Emerging Markets ESG Segment		3.46
AIA International Developed Markets Equity ESG Segment		7.44
AIA Large Cap Value ESG Segment		6.44
AIA U.S. Small/Mid Cap ESG Segment		8.83
Harris Associates Large Cap Value Segment		11.36
Loomis Sayles All Cap Growth Segment		11.50
Mirova Carbon Neutral U.S. Equity Segment		8.43
Mirova International Sustainable Equity Segment		11.51
Fixed Income		28.97
Loomis Sayles Core Fixed Income Segment		13.21
Loomis Sayles Inflation Protected Securities Fund		4.58
Loomis Sayles Limited Term Government and Agency Fund		5.08
Mirova Global Green Bond Fund		6.10
Cash		2.06

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

9 |

Average Annual Total Returns – January 31, 2020²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		13.12	%		9.84	%		5.19	%		0.57	%

Comparative Performance
S&P Target Date 2030^® Index¹		13.01			8.24

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 22.

| 10

NATIXIS SUSTAINABLE FUTURE FUNDS^®

NATIXIS SUSTAINABLE FUTURE 2035 FUND

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

February 28, 2017 (inception) through January 31, 2020

LOGO

See notes to chart on page 22.

Asset Allocation as of January 31, 2020*



	% of net assets
Equity		77.59	%
AIA Emerging Markets ESG Segment		3.94
AIA International Developed Markets Equity ESG Segment		8.47
AIA Large Cap Value ESG Segment		6.45
AIA U.S. Small/Mid Cap ESG Segment		10.34
Harris Associates Large Cap Value Segment		12.88
Loomis Sayles All Cap Growth Segment		13.02
Mirova Carbon Neutral U.S. Equity Segment		9.94
Mirova International Sustainable Equity Segment		12.55
Fixed Income		20.38
Loomis Sayles Core Fixed Income Segment		9.17
Loomis Sayles Inflation Protected Securities Fund		3.57
Loomis Sayles Limited Term Government and Agency Fund		3.56
Mirova Global Green Bond Fund		4.08
Cash		2.03

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

11 |

Average Annual Total Returns – January 31, 2020²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		14.29	%		10.60	%		4.95	%		0.58	%

Comparative Performance
S&P Target Date 2035^® Index¹		13.67			8.74

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 22.

| 12

NATIXIS SUSTAINABLE FUTURE FUNDS^®

NATIXIS SUSTAINABLE FUTURE 2040 FUND

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

February 28, 2017 (inception) through January 31, 2020

LOGO

See notes to chart on page 22.

Asset Allocation as of January 31, 2020*



	% of net assets
Equity		84.71	%
AIA Emerging Markets ESG Segment		4.44
AIA International Developed Markets Equity ESG Segment		8.97
AIA Large Cap Value ESG Segment		6.97
AIA U.S. Small/Mid Cap ESG Segment		11.37
Harris Associates Large Cap Value Segment		13.90
Loomis Sayles All Cap Growth Segment		14.05
Mirova Carbon Neutral U.S. Equity Segment		10.94
Mirova International Sustainable Equity Segment		14.07
Fixed Income		13.26
Loomis Sayles Core Fixed Income Segment		5.10
Loomis Sayles Inflation Protected Securities Fund		2.55
Loomis Sayles Limited Term Government and Agency Fund		2.04
Mirova Global Green Bond Fund		3.57
Cash		2.03

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

13 |

Average Annual Total Returns – January 31, 2020²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		14.05	%⁴		10.89	%		5.16	%		0.59	%

Comparative Performance
S&P Target Date 2040^® Index¹		14.10			9.08

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 22.

| 14

NATIXIS SUSTAINABLE FUTURE FUNDS^®

NATIXIS SUSTAINABLE FUTURE 2045 FUND

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

February 28, 2017 (inception) through January 31, 2020

LOGO

See notes to chart on page 22.

Asset Allocation as of January 31, 2020*



	% of net assets
Equity		89.80	%
AIA Emerging Markets ESG Segment		4.94
AIA International Developed Markets Equity ESG Segment		9.97
AIA Large Cap Value ESG Segment		7.46
AIA U.S. Small/Mid Cap ESG Segment		11.37
Harris Associates Large Cap Value Segment		14.44
Loomis Sayles All Cap Growth Segment		14.57
Mirova Carbon Neutral U.S. Equity Segment		11.46
Mirova International Sustainable Equity Segment		15.59
Fixed Income		8.17
Loomis Sayles Core Fixed Income Segment		4.09
Loomis Sayles Inflation Protected Securities Fund		1.02
Loomis Sayles Limited Term Government and Agency Fund		1.53
Mirova Global Green Bond Fund		1.53
Cash		2.03

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

15 |

Average Annual Total Returns – January 31, 2020²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		14.73	%		11.32	%		6.13	%		0.59	%

Comparative Performance
S&P Target Date 2045^® Index¹		14.35			9.25

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 22.

| 16

NATIXIS SUSTAINABLE FUTURE FUNDS^®

NATIXIS SUSTAINABLE FUTURE 2050 FUND

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

February 28, 2017 (inception) through January 31, 2020

LOGO

See notes to chart on page 22.

Asset Allocation as of January 31, 2020*



	% of net assets
Equity		92.35	%
AIA Emerging Markets ESG Segment		5.43
AIA International Developed Markets Equity ESG Segment		11.01
AIA Large Cap Value ESG Segment		7.99
AIA U.S. Small/Mid Cap ESG Segment		11.41
Harris Associates Large Cap Value Segment		14.40
Loomis Sayles All Cap Growth Segment		14.56
Mirova Carbon Neutral U.S. Equity Segment		11.46
Mirova International Sustainable Equity Segment		16.09
Fixed Income		5.62
Loomis Sayles Core Fixed Income Segment		4.09
Loomis Sayles Inflation Protected Securities Fund		0.00
Loomis Sayles Limited Term Government and Agency Fund		0.00
Mirova Global Green Bond Fund		1.53
Cash		2.03

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

17 |

Average Annual Total Returns – January 31, 2020²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		14.47	%⁴		11.34	%		6.08	%		0.60	%

Comparative Performance
S&P Target Date 2050^® Index¹		14.41			9.37

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 22.

| 18

NATIXIS SUSTAINABLE FUTURE FUNDS^®

NATIXIS SUSTAINABLE FUTURE 2055 FUND

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

February 28, 2017 (inception) through January 31, 2020

LOGO

See notes to chart on page 22.

Asset Allocation as of January 31, 2020*



	% of net assets
Equity		92.35	%
AIA Emerging Markets ESG Segment		5.42
AIA International Developed Markets Equity ESG Segment		10.98
AIA Large Cap Value ESG Segment		7.99
AIA U.S. Small/Mid Cap ESG Segment		11.43
Harris Associates Large Cap Value Segment		14.42
Loomis Sayles All Cap Growth Segment		14.56
Mirova Carbon Neutral U.S. Equity Segment		11.46
Mirova International Sustainable Equity Segment		16.09
Fixed Income		5.62
Loomis Sayles Core Fixed Income Segment		4.09
Loomis Sayles Inflation Protected Securities Fund		0.00
Loomis Sayles Limited Term Government and Agency Fund		0.00
Mirova Global Green Bond Fund		1.53
Cash		2.03

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

19 |

Average Annual Total Returns – January 31, 2020²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		14.93	%		11.50	%		6.10	%		0.60	%

Comparative Performance
S&P Target Date 2055^® Index¹		14.48			9.44

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 22.

| 20

NATIXIS SUSTAINABLE FUTURE FUNDS^®

NATIXIS SUSTAINABLE FUTURE 2060 FUND

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

February 28, 2017 (inception) through January 31, 2020

LOGO

See notes to chart on page 22.

Asset Allocation as of January 31, 2020*



	% of net assets
Equity		92.33	%
AIA Emerging Markets ESG Segment		5.46
AIA International Developed Markets Equity ESG Segment		11.01
AIA Large Cap Value ESG Segment		7.94
AIA U.S. Small/Mid Cap ESG Segment		11.36
Harris Associates Large Cap Value Segment		14.38
Loomis Sayles All Cap Growth Segment		14.61
Mirova Carbon Neutral U.S. Equity Segment		11.46
Mirova International Sustainable Equity Segment		16.10
Fixed Income		5.64
Loomis Sayles Core Fixed Income Segment		4.11
Loomis Sayles Inflation Protected Securities Fund		0.00
Loomis Sayles Limited Term Government and Agency Fund		0.00
Mirova Global Green Bond Fund		1.53
Cash		2.04

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

21 |

Average Annual Total Returns – January 31, 2020²



							Expense Ratios³

	1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		14.78	%		11.53	%		6.11	%		0.60	%

Comparative Performance
S&P Target Date 2060+^® Index¹		14.65			9.65

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

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report and include the expenses of the underlying funds in which the Fund invests. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 5/31/20. 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.

| 22

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

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO SCHEDULES

The Natixis Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit on Form N-PORT. The Funds’ Form N-PORT is available on the SEC’s website at www.sec.gov.

23 |

UNDERSTANDING FUND EXPENSES


NATIXIS SUSTAINABLE FUTURE 2015 FUND	BEGINNING ACCOUNT VALUE 8/1/2019		ENDING ACCOUNT VALUE 1/31/2020		EXPENSES PAID DURING PERIOD* 8/1/2019 – 1/31/2020
Class N
Actual		$1,000.00		$1,050.10		$1.50
Hypothetical (5% return before expenses)		$1,000.00		$1,023.74		$1.48

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 (184), 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 2020 FUND	BEGINNING ACCOUNT VALUE 8/1/2019		ENDING ACCOUNT VALUE 1/31/2020		EXPENSES PAID DURING PERIOD* 8/1/2019 – 1/31/2020
Class N
Actual		$1,000.00		$1,054.20		$1.50
Hypothetical (5% return before expenses)		$1,000.00		$1,023.74		$1.48


NATIXIS SUSTAINABLE FUTURE 2025 FUND	BEGINNING ACCOUNT VALUE 8/1/2019		ENDING ACCOUNT VALUE 1/31/2020		EXPENSES PAID DURING PERIOD* 8/1/2019 – 1/31/2020
Class N
Actual		$1,000.00		$1,056.50		$1.61
Hypothetical (5% return before expenses)		$1,000.00		$1,023.64		$1.58

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.31%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 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.

| 24


NATIXIS SUSTAINABLE FUTURE 2030 FUND	BEGINNING ACCOUNT VALUE 8/1/2019		ENDING ACCOUNT VALUE 1/31/2020		EXPENSES PAID DURING PERIOD* 8/1/2019 – 1/31/2020
Class N
Actual		$1,000.00		$1,055.90		$1.76
Hypothetical (5% return before expenses)		$1,000.00		$1,023.49		$1.73

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.34%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 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 8/1/2019		ENDING ACCOUNT VALUE 1/31/2020		EXPENSES PAID DURING PERIOD* 8/1/2019 – 1/31/2020
Class N
Actual		$1,000.00		$1,065.00		$1.87
Hypothetical (5% return before expenses)		$1,000.00		$1,023.39		$1.84

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.36%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 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 8/1/2019		ENDING ACCOUNT VALUE 1/31/2020		EXPENSES PAID DURING PERIOD* 8/1/2019 – 1/31/2020
Class N
Actual		$1,000.00		$1,064.10		$1.92
Hypothetical (5% return before expenses)		$1,000.00		$1,023.34		$1.89

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.37%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 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 2045 FUND	BEGINNING ACCOUNT VALUE 8/1/2019		ENDING ACCOUNT VALUE 1/31/2020		EXPENSES PAID DURING PERIOD* 8/1/2019 –1/31/2020
Class N
Actual		$1,000.00		$1,067.80		$2.03
Hypothetical (5% return before expenses)		$1,000.00		$1,023.24		$1.99

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.39%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 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 8/1/2019		ENDING ACCOUNT VALUE 1/31/2020		EXPENSES PAID DURING PERIOD* 8/1/2019 –1/31/2020**
Class N
Actual		$1,000.00		$1,068.00		$1.98
Hypothetical (5% return before expenses)		$1,000.00		$1,023.29		$1.94

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.38%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 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.

25 |


NATIXIS SUSTAINABLE FUTURE 2055 FUND	BEGINNING ACCOUNT VALUE 8/1/2019		ENDING ACCOUNT VALUE 1/31/2020		EXPENSES PAID DURING PERIOD* 8/1/2019 – 1/31/2020
Class N
Actual		$1,000.00		$1,069.10		$2.03
Hypothetical (5% return before expenses)		$1,000.00		$1,023.24		$1.99


NATIXIS SUSTAINABLE FUTURE 2060 FUND	BEGINNING ACCOUNT VALUE 8/1/2019		ENDING ACCOUNT VALUE 1/31/2020		EXPENSES PAID DURING PERIOD* 8/1/2019 – 1/31/2020
Class N
Actual		$1,000.00		$1,069.30		$2.03
Hypothetical (5% return before expenses)		$1,000.00		$1,023.24		$1.99

| 26

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2015 Fund


Shares		Description	Value (†)
	Common Stocks — 30.5% of Net Assets
		Aerospace & Defense — 0.2%
	15	Axon Enterprise, Inc.(a)	$	1,152
	23	Moog, Inc., Class A		2,061
	3	Raytheon Co.		663
	12	Teledyne Technologies, Inc.(a)		4,381
	31	United Technologies Corp.		4,656

				12,913

		Air Freight & Logistics — 0.4%
	208	Expeditors International of Washington, Inc.		15,192
	31	FedEx Corp.		4,484
	40	United Parcel Service, Inc., Class B		4,141

				23,817

		Airlines — 0.1%
	226	American Airlines Group, Inc.		6,066
	11	Delta Air Lines, Inc.		613

				6,679

		Auto Components — 0.2%
	95	American Axle & Manufacturing Holdings, Inc.(a)		878
	69	Aptiv PLC		5,850
	12	BorgWarner, Inc.		411
	102	Delphi Technologies PLC(a)		1,565
	114	Goodyear Tire & Rubber Co. (The)		1,497
	21	Visteon Corp.(a)		1,676

				11,877

		Automobiles — 0.3%
	656	Fiat Chrysler Automobiles NV		8,541
	259	General Motors Co.		8,648
	22	Thor Industries, Inc.		1,772

				18,961

		Banks — 2.0%
	61	Ameris Bancorp		2,452
	109	BancorpSouth Bank		3,114
	556	Bank of America Corp.		18,253
	238	Cadence BanCorp		3,720
	254	Citigroup, Inc.		18,900
	155	Citizens Financial Group, Inc.		5,778
	83	Columbia Banking System, Inc.		3,212
	7	Comerica, Inc.		428
	53	Cullen/Frost Bankers, Inc.		4,725
	191	Fulton Financial Corp.		3,146
	162	Huntington Bancshares, Inc.		2,198
	97	International Bancshares Corp.		3,822
	256	KeyCorp		4,790
	17	M&T Bank Corp.		2,865
	414	People’s United Financial, Inc.		6,384
	58	PNC Financial Services Group, Inc. (The)		8,616
	114	Regions Financial Corp.		1,775
	88	TCF Financial Corp.		3,721
	95	Truist Financial Corp.		4,899
	150	Trustmark Corp.		4,797
	219	Wells Fargo & Co.		10,280
	40	Wintrust Financial Corp.		2,531
	79	Zions Bancorp N.A.		3,594

				124,000

		Beverages — 0.9%
	61	Brown-Forman Corp., Class B		4,126
	270	Coca-Cola Co. (The)		15,768
	45	Constellation Brands, Inc., Class A		8,474
	324	Monster Beverage Corp.(a)		21,578
		Beverages — continued
	34	PepsiCo, Inc.	$	4,829

				54,775

		Biotechnology — 0.9%
	47	AbbVie, Inc.		3,808
	54	Amgen, Inc.		11,666
	8	Biogen, Inc.(a)		2,151
	82	BioMarin Pharmaceutical, Inc.(a)		6,847
	79	Gilead Sciences, Inc.		4,993
	16	Ligand Pharmaceuticals, Inc.(a)		1,405
	70	Regeneron Pharmaceuticals, Inc.(a)		23,656
	4	Vertex Pharmaceuticals, Inc.(a)		908

				55,434

		Building Products — 0.2%
	165	Johnson Controls International PLC		6,509
	16	Lennox International, Inc.		3,728

				10,237

		Capital Markets — 2.3%
	2	Affiliated Managers Group, Inc.		160
	8	Ameriprise Financial, Inc.		1,323
	312	Bank of New York Mellon Corp. (The)		13,971
	12	BlackRock, Inc.		6,328
	312	Charles Schwab Corp. (The)		14,211
	17	CME Group, Inc.		3,691
	42	FactSet Research Systems, Inc.		12,017
	67	Franklin Resources, Inc.		1,695
	37	Goldman Sachs Group, Inc. (The)		8,797
	40	Intercontinental Exchange, Inc.		3,990
	23	Invesco Ltd.		398
	78	Janus Henderson Group PLC		1,971
	76	Legg Mason, Inc.		2,975
	54	Moody’s Corp.		13,867
	44	MSCI, Inc.		12,575
	43	Northern Trust Corp.		4,206
	34	S&P Global, Inc.		9,987
	177	SEI Investments Co.		11,551
	229	State Street Corp.		17,319

				141,032

		Chemicals — 0.4%
	21	DuPont de Nemours, Inc.		1,075
	37	Ecolab, Inc.		7,256
	42	HB Fuller Co.		1,941
	30	Innospec, Inc.		3,022
	8	International Flavors & Fragrances, Inc.		1,049
	36	Linde PLC		7,312
	36	Minerals Technologies, Inc.		1,949
	20	Stepan Co.		1,973

				25,577

		Commercial Services & Supplies — 0.2%
	36	Healthcare Services Group, Inc.		922
	22	MSA Safety, Inc.		2,983
	31	Tetra Tech, Inc.		2,653
	30	Waste Management, Inc.		3,651

				10,209

		Communications Equipment — 0.4%
	51	Ciena Corp.(a)		2,074
	361	Cisco Systems, Inc.		16,595
	5	F5 Networks, Inc.(a)		611
	27	InterDigital, Inc.		1,492
	28	Lumentum Holdings, Inc.(a)		2,121

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2015 Fund – (continued)


Shares		Description	Value (†)
		Communications Equipment — continued
	12	Motorola Solutions, Inc.	$	2,124

				25,017

		Construction & Engineering — 0.1%
	98	AECOM(a)		4,726
	120	Fluor Corp.		2,147

				6,873

		Consumer Finance — 0.3%
	28	American Express Co.		3,636
	163	Capital One Financial Corp.		16,267
	73	Navient Corp.		1,050

				20,953

		Containers & Packaging — 0.1%
	62	Ball Corp.		4,475
	36	International Paper Co.		1,466
	169	O-I Glass, Inc.		2,133

				8,074

		Distributors — 0.1%
	29	Genuine Parts Co.		2,714
	15	POOL CORP.		3,289

				6,003

		Diversified Consumer Services — 0.1%
	64	Service Corp. International		3,069

		Diversified Telecommunication Services — 0.1%
	115	AT&T, Inc.		4,327
	62	Verizon Communications, Inc.		3,685

				8,012

		Electric Utilities — 0.3%
	87	American Electric Power Co., Inc.		9,067
	11	Edison International		842
	23	Eversource Energy		2,126
	17	FirstEnergy Corp.		864
	28	IDACORP, Inc.		3,141
	30	PPL Corp.		1,086

				17,126

		Electrical Equipment — 0.1%
	12	Acuity Brands, Inc.		1,414
	40	Eaton Corp. PLC		3,779
	20	Hubbell, Inc.		2,865

				8,058

		Electronic Equipment, Instruments & Components — 0.5%
	54	Avnet, Inc.		1,970
	26	Belden, Inc.		1,281
	55	Cognex Corp.		2,803
	13	Coherent, Inc.(a)		1,839
	24	Corning, Inc.		641
	12	Littelfuse, Inc.		2,123
	10	Rogers Corp.(a)		1,178
	121	TE Connectivity Ltd.		11,154
	66	Trimble, Inc.(a)		2,806
	98	Vishay Intertechnology, Inc.		1,988

				27,783

		Energy Equipment & Services — 0.2%
	31	Apergy Corp.(a)		802
	36	Baker Hughes Co.		780
	17	Core Laboratories NV		597
	54	National Oilwell Varco, Inc.		1,113
	54	Oceaneering International, Inc.(a)		670
		Energy Equipment & Services — continued
	48	Oil States International, Inc.(a)	$	517
	286	Schlumberger Ltd.		9,584
	37	TechnipFMC PLC		611

				14,674

		Entertainment — 0.7%
	26	Activision Blizzard, Inc.		1,520
	52	Cinemark Holdings, Inc.		1,639
	14	Electronic Arts, Inc.(a)		1,511
	53	Netflix, Inc.(a)		18,290
	18	Take-Two Interactive Software, Inc.(a)		2,243
	115	Walt Disney Co. (The)		15,906

				41,109

		Food & Staples Retailing — 0.2%
	68	Kroger Co. (The)		1,826
	176	SpartanNash Co.		2,144
	19	Sysco Corp.		1,561
	73	Walgreens Boots Alliance, Inc.		3,712

				9,243

		Food Products — 0.4%
	52	Campbell Soup Co.		2,516
	519	Danone S.A., Sponsored ADR		8,278
	38	General Mills, Inc.		1,985
	53	Hain Celestial Group, Inc. (The)(a)		1,283
	5	Hershey Co. (The)		776
	30	Hormel Foods Corp.		1,418
	28	Ingredion, Inc.		2,464
	10	J.M. Smucker Co. (The)		1,036
	43	Kellogg Co.		2,933
	5	McCormick & Co., Inc.		817
	14	Mondelez International, Inc., Class A		803

				24,309

		Gas Utilities — 0.2%
	58	New Jersey Resources Corp.		2,397
	32	ONE Gas, Inc.		3,024
	71	South Jersey Industries, Inc.		2,187
	70	UGI Corp.		2,911

				10,519

		Health Care Equipment & Supplies — 0.4%
	3	Becton Dickinson & Co.		825
	17	Boston Scientific Corp.(a)		712
	3	Cooper Cos., Inc. (The)		1,041
	12	Danaher Corp.		1,930
	10	DENTSPLY SIRONA, Inc.		560
	3	Edwards Lifesciences Corp.(a)		660
	34	Globus Medical, Inc., Class A(a)		1,777
	17	Haemonetics Corp.(a)		1,826
	28	Hill-Rom Holdings, Inc.		2,982
	19	Hologic, Inc.(a)		1,017
	2	Intuitive Surgical, Inc.(a)		1,119
	99	Meridian Bioscience, Inc.		974
	21	Merit Medical Systems, Inc.(a)		765
	4	STERIS PLC		603
	3	Stryker Corp.		632
	31	Varian Medical Systems, Inc.(a)		4,358
	21	West Pharmaceutical Services, Inc.		3,275

				25,056

		Health Care Providers & Services — 1.1%
	29	Acadia Healthcare Co., Inc.(a)		932
	10	Amedisys, Inc.(a)		1,765
	6	Anthem, Inc.		1,592

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2015 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	21	BioTelemetry, Inc.(a)	$	1,027
	65	Centene Corp.(a)		4,083
	7	Chemed Corp.		3,269
	9	Cigna Corp.		1,731
	171	CVS Health Corp.		11,597
	14	DaVita, Inc.(a)		1,118
	27	Encompass Health Corp.		2,080
	80	HCA Healthcare, Inc.		11,104
	23	Henry Schein, Inc.(a)		1,586
	32	Humana, Inc.		10,760
	16	Laboratory Corp. of America Holdings(a)		2,806
	113	MEDNAX, Inc.(a)		2,607
	48	Patterson Cos., Inc.		1,056
	25	Quest Diagnostics, Inc.		2,767
	23	UnitedHealth Group, Inc.		6,266

				68,146

		Health Care Technology — 0.2%
	104	Allscripts Healthcare Solutions, Inc.(a)		893
	163	Cerner Corp.		11,708
	60	HMS Holdings Corp.(a)		1,639

				14,240

		Hotels, Restaurants & Leisure — 1.0%
	9	Domino’s Pizza, Inc.		2,536
	29	Dunkin’ Brands Group, Inc.		2,265
	76	Hilton Worldwide Holdings, Inc.		8,193
	20	Jack in the Box, Inc.		1,635
	19	Marriott Vacations Worldwide Corp.		2,284
	6	McDonald’s Corp.		1,284
	357	MGM Resorts International		11,088
	7	Royal Caribbean Cruises Ltd.		820
	132	Starbucks Corp.		11,197
	109	Wendy’s Co. (The)		2,362
	309	Yum China Holdings, Inc.		13,309
	61	Yum! Brands, Inc.		6,452

				63,425

		Household Durables — 0.1%
	87	KB Home		3,267
	65	Meritage Homes Corp.(a)		4,612

				7,879

		Household Products — 0.5%
	131	Colgate-Palmolive Co.		9,665
	161	Procter & Gamble Co. (The)		20,064

				29,729

		Independent Power & Renewable Electricity Producers — 0.2%
	51	AES Corp. (The)		1,013
	97	Ormat Technologies, Inc.		7,688
	228	Pattern Energy Group, Inc., Class A		6,136

				14,837

		Industrial Conglomerates — 0.2%
	1,047	General Electric Co.		13,035
	6	Honeywell International, Inc.		1,039

				14,074

		Insurance — 0.7%
	17	Aflac, Inc.		877
	34	Allstate Corp. (The)		4,030
	218	American International Group, Inc.		10,957
	14	Brighthouse Financial, Inc.(a)		545
	47	Chubb Ltd.		7,143
	50	First American Financial Corp.		3,099
		Insurance — continued
	19	Hanover Insurance Group, Inc. (The)	$	2,633
	30	Hartford Financial Services Group, Inc. (The)		1,778
	29	Lincoln National Corp.		1,580
	21	Marsh & McLennan Cos., Inc.		2,349
	61	Prudential Financial, Inc.		5,555
	21	Travelers Cos., Inc. (The)		2,764

				43,310

		Interactive Media & Services — 1.4%
	12	Alphabet, Inc., Class A(a)		17,193
	25	Alphabet, Inc., Class C(a)		35,856
	179	Facebook, Inc., Class A(a)		36,142

				89,191

		Internet & Direct Marketing Retail — 1.3%
	131	Alibaba Group Holding Ltd., Sponsored ADR(a)		27,063
	15	Amazon.com, Inc.(a)		30,131
	8	Booking Holdings, Inc.(a)		14,644
	278	eBay, Inc.		9,330
	36	Etsy, Inc.(a)		1,757

				82,925

		IT Services — 1.6%
	74	Automatic Data Processing, Inc.		12,683
	52	Cognizant Technology Solutions Corp., Class A		3,192
	246	DXC Technology Co.		7,842
	10	Fiserv, Inc.(a)		1,186
	49	Gartner, Inc.(a)		7,878
	17	International Business Machines Corp.		2,443
	39	MasterCard, Inc., Class A		12,322
	19	Paychex, Inc.		1,630
	22	PayPal Holdings, Inc.(a)		2,506
	149	Sabre Corp.		3,209
	7	VeriSign, Inc.(a)		1,457
	200	Visa, Inc., Class A		39,794
	15	WEX, Inc.(a)		3,254

				99,396

		Leisure Products — 0.0%
	75	Callaway Golf Co.		1,607

		Life Sciences Tools & Services — 0.2%
	16	Agilent Technologies, Inc.		1,321
	1	Illumina, Inc.(a)		290
	9	IQVIA Holdings, Inc.(a)		1,397
	27	Repligen Corp.(a)		2,711
	12	Thermo Fisher Scientific, Inc.		3,758
	3	Waters Corp.(a)		671

				10,148

		Machinery — 1.1%
	36	AGCO Corp.		2,525
	338	Briggs & Stratton Corp.		1,240
	85	Caterpillar, Inc.		11,165
	51	Cummins, Inc.		8,158
	81	Deere & Co.		12,845
	42	Flowserve Corp.		1,961
	48	ITT, Inc.		3,220
	62	Kennametal, Inc.		1,940
	38	Oshkosh Corp.		3,270
	73	Parker-Hannifin Corp.		14,285
	10	Proto Labs, Inc.(a)		1,035
	54	Terex Corp.		1,369
	42	Toro Co. (The)		3,361
	12	Xylem, Inc.		980

				67,354

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2015 Fund – (continued)


Shares		Description	Value (†)
		Media — 0.6%
	3	Cable One, Inc.	$	5,112
	26	Charter Communications, Inc., Class A(a)		13,454
	249	Comcast Corp., Class A		10,754
	16	Discovery, Inc., Series C(a)		444
	41	Fox Corp., Class A		1,520
	55	Interpublic Group of Cos., Inc. (The)		1,249
	59	New York Times Co. (The), Class A		1,889
	38	Omnicom Group, Inc.		2,862
	44	ViacomCBS, Inc., Class B		1,502

				38,786

		Metals & Mining — 0.2%
	98	Commercial Metals Co.		2,014
	114	Newmont Corp.		5,137
	8	Nucor Corp.		380
	37	Reliance Steel & Aluminum Co.		4,247
	24	Royal Gold, Inc.		2,768

				14,546

		Multi-Utilities — 0.2%
	51	Consolidated Edison, Inc.		4,794
	21	DTE Energy Co.		2,785
	14	Sempra Energy		2,249
	14	WEC Energy Group, Inc.		1,398

				11,226

		Multiline Retail — 0.1%
	6	Macy’s, Inc.		96
	37	Target Corp.		4,097

				4,193

		Oil, Gas & Consumable Fuels — 0.7%
	343	Apache Corp.		9,412
	73	Concho Resources, Inc.		5,532
	501	Denbury Resources, Inc.(a)		493
	64	Devon Energy Corp.		1,390
	56	Diamondback Energy, Inc.		4,166
	71	EOG Resources, Inc.		5,177
	85	EQT Corp.		514
	68	Green Plains, Inc.		848
	160	Marathon Oil Corp.		1,819
	104	Noble Energy, Inc.		2,056
	55	ONEOK, Inc.		4,118
	565	Southwestern Energy Co.(a)		887
	28	Valero Energy Corp.		2,361
	46	World Fuel Services Corp.		1,800

				40,573

		Paper & Forest Products — 0.1%
	41	Domtar Corp.		1,428
	72	Louisiana-Pacific Corp.		2,209

				3,637

		Personal Products — 0.0%
	6	Estee Lauder Cos., Inc. (The), Class A		1,171

		Pharmaceuticals — 0.9%
	3	Allergan PLC		560
	39	Bristol-Myers Squibb Co.		2,455
	47	Catalent, Inc.(a)		2,872
	25	Eli Lilly & Co.		3,491
	94	Merck & Co., Inc.		8,031
	87	Novartis AG, Sponsored ADR		8,222
	206	Novo Nordisk AS, Sponsored ADR		12,531
	13	Perrigo Co. PLC		741
	137	Pfizer, Inc.		5,102
		Pharmaceuticals — continued
	322	Roche Holding AG, Sponsored ADR	$	13,460

				57,465

		Professional Services — 0.1%
	39	Exponent, Inc.		2,838
	14	Insperity, Inc.		1,223
	44	Korn Ferry		1,803
	23	ManpowerGroup, Inc.		2,104
	21	Nielsen Holdings PLC		429

				8,397

		Real Estate Management & Development — 0.1%
	26	CBRE Group, Inc., Class A(a)		1,587
	20	Jones Lang LaSalle, Inc.		3,397

				4,984

		REITs – Apartments — 0.2%
	71	American Campus Communities, Inc.		3,257
	6	AvalonBay Communities, Inc.		1,300
	47	Camden Property Trust		5,284
	27	Equity Residential		2,243
	7	Essex Property Trust, Inc.		2,168
	2	Mid-America Apartment Communities, Inc.		275

				14,527

		REITs – Diversified — 0.1%
	10	Crown Castle International Corp.		1,498
	8	Digital Realty Trust, Inc.		984
	3	Equinix, Inc.		1,769
	69	Weyerhaeuser Co.		1,998

				6,249

		REITs – Health Care — 0.1%
	25	Ventas, Inc.		1,447
	75	Welltower, Inc.		6,368

				7,815

		REITs – Hotels — 0.0%
	80	Host Hotels & Resorts, Inc.		1,307

		REITs – Office Property — 0.3%
	11	Boston Properties, Inc.		1,577
	107	Corporate Office Properties Trust		3,185
	121	Douglas Emmett, Inc.		5,022
	161	Easterly Government Properties, Inc.		3,898
	53	Kilroy Realty Corp.		4,376

				18,058

		REITs – Regional Malls — 0.0%
	10	Simon Property Group, Inc.		1,332

		REITs – Storage — 0.0%
	16	Iron Mountain, Inc.		506
	4	Public Storage		895

				1,401

		REITs – Warehouse/Industrials — 0.1%
	34	CyrusOne, Inc.		2,069
	88	Liberty Property Trust		5,513

				7,582

		Road & Rail — 0.3%
	11	Kansas City Southern		1,856
	34	Norfolk Southern Corp.		7,079
	35	Ryder System, Inc.		1,670
	34	Union Pacific Corp.		6,100

				16,705

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2015 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — 1.2%
	12	Advanced Micro Devices, Inc.(a)	$	564
	40	Applied Materials, Inc.		2,320
	22	Cabot Microelectronics Corp.		3,201
	40	Cirrus Logic, Inc.(a)		3,072
	29	Cree, Inc.(a)		1,348
	104	First Solar, Inc.(a)		5,156
	227	Intel Corp.		14,512
	69	NVIDIA Corp.		16,314
	144	QUALCOMM, Inc.		12,285
	31	Silicon Laboratories, Inc.(a)		3,048
	73	Texas Instruments, Inc.		8,807

				70,627

		Software — 1.5%
	11	Adobe, Inc.(a)		3,863
	124	Autodesk, Inc.(a)		24,409
	24	Blackbaud, Inc.		1,880
	33	Bottomline Technologies, Inc.(a)		1,769
	8	Citrix Systems, Inc.		970
	11	Fair Isaac Corp.(a)		4,426
	18	LogMeIn, Inc.		1,547
	139	Microsoft Corp.		23,662
	24	NortonLifeLock, Inc.		682
	425	Oracle Corp.		22,291
	29	PTC, Inc.(a)		2,410
	21	Qualys, Inc.(a)		1,801
	13	salesforce.com, Inc.(a)		2,370

				92,080

		Specialty Retail — 0.4%
	24	Aaron’s, Inc.		1,425
	67	American Eagle Outfitters, Inc.		965
	26	Asbury Automotive Group, Inc.(a)		2,508
	8	Best Buy Co., Inc.		677
	13	Five Below, Inc.(a)		1,472
	40	Home Depot, Inc. (The)		9,124
	19	Lithia Motors, Inc., Class A		2,577
	24	Lowe’s Cos., Inc.		2,790
	23	Monro, Inc.		1,442
	6	Tiffany & Co.		804
	26	TJX Cos., Inc. (The)		1,535
	26	Williams-Sonoma, Inc.		1,822

				27,141

		Technology Hardware, Storage & Peripherals — 0.5%
	58	Apple, Inc.		17,952
	271	Hewlett Packard Enterprise Co.		3,775
	163	HP, Inc.		3,475
	68	NCR Corp.(a)		2,293
	23	NetApp, Inc.		1,228
	13	Seagate Technology PLC		741
	13	Western Digital Corp.		851
	30	Xerox Holdings Corp.		1,067

				31,382

		Textiles, Apparel & Luxury Goods — 0.4%
	17	Deckers Outdoor Corp.(a)		3,246
	11	Hanesbrands, Inc.		151
	32	NIKE, Inc., Class B		3,082
	2	PVH Corp.		174
	21	Tapestry, Inc.		541
	623	Under Armour, Inc., Class A(a)		12,572
	62	Wolverine World Wide, Inc.		1,957

				21,723

		Thrifts & Mortgage Finance — 0.1%
	234	New York Community Bancorp, Inc.	$	2,588

		Trading Companies & Distributors — 0.2%
	110	Fastenal Co.		3,837
	20	GATX Corp.		1,522
	12	W.W. Grainger, Inc.		3,632

				8,991

		Water Utilities — 0.2%
	56	American Water Works Co., Inc.		7,627
	66	Essential Utilities, Inc.		3,428

				11,055

		Wireless Telecommunication Services — 0.0%
	44	Shenandoah Telecommunications Co.		1,775

		Total Common Stocks (Identified Cost $1,782,897)		1,884,966


Principal Amount
	Bonds and Notes — 19.0%
		Agency Commercial Mortgage-Backed Securities — 0.1%
$	10,000	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)		10,159

		Automotive — 0.3%
	10,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		10,726
	10,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		10,187

				20,913

		Banking — 3.1%
	10,000	American Express Co., 3.700%, 8/03/2023		10,627
	10,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		10,239
	10,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		10,047
	10,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		10,735
	11,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		11,503
	10,000	Capital One Financial Corp., 3.300%, 10/30/2024		10,549
	11,000	Citigroup, Inc., 4.600%, 3/09/2026		12,330
	6,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		6,260
	6,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		6,085
	10,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		10,766
	8,000	HSBC Holdings PLC, 5.100%, 4/05/2021		8,306
	10,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		10,502
	10,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		10,772
	11,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		11,345
	8,000	Royal Bank of Canada, GMTN, 2.150%, 3/06/2020		8,003
	6,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		6,182
	5,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		5,216
	8,000	Santander UK PLC, 2.375%, 3/16/2020		8,006
	12,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		12,553
	10,000	Westpac Banking Corp., 2.750%, 1/11/2023		10,291

				190,317

		Cable Satellite — 0.2%
	10,000	Comcast Corp., 3.000%, 2/01/2024		10,485

		Construction Machinery — 0.1%
	10,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		10,190

		Consumer Cyclical Services — 0.3%
	6,000	Amazon.com, Inc., 3.875%, 8/22/2037		7,037
	10,000	eBay, Inc., 3.800%, 3/09/2022		10,362

				17,399

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2015 Fund – (continued)


Principal Amount		Description	Value (†)
		Electric — 0.3%
$	10,000	Duke Energy Corp., 3.750%, 4/15/2024	$	10,707
	9,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		9,563

				20,270

		Financial Other — 0.2%
	10,000	ORIX Corp., 2.900%, 7/18/2022		10,215

		Food & Beverage — 0.2%
	10,000	General Mills, Inc., 4.000%, 4/17/2025		10,937

		Government Owned – No Guarantee — 0.4%
	16,000	Federal National Mortgage Association, 6.625%, 11/15/2030		23,516

		Health Insurance — 0.4%
	11,000	Anthem, Inc., 4.101%, 3/01/2028		12,161
	9,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		12,228

				24,389

		Healthcare — 0.5%
	11,000	CVS Health Corp., 4.300%, 3/25/2028		12,189
	5,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		5,080
	10,000	McKesson Corp., 3.950%, 2/16/2028		10,895
	5,000	Thermo Fisher Scientific, Inc., 3.000%, 4/15/2023		5,177

				33,341

		Independent Energy — 0.2%
	12,000	EQT Corp., 3.000%, 10/01/2022		11,558

		Integrated Energy — 0.5%
	10,000	BP Capital Markets PLC, 3.814%, 2/10/2024		10,742
	8,000	Chevron Corp., 1.961%, 3/03/2020		8,001
	7,000	Shell International Finance BV, 6.375%, 12/15/2038		10,531

				29,274

		Life Insurance — 0.3%
	11,000	American International Group, Inc., 4.125%, 2/15/2024		11,921
	5,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		5,065

				16,986

		Midstream — 0.4%
	11,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		11,676
	11,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		11,785

				23,461

		Mortgage Related — 4.3%
	111,102	FNMA, 3.000%, with various maturities from 2034 to 2049(c)		113,843
	108,557	FNMA, 3.500%, with various maturities in 2049(c)		111,997
	22,798	FNMA, 4.000%, with various maturities in 2049(c)		23,811
	16,765	FNMA, 4.500%, with various maturities in 2049(c)		17,734

				267,385

		Oil Field Services — 0.2%
	11,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		11,291

		Pharmaceuticals — 0.4%
	12,000	AbbVie, Inc., 3.600%, 5/14/2025		12,826
	10,000	Amgen, Inc., 2.650%, 5/11/2022		10,178

				23,004

		Railroads — 0.2%
	10,000	CSX Corp., 2.600%, 11/01/2026		10,374

		REITs – Office Property — 0.1%
	6,000	Boston Properties LP, 2.750%, 10/01/2026		6,199

		Restaurants — 0.2%
	10,000	Starbucks Corp., 3.800%, 8/15/2025		10,944

		Technology — 1.1%
	10,000	Apple, Inc., 2.500%, 2/09/2025	$	10,361
	5,000	Broadcom Corp./Broadcom Cayman Finance Ltd., 3.625%, 1/15/2024		5,231
	11,000	HP, Inc., 4.650%, 12/09/2021		11,542
	11,000	International Business Machines Corp., 4.000%, 6/20/2042		12,755
	10,000	Oracle Corp., 2.950%, 5/15/2025		10,562
	10,000	QUALCOMM, Inc., 3.450%, 5/20/2025		10,738
	10,000	VMware, Inc., 2.950%, 8/21/2022		10,233

				71,422

		Treasuries — 4.3%
	10,000	U.S. Treasury Bond, 2.500%, 5/15/2046		10,962
	23,000	U.S. Treasury Bond, 2.875%, 11/15/2046		27,073
	38,000	U.S. Treasury Bond, 3.000%, 5/15/2045		45,322
	10,000	U.S. Treasury Bond, 3.000%, 2/15/2048		12,103
	20,000	U.S. Treasury Bond, 3.000%, 2/15/2049		24,356
	8,000	U.S. Treasury Bond, 4.250%, 11/15/2040		11,238
	7,000	U.S. Treasury Bond, 4.375%, 5/15/2041		10,016
	9,000	U.S. Treasury Bond, 4.500%, 2/15/2036		12,519
	31,000	U.S. Treasury Bond, 5.250%, 2/15/2029		40,840
	16,000	U.S. Treasury Note, 1.125%, 9/30/2021		15,932
	3,000	U.S. Treasury Note, 1.625%, 8/31/2022		3,023
	8,000	U.S. Treasury Note, 2.000%, 11/15/2026		8,295
	20,000	U.S. Treasury Note, 2.125%, 12/31/2022		20,464
	3,000	U.S. Treasury Note, 2.250%, 11/15/2025		3,144
	11,000	U.S. Treasury Note, 2.250%, 11/15/2027		11,642
	10,000	U.S. Treasury Note, 2.625%, 2/15/2029		10,948

				267,877

		Wireless — 0.2%
	10,000	Vodafone Group PLC, 6.150%, 2/27/2037		13,524

		Wirelines — 0.5%
	11,000	AT&T, Inc., 3.400%, 5/15/2025		11,672
	11,000	AT&T, Inc., 3.875%, 1/15/2026		11,946
	9,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 3.010%, 5/15/2025(d)		9,264

				32,882

		Total Bonds and Notes (Identified Cost $1,134,405)		1,178,312


Shares
	Exchange-Traded Funds — 5.8%
	4,073	iShares^® ESG MSCI EAFE ETF		272,321
	2,609	iShares^® ESG MSCI Emerging Markets ETF		88,575

		Total Exchange-Traded Funds (Identified Cost $338,386)		360,896


	Affiliated Mutual Funds — 43.0%
	75,096	Loomis Sayles Inflation Protected Securities Fund, Class N		814,794
	62,735	Loomis Sayles Limited Term Government and Agency Fund, Class N		715,181
	64,360	Mirova Global Green Bond Fund, Class N		684,150
	36,572	Mirova International Sustainable Equity Fund, Class N		448,734

		Total Affiliated Mutual Funds (Identified Cost $2,569,645)		2,662,859


		Total Investments — 98.3% (Identified Cost $5,825,333)		6,087,033
		Other assets less liabilities — 1.7%		104,118

		Net Assets — 100.0%	$	6,191,151

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2015 Fund – (continued)


	(†)			See Note 2 of Notes to Financial Statements.
	(a)			Non-income producing security.
	(b)			Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of January 31, 2020 is disclosed.
	(c)			The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)			Variable rate security. Rate as of January 31, 2020 is disclosed.

