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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: 811-04323

Natixis Funds Trust I

 

(Exact name of Registrant as specified in charter)

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

 

(Address of principal executive offices)  (Zip code)

Susan McWhan Tobin, Esq.

Natixis Distribution, LLC

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

 

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 449-2139

Date of fiscal year end: December 31

Date of reporting period: December 31, 2024

Explanatory Note:

The Registrant is filing this amendment to its Form N-CSR filing for the period ended December 31, 2024 (“Amendment”), originally filed with the Securities and Exchange Commission on March 5, 2025 (SEC Accession No. 0001193125-25-047326) (the “Original N-CSR Filing”). The sole purpose of this Amendment is, with respect to each class of shares of each of Mirova Global Green Bond Fund, Mirova Global Megatrends Fund (formerly Mirova Global Sustainable Equity Fund) and Natixis Oakmark International Fund (each, a “Fund” and together the “Funds”), to revise the average annual total returns for the Fund’s respective benchmark(s) provided in the “Fund Performance” section, under Item 1 of the Original N-CSR Filing.

In connection with the Amendment, the Registrant is filing as exhibits to this Amendment updated certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002.

Except as set forth above, this Amendment does not amend, update or modify any other items or disclosures found in the Original N-CSR Filing.


Item 1. Reports to Stockholders.

(a)

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

Class A 

MGGAX

Mirova Global Green Bond Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Mirova Global Green Bond Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class A
$91
0.90%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Explanation of Fund Performance  

In 2024, the Mirova Global Green Bond Fund lagged in overall performance which can be attributed to movements on the yield curve.

 

Top Contributors to Performance

•Allocation had a positive impact on the Fund during the year due to its long position on credit, while US and Euro credit spreads compressed.

•Issue selection during the year was also positive. The largest contributors to this outperformance were among the corporate holdings, namely Altarea, Johnson Controls, and EIB.

 

Top Detractors from Performance

•The Fund's duration and curve strategy during the year incurred a cost, negatively impacting performance.

•Yield curve positioning on the CAD zone, Euro zone and USD zone were negative throughout the year.

•Among the worst detractors were Philips, Vestas, and Credit Mutuelle Arkea.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class A with load
Bloomberg Global Aggregate Bond Index - USD Hedged
Bloomberg MSCI Global Green Bond Index - USD Hedged
02/2017
$9,579
$10,000
$10,000
03/2017
$9,502
$9,995
$9,984
04/2017
$9,598
$10,063
$10,076
05/2017
$9,646
$10,122
$10,149
06/2017
$9,607
$10,094
$10,103
07/2017
$9,655
$10,127
$10,153
08/2017
$9,741
$10,219
$10,266
09/2017
$9,689
$10,172
$10,216
10/2017
$9,747
$10,215
$10,295
11/2017
$9,756
$10,231
$10,316
12/2017
$9,719
$10,253
$10,302
01/2018
$9,631
$10,180
$10,217
02/2018
$9,631
$10,157
$10,217
03/2018
$9,701
$10,242
$10,293
04/2018
$9,662
$10,203
$10,271
05/2018
$9,691
$10,242
$10,322
06/2018
$9,713
$10,261
$10,362
07/2018
$9,713
$10,263
$10,368
08/2018
$9,752
$10,295
$10,422
09/2018
$9,697
$10,256
$10,372
10/2018
$9,697
$10,236
$10,372
11/2018
$9,717
$10,286
$10,404
12/2018
$9,781
$10,434
$10,515
01/2019
$9,912
$10,545
$10,648
02/2019
$9,952
$10,557
$10,694
03/2019
$10,156
$10,747
$10,923
04/2019
$10,186
$10,753
$10,961
05/2019
$10,298
$10,908
$11,095
06/2019
$10,517
$11,061
$11,327
07/2019
$10,659
$11,148
$11,494
08/2019
$10,922
$11,400
$11,757
09/2019
$10,814
$11,348
$11,675
10/2019
$10,773
$11,328
$11,613
11/2019
$10,732
$11,315
$11,596
12/2019
$10,676
$11,292
$11,529
01/2020
$10,924
$11,495
$11,801
02/2020
$11,027
$11,636
$11,929
03/2020
$10,434
$11,455
$11,460
04/2020
$10,774
$11,640
$11,743
05/2020
$10,795
$11,673
$11,771
06/2020
$10,969
$11,732
$11,922
07/2020
$11,186
$11,860
$12,093
08/2020
$11,134
$11,774
$12,027
09/2020
$11,216
$11,817
$12,125
10/2020
$11,268
$11,818
$12,192
11/2020
$11,434
$11,885
$12,265
12/2020
$11,489
$11,922
$12,298
01/2021
$11,425
$11,858
$12,244
02/2021
$11,233
$11,673
$12,021
03/2021
$11,267
$11,627
$11,990
04/2021
$11,234
$11,658
$11,967
05/2021
$11,202
$11,684
$11,972
06/2021
$11,261
$11,741
$12,037
07/2021
$11,369
$11,887
$12,248
08/2021
$11,315
$11,863
$12,200
09/2021
$11,230
$11,751
$12,055
10/2021
$11,165
$11,720
$11,991
11/2021
$11,252
$11,804
$12,132
12/2021
$11,142
$11,756
$12,016
01/2022
$10,933
$11,571
$11,806
02/2022
$10,625
$11,417
$11,524
03/2022
$10,473
$11,171
$11,233
04/2022
$10,083
$10,871
$10,828
05/2022
$9,927
$10,856
$10,691
06/2022
$9,548
$10,691
$10,398
07/2022
$9,971
$10,963
$10,872
08/2022
$9,536
$10,677
$10,366
09/2022
$9,101
$10,334
$9,935
10/2022
$9,135
$10,299
$9,925
11/2022
$9,514
$10,562
$10,278
12/2022
$9,277
$10,437
$9,972
01/2023
$9,568
$10,677
$10,263
02/2023
$9,359
$10,507
$10,054
03/2023
$9,498
$10,740
$10,267
04/2023
$9,545
$10,795
$10,312
05/2023
$9,510
$10,753
$10,308
06/2023
$9,475
$10,746
$10,299
07/2023
$9,533
$10,750
$10,341
08/2023
$9,533
$10,736
$10,359
09/2023
$9,359
$10,551
$10,170
10/2023
$9,370
$10,476
$10,171
11/2023
$9,695
$10,836
$10,520
12/2023
$10,064
$11,183
$10,925
01/2024
$9,993
$11,161
$10,887
02/2024
$9,910
$11,084
$10,788
03/2024
$10,028
$11,184
$10,928
04/2024
$9,851
$11,004
$10,770
05/2024
$9,898
$11,101
$10,826
06/2024
$9,969
$11,198
$10,886
07/2024
$10,182
$11,414
$11,123
08/2024
$10,253
$11,539
$11,204
09/2024
$10,372
$11,673
$11,344
10/2024
$10,265
$11,515
$11,249
11/2024
$10,466
$11,652
$11,458
12/2024
$10,323
$11,562
$11,344

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
Since Inception 2/28/17
Class A at NAV
2.57%
(0.67%)
0.96%
Class A with 4.25% MSCFootnote Reference1
(1.82%)
(1.53%)
0.41%
Bloomberg Global Aggregate Bond Index - USD Hedged
3.40%
0.48%
1.86%
Bloomberg MSCI Global Green Bond Index - USD Hedged
3.83%
(0.32%)
1.62%
Footnote Description
Footnote1
Maximum sales charge

Effective May 1, 2024, in accordance with new regulations, the Fund’s primary broad-based index changed to the Bloomberg Global Aggregate Bond Index - USD Hedged. The Fund will retain the Bloomberg MSCI Global Green Bond Index - USD Hedged as an additional benchmark for performance comparison.

Key Fund Statistics

Total Net Assets
$38,096,678
# of Portfolio Holdings (including overnight repurchase agreements and derivatives)
82
Portfolio Turnover Rate
10%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$17,744

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
14.3%
Special Purpose
4.6%
Supra-National
5.0%
Financial
8.1%
Bank
9.0%
Industrial
15.3%
Utility-Electric
15.6%
Government National
28.1%
Footnote Description
Footnote*
Net of other assets less liabilities (including futures contracts)

Country Weightings

Top 10 Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
22.8%
Denmark
3.0%
Sweden
3.4%
Supranationals
5.0%
France
6.6%
Spain
6.6%
Netherlands
8.0%
United Kingdom
9.4%
Italy
10.4%
United States
11.0%
Germany
13.8%

Credit QualityFootnote Reference 

Group By Country Chart
Value
Value
Cash & equivalents
8.7
Not ratedFootnote Reference^
0.8
BB
3.2
BBB
50.6
A
12.0
AA
7.5
AAA
17.2
Footnote Description
Footnote
Credit ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.
Footnote^
Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here.

Material Fund Changes 

There were no material fund changes during the period. 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

There were no changes in or disagreements with Accountants during the period. 

 

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class A 

MGGAX

Mirova Global Green Bond Fund 

Annual Shareholder Report

December 31, 2024

TMGG99A-1224

Class N 

MGGNX

Mirova Global Green Bond Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Mirova Global Green Bond Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class N
$61
0.60%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Explanation of Fund Performance  

In 2024, the Mirova Global Green Bond Fund lagged in overall performance which can be attributed to movements on the yield curve.

 

Top Contributors to Performance

•Allocation had a positive impact on the Fund during the year due to its long position on credit, while US and Euro credit spreads compressed.

•Issue selection during the year was also positive. The largest contributors to this outperformance were among the corporate holdings, namely Altarea, Johnson Controls, and EIB.

 

Top Detractors from Performance

•The Fund's duration and curve strategy during the year incurred a cost, negatively impacting performance.

•Yield curve positioning on the CAD zone, Euro zone and USD zone were negative throughout the year.

•Among the worst detractors were Philips, Vestas, and Credit Mutuelle Arkea.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class N
Bloomberg Global Aggregate Bond Index - USD Hedged
Bloomberg MSCI Global Green Bond Index - USD Hedged
02/2017
$10,000
$10,000
$10,000
03/2017
$9,930
$9,995
$9,984
04/2017
$10,020
$10,063
$10,076
05/2017
$10,080
$10,122
$10,149
06/2017
$10,050
$10,094
$10,103
07/2017
$10,100
$10,127
$10,153
08/2017
$10,190
$10,219
$10,266
09/2017
$10,131
$10,172
$10,216
10/2017
$10,201
$10,215
$10,295
11/2017
$10,211
$10,231
$10,316
12/2017
$10,177
$10,253
$10,302
01/2018
$10,086
$10,180
$10,217
02/2018
$10,086
$10,157
$10,217
03/2018
$10,165
$10,242
$10,293
04/2018
$10,123
$10,203
$10,271
05/2018
$10,165
$10,242
$10,322
06/2018
$10,184
$10,261
$10,362
07/2018
$10,194
$10,263
$10,368
08/2018
$10,236
$10,295
$10,422
09/2018
$10,176
$10,256
$10,372
10/2018
$10,176
$10,236
$10,372
11/2018
$10,196
$10,286
$10,404
12/2018
$10,272
$10,434
$10,515
01/2019
$10,409
$10,545
$10,648
02/2019
$10,462
$10,557
$10,694
03/2019
$10,672
$10,747
$10,923
04/2019
$10,714
$10,753
$10,961
05/2019
$10,820
$10,908
$11,095
06/2019
$11,059
$11,061
$11,327
07/2019
$11,219
$11,148
$11,494
08/2019
$11,495
$11,400
$11,757
09/2019
$11,385
$11,348
$11,675
10/2019
$11,343
$11,328
$11,613
11/2019
$11,311
$11,315
$11,596
12/2019
$11,249
$11,292
$11,529
01/2020
$11,509
$11,495
$11,801
02/2020
$11,617
$11,636
$11,929
03/2020
$10,991
$11,455
$11,460
04/2020
$11,361
$11,640
$11,743
05/2020
$11,382
$11,673
$11,771
06/2020
$11,562
$11,732
$11,922
07/2020
$11,801
$11,860
$12,093
08/2020
$11,747
$11,774
$12,027
09/2020
$11,840
$11,817
$12,125
10/2020
$11,895
$11,818
$12,192
11/2020
$12,070
$11,885
$12,265
12/2020
$12,137
$11,922
$12,298
01/2021
$12,069
$11,858
$12,244
02/2021
$11,878
$11,673
$12,021
03/2021
$11,910
$11,627
$11,990
04/2021
$11,876
$11,658
$11,967
05/2021
$11,853
$11,684
$11,972
06/2021
$11,913
$11,741
$12,037
07/2021
$12,038
$11,887
$12,248
08/2021
$11,981
$11,863
$12,200
09/2021
$11,889
$11,751
$12,055
10/2021
$11,832
$11,720
$11,991
11/2021
$11,923
$11,804
$12,132
12/2021
$11,805
$11,756
$12,016
01/2022
$11,584
$11,571
$11,806
02/2022
$11,271
$11,417
$11,524
03/2022
$11,107
$11,171
$11,233
04/2022
$10,694
$10,871
$10,828
05/2022
$10,529
$10,856
$10,691
06/2022
$10,128
$10,691
$10,398
07/2022
$10,588
$10,963
$10,872
08/2022
$10,116
$10,677
$10,366
09/2022
$9,668
$10,334
$9,935
10/2022
$9,704
$10,299
$9,925
11/2022
$10,116
$10,562
$10,278
12/2022
$9,867
$10,437
$9,972
01/2023
$10,161
$10,677
$10,263
02/2023
$9,953
$10,507
$10,054
03/2023
$10,100
$10,740
$10,267
04/2023
$10,149
$10,795
$10,312
05/2023
$10,124
$10,753
$10,308
06/2023
$10,087
$10,746
$10,299
07/2023
$10,149
$10,750
$10,341
08/2023
$10,149
$10,736
$10,359
09/2023
$9,977
$10,551
$10,170
10/2023
$9,989
$10,476
$10,171
11/2023
$10,333
$10,836
$10,520
12/2023
$10,728
$11,183
$10,925
01/2024
$10,653
$11,161
$10,887
02/2024
$10,565
$11,084
$10,788
03/2024
$10,691
$11,184
$10,928
04/2024
$10,515
$11,004
$10,770
05/2024
$10,565
$11,101
$10,826
06/2024
$10,653
$11,198
$10,886
07/2024
$10,866
$11,414
$11,123
08/2024
$10,942
$11,539
$11,204
09/2024
$11,080
$11,673
$11,344
10/2024
$10,967
$11,515
$11,249
11/2024
$11,180
$11,652
$11,458
12/2024
$11,034
$11,562
$11,344

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
Since Inception 2/28/17
Class N
2.85%
(0.39%)
1.26%
Bloomberg Global Aggregate Bond Index - USD Hedged
3.40%
0.48%
1.86%
Bloomberg MSCI Global Green Bond Index - USD Hedged
3.83%
(0.32%)
1.62%

Effective May 1, 2024, in accordance with new regulations, the Fund’s primary broad-based index changed to the Bloomberg Global Aggregate Bond Index - USD Hedged. The Fund will retain the Bloomberg MSCI Global Green Bond Index - USD Hedged as an additional benchmark for performance comparison.

Key Fund Statistics

Total Net Assets
$38,096,678
# of Portfolio Holdings (including overnight repurchase agreements and derivatives)
82
Portfolio Turnover Rate
10%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$17,744

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
14.3%
Special Purpose
4.6%
Supra-National
5.0%
Financial
8.1%
Bank
9.0%
Industrial
15.3%
Utility-Electric
15.6%
Government National
28.1%
Footnote Description
Footnote*
Net of other assets less liabilities (including futures contracts)

Country Weightings

Top 10 Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
22.8%
Denmark
3.0%
Sweden
3.4%
Supranationals
5.0%
France
6.6%
Spain
6.6%
Netherlands
8.0%
United Kingdom
9.4%
Italy
10.4%
United States
11.0%
Germany
13.8%

Credit QualityFootnote Reference 

Group By Country Chart
Value
Value
Cash & equivalents
8.7
Not ratedFootnote Reference^
0.8
BB
3.2
BBB
50.6
A
12.0
AA
7.5
AAA
17.2
Footnote Description
Footnote
Credit ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.
Footnote^
Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here.

Material Fund Changes 

There were no material fund changes during the period. 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

There were no changes in or disagreements with Accountants during the period. 

 

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class N 

MGGNX

Mirova Global Green Bond Fund 

Annual Shareholder Report

December 31, 2024

TMGG99N-1224

Class Y 

MGGYX

Mirova Global Green Bond Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Mirova Global Green Bond Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class Y
$66
0.65%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Explanation of Fund Performance  

In 2024, the Mirova Global Green Bond Fund lagged in overall performance which can be attributed to movements on the yield curve.

 

Top Contributors to Performance

•Allocation had a positive impact on the Fund during the year due to its long position on credit, while US and Euro credit spreads compressed.

•Issue selection during the year was also positive. The largest contributors to this outperformance were among the corporate holdings, namely Altarea, Johnson Controls, and EIB.

 

Top Detractors from Performance

•The Fund's duration and curve strategy during the year incurred a cost, negatively impacting performance.

•Yield curve positioning on the CAD zone, Euro zone and USD zone were negative throughout the year.

•Among the worst detractors were Philips, Vestas, and Credit Mutuelle Arkea.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class Y
Bloomberg Global Aggregate Bond Index - USD Hedged
Bloomberg MSCI Global Green Bond Index - USD Hedged
02/2017
$10,000
$10,000
$10,000
03/2017
$9,920
$9,995
$9,984
04/2017
$10,020
$10,063
$10,076
05/2017
$10,080
$10,122
$10,149
06/2017
$10,040
$10,094
$10,103
07/2017
$10,090
$10,127
$10,153
08/2017
$10,180
$10,219
$10,266
09/2017
$10,130
$10,172
$10,216
10/2017
$10,191
$10,215
$10,295
11/2017
$10,201
$10,231
$10,316
12/2017
$10,166
$10,253
$10,302
01/2018
$10,075
$10,180
$10,217
02/2018
$10,075
$10,157
$10,217
03/2018
$10,153
$10,242
$10,293
04/2018
$10,112
$10,203
$10,271
05/2018
$10,153
$10,242
$10,322
06/2018
$10,171
$10,261
$10,362
07/2018
$10,171
$10,263
$10,368
08/2018
$10,213
$10,295
$10,422
09/2018
$10,162
$10,256
$10,372
10/2018
$10,162
$10,236
$10,372
11/2018
$10,183
$10,286
$10,404
12/2018
$10,257
$10,434
$10,515
01/2019
$10,405
$10,545
$10,648
02/2019
$10,436
$10,557
$10,694
03/2019
$10,656
$10,747
$10,923
04/2019
$10,688
$10,753
$10,961
05/2019
$10,804
$10,908
$11,095
06/2019
$11,042
$11,061
$11,327
07/2019
$11,190
$11,148
$11,494
08/2019
$11,477
$11,400
$11,757
09/2019
$11,367
$11,348
$11,675
10/2019
$11,324
$11,328
$11,613
11/2019
$11,282
$11,315
$11,596
12/2019
$11,218
$11,292
$11,529
01/2020
$11,489
$11,495
$11,801
02/2020
$11,597
$11,636
$11,929
03/2020
$10,970
$11,455
$11,460
04/2020
$11,339
$11,640
$11,743
05/2020
$11,361
$11,673
$11,771
06/2020
$11,539
$11,732
$11,922
07/2020
$11,778
$11,860
$12,093
08/2020
$11,724
$11,774
$12,027
09/2020
$11,816
$11,817
$12,125
10/2020
$11,871
$11,818
$12,192
11/2020
$12,045
$11,885
$12,265
12/2020
$12,099
$11,922
$12,298
01/2021
$12,043
$11,858
$12,244
02/2021
$11,852
$11,673
$12,021
03/2021
$11,883
$11,627
$11,990
04/2021
$11,849
$11,658
$11,967
05/2021
$11,826
$11,684
$11,972
06/2021
$11,884
$11,741
$12,037
07/2021
$11,997
$11,887
$12,248
08/2021
$11,952
$11,863
$12,200
09/2021
$11,859
$11,751
$12,055
10/2021
$11,791
$11,720
$11,991
11/2021
$11,893
$11,804
$12,132
12/2021
$11,774
$11,756
$12,016
01/2022
$11,554
$11,571
$11,806
02/2022
$11,229
$11,417
$11,524
03/2022
$11,076
$11,171
$11,233
04/2022
$10,664
$10,871
$10,828
05/2022
$10,499
$10,856
$10,691
06/2022
$10,099
$10,691
$10,398
07/2022
$10,558
$10,963
$10,872
08/2022
$10,087
$10,677
$10,366
09/2022
$9,640
$10,334
$9,935
10/2022
$9,675
$10,299
$9,925
11/2022
$10,075
$10,562
$10,278
12/2022
$9,838
$10,437
$9,972
01/2023
$10,132
$10,677
$10,263
02/2023
$9,923
$10,507
$10,054
03/2023
$10,070
$10,740
$10,267
04/2023
$10,119
$10,795
$10,312
05/2023
$10,083
$10,753
$10,308
06/2023
$10,058
$10,746
$10,299
07/2023
$10,107
$10,750
$10,341
08/2023
$10,119
$10,736
$10,359
09/2023
$9,936
$10,551
$10,170
10/2023
$9,948
$10,476
$10,171
11/2023
$10,291
$10,836
$10,520
12/2023
$10,693
$11,183
$10,925
01/2024
$10,605
$11,161
$10,887
02/2024
$10,530
$11,084
$10,788
03/2024
$10,655
$11,184
$10,928
04/2024
$10,480
$11,004
$10,770
05/2024
$10,518
$11,101
$10,826
06/2024
$10,605
$11,198
$10,886
07/2024
$10,831
$11,414
$11,123
08/2024
$10,906
$11,539
$11,204
09/2024
$11,044
$11,673
$11,344
10/2024
$10,918
$11,515
$11,249
11/2024
$11,144
$11,652
$11,458
12/2024
$10,992
$11,562
$11,344

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
Since Inception 2/28/17
Class Y
2.80%
(0.41%)
1.21%
Bloomberg Global Aggregate Bond Index - USD Hedged
3.40%
0.48%
1.86%
Bloomberg MSCI Global Green Bond Index - USD Hedged
3.83%
(0.32%)
1.62%

Effective May 1, 2024, in accordance with new regulations, the Fund’s primary broad-based index changed to the Bloomberg Global Aggregate Bond Index - USD Hedged. The Fund will retain the Bloomberg MSCI Global Green Bond Index - USD Hedged as an additional benchmark for performance comparison.

Key Fund Statistics

Total Net Assets
$38,096,678
# of Portfolio Holdings (including overnight repurchase agreements and derivatives)
82
Portfolio Turnover Rate
10%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$17,744

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
14.3%
Special Purpose
4.6%
Supra-National
5.0%
Financial
8.1%
Bank
9.0%
Industrial
15.3%
Utility-Electric
15.6%
Government National
28.1%
Footnote Description
Footnote*
Net of other assets less liabilities (including futures contracts)

Country Weightings

Top 10 Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
22.8%
Denmark
3.0%
Sweden
3.4%
Supranationals
5.0%
France
6.6%
Spain
6.6%
Netherlands
8.0%
United Kingdom
9.4%
Italy
10.4%
United States
11.0%
Germany
13.8%

Credit QualityFootnote Reference 

Group By Country Chart
Value
Value
Cash & equivalents
8.7
Not ratedFootnote Reference^
0.8
BB
3.2
BBB
50.6
A
12.0
AA
7.5
AAA
17.2
Footnote Description
Footnote
Credit ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.
Footnote^
Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here.

Material Fund Changes 

There were no material fund changes during the period. 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

There were no changes in or disagreements with Accountants during the period. 

 

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class Y 

MGGYX

Mirova Global Green Bond Fund 

Annual Shareholder Report

December 31, 2024

TMGG99Y-1224

Class A 

ESGMX

Mirova Global Sustainable Equity Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Mirova Global Sustainable Equity Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class A
$128
1.20%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Explanation of Fund Performance  

While the Fund delivered strong absolute returns for the full year, it lagged in overall performance mainly due to fourth quarter results as the Fund was underexposed to some of the areas expected to benefit under a Trump presidency. This included U.S. stocks, bank and energy stocks, and lower quality and procyclical areas. Certain companies also faced industry-wide or company-specific challenges.

 

Top Contributors to Performance

• Lack of exposure to the Energy and Real Estate sectors and an underweight to Consumer Staples contributed to performance.

• Stock selection in Health Care (Eli Lilly and Intuitive Surgical) and Materials (Smurfit Westrock and not owning mining companies) contributed.

•Nvidia, Taiwan Semi and eBay were the largest contributors to performance.

 

Top Detractors from Performance

•An overweight to Health Care and Materials, and underweight to Communication Services, which was led by Magnificent 7 stocks the Fund does not own (Meta, Alphabet), detracted.

•As U.S. equities outperformed, driven in part by the Magnificent 7, the Fund’s U.S. underweight and Europe overweight detracted.

•Stock picks in Industrials (Vestas Wind Systems and AGCO Corp) and Financials (AIA Group and Legal & General) detracted from relative performance.

•Vestas Wind Systems, Aptiv and Adobe were the largest detractors overall.

The Fund continued to invest for the long term, in high-quality companies likely to benefit from the demographic, technological, environmental and governance related transitions expected to transform the world’s economies during the next decade.

 

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class A with load
MSCI World Index (Net)
03/2016
$9,425
$10,000
04/2016
$9,369
$10,158
05/2016
$9,529
$10,215
06/2016
$9,331
$10,101
07/2016
$9,746
$10,528
08/2016
$9,764
$10,536
09/2016
$9,859
$10,592
10/2016
$9,463
$10,387
11/2016
$9,208
$10,537
12/2016
$9,345
$10,789
01/2017
$9,732
$11,049
02/2017
$9,967
$11,356
03/2017
$10,194
$11,477
04/2017
$10,609
$11,647
05/2017
$10,968
$11,893
06/2017
$10,987
$11,939
07/2017
$11,261
$12,224
08/2017
$11,336
$12,242
09/2017
$11,572
$12,516
10/2017
$11,912
$12,753
11/2017
$12,101
$13,029
12/2017
$12,189
$13,206
01/2018
$13,029
$13,903
02/2018
$12,476
$13,327
03/2018
$12,333
$13,036
04/2018
$12,322
$13,186
05/2018
$12,475
$13,269
06/2018
$12,418
$13,262
07/2018
$12,879
$13,677
08/2018
$12,975
$13,846
09/2018
$13,023
$13,923
10/2018
$11,880
$12,901
11/2018
$12,245
$13,047
12/2018
$11,392
$12,055
01/2019
$12,218
$12,993
02/2019
$12,834
$13,384
03/2019
$13,103
$13,560
04/2019
$13,667
$14,040
05/2019
$12,935
$13,230
06/2019
$13,838
$14,102
07/2019
$13,808
$14,172
08/2019
$13,757
$13,882
09/2019
$13,938
$14,177
10/2019
$14,159
$14,538
11/2019
$14,681
$14,943
12/2019
$15,109
$15,391
01/2020
$15,261
$15,297
02/2020
$14,400
$14,004
03/2020
$13,053
$12,151
04/2020
$14,573
$13,478
05/2020
$15,510
$14,129
06/2020
$16,008
$14,503
07/2020
$16,995
$15,197
08/2020
$17,891
$16,212
09/2020
$17,596
$15,653
10/2020
$17,128
$15,173
11/2020
$18,919
$17,113
12/2020
$19,954
$17,838
01/2021
$19,566
$17,661
02/2021
$19,842
$18,114
03/2021
$20,239
$18,716
04/2021
$20,983
$19,587
05/2021
$21,252
$19,869
06/2021
$21,810
$20,166
07/2021
$22,595
$20,527
08/2021
$23,545
$21,038
09/2021
$22,274
$20,164
10/2021
$23,741
$21,306
11/2021
$22,894
$20,839
12/2021
$23,509
$21,730
01/2022
$21,333
$20,580
02/2022
$20,657
$20,060
03/2022
$20,772
$20,610
04/2022
$19,088
$18,898
05/2022
$19,088
$18,912
06/2022
$17,624
$17,274
07/2022
$19,148
$18,646
08/2022
$17,707
$17,866
09/2022
$15,790
$16,205
10/2022
$16,838
$17,369
11/2022
$18,767
$18,577
12/2022
$18,206
$17,788
01/2023
$19,486
$19,047
02/2023
$18,983
$18,589
03/2023
$19,426
$19,163
04/2023
$19,785
$19,499
05/2023
$19,666
$19,304
06/2023
$20,827
$20,472
07/2023
$21,066
$21,159
08/2023
$20,527
$20,654
09/2023
$19,223
$19,763
10/2023
$18,780
$19,190
11/2023
$20,719
$20,989
12/2023
$21,541
$22,019
01/2024
$21,913
$22,283
02/2024
$23,150
$23,228
03/2024
$23,906
$23,975
04/2024
$23,000
$23,084
05/2024
$24,213
$24,115
06/2024
$24,489
$24,605
07/2024
$24,598
$25,039
08/2024
$25,667
$25,701
09/2024
$25,859
$26,172
10/2024
$24,766
$25,652
11/2024
$25,258
$26,830
12/2024
$24,304
$26,130

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
Since Inception 3/31/16
Class A at NAV
12.83%
9.97%
11.43%
Class A with 5.75% MSCFootnote Reference1
6.37%
8.68%
10.68%
MSCI World Index (Net)
18.67%
11.17%
11.56%
Footnote Description
Footnote1
Maximum sales charge

Key Fund Statistics

Total Net Assets
$974,101,733
# of Portfolio Holdings (including overnight repurchase agreements)
51
Portfolio Turnover Rate
18%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$8,602,808

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
17.9%
Commercial Services & Supplies
3.3%
Broadline Retail
3.5%
IT Services
3.8%
Machinery
3.9%
Electric Utilities
5.2%
Life Sciences Tools & Services
6.0%
Health Care Equipment & Supplies
6.1%
Chemicals
6.7%
Pharmaceuticals
7.4%
Financial Services
9.5%
Semiconductors & Semiconductor Equipment
11.7%
Software
15.0%
Footnote Description
Footnote*
Net of other assets less liabilities

Top Ten Holdings

NVIDIA Corp.
5.9%
Microsoft Corp.
5.5%
Mastercard, Inc., Class A
5.2%
Eli Lilly & Co.
3.8%
Ecolab, Inc.
3.7%
eBay, Inc.
3.5%
Thermo Fisher Scientific, Inc.
3.4%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
3.2%
Roper Technologies, Inc.
3.0%
Iberdrola SA
2.9%

Material Fund Changes 

There were no material fund changes during the period. 