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

Asset Allocation Summary at January 31, 2020


Fixed Income	54.8	%
Equity	43.5

Total Investments	98.3
Other assets less liabilities	1.7

Net Assets	100.0	%

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2020 Fund


Shares		Description	Value (†)
	Common Stocks — 34.3% of Net Assets
		Aerospace & Defense — 0.2%
	17	Axon Enterprise, Inc.(a)	$	1,306
	27	Moog, Inc., Class A		2,419
	3	Raytheon Co.		663
	13	Teledyne Technologies, Inc.(a)		4,746
	29	United Technologies Corp.		4,356

				13,490

		Air Freight & Logistics — 0.4%
	235	Expeditors International of Washington, Inc.		17,164
	34	FedEx Corp.		4,918
	39	United Parcel Service, Inc., Class B		4,037

				26,119

		Airlines — 0.1%
	245	American Airlines Group, Inc.		6,576
	12	Delta Air Lines, Inc.		669

				7,245

		Auto Components — 0.2%
	105	American Axle & Manufacturing Holdings, Inc.(a)		970
	74	Aptiv PLC		6,274
	14	BorgWarner, Inc.		480
	111	Delphi Technologies PLC(a)		1,703
	119	Goodyear Tire & Rubber Co. (The)		1,563
	25	Visteon Corp.(a)		1,995

				12,985

		Automobiles — 0.3%
	710	Fiat Chrysler Automobiles NV		9,244
	281	General Motors Co.		9,383
	26	Thor Industries, Inc.		2,093

				20,720

		Banks — 2.3%
	71	Ameris Bancorp		2,853
	123	BancorpSouth Bank		3,514
	602	Bank of America Corp.		19,764
	280	Cadence BanCorp		4,376
	275	Citigroup, Inc.		20,463
	161	Citizens Financial Group, Inc.		6,002
	94	Columbia Banking System, Inc.		3,638
	8	Comerica, Inc.		489
	62	Cullen/Frost Bankers, Inc.		5,528
	225	Fulton Financial Corp.		3,706
	187	Huntington Bancshares, Inc.		2,538
	114	International Bancshares Corp.		4,492
	283	KeyCorp		5,295
	16	M&T Bank Corp.		2,696
	429	People’s United Financial, Inc.		6,615
	55	PNC Financial Services Group, Inc. (The)		8,170
	115	Regions Financial Corp.		1,791
	102	TCF Financial Corp.		4,313
	92	Truist Financial Corp.		4,744
	177	Trustmark Corp.		5,660
	237	Wells Fargo & Co.		11,125
	47	Wintrust Financial Corp.		2,974
	91	Zions Bancorp N.A.		4,140

				134,886

		Beverages — 1.0%
	70	Brown-Forman Corp., Class B		4,735
	281	Coca-Cola Co. (The)		16,410
	49	Constellation Brands, Inc., Class A		9,227
	372	Monster Beverage Corp.(a)		24,775
		Beverages — continued
	33	PepsiCo, Inc.	$	4,687

				59,834

		Biotechnology — 1.0%
	46	AbbVie, Inc.		3,727
	58	Amgen, Inc.		12,531
	8	Biogen, Inc.(a)		2,151
	94	BioMarin Pharmaceutical, Inc.(a)		7,849
	76	Gilead Sciences, Inc.		4,803
	16	Ligand Pharmaceuticals, Inc.(a)		1,405
	80	Regeneron Pharmaceuticals, Inc.(a)		27,035
	4	Vertex Pharmaceuticals, Inc.(a)		908

				60,409

		Building Products — 0.2%
	160	Johnson Controls International PLC		6,312
	18	Lennox International, Inc.		4,194

				10,506

		Capital Markets — 2.5%
	3	Affiliated Managers Group, Inc.		240
	9	Ameriprise Financial, Inc.		1,489
	325	Bank of New York Mellon Corp. (The)		14,553
	11	BlackRock, Inc.		5,801
	341	Charles Schwab Corp. (The)		15,533
	16	CME Group, Inc.		3,474
	46	FactSet Research Systems, Inc.		13,161
	63	Franklin Resources, Inc.		1,594
	40	Goldman Sachs Group, Inc. (The)		9,510
	40	Intercontinental Exchange, Inc.		3,990
	45	Invesco Ltd.		779
	90	Janus Henderson Group PLC		2,274
	90	Legg Mason, Inc.		3,523
	60	Moody’s Corp.		15,407
	48	MSCI, Inc.		13,718
	42	Northern Trust Corp.		4,108
	37	S&P Global, Inc.		10,868
	203	SEI Investments Co.		13,248
	242	State Street Corp.		18,302

				151,572

		Chemicals — 0.5%
	23	DuPont de Nemours, Inc.		1,177
	42	Ecolab, Inc.		8,237
	49	HB Fuller Co.		2,264
	34	Innospec, Inc.		3,425
	10	International Flavors & Fragrances, Inc.		1,311
	35	Linde PLC		7,109
	43	Minerals Technologies, Inc.		2,328
	24	Stepan Co.		2,368

				28,219

		Commercial Services & Supplies — 0.2%
	40	Healthcare Services Group, Inc.		1,024
	25	MSA Safety, Inc.		3,390
	36	Tetra Tech, Inc.		3,082
	35	Waste Management, Inc.		4,259

				11,755

		Communications Equipment — 0.5%
	60	Ciena Corp.(a)		2,440
	416	Cisco Systems, Inc.		19,124
	4	F5 Networks, Inc.(a)		489
	33	InterDigital, Inc.		1,823
	34	Lumentum Holdings, Inc.(a)		2,576
	14	Motorola Solutions, Inc.		2,478

				28,930

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2020 Fund – (continued)


Shares		Description	Value (†)
		Construction & Engineering — 0.1%
	115	AECOM(a)	$	5,546
	139	Fluor Corp.		2,487

				8,033

		Consumer Finance — 0.4%
	27	American Express Co.		3,506
	175	Capital One Financial Corp.		17,465
	84	Navient Corp.		1,208

				22,179

		Containers & Packaging — 0.1%
	62	Ball Corp.		4,475
	36	International Paper Co.		1,466
	176	O-I Glass, Inc.		2,221

				8,162

		Distributors — 0.1%
	26	Genuine Parts Co.		2,433
	17	POOL CORP.		3,728

				6,161

		Diversified Consumer Services — 0.1%
	73	Service Corp. International		3,500

		Diversified Telecommunication Services — 0.2%
	133	AT&T, Inc.		5,004
	71	Verizon Communications, Inc.		4,220

				9,224

		Electric Utilities — 0.3%
	84	American Electric Power Co., Inc.		8,755
	13	Edison International		995
	21	Eversource Energy		1,941
	18	FirstEnergy Corp.		914
	34	IDACORP, Inc.		3,815
	33	PPL Corp.		1,194

				17,614

		Electrical Equipment — 0.1%
	12	Acuity Brands, Inc.		1,415
	40	Eaton Corp. PLC		3,779
	23	Hubbell, Inc.		3,294

				8,488

		Electronic Equipment, Instruments & Components — 0.5%
	62	Avnet, Inc.		2,262
	25	Belden, Inc.		1,232
	64	Cognex Corp.		3,262
	14	Coherent, Inc.(a)		1,980
	27	Corning, Inc.		721
	13	Littelfuse, Inc.		2,300
	11	Rogers Corp.(a)		1,295
	131	TE Connectivity Ltd.		12,076
	75	Trimble, Inc.(a)		3,189
	114	Vishay Intertechnology, Inc.		2,313

				30,630

		Energy Equipment & Services — 0.3%
	36	Apergy Corp.(a)		931
	41	Baker Hughes Co.		888
	19	Core Laboratories NV		668
	61	National Oilwell Varco, Inc.		1,257
	60	Oceaneering International, Inc.(a)		745
	53	Oil States International, Inc.(a)		571
	311	Schlumberger Ltd.		10,422
	42	TechnipFMC PLC		693

				16,175

		Entertainment — 0.7%
	26	Activision Blizzard, Inc.		1,521
	56	Cinemark Holdings, Inc.		1,765
	17	Electronic Arts, Inc.(a)		1,835
	59	Netflix, Inc.(a)		20,360
	21	Take-Two Interactive Software, Inc.(a)		2,617
	120	Walt Disney Co. (The)		16,597

				44,695

		Food & Staples Retailing — 0.2%
	65	Kroger Co. (The)		1,746
	204	SpartanNash Co.		2,485
	22	Sysco Corp.		1,807
	73	Walgreens Boots Alliance, Inc.		3,712

				9,750

		Food Products — 0.4%
	47	Campbell Soup Co.		2,274
	563	Danone S.A., Sponsored ADR		8,980
	35	General Mills, Inc.		1,828
	60	Hain Celestial Group, Inc. (The)(a)		1,453
	5	Hershey Co. (The)		776
	32	Hormel Foods Corp.		1,512
	34	Ingredion, Inc.		2,992
	11	J.M. Smucker Co. (The)		1,140
	44	Kellogg Co.		3,001
	4	McCormick & Co., Inc.		653
	16	Mondelez International, Inc., Class A		918

				25,527

		Gas Utilities — 0.2%
	68	New Jersey Resources Corp.		2,810
	37	ONE Gas, Inc.		3,496
	76	South Jersey Industries, Inc.		2,341
	81	UGI Corp.		3,369

				12,016

		Health Care Equipment & Supplies — 0.5%
	3	Becton Dickinson & Co.		825
	19	Boston Scientific Corp.(a)		795
	3	Cooper Cos., Inc. (The)		1,041
	14	Danaher Corp.		2,252
	12	DENTSPLY SIRONA, Inc.		672
	3	Edwards Lifesciences Corp.(a)		660
	33	Globus Medical, Inc., Class A(a)		1,725
	17	Haemonetics Corp.(a)		1,826
	34	Hill-Rom Holdings, Inc.		3,621
	21	Hologic, Inc.(a)		1,124
	2	Intuitive Surgical, Inc.(a)		1,120
	110	Meridian Bioscience, Inc.		1,082
	24	Merit Medical Systems, Inc.(a)		874
	3	STERIS PLC		452
	3	Stryker Corp.		632
	35	Varian Medical Systems, Inc.(a)		4,920
	24	West Pharmaceutical Services, Inc.		3,743

				27,364

		Health Care Providers & Services — 1.2%
	34	Acadia Healthcare Co., Inc.(a)		1,093
	11	Amedisys, Inc.(a)		1,941
	6	Anthem, Inc.		1,592
	24	BioTelemetry, Inc.(a)		1,174
	67	Centene Corp.(a)		4,208
	8	Chemed Corp.		3,736
	11	Cigna Corp.		2,116
	187	CVS Health Corp.		12,682

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2020 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	12	DaVita, Inc.(a)	$	959
	30	Encompass Health Corp.		2,311
	83	HCA Healthcare, Inc.		11,520
	23	Henry Schein, Inc.(a)		1,586
	34	Humana, Inc.		11,432
	15	Laboratory Corp. of America Holdings(a)		2,631
	131	MEDNAX, Inc.(a)		3,022
	54	Patterson Cos., Inc.		1,189
	23	Quest Diagnostics, Inc.		2,545
	27	UnitedHealth Group, Inc.		7,356

				73,093

		Health Care Technology — 0.3%
	117	Allscripts Healthcare Solutions, Inc.(a)		1,004
	182	Cerner Corp.		13,073
	62	HMS Holdings Corp.(a)		1,694

				15,771

		Hotels, Restaurants & Leisure — 1.2%
	10	Domino’s Pizza, Inc.		2,818
	35	Dunkin’ Brands Group, Inc.		2,733
	82	Hilton Worldwide Holdings, Inc.		8,840
	21	Jack in the Box, Inc.		1,717
	22	Marriott Vacations Worldwide Corp.		2,645
	7	McDonald’s Corp.		1,498
	392	MGM Resorts International		12,176
	6	Royal Caribbean Cruises Ltd.		702
	145	Starbucks Corp.		12,300
	127	Wendy’s Co. (The)		2,752
	350	Yum China Holdings, Inc.		15,074
	70	Yum! Brands, Inc.		7,404

				70,659

		Household Durables — 0.2%
	99	KB Home		3,717
	74	Meritage Homes Corp.(a)		5,251

				8,968

		Household Products — 0.5%
	143	Colgate-Palmolive Co.		10,551
	173	Procter & Gamble Co. (The)		21,559

				32,110

		Independent Power & Renewable Electricity Producers — 0.3%
	58	AES Corp. (The)		1,152
	111	Ormat Technologies, Inc.		8,798
	263	Pattern Energy Group, Inc., Class A		7,077

				17,027

		Industrial Conglomerates — 0.3%
	1,156	General Electric Co.		14,392
	5	Honeywell International, Inc.		866

				15,258

		Insurance — 0.7%
	19	Aflac, Inc.		980
	32	Allstate Corp. (The)		3,793
	236	American International Group, Inc.		11,861
	7	Brighthouse Financial, Inc.(a)		272
	45	Chubb Ltd.		6,840
	57	First American Financial Corp.		3,533
	22	Hanover Insurance Group, Inc. (The)		3,049
	35	Hartford Financial Services Group, Inc. (The)		2,075
	33	Lincoln National Corp.		1,798
	21	Marsh & McLennan Cos., Inc.		2,349
	59	Prudential Financial, Inc.		5,372
		Insurance — continued
	21	Travelers Cos., Inc. (The)		2,764

				44,686

		Interactive Media & Services — 1.6%
	13	Alphabet, Inc., Class A(a)		18,626
	27	Alphabet, Inc., Class C(a)		38,725
	198	Facebook, Inc., Class A(a)		39,978

				97,329

		Internet & Direct Marketing Retail — 1.5%
	146	Alibaba Group Holding Ltd., Sponsored ADR(a)		30,162
	17	Amazon.com, Inc.(a)		34,148
	8	Booking Holdings, Inc.(a)		14,644
	308	eBay, Inc.		10,337
	43	Etsy, Inc.(a)		2,099

				91,390

		IT Services — 1.8%
	77	Automatic Data Processing, Inc.		13,197
	51	Cognizant Technology Solutions Corp., Class A		3,131
	267	DXC Technology Co.		8,512
	12	Fiserv, Inc.(a)		1,423
	53	Gartner, Inc.(a)		8,521
	19	International Business Machines Corp.		2,731
	44	MasterCard, Inc., Class A		13,901
	17	Paychex, Inc.		1,458
	25	PayPal Holdings, Inc.(a)		2,847
	176	Sabre Corp.		3,791
	6	VeriSign, Inc.(a)		1,249
	225	Visa, Inc., Class A		44,768
	16	WEX, Inc.(a)		3,471

				109,000

		Leisure Products — 0.0%
	80	Callaway Golf Co.		1,714

		Life Sciences Tools & Services — 0.2%
	14	Agilent Technologies, Inc.		1,156
	2	Illumina, Inc.(a)		580
	7	IQVIA Holdings, Inc.(a)		1,087
	32	Repligen Corp.(a)		3,212
	14	Thermo Fisher Scientific, Inc.		4,385
	3	Waters Corp.(a)		671

				11,091

		Machinery — 1.2%
	42	AGCO Corp.		2,946
	352	Briggs & Stratton Corp.		1,292
	88	Caterpillar, Inc.		11,559
	56	Cummins, Inc.		8,958
	86	Deere & Co.		13,638
	38	Flowserve Corp.		1,774
	55	ITT, Inc.		3,689
	72	Kennametal, Inc.		2,253
	44	Oshkosh Corp.		3,786
	80	Parker-Hannifin Corp.		15,655
	12	Proto Labs, Inc.(a)		1,242
	52	Terex Corp.		1,318
	49	Toro Co. (The)		3,921
	14	Xylem, Inc.		1,143

				73,174

		Media — 0.7%
	2	Cable One, Inc.		3,408
	29	Charter Communications, Inc., Class A(a)		15,006
	270	Comcast Corp., Class A		11,661

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2020 Fund – (continued)


Shares		Description	Value (†)
		Media — continued
	19	Discovery, Inc., Series C(a)	$	528
	48	Fox Corp., Class A		1,780
	46	Interpublic Group of Cos., Inc. (The)		1,044
	63	New York Times Co. (The), Class A		2,016
	38	Omnicom Group, Inc.		2,862
	51	ViacomCBS, Inc., Class B		1,741

				40,046

		Metals & Mining — 0.3%
	104	Commercial Metals Co.		2,137
	112	Newmont Corp.		5,047
	9	Nucor Corp.		428
	43	Reliance Steel & Aluminum Co.		4,936
	28	Royal Gold, Inc.		3,229

				15,777

		Multi-Utilities — 0.2%
	49	Consolidated Edison, Inc.		4,606
	19	DTE Energy Co.		2,519
	12	Sempra Energy		1,928
	12	WEC Energy Group, Inc.		1,199

				10,252

		Multiline Retail — 0.1%
	7	Macy’s, Inc.		112
	41	Target Corp.		4,540

				4,652

		Oil, Gas & Consumable Fuels — 0.7%
	373	Apache Corp.		10,235
	80	Concho Resources, Inc.		6,062
	559	Denbury Resources, Inc.(a)		551
	69	Devon Energy Corp.		1,499
	61	Diamondback Energy, Inc.		4,538
	78	EOG Resources, Inc.		5,687
	96	EQT Corp.		581
	76	Green Plains, Inc.		948
	149	Marathon Oil Corp.		1,694
	105	Noble Energy, Inc.		2,076
	51	ONEOK, Inc.		3,818
	590	Southwestern Energy Co.(a)		926
	25	Valero Energy Corp.		2,108
	54	World Fuel Services Corp.		2,113

				42,836

		Paper & Forest Products — 0.1%
	39	Domtar Corp.		1,358
	75	Louisiana-Pacific Corp.		2,301

				3,659

		Personal Products — 0.0%
	7	Estee Lauder Cos., Inc. (The), Class A		1,366

		Pharmaceuticals — 1.1%
	2	Allergan PLC		373
	45	Bristol-Myers Squibb Co.		2,833
	55	Catalent, Inc.(a)		3,360
	29	Eli Lilly & Co.		4,049
	107	Merck & Co., Inc.		9,142
	97	Novartis AG, Sponsored ADR		9,167
	237	Novo Nordisk AS, Sponsored ADR		14,417
	15	Perrigo Co. PLC		856
	158	Pfizer, Inc.		5,884
	377	Roche Holding AG, Sponsored ADR		15,759

				65,840

		Professional Services — 0.2%
	45	Exponent, Inc.		3,275
	16	Insperity, Inc.		1,398
	43	Korn Ferry		1,762
	28	ManpowerGroup, Inc.		2,562
	24	Nielsen Holdings PLC		489

				9,486

		Real Estate Management & Development — 0.1%
	30	CBRE Group, Inc., Class A(a)		1,831
	23	Jones Lang LaSalle, Inc.		3,906

				5,737

		REITs – Apartments — 0.3%
	82	American Campus Communities, Inc.		3,761
	6	AvalonBay Communities, Inc.		1,300
	53	Camden Property Trust		5,959
	28	Equity Residential		2,326
	8	Essex Property Trust, Inc.		2,478
	3	Mid-America Apartment Communities, Inc.		412

				16,236

		REITs – Diversified — 0.1%
	12	Crown Castle International Corp.		1,798
	10	Digital Realty Trust, Inc.		1,230
	3	Equinix, Inc.		1,769
	79	Weyerhaeuser Co.		2,287

				7,084

		REITs – Health Care — 0.1%
	25	Ventas, Inc.		1,447
	85	Welltower, Inc.		7,217

				8,664

		REITs – Hotels — 0.0%
	92	Host Hotels & Resorts, Inc.		1,503

		REITs – Office Property — 0.3%
	12	Boston Properties, Inc.		1,720
	121	Corporate Office Properties Trust		3,602
	137	Douglas Emmett, Inc.		5,686
	190	Easterly Government Properties, Inc.		4,600
	61	Kilroy Realty Corp.		5,037

				20,645

		REITs – Regional Malls — 0.0%
	12	Simon Property Group, Inc.		1,598

		REITs – Storage — 0.0%
	18	Iron Mountain, Inc.		569
	4	Public Storage		895

				1,464

		REITs – Warehouse/Industrials — 0.1%
	41	CyrusOne, Inc.		2,495
	99	Liberty Property Trust		6,202

				8,697

		Road & Rail — 0.3%
	13	Kansas City Southern		2,193
	34	Norfolk Southern Corp.		7,079
	37	Ryder System, Inc.		1,766
	39	Union Pacific Corp.		6,997

				18,035

		Semiconductors & Semiconductor Equipment — 1.3%
	15	Advanced Micro Devices, Inc.(a)		705
	46	Applied Materials, Inc.		2,668
	26	Cabot Microelectronics Corp.		3,783

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2020 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — continued
	48	Cirrus Logic, Inc.(a)	$	3,687
	32	Cree, Inc.(a)		1,488
	115	First Solar, Inc.(a)		5,702
	252	Intel Corp.		16,110
	78	NVIDIA Corp.		18,441
	161	QUALCOMM, Inc.		13,735
	36	Silicon Laboratories, Inc.(a)		3,539
	77	Texas Instruments, Inc.		9,290

				79,148

		Software — 1.7%
	13	Adobe, Inc.(a)		4,565
	138	Autodesk, Inc.(a)		27,165
	28	Blackbaud, Inc.		2,193
	36	Bottomline Technologies, Inc.(a)		1,930
	7	Citrix Systems, Inc.		848
	12	Fair Isaac Corp.(a)		4,829
	20	LogMeIn, Inc.		1,719
	159	Microsoft Corp.		27,067
	27	NortonLifeLock, Inc.		767
	475	Oracle Corp.		24,914
	32	PTC, Inc.(a)		2,660
	25	Qualys, Inc.(a)		2,143
	15	salesforce.com, Inc.(a)		2,735

				103,535

		Specialty Retail — 0.5%
	27	Aaron’s, Inc.		1,603
	76	American Eagle Outfitters, Inc.		1,094
	30	Asbury Automotive Group, Inc.(a)		2,894
	10	Best Buy Co., Inc.		847
	14	Five Below, Inc.(a)		1,585
	43	Home Depot, Inc. (The)		9,808
	22	Lithia Motors, Inc., Class A		2,984
	24	Lowe’s Cos., Inc.		2,790
	22	Monro, Inc.		1,379
	5	Tiffany & Co.		670
	30	TJX Cos., Inc. (The)		1,771
	31	Williams-Sonoma, Inc.		2,173

				29,598

		Technology Hardware, Storage & Peripherals — 0.6%
	66	Apple, Inc.		20,428
	325	Hewlett Packard Enterprise Co.		4,527
	193	HP, Inc.		4,115
	79	NCR Corp.(a)		2,664
	27	NetApp, Inc.		1,442
	20	Seagate Technology PLC		1,140
	15	Western Digital Corp.		982
	35	Xerox Holdings Corp.		1,245

				36,543

		Textiles, Apparel & Luxury Goods — 0.4%
	17	Deckers Outdoor Corp.(a)		3,245
	12	Hanesbrands, Inc.		165
	37	NIKE, Inc., Class B		3,563
	3	PVH Corp.		262
	24	Tapestry, Inc.		618
	731	Under Armour, Inc., Class A(a)		14,752
	72	Wolverine World Wide, Inc.		2,273

				24,878

		Thrifts & Mortgage Finance — 0.1%
	263	New York Community Bancorp, Inc.		2,909

		Trading Companies & Distributors — 0.2%
	127	Fastenal Co.		4,430
	22	GATX Corp.		1,675
	14	W.W. Grainger, Inc.		4,237

				10,342

		Water Utilities — 0.2%
	59	American Water Works Co., Inc.		8,036
	76	Essential Utilities, Inc.		3,947

				11,983

		Wireless Telecommunication Services — 0.0%
	52	Shenandoah Telecommunications Co.		2,098

		Total Common Stocks (Identified Cost $1,942,811)		2,062,069


Principal Amount
	Bonds and Notes — 18.5%
		Agency Commercial Mortgage-Backed Securities — 0.2%
$	10,000	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)		10,159

		Automotive — 0.3%
	10,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		10,726
	8,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		8,149

				18,875

		Banking — 3.0%
	10,000	American Express Co., 3.700%, 8/03/2023		10,627
	10,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		10,239
	10,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		10,047
	9,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		9,662
	11,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		11,503
	9,000	Capital One Financial Corp., 3.300%, 10/30/2024		9,494
	10,000	Citigroup, Inc., 4.600%, 3/09/2026		11,209
	6,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		6,260
	6,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		6,085
	10,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		10,766
	8,000	HSBC Holdings PLC, 5.100%, 4/05/2021		8,306
	10,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		10,502
	10,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		10,772
	10,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		10,313
	8,000	Royal Bank of Canada, GMTN, 2.150%, 3/06/2020		8,003
	5,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		5,152
	5,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		5,216
	8,000	Santander UK PLC, 2.375%, 3/16/2020		8,006
	11,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		11,507
	9,000	Westpac Banking Corp., 2.750%, 1/11/2023		9,262

				182,931

		Cable Satellite — 0.2%
	11,000	Comcast Corp., 3.000%, 2/01/2024		11,533

		Construction Machinery — 0.2%
	10,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		10,190

		Consumer Cyclical Services — 0.2%
	4,000	Amazon.com, Inc., 3.875%, 8/22/2037		4,691
	8,000	eBay, Inc., 3.800%, 3/09/2022		8,290

				12,981

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2020 Fund – (continued)


Principal Amount		Description	Value (†)
		Electric — 0.3%
$	11,000	Duke Energy Corp., 3.750%, 4/15/2024	$	11,778
	9,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		9,563

				21,341

		Financial Other — 0.2%
	10,000	ORIX Corp., 2.900%, 7/18/2022		10,215

		Food & Beverage — 0.2%
	9,000	General Mills, Inc., 4.000%, 4/17/2025		9,843

		Government Owned – No Guarantee — 0.4%
	15,000	Federal National Mortgage Association, 6.625%, 11/15/2030		22,046

		Health Insurance — 0.4%
	10,000	Anthem, Inc., 4.101%, 3/01/2028		11,055
	8,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		10,870

				21,925

		Healthcare — 0.5%
	9,000	CVS Health Corp., 4.300%, 3/25/2028		9,973
	5,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		5,080
	8,000	McKesson Corp., 3.950%, 2/16/2028		8,716
	5,000	Thermo Fisher Scientific, Inc., 3.000%, 4/15/2023		5,177

				28,946

		Independent Energy — 0.1%
	10,000	EQT Corp., 3.000%, 10/01/2022		9,632

		Integrated Energy — 0.5%
	10,000	BP Capital Markets PLC, 3.814%, 2/10/2024		10,743
	8,000	Chevron Corp., 1.961%, 3/03/2020		8,001
	8,000	Shell International Finance BV, 6.375%, 12/15/2038		12,035

				30,779

		Life Insurance — 0.3%
	10,000	American International Group, Inc., 4.125%, 2/15/2024		10,837
	5,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		5,065

				15,902

		Midstream — 0.4%
	11,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		11,676
	10,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		10,714

				22,390

		Mortgage Related — 3.9%
	5,412	FHLMC, 3.000%, 6/01/2049		5,541
	99,926	FNMA, 3.000%, with various maturities from 2034 to 2049(c)		102,418
	86,179	FNMA, 3.500%, with various maturities in 2049(c)		88,907
	20,306	FNMA, 4.000%, with various maturities in 2049(c)		21,202
	14,358	FNMA, 4.500%, with various maturities in 2049(c)		15,187

				233,255

		Oil Field Services — 0.2%
	10,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		10,265

		Pharmaceuticals — 0.3%
	11,000	AbbVie, Inc., 3.600%, 5/14/2025		11,757
	8,000	Amgen, Inc., 2.650%, 5/11/2022		8,142

				19,899

		Railroads — 0.2%
	11,000	CSX Corp., 2.600%, 11/01/2026		11,412

		REITs – Office Property — 0.1%
	6,000	Boston Properties LP, 2.750%, 10/01/2026		6,199

		Restaurants — 0.1%
	8,000	Starbucks Corp., 3.800%, 8/15/2025		8,755

		Technology — 1.2%
	11,000	Apple, Inc., 2.500%, 2/09/2025		11,397
	5,000	Broadcom Corp./Broadcom Cayman Finance Ltd., 3.625%, 1/15/2024		5,231
	10,000	HP, Inc., 4.650%, 12/09/2021		10,493
	11,000	International Business Machines Corp., 4.000%, 6/20/2042		12,755
	10,000	Oracle Corp., 2.950%, 5/15/2025		10,562
	10,000	QUALCOMM, Inc., 3.450%, 5/20/2025		10,738
	11,000	VMware, Inc., 2.950%, 8/21/2022		11,256

				72,432

		Treasuries — 4.4%
	10,000	U.S. Treasury Bond, 2.500%, 5/15/2046		10,962
	21,000	U.S. Treasury Bond, 2.875%, 11/15/2046		24,719
	36,000	U.S. Treasury Bond, 3.000%, 5/15/2045		42,937
	10,000	U.S. Treasury Bond, 3.000%, 2/15/2048		12,103
	19,000	U.S. Treasury Bond, 3.000%, 2/15/2049		23,138
	7,000	U.S. Treasury Bond, 4.250%, 11/15/2040		9,833
	8,000	U.S. Treasury Bond, 4.375%, 5/15/2041		11,447
	8,000	U.S. Treasury Bond, 4.500%, 2/15/2036		11,128
	31,000	U.S. Treasury Bond, 5.250%, 2/15/2029		40,840
	15,000	U.S. Treasury Note, 1.125%, 9/30/2021		14,936
	3,000	U.S. Treasury Note, 1.625%, 8/31/2022		3,023
	7,000	U.S. Treasury Note, 2.000%, 11/15/2026		7,258
	25,000	U.S. Treasury Note, 2.125%, 12/31/2022		25,580
	3,000	U.S. Treasury Note, 2.250%, 11/15/2025		3,144
	11,000	U.S. Treasury Note, 2.250%, 11/15/2027		11,642
	11,000	U.S. Treasury Note, 2.625%, 2/15/2029		12,043

				264,733

		Wireless — 0.2%
	9,000	Vodafone Group PLC, 6.150%, 2/27/2037		12,172

		Wirelines — 0.5%
	8,000	AT&T, Inc., 3.400%, 5/15/2025		8,488
	10,000	AT&T, Inc., 3.875%, 1/15/2026		10,860
	11,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 3.010%, 5/15/2025(d)		11,323

				30,671

		Total Bonds and Notes (Identified Cost $1,066,263)		1,109,481


Shares
	Exchange-Traded Funds — 7.7%
	4,790	iShares^® ESG MSCI EAFE ETF		320,259
	4,216	iShares^® ESG MSCI Emerging Markets ETF		143,133

		Total Exchange-Traded Funds (Identified Cost $432,703)		463,392


	Affiliated Mutual Funds — 37.6%
	47,802	Loomis Sayles Inflation Protected Securities Fund, Class N		518,655
	53,972	Loomis Sayles Limited Term Government and Agency Fund, Class N		615,284
	57,909	Mirova Global Green Bond Fund, Class N		615,575
	41,582	Mirova International Sustainable Equity Fund, Class N		510,216

		Total Affiliated Mutual Funds (Identified Cost $2,169,056)		2,259,730


		Total Investments — 98.1% (Identified Cost $5,610,833)		5,894,672
		Other assets less liabilities — 1.9%		111,632

		Net Assets — 100.0%	$	6,006,304

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2020 Fund – (continued)


	(†)			See Note 2 of Notes to Financial Statements.
	(a)			Non-income producing security.
	(b)			Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of January 31, 2020 is disclosed.
	(c)			The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)			Variable rate security. Rate as of January 31, 2020 is disclosed.

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

Asset Allocation Summary at January 31, 2020


Equity	50.5	%
Fixed Income	47.6

Total Investments	98.1
Other assets less liabilities	1.9

Net Assets	100.0	%

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2025 Fund


Shares		Description	Value (†)
	Common Stocks — 40.4% of Net Assets
		Aerospace & Defense — 0.3%
	21	Axon Enterprise, Inc.(a)	$	1,613
	28	Moog, Inc., Class A		2,509
	3	Raytheon Co.		663
	16	Teledyne Technologies, Inc.(a)		5,841
	34	United Technologies Corp.		5,107

				15,733

		Air Freight & Logistics — 0.5%
	269	Expeditors International of Washington, Inc.		19,648
	41	FedEx Corp.		5,930
	41	United Parcel Service, Inc., Class B		4,244

				29,822

		Airlines — 0.1%
	301	American Airlines Group, Inc.		8,079
	12	Delta Air Lines, Inc.		669

				8,748

		Auto Components — 0.2%
	134	American Axle & Manufacturing Holdings, Inc.(a)		1,238
	88	Aptiv PLC		7,462
	13	BorgWarner, Inc.		446
	136	Delphi Technologies PLC(a)		2,086
	122	Goodyear Tire & Rubber Co. (The)		1,602
	25	Visteon Corp.(a)		1,995

				14,829

		Automobiles — 0.4%
	872	Fiat Chrysler Automobiles NV		11,353
	345	General Motors Co.		11,520
	27	Thor Industries, Inc.		2,174

				25,047

		Banks — 2.7%
	82	Ameris Bancorp		3,296
	146	BancorpSouth Bank		4,171
	740	Bank of America Corp.		24,294
	318	Cadence BanCorp		4,970
	338	Citigroup, Inc.		25,151
	200	Citizens Financial Group, Inc.		7,456
	112	Columbia Banking System, Inc.		4,334
	8	Comerica, Inc.		489
	71	Cullen/Frost Bankers, Inc.		6,330
	256	Fulton Financial Corp.		4,216
	224	Huntington Bancshares, Inc.		3,040
	130	International Bancshares Corp.		5,122
	327	KeyCorp		6,118
	19	M&T Bank Corp.		3,202
	530	People’s United Financial, Inc.		8,173
	65	PNC Financial Services Group, Inc. (The)		9,656
	122	Regions Financial Corp.		1,900
	118	TCF Financial Corp.		4,989
	107	Truist Financial Corp.		5,518
	201	Trustmark Corp.		6,428
	291	Wells Fargo & Co.		13,659
	54	Wintrust Financial Corp.		3,417
	110	Zions Bancorp N.A.		5,004

				160,933

		Beverages — 1.2%
	84	Brown-Forman Corp., Class B		5,682
	326	Coca-Cola Co. (The)		19,038
	60	Constellation Brands, Inc., Class A		11,298
	423	Monster Beverage Corp.(a)		28,172
		Beverages — continued
	38	PepsiCo, Inc.	$	5,397

				69,587

		Biotechnology — 1.2%
	58	AbbVie, Inc.		4,699
	67	Amgen, Inc.		14,475
	12	Biogen, Inc.(a)		3,226
	108	BioMarin Pharmaceutical, Inc.(a)		9,018
	89	Gilead Sciences, Inc.		5,625
	18	Ligand Pharmaceuticals, Inc.(a)		1,581
	94	Regeneron Pharmaceuticals, Inc.(a)		31,767
	5	Vertex Pharmaceuticals, Inc.(a)		1,135

				71,526

		Building Products — 0.2%
	185	Johnson Controls International PLC		7,298
	21	Lennox International, Inc.		4,893

				12,191

		Capital Markets — 3.0%
	3	Affiliated Managers Group, Inc.		240
	11	Ameriprise Financial, Inc.		1,819
	394	Bank of New York Mellon Corp. (The)		17,643
	13	BlackRock, Inc.		6,856
	417	Charles Schwab Corp. (The)		18,994
	19	CME Group, Inc.		4,125
	50	FactSet Research Systems, Inc.		14,305
	68	Franklin Resources, Inc.		1,720
	49	Goldman Sachs Group, Inc. (The)		11,650
	48	Intercontinental Exchange, Inc.		4,788
	41	Invesco Ltd.		709
	93	Janus Henderson Group PLC		2,350
	109	Legg Mason, Inc.		4,267
	73	Moody’s Corp.		18,746
	56	MSCI, Inc.		16,005
	53	Northern Trust Corp.		5,184
	46	S&P Global, Inc.		13,512
	233	SEI Investments Co.		15,206
	302	State Street Corp.		22,840

				180,959

		Chemicals — 0.5%
	22	DuPont de Nemours, Inc.		1,126
	51	Ecolab, Inc.		10,002
	57	HB Fuller Co.		2,634
	40	Innospec, Inc.		4,029
	8	International Flavors & Fragrances, Inc.		1,049
	40	Linde PLC		8,125
	43	Minerals Technologies, Inc.		2,328
	28	Stepan Co.		2,762

				32,055

		Commercial Services & Supplies — 0.2%
	51	Healthcare Services Group, Inc.		1,306
	29	MSA Safety, Inc.		3,932
	42	Tetra Tech, Inc.		3,595
	42	Waste Management, Inc.		5,112

				13,945

		Communications Equipment — 0.6%
	69	Ciena Corp.(a)		2,806
	482	Cisco Systems, Inc.		22,158
	6	F5 Networks, Inc.(a)		733
	33	InterDigital, Inc.		1,823
	35	Lumentum Holdings, Inc.(a)		2,652
	17	Motorola Solutions, Inc.		3,009

				33,181

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2025 Fund – (continued)


Shares		Description	Value (†)
		Construction & Engineering — 0.2%
	131	AECOM(a)	$	6,318
	160	Fluor Corp.		2,862

				9,180

		Consumer Finance — 0.5%
	32	American Express Co.		4,156
	216	Capital One Financial Corp.		21,557
	101	Navient Corp.		1,452

				27,165

		Containers & Packaging — 0.2%
	74	Ball Corp.		5,341
	38	International Paper Co.		1,548
	181	O-I Glass, Inc.		2,284

				9,173

		Distributors — 0.1%
	34	Genuine Parts Co.		3,181
	20	POOL CORP.		4,386

				7,567

		Diversified Consumer Services — 0.1%
	87	Service Corp. International		4,172

		Diversified Telecommunication Services — 0.2%
	159	AT&T, Inc.		5,982
	85	Verizon Communications, Inc.		5,052

				11,034

		Electric Utilities — 0.3%
	97	American Electric Power Co., Inc.		10,110
	14	Edison International		1,072
	25	Eversource Energy		2,311
	18	FirstEnergy Corp.		914
	38	IDACORP, Inc.		4,263
	32	PPL Corp.		1,158

				19,828

		Electrical Equipment — 0.2%
	14	Acuity Brands, Inc.		1,650
	49	Eaton Corp. PLC		4,629
	26	Hubbell, Inc.		3,724

				10,003

		Electronic Equipment, Instruments & Components — 0.6%
	73	Avnet, Inc.		2,664
	28	Belden, Inc.		1,380
	74	Cognex Corp.		3,772
	15	Coherent, Inc.(a)		2,121
	25	Corning, Inc.		667
	15	Littelfuse, Inc.		2,654
	13	Rogers Corp.(a)		1,531
	161	TE Connectivity Ltd.		14,841
	89	Trimble, Inc.(a)		3,784
	132	Vishay Intertechnology, Inc.		2,678

				36,092

		Energy Equipment & Services — 0.3%
	45	Apergy Corp.(a)		1,164
	44	Baker Hughes Co.		953
	18	Core Laboratories NV		632
	65	National Oilwell Varco, Inc.		1,340
	77	Oceaneering International, Inc.(a)		955
	68	Oil States International, Inc.(a)		733
	372	Schlumberger Ltd.		12,466
	45	TechnipFMC PLC		743

				18,986

		Entertainment — 0.9%
	27	Activision Blizzard, Inc.	$	1,579
	56	Cinemark Holdings, Inc.		1,765
	14	Electronic Arts, Inc.(a)		1,511
	72	Netflix, Inc.(a)		24,846
	26	Take-Two Interactive Software, Inc.(a)		3,241
	142	Walt Disney Co. (The)		19,640

				52,582

		Food & Staples Retailing — 0.2%
	71	Kroger Co. (The)		1,907
	236	SpartanNash Co.		2,874
	27	Sysco Corp.		2,218
	92	Walgreens Boots Alliance, Inc.		4,678

				11,677

		Food Products — 0.5%
	55	Campbell Soup Co.		2,662
	585	Danone S.A., Sponsored ADR		9,331
	41	General Mills, Inc.		2,141
	67	Hain Celestial Group, Inc. (The)(a)		1,622
	7	Hershey Co. (The)		1,086
	32	Hormel Foods Corp.		1,513
	38	Ingredion, Inc.		3,344
	12	J.M. Smucker Co. (The)		1,243
	53	Kellogg Co.		3,615
	6	McCormick & Co., Inc.		980
	19	Mondelez International, Inc., Class A		1,090

				28,627

		Gas Utilities — 0.2%
	78	New Jersey Resources Corp.		3,223
	44	ONE Gas, Inc.		4,158
	86	South Jersey Industries, Inc.		2,649
	94	UGI Corp.		3,909

				13,939

		Health Care Equipment & Supplies — 0.5%
	4	Becton Dickinson & Co.		1,101
	23	Boston Scientific Corp.(a)		963
	3	Cooper Cos., Inc. (The)		1,041
	17	Danaher Corp.		2,735
	11	DENTSPLY SIRONA, Inc.		616
	2	Edwards Lifesciences Corp.(a)		440
	41	Globus Medical, Inc., Class A(a)		2,143
	21	Haemonetics Corp.(a)		2,255
	38	Hill-Rom Holdings, Inc.		4,047
	21	Hologic, Inc.(a)		1,124
	3	Intuitive Surgical, Inc.(a)		1,679
	140	Meridian Bioscience, Inc.		1,378
	23	Merit Medical Systems, Inc.(a)		838
	5	STERIS PLC		753
	2	Stryker Corp.		421
	39	Varian Medical Systems, Inc.(a)		5,482
	28	West Pharmaceutical Services, Inc.		4,366

				31,382

		Health Care Providers & Services — 1.5%
	43	Acadia Healthcare Co., Inc.(a)		1,382
	14	Amedisys, Inc.(a)		2,471
	8	Anthem, Inc.		2,122
	30	BioTelemetry, Inc.(a)		1,468
	76	Centene Corp.(a)		4,773
	9	Chemed Corp.		4,203
	13	Cigna Corp.		2,501
	229	CVS Health Corp.		15,531

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2025 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	15	DaVita, Inc.(a)	$	1,198
	33	Encompass Health Corp.		2,542
	100	HCA Healthcare, Inc.		13,880
	24	Henry Schein, Inc.(a)		1,654
	41	Humana, Inc.		13,786
	17	Laboratory Corp. of America Holdings(a)		2,982
	152	MEDNAX, Inc.(a)		3,507
	69	Patterson Cos., Inc.		1,519
	27	Quest Diagnostics, Inc.		2,988
	32	UnitedHealth Group, Inc.		8,718

				87,225

		Health Care Technology — 0.3%
	148	Allscripts Healthcare Solutions, Inc.(a)		1,270
	210	Cerner Corp.		15,084
	64	HMS Holdings Corp.(a)		1,749

				18,103

		Hotels, Restaurants & Leisure — 1.4%
	12	Domino’s Pizza, Inc.		3,381
	40	Dunkin’ Brands Group, Inc.		3,124
	101	Hilton Worldwide Holdings, Inc.		10,888
	22	Jack in the Box, Inc.		1,798
	25	Marriott Vacations Worldwide Corp.		3,006
	9	McDonald’s Corp.		1,926
	480	MGM Resorts International		14,909
	7	Royal Caribbean Cruises Ltd.		820
	168	Starbucks Corp.		14,251
	147	Wendy’s Co. (The)		3,185
	399	Yum China Holdings, Inc.		17,185
	79	Yum! Brands, Inc.		8,356

				82,829

		Household Durables — 0.2%
	118	KB Home		4,431
	88	Meritage Homes Corp.(a)		6,244

				10,675

		Household Products — 0.6%
	161	Colgate-Palmolive Co.		11,879
	194	Procter & Gamble Co. (The)		24,176

				36,055

		Independent Power & Renewable Electricity Producers — 0.3%
	64	AES Corp. (The)		1,271
	134	Ormat Technologies, Inc.		10,621
	316	Pattern Energy Group, Inc., Class A		8,503

				20,395

		Industrial Conglomerates — 0.3%
	1,414	General Electric Co.		17,604
	8	Honeywell International, Inc.		1,386

				18,990

		Insurance — 0.9%
	23	Aflac, Inc.		1,186
	37	Allstate Corp. (The)		4,386
	290	American International Group, Inc.		14,575
	9	Brighthouse Financial, Inc.(a)		350
	53	Chubb Ltd.		8,055
	67	First American Financial Corp.		4,153
	23	Hanover Insurance Group, Inc. (The)		3,187
	42	Hartford Financial Services Group, Inc. (The)		2,490
	38	Lincoln National Corp.		2,070
	25	Marsh & McLennan Cos., Inc.		2,797
	70	Prudential Financial, Inc.		6,374
		Insurance — continued
	27	Travelers Cos., Inc. (The)	$	3,554

				53,177

		Interactive Media & Services — 1.9%
	16	Alphabet, Inc., Class A(a)		22,924
	33	Alphabet, Inc., Class C(a)		47,330
	232	Facebook, Inc., Class A(a)		46,843

				117,097

		Internet & Direct Marketing Retail — 1.8%
	168	Alibaba Group Holding Ltd., Sponsored ADR(a)		34,707
	20	Amazon.com, Inc.(a)		40,174
	11	Booking Holdings, Inc.(a)		20,136
	375	eBay, Inc.		12,585
	44	Etsy, Inc.(a)		2,148

				109,750

		IT Services — 2.2%
	96	Automatic Data Processing, Inc.		16,453
	60	Cognizant Technology Solutions Corp., Class A		3,683
	324	DXC Technology Co.		10,329
	14	Fiserv, Inc.(a)		1,661
	66	Gartner, Inc.(a)		10,611
	23	International Business Machines Corp.		3,306
	53	MasterCard, Inc., Class A		16,745
	21	Paychex, Inc.		1,801
	31	PayPal Holdings, Inc.(a)		3,531
	200	Sabre Corp.		4,308
	8	VeriSign, Inc.(a)		1,665
	264	Visa, Inc., Class A		52,528
	20	WEX, Inc.(a)		4,338

				130,959

		Leisure Products — 0.0%
	80	Callaway Golf Co.		1,714

		Life Sciences Tools & Services — 0.2%
	17	Agilent Technologies, Inc.		1,404
	2	Illumina, Inc.(a)		580
	9	IQVIA Holdings, Inc.(a)		1,397
	37	Repligen Corp.(a)		3,715
	17	Thermo Fisher Scientific, Inc.		5,324
	3	Waters Corp.(a)		671

				13,091

		Machinery — 1.4%
	49	AGCO Corp.		3,437
	408	Briggs & Stratton Corp.		1,497
	106	Caterpillar, Inc.		13,923
	68	Cummins, Inc.		10,878
	103	Deere & Co.		16,334
	45	Flowserve Corp.		2,101
	65	ITT, Inc.		4,360
	83	Kennametal, Inc.		2,597
	51	Oshkosh Corp.		4,388
	94	Parker-Hannifin Corp.		18,395
	15	Proto Labs, Inc.(a)		1,553
	58	Terex Corp.		1,470
	57	Toro Co. (The)		4,561
	17	Xylem, Inc.		1,388

				86,882

		Media — 0.8%
	3	Cable One, Inc.		5,112
	35	Charter Communications, Inc., Class A(a)		18,111
	332	Comcast Corp., Class A		14,339

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2025 Fund – (continued)


Shares		Description	Value (†)
		Media — continued
	17	Discovery, Inc., Series C(a)	$	472
	57	Fox Corp., Class A		2,114
	47	Interpublic Group of Cos., Inc. (The)		1,067
	63	New York Times Co. (The), Class A		2,017
	46	Omnicom Group, Inc.		3,464
	61	ViacomCBS, Inc., Class B		2,082

				48,778

		Metals & Mining — 0.3%
	105	Commercial Metals Co.		2,158
	141	Newmont Corp.		6,353
	8	Nucor Corp.		380
	50	Reliance Steel & Aluminum Co.		5,740
	32	Royal Gold, Inc.		3,690

				18,321

		Multi-Utilities — 0.2%
	57	Consolidated Edison, Inc.		5,358
	26	DTE Energy Co.		3,448
	15	Sempra Energy		2,410
	15	WEC Energy Group, Inc.		1,498

				12,714

		Multiline Retail — 0.1%
	6	Macy’s, Inc.		95
	47	Target Corp.		5,205

				5,300

		Oil, Gas & Consumable Fuels — 0.8%
	452	Apache Corp.		12,403
	98	Concho Resources, Inc.		7,426
	562	Denbury Resources, Inc.(a)		554
	68	Devon Energy Corp.		1,477
	75	Diamondback Energy, Inc.		5,580
	95	EOG Resources, Inc.		6,927
	122	EQT Corp.		738
	96	Green Plains, Inc.		1,197
	172	Marathon Oil Corp.		1,956
	110	Noble Energy, Inc.		2,175
	59	ONEOK, Inc.		4,417
	606	Southwestern Energy Co.(a)		951
	30	Valero Energy Corp.		2,529
	56	World Fuel Services Corp.		2,191

				50,521

		Paper & Forest Products — 0.1%
	44	Domtar Corp.		1,532
	87	Louisiana-Pacific Corp.		2,669

				4,201

		Personal Products — 0.0%
	9	Estee Lauder Cos., Inc. (The), Class A		1,756

		Pharmaceuticals — 1.3%
	3	Allergan PLC		560
	54	Bristol-Myers Squibb Co.		3,399
	63	Catalent, Inc.(a)		3,849
	34	Eli Lilly & Co.		4,748
	127	Merck & Co., Inc.		10,851
	114	Novartis AG, Sponsored ADR		10,774
	268	Novo Nordisk AS, Sponsored ADR		16,302
	14	Perrigo Co. PLC		799
	190	Pfizer, Inc.		7,076
	433	Roche Holding AG, Sponsored ADR		18,099

				76,457

		Professional Services — 0.2%
	52	Exponent, Inc.	$	3,784
	18	Insperity, Inc.		1,572
	48	Korn Ferry		1,967
	28	ManpowerGroup, Inc.		2,562
	22	Nielsen Holdings PLC		449

				10,334

		Real Estate Management & Development — 0.1%
	36	CBRE Group, Inc., Class A(a)		2,198
	27	Jones Lang LaSalle, Inc.		4,585

				6,783

		REITs – Apartments — 0.3%
	95	American Campus Communities, Inc.		4,358
	8	AvalonBay Communities, Inc.		1,733
	63	Camden Property Trust		7,083
	33	Equity Residential		2,742
	10	Essex Property Trust, Inc.		3,098
	2	Mid-America Apartment Communities, Inc.		274

				19,288

		REITs – Diversified — 0.1%
	14	Crown Castle International Corp.		2,098
	8	Digital Realty Trust, Inc.		984
	4	Equinix, Inc.		2,359
	88	Weyerhaeuser Co.		2,547

				7,988

		REITs – Health Care — 0.2%
	27	Ventas, Inc.		1,562
	100	Welltower, Inc.		8,491

				10,053

		REITs – Hotels — 0.0%
	92	Host Hotels & Resorts, Inc.		1,503

		REITs – Office Property — 0.4%
	14	Boston Properties, Inc.		2,007
	143	Corporate Office Properties Trust		4,257
	162	Douglas Emmett, Inc.		6,723
	216	Easterly Government Properties, Inc.		5,229
	72	Kilroy Realty Corp.		5,945

				24,161

		REITs – Regional Malls — 0.0%
	15	Simon Property Group, Inc.		1,997

		REITs – Storage — 0.0%
	16	Iron Mountain, Inc.		506
	5	Public Storage		1,119

				1,625

		REITs – Warehouse/Industrials — 0.2%
	46	CyrusOne, Inc.		2,799
	118	Liberty Property Trust		7,393

				10,192

		Road & Rail — 0.4%
	15	Kansas City Southern		2,530
	41	Norfolk Southern Corp.		8,536
	37	Ryder System, Inc.		1,766
	47	Union Pacific Corp.		8,433

				21,265

		Semiconductors & Semiconductor Equipment — 1.5%
	14	Advanced Micro Devices, Inc.(a)		658
	55	Applied Materials, Inc.		3,189
	30	Cabot Microelectronics Corp.		4,365

See accompanying notes to financial statements.

| 44

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2025 Fund – (continued)


Shares		Description		Value (†)
		Semiconductors & Semiconductor Equipment — continued
	55	Cirrus Logic, Inc.(a)		$	4,225
	36	Cree, Inc.(a)			1,674
	136	First Solar, Inc.(a)			6,743
	306	Intel Corp.			19,563
	86	NVIDIA Corp.			20,333
	184	QUALCOMM, Inc.			15,697
	42	Silicon Laboratories, Inc.(a)			4,129
	96	Texas Instruments, Inc.			11,582

					92,158

		Software — 2.0%
	15	Adobe, Inc.(a)			5,267
	160	Autodesk, Inc.(a)			31,496
	29	Blackbaud, Inc.			2,272
	40	Bottomline Technologies, Inc.(a)			2,144
	8	Citrix Systems, Inc.			970
	14	Fair Isaac Corp.(a)			5,633
	23	LogMeIn, Inc.			1,977
	188	Microsoft Corp.			32,003
	25	NortonLifeLock, Inc.			710
	544	Oracle Corp.			28,533
	39	PTC, Inc.(a)			3,242
	25	Qualys, Inc.(a)			2,143
	18	salesforce.com, Inc.(a)			3,282

					119,672

		Specialty Retail — 0.6%
	30	Aaron’s, Inc.			1,781
	96	American Eagle Outfitters, Inc.			1,382
	35	Asbury Automotive Group, Inc.(a)			3,376
	9	Best Buy Co., Inc.			762
	16	Five Below, Inc.(a)			1,812
	51	Home Depot, Inc. (The)			11,633
	25	Lithia Motors, Inc., Class A			3,391
	31	Lowe’s Cos., Inc.			3,603
	25	Monro, Inc.			1,568
	8	Tiffany & Co.			1,072
	36	TJX Cos., Inc. (The)			2,125
	32	Williams-Sonoma, Inc.			2,243

					34,748

		Technology Hardware, Storage & Peripherals — 0.7%
	80	Apple, Inc.			24,761
	385	Hewlett Packard Enterprise Co.			5,363
	241	HP, Inc.			5,138
	91	NCR Corp.(a)			3,068
	32	NetApp, Inc.			1,709
	18	Seagate Technology PLC			1,026
	18	Western Digital Corp.			1,179
	42	Xerox Holdings Corp.			1,494

					43,738

		Textiles, Apparel & Luxury Goods — 0.5%
	21	Deckers Outdoor Corp.(a)			4,009
	11	Hanesbrands, Inc.			151
	45	NIKE, Inc., Class B			4,334
	3	PVH Corp.			262
	22	Tapestry, Inc.			567
	838	Under Armour, Inc., Class A(a)			16,911
	83	Wolverine World Wide, Inc.	��		2,620

					28,854

		Thrifts & Mortgage Finance — 0.1%
	313	New York Community Bancorp, Inc.			3,462

		Trading Companies & Distributors — 0.2%
	153	Fastenal Co.		$	5,337
	24	GATX Corp.			1,827
	17	W.W. Grainger, Inc.			5,145

					12,309

		Water Utilities — 0.2%
	71	American Water Works Co., Inc.			9,670
	88	Essential Utilities, Inc.			4,571

					14,241

		Wireless Telecommunication Services — 0.0%
	53	Shenandoah Telecommunications Co.			2,139

		Total Common Stocks (Identified Cost $2,319,150)			2,431,463


Principal Amount
	Bonds and Notes — 15.9%
		Agency Commercial Mortgage-Backed Securities — 0.1%
$	6,000	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)			6,095

		Automotive — 0.3%
	8,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027			8,581
	8,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022			8,149

					16,730

		Banking — 2.5%
	8,000	American Express Co., 3.700%, 8/03/2023			8,501
	8,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023			8,191
	8,000	Bank of Montreal, MTN, 1.900%, 8/27/2021			8,037
	8,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024			8,588
	9,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023			9,411
	8,000	Capital One Financial Corp., 3.300%, 10/30/2024			8,439
	9,000	Citigroup, Inc., 4.600%, 3/09/2026			10,088
	4,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022			4,173
	3,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021			3,043
	8,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025			8,613
	8,000	HSBC Holdings PLC, 5.100%, 4/05/2021			8,306
	8,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025			8,402
	9,000	Morgan Stanley, Series F, 3.875%, 4/29/2024			9,694
	8,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026			8,251
	6,000	Royal Bank of Canada, GMTN, 2.150%, 3/06/2020			6,003
	5,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024			5,152
	4,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024			4,173
	6,000	Santander UK PLC, 2.375%, 3/16/2020			6,005
	9,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025			9,415
	6,000	Westpac Banking Corp., 2.750%, 1/11/2023			6,175

					148,660

		Cable Satellite — 0.2%
	10,000	Comcast Corp., 3.000%, 2/01/2024			10,485

		Construction Machinery — 0.2%
	9,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022			9,171

		Consumer Cyclical Services — 0.2%
	5,000	Amazon.com, Inc., 3.875%, 8/22/2037			5,864
	8,000	eBay, Inc., 3.800%, 3/09/2022			8,290

					14,154

See accompanying notes to financial statements.

45 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2025 Fund – (continued)


Principal Amount		Description	Value (†)
		Electric — 0.3%
$	10,000	Duke Energy Corp., 3.750%, 4/15/2024	$	10,707
	9,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		9,563

				20,270

		Financial Other — 0.1%
	8,000	ORIX Corp., 2.900%, 7/18/2022		8,172

		Food & Beverage — 0.1%
	8,000	General Mills, Inc., 4.000%, 4/17/2025		8,750

		Government Owned – No Guarantee — 0.3%
	14,000	Federal National Mortgage Association, 6.625%, 11/15/2030		20,576

		Health Insurance — 0.3%
	9,000	Anthem, Inc., 4.101%, 3/01/2028		9,949
	7,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		9,511

				19,460

		Healthcare — 0.5%
	7,000	CVS Health Corp., 4.300%, 3/25/2028		7,757
	4,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		4,064
	8,000	McKesson Corp., 3.950%, 2/16/2028		8,715
	4,000	Quest Diagnostics, Inc., 2.950%, 6/30/2030		4,092
	4,000	Thermo Fisher Scientific, Inc., 3.000%, 4/15/2023		4,142

				28,770

		Independent Energy — 0.2%
	10,000	EQT Corp., 3.000%, 10/01/2022		9,632

		Integrated Energy — 0.4%
	9,000	BP Capital Markets PLC, 3.814%, 2/10/2024		9,668
	8,000	Chevron Corp., 1.961%, 3/03/2020		8,002
	6,000	Shell International Finance BV, 6.375%, 12/15/2038		9,026

				26,696

		Life Insurance — 0.2%
	9,000	American International Group, Inc., 3.900%, 4/01/2026		9,799
	4,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027	��	4,052

				13,851

		Midstream — 0.3%
	9,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		9,553
	9,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		9,642

				19,195

		Mortgage Related — 3.3%
	91,265	FNMA, 3.000%, with various maturities from 2034 to 2049(c)		93,510
	70,232	FNMA, 3.500%, with various maturities in 2049(c)		72,455
	16,029	FNMA, 4.000%, with various maturities in 2049(c)		16,743
	12,161	FNMA, 4.500%, with various maturities from 2048 to 2049(c)		12,877

				195,585

		Oil Field Services — 0.1%
	8,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		8,212

		Pharmaceuticals — 0.3%
	10,000	AbbVie, Inc., 3.600%, 5/14/2025		10,688
	8,000	Amgen, Inc., 2.650%, 5/11/2022		8,142

				18,830

		Railroads — 0.2%
	10,000	CSX Corp., 2.600%, 11/01/2026		10,374

		REITs – Office Property — 0.1%
	4,000	Boston Properties LP, 2.750%, 10/01/2026		4,133

		Restaurants — 0.2%
	8,000	Starbucks Corp., 3.800%, 8/15/2025		8,755

		Technology — 1.0%
$	8,000	Apple, Inc., 2.500%, 2/09/2025	$	8,289
	4,000	Broadcom Corp./Broadcom Cayman Finance Ltd., 3.625%, 1/15/2024		4,185
	8,000	HP, Inc., 4.650%, 12/09/2021		8,394
	8,000	International Business Machines Corp., 4.000%, 6/20/2042		9,276
	8,000	Oracle Corp., 2.950%, 5/15/2025		8,450
	10,000	QUALCOMM, Inc., 3.450%, 5/20/2025		10,738
	10,000	VMware, Inc., 2.950%, 8/21/2022		10,233

				59,565

		Treasuries — 3.9%
	9,000	U.S. Treasury Bond, 2.500%, 5/15/2046		9,866
	18,000	U.S. Treasury Bond, 2.875%, 11/15/2046		21,187
	29,000	U.S. Treasury Bond, 3.000%, 5/15/2045		34,588
	9,000	U.S. Treasury Bond, 3.000%, 2/15/2048		10,893
	16,000	U.S. Treasury Bond, 3.000%, 2/15/2049		19,485
	7,000	U.S. Treasury Bond, 4.250%, 11/15/2040		9,833
	7,000	U.S. Treasury Bond, 4.375%, 5/15/2041		10,016
	7,000	U.S. Treasury Bond, 4.500%, 2/15/2036		9,737
	26,000	U.S. Treasury Bond, 5.250%, 2/15/2029		34,253
	12,000	U.S. Treasury Note, 1.125%, 9/30/2021		11,949
	3,000	U.S. Treasury Note, 1.625%, 8/31/2022		3,023
	6,000	U.S. Treasury Note, 2.000%, 11/15/2026		6,221
	19,000	U.S. Treasury Note, 2.125%, 12/31/2022		19,441
	12,000	U.S. Treasury Note, 2.250%, 11/15/2025		12,575
	10,000	U.S. Treasury Note, 2.250%, 11/15/2027		10,584
	9,000	U.S. Treasury Note, 2.625%, 2/15/2029		9,853

				233,504

		Wireless — 0.2%
	8,000	Vodafone Group PLC, 6.150%, 2/27/2037		10,820

		Wirelines — 0.4%
	9,000	AT&T, Inc., 3.400%, 5/15/2025		9,550
	6,000	AT&T, Inc., 3.875%, 1/15/2026		6,516
	10,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 3.010%, 5/15/2025(d)		10,293

				26,359

		Total Bonds and Notes (Identified Cost $921,572)		956,804


Shares
	Exchange-Traded Funds — 10.1%
	5,940	iShares^® ESG MSCI EAFE ETF		397,148
	6,141	iShares^® ESG MSCI Emerging Markets ETF		208,487

		Total Exchange-Traded Funds (Identified Cost $579,062)		605,635


	Affiliated Mutual Funds — 32.5%
	29,692	Loomis Sayles Inflation Protected Securities Fund, Class N		322,163
	42,363	Loomis Sayles Limited Term Government and Agency Fund, Class N		482,941
	48,489	Mirova Global Green Bond Fund, Class N		515,436
	51,677	Mirova International Sustainable Equity Fund, Class N		634,081

		Total Affiliated Mutual Funds (Identified Cost $1,876,200)		1,954,621


		Total Investments — 98.9% (Identified Cost $5,695,984)		5,948,523
		Other assets less liabilities — 1.1%		66,457

		Net Assets — 100.0%	$	6,014,980

See accompanying notes to financial statements.

| 46

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2025 Fund – (continued)


	(†)			See Note 2 of Notes to Financial Statements.
	(a)			Non-income producing security.
	(b)			Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of January 31, 2020 is disclosed.
	(c)			The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)			Variable rate security. Rate as of January 31, 2020 is disclosed.

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

Asset Allocation Summary at January 31, 2020


Equity	61.0	%
Fixed Income	37.9

Total Investments	98.9
Other assets less liabilities	1.1

Net Assets	100.0	%

See accompanying notes to financial statements.

47 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2030 Fund


Shares		Description	Value (†)
	Common Stocks — 43.4% of Net Assets
		Aerospace & Defense — 0.3%
	27	Axon Enterprise, Inc.(a)	$	2,074
	39	Moog, Inc., Class A		3,495
	5	Raytheon Co.		1,104
	19	Teledyne Technologies, Inc.(a)		6,936
	45	United Technologies Corp.		6,759

				20,368

		Air Freight & Logistics — 0.5%
	236	Expeditors International of Washington, Inc.		17,237
	48	FedEx Corp.		6,943
	57	United Parcel Service, Inc., Class B		5,901

				30,081

		Airlines — 0.2%
	351	American Airlines Group, Inc.		9,421
	18	Delta Air Lines, Inc.		1,003

				10,424

		Auto Components — 0.3%
	155	American Axle & Manufacturing Holdings, Inc.(a)		1,432
	107	Aptiv PLC		9,073
	23	BorgWarner, Inc.		789
	158	Delphi Technologies PLC(a)		2,424
	172	Goodyear Tire & Rubber Co. (The)		2,258
	35	Visteon Corp.(a)		2,793

				18,769

		Automobiles — 0.5%
	1,013	Fiat Chrysler Automobiles NV		13,189
	400	General Motors Co.		13,356
	35	Thor Industries, Inc.		2,818

				29,363

		Banks — 3.1%
	98	Ameris Bancorp		3,939
	175	BancorpSouth Bank		5,000
	859	Bank of America Corp.		28,201
	381	Cadence BanCorp		5,955
	389	Citigroup, Inc.		28,945
	229	Citizens Financial Group, Inc.		8,537
	133	Columbia Banking System, Inc.		5,147
	14	Comerica, Inc.		856
	85	Cullen/Frost Bankers, Inc.		7,579
	306	Fulton Financial Corp.		5,040
	250	Huntington Bancshares, Inc.		3,393
	155	International Bancshares Corp.		6,107
	396	KeyCorp		7,409
	25	M&T Bank Corp.		4,213
	610	People’s United Financial, Inc.		9,406
	85	PNC Financial Services Group, Inc. (The)		12,627
	176	Regions Financial Corp.		2,740
	141	TCF Financial Corp.		5,961
	140	Truist Financial Corp.		7,220
	241	Trustmark Corp.		7,707
	338	Wells Fargo & Co.		15,866
	65	Wintrust Financial Corp.		4,113
	122	Zions Bancorp N.A.		5,550

				191,511

		Beverages — 1.1%
	94	Brown-Forman Corp., Class B		6,358
	353	Coca-Cola Co. (The)		20,615
	70	Constellation Brands, Inc., Class A		13,181
	368	Monster Beverage Corp.(a)		24,509
	51	PepsiCo, Inc.		7,243

				71,906

		Biotechnology — 1.2%
	68	AbbVie, Inc.	$	5,509
	71	Amgen, Inc.		15,340
	13	Biogen, Inc.(a)		3,495
	94	BioMarin Pharmaceutical, Inc.(a)		7,849
	114	Gilead Sciences, Inc.		7,205
	23	Ligand Pharmaceuticals, Inc.(a)		2,020
	97	Regeneron Pharmaceuticals, Inc.(a)		32,780
	4	Vertex Pharmaceuticals, Inc.(a)		908

				75,106

		Building Products — 0.2%
	243	Johnson Controls International PLC		9,586
	25	Lennox International, Inc.		5,825

				15,411

		Capital Markets — 3.2%
	6	Affiliated Managers Group, Inc.		479
	12	Ameriprise Financial, Inc.		1,985
	468	Bank of New York Mellon Corp. (The)		20,957
	16	BlackRock, Inc.		8,438
	483	Charles Schwab Corp. (The)		22,001
	22	CME Group, Inc.		4,776
	53	FactSet Research Systems, Inc.		15,164
	99	Franklin Resources, Inc.		2,505
	57	Goldman Sachs Group, Inc. (The)		13,552
	57	Intercontinental Exchange, Inc.		5,685
	47	Invesco Ltd.		813
	125	Janus Henderson Group PLC		3,159
	127	Legg Mason, Inc.		4,972
	85	Moody’s Corp.		21,827
	51	MSCI, Inc.		14,576
	62	Northern Trust Corp.		6,064
	52	S&P Global, Inc.		15,274
	202	SEI Investments Co.		13,182
	346	State Street Corp.		26,168

				201,577

		Chemicals — 0.6%
	29	DuPont de Nemours, Inc.		1,484
	57	Ecolab, Inc.		11,178
	68	HB Fuller Co.		3,142
	49	Innospec, Inc.		4,936
	13	International Flavors & Fragrances, Inc.		1,704
	53	Linde PLC		10,766
	60	Minerals Technologies, Inc.		3,248
	33	Stepan Co.		3,256

				39,714

		Commercial Services & Supplies — 0.3%
	64	Healthcare Services Group, Inc.		1,639
	35	MSA Safety, Inc.		4,746
	52	Tetra Tech, Inc.		4,451
	47	Waste Management, Inc.		5,720

				16,556

		Communications Equipment — 0.6%
	82	Ciena Corp.(a)		3,335
	469	Cisco Systems, Inc.		21,560
	9	F5 Networks, Inc.(a)		1,099
	46	InterDigital, Inc.		2,542
	46	Lumentum Holdings, Inc.(a)		3,485
	18	Motorola Solutions, Inc.		3,186

				35,207

		Construction & Engineering — 0.2%
	157	AECOM(a)		7,572

See accompanying notes to financial statements.

| 48

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2030 Fund – (continued)


Shares		Description	Value (†)
		Construction & Engineering — (continued)
	192	Fluor Corp.	$	3,435

				11,007

		Consumer Finance — 0.5%
	42	American Express Co.		5,454
	250	Capital One Financial Corp.		24,950
	112	Navient Corp.		1,611

				32,015

		Containers & Packaging — 0.2%
	89	Ball Corp.		6,424
	55	International Paper Co.		2,240
	244	O-I Glass, Inc.		3,079

				11,743

		Distributors — 0.1%
	39	Genuine Parts Co.		3,649
	23	POOL CORP.		5,044

				8,693

		Diversified Consumer Services — 0.1%
	103	Service Corp. International		4,939

		Diversified Telecommunication Services — 0.2%
	178	AT&T, Inc.		6,696
	95	Verizon Communications, Inc.		5,647

				12,343

		Electric Utilities — 0.4%
	127	American Electric Power Co., Inc.		13,236
	21	Edison International		1,608
	32	Eversource Energy		2,958
	27	FirstEnergy Corp.		1,371
	46	IDACORP, Inc.		5,161
	48	PPL Corp.		1,737

				26,071

		Electrical Equipment — 0.2%
	18	Acuity Brands, Inc.		2,122
	58	Eaton Corp. PLC		5,479
	32	Hubbell, Inc.		4,583

				12,184

		Electronic Equipment, Instruments & Components — 0.7%
	87	Avnet, Inc.		3,175
	36	Belden, Inc.		1,774
	91	Cognex Corp.		4,638
	19	Coherent, Inc.(a)		2,687
	44	Corning, Inc.		1,174
	17	Littelfuse, Inc.		3,007
	17	Rogers Corp.(a)		2,002
	186	TE Connectivity Ltd.		17,145
	106	Trimble, Inc.(a)		4,507
	157	Vishay Intertechnology, Inc.		3,186

				43,295

		Energy Equipment & Services — 0.3%
	55	Apergy Corp.(a)		1,422
	67	Baker Hughes Co.		1,451
	30	Core Laboratories NV		1,054
	94	National Oilwell Varco, Inc.		1,937
	93	Oceaneering International, Inc.(a)		1,154
	82	Oil States International, Inc.(a)		884
	346	Schlumberger Ltd.		11,595
	67	TechnipFMC PLC		1,106

				20,603

		Entertainment — 1.0%
	35	Activision Blizzard, Inc.	$	2,047
	75	Cinemark Holdings, Inc.		2,363
	23	Electronic Arts, Inc.(a)		2,482
	83	Netflix, Inc.(a)		28,642
	28	Take-Two Interactive Software, Inc.(a)		3,490
	173	Walt Disney Co. (The)		23,928

				62,952

		Food & Staples Retailing — 0.2%
	101	Kroger Co. (The)		2,713
	282	SpartanNash Co.		3,435
	30	Sysco Corp.		2,464
	105	Walgreens Boots Alliance, Inc.		5,339

				13,951

		Food Products — 0.5%
	72	Campbell Soup Co.		3,484
	559	Danone S.A., Sponsored ADR		8,916
	53	General Mills, Inc.		2,768
	95	Hain Celestial Group, Inc. (The)(a)		2,300
	7	Hershey Co. (The)		1,086
	41	Hormel Foods Corp.		1,938
	46	Ingredion, Inc.		4,048
	17	J.M. Smucker Co. (The)		1,761
	63	Kellogg Co.		4,297
	7	McCormick & Co., Inc.		1,144
	13	Mondelez International, Inc., Class A		746

				32,488

		Gas Utilities — 0.3%
	93	New Jersey Resources Corp.		3,843
	53	ONE Gas, Inc.		5,008
	102	South Jersey Industries, Inc.		3,142
	112	UGI Corp.		4,658

				16,651

		Health Care Equipment & Supplies — 0.6%
	4	Becton Dickinson & Co.		1,101
	16	Boston Scientific Corp.(a)		670
	5	Cooper Cos., Inc. (The)		1,734
	18	Danaher Corp.		2,896
	19	DENTSPLY SIRONA, Inc.		1,064
	2	Edwards Lifesciences Corp.(a)		440
	51	Globus Medical, Inc., Class A(a)		2,666
	26	Haemonetics Corp.(a)		2,792
	46	Hill-Rom Holdings, Inc.		4,899
	26	Hologic, Inc.(a)		1,392
	3	Intuitive Surgical, Inc.(a)		1,679
	162	Meridian Bioscience, Inc.		1,594
	38	Merit Medical Systems, Inc.(a)		1,384
	7	STERIS PLC		1,055
	2	Stryker Corp.		421
	36	Varian Medical Systems, Inc.(a)		5,060
	33	West Pharmaceutical Services, Inc.		5,146

				35,993

		Health Care Providers & Services — 1.7%
	53	Acadia Healthcare Co., Inc.(a)		1,703
	17	Amedisys, Inc.(a)		3,000
	9	Anthem, Inc.		2,388
	38	BioTelemetry, Inc.(a)		1,859
	90	Centene Corp.(a)		5,653
	11	Chemed Corp.		5,137
	14	Cigna Corp.		2,693
	264	CVS Health Corp.		17,905

See accompanying notes to financial statements.

49 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2030 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — (continued)
	19	DaVita, Inc.(a)	$	1,518
	44	Encompass Health Corp.		3,389
	120	HCA Healthcare, Inc.		16,656
	31	Henry Schein, Inc.(a)		2,137
	49	Humana, Inc.		16,476
	23	Laboratory Corp. of America Holdings(a)		4,034
	186	MEDNAX, Inc.(a)		4,291
	86	Patterson Cos., Inc.		1,893
	36	Quest Diagnostics, Inc.		3,984
	36	UnitedHealth Group, Inc.		9,808

				104,524

		Health Care Technology — 0.3%
	184	Allscripts Healthcare Solutions, Inc.(a)		1,579
	185	Cerner Corp.		13,288
	85	HMS Holdings Corp.(a)		2,322

				17,189

		Hotels, Restaurants & Leisure — 1.4%
	15	Domino’s Pizza, Inc.		4,226
	47	Dunkin’ Brands Group, Inc.		3,670
	117	Hilton Worldwide Holdings, Inc.		12,613
	30	Jack in the Box, Inc.		2,453
	30	Marriott Vacations Worldwide Corp.		3,607
	10	McDonald’s Corp.		2,140
	552	MGM Resorts International		17,145
	11	Royal Caribbean Cruises Ltd.		1,288
	153	Starbucks Corp.		12,979
	181	Wendy’s Co. (The)		3,922
	344	Yum China Holdings, Inc.		14,816
	69	Yum! Brands, Inc.		7,298

				86,157

		Household Durables — 0.2%
	140	KB Home		5,257
	106	Meritage Homes Corp.(a)		7,522

				12,779

		Household Products — 0.6%
	160	Colgate-Palmolive Co.		11,805
	220	Procter & Gamble Co. (The)		27,416

				39,221

		Independent Power & Renewable Electricity Producers — 0.4%
	94	AES Corp. (The)		1,867
	149	Ormat Technologies, Inc.		11,810
	353	Pattern Energy Group, Inc., Class A		9,499

				23,176

		Industrial Conglomerates — 0.3%
	1,632	General Electric Co.		20,318
	8	Honeywell International, Inc.		1,386

				21,704

		Insurance — 1.0%
	26	Aflac, Inc.		1,341
	45	Allstate Corp. (The)		5,334
	337	American International Group, Inc.		16,938
	13	Brighthouse Financial, Inc.(a)		506
	69	Chubb Ltd.		10,487
	82	First American Financial Corp.		5,082
	30	Hanover Insurance Group, Inc. (The)		4,158
	47	Hartford Financial Services Group, Inc. (The)		2,786
	46	Lincoln National Corp.		2,506
	28	Marsh & McLennan Cos., Inc.		3,132
	87	Prudential Financial, Inc.		7,922
		Insurance — (continued)
	31	Travelers Cos., Inc. (The)	$	4,080

				64,272

		Interactive Media & Services — 1.8%
	15	Alphabet, Inc., Class A(a)		21,491
	34	Alphabet, Inc., Class C(a)		48,764
	223	Facebook, Inc., Class A(a)		45,026

				115,281

		Internet & Direct Marketing Retail — 1.7%
	147	Alibaba Group Holding Ltd., Sponsored ADR(a)		30,369
	18	Amazon.com, Inc.(a)		36,157
	12	Booking Holdings, Inc.(a)		21,966
	432	eBay, Inc.		14,498
	59	Etsy, Inc.(a)		2,880

				105,870

		IT Services — 2.3%
	102	Automatic Data Processing, Inc.		17,482
	75	Cognizant Technology Solutions Corp., Class A		4,604
	387	DXC Technology Co.		12,338
	16	Fiserv, Inc.(a)		1,898
	76	Gartner, Inc.(a)		12,219
	26	International Business Machines Corp.		3,737
	61	MasterCard, Inc., Class A		19,272
	27	Paychex, Inc.		2,316
	34	PayPal Holdings, Inc.(a)		3,872
	239	Sabre Corp.		5,148
	10	VeriSign, Inc.(a)		2,081
	257	Visa, Inc., Class A		51,135
	24	WEX, Inc.(a)		5,206

				141,308

		Leisure Products — 0.0%
	112	Callaway Golf Co.		2,399

		Life Sciences Tools & Services — 0.2%
	21	Agilent Technologies, Inc.		1,734
	2	Illumina, Inc.(a)		580
	11	IQVIA Holdings, Inc.(a)		1,708
	44	Repligen Corp.(a)		4,417
	18	Thermo Fisher Scientific, Inc.		5,637
	4	Waters Corp.(a)		895

				14,971

		Machinery — 1.6%
	59	AGCO Corp.		4,138
	509	Briggs & Stratton Corp.		1,868
	129	Caterpillar, Inc.		16,944
	79	Cummins, Inc.		12,638
	100	Deere & Co.		15,858
	59	Flowserve Corp.		2,754
	78	ITT, Inc.		5,232
	99	Kennametal, Inc.		3,098
	63	Oshkosh Corp.		5,421
	113	Parker-Hannifin Corp.		22,113
	17	Proto Labs, Inc.(a)		1,760
	81	Terex Corp.		2,053
	68	Toro Co. (The)		5,441
	18	Xylem, Inc.		1,470

				100,788

		Media — 0.9%
	4	Cable One, Inc.		6,816
	41	Charter Communications, Inc., Class A(a)		21,216
	385	Comcast Corp., Class A		16,628

See accompanying notes to financial statements.

| 50

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2030 Fund – (continued)


Shares		Description	Value (†)
		Media — (continued)
	31	Discovery, Inc., Series C(a)	$	861
	64	Fox Corp., Class A		2,373
	71	Interpublic Group of Cos., Inc. (The)		1,612
	84	New York Times Co. (The), Class A		2,689
	55	Omnicom Group, Inc.		4,142
	68	ViacomCBS, Inc., Class B		2,321

				58,658

		Metals & Mining — 0.4%
	147	Commercial Metals Co.		3,021
	165	Newmont Corp.		7,435
	12	Nucor Corp.		570
	61	Reliance Steel & Aluminum Co.		7,003
	39	Royal Gold, Inc.		4,497

				22,526

		Multi-Utilities — 0.3%
	74	Consolidated Edison, Inc.		6,956
	30	DTE Energy Co.		3,978
	19	Sempra Energy		3,052
	19	WEC Energy Group, Inc.		1,898

				15,884

		Multiline Retail — 0.1%
	10	Macy’s, Inc.		160
	56	Target Corp.		6,201

				6,361

		Oil, Gas & Consumable Fuels — 1.0%
	531	Apache Corp.		14,570
	113	Concho Resources, Inc.		8,563
	887	Denbury Resources, Inc.(a)		874
	89	Devon Energy Corp.		1,933
	87	Diamondback Energy, Inc.		6,473
	110	EOG Resources, Inc.		8,020
	141	EQT Corp.		853
	117	Green Plains, Inc.		1,459
	226	Marathon Oil Corp.		2,569
	145	Noble Energy, Inc.		2,867
	78	ONEOK, Inc.		5,840
	852	Southwestern Energy Co.(a)		1,338
	38	Valero Energy Corp.		3,204
	75	World Fuel Services Corp.		2,934

				61,497

		Paper & Forest Products — 0.1%
	62	Domtar Corp.		2,159
	104	Louisiana-Pacific Corp.		3,191

				5,350

		Personal Products — 0.0%
	10	Estee Lauder Cos., Inc. (The), Class A		1,952

		Pharmaceuticals — 1.2%
	2	Allergan PLC		373
	60	Bristol-Myers Squibb Co.		3,777
	75	Catalent, Inc.(a)		4,583
	38	Eli Lilly & Co.		5,306
	128	Merck & Co., Inc.		10,936
	99	Novartis AG, Sponsored ADR		9,357
	235	Novo Nordisk AS, Sponsored ADR		14,295
	24	Perrigo Co. PLC		1,369
	212	Pfizer, Inc.		7,895
	370	Roche Holding AG, Sponsored ADR		15,466

				73,357

		Professional Services — 0.2%
	62	Exponent, Inc.	$	4,512
	23	Insperity, Inc.		2,009
	63	Korn Ferry		2,582
	38	ManpowerGroup, Inc.		3,476
	32	Nielsen Holdings PLC		653

				13,232

		Real Estate Management & Development — 0.1%
	40	CBRE Group, Inc., Class A(a)		2,442
	32	Jones Lang LaSalle, Inc.		5,434

				7,876

		REITs – Apartments — 0.4%
	114	American Campus Communities, Inc.		5,229
	9	AvalonBay Communities, Inc.		1,950
	77	Camden Property Trust		8,657
	43	Equity Residential		3,573
	11	Essex Property Trust, Inc.		3,407
	3	Mid-America Apartment Communities, Inc.		412

				23,228

		REITs – Diversified — 0.2%
	16	Crown Castle International Corp.		2,398
	13	Digital Realty Trust, Inc.		1,599
	4	Equinix, Inc.		2,359
	114	Weyerhaeuser Co.		3,300

				9,656

		REITs – Health Care — 0.2%
	38	Ventas, Inc.		2,199
	113	Welltower, Inc.		9,595

				11,794

		REITs – Hotels — 0.0%
	128	Host Hotels & Resorts, Inc.		2,092

		REITs – Office Property — 0.5%
	17	Boston Properties, Inc.		2,437
	175	Corporate Office Properties Trust		5,210
	194	Douglas Emmett, Inc.		8,051
	258	Easterly Government Properties, Inc.		6,246
	86	Kilroy Realty Corp.		7,101

				29,045

		REITs – Regional Malls — 0.0%
	19	Simon Property Group, Inc.		2,530

		REITs – Storage — 0.0%
	23	Iron Mountain, Inc.		727
	4	Public Storage		895

				1,622

		REITs – Warehouse/Industrials — 0.2%
	55	CyrusOne, Inc.		3,347
	141	Liberty Property Trust		8,833

				12,180

		Road & Rail — 0.4%
	17	Kansas City Southern		2,868
	49	Norfolk Southern Corp.		10,202
	52	Ryder System, Inc.		2,482
	53	Union Pacific Corp.		9,509

				25,061

		Semiconductors & Semiconductor Equipment — 1.6%
	14	Advanced Micro Devices, Inc.(a)		658
	61	Applied Materials, Inc.		3,537
	35	Cabot Microelectronics Corp.		5,093

See accompanying notes to financial statements.

51 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2030 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — (continued)
	66	Cirrus Logic, Inc.(a)	$	5,069
	50	Cree, Inc.(a)		2,325
	160	First Solar, Inc.(a)		7,933
	350	Intel Corp.		22,375
	82	NVIDIA Corp.		19,387
	161	QUALCOMM, Inc.		13,735
	51	Silicon Laboratories, Inc.(a)		5,014
	109	Texas Instruments, Inc.		13,151

				98,277

		Software — 1.9%
	17	Adobe, Inc.(a)		5,969
	144	Autodesk, Inc.(a)		28,346
	39	Blackbaud, Inc.		3,055
	56	Bottomline Technologies, Inc.(a)		3,002
	13	Citrix Systems, Inc.		1,576
	17	Fair Isaac Corp.(a)		6,841
	30	LogMeIn, Inc.		2,579
	183	Microsoft Corp.		31,152
	36	NortonLifeLock, Inc.		1,023
	491	Oracle Corp.		25,753
	47	PTC, Inc.(a)		3,907
	35	Qualys, Inc.(a)		3,001
	20	salesforce.com, Inc.(a)		3,646

				119,850

		Specialty Retail — 0.7%
	40	Aaron’s, Inc.		2,374
	112	American Eagle Outfitters, Inc.		1,613
	42	Asbury Automotive Group, Inc.(a)		4,051
	16	Best Buy Co., Inc.		1,355
	21	Five Below, Inc.(a)		2,378
	60	Home Depot, Inc. (The)		13,686
	30	Lithia Motors, Inc., Class A		4,069
	36	Lowe’s Cos., Inc.		4,185
	34	Monro, Inc.		2,132
	9	Tiffany & Co.		1,206
	40	TJX Cos., Inc. (The)		2,362
	42	Williams-Sonoma, Inc.		2,943

				42,354

		Technology Hardware, Storage & Peripherals — 0.8%
	91	Apple, Inc.		28,165
	460	Hewlett Packard Enterprise Co.		6,408
	281	HP, Inc.		5,991
	108	NCR Corp.(a)		3,642
	36	NetApp, Inc.		1,922
	27	Seagate Technology PLC		1,539
	20	Western Digital Corp.		1,310
	47	Xerox Holdings Corp.		1,672

				50,649

		Textiles, Apparel & Luxury Goods — 0.5%
	25	Deckers Outdoor Corp.(a)		4,773
	17	Hanesbrands, Inc.		234
	50	NIKE, Inc., Class B		4,815
	4	PVH Corp.		349
	32	Tapestry, Inc.		824
	710	Under Armour, Inc., Class A(a)		14,328
	99	Wolverine World Wide, Inc.		3,125

				28,448

		Thrifts & Mortgage Finance — 0.1%
	385	New York Community Bancorp, Inc.		4,258

		Trading Companies & Distributors — 0.2%
	171	Fastenal Co.	$	5,965
	32	GATX Corp.		2,436
	18	W.W. Grainger, Inc.		5,448

				13,849

		Water Utilities — 0.3%
	84	American Water Works Co., Inc.		11,441
	108	Essential Utilities, Inc.		5,609

				17,050

		Wireless Telecommunication Services — 0.0%
	71	Shenandoah Telecommunications Co.		2,865

		Total Common Stocks (Identified Cost $2,576,536)		2,712,061


Principal Amount
	Bonds and Notes — 14.1%
		Agency Commercial Mortgage-Backed Securities — 0.1%
$	4,000	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)		4,063

		Automotive — 0.3%
	8,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		8,581
	8,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		8,149

				16,730

		Banking — 2.3%
	8,000	American Express Co., 3.700%, 8/03/2023		8,501
	6,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		6,143
	9,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		9,042
	7,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		7,514
	8,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		8,366
	8,000	Capital One Financial Corp., 3.300%, 10/30/2024		8,439
	8,000	Citigroup, Inc., 4.600%, 3/09/2026		8,967
	5,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		5,217
	5,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		5,071
	6,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		6,460
	8,000	HSBC Holdings PLC, 5.100%, 4/05/2021		8,306
	8,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		8,402
	8,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		8,617
	9,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		9,282
	4,000	Royal Bank of Canada, GMTN, 2.150%, 3/06/2020		4,002
	5,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		5,152
	4,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		4,173
	4,000	Santander UK PLC, 2.375%, 3/16/2020		4,003
	9,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		9,415
	8,000	Westpac Banking Corp., 2.750%, 1/11/2023		8,233

				143,305

		Cable Satellite — 0.1%
	8,000	Comcast Corp., 3.000%, 2/01/2024		8,388

		Construction Machinery — 0.1%
	8,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		8,152

		Consumer Cyclical Services — 0.2%
	3,000	Amazon.com, Inc., 3.875%, 8/22/2037		3,519
	7,000	eBay, Inc., 3.800%, 3/09/2022		7,253

				10,772

See accompanying notes to financial statements.

| 52

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2030 Fund – (continued)


Principal Amount		Description	Value (†)
		Electric — 0.2%
$	6,000	Duke Energy Corp., 3.750%, 4/15/2024	$	6,424
	8,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		8,501

				14,925

		Financial Other — 0.1%
	8,000	ORIX Corp., 2.900%, 7/18/2022		8,172

		Food & Beverage — 0.1%
	8,000	General Mills, Inc., 4.000%, 4/17/2025		8,750

		Government Owned – No Guarantee — 0.3%
	14,000	Federal National Mortgage Association, 6.625%, 11/15/2030		20,576

		Health Insurance — 0.3%
	8,000	Anthem, Inc., 4.101%, 3/01/2028		8,844
	7,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		9,511

				18,355

		Healthcare — 0.4%
	7,000	CVS Health Corp., 4.300%, 3/25/2028		7,757
	4,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		4,064
	7,000	McKesson Corp., 3.950%, 2/16/2028		7,626
	4,000	Thermo Fisher Scientific, Inc., 3.000%, 4/15/2023		4,142

				23,589

		Independent Energy — 0.1%
	9,000	EQT Corp., 3.000%, 10/01/2022		8,669

		Integrated Energy — 0.4%
	8,000	BP Capital Markets PLC, 3.814%, 2/10/2024		8,594
	8,000	Chevron Corp., 1.961%, 3/03/2020		8,001
	6,000	Shell International Finance BV, 6.375%, 12/15/2038		9,026

				25,621

		Life Insurance — 0.2%
	8,000	American International Group, Inc., 4.125%, 2/15/2024		8,670
	3,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		3,039

				11,709

		Midstream — 0.3%
	8,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		8,492
	8,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		8,571

				17,063

		Mortgage Related — 3.0%
	12,626	FHLMC, 3.000%, 6/01/2049		12,928
	71,065	FNMA, 3.000%, with various maturities from 2034 to 2049(c)		72,842
	68,142	FNMA, 3.500%, with various maturities in 2049(c)		70,302
	17,452	FNMA, 4.000%, with various maturities in 2049(c)		18,242
	11,188	FNMA, 4.500%, with various maturities in 2049(c)		11,834

				186,148

		Oil Field Services — 0.1%
	8,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		8,212

		Pharmaceuticals — 0.2%
	6,000	AbbVie, Inc., 3.600%, 5/14/2025		6,413
	8,000	Amgen, Inc., 2.650%, 5/11/2022		8,142

				14,555

		Railroads — 0.1%
	8,000	CSX Corp., 2.600%, 11/01/2026		8,299

		REITs – Office Property — 0.1%
	5,000	Boston Properties LP, 2.750%, 10/01/2026		5,166

		Restaurants — 0.2%
	8,000	Starbucks Corp., 3.800%, 8/15/2025		8,755

		Technology — 0.9%
$	8,000	Apple, Inc., 2.500%, 2/09/2025	$	8,289
	4,000	Broadcom Corp./Broadcom Cayman Finance Ltd., 3.625%, 1/15/2024		4,185
	8,000	HP, Inc., 4.650%, 12/09/2021		8,394
	8,000	International Business Machines Corp., 4.000%, 6/20/2042		9,276
	8,000	Oracle Corp., 2.950%, 5/15/2025		8,450
	8,000	QUALCOMM, Inc., 3.450%, 5/20/2025		8,590
	8,000	VMware, Inc., 2.950%, 8/21/2022		8,187

				55,371

		Treasuries — 3.4%
	9,000	U.S. Treasury Bond, 2.500%, 5/15/2046		9,866
	17,000	U.S. Treasury Bond, 2.875%, 11/15/2046		20,010
	28,000	U.S. Treasury Bond, 3.000%, 5/15/2045		33,395
	8,000	U.S. Treasury Bond, 3.000%, 2/15/2048		9,682
	15,000	U.S. Treasury Bond, 3.000%, 2/15/2049		18,267
	5,000	U.S. Treasury Bond, 4.250%, 11/15/2040		7,024
	5,000	U.S. Treasury Bond, 4.375%, 5/15/2041		7,154
	7,000	U.S. Treasury Bond, 4.500%, 2/15/2036		9,737
	24,000	U.S. Treasury Bond, 5.250%, 2/15/2029		31,618
	12,000	U.S. Treasury Note, 1.125%, 9/30/2021		11,949
	10,000	U.S. Treasury Note, 1.625%, 8/31/2022		10,078
	6,000	U.S. Treasury Note, 2.000%, 11/15/2026		6,221
	15,000	U.S. Treasury Note, 2.125%, 12/31/2022		15,348
	3,000	U.S. Treasury Note, 2.250%, 11/15/2025		3,144
	9,000	U.S. Treasury Note, 2.250%, 11/15/2027		9,526
	8,000	U.S. Treasury Note, 2.625%, 2/15/2029		8,758

				211,777

		Wireless — 0.2%
	7,000	Vodafone Group PLC, 6.150%, 2/27/2037		9,467

		Wirelines — 0.4%
	8,000	AT&T, Inc., 3.400%, 5/15/2025		8,489
	8,000	AT&T, Inc., 3.875%, 1/15/2026		8,688
	7,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 3.010%, 5/15/2025(d)		7,205

				24,382

		Total Bonds and Notes (Identified Cost $857,009)		880,971


Shares
	Exchange-Traded Funds — 10.6%
	7,591	iShares^® ESG MSCI EAFE ETF		507,534
	4,574	iShares^® ESG MSCI Emerging Markets ETF		155,287

		Total Exchange-Traded Funds (Identified Cost $632,026)		662,821


	Affiliated Mutual Funds — 30.7%
	29,722	Loomis Sayles Inflation Protected Securities Fund, Class N		322,480
	31,396	Loomis Sayles Limited Term Government and Agency Fund, Class N		357,919
	40,428	Mirova Global Green Bond Fund, Class N		429,745
	66,061	Mirova International Sustainable Equity Fund, Class N		810,571

		Total Affiliated Mutual Funds (Identified Cost $1,844,090)		1,920,715


		Total Investments — 98.8% (Identified Cost $5,909,661)		6,176,568
		Other assets less liabilities — 1.2%		73,352

		Net Assets — 100.0%	$	6,249,920

See accompanying notes to financial statements.

53 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2030 Fund – (continued)


	(†)			See Note 2 of Notes to Financial Statements.
	(a)			Non-income producing security.
	(b)			Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of January 31, 2020 is disclosed.
	(c)			The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)			Variable rate security. Rate as of January 31, 2020 is disclosed.

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

Asset Allocation Summary at January 31, 2020


Equity	67.0	%
Fixed Income	31.8

Total Investments	98.8
Other assets less liabilities	1.2

Net Assets	100.0	%

See accompanying notes to financial statements.

| 54

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2035 Fund


Shares		Description	Value (†)
	Common Stocks — 53.3% of Net Assets
		Aerospace & Defense — 0.4%
	26	Axon Enterprise, Inc.(a)	$	1,997
	38	Moog, Inc., Class A		3,405
	4	Raytheon Co.		884
	20	Teledyne Technologies, Inc.(a)		7,301
	46	United Technologies Corp.		6,909

				20,496

		Air Freight & Logistics — 0.7%
	334	Expeditors International of Washington, Inc.		24,395
	46	FedEx Corp.		6,654
	58	United Parcel Service, Inc., Class B		6,004

				37,053

		Airlines — 0.2%
	340	American Airlines Group, Inc.		9,125
	20	Delta Air Lines, Inc.		1,115

				10,240

		Auto Components — 0.3%
	162	American Axle & Manufacturing Holdings, Inc.(a)		1,497
	106	Aptiv PLC		8,988
	24	BorgWarner, Inc.		823
	153	Delphi Technologies PLC(a)		2,347
	167	Goodyear Tire & Rubber Co. (The)		2,193
	34	Visteon Corp.(a)		2,713

				18,561

		Automobiles — 0.5%
	983	Fiat Chrysler Automobiles NV		12,798
	389	General Motors Co.		12,989
	36	Thor Industries, Inc.		2,899

				28,686

		Banks — 3.5%
	99	Ameris Bancorp		3,979
	177	BancorpSouth Bank		5,057
	834	Bank of America Corp.		27,380
	403	Cadence BanCorp		6,299
	384	Citigroup, Inc.		28,573
	238	Citizens Financial Group, Inc.		8,873
	135	Columbia Banking System, Inc.		5,225
	14	Comerica, Inc.		856
	89	Cullen/Frost Bankers, Inc.		7,935
	310	Fulton Financial Corp.		5,106
	266	Huntington Bancshares, Inc.		3,610
	163	International Bancshares Corp.		6,422
	401	KeyCorp		7,503
	26	M&T Bank Corp.		4,382
	634	People’s United Financial, Inc.		9,776
	86	PNC Financial Services Group, Inc. (The)		12,775
	162	Regions Financial Corp.		2,522
	150	TCF Financial Corp.		6,342
	142	Truist Financial Corp.		7,323
	252	Trustmark Corp.		8,059
	328	Wells Fargo & Co.		15,396
	65	Wintrust Financial Corp.		4,113
	130	Zions Bancorp N.A.		5,914

				193,420

		Beverages — 1.5%
	100	Brown-Forman Corp., Class B		6,764
	415	Coca-Cola Co. (The)		24,236
	68	Constellation Brands, Inc., Class A		12,804
	524	Monster Beverage Corp.(a)		34,899
	51	PepsiCo, Inc.		7,243

				85,946

		Biotechnology — 1.6%
	69	AbbVie, Inc.		5,591
	86	Amgen, Inc.		18,580
	15	Biogen, Inc.(a)		4,033
	136	BioMarin Pharmaceutical, Inc.(a)		11,356
	116	Gilead Sciences, Inc.		7,331
	23	Ligand Pharmaceuticals, Inc.(a)		2,020
	113	Regeneron Pharmaceuticals, Inc.(a)		38,187
	6	Vertex Pharmaceuticals, Inc.(a)		1,362

				88,460

		Building Products — 0.3%
	246	Johnson Controls International PLC		9,705
	26	Lennox International, Inc.		6,057

				15,762

		Capital Markets — 3.9%
	4	Affiliated Managers Group, Inc.		319
	12	Ameriprise Financial, Inc.		1,985
	466	Bank of New York Mellon Corp. (The)		20,868
	18	BlackRock, Inc.		9,492
	472	Charles Schwab Corp. (The)		21,500
	24	CME Group, Inc.		5,211
	65	FactSet Research Systems, Inc.		18,597
	89	Franklin Resources, Inc.		2,252
	55	Goldman Sachs Group, Inc. (The)		13,076
	60	Intercontinental Exchange, Inc.		5,984
	54	Invesco Ltd.		934
	126	Janus Henderson Group PLC		3,184
	131	Legg Mason, Inc.		5,129
	84	Moody’s Corp.		21,570
	69	MSCI, Inc.		19,720
	63	Northern Trust Corp.		6,162
	52	S&P Global, Inc.		15,274
	284	SEI Investments Co.		18,534
	343	State Street Corp.		25,941

				215,732

		Chemicals — 0.7%
	29	DuPont de Nemours, Inc.		1,484
	60	Ecolab, Inc.		11,767
	69	HB Fuller Co.		3,188
	52	Innospec, Inc.		5,238
	14	International Flavors & Fragrances, Inc.		1,836
	54	Linde PLC		10,969
	58	Minerals Technologies, Inc.		3,139
	34	Stepan Co.		3,354

				40,975

		Commercial Services & Supplies — 0.3%
	62	Healthcare Services Group, Inc.		1,587
	37	MSA Safety, Inc.		5,017
	54	Tetra Tech, Inc.		4,623
	50	Waste Management, Inc.		6,085

				17,312

		Communications Equipment — 0.7%
	84	Ciena Corp.(a)		3,416
	589	Cisco Systems, Inc.		27,077
	9	F5 Networks, Inc.(a)		1,099
	44	InterDigital, Inc.		2,431
	47	Lumentum Holdings, Inc.(a)		3,561
	20	Motorola Solutions, Inc.		3,540

				41,124

		Construction & Engineering — 0.2%
	166	AECOM(a)		8,006

See accompanying notes to financial statements.