Country Weightings

Group By Country Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
10.2%
Canada
3.0%
Japan
3.1%
Taiwan
3.2%
Denmark
3.4%
Netherlands
3.7%
France
3.7%
United Kingdom
3.8%
Germany
4.0%
United States
61.9%
Footnote Description
Footnote*
Net of other assets less liabilities

There were no changes in or disagreements with Accountants during the period. 

 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class A 

ESGMX

Mirova Global Sustainable Equity Fund 

Annual Shareholder Report

December 31, 2024

TMG99A-1224

Class C 

ESGCX

Mirova Global Sustainable Equity Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Mirova Global Sustainable Equity Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class C
$207
1.95%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Explanation of Fund Performance  

While the Fund delivered strong absolute returns for the full year, it lagged in overall performance mainly due to fourth quarter results as the Fund was underexposed to some of the areas expected to benefit under a Trump presidency. This included U.S. stocks, bank and energy stocks, and lower quality and procyclical areas. Certain companies also faced industry-wide or company-specific challenges.

 

Top Contributors to Performance

• Lack of exposure to the Energy and Real Estate sectors and an underweight to Consumer Staples contributed to performance.

• Stock selection in Health Care (Eli Lilly and Intuitive Surgical) and Materials (Smurfit Westrock and not owning mining companies) contributed.

•Nvidia, Taiwan Semi and eBay were the largest contributors to performance.

 

Top Detractors from Performance

•An overweight to Health Care and Materials, and underweight to Communication Services, which was led by Magnificent 7 stocks the Fund does not own (Meta, Alphabet), detracted.

•As U.S. equities outperformed, driven in part by the Magnificent 7, the Fund’s U.S. underweight and Europe overweight detracted.

•Stock picks in Industrials (Vestas Wind Systems and AGCO Corp) and Financials (AIA Group and Legal & General) detracted from relative performance.

•Vestas Wind Systems, Aptiv and Adobe were the largest detractors overall.

The Fund continued to invest for the long term, in high-quality companies likely to benefit from the demographic, technological, environmental and governance related transitions expected to transform the world’s economies during the next decade.

 

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class C
MSCI World Index (Net)
03/2016
$10,000
$10,000
04/2016
$9,930
$10,158
05/2016
$10,100
$10,215
06/2016
$9,880
$10,101
07/2016
$10,320
$10,528
08/2016
$10,330
$10,536
09/2016
$10,420
$10,592
10/2016
$10,000
$10,387
11/2016
$9,720
$10,537
12/2016
$9,861
$10,789
01/2017
$10,262
$11,049
02/2017
$10,492
$11,356
03/2017
$10,732
$11,477
04/2017
$11,163
$11,647
05/2017
$11,533
$11,893
06/2017
$11,553
$11,939
07/2017
$11,833
$12,224
08/2017
$11,894
$12,242
09/2017
$12,134
$12,516
10/2017
$12,484
$12,753
11/2017
$12,684
$13,029
12/2017
$12,761
$13,206
01/2018
$13,630
$13,903
02/2018
$13,054
$13,327
03/2018
$12,892
$13,036
04/2018
$12,871
$13,186
05/2018
$13,023
$13,269
06/2018
$12,952
$13,262
07/2018
$13,430
$13,677
08/2018
$13,521
$13,846
09/2018
$13,562
$13,923
10/2018
$12,362
$12,901
11/2018
$12,728
$13,047
12/2018
$11,841
$12,055
01/2019
$12,695
$12,993
02/2019
$13,327
$13,384
03/2019
$13,590
$13,560
04/2019
$14,177
$14,040
05/2019
$13,401
$13,230
06/2019
$14,326
$14,102
07/2019
$14,294
$14,172
08/2019
$14,219
$13,882
09/2019
$14,400
$14,177
10/2019
$14,623
$14,538
11/2019
$15,155
$14,943
12/2019
$15,590
$15,391
01/2020
$15,729
$15,297
02/2020
$14,830
$14,004
03/2020
$13,438
$12,151
04/2020
$14,991
$13,478
05/2020
$15,938
$14,129
06/2020
$16,444
$14,503
07/2020
$17,456
$15,197
08/2020
$18,360
$16,212
09/2020
$18,048
$15,653
10/2020
$17,553
$15,173
11/2020
$19,382
$17,113
12/2020
$20,434
$17,838
01/2021
$20,024
$17,661
02/2021
$20,283
$18,114
03/2021
$20,682
$18,716
04/2021
$21,436
$19,587
05/2021
$21,687
$19,869
06/2021
$22,245
$20,166
07/2021
$23,032
$20,527
08/2021
$23,983
$21,038
09/2021
$22,671
$20,164
10/2021
$24,147
$21,306
11/2021
$23,272
$20,839
12/2021
$23,878
$21,730
01/2022
$21,663
$20,580
02/2022
$20,969
$20,060
03/2022
$21,066
$20,610
04/2022
$19,350
$18,898
05/2022
$19,337
$18,912
06/2022
$17,841
$17,274
07/2022
$19,362
$18,646
08/2022
$17,904
$17,866
09/2022
$15,964
$16,205
10/2022
$17,004
$17,369
11/2022
$18,944
$18,577
12/2022
$18,361
$17,788
01/2023
$19,641
$19,047
02/2023
$19,121
$18,589
03/2023
$19,553
$19,163
04/2023
$19,895
$19,499
05/2023
$19,768
$19,304
06/2023
$20,923
$20,472
07/2023
$21,152
$21,159
08/2023
$20,593
$20,654
09/2023
$19,274
$19,763
10/2023
$18,830
$19,190
11/2023
$20,745
$20,989
12/2023
$21,558
$22,019
01/2024
$21,926
$22,283
02/2024
$23,131
$23,228
03/2024
$23,880
$23,975
04/2024
$22,981
$23,084
05/2024
$24,193
$24,115
06/2024
$24,469
$24,605
07/2024
$24,577
$25,039
08/2024
$25,646
$25,701
09/2024
$25,838
$26,172
10/2024
$24,745
$25,652
11/2024
$25,237
$26,830
12/2024
$24,284
$26,130

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
Since Inception 3/31/16
Class C at NAV
11.99%
9.14%
10.67%
Class C with 1.00% CDSCFootnote Reference1
10.99%
9.14%
10.67%
MSCI World Index (Net)
18.67%
11.17%
11.56%
Footnote Description
Footnote1
Contingent deferred sales charge

Key Fund Statistics

Total Net Assets
$974,101,733
# of Portfolio Holdings (including overnight repurchase agreements)
51
Portfolio Turnover Rate
18%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$8,602,808

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
17.9%
Commercial Services & Supplies
3.3%
Broadline Retail
3.5%
IT Services
3.8%
Machinery
3.9%
Electric Utilities
5.2%
Life Sciences Tools & Services
6.0%
Health Care Equipment & Supplies
6.1%
Chemicals
6.7%
Pharmaceuticals
7.4%
Financial Services
9.5%
Semiconductors & Semiconductor Equipment
11.7%
Software
15.0%
Footnote Description
Footnote*
Net of other assets less liabilities

Top Ten Holdings

NVIDIA Corp.
5.9%
Microsoft Corp.
5.5%
Mastercard, Inc., Class A
5.2%
Eli Lilly & Co.
3.8%
Ecolab, Inc.
3.7%
eBay, Inc.
3.5%
Thermo Fisher Scientific, Inc.
3.4%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
3.2%
Roper Technologies, Inc.
3.0%
Iberdrola SA
2.9%

Material Fund Changes 

There were no material fund changes during the period. 

Country Weightings

Group By Country Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
10.2%
Canada
3.0%
Japan
3.1%
Taiwan
3.2%
Denmark
3.4%
Netherlands
3.7%
France
3.7%
United Kingdom
3.8%
Germany
4.0%
United States
61.9%
Footnote Description
Footnote*
Net of other assets less liabilities

There were no changes in or disagreements with Accountants during the period. 

 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class C 

ESGCX

Mirova Global Sustainable Equity Fund 

Annual Shareholder Report

December 31, 2024

TMG99C-1224

Class N 

ESGNX

Mirova Global Sustainable Equity Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Mirova Global Sustainable Equity Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class N
$95
0.89%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Explanation of Fund Performance  

While the Fund delivered strong absolute returns for the full year, it lagged in overall performance mainly due to fourth quarter results as the Fund was underexposed to some of the areas expected to benefit under a Trump presidency. This included U.S. stocks, bank and energy stocks, and lower quality and procyclical areas. Certain companies also faced industry-wide or company-specific challenges.

 

Top Contributors to Performance

• Lack of exposure to the Energy and Real Estate sectors and an underweight to Consumer Staples contributed to performance.

• Stock selection in Health Care (Eli Lilly and Intuitive Surgical) and Materials (Smurfit Westrock and not owning mining companies) contributed.

•Nvidia, Taiwan Semi and eBay were the largest contributors to performance.

 

Top Detractors from Performance

•An overweight to Health Care and Materials, and underweight to Communication Services, which was led by Magnificent 7 stocks the Fund does not own (Meta, Alphabet), detracted.

•As U.S. equities outperformed, driven in part by the Magnificent 7, the Fund’s U.S. underweight and Europe overweight detracted.

•Stock picks in Industrials (Vestas Wind Systems and AGCO Corp) and Financials (AIA Group and Legal & General) detracted from relative performance.

•Vestas Wind Systems, Aptiv and Adobe were the largest detractors overall.

The Fund continued to invest for the long term, in high-quality companies likely to benefit from the demographic, technological, environmental and governance related transitions expected to transform the world’s economies during the next decade.

 

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class N
MSCI World Index (Net)
05/2017
$10,319
$10,189
06/2017
$10,337
$10,228
07/2017
$10,593
$10,473
08/2017
$10,673
$10,487
09/2017
$10,895
$10,723
10/2017
$11,213
$10,925
11/2017
$11,399
$11,162
12/2017
$11,481
$11,313
01/2018
$12,278
$11,910
02/2018
$11,759
$11,417
03/2018
$11,624
$11,168
04/2018
$11,623
$11,296
05/2018
$11,767
$11,367
06/2018
$11,713
$11,362
07/2018
$12,155
$11,717
08/2018
$12,245
$11,862
09/2018
$12,299
$11,928
10/2018
$11,217
$11,052
11/2018
$11,560
$11,177
12/2018
$10,762
$10,327
01/2019
$11,549
$11,131
02/2019
$12,129
$11,466
03/2019
$12,392
$11,616
04/2019
$12,923
$12,028
05/2019
$12,233
$11,334
06/2019
$13,093
$12,081
07/2019
$13,064
$12,141
08/2019
$13,017
$11,893
09/2019
$13,197
$12,146
10/2019
$13,414
$12,455
11/2019
$13,905
$12,802
12/2019
$14,319
$13,185
01/2020
$14,452
$13,105
02/2020
$13,650
$11,997
03/2020
$12,380
$10,409
04/2020
$13,813
$11,547
05/2020
$14,706
$12,104
06/2020
$15,186
$12,425
07/2020
$16,137
$13,019
08/2020
$16,981
$13,889
09/2020
$16,703
$13,410
10/2020
$16,271
$12,998
11/2020
$17,970
$14,660
12/2020
$18,964
$15,282
01/2021
$18,598
$15,130
02/2021
$18,858
$15,518
03/2021
$19,243
$16,034
04/2021
$19,964
$16,780
05/2021
$20,218
$17,022
06/2021
$20,754
$17,276
07/2021
$21,514
$17,585
08/2021
$22,421
$18,023
09/2021
$21,212
$17,274
10/2021
$22,616
$18,253
11/2021
$21,816
$17,853
12/2021
$22,409
$18,616
01/2022
$20,343
$17,631
02/2022
$19,705
$17,185
03/2022
$19,813
$17,657
04/2022
$18,213
$16,190
05/2022
$18,213
$16,202
06/2022
$16,830
$14,799
07/2022
$18,280
$15,974
08/2022
$16,920
$15,306
09/2022
$15,087
$13,883
10/2022
$16,099
$14,880
11/2022
$17,943
$15,915
12/2022
$17,408
$15,239
01/2023
$18,632
$16,317
02/2023
$18,156
$15,925
03/2023
$18,587
$16,417
04/2023
$18,939
$16,705
05/2023
$18,825
$16,538
06/2023
$19,937
$17,538
07/2023
$20,175
$18,127
08/2023
$19,664
$17,694
09/2023
$18,417
$16,931
10/2023
$18,009
$16,440
11/2023
$19,857
$17,981
12/2023
$20,664
$18,864
01/2024
$21,018
$19,090
02/2024
$22,204
$19,899
03/2024
$22,946
$20,539
04/2024
$22,085
$19,776
05/2024
$23,249
$20,659
06/2024
$23,523
$21,079
07/2024
$23,637
$21,451
08/2024
$24,664
$22,018
09/2024
$24,858
$22,421
10/2024
$23,808
$21,976
11/2024
$24,299
$22,985
12/2024
$23,381
$22,386

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
Since Inception 5/1/17
Class N
13.15%
10.30%
11.71%
MSCI World Index (Net)
18.67%
11.17%
11.04%

Key Fund Statistics

Total Net Assets
$974,101,733
# of Portfolio Holdings (including overnight repurchase agreements)
51
Portfolio Turnover Rate
18%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$8,602,808

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
17.9%
Commercial Services & Supplies
3.3%
Broadline Retail
3.5%
IT Services
3.8%
Machinery
3.9%
Electric Utilities
5.2%
Life Sciences Tools & Services
6.0%
Health Care Equipment & Supplies
6.1%
Chemicals
6.7%
Pharmaceuticals
7.4%
Financial Services
9.5%
Semiconductors & Semiconductor Equipment
11.7%
Software
15.0%
Footnote Description
Footnote*
Net of other assets less liabilities

Top Ten Holdings

NVIDIA Corp.
5.9%
Microsoft Corp.
5.5%
Mastercard, Inc., Class A
5.2%
Eli Lilly & Co.
3.8%
Ecolab, Inc.
3.7%
eBay, Inc.
3.5%
Thermo Fisher Scientific, Inc.
3.4%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
3.2%
Roper Technologies, Inc.
3.0%
Iberdrola SA
2.9%

Material Fund Changes 

There were no material fund changes during the period. 

Country Weightings

Group By Country Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
10.2%
Canada
3.0%
Japan
3.1%
Taiwan
3.2%
Denmark
3.4%
Netherlands
3.7%
France
3.7%
United Kingdom
3.8%
Germany
4.0%
United States
61.9%
Footnote Description
Footnote*
Net of other assets less liabilities

There were no changes in or disagreements with Accountants during the period. 

 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class N 

ESGNX

Mirova Global Sustainable Equity Fund 

Annual Shareholder Report

December 31, 2024

TMG99N-1224

Class Y 

ESGYX

Mirova Global Sustainable Equity Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Mirova Global Sustainable Equity Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class Y
$101
0.95%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Explanation of Fund Performance  

While the Fund delivered strong absolute returns for the full year, it lagged in overall performance mainly due to fourth quarter results as the Fund was underexposed to some of the areas expected to benefit under a Trump presidency. This included U.S. stocks, bank and energy stocks, and lower quality and procyclical areas. Certain companies also faced industry-wide or company-specific challenges.

 

Top Contributors to Performance

• Lack of exposure to the Energy and Real Estate sectors and an underweight to Consumer Staples contributed to performance.

• Stock selection in Health Care (Eli Lilly and Intuitive Surgical) and Materials (Smurfit Westrock and not owning mining companies) contributed.

•Nvidia, Taiwan Semi and eBay were the largest contributors to performance.

 

Top Detractors from Performance

•An overweight to Health Care and Materials, and underweight to Communication Services, which was led by Magnificent 7 stocks the Fund does not own (Meta, Alphabet), detracted.

•As U.S. equities outperformed, driven in part by the Magnificent 7, the Fund’s U.S. underweight and Europe overweight detracted.

•Stock picks in Industrials (Vestas Wind Systems and AGCO Corp) and Financials (AIA Group and Legal & General) detracted from relative performance.

•Vestas Wind Systems, Aptiv and Adobe were the largest detractors overall.

The Fund continued to invest for the long term, in high-quality companies likely to benefit from the demographic, technological, environmental and governance related transitions expected to transform the world’s economies during the next decade.

 

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class Y
MSCI World Index (Net)
03/2016
$10,000
$10,000
04/2016
$9,940
$10,158
05/2016
$10,120
$10,215
06/2016
$9,910
$10,101
07/2016
$10,350
$10,528
08/2016
$10,370
$10,536
09/2016
$10,470
$10,592
10/2016
$10,060
$10,387
11/2016
$9,790
$10,537
12/2016
$9,930
$10,789
01/2017
$10,341
$11,049
02/2017
$10,591
$11,356
03/2017
$10,842
$11,477
04/2017
$11,283
$11,647
05/2017
$11,673
$11,893
06/2017
$11,693
$11,939
07/2017
$11,984
$12,224
08/2017
$12,064
$12,242
09/2017
$12,325
$12,516
10/2017
$12,685
$12,753
11/2017
$12,896
$13,029
12/2017
$12,983
$13,206
01/2018
$13,885
$13,903
02/2018
$13,297
$13,327
03/2018
$13,145
$13,036
04/2018
$13,144
$13,186
05/2018
$13,307
$13,269
06/2018
$13,246
$13,262
07/2018
$13,745
$13,677
08/2018
$13,847
$13,846
09/2018
$13,909
$13,923
10/2018
$12,675
$12,901
11/2018
$13,072
$13,047
12/2018
$12,163
$12,055
01/2019
$13,052
$12,993
02/2019
$13,708
$13,384
03/2019
$14,005
$13,560
04/2019
$14,616
$14,040
05/2019
$13,836
$13,230
06/2019
$14,797
$14,102
07/2019
$14,776
$14,172
08/2019
$14,712
$13,882
09/2019
$14,915
$14,177
10/2019
$15,160
$14,538
11/2019
$15,715
$14,943
12/2019
$16,176
$15,391
01/2020
$16,338
$15,297
02/2020
$15,421
$14,004
03/2020
$13,985
$12,151
04/2020
$15,616
$13,478
05/2020
$16,614
$14,129
06/2020
$17,156
$14,503
07/2020
$18,230
$15,197
08/2020
$19,184
$16,212
09/2020
$18,870
$15,653
10/2020
$18,371
$15,173
11/2020
$20,301
$17,113
12/2020
$21,420
$17,838
01/2021
$21,007
$17,661
02/2021
$21,300
$18,114
03/2021
$21,735
$18,716
04/2021
$22,539
$19,587
05/2021
$22,825
$19,869
06/2021
$23,430
$20,166
07/2021
$24,289
$20,527
08/2021
$25,313
$21,038
09/2021
$23,948
$20,164
10/2021
$25,534
$21,306
11/2021
$24,631
$20,839
12/2021
$25,288
$21,730
01/2022
$22,968
$20,580
02/2022
$22,235
$20,060
03/2022
$22,369
$20,610
04/2022
$20,562
$18,898
05/2022
$20,562
$18,912
06/2022
$18,989
$17,274
07/2022
$20,626
$18,646
08/2022
$19,090
$17,866
09/2022
$17,021
$16,205
10/2022
$18,163
$17,369
11/2022
$20,245
$18,577
12/2022
$19,641
$17,788
01/2023
$21,022
$19,047
02/2023
$20,485
$18,589
03/2023
$20,971
$19,163
04/2023
$21,355
$19,499
05/2023
$21,227
$19,304
06/2023
$22,494
$20,472
07/2023
$22,750
$21,159
08/2023
$22,187
$20,654
09/2023
$20,766
$19,763
10/2023
$20,306
$19,190
11/2023
$22,391
$20,989
12/2023
$23,300
$22,019
01/2024
$23,699
$22,283
02/2024
$25,037
$23,228
03/2024
$25,873
$23,975
04/2024
$24,890
$23,084
05/2024
$26,215
$24,115
06/2024
$26,511
$24,605
07/2024
$26,640
$25,039
08/2024
$27,798
$25,701
09/2024
$28,017
$26,172
10/2024
$26,833
$25,652
11/2024
$27,373
$26,830
12/2024
$26,344
$26,130

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
Since Inception 3/31/16
Class Y
13.06%
10.25%
11.70%
MSCI World Index (Net)
18.67%
11.17%
11.56%

Key Fund Statistics

Total Net Assets
$974,101,733
# of Portfolio Holdings (including overnight repurchase agreements)
51
Portfolio Turnover Rate
18%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$8,602,808

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
17.9%
Commercial Services & Supplies
3.3%
Broadline Retail
3.5%
IT Services
3.8%
Machinery
3.9%
Electric Utilities
5.2%
Life Sciences Tools & Services
6.0%
Health Care Equipment & Supplies
6.1%
Chemicals
6.7%
Pharmaceuticals
7.4%
Financial Services
9.5%
Semiconductors & Semiconductor Equipment
11.7%
Software
15.0%
Footnote Description
Footnote*
Net of other assets less liabilities

Top Ten Holdings

NVIDIA Corp.
5.9%
Microsoft Corp.
5.5%
Mastercard, Inc., Class A
5.2%
Eli Lilly & Co.
3.8%
Ecolab, Inc.
3.7%
eBay, Inc.
3.5%
Thermo Fisher Scientific, Inc.
3.4%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
3.2%
Roper Technologies, Inc.
3.0%
Iberdrola SA
2.9%

Material Fund Changes 

There were no material fund changes during the period. 

Country Weightings

Group By Country Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
10.2%
Canada
3.0%
Japan
3.1%
Taiwan
3.2%
Denmark
3.4%
Netherlands
3.7%
France
3.7%
United Kingdom
3.8%
Germany
4.0%
United States
61.9%
Footnote Description
Footnote*
Net of other assets less liabilities

There were no changes in or disagreements with Accountants during the period. 

 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class Y 

ESGYX

Mirova Global Sustainable Equity Fund 

Annual Shareholder Report

December 31, 2024

TMG99Y-1224

Class A 

NOIAX

Natixis Oakmark International Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Natixis Oakmark International Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class A
$112
1.15%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Explanation of Fund Performance  

On an absolute-return basis, the industrials and communication services sectors were the only sectors that contributed to the Fund’s return. Health care and consumer discretionary detracted the most to the Fund’s absolute return for the year. Geographically, Italy and Japan had the largest contribution to absolute performance of the Fund, while France and Germany were the largest detractors.

 

Top Contributors to Performance

•Intesa Sanpaolo was a contributor during the 1-year period. The company started the year strong after posting results that benefited from increased fees and commissions. Solid performance continued throughout the year with the company’s net interest income being a highlight. During the year, Intesa launched management changes, which we believe could be pivotal in the continued growth of total fee income and commission over the coming years.

•Prosus was another contributor during the 1-year period. The Netherlands-headquartered broadline retail company, which, in our view, is a discounted way to invest in Tencent, saw its stock price rise on improved sentiment toward Chinese stocks after the announcement of a multipronged stimulus package by the Chinese government. During the year, we met with the new CEO, who emphasized focus on balancing steady growth and increasing profitability to unlock further value.

 

Top Detractors from Performance

•Bayer was a detractor during the 1-year period. The Germany-headquartered pharmaceuticals company’s stock price declined following its third-quarter earnings release. While pharma revenues exceeded consensus expectations, crop market weakness weighed on performance and drove a downgrade in 2025 guidance.

•Kering was another detractor during the 1-year period. The France-headquartered luxury holdings company’s stock price declined initially following the release of first-quarter results with underperformance mainly concentrated around Gucci globally, but most severely in China. The company’s stock price continued to slip after reporting challenging third-quarter earnings and portfolio brands, including Gucci and Yves Saint Laurent, struggled during the period.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class A with load
MSCI World ex USA Index (Net)
12/2014
$9,424
$10,000
01/2015
$9,379
$9,965
02/2015
$10,068
$10,560
03/2015
$10,015
$10,383
04/2015
$10,179
$10,833
05/2015
$10,156
$10,739
06/2015
$9,905
$10,434
07/2015
$10,019
$10,599
08/2015
$9,135
$9,827
09/2015
$8,587
$9,331
10/2015
$9,417
$10,033
11/2015
$9,242
$9,873
12/2015
$8,920
$9,696
01/2016
$8,166
$9,029
02/2016
$8,003
$8,903
03/2016
$8,703
$9,507
04/2016
$8,825
$9,813
05/2016
$8,591
$9,702
06/2016
$8,013
$9,407
07/2016
$8,646
$9,870
08/2016
$8,997
$9,879
09/2016
$9,114
$9,999
10/2016
$9,286
$9,805
11/2016
$9,372
$9,648
12/2016
$9,651
$9,963
01/2017
$10,104
$10,259
02/2017
$10,159
$10,378
03/2017
$10,604
$10,641
04/2017
$11,073
$10,867
05/2017
$11,223
$11,230
06/2017
$11,263
$11,240
07/2017
$11,803
$11,575
08/2017
$11,764
$11,572
09/2017
$12,288
$11,872
10/2017
$12,399
$12,034
11/2017
$12,328
$12,156
12/2017
$12,504
$12,374
01/2018
$13,395
$12,951
02/2018
$12,616
$12,336
03/2018
$12,207
$12,122
04/2018
$12,456
$12,400
05/2018
$11,886
$12,165
06/2018
$11,525
$12,032
07/2018
$11,854
$12,327
08/2018
$11,268
$12,094
09/2018
$11,380
$12,189
10/2018
$10,233
$11,220
11/2018
$10,096
$11,210
12/2018
$9,484
$10,631
01/2019
$10,349
$11,389
02/2019
$10,593
$11,682
03/2019
$10,349
$11,742
04/2019
$11,114
$12,074
05/2019
$9,904
$11,503
06/2019
$10,694
$12,187
07/2019
$10,433
$12,040
08/2019
$10,114
$11,744
09/2019
$10,601
$12,073
10/2019
$11,198
$12,464
11/2019
$11,374
$12,619
12/2019
$11,794
$13,022
01/2020
$11,041
$12,770
02/2020
$10,063
$11,636
03/2020
$7,225
$9,993
04/2020
$8,047
$10,690
05/2020
$8,436
$11,144
06/2020
$9,033
$11,526
07/2020
$9,137
$11,833
08/2020
$9,864
$12,443
09/2020
$9,302
$12,093
10/2020
$9,059
$11,618
11/2020
$11,430
$13,400
12/2020
$12,272
$14,010
01/2021
$12,012
$13,860
02/2021
$13,079
$14,213
03/2021
$13,365
$14,576
04/2021
$13,695
$15,034
05/2021
$14,337
$15,557
06/2021
$13,947
$15,399
07/2021
$13,651
$15,501
08/2021
$13,591
$15,750
09/2021
$13,235
$15,297
10/2021
$13,695
$15,753
11/2021
$12,679
$15,015
12/2021
$13,344
$15,778
01/2022
$13,511
$15,082
02/2022
$12,533
$14,847
03/2022
$12,190
$15,019
04/2022
$11,450
$14,033
05/2022
$12,014
$14,150
06/2022
$10,772
$12,818
07/2022
$11,106
$13,456
08/2022
$10,270
$12,827
09/2022
$9,133
$11,640
10/2022
$9,803
$12,281
11/2022
$11,450
$13,589
12/2022
$11,221
$13,523
01/2023
$12,780
$14,632
02/2023
$12,556
$14,290
03/2023
$12,843
$14,608
04/2023
$13,076
$15,023
05/2023
$12,449
$14,367
06/2023
$13,211
$15,050
07/2023
$13,749
$15,538
08/2023
$12,933
$14,936
09/2023
$12,225
$14,433
10/2023
$11,374
$13,824
11/2023
$12,557
$15,123
12/2023
$13,346
$15,949
01/2024
$12,809
$16,018
02/2024
$12,982
$16,292
03/2024
$13,346
$16,841
04/2024
$12,951
$16,395
05/2024
$13,452
$17,022
06/2024
$12,759
$16,740
07/2024
$13,188
$17,265
08/2024
$13,462
$17,841
09/2024
$13,900
$18,039
10/2024
$13,069
$17,119
11/2024
$12,841
$17,160
12/2024
$12,662
$16,699

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
10 Years
Class A at NAV
(5.13%)
1.43%
3.00%
Class A with 5.75% MSCFootnote Reference1
(10.57%)
0.24%
2.39%
MSCI World ex USA Index (Net)
4.70%
5.10%
5.26%
Footnote Description
Footnote1
Maximum sales charge

Key Fund Statistics

Total Net Assets
$269,010,643
# of Portfolio Holdings (including overnight repurchase agreements)
69
Portfolio Turnover Rate
35%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$2,037,075

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
42.3%
Automobile Components
3.2%
Beverages
3.4%
Insurance
3.5%
Health Care Providers & Services
4.6%
Automobiles
5.1%
Financial Services
5.3%
Pharmaceuticals
5.7%
Textiles, Apparel & Luxury Goods
7.4%
Banks
9.1%
Machinery
10.4%
Footnote Description
Footnote*
Net of other assets less liabilities

Top Ten Holdings

BNP Paribas SA
3.7%
Kering SA
3.3%
CNH Industrial NV
3.2%
Continental AG
3.2%
Bayer AG
3.2%
Edenred SE
2.8%
Bayerische Motoren Werke AG
2.8%
Fresenius Medical Care AG
2.5%
Mercedes-Benz Group AG, (Registered)
2.3%
Airbus SE
2.2%

Material Fund Changes 

There were no material fund changes during the period. 