55 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2035 Fund – (continued)


Shares		Description	Value (†)
		Construction & Engineering — continued
	194	Fluor Corp.	$	3,471

				11,477

		Consumer Finance — 0.6%
	42	American Express Co.		5,455
	244	Capital One Financial Corp.		24,351
	119	Navient Corp.		1,711

				31,517

		Containers & Packaging — 0.2%
	92	Ball Corp.		6,641
	50	International Paper Co.		2,036
	247	O-I Glass, Inc.		3,117

				11,794

		Distributors — 0.2%
	40	Genuine Parts Co.		3,743
	24	POOL CORP.		5,263

				9,006

		Diversified Consumer Services — 0.1%
	105	Service Corp. International		5,035

		Diversified Telecommunication Services — 0.2%
	189	AT&T, Inc.		7,110
	101	Verizon Communications, Inc.		6,004

				13,114

		Electric Utilities — 0.5%
	129	American Electric Power Co., Inc.		13,444
	22	Edison International		1,684
	33	Eversource Energy		3,051
	29	FirstEnergy Corp.		1,473
	49	IDACORP, Inc.		5,497
	42	PPL Corp.		1,520

				26,669

		Electrical Equipment — 0.2%
	18	Acuity Brands, Inc.		2,122
	60	Eaton Corp. PLC		5,668
	34	Hubbell, Inc.		4,870

				12,660

		Electronic Equipment, Instruments & Components — 0.8%
	88	Avnet, Inc.		3,211
	37	Belden, Inc.		1,823
	95	Cognex Corp.		4,842
	20	Coherent, Inc.(a)		2,829
	47	Corning, Inc.		1,254
	18	Littelfuse, Inc.		3,184
	17	Rogers Corp.(a)		2,002
	181	TE Connectivity Ltd.		16,685
	107	Trimble, Inc.(a)		4,550
	159	Vishay Intertechnology, Inc.		3,226

				43,606

		Energy Equipment & Services — 0.4%
	54	Apergy Corp.(a)		1,396
	71	Baker Hughes Co.		1,538
	29	Core Laboratories NV		1,019
	87	National Oilwell Varco, Inc.		1,793
	93	Oceaneering International, Inc.(a)		1,154
	82	Oil States International, Inc.(a)		884
	435	Schlumberger Ltd.		14,577
	72	TechnipFMC PLC		1,189

				23,550

		Entertainment — 1.1%
	36	Activision Blizzard, Inc.		2,105
	76	Cinemark Holdings, Inc.		2,395
	24	Electronic Arts, Inc.(a)		2,590
	82	Netflix, Inc.(a)		28,298
	30	Take-Two Interactive Software, Inc.(a)		3,739
	178	Walt Disney Co. (The)		24,619

				63,746

		Food & Staples Retailing — 0.3%
	93	Kroger Co. (The)		2,498
	286	SpartanNash Co.		3,484
	32	Sysco Corp.		2,628
	109	Walgreens Boots Alliance, Inc.		5,543

				14,153

		Food Products — 0.7%
	73	Campbell Soup Co.		3,533
	791	Danone S.A., Sponsored ADR		12,616
	54	General Mills, Inc.		2,820
	92	Hain Celestial Group, Inc. (The)(a)		2,227
	8	Hershey Co. (The)		1,241
	42	Hormel Foods Corp.		1,985
	49	Ingredion, Inc.		4,312
	15	J.M. Smucker Co. (The)		1,554
	65	Kellogg Co.		4,434
	9	McCormick & Co., Inc.		1,470
	23	Mondelez International, Inc., Class A		1,320

				37,512

		Gas Utilities — 0.3%
	94	New Jersey Resources Corp.		3,884
	56	ONE Gas, Inc.		5,292
	104	South Jersey Industries, Inc.		3,203
	114	UGI Corp.		4,742

				17,121

		Health Care Equipment & Supplies — 0.8%
	5	Becton Dickinson & Co.		1,376
	27	Boston Scientific Corp.(a)		1,130
	6	Cooper Cos., Inc. (The)		2,081
	20	Danaher Corp.		3,217
	20	DENTSPLY SIRONA, Inc.		1,120
	3	Edwards Lifesciences Corp.(a)		660
	49	Globus Medical, Inc., Class A(a)		2,562
	25	Haemonetics Corp.(a)		2,685
	49	Hill-Rom Holdings, Inc.		5,218
	26	Hologic, Inc.(a)		1,392
	3	Intuitive Surgical, Inc.(a)		1,679
	169	Meridian Bioscience, Inc.		1,663
	37	Merit Medical Systems, Inc.(a)		1,348
	7	STERIS PLC		1,055
	5	Stryker Corp.		1,053
	55	Varian Medical Systems, Inc.(a)		7,731
	36	West Pharmaceutical Services, Inc.		5,614

				41,584

		Health Care Providers & Services — 1.9%
	51	Acadia Healthcare Co., Inc.(a)		1,639
	17	Amedisys, Inc.(a)		3,000
	9	Anthem, Inc.		2,388
	36	BioTelemetry, Inc.(a)		1,761
	92	Centene Corp.(a)		5,778
	12	Chemed Corp.		5,604
	15	Cigna Corp.		2,886
	261	CVS Health Corp.		17,701
	19	DaVita, Inc.(a)		1,518

See accompanying notes to financial statements.

| 56

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2035 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	45	Encompass Health Corp.	$	3,466
	120	HCA Healthcare, Inc.		16,656
	31	Henry Schein, Inc.(a)		2,137
	49	Humana, Inc.		16,476
	23	Laboratory Corp. of America Holdings(a)		4,034
	184	MEDNAX, Inc.(a)		4,245
	84	Patterson Cos., Inc.		1,849
	36	Quest Diagnostics, Inc.		3,984
	38	UnitedHealth Group, Inc.		10,353

				105,475

		Health Care Technology — 0.4%
	179	Allscripts Healthcare Solutions, Inc.(a)		1,536
	256	Cerner Corp.		18,388
	87	HMS Holdings Corp.(a)		2,377

				22,301

		Hotels, Restaurants & Leisure — 1.8%
	16	Domino’s Pizza, Inc.		4,508
	48	Dunkin’ Brands Group, Inc.		3,748
	114	Hilton Worldwide Holdings, Inc.		12,289
	29	Jack in the Box, Inc.		2,371
	31	Marriott Vacations Worldwide Corp.		3,727
	11	McDonald’s Corp.		2,354
	547	MGM Resorts International		16,990
	12	Royal Caribbean Cruises Ltd.		1,405
	213	Starbucks Corp.		18,069
	178	Wendy’s Co. (The)		3,857
	494	Yum China Holdings, Inc.		21,277
	98	Yum! Brands, Inc.		10,365

				100,960

		Household Durables — 0.2%
	149	KB Home		5,595
	111	Meritage Homes Corp.(a)		7,876

				13,471

		Household Products — 0.8%
	202	Colgate-Palmolive Co.		14,903
	253	Procter & Gamble Co. (The)		31,529

				46,432

		Independent Power & Renewable Electricity Producers — 0.4%
	97	AES Corp. (The)		1,927
	158	Ormat Technologies, Inc.		12,523
	374	Pattern Energy Group, Inc., Class A		10,064

				24,514

		Industrial Conglomerates — 0.4%
	1,610	General Electric Co.		20,044
	8	Honeywell International, Inc.		1,386

				21,430

		Insurance — 1.2%
	27	Aflac, Inc.		1,392
	48	Allstate Corp. (The)		5,690
	327	American International Group, Inc.		16,435
	11	Brighthouse Financial, Inc.(a)		428
	70	Chubb Ltd.		10,639
	86	First American Financial Corp.		5,330
	31	Hanover Insurance Group, Inc. (The)		4,296
	50	Hartford Financial Services Group, Inc. (The)		2,964
	50	Lincoln National Corp.		2,724
	29	Marsh & McLennan Cos., Inc.		3,244
	90	Prudential Financial, Inc.		8,196
	32	Travelers Cos., Inc. (The)		4,212

				65,550

		Interactive Media & Services — 2.5%
	19	Alphabet, Inc., Class A(a)	$	27,223
	38	Alphabet, Inc., Class C(a)		54,501
	278	Facebook, Inc., Class A(a)		56,131

				137,855

		Internet & Direct Marketing Retail — 2.4%
	207	Alibaba Group Holding Ltd., Sponsored ADR(a)		42,764
	25	Amazon.com, Inc.(a)		50,218
	12	Booking Holdings, Inc.(a)		21,967
	429	eBay, Inc.		14,397
	60	Etsy, Inc.(a)		2,929

				132,275

		IT Services — 2.8%
	114	Automatic Data Processing, Inc.		19,538
	76	Cognizant Technology Solutions Corp., Class A		4,665
	375	DXC Technology Co.		11,955
	17	Fiserv, Inc.(a)		2,016
	74	Gartner, Inc.(a)		11,898
	27	International Business Machines Corp.		3,881
	62	MasterCard, Inc., Class A		19,588
	27	Paychex, Inc.		2,316
	36	PayPal Holdings, Inc.(a)		4,100
	242	Sabre Corp.		5,213
	10	VeriSign, Inc.(a)		2,081
	318	Visa, Inc., Class A		63,273
	26	WEX, Inc.(a)		5,640

				156,164

		Leisure Products — 0.0%
	109	Callaway Golf Co.		2,335

		Life Sciences Tools & Services — 0.3%
	22	Agilent Technologies, Inc.		1,816
	4	Illumina, Inc.(a)		1,160
	11	IQVIA Holdings, Inc.(a)		1,708
	45	Repligen Corp.(a)		4,518
	20	Thermo Fisher Scientific, Inc.		6,264
	3	Waters Corp.(a)		671

				16,137

		Machinery — 1.9%
	59	AGCO Corp.		4,138
	496	Briggs & Stratton Corp.		1,820
	128	Caterpillar, Inc.		16,813
	79	Cummins, Inc.		12,638
	126	Deere & Co.		19,981
	59	Flowserve Corp.		2,754
	83	ITT, Inc.		5,568
	100	Kennametal, Inc.		3,129
	65	Oshkosh Corp.		5,593
	111	Parker-Hannifin Corp.		21,721
	18	Proto Labs, Inc.(a)		1,863
	79	Terex Corp.		2,003
	72	Toro Co. (The)		5,761
	20	Xylem, Inc.		1,633

				105,415

		Media — 1.1%
	5	Cable One, Inc.		8,520
	40	Charter Communications, Inc., Class A(a)		20,698
	374	Comcast Corp., Class A		16,153
	33	Discovery, Inc., Series C(a)		917
	68	Fox Corp., Class A		2,522
	72	Interpublic Group of Cos., Inc. (The)		1,634
	86	New York Times Co. (The), Class A		2,753
	57	Omnicom Group, Inc.		4,293

See accompanying notes to financial statements.

57 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2035 Fund – (continued)


Shares		Description	Value (†)
		Media — continued
	72	ViacomCBS, Inc., Class B	$	2,457

				59,947

		Metals & Mining — 0.4%
	143	Commercial Metals Co.		2,939
	169	Newmont Corp.		7,615
	16	Nucor Corp.		760
	64	Reliance Steel & Aluminum Co.		7,347
	42	Royal Gold, Inc.		4,843

				23,504

		Multi-Utilities — 0.3%
	75	Consolidated Edison, Inc.		7,050
	30	DTE Energy Co.		3,978
	19	Sempra Energy		3,052
	19	WEC Energy Group, Inc.		1,898

				15,978

		Multiline Retail — 0.1%
	12	Macy’s, Inc.		191
	56	Target Corp.		6,202

				6,393

		Oil, Gas & Consumable Fuels — 1.1%
	523	Apache Corp.		14,351
	110	Concho Resources, Inc.		8,336
	873	Denbury Resources, Inc.(a)		860
	90	Devon Energy Corp.		1,955
	85	Diamondback Energy, Inc.		6,324
	108	EOG Resources, Inc.		7,874
	147	EQT Corp.		889
	116	Green Plains, Inc.		1,447
	229	Marathon Oil Corp.		2,604
	147	Noble Energy, Inc.		2,906
	79	ONEOK, Inc.		5,915
	830	Southwestern Energy Co.(a)		1,303
	39	Valero Energy Corp.		3,288
	76	World Fuel Services Corp.		2,973

				61,025

		Paper & Forest Products — 0.1%
	60	Domtar Corp.		2,089
	105	Louisiana-Pacific Corp.		3,222

				5,311

		Personal Products — 0.0%
	11	Estee Lauder Cos., Inc. (The), Class A		2,147

		Pharmaceuticals — 1.7%
	3	Allergan PLC		560
	63	Bristol-Myers Squibb Co.		3,966
	80	Catalent, Inc.(a)		4,888
	41	Eli Lilly & Co.		5,725
	153	Merck & Co., Inc.		13,072
	134	Novartis AG, Sponsored ADR		12,665
	335	Novo Nordisk AS, Sponsored ADR		20,378
	26	Perrigo Co. PLC		1,483
	225	Pfizer, Inc.		8,379
	506	Roche Holding AG, Sponsored ADR		21,151

				92,267

		Professional Services — 0.2%
	63	Exponent, Inc.		4,584
	24	Insperity, Inc.		2,097
	64	Korn Ferry		2,623
	38	ManpowerGroup, Inc.		3,477
	43	Nielsen Holdings PLC		877

				13,658

		Real Estate Management & Development — 0.2%
	42	CBRE Group, Inc., Class A(a)		2,564
	34	Jones Lang LaSalle, Inc.		5,774

				8,338

		REITs – Apartments — 0.4%
	121	American Campus Communities, Inc.		5,550
	9	AvalonBay Communities, Inc.		1,950
	80	Camden Property Trust		8,995
	41	Equity Residential		3,406
	12	Essex Property Trust, Inc.		3,717
	4	Mid-America Apartment Communities, Inc.		549

				24,167

		REITs – Diversified — 0.2%
	17	Crown Castle International Corp.		2,547
	14	Digital Realty Trust, Inc.		1,722
	5	Equinix, Inc.		2,949
	110	Weyerhaeuser Co.		3,184

				10,402

		REITs – Health Care — 0.2%
	35	Ventas, Inc.		2,025
	119	Welltower, Inc.		10,104

				12,129

		REITs – Hotels — 0.0%
	121	Host Hotels & Resorts, Inc.		1,977

		REITs – Office Property — 0.6%
	20	Boston Properties, Inc.		2,867
	174	Corporate Office Properties Trust		5,180
	202	Douglas Emmett, Inc.		8,383
	274	Easterly Government Properties, Inc.		6,633
	91	Kilroy Realty Corp.		7,514

				30,577

		REITs – Regional Malls — 0.1%
	19	Simon Property Group, Inc.		2,530

		REITs – Storage — 0.0%
	31	Iron Mountain, Inc.		980
	6	Public Storage		1,342

				2,322

		REITs – Warehouse/Industrials — 0.2%
	56	CyrusOne, Inc.		3,408
	147	Liberty Property Trust		9,209

				12,617

		Road & Rail — 0.5%
	18	Kansas City Southern		3,036
	51	Norfolk Southern Corp.		10,619
	50	Ryder System, Inc.		2,386
	56	Union Pacific Corp.		10,048

				26,089

		Semiconductors & Semiconductor Equipment — 2.0%
	15	Advanced Micro Devices, Inc.(a)		705
	65	Applied Materials, Inc.		3,769
	38	Cabot Microelectronics Corp.		5,530
	69	Cirrus Logic, Inc.(a)		5,300
	49	Cree, Inc.(a)		2,278
	166	First Solar, Inc.(a)		8,230
	352	Intel Corp.		22,503
	109	NVIDIA Corp.		25,771
	229	QUALCOMM, Inc.		19,536
	54	Silicon Laboratories, Inc.(a)		5,309
	109	Texas Instruments, Inc.		13,151

				112,082

See accompanying notes to financial statements.

| 58

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2035 Fund – (continued)


Shares		Description	Value (†)
		Software — 2.6%
	18	Adobe, Inc.(a)	$	6,321
	194	Autodesk, Inc.(a)		38,189
	39	Blackbaud, Inc.		3,055
	54	Bottomline Technologies, Inc.(a)		2,894
	11	Citrix Systems, Inc.		1,333
	18	Fair Isaac Corp.(a)		7,243
	31	LogMeIn, Inc.		2,665
	224	Microsoft Corp.		38,132
	47	NortonLifeLock, Inc.		1,336
	660	Oracle Corp.		34,617
	50	PTC, Inc.(a)		4,156
	34	Qualys, Inc.(a)		2,915
	21	salesforce.com, Inc.(a)		3,828

				146,684

		Specialty Retail — 0.8%
	40	Aaron’s, Inc.		2,374
	117	American Eagle Outfitters, Inc.		1,685
	43	Asbury Automotive Group, Inc.(a)		4,147
	17	Best Buy Co., Inc.		1,440
	21	Five Below, Inc.(a)		2,378
	62	Home Depot, Inc. (The)		14,142
	32	Lithia Motors, Inc., Class A		4,341
	35	Lowe’s Cos., Inc.		4,068
	33	Monro, Inc.		2,069
	6	Tiffany & Co.		804
	42	TJX Cos., Inc. (The)		2,480
	43	Williams-Sonoma, Inc.		3,013

				42,941

		Technology Hardware, Storage & Peripherals — 0.9%
	92	Apple, Inc.		28,475
	479	Hewlett Packard Enterprise Co.		6,672
	289	HP, Inc.		6,161
	110	NCR Corp.(a)		3,709
	38	NetApp, Inc.		2,029
	29	Seagate Technology PLC		1,653
	21	Western Digital Corp.		1,376
	50	Xerox Holdings Corp.		1,779

				51,854

		Textiles, Apparel & Luxury Goods — 0.6%
	26	Deckers Outdoor Corp.(a)		4,964
	26	Hanesbrands, Inc.		358
	53	NIKE, Inc., Class B		5,104
	5	PVH Corp.		436
	42	Tapestry, Inc.		1,082
	985	Under Armour, Inc., Class A(a)		19,877
	101	Wolverine World Wide, Inc.		3,188

				35,009

		Thrifts & Mortgage Finance — 0.1%
	379	New York Community Bancorp, Inc.		4,192

		Trading Companies & Distributors — 0.3%
	181	Fastenal Co.		6,313
	33	GATX Corp.		2,512
	20	W.W. Grainger, Inc.		6,054

				14,879

		Water Utilities — 0.3%
	88	American Water Works Co., Inc.		11,986
	112	Essential Utilities, Inc.		5,817

				17,803

		Wireless Telecommunication Services — 0.1%
	72	Shenandoah Telecommunications Co.		2,905

		Total Common Stocks (Identified Cost $2,794,168)		2,966,352


Principal Amount
	Bonds and Notes — 8.9%
		Agency Commercial Mortgage-Backed Securities — 0.1%
$	4,000	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)		4,063

		Automotive — 0.1%
	3,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		3,218
	3,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		3,056

				6,274

		Banking — 1.4%
	3,000	American Express Co., 3.700%, 8/03/2023		3,188
	5,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		5,120
	3,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		3,014
	4,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		4,294
	5,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		5,229
	4,000	Capital One Financial Corp., 3.300%, 10/30/2024		4,220
	5,000	Citigroup, Inc., 4.600%, 3/09/2026		5,604
	3,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		3,130
	3,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		3,042
	3,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		3,230
	5,000	HSBC Holdings PLC, 5.100%, 4/05/2021		5,192
	5,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		5,251
	5,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		5,386
	4,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		4,125
	3,000	Royal Bank of Canada, GMTN, 2.150%, 3/06/2020		3,001
	2,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		2,061
	2,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		2,087
	3,000	Santander UK PLC, 2.375%, 3/16/2020		3,002
	5,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		5,230
	4,000	Westpac Banking Corp., 2.750%, 1/11/2023		4,116

				79,522

		Cable Satellite — 0.1%
	5,000	Comcast Corp., 3.000%, 2/01/2024		5,242

		Construction Machinery — 0.1%
	5,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		5,095

		Consumer Cyclical Services — 0.1%
	2,000	Amazon.com, Inc., 3.875%, 8/22/2037		2,346
	3,000	eBay, Inc., 3.800%, 3/09/2022		3,108

				5,454

		Electric — 0.2%
	5,000	Duke Energy Corp., 3.750%, 4/15/2024		5,353
	5,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		5,313

				10,666

		Financial Other — 0.1%
	3,000	ORIX Corp., 2.900%, 7/18/2022		3,065

		Food & Beverage — 0.1%
	5,000	General Mills, Inc., 4.000%, 4/17/2025		5,469

See accompanying notes to financial statements.

59 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2035 Fund – (continued)


Principal Amount		Description	Value (†)
		Government Owned – No Guarantee — 0.1%
$	6,000	Federal National Mortgage Association, 6.625%, 11/15/2030	$	8,818

		Health Insurance — 0.2%
	5,000	Anthem, Inc., 4.101%, 3/01/2028		5,527
	4,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		5,435

				10,962

		Healthcare — 0.2%
	4,000	CVS Health Corp., 4.300%, 3/25/2028		4,433
	2,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		2,032
	3,000	McKesson Corp., 3.950%, 2/16/2028		3,268
	2,000	Thermo Fisher Scientific, Inc., 3.000%, 4/15/2023		2,071

				11,804

		Independent Energy — 0.1%
	5,000	EQT Corp., 3.000%, 10/01/2022		4,816

		Integrated Energy — 0.2%
	5,000	BP Capital Markets PLC, 3.814%, 2/10/2024		5,371
	3,000	Chevron Corp., 1.961%, 3/03/2020		3,001
	3,000	Shell International Finance BV, 6.375%, 12/15/2038		4,513

				12,885

		Life Insurance — 0.1%
	5,000	American International Group, Inc., 4.125%, 2/15/2024		5,419
	2,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		2,026

				7,445

		Midstream — 0.2%
	5,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		5,307
	5,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		5,357

				10,664

		Mortgage Related — 1.9%
	47,275	FNMA, 3.000%, with various maturities from 2034 to 2049(c)		48,429
	38,939	FNMA, 3.500%, with various maturities in 2049(c)		40,172
	8,431	FNMA, 4.000%, with various maturities in 2049(c)		8,807
	6,373	FNMA, 4.500%, 5/01/2049		6,741

				104,149

		Oil Field Services — 0.1%
	5,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		5,132

		Pharmaceuticals — 0.2%
	5,000	AbbVie, Inc., 3.600%, 5/14/2025		5,344
	4,000	Amgen, Inc., 2.650%, 5/11/2022		4,071

				9,415

		Railroads — 0.1%
	5,000	CSX Corp., 2.600%, 11/01/2026		5,187

		REITs – Office Property — 0.1%
	3,000	Boston Properties LP, 2.750%, 10/01/2026		3,100

		Restaurants — 0.1%
	5,000	Starbucks Corp., 3.800%, 8/15/2025		5,472

		Technology — 0.5%
	3,000	Apple, Inc., 2.500%, 2/09/2025		3,108
	2,000	Broadcom Corp./Broadcom Cayman Finance Ltd., 3.625%, 1/15/2024		2,093
	4,000	HP, Inc., 4.650%, 12/09/2021		4,197
	5,000	International Business Machines Corp., 4.000%, 6/20/2042		5,798
	5,000	Oracle Corp., 2.950%, 5/15/2025		5,281
	5,000	QUALCOMM, Inc., 3.450%, 5/20/2025		5,369
	4,000	VMware, Inc., 2.950%, 8/21/2022		4,093

				29,939

		Treasuries — 2.2%
	5,000	U.S. Treasury Bond, 2.500%, 5/15/2046		5,481
	10,000	U.S. Treasury Bond, 2.875%, 11/15/2046		11,771
	16,000	U.S. Treasury Bond, 3.000%, 5/15/2045		19,083
	4,000	U.S. Treasury Bond, 3.000%, 2/15/2048		4,841
	9,000	U.S. Treasury Bond, 3.000%, 2/15/2049		10,960
	3,000	U.S. Treasury Bond, 4.250%, 11/15/2040		4,214
	3,000	U.S. Treasury Bond, 4.375%, 5/15/2041		4,293
	4,000	U.S. Treasury Bond, 4.500%, 2/15/2036		5,564
	14,000	U.S. Treasury Bond, 5.250%, 2/15/2029		18,444
	12,000	U.S. Treasury Note, 1.125%, 9/30/2021		11,949
	1,000	U.S. Treasury Note, 1.625%, 8/31/2022		1,008
	3,000	U.S. Treasury Note, 2.000%, 11/15/2026		3,110
	9,000	U.S. Treasury Note, 2.125%, 12/31/2022		9,209
	1,000	U.S. Treasury Note, 2.250%, 11/15/2025		1,048
	5,000	U.S. Treasury Note, 2.250%, 11/15/2027		5,292
	5,000	U.S. Treasury Note, 2.625%, 2/15/2029		5,474

				121,741

		Wireless — 0.1%
	5,000	Vodafone Group PLC, 6.150%, 2/27/2037		6,762

		Wirelines — 0.2%
	3,000	AT&T, Inc., 3.400%, 5/15/2025		3,183
	5,000	AT&T, Inc., 3.875%, 1/15/2026		5,430
	6,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 3.010%, 5/15/2025(d)		6,176

				14,789

		Total Bonds and Notes (Identified Cost $480,771)		497,930


Shares
	Exchange-Traded Funds — 12.7%
	7,336	iShares^® ESG MSCI EAFE ETF		490,485
	6,301	iShares^® ESG MSCI Emerging Markets ETF		213,919

		Total Exchange-Traded Funds (Identified Cost $661,708)		704,404


	Affiliated Mutual Funds — 25.1%
	19,314	Loomis Sayles Inflation Protected Securities Fund, Class N		209,556
	18,364	Loomis Sayles Limited Term Government and Agency Fund, Class N		209,352
	22,540	Mirova Global Green Bond Fund, Class N		239,601
	60,036	Mirova International Sustainable Equity Fund, Class N		736,642

		Total Affiliated Mutual Funds (Identified Cost $1,295,879)		1,395,151


		Total Investments — 100.0% (Identified Cost $5,232,526)		5,563,837
		Other assets less liabilities — 0.0%		1,793

		Net Assets — 100.0%	$	5,565,630


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of January 31, 2020 is disclosed.

See accompanying notes to financial statements.

| 60

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2035 Fund – (continued)


	(c)			The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)			Variable rate security. Rate as of January 31, 2020 is disclosed.

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

Asset Allocation Summary at January 31, 2020


Equity	79.2	%
Fixed Income	20.8

Total Investments	100.0
Other assets less liabilities	0.0

Net Assets	100.0	%

See accompanying notes to financial statements.

61 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2040 Fund


Shares		Description	Value (†)
	Common Stocks — 56.4% of Net Assets
		Aerospace & Defense — 0.4%
	29	Axon Enterprise, Inc.(a)	$	2,227
	42	Moog, Inc., Class A		3,764
	5	Raytheon Co.		1,105
	22	Teledyne Technologies, Inc.(a)		8,031
	45	United Technologies Corp.		6,759

				21,886

		Air Freight & Logistics — 0.7%
	344	Expeditors International of Washington, Inc.		25,126
	52	FedEx Corp.		7,521
	60	United Parcel Service, Inc., Class B		6,211

				38,858

		Airlines — 0.2%
	378	American Airlines Group, Inc.		10,146
	18	Delta Air Lines, Inc.		1,003

				11,149

		Auto Components — 0.4%
	178	American Axle & Manufacturing Holdings, Inc.(a)		1,645
	115	Aptiv PLC		9,751
	18	BorgWarner, Inc.		617
	171	Delphi Technologies PLC(a)		2,623
	189	Goodyear Tire & Rubber Co. (The)		2,481
	39	Visteon Corp.(a)		3,113

				20,230

		Automobiles — 0.6%
	1,094	Fiat Chrysler Automobiles NV		14,244
	433	General Motors Co.		14,458
	41	Thor Industries, Inc.		3,301

				32,003

		Banks — 3.7%
	109	Ameris Bancorp		4,381
	200	BancorpSouth Bank		5,714
	928	Bank of America Corp.		30,466
	434	Cadence BanCorp		6,783
	429	Citigroup, Inc.		31,922
	256	Citizens Financial Group, Inc.		9,544
	152	Columbia Banking System, Inc.		5,882
	11	Comerica, Inc.		673
	97	Cullen/Frost Bankers, Inc.		8,649
	349	Fulton Financial Corp.		5,748
	304	Huntington Bancshares, Inc.		4,125
	178	International Bancshares Corp.		7,013
	440	KeyCorp		8,232
	25	M&T Bank Corp.		4,213
	680	People’s United Financial, Inc.		10,486
	85	PNC Financial Services Group, Inc. (The)		12,627
	169	Regions Financial Corp.		2,631
	161	TCF Financial Corp.		6,807
	141	Truist Financial Corp.		7,271
	274	Trustmark Corp.		8,763
	365	Wells Fargo & Co.		17,133
	73	Wintrust Financial Corp.		4,620
	149	Zions Bancorp N.A.		6,778

				210,461

		Beverages — 1.6%
	114	Brown-Forman Corp., Class B		7,711
	422	Coca-Cola Co. (The)		24,645
	75	Constellation Brands, Inc., Class A		14,123
	539	Monster Beverage Corp.(a)		35,897
	51	PepsiCo, Inc.		7,243

				89,619

		Biotechnology — 1.6%
	73	AbbVie, Inc.		5,914
	90	Amgen, Inc.		19,445
	13	Biogen, Inc.(a)		3,495
	144	BioMarin Pharmaceutical, Inc.(a)		12,024
	119	Gilead Sciences, Inc.		7,521
	27	Ligand Pharmaceuticals, Inc.(a)		2,371
	118	Regeneron Pharmaceuticals, Inc.(a)		39,877
	7	Vertex Pharmaceuticals, Inc.(a)		1,589

				92,236

		Building Products — 0.3%
	244	Johnson Controls International PLC		9,626
	29	Lennox International, Inc.		6,756

				16,382

		Capital Markets — 4.1%
	4	Affiliated Managers Group, Inc.		319
	12	Ameriprise Financial, Inc.		1,985
	506	Bank of New York Mellon Corp. (The)		22,659
	19	BlackRock, Inc.		10,020
	526	Charles Schwab Corp. (The)		23,959
	25	CME Group, Inc.		5,428
	65	FactSet Research Systems, Inc.		18,597
	121	Franklin Resources, Inc.		3,061
	61	Goldman Sachs Group, Inc. (The)		14,503
	63	Intercontinental Exchange, Inc.		6,284
	39	Invesco Ltd.		675
	139	Janus Henderson Group PLC		3,513
	144	Legg Mason, Inc.		5,638
	94	Moody’s Corp.		24,138
	71	MSCI, Inc.		20,292
	66	Northern Trust Corp.		6,455
	58	S&P Global, Inc.		17,036
	294	SEI Investments Co.		19,186
	376	State Street Corp.		28,437

				232,185

		Chemicals — 0.8%
	33	DuPont de Nemours, Inc.		1,689
	69	Ecolab, Inc.		13,532
	78	HB Fuller Co.		3,604
	54	Innospec, Inc.		5,439
	16	International Flavors & Fragrances, Inc.		2,098
	53	Linde PLC		10,766
	64	Minerals Technologies, Inc.		3,464
	37	Stepan Co.		3,650

				44,242

		Commercial Services & Supplies — 0.3%
	68	Healthcare Services Group, Inc.		1,741
	40	MSA Safety, Inc.		5,424
	58	Tetra Tech, Inc.		4,964
	57	Waste Management, Inc.		6,937

				19,066

		Communications Equipment — 0.8%
	92	Ciena Corp.(a)		3,742
	632	Cisco Systems, Inc.		29,053
	8	F5 Networks, Inc.(a)		977
	49	InterDigital, Inc.		2,707
	53	Lumentum Holdings, Inc.(a)		4,016
	22	Motorola Solutions, Inc.		3,894

				44,389

		Construction & Engineering — 0.2%
	179	AECOM(a)		8,633

See accompanying notes to financial statements.

| 62

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2040 Fund – (continued)


Shares		Description	Value (†)
		Construction & Engineering — continued
	214	Fluor Corp.	$	3,829

				12,462

		Consumer Finance — 0.6%
	42	American Express Co.		5,454
	272	Capital One Financial Corp.		27,146
	137	Navient Corp.		1,970

				34,570

		Containers & Packaging — 0.2%
	98	Ball Corp.		7,074
	49	International Paper Co.		1,995
	278	O-I Glass, Inc.		3,508

				12,577

		Distributors — 0.2%
	39	Genuine Parts Co.		3,649
	27	POOL CORP.		5,921

				9,570

		Diversified Consumer Services — 0.1%
	118	Service Corp. International		5,658

		Diversified Telecommunication Services — 0.3%
	216	AT&T, Inc.		8,126
	116	Verizon Communications, Inc.		6,895

				15,021

		Electric Utilities — 0.5%
	128	American Electric Power Co., Inc.		13,340
	21	Edison International		1,608
	29	Eversource Energy		2,681
	26	FirstEnergy Corp.		1,320
	53	IDACORP, Inc.		5,946
	47	PPL Corp.		1,701

				26,596

		Electrical Equipment — 0.2%
	21	Acuity Brands, Inc.		2,475
	64	Eaton Corp. PLC		6,046
	36	Hubbell, Inc.		5,157

				13,678

		Electronic Equipment, Instruments & Components — 0.9%
	97	Avnet, Inc.		3,540
	42	Belden, Inc.		2,069
	102	Cognex Corp.		5,199
	23	Coherent, Inc.(a)		3,253
	43	Corning, Inc.		1,148
	20	Littelfuse, Inc.		3,538
	19	Rogers Corp.(a)		2,237
	202	TE Connectivity Ltd.		18,620
	118	Trimble, Inc.(a)		5,017
	175	Vishay Intertechnology, Inc.		3,551

				48,172

		Energy Equipment & Services — 0.4%
	60	Apergy Corp.(a)		1,552
	65	Baker Hughes Co.		1,408
	32	Core Laboratories NV		1,124
	96	National Oilwell Varco, Inc.		1,978
	102	Oceaneering International, Inc.(a)		1,266
	90	Oil States International, Inc.(a)		970
	458	Schlumberger Ltd.		15,347
	66	TechnipFMC PLC		1,090

				24,735

		Entertainment — 1.2%
	40	Activision Blizzard, Inc.		2,339
	84	Cinemark Holdings, Inc.		2,647
	26	Electronic Arts, Inc.(a)		2,806
	91	Netflix, Inc.(a)		31,403
	35	Take-Two Interactive Software, Inc.(a)		4,362
	189	Walt Disney Co. (The)		26,141

				69,698

		Food & Staples Retailing — 0.3%
	125	Kroger Co. (The)		3,357
	315	SpartanNash Co.		3,837
	36	Sysco Corp.		2,957
	115	Walgreens Boots Alliance, Inc.		5,848

				15,999

		Food Products — 0.7%
	72	Campbell Soup Co.		3,484
	827	Danone S.A., Sponsored ADR		13,190
	53	General Mills, Inc.		2,768
	101	Hain Celestial Group, Inc. (The)(a)		2,445
	5	Hershey Co. (The)		776
	41	Hormel Foods Corp.		1,938
	53	Ingredion, Inc.		4,664
	15	J.M. Smucker Co. (The)		1,554
	70	Kellogg Co.		4,775
	8	McCormick & Co., Inc.		1,307
	26	Mondelez International, Inc., Class A		1,492

				38,393

		Gas Utilities — 0.3%
	104	New Jersey Resources Corp.		4,297
	60	ONE Gas, Inc.		5,670
	114	South Jersey Industries, Inc.		3,511
	128	UGI Corp.		5,324

				18,802

		Health Care Equipment & Supplies — 0.8%
	3	Becton Dickinson & Co.		826
	31	Boston Scientific Corp.(a)		1,298
	5	Cooper Cos., Inc. (The)		1,734
	22	Danaher Corp.		3,539
	19	DENTSPLY SIRONA, Inc.		1,064
	5	Edwards Lifesciences Corp.(a)		1,099
	54	Globus Medical, Inc., Class A(a)		2,823
	28	Haemonetics Corp.(a)		3,007
	53	Hill-Rom Holdings, Inc.		5,644
	30	Hologic, Inc.(a)		1,606
	2	Intuitive Surgical, Inc.(a)		1,120
	186	Meridian Bioscience, Inc.		1,830
	41	Merit Medical Systems, Inc.(a)		1,493
	7	STERIS PLC		1,055
	6	Stryker Corp.		1,264
	51	Varian Medical Systems, Inc.(a)		7,169
	38	West Pharmaceutical Services, Inc.		5,926

				42,497

		Health Care Providers & Services — 2.0%
	57	Acadia Healthcare Co., Inc.(a)		1,831
	19	Amedisys, Inc.(a)		3,353
	10	Anthem, Inc.		2,653
	40	BioTelemetry, Inc.(a)		1,957
	102	Centene Corp.(a)		6,407
	13	Chemed Corp.		6,072
	17	Cigna Corp.		3,270
	293	CVS Health Corp.		19,871
	22	DaVita, Inc.(a)		1,757

See accompanying notes to financial statements.

63 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2040 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	51	Encompass Health Corp.	$	3,929
	129	HCA Healthcare, Inc.		17,905
	31	Henry Schein, Inc.(a)		2,137
	53	Humana, Inc.		17,821
	23	Laboratory Corp. of America Holdings(a)		4,034
	208	MEDNAX, Inc.(a)		4,799
	92	Patterson Cos., Inc.		2,025
	36	Quest Diagnostics, Inc.		3,984
	43	UnitedHealth Group, Inc.		11,715

				115,520

		Health Care Technology — 0.4%
	197	Allscripts Healthcare Solutions, Inc.(a)		1,690
	265	Cerner Corp.		19,035
	98	HMS Holdings Corp.(a)		2,678

				23,403

		Hotels, Restaurants & Leisure — 1.9%
	17	Domino’s Pizza, Inc.		4,790
	53	Dunkin’ Brands Group, Inc.		4,139
	127	Hilton Worldwide Holdings, Inc.		13,690
	32	Jack in the Box, Inc.		2,616
	34	Marriott Vacations Worldwide Corp.		4,088
	12	McDonald’s Corp.		2,568
	613	MGM Resorts International		19,040
	11	Royal Caribbean Cruises Ltd.		1,288
	215	Starbucks Corp.		18,238
	196	Wendy’s Co. (The)		4,247
	512	Yum China Holdings, Inc.		22,052
	101	Yum! Brands, Inc.		10,683

				107,439

		Household Durables — 0.3%
	160	KB Home		6,008
	120	Meritage Homes Corp.(a)		8,515

				14,523

		Household Products — 0.9%
	212	Colgate-Palmolive Co.		15,641
	261	Procter & Gamble Co. (The)		32,526

				48,167

		Independent Power & Renewable Electricity Producers �� 0.5%
	94	AES Corp. (The)		1,867
	182	Ormat Technologies, Inc.		14,425
	429	Pattern Energy Group, Inc., Class A		11,545

				27,837

		Industrial Conglomerates — 0.4%
	1,805	General Electric Co.		22,472
	9	Honeywell International, Inc.		1,559

				24,031

		Insurance — 1.2%
	31	Aflac, Inc.		1,599
	49	Allstate Corp. (The)		5,809
	364	American International Group, Inc.		18,295
	26	Brighthouse Financial, Inc.(a)		1,011
	69	Chubb Ltd.		10,487
	90	First American Financial Corp.		5,578
	35	Hanover Insurance Group, Inc. (The)		4,850
	57	Hartford Financial Services Group, Inc. (The)		3,379
	53	Lincoln National Corp.		2,887
	29	Marsh & McLennan Cos., Inc.		3,244
	92	Prudential Financial, Inc.		8,378
	32	Travelers Cos., Inc. (The)		4,212

				69,729

		Interactive Media & Services — 2.6%
	21	Alphabet, Inc., Class A(a)	$	30,088
	42	Alphabet, Inc., Class C(a)		60,238
	294	Facebook, Inc., Class A(a)		59,362

				149,688

		Internet & Direct Marketing Retail — 2.5%
	215	Alibaba Group Holding Ltd., Sponsored ADR(a)		44,417
	26	Amazon.com, Inc.(a)		52,227
	13	Booking Holdings, Inc.(a)		23,797
	481	eBay, Inc.		16,142
	68	Etsy, Inc.(a)		3,319

				139,902

		IT Services — 3.0%
	122	Automatic Data Processing, Inc.		20,910
	80	Cognizant Technology Solutions Corp., Class A		4,910
	407	DXC Technology Co.		12,975
	19	Fiserv, Inc.(a)		2,254
	82	Gartner, Inc.(a)		13,184
	31	International Business Machines Corp.		4,456
	70	MasterCard, Inc., Class A		22,116
	30	Paychex, Inc.		2,573
	41	PayPal Holdings, Inc.(a)		4,669
	273	Sabre Corp.		5,880
	10	VeriSign, Inc.(a)		2,081
	341	Visa, Inc., Class A		67,849
	28	WEX, Inc.(a)		6,074

				169,931

		Leisure Products — 0.0%
	120	Callaway Golf Co.		2,570

		Life Sciences Tools & Services — 0.3%
	24	Agilent Technologies, Inc.		1,982
	2	Illumina, Inc.(a)		580
	11	IQVIA Holdings, Inc.(a)		1,708
	51	Repligen Corp.(a)		5,120
	22	Thermo Fisher Scientific, Inc.		6,890
	4	Waters Corp.(a)		895

				17,175

		Machinery — 2.0%
	67	AGCO Corp.		4,699
	545	Briggs & Stratton Corp.		2,000
	135	Caterpillar, Inc.		17,732
	85	Cummins, Inc.		13,597
	131	Deere & Co.		20,774
	62	Flowserve Corp.		2,894
	89	ITT, Inc.		5,970
	111	Kennametal, Inc.		3,473
	71	Oshkosh Corp.		6,109
	123	Parker-Hannifin Corp.		24,070
	19	Proto Labs, Inc.(a)		1,967
	87	Terex Corp.		2,205
	78	Toro Co. (The)		6,242
	22	Xylem, Inc.		1,797

				113,529

		Media — 1.2%
	5	Cable One, Inc.		8,520
	44	Charter Communications, Inc., Class A(a)		22,768
	416	Comcast Corp., Class A		17,967
	24	Discovery, Inc., Series C(a)		667
	78	Fox Corp., Class A		2,892
	95	Interpublic Group of Cos., Inc. (The)		2,157
	95	New York Times Co. (The), Class A		3,041
	56	Omnicom Group, Inc.		4,217

See accompanying notes to financial statements.

| 64

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2040 Fund – (continued)


Shares		Description	Value (†)
		Media — continued
	83	ViacomCBS, Inc., Class B	$	2,833

				65,062

		Metals & Mining — 0.4%
	158	Commercial Metals Co.		3,247
	176	Newmont Corp.		7,931
	12	Nucor Corp.		570
	69	Reliance Steel & Aluminum Co.		7,921
	45	Royal Gold, Inc.		5,189

				24,858

		Multi-Utilities — 0.3%
	75	Consolidated Edison, Inc.		7,050
	30	DTE Energy Co.		3,978
	19	Sempra Energy		3,052
	19	WEC Energy Group, Inc.		1,898

				15,978

		Multiline Retail — 0.1%
	9	Macy’s, Inc.		143
	62	Target Corp.		6,866

				7,009

		Oil, Gas & Consumable Fuels — 1.2%
	573	Apache Corp.		15,723
	123	Concho Resources, Inc.		9,321
	961	Denbury Resources, Inc.(a)		947
	100	Devon Energy Corp.		2,172
	94	Diamondback Energy, Inc.		6,994
	120	EOG Resources, Inc.		8,749
	162	EQT Corp.		980
	128	Green Plains, Inc.		1,596
	228	Marathon Oil Corp.		2,592
	146	Noble Energy, Inc.		2,886
	78	ONEOK, Inc.		5,840
	933	Southwestern Energy Co.(a)		1,465
	38	Valero Energy Corp.		3,204
	83	World Fuel Services Corp.		3,247

				65,716

		Paper & Forest Products — 0.1%
	66	Domtar Corp.		2,298
	116	Louisiana-Pacific Corp.		3,559

				5,857

		Personal Products — 0.0%
	12	Estee Lauder Cos., Inc. (The), Class A		2,342

		Pharmaceuticals — 1.8%
	3	Allergan PLC		560
	73	Bristol-Myers Squibb Co.		4,595
	84	Catalent, Inc.(a)		5,132
	47	Eli Lilly & Co.		6,563
	174	Merck & Co., Inc.		14,867
	145	Novartis AG, Sponsored ADR		13,704
	347	Novo Nordisk AS, Sponsored ADR		21,108
	24	Perrigo Co. PLC		1,369
	258	Pfizer, Inc.		9,608
	543	Roche Holding AG, Sponsored ADR		22,698

				100,204

		Professional Services — 0.3%
	72	Exponent, Inc.		5,239
	26	Insperity, Inc.		2,272
	71	Korn Ferry		2,910
	42	ManpowerGroup, Inc.		3,843
	31	Nielsen Holdings PLC		632

				14,896

		Real Estate Management & Development — 0.2%
	48	CBRE Group, Inc., Class A(a)	$	2,931
	37	Jones Lang LaSalle, Inc.		6,283

				9,214

		REITs – Apartments — 0.5%
	130	American Campus Communities, Inc.		5,963
	10	AvalonBay Communities, Inc.		2,167
	87	Camden Property Trust		9,781
	47	Equity Residential		3,905
	14	Essex Property Trust, Inc.		4,337
	3	Mid-America Apartment Communities, Inc.		411

				26,564

		REITs – Diversified — 0.2%
	19	Crown Castle International Corp.		2,847
	16	Digital Realty Trust, Inc.		1,968
	5	Equinix, Inc.		2,948
	125	Weyerhaeuser Co.		3,619

				11,382

		REITs – Health Care — 0.2%
	37	Ventas, Inc.		2,141
	137	Welltower, Inc.		11,632

				13,773

		REITs – Hotels — 0.0%
	133	Host Hotels & Resorts, Inc.		2,173

		REITs – Office Property — 0.6%
	19	Boston Properties, Inc.		2,724
	196	Corporate Office Properties Trust		5,835
	221	Douglas Emmett, Inc.		9,171
	295	Easterly Government Properties, Inc.		7,142
	98	Kilroy Realty Corp.		8,092

				32,964

		REITs – Regional Malls — 0.0%
	19	Simon Property Group, Inc.		2,530

		REITs – Storage — 0.0%
	29	Iron Mountain, Inc.		917
	7	Public Storage		1,566

				2,483

		REITs – Warehouse/Industrials — 0.2%
	61	CyrusOne, Inc.		3,712
	161	Liberty Property Trust		10,087

				13,799

		Road & Rail — 0.5%
	21	Kansas City Southern		3,542
	54	Norfolk Southern Corp.		11,243
	55	Ryder System, Inc.		2,625
	64	Union Pacific Corp.		11,483

				28,893

		Semiconductors & Semiconductor Equipment — 2.1%
	15	Advanced Micro Devices, Inc.(a)		705
	74	Applied Materials, Inc.		4,291
	41	Cabot Microelectronics Corp.		5,966
	75	Cirrus Logic, Inc.(a)		5,761
	53	Cree, Inc.(a)		2,464
	188	First Solar, Inc.(a)		9,321
	396	Intel Corp.		25,316
	111	NVIDIA Corp.		26,244
	234	QUALCOMM, Inc.		19,962
	58	Silicon Laboratories, Inc.(a)		5,702
	118	Texas Instruments, Inc.		14,237

				119,969

See accompanying notes to financial statements.

65 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2040 Fund – (continued)


Shares		Description	Value (†)
		Software — 2.8%
	21	Adobe, Inc.(a)	$	7,374
	206	Autodesk, Inc.(a)		40,551
	43	Blackbaud, Inc.		3,368
	62	Bottomline Technologies, Inc.(a)		3,323
	12	Citrix Systems, Inc.		1,455
	20	Fair Isaac Corp.(a)		8,048
	34	LogMeIn, Inc.		2,923
	243	Microsoft Corp.		41,366
	35	NortonLifeLock, Inc.		995
	700	Oracle Corp.		36,715
	52	PTC, Inc.(a)		4,322
	38	Qualys, Inc.(a)		3,258
	24	salesforce.com, Inc.(a)		4,375

				158,073

		Specialty Retail — 0.8%
	44	Aaron’s, Inc.		2,612
	129	American Eagle Outfitters, Inc.		1,858
	49	Asbury Automotive Group, Inc.(a)		4,726
	15	Best Buy Co., Inc.		1,270
	23	Five Below, Inc.(a)		2,604
	68	Home Depot, Inc. (The)		15,511
	34	Lithia Motors, Inc., Class A		4,612
	38	Lowe’s Cos., Inc.		4,417
	38	Monro, Inc.		2,382
	6	Tiffany & Co.		804
	48	TJX Cos., Inc. (The)		2,834
	47	Williams-Sonoma, Inc.		3,294

				46,924

		Technology Hardware, Storage & Peripherals — 1.0%
	105	Apple, Inc.		32,499
	517	Hewlett Packard Enterprise Co.		7,202
	300	HP, Inc.		6,396
	121	NCR Corp.(a)		4,080
	43	NetApp, Inc.		2,296
	28	Seagate Technology PLC		1,596
	24	Western Digital Corp.		1,572
	57	Xerox Holdings Corp.		2,027

				57,668

		Textiles, Apparel & Luxury Goods — 0.7%
	29	Deckers Outdoor Corp.(a)		5,537
	16	Hanesbrands, Inc.		220
	61	NIKE, Inc., Class B		5,874
	4	PVH Corp.		349
	39	Tapestry, Inc.		1,005
	1,049	Under Armour, Inc., Class A(a)		21,169
	111	Wolverine World Wide, Inc.		3,504

				37,658

		Thrifts & Mortgage Finance — 0.1%
	417	New York Community Bancorp, Inc.		4,612

		Trading Companies & Distributors — 0.3%
	207	Fastenal Co.		7,220
	36	GATX Corp.		2,741
	22	W.W. Grainger, Inc.		6,659

				16,620

		Water Utilities — 0.3%
	95	American Water Works Co., Inc.		12,939
	121	Essential Utilities, Inc.		6,285

				19,224

		Wireless Telecommunication Services — 0.1%
	82	Shenandoah Telecommunications Co.		3,309

		Total Common Stocks (Identified Cost $3,017,648)		3,194,332


Principal Amount
	Bonds and Notes — 4.8%
		Agency Commercial Mortgage-Backed Securities — 0.0%
$	2,000	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)		2,032

		Automotive — 0.1%
	2,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		2,145
	2,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		2,038

				4,183

		Banking — 0.8%
	2,000	American Express Co., 3.700%, 8/03/2023		2,125
	2,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		2,048
	2,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		2,009
	3,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		3,221
	3,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		3,137
	2,000	Capital One Financial Corp., 3.300%, 10/30/2024		2,110
	3,000	Citigroup, Inc., 4.600%, 3/09/2026		3,363
	2,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		2,087
	2,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		2,028
	2,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		2,153
	2,000	HSBC Holdings PLC, 5.100%, 4/05/2021		2,077
	2,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		2,101
	3,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		3,231	��
	2,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		2,063
	1,000	Royal Bank of Canada, GMTN, 2.150%, 3/06/2020		1,000
	2,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		2,061
	1,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		1,043
	1,000	Santander UK PLC, 2.375%, 3/16/2020		1,001
	3,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		3,138
	2,000	Westpac Banking Corp., 2.750%, 1/11/2023		2,058

				44,054

		Cable Satellite — 0.0%
	2,000	Comcast Corp., 3.000%, 2/01/2024		2,097

		Construction Machinery — 0.1%
	3,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		3,057

		Consumer Cyclical Services — 0.1%
	2,000	Amazon.com, Inc., 3.875%, 8/22/2037		2,346
	2,000	eBay, Inc., 3.800%, 3/09/2022		2,072

				4,418

		Electric — 0.1%
	2,000	Duke Energy Corp., 3.750%, 4/15/2024		2,142
	2,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		2,125

				4,267

		Financial Other — 0.0%
	2,000	ORIX Corp., 2.900%, 7/18/2022		2,043

		Food & Beverage — 0.0%
	2,000	General Mills, Inc., 4.000%, 4/17/2025		2,187

See accompanying notes to financial statements.

| 66

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2040 Fund – (continued)


Principal Amount		Description	Value (†)
		Government Owned – No Guarantee — 0.1%
$	3,000	Federal National Mortgage Association, 6.625%, 11/15/2030	$	4,409

		Health Insurance — 0.1%
	2,000	Anthem, Inc., 4.101%, 3/01/2028		2,211
	2,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		2,717

				4,928

		Healthcare — 0.2%
	2,000	CVS Health Corp., 4.300%, 3/25/2028		2,216
	2,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		2,032
	4,000	McKesson Corp., 3.950%, 2/16/2028		4,358
	1,000	Thermo Fisher Scientific, Inc., 3.000%, 4/15/2023		1,035

				9,641

		Independent Energy — 0.0%
	2,000	EQT Corp., 3.000%, 10/01/2022		1,926

		Integrated Energy — 0.2%
	3,000	BP Capital Markets PLC, 3.814%, 2/10/2024		3,223
	3,000	Chevron Corp., 1.961%, 3/03/2020		3,000
	2,000	Shell International Finance BV, 6.375%, 12/15/2038		3,009

				9,232

		Life Insurance — 0.1%
	3,000	American International Group, Inc., 4.125%, 2/15/2024		3,251
	2,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		2,026

				5,277

		Midstream — 0.1%
	2,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		2,123
	3,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		3,214

				5,337

		Mortgage Related — 1.0%
	3,607	FHLMC, 3.000%, 6/01/2049		3,694
	21,918	FNMA, 3.000%, with various maturities from 2034 to 2049(c)		22,465
	21,517	FNMA, 3.500%, with various maturities in 2049(c)		22,200
	5,462	FNMA, 4.000%, with various maturities in 2049(c)		5,707
	3,193	FNMA, 4.500%, with various maturities in 2049(c)		3,377

				57,443

		Oil Field Services — 0.0%
	2,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		2,053

		Pharmaceuticals — 0.1%
	2,000	AbbVie, Inc., 3.600%, 5/14/2025		2,138
	4,000	Amgen, Inc., 2.650%, 5/11/2022		4,071

				6,209

		Railroads — 0.0%
	2,000	CSX Corp., 2.600%, 11/01/2026		2,075

		REITs – Office Property — 0.0%
	2,000	Boston Properties LP, 2.750%, 10/01/2026		2,066

		Restaurants — 0.0%
	2,000	Starbucks Corp., 3.800%, 8/15/2025		2,189

		Technology — 0.3%
	1,000	Apple, Inc., 2.500%, 2/09/2025		1,036
	2,000	Broadcom Corp./Broadcom Cayman Finance Ltd., 3.625%, 1/15/2024		2,092
	2,000	HP, Inc., 4.650%, 12/09/2021		2,099
	2,000	International Business Machines Corp., 4.000%, 6/20/2042		2,319
	2,000	Oracle Corp., 2.950%, 5/15/2025		2,112
	2,000	QUALCOMM, Inc., 3.450%, 5/20/2025		2,148
		Technology — continued
	2,000	VMware, Inc., 2.950%, 8/21/2022		2,047

				13,853

		Treasuries — 1.2%
	2,000	U.S. Treasury Bond, 2.500%, 5/15/2046		2,192
	6,000	U.S. Treasury Bond, 2.875%, 11/15/2046		7,062
	9,000	U.S. Treasury Bond, 3.000%, 5/15/2045		10,734
	3,000	U.S. Treasury Bond, 3.000%, 2/15/2048		3,631
	4,000	U.S. Treasury Bond, 3.000%, 2/15/2049		4,871
	2,000	U.S. Treasury Bond, 4.250%, 11/15/2040		2,810
	1,000	U.S. Treasury Bond, 4.375%, 5/15/2041		1,431
	3,000	U.S. Treasury Bond, 4.500%, 2/15/2036		4,173
	7,000	U.S. Treasury Bond, 5.250%, 2/15/2029		9,222
	4,000	U.S. Treasury Note, 1.125%, 9/30/2021		3,983
	5,000	U.S. Treasury Note, 1.625%, 8/31/2022		5,039
	1,000	U.S. Treasury Note, 2.000%, 11/15/2026		1,037
	5,000	U.S. Treasury Note, 2.125%, 12/31/2022		5,116
	1,000	U.S. Treasury Note, 2.250%, 11/15/2025		1,048
	3,000	U.S. Treasury Note, 2.250%, 11/15/2027		3,175
	3,000	U.S. Treasury Note, 2.625%, 2/15/2029		3,284

				68,808

		Wireless — 0.1%
	2,000	Vodafone Group PLC, 6.150%, 2/27/2037		2,705

		Wirelines — 0.1%
	2,000	AT&T, Inc., 3.400%, 5/15/2025		2,122
	3,000	AT&T, Inc., 3.875%, 1/15/2026		3,258
	2,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 3.010%, 5/15/2025(d)		2,059

				7,439

		Total Bonds and Notes (Identified Cost $264,983)		273,928


Shares
	Exchange-Traded Funds — 14.0%
	7,977	iShares^® ESG MSCI EAFE ETF		533,342
	7,684	iShares^® ESG MSCI Emerging Markets ETF		260,872

		Total Exchange-Traded Funds (Identified Cost $750,626)		794,214


	Affiliated Mutual Funds — 24.4%
	14,594	Loomis Sayles Inflation Protected Securities Fund, Class N		158,340
	11,101	Loomis Sayles Limited Term Government and Agency Fund, Class N		126,556
	20,855	Mirova Global Green Bond Fund, Class N		221,691
	71,148	Mirova International Sustainable Equity Fund, Class N		872,982

		Total Affiliated Mutual Funds (Identified Cost $1,286,720)		1,379,569


		Total Investments — 99.6% (Identified Cost $5,319,977)		5,642,043
		Other assets less liabilities — 0.4%		20,334

		Net Assets — 100.0%	$	5,662,377


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

See accompanying notes to financial statements.

67 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2040 Fund – (continued)


	(b)			Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of January 31, 2020 is disclosed.
	(c)			The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)			Variable rate security. Rate as of January 31, 2020 is disclosed.

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

Asset Allocation Summary at January 31, 2020


Equity	85.8	%
Fixed Income	13.8

Total Investments	99.6
Other assets less liabilities	0.4

Net Assets	100.0	%

See accompanying notes to financial statements.

| 68

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2045 Fund


Shares		Description	Value (†)
	Common Stocks — 58.4% of Net Assets
		Aerospace & Defense — 0.4%
	27	Axon Enterprise, Inc.(a)	$	2,074
	37	Moog, Inc., Class A		3,316
	5	Raytheon Co.		1,105
	20	Teledyne Technologies, Inc.(a)		7,301
	47	United Technologies Corp.		7,059

				20,855

		Air Freight & Logistics — 0.7%
	300	Expeditors International of Washington, Inc.		21,912
	45	FedEx Corp.		6,509
	59	United Parcel Service, Inc., Class B		6,108

				34,529

		Airlines — 0.2%
	329	American Airlines Group, Inc.		8,830
	17	Delta Air Lines, Inc.		948

				9,778

		Auto Components — 0.4%
	167	American Axle & Manufacturing Holdings, Inc.(a)		1,543
	101	Aptiv PLC		8,564
	21	BorgWarner, Inc.		720
	149	Delphi Technologies PLC(a)		2,285
	167	Goodyear Tire & Rubber Co. (The)		2,193
	33	Visteon Corp.(a)		2,634

				17,939

		Automobiles — 0.6%
	956	Fiat Chrysler Automobiles NV		12,447
	379	General Motors Co.		12,655
	36	Thor Industries, Inc.		2,899

				28,001

		Banks — 3.9%
	97	Ameris Bancorp		3,899
	183	BancorpSouth Bank		5,228
	811	Bank of America Corp.		26,625
	396	Cadence BanCorp		6,190
	376	Citigroup, Inc.		27,978
	243	Citizens Financial Group, Inc.		9,059
	139	Columbia Banking System, Inc.		5,379
	12	Comerica, Inc.		734
	89	Cullen/Frost Bankers, Inc.		7,935
	319	Fulton Financial Corp.		5,254
	272	Huntington Bancshares, Inc.		3,691
	162	International Bancshares Corp.		6,383
	410	KeyCorp		7,671
	27	M&T Bank Corp.		4,550
	646	People’s United Financial, Inc.		9,961
	88	PNC Financial Services Group, Inc. (The)		13,073
	165	Regions Financial Corp.		2,569
	147	TCF Financial Corp.		6,215
	144	Truist Financial Corp.		7,426
	251	Trustmark Corp.		8,027
	319	Wells Fargo & Co.		14,974
	67	Wintrust Financial Corp.		4,240
	133	Zions Bancorp N.A.		6,050

				193,111

		Beverages — 1.7%
	102	Brown-Forman Corp., Class B		6,899
	405	Coca-Cola Co. (The)		23,652
	66	Constellation Brands, Inc., Class A		12,428
	492	Monster Beverage Corp.(a)		32,767
	52	PepsiCo, Inc.		7,385

				83,131

		Biotechnology — 1.7%
	71	AbbVie, Inc.		5,752
	84	Amgen, Inc.		18,148
	13	Biogen, Inc.(a)		3,495
	125	BioMarin Pharmaceutical, Inc.(a)		10,438
	118	Gilead Sciences, Inc.		7,458
	25	Ligand Pharmaceuticals, Inc.(a)		2,195
	103	Regeneron Pharmaceuticals, Inc.(a)		34,808
	4	Vertex Pharmaceuticals, Inc.(a)		908

				83,202

		Building Products — 0.3%
	250	Johnson Controls International PLC		9,862
	25	Lennox International, Inc.		5,825

				15,687

		Capital Markets — 4.3%
	10	Affiliated Managers Group, Inc.		798
	12	Ameriprise Financial, Inc.		1,985
	462	Bank of New York Mellon Corp. (The)		20,688
	18	BlackRock, Inc.		9,492
	462	Charles Schwab Corp. (The)		21,044
	23	CME Group, Inc.		4,994
	64	FactSet Research Systems, Inc.		18,311
	110	Franklin Resources, Inc.		2,783
	53	Goldman Sachs Group, Inc. (The)		12,601
	61	Intercontinental Exchange, Inc.		6,084
	72	Invesco Ltd.		1,246
	123	Janus Henderson Group PLC		3,108
	126	Legg Mason, Inc.		4,933
	82	Moody’s Corp.		21,057
	64	MSCI, Inc.		18,291
	65	Northern Trust Corp.		6,358
	51	S&P Global, Inc.		14,980
	259	SEI Investments Co.		16,902
	336	State Street Corp.		25,412

				211,067

		Chemicals — 0.8%
	32	DuPont de Nemours, Inc.		1,638
	62	Ecolab, Inc.		12,159
	67	HB Fuller Co.		3,096
	49	Innospec, Inc.		4,936
	14	International Flavors & Fragrances, Inc.		1,835
	55	Linde PLC		11,172
	59	Minerals Technologies, Inc.		3,194
	33	Stepan Co.		3,255

				41,285

		Commercial Services & Supplies — 0.3%
	64	Healthcare Services Group, Inc.		1,638
	36	MSA Safety, Inc.		4,882
	53	Tetra Tech, Inc.		4,537
	51	Waste Management, Inc.		6,207

				17,264

		Communications Equipment — 0.8%
	82	Ciena Corp.(a)		3,335
	561	Cisco Systems, Inc.		25,789
	8	F5 Networks, Inc.(a)		977
	44	InterDigital, Inc.		2,431
	48	Lumentum Holdings, Inc.(a)		3,637
	20	Motorola Solutions, Inc.		3,540

				39,709

		Construction & Engineering — 0.2%
	163	AECOM(a)		7,862

See accompanying notes to financial statements.

69 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2045 Fund – (continued)


Shares		Description	Value (†)
		Construction & Engineering — continued
	190	Fluor Corp.	$	3,399

				11,261

		Consumer Finance — 0.6%
	43	American Express Co.		5,585
	238	Capital One Financial Corp.		23,752
	122	Navient Corp.		1,754

				31,091

		Containers & Packaging — 0.2%
	94	Ball Corp.		6,785
	51	International Paper Co.		2,077
	243	O-I Glass, Inc.		3,066

				11,928

		Distributors — 0.2%
	40	Genuine Parts Co.		3,743
	24	POOL CORP.		5,263

				9,006

		Diversified Consumer Services — 0.1%
	103	Service Corp. International		4,939

		Diversified Telecommunication Services — 0.3%
	193	AT&T, Inc.		7,260
	104	Verizon Communications, Inc.		6,182

				13,442

		Electric Utilities — 0.5%
	132	American Electric Power Co., Inc.		13,757
	18	Edison International		1,378
	33	Eversource Energy		3,050
	25	FirstEnergy Corp.		1,270
	48	IDACORP, Inc.		5,385
	45	PPL Corp.		1,629

				26,469

		Electrical Equipment — 0.3%
	17	Acuity Brands, Inc.		2,004
	61	Eaton Corp. PLC		5,763
	33	Hubbell, Inc.		4,726

				12,493

		Electronic Equipment, Instruments & Components — 0.9%
	86	Avnet, Inc.		3,138
	39	Belden, Inc.		1,922
	93	Cognex Corp.		4,740
	20	Coherent, Inc.(a)		2,829
	41	Corning, Inc.		1,094
	18	Littelfuse, Inc.		3,184
	16	Rogers Corp.(a)		1,884
	177	TE Connectivity Ltd.		16,316
	107	Trimble, Inc.(a)		4,550
	156	Vishay Intertechnology, Inc.		3,165

				42,822

		Energy Equipment & Services — 0.5%
	55	Apergy Corp.(a)		1,422
	63	Baker Hughes Co.		1,365
	26	Core Laboratories NV		913
	88	National Oilwell Varco, Inc.		1,814
	80	Oceaneering International, Inc.(a)		993
	72	Oil States International, Inc.(a)		776
	421	Schlumberger Ltd.		14,108
	63	TechnipFMC PLC		1,040

				22,431

		Entertainment — 1.3%
	36	Activision Blizzard, Inc.		2,105
	75	Cinemark Holdings, Inc.		2,363
	23	Electronic Arts, Inc.(a)		2,482
	80	Netflix, Inc.(a)		27,607
	31	Take-Two Interactive Software, Inc.(a)		3,864
	183	Walt Disney Co. (The)		25,311

				63,732

		Food & Staples Retailing — 0.3%
	97	Kroger Co. (The)		2,605
	279	SpartanNash Co.		3,398
	32	Sysco Corp.		2,629
	111	Walgreens Boots Alliance, Inc.		5,644

				14,276

		Food Products — 0.7%
	74	Campbell Soup Co.		3,581
	656	Danone S.A., Sponsored ADR		10,463
	55	General Mills, Inc.		2,872
	90	Hain Celestial Group, Inc. (The)(a)		2,179
	5	Hershey Co. (The)		776
	42	Hormel Foods Corp.		1,985
	48	Ingredion, Inc.		4,224
	16	J.M. Smucker Co. (The)		1,658
	67	Kellogg Co.		4,570
	8	McCormick & Co., Inc.		1,307
	13	Mondelez International, Inc., Class A		746

				34,361

		Gas Utilities — 0.3%
	92	New Jersey Resources Corp.		3,801
	53	ONE Gas, Inc.		5,009
	101	South Jersey Industries, Inc.		3,111
	117	UGI Corp.		4,866

				16,787

		Health Care Equipment & Supplies — 0.8%
	3	Becton Dickinson & Co.		826
	28	Boston Scientific Corp.(a)		1,172
	5	Cooper Cos., Inc. (The)		1,735
	20	Danaher Corp.		3,217
	18	DENTSPLY SIRONA, Inc.		1,008
	3	Edwards Lifesciences Corp.(a)		660
	51	Globus Medical, Inc., Class A(a)		2,666
	26	Haemonetics Corp.(a)		2,792
	48	Hill-Rom Holdings, Inc.		5,112
	29	Hologic, Inc.(a)		1,552
	3	Intuitive Surgical, Inc.(a)		1,679
	174	Meridian Bioscience, Inc.		1,712
	33	Merit Medical Systems, Inc.(a)		1,202
	7	STERIS PLC		1,055
	3	Stryker Corp.		632
	47	Varian Medical Systems, Inc.(a)		6,607
	35	West Pharmaceutical Services, Inc.		5,458

				39,085

		Health Care Providers & Services — 2.1%
	53	Acadia Healthcare Co., Inc.(a)		1,703
	16	Amedisys, Inc.(a)		2,824
	9	Anthem, Inc.		2,387
	37	BioTelemetry, Inc.(a)		1,810
	93	Centene Corp.(a)		5,841
	12	Chemed Corp.		5,604
	15	Cigna Corp.		2,886
	257	CVS Health Corp.		17,430
	21	DaVita, Inc.(a)		1,677

See accompanying notes to financial statements.

| 70

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2045 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	45	Encompass Health Corp.	$	3,466
	120	HCA Healthcare, Inc.		16,656
	34	Henry Schein, Inc.(a)		2,344
	49	Humana, Inc.		16,476
	24	Laboratory Corp. of America Holdings(a)		4,210
	181	MEDNAX, Inc.(a)		4,176
	84	Patterson Cos., Inc.		1,849
	37	Quest Diagnostics, Inc.		4,095
	39	UnitedHealth Group, Inc.		10,625

				106,059

		Health Care Technology — 0.4%
	184	Allscripts Healthcare Solutions, Inc.(a)		1,579
	239	Cerner Corp.		17,167
	87	HMS Holdings Corp.(a)		2,377

				21,123

		Hotels, Restaurants & Leisure — 1.9%
	16	Domino’s Pizza, Inc.		4,508
	50	Dunkin’ Brands Group, Inc.		3,904
	111	Hilton Worldwide Holdings, Inc.		11,966
	28	Jack in the Box, Inc.		2,289
	30	Marriott Vacations Worldwide Corp.		3,607
	11	McDonald’s Corp.		2,354
	538	MGM Resorts International		16,710
	10	Royal Caribbean Cruises Ltd.		1,171
	193	Starbucks Corp.		16,372
	174	Wendy’s Co. (The)		3,771
	451	Yum China Holdings, Inc.		19,424
	88	Yum! Brands, Inc.		9,308

				95,384

		Household Durables — 0.3%
	147	KB Home		5,520
	110	Meritage Homes Corp.(a)		7,805

				13,325

		Household Products — 0.9%
	192	Colgate-Palmolive Co.		14,166
	239	Procter & Gamble Co. (The)		29,784

				43,950

		Independent Power & Renewable Electricity Producers — 0.5%
	90	AES Corp. (The)		1,787
	162	Ormat Technologies, Inc.		12,840
	384	Pattern Energy Group, Inc., Class A		10,334

				24,961

		Industrial Conglomerates — 0.4%
	1,583	General Electric Co.		19,708
	9	Honeywell International, Inc.		1,559

				21,267

		Insurance — 1.3%
	28	Aflac, Inc.		1,444
	45	Allstate Corp. (The)		5,334
	318	American International Group, Inc.		15,983
	23	Brighthouse Financial, Inc.(a)		895
	72	Chubb Ltd.		10,943
	80	First American Financial Corp.		4,958
	30	Hanover Insurance Group, Inc. (The)		4,157
	51	Hartford Financial Services Group, Inc. (The)		3,023
	48	Lincoln National Corp.		2,615
	30	Marsh & McLennan Cos., Inc.		3,356
	91	Prudential Financial, Inc.		8,287
	33	Travelers Cos., Inc. (The)		4,344

				65,339

		Interactive Media & Services — 2.6%
	18	Alphabet, Inc., Class A(a)	$	25,790
	37	Alphabet, Inc., Class C(a)		53,066
	259	Facebook, Inc., Class A(a)		52,295

				131,151

		Internet & Direct Marketing Retail — 2.4%
	189	Alibaba Group Holding Ltd., Sponsored ADR(a)		39,046
	22	Amazon.com, Inc.(a)		44,192
	11	Booking Holdings, Inc.(a)		20,136
	424	eBay, Inc.		14,229
	59	Etsy, Inc.(a)		2,880

				120,483

		IT Services — 3.1%
	113	Automatic Data Processing, Inc.		19,367
	78	Cognizant Technology Solutions Corp., Class A		4,788
	362	DXC Technology Co.		11,541
	17	Fiserv, Inc.(a)		2,016
	72	Gartner, Inc.(a)		11,576
	28	International Business Machines Corp.		4,024
	63	MasterCard, Inc., Class A		19,904
	27	Paychex, Inc.		2,316
	37	PayPal Holdings, Inc.(a)		4,214
	249	Sabre Corp.		5,363
	11	VeriSign, Inc.(a)		2,290
	302	Visa, Inc., Class A		60,089
	24	WEX, Inc.(a)		5,206

				152,694

		Leisure Products — 0.0%
	107	Callaway Golf Co.		2,292

		Life Sciences Tools & Services — 0.3%
	24	Agilent Technologies, Inc.		1,982
	2	Illumina, Inc.(a)		580
	13	IQVIA Holdings, Inc.(a)		2,018
	46	Repligen Corp.(a)		4,618
	20	Thermo Fisher Scientific, Inc.		6,264
	5	Waters Corp.(a)		1,119

				16,581

		Machinery — 2.1%
	59	AGCO Corp.		4,138
	484	Briggs & Stratton Corp.		1,776
	127	Caterpillar, Inc.		16,681
	76	Cummins, Inc.		12,158
	122	Deere & Co.		19,347
	60	Flowserve Corp.		2,801
	82	ITT, Inc.		5,501
	104	Kennametal, Inc.		3,254
	63	Oshkosh Corp.		5,421
	110	Parker-Hannifin Corp.		21,526
	16	Proto Labs, Inc.(a)		1,656
	77	Terex Corp.		1,952
	68	Toro Co. (The)		5,441
	20	Xylem, Inc.		1,633

				103,285

		Media — 1.2%
	5	Cable One, Inc.		8,520
	39	Charter Communications, Inc., Class A(a)		20,181
	364	Comcast Corp., Class A		15,721
	29	Discovery, Inc., Series C(a)		805
	70	Fox Corp., Class A		2,596
	87	Interpublic Group of Cos., Inc. (The)		1,975
	84	New York Times Co. (The), Class A		2,689
	58	Omnicom Group, Inc.		4,368

See accompanying notes to financial statements.

71 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2045 Fund – (continued)


Shares		Description	Value (†)
		Media — continued
	74	ViacomCBS, Inc., Class B	$	2,526

				59,381

		Metals & Mining — 0.5%
	140	Commercial Metals Co.		2,877
	172	Newmont Corp.		7,750
	14	Nucor Corp.		665
	63	Reliance Steel & Aluminum Co.		7,233
	41	Royal Gold, Inc.		4,728

				23,253

		Multi-Utilities — 0.3%
	77	Consolidated Edison, Inc.		7,238
	31	DTE Energy Co.		4,111
	20	Sempra Energy		3,213
	21	WEC Energy Group, Inc.		2,097

				16,659

		Multiline Retail — 0.1%
	11	Macy’s, Inc.		175
	58	Target Corp.		6,423

				6,598

		Oil, Gas & Consumable Fuels — 1.2%
	502	Apache Corp.		13,775
	107	Concho Resources, Inc.		8,108
	747	Denbury Resources, Inc.(a)		736
	104	Devon Energy Corp.		2,259
	82	Diamondback Energy, Inc.		6,101
	104	EOG Resources, Inc.		7,583
	128	EQT Corp.		774
	102	Green Plains, Inc.		1,272
	233	Marathon Oil Corp.		2,649
	150	Noble Energy, Inc.		2,965
	80	ONEOK, Inc.		5,990
	742	Southwestern Energy Co.(a)		1,165
	39	Valero Energy Corp.		3,288
	74	World Fuel Services Corp.		2,895

				59,560

		Paper & Forest Products — 0.1%
	59	Domtar Corp.		2,054
	103	Louisiana-Pacific Corp.		3,160

				5,214

		Personal Products — 0.0%
	11	Estee Lauder Cos., Inc. (The), Class A		2,147

		Pharmaceuticals — 1.8%
	3	Allergan PLC		560
	65	Bristol-Myers Squibb Co.		4,092
	79	Catalent, Inc.(a)		4,827
	42	Eli Lilly & Co.		5,865
	154	Merck & Co., Inc.		13,158
	123	Novartis AG, Sponsored ADR		11,625
	302	Novo Nordisk AS, Sponsored ADR		18,370
	22	Perrigo Co. PLC		1,255
	230	Pfizer, Inc.		8,565
	471	Roche Holding AG, Sponsored ADR		19,688

				88,005

		Professional Services — 0.3%
	62	Exponent, Inc.		4,512
	24	Insperity, Inc.		2,097
	63	Korn Ferry		2,582
	37	ManpowerGroup, Inc.		3,385
	38	Nielsen Holdings PLC		775

				13,351

		Real Estate Management & Development — 0.2%
	43	CBRE Group, Inc., Class A(a)		2,625
	32	Jones Lang LaSalle, Inc.		5,434

				8,059

		REITs – Apartments — 0.5%
	119	American Campus Communities, Inc.		5,459
	9	AvalonBay Communities, Inc.		1,950
	79	Camden Property Trust		8,882
	44	Equity Residential		3,655
	12	Essex Property Trust, Inc.		3,717
	4	Mid-America Apartment Communities, Inc.		549

				24,212

		REITs – Diversified — 0.2%
	17	Crown Castle International Corp.		2,547
	14	Digital Realty Trust, Inc.		1,722
	5	Equinix, Inc.		2,949
	112	Weyerhaeuser Co.		3,242

				10,460

		REITs – Health Care — 0.3%
	35	Ventas, Inc.		2,025
	123	Welltower, Inc.		10,444

				12,469

		REITs – Hotels — 0.0%
	126	Host Hotels & Resorts, Inc.		2,059

		REITs – Office Property — 0.6%
	19	Boston Properties, Inc.		2,724
	179	Corporate Office Properties Trust		5,329
	202	Douglas Emmett, Inc.		8,383
	269	Easterly Government Properties, Inc.		6,512
	90	Kilroy Realty Corp.		7,431

				30,379

		REITs – Regional Malls — 0.1%
	20	Simon Property Group, Inc.		2,663

		REITs – Storage — 0.0%
	27	Iron Mountain, Inc.		854
	4	Public Storage		895

				1,749

		REITs – Warehouse/Industrials — 0.3%
	54	CyrusOne, Inc.		3,286
	147	Liberty Property Trust		9,209

				12,495

		Road & Rail — 0.5%
	19	Kansas City Southern		3,205
	52	Norfolk Southern Corp.		10,827
	51	Ryder System, Inc.		2,434
	57	Union Pacific Corp.		10,227

				26,693

		Semiconductors & Semiconductor Equipment — 2.2%
	13	Advanced Micro Devices, Inc.(a)		611
	66	Applied Materials, Inc.		3,827
	37	Cabot Microelectronics Corp.		5,384
	69	Cirrus Logic, Inc.(a)		5,300
	48	Cree, Inc.(a)		2,232
	169	First Solar, Inc.(a)		8,379
	349	Intel Corp.		22,312
	103	NVIDIA Corp.		24,352
	203	QUALCOMM, Inc.		17,318
	50	Silicon Laboratories, Inc.(a)		4,915
	109	Texas Instruments, Inc.		13,151

				107,781

See accompanying notes to financial statements.

| 72

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2045 Fund – (continued)


Shares		Description	Value (†)
		Software — 2.9%
	19	Adobe, Inc.(a)	$	6,672
	182	Autodesk, Inc.(a)		35,827
	38	Blackbaud, Inc.		2,976
	53	Bottomline Technologies, Inc.(a)		2,841
	12	Citrix Systems, Inc.		1,455
	18	Fair Isaac Corp.(a)		7,243
	30	LogMeIn, Inc.		2,579
	217	Microsoft Corp.		36,940
	42	NortonLifeLock, Inc.		1,194
	627	Oracle Corp.		32,886
	47	PTC, Inc.(a)		3,906
	33	Qualys, Inc.(a)		2,829
	22	salesforce.com, Inc.(a)		4,011

				141,359

		Specialty Retail — 0.9%
	39	Aaron’s, Inc.		2,315
	120	American Eagle Outfitters, Inc.		1,728
	42	Asbury Automotive Group, Inc.(a)		4,051
	14	Best Buy Co., Inc.		1,186
	20	Five Below, Inc.(a)		2,264
	64	Home Depot, Inc. (The)		14,598
	30	Lithia Motors, Inc., Class A		4,069
	38	Lowe’s Cos., Inc.		4,417
	32	Monro, Inc.		2,006
	5	Tiffany & Co.		670
	43	TJX Cos., Inc. (The)		2,539
	43	Williams-Sonoma, Inc.		3,014

				42,857

		Technology Hardware, Storage & Peripherals — 1.0%
	92	Apple, Inc.		28,475
	489	Hewlett Packard Enterprise Co.		6,812
	294	HP, Inc.		6,268
	110	NCR Corp.(a)		3,709
	39	NetApp, Inc.		2,082
	25	Seagate Technology PLC		1,425
	22	Western Digital Corp.		1,441
	51	Xerox Holdings Corp.		1,814

				52,026

		Textiles, Apparel & Luxury Goods — 0.7%
	25	Deckers Outdoor Corp.(a)		4,773
	20	Hanesbrands, Inc.		275
	54	NIKE, Inc., Class B		5,200
	4	PVH Corp.		349
	37	Tapestry, Inc.		953
	945	Under Armour, Inc., Class A(a)		19,070
	98	Wolverine World Wide, Inc.		3,094

				33,714

		Thrifts & Mortgage Finance — 0.1%
	378	New York Community Bancorp, Inc.		4,181

		Trading Companies & Distributors — 0.3%
	186	Fastenal Co.		6,488
	32	GATX Corp.		2,436
	20	W.W. Grainger, Inc.		6,053

				14,977

		Water Utilities — 0.4%
	90	American Water Works Co., Inc.		12,258
	110	Essential Utilities, Inc.		5,713

				17,971

		Wireless Telecommunication Services — 0.1%
	71	Shenandoah Telecommunications Co.		2,865

		Total Common Stocks (Identified Cost $2,774,120)		2,890,712


Principal Amount
	Bonds and Notes — 4.1%
		Agency Commercial Mortgage-Backed Securities — 0.0%
$	1,000	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)		1,016

		Automotive — 0.1%
	2,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		2,145
	2,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		2,038

				4,183

		Banking — 0.7%
	2,000	American Express Co., 3.700%, 8/03/2023		2,125
	2,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		2,048
	2,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		2,009
	2,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		2,147
	2,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		2,091
	2,000	Capital One Financial Corp., 3.300%, 10/30/2024		2,110
	2,000	Citigroup, Inc., 4.600%, 3/09/2026		2,242
	1,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		1,043
	1,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		1,014
	2,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		2,153
	2,000	HSBC Holdings PLC, 5.100%, 4/05/2021		2,077
	2,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		2,101
	2,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		2,154
	2,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		2,063
	1,000	Royal Bank of Canada, GMTN, 2.150%, 3/06/2020		1,000
	2,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		2,061
	2,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		2,087
	1,000	Santander UK PLC, 2.375%, 3/16/2020		1,001
	2,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		2,092

				35,618

		Cable Satellite — 0.1%
	2,000	Comcast Corp., 3.000%, 2/01/2024		2,097

		Construction Machinery — 0.0%
	2,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		2,038

		Consumer Cyclical Services — 0.1%
	2,000	Amazon.com, Inc., 3.875%, 8/22/2037		2,346
	2,000	eBay, Inc., 3.800%, 3/09/2022		2,072

				4,418

		Electric — 0.1%
	2,000	Duke Energy Corp., 3.750%, 4/15/2024		2,141
	2,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		2,125

				4,266

		Financial Other — 0.0%
	2,000	ORIX Corp., 2.900%, 7/18/2022		2,043

		Food & Beverage — 0.1%
	2,000	General Mills, Inc., 4.000%, 4/17/2025		2,187

See accompanying notes to financial statements.

73 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2045 Fund – (continued)


Principal Amount		Description	Value (†)
		Government Owned – No Guarantee — 0.1%
$	3,000	Federal National Mortgage Association, 6.625%, 11/15/2030	$	4,409

		Health Insurance — 0.1%
	2,000	Anthem, Inc., 4.101%, 3/01/2028		2,211
	2,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		2,717

				4,928

		Healthcare — 0.2%
	2,000	CVS Health Corp., 4.300%, 3/25/2028		2,216
	2,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		2,032
	2,000	McKesson Corp., 3.950%, 2/16/2028		2,179
	1,000	Thermo Fisher Scientific, Inc., 3.000%, 4/15/2023		1,036

				7,463

		Independent Energy — 0.0%
	2,000	EQT Corp., 3.000%, 10/01/2022		1,926

		Integrated Energy — 0.1%
	2,000	BP Capital Markets PLC, 3.814%, 2/10/2024		2,149
	1,000	Chevron Corp., 1.961%, 3/03/2020		1,000
	1,000	Shell International Finance BV, 6.375%, 12/15/2038		1,504

				4,653

		Midstream — 0.1%
	2,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		2,123
	2,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		2,143

				4,266

		Mortgage Related — 0.8%
	1,804	FHLMC, 3.000%, 6/01/2049		1,847
	15,809	FNMA, 3.000%, with various maturities from 2034 to 2049(c)		16,200
	14,862	FNMA, 3.500%, with various maturities in 2049(c)		15,333
	5,364	FNMA, 4.000%, with various maturities in 2049(c)		5,605
	2,396	FNMA, 4.500%, with various maturities in 2049(c)		2,534

				41,519

		Oil Field Services — 0.0%
	2,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		2,053

		Pharmaceuticals — 0.1%
	2,000	AbbVie, Inc., 3.600%, 5/14/2025		2,137
	2,000	Amgen, Inc., 2.650%, 5/11/2022		2,036

				4,173

		Railroads — 0.0%
	2,000	CSX Corp., 2.600%, 11/01/2026		2,075

		REITs – Office Property — 0.0%
	1,000	Boston Properties LP, 2.750%, 10/01/2026		1,033

		Restaurants — 0.1%
	2,000	Starbucks Corp., 3.800%, 8/15/2025		2,189

		Technology — 0.2%
	1,000	Apple, Inc., 2.500%, 2/09/2025		1,036
	2,000	International Business Machines Corp., 4.000%, 6/20/2042		2,319
	2,000	Oracle Corp., 2.950%, 5/15/2025		2,112
	2,000	QUALCOMM, Inc., 3.450%, 5/20/2025		2,148
	2,000	VMware, Inc., 2.950%, 8/21/2022		2,047

				9,662

		Treasuries — 1.0%
	2,000	U.S. Treasury Bond, 2.500%, 5/15/2046		2,192
	4,000	U.S. Treasury Bond, 2.875%, 11/15/2046		4,708
	7,000	U.S. Treasury Bond, 3.000%, 5/15/2045		8,349
	2,000	U.S. Treasury Bond, 3.000%, 2/15/2048		2,421
		Treasuries — continued
$	3,000	U.S. Treasury Bond, 3.000%, 2/15/2049	$	3,653
	1,000	U.S. Treasury Bond, 4.250%, 11/15/2040		1,405
	1,000	U.S. Treasury Bond, 4.375%, 5/15/2041		1,431
	6,000	U.S. Treasury Bond, 5.250%, 2/15/2029		7,904
	4,000	U.S. Treasury Note, 1.125%, 9/30/2021		3,983
	2,000	U.S. Treasury Note, 2.000%, 11/15/2026		2,074
	3,000	U.S. Treasury Note, 2.125%, 12/31/2022		3,070
	1,000	U.S. Treasury Note, 2.250%, 11/15/2025		1,048
	3,000	U.S. Treasury Note, 2.250%, 11/15/2027		3,175
	2,000	U.S. Treasury Note, 2.625%, 2/15/2029		2,190

				47,603

		Wireless — 0.0%
	1,000	Vodafone Group PLC, 6.150%, 2/27/2037		1,352

		Wirelines — 0.1%
	2,000	AT&T, Inc., 3.400%, 5/15/2025		2,122
	1,000	AT&T, Inc., 3.875%, 1/15/2026		1,086
	2,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 3.010%, 5/15/2025(d)		2,059

				5,267

		Total Bonds and Notes (Identified Cost $195,546)		202,437


Shares
	Exchange-Traded Funds — 15.4%
	8,030	iShares^® ESG MSCI EAFE ETF		536,886
	6,755	iShares^® ESG MSCI Emerging Markets ETF		229,332

		Total Exchange-Traded Funds (Identified Cost $734,298)		766,218


	Affiliated Mutual Funds — 21.7%
	5,138	Loomis Sayles Inflation Protected Securities Fund, Class N		55,746
	7,327	Loomis Sayles Limited Term Government and Agency Fund, Class N		83,527
	7,856	Mirova Global Green Bond Fund, Class N		83,514
	69,349	Mirova International Sustainable Equity Fund, Class N		850,917

		Total Affiliated Mutual Funds (Identified Cost $997,706)		1,073,704


		Total Investments — 99.6% (Identified Cost $4,701,670)		4,933,071
		Other assets less liabilities — 0.4%		17,718

		Net Assets — 100.0%	$	4,950,789


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of January 31, 2020 is disclosed.
	(c)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)	Variable rate security. Rate as of January 31, 2020 is disclosed.

See accompanying notes to financial statements.

| 74

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2045 Fund – (continued)


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

Asset Allocation Summary at January 31, 2020


Equity	91.0	%
Fixed Income	8.6

Total Investments	99.6
Other assets less liabilities	0.4

Net Assets	100.0	%

See accompanying notes to financial statements.

75 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2050 Fund


Shares		Description	Value (†)
	Common Stocks — 60.5% of Net Assets
		Aerospace & Defense — 0.4%
	21	Axon Enterprise, Inc.(a)	$	1,613
	33	Moog, Inc., Class A		2,957
	4	Raytheon Co.		884
	18	Teledyne Technologies, Inc.(a)		6,571
	41	United Technologies Corp.		6,158

				18,183

		Air Freight & Logistics — 0.7%
	299	Expeditors International of Washington, Inc.		21,839
	47	FedEx Corp.		6,798
	52	United Parcel Service, Inc., Class B		5,383

				34,020

		Airlines — 0.2%
	342	American Airlines Group, Inc.		9,179
	14	Delta Air Lines, Inc.		781

				9,960

		Auto Components — 0.4%
	140	American Axle & Manufacturing Holdings, Inc.(a)		1,294
	102	Aptiv PLC		8,648
	17	BorgWarner, Inc.		583
	155	Delphi Technologies PLC(a)		2,378
	140	Goodyear Tire & Rubber Co. (The)		1,838
	29	Visteon Corp.(a)		2,314

				17,055

		Automobiles — 0.6%
	992	Fiat Chrysler Automobiles NV		12,916
	393	General Motors Co.		13,122
	33	Thor Industries, Inc.		2,657

				28,695

		Banks — 4.0%
	91	Ameris Bancorp		3,657
	163	BancorpSouth Bank		4,657
	841	Bank of America Corp.		27,610
	354	Cadence BanCorp		5,533
	385	Citigroup, Inc.		28,648
	219	Citizens Financial Group, Inc.		8,164
	124	Columbia Banking System, Inc.		4,799
	10	Comerica, Inc.		612
	79	Cullen/Frost Bankers, Inc.		7,044
	285	Fulton Financial Corp.		4,694
	251	Huntington Bancshares, Inc.		3,406
	145	International Bancshares Corp.		5,713
	380	KeyCorp		7,110
	23	M&T Bank Corp.		3,876
	583	People’s United Financial, Inc.		8,990
	76	PNC Financial Services Group, Inc. (The)		11,290
	154	Regions Financial Corp.		2,398
	132	TCF Financial Corp.		5,581
	127	Truist Financial Corp.		6,549
	224	Trustmark Corp.		7,163
	331	Wells Fargo & Co.		15,537
	56	Wintrust Financial Corp.		3,544
	123	Zions Bancorp N.A.		5,595

				182,170

		Beverages — 1.7%
	94	Brown-Forman Corp., Class B		6,358
	371	Coca-Cola Co. (The)		21,666
	69	Constellation Brands, Inc., Class A		12,993
	473	Monster Beverage Corp.(a)		31,502
	46	PepsiCo, Inc.		6,533

				79,052

		Biotechnology — 1.8%
	64	AbbVie, Inc.		5,185
	76	Amgen, Inc.		16,420
	12	Biogen, Inc.(a)		3,226
	124	BioMarin Pharmaceutical, Inc.(a)		10,354
	105	Gilead Sciences, Inc.		6,636
	20	Ligand Pharmaceuticals, Inc.(a)		1,756
	106	Regeneron Pharmaceuticals, Inc.(a)		35,822
	6	Vertex Pharmaceuticals, Inc.(a)		1,362

				80,761

		Building Products — 0.3%
	218	Johnson Controls International PLC		8,600
	23	Lennox International, Inc.		5,359

				13,959

		Capital Markets — 4.5%
	3	Affiliated Managers Group, Inc.		239
	11	Ameriprise Financial, Inc.		1,819
	452	Bank of New York Mellon Corp. (The)		20,241
	16	BlackRock, Inc.		8,438
	474	Charles Schwab Corp. (The)		21,591
	23	CME Group, Inc.		4,993
	60	FactSet Research Systems, Inc.		17,167
	102	Franklin Resources, Inc.		2,581
	55	Goldman Sachs Group, Inc. (The)		13,076
	55	Intercontinental Exchange, Inc.		5,486
	34	Invesco Ltd.		588
	109	Janus Henderson Group PLC		2,754
	114	Legg Mason, Inc.		4,463
	83	Moody’s Corp.		21,314
	65	MSCI, Inc.		18,577
	57	Northern Trust Corp.		5,575
	51	S&P Global, Inc.		14,980
	257	SEI Investments Co.		16,772
	339	State Street Corp.		25,639

				206,293

		Chemicals — 0.8%
	28	DuPont de Nemours, Inc.		1,433
	57	Ecolab, Inc.		11,178
	59	HB Fuller Co.		2,726
	45	Innospec, Inc.		4,533
	13	International Flavors & Fragrances, Inc.		1,705
	48	Linde PLC		9,750
	50	Minerals Technologies, Inc.		2,707
	28	Stepan Co.		2,762

				36,794

		Commercial Services & Supplies — 0.3%
	54	Healthcare Services Group, Inc.		1,382
	33	MSA Safety, Inc.		4,475
	48	Tetra Tech, Inc.		4,109
	47	Waste Management, Inc.		5,720

				15,686

		Communications Equipment — 0.8%
	70	Ciena Corp.(a)		2,847
	542	Cisco Systems, Inc.		24,916
	7	F5 Networks, Inc.(a)		855
	38	InterDigital, Inc.		2,099
	40	Lumentum Holdings, Inc.(a)		3,031
	19	Motorola Solutions, Inc.		3,363

				37,111

		Construction & Engineering — 0.2%
	146	AECOM(a)		7,042

See accompanying notes to financial statements.

| 76

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2050 Fund – (continued)


Shares		Description	Value (†)
		Construction & Engineering — continued
	168	Fluor Corp.	$	3,005

				10,047

		Consumer Finance — 0.7%
	38	American Express Co.		4,935
	246	Capital One Financial Corp.		24,551
	113	Navient Corp.		1,625

				31,111

		Containers & Packaging — 0.2%
	84	Ball Corp.		6,063
	44	International Paper Co.		1,792
	227	O-I Glass, Inc.		2,865

				10,720

		Distributors — 0.2%
	35	Genuine Parts Co.		3,275
	22	POOL CORP.		4,825

				8,100

		Diversified Consumer Services — 0.1%
	97	Service Corp. International		4,651

		Diversified Telecommunication Services — 0.3%
	179	AT&T, Inc.		6,734
	96	Verizon Communications, Inc.		5,706

				12,440

		Electric Utilities — 0.5%
	115	American Electric Power Co., Inc.		11,985
	18	Edison International		1,378
	29	Eversource Energy		2,681
	22	FirstEnergy Corp.		1,118
	43	IDACORP, Inc.		4,824
	38	PPL Corp.		1,375

				23,361

		Electrical Equipment — 0.2%
	15	Acuity Brands, Inc.		1,768
	55	Eaton Corp. PLC		5,196
	30	Hubbell, Inc.		4,297

				11,261

		Electronic Equipment, Instruments & Components — 0.9%
	76	Avnet, Inc.		2,773
	32	Belden, Inc.		1,577
	83	Cognex Corp.		4,231
	18	Coherent, Inc.(a)		2,546
	37	Corning, Inc.		988
	17	Littelfuse, Inc.		3,007
	14	Rogers Corp.(a)		1,648
	183	TE Connectivity Ltd.		16,869
	99	Trimble, Inc.(a)		4,209
	138	Vishay Intertechnology, Inc.		2,800

				40,648

		Energy Equipment & Services — 0.5%
	47	Apergy Corp.(a)		1,215
	56	Baker Hughes Co.		1,213
	23	Core Laboratories NV		808
	83	National Oilwell Varco, Inc.		1,711
	73	Oceaneering International, Inc.(a)		906
	65	Oil States International, Inc.(a)		701
	402	Schlumberger Ltd.		13,471
	56	TechnipFMC PLC		924

				20,949

		Entertainment — 1.3%
	32	Activision Blizzard, Inc.		1,871
	66	Cinemark Holdings, Inc.		2,080
	21	Electronic Arts, Inc.(a)		2,266
	81	Netflix, Inc.(a)		27,952
	29	Take-Two Interactive Software, Inc.(a)		3,615
	163	Walt Disney Co. (The)		22,545

				60,329

		Food & Staples Retailing — 0.3%
	106	Kroger Co. (The)		2,847
	247	SpartanNash Co.		3,009
	30	Sysco Corp.		2,464
	100	Walgreens Boots Alliance, Inc.		5,085

				13,405

		Food Products — 0.7%
	64	Campbell Soup Co.		3,097
	649	Danone S.A., Sponsored ADR		10,351
	49	General Mills, Inc.		2,559
	80	Hain Celestial Group, Inc. (The)(a)		1,937
	4	Hershey Co. (The)		621
	38	Hormel Foods Corp.		1,796
	43	Ingredion, Inc.		3,784
	13	J.M. Smucker Co. (The)		1,347
	61	Kellogg Co.		4,161
	7	McCormick & Co., Inc.		1,143
	21	Mondelez International, Inc., Class A		1,205

				32,001

		Gas Utilities — 0.3%
	87	New Jersey Resources Corp.		3,595
	46	ONE Gas, Inc.		4,347
	90	South Jersey Industries, Inc.		2,772
	105	UGI Corp.		4,367

				15,081

		Health Care Equipment & Supplies — 0.8%
	4	Becton Dickinson & Co.		1,101
	26	Boston Scientific Corp.(a)		1,089
	5	Cooper Cos., Inc. (The)		1,734
	19	Danaher Corp.		3,057
	15	DENTSPLY SIRONA, Inc.		840
	5	Edwards Lifesciences Corp.(a)		1,099
	41	Globus Medical, Inc., Class A(a)		2,144
	24	Haemonetics Corp.(a)		2,577
	43	Hill-Rom Holdings, Inc.		4,579
	25	Hologic, Inc.(a)		1,338
	3	Intuitive Surgical, Inc.(a)		1,679
	146	Meridian Bioscience, Inc.		1,437
	30	Merit Medical Systems, Inc.(a)		1,093
	6	STERIS PLC		904
	2	Stryker Corp.		421
	48	Varian Medical Systems, Inc.(a)		6,747
	31	West Pharmaceutical Services, Inc.		4,834

				36,673

		Health Care Providers & Services — 2.2%
	45	Acadia Healthcare Co., Inc.(a)		1,446
	16	Amedisys, Inc.(a)		2,824
	9	Anthem, Inc.		2,388
	32	BioTelemetry, Inc.(a)		1,565
	81	Centene Corp.(a)		5,088
	11	Chemed Corp.		5,138
	14	Cigna Corp.		2,693
	260	CVS Health Corp.		17,633
	18	DaVita, Inc.(a)		1,438

See accompanying notes to financial statements.