Country Weightings

Group By Country Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
19.5%
United States
3.3%
Sweden
3.4%
Netherlands
5.5%
Switzerland
7.9%
United Kingdom
14.1%
France
20.8%
Germany
25.5%
Footnote Description
Footnote*
Net of other assets less liabilities

There were no changes in or disagreements with Accountants during the period. 

 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class A 

NOIAX

Natixis Oakmark International Fund 

Annual Shareholder Report

December 31, 2024

TOI99A-1224

Class C 

NOICX

Natixis Oakmark International Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Natixis Oakmark International Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class C
$184
1.90%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Explanation of Fund Performance  

On an absolute-return basis, the industrials and communication services sectors were the only sectors that contributed to the Fund’s return. Health care and consumer discretionary detracted the most to the Fund’s absolute return for the year. Geographically, Italy and Japan had the largest contribution to absolute performance of the Fund, while France and Germany were the largest detractors.

 

Top Contributors to Performance

•Intesa Sanpaolo was a contributor during the 1-year period. The company started the year strong after posting results that benefited from increased fees and commissions. Solid performance continued throughout the year with the company’s net interest income being a highlight. During the year, Intesa launched management changes, which we believe could be pivotal in the continued growth of total fee income and commission over the coming years.

•Prosus was another contributor during the 1-year period. The Netherlands-headquartered broadline retail company, which, in our view, is a discounted way to invest in Tencent, saw its stock price rise on improved sentiment toward Chinese stocks after the announcement of a multipronged stimulus package by the Chinese government. During the year, we met with the new CEO, who emphasized focus on balancing steady growth and increasing profitability to unlock further value.

 

Top Detractors from Performance

•Bayer was a detractor during the 1-year period. The Germany-headquartered pharmaceuticals company’s stock price declined following its third-quarter earnings release. While pharma revenues exceeded consensus expectations, crop market weakness weighed on performance and drove a downgrade in 2025 guidance.

•Kering was another detractor during the 1-year period. The France-headquartered luxury holdings company’s stock price declined initially following the release of first-quarter results with underperformance mainly concentrated around Gucci globally, but most severely in China. The company’s stock price continued to slip after reporting challenging third-quarter earnings and portfolio brands, including Gucci and Yves Saint Laurent, struggled during the period.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class C
MSCI World ex USA Index (Net)
12/2014
$10,000
$10,000
01/2015
$9,943
$9,965
02/2015
$10,661
$10,560
03/2015
$10,596
$10,383
04/2015
$10,764
$10,833
05/2015
$10,740
$10,739
06/2015
$10,469
$10,434
07/2015
$10,575
$10,599
08/2015
$9,639
$9,827
09/2015
$9,056
$9,331
10/2015
$9,919
$10,033
11/2015
$9,738
$9,873
12/2015
$9,392
$9,696
01/2016
$8,585
$9,029
02/2016
$8,410
$8,903
03/2016
$9,142
$9,507
04/2016
$9,265
$9,813
05/2016
$9,014
$9,702
06/2016
$8,396
$9,407
07/2016
$9,056
$9,870
08/2016
$9,424
$9,879
09/2016
$9,541
$9,999
10/2016
$9,708
$9,805
11/2016
$9,791
$9,648
12/2016
$10,083
$9,963
01/2017
$10,547
$10,259
02/2017
$10,597
$10,378
03/2017
$11,061
$10,641
04/2017
$11,541
$10,867
05/2017
$11,685
$11,230
06/2017
$11,727
$11,240
07/2017
$12,283
$11,575
08/2017
$12,224
$11,572
09/2017
$12,764
$11,872
10/2017
$12,873
$12,034
11/2017
$12,789
$12,156
12/2017
$12,962
$12,374
01/2018
$13,885
$12,951
02/2018
$13,063
$12,336
03/2018
$12,631
$12,122
04/2018
$12,886
$12,400
05/2018
$12,284
$12,165
06/2018
$11,911
$12,032
07/2018
$12,233
$12,327
08/2018
$11,623
$12,094
09/2018
$11,733
$12,189
10/2018
$10,547
$11,220
11/2018
$10,395
$11,210
12/2018
$9,755
$10,631
01/2019
$10,642
$11,389
02/2019
$10,888
$11,682
03/2019
$10,633
$11,742
04/2019
$11,406
$12,074
05/2019
$10,159
$11,503
06/2019
$10,967
$12,187
07/2019
$10,686
$12,040
08/2019
$10,361
$11,744
09/2019
$10,844
$12,073
10/2019
$11,450
$12,464
11/2019
$11,625
$12,619
12/2019
$12,042
$13,022
01/2020
$11,270
$12,770
02/2020
$10,264
$11,636
03/2020
$7,364
$9,993
04/2020
$8,199
$10,690
05/2020
$8,594
$11,144
06/2020
$9,187
$11,526
07/2020
$9,294
$11,833
08/2020
$10,022
$12,443
09/2020
$9,447
$12,093
10/2020
$9,196
$11,618
11/2020
$11,593
$13,400
12/2020
$12,437
$14,010
01/2021
$12,177
$13,860
02/2021
$13,245
$14,213
03/2021
$13,524
$14,576
04/2021
$13,847
$15,034
05/2021
$14,494
$15,557
06/2021
$14,081
$15,399
07/2021
$13,776
$15,501
08/2021
$13,713
$15,750
09/2021
$13,335
$15,297
10/2021
$13,803
$15,753
11/2021
$12,760
$15,015
12/2021
$13,422
$15,778
01/2022
$13,594
$15,082
02/2022
$12,600
$14,847
03/2022
$12,239
$15,019
04/2022
$11,489
$14,033
05/2022
$12,049
$14,150
06/2022
$10,794
$12,818
07/2022
$11,128
$13,456
08/2022
$10,288
$12,827
09/2022
$9,141
$11,640
10/2022
$9,809
$12,281
11/2022
$11,435
$13,589
12/2022
$11,208
$13,523
01/2023
$12,769
$14,632
02/2023
$12,545
$14,290
03/2023
$12,832
$14,608
04/2023
$13,065
$15,023
05/2023
$12,439
$14,367
06/2023
$13,200
$15,050
07/2023
$13,737
$15,538
08/2023
$12,922
$14,936
09/2023
$12,215
$14,433
10/2023
$11,364
$13,824
11/2023
$12,546
$15,123
12/2023
$13,335
$15,949
01/2024
$12,798
$16,018
02/2024
$12,971
$16,292
03/2024
$13,335
$16,841
04/2024
$12,940
$16,395
05/2024
$13,441
$17,022
06/2024
$12,748
$16,740
07/2024
$13,177
$17,265
08/2024
$13,450
$17,841
09/2024
$13,888
$18,039
10/2024
$13,058
$17,119
11/2024
$12,830
$17,160
12/2024
$12,651
$16,699

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
10 Years
Class C at NAV
(5.88%)
0.67%
2.38%
Class C with 1.00% CDSCFootnote Reference1
(6.81%)
0.67%
2.38%
MSCI World ex USA Index (Net)
4.70%
5.10%
5.26%
Footnote Description
Footnote1
Contingent deferred sales charge

Key Fund Statistics

Total Net Assets
$269,010,643
# of Portfolio Holdings (including overnight repurchase agreements)
69
Portfolio Turnover Rate
35%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$2,037,075

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
42.3%
Automobile Components
3.2%
Beverages
3.4%
Insurance
3.5%
Health Care Providers & Services
4.6%
Automobiles
5.1%
Financial Services
5.3%
Pharmaceuticals
5.7%
Textiles, Apparel & Luxury Goods
7.4%
Banks
9.1%
Machinery
10.4%
Footnote Description
Footnote*
Net of other assets less liabilities

Top Ten Holdings

BNP Paribas SA
3.7%
Kering SA
3.3%
CNH Industrial NV
3.2%
Continental AG
3.2%
Bayer AG
3.2%
Edenred SE
2.8%
Bayerische Motoren Werke AG
2.8%
Fresenius Medical Care AG
2.5%
Mercedes-Benz Group AG, (Registered)
2.3%
Airbus SE
2.2%

Material Fund Changes 

There were no material fund changes during the period. 

Country Weightings

Group By Country Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
19.5%
United States
3.3%
Sweden
3.4%
Netherlands
5.5%
Switzerland
7.9%
United Kingdom
14.1%
France
20.8%
Germany
25.5%
Footnote Description
Footnote*
Net of other assets less liabilities

There were no changes in or disagreements with Accountants during the period. 

 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class C 

NOICX

Natixis Oakmark International Fund 

Annual Shareholder Report

December 31, 2024

TOI99C-1224

Class N 

NIONX

Natixis Oakmark International Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Natixis Oakmark International Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class N
$83
0.85%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Explanation of Fund Performance  

On an absolute-return basis, the industrials and communication services sectors were the only sectors that contributed to the Fund’s return. Health care and consumer discretionary detracted the most to the Fund’s absolute return for the year. Geographically, Italy and Japan had the largest contribution to absolute performance of the Fund, while France and Germany were the largest detractors.

 

Top Contributors to Performance

•Intesa Sanpaolo was a contributor during the 1-year period. The company started the year strong after posting results that benefited from increased fees and commissions. Solid performance continued throughout the year with the company’s net interest income being a highlight. During the year, Intesa launched management changes, which we believe could be pivotal in the continued growth of total fee income and commission over the coming years.

•Prosus was another contributor during the 1-year period. The Netherlands-headquartered broadline retail company, which, in our view, is a discounted way to invest in Tencent, saw its stock price rise on improved sentiment toward Chinese stocks after the announcement of a multipronged stimulus package by the Chinese government. During the year, we met with the new CEO, who emphasized focus on balancing steady growth and increasing profitability to unlock further value.

 

Top Detractors from Performance

•Bayer was a detractor during the 1-year period. The Germany-headquartered pharmaceuticals company’s stock price declined following its third-quarter earnings release. While pharma revenues exceeded consensus expectations, crop market weakness weighed on performance and drove a downgrade in 2025 guidance.

•Kering was another detractor during the 1-year period. The France-headquartered luxury holdings company’s stock price declined initially following the release of first-quarter results with underperformance mainly concentrated around Gucci globally, but most severely in China. The company’s stock price continued to slip after reporting challenging third-quarter earnings and portfolio brands, including Gucci and Yves Saint Laurent, struggled during the period.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class N
MSCI World ex USA Index (Net)
05/2017
$10,114
$10,306
06/2017
$10,150
$10,316
07/2017
$10,644
$10,623
08/2017
$10,608
$10,620
09/2017
$11,087
$10,896
10/2017
$11,187
$11,044
11/2017
$11,130
$11,156
12/2017
$11,296
$11,357
01/2018
$12,101
$11,886
02/2018
$11,405
$11,321
03/2018
$11,035
$11,125
04/2018
$11,267
$11,381
05/2018
$10,753
$11,165
06/2018
$10,434
$11,042
07/2018
$10,724
$11,314
08/2018
$10,202
$11,100
09/2018
$10,303
$11,186
10/2018
$9,273
$10,298
11/2018
$9,143
$10,288
12/2018
$8,592
$9,757
01/2019
$9,378
$10,453
02/2019
$9,607
$10,721
03/2019
$9,386
$10,776
04/2019
$10,081
$11,081
05/2019
$8,989
$10,557
06/2019
$9,707
$11,184
07/2019
$9,470
$11,050
08/2019
$9,187
$10,778
09/2019
$9,623
$11,080
10/2019
$10,173
$11,439
11/2019
$10,341
$11,581
12/2019
$10,718
$11,951
01/2020
$10,038
$11,720
02/2020
$9,153
$10,679
03/2020
$6,568
$9,171
04/2020
$7,327
$9,811
05/2020
$7,683
$10,228
06/2020
$8,228
$10,578
07/2020
$8,323
$10,860
08/2020
$8,987
$11,420
09/2020
$8,473
$11,098
10/2020
$8,260
$10,662
11/2020
$10,417
$12,298
12/2020
$11,194
$12,857
01/2021
$10,964
$12,720
02/2021
$11,941
$13,045
03/2021
$12,195
$13,377
04/2021
$12,505
$13,798
05/2021
$13,093
$14,278
06/2021
$12,736
$14,132
07/2021
$12,473
$14,226
08/2021
$12,426
$14,455
09/2021
$12,100
$14,039
10/2021
$12,529
$14,457
11/2021
$11,599
$13,781
12/2021
$12,203
$14,481
01/2022
$12,373
$13,842
02/2022
$11,475
$13,626
03/2022
$11,159
$13,784
04/2022
$10,487
$12,879
05/2022
$11,005
$12,986
06/2022
$9,872
$11,764
07/2022
$10,180
$12,349
08/2022
$9,419
$11,772
09/2022
$8,375
$10,682
10/2022
$8,998
$11,271
11/2022
$10,504
$12,472
12/2022
$10,293
$12,411
01/2023
$11,731
$13,428
02/2023
$11,532
$13,115
03/2023
$11,788
$13,406
04/2023
$12,004
$13,787
05/2023
$11,434
$13,186
06/2023
$12,144
$13,813
07/2023
$12,631
$14,260
08/2023
$11,896
$13,708
09/2023
$11,235
$13,246
10/2023
$10,459
$12,687
11/2023
$11,549
$13,879
12/2023
$12,280
$14,638
01/2024
$11,791
$14,701
02/2024
$11,959
$14,952
03/2024
$12,288
$15,456
04/2024
$11,930
$15,047
05/2024
$12,394
$15,622
06/2024
$11,753
$15,363
07/2024
$12,158
$15,845
08/2024
$12,420
$16,374
09/2024
$12,825
$16,555
10/2024
$12,057
$15,711
11/2024
$11,846
$15,749
12/2024
$11,688
$15,326

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
Since Inception 5/1/17
Class N
(4.82%)
1.75%
2.05%
MSCI World ex USA Index (Net)
4.70%
5.10%
5.70%

Key Fund Statistics

Total Net Assets
$269,010,643
# of Portfolio Holdings (including overnight repurchase agreements)
69
Portfolio Turnover Rate
35%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$2,037,075

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
42.3%
Automobile Components
3.2%
Beverages
3.4%
Insurance
3.5%
Health Care Providers & Services
4.6%
Automobiles
5.1%
Financial Services
5.3%
Pharmaceuticals
5.7%
Textiles, Apparel & Luxury Goods
7.4%
Banks
9.1%
Machinery
10.4%
Footnote Description
Footnote*
Net of other assets less liabilities

Top Ten Holdings

BNP Paribas SA
3.7%
Kering SA
3.3%
CNH Industrial NV
3.2%
Continental AG
3.2%
Bayer AG
3.2%
Edenred SE
2.8%
Bayerische Motoren Werke AG
2.8%
Fresenius Medical Care AG
2.5%
Mercedes-Benz Group AG, (Registered)
2.3%
Airbus SE
2.2%

Material Fund Changes 

There were no material fund changes during the period. 

Country Weightings

Group By Country Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
19.5%
United States
3.3%
Sweden
3.4%
Netherlands
5.5%
Switzerland
7.9%
United Kingdom
14.1%
France
20.8%
Germany
25.5%
Footnote Description
Footnote*
Net of other assets less liabilities

There were no changes in or disagreements with Accountants during the period. 

 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class N 

NIONX

Natixis Oakmark International Fund 

Annual Shareholder Report

December 31, 2024

TOI99N-1224

Class Y 

NOIYX

Natixis Oakmark International Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Natixis Oakmark International Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class Y
$88
0.90%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Explanation of Fund Performance  

On an absolute-return basis, the industrials and communication services sectors were the only sectors that contributed to the Fund’s return. Health care and consumer discretionary detracted the most to the Fund’s absolute return for the year. Geographically, Italy and Japan had the largest contribution to absolute performance of the Fund, while France and Germany were the largest detractors.

 

Top Contributors to Performance

•Intesa Sanpaolo was a contributor during the 1-year period. The company started the year strong after posting results that benefited from increased fees and commissions. Solid performance continued throughout the year with the company’s net interest income being a highlight. During the year, Intesa launched management changes, which we believe could be pivotal in the continued growth of total fee income and commission over the coming years.

•Prosus was another contributor during the 1-year period. The Netherlands-headquartered broadline retail company, which, in our view, is a discounted way to invest in Tencent, saw its stock price rise on improved sentiment toward Chinese stocks after the announcement of a multipronged stimulus package by the Chinese government. During the year, we met with the new CEO, who emphasized focus on balancing steady growth and increasing profitability to unlock further value.

 

Top Detractors from Performance

•Bayer was a detractor during the 1-year period. The Germany-headquartered pharmaceuticals company’s stock price declined following its third-quarter earnings release. While pharma revenues exceeded consensus expectations, crop market weakness weighed on performance and drove a downgrade in 2025 guidance.

•Kering was another detractor during the 1-year period. The France-headquartered luxury holdings company’s stock price declined initially following the release of first-quarter results with underperformance mainly concentrated around Gucci globally, but most severely in China. The company’s stock price continued to slip after reporting challenging third-quarter earnings and portfolio brands, including Gucci and Yves Saint Laurent, struggled during the period.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class Y
MSCI World ex USA Index (Net)
12/2014
$10,000
$10,000
01/2015
$9,952
$9,965
02/2015
$10,683
$10,560
03/2015
$10,627
$10,383
04/2015
$10,801
$10,833
05/2015
$10,777
$10,739
06/2015
$10,510
$10,434
07/2015
$10,631
$10,599
08/2015
$9,693
$9,827
09/2015
$9,111
$9,331
10/2015
$9,992
$10,033
11/2015
$9,807
$9,873
12/2015
$9,465
$9,696
01/2016
$8,665
$9,029
02/2016
$8,492
$8,903
03/2016
$9,234
$9,507
04/2016
$9,364
$9,813
05/2016
$9,116
$9,702
06/2016
$8,503
$9,407
07/2016
$9,174
$9,870
08/2016
$9,547
$9,879
09/2016
$9,671
$9,999
10/2016
$9,853
$9,805
11/2016
$9,944
$9,648
12/2016
$10,240
$9,963
01/2017
$10,721
$10,259
02/2017
$10,780
$10,378
03/2017
$11,252
$10,641
04/2017
$11,749
$10,867
05/2017
$11,909
$11,230
06/2017
$11,960
$11,240
07/2017
$12,541
$11,575
08/2017
$12,491
$11,572
09/2017
$13,055
$11,872
10/2017
$13,173
$12,034
11/2017
$13,098
$12,156
12/2017
$13,290
$12,374
01/2018
$14,246
$12,951
02/2018
$13,418
$12,336
03/2018
$12,982
$12,122
04/2018
$13,255
$12,400
05/2018
$12,649
$12,165
06/2018
$12,273
$12,032
07/2018
$12,615
$12,327
08/2018
$12,000
$12,094
09/2018
$12,120
$12,189
10/2018
$10,907
$11,220
11/2018
$10,753
$11,210
12/2018
$10,110
$10,631
01/2019
$11,026
$11,389
02/2019
$11,296
$11,682
03/2019
$11,035
$11,742
04/2019
$11,853
$12,074
05/2019
$10,568
$11,503
06/2019
$11,413
$12,187
07/2019
$11,134
$12,040
08/2019
$10,801
$11,744
09/2019
$11,314
$12,073
10/2019
$11,961
$12,464
11/2019
$12,149
$12,619
12/2019
$12,600
$13,022
01/2020
$11,801
$12,770
02/2020
$10,751
$11,636
03/2020
$7,722
$9,993
04/2020
$8,605
$10,690
05/2020
$9,023
$11,144
06/2020
$9,655
$11,526
07/2020
$9,775
$11,833
08/2020
$10,556
$12,443
09/2020
$9,952
$12,093
10/2020
$9,701
$11,618
11/2020
$12,238
$13,400
12/2020
$13,144
$14,010
01/2021
$12,873
$13,860
02/2021
$14,012
$14,213
03/2021
$14,320
$14,576
04/2021
$14,685
$15,034
05/2021
$15,376
$15,557
06/2021
$14,956
$15,399
07/2021
$14,638
$15,501
08/2021
$14,582
$15,750
09/2021
$14,199
$15,297
10/2021
$14,704
$15,753
11/2021
$13,611
$15,015
12/2021
$14,323
$15,778
01/2022
$14,513
$15,082
02/2022
$13,468
$14,847
03/2022
$13,097
$15,019
04/2022
$12,299
$14,033
05/2022
$12,916
$14,150
06/2022
$11,576
$12,818
07/2022
$11,937
$13,456
08/2022
$11,044
$12,827
09/2022
$9,827
$11,640
10/2022
$10,550
$12,281
11/2022
$12,318
$13,589
12/2022
$12,073
$13,523
01/2023
$13,760
$14,632
02/2023
$13,527
$14,290
03/2023
$13,828
$14,608
04/2023
$14,081
$15,023
05/2023
$13,412
$14,367
06/2023
$14,236
$15,050
07/2023
$14,818
$15,538
08/2023
$13,945
$14,936
09/2023
$13,179
$14,433
10/2023
$12,267
$13,824
11/2023
$13,547
$15,123
12/2023
$14,398
$15,949
01/2024
$13,824
$16,018
02/2024
$14,022
$16,292
03/2024
$14,408
$16,841
04/2024
$13,988
$16,395
05/2024
$14,533
$17,022
06/2024
$13,780
$16,740
07/2024
$14,255
$17,265
08/2024
$14,552
$17,841
09/2024
$15,027
$18,039
10/2024
$14,137
$17,119
11/2024
$13,889
$17,160
12/2024
$13,693
$16,699

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
10 Years
Class Y
(4.89%)
1.68%
3.19%Footnote Reference*
MSCI World ex USA Index (Net)
4.70%
5.10%
5.26%
Footnote Description
Footnote*
Prior to the inception of Class Y shares (5/1/2017), performance is that of Class A shares and reflects the higher net expenses of that share class.

Key Fund Statistics

Total Net Assets
$269,010,643
# of Portfolio Holdings (including overnight repurchase agreements)
69
Portfolio Turnover Rate
35%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$2,037,075

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
42.3%
Automobile Components
3.2%
Beverages
3.4%
Insurance
3.5%
Health Care Providers & Services
4.6%
Automobiles
5.1%
Financial Services
5.3%
Pharmaceuticals
5.7%
Textiles, Apparel & Luxury Goods
7.4%
Banks
9.1%
Machinery
10.4%
Footnote Description
Footnote*
Net of other assets less liabilities

Top Ten Holdings

BNP Paribas SA
3.7%
Kering SA
3.3%
CNH Industrial NV
3.2%
Continental AG
3.2%
Bayer AG
3.2%
Edenred SE
2.8%
Bayerische Motoren Werke AG
2.8%
Fresenius Medical Care AG
2.5%
Mercedes-Benz Group AG, (Registered)
2.3%
Airbus SE
2.2%

Material Fund Changes 

There were no material fund changes during the period. 

Country Weightings

Group By Country Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
19.5%
United States
3.3%
Sweden
3.4%
Netherlands
5.5%
Switzerland
7.9%
United Kingdom
14.1%
France
20.8%
Germany
25.5%
Footnote Description
Footnote*
Net of other assets less liabilities

There were no changes in or disagreements with Accountants during the period. 

 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class Y 

NOIYX

Natixis Oakmark International Fund 

Annual Shareholder Report

December 31, 2024

TOI99Y-1224

Class A 

NEFSX

Natixis U.S. Equity Opportunities Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Natixis U.S. Equity Opportunities Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class A
$120
1.07%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Explanation of Fund Performance  

The Natixis U.S. Equity Opportunities Fund is composed of two separately managed portfolio sleeves, combining the value expertise of Harris Associates, L.P. ("Harris Associates") with the growth expertise of Loomis, Sayles & Company, L.P. ("Loomis Sayles").

Harris Associates Large Cap Value Sleeve

On an absolute-return basis, the financials sector contributed the most to the return of the Fund, while health care and energy had the only negative contributions.

Top Contributors to Performance

Fiserv and Alphabet were top contributors during the 1-year period. Fiserv's stock price rose due to solid second-quarter results, improved free-cash-flow conversion, and significant share repurchases. Alphabet's stock price increased after strong first-quarter results, driven by revenue growth across Search, YouTube, and Cloud. Despite ongoing antitrust litigation, we still see attractive upside.

Top Detractors from Performance

Centene and APA Corporation were top detractors during the 1-year period. Centene's stock price declined due to investor concerns about legislative changes. APA Corporation's stock price fell due to issues with a liquified natural gas export contract and new U.K. emissions regulations.

Loomis Sayles All Cap Growth Sleeve

We are an active manager with a long-term, private equity approach to investing. Through our proprietary bottom-up research framework, we look to invest in those few high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to intrinsic value.

Top Contributors to Performance

Nvidia, Meta Platforms, and Tesla contributed the most to performance. Stock selection in the information technology, communication services, consumer discretionary, and healthcare sectors, and allocations in the communication services, consumer discretionary, and industrials sectors, contributed positively to relative performance.

Top Detractors from Performance

Boeing, Mobileye Global, and Monster Beverage detracted the most from performance. Stock selection in the industrials, consumer staples, and financials sectors, and allocations in the healthcare, information technology, and financials sectors, detracted from relative performance.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class A with load
S&P 500® Index
Russell 1000® Index
12/2014
$9,426
$10,000
$10,000
01/2015
$9,154
$9,700
$9,725
02/2015
$9,828
$10,257
$10,287
03/2015
$9,646
$10,095
$10,159
04/2015
$9,828
$10,192
$10,231
05/2015
$9,883
$10,323
$10,365
06/2015
$9,699
$10,123
$10,171
07/2015
$10,068
$10,335
$10,367
08/2015
$9,445
$9,712
$9,743
09/2015
$9,170
$9,471
$9,476
10/2015
$10,085
$10,270
$10,243
11/2015
$10,204
$10,301
$10,277
12/2015
$9,978
$10,138
$10,092
01/2016
$9,327
$9,635
$9,549
02/2016
$9,193
$9,622
$9,545
03/2016
$9,891
$10,275
$10,210
04/2016
$10,034
$10,315
$10,266
05/2016
$10,297
$10,500
$10,446
06/2016
$10,107
$10,527
$10,469
07/2016
$10,713
$10,915
$10,868
08/2016
$10,873
$10,931
$10,882
09/2016
$11,019
$10,933
$10,891
10/2016
$10,815
$10,733
$10,679
11/2016
$11,085
$11,131
$11,100
12/2016
$11,161
$11,351
$11,308
01/2017
$11,338
$11,566
$11,536
02/2017
$11,718
$12,025
$11,982
03/2017
$11,832
$12,039
$11,990
04/2017
$12,057
$12,163
$12,116
05/2017
$12,457
$12,334
$12,271
06/2017
$12,627
$12,411
$12,357
07/2017
$12,953
$12,666
$12,601
08/2017
$13,019
$12,705
$12,641
09/2017
$13,334
$12,967
$12,910
10/2017
$13,682
$13,270
$13,206
11/2017
$13,948
$13,677
$13,609
12/2017
$14,095
$13,829
$13,761
01/2018
$15,237
$14,621
$14,516
02/2018
$14,648
$14,082
$13,983
03/2018
$14,190
$13,724
$13,666
04/2018
$14,186
$13,777
$13,712
05/2018
$14,638
$14,108
$14,062
06/2018
$14,662
$14,195
$14,153
07/2018
$15,048
$14,724
$14,642
08/2018
$15,520
$15,203
$15,146
09/2018
$15,454
$15,290
$15,204
10/2018
$14,131
$14,245
$14,128
11/2018
$14,564
$14,535
$14,415
12/2018
$13,182
$13,223
$13,102
01/2019
$14,590
$14,282
$14,200
02/2019
$15,002
$14,741
$14,681
03/2019
$15,113
$15,027
$14,937
04/2019
$16,023
$15,636
$15,540
05/2019
$14,754
$14,642
$14,550
06/2019
$15,861
$15,674
$15,571
07/2019
$15,957
$15,899
$15,813
08/2019
$15,323
$15,648
$15,523
09/2019
$15,476
$15,940
$15,792
10/2019
$15,926
$16,286
$16,127
11/2019
$16,736
$16,877
$16,737
12/2019
$17,272
$17,386
$17,220
01/2020
$17,088
$17,379
$17,238
02/2020
$16,038
$15,949
$15,830
03/2020
$13,859
$13,979
$13,738
04/2020
$15,678
$15,771
$15,553
05/2020
$16,568
$16,522
$16,374
06/2020
$16,982
$16,850
$16,736
07/2020
$17,765
$17,801
$17,716
08/2020
$19,141
$19,080
$19,016
09/2020
$18,280
$18,355
$18,321
10/2020
$18,056
$17,867
$17,879
11/2020
$20,220
$19,823
$19,985
12/2020
$21,087
$20,585
$20,830
01/2021
$20,623
$20,377
$20,658
02/2021
$21,973
$20,939
$21,257
03/2021
$22,924
$21,856
$22,061
04/2021
$24,186
$23,022
$23,249
05/2021
$24,679
$23,183
$23,359
06/2021
$25,010
$23,724
$23,944
07/2021
$25,245
$24,288
$24,442
08/2021
$26,097
$25,026
$25,149
09/2021
$24,971
$23,863
$23,994
10/2021
$26,181
$25,534
$25,659
11/2021
$25,256
$25,357
$25,315
12/2021
$25,967
$26,494
$26,340
01/2022
$25,057
$25,123
$24,855
02/2022
$24,353
$24,371
$24,173
03/2022
$24,630
$25,276
$24,989
04/2022
$21,777
$23,071
$22,761
05/2022
$22,009
$23,114
$22,727
06/2022
$19,534
$21,206
$20,823
07/2022
$21,420
$23,161
$22,763
08/2022
$20,919
$22,217
$21,889
09/2022
$18,901
$20,170
$19,863
10/2022
$20,518
$21,804
$21,456
11/2022
$21,909
$23,022
$22,617
12/2022
$20,476
$21,696
$21,302
01/2023
$23,059
$23,059
$22,730
02/2023
$22,417
$22,496
$22,189
03/2023
$23,045
$23,322
$22,891
04/2023
$23,358
$23,686
$23,175
05/2023
$23,924
$23,789
$23,283
06/2023
$25,409
$25,361
$24,855
07/2023
$26,837
$26,176
$25,710
08/2023
$26,286
$25,759
$25,260
09/2023
$24,836
$24,531
$24,073
10/2023
$23,959
$24,015
$23,491
11/2023
$26,469
$26,208
$25,685
12/2023
$28,053
$27,399
$26,953
01/2024
$28,328
$27,859
$27,329
02/2024
$29,970
$29,347
$28,805
03/2024
$31,108
$30,291
$29,728
04/2024
$29,425
$29,054
$28,463
05/2024
$30,159
$30,494
$29,804
06/2024
$31,144
$31,589
$30,790
07/2024
$31,908
$31,973
$31,238
08/2024
$32,290
$32,749
$31,979
09/2024
$32,825
$33,448
$32,663
10/2024
$33,230
$33,145
$32,434
11/2024
$36,171
$35,090
$34,522
12/2024
$35,131
$34,254
$33,560

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
10 Years
Class A at NAV
25.23%
15.26%
14.06%
Class A with 5.75% MSCFootnote Reference1
18.03%
13.90%
13.39%
S&P 500® Index
25.02%
14.53%
13.10%
Russell 1000® Index
24.51%
14.28%
12.87%
Footnote Description
Footnote1
Maximum sales charge

Key Fund Statistics

Total Net Assets
$1,128,654,333
# of Portfolio Holdings (including overnight repurchase agreements)
75
Portfolio Turnover Rate
33%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$7,057,328

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
35.6%
Insurance
3.3%
Broadline Retail
3.4%
Financial Services
4.7%
Entertainment
5.3%
Oil, Gas & Consumable Fuels
5.3%
Semiconductors & Semiconductor Equipment
6.1%
Automobiles
6.2%
Banks
6.7%
Capital Markets
7.4%
Software
7.5%
Interactive Media & Services
8.5%
Footnote Description
Footnote*
Net of other assets less liabilities

Top Ten Holdings

Alphabet, Inc., Class A
4.6%
NVIDIA Corp.
4.5%
Tesla, Inc.
4.0%
Meta Platforms, Inc., Class A
3.6%
Amazon.com, Inc.
3.1%
Netflix, Inc.
3.0%
Deere & Co.
2.3%
Citigroup, Inc.
2.3%
Oracle Corp.
2.2%
Charles Schwab Corp.
2.2%

Material Fund Changes 

Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at (800) 225-5478 or through your financial intermediary.