77 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2050 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	39	Encompass Health Corp.	$	3,004
	115	HCA Healthcare, Inc.		15,962
	27	Henry Schein, Inc.(a)		1,861
	47	Humana, Inc.		15,803
	21	Laboratory Corp. of America Holdings(a)		3,683
	170	MEDNAX, Inc.(a)		3,922
	73	Patterson Cos., Inc.		1,607
	33	Quest Diagnostics, Inc.		3,652
	36	UnitedHealth Group, Inc.		9,808

				99,515

		Health Care Technology — 0.4%
	155	Allscripts Healthcare Solutions, Inc.(a)		1,330
	233	Cerner Corp.		16,737
	73	HMS Holdings Corp.(a)		1,994

				20,061

		Hotels, Restaurants & Leisure — 2.1%
	14	Domino’s Pizza, Inc.		3,944
	41	Dunkin’ Brands Group, Inc.		3,202
	115	Hilton Worldwide Holdings, Inc.		12,397
	25	Jack in the Box, Inc.		2,044
	29	Marriott Vacations Worldwide Corp.		3,487
	10	McDonald’s Corp.		2,140
	544	MGM Resorts International		16,896
	9	Royal Caribbean Cruises Ltd.		1,054
	198	Starbucks Corp.		16,796
	164	Wendy’s Co. (The)		3,554
	444	Yum China Holdings, Inc.		19,123
	88	Yum! Brands, Inc.		9,308

				93,945

		Household Durables — 0.3%
	131	KB Home		4,919
	98	Meritage Homes Corp.(a)		6,954

				11,873

		Household Products — 0.9%
	182	Colgate-Palmolive Co.		13,428
	225	Procter & Gamble Co. (The)		28,039

				41,467

		Independent Power & Renewable Electricity Producers — 0.5%
	80	AES Corp. (The)		1,589
	150	Ormat Technologies, Inc.		11,889
	354	Pattern Energy Group, Inc., Class A		9,526

				23,004

		Industrial Conglomerates — 0.5%
	1,596	General Electric Co.		19,870
	7	Honeywell International, Inc.		1,213

				21,083

		Insurance — 1.3%
	26	Aflac, Inc.		1,341
	44	Allstate Corp. (The)		5,216
	330	American International Group, Inc.		16,586
	21	Brighthouse Financial, Inc.(a)		817
	62	Chubb Ltd.		9,423
	76	First American Financial Corp.		4,710
	29	Hanover Insurance Group, Inc. (The)		4,019
	47	Hartford Financial Services Group, Inc. (The)		2,786
	43	Lincoln National Corp.		2,343
	25	Marsh & McLennan Cos., Inc.		2,796
	81	Prudential Financial, Inc.		7,376
	28	Travelers Cos., Inc. (The)		3,685

				61,098

		Interactive Media & Services — 2.9%
	18	Alphabet, Inc., Class A(a)		25,790
	37	Alphabet, Inc., Class C(a)		53,066
	261	Facebook, Inc., Class A(a)		52,699

				131,555

		Internet & Direct Marketing Retail — 2.7%
	190	Alibaba Group Holding Ltd., Sponsored ADR(a)		39,252
	23	Amazon.com, Inc.(a)		46,201
	12	Booking Holdings, Inc.(a)		21,967
	425	eBay, Inc.		14,263
	55	Etsy, Inc.(a)		2,684

				124,367

		IT Services — 3.2%
	107	Automatic Data Processing, Inc.		18,339
	71	Cognizant Technology Solutions Corp., Class A		4,358
	371	DXC Technology Co.		11,828
	16	Fiserv, Inc.(a)		1,898
	75	Gartner, Inc.(a)		12,059
	26	International Business Machines Corp.		3,737
	60	MasterCard, Inc., Class A		18,956
	25	Paychex, Inc.		2,144
	34	PayPal Holdings, Inc.(a)		3,872
	223	Sabre Corp.		4,803
	9	VeriSign, Inc.(a)		1,873
	297	Visa, Inc., Class A		59,094
	22	WEX, Inc.(a)		4,772

				147,733

		Leisure Products — 0.0%
	95	Callaway Golf Co.		2,035

		Life Sciences Tools & Services — 0.3%
	20	Agilent Technologies, Inc.		1,651
	2	Illumina, Inc.(a)		580
	11	IQVIA Holdings, Inc.(a)		1,708
	38	Repligen Corp.(a)		3,815
	19	Thermo Fisher Scientific, Inc.		5,951
	4	Waters Corp.(a)		895

				14,600

		Machinery — 2.2%
	51	AGCO Corp.		3,577
	428	Briggs & Stratton Corp.		1,571
	122	Caterpillar, Inc.		16,025
	78	Cummins, Inc.		12,478
	114	Deere & Co.		18,078
	52	Flowserve Corp.		2,427
	73	ITT, Inc.		4,897
	84	Kennametal, Inc.		2,628
	58	Oshkosh Corp.		4,990
	109	Parker-Hannifin Corp.		21,330
	15	Proto Labs, Inc.(a)		1,553
	68	Terex Corp.		1,724
	64	Toro Co. (The)		5,121
	19	Xylem, Inc.		1,552

				97,951

		Media — 1.3%
	4	Cable One, Inc.		6,816
	40	Charter Communications, Inc., Class A(a)		20,698
	377	Comcast Corp., Class A		16,283
	24	Discovery, Inc., Series C(a)		666
	64	Fox Corp., Class A		2,373
	77	Interpublic Group of Cos., Inc. (The)		1,748
	74	New York Times Co. (The), Class A		2,369
	54	Omnicom Group, Inc.		4,067

See accompanying notes to financial statements.

| 78

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2050 Fund – (continued)


Shares		Description	Value (†)
		Media — continued
	69	ViacomCBS, Inc., Class B	$	2,355

				57,375

		Metals & Mining — 0.5%
	124	Commercial Metals Co.		2,548
	153	Newmont Corp.		6,894
	13	Nucor Corp.		617
	56	Reliance Steel & Aluminum Co.		6,429
	37	Royal Gold, Inc.		4,267

				20,755

		Multi-Utilities — 0.3%
	67	Consolidated Edison, Inc.		6,298
	28	DTE Energy Co.		3,713
	17	Sempra Energy		2,731
	18	WEC Energy Group, Inc.		1,798

				14,540

		Multiline Retail — 0.1%
	9	Macy’s, Inc.		144
	52	Target Corp.		5,758

				5,902

		Oil, Gas & Consumable Fuels — 1.3%
	514	Apache Corp.		14,104
	111	Concho Resources, Inc.		8,412
	691	Denbury Resources, Inc.(a)		681
	82	Devon Energy Corp.		1,781
	85	Diamondback Energy, Inc.		6,324
	108	EOG Resources, Inc.		7,874
	127	EQT Corp.		768
	92	Green Plains, Inc.		1,147
	206	Marathon Oil Corp.		2,342
	131	Noble Energy, Inc.		2,590
	71	ONEOK, Inc.		5,316
	697	Southwestern Energy Co.(a)		1,094
	34	Valero Energy Corp.		2,867
	66	World Fuel Services Corp.		2,582

				57,882

		Paper & Forest Products — 0.1%
	52	Domtar Corp.		1,810
	91	Louisiana-Pacific Corp.		2,792

				4,602

		Personal Products — 0.0%
	10	Estee Lauder Cos., Inc. (The), Class A		1,952

		Pharmaceuticals — 1.9%
	3	Allergan PLC		560
	60	Bristol-Myers Squibb Co.		3,777
	70	Catalent, Inc.(a)		4,277
	39	Eli Lilly & Co.		5,446
	141	Merck & Co., Inc.		12,047
	125	Novartis AG, Sponsored ADR		11,814
	302	Novo Nordisk AS, Sponsored ADR		18,370
	19	Perrigo Co. PLC		1,084
	213	Pfizer, Inc.		7,932
	491	Roche Holding AG, Sponsored ADR		20,524

				85,831

		Professional Services — 0.3%
	58	Exponent, Inc.		4,221
	20	Insperity, Inc.		1,747
	56	Korn Ferry		2,295
	33	ManpowerGroup, Inc.		3,019
	31	Nielsen Holdings PLC		632

				11,914

		Real Estate Management & Development — 0.2%
	40	CBRE Group, Inc., Class A(a)		2,442
	30	Jones Lang LaSalle, Inc.		5,095

				7,537

		REITs – Apartments — 0.5%
	106	American Campus Communities, Inc.		4,862
	9	AvalonBay Communities, Inc.		1,950
	71	Camden Property Trust		7,983
	39	Equity Residential		3,240
	11	Essex Property Trust, Inc.		3,407
	3	Mid-America Apartment Communities, Inc.		412

				21,854

		REITs – Diversified — 0.2%
	16	Crown Castle International Corp.		2,397
	13	Digital Realty Trust, Inc.		1,599
	4	Equinix, Inc.		2,359
	106	Weyerhaeuser Co.		3,069

				9,424

		REITs – Health Care — 0.3%
	31	Ventas, Inc.		1,793
	113	Welltower, Inc.		9,595

				11,388

		REITs – Hotels — 0.0%
	113	Host Hotels & Resorts, Inc.		1,846

		REITs – Office Property — 0.6%
	17	Boston Properties, Inc.		2,437
	160	Corporate Office Properties Trust		4,763
	181	Douglas Emmett, Inc.		7,511
	241	Easterly Government Properties, Inc.		5,835
	80	Kilroy Realty Corp.		6,606

				27,152

		REITs – Regional Malls — 0.1%
	18	Simon Property Group, Inc.		2,397

		REITs – Storage — 0.0%
	23	Iron Mountain, Inc.		727
	6	Public Storage		1,343

				2,070

		REITs – Warehouse/Industrials — 0.2%
	48	CyrusOne, Inc.		2,921
	131	Liberty Property Trust		8,207

				11,128

		Road & Rail — 0.5%
	17	Kansas City Southern		2,868
	47	Norfolk Southern Corp.		9,786
	42	Ryder System, Inc.		2,004
	53	Union Pacific Corp.		9,509

				24,167

		Semiconductors & Semiconductor Equipment — 2.3%
	13	Advanced Micro Devices, Inc.(a)		611
	61	Applied Materials, Inc.		3,537
	33	Cabot Microelectronics Corp.		4,802
	61	Cirrus Logic, Inc.(a)		4,685
	42	Cree, Inc.(a)		1,953
	154	First Solar, Inc.(a)		7,635
	346	Intel Corp.		22,120
	98	NVIDIA Corp.		23,170
	205	QUALCOMM, Inc.		17,488
	47	Silicon Laboratories, Inc.(a)		4,621
	107	Texas Instruments, Inc.		12,910

				103,532

See accompanying notes to financial statements.

79 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2050 Fund – (continued)


Shares		Description	Value (†)
		Software — 3.0%
	17	Adobe, Inc.(a)	$	5,970
	179	Autodesk, Inc.(a)		35,236
	34	Blackbaud, Inc.		2,663
	47	Bottomline Technologies, Inc.(a)		2,519
	10	Citrix Systems, Inc.		1,212
	17	Fair Isaac Corp.(a)		6,841
	26	LogMeIn, Inc.		2,235
	206	Microsoft Corp.		35,068
	34	NortonLifeLock, Inc.		966
	624	Oracle Corp.		32,729
	44	PTC, Inc.(a)		3,657
	30	Qualys, Inc.(a)		2,572
	20	salesforce.com, Inc.(a)		3,646

				135,314

		Specialty Retail — 0.9%
	34	Aaron’s, Inc.		2,018
	101	American Eagle Outfitters, Inc.		1,454
	40	Asbury Automotive Group, Inc.(a)		3,858
	12	Best Buy Co., Inc.		1,016
	18	Five Below, Inc.(a)		2,038
	58	Home Depot, Inc. (The)		13,230
	28	Lithia Motors, Inc., Class A		3,798
	34	Lowe’s Cos., Inc.		3,952
	28	Monro, Inc.		1,756
	9	Tiffany & Co.		1,206
	40	TJX Cos., Inc. (The)		2,362
	37	Williams-Sonoma, Inc.		2,593

				39,281

		Technology Hardware, Storage & Peripherals — 1.1%
	90	Apple, Inc.		27,856
	440	Hewlett Packard Enterprise Co.		6,129
	261	HP, Inc.		5,565
	92	NCR Corp.(a)		3,102
	36	NetApp, Inc.		1,922
	24	Seagate Technology PLC		1,368
	20	Western Digital Corp.		1,310
	47	Xerox Holdings Corp.		1,672

				48,924

		Textiles, Apparel & Luxury Goods — 0.7%
	24	Deckers Outdoor Corp.(a)		4,582
	15	Hanesbrands, Inc.		206
	50	NIKE, Inc., Class B		4,815
	4	PVH Corp.		349
	31	Tapestry, Inc.		799
	945	Under Armour, Inc., Class A(a)		19,070
	87	Wolverine World Wide, Inc.		2,746

				32,567

		Thrifts & Mortgage Finance — 0.1%
	327	New York Community Bancorp, Inc.		3,617

		Trading Companies & Distributors — 0.3%
	171	Fastenal Co.		5,964
	28	GATX Corp.		2,132
	19	W.W. Grainger, Inc.		5,751

				13,847

		Water Utilities — 0.4%
	80	American Water Works Co., Inc.		10,896
	99	Essential Utilities, Inc.		5,142

				16,038

		Wireless Telecommunication Services — 0.1%
	61	Shenandoah Telecommunications Co.		2,461

		Total Common Stocks (Identified Cost $2,632,038)		2,756,100


Principal Amount
	Bonds and Notes — 3.9%
		Agency Commercial Mortgage-Backed Securities — 0.0%
$	1,000	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)		1,016

		Automotive — 0.1%
	2,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		2,145
	2,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		2,038

				4,183

		Banking — 0.6%
	2,000	American Express Co., 3.700%, 8/03/2023		2,125
	1,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		1,024
	2,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		2,009
	1,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		1,074
	1,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		1,046
	1,000	Capital One Financial Corp., 3.300%, 10/30/2024		1,055
	1,000	Citigroup, Inc., 4.600%, 3/09/2026		1,121
	1,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		1,043
	1,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		1,014
	2,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		2,153
	1,000	HSBC Holdings PLC, 5.100%, 4/05/2021		1,038
	2,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		2,101
	1,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		1,077
	2,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		2,063
	1,000	Royal Bank of Canada, GMTN, 2.150%, 3/06/2020		1,000
	2,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		2,061
	1,000	Santander UK PLC, 2.375%, 3/16/2020		1,001
	2,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		2,092
	1,000	Westpac Banking Corp., 2.750%, 1/11/2023		1,029

				27,126

		Cable Satellite — 0.0%
	2,000	Comcast Corp., 3.000%, 2/01/2024		2,097

		Construction Machinery — 0.0%
	1,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		1,019

		Consumer Cyclical Services — 0.0%
	2,000	eBay, Inc., 3.800%, 3/09/2022		2,072

		Electric — 0.1%
	2,000	Duke Energy Corp., 3.750%, 4/15/2024		2,141
	2,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		2,125

				4,266

		Financial Other — 0.0%
	2,000	ORIX Corp., 2.900%, 7/18/2022		2,043

		Food & Beverage — 0.1%
	2,000	General Mills, Inc., 4.000%, 4/17/2025		2,187

		Government Owned – No Guarantee — 0.1%
	2,000	Federal National Mortgage Association, 6.625%, 11/15/2030		2,939

See accompanying notes to financial statements.

| 80

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2050 Fund – (continued)


Principal Amount		Description	Value (†)
		Health Insurance — 0.1%
$	2,000	Anthem, Inc., 4.101%, 3/01/2028	$	2,211
	2,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		2,717

				4,928

		Healthcare — 0.2%
	2,000	CVS Health Corp., 4.300%, 3/25/2028		2,216
	2,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		2,032
	2,000	McKesson Corp., 3.950%, 2/16/2028		2,179
	1,000	Thermo Fisher Scientific, Inc., 3.000%, 4/15/2023		1,036

				7,463

		Independent Energy — 0.0%
	2,000	EQT Corp., 3.000%, 10/01/2022		1,926

		Integrated Energy — 0.1%
	2,000	BP Capital Markets PLC, 3.814%, 2/10/2024		2,149
	1,000	Chevron Corp., 1.961%, 3/03/2020		1,000
	1,000	Shell International Finance BV, 6.375%, 12/15/2038		1,504

				4,653

		Life Insurance — 0.1%
	2,000	American International Group, Inc., 3.900%, 4/01/2026		2,178

		Midstream — 0.1%
	2,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		2,123
	2,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		2,143

				4,266

		Mortgage Related — 0.8%
	901	FHLMC, 3.000%, 6/01/2049		923
	15,560	FNMA, 3.000%, with various maturities from 2034 to 2049(c)		15,950
	13,065	FNMA, 3.500%, with various maturities in 2049(c)		13,479
	3,206	FNMA, 4.000%, with various maturities in 2049(c)		3,349
	2,396	FNMA, 4.500%, with various maturities in 2049(c)		2,534

				36,235

		Oil Field Services — 0.0%
	2,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		2,053

		Pharmaceuticals — 0.1%
	2,000	AbbVie, Inc., 3.600%, 5/14/2025		2,137
	2,000	Amgen, Inc., 2.650%, 5/11/2022		2,036

				4,173

		Railroads — 0.0%
	2,000	CSX Corp., 2.600%, 11/01/2026		2,075

		REITs – Office Property — 0.0%
	1,000	Boston Properties LP, 2.750%, 10/01/2026		1,033

		Restaurants — 0.1%
	2,000	Starbucks Corp., 3.800%, 8/15/2025		2,189

		Technology — 0.2%
	1,000	Apple, Inc., 2.500%, 2/09/2025		1,036
	2,000	International Business Machines Corp., 4.000%, 6/20/2042		2,319
	2,000	Oracle Corp., 2.950%, 5/15/2025		2,112
	2,000	QUALCOMM, Inc., 3.450%, 5/20/2025		2,148
	2,000	VMware, Inc., 2.950%, 8/21/2022		2,047

				9,662

		Treasuries — 0.9%
	2,000	U.S. Treasury Bond, 2.500%, 5/15/2046		2,192
	4,000	U.S. Treasury Bond, 2.875%, 11/15/2046		4,708
	5,000	U.S. Treasury Bond, 3.000%, 5/15/2045		5,963
	2,000	U.S. Treasury Bond, 3.000%, 2/15/2048		2,421
	3,000	U.S. Treasury Bond, 3.000%, 2/15/2049		3,653
		Treasuries — continued
	1,000	U.S. Treasury Bond, 4.250%, 11/15/2040		1,405
	1,000	U.S. Treasury Bond, 4.375%, 5/15/2041		1,431
	5,000	U.S. Treasury Bond, 5.250%, 2/15/2029		6,587
	3,000	U.S. Treasury Note, 1.125%, 9/30/2021		2,987
	1,000	U.S. Treasury Note, 2.000%, 11/15/2026		1,037
	3,000	U.S. Treasury Note, 2.125%, 12/31/2022		3,070
	2,000	U.S. Treasury Note, 2.250%, 11/15/2027		2,117
	2,000	U.S. Treasury Note, 2.625%, 2/15/2029		2,190

				39,761

		Wireless — 0.1%
	2,000	Vodafone Group PLC, 6.150%, 2/27/2037		2,705

		Wirelines — 0.1%
	2,000	AT&T, Inc., 3.875%, 1/15/2026		2,172
	2,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 3.010%, 5/15/2025(d)		2,059

				4,231

		Total Bonds and Notes (Identified Cost $172,177)		178,479


Shares
	Exchange-Traded Funds — 15.0%
	6,580	iShares^® ESG MSCI EAFE ETF		439,939
	7,187	iShares^® ESG MSCI Emerging Markets ETF		243,998

		Total Exchange-Traded Funds (Identified Cost $655,539)		683,937


	Affiliated Mutual Funds — 19.7%
	7,316	Mirova Global Green Bond Fund, Class N		77,764
	66,726	Mirova International Sustainable Equity Fund, Class N		818,734

		Total Affiliated Mutual Funds (Identified Cost $825,235)		896,498


		Total Investments — 99.1% (Identified Cost $4,284,989)		4,515,014
		Other assets less liabilities — 0.9%		41,946

		Net Assets — 100.0%	$	4,556,960


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of January 31, 2020 is disclosed.
	(c)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)	Variable rate security. Rate as of January 31, 2020 is disclosed.

	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ETF	Exchange-Traded Fund
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association

See accompanying notes to financial statements.

81 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2050 Fund – (continued)

Asset Allocation Summary at January 31, 2020


Equity	93.5	%
Fixed Income	5.6

Total Investments	99.1
Other assets less liabilities	0.9

Net Assets	100.0	%

See accompanying notes to financial statements.

| 82

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2055 Fund


Shares		Description	Value (†)
	Common Stocks — 60.1% of Net Assets
		Aerospace & Defense — 0.4%
	21	Axon Enterprise, Inc.(a)	$	1,613
	30	Moog, Inc., Class A		2,688
	4	Raytheon Co.		884
	15	Teledyne Technologies, Inc.(a)		5,476
	41	United Technologies Corp.		6,158

				16,819

		Air Freight & Logistics — 0.8%
	280	Expeditors International of Washington, Inc.		20,451
	42	FedEx Corp.		6,075
	52	United Parcel Service, Inc., Class B		5,383

				31,909

		Airlines — 0.2%
	306	American Airlines Group, Inc.		8,213
	12	Delta Air Lines, Inc.		669

				8,882

		Auto Components — 0.4%
	114	American Axle & Manufacturing Holdings, Inc.(a)		1,054
	91	Aptiv PLC		7,716
	15	BorgWarner, Inc.		514
	138	Delphi Technologies PLC(a)		2,117
	133	Goodyear Tire & Rubber Co. (The)		1,746
	27	Visteon Corp.(a)		2,155

				15,302

		Automobiles — 0.6%
	887	Fiat Chrysler Automobiles NV		11,549
	351	General Motors Co.		11,720
	28	Thor Industries, Inc.		2,254

				25,523

		Banks — 3.9%
	79	Ameris Bancorp		3,175
	141	BancorpSouth Bank		4,028
	752	Bank of America Corp.		24,688
	306	Cadence BanCorp		4,783
	345	Citigroup, Inc.		25,671
	209	Citizens Financial Group, Inc.		7,792
	107	Columbia Banking System, Inc.		4,141
	9	Comerica, Inc.		550
	66	Cullen/Frost Bankers, Inc.		5,885
	246	Fulton Financial Corp.		4,052
	231	Huntington Bancshares, Inc.		3,135
	121	International Bancshares Corp.		4,767
	351	KeyCorp		6,567
	23	M&T Bank Corp.		3,876
	555	People’s United Financial, Inc.		8,558
	74	PNC Financial Services Group, Inc. (The)		10,993
	144	Regions Financial Corp.		2,242
	114	TCF Financial Corp.		4,820
	126	Truist Financial Corp.		6,498
	193	Trustmark Corp.		6,172
	296	Wells Fargo & Co.		13,894
	50	Wintrust Financial Corp.		3,164
	113	Zions Bancorp N.A.		5,140

				164,591

		Beverages — 1.8%
	87	Brown-Forman Corp., Class B		5,885
	358	Coca-Cola Co. (The)		20,907
	61	Constellation Brands, Inc., Class A		11,486
	444	Monster Beverage Corp.(a)		29,570
		Beverages — continued
	44	PepsiCo, Inc.		6,249

				74,097

		Biotechnology — 1.8%
	62	AbbVie, Inc.		5,023
	74	Amgen, Inc.		15,988
	12	Biogen, Inc.(a)		3,226
	114	BioMarin Pharmaceutical, Inc.(a)		9,519
	103	Gilead Sciences, Inc.		6,510
	17	Ligand Pharmaceuticals, Inc.(a)		1,493
	95	Regeneron Pharmaceuticals, Inc.(a)		32,104
	6	Vertex Pharmaceuticals, Inc.(a)		1,362

				75,225

		Building Products — 0.3%
	213	Johnson Controls International PLC		8,403
	20	Lennox International, Inc.		4,659

				13,062

		Capital Markets — 4.5%
	3	Affiliated Managers Group, Inc.		240
	12	Ameriprise Financial, Inc.		1,985
	417	Bank of New York Mellon Corp. (The)		18,673
	15	BlackRock, Inc.		7,910
	425	Charles Schwab Corp. (The)		19,359
	22	CME Group, Inc.		4,777
	54	FactSet Research Systems, Inc.		15,450
	98	Franklin Resources, Inc.		2,479
	50	Goldman Sachs Group, Inc. (The)		11,888
	53	Intercontinental Exchange, Inc.		5,286
	32	Invesco Ltd.		554
	97	Janus Henderson Group PLC		2,451
	104	Legg Mason, Inc.		4,072
	75	Moody’s Corp.		19,259
	58	MSCI, Inc.		16,576
	56	Northern Trust Corp.		5,477
	47	S&P Global, Inc.		13,805
	240	SEI Investments Co.		15,662
	308	State Street Corp.		23,294

				189,197

		Chemicals — 0.8%
	24	DuPont de Nemours, Inc.		1,228
	53	Ecolab, Inc.		10,394
	53	HB Fuller Co.		2,449
	38	Innospec, Inc.		3,828
	12	International Flavors & Fragrances, Inc.		1,573
	46	Linde PLC		9,344
	45	Minerals Technologies, Inc.		2,436
	26	Stepan Co.		2,565

				33,817

		Commercial Services & Supplies — 0.3%
	48	Healthcare Services Group, Inc.		1,229
	27	MSA Safety, Inc.		3,661
	40	Tetra Tech, Inc.		3,424
	43	Waste Management, Inc.		5,233

				13,547

		Communications Equipment — 0.8%
	64	Ciena Corp.(a)		2,603
	507	Cisco Systems, Inc.		23,307
	6	F5 Networks, Inc.(a)		733
	32	InterDigital, Inc.		1,768
	36	Lumentum Holdings, Inc.(a)		2,727

See accompanying notes to financial statements.

83 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2055 Fund – (continued)


Shares		Description	Value (†)
		Communications Equipment — continued
	17	Motorola Solutions, Inc.	$	3,009

				34,147

		Construction & Engineering — 0.2%
	126	AECOM(a)		6,077
	149	Fluor Corp.		2,666

				8,743

		Consumer Finance — 0.7%
	40	American Express Co.		5,195
	220	Capital One Financial Corp.		21,956
	104	Navient Corp.		1,495

				28,646

		Containers & Packaging — 0.2%
	82	Ball Corp.		5,919
	46	International Paper Co.		1,873
	189	O-I Glass, Inc.		2,385

				10,177

		Distributors — 0.2%
	36	Genuine Parts Co.		3,368
	19	POOL CORP.		4,167

				7,535

		Diversified Consumer Services — 0.1%
	83	Service Corp. International		3,980

		Diversified Telecommunication Services — 0.3%
	164	AT&T, Inc.		6,169
	88	Verizon Communications, Inc.		5,231

				11,400
					��
		Electric Utilities — 0.5%
	112	American Electric Power Co., Inc.		11,672
	14	Edison International		1,072
	29	Eversource Energy		2,681
	18	FirstEnergy Corp.		914
	36	IDACORP, Inc.		4,039
	33	PPL Corp.		1,194

				21,572

		Electrical Equipment — 0.2%
	13	Acuity Brands, Inc.		1,532
	55	Eaton Corp. PLC		5,196
	25	Hubbell, Inc.		3,581

				10,309

		Electronic Equipment, Instruments & Components — 0.9%
	68	Avnet, Inc.		2,481
	27	Belden, Inc.		1,330
	72	Cognex Corp.		3,670
	16	Coherent, Inc.(a)		2,263
	30	Corning, Inc.		801
	14	Littelfuse, Inc.		2,477
	12	Rogers Corp.(a)		1,413
	163	TE Connectivity Ltd.		15,025
	85	Trimble, Inc.(a)		3,614
	122	Vishay Intertechnology, Inc.		2,476

				35,550

		Energy Equipment & Services — 0.5%
	39	Apergy Corp.(a)		1,008
	45	Baker Hughes Co.		975
	20	Core Laboratories NV		703
	80	National Oilwell Varco, Inc.		1,649
	61	Oceaneering International, Inc.(a)		757
	54	Oil States International, Inc.(a)		582
		Energy Equipment & Services — continued
	380	Schlumberger Ltd.		12,734
	46	TechnipFMC PLC		759

				19,167

		Entertainment — 1.3%
	34	Activision Blizzard, Inc.		1,988
	61	Cinemark Holdings, Inc.		1,922
	19	Electronic Arts, Inc.(a)		2,050
	73	Netflix, Inc.(a)		25,192
	26	Take-Two Interactive Software, Inc.(a)		3,241
	155	Walt Disney Co. (The)		21,438

				55,831

		Food & Staples Retailing — 0.3%
	90	Kroger Co. (The)		2,417
	219	SpartanNash Co.		2,667
	28	Sysco Corp.		2,300
	96	Walgreens Boots Alliance, Inc.		4,882

				12,266

		Food Products — 0.7%
	65	Campbell Soup Co.		3,145
	602	Danone S.A., Sponsored ADR		9,602
	48	General Mills, Inc.		2,507
	73	Hain Celestial Group, Inc. (The)(a)		1,767
	4	Hershey Co. (The)		621
	39	Hormel Foods Corp.		1,843
	36	Ingredion, Inc.		3,168
	15	J.M. Smucker Co. (The)		1,554
	58	Kellogg Co.		3,956
	6	McCormick & Co., Inc.		980
	20	Mondelez International, Inc., Class A		1,148

				30,291

		Gas Utilities — 0.3%
	75	New Jersey Resources Corp.		3,099
	41	ONE Gas, Inc.		3,875
	80	South Jersey Industries, Inc.		2,464
	90	UGI Corp.		3,743

				13,181

		Health Care Equipment & Supplies — 0.8%
	4	Becton Dickinson & Co.		1,101
	24	Boston Scientific Corp.(a)		1,005
	5	Cooper Cos., Inc. (The)		1,734
	17	Danaher Corp.		2,735
	13	DENTSPLY SIRONA, Inc.		728
	2	Edwards Lifesciences Corp.(a)		440
	39	Globus Medical, Inc., Class A(a)		2,039
	20	Haemonetics Corp.(a)		2,148
	36	Hill-Rom Holdings, Inc.		3,834
	21	Hologic, Inc.(a)		1,124
	3	Intuitive Surgical, Inc.(a)		1,679
	134	Meridian Bioscience, Inc.		1,318
	25	Merit Medical Systems, Inc.(a)		910
	5	STERIS PLC		753
	3	Stryker Corp.		632
	40	Varian Medical Systems, Inc.(a)		5,623
	26	West Pharmaceutical Services, Inc.		4,055

				31,858

		Health Care Providers & Services — 2.2%
	37	Acadia Healthcare Co., Inc.(a)		1,189
	12	Amedisys, Inc.(a)		2,118
	8	Anthem, Inc.		2,122
	26	BioTelemetry, Inc.(a)		1,272

See accompanying notes to financial statements.

| 84

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2055 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	81	Centene Corp.(a)	$	5,088
	9	Chemed Corp.		4,203
	13	Cigna Corp.		2,501
	234	CVS Health Corp.		15,870
	15	DaVita, Inc.(a)		1,198
	36	Encompass Health Corp.		2,773
	106	HCA Healthcare, Inc.		14,713
	29	Henry Schein, Inc.(a)		1,999
	43	Humana, Inc.		14,458
	21	Laboratory Corp. of America Holdings(a)		3,683
	146	MEDNAX, Inc.(a)		3,368
	59	Patterson Cos., Inc.		1,299
	32	Quest Diagnostics, Inc.		3,542
	33	UnitedHealth Group, Inc.		8,991

				90,387

		Health Care Technology — 0.4%
	142	Allscripts Healthcare Solutions, Inc.(a)		1,218
	215	Cerner Corp.		15,444
	69	HMS Holdings Corp.(a)		1,885

				18,547

		Hotels, Restaurants & Leisure — 2.0%
	12	Domino’s Pizza, Inc.		3,381
	37	Dunkin’ Brands Group, Inc.		2,889
	103	Hilton Worldwide Holdings, Inc.		11,103
	23	Jack in the Box, Inc.		1,880
	24	Marriott Vacations Worldwide Corp.		2,886
	9	McDonald’s Corp.		1,926
	489	MGM Resorts International		15,188
	9	Royal Caribbean Cruises Ltd.		1,054
	174	Starbucks Corp.		14,760
	141	Wendy’s Co. (The)		3,056
	420	Yum China Holdings, Inc.		18,089
	80	Yum! Brands, Inc.		8,462

				84,674

		Household Durables — 0.2%
	109	KB Home		4,093
	85	Meritage Homes Corp.(a)		6,032

				10,125

		Household Products — 0.9%
	174	Colgate-Palmolive Co.		12,838
	209	Procter & Gamble Co. (The)		26,045

				38,883

		Independent Power & Renewable Electricity Producers — 0.5%
	65	AES Corp. (The)		1,291
	138	Ormat Technologies, Inc.		10,938
	326	Pattern Energy Group, Inc., Class A		8,772

				21,001

		Industrial Conglomerates — 0.5%
	1,443	General Electric Co.		17,965
	7	Honeywell International, Inc.		1,213

				19,178

		Insurance — 1.4%
	24	Aflac, Inc.		1,238
	45	Allstate Corp. (The)		5,334
	295	American International Group, Inc.		14,827
	20	Brighthouse Financial, Inc.(a)		778
	60	Chubb Ltd.		9,119
	65	First American Financial Corp.		4,029
	24	Hanover Insurance Group, Inc. (The)		3,326
		Insurance — continued
	43	Hartford Financial Services Group, Inc. (The)		2,549
	38	Lincoln National Corp.		2,070
	26	Marsh & McLennan Cos., Inc.		2,908
	79	Prudential Financial, Inc.		7,194
	30	Travelers Cos., Inc. (The)		3,949

				57,321

		Interactive Media & Services — 2.8%
	16	Alphabet, Inc., Class A(a)		22,924
	33	Alphabet, Inc., Class C(a)		47,330
	237	Facebook, Inc., Class A(a)		47,853

				118,107

		Internet & Direct Marketing Retail — 2.7%
	177	Alibaba Group Holding Ltd., Sponsored ADR(a)		36,567
	21	Amazon.com, Inc.(a)		42,183
	11	Booking Holdings, Inc.(a)		20,136
	382	eBay, Inc.		12,820
	47	Etsy, Inc.(a)		2,294

				114,000

		IT Services — 3.2%
	102	Automatic Data Processing, Inc.		17,482
	68	Cognizant Technology Solutions Corp., Class A		4,174
	332	DXC Technology Co.		10,584
	14	Fiserv, Inc.(a)		1,661
	67	Gartner, Inc.(a)		10,772
	24	International Business Machines Corp.		3,450
	55	MasterCard, Inc., Class A		17,377
	24	Paychex, Inc.		2,058
	32	PayPal Holdings, Inc.(a)		3,644
	192	Sabre Corp.		4,136
	10	VeriSign, Inc.(a)		2,081
	270	Visa, Inc., Class A		53,722
	19	WEX, Inc.(a)		4,121

				135,262

		Leisure Products — 0.0%
	87	Callaway Golf Co.		1,864

		Life Sciences Tools & Services — 0.3%
	21	Agilent Technologies, Inc.		1,734
	2	Illumina, Inc.(a)		580
	11	IQVIA Holdings, Inc.(a)		1,708
	35	Repligen Corp.(a)		3,514
	17	Thermo Fisher Scientific, Inc.		5,324
	4	Waters Corp.(a)		895

				13,755

		Machinery — 2.1%
	46	AGCO Corp.		3,226
	394	Briggs & Stratton Corp.		1,446
	113	Caterpillar, Inc.		14,843
	69	Cummins, Inc.		11,038
	105	Deere & Co.		16,651
	53	Flowserve Corp.		2,474
	63	ITT, Inc.		4,226
	75	Kennametal, Inc.		2,347
	50	Oshkosh Corp.		4,302
	98	Parker-Hannifin Corp.		19,178
	13	Proto Labs, Inc.(a)		1,345
	55	Terex Corp.		1,394
	55	Toro Co. (The)		4,401
	17	Xylem, Inc.		1,388

				88,259

See accompanying notes to financial statements.

85 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2055 Fund – (continued)


Shares		Description	Value (†)
		Media — 1.3%
	4	Cable One, Inc.	$	6,816
	36	Charter Communications, Inc., Class A(a)		18,629
	337	Comcast Corp., Class A		14,555
	21	Discovery, Inc., Series C(a)		583
	59	Fox Corp., Class A		2,188
	69	Interpublic Group of Cos., Inc. (The)		1,566
	66	New York Times Co. (The), Class A		2,113
	51	Omnicom Group, Inc.		3,841
	63	ViacomCBS, Inc., Class B		2,150

				52,441

		Metals & Mining — 0.4%
	110	Commercial Metals Co.		2,260
	149	Newmont Corp.		6,714
	10	Nucor Corp.		475
	48	Reliance Steel & Aluminum Co.		5,510
	30	Royal Gold, Inc.		3,460

				18,419

		Multi-Utilities — 0.4%
	67	Consolidated Edison, Inc.		6,298
	27	DTE Energy Co.		3,580
	18	Sempra Energy		2,892
	18	WEC Energy Group, Inc.		1,798

				14,568

		Multiline Retail — 0.1%
	8	Macy’s, Inc.		128
	48	Target Corp.		5,315

				5,443

		Oil, Gas & Consumable Fuels — 1.3%
	460	Apache Corp.		12,622
	99	Concho Resources, Inc.		7,502
	589	Denbury Resources, Inc.(a)		580
	83	Devon Energy Corp.		1,803
	76	Diamondback Energy, Inc.		5,654
	97	EOG Resources, Inc.		7,072
	98	EQT Corp.		593
	83	Green Plains, Inc.		1,035
	202	Marathon Oil Corp.		2,297
	130	Noble Energy, Inc.		2,570
	70	ONEOK, Inc.		5,241
	585	Southwestern Energy Co.(a)		919
	35	Valero Energy Corp.		2,951
	58	World Fuel Services Corp.		2,269

				53,108

		Paper & Forest Products — 0.1%
	46	Domtar Corp.		1,602
	81	Louisiana-Pacific Corp.		2,485

				4,087

		Personal Products — 0.0%
	9	Estee Lauder Cos., Inc. (The), Class A		1,756

		Pharmaceuticals — 1.9%
	3	Allergan PLC		560
	55	Bristol-Myers Squibb Co.		3,462
	59	Catalent, Inc.(a)		3,605
	36	Eli Lilly & Co.		5,027
	134	Merck & Co., Inc.		11,449
	109	Novartis AG, Sponsored ADR		10,302
	285	Novo Nordisk AS, Sponsored ADR		17,336
	17	Perrigo Co. PLC		970
	196	Pfizer, Inc.		7,299
		Pharmaceuticals — continued
	427	Roche Holding AG, Sponsored ADR		17,849

				77,859

		Professional Services — 0.3%
	49	Exponent, Inc.		3,566
	17	Insperity, Inc.		1,485
	51	Korn Ferry		2,090
	30	ManpowerGroup, Inc.		2,745
	27	Nielsen Holdings PLC		551

				10,437

		Real Estate Management & Development — 0.2%
	37	CBRE Group, Inc., Class A(a)		2,259
	25	Jones Lang LaSalle, Inc.		4,245

				6,504

		REITs – Apartments — 0.5%
	92	American Campus Communities, Inc.		4,220
	8	AvalonBay Communities, Inc.		1,734
	61	Camden Property Trust		6,858
	34	Equity Residential		2,825
	11	Essex Property Trust, Inc.		3,407
	3	Mid-America Apartment Communities, Inc.		412

				19,456

		REITs – Diversified — 0.2%
	14	Crown Castle International Corp.		2,098
	12	Digital Realty Trust, Inc.		1,476
	4	Equinix, Inc.		2,359
	99	Weyerhaeuser Co.		2,866

				8,799

		REITs – Health Care — 0.3%
	28	Ventas, Inc.		1,620
	105	Welltower, Inc.		8,916

				10,536

		REITs – Hotels — 0.0%
	110	Host Hotels & Resorts, Inc.		1,797

		REITs – Office Property — 0.6%
	15	Boston Properties, Inc.		2,150
	138	Corporate Office Properties Trust		4,108
	156	Douglas Emmett, Inc.		6,474
	208	Easterly Government Properties, Inc.		5,036
	69	Kilroy Realty Corp.		5,698

				23,466

		REITs – Regional Malls — 0.1%
	18	Simon Property Group, Inc.		2,397

		REITs – Storage — 0.0%
	20	Iron Mountain, Inc.		632
	5	Public Storage		1,119

				1,751

		REITs – Warehouse/Industrials — 0.2%
	43	CyrusOne, Inc.		2,617
	113	Liberty Property Trust		7,079

				9,696

		Road & Rail — 0.5%
	16	Kansas City Southern		2,699
	44	Norfolk Southern Corp.		9,161
	40	Ryder System, Inc.		1,909
	49	Union Pacific Corp.		8,792

				22,561

See accompanying notes to financial statements.

| 86

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2055 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — 2.2%
	13	Advanced Micro Devices, Inc.(a)	$	611
	57	Applied Materials, Inc.		3,305
	27	Cabot Microelectronics Corp.		3,929
	51	Cirrus Logic, Inc.(a)		3,917
	39	Cree, Inc.(a)		1,813
	138	First Solar, Inc.(a)		6,842
	313	Intel Corp.		20,010
	88	NVIDIA Corp.		20,806
	179	QUALCOMM, Inc.		15,271
	40	Silicon Laboratories, Inc.(a)		3,932
	98	Texas Instruments, Inc.		11,824

				92,260

		Software — 2.9%
	16	Adobe, Inc.(a)		5,618
	166	Autodesk, Inc.(a)		32,677
	31	Blackbaud, Inc.		2,428
	42	Bottomline Technologies, Inc.(a)		2,251
	11	Citrix Systems, Inc.		1,334
	14	Fair Isaac Corp.(a)		5,633
	22	LogMeIn, Inc.		1,891
	185	Microsoft Corp.		31,493
	30	NortonLifeLock, Inc.		853
	556	Oracle Corp.		29,162
	35	PTC, Inc.(a)		2,909
	27	Qualys, Inc.(a)		2,315
	18	salesforce.com, Inc.(a)		3,282

				121,846

		Specialty Retail — 0.9%
	29	Aaron’s, Inc.		1,721
	93	American Eagle Outfitters, Inc.		1,339
	34	Asbury Automotive Group, Inc.(a)		3,279
	11	Best Buy Co., Inc.		932
	17	Five Below, Inc.(a)		1,925
	55	Home Depot, Inc. (The)		12,545
	23	Lithia Motors, Inc., Class A		3,120
	30	Lowe’s Cos., Inc.		3,487
	25	Monro, Inc.		1,568
	8	Tiffany & Co.		1,072
	37	TJX Cos., Inc. (The)		2,184
	32	Williams-Sonoma, Inc.		2,243

				35,415

		Technology Hardware, Storage & Peripherals — 1.1%
	82	Apple, Inc.		25,380
	420	Hewlett Packard Enterprise Co.		5,851
	255	HP, Inc.		5,437
	82	NCR Corp.(a)		2,765
	33	NetApp, Inc.		1,762
	21	Seagate Technology PLC		1,197
	18	Western Digital Corp.		1,179
	43	Xerox Holdings Corp.		1,529

				45,100

		Textiles, Apparel & Luxury Goods — 0.7%
	20	Deckers Outdoor Corp.(a)		3,818
	14	Hanesbrands, Inc.		193
	46	NIKE, Inc., Class B		4,430
	3	PVH Corp.		261
	27	Tapestry, Inc.		696
	856	Under Armour, Inc., Class A(a)		17,274
	77	Wolverine World Wide, Inc.		2,431

				29,103

		Thrifts & Mortgage Finance — 0.1%
	301	New York Community Bancorp, Inc.		3,329

		Trading Companies & Distributors — 0.3%
	158	Fastenal Co.		5,511
	26	GATX Corp.		1,979
	17	W.W. Grainger, Inc.		5,146

				12,636

		Water Utilities — 0.4%
	78	American Water Works Co., Inc.		10,624
	85	Essential Utilities, Inc.		4,415

				15,039

		Wireless Telecommunication Services — 0.1%
	58	Shenandoah Telecommunications Co.		2,340

		Total Common Stocks (Identified Cost $2,402,244)		2,510,136



Principal Amount
	Bonds and Notes — 4.0%
		Agency Commercial Mortgage-Backed Securities — 0.0%
$	1,000	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)		1,016

		Automotive — 0.1%
	2,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		2,145
	2,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		2,038

				4,183

		Banking — 0.6%
	2,000	American Express Co., 3.700%, 8/03/2023		2,125
	2,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		2,048
	2,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		2,009
	1,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		1,074
	1,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		1,046
	1,000	Citigroup, Inc., 4.600%, 3/09/2026		1,121
	1,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		1,043
	1,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		1,014
	2,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		2,153
	2,000	HSBC Holdings PLC, 5.100%, 4/05/2021		2,077
	2,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		2,101
	1,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		1,077
	1,000	Royal Bank of Canada, GMTN, 2.150%, 3/06/2020		1,000
	2,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		2,061
	1,000	Santander UK PLC, 2.375%, 3/16/2020		1,001
	1,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		1,046

				23,996

		Cable Satellite — 0.1%
	2,000	Comcast Corp., 3.000%, 2/01/2024		2,097

		Construction Machinery — 0.0%
	2,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		2,038

		Consumer Cyclical Services — 0.1%
	2,000	eBay, Inc., 3.800%, 3/09/2022		2,072

		Electric — 0.1%
	2,000	Duke Energy Corp., 3.750%, 4/15/2024		2,142
	2,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		2,125

				4,267

See accompanying notes to financial statements.

87 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2055 Fund – (continued)


Principal Amount		Description	Value (†)
		Financial Other — 0.0%
$	2,000	ORIX Corp., 2.900%, 7/18/2022	$	2,043

		Food & Beverage — 0.1%
	2,000	General Mills, Inc., 4.000%, 4/17/2025		2,187

		Government Owned – No Guarantee — 0.1%
	2,000	Federal National Mortgage Association, 6.625%, 11/15/2030		2,940

		Health Insurance — 0.1%
	2,000	Anthem, Inc., 4.101%, 3/01/2028		2,211
	2,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		2,717

				4,928

		Healthcare — 0.1%
	1,000	CVS Health Corp., 4.300%, 3/25/2028		1,108
	2,000	McKesson Corp., 3.950%, 2/16/2028		2,179
	1,000	Thermo Fisher Scientific, Inc., 3.000%, 4/15/2023		1,035

				4,322

		Independent Energy — 0.0%
	2,000	EQT Corp., 3.000%, 10/01/2022		1,926

		Integrated Energy — 0.1%
	2,000	BP Capital Markets PLC, 3.814%, 2/10/2024		2,148
	1,000	Chevron Corp., 1.961%, 3/03/2020		1,000
	2,000	Shell International Finance BV, 6.375%, 12/15/2038		3,009

				6,157

		Life Insurance — 0.1%
	2,000	American International Group, Inc., 3.900%, 4/01/2026		2,178

		Midstream — 0.1%
	2,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		2,123
	2,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		2,143

				4,266

		Mortgage Related — 0.7%
	14,071	FNMA, 3.000%, with various maturities from 2034 to 2049(c)		14,417
	11,457	FNMA, 3.500%, with various maturities in 2049(c)		11,820
	2,375	FNMA, 4.000%, 2/01/2049		2,479
	2,243	FNMA, 4.500%, with various maturities from 2048 to 2049(c)		2,376

				31,092

		Oil Field Services — 0.0%
	2,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		2,053

		Pharmaceuticals — 0.1%
	2,000	AbbVie, Inc., 3.600%, 5/14/2025		2,137
	2,000	Amgen, Inc., 2.650%, 5/11/2022		2,036

				4,173

		Railroads — 0.1%
	2,000	CSX Corp., 2.600%, 11/01/2026		2,075

		REITs – Office Property — 0.0%
	1,000	Boston Properties LP, 2.750%, 10/01/2026		1,033

		Restaurants — 0.1%
	2,000	Starbucks Corp., 3.800%, 8/15/2025		2,189

		Technology — 0.2%
	1,000	Apple, Inc., 2.500%, 2/09/2025		1,036
	1,000	International Business Machines Corp., 4.000%, 6/20/2042		1,159
	2,000	Oracle Corp., 2.950%, 5/15/2025		2,112
	2,000	QUALCOMM, Inc., 3.450%, 5/20/2025		2,148
	2,000	VMware, Inc., 2.950%, 8/21/2022		2,047

				8,502

		Treasuries — 0.9%
	2,000	U.S. Treasury Bond, 2.500%, 5/15/2046		2,192
	3,000	U.S. Treasury Bond, 2.875%, 11/15/2046		3,531
	6,000	U.S. Treasury Bond, 3.000%, 5/15/2045		7,156
	2,000	U.S. Treasury Bond, 3.000%, 2/15/2048		2,420
	2,000	U.S. Treasury Bond, 3.000%, 2/15/2049		2,436
	1,000	U.S. Treasury Bond, 4.250%, 11/15/2040		1,405
	1,000	U.S. Treasury Bond, 4.375%, 5/15/2041		1,431
	5,000	U.S. Treasury Bond, 5.250%, 2/15/2029		6,587
	1,000	U.S. Treasury Note, 1.625%, 8/31/2022		1,008
	1,000	U.S. Treasury Note, 1.750%, 5/15/2023		1,014
	1,000	U.S. Treasury Note, 2.000%, 11/15/2026		1,037
	3,000	U.S. Treasury Note, 2.125%, 12/31/2022		3,070
	2,000	U.S. Treasury Note, 2.250%, 11/15/2027		2,117
	3,000	U.S. Treasury Note, 2.625%, 2/15/2029		3,284

				38,688

		Wireless — 0.0%
	1,000	Vodafone Group PLC, 6.150%, 2/27/2037		1,352

		Wirelines — 0.2%
	2,000	AT&T, Inc., 3.400%, 5/15/2025		2,122
	2,000	AT&T, Inc., 3.875%, 1/15/2026		2,172
	2,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 3.010%, 5/15/2025(d)		2,059

				6,353

		Total Bonds and Notes (Identified Cost $162,169)		168,126


Shares
	Exchange-Traded Funds — 16.8%
	7,005	iShares^® ESG MSCI EAFE ETF		468,354
	6,912	iShares^® ESG MSCI Emerging Markets ETF		234,663

		Total Exchange-Traded Funds (Identified Cost $671,739)		703,017


	Affiliated Mutual Funds — 18.6%
	6,318	Mirova Global Green Bond Fund, Class N		67,160
	57,627	Mirova International Sustainable Equity Fund, Class N		707,089

		Total Affiliated Mutual Funds (Identified Cost $711,568)		774,249


		Total Investments — 99.5% (Identified Cost $3,947,720)		4,155,528
		Other assets less liabilities — 0.5%		22,109

		Net Assets — 100.0%	$	4,177,637


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of January 31, 2020 is disclosed.
	(c)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)	Variable rate security. Rate as of January 31, 2020 is disclosed.

See accompanying notes to financial statements.

| 88

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2055 Fund – (continued)


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

Asset Allocation Summary at January 31, 2020


Equity	93.9	%
Fixed Income	5.6

Total Investments	99.5
Other assets less liabilities	0.5

Net Assets	100.0	%

See accompanying notes to financial statements.

89 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2060 Fund


Shares		Description	Value (†)
	Common Stocks — 61.9% of Net Assets
		Aerospace & Defense — 0.4%
	16	Axon Enterprise, Inc.(a)	$	1,229
	23	Moog, Inc., Class A		2,061
	3	Raytheon Co.		663
	13	Teledyne Technologies, Inc.(a)		4,745
	34	United Technologies Corp.		5,107

				13,805

		Air Freight & Logistics — 0.8%
	217	Expeditors International of Washington, Inc.		15,850
	32	FedEx Corp.		4,628
	42	United Parcel Service, Inc., Class B		4,348

				24,826

		Airlines — 0.2%
	237	American Airlines Group, Inc.		6,361
	13	Delta Air Lines, Inc.		725

				7,086

		Auto Components — 0.4%
	100	American Axle & Manufacturing Holdings, Inc.(a)		924
	72	Aptiv PLC		6,105
	15	BorgWarner, Inc.		514
	107	Delphi Technologies PLC(a)		1,641
	103	Goodyear Tire & Rubber Co. (The)		1,353
	21	Visteon Corp.(a)		1,676

				12,213

		Automobiles — 0.6%
	685	Fiat Chrysler Automobiles NV		8,919
	271	General Motors Co.		9,049
	22	Thor Industries, Inc.		1,771

				19,739

		Banks — 4.1%
	64	Ameris Bancorp		2,572
	114	BancorpSouth Bank		3,257
	581	Bank of America Corp.		19,074
	247	Cadence BanCorp		3,861
	265	Citigroup, Inc.		19,719
	164	Citizens Financial Group, Inc.		6,114
	87	Columbia Banking System, Inc.		3,367
	9	Comerica, Inc.		550
	55	Cullen/Frost Bankers, Inc.		4,904
	199	Fulton Financial Corp.		3,278
	171	Huntington Bancshares, Inc.		2,320
	101	International Bancshares Corp.		3,979
	276	KeyCorp		5,164
	19	M&T Bank Corp.		3,202
	437	People’s United Financial, Inc.		6,739
	64	PNC Financial Services Group, Inc. (The)		9,507
	127	Regions Financial Corp.		1,977
	92	TCF Financial Corp.		3,890
	105	Truist Financial Corp.		5,415
	156	Trustmark Corp.		4,989
	229	Wells Fargo & Co.		10,749
	42	Wintrust Financial Corp.		2,658
	84	Zions Bancorp N.A.		3,821

				131,106

		Beverages — 1.8%
	64	Brown-Forman Corp., Class B		4,329
	292	Coca-Cola Co. (The)		17,053
	47	Constellation Brands, Inc., Class A		8,850
	349	Monster Beverage Corp.(a)		23,243
		Beverages — continued
	38	PepsiCo, Inc.	$	5,397

				58,872

		Biotechnology — 1.9%
	50	AbbVie, Inc.		4,051
	60	Amgen, Inc.		12,963
	9	Biogen, Inc.(a)		2,420
	92	BioMarin Pharmaceutical, Inc.(a)		7,682
	84	Gilead Sciences, Inc.		5,309
	14	Ligand Pharmaceuticals, Inc.(a)		1,229
	74	Regeneron Pharmaceuticals, Inc.(a)		25,008
	4	Vertex Pharmaceuticals, Inc.(a)		908

				59,570

		Building Products — 0.3%
	182	Johnson Controls International PLC		7,180
	16	Lennox International, Inc.		3,728

				10,908

		Capital Markets — 4.6%
	2	Affiliated Managers Group, Inc.		160
	9	Ameriprise Financial, Inc.		1,489
	327	Bank of New York Mellon Corp. (The)		14,643
	12	BlackRock, Inc.		6,328
	327	Charles Schwab Corp. (The)		14,895
	18	CME Group, Inc.		3,908
	41	FactSet Research Systems, Inc.		11,731
	66	Franklin Resources, Inc.		1,670
	38	Goldman Sachs Group, Inc. (The)		9,034
	42	Intercontinental Exchange, Inc.		4,189
	31	Invesco Ltd.		536
	77	Janus Henderson Group PLC		1,946
	87	Legg Mason, Inc.		3,406
	58	Moody’s Corp.		14,894
	45	MSCI, Inc.		12,861
	45	Northern Trust Corp.		4,401
	36	S&P Global, Inc.		10,574
	189	SEI Investments Co.		12,334
	240	State Street Corp.		18,151

				147,150

		Chemicals — 0.8%
	24	DuPont de Nemours, Inc.		1,228
	39	Ecolab, Inc.		7,648
	41	HB Fuller Co.		1,895
	32	Innospec, Inc.		3,223
	9	International Flavors & Fragrances, Inc.		1,180
	40	Linde PLC		8,125
	38	Minerals Technologies, Inc.		2,057
	21	Stepan Co.		2,072

				27,428

		Commercial Services & Supplies — 0.3%
	38	Healthcare Services Group, Inc.		973
	23	MSA Safety, Inc.		3,119
	32	Tetra Tech, Inc.		2,739
	32	Waste Management, Inc.		3,894

				10,725

		Communications Equipment — 0.8%
	54	Ciena Corp.(a)		2,196
	383	Cisco Systems, Inc.		17,606
	6	F5 Networks, Inc.(a)		733
	27	InterDigital, Inc.		1,492
	29	Lumentum Holdings, Inc.(a)		2,197

See accompanying notes to financial statements.

| 90

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2060 Fund – (continued)


Shares		Description	Value (†)
		Communications Equipment — continued
	13	Motorola Solutions, Inc.	$	2,301

				26,525

		Construction & Engineering — 0.2%
	102	AECOM(a)		4,919
	118	Fluor Corp.		2,111

				7,030

		Consumer Finance — 0.7%
	33	American Express Co.		4,286
	170	Capital One Financial Corp.		16,966
	77	Navient Corp.		1,107

				22,359

		Containers & Packaging — 0.2%
	64	Ball Corp.		4,620
	39	International Paper Co.		1,588
	152	O-I Glass, Inc.		1,918

				8,126

		Distributors — 0.2%
	29	Genuine Parts Co.		2,714
	15	POOL CORP.		3,289

				6,003

		Diversified Consumer Services — 0.1%
	67	Service Corp. International		3,213

		Diversified Telecommunication Services — 0.3%
	122	AT&T, Inc.		4,590
	65	Verizon Communications, Inc.		3,863

				8,453

		Electric Utilities — 0.6%
	96	American Electric Power Co., Inc.		10,005
	14	Edison International		1,072
	24	Eversource Energy		2,218
	19	FirstEnergy Corp.		965
	30	IDACORP, Inc.		3,366
	33	PPL Corp.		1,194

				18,820

		Electrical Equipment — 0.2%
	11	Acuity Brands, Inc.		1,296
	42	Eaton Corp. PLC		3,968
	20	Hubbell, Inc.		2,865

				8,129

		Electronic Equipment, Instruments & Components — 0.9%
	53	Avnet, Inc.		1,934
	22	Belden, Inc.		1,084
	58	Cognex Corp.		2,956
	13	Coherent, Inc.(a)		1,839
	30	Corning, Inc.		801
	11	Littelfuse, Inc.		1,946
	10	Rogers Corp.(a)		1,177
	126	TE Connectivity Ltd.		11,615
	66	Trimble, Inc.(a)		2,806
	96	Vishay Intertechnology, Inc.		1,948

				28,106

		Energy Equipment & Services — 0.5%
	33	Apergy Corp.(a)		854
	46	Baker Hughes Co.		996
	18	Core Laboratories NV		632
	68	National Oilwell Varco, Inc.		1,402
	57	Oceaneering International, Inc.(a)		707
		Energy Equipment & Services — continued
	50	Oil States International, Inc.(a)	$	539
	296	Schlumberger Ltd.		9,919
	47	TechnipFMC PLC		776

				15,825

		Entertainment — 1.4%
	28	Activision Blizzard, Inc.		1,637
	46	Cinemark Holdings, Inc.		1,450
	16	Electronic Arts, Inc.(a)		1,727
	57	Netflix, Inc.(a)		19,670
	19	Take-Two Interactive Software, Inc.(a)		2,368
	125	Walt Disney Co. (The)		17,289

				44,141

		Food & Staples Retailing — 0.3%
	83	Kroger Co. (The)		2,229
	173	SpartanNash Co.		2,107
	20	Sysco Corp.		1,643
	76	Walgreens Boots Alliance, Inc.		3,865

				9,844

		Food Products — 0.8%
	54	Campbell Soup Co.		2,613
	526	Danone S.A., Sponsored ADR		8,390
	40	General Mills, Inc.		2,089
	56	Hain Celestial Group, Inc. (The)(a)		1,356
	3	Hershey Co. (The)		465
	33	Hormel Foods Corp.		1,560
	30	Ingredion, Inc.		2,640
	12	J.M. Smucker Co. (The)		1,243
	44	Kellogg Co.		3,001
	6	McCormick & Co., Inc.		980
	15	Mondelez International, Inc., Class A		861

				25,198

		Gas Utilities — 0.3%
	61	New Jersey Resources Corp.		2,521
	33	ONE Gas, Inc.		3,119
	63	South Jersey Industries, Inc.		1,940
	70	UGI Corp.		2,911

				10,491

		Health Care Equipment & Supplies — 0.8%
	2	Becton Dickinson & Co.		550
	18	Boston Scientific Corp.(a)		754
	4	Cooper Cos., Inc. (The)		1,387
	13	Danaher Corp.		2,091
	13	DENTSPLY SIRONA, Inc.		728
	2	Edwards Lifesciences Corp.(a)		440
	30	Globus Medical, Inc., Class A(a)		1,568
	15	Haemonetics Corp.(a)		1,611
	30	Hill-Rom Holdings, Inc.		3,195
	21	Hologic, Inc.(a)		1,124
	2	Intuitive Surgical, Inc.(a)		1,120
	103	Meridian Bioscience, Inc.		1,013
	23	Merit Medical Systems, Inc.(a)		838
	4	STERIS PLC		603
	2	Stryker Corp.		421
	33	Varian Medical Systems, Inc.(a)		4,639
	22	West Pharmaceutical Services, Inc.		3,431

				25,513

		Health Care Providers & Services — 2.3%
	31	Acadia Healthcare Co., Inc.(a)		996
	11	Amedisys, Inc.(a)		1,941
	6	Anthem, Inc.		1,592

See accompanying notes to financial statements.

91 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2060 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	22	BioTelemetry, Inc.(a)	$	1,076
	72	Centene Corp.(a)		4,522
	8	Chemed Corp.		3,736
	10	Cigna Corp.		1,924
	179	CVS Health Corp.		12,140
	14	DaVita, Inc.(a)		1,118
	29	Encompass Health Corp.		2,234
	85	HCA Healthcare, Inc.		11,798
	23	Henry Schein, Inc.(a)		1,586
	34	Humana, Inc.		11,432
	18	Laboratory Corp. of America Holdings(a)		3,157
	118	MEDNAX, Inc.(a)		2,722
	51	Patterson Cos., Inc.		1,123
	28	Quest Diagnostics, Inc.		3,099
	24	UnitedHealth Group, Inc.		6,539

				72,735

		Health Care Technology — 0.5%
	109	Allscripts Healthcare Solutions, Inc.(a)		935
	171	Cerner Corp.		12,283
	54	HMS Holdings Corp.(a)		1,475

				14,693

		Hotels, Restaurants & Leisure — 2.1%
	9	Domino’s Pizza, Inc.		2,536
	31	Dunkin’ Brands Group, Inc.		2,421
	80	Hilton Worldwide Holdings, Inc.		8,624
	18	Jack in the Box, Inc.		1,471
	19	Marriott Vacations Worldwide Corp.		2,284
	7	McDonald’s Corp.		1,498
	375	MGM Resorts International		11,647
	7	Royal Caribbean Cruises Ltd.		820
	136	Starbucks Corp.		11,537
	115	Wendy’s Co. (The)		2,492
	326	Yum China Holdings, Inc.		14,041
	61	Yum! Brands, Inc.		6,452

				65,823

		Household Durables — 0.3%
	91	KB Home		3,417
	69	Meritage Homes Corp.(a)		4,896

				8,313

		Household Products — 1.0%
	134	Colgate-Palmolive Co.		9,886
	169	Procter & Gamble Co. (The)		21,061

				30,947

		Independent Power & Renewable Electricity Producers — 0.5%
	66	AES Corp. (The)		1,311
	102	Ormat Technologies, Inc.		8,085
	241	Pattern Energy Group, Inc., Class A		6,485

				15,881

		Industrial Conglomerates — 0.5%
	1,103	General Electric Co.		13,733
	6	Honeywell International, Inc.		1,039

				14,772

		Insurance — 1.4%
	18	Aflac, Inc.		928
	35	Allstate Corp. (The)		4,149
	228	American International Group, Inc.		11,459
	6	Brighthouse Financial, Inc.(a)		233
	52	Chubb Ltd.		7,904
	52	First American Financial Corp.		3,223
		Insurance — continued
	19	Hanover Insurance Group, Inc. (The)	$	2,633
	32	Hartford Financial Services Group, Inc. (The)		1,897
	32	Lincoln National Corp.		1,743
	23	Marsh & McLennan Cos., Inc.		2,573
	64	Prudential Financial, Inc.		5,828
	25	Travelers Cos., Inc. (The)		3,291

				45,861

		Interactive Media & Services — 2.9%
	13	Alphabet, Inc., Class A(a)		18,626
	26	Alphabet, Inc., Class C(a)		37,290
	185	Facebook, Inc., Class A(a)		37,353

				93,269

		Internet & Direct Marketing Retail — 2.7%
	139	Alibaba Group Holding Ltd., Sponsored ADR(a)		28,716
	16	Amazon.com, Inc.(a)		32,139
	8	Booking Holdings, Inc.(a)		14,644
	292	eBay, Inc.		9,800
	37	Etsy, Inc.(a)		1,806

				87,105

		IT Services — 3.3%
	79	Automatic Data Processing, Inc.		13,540
	57	Cognizant Technology Solutions Corp., Class A		3,499
	262	DXC Technology Co.		8,352
	11	Fiserv, Inc.(a)		1,305
	51	Gartner, Inc.(a)		8,200
	18	International Business Machines Corp.		2,587
	41	MasterCard, Inc., Class A		12,953
	21	Paychex, Inc.		1,801
	23	PayPal Holdings, Inc.(a)		2,619
	155	Sabre Corp.		3,339
	8	VeriSign, Inc.(a)		1,665
	209	Visa, Inc., Class A		41,585
	15	WEX, Inc.(a)		3,254

				104,699

		Leisure Products — 0.0%
	66	Callaway Golf Co.		1,414

		Life Sciences Tools & Services — 0.3%
	17	Agilent Technologies, Inc.		1,404
	1	Illumina, Inc.(a)		290
	9	IQVIA Holdings, Inc.(a)		1,397
	29	Repligen Corp.(a)		2,911
	13	Thermo Fisher Scientific, Inc.		4,072
	3	Waters Corp.(a)		671

				10,745

		Machinery — 2.2%
	36	AGCO Corp.		2,525
	299	Briggs & Stratton Corp.		1,097
	91	Caterpillar, Inc.		11,953
	54	Cummins, Inc.		8,638
	83	Deere & Co.		13,162
	44	Flowserve Corp.		2,054
	51	ITT, Inc.		3,421
	61	Kennametal, Inc.		1,909
	40	Oshkosh Corp.		3,442
	78	Parker-Hannifin Corp.		15,264
	11	Proto Labs, Inc.(a)		1,138
	48	Terex Corp.		1,217
	44	Toro Co. (The)		3,521
	13	Xylem, Inc.		1,062

				70,403

See accompanying notes to financial statements.

| 92

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2060 Fund – (continued)


Shares		Description	Value (†)
		Media — 1.3%
	3	Cable One, Inc.	$	5,112
	28	Charter Communications, Inc., Class A(a)		14,489
	260	Comcast Corp., Class A		11,229
	21	Discovery, Inc., Series C(a)		583
	44	Fox Corp., Class A		1,632
	60	Interpublic Group of Cos., Inc. (The)		1,362
	52	New York Times Co. (The), Class A		1,665
	40	Omnicom Group, Inc.		3,012
	47	ViacomCBS, Inc., Class B		1,604

				40,688

		Metals & Mining — 0.5%
	87	Commercial Metals Co.		1,788
	120	Newmont Corp.		5,407
	10	Nucor Corp.		475
	39	Reliance Steel & Aluminum Co.		4,477
	24	Royal Gold, Inc.		2,768

				14,915

		Multi-Utilities — 0.4%
	56	Consolidated Edison, Inc.		5,264
	24	DTE Energy Co.		3,183
	15	Sempra Energy		2,410
	14	WEC Energy Group, Inc.		1,398

				12,255

		Multiline Retail — 0.1%
	9	Macy’s, Inc.		143
	39	Target Corp.		4,319

				4,462

		Oil, Gas & Consumable Fuels — 1.3%
	362	Apache Corp.		9,933
	77	Concho Resources, Inc.		5,835
	551	Denbury Resources, Inc.(a)		543
	71	Devon Energy Corp.		1,542
	59	Diamondback Energy, Inc.		4,390
	75	EOG Resources, Inc.		5,468
	89	EQT Corp.		538
	72	Green Plains, Inc.		898
	179	Marathon Oil Corp.		2,035
	109	Noble Energy, Inc.		2,155
	58	ONEOK, Inc.		4,342
	508	Southwestern Energy Co.(a)		798
	29	Valero Energy Corp.		2,445
	46	World Fuel Services Corp.		1,800

				42,722

		Paper & Forest Products — 0.1%
	36	Domtar Corp.		1,254
	64	Louisiana-Pacific Corp.		1,963

				3,217

		Personal Products — 0.0%
	7	Estee Lauder Cos., Inc. (The), Class A		1,366

		Pharmaceuticals — 1.9%
	3	Allergan PLC		560
	41	Bristol-Myers Squibb Co.		2,581
	49	Catalent, Inc.(a)		2,994
	26	Eli Lilly & Co.		3,630
	96	Merck & Co., Inc.		8,202
	87	Novartis AG, Sponsored ADR		8,222
	219	Novo Nordisk AS, Sponsored ADR		13,322
	16	Perrigo Co. PLC		913
	145	Pfizer, Inc.		5,400
		Pharmaceuticals — continued
	334	Roche Holding AG, Sponsored ADR	$	13,961

				59,785

		Professional Services — 0.3%
	41	Exponent, Inc.		2,984
	15	Insperity, Inc.		1,311
	39	Korn Ferry		1,598
	23	ManpowerGroup, Inc.		2,104
	28	Nielsen Holdings PLC		571

				8,568

		Real Estate Management & Development — 0.2%
	27	CBRE Group, Inc., Class A(a)		1,649
	21	Jones Lang LaSalle, Inc.		3,566

				5,215

		REITs – Apartments — 0.5%
	74	American Campus Communities, Inc.		3,394
	6	AvalonBay Communities, Inc.		1,300
	49	Camden Property Trust		5,509
	28	Equity Residential		2,326
	8	Essex Property Trust, Inc.		2,478
	2	Mid-America Apartment Communities, Inc.		275

				15,282

		REITs – Diversified — 0.2%
	11	Crown Castle International Corp.		1,648
	9	Digital Realty Trust, Inc.		1,107
	3	Equinix, Inc.		1,769
	81	Weyerhaeuser Co.		2,345

				6,869

		REITs – Health Care — 0.3%
	27	Ventas, Inc.		1,562
	79	Welltower, Inc.		6,708

				8,270

		REITs – Hotels — 0.0%
	96	Host Hotels & Resorts, Inc.		1,569

		REITs – Office Property — 0.6%
	12	Boston Properties, Inc.		1,720
	111	Corporate Office Properties Trust		3,305
	126	Douglas Emmett, Inc.		5,229
	168	Easterly Government Properties, Inc.		4,067
	56	Kilroy Realty Corp.		4,624

				18,945

		REITs – Regional Malls — 0.1%
	14	Simon Property Group, Inc.		1,864

		REITs – Storage — 0.0%
	20	Iron Mountain, Inc.		632
	4	Public Storage		895

				1,527

		REITs – Warehouse/Industrials — 0.2%
	36	CyrusOne, Inc.		2,191
	91	Liberty Property Trust		5,701

				7,892

		Road & Rail — 0.5%
	12	Kansas City Southern		2,024
	36	Norfolk Southern Corp.		7,496
	30	Ryder System, Inc.		1,432
	36	Union Pacific Corp.		6,459

				17,411

See accompanying notes to financial statements.

93 |

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2060 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — 2.3%
	13	Advanced Micro Devices, Inc.(a)	$	611
	42	Applied Materials, Inc.		2,436
	24	Cabot Microelectronics Corp.		3,492
	43	Cirrus Logic, Inc.(a)		3,303
	29	Cree, Inc.(a)		1,348
	105	First Solar, Inc.(a)		5,206
	238	Intel Corp.		15,215
	69	NVIDIA Corp.		16,314
	149	QUALCOMM, Inc.		12,711
	33	Silicon Laboratories, Inc.(a)		3,244
	78	Texas Instruments, Inc.		9,411

				73,291

		Software — 3.0%
	12	Adobe, Inc.(a)		4,214
	127	Autodesk, Inc.(a)		25,000
	24	Blackbaud, Inc.		1,880
	33	Bottomline Technologies, Inc.(a)		1,769
	9	Citrix Systems, Inc.		1,091
	12	Fair Isaac Corp.(a)		4,829
	19	LogMeIn, Inc.		1,633
	143	Microsoft Corp.		24,343
	31	NortonLifeLock, Inc.		881
	441	Oracle Corp.		23,130
	29	PTC, Inc.(a)		2,410
	21	Qualys, Inc.(a)		1,801
	14	salesforce.com, Inc.(a)		2,552

				95,533

		Specialty Retail — 0.9%
	24	Aaron’s, Inc.		1,425
	71	American Eagle Outfitters, Inc.		1,022
	28	Asbury Automotive Group, Inc.(a)		2,701
	11	Best Buy Co., Inc.		932
	13	Five Below, Inc.(a)		1,472
	42	Home Depot, Inc. (The)		9,580
	19	Lithia Motors, Inc., Class A		2,577
	25	Lowe’s Cos., Inc.		2,906
	20	Monro, Inc.		1,254
	6	Tiffany & Co.		804
	27	TJX Cos., Inc. (The)		1,594
	26	Williams-Sonoma, Inc.		1,822

				28,089

		Technology Hardware, Storage & Peripherals — 1.1%
	62	Apple, Inc.		19,190
	337	Hewlett Packard Enterprise Co.		4,694
	192	HP, Inc.		4,093
	71	NCR Corp.(a)		2,394
	24	NetApp, Inc.		1,282
	15	Seagate Technology PLC		855
	14	Western Digital Corp.		917
	32	Xerox Holdings Corp.		1,138

				34,563

		Textiles, Apparel & Luxury Goods — 0.7%
	16	Deckers Outdoor Corp.(a)		3,055
	15	Hanesbrands, Inc.		206
	34	NIKE, Inc., Class B		3,274
	3	PVH Corp.		261
	27	Tapestry, Inc.		696
	659	Under Armour, Inc., Class A(a)		13,299
	61	Wolverine World Wide, Inc.		1,926

				22,717

		Thrifts & Mortgage Finance — 0.1%
	243	New York Community Bancorp, Inc.	$	2,688

		Trading Companies & Distributors — 0.3%
	117	Fastenal Co.		4,081
	20	GATX Corp.		1,522
	13	W.W. Grainger, Inc.		3,935

				9,538

		Water Utilities — 0.4%
	62	American Water Works Co., Inc.		8,444
	69	Essential Utilities, Inc.		3,584

				12,028

		Wireless Telecommunication Services — 0.1%
	45	Shenandoah Telecommunications Co.		1,816

		Total Common Stocks (Identified Cost $1,869,897)		1,980,949


Principal Amount
	Bonds and Notes — 4.0%
		Agency Commercial Mortgage-Backed Securities — 0.0%
$	1,000	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)		1,016

		Automotive — 0.0%
	1,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		1,019

		Banking — 0.6%
	2,000	American Express Co., 3.700%, 8/03/2023		2,125
	2,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		2,048
	1,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		1,074
	1,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		1,046
	1,000	Citigroup, Inc., 4.600%, 3/09/2026		1,121
	1,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		1,043
	2,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		2,153
	2,000	HSBC Holdings PLC, 5.100%, 4/05/2021		2,077
	2,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		2,100
	1,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		1,077
	1,000	Royal Bank of Canada, GMTN, 2.150%, 3/06/2020		1,000
	1,000	Santander UK PLC, 2.375%, 3/16/2020		1,001
	1,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		1,046

				18,911

		Cable Satellite — 0.1%
	2,000	Comcast Corp., 3.000%, 2/01/2024		2,097

		Construction Machinery — 0.0%
	1,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		1,019

		Consumer Cyclical Services — 0.1%
	2,000	eBay, Inc., 3.800%, 3/09/2022		2,072

		Electric — 0.1%
	2,000	Duke Energy Corp., 3.750%, 4/15/2024		2,142
	2,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		2,125

				4,267

		Government Owned – No Guarantee — 0.1%
	2,000	Federal National Mortgage Association, 6.625%, 11/15/2030		2,940

		Health Insurance — 0.1%
	1,000	Anthem, Inc., 4.101%, 3/01/2028		1,105

See accompanying notes to financial statements.

| 94

Portfolio of Investments – as of January 31, 2020

Natixis Sustainable Future 2060 Fund – (continued)


Principal Amount		Description	Value (†)
		Health Insurance — continued
$	1,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036	$	1,359

				2,464

		Healthcare — 0.1%
	1,000	CVS Health Corp., 4.300%, 3/25/2028		1,108
	2,000	McKesson Corp., 3.950%, 2/16/2028		2,179

				3,287

		Independent Energy — 0.1%
	2,000	EQT Corp., 3.000%, 10/01/2022		1,926

		Integrated Energy — 0.1%
	1,000	BP Capital Markets PLC, 3.814%, 2/10/2024		1,074
	1,000	Chevron Corp., 1.961%, 3/03/2020		1,000
	1,000	Shell International Finance BV, 6.375%, 12/15/2038		1,505

				3,579

		Midstream — 0.0%
	1,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		1,071

		Mortgage Related — 0.9%
	12,276	FNMA, 3.000%, with various maturities from 2034 to 2049(c)		12,583
	9,393	FNMA, 3.500%, with various maturities in 2049(c)		9,690
	2,969	FNMA, 4.000%, 2/01/2049		3,099
	1,593	FNMA, 4.500%, 5/01/2049		1,685

				27,057

		Oil Field Services — 0.1%
	2,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		2,053

		Railroads — 0.1%
	2,000	CSX Corp., 2.600%, 11/01/2026		2,075

		REITs – Office Property — 0.0%
	1,000	Boston Properties LP, 2.750%, 10/01/2026		1,033

		Restaurants — 0.1%
	2,000	Starbucks Corp., 3.800%, 8/15/2025		2,189

		Technology — 0.3%
	1,000	Apple, Inc., 2.500%, 2/09/2025		1,036
	1,000	International Business Machines Corp., 4.000%, 6/20/2042		1,159
	2,000	Oracle Corp., 2.950%, 5/15/2025		2,112
	2,000	QUALCOMM, Inc., 3.450%, 5/20/2025		2,148
	2,000	VMware, Inc., 2.950%, 8/21/2022		2,047

				8,502

		Treasuries — 1.0%
	1,000	U.S. Treasury Bond, 2.500%, 5/15/2046		1,096
	3,000	U.S. Treasury Bond, 2.875%, 11/15/2046		3,531
	4,000	U.S. Treasury Bond, 3.000%, 5/15/2045		4,771
	1,000	U.S. Treasury Bond, 3.000%, 2/15/2048		1,210
	2,000	U.S. Treasury Bond, 3.000%, 2/15/2049		2,436
	1,000	U.S. Treasury Bond, 4.250%, 11/15/2040		1,405
	1,000	U.S. Treasury Bond, 4.375%, 5/15/2041		1,431
	6,000	U.S. Treasury Bond, 5.250%, 2/15/2029		7,904
	2,000	U.S. Treasury Note, 1.125%, 9/30/2021		1,991
	1,000	U.S. Treasury Note, 2.000%, 11/15/2026		1,037
	3,000	U.S. Treasury Note, 2.125%, 12/31/2022		3,070
	1,000	U.S. Treasury Note, 2.250%, 11/15/2025		1,048
	1,000	U.S. Treasury Note, 2.250%, 11/15/2027		1,058
	1,000	U.S. Treasury Note, 2.625%, 2/15/2029		1,095

				33,083

		Wireless — 0.0%
	1,000	Vodafone Group PLC, 6.150%, 2/27/2037		1,352

		Wirelines — 0.1%
	2,000	AT&T, Inc., 3.400%, 5/15/2025	$	2,122
	1,000	AT&T, Inc., 3.875%, 1/15/2026		1,086
	1,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 3.010%, 5/15/2025(d)		1,030

				4,238

		Total Bonds and Notes (Identified Cost $122,163)		127,250


Shares
	Exchange-Traded Funds — 16.8%
	5,475	iShares^® ESG MSCI EAFE ETF		366,058
	5,016	iShares^® ESG MSCI Emerging Markets ETF		170,293

		Total Exchange-Traded Funds (Identified Cost $502,625)		536,351


	Affiliated Mutual Funds — 18.6%
	4,857	Mirova Global Green Bond Fund, Class N		51,629
	44,301	Mirova International Sustainable Equity Fund, Class N		543,568

		Total Affiliated Mutual Funds (Identified Cost $533,309)		595,197


		Total Investments — 101.3% (Identified Cost $3,027,994)		3,239,747
		Other assets less liabilities — (1.3)%		(41,759	)

		Net Assets — 100.0%	$	3,197,988


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of January 31, 2020 is disclosed.
	(c)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)	Variable rate security. Rate as of January 31, 2020 is disclosed.

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

Asset Allocation Summary at January 31, 2020


Equity	95.7	%
Fixed Income	5.6

Total Investments	101.3
Other assets less liabilities	(1.3	)

Net Assets	100.0	%

See accompanying notes to financial statements.

95 |

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| 96

Statements of Assets and Liabilities

January 31, 2020


	Natixis Sustainable Future 2015 Fund		Natixis Sustainable Future 2020 Fund		Natixis Sustainable Future 2025 Fund		Natixis Sustainable Future 2030 Fund
ASSETS
Unaffiliated investments at cost	$	3,255,688	$	3,441,777	$	3,819,784	$	4,065,571
Affiliated investments at cost		2,569,645		2,169,056		1,876,200		1,844,090
Net unrealized appreciation on unaffiliated investments		168,486		193,165		174,118		190,282
Net unrealized appreciation on affiliated investments		93,214		90,674		78,421		76,625

Investments at value		6,087,033		5,894,672		5,948,523		6,176,568
Cash		57,197		56,445		39,154		43,202
Receivable for Fund shares sold		193		383		209		2,476
Receivable from investment adviser (Note 5)		21,633		22,122		20,900		25,473
Receivable for securities sold		127,650		117,110		76,413		100,701
Dividends and interest receivable		10,542		10,175		9,298		9,114
Dividends receivable from affiliates		1,179		1,018		778		536
Tax reclaims receivable		369		508		375		361
Prepaid expenses (Note 6)		1		1		—		—

TOTAL ASSETS		6,305,797		6,102,434		6,095,650		6,358,431

LIABILITIES
Payable for securities purchased		56,335		37,479		22,307		49,038
Payable for Fund shares redeemed		—		—		—		—
Payable to custodian bank (Note 7)		—		—		—		—
Deferred Trustees’ fees (Note 5)		11,654		11,655		11,628		11,617
Administrative fees payable (Note 5)		231		225		228		235
Audit and tax services fees payable		29,254		29,254		29,253		29,253
Other accounts payable and accrued expenses		17,172		17,517		17,254		18,368

TOTAL LIABILITIES		114,646		96,130		80,670		108,511

NET ASSETS	$	6,191,151	$	6,006,304	$	6,014,980	$	6,249,920

NET ASSETS CONSIST OF:
Paid-in capital	$	5,892,236	$	5,686,581	$	5,731,829	$	5,898,522
Accumulated earnings		298,915		319,723		283,151		351,398

NET ASSETS	$	6,191,151	$	6,006,304	$	6,014,980	$	6,249,920

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class N shares:
Net assets	$	6,191,151	$	6,006,304	$	6,014,980	$	6,249,920

Shares of beneficial interest		578,402		563,215		552,337		560,298

Net asset value, offering and redemption price per share	$	10.70	$	10.66	$	10.89	$	11.15

See accompanying notes to financial statements.

97 |

Statements of Assets and Liabilities (continued)

January 31, 2020


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

$	3,936,647	$	4,033,257	$	3,703,964	$	3,459,754	$	3,236,152	$	2,494,685
	1,295,879		1,286,720		997,706		825,235		711,568		533,309
	232,039		229,217		155,403		158,762		145,127		149,865
	99,272		92,849		75,998		71,263		62,681		61,888

	5,563,837		5,642,043		4,933,071		4,515,014		4,155,528		3,239,747
	—		—		19,294		—		4,339		—
	362		2,076		298		2,548		484		2,448
	21,926		26,100		21,566		24,638		21,605		21,806
	125,178		104,839		59,546		98,280		65,063		74,668
	6,248		4,557		3,782		3,459		3,191		2,584
	301		162		139		—		—		—
	406		500		428		385		378		384
	—		—		—		—		—		—

	5,718,258		5,780,277		5,038,124		4,644,324		4,250,588		3,341,637


	43,173		30,254		12,854		13,099		14,706		10,786
	16,004		—		16,100		—		—		—
	34,842		28,233		—		15,001		—		75,281
	11,628		11,617		11,597		11,598		11,592		11,588
	211		213		183		167		149		120
	29,254		29,253		29,254		29,254		29,253		29,253
	17,516		18,330		17,347		18,245		17,251		16,621

	152,628		117,900		87,335		87,364		72,951		143,649

$	5,565,630	$	5,662,377	$	4,950,789	$	4,556,960	$	4,177,637	$	3,197,988


$	5,185,863	$	5,286,264	$	4,681,054	$	4,264,357	$	3,942,416	$	2,964,115
	379,767		376,113		269,735		292,603		235,221		233,873

$	5,565,630	$	5,662,377	$	4,950,789	$	4,556,960	$	4,177,637	$	3,197,988



$	5,565,630	$	5,662,377	$	4,950,789	$	4,556,960	$	4,177,637	$	3,197,988

	495,210		506,341		443,187		408,872		375,999		289,991

$	11.24	$	11.18	$	11.17	$	11.15	$	11.11	$	11.03

See accompanying notes to financial statements.

| 98

Statements of Operations

For the Year Ended January 31, 2020


	Natixis Sustainable Future 2015 Fund			Natixis Sustainable Future 2020 Fund			Natixis Sustainable Future 2025 Fund			Natixis Sustainable Future 2030 Fund
INVESTMENT INCOME
Dividends from unaffiliated investments	$	37,139		$	43,943		$	44,550		$	48,795
Dividends from affiliated investments		41,648			35,599			26,542			23,021
Interest		20,174			19,881			14,959			11,795
Less net foreign taxes withheld		(271	)		(513	)		(284	)		(346	)

		98,690			98,910			85,767			83,265

Expenses
Management fees (Note 5)		38,883			40,106			35,216			34,781
Administrative fees (Note 5)		2,243			2,260			1,948			1,906
Trustees’ fees and expenses (Note 5)		17,413			17,413			17,387			17,381
Transfer agent fees and expenses		1,080			1,132			1,135			1,167
Audit and tax services fees		33,183			33,183			33,183			33,183
Custodian fees and expenses		33,395			32,997			34,830			40,482
Legal fees (Note 6)		3,216			3,289			2,823			2,368
Registration fees		26,368			26,368			26,368			26,368
Regulatory filing fees		12,458			12,458			12,458			12,458
Shareholder reporting expenses		10,694			10,716			9,835			9,426
Miscellaneous expenses (Note 6)		10,157			10,209			10,142			10,246

Total expenses		189,090			190,131			185,325			189,766
Less waiver and/or expense reimbursement (Note 5)		(173,096	)		(173,495	)		(170,276	)		(173,901	)

Net expenses		15,994			16,636			15,049			15,865

Net investment income		82,696			82,274			70,718			67,400

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on:
Unaffiliated investments		221,823			189,091			188,039			254,160
Affiliated investments		29,291			34,319			25,108			31,235
Distributions of capital gains received from affiliated investments		8,151			7,731			5,934			4,986
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		108,514			178,159			140,432			143,151
Affiliated investments		129,942			113,329			92,076			83,560

Net realized and unrealized gain on investments		497,721			522,629			451,589			517,092

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	580,417		$	604,903		$	522,307		$	584,492

See accompanying notes to financial statements.

99 |

Statements of Operations (continued)

For the Year Ended January 31, 2020


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

$	62,947		$	59,399		$	49,519		$	51,132		$	46,543		$	42,812
	19,220			17,040			11,910			10,114			8,001			7,242
	8,385			4,146			3,312			3,215			2,726			2,474
	(578	)		(351	)		(296	)		(312	)		(307	)		(307	)

	89,974			80,234			64,445			64,149			56,963			52,221


	40,214			35,267			29,059			29,528			26,360			23,911
	2,124			1,865			1,523			1,531			1,360			1,230
	17,398			17,378			17,353			17,354			17,339			17,331
	1,179			1,173			1,165			1,191			1,186			1,167
	33,183			33,183			33,182			33,182			33,182			33,182
	34,278			39,354			36,290			40,445			35,653			33,077
	3,178			2,492			1,923			2,122			1,938			1,821
	26,368			26,368			26,368			26,368			26,368			26,368
	12,458			12,458			12,458			12,458			12,458			12,458
	10,484			9,377			8,401			8,658			8,461			8,208
	10,107			10,192			10,124			10,174			10,215			10,207

	190,971			189,107			177,846			183,011			174,520			168,960
	(171,934	)		(172,463	)		(163,871	)		(168,752	)		(161,497	)		(157,246	)

	19,037			16,644			13,975			14,259			13,023			11,714

	70,937			63,590			50,470			49,890			43,940			40,507



	249,540			230,465			213,294			228,926			200,217			195,240
	7,528			14,316			5,468			15,275			3,557			1,620
	2,722			2,763			867			915			720			573

	199,510			195,100			95,536			111,721			98,800			88,170
	101,837			93,102			73,975			67,681			59,495			59,023

	561,137			535,746			389,140			424,518			362,789			344,626

$	632,074		$	599,336		$	439,610		$	474,408		$	406,729		$	385,133

See accompanying notes to financial statements.

| 100

Statements of Changes in Net Assets


	Natixis Sustainable Future 2015 Fund						Natixis Sustainable Future 2020 Fund						Natixis Sustainable Future 2025 Fund
	Year Ended January 31, 2020			Year Ended January 31, 2019			Year Ended January 31, 2020			Year Ended January 31, 2019			Year Ended January 31, 2020			Year Ended January 31, 2019
FROM OPERATIONS:
Net investment income	$	82,696		$	94,583		$	82,274		$	89,986		$	70,718		$	65,783
Net realized gain on investments and distributions of capital gains received from affiliated investments		259,265			226,694			231,141			325,913			219,081			252,869
Net change in unrealized appreciation (depreciation) on investments		238,456			(379,868	)		291,488			(492,458	)		232,508			(407,524	)

Net increase (decrease) in net assets resulting from operations		580,417			(58,591	)		604,903			(76,559	)		522,307			(88,872	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class N		(322,135	)		(355,507	)		(285,054	)		(465,438	)		(285,723	)		(329,260	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		1,332,578			478,631			1,146,637			464,635			2,021,861			656,250

Net increase (decrease) in net assets		1,590,860			64,533			1,466,486			(77,362	)		2,258,445			238,118
NET ASSETS
Beginning of the year		4,600,291			4,535,758			4,539,818			4,617,180			3,756,535			3,518,417

End of the year	$	6,191,151		$	4,600,291		$	6,006,304		$	4,539,818		$	6,014,980		$	3,756,535

See accompanying notes to financial statements.

101 |

Statements of Changes in Net Assets (continued)


	Natixis Sustainable Future 2030 Fund						Natixis Sustainable Future 2035 Fund						Natixis Sustainable Future 2040 Fund
	Year Ended January 31, 2020			Year Ended January 31, 2019			Year Ended January 31, 2020			Year Ended January 31, 2019			Year Ended January 31, 2020			Year Ended January 31, 2019
FROM OPERATIONS:
Net investment income	$	67,400		$	52,385		$	70,937		$	50,842		$	63,590		$	44,429
Net realized gain on investments and distributions of capital gains received from affiliated investments		290,381			245,831			259,790			294,933			247,544			312,062
Net change in unrealized appreciation (depreciation) on investments		226,711			(391,771	)		301,347			(459,860	)		288,202			(496,960	)

Net increase (decrease) in net assets resulting from operations		584,492			(93,555	)		632,074			(114,085	)		599,336			(140,469	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class N		(297,864	)		(294,955	)		(318,050	)		(329,317	)		(300,687	)		(336,300	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		2,769,661			548,767			1,152,393			1,430,894			2,033,532			711,448

Net increase in net assets		3,056,289			160,257			1,466,417			987,492			2,332,181			234,679
NET ASSETS
Beginning of the year		3,193,631			3,033,374			4,099,213			3,111,721			3,330,196			3,095,517

End of the year	$	6,249,920		$	3,193,631		$	5,565,630		$	4,099,213		$	5,662,377		$	3,330,196

See accompanying notes to financial statements.

| 102

Statements of Changes in Net Assets (continued)


	Natixis Sustainable Future 2045 Fund						Natixis Sustainable Future 2050 Fund						Natixis Sustainable Future 2055 Fund
	Year Ended January 31, 2020			Year Ended January 31, 2019			Year Ended January 31, 2020			Year Ended January 31, 2019			Year Ended January 31, 2020			Year Ended January 31, 2019
FROM OPERATIONS:
Net investment income	$	50,470		$	32,585		$	49,890		$	31,990		$	43,940		$	31,669
Net realized gain on investments and distributions of capital gains received from affiliated investments		219,629			246,157			245,116			254,775			204,494			260,528
Net change in unrealized appreciation (depreciation) on investments		169,511			(392,216	)		179,402			(412,633	)		158,295			(415,462	)

Net increase (decrease) in net assets resulting from operations		439,610			(113,474	)		474,408			(125,868	)		406,729			(123,265	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class N		(253,894	)		(271,505	)		(264,071	)		(272,323	)		(254,037	)		(274,462	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		2,248,041			333,717			1,854,491			376,638			1,410,632			478,224

Net increase (decrease) in net assets		2,433,757			(51,262	)		2,064,828			(21,553	)		1,563,324			80,497
NET ASSETS
Beginning of the year		2,517,032			2,568,294			2,492,132			2,513,685			2,614,313			2,533,816

End of the year	$	4,950,789		$	2,517,032		$	4,556,960		$	2,492,132		$	4,177,637		$	2,614,313

See accompanying notes to financial statements.

103 |

Statements of Changes in Net Assets (continued)


	Natixis Sustainable Future 2060 Fund
	Year Ended January 31, 2020			Year Ended January 31, 2019
FROM OPERATIONS:
Net investment income	$	40,507		$	32,033
Net realized gain on investments and distributions of capital gains received from affiliated investments		197,433			252,606
Net change in unrealized appreciation (depreciation) on investments		147,193			(403,205	)

Net increase (decrease) in net assets resulting from operations		385,133			(118,566	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class N		(237,210	)		(278,299	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		561,758			309,763

Net increase (decrease) in net assets		709,681			(87,102	)
NET ASSETS
Beginning of the year		2,488,307			2,575,409

End of the year	$	3,197,988		$	2,488,307

See accompanying notes to financial statements.

| 104

Financial Highlights

For a share outstanding throughout each period.


	Sustainable Future 2015 Fund—Class N
	Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	10.11		$	11.13		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.23			0.15
Net realized and unrealized gain (loss)		1.02			(0.41	)		1.19

Total from Investment Operations		1.19			(0.18	)		1.34

LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.23	)		(0.16	)
Net realized capital gains		(0.42	)		(0.61	)		(0.05	)

Total Distributions		(0.60	)		(0.84	)		(0.21	)

Net asset value, end of the period	$	10.70		$	10.11		$	11.13

Total return(b)		11.81	%		(1.28	)%		13.42	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,191		$	4,600		$	4,536
Net expenses(d)		0.31	%(e)(f)		0.35	%(g)		0.38	%(h)(i)
Gross expenses		3.70	%(e)		4.04	%(g)		3.57	%(h)(i)
Net investment income		1.62	%		2.10	%		1.49	%(h)
Portfolio turnover rate		73	%		41	%		15	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

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

(c)	Periods less than one year are not annualized.

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

(e)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.58% and 3.97%, respectively.

(f)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.55%. See Note 5 of Notes to Financial Statements.

(g)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 4.34%, respectively.

(h)	Computed on an annualized basis for periods less than one year.

(i)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 3.84%, respectively.

See accompanying notes to financial statements.

105 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Sustainable Future 2020 Fund—Class N
	Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	9.97		$	11.34		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.22			0.14
Net realized and unrealized gain (loss)		1.06			(0.46	)		1.39

Total from Investment Operations		1.23			(0.24	)		1.53

LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.23	)		(0.15	)
Net realized capital gains		(0.36	)		(0.90	)		(0.04	)

Total Distributions		(0.54	)		(1.13	)		(0.19	)

Net asset value, end of the period	$	10.66		$	9.97		$	11.34

Total return(b)		12.31	%		(1.66	)%		15.38	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,006		$	4,540		$	4,617
Net expenses(d)		0.32	%(e)(f)		0.38	%(g)		0.41	%(h)(i)
Gross expenses		3.69	%(e)		4.10	%(g)		3.58	%(h)(i)
Net investment income		1.60	%		1.98	%		1.40	%(h)
Portfolio turnover rate		74	%		65	%		15	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

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

(c)	Periods less than one year are not annualized.

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

(e)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.58% and 3.95%, respectively.

(f)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.55%. See Note 5 of Notes to Financial Statements.

(g)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 4.37%, respectively.

(h)	Computed on an annualized basis for periods less than one year.

(i)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 3.82%, respectively.

See accompanying notes to financial statements.

| 106

Financial Highlights (continued)

For a share outstanding throughout each period.


	Sustainable Future 2025 Fund—Class N
	Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	10.22		$	11.54		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.21			0.13
Net realized and unrealized gain (loss)		1.12			(0.54	)		1.59

Total from Investment Operations		1.29			(0.33	)		1.72

LESS DISTRIBUTIONS FROM:
Net investment income		(0.17	)		(0.20	)		(0.14	)
Net realized capital gains		(0.45	)		(0.79	)		(0.04	)

Total Distributions		(0.62	)		(0.99	)		(0.18	)

Net asset value, end of the period	$	10.89		$	10.22		$	11.54

Total return(b)		12.73	%		(2.46	)%		17.31	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,015		$	3,757		$	3,518
Net expenses(d)		0.34	%(e)(f)		0.42	%(g)		0.45	%(h)(i)
Gross expenses		4.18	%(e)		4.88	%(g)		4.41	%(h)(i)
Net investment income		1.59	%		1.88	%		1.30	%(h)
Portfolio turnover rate		67	%		59	%		16	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

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

(c)	Periods less than one year are not annualized.

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

(e)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.59% and 4.43%, respectively.

(f)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.56%. See Note 5 of Notes to Financial Statements.

(g)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.11%, respectively.

(h)	Computed on an annualized basis for periods less than one year.

(i)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 4.61%, respectively.

See accompanying notes to financial statements.

107 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Sustainable Future 2030 Fund—Class N
	Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	10.39		$	11.79		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.19			0.12
Net realized and unrealized gain (loss)		1.19			(0.60	)		1.86

Total from Investment Operations		1.36			(0.41	)		1.98

LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.18	)		(0.14	)
Net realized capital gains		(0.46	)		(0.81	)		(0.05	)

Total Distributions		(0.60	)		(0.99	)		(0.19	)

Net asset value, end of the period	$	11.15		$	10.39		$	11.79

Total return(b)		13.12	%		(2.91	)%		19.79	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,250		$	3,194		$	3,033
Net expenses(d)		0.37	%(e)(f)		0.48	%(g)		0.50	%(h)(i)
Gross expenses		4.37	%(e)		5.34	%(g)		5.04	%(h)(i)
Net investment income		1.55	%		1.68	%		1.22	%(h)
Portfolio turnover rate		80	%		65	%		15	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

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

(c)	Periods less than one year are not annualized.

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

(e)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 4.60%, respectively.

(f)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.57%. See Note 5 of Notes to Financial Statements.

(g)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.51%, respectively.

(h)	Computed on an annualized basis for periods less than one year.

(i)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.19%, respectively.

See accompanying notes to financial statements.

| 108

Financial Highlights (continued)

For a share outstanding throughout each period.


	Sustainable Future 2035 Fund—Class N
	Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	10.46		$	12.01		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.17			0.11
Net realized and unrealized gain (loss)		1.33			(0.67	)		2.08

Total from Investment Operations		1.49			(0.50	)		2.19

LESS DISTRIBUTIONS FROM:
Net investment income		(0.17	)		(0.17	)		(0.13	)
Net realized capital gains		(0.54	)		(0.88	)		(0.05	)

Total Distributions		(0.71	)		(1.05	)		(0.18	)

Net asset value, end of the period	$	11.24		$	10.46		$	12.01

Total return(b)		14.29	%		(3.68	)%		21.95	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,566		$	4,099		$	3,112
Net expenses(d)		0.39	%(e)(f)		0.52	%(g)		0.55	%(h)(i)
Gross expenses		3.95	%(e)		5.12	%(g)		5.03	%(h)(i)
Net investment income		1.47	%		1.52	%		1.13	%(h)
Portfolio turnover rate		63	%		74	%		14	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

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

(c)	Periods less than one year are not annualized.

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

(e)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 4.16%, respectively.

(f)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.58%. See Note 5 of Notes to Financial Statements.

(g)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.25%, respectively.

(h)	Computed on an annualized basis for periods less than one year.

(i)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.13%, respectively.

See accompanying notes to financial statements.

109 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Sustainable Future 2040 Fund—Class N
	Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	10.43		$	12.20		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.16			0.11
Net realized and unrealized gain (loss)		1.29			(0.75	)		2.26

Total from Investment Operations		1.45			(0.59	)		2.37

LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.16	)		(0.12	)
Net realized capital gains		(0.55	)		(1.02	)		(0.05	)

Total Distributions		(0.70	)		(1.18	)		(0.17	)

Net asset value, end of the period	$	11.18		$	10.43		$	12.20

Total return(b)		13.94	%(c)		(4.19	)%		23.80	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,662		$	3,330		$	3,096
Net expenses(e)		0.39	%(f)(g)		0.56	%(h)		0.59	%(i)(j)
Gross expenses		4.45	%(f)		5.40	%(h)		5.04	%(i)(j)
Net investment income		1.50	%		1.42	%		1.04	%(i)
Portfolio turnover rate		63	%		90	%		15	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

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

(c)

Generally accepted accounting principles require certain adjustments to be made to the net assets of the Fund for financial reporting purposes only, and as such, the total returns based on the adjusted net asset values per share may differ from the total returns reported in the average annual total return table.

(d)	Periods less than one year are not annualized.

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

(f)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.61% and 4.67%, respectively.

(g)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.59%. See Note 5 of Notes to Financial Statements.

(h)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.49%, respectively.

(i)	Computed on an annualized basis for periods less than one year.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.10%, respectively.

See accompanying notes to financial statements.

| 110

Financial Highlights (continued)

For a share outstanding throughout each period.


	Sustainable Future 2045 Fund—Class N
	Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	10.38		$	12.31		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.15			0.10
Net realized and unrealized gain (loss)		1.37			(0.81	)		2.39

Total from Investment Operations		1.53			(0.66	)		2.49

LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.16	)		(0.12	)
Net realized capital gains		(0.59	)		(1.11	)		(0.06	)

Total Distributions		(0.74	)		(1.27	)		(0.18	)

Net asset value, end of the period	$	11.17		$	10.38		$	12.31

Total return(b)		14.73	%		(4.53	)%		24.92	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	4,951		$	2,517		$	2,568
Net expenses(d)		0.40	%(e)(f)		0.58	%(g)		0.61	%(h)(i)
Gross expenses		5.12	%(e)		6.46	%(g)		5.97	%(h)(i)
Net investment income		1.45	%		1.32	%		0.97	%(h)
Portfolio turnover rate		58	%		77	%		17	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

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

(c)	Periods less than one year are not annualized.

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

(e)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.61% and 5.33%, respectively.

(f)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.59%. See Note 5 of Notes to Financial Statements.

(g)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.53%, respectively.

(h)	Computed on an annualized basis for periods less than one year.

(i)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.01%, respectively.

See accompanying notes to financial statements.