Expenses: The expense limit as a percentage of average daily net assets was reduced to 1.08% from 1.12%. 

There were no changes in or disagreements with Accountants during the period. 

 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class A 

NEFSX

Natixis U.S. Equity Opportunities Fund 

Annual Shareholder Report

December 31, 2024

TSMC99A-1224

Class C 

NECCX

Natixis U.S. Equity Opportunities Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Natixis U.S. Equity Opportunities Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class C
$204
1.82%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Explanation of Fund Performance  

The Natixis U.S. Equity Opportunities Fund is composed of two separately managed portfolio sleeves, combining the value expertise of Harris Associates, L.P. ("Harris Associates") with the growth expertise of Loomis, Sayles & Company, L.P. ("Loomis Sayles").

Harris Associates Large Cap Value Sleeve

On an absolute-return basis, the financials sector contributed the most to the return of the Fund, while health care and energy had the only negative contributions.

Top Contributors to Performance

Fiserv and Alphabet were top contributors during the 1-year period. Fiserv's stock price rose due to solid second-quarter results, improved free-cash-flow conversion, and significant share repurchases. Alphabet's stock price increased after strong first-quarter results, driven by revenue growth across Search, YouTube, and Cloud. Despite ongoing antitrust litigation, we still see attractive upside.

Top Detractors from Performance

Centene and APA Corporation were top detractors during the 1-year period. Centene's stock price declined due to investor concerns about legislative changes. APA Corporation's stock price fell due to issues with a liquified natural gas export contract and new U.K. emissions regulations.

Loomis Sayles All Cap Growth Sleeve

We are an active manager with a long-term, private equity approach to investing. Through our proprietary bottom-up research framework, we look to invest in those few high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to intrinsic value.

Top Contributors to Performance

Nvidia, Meta Platforms, and Tesla contributed the most to performance. Stock selection in the information technology, communication services, consumer discretionary, and healthcare sectors, and allocations in the communication services, consumer discretionary, and industrials sectors, contributed positively to relative performance.

Top Detractors from Performance

Boeing, Mobileye Global, and Monster Beverage detracted the most from performance. Stock selection in the industrials, consumer staples, and financials sectors, and allocations in the healthcare, information technology, and financials sectors, detracted from relative performance.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class C
S&P 500® Index
Russell 1000® Index
12/2014
$10,000
$10,000
$10,000
01/2015
$9,704
$9,700
$9,725
02/2015
$10,415
$10,257
$10,287
03/2015
$10,212
$10,095
$10,159
04/2015
$10,400
$10,192
$10,231
05/2015
$10,450
$10,323
$10,365
06/2015
$10,249
$10,123
$10,171
07/2015
$10,636
$10,335
$10,367
08/2015
$9,968
$9,712
$9,743
09/2015
$9,672
$9,471
$9,476
10/2015
$10,631
$10,270
$10,243
11/2015
$10,751
$10,301
$10,277
12/2015
$10,506
$10,138
$10,092
01/2016
$9,813
$9,635
$9,549
02/2016
$9,670
$9,622
$9,545
03/2016
$10,395
$10,275
$10,210
04/2016
$10,540
$10,315
$10,266
05/2016
$10,808
$10,500
$10,446
06/2016
$10,599
$10,527
$10,469
07/2016
$11,232
$10,915
$10,868
08/2016
$11,392
$10,931
$10,882
09/2016
$11,537
$10,933
$10,891
10/2016
$11,317
$10,733
$10,679
11/2016
$11,591
$11,131
$11,100
12/2016
$11,664
$11,351
$11,308
01/2017
$11,842
$11,566
$11,536
02/2017
$12,232
$12,025
$11,982
03/2017
$12,340
$12,039
$11,990
04/2017
$12,568
$12,163
$12,116
05/2017
$12,976
$12,334
$12,271
06/2017
$13,145
$12,411
$12,357
07/2017
$13,477
$12,666
$12,601
08/2017
$13,537
$12,705
$12,641
09/2017
$13,858
$12,967
$12,910
10/2017
$14,211
$13,270
$13,206
11/2017
$14,478
$13,677
$13,609
12/2017
$14,620
$13,829
$13,761
01/2018
$15,797
$14,621
$14,516
02/2018
$15,172
$14,082
$13,983
03/2018
$14,689
$13,724
$13,666
04/2018
$14,682
$13,777
$13,712
05/2018
$15,139
$14,108
$14,062
06/2018
$15,151
$14,195
$14,153
07/2018
$15,543
$14,724
$14,642
08/2018
$16,018
$15,203
$15,146
09/2018
$15,936
$15,290
$15,204
10/2018
$14,565
$14,245
$14,128
11/2018
$15,004
$14,535
$14,415
12/2018
$13,571
$13,223
$13,102
01/2019
$15,014
$14,282
$14,200
02/2019
$15,426
$14,741
$14,681
03/2019
$15,532
$15,027
$14,937
04/2019
$16,454
$15,636
$15,540
05/2019
$15,143
$14,642
$14,550
06/2019
$16,267
$15,674
$15,571
07/2019
$16,357
$15,899
$15,813
08/2019
$15,698
$15,648
$15,523
09/2019
$15,844
$15,940
$15,792
10/2019
$16,295
$16,286
$16,127
11/2019
$17,113
$16,877
$16,737
12/2019
$17,651
$17,386
$17,220
01/2020
$17,449
$17,379
$17,238
02/2020
$16,373
$15,949
$15,830
03/2020
$14,137
$13,979
$13,738
04/2020
$15,982
$15,771
$15,553
05/2020
$16,871
$16,522
$16,374
06/2020
$17,287
$16,850
$16,736
07/2020
$18,079
$17,801
$17,716
08/2020
$19,466
$19,080
$19,016
09/2020
$18,576
$18,355
$18,321
10/2020
$18,332
$17,867
$17,879
11/2020
$20,518
$19,823
$19,985
12/2020
$21,384
$20,585
$20,830
01/2021
$20,905
$20,377
$20,658
02/2021
$22,263
$20,939
$21,257
03/2021
$23,211
$21,856
$22,061
04/2021
$24,467
$23,022
$23,249
05/2021
$24,957
$23,183
$23,359
06/2021
$25,270
$23,724
$23,944
07/2021
$25,489
$24,288
$24,442
08/2021
$26,335
$25,026
$25,149
09/2021
$25,187
$23,863
$23,994
10/2021
$26,387
$25,534
$25,659
11/2021
$25,437
$25,357
$25,315
12/2021
$26,145
$26,494
$26,340
01/2022
$25,211
$25,123
$24,855
02/2022
$24,492
$24,371
$24,173
03/2022
$24,743
$25,276
$24,989
04/2022
$21,870
$23,071
$22,761
05/2022
$22,091
$23,114
$22,727
06/2022
$19,599
$21,206
$20,823
07/2022
$21,468
$23,161
$22,763
08/2022
$20,948
$22,217
$21,889
09/2022
$18,924
$20,170
$19,863
10/2022
$20,520
$21,804
$21,456
11/2022
$21,896
$23,022
$22,617
12/2022
$20,453
$21,696
$21,302
01/2023
$23,045
$23,059
$22,730
02/2023
$22,404
$22,496
$22,189
03/2023
$23,031
$23,322
$22,891
04/2023
$23,344
$23,686
$23,175
05/2023
$23,910
$23,789
$23,283
06/2023
$25,394
$25,361
$24,855
07/2023
$26,821
$26,176
$25,710
08/2023
$26,270
$25,759
$25,260
09/2023
$24,821
$24,531
$24,073
10/2023
$23,945
$24,015
$23,491
11/2023
$26,454
$26,208
$25,685
12/2023
$28,037
$27,399
$26,953
01/2024
$28,311
$27,859
$27,329
02/2024
$29,952
$29,347
$28,805
03/2024
$31,090
$30,291
$29,728
04/2024
$29,408
$29,054
$28,463
05/2024
$30,141
$30,494
$29,804
06/2024
$31,126
$31,589
$30,790
07/2024
$31,889
$31,973
$31,238
08/2024
$32,271
$32,749
$31,979
09/2024
$32,805
$33,448
$32,663
10/2024
$33,210
$33,145
$32,434
11/2024
$36,149
$35,090
$34,522
12/2024
$35,111
$34,254
$33,560

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
10 Years
Class C at NAV
24.32%
14.39%
13.38%
Class C with 1.00% CDSCFootnote Reference1
23.32%
14.39%
13.38%
S&P 500® Index
25.02%
14.53%
13.10%
Russell 1000® Index
24.51%
14.28%
12.87%
Footnote Description
Footnote1
Contingent deferred sales charge

Key Fund Statistics

Total Net Assets
$1,128,654,333
# of Portfolio Holdings (including overnight repurchase agreements)
75
Portfolio Turnover Rate
33%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$7,057,328

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
35.6%
Insurance
3.3%
Broadline Retail
3.4%
Financial Services
4.7%
Entertainment
5.3%
Oil, Gas & Consumable Fuels
5.3%
Semiconductors & Semiconductor Equipment
6.1%
Automobiles
6.2%
Banks
6.7%
Capital Markets
7.4%
Software
7.5%
Interactive Media & Services
8.5%
Footnote Description
Footnote*
Net of other assets less liabilities

Top Ten Holdings

Alphabet, Inc., Class A
4.6%
NVIDIA Corp.
4.5%
Tesla, Inc.
4.0%
Meta Platforms, Inc., Class A
3.6%
Amazon.com, Inc.
3.1%
Netflix, Inc.
3.0%
Deere & Co.
2.3%
Citigroup, Inc.
2.3%
Oracle Corp.
2.2%
Charles Schwab Corp.
2.2%

Material Fund Changes 

Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at (800) 225-5478 or through your financial intermediary.

Expenses: The expense limit as a percentage of average daily net assets was reduced to 1.83% from 1.87%. 

There were no changes in or disagreements with Accountants during the period. 

 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class C 

NECCX

Natixis U.S. Equity Opportunities Fund 

Annual Shareholder Report

December 31, 2024

TSMC99C-1224

Class N 

NESNX

Natixis U.S. Equity Opportunities Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Natixis U.S. Equity Opportunities Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class N
$86
0.76%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Explanation of Fund Performance  

The Natixis U.S. Equity Opportunities Fund is composed of two separately managed portfolio sleeves, combining the value expertise of Harris Associates, L.P. ("Harris Associates") with the growth expertise of Loomis, Sayles & Company, L.P. ("Loomis Sayles").

Harris Associates Large Cap Value Sleeve

On an absolute-return basis, the financials sector contributed the most to the return of the Fund, while health care and energy had the only negative contributions.

Top Contributors to Performance

Fiserv and Alphabet were top contributors during the 1-year period. Fiserv's stock price rose due to solid second-quarter results, improved free-cash-flow conversion, and significant share repurchases. Alphabet's stock price increased after strong first-quarter results, driven by revenue growth across Search, YouTube, and Cloud. Despite ongoing antitrust litigation, we still see attractive upside.

Top Detractors from Performance

Centene and APA Corporation were top detractors during the 1-year period. Centene's stock price declined due to investor concerns about legislative changes. APA Corporation's stock price fell due to issues with a liquified natural gas export contract and new U.K. emissions regulations.

Loomis Sayles All Cap Growth Sleeve

We are an active manager with a long-term, private equity approach to investing. Through our proprietary bottom-up research framework, we look to invest in those few high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to intrinsic value.

Top Contributors to Performance

Nvidia, Meta Platforms, and Tesla contributed the most to performance. Stock selection in the information technology, communication services, consumer discretionary, and healthcare sectors, and allocations in the communication services, consumer discretionary, and industrials sectors, contributed positively to relative performance.

Top Detractors from Performance

Boeing, Mobileye Global, and Monster Beverage detracted the most from performance. Stock selection in the industrials, consumer staples, and financials sectors, and allocations in the healthcare, information technology, and financials sectors, detracted from relative performance.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class N
S&P 500® Index
Russell 1000® Index
05/2017
$10,298
$10,141
$10,128
06/2017
$10,439
$10,204
$10,198
07/2017
$10,712
$10,414
$10,400
08/2017
$10,774
$10,446
$10,433
09/2017
$11,037
$10,661
$10,655
10/2017
$11,329
$10,910
$10,899
11/2017
$11,552
$11,245
$11,232
12/2017
$11,678
$11,370
$11,357
01/2018
$12,629
$12,021
$11,980
02/2018
$12,144
$11,578
$11,541
03/2018
$11,766
$11,283
$11,279
04/2018
$11,771
$11,327
$11,317
05/2018
$12,150
$11,599
$11,606
06/2018
$12,173
$11,671
$11,681
07/2018
$12,496
$12,105
$12,084
08/2018
$12,890
$12,500
$12,500
09/2018
$12,840
$12,571
$12,548
10/2018
$11,746
$11,711
$11,660
11/2018
$12,109
$11,950
$11,897
12/2018
$10,965
$10,871
$10,814
01/2019
$12,137
$11,742
$11,720
02/2019
$12,484
$12,119
$12,117
03/2019
$12,581
$12,355
$12,328
04/2019
$13,340
$12,855
$12,825
05/2019
$12,290
$12,038
$12,008
06/2019
$13,216
$12,887
$12,851
07/2019
$13,297
$13,072
$13,051
08/2019
$12,772
$12,865
$12,812
09/2019
$12,905
$13,105
$13,034
10/2019
$13,281
$13,389
$13,310
11/2019
$13,963
$13,875
$13,813
12/2019
$14,412
$14,294
$14,212
01/2020
$14,263
$14,288
$14,227
02/2020
$13,391
$13,112
$13,065
03/2020
$11,573
$11,493
$11,338
04/2020
$13,099
$12,966
$12,836
05/2020
$13,844
$13,584
$13,514
06/2020
$14,196
$13,854
$13,813
07/2020
$14,856
$14,635
$14,621
08/2020
$16,009
$15,687
$15,695
09/2020
$15,292
$15,091
$15,121
10/2020
$15,106
$14,689
$14,756
11/2020
$16,923
$16,297
$16,494
12/2020
$17,652
$16,924
$17,191
01/2021
$17,268
$16,753
$17,050
02/2021
$18,404
$17,215
$17,544
03/2021
$19,209
$17,969
$18,208
04/2021
$20,266
$18,928
$19,188
05/2021
$20,688
$19,060
$19,279
06/2021
$20,970
$19,505
$19,762
07/2021
$21,175
$19,969
$20,173
08/2021
$21,893
$20,576
$20,756
09/2021
$20,954
$19,619
$19,803
10/2021
$21,973
$20,993
$21,177
11/2021
$21,201
$20,848
$20,893
12/2021
$21,805
$21,782
$21,739
01/2022
$21,048
$20,655
$20,514
02/2022
$20,460
$20,036
$19,951
03/2022
$20,698
$20,780
$20,624
04/2022
$18,306
$18,968
$18,785
05/2022
$18,506
$19,003
$18,757
06/2022
$16,432
$17,435
$17,186
07/2022
$18,020
$19,042
$18,787
08/2022
$17,600
$18,266
$18,065
09/2022
$15,909
$16,583
$16,394
10/2022
$17,276
$17,926
$17,709
11/2022
$18,448
$18,928
$18,667
12/2022
$17,251
$17,837
$17,581
01/2023
$19,433
$18,958
$18,760
02/2023
$18,893
$18,495
$18,313
03/2023
$19,428
$19,174
$18,893
04/2023
$19,695
$19,474
$19,127
05/2023
$20,181
$19,558
$19,216
06/2023
$21,436
$20,851
$20,514
07/2023
$22,654
$21,521
$21,219
08/2023
$22,191
$21,178
$20,848
09/2023
$20,973
$20,168
$19,868
10/2023
$20,236
$19,744
$19,388
11/2023
$22,361
$21,547
$21,199
12/2023
$23,710
$22,526
$22,245
01/2024
$23,944
$22,905
$22,556
02/2024
$25,336
$24,128
$23,774
03/2024
$26,310
$24,904
$24,536
04/2024
$24,887
$23,887
$23,492
05/2024
$25,515
$25,071
$24,598
06/2024
$26,362
$25,971
$25,412
07/2024
$27,014
$26,287
$25,782
08/2024
$27,345
$26,925
$26,393
09/2024
$27,798
$27,500
$26,957
10/2024
$28,149
$27,250
$26,769
11/2024
$30,651
$28,850
$28,492
12/2024
$29,779
$28,162
$27,698

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
Since Inception 5/1/17
Class N
25.60%
15.62%
15.29%
S&P 500® Index
25.02%
14.53%
14.37%
Russell 1000® Index
24.51%
14.28%
14.12%

Key Fund Statistics

Total Net Assets
$1,128,654,333
# of Portfolio Holdings (including overnight repurchase agreements)
75
Portfolio Turnover Rate
33%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$7,057,328

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
35.6%
Insurance
3.3%
Broadline Retail
3.4%
Financial Services
4.7%
Entertainment
5.3%
Oil, Gas & Consumable Fuels
5.3%
Semiconductors & Semiconductor Equipment
6.1%
Automobiles
6.2%
Banks
6.7%
Capital Markets
7.4%
Software
7.5%
Interactive Media & Services
8.5%
Footnote Description
Footnote*
Net of other assets less liabilities

Top Ten Holdings

Alphabet, Inc., Class A
4.6%
NVIDIA Corp.
4.5%
Tesla, Inc.
4.0%
Meta Platforms, Inc., Class A
3.6%
Amazon.com, Inc.
3.1%
Netflix, Inc.
3.0%
Deere & Co.
2.3%
Citigroup, Inc.
2.3%
Oracle Corp.
2.2%
Charles Schwab Corp.
2.2%

Material Fund Changes 

Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at (800) 225-5478 or through your financial intermediary.

Expenses: The expense limit as a percentage of average daily net assets was reduced to 0.78% from 0.82%. 

There were no changes in or disagreements with Accountants during the period. 

 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class N 

NESNX

Natixis U.S. Equity Opportunities Fund 

Annual Shareholder Report

December 31, 2024

TSMC99N-1224

Class Y 

NESYX

Natixis U.S. Equity Opportunities Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Natixis U.S. Equity Opportunities Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class Y
$92
0.82%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Explanation of Fund Performance  

The Natixis U.S. Equity Opportunities Fund is composed of two separately managed portfolio sleeves, combining the value expertise of Harris Associates, L.P. ("Harris Associates") with the growth expertise of Loomis, Sayles & Company, L.P. ("Loomis Sayles").

Harris Associates Large Cap Value Sleeve

On an absolute-return basis, the financials sector contributed the most to the return of the Fund, while health care and energy had the only negative contributions.

Top Contributors to Performance

Fiserv and Alphabet were top contributors during the 1-year period. Fiserv's stock price rose due to solid second-quarter results, improved free-cash-flow conversion, and significant share repurchases. Alphabet's stock price increased after strong first-quarter results, driven by revenue growth across Search, YouTube, and Cloud. Despite ongoing antitrust litigation, we still see attractive upside.

Top Detractors from Performance

Centene and APA Corporation were top detractors during the 1-year period. Centene's stock price declined due to investor concerns about legislative changes. APA Corporation's stock price fell due to issues with a liquified natural gas export contract and new U.K. emissions regulations.

Loomis Sayles All Cap Growth Sleeve

We are an active manager with a long-term, private equity approach to investing. Through our proprietary bottom-up research framework, we look to invest in those few high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to intrinsic value.

Top Contributors to Performance

Nvidia, Meta Platforms, and Tesla contributed the most to performance. Stock selection in the information technology, communication services, consumer discretionary, and healthcare sectors, and allocations in the communication services, consumer discretionary, and industrials sectors, contributed positively to relative performance.

Top Detractors from Performance

Boeing, Mobileye Global, and Monster Beverage detracted the most from performance. Stock selection in the industrials, consumer staples, and financials sectors, and allocations in the healthcare, information technology, and financials sectors, detracted from relative performance.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class Y
S&P 500® Index
Russell 1000® Index
12/2014
$10,000
$10,000
$10,000
01/2015
$9,711
$9,700
$9,725
02/2015
$10,430
$10,257
$10,287
03/2015
$10,237
$10,095
$10,159
04/2015
$10,433
$10,192
$10,231
05/2015
$10,494
$10,323
$10,365
06/2015
$10,300
$10,123
$10,171
07/2015
$10,695
$10,335
$10,367
08/2015
$10,034
$9,712
$9,743
09/2015
$9,746
$9,471
$9,476
10/2015
$10,718
$10,270
$10,243
11/2015
$10,848
$10,301
$10,277
12/2015
$10,611
$10,138
$10,092
01/2016
$9,922
$9,635
$9,549
02/2016
$9,781
$9,622
$9,545
03/2016
$10,527
$10,275
$10,210
04/2016
$10,679
$10,315
$10,266
05/2016
$10,963
$10,500
$10,446
06/2016
$10,760
$10,527
$10,469
07/2016
$11,410
$10,915
$10,868
08/2016
$11,580
$10,931
$10,882
09/2016
$11,739
$10,933
$10,891
10/2016
$11,525
$10,733
$10,679
11/2016
$11,813
$11,131
$11,100
12/2016
$11,897
$11,351
$11,308
01/2017
$12,092
$11,566
$11,536
02/2017
$12,496
$12,025
$11,982
03/2017
$12,623
$12,039
$11,990
04/2017
$12,862
$12,163
$12,116
05/2017
$13,291
$12,334
$12,271
06/2017
$13,477
$12,411
$12,357
07/2017
$13,827
$12,666
$12,601
08/2017
$13,902
$12,705
$12,641
09/2017
$14,242
$12,967
$12,910
10/2017
$14,616
$13,270
$13,206
11/2017
$14,901
$13,677
$13,609
12/2017
$15,063
$13,829
$13,761
01/2018
$16,290
$14,621
$14,516
02/2018
$15,660
$14,082
$13,983
03/2018
$15,172
$13,724
$13,666
04/2018
$15,175
$13,777
$13,712
05/2018
$15,662
$14,108
$14,062
06/2018
$15,687
$14,195
$14,153
07/2018
$16,108
$14,724
$14,642
08/2018
$16,612
$15,203
$15,146
09/2018
$16,544
$15,290
$15,204
10/2018
$15,132
$14,245
$14,128
11/2018
$15,600
$14,535
$14,415
12/2018
$14,122
$13,223
$13,102
01/2019
$15,635
$14,282
$14,200
02/2019
$16,078
$14,741
$14,681
03/2019
$16,202
$15,027
$14,937
04/2019
$17,177
$15,636
$15,540
05/2019
$15,824
$14,642
$14,550
06/2019
$17,014
$15,674
$15,571
07/2019
$17,121
$15,899
$15,813
08/2019
$16,445
$15,648
$15,523
09/2019
$16,612
$15,940
$15,792
10/2019
$17,097
$16,286
$16,127
11/2019
$17,973
$16,877
$16,737
12/2019
$18,551
$17,386
$17,220
01/2020
$18,356
$17,379
$17,238
02/2020
$17,235
$15,949
$15,830
03/2020
$14,893
$13,979
$13,738
04/2020
$16,852
$15,771
$15,553
05/2020
$17,811
$16,522
$16,374
06/2020
$18,260
$16,850
$16,736
07/2020
$19,110
$17,801
$17,716
08/2020
$20,593
$19,080
$19,016
09/2020
$19,673
$18,355
$18,321
10/2020
$19,433
$17,867
$17,879
11/2020
$21,765
$19,823
$19,985
12/2020
$22,699
$20,585
$20,830
01/2021
$22,205
$20,377
$20,658
02/2021
$23,669
$20,939
$21,257
03/2021
$24,701
$21,856
$22,061
04/2021
$26,059
$23,022
$23,249
05/2021
$26,598
$23,183
$23,359
06/2021
$26,961
$23,724
$23,944
07/2021
$27,220
$24,288
$24,442
08/2021
$28,146
$25,026
$25,149
09/2021
$26,936
$23,863
$23,994
10/2021
$28,249
$25,534
$25,659
11/2021
$27,255
$25,357
$25,315
12/2021
$28,028
$26,494
$26,340
01/2022
$27,052
$25,123
$24,855
02/2022
$26,299
$24,371
$24,173
03/2022
$26,600
$25,276
$24,989
04/2022
$23,523
$23,071
$22,761
05/2022
$23,780
$23,114
$22,727
06/2022
$21,112
$21,206
$20,823
07/2022
$23,148
$23,161
$22,763
08/2022
$22,612
$22,217
$21,889
09/2022
$20,437
$20,170
$19,863
10/2022
$22,195
$21,804
$21,456
11/2022
$23,700
$23,022
$22,617
12/2022
$22,156
$21,696
$21,302
01/2023
$24,961
$23,059
$22,730
02/2023
$24,265
$22,496
$22,189
03/2023
$24,955
$23,322
$22,891
04/2023
$25,293
$23,686
$23,175
05/2023
$25,912
$23,789
$23,283
06/2023
$27,523
$25,361
$24,855
07/2023
$29,087
$26,176
$25,710
08/2023
$28,491
$25,759
$25,260
09/2023
$26,927
$24,531
$24,073
10/2023
$25,977
$24,015
$23,491
11/2023
$28,704
$26,208
$25,685
12/2023
$30,432
$27,399
$26,953
01/2024
$30,733
$27,859
$27,329
02/2024
$32,520
$29,347
$28,805
03/2024
$33,767
$30,291
$29,728
04/2024
$31,941
$29,054
$28,463
05/2024
$32,750
$30,494
$29,804
06/2024
$33,828
$31,589
$30,790
07/2024
$34,662
$31,973
$31,238
08/2024
$35,089
$32,749
$31,979
09/2024
$35,672
$33,448
$32,663
10/2024
$36,117
$33,145
$32,434
11/2024
$39,321
$35,090
$34,522
12/2024
$38,204
$34,254
$33,560

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
10 Years
Since Inception 1/1/00
Class Y
25.54%
15.54%
14.34%
-%
S&P 500® Index
25.02%
14.53%
13.10%
23.30%
Russell 1000® Index
24.51%
14.28%
12.87%
14.12%

Key Fund Statistics

Total Net Assets
$1,128,654,333
# of Portfolio Holdings (including overnight repurchase agreements)
75
Portfolio Turnover Rate
33%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$7,057,328

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
35.6%
Insurance
3.3%
Broadline Retail
3.4%
Financial Services
4.7%
Entertainment
5.3%
Oil, Gas & Consumable Fuels
5.3%
Semiconductors & Semiconductor Equipment
6.1%
Automobiles
6.2%
Banks
6.7%
Capital Markets
7.4%
Software
7.5%
Interactive Media & Services
8.5%
Footnote Description
Footnote*
Net of other assets less liabilities

Top Ten Holdings

Alphabet, Inc., Class A
4.6%
NVIDIA Corp.
4.5%
Tesla, Inc.
4.0%
Meta Platforms, Inc., Class A
3.6%
Amazon.com, Inc.
3.1%
Netflix, Inc.
3.0%
Deere & Co.
2.3%
Citigroup, Inc.
2.3%
Oracle Corp.
2.2%
Charles Schwab Corp.
2.2%

Material Fund Changes 

Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at (800) 225-5478 or through your financial intermediary.

Expenses: The expense limit as a percentage of average daily net assets was reduced to 0.83% from 0.87%. 

There were no changes in or disagreements with Accountants during the period. 

 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class Y 

NESYX

Natixis U.S. Equity Opportunities Fund 

Annual Shareholder Report

December 31, 2024

TSMC99Y-1224

Class A 

NEFJX

Vaughan Nelson Small Cap Value Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Vaughan Nelson Small Cap Value Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class A
$128
1.25%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Top Contributors to Performance

•The largest contributor to the fund’s 2024 performance was the portfolio's overweight position and selection in Information Technology led by Celestica Inc.

•Selection and an underweight position within Energy also contributed to performance with Antero Resources Corporation leading.

•Selection within Consumer Staples positively impacted performance thanks to strong returns from Coca-Cola Consolidated, Inc.

 

Top Detractors from Performance

•The largest detractor from the fund’s 2024 performance was the portfolio’s overweight position and security selection within Materials with Chemours Co. as the weakest name.

•Security selection within Health Care negatively impacted performance. AMN Healthcare Services, Inc. hindered the sector the most.

•The portfolio’s underweight position and selection within Financials detracted from performance with Selective Insurance Group, Inc. being the weakest name.

 

Investment Activity

As a result of buys and sells and market action, the portfolio is overweight Industrials, Information Technology, Materials, and Consumer Staples while underweight Real Estate, Utilities, Communication Services, Health Care, Financials, Energy, and Consumer Discretionary.

We continued to sell positions that we believe to be fully valued or that could face increased earnings pressure as we move into the late stages of this economic recovery and added to existing positions or established new positions that met our investment criteria.

We continue to position the portfolio into companies that have lower earnings variability, higher profitability, and stronger balance sheets than the broader investment universe, and where we can get these characteristics at similar valuation levels to the benchmark index. We still do not favor any single industry or sector and continue to look for the characteristics noted above across all industries.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class A with load
Russell 3000® Index
Russell 2000® Value Index
12/2014
$9,425
$10,000
$10,000
01/2015
$9,055
$9,722
$9,584
02/2015
$9,854
$10,285
$10,029
03/2015
$10,005
$10,180
$10,198
04/2015
$9,828
$10,226
$9,980
05/2015
$10,027
$10,368
$10,063
06/2015
$10,194
$10,194
$10,076
07/2015
$10,212
$10,365
$9,798
08/2015
$9,791
$9,739
$9,317
09/2015
$9,250
$9,455
$8,994
10/2015
$9,648
$10,202
$9,498
11/2015
$9,800
$10,258
$9,768
12/2015
$9,398
$10,048
$9,253
01/2016
$8,683
$9,481
$8,632
02/2016
$8,810
$9,478
$8,690
03/2016
$9,414
$10,145
$9,411
04/2016
$9,599
$10,208
$9,610
05/2016
$9,852
$10,391
$9,786
06/2016
$9,755
$10,412
$9,816
07/2016
$10,112
$10,825
$10,346
08/2016
$10,258
$10,853
$10,603
09/2016
$10,322
$10,870
$10,686
10/2016
$9,966
$10,635
$10,335
11/2016
$11,073
$11,111
$11,707
12/2016
$11,300
$11,327
$12,190
01/2017
$11,317
$11,541
$12,103
02/2017
$11,471
$11,970
$12,278
03/2017
$11,352
$11,978
$12,174
04/2017
$11,220
$12,105
$12,222
05/2017
$11,066
$12,229
$11,842
06/2017
$11,143
$12,339
$12,256
07/2017
$11,173
$12,572
$12,333
08/2017
$10,983
$12,596
$12,030
09/2017
$11,611
$12,903
$12,882
10/2017
$11,783
$13,185
$12,899
11/2017
$12,079
$13,585
$13,272
12/2017
$12,010
$13,721
$13,146
01/2018
$12,234
$14,444
$13,308
02/2018
$11,740
$13,912
$12,642
03/2018
$11,759
$13,633
$12,799
04/2018
$11,804
$13,684
$13,020
05/2018
$12,227
$14,071
$13,778
06/2018
$12,161
$14,163
$13,861
07/2018
$12,406
$14,633
$14,106
08/2018
$12,809
$15,147
$14,442
09/2018
$12,525
$15,172
$14,084
10/2018
$11,341
$14,055
$12,823
11/2018
$11,625
$14,336
$13,029
12/2018
$10,227
$13,002
$11,455
01/2019
$11,301
$14,118
$12,707
02/2019
$12,022
$14,614
$13,201
03/2019
$11,768
$14,828
$12,821
04/2019
$12,245
$15,420
$13,306
05/2019
$11,433
$14,422
$12,219
06/2019
$12,097
$15,435
$12,997
07/2019
$12,351
$15,664
$13,018
08/2019
$11,966
$15,345
$12,291
09/2019
$12,294
$15,614
$12,923
10/2019
$12,302
$15,950
$13,236
11/2019
$12,474
$16,557
$13,545
12/2019
$12,749
$17,035
$14,020
01/2020
$12,469
$17,016
$13,263
02/2020
$11,190
$15,623
$11,975
03/2020
$8,937
$13,475
$9,020
04/2020
$9,924
$15,259
$10,133
05/2020
$10,498
$16,075
$10,424
06/2020
$10,390
$16,443
$10,726
07/2020
$10,756
$17,376
$10,947
08/2020
$11,272
$18,635
$11,536
09/2020
$10,856
$17,957
$11,000
10/2020
$10,939
$17,569
$11,393
11/2020
$12,802
$19,707
$13,593
12/2020
$13,885
$20,593
$14,669
01/2021
$13,877
$20,501
$15,441
02/2021
$15,158
$21,142
$16,892
03/2021
$15,574
$21,900
$17,775
04/2021
$16,389
$23,029
$18,134
05/2021
$16,913
$23,134
$18,698
06/2021
$16,714
$23,705
$18,585
07/2021
$16,298
$24,105
$17,920
08/2021
$16,630
$24,793
$18,400
09/2021
$16,406
$23,681
$18,031
10/2021
$17,146
$25,282
$18,719
11/2021
$17,030
$24,897
$18,079
12/2021
$18,084
$25,877
$18,816
01/2022
$17,082
$24,355
$17,719
02/2022
$17,487
$23,741
$18,013
03/2022
$17,689
$24,512
$18,365
04/2022
$16,570
$22,312
$16,940
05/2022
$17,098
$22,282
$17,265
06/2022
$15,733
$20,418
$15,559
07/2022
$17,139
$22,333
$17,066
08/2022
$16,426
$21,500
$16,526
09/2022
$15,040
$19,506
$14,842
10/2022
$16,467
$21,106
$16,711
11/2022
$17,356
$22,208
$17,221
12/2022
$16,240
$20,907
$16,091
01/2023
$17,793
$22,347
$17,627
02/2023
$17,836
$21,825
$17,220
03/2023
$17,482
$22,408
$15,986
04/2023
$17,054
$22,647
$15,587
05/2023
$16,797
$22,735
$15,280
06/2023
$18,606
$24,288
$16,494
07/2023
$19,163
$25,158
$17,739
08/2023
$18,895
$24,673
$16,885
09/2023
$17,718
$23,497
$16,006
10/2023
$16,701
$22,875
$15,051
11/2023
$18,210
$25,008
$16,406
12/2023
$20,271
$26,334
$18,448
01/2024
$19,830
$26,626
$17,610
02/2024
$20,550
$28,067
$18,186
03/2024
$21,527
$28,973
$18,983
04/2024
$20,153
$27,698
$17,774
05/2024
$21,001
$29,006
$18,605
06/2024
$20,754
$29,904
$18,291
07/2024
$22,193
$30,460
$20,520
08/2024
$21,806
$31,123
$20,135
09/2024
$21,709
$31,767
$20,148
10/2024
$21,173
$31,534
$19,833
11/2024
$23,223
$33,632
$21,746
12/2024
$21,243
$32,604
$19,934

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
10 Years
Class A at NAV
4.80%
10.75%
8.47%
Class A with 5.75% MSCFootnote Reference1
(1.22%)
9.45%
7.83%
Russell 3000® Index
23.81%
13.86%
12.55%
Russell 2000® Value Index
8.05%
7.29%
7.14%
Footnote Description
Footnote1
Maximum sales charge

Effective May 1, 2024, in accordance with new regulations, the Fund’s primary broad-based index changed to the Russell 3000® Index. The Fund will retain Russell 2000® Value Index as an additional benchmark for performance comparison.

Key Fund Statistics

Total Net Assets
$1,220,283,826
# of Portfolio Holdings (including overnight repurchase agreements)
61
Portfolio Turnover Rate
80%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$8,955,710

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
34.8%
Short-Term Investments
5.7%
Textiles, Apparel & Luxury Goods
3.0%
Mortgage Real Estate Investment Trusts (REITs)
3.1%
Specialty Retail
3.1%
Health Care Providers & Services
3.2%
Chemicals
4.2%
Insurance
4.5%
Machinery
4.9%
Electronic Equipment, Instruments & Components
4.9%
Oil, Gas & Consumable Fuels
5.9%
Trading Companies & Distributors
6.3%
Banks
16.4%
Footnote Description
Footnote*
Net of other assets less liabilities

Top Ten Holdings

Element Solutions, Inc.
3.4%
Comerica, Inc.
3.0%
Western Alliance Bancorp
3.0%
Zions Bancorp NA
2.7%
Beacon Roofing Supply, Inc.
2.7%
First American Financial Corp.
2.5%
Cushman & Wakefield PLC
2.5%
Celestica, Inc.
2.4%
Cullen/Frost Bankers, Inc.
2.2%
Cadence Bank
2.1%

Material Fund Changes 

There were no material fund changes during the period. 

There were no changes in or disagreements with Accountants during the period. 

 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class A 

NEFJX

Vaughan Nelson Small Cap Value Fund 

Annual Shareholder Report

December 31, 2024

TVSC99A-1224

Class C 

NEJCX

Vaughan Nelson Small Cap Value Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Vaughan Nelson Small Cap Value Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class C
$204
2.00%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Top Contributors to Performance

•The largest contributor to the fund’s 2024 performance was the portfolio's overweight position and selection in Information Technology led by Celestica Inc.

•Selection and an underweight position within Energy also contributed to performance with Antero Resources Corporation leading.

•Selection within Consumer Staples positively impacted performance thanks to strong returns from Coca-Cola Consolidated, Inc.

 

Top Detractors from Performance

•The largest detractor from the fund’s 2024 performance was the portfolio’s overweight position and security selection within Materials with Chemours Co. as the weakest name.

•Security selection within Health Care negatively impacted performance. AMN Healthcare Services, Inc. hindered the sector the most.

•The portfolio’s underweight position and selection within Financials detracted from performance with Selective Insurance Group, Inc. being the weakest name.

 

Investment Activity

As a result of buys and sells and market action, the portfolio is overweight Industrials, Information Technology, Materials, and Consumer Staples while underweight Real Estate, Utilities, Communication Services, Health Care, Financials, Energy, and Consumer Discretionary.

We continued to sell positions that we believe to be fully valued or that could face increased earnings pressure as we move into the late stages of this economic recovery and added to existing positions or established new positions that met our investment criteria.

We continue to position the portfolio into companies that have lower earnings variability, higher profitability, and stronger balance sheets than the broader investment universe, and where we can get these characteristics at similar valuation levels to the benchmark index. We still do not favor any single industry or sector and continue to look for the characteristics noted above across all industries.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class C
Russell 3000® Index
Russell 2000® Value Index
12/2014
$10,000
$10,000
$10,000
01/2015
$9,603
$9,722
$9,584
02/2015
$10,443
$10,285
$10,029
03/2015
$10,599
$10,180
$10,198
04/2015
$10,406
$10,226
$9,980
05/2015
$10,605
$10,368
$10,063
06/2015
$10,778
$10,194
$10,076
07/2015
$10,791
$10,365
$9,798
08/2015
$10,333
$9,739
$9,317
09/2015
$9,756
$9,455
$8,994
10/2015
$10,174
$10,202
$9,498
11/2015
$10,326
$10,258
$9,768
12/2015
$9,898
$10,048
$9,253
01/2016
$9,139
$9,481
$8,632
02/2016
$9,267
$9,478
$8,690
03/2016
$9,898
$10,145
$9,411
04/2016
$10,080
$10,208
$9,610
05/2016
$10,343
$10,391
$9,786
06/2016
$10,236
$10,412
$9,816
07/2016
$10,606
$10,825
$10,346
08/2016
$10,746
$10,853
$10,603
09/2016
$10,811
$10,870
$10,686
10/2016
$10,425
$10,635
$10,335
11/2016
$11,584
$11,111
$11,707
12/2016
$11,810
$11,327
$12,190
01/2017
$11,819
$11,541
$12,103
02/2017
$11,980
$11,970
$12,278
03/2017
$11,846
$11,978
$12,174
04/2017
$11,704
$12,105
$12,222
05/2017
$11,525
$12,229
$11,842
06/2017
$11,610
$12,339
$12,256
07/2017
$11,628
$12,572
$12,333
08/2017
$11,421
$12,596
$12,030
09/2017
$12,071
$12,903
$12,882
10/2017
$12,241
$13,185
$12,899
11/2017
$12,542
$13,585
$13,272
12/2017
$12,459
$13,721
$13,146
01/2018
$12,684
$14,444
$13,308
02/2018
$12,171
$13,912
$12,642
03/2018
$12,171
$13,633
$12,799
04/2018
$12,213
$13,684
$13,020
05/2018
$12,650
$14,071
$13,778
06/2018
$12,572
$14,163
$13,861
07/2018
$12,807
$14,633
$14,106
08/2018
$13,222
$15,147
$14,442
09/2018
$12,908
$15,172
$14,084
10/2018
$11,687
$14,055
$12,823
11/2018
$11,967
$14,336
$13,029
12/2018
$10,527
$13,002
$11,455
01/2019
$11,627
$14,118
$12,707
02/2019
$12,366
$14,614
$13,201
03/2019
$12,087
$14,828
$12,821
04/2019
$12,566
$15,420
$13,306
05/2019
$11,727
$14,422
$12,219
06/2019
$12,401
$15,435
$12,997
07/2019
$12,665
$15,664
$13,018
08/2019
$12,253
$15,345
$12,291
09/2019
$12,582
$15,614
$12,923
10/2019
$12,582
$15,950
$13,236
11/2019
$12,747
$16,557
$13,545
12/2019
$13,020
$17,035
$14,020
01/2020
$12,738
$17,016
$13,263
02/2020
$11,409
$15,623
$11,975
03/2020
$9,117
$13,475
$9,020
04/2020
$10,107
$15,259
$10,133
05/2020
$10,681
$16,075
$10,424
06/2020
$10,580
$16,443
$10,726
07/2020
$10,934
$17,376
$10,947
08/2020
$11,457
$18,635
$11,536
09/2020
$11,035
$17,957
$11,000
10/2020
$11,103
$17,569
$11,393
11/2020
$12,993
$19,707
$13,593
12/2020
$14,073
$20,593
$14,669
01/2021
$14,056
$20,501
$15,441
02/2021
$15,355
$21,142
$16,892
03/2021
$15,760
$21,900
$17,775
04/2021
$16,587
$23,029
$18,134
05/2021
$17,093
$23,134
$18,698
06/2021
$16,890
$23,705
$18,585
07/2021
$16,452
$24,105
$17,920
08/2021
$16,772
$24,793
$18,400
09/2021
$16,536
$23,681
$18,031
10/2021
$17,279
$25,282
$18,719
11/2021
$17,144
$24,897
$18,079
12/2021
$18,217
$25,877
$18,816
01/2022
$17,167
$24,355
$17,719
02/2022
$17,561
$23,741
$18,013
03/2022
$17,771
$24,512
$18,365
04/2022
$16,626
$22,312
$16,940
05/2022
$17,154
$22,282
$17,265
06/2022
$15,764
$20,418
$15,559
07/2022
$17,182
$22,333
$17,066
08/2022
$16,459
$21,500
$16,526
09/2022
$15,041
$19,506
$14,842
10/2022
$16,459
$21,106
$16,711
11/2022
$17,349
$22,208
$17,221
12/2022
$16,211
$20,907
$16,091
01/2023
$17,774
$22,347
$17,627
02/2023
$17,817
$21,825
$17,220
03/2023
$17,464
$22,408
$15,986
04/2023
$17,036
$22,647
$15,587
05/2023
$16,779
$22,735
$15,280
06/2023
$18,587
$24,288
$16,494
07/2023
$19,143
$25,158
$17,739
08/2023
$18,875
$24,673
$16,885
09/2023
$17,699
$23,497
$16,006
10/2023
$16,683
$22,875
$15,051
11/2023
$18,191
$25,008
$16,406
12/2023
$20,249
$26,334
$18,448
01/2024
$19,809
$26,626
$17,610
02/2024
$20,528
$28,067
$18,186
03/2024
$21,504
$28,973
$18,983
04/2024
$20,131
$27,698
$17,774
05/2024
$20,978
$29,006
$18,605
06/2024
$20,732
$29,904
$18,291
07/2024
$22,169
$30,460
$20,520
08/2024
$21,783
$31,123
$20,135
09/2024
$21,686
$31,767
$20,148
10/2024
$21,150
$31,534
$19,833
11/2024
$23,198
$33,632
$21,746
12/2024
$21,221
$32,604
$19,934

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
10 Years
Class C at NAV
4.00%
9.92%
7.81%
Class C with 1.00% CDSCFootnote Reference1
3.00%
9.92%
7.81%
Russell 3000® Index
23.81%
13.86%
12.55%
Russell 2000® Value Index
8.05%
7.29%
7.14%
Footnote Description
Footnote1
Contingent deferred sales charge

Effective May 1, 2024, in accordance with new regulations, the Fund’s primary broad-based index changed to the Russell 3000® Index. The Fund will retain Russell 2000® Value Index as an additional benchmark for performance comparison.

Key Fund Statistics

Total Net Assets
$1,220,283,826
# of Portfolio Holdings (including overnight repurchase agreements)
61
Portfolio Turnover Rate
80%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$8,955,710

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
34.8%
Short-Term Investments
5.7%
Textiles, Apparel & Luxury Goods
3.0%
Mortgage Real Estate Investment Trusts (REITs)
3.1%
Specialty Retail
3.1%
Health Care Providers & Services
3.2%
Chemicals
4.2%
Insurance
4.5%
Machinery
4.9%
Electronic Equipment, Instruments & Components
4.9%
Oil, Gas & Consumable Fuels
5.9%
Trading Companies & Distributors
6.3%
Banks
16.4%
Footnote Description
Footnote*
Net of other assets less liabilities

Top Ten Holdings

Element Solutions, Inc.
3.4%
Comerica, Inc.
3.0%
Western Alliance Bancorp
3.0%
Zions Bancorp NA
2.7%
Beacon Roofing Supply, Inc.
2.7%
First American Financial Corp.
2.5%
Cushman & Wakefield PLC
2.5%
Celestica, Inc.
2.4%
Cullen/Frost Bankers, Inc.
2.2%
Cadence Bank
2.1%

Material Fund Changes 

There were no material fund changes during the period. 

There were no changes in or disagreements with Accountants during the period. 

 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class C 

NEJCX

Vaughan Nelson Small Cap Value Fund 

Annual Shareholder Report

December 31, 2024

TVSC99C-1224

Class N 

VSCNX

Vaughan Nelson Small Cap Value Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Vaughan Nelson Small Cap Value Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class N
$97
0.95%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Top Contributors to Performance

•The largest contributor to the fund’s 2024 performance was the portfolio's overweight position and selection in Information Technology led by Celestica Inc.

•Selection and an underweight position within Energy also contributed to performance with Antero Resources Corporation leading.

•Selection within Consumer Staples positively impacted performance thanks to strong returns from Coca-Cola Consolidated, Inc.

 

Top Detractors from Performance

•The largest detractor from the fund’s 2024 performance was the portfolio’s overweight position and security selection within Materials with Chemours Co. as the weakest name.

•Security selection within Health Care negatively impacted performance. AMN Healthcare Services, Inc. hindered the sector the most.

•The portfolio’s underweight position and selection within Financials detracted from performance with Selective Insurance Group, Inc. being the weakest name.

 

Investment Activity

As a result of buys and sells and market action, the portfolio is overweight Industrials, Information Technology, Materials, and Consumer Staples while underweight Real Estate, Utilities, Communication Services, Health Care, Financials, Energy, and Consumer Discretionary.

We continued to sell positions that we believe to be fully valued or that could face increased earnings pressure as we move into the late stages of this economic recovery and added to existing positions or established new positions that met our investment criteria.

We continue to position the portfolio into companies that have lower earnings variability, higher profitability, and stronger balance sheets than the broader investment universe, and where we can get these characteristics at similar valuation levels to the benchmark index. We still do not favor any single industry or sector and continue to look for the characteristics noted above across all industries.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class N
Russell 3000® Index
Russell 2000® Value Index
05/2017
$9,852
$10,102
$9,689
06/2017
$9,923
$10,194
$10,028
07/2017
$9,954
$10,386
$10,091
08/2017
$9,790
$10,406
$9,843
09/2017
$10,353
$10,659
$10,540
10/2017
$10,512
$10,892
$10,554
11/2017
$10,777
$11,223
$10,859
12/2017
$10,717
$11,335
$10,755
01/2018
$10,922
$11,932
$10,888
02/2018
$10,485
$11,493
$10,344
03/2018
$10,501
$11,262
$10,472
04/2018
$10,546
$11,305
$10,653
05/2018
$10,927
$11,624
$11,273
06/2018
$10,876
$11,700
$11,341
07/2018
$11,092
$12,088
$11,541
08/2018
$11,457
$12,513
$11,816
09/2018
$11,206
$12,533
$11,523
10/2018
$10,153
$11,611
$10,491
11/2018
$10,409
$11,843
$10,660
12/2018
$9,166
$10,741
$9,372
01/2019
$10,126
$11,663
$10,397
02/2019
$10,778
$12,073
$10,801
03/2019
$10,553
$12,249
$10,490
04/2019
$10,989
$12,738
$10,886
05/2019
$10,260
$11,914
$9,997
06/2019
$10,863
$12,751
$10,634
07/2019
$11,094
$12,940
$10,651
08/2019
$10,744
$12,677
$10,057
09/2019
$11,045
$12,899
$10,573
10/2019
$11,052
$13,177
$10,829
11/2019
$11,213
$13,678
$11,083
12/2019
$11,464
$14,073
$11,471
01/2020
$11,217
$14,057
$10,852
02/2020
$10,063
$12,906
$9,797
03/2020
$8,039
$11,131
$7,380
04/2020
$8,928
$12,606
$8,291
05/2020
$9,449
$13,280
$8,528
06/2020
$9,356
$13,583
$8,775
07/2020
$9,691
$14,355
$8,956
08/2020
$10,155
$15,395
$9,439
09/2020
$9,784
$14,834
$9,000
10/2020
$9,855
$14,514
$9,322
11/2020
$11,545
$16,280
$11,121
12/2020
$12,527
$17,012
$12,002
01/2021
$12,520
$16,936
$12,634
02/2021
$13,678
$17,466
$13,821
03/2021
$14,064
$18,092
$14,543
04/2021
$14,800
$19,024
$14,837
05/2021
$15,272
$19,111
$15,299
06/2021
$15,101
$19,582
$15,206
07/2021
$14,729
$19,914
$14,662
08/2021
$15,029
$20,482
$15,054
09/2021
$14,836
$19,563
$14,753
10/2021
$15,508
$20,885
$15,315
11/2021
$15,408
$20,568
$14,792
12/2021
$16,365
$21,377
$15,395
01/2022
$15,459
$20,120
$14,498
02/2022
$15,830
$19,613
$14,738
03/2022
$16,020
$20,249
$15,026
04/2022
$15,005
$18,432
$13,860
05/2022
$15,490
$18,407
$14,126
06/2022
$14,256
$16,867
$12,730
07/2022
$15,543
$18,450
$13,963
08/2022
$14,891
$17,761
$13,521
09/2022
$13,639
$16,114
$12,144
10/2022
$14,943
$17,436
$13,672
11/2022
$15,754
$18,346
$14,090
12/2022
$14,737
$17,272
$13,166
01/2023
$16,160
$18,461
$14,422
02/2023
$16,187
$18,030
$14,089
03/2023
$15,877
$18,512
$13,079
04/2023
$15,485
$18,709
$12,753
05/2023
$15,257
$18,782
$12,502
06/2023
$16,908
$20,064
$13,495
07/2023
$17,418
$20,783
$14,514
08/2023
$17,181
$20,382
$13,815
09/2023
$16,114
$19,411
$13,096
10/2023
$15,202
$18,897
$12,315
11/2023
$16,579
$20,659
$13,423
12/2023
$18,456
$21,755
$15,094
01/2024
$18,053
$21,996
$14,408
02/2024
$18,722
$23,186
$14,880
03/2024
$19,611
$23,934
$15,532
04/2024
$18,364
$22,881
$14,542
05/2024
$19,143
$23,962
$15,222
06/2024
$18,923
$24,704
$14,966
07/2024
$20,234
$25,163
$16,789
08/2024
$19,895
$25,711
$16,474
09/2024
$19,803
$26,243
$16,485
10/2024
$19,318
$26,050
$16,227
11/2024
$21,196
$27,783
$17,792
12/2024
$19,394
$26,934
$16,310

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
Since Inception 5/1/17
Class N
5.08%
11.09%
9.02%
Russell 3000® Index
23.81%
13.86%
13.71%
Russell 2000® Value Index
8.05%
7.29%
6.50%

Effective May 1, 2024, in accordance with new regulations, the Fund’s primary broad-based index changed to the Russell 3000® Index. The Fund will retain Russell 2000® Value Index as an additional benchmark for performance comparison.

Key Fund Statistics

Total Net Assets
$1,220,283,826
# of Portfolio Holdings (including overnight repurchase agreements)
61
Portfolio Turnover Rate
80%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$8,955,710

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
34.8%
Short-Term Investments
5.7%
Textiles, Apparel & Luxury Goods
3.0%
Mortgage Real Estate Investment Trusts (REITs)
3.1%
Specialty Retail
3.1%
Health Care Providers & Services
3.2%
Chemicals
4.2%
Insurance
4.5%
Machinery
4.9%
Electronic Equipment, Instruments & Components
4.9%
Oil, Gas & Consumable Fuels
5.9%
Trading Companies & Distributors
6.3%
Banks
16.4%
Footnote Description
Footnote*
Net of other assets less liabilities

Top Ten Holdings

Element Solutions, Inc.
3.4%
Comerica, Inc.
3.0%
Western Alliance Bancorp
3.0%
Zions Bancorp NA
2.7%
Beacon Roofing Supply, Inc.
2.7%
First American Financial Corp.
2.5%
Cushman & Wakefield PLC
2.5%
Celestica, Inc.
2.4%
Cullen/Frost Bankers, Inc.
2.2%
Cadence Bank
2.1%

Material Fund Changes 

There were no material fund changes during the period. 

There were no changes in or disagreements with Accountants during the period. 

 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class N 

VSCNX

Vaughan Nelson Small Cap Value Fund 

Annual Shareholder Report

December 31, 2024

TVSC99N-1224

Class Y 

NEJYX

Vaughan Nelson Small Cap Value Fund 

Image

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about Vaughan Nelson Small Cap Value Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference
Class Y
$103
1.00%
Footnote Description
Footnote
Annualized for periods less than one year (if applicable).

How did the fund perform last year and what affected its performance?

Top Contributors to Performance

•The largest contributor to the fund’s 2024 performance was the portfolio's overweight position and selection in Information Technology led by Celestica Inc.

•Selection and an underweight position within Energy also contributed to performance with Antero Resources Corporation leading.

•Selection within Consumer Staples positively impacted performance thanks to strong returns from Coca-Cola Consolidated, Inc.

 

Top Detractors from Performance

•The largest detractor from the fund’s 2024 performance was the portfolio’s overweight position and security selection within Materials with Chemours Co. as the weakest name.

•Security selection within Health Care negatively impacted performance. AMN Healthcare Services, Inc. hindered the sector the most.

•The portfolio’s underweight position and selection within Financials detracted from performance with Selective Insurance Group, Inc. being the weakest name.

 

Investment Activity

As a result of buys and sells and market action, the portfolio is overweight Industrials, Information Technology, Materials, and Consumer Staples while underweight Real Estate, Utilities, Communication Services, Health Care, Financials, Energy, and Consumer Discretionary.

We continued to sell positions that we believe to be fully valued or that could face increased earnings pressure as we move into the late stages of this economic recovery and added to existing positions or established new positions that met our investment criteria.

We continue to position the portfolio into companies that have lower earnings variability, higher profitability, and stronger balance sheets than the broader investment universe, and where we can get these characteristics at similar valuation levels to the benchmark index. We still do not favor any single industry or sector and continue to look for the characteristics noted above across all industries.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

Total Return Based on a Hypothetical $10,000 Investment

Growth of 10K Chart
Class Y
Russell 3000® Index
Russell 2000® Value Index
12/2014
$10,000
$10,000
$10,000
01/2015
$9,612
$9,722
$9,584
02/2015
$10,459
$10,285
$10,029
03/2015
$10,625
$10,180
$10,198
04/2015
$10,437
$10,226
$9,980
05/2015
$10,648
$10,368
$10,063
06/2015
$10,831
$10,194
$10,076
07/2015
$10,855
$10,365
$9,798
08/2015
$10,404
$9,739
$9,317
09/2015
$9,832
$9,455
$8,994
10/2015
$10,260
$10,202
$9,498
11/2015
$10,423
$10,258
$9,768
12/2015
$9,995
$10,048
$9,253
01/2016
$9,237
$9,481
$8,632
02/2016
$9,374
$9,478
$8,690
03/2016
$10,022
$10,145
$9,411
04/2016
$10,219
$10,208
$9,610
05/2016
$10,493
$10,391
$9,786
06/2016
$10,392
$10,412
$9,816
07/2016
$10,773
$10,825
$10,346
08/2016
$10,929
$10,853
$10,603
09/2016
$11,002
$10,870
$10,686
10/2016
$10,622
$10,635
$10,335
11/2016
$11,802
$11,111
$11,707
12/2016
$12,047
$11,327
$12,190
01/2017
$12,070
$11,541
$12,103
02/2017
$12,236
$11,970
$12,278
03/2017
$12,112
$11,978
$12,174
04/2017
$11,976
$12,105
$12,222
05/2017
$11,810
$12,229
$11,842
06/2017
$11,902
$12,339
$12,256
07/2017
$11,933
$12,572
$12,333
08/2017
$11,731
$12,596
$12,030
09/2017
$12,405
$12,903
$12,882
10/2017
$12,595
$13,185
$12,899
11/2017
$12,908
$13,585
$13,272
12/2017
$12,842
$13,721
$13,146
01/2018
$13,080
$14,444
$13,308
02/2018
$12,557
$13,912
$12,642
03/2018
$12,576
$13,633
$12,799
04/2018
$12,629
$13,684
$13,020
05/2018
$13,086
$14,071
$13,778
06/2018
$13,018
$14,163
$13,861
07/2018
$13,278
$14,633
$14,106
08/2018
$13,714
$15,147
$14,442
09/2018
$13,414
$15,172
$14,084
10/2018
$12,152
$14,055
$12,823
11/2018
$12,452
$14,336
$13,029
12/2018
$10,965
$13,002
$11,455
01/2019
$12,105
$14,118
$12,707
02/2019
$12,893
$14,614
$13,201
03/2019
$12,616
$14,828
$12,821
04/2019
$13,129
$15,420
$13,306
05/2019
$12,265
$14,422
$12,219
06/2019
$12,978
$15,435
$12,997
07/2019
$13,255
$15,664
$13,018
08/2019
$12,836
$15,345
$12,291
09/2019
$13,196
$15,614
$12,923
10/2019
$13,205
$15,950
$13,236
11/2019
$13,398
$16,557
$13,545
12/2019
$13,693
$17,035
$14,020
01/2020
$13,406
$17,016
$13,263
02/2020
$12,027
$15,623
$11,975
03/2020
$9,608
$13,475
$9,020
04/2020
$10,670
$15,259
$10,133
05/2020
$11,284
$16,075
$10,424
06/2020
$11,173
$16,443
$10,726
07/2020
$11,574
$17,376
$10,947
08/2020
$12,128
$18,635
$11,536
09/2020
$11,685
$17,957
$11,000
10/2020
$11,770
$17,569
$11,393
11/2020
$13,790
$19,707
$13,593
12/2020
$14,957
$20,593
$14,669
01/2021
$14,948
$20,501
$15,441
02/2021
$16,332
$21,142
$16,892
03/2021
$16,785
$21,900
$17,775
04/2021
$17,673
$23,029
$18,134
05/2021
$18,237
$23,134
$18,698
06/2021
$18,023
$23,705
$18,585
07/2021
$17,579
$24,105
$17,920
08/2021
$17,938
$24,793
$18,400
09/2021
$17,707
$23,681
$18,031
10/2021
$18,510
$25,282
$18,719
11/2021
$18,391
$24,897
$18,079
12/2021
$19,535
$25,877
$18,816
01/2022
$18,442
$24,355
$17,719
02/2022
$18,886
$23,741
$18,013
03/2022
$19,112
$24,512
$18,365
04/2022
$17,911
$22,312
$16,940
05/2022
$18,479
$22,282
$17,265
06/2022
$17,017
$20,418
$15,559
07/2022
$18,543
$22,333
$17,066
08/2022
$17,764
$21,500
$16,526
09/2022
$16,270
$19,506
$14,842
10/2022
$17,827
$21,106
$16,711
11/2022
$18,785
$22,208
$17,221
12/2022
$17,586
$20,907
$16,091
01/2023
$19,273
$22,347
$17,627
02/2023
$19,306
$21,825
$17,220
03/2023
$18,936
$22,408
$15,986
04/2023
$18,468
$22,647
$15,587
05/2023
$18,195
$22,735
$15,280
06/2023
$20,166
$24,288
$16,494
07/2023
$20,776
$25,158
$17,739
08/2023
$20,482
$24,673
$16,885
09/2023
$19,219
$23,497
$16,006
10/2023
$18,119
$22,875
$15,051
11/2023
$19,763
$25,008
$16,406
12/2023
$21,999
$26,334
$18,448
01/2024
$21,518
$26,626
$17,610
02/2024
$22,316
$28,067
$18,186
03/2024
$23,377
$28,973
$18,983
04/2024
$21,890
$27,698
$17,774
05/2024
$22,809
$29,006
$18,605
06/2024
$22,546
$29,904
$18,291
07/2024
$24,110
$30,460
$20,520
08/2024
$23,706
$31,123
$20,135
09/2024
$23,607
$31,767
$20,148
10/2024
$23,016
$31,534
$19,833
11/2024
$25,259
$33,632
$21,746
12/2024
$23,110
$32,604
$19,934

Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.

 

Average Annual Total Returns (%)

AATR
1 Year
5 Years
10 Years
Class Y
5.05%
11.04%
8.74%
Russell 3000® Index
23.81%
13.86%
12.55%
Russell 2000® Value Index
8.05%
7.29%
7.14%

Effective May 1, 2024, in accordance with new regulations, the Fund’s primary broad-based index changed to the Russell 3000® Index. The Fund will retain Russell 2000® Value Index as an additional benchmark for performance comparison.

Key Fund Statistics

Total Net Assets
$1,220,283,826
# of Portfolio Holdings (including overnight repurchase agreements)
61
Portfolio Turnover Rate
80%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)
$8,955,710

What did the Fund invest in? (% of Net Assets)

Industry Summary

Group By Sector Chart
Value
Value
Other investments less than 3% of net assetsFootnote Reference*
34.8%
Short-Term Investments
5.7%
Textiles, Apparel & Luxury Goods
3.0%
Mortgage Real Estate Investment Trusts (REITs)
3.1%
Specialty Retail
3.1%
Health Care Providers & Services
3.2%
Chemicals
4.2%
Insurance
4.5%
Machinery
4.9%
Electronic Equipment, Instruments & Components
4.9%
Oil, Gas & Consumable Fuels
5.9%
Trading Companies & Distributors
6.3%
Banks
16.4%
Footnote Description
Footnote*
Net of other assets less liabilities

Top Ten Holdings

Element Solutions, Inc.
3.4%
Comerica, Inc.
3.0%
Western Alliance Bancorp
3.0%
Zions Bancorp NA
2.7%
Beacon Roofing Supply, Inc.
2.7%
First American Financial Corp.
2.5%
Cushman & Wakefield PLC
2.5%
Celestica, Inc.
2.4%
Cullen/Frost Bankers, Inc.
2.2%
Cadence Bank
2.1%

Material Fund Changes 

There were no material fund changes during the period. 

There were no changes in or disagreements with Accountants during the period. 

 

An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

Image

Class Y 

NEJYX

Vaughan Nelson Small Cap Value Fund 

Annual Shareholder Report

December 31, 2024

TVSC99Y-1224


(b)

Not Applicable.

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. Richard A. Goglia, Mr. James P. Palermo, Mr. Kirk A. Sykes 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 reported as a part of (a) through (c) of this Item.

 

     Audit fees    Audit-related fees1    Tax fees2    All other fees
      1/1/23-12/31/23    

1/1/24-

12/31/24 

  

1/1/23-

12/31/23  

  

1/1/24-

12/31/24 

  

1/1/23-

12/31/23  

  

1/1/24-

12/31/24 

  

1/1/23-

12/31/23 

  

1/1/24-

12/31/24 

Natixis Funds Trust I (except Loomis Sayles Core Plus Bond Fund)    $223,970    $230,689    $557    $765    $61,080    $61.924    $—    $—

 

  1.

Audit-related fees consist of:

2023 & 2024 – performance of agreed-upon procedures related to the Registrant’s deferred compensation plan.

 

  2.

Tax fees consist of:

2023 & 2024 – review of the Registrant’s tax returns (2023 & 2024), filings to reclaim withholding taxes paid

on EU dividends (2023), and consulting services (2024).

Aggregate fees billed to the Registrant for non-audit services during 2023 and 2024 were $61,637and $62,689, respectively.

(e)(1) 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 Trustee of the Registrant 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 by the full Audit Committee at its next quarterly meeting. All other engagements require the approval of all the members of the Audit Committee.

(e)(2) None of the services described in each of Items 4 (b) through (d) were approved pursuant to de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.


(f) Not applicable.

(g) 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 Natixis Advisors, LLC (“Natixis Advisors”), Mirova US LLC (“Mirova”) and entities controlling, controlled by or under common control with Natixis Advisors and Mirova (“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
     

1/1/23-

12/31/23  

  

1/1/24-

12/31/24  

  

1/1/23-

12/31/23 

  

1/1/24-

12/31/24 

  

1/1/23-

12/31/23 

  

1/1/24-

12/31/24 

Control Affiliates

   $—    $—    $17,898    $45,373    $—    $—

The following table sets forth the aggregate fees billed by the Registrant’s principal accountant for non-audit services rendered to Mirova, 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 
      1/1/23-12/31/23    1/1/24-12/31/24

Control Affiliates

   $289,793    $110,563

(h) The audit committee has considered and determined that the provisions of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

The Schedule of Investments are incorporated by reference as part of the Financial Statements and Other Important Information for Open-End Management Investment Companies filed as Item 7 herewith.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a) The Registrant’s Financial Statements are attached herewith. These Financial Statements are identical to those filed in the Original N-CSR Filing.

(b) The Registrant’s Financial Highlights are attached herewith. These Financial Highlights are identical to those filed in the Original N-CSR Filing.


Annual Financial Statements and Other Important Information
December 31, 2024
Loomis Sayles International Growth Fund
Natixis Oakmark Fund
Natixis Oakmark International Fund
Natixis U.S. Equity Opportunities Fund
Vaughan Nelson Mid Cap Fund
Vaughan Nelson Small Cap Value Fund
Table of Contents
1
13
45
56

Portfolio of Investments – as of December 31, 2024
Loomis Sayles International Growth Fund
Shares
Description
Value ()
Common Stocks — 98.4% of Net Assets
Australia — 5.5%
21,406
WiseTech Global Ltd.
$1,598,026
Belgium — 1.4%
8,143
Anheuser-Busch InBev SA
407,670
Brazil — 8.4%
317,769
Ambev SA, ADR
587,873
1,080
MercadoLibre, Inc.(a)
1,836,475
 
2,424,348
Canada — 4.4%
12,080
Shopify, Inc., Class A(a)
1,284,466
China — 21.5%
3,480
Alibaba Group Holding Ltd., ADR(b)
295,069
4,256
Baidu, Inc., ADR(a)(b)
358,823
58,900
Budweiser Brewing Co. APAC Ltd.
56,254
3,000
Kweichow Moutai Co. Ltd., Class A
623,119
3,684
NXP Semiconductors NV
765,719
24,500
Tencent Holdings Ltd.
1,307,634
24,630
Trip.com Group Ltd., ADR(a)(b)
1,691,096
41,348
Vipshop Holdings Ltd., ADR(b)
556,958
12,482
Yum China Holdings, Inc.(b)
601,258
 
6,255,930
Denmark — 5.5%
18,458
Novo Nordisk AS, Class B
1,592,590
France — 6.4%
2,509
EssilorLuxottica SA
612,020
1,112
LVMH Moet Hennessy Louis Vuitton SE
731,466
6,391
Sodexo SA
526,630
 
1,870,116
Germany — 4.8%
5,617
SAP SE
1,381,637
Japan — 2.6%
24,500
FANUC Corp.
640,013
15,300
Unicharm Corp.
126,133
 
766,146
Macau — 0.5%
35,000
Galaxy Entertainment Group Ltd.
147,337
Netherlands — 5.6%
1,095
Adyen NV(a)
1,627,255
Switzerland — 3.5%
6,658
CRISPR Therapeutics AG(a)
262,059
7,772
Novartis AG, (Registered)
756,660
 
1,018,719
United Kingdom — 4.6%
6,533
Diageo PLC
207,605
9,606
Reckitt Benckiser Group PLC
581,458
9,802
Unilever PLC
558,362
 
1,347,425
United States — 23.7%
9,498
ARM Holdings PLC, ADR(a)
1,171,673
7,495
Block, Inc.(a)
637,000
14,147
Doximity, Inc., Class A(a)
755,308
18,044
Experian PLC
775,528
6,899
Nestle SA, (Registered)
566,016
Shares
Description
Value (†)
United States — continued
3,235
Roche Holding AG
$904,528
5,146
Tesla, Inc.(a)
2,078,161
 
6,888,214
Total Common Stocks
(Identified Cost $24,660,999)
28,609,879
Principal
Amount
 
 
Short-Term Investments — 4.7%
$1,365,220
Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 12/31/2024at 2.500% to
be repurchased at $1,365,409 on 1/02/2025
collateralized by $1,375,300 U.S. Treasury Note,
4.125% due 2/15/2027 valued at $1,392,566 including
accrued interest (Note 2 of Notes to Financial
Statements)
(Identified Cost $1,365,220)
1,365,220
Total Investments — 103.1%
(Identified Cost $26,026,219)
29,975,099
Other assets less liabilities — (3.1)%
(912,008
)
Net Assets — 100.0%
$29,063,091
()
See Note 2 of Notes to Financial Statements.
(a)
Non-income producing security.
(b)
Security invests in variable interest entities based in China. See
Note 9 of Notes to Financial Statements.
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.
Industry Summary at December 31, 2024
Pharmaceuticals
11.2
%
Software
10.3
Hotels, Restaurants & Leisure
10.2
Broadline Retail
9.2
Financial Services
7.8
Automobiles
7.2
Semiconductors & Semiconductor Equipment
6.6
Beverages
6.6
Interactive Media & Services
5.7
IT Services
4.4
Professional Services
2.7
Health Care Technology
2.6
Textiles, Apparel & Luxury Goods
2.5
Household Products
2.4
Machinery
2.2
Health Care Equipment & Supplies
2.1
Other Investments, less than 2% each
4.7
Short-Term Investments
4.7
Total Investments
103.1
Other assets less liabilities
(3.1
)
Net Assets
100.0
%
See accompanying notes to financial statements.
1 |

Portfolio of Investments – as of December 31, 2024
Loomis Sayles International Growth Fund (continued)
Currency Exposure Summary at December 31, 2024
United States Dollar
49.0
%
Euro
20.1
Swiss Franc
7.6
Australian Dollar
5.5
Danish Krone
5.5
British Pound
5.4
Hong Kong Dollar
5.2
Japanese Yen
2.6
Yuan Renminbi
2.2
Total Investments
103.1
Other assets less liabilities
(3.1
)
Net Assets
100.0
%
See accompanying notes to financial statements.
| 2

Portfolio of Investments – as of December 31, 2024
Natixis Oakmark Fund
Shares
Description
Value ()
Common Stocks — 95.2% of Net Assets
Automobile Components — 1.9%
247,000
BorgWarner, Inc.
$7,852,130
201,200
Magna International, Inc.
8,408,148
 
16,260,278
Automobiles — 3.2%
522,660
General Motors Co.
27,842,098
Banks — 9.9%
425,536
Bank of America Corp.
18,702,307
410,718
Citigroup, Inc.
28,910,440
8,745
First Citizens BancShares, Inc., Class A
18,478,360
293,404
Wells Fargo & Co.
20,608,697
 
86,699,804
Beverages — 1.5%
403,200
Keurig Dr. Pepper, Inc.
12,950,784
Building Products — 2.6%
178,100
Fortune Brands Innovations, Inc.
12,169,573
141,300
Masco Corp.
10,254,141
 
22,423,714
Capital Markets — 13.0%
271,882
Bank of New York Mellon Corp.
20,888,694
4,825
BlackRock, Inc.
4,946,156
33,546
Carlyle Group, Inc.
1,693,737
351,190
Charles Schwab Corp.
25,991,572
154,666
Intercontinental Exchange, Inc.
23,046,781
222,164
Nasdaq, Inc.
17,175,499
196,066
State Street Corp.
19,243,878
 
112,986,317
Chemicals — 2.7%
67,200
Celanese Corp.
4,650,912
337,800
Corteva, Inc.
19,241,088
 
23,892,000
Consumer Finance — 4.4%
468,554
Ally Financial, Inc.
16,872,630
121,206
Capital One Financial Corp.
21,613,454
 
38,486,084
Consumer Staples Distribution & Retail — 2.5%
361,400
Kroger Co.
22,099,610
Distributors — 0.9%
66,600
Genuine Parts Co.
7,776,216
Electronic Equipment, Instruments & Components — 1.2%
70,165
TE Connectivity PLC
10,031,490
Entertainment — 1.5%
1,194,800
Warner Bros. Discovery, Inc.(a)
12,629,036
Financial Services — 5.7%
291,100
Corebridge Financial, Inc.
8,712,623
114,869
Fiserv, Inc.(a)
23,596,390
153,700
Global Payments, Inc.
17,223,622
 
49,532,635
Health Care Equipment & Supplies — 1.3%
242,100
Baxter International, Inc.
7,059,636
53,290
GE HealthCare Technologies, Inc.
4,166,212
 
11,225,848
Health Care Providers & Services — 4.1%
313,700
Centene Corp.(a)
19,003,946
Shares
Description
Value (†)
Health Care Providers & Services — continued
150,300
CVS Health Corp.
$6,746,967
27,600
Elevance Health, Inc.
10,181,640
 
35,932,553
Hotels, Restaurants & Leisure — 0.8%
52,600
Airbnb, Inc., Class A(a)
6,912,166
Insurance — 6.0%
337,435
American International Group, Inc.
24,565,268
41,537
Reinsurance Group of America, Inc.
8,873,549
60,363
Willis Towers Watson PLC
18,908,106
 
52,346,923
Interactive Media & Services — 3.6%
163,620
Alphabet, Inc., Class A
30,973,266
Life Sciences Tools & Services — 2.3%
103,300
IQVIA Holdings, Inc.(a)
20,299,483
Machinery — 3.1%
63,200
Deere & Co.
26,777,840
Media — 4.7%
54,145
Charter Communications, Inc., Class A(a)
18,559,282
441,142
Comcast Corp., Class A
16,556,059
75,900
Liberty Broadband Corp., Class C(a)
5,674,284
 
40,789,625
Oil, Gas & Consumable Fuels — 9.0%
774,155
APA Corp.
17,875,239
208,130
ConocoPhillips
20,640,252
168,960
EOG Resources, Inc.
20,711,117
171,700
Phillips 66
19,561,781
 
78,788,389
Passenger Airlines — 1.7%
249,000
Delta Air Lines, Inc.
15,064,500
Personal Care Products — 1.9%
777,100
Kenvue, Inc.
16,591,085
Pharmaceuticals — 1.8%
159,600
Merck & Co., Inc.
15,877,008
Professional Services — 1.6%
55,900
Equifax, Inc.
14,246,115
Real Estate Management & Development — 2.3%
155,318
CBRE Group, Inc., Class A(a)
20,391,700
Total Common Stocks
(Identified Cost $692,765,798)
829,826,567
See accompanying notes to financial statements.
3 |

Portfolio of Investments – as of December 31, 2024
Natixis Oakmark Fund (continued)
Principal
Amount
Description
Value (†)
Short-Term Investments — 4.6%
$39,766,668
Tri-Party Repurchase Agreement with Fixed
Income Clearing Corporation, dated 12/31/2024at
2.500% to be repurchased at $39,772,191 on
1/02/2025 collateralized by $40,059,700
U.S. Treasury Note, 4.125% due 2/15/2027 valued at
$40,562,021 including accrued interest (Note 2 of
Notes to Financial Statements)
(Identified Cost $39,766,668)
$39,766,668
Total Investments — 99.8%
(Identified Cost $732,532,466)
869,593,235
Other assets less liabilities — 0.2%
1,946,627
Net Assets — 100.0%
$871,539,862
()
See Note 2 of Notes to Financial Statements.
(a)
Non-income producing security.
Industry Summary at December 31, 2024
Capital Markets
13.0
%
Banks
9.9
Oil, Gas & Consumable Fuels
9.0
Insurance
6.0
Financial Services
5.7
Media
4.7
Consumer Finance
4.4
Health Care Providers & Services
4.1
Interactive Media & Services
3.6
Automobiles
3.2
Machinery
3.1
Chemicals
2.7
Building Products
2.6
Consumer Staples Distribution & Retail
2.5
Real Estate Management & Development
2.3
Life Sciences Tools & Services
2.3
Other Investments, less than 2% each
16.1
Short-Term Investments
4.6
Total Investments
99.8
Other assets less liabilities
0.2
Net Assets
100.0
%
See accompanying notes to financial statements.
| 4

Portfolio of Investments – as of December 31, 2024
Natixis Oakmark International Fund
Shares
Description
Value ()
Common Stocks — 94.8% of Net Assets
Australia — 0.4%
101,200
Brambles Ltd.
$1,203,587
Belgium — 0.8%
41,500
Anheuser-Busch InBev SA
2,077,652
Canada — 1.2%
112,000
Open Text Corp.
3,169,613
China — 1.5%
392,200
Alibaba Group Holding Ltd.
4,150,792
Denmark — 1.7%
21,600
DSV AS
4,600,057
France — 20.8%
87,031
Accor SA
4,232,978
37,700
Airbus SE
6,036,932
162,791
BNP Paribas SA
9,994,839
28,166
Capgemini SE
4,600,283
25,200
Danone SA
1,703,009
228,596
Edenred SE
7,515,321
96,300
Eurofins Scientific SE
4,911,522
36,415
Kering SA
8,994,334
29,800
Pernod Ricard SA
3,367,009
14,292
Publicis Groupe SA
1,521,521
340,651
Worldline SA(a)
2,994,201
 
55,871,949
Germany — 25.5%
12,700
adidas AG
3,123,746
15,396
Allianz SE
4,732,157
427,630
Bayer AG
8,541,888
91,700
Bayerische Motoren Werke AG
7,500,133
79,723
Brenntag SE
4,794,432
126,973
Continental AG
8,555,874
142,181
Daimler Truck Holding AG
5,445,826
149,419
Fresenius Medical Care AG
6,803,164
160,500
Fresenius SE & Co. KGaA(a)
5,571,109
29,542
Henkel AG & Co. KGaA
2,276,196
109,814
Mercedes-Benz Group AG, (Registered)
6,122,321
18,500
Siemens AG
3,607,400
385,000
thyssenkrupp AG
1,562,160
 
68,636,406
India — 0.7%
158,775
Axis Bank Ltd.
1,968,827
Indonesia — 0.7%
5,608,700
Bank Mandiri Persero Tbk. PT
1,974,281
Ireland — 1.1%
66,765
Ryanair Holdings PLC, ADR
2,910,286
Italy — 1.8%
1,172,935
Intesa Sanpaolo SpA
4,704,424
Japan — 2.3%
152,900
Fujitsu Ltd.
2,685,930
127,500
Komatsu Ltd.
3,473,399
 
6,159,329
Korea — 1.2%
6,900
KB Financial Group, Inc.
388,546
20,632
NAVER Corp.
2,752,926
 
3,141,472
Netherlands — 5.5%
76,841
Akzo Nobel NV
4,612,224
41,335
EXOR NV
3,789,419
Shares
Description
Value (†)
Netherlands — continued
92,600
Koninklijke Ahold Delhaize NV
$3,026,117
81,596
Prosus NV
3,241,388
 
14,669,148
Spain — 0.9%
33,394
Amadeus IT Group SA
2,357,089
Sweden — 3.4%
154,700
Sandvik AB
2,773,983
192,003
SKF AB, Class B
3,603,800
117,000
Volvo AB, Class B
2,843,354
 
9,221,137
Switzerland — 7.9%
21,183
Cie Financiere Richemont SA, Class A
3,204,440
1,000,280
Glencore PLC(a)
4,405,409
11,353
Holcim AG
1,093,123
32,162
Novartis AG, (Registered)
3,131,203
12,885
Roche Holding AG
3,602,731
4,363
Schindler Holding AG
1,205,426
25,499
Swatch Group AG
4,634,721
 
21,277,053
United Kingdom — 14.1%
24,500
Ashtead Group PLC
1,515,767
5,700
Bunzl PLC
234,698
26,900
Compass Group PLC
895,055
110,400
Diageo PLC
3,508,271
91,593
Liberty Global Ltd., Class A(a)
1,168,727
8,027,900
Lloyds Banking Group PLC
5,482,474
605,257
Prudential PLC
4,803,331
81,700
Reckitt Benckiser Group PLC
4,945,363
1,296,782
Schroders PLC
5,241,755
273,900
Smith & Nephew PLC
3,394,284
114,100
Smiths Group PLC
2,446,367
428,340
WPP PLC
4,415,259
 
38,051,351
United States — 3.3%
755,892
CNH Industrial NV
8,564,256
5,200
Smurfit WestRock PLC
280,072
 
8,844,328
Total Common Stocks
(Identified Cost $258,419,309)
254,988,781
Preferred Stocks — 1.4%
Korea — 1.4%
125,750
Samsung Electronics Co. Ltd., 3.269%, (KRW)
(Identified Cost $6,594,377)
3,735,021
Participatory Notes — 0.2%
Ireland — 0.2%
33,300
Ryanair Holdings PLC, 12/12/2025(a)(b)
(Identified Cost $664,862)
658,378
See accompanying notes to financial statements.
5 |

Portfolio of Investments – as of December 31, 2024
Natixis Oakmark International Fund (continued)
Principal
Amount
Description
Value (†)
Short-Term Investments — 2.1%
$5,460,738
Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 12/31/2024at 2.500% to
be repurchased at $5,461,497 on 1/02/2025
collateralized by $5,501,000 U.S. Treasury Note,
4.125% due 2/15/2027 valued at $5,570,002 including
accrued interest (Note 2 of Notes to Financial
Statements)
(Identified Cost $5,460,738)
$5,460,738
Total Investments — 98.5%
(Identified Cost $271,139,286)
264,842,918
Other assets less liabilities — 1.5%
4,167,725
Net Assets — 100.0%
$269,010,643
()
See Note 2 of Notes to Financial Statements.
(a)
Non-income producing security.
(b)
Securities subject to restriction on resale. At December 31, 2024,
the restricted securities held by the Fund are as follows:
 
Acquisition
Date
Acquisition
Cost
Value
% of
Net Assets
Ryanair
Holdings PLC
12/23/2024
$664,862
$658,378
0.2%
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.
KRW
South Korean Won
Industry Summary at December 31, 2024
Machinery
10.4
%
Banks
9.1
Textiles, Apparel & Luxury Goods
7.4
Pharmaceuticals
5.7
Financial Services
5.3
Automobiles
5.1
Health Care Providers & Services
4.6
Insurance
3.5
Beverages
3.4
Automobile Components
3.2
Hotels, Restaurants & Leisure
2.8
Broadline Retail
2.7
IT Services
2.7
Household Products
2.6
Trading Companies & Distributors
2.5
Aerospace & Defense
2.3
Industrial Conglomerates
2.2
Metals & Mining
2.2
Media
2.2
Capital Markets
2.0
Other Investments, less than 2% each
14.5
Short-Term Investments
2.1
Total Investments
98.5
Other assets less liabilities
1.5
Net Assets
100.0
%
Currency Exposure Summary at December 31, 2024
Euro
55.3
%
British Pound
15.3
United States Dollar
7.1
Swiss Franc
6.3
Swedish Krona
3.4
South Korean Won
2.6
Japanese Yen
2.3
Other, less than 2% each
6.2
Total Investments
98.5
Other assets less liabilities
1.5
Net Assets
100.0
%
See accompanying notes to financial statements.
| 6

Portfolio of Investments – as of December 31, 2024
Natixis U.S. Equity Opportunities Fund
Shares
Description
Value ()
Common Stocks — 98.1% of Net Assets
Aerospace & Defense — 1.9%
118,128
Boeing Co.(a)
$20,908,656
Air Freight & Logistics — 0.4%
42,016
Expeditors International of Washington, Inc.
4,654,112
Automobile Components — 0.5%
257,300
Mobileye Global, Inc., Class A(a)
5,125,416
Automobiles — 6.2%
461,000
General Motors Co.
24,557,470
112,585
Tesla, Inc.(a)
45,466,326
 
70,023,796
Banks — 6.7%
356,600
Bank of America Corp.
15,672,570
362,000
Citigroup, Inc.
25,481,180
7,465
First Citizens BancShares, Inc., Class A
15,773,694
273,200
Wells Fargo & Co.
19,189,568
 
76,117,012
Beverages — 2.4%
11,526
Boston Beer Co., Inc., Class A(a)
3,457,570
269,400
Keurig Dr. Pepper, Inc.
8,653,128
290,034
Monster Beverage Corp.(a)
15,244,187
 
27,354,885
Biotechnology — 2.2%
47,991
Alnylam Pharmaceuticals, Inc.(a)
11,292,762
54,291
CRISPR Therapeutics AG(a)
2,136,894
15,220
Regeneron Pharmaceuticals, Inc.(a)
10,841,663
 
24,271,319
Broadline Retail — 3.4%
43,555
Alibaba Group Holding Ltd., ADR
3,693,029
158,439
Amazon.com, Inc.(a)
34,759,932
 
38,452,961
Building Products — 0.8%
118,000
Masco Corp.
8,563,260
Capital Markets — 7.4%
245,800
Bank of New York Mellon Corp.
18,884,814
331,845
Charles Schwab Corp.
24,559,848
13,266
FactSet Research Systems, Inc.
6,371,395
137,800
Intercontinental Exchange, Inc.
20,533,578
10,974
MSCI, Inc.
6,584,510
82,803
SEI Investments Co.
6,829,591
 
83,763,736
Chemicals — 1.5%
291,300
Corteva, Inc.
16,592,448
Consumer Finance — 2.8%
369,700
Ally Financial, Inc.
13,312,897
102,585
Capital One Financial Corp.
18,292,957
 
31,605,854
Consumer Staples Distribution & Retail — 1.7%
318,000
Kroger Co.
19,445,700
Electronic Equipment, Instruments & Components — 0.8%
60,400
TE Connectivity PLC
8,635,388
Entertainment — 5.3%
37,650
Netflix, Inc.(a)
33,558,198
113,865
Walt Disney Co.
12,678,868
1,239,600
Warner Bros. Discovery, Inc.(a)
13,102,572
 
59,339,638
Shares
Description
Value (†)
Financial Services — 4.7%
63,841
Block, Inc.(a)
$5,425,847
106,800
Fiserv, Inc.(a)
21,938,856
59,618
PayPal Holdings, Inc.(a)
5,088,396
65,031
Visa, Inc., Class A
20,552,397
 
53,005,496
Health Care Equipment & Supplies — 0.6%
12,486
Intuitive Surgical, Inc.(a)
6,517,193
Health Care Providers & Services — 1.6%
106,700
Centene Corp.(a)
6,463,886
29,900
Elevance Health, Inc.
11,030,110
 
17,493,996
Health Care Technology — 1.7%
202,313
Doximity, Inc., Class A(a)
10,801,491
41,282
Veeva Systems, Inc., Class A(a)
8,679,541
 
19,481,032
Hotels, Restaurants & Leisure — 1.4%
85,020
Starbucks Corp.
7,758,075
89,420
Yum China Holdings, Inc.
4,307,361
28,217
Yum! Brands, Inc.
3,785,593
 
15,851,029
Insurance — 3.3%
289,900
American International Group, Inc.
21,104,720
51,500
Willis Towers Watson PLC
16,131,860
 
37,236,580
Interactive Media & Services — 8.5%
271,365
Alphabet, Inc., Class A
51,369,395
25,453
Alphabet, Inc., Class C
4,847,269
68,493
Meta Platforms, Inc., Class A
40,103,336
 
96,320,000
IT Services — 1.0%
105,362
Shopify, Inc., Class A(a)
11,203,141
Life Sciences Tools & Services — 2.1%
36,112
Illumina, Inc.(a)
4,825,647
96,000
IQVIA Holdings, Inc.(a)
18,864,960
 
23,690,607
Machinery — 2.3%
62,502
Deere & Co.
26,482,097
Media — 2.0%
66,800
Charter Communications, Inc., Class A(a)
22,897,036
Oil, Gas & Consumable Fuels — 5.3%
402,941
APA Corp.
9,303,908
192,100
ConocoPhillips
19,050,557
155,338
EOG Resources, Inc.
19,041,332
113,900
Phillips 66
12,976,627
 
60,372,424
Passenger Airlines — 1.6%
290,800
Delta Air Lines, Inc.
17,593,400
Personal Care Products — 0.6%
342,600
Kenvue, Inc.
7,314,510
Pharmaceuticals — 1.4%
33,599
Novartis AG, ADR
3,269,519
99,374
Novo Nordisk AS, ADR
8,548,151
101,556
Roche Holding AG, ADR
3,542,273
 
15,359,943
See accompanying notes to financial statements.
7 |

Portfolio of Investments – as of December 31, 2024
Natixis U.S. Equity Opportunities Fund (continued)
Shares
Description
Value (†)
Professional Services — 0.6%
24,600
Equifax, Inc.
$6,269,310
Real Estate Management & Development — 1.6%
140,200
CBRE Group, Inc., Class A(a)
18,406,858
Semiconductors & Semiconductor Equipment — 6.1%
86,186
ARM Holdings PLC, ADR(a)
10,631,905
377,755
NVIDIA Corp.
50,728,719
50,701
QUALCOMM, Inc.
7,788,688
 
69,149,312
Software — 7.5%
52,059
Autodesk, Inc.(a)
15,387,078
34,687
Microsoft Corp.
14,620,570
150,634
Oracle Corp.
25,101,650
63,893
Salesforce, Inc.
21,361,347
33,498
Workday, Inc., Class A(a)
8,643,489
 
85,114,134
Textiles, Apparel & Luxury Goods — 0.2%
333,371
Under Armour, Inc., Class A(a)
2,760,312
Total Common Stocks
(Identified Cost $667,439,175)
1,107,372,591
Principal
Amount
 
 
Short-Term Investments — 2.0%
$22,167,869
Tri-Party Repurchase Agreement with Fixed
Income Clearing Corporation, dated 12/31/2024at
2.500% to be repurchased at $22,170,948 on
1/02/2025 collateralized by $22,331,300
U.S. Treasury Note, 4.125% due 2/15/2027 valued
at $22,611,400 including accrued interest
(Note 2 of Notes to Financial Statements)
(Identified Cost $22,167,869)
22,167,869
Total Investments — 100.1%
(Identified Cost $689,607,044)
1,129,540,460
Other assets less liabilities — (0.1)%
(886,127
)
Net Assets — 100.0%
$1,128,654,333
()
See Note 2 of Notes to Financial Statements.
(a)
Non-income producing security.
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.
Industry Summary at December 31, 2024
Interactive Media & Services
8.5
%
Software
7.5
Capital Markets
7.4
Banks
6.7
Automobiles
6.2
Semiconductors & Semiconductor Equipment
6.1
Oil, Gas & Consumable Fuels
5.3
Entertainment
5.3
Financial Services
4.7
Broadline Retail
3.4
Insurance
3.3
Consumer Finance
2.8
Beverages
2.4
Machinery
2.3
Biotechnology
2.2
Life Sciences Tools & Services
2.1
Media
2.0
Other Investments, less than 2% each
19.9
Short-Term Investments
2.0
Total Investments
100.1
Other assets less liabilities
(0.1
)
Net Assets
100.0
%
See accompanying notes to financial statements.
| 8

Portfolio of Investments – as of December 31, 2024
Vaughan Nelson Mid Cap Fund
Shares
Description
Value ()
Common Stocks — 99.0% of Net Assets
Aerospace & Defense — 4.9%
11,615
Axon Enterprise, Inc.(a)
$6,903,027
135,325
Embraer SA, ADR(a)
4,963,721
 
11,866,748
Banks — 6.3%
78,005
Comerica, Inc.
4,824,609
60,570
Western Alliance Bancorp
5,060,018
98,780
Zions Bancorp NA
5,358,815
 
15,243,442
Building Products — 4.3%
19,815
AAON, Inc.
2,331,829
15,960
Allegion PLC
2,085,654
80,600
AZEK Co., Inc.(a)
3,826,082
15,095
Builders FirstSource, Inc.(a)
2,157,528
 
10,401,093
Capital Markets — 6.5%
21,055
ARES Management Corp., Class A
3,727,367
116,165
Blue Owl Capital, Inc.
2,701,998
7,385
MSCI, Inc.
4,431,074
64,310
Nasdaq, Inc.
4,971,806
 
15,832,245
Communications Equipment — 1.1%
5,910
Motorola Solutions, Inc.
2,731,779
Construction Materials — 3.0%
28,675
Vulcan Materials Co.
7,376,070
Consumer Staples Distribution & Retail — 2.1%
61,410
Performance Food Group Co.(a)
5,192,216
Electrical Equipment — 4.9%
12,945
AMETEK, Inc.
2,333,466
11,990
GE Vernova, Inc.
3,943,871
7,805
Hubbell, Inc.
3,269,436
17,550
nVent Electric PLC
1,196,208
10,260
Vertiv Holdings Co., Class A
1,165,638
 
11,908,619
Electronic Equipment, Instruments & Components — 2.4%
14,790
CDW Corp.
2,574,052
16,520
Celestica, Inc.(a)
1,524,796
8,040
Fabrinet(a)
1,767,835
 
5,866,683
Energy Equipment & Services — 2.8%
234,010
TechnipFMC PLC
6,772,249
Financial Services — 2.1%
31,082
Apollo Global Management, Inc.
5,133,503
Ground Transportation — 3.6%
21,520
TFI International, Inc.
2,907,137
43,840
XPO, Inc.(a)
5,749,616
 
8,656,753
Hotels, Restaurants & Leisure — 11.6%
299,795
Carnival Corp.(a)
7,470,891
11,380
Domino's Pizza, Inc.
4,776,869
19,770
DoorDash, Inc., Class A(a)
3,316,418
54,470
Royal Caribbean Cruises Ltd.
12,565,684
 
28,129,862
Shares
Description
Value (†)
Household Durables — 2.7%
16,800
DR Horton, Inc.
$2,348,976
33,555
Toll Brothers, Inc.
4,226,252
 
6,575,228
Independent Power & Renewable Electricity Producers — 1.9%
33,275
Vistra Corp.
4,587,624
Industrial REITs — 3.9%
59,425
EastGroup Properties, Inc.
9,537,118
Insurance — 3.0%
10,000
Allstate Corp.
1,927,900
45,590
Kemper Corp.
3,029,000
10,470
Reinsurance Group of America, Inc.
2,236,706
 
7,193,606
IT Services — 0.7%
7,665
MongoDB, Inc.(a)
1,784,489
Life Sciences Tools & Services — 3.2%
18,930
Agilent Technologies, Inc.
2,543,056
124,460
Avantor, Inc.(a)
2,622,372
45,135
Bruker Corp.
2,645,814
 
7,811,242
Machinery — 4.9%
15,145
Crane Co.
2,298,254
63,585
Flowserve Corp.
3,657,409
82,750
Helios Technologies, Inc.
3,693,960
12,315
Lincoln Electric Holdings, Inc.
2,308,693
 
11,958,316
Oil, Gas & Consumable Fuels — 1.9%
20
Frontera Energy Corp.
120
127,195
Range Resources Corp.
4,576,476
 
4,576,596
Professional Services — 1.1%
6,965
CACI International, Inc., Class A(a)
2,814,278
Real Estate Management & Development — 3.0%
566,990
Cushman & Wakefield PLC(a)
7,416,229
Semiconductors & Semiconductor Equipment — 6.2%
112,240
Marvell Technology, Inc.
12,396,908
4,415
Monolithic Power Systems, Inc.
2,612,356
 
15,009,264
Software — 2.5%
10,375
Tyler Technologies, Inc.(a)
5,982,640
Specialized REITs — 0.9%
14,535
Extra Space Storage, Inc.
2,174,436
Specialty Retail — 3.1%
771
AutoZone, Inc.(a)
2,468,742
26,385
Best Buy Co., Inc.
2,263,833
11,940
Dick's Sporting Goods, Inc.
2,732,350
 
7,464,925
Textiles, Apparel & Luxury Goods — 2.0%
71,435
Skechers USA, Inc., Class A(a)
4,803,289
Trading Companies & Distributors — 2.4%
24,725
Herc Holdings, Inc.
4,681,184
8,530
SiteOne Landscape Supply, Inc.(a)
1,123,998
 
5,805,182
Total Common Stocks
(Identified Cost $181,852,021)
240,605,724
See accompanying notes to financial statements.
9 |

Portfolio of Investments – as of December 31, 2024
Vaughan Nelson Mid Cap Fund (continued)
Principal
Amount
Description
Value (†)
Short-Term Investments — 0.8%
$1,997,335
Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 12/31/2024at 2.500% to
be repurchased at $1,997,613 on 1/02/2025
collateralized by $2,012,100 U.S. Treasury Note,
4.125% due 2/15/2027 valued at $2,037,378 including
accrued interest (Note 2 of Notes to Financial
Statements)
(Identified Cost $1,997,335)
$1,997,335
Total Investments — 99.8%
(Identified Cost $183,849,356)
242,603,059
Other assets less liabilities — 0.2%
605,122
Net Assets — 100.0%
$243,208,181
()
See Note 2 of Notes to Financial Statements.
(a)
Non-income producing security.
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.
REITs
Real Estate Investment Trusts
Industry Summary at December 31, 2024
Hotels, Restaurants & Leisure
11.6
%
Capital Markets
6.5
Banks
6.3
Semiconductors & Semiconductor Equipment
6.2
Machinery
4.9
Electrical Equipment
4.9
Aerospace & Defense
4.9
Building Products
4.3
Industrial REITs
3.9
Ground Transportation
3.6
Life Sciences Tools & Services
3.2
Specialty Retail
3.1
Real Estate Management & Development
3.0
Construction Materials
3.0
Insurance
3.0
Energy Equipment & Services
2.8
Household Durables
2.7
Software
2.5
Electronic Equipment, Instruments & Components
2.4
Trading Companies & Distributors
2.4
Consumer Staples Distribution & Retail
2.1
Financial Services
2.1
Textiles, Apparel & Luxury Goods
2.0
Other Investments, less than 2% each
7.6
Short-Term Investments
0.8
Total Investments
99.8
Other assets less liabilities
0.2
Net Assets
100.0
%
See accompanying notes to financial statements.
| 10

Portfolio of Investments – as of December 31, 2024
Vaughan Nelson Small Cap Value Fund
Shares
Description
Value ()
Common Stocks — 94.3% of Net Assets
Aerospace & Defense — 2.6%
171,205
BWX Technologies, Inc.
$19,070,525
67,250
Huntington Ingalls Industries, Inc.
12,708,232
 
31,778,757
Air Freight & Logistics — 1.3%
356,330
GXO Logistics, Inc.(a)
15,500,355
Banks — 16.4%
732,455
Cadence Bank
25,233,075
588,341
Comerica, Inc.
36,388,891
201,787
Cullen/Frost Bankers, Inc.
27,089,905
300,674
Prosperity Bancshares, Inc.
22,655,786
545,559
United Bankshares, Inc.
20,485,740
432,043
Western Alliance Bancorp
36,092,872
601,435
Zions Bancorp NA
32,627,849
 
200,574,118
Building Products — 1.7%
172,960
AAON, Inc.
20,353,933
Capital Markets — 1.8%
515,210
Artisan Partners Asset Management, Inc.,
Class A
22,179,790
Chemicals — 4.2%
1,624,061
Element Solutions, Inc.
41,299,871
78,347
Hawkins, Inc.
9,610,827
 
50,910,698
Communications Equipment — 1.8%
258,270
Ciena Corp.(a)
21,903,879
Construction & Engineering — 1.5%
58,315
Valmont Industries, Inc.
17,883,461
Consumer Finance — 1.6%
184,231
FirstCash Holdings, Inc.
19,086,332
Electric Utilities — 1.5%
429,426
Portland General Electric Co.
18,731,562
Electronic Equipment, Instruments & Components — 4.9%
322,040
Celestica, Inc.(a)
29,724,292
73,890
Fabrinet(a)
16,246,933
94,625
Insight Enterprises, Inc.(a)
14,392,463
 
60,363,688
Ground Transportation — 1.5%
779,885
RXO, Inc.(a)
18,592,458
Health Care Equipment & Supplies — 2.0%
211,005
Globus Medical, Inc., Class A(a)
17,452,223
118,640
TransMedics Group, Inc.(a)
7,397,204
 
24,849,427
Health Care Providers & Services — 3.2%
360,510
Acadia Healthcare Co., Inc.(a)
14,294,221
256,240
HealthEquity, Inc.(a)
24,586,228
 
38,880,449
Hotels, Restaurants & Leisure — 1.7%
447,353
Red Rock Resorts, Inc., Class A
20,685,603
Household Durables — 2.8%
127,168
Champion Homes, Inc.(a)
11,203,501
129,210
Installed Building Products, Inc.
22,644,052
 
33,847,553
Industrial REITs — 1.6%
563,147
STAG Industrial, Inc.
19,045,631
Shares
Description
Value (†)
Insurance — 4.5%
497,076
First American Financial Corp.
$31,037,425
256,146
Selective Insurance Group, Inc.
23,954,774
 
54,992,199
Life Sciences Tools & Services — 1.3%
260,935
Bruker Corp.
15,296,010
Machinery — 4.9%
72,250
Alamo Group, Inc.
13,431,998
231,470
Columbus McKinnon Corp.
8,619,943
156,795
John Bean Technologies Corp.
19,928,644
52,074
Lincoln Electric Holdings, Inc.
9,762,313
78,005
Oshkosh Corp.
7,415,935
 
59,158,833
Marine Transportation — 0.8%
93,715
Kirby Corp.(a)
9,915,047
Metals & Mining — 1.6%
201,422
Materion Corp.
19,916,607
Mortgage Real Estate Investment Trusts (REITs) — 3.1%
2,257,725
AGNC Investment Corp.
20,793,647
1,667,170
MFA Financial, Inc.
16,988,462
 
37,782,109
Oil, Gas & Consumable Fuels — 5.9%
554,535
Antero Resources Corp.(a)
19,436,452
314,915
Matador Resources Co.
17,717,118
575,132
Murphy Oil Corp.
17,403,494
1,190,445
Permian Resources Corp.
17,118,599
 
71,675,663
Personal Care Products — 1.1%
1,940,546
Coty, Inc., Class A(a)
13,506,200
Professional Services — 0.9%
192,830
ManpowerGroup, Inc.
11,130,148
Real Estate Management & Development — 2.5%
2,322,480
Cushman & Wakefield PLC(a)
30,378,038
Retail REITs — 1.6%
483,696
NNN REIT, Inc.
19,758,982
Semiconductors & Semiconductor Equipment — 1.6%
415,876
MaxLinear, Inc.(a)
8,226,027
222,326
Rambus, Inc.(a)
11,752,153
 
19,978,180
Specialty Retail — 3.1%
517,298
Valvoline, Inc.(a)
18,715,842
807,820
Warby Parker, Inc., Class A(a)
19,557,322
 
38,273,164
Textiles, Apparel & Luxury Goods — 3.0%
755,940
Capri Holdings Ltd.(a)
15,920,097
445,885
Gildan Activewear, Inc.
20,978,889
 
36,898,986
Trading Companies & Distributors — 6.3%
320,667
Beacon Roofing Supply, Inc.(a)
32,573,354
86,859
GATX Corp.
13,459,671
192,547
H&E Equipment Services, Inc.
9,427,101
398,205
Rush Enterprises, Inc., Class A
21,817,652
 
77,277,778
Total Common Stocks
(Identified Cost $1,020,560,625)
1,151,105,638
See accompanying notes to financial statements.
11 |

Portfolio of Investments – as of December 31, 2024
Vaughan Nelson Small Cap Value Fund (continued)
Principal
Amount
Description
Value (†)
Short-Term Investments — 5.7%
$69,566,652
Tri-Party Repurchase Agreement with Fixed
Income Clearing Corporation, dated 12/31/2024at
2.500% to be repurchased at $69,576,314 on
1/02/2025 collateralized by $70,079,300
U.S. Treasury Note, 4.125% due 2/15/2027 valued
at $70,958,073 including accrued interest
(Note 2 of Notes to Financial Statements)
(Identified Cost $69,566,652)
$69,566,652
Total Investments — 100.0%
(Identified Cost $1,090,127,277)
1,220,672,290
Other assets less liabilities — (0.0)%
(388,464
)
Net Assets — 100.0%
$1,220,283,826
()
See Note 2 of Notes to Financial Statements.
(a)
Non-income producing security.
REITs
Real Estate Investment Trusts
Industry Summary at December 31, 2024
Banks
16.4
%
Trading Companies & Distributors
6.3
Oil, Gas & Consumable Fuels
5.9
Electronic Equipment, Instruments & Components
4.9
Machinery
4.9
Insurance
4.5
Chemicals
4.2
Health Care Providers & Services
3.2
Specialty Retail
3.1
Mortgage Real Estate Investment Trusts (REITs)
3.1
Textiles, Apparel & Luxury Goods
3.0
Household Durables
2.8
Aerospace & Defense
2.6
Real Estate Management & Development
2.5
Health Care Equipment & Supplies
2.0
Other Investments, less than 2% each
24.9
Short-Term Investments
5.7
Total Investments
100.0
Other assets less liabilities
(0.0
)*
Net Assets
100.0
%
*
Less than 0.1%
See accompanying notes to financial statements.
| 12

Statements of Assets and Liabilities
December 31, 2024
 
Loomis
Sayles
International
Growth Fund
Natixis
Oakmark
Fund
Natixis
Oakmark
International
Fund
Natixis
U.S.
Equity
Opportunities
Fund
ASSETS
Investments at cost
$26,026,219
$732,532,466
$271,139,286
$689,607,044
Net unrealized appreciation (depreciation)
3,948,880
137,060,769
(6,296,368
)
439,933,416
Investments at value
29,975,099
869,593,235
264,842,918
1,129,540,460
Cash
38,105
14
13,903
Foreign currency at value (identified cost $29,013, $0, $677 and $0, respectively)
28,050
657
Receivable for Fund shares sold
12,018
4,602,588
1,041,290
1,242,778
Receivable for securities sold
322,872
227,043
Dividends and interest receivable
37,023
360,628
3,525
276,119
Tax reclaims receivable
81,783
3,651,015
324,871
Prepaid expenses
607
612
612
612
TOTAL ASSETS
30,172,685
874,557,063
269,862,903
1,131,625,786
LIABILITIES
Payable for securities purchased
1,022,010
976,470
171,923
445,556
Payable for Fund shares redeemed
37
485,329
231,623
1,125,752
Foreign taxes payable (Note 2)
26,109
Management fees payable (Note 5)
9,704
418,968
136,365
657,830
Deferred Trustees’ fees (Note 5)
12,277
985,817
146,453
562,819
Administrative fees payable (Note 5)
1,141
32,458
10,915
42,073
Payable to distributor (Note 5d)
161
5,724
1,607
4,850
Audit and tax services fees payable
47,554
46,339
47,661
47,376
Other accounts payable and accrued expenses
16,710
66,096
79,604
85,197
TOTAL LIABILITIES
1,109,594
3,017,201
852,260
2,971,453
COMMITMENTS AND CONTINGENCIES(a)
NET ASSETS
$29,063,091
$871,539,862
$269,010,643
$1,128,654,333
NET ASSETS CONSIST OF:
Paid-in capital
$25,113,576
$727,512,321
$406,296,028
$669,516,453
Accumulated earnings (loss)
3,949,515
144,027,541
(137,285,385
)
459,137,880
NET ASSETS
$29,063,091
$871,539,862
$269,010,643
$1,128,654,333
See accompanying notes to financial statements.
13 |

Statements of Assets and Liabilities (continued)
December 31, 2024
 
Loomis
Sayles
International
Growth Fund
Natixis
Oakmark
Fund
Natixis
Oakmark
International
Fund
Natixis
U.S.
Equity
Opportunities
Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets
$316,349
$289,367,789
$111,396,948
$706,643,971
Shares of beneficial interest
29,838
9,804,822
8,259,153
16,334,976
Net asset value and redemption price per share
$10.60
$29.51
$13.49
$43.26
Offering price per share (100/94.25 of net asset value) (Note 1)
$11.25
$31.31
$14.31
$45.90
Class C shares:(redemption price per share is equal to net asset value less any
applicable contingent deferred sales charge) (Note 1)
Net assets
$1,058
$55,187,285
$17,235,345
$28,720,376
Shares of beneficial interest
101
2,487,638
1,294,458
2,038,226
Net asset value and offering price per share
$10.42
*
$22.18
$13.31
$14.09
Class N shares:
Net assets
$10,088,802
$1,717,865
$406,940
$2,206,428
Shares of beneficial interest
948,964
53,196
30,331
37,842
Net asset value, offering and redemption price per share
$10.63
$32.29
$13.42
$58.31
Class Y shares:
Net assets
$18,656,882
$525,266,923
$139,971,410
$391,083,558
Shares of beneficial interest
1,755,867
16,323,814
10,437,196
6,731,313
Net asset value, offering and redemption price per share
$10.63
$32.18
$13.41
$58.10
*
Net asset value calculations have been determined utilizing fractional share and penny amounts.
(a)
As disclosed in the Notes to Financial Statements, if applicable.
See accompanying notes to financial statements.
| 14

Statements of Assets and Liabilities (continued)
December 31, 2024
 
Vaughan
Nelson
Mid
Cap Fund
Vaughan
Nelson
Small Cap
Value Fund
ASSETS
Investments at cost
$183,849,356
$1,090,127,277
Net unrealized appreciation
58,753,703
130,545,013
Investments at value
242,603,059
1,220,672,290
Cash
12
19
Receivable for Fund shares sold
1,223,216
4,112,452
Receivable for securities sold
 —
721,631
Dividends and interest receivable
261,146
2,163,980
Prepaid expenses
612
612
TOTAL ASSETS
244,088,045
1,227,670,984
LIABILITIES
Payable for securities purchased
4,695
4,261,188
Payable for Fund shares redeemed
345,252
1,818,831
Management fees payable (Note 5)
139,399
868,910
Deferred Trustees’ fees (Note 5)
299,274
252,778
Administrative fees payable (Note 5)
9,641
46,003
Payable to distributor (Note 5d)
1,523
10,859
Audit and tax services fees payable
47,198
46,452
Other accounts payable and accrued expenses
32,882
82,137
TOTAL LIABILITIES
879,864
7,387,158
COMMITMENTS AND CONTINGENCIES(a)
NET ASSETS
$243,208,181
$1,220,283,826
NET ASSETS CONSIST OF:
Paid-in capital
$176,757,970
$1,098,424,001
Accumulated earnings
66,450,211
121,859,825
NET ASSETS
$243,208,181
$1,220,283,826
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets
$42,321,049
$152,088,164
Shares of beneficial interest
1,760,131
7,795,735
Net asset value and redemption price per share
$24.04
$19.51
Offering price per share (100/94.25 of net asset value) (Note 1)
$25.51
$20.70
Class C shares:(redemption price per share is equal to net asset value less any applicable contingent deferred sales
charge) (Note 1)
Net assets
$2,425,988
$12,948,173
Shares of beneficial interest
114,652
1,988,333
Net asset value and offering price per share
$21.16
$6.51
Class N shares:
Net assets
$52,212,944
$111,877,273
Shares of beneficial interest
2,126,152
5,367,967
Net asset value, offering and redemption price per share
$24.56
$20.84
Class Y shares:
Net assets
$146,248,200
$943,370,216
Shares of beneficial interest
5,945,347
45,335,251
Net asset value, offering and redemption price per share
$24.60
$20.81
(a)
As disclosed in the Notes to Financial Statements, if applicable.
See accompanying notes to financial statements.
15 |

Statements of Operations
For the Year Ended December 31, 2024
 
Loomis
Sayles
International
Growth Fund
Natixis
Oakmark
Fund
Natixis
Oakmark
International
Fund
Natixis
U.S.
Equity
Opportunities
Fund
INVESTMENT INCOME
Dividends
$545,660(a
)
$14,355,538
$11,224,819
$11,114,466
Interest
23,365
1,345,500
351,330
1,140,844
Less net foreign taxes withheld
(30,936
)
(54,057
)
(909,569
)
(64,769
)
 
538,089
15,646,981
10,666,580
12,190,541
Expenses
Management fees (Note 5)
286,279
5,278,165
2,850,799
7,057,328
Service and distribution fees (Note 5)
462
1,273,575
554,701
1,957,293
Administrative fees (Note 5)
16,890
363,520
159,695
466,367
Trustees' fees and expenses (Note 5)
19,821
240,431
58,089
166,859
Transfer agent fees and expenses (Notes 5, 6 and 7)
15,594
672,943
645,497
624,984
Audit and tax services fees
47,570
46,495
47,769
47,684
Custodian fees and expenses
19,461
29,790
97,315
41,469
Interest expense (Note 11)
1,262
 —
 —
 —
Legal fees
1,293
26,951
13,026
36,158
Registration fees
77,528
144,669
78,026
82,494
Shareholder reporting expenses
13,874
69,048
53,184
58,795
Miscellaneous expenses
44,075
49,040
57,981
64,981
Total expenses
544,109
8,194,627
4,616,082
10,604,412
Less waiver and/or expense reimbursement (Note 5)
(191,877
)
(402,929
)
(814,619
)
(919
)
Less expense offset (Note 7)
(818
)
(33,948
)
(5,988
)
(44,556
)
Net expenses
351,414
7,757,750
3,795,475
10,558,937
Net investment income
186,675
7,889,231
6,871,105
1,631,604
Net realized and unrealized gain (loss) on Investments and Foreign
currency transactions
Net realized gain (loss) on:
Investments
569,956
56,970,368
14,920,777
109,516,323
Foreign currency transactions (Note 2c)
(8,507
)
 —
(104,651
)
(2,268
)
Net change in unrealized appreciation (depreciation) on:
Investments
4,352,430
54,122,326
(37,347,473
)
125,258,170
Foreign currency translations (Note 2c)
(8,774
)
 —
(218,854
)
75
Net realized and unrealized gain (loss) on Investments and Foreign currency transactions
4,905,105
111,092,694
(22,750,201
)
234,772,300
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$5,091,780
$118,981,925
$(15,879,096
)
$236,403,904
(a)
Includes a non-recurring dividend of $68,876.
See accompanying notes to financial statements.
| 16

Statements of Operations (continued)
For the Year Ended December 31, 2024
 
Vaughan
Nelson
Mid
Cap Fund
Vaughan
Nelson
Small Cap
Value Fund
INVESTMENT INCOME
Dividends
$2,679,634
$20,001,241
Interest
119,397
1,448,720
Less net foreign taxes withheld
(7,327
)
(51,898
)
 
2,791,704
21,398,063
Expenses
Management fees (Note 5)
1,911,523
8,955,710
Service and distribution fees (Note 5)
131,395
428,386
Administrative fees (Note 5)
112,873
465,271
Trustees' fees and expenses (Note 5)
84,200
104,135
Transfer agent fees and expenses (Notes 5, 6 and 7)
190,363
1,119,011
Audit and tax services fees
47,202
46,706
Custodian fees and expenses
18,710
49,328
Legal fees
8,755
31,127
Registration fees
73,766
153,200
Shareholder reporting expenses
26,170
116,879
Miscellaneous expenses
36,177
52,473
Total expenses
2,641,134
11,522,226
Expense recovery (Note 5)
 —
2,423
Less waiver and/or expense reimbursement (Note 5)
(245,009
)
(563,191
)
Less expense offset (Note 7)
(4,318
)
(33,948
)
Net expenses
2,391,807
10,927,510
Net investment income
399,897
10,470,553
Net realized and unrealized gain (loss) on Investments
Net realized gain on:
Investments
39,420,826
11,572,406
Net change in unrealized appreciation (depreciation) on:
Investments
5,400,104
28,499,529
Net realized and unrealized gain on Investments
44,820,930
40,071,935
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$45,220,827
$50,542,488
See accompanying notes to financial statements.
17 |

Statements of Changes in Net Assets
 
Loomis Sayles
International Growth Fund
Natixis Oakmark Fund
 
Year Ended
December 31,2024
Year Ended
December 31,2023
Year Ended
December 31,2024
Year Ended
December 31,2023
FROM OPERATIONS:
Net investment income
$186,675
$112,387
$7,889,231
$3,821,044
Net realized gain on investments and foreign currency transactions
561,449
175,427
56,970,368
27,353,836
Net change in unrealized appreciation on investments and foreign currency
translations
4,343,656
4,979,196
54,122,326
89,789,474
Net increase in net assets resulting from operations
5,091,780
5,267,010
118,981,925
120,964,354
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A
(1,516
)
(506
)
(18,798,910
)
(8,928,576
)
Class C
 —
 —
(4,334,342
)
(2,146,898
)
Class N
(71,151
)
(157,071
)
(100,842
)
(22,322
)
Class Y
(117,292
)
(27,691
)
(32,229,887
)
(11,189,568
)
Total distributions
(189,959
)
(185,268
)
(55,463,981
)
(22,287,364
)
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARES TRANSACTIONS
(Note 12)
(6,562,742
)
1,061,444
170,530,283
190,347,088
Net increase (decrease) in net assets
(1,660,921
)
6,143,186
234,048,227
289,024,078
NET ASSETS
Beginning of the year
30,724,012
24,580,826
637,491,635
348,467,557
End of the year
$29,063,091
$30,724,012
$871,539,862
$637,491,635
See accompanying notes to financial statements.
| 18

Statements of Changes in Net Assets (continued)
 
Natixis Oakmark International Fund
Natixis U.S. Equity Opportunities Fund
 
Year Ended
December 31,2024
Year Ended
December 31,2023
Year Ended
December 31,2024
Year Ended
December 31,2023
FROM OPERATIONS:
Net investment income
$6,871,105
$7,334,287
$1,631,604
$1,371,572
Net realized gain (loss) on investments and foreign currency transactions
14,816,126
(7,845,466
)
109,514,055
50,768,461
Net change in unrealized appreciation (depreciation) on investments and foreign
currency translations
(37,566,327
)
66,111,459
125,258,245
211,753,623
Net increase (decrease) in net assets resulting from operations
(15,879,096
)
65,600,280
236,403,904
263,893,656
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A
(3,243,144
)
(2,424,146
)
(42,783,994
)
(46,461,965
)
Class C
(343,633
)
(211,014
)
(4,757,892
)
(5,579,179
)
Class N
(13,014
)
(6,886
)
(111,145
)
(13,778
)
Class Y
(4,519,229
)
(4,204,232
)
(18,605,636
)
(19,320,721
)
Total distributions
(8,119,020
)
(6,846,278
)
(66,258,667
)
(71,375,643
)
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARES TRANSACTIONS
(Note 12)
(95,623,559
)
(30,035,491
)
(6,952,176
)
39,116,768
Net increase (decrease) in net assets
(119,621,675
)
28,718,511
163,193,061
231,634,781
NET ASSETS
Beginning of the year
388,632,318
359,913,807
965,461,272
733,826,491
End of the year
$269,010,643
$388,632,318
$1,128,654,333
$965,461,272
See accompanying notes to financial statements.
19 |

Statements of Changes in Net Assets (continued)
 
Vaughan Nelson Mid Cap Fund
Vaughan Nelson Small Cap Value Fund
 
Year Ended
December 31,2024
Year Ended
December 31,2023
Year Ended
December 31,2024
Year Ended
December 31,2023
FROM OPERATIONS:
Net investment income
$399,897
$1,119,082
$10,470,553
$2,813,425
Net realized gain (loss) on investments
39,420,826
19,749,361
11,572,406
(9,629,084
)
Net change in unrealized appreciation on investments
5,400,104
16,342,125
28,499,529
96,818,512
Net increase in net assets resulting from operations
45,220,827
37,210,568
50,542,488
90,002,853
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A
(4,677,497
)
(125,295
)
(2,131,162
)
(318,831
)
Class C
(297,120
)
 —
(492,839
)
(67,551
)
Class N
(5,450,517
)
(367,799
)
(1,725,379
)
(12,034
)
Class Y
(15,866,769
)
(766,274
)
(14,093,624
)
(2,375,163
)
Total distributions
(26,291,903
)
(1,259,368
)
(18,443,004
)
(2,773,579
)
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARES TRANSACTIONS
(Note 12)
(26,374,992
)
(47,517,639
)
536,052,143
374,368,392
Net increase (decrease) in net assets
(7,446,068
)
(11,566,439
)
568,151,627
461,597,666
NET ASSETS
Beginning of the year
250,654,249
262,220,688
652,132,199
190,534,533
End of the year
$243,208,181
$250,654,249
$1,220,283,826
$652,132,199
See accompanying notes to financial statements.
| 20

Financial Highlights
For a share outstanding throughout each period.
 
Loomis Sayles International Growth FundClass A
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Period Ended
December 31,
2020*
Net asset value, beginning of the period
$9.42
$7.84
$9.57
$10.13
$10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)
0.03
(b)
0.01
0.02
(0.01
)
0.01
Net realized and unrealized gain (loss)
1.20
1.60
(1.71
)
(0.41
)
0.13
Total from Investment Operations
1.23
1.61
(1.69
)
(0.42
)
0.14
LESS DISTRIBUTIONS FROM:
Net investment income
(0.05
)
(0.03
)
(0.04
)
(0.01
)
(0.01
)
Net realized capital gains
(0.13
)
Total Distributions
(0.05
)
(0.03
)
(0.04
)
(0.14
)
(0.01
)
Net asset value, end of the period
$10.60
$9.42
$7.84
$9.57
$10.13
Total return(c)(d)
13.09
%(b)
20.56
%
(17.71
)%
(4.07
)%
1.37
%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$316
$151
$125
$113
$1
Net expenses(f)
1.21
%(g)
1.20
%
1.20
%
1.20
%
1.20
%(h)
Gross expenses
1.75
%(g)
1.87
%
2.05
%
2.71
%
13.05
%(h)
Net investment income (loss)
0.28
%(b)
0.12
%
0.26
%
(0.07
)%
1.28
%(h)
Portfolio turnover rate
36
%
5
%
11
%
9
%
1
%
*
From commencement of operations on December 15, 2020 through December 31, 2020.
(a)
Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
(b)
Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.01, total return would have been 12.98% and the ratio
of net investment income to average net assets would have been 0.12%.
(c)
A sales charge for Class A shares is not reflected in total return calculations.
(d)
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(e)
Periods less than one year are not annualized.
(f)
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.
(g)
Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 1.74%.
(h)
Computed on an annualized basis for periods less than one year.
See accompanying notes to financial statements.
21 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Loomis Sayles International Growth FundClass C
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Period Ended
December 31,
2020*
Net asset value, beginning of the period
$9.29
$7.77
$9.51
$10.13
$10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)
(0.05
)(b)
(0.06
)
0.02
(0.09
)
0.00
(c)
Net realized and unrealized gain (loss)
1.18
1.58
(1.76
)
(0.40
)
0.13
Total from Investment Operations
1.13
1.52
(1.74
)
(0.49
)
0.13
LESS DISTRIBUTIONS FROM:
Net investment income
(0.00
)(c)
(0.00
)(c)
(0.00
)(c)
Net realized capital gains
(0.13
)
Total Distributions
(0.00
)
(0.13
)
(0.00
)
Net asset value, end of the period
$10.42
$9.29
$7.77
$9.51
$10.13
Total return(d)(e)
12.19
%(b)
19.56
%
(18.30
)%
(4.79
)%
1.33
%(f)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$1
$1
$1
$38
$1
Net expenses(g)
1.95
%(h)
1.95
%
1.95
%
1.95
%
1.95
%(i)
Gross expenses
2.57
%(h)
2.53
%
2.79
%
3.46
%
13.78
%(i)
Net investment income (loss)
(0.55
)%(b)
(0.68
)%
0.21
%
(0.90
)%
0.55
%(i)
Portfolio turnover rate
36
%
5
%
11
%
9
%
1
%
*
From commencement of operations on December 15, 2020 through December 31, 2020.
(a)
Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
(b)
Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.07), total return would have been 12.08% and the ratio of
net investment loss to average net assets would have been (0.75)%.
(c)
Amount rounds to less than $0.01 per share.
(d)
A contingent deferred sales charge for Class C shares is not reflected in total return calculations.
(e)
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(f)
Periods less than one year are not annualized.
(g)
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.
(h)
Includes interest expense of less than 0.01%.
(i)
Computed on an annualized basis for periods less than one year.
See accompanying notes to financial statements.
| 22

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Loomis Sayles International Growth FundClass N
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Period Ended
December 31,
2020*
Net asset value, beginning of the period
$9.44
$7.85
$9.58
$10.13
$10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.05
(b)
0.04
0.05
0.03
0.01
Net realized and unrealized gain (loss)
1.21
1.61
(1.72
)
(0.42
)
0.13
Total from Investment Operations
1.26
1.65
(1.67
)
(0.39
)
0.14
LESS DISTRIBUTIONS FROM:
Net investment income
(0.07
)
(0.06
)
(0.06
)
(0.03
)
(0.01
)
Net realized capital gains
(0.13
)
Total Distributions
(0.07
)
(0.06
)
(0.06
)
(0.16
)
(0.01
)
Net asset value, end of the period
$10.63
$9.44
$7.85
$9.58
$10.13
Total return(c)
13.36
%(b)
20.99
%
(17.47
)%
(3.77
)%
1.38
%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$10,089
$25,661
$21,331
$22,953
$15,206
Net expenses(e)
0.90
%(f)
0.90
%
0.90
%
0.90
%
0.90
%(g)
Gross expenses
1.39
%(f)
1.47
%
1.67
%
1.58
%
6.48
%(g)
Net investment income
0.47
%(b)
0.41
%
0.62
%
0.29
%
1.43
%(g)
Portfolio turnover rate
36
%
5
%
11
%
9
%
1
%
*
From commencement of operations on December 15, 2020 through December 31, 2020.
(a)
Per share net investment income has been calculated using the average shares outstanding during the period.
(b)
Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.03, total return would have been 13.26% and the ratio
of net investment income to average net assets would have been 0.29%.
(c)
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(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)
Includes interest expense of less than 0.01%.
(g)
Computed on an annualized basis for periods less than one year.
See accompanying notes to financial statements.
23 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Loomis Sayles International Growth FundClass Y
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Period Ended
December 31,
2020*
Net asset value, beginning of the period
$9.44
$7.85
$9.58
$10.13
$10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.06
(b)
0.03
0.04
0.02
0.01
Net realized and unrealized gain (loss)
1.20
1.61
(1.72
)
(0.41
)
0.13
Total from Investment Operations
1.26
1.64
(1.68
)
(0.39
)
0.14
LESS DISTRIBUTIONS FROM:
Net investment income
(0.07
)
(0.05
)
(0.05
)
(0.03
)
(0.01
)
Net realized capital gains
(0.13
)
Total Distributions
(0.07
)
(0.05
)
(0.05
)
(0.16
)
(0.01
)
Net asset value, end of the period
$10.63
$9.44
$7.85
$9.58
$10.13
Total return(c)
13.45
%(b)
20.81
%
(17.50
)%
(3.81
)%
1.38
%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$18,657
$4,911
$3,124
$222
$12
Net expenses(e)
0.96
%(f)
0.95
%
0.95
%
0.95
%
0.95
%(g)
Gross expenses
1.50
%(f)
1.62
%
1.80
%
2.46
%
12.58
%(g)
Net investment income
0.54
%(b)
0.32
%
0.47
%
0.19
%
1.63
%(g)
Portfolio turnover rate
36
%
5
%
11
%
9
%
1
%
*
From commencement of operations on December 15, 2020 through December 31, 2020.
(a)
Per share net investment income has been calculated using the average shares outstanding during the period.
(b)
Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.04, total return would have been 13.23% and the ratio
of net investment income to average net assets would have been 0.34%.
(c)
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(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)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.49%.
(g)
Computed on an annualized basis for periods less than one year.
See accompanying notes to financial statements.
| 24

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Natixis Oakmark FundClass A
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$27.24
$21.55
$29.04
$23.20
$22.45
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.25
0.20
0.17
0.07
0.11
(b)
Net realized and unrealized gain (loss)
4.04
6.48
(4.00
)
7.81
2.78
Total from Investment Operations
4.29
6.68
(3.83
)
7.88
2.89
LESS DISTRIBUTIONS FROM:
Net investment income
(0.26
)
(0.16
)
(0.20
)
(0.05
)
(0.12
)
Net realized capital gains
(1.76
)
(0.83
)
(3.46
)
(1.99
)
(2.02
)
Total Distributions
(2.02
)
(0.99
)
(3.66
)
(2.04
)
(2.14
)
Net asset value, end of the period
$29.51
$27.24
$21.55
$29.04
$23.20
Total return(c)
15.82
%(d)
30.96
%(d)
(13.30
)%(d)
33.97
%(d)
13.01
%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$289,368
$257,098
$192,750
$222,435
$170,702
Net expenses
1.04
%(e)(f)
1.05
%(e)
1.05
%(e)
1.12
%(e)(g)
1.20
%(h)
Gross expenses
1.09
%
1.15
%
1.10
%
1.14
%
1.20
%(h)
Net investment income
0.86
%
0.81
%
0.65
%
0.25
%
0.53
%(b)
Portfolio turnover rate
51
%
40
%
69
%
23
%
22
%
(a)
Per share net investment income has been calculated using the average shares outstanding during the period.
(b)
Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.05, total return would have been 12.72% and the ratio
of net investment income to average net assets would have been 0.27%.
(c)
A sales charge for Class A shares is not reflected in total return calculations.
(d)
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(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)
Effective July 1, 2024, the expense limit decreased from 1.05% to 1.03%. See Note 5 of Notes to Financial Statements.
(g)
Effective July 1, 2021, the expense limit decreased from 1.30% to 1.05%.
(h)
Includes refund of prior year service fee of 0.01%.
See accompanying notes to financial statements.
25 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Natixis Oakmark FundClass C
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$20.92
$16.74
$23.50
$19.17
$18.92
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)
0.03
0.01
(0.02
)
(0.12
)
(0.04
)(b)
Net realized and unrealized gain (loss)
3.08
5.01
(3.23
)
6.44
2.31
Total from Investment Operations
3.11
5.02
(3.25
)
6.32
2.27
LESS DISTRIBUTIONS FROM:
Net investment income
(0.09
)
(0.01
)
(0.05
)
(0.00
)(c)
Net realized capital gains
(1.76
)
(0.83
)
(3.46
)
(1.99
)
(2.02
)
Total Distributions
(1.85
)
(0.84
)
(3.51
)
(1.99
)
(2.02
)
Net asset value, end of the period
$22.18
$20.92
$16.74
$23.50
$19.17
Total return(d)
14.95
%(e)
29.99
%(e)
(13.97
)%(e)
32.99
%(e)
12.15
%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$55,187
$55,880
$51,987
$50,042
$35,940
Net expenses
1.79
%(f)(g)
1.80
%(f)
1.80
%(f)
1.87
%(f)(h)
1.95
%
Gross expenses
1.84
%
1.90
%
1.85
%
1.89
%
1.95
%
Net investment income (loss)
0.11
%
0.05
%
(0.10
)%
(0.49
)%
(0.23
)%(b)
Portfolio turnover rate
51
%
40
%
69
%
23
%
22
%
(a)
Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
(b)
Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.08), total return would have been 11.85% and the ratio of
net investment loss to average net assets would have been (0.46)%.
(c)
Amount rounds to less than $0.01 per share.
(d)
A contingent deferred sales charge for Class C shares is not reflected in total return calculations.
(e)
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(f)
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.
(g)
Effective July 1, 2024, the expense limit decreased from 1.80% to 1.78%. See Note 5 of Notes to Financial Statements.
(h)
Effective July 1, 2021, the expense limit decreased from 2.05% to 1.80%.
See accompanying notes to financial statements.
| 26

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Natixis Oakmark FundClass N
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$29.63
$23.36
$31.13
$24.72
$23.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.38
0.30
0.26
0.23
0.18
(b)
Net realized and unrealized gain (loss)
4.39
7.03
(4.29
)
8.31
2.98
Total from Investment Operations
4.77
7.33
(4.03
)
8.54
3.16
LESS DISTRIBUTIONS FROM:
Net investment income
(0.35
)
(0.23
)
(0.28
)
(0.14
)
(0.20
)
Net realized capital gains
(1.76
)
(0.83
)
(3.46
)
(1.99
)
(2.02
)
Total Distributions
(2.11
)
(1.06
)
(3.74
)
(2.13
)
(2.22
)
Net asset value, end of the period
$32.29
$29.63
$23.36
$31.13
$24.72
Total return(c)
16.17
%
31.35
%
(13.06
)%
34.54
%
13.41
%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$1,718
$647
$517
$682
$364
Net expenses(d)
0.74
%(e)
0.75
%
0.75
%
0.80
%(f)
0.86
%
Gross expenses
0.89
%(g)
1.03
%
0.93
%
1.55
%
1.05
%
Net investment income
1.16
%
1.11
%
0.93
%
0.79
%
0.85
%(b)
Portfolio turnover rate
51
%
40
%
69
%
23
%
22
%
(a)
Per share net investment income has been calculated using the average shares outstanding during the period.
(b)
Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.14, total return would have been 13.13% and the ratio
of net investment income to average net assets would have been 0.67%.
(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 July 1, 2024, the expense limit decreased from 0.75% to 0.73%. See Note 5 of Notes to Financial Statements.
(f)
Effective July 1, 2021, the expense limit decreased from 1.00% to 0.75%.
(g)
Includes transfer agent fees and expenses before expense offset. Without these expenses the ratio of gross expenses would have been 0.87%. See Note 7 of Notes
to Financial Statements.
See accompanying notes to financial statements.
27 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Natixis Oakmark FundClass Y
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$29.53
$23.29
$31.04
$24.68
$23.75
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.36
0.31
0.25
0.17
0.17
(b)
Net realized and unrealized gain (loss)
4.39
6.98
(4.28
)
8.31
2.95
Total from Investment Operations
4.75
7.29
(4.03
)
8.48
3.12
LESS DISTRIBUTIONS FROM:
Net investment income
(0.34
)
(0.22
)
(0.26
)
(0.13
)
(0.17
)
Net realized capital gains
(1.76
)
(0.83
)
(3.46
)
(1.99
)
(2.02
)
Total Distributions
(2.10
)
(1.05
)
(3.72
)
(2.12
)
(2.19
)
Net asset value, end of the period
$32.18
$29.53
$23.29
$31.04
$24.68
Total return
16.13
%(c)
31.28
%(c)
(13.10
)%(c)
34.35
%(c)
13.28
%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$525,267
$323,867
$103,213
$99,008
$37,595
Net expenses
0.79
%(d)(e)
0.80
%(d)
0.80
%(d)
0.86
%(d)(f)
0.95
%
Gross expenses
0.84
%
0.90
%
0.85
%
0.89
%
0.95
%
Net investment income
1.12
%
1.13
%
0.89
%
0.56
%
0.79
%(b)
Portfolio turnover rate
51
%
40
%
69
%
23
%
22
%
(a)
Per share net investment income has been calculated using the average shares outstanding during the period.
(b)
Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.12, total return would have been 13.00% and the ratio
of net investment income to average net assets would have been 0.55%.
(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 July 1, 2024, the expense limit decreased from 0.80% to 0.78%. See Note 5 of Notes to Financial Statements.
(f)
Effective July 1, 2021, the expense limit decreased from 1.05% to 0.80%.
See accompanying notes to financial statements.
| 28

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Natixis Oakmark International FundClass A
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$14.64
$12.52
$15.15
$14.15
$13.63
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)
0.26
0.26
(b)
0.19
0.27
(c)
(0.00
)(d)
Net realized and unrealized gain (loss)
(1.01
)
2.11
(2.60
)
0.96
0.55
(e)
Total from Investment Operations
(0.75
)
2.37
(2.41
)
1.23
0.55
LESS DISTRIBUTIONS FROM:
Net investment income
(0.40
)
(0.25
)
(0.22
)
(0.23
)
(0.03
)
Net asset value, end of the period
$13.49
$14.64
$12.52
$15.15
$14.15
Total return(f)(g)
(5.13
)%
18.94
%(b)
(15.91
)%
8.73
%(c)
4.06
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$111,397
$142,825
$120,316
$152,900
$131,630
Net expenses(h)
1.15
%
1.15
%
1.15
%
1.17
%(i)
1.29
%(j)
Gross expenses
1.38
%
1.37
%
1.38
%
1.34
%
1.36
%
Net investment income (loss)
1.84
%
1.84
%(b)
1.48
%
1.73
%(c)
(0.03
)%
Portfolio turnover rate
35
%
26
%
33
%
37
%
63
%
(a)
Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
(b)
Includes tax reclaims. Without these, net investment income per share would have been $0.25, total return would have been 18.78% and the ratio of net investment
income to average net assets would have been 1.74%.
(c)
Includes a non-recurring dividend and tax reclaims. Without these, net investment income per share would have been $0.13, total return would have been 7.74% and
the ratio of net investment income to average net assets would have been 0.84%.
(d)
Amount rounds to less than $0.01 per share.
(e)
The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the
timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.
(f)
A sales charge for Class A shares is not reflected in total return calculations.
(g)
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(h)
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.
(i)
Effective July 1, 2021, the expense limit decreased from 1.20% to 1.15%.
(j)
Effective July 1, 2020, the expense limit decreased from 1.37% to 1.20%.
See accompanying notes to financial statements.
29 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Natixis Oakmark International FundClass C
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$14.42
$12.31
$14.86
$13.85
$13.41
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)
0.15
0.16
(b)
0.10
0.13
(c)
(0.08
)
Net realized and unrealized gain (loss)
(1.00
)
2.06
(2.55
)
0.97
0.52
(d)
Total from Investment Operations
(0.85
)
2.22
(2.45
)
1.10
0.44
LESS DISTRIBUTIONS FROM:
Net investment income
(0.26
)
(0.11
)
(0.10
)
(0.09
)
Net asset value, end of the period
$13.31
$14.42
$12.31
$14.86
$13.85
Total return(e)(f)
(5.88
)%
18.01
%(b)
(16.50
)%
7.92
%(c)
3.28
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$17,235
$28,598
$39,202
$69,335
$96,772
Net expenses(g)
1.90
%
1.90
%
1.90
%
1.93
%(h)
2.05
%(i)
Gross expenses
2.13
%
2.12
%
2.13
%
2.09
%
2.11
%
Net investment income (loss)
1.08
%
1.18
%(b)
0.78
%
0.85
%(c)
(0.76
)%
Portfolio turnover rate
35
%
26
%
33
%
37
%
63
%
(a)
Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
(b)
Includes tax reclaims. Without these, net investment income per share would have been $0.15, total return would have been 17.85% and the ratio of net investment
income to average net assets would have been 1.10%.
(c)
Includes a non-recurring dividend and tax reclaims. Without these, net investment income per share would have been $0.02, total return would have been 6.98% and
the ratio of net investment income to average net assets would have been 0.13%.
(d)
The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the
timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.
(e)
A contingent deferred sales charge for Class C shares is not reflected in total return calculations.
(f)
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(g)
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.
(h)
Effective July 1, 2021, the expense limit decreased from 1.95% to 1.90%.
(i)
Effective July 1, 2020, the expense limit decreased from 2.12% to 1.95%.
See accompanying notes to financial statements.
| 30

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Natixis Oakmark International FundClass N
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$14.57
$12.46
$15.08
$14.09
$13.56
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.24
0.29
(b)
0.32
0.38
(c)
0.04
Net realized and unrealized gain (loss)
(0.94
)
2.11
(2.68
)
0.89
0.56
(d)
Total from Investment Operations
(0.70
)
2.40
(2.36
)
1.27
0.60
LESS DISTRIBUTIONS FROM:
Net investment income
(0.45
)
(0.29
)
(0.26
)
(0.28
)
(0.07
)
Net asset value, end of the period
$13.42
$14.57
$12.46
$15.08
$14.09
Total return(e)
(4.82
)%
19.30
%(b)
(15.65
)%
9.01
%(c)
4.44
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$407
$348
$222
$704
$290
Net expenses(f)
0.85
%
0.85
%
0.85
%
0.87
%(g)
0.92
%(h)
Gross expenses
1.21
%(i)
1.44
%
1.01
%
1.25
%
1.17
%
Net investment income
1.69
%
2.08
%(b)
2.56
%
2.49
%(c)
0.37
%
Portfolio turnover rate
35
%
26
%
33
%
37
%
63
%
(a)
Per share net investment income has been calculated using the average shares outstanding during the period.
(b)
Includes tax reclaims. Without these, net investment income per share would have been $0.27, total return would have been 19.14% and the ratio of net investment
income to average net assets would have been 1.95%.
(c)
Includes a non-recurring dividend and tax reclaims. Without these, net investment income per share would have been $0.11, total return would have been 8.09% and
the ratio of net investment income to average net assets would have been 0.70%.
(d)
The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the
timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.
(e)
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(f)
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.
(g)
Effective July 1, 2021, the expense limit decreased from 0.90% to 0.85%.
(h)
Effective July 1, 2020, the expense limit decreased from 1.07% to 0.90%.
(i)
Includes transfer agent fees and expenses before expense offset. Without these expenses the ratio of gross expenses would have been 1.19%. See Note 7 of Notes
to Financial Statements.
See accompanying notes to financial statements.
31 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Natixis Oakmark International FundClass Y
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$14.56
$12.45
$15.07
$14.08
$13.56
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.29
0.29
(b)
0.22
0.30
(c)
0.04
Net realized and unrealized gain (loss)
(1.00
)
2.11
(2.58
)
0.96
0.55
(d)
Total from Investment Operations
(0.71
)
2.40
(2.36
)
1.26
0.59
LESS DISTRIBUTIONS FROM:
Net investment income
(0.44
)
(0.29
)
(0.26
)
(0.27
)
(0.07
)
Net asset value, end of the period
$13.41
$14.56
$12.45
$15.07
$14.08
Total return(e)
(4.89
)%
19.26
%(b)
(15.71
)%
8.97
%(c)
4.32
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$139,971
$216,862
$200,175
$312,930
$275,468
Net expenses(f)
0.90
%
0.90
%
0.90
%
0.92
%(g)
1.03
%(h)
Gross expenses
1.13
%
1.12
%
1.13
%
1.09
%
1.11
%
Net investment income
2.04
%
2.08
%(b)
1.66
%
1.96
%(c)
0.41
%
Portfolio turnover rate
35
%
26
%
33
%
37
%
63
%
(a)
Per share net investment