111 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Sustainable Future 2050 Fund—Class N
	Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	10.41		$	12.38		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.15			0.10
Net realized and unrealized gain (loss)		1.35			(0.84	)		2.45

Total from Investment Operations		1.51			(0.69	)		2.55

LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.16	)		(0.11	)
Net realized capital gains		(0.62	)		(1.12	)		(0.06	)

Total Distributions		(0.77	)		(1.28	)		(0.17	)

Net asset value, end of the period	$	11.15		$	10.41		$	12.38

Total return(b)		14.57	%(c)		(4.82	)%		25.64	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	4,557		$	2,492		$	2,514
Net expenses(e)		0.41	%(f)(g)		0.59	%(h)		0.62	%(i)(j)
Gross expenses		5.24	%(f)		6.42	%(h)		6.00	%(i)(j)
Net investment income		1.43	%		1.29	%		0.94	%(i)
Portfolio turnover rate		75	%		83	%		18	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

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

(c)

(d)	Periods less than one year are not annualized.

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

(f)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.62% and 5.45%, respectively.

(g)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.60%. See Note 5 of Notes to Financial Statements.

(h)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.48%, respectively.

(i)	Computed on an annualized basis for periods less than one year.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.03%, respectively.

See accompanying notes to financial statements.

| 112

Financial Highlights (continued)

For a share outstanding throughout each period.


	Sustainable Future 2055 Fund—Class N
	Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	10.43		$	12.38		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.15			0.10
Net realized and unrealized gain (loss)		1.40			(0.83	)		2.45

Total from Investment Operations		1.56			(0.68	)		2.55

LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.16	)		(0.11	)
Net realized capital gains		(0.72	)		(1.11	)		(0.06	)

Total Distributions		(0.88	)		(1.27	)		(0.17	)

Net asset value, end of the period	$	11.11		$	10.43		$	12.38

Total return(b)		14.93	%		(4.80	)%		25.64	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	4,178		$	2,614		$	2,534
Net expenses(d)		0.42	%(e)(f)		0.59	%(g)		0.62	%(h)(i)
Gross expenses		5.63	%(e)		6.44	%(g)		5.98	%(h)(i)
Net investment income		1.42	%		1.27	%		0.94	%(h)
Portfolio turnover rate		64	%		85	%		18	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

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

(c)	Periods less than one year are not annualized.

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

(e)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.62% and 5.83%, respectively.

(f)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.60%. See Note 5 of Notes to Financial Statements.

(g)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.50%, respectively.

(h)	Computed on an annualized basis for periods less than one year.

(i)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.01%, respectively.

See accompanying notes to financial statements.

113 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Sustainable Future 2060 Fund—Class N
	Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	10.40		$	12.38		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.15			0.10
Net realized and unrealized gain (loss)		1.38			(0.82	)		2.45

Total from Investment Operations		1.54			(0.67	)		2.55

LESS DISTRIBUTIONS FROM:
Net investment income		(0.17	)		(0.16	)		(0.11	)
Net realized capital gains		(0.74	)		(1.15	)		(0.06	)

Total Distributions		(0.91	)		(1.31	)		(0.17	)

Net asset value, end of the period	$	11.03		$	10.40		$	12.38

Total return(b)		14.78	%		(4.56	)%		25.59	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,198		$	2,488		$	2,575
Net expenses(d)		0.42	%(e)(f)		0.59	%(g)		0.62	%(h)(i)
Gross expenses		6.03	%(e)		6.45	%(g)		5.97	%(h)(i)
Net investment income		1.45	%		1.29	%		0.94	%(h)
Portfolio turnover rate		64	%		80	%		17	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

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

(c)	Periods less than one year are not annualized.

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

(e)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.62% and 6.23%, respectively.

(f)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.60%. See Note 5 of Notes to Financial Statements.

(g)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.51%, respectively.

(h)	Computed on an annualized basis for periods less than one year.

(i)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.00%, respectively.

See accompanying notes to financial statements.

| 114

Notes to Financial Statements

January 31, 2020

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

Natixis Funds Trust IV:

Natixis Sustainable Future 2015 Fund (the “Sustainable Future 2015 Fund”)

Natixis Sustainable Future 2020 Fund (the “Sustainable Future 2020 Fund”)

Natixis Sustainable Future 2025 Fund (the “Sustainable Future 2025 Fund”)

Natixis Sustainable Future 2030 Fund (the “Sustainable Future 2030 Fund”)

Natixis Sustainable Future 2035 Fund (the “Sustainable Future 2035 Fund”)

Natixis Sustainable Future 2040 Fund (the “Sustainable Future 2040 Fund”)

Natixis Sustainable Future 2045 Fund (the “Sustainable Future 2045 Fund”)

Natixis Sustainable Future 2050 Fund (the “Sustainable Future 2050 Fund”)

Natixis Sustainable Future 2055 Fund (the “Sustainable Future 2055 Fund”)

Natixis Sustainable Future 2060 Fund (the “Sustainable Future 2060 Fund”)

Each Fund is a diversified investment company.

Each Fund offers Class N shares. Class N shares do not pay a front-end sales charge, a contingent deferred sales charge or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Certain categories of investors are exempted from the minimum investment amounts for Class N as outlined in the Funds’ prospectus.

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

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

115 |

Notes to Financial Statements (continued)

January 31, 2020

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

b. Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on the trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis.

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

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

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

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

d. Federal and Foreign Income Taxes. The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of January 31, 2020 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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 eligible to be reclaimed. 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 will be filed are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets

| 116

Notes to Financial Statements (continued)

January 31, 2020

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, distribution re-designations and distributions received from underlying funds. Permanent book and tax basis differences relating to shareholder distributions, net investment income and net realized gains will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, wash sales and premium amortization. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended January 31, 2020 and 2019 were as follows:


	2020 Distributions Paid From:						2019 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Sustainable Future 2015 Fund	$	156,559	$	165,576	$	322,135	$	160,754	$	194,753	$	355,507
Sustainable Future 2020 Fund		177,667		107,387		285,054		166,032		299,406		465,438
Sustainable Future 2025 Fund		150,416		135,307		285,723		116,622		212,638		329,260
Sustainable Future 2030 Fund		157,746		140,118		297,864		87,034		207,921		294,955
Sustainable Future 2035 Fund		186,903		131,147		318,050		84,598		244,719		329,317
Sustainable Future 2040 Fund		147,146		153,541		300,687		81,843		254,457		336,300
Sustainable Future 2045 Fund		99,913		153,981		253,894		60,325		211,180		271,505
Sustainable Future 2050 Fund		112,587		151,484		264,071		60,040		212,283		272,323
Sustainable Future 2055 Fund		104,280		149,757		254,037		59,287		215,175		274,462
Sustainable Future 2060 Fund		81,555		155,655		237,210		59,596		218,703		278,299

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, 2020, the components of distributable earnings on a tax basis were as follows:


	Sustainable Future 2015 Fund		Sustainable Future 2020 Fund		Sustainable Future 2025 Fund		Sustainable Future 2030 Fund		Sustainable Future 2035 Fund
Undistributed ordinary income	$	39,609	$	42,298	$	38,436	$	78,838	$	52,821
Undistributed long-term capital gains		24,131		26,659		18,392		31,355		20,370

Total undistributed earnings		63,740		68,957		56,828		110,193		73,191

Unrealized appreciation		246,829		262,421		237,951		252,822		318,204

Total accumulated earnings	$	310,569	$	331,378	$	294,779	$	363,015	$	391,395


	Sustainable Future 2040 Fund		Sustainable Future 2045 Fund		Sustainable Future 2050 Fund		Sustainable Future 2055 Fund		Sustainable Future 2060 Fund
Undistributed ordinary income	$	58,199	$	48,047	$	67,746	$	41,142	$	34,386
Undistributed long-term capital gains		22,983		14,906		19,517		8,033		6,119

Total undistributed earnings		81,182		62,953		87,263		49,175		40,505

Unrealized appreciation		306,548		218,378		216,938		197,639		204,956

Total accumulated earnings	$	387,730	$	281,331	$	304,201	$	246,814	$	245,461

117 |

Notes to Financial Statements (continued)

January 31, 2020

As of January 31, 2020, the tax cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:


	Sustainable Future 2015 Fund			Sustainable Future 2020 Fund			Sustainable Future 2025 Fund			Sustainable Future 2030 Fund			Sustainable Future 2035 Fund
Federal tax cost	$	5,840,204		$	5,632,251		$	5,710,572		$	5,923,746		$	5,245,633

Gross tax appreciation	$	308,882		$	333,549		$	317,161		$	330,574		$	421,243
Gross tax depreciation		(62,053	)		(71,128	)		(79,210	)		(77,752	)		(103,039	)

Net tax appreciation	$	246,829		$	262,421		$	237,951		$	252,822		$	318,204


	Sustainable Future 2040 Fund			Sustainable Future 2045 Fund			Sustainable Future 2050 Fund			Sustainable Future 2055 Fund			Sustainable Future 2060 Fund
Federal tax cost	$	5,335,495		$	4,714,693		$	4,298,076		$	3,957,889		$	3,034,791

Gross tax appreciation	$	399,937		$	311,547		$	299,333		$	281,519		$	275,467
Gross tax depreciation		(93,389	)		(93,169	)		(82,395	)		(83,880	)		(70,511	)

Net tax appreciation	$	306,548		$	218,378		$	216,938		$	197,639		$	204,956

f. 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.

g. New Accounting Pronouncement. In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update introduces new fair value disclosure requirements, eliminates some prior fair value disclosure requirements, and modifies certain existing fair value disclosure requirements. ASU 2018-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Management has evaluated the impact of the adoption of ASU 2018-13 and will incorporate required disclosure updates in the Funds’ semiannual financial statements as of July 31, 2020.

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

•

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

•

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

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

| 118

Notes to Financial Statements (continued)

January 31, 2020

The following is a summary of the inputs used to value the Funds’ investments as of January 31, 2020, at value:

Sustainable Future 2015 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,884,966	$	—	$	—	$	1,884,966
Bonds and Notes(a)		—		1,178,312		—		1,178,312
Exchange-Traded Funds		360,896		—		—		360,896
Affiliated Mutual Funds		2,662,859		—		—		2,662,859

Total	$	4,908,721	$	1,178,312	$	—	$	6,087,033

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

For the year ended January 31, 2020, there were no transfers among Levels 1, 2 and 3.

Sustainable Future 2020 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,062,069	$	—	$	—	$	2,062,069
Bonds and Notes(a)		—		1,109,481		—		1,109,481
Exchange-Traded Funds		463,392		—		—		463,392
Affiliated Mutual Funds		2,259,730		—		—		2,259,730

Total	$	4,785,191	$	1,109,481	$	—	$	5,894,672

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

For the year ended January 31, 2020, there were no transfers among Levels 1, 2 and 3.

Sustainable Future 2025 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,431,463	$	—	$	—	$	2,431,463
Bonds and Notes(a)		—		956,804		—		956,804
Exchange-Traded Funds		605,635		—		—		605,635
Affiliated Mutual Funds		1,954,621		—		—		1,954,621

Total	$	4,991,719	$	956,804	$	—	$	5,948,523

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

For the year ended January 31, 2020, there were no transfers among Levels 1, 2 and 3.

Sustainable Future 2030 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,712,061	$	—	$	—	$	2,712,061
Bonds and Notes(a)		—		880,971		—		880,971
Exchange-Traded Funds		662,821		—		—		662,821
Affiliated Mutual Funds		1,920,715		—		—		1,920,715

Total	$	5,295,597	$	880,971	$	—	$	6,176,568

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

119 |

Notes to Financial Statements (continued)

January 31, 2020

For the year ended January 31, 2020, there were no transfers among Levels 1, 2 and 3.

Sustainable Future 2035 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,966,352	$	—	$	—	$	2,966,352
Bonds and Notes(a)		—		497,930		—		497,930
Exchange-Traded Funds		704,404		—		—		704,404
Affiliated Mutual Funds		1,395,151		—		—		1,395,151

Total	$	5,065,907	$	497,930	$	—	$	5,563,837

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

For the year ended January 31, 2020, there were no transfers among Levels 1, 2 and 3.

Sustainable Future 2040 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	3,194,332	$	—	$	—	$	3,194,332
Bonds and Notes(a)		—		273,928		—		273,928
Exchange-Traded Funds		794,214		—		—		794,214
Affiliated Mutual Funds		1,379,569		—		—		1,379,569

Total	$	5,368,115	$	273,928	$	—	$	5,642,043

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

For the year ended January 31, 2020, there were no transfers among Levels 1, 2 and 3.

Sustainable Future 2045 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,890,712	$	—	$	—	$	2,890,712
Bonds and Notes(a)		—		202,437		—		202,437
Exchange-Traded Funds		766,218		—		—		766,218
Affiliated Mutual Funds		1,073,704		—		—		1,073,704

Total	$	4,730,634	$	202,437	$	—	$	4,933,071

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

For the year ended January 31, 2020, there were no transfers among Levels 1, 2 and 3.

Sustainable Future 2050 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,756,100	$	—	$	—	$	2,756,100
Bonds and Notes(a)		—		178,479		—		178,479
Exchange-Traded Funds		683,937		—		—		683,937
Affiliated Mutual Funds		896,498		—		—		896,498

Total	$	4,336,535	$	178,479	$	—	$	4,515,014

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

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Notes to Financial Statements (continued)

January 31, 2020

For the year ended January 31, 2020, there were no transfers among Levels 1, 2 and 3.

Sustainable Future 2055 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,510,136	$	—	$	—	$	2,510,136
Bonds and Notes(a)		—		168,126		—		168,126
Exchange-Traded Funds		703,017		—		—		703,017
Affiliated Mutual Funds		774,249		—		—		774,249

Total	$	3,987,402	$	168,126	$	—	$	4,155,528

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

For the year ended January 31, 2020, there were no transfers among Levels 1, 2 and 3.

Sustainable Future 2060 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,980,949	$	—	$	—	$	1,980,949
Bonds and Notes(a)		—		127,250		—		127,250
Exchange-Traded Funds		536,351		—		—		536,351
Affiliated Mutual Funds		595,197		—		—		595,197

Total	$	3,112,497	$	127,250	$	—	$	3,239,747

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

For the year ended January 31, 2020, there were no transfers among Levels 1, 2 and 3.

4. Purchases and Sales of Securities. For the year ended January 31, 2020, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:


	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Sustainable Future 2015 Fund	$	868,425	$	337,431	$	3,942,535	$	3,354,553
Sustainable Future 2020 Fund		827,048		334,738		3,871,253		3,400,573
Sustainable Future 2025 Fund		654,122		226,063		4,322,756		2,737,898
Sustainable Future 2030 Fund		623,449		218,518		5,233,422		3,211,625
Sustainable Future 2035 Fund		359,557		136,736		3,692,415		2,842,100
Sustainable Future 2040 Fund		197,301		71,549		4,525,081		2,565,145
Sustainable Future 2045 Fund		135,596		46,300		3,975,267		1,940,210
Sustainable Future 2050 Fund		127,166		52,328		4,315,015		2,490,013
Sustainable Future 2055 Fund		111,847		42,923		3,332,634		1,914,543
Sustainable Future 2060 Fund		97,833		37,954		2,174,557		1,730,186

5. Management Fees and Other Transactions with Affiliates.

a. Management Fees. Natixis Advisors, L.P. (“Natixis Advisors”) serves as investment adviser to each Fund. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC (“Natixis”), which is part of Natixis Investment Managers, an international asset management group based in Paris, France. Natixis Advisors, through its Active Index Advisors^® division, 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 Emerging Markets ESG Segment of each Fund. Additionally, Natixis Advisors 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 subsidiary of Natixis.

121 |

Notes to Financial Statements (continued)

January 31, 2020

Natixis Advisors has entered into a subadvisory agreement with Loomis, Sayles & Company, L.P. (“Loomis Sayles”) with respect to the Loomis Sayles All Cap Growth Segment and Loomis Sayles Core Fixed Income Segment of each Fund. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., is indirectly owned by Natixis.

Natixis Advisors has entered into a subadvisory agreement with Mirova US LLC (“Mirova US”) (formerly a division within Ostrum Asset Management U.S., LLC (“Ostrum US”)) with respect to the Mirova Global Sustainable Equity Segment and Mirova Carbon Neutral U.S. Equity Segment of each Fund. Mirova US has entered into a personnel sharing arrangement with its Paris-based affiliate, Mirova, which is part of Natixis Investment Managers. Prior to March 29, 2019, Ostrum US served as the sub-adviser for the Mirova Global Sustainable Equity Segment and Mirova Carbon Neutral U.S. Equity Segment of each Fund, and was paid a management fee at the same annual rates.

Natixis Advisors has also entered into a subadvisory agreement with Wilshire Associates Incorporated (“Wilshire”), pursuant to which Wilshire performs certain asset allocation, glide path monitoring and compliance responsibilities for each Fund.

Effective April 30, 2019, 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; (iv) 0.25% of the average daily net assets of the AIA Emerging Markets 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-adviser; (vi) 0.35% of the average daily net assets of the Loomis Sayles All Cap Growth Segment; (vii) 0.20% of the average daily net assets of the Loomis Sayles Core Fixed Income Segment, payable by the Fund directly to Loomis Sayles as sub-adviser; (viii) 0.25% of the average daily net assets of the Mirova Carbon Neutral U.S. Equity Segment, each payable by the Fund directly to Mirova US as sub-adviser; and (ix) the greater of an asset based fee calculated by multiplying the Fund’s average daily net assets by a rate based on the combined average daily net assets of all the Funds, equal to 0.08% of the first $250 million, 0.07% of the next $250 million, 0.06% of the next $750 million and 0.03% of amounts exceeding $1.25 billion of the combined average daily net assets of the Funds, or the Fund’s allocable portion of a minimum annual fee of $250,000 which applies to the Funds in the aggregate, payable by the Fund directly to Wilshire as sub-adviser. The aggregate advisory 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 Advisers; (ii) 0.70% of the average daily net assets of any segment managed by any sub-adviser other than Wilshire; and (iii) the greater of the asset based fee, or the Fund’s allocable portion of the minimum annual aggregate fee as outlined above for Wilshire.

Prior to April 30, 2019, 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; (iv) 0.25% of the average daily net assets of the AIA Emerging Markets ESG Segment, each payable to Natixis Advisors as adviser; (v) 0.50% of the average daily net assets of the Mirova Global Sustainable Equity Segment; (vi) 0.25% of the average daily net assets of the Mirova Carbon Neutral U.S. Equity Segment, each payable by the Fund directly to Mirova US (Ostrum US prior to March 29, 2019) as sub-adviser; and (vii) the greater of an asset based fee calculated by multiplying the Fund’s average daily net assets by a rate based on the combined average daily net assets of all the Funds, equal to 0.08% of the first $250 million, 0.07% of the next $250 million, 0.06% of the next $750 million and 0.03% of amounts exceeding $1.25 billion of the combined average daily net assets of the Funds, or the Fund’s allocable portion of a minimum annual fee of $250,000 which applies to the Funds in the aggregate, payable by the Fund directly to Wilshire as sub-adviser. The aggregate advisory 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; (ii) 0.70% of the average daily net assets of any segment managed by any sub-adviser other than Wilshire; and (iii) the greater of the asset based fee, or the Fund’s allocable portion of the minimum annual aggregate fee as outlined above for Wilshire.

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, 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, 2020, 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.

| 122

Notes to Financial Statements (continued)

January 31, 2020

For the period June 1, 2019 to January 31, 2020, the Funds’ expense limit as a percentage of average daily net assets under the expense limitation agreements, including expenses of the underlying funds in which each Fund invests, were as follows:


Fund	Expense Limit as a Percentage of Average Daily Net Assets
Sustainable Future 2015 Fund		0.55	%
Sustainable Future 2020 Fund		0.55	%
Sustainable Future 2025 Fund		0.56	%
Sustainable Future 2030 Fund		0.57	%
Sustainable Future 2035 Fund		0.58	%
Sustainable Future 2040 Fund		0.59	%
Sustainable Future 2045 Fund		0.59	%
Sustainable Future 2050 Fund		0.60	%
Sustainable Future 2055 Fund		0.60	%
Sustainable Future 2060 Fund		0.60	%

Prior to June 1, 2019, each Fund’s expense limit as a percentage of average daily net assets under the expense limitation agreements was 0.65%, including expenses of the underlying funds in which each Fund invests.

Natixis Advisors shall be permitted to recover expenses it has borne under the expense limitation agreements (whether through waiver of its management fees or otherwise) in later periods to the extent a Fund’s annual operating expenses fall below its expense limit, provided, however, that a Fund is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the year ended January 31, 2020, the management fees and waivers of management fees for each Fund were as follows:


Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Voluntary Waivers of Management Fees²		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Voluntary Waivers of Management Fees²		Net Management Fees		Gross			Net
Sustainable Future 2015 Fund	$	38,883	$	1,153	$	757	$	36,973		0.76	%		0.72	%
Sustainable Future 2020 Fund		40,106		1,274		992		37,840		0.78	%		0.74	%
Sustainable Future 2025 Fund		35,216		1,225		1,060		32,931		0.79	%		0.74	%
Sustainable Future 2030 Fund		34,781		1,449		1,123		32,209		0.80	%		0.74	%
Sustainable Future 2035 Fund		40,214		1,828		1,386		37,000		0.83	%		0.76	%
Sustainable Future 2040 Fund		35,267		1,658		1,409		32,200		0.83	%		0.76	%
Sustainable Future 2045 Fund		29,059		1,401		1,189		26,469		0.84	%		0.76	%
Sustainable Future 2050 Fund		29,528		1,382		1,329		26,817		0.85	%		0.77	%
Sustainable Future 2055 Fund		26,360		1,241		1,183		23,936		0.85	%		0.77	%
Sustainable Future 2060 Fund		23,911		1,127		1,066		21,718		0.85	%		0.78	%

¹	Waiver of Natixis Advisors’ management fee is subject to possible recovery until January 31, 2021.

²	Voluntary waiver of Natixis Advisors’ management fee is not subject to recovery under the expense limitation agreements described above.

For the year ended January 31, 2020, expenses, including fees paid to the sub-advisers, have been reimbursed as follows:


Fund	Reimbursement³
Sustainable Future 2015 Fund	$	171,166
Sustainable Future 2020 Fund		171,209
Sustainable Future 2025 Fund		167,974
Sustainable Future 2030 Fund		171,315
Sustainable Future 2035 Fund		168,701
Sustainable Future 2040 Fund		169,381
Sustainable Future 2045 Fund		161,269
Sustainable Future 2050 Fund		166,029
Sustainable Future 2055 Fund		159,061
Sustainable Future 2060 Fund		155,042

³	Contractual expense reimbursements are subject to possible recovery until January 31, 2021.

No expenses were recovered during the year ended January 31, 2020 under the terms of the expense limitation agreement.

123 |

Notes to Financial Statements (continued)

January 31, 2020

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 Trust and Natixis Advisors, effective July 1, 2019, 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 Trust, 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 Trust of $10 million, which is reevaluated on an annual basis.

Prior to July 1, 2019, each Fund paid Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, 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 Trust of $10 million.

Effective October 1, 2018, State Street Bank agreed to reduce the fees it receives from Natixis Advisors for serving as sub-administrator to the Funds. Also, effective October 1, 2018, Natixis Advisors agreed to voluntarily waive fees paid by the Funds in an amount equal to the reduction in sub-administrative fees discussed above. The waiver was in effect through June 30, 2019.

For the year ended January 31, 2020, the administrative fees for each Fund were as follows:


Fund	Gross Administrative Fees		Waiver of Administrative Fees		Net Administrative Fees
Sustainable Future 2015 Fund	$	2,243	$	20	$	2,223
Sustainable Future 2020 Fund		2,260		20		2,240
Sustainable Future 2025 Fund		1,948		17		1,931
Sustainable Future 2030 Fund		1,906		14		1,892
Sustainable Future 2035 Fund		2,124		19		2,105
Sustainable Future 2040 Fund		1,865		15		1,850
Sustainable Future 2045 Fund		1,523		12		1,511
Sustainable Future 2050 Fund		1,531		12		1,519
Sustainable Future 2055 Fund		1,360		12		1,348
Sustainable Future 2060 Fund		1,230		11		1,219

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

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles

| 124

Notes to Financial Statements (continued)

January 31, 2020

Funds Trusts and Natixis ETF Trust 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 Trust, and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

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

e. Affiliated Ownership. As of January 31, 2020, the percentage of each Fund’s net assets owned by Natixis and affiliates is as follows:


	Percentage of Net Assets
Natixis Sustainable Future 2015 Fund		97.68	%
Natixis Sustainable Future 2020 Fund		84.87	%
Natixis Sustainable Future 2025 Fund		64.33	%
Natixis Sustainable Future 2030 Fund		52.63	%
Natixis Sustainable Future 2035 Fund		60.30	%
Natixis Sustainable Future 2040 Fund		59.73	%
Natixis Sustainable Future 2045 Fund		55.27	%
Natixis Sustainable Future 2050 Fund		60.14	%
Natixis Sustainable Future 2055 Fund		65.81	%
Natixis Sustainable Future 2060 Fund		86.05	%

Investment activities of affiliated shareholders could have material impacts on the Funds.

f. Affiliated Fund Transactions. A summary of affiliated fund transactions for each underlying fund held by the Funds for the year ended January 31, 2020, is as follows:

Sustainable Future 2015 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)			Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	556,731	$	445,650	$	231,100	$	(1,140	)	$	44,653	$	814,794	$	12,542
Loomis Sayles Limited Term Government and Agency Fund, Class N		552,848		351,016		198,494		(1,984	)		11,795		715,181		13,654
Mirova Global Green Bond Fund, Class N		1,299,531		213,309		887,847		11,941			47,216		684,150		17,764
Mirova International Sustainable Equity Fund, Class N		164,481		413,695		176,194		20,474			26,278		448,734		5,839

	$	2,573,591	$	1,423,670	$	1,493,635	$	29,291		$	129,942	$	2,662,859	$	49,799

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

125 |

Notes to Financial Statements (continued)

January 31, 2020

Sustainable Future 2020 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)			Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	319,741	$	315,347	$	142,264	$	(714	)	$	26,545	$	518,655	$	7,500
Loomis Sayles Limited Term Government and Agency Fund, Class N		498,471		289,139		180,977		(1,653	)		10,304		615,284		12,092
Mirova Global Green Bond Fund, Class N		1,232,393		190,702		864,746		12,137			45,089		615,575		17,054
Mirova International Sustainable Equity Fund, Class N		184,465		484,129		214,318		24,549			31,391		510,216		6,684

	$	2,235,070	$	1,279,317	$	1,402,305	$	34,319		$	113,329	$	2,259,730	$	43,330

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Sustainable Future 2025 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)			Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	193,399	$	205,573	$	93,550	$	125		$	16,616	$	322,163	$	4,687
Loomis Sayles Limited Term Government and Agency Fund, Class N		364,977		228,418		116,539		(987	)		7,072		482,941		8,187
Mirova Global Green Bond Fund, Class N		850,898		239,188		616,493		9,317			32,526		515,436		12,710
Mirova International Sustainable Equity Fund, Class N		195,771		548,646		162,851		16,653			35,862		634,081		6,892

	$	1,605,045	$	1,221,825	$	989,433	$	25,108		$	92,076	$	1,954,621	$	32,476

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Sustainable Future 2030 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)			Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	166,476	$	220,863	$	78,863	$	1,556		$	12,448	$	322,480	$	4,100
Loomis Sayles Limited Term Government and Agency Fund, Class N		233,494		243,664		122,540		(370	)		3,671		357,919		5,333
Mirova Global Green Bond Fund, Class N		499,317		286,967		379,277		6,794			15,944		429,745		9,353
Mirova International Sustainable Equity Fund, Class N		191,441		754,048		209,670		23,255			51,497		810,571		9,221

	$	1,090,728	$	1,505,542	$	790,350	$	31,235		$	83,560	$	1,920,715	$	28,007

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

| 126

Notes to Financial Statements (continued)

January 31, 2020

Sustainable Future 2035 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)			Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	162,485	$	67,597	$	33,052	$	180		$	12,346	$	209,556	$	3,496
Loomis Sayles Limited Term Government and Agency Fund, Class N		181,543		101,972		76,981		(744	)		3,562		209,352		3,813
Mirova Global Green Bond Fund, Class N		385,816		106,557		273,732		3,688			17,272		239,601		5,969
Mirova International Sustainable Equity Fund, Class N		265,372		443,097		44,888		4,404			68,657		736,642		8,664

	$	995,216	$	719,223	$	428,653	$	7,528		$	101,837	$	1,395,151	$	21,942

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Sustainable Future 2040 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)			Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	103,918	$	91,783	$	45,471	$	437		$	7,673	$	158,340	$	2,284
Loomis Sayles Limited Term Government and Agency Fund, Class N		120,406		96,321		91,479		(394	)		1,702		126,556		2,035
Mirova Global Green Bond Fund, Class N		207,969		135,223		134,129		2,814			9,814		221,691		5,053
Mirova International Sustainable Equity Fund, Class N		245,541		621,891		79,822		11,459			73,913		872,982		10,431

	$	677,834	$	945,218	$	350,901	$	14,316		$	93,102	$	1,379,569	$	19,803

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Sustainable Future 2045 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)			Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	51,647	$	37,332	$	36,497	$	259		$	3,005	$	55,746	$	717
Loomis Sayles Limited Term Government and Agency Fund, Class N		51,290		55,925		24,690		(228	)		1,230		83,527		1,353
Mirova Global Green Bond Fund, Class N		103,325		58,446		83,887		1,025			4,605		83,514		1,779
Mirova International Sustainable Equity Fund, Class N		202,534		616,303		37,467		4,412			65,135		850,917		8,928

	$	408,796	$	768,006	$	182,541	$	5,468		$	73,975	$	1,073,704	$	12,777

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

127 |

Notes to Financial Statements (continued)

January 31, 2020

Sustainable Future 2050 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)			Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	41,977	$	9,503	$	52,543	$	612		$	451	$	—	$	—
Loomis Sayles Limited Term Government and Agency Fund, Class N		27,806		6,953		34,841		(175	)		257		—		191
Mirova Global Green Bond Fund, Class N		83,980		64,059		75,326		1,424			3,627		77,764		1,790
Mirova International Sustainable Equity Fund, Class N		226,647		603,940		88,613		13,414			63,346		818,734		9,048

	$	380,410	$	684,455	$	251,323	$	15,275		$	67,681	$	896,498	$	11,029

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Sustainable Future 2055 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)			Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	41,100	$	2,312	$	44,375	$	551		$	412	$	—	$	—
Loomis Sayles Limited Term Government and Agency Fund, Class N		27,163		2,215		29,454		(211	)		287		—		128
Mirova Global Green Bond Fund, Class N		81,561		41,714		60,832		1,009			3,708		67,160		1,459
Mirova International Sustainable Equity Fund, Class N		217,645		455,654		23,506		2,208			55,088		707,089		7,134

	$	367,469	$	501,895	$	158,167	$	3,557		$	59,495	$	774,249	$	8,721

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Sustainable Future 2060 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)			Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	38,205	$	3,168	$	42,300	$	462		$	465	$	—	$	—
Loomis Sayles Limited Term Government and Agency Fund, Class N		25,306		2,698		28,079		(226	)		301		—		120
Mirova Global Green Bond Fund, Class N		76,434		26,219		55,387		776			3,587		51,629		1,245
Mirova International Sustainable Equity Fund, Class N		206,284		286,893		4,887		608			54,670		543,568		6,450

	$	346,229	$	318,978	$	130,653	$	1,620		$	59,023	$	595,197	$	7,815

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Financial statements of Loomis Sayles Inflation Protected Securities Fund, Loomis Sayles Limited Term Government and Agency Fund, Mirova Global Green Bond Fund and Mirova International Sustainable Equity Fund are available, without charge, on the Funds’ website at im.natixis.com.

| 128

Notes to Financial Statements (continued)

January 31, 2020

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 Trust, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and certain other legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees and/or miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the year ended January 31, 2020, none of the Funds had borrowings under these agreements.

7. Payable to Custodian Bank. The Funds’ custodian bank, State Street Bank, provides overdraft protection to the Funds in the event of a cash shortfall. Cash overdrafts bear interest at a rate per annum equal to the Federal Funds rate plus 2.00%. At January 31, 2020, the Funds had payables to the custodian bank for overdrafts, as follows:


Fund	Payable to Custodian Bank
Sustainable Future 2035 Fund	$	34,842
Sustainable Future 2040 Fund		28,233
Sustainable Future 2050 Fund		15,001
Sustainable Future 2060 Fund		75,281

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 January 31, 2020, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Funds’ total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:


Fund	Number of 5% Non-Affiliated Account Holders		Percentage of Non- Affiliated Ownership			Percentage of Affiliated Ownership (Note 5e)			Total Percentage of Ownership
Natixis Sustainable Future 2025 Fund		2		18.31	%		64.33	%		82.64	%
Natixis Sustainable Future 2030 Fund		3		20.40	%		52.63	%		73.03	%
Natixis Sustainable Future 2035 Fund		2		24.44	%		60.30	%		84.74	%
Natixis Sustainable Future 2040 Fund		3		18.92	%		59.73	%		78.65	%
Natixis Sustainable Future 2045 Fund		1		16.81	%		55.27	%		72.08	%
Natixis Sustainable Future 2050 Fund		2		15.91	%		60.14	%		76.05	%
Natixis Sustainable Future 2055 Fund		2		13.23	%		65.81	%		79.04	%

129 |

Notes to Financial Statements (continued)

January 31, 2020

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

Sustainable Future 2015 Fund


	Year Ended January 31, 2020						Year Ended January 31, 2019
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		107,062		$	1,155,616			11,239		$	123,377
Issued in connection with the reinvestment of distributions		30,103			322,135			36,204			355,507
Redeemed		(13,798	)		(145,173	)		(25	)		(253	)

Increase from capital share transactions		123,367		$	1,332,578			47,418		$	478,631

Sustainable Future 2020 Fund


	Year Ended January 31, 2020						Year Ended January 31, 2019
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		90,230		$	957,399			80,140		$	897,561
Issued in connection with the reinvestment of distributions		26,705			285,054			48,240			465,438
Redeemed		(8,948	)		(95,816	)		(80,139	)		(898,364	)

Increase from capital share transactions		107,987		$	1,146,637			48,241		$	464,635

Sustainable Future 2025 Fund


	Year Ended January 31, 2020						Year Ended January 31, 2019
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		175,466		$	1,921,703			33,707		$	375,438
Issued in connection with the reinvestment of distributions		26,164			285,723			33,477			329,260
Redeemed		(17,020	)		(185,565	)		(4,427	)		(48,448	)

Increase from capital share transactions		184,610		$	2,021,861			62,757		$	656,250

Sustainable Future 2030 Fund


	Year Ended January 31, 2020						Year Ended January 31, 2019
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		291,513		$	3,187,950			40,422		$	461,607
Issued in connection with the reinvestment of distributions		26,543			297,864			29,897			294,955
Redeemed		(65,153	)		(716,153	)		(20,116	)		(207,795	)

Increase from capital share transactions		252,903		$	2,769,661			50,203		$	548,767

Sustainable Future 2035 Fund


	Year Ended January 31, 2020						Year Ended January 31, 2019
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		81,597		$	903,262			99,654		$	1,105,288
Issued in connection with the reinvestment of distributions		28,066			318,050			33,354			329,317
Redeemed		(6,174	)		(68,919	)		(334	)		(3,711	)

Increase from capital share transactions		103,489		$	1,152,393			132,674		$	1,430,894

| 130

Notes to Financial Statements (continued)

January 31, 2020

9. Capital Shares (continued).

Sustainable Future 2040 Fund


	Year Ended January 31, 2020						Year Ended January 31, 2019
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		184,391		$	2,004,238			31,525		$	375,855
Issued in connection with the reinvestment of distributions		26,710			300,687			34,281			336,300
Redeemed		(24,195	)		(271,393	)		(69	)		(707	)

Increase from capital share transactions		186,906		$	2,033,532			65,737		$	711,448

Sustainable Future 2045 Fund


	Year Ended January 31, 2020						Year Ended January 31, 2019
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		191,315		$	2,137,833			6,198		$	65,694
Issued in connection with the reinvestment of distributions		22,418			253,894			27,912			271,505
Redeemed		(12,959	)		(143,686	)		(312	)		(3,482	)

Increase from capital share transactions		200,774		$	2,248,041			33,798		$	333,717

Sustainable Future 2050 Fund


	Year Ended January 31, 2020						Year Ended January 31, 2019
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		190,146		$	2,093,770			11,905		$	140,674
Issued in connection with the reinvestment of distributions		23,410			264,071			27,841			272,323
Redeemed		(44,077	)		(503,350	)		(3,328	)		(36,359	)

Increase from capital share transactions		169,479		$	1,854,491			36,418		$	376,638

Sustainable Future 2055 Fund


	Year Ended January 31, 2020						Year Ended January 31, 2019
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		107,604		$	1,210,350			18,075		$	205,303
Issued in connection with the reinvestment of distributions		22,553			253,971			28,069			274,463
Redeemed		(4,861	)		(53,689	)		(147	)		(1,542	)

Increase from capital share transactions		125,296		$	1,410,632			45,997		$	478,224

Sustainable Future 2060 Fund


	Year Ended January 31, 2020						Year Ended January 31, 2019
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		32,812		$	361,010			2,705		$	31,558
Issued in connection with the reinvestment of distributions		21,137			237,210			28,638			278,298
Redeemed		(3,304	)		(36,462	)		(8	)		(93	)

Increase from capital share transactions		50,645		$	561,758			31,335		$	309,763

131 |

Notes to Financial Statements (continued)

January 31, 2020

10. Subsequent Events. Subsequent to January 31, 2020, global markets have experienced periods of high volatility triggered by the rapidly evolving public health emergency known as coronavirus (“COVID-19”). As the situation continues to unfold, the extent and duration of the impact that the COVID-19 outbreak may have on financial markets and the economy as a whole remains highly uncertain. If the effects of the COVID-19 outbreak on financial markets and the economy continue for an extended period of time, the Funds’ future financial and investment results may be adversely affected.

| 132

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Natixis Funds Trust IV and Shareholders of Natixis Sustainable Future 2015 Fund, Natixis Sustainable Future 2020 Fund, Natixis Sustainable Future 2025 Fund, Natixis Sustainable Future 2030 Fund, Natixis Sustainable Future 2035 Fund, Natixis Sustainable Future 2040 Fund, Natixis Sustainable Future 2045 Fund, Natixis Sustainable Future 2050 Fund, Natixis Sustainable Future 2055 Fund and Natixis Sustainable Future 2060 Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments of Natixis Sustainable Future 2015 Fund, Natixis Sustainable Future 2020 Fund, Natixis Sustainable Future 2025 Fund, Natixis Sustainable Future 2030 Fund, Natixis Sustainable Future 2035 Fund, Natixis Sustainable Future 2040 Fund, Natixis Sustainable Future 2045 Fund, Natixis Sustainable Future 2050 Fund, Natixis Sustainable Future 2055 Fund and Natixis Sustainable Future 2060 Fund (ten of the funds constituting Natixis Funds Trust IV, hereafter collectively referred to as the “Funds”) as of January 31, 2020, the related statements of operations for the year ended January 31, 2020, the statements of changes in net assets for each of the two years in the period ended January 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended January 31, 2020 and for the period February 28, 2017 (commencement of operations) through January 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of January 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended January 31, 2020 and each of the financial highlights for each of the two years in the period ended January 31, 2020 and for the period February 28, 2017 (commencement of operations) through January 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

PricewaterhouseCoopers LLP

Boston, Massachusetts

March 23, 2020

133 |

2020 U.S. Tax Distribution Information to Shareholders (Unaudited)

Qualified Dividend Income. For the calendar year ended January 31, 2020, a percentage of the ordinary income dividends paid by the Funds are considered qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Funds paid a distribution during calendar year 2020, complete information will be reported in conjunction with Form 1099-DIV. These percentages are noted below:


Fund	Qualifying Percentage
Sustainable Future 2015 Fund		16.70	%
Sustainable Future 2020 Fund		16.78	%
Sustainable Future 2025 Fund		18.88	%
Sustainable Future 2030 Fund		19.85	%
Sustainable Future 2035 Fund		22.86	%
Sustainable Future 2040 Fund		25.30	%
Sustainable Future 2045 Fund		31.82	%
Sustainable Future 2050 Fund		28.23	%
Sustainable Future 2055 Fund		28.25	%
Sustainable Future 2060 Fund		34.17	%

Corporate Dividends Received Deduction. For the year ended January 31, 2020, a percentage of dividends distributed by the Funds listed below qualify for the dividends received deduction for corporate shareholders. These percentages are as follows:


Fund	Qualifying Percentage
Sustainable Future 2015 Fund		11.94	%
Sustainable Future 2020 Fund		28.28	%
Sustainable Future 2025 Fund		32.07	%
Sustainable Future 2030 Fund		38.10	%
Sustainable Future 2035 Fund		48.89	%
Sustainable Future 2040 Fund		48.26	%
Sustainable Future 2045 Fund		52.14	%
Sustainable Future 2050 Fund		52.38	%
Sustainable Future 2055 Fund		53.34	%
Sustainable Future 2060 Fund		53.65	%

Capital Gains Distributions. Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the year ended January 31, 2020.


Fund	Amount
Sustainable Future 2015 Fund	$	165,856
Sustainable Future 2020 Fund		107,645
Sustainable Future 2025 Fund		135,307
Sustainable Future 2030 Fund		140,118
Sustainable Future 2035 Fund		131,147
Sustainable Future 2040 Fund		153,541
Sustainable Future 2045 Fund		153,981
Sustainable Future 2050 Fund		151,484
Sustainable Future 2055 Fund		149,757
Sustainable Future 2060 Fund		155,655

| 134

Trustee and Officer Information

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


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

INDEPENDENT TRUSTEES

Kenneth A. Drucker (1945)	Chairperson of the Board of Trustees since January 2017 Trustee since 2008 Ex Officio member of Audit Committee, Contract Review Committee and Governance Committee	Retired	51 None	Significant experience on the Board and on the boards of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)

Edmond J. English (1953)	Trustee since 2013 Chairperson of Governance Committee and Audit Committee Member	Executive Chairman of Bob’s Discount Furniture (retail)	51 Director, Burlington Stores, Inc. (retail)	Significant experience on the Board and on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)

Richard A. Goglia (1951)	Trustee since 2015 Contract Review Committee Member and Governance Committee Member	Retired; formerly Vice President and Treasurer of Raytheon Company (defense)	51 None	Significant experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)

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Trustee and Officer Information


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

INDEPENDENT TRUSTEES – continued

Wendell J. Knox (1948)	Trustee since 2009 Chairperson of Contract Review Committee	Director of Abt Associates Inc. (research and consulting)	51 Director, The Hanover Insurance Group (property and casualty insurance); formerly, Director, Eastern Bank (bank)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

Martin T. Meehan (1956)	Trustee since 2012 Audit Committee Member	President, University of Massachusetts; formerly, Chancellor and faculty member, University of Massachusetts Lowell	51 None	Significant experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience

Maureen B. Mitchell (1951)	Trustee since 2017 Contract Review Committee Member and Governance Committee Member	Retired; formerly President, Global Sales and Marketing, GE Asset Management, Inc. (financial services)	51 Director, Sterling Bancorp (bank)	Experience on the Board ; financial services industry and executive experience (including role as president of global sales and marketing at a financial services company)

James P. Palermo (1955)	Trustee since 2016 Contract Review Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity)	51 Director, FutureFuel.io (chemicals and biofuels)	Experience on the Board; financial services industry and executive experience (including roles as chief executive officer of client management and asset servicing for a banking and financial services company)

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Trustee and Officer Information


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

INDEPENDENT TRUSTEES – continued

Erik R. Sirri (1958)	Trustee since 2009 Chairperson of the Audit Committee	Professor of Finance at Babson College	51 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist

Peter J. Smail (1952)	Trustee since 2009 Audit Committee Member and Governance Committee Member	Retired	51 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)

Kirk A. Sykes (1958)	Trustee since 2019 Contract Review Committee Member	Managing Director of Accordia Partners, LLC (real estate development); President of Primary Corporation (real estate development); Managing Principal of Merrick Capital Partners (infrastructure finance); formerly, President of Urban Strategy America Fund (real estate fund manager)	51 Trustee, Eastern Bank (bank); formerly Director, Ares Commercial Real Estate Corporation (real estate investment trust)	Experience on the Board and significant experience on the boards of other business organizations (including real estate companies and banks)

Cynthia L. Walker (1956)	Trustee since 2005 Audit Committee Member and Governance Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine	51 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

137 |

Trustee and Officer Information


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

INTERESTED TRUSTEES

Kevin P. Charleston³ (1965) One Financial Center Boston, MA 02111	Trustee since 2015	President, Chief Executive Officer and Chairman of the Board of Directors; formerly, Chief Financial Officer, Loomis, Sayles & Company, L.P.	51 None	Experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

David L. Giunta⁴ (1965)	Trustee since 2011 President and Chief Executive Officer since 2008	President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation	51 None	Significant experience on the Board; experience as President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation

²	The trustees of the Trust serve as trustees of a fund complex that includes all series of the Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust, Loomis Sayles Funds I, Loomis Sayles Funds II and Natixis ETF Trust (collectively, the “Fund Complex”).

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

⁴

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Trustee and Officer Information


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

OFFICERS OF THE TRUST

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

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

Kirk D. Johnson (1981)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Since 2018	Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.; formerly, Associate General Counsel, Natixis Distribution, L.P.; Vice President and Counsel, Natixis Investment Managers, LLC

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

139 |

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer and persons performing similar functions. There have been no amendments or waivers of the Registrant's code of ethics during the period.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the Registrant has established an audit committee. Mr. Edmond J. English, Mr. Martin T. Meehan, Mr. Erik R. Sirri, Mr. Peter J. Smail and Ms. Cynthia L. Walker are members of the audit committee and have been designated as "audit committee financial experts" by the Board of Trustees. Each of these individuals is also an Independent Trustee of the Registrant.

Item 4. Principal Accountant Fees and Services.

Fees billed by the Principal Accountant for services rendered to the Registrant.

The table below sets forth fees billed by the principal accountant, PricewaterhouseCoopers LLP, for the past two fiscal years for professional services rendered in connection with a) the audit of the Registrant's annual financial statements and services provided in connection with regulatory filings; b) audit-related services (including services that are reasonably related to the performance of the audit of the Registrant's financial statements but not reported under "Audit Fees"); c) tax compliance, tax advice and tax planning; and d) all other fees billed for professional services rendered by the principal accountant to the Registrant, other than the services provided reported as a part of (a) through (c) of this Item.

	Audit fees		Audit-related fees1		Tax fees2		All other fees
	2/1/18-	2/1/19-	2/1/18-	2/1/19-	2/1/18-	2/1/19-	2/1/18-	2/1/19-
	1/31/19	1/31/20	1/31/19	1/31/20	1/31/19	1/31/20	1/31/19	1/31/20
Natixis Funds Trust IV	$317,059	$310,972	$28	$28	$78,780	$78,780	$-	$-

1.Audit-related fees consist of:

Year-end 1/31/2019 and 1/31/2020– Performance of agreed-upon procedures related to the Registrant's deferred compensation plan

2.Tax fees consist of:

Year-end 1/31/2019 and 1/31/2020 – review of the Registrant's tax returns

Aggregate fees billed to the Registrant for non-audit services during the fiscal years ended 1/31/2019 and 1/31/2020 were $78,808 and $78,808 respectively.

Fees billed by the Principal Accountant for services rendered to the Adviser and Control Affiliates.

The following table sets forth the fees billed by the Registrant's principal accountant for non-audit services rendered to AEW Capital Management, L.P ("AEW"), Natixis Advisors, L.P. ("Natixis Advisors"), and entities controlling, controlled by or under common control with AEW and Natixis Advisors ("Control Affiliates") that provide ongoing services to the Registrant, for engagements that related directly to the operations and financial reporting of the Registrant for the last two fiscal years.

	Audit-related fees			Tax fees		All other fees
	2/1/18-	2/1/19-	2/1/18-	2/1/19-	2/1/18-		2/1/19-
	1/31/19	1/31/20	1/31/19	1/31/20	1/31/19		1/31/20
Control Affiliates	$-	$-	$-	$ 26,750	$-		$-

The following table sets forth the aggregate fees billed by the Registrant's principal accountant for non- audit services rendered to AEW, Natixis Advisors, and Control Affiliates that provide ongoing services to the Registrant, for the last two fiscal years, including the fees disclosed in the table above.

Aggregate Non-Audit Fees

	2/1/18-1/31/19	2/1/19-1/31/20

Control Affiliates	$311,630	$377,557

None of the services described above were approved pursuant to paragraph (c)(7)(i)(C) of Regulation S-X.

Audit Committee Pre-Approval Policies.

Annually, the Registrant's Audit Committee reviews the audit, audit-related, tax and other non- audit services together with the projected fees, for services proposed to be rendered to the Registrant and/or other entities for which pre-approval is required during the upcoming year. Any subsequent revisions to already pre-approved services or fees (including fee increases) and requests for pre-approval of new services would be presented for consideration quarterly as needed.

If, in the opinion of management, a proposed engagement by the Registrant's independent accountants needs to commence before the next regularly scheduled Audit Committee meeting, any member of the Audit Committee who is an independent Board member is authorized to pre-approve the engagement, but only for engagements to provide audit, audit-related and tax services. This approval is subject to review of the full Audit Committee at its next quarterly meeting. All other engagements require the approval of all the members of the audit committee.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

Item 11. Controls and Procedures.

The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There were no changes in the Registrant's internal control over financial reporting that occurred during the Registrant's last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Code of Ethics required by Item 2 hereof, filed herewith as Exhibit (a)(1).

(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.

(a)(3) Not applicable.

(b) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Natixis Funds Trust IV

By: /s/ David L. Giunta

Name:	David L. Giunta
Title:	President and Chief Executive Officer
Date:	March 23, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ David L. Giunta

Name:	David L. Giunta
Title:	President and Chief Executive Officer
Date:	March 23, 2020
By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer
Date:	March 23, 2020

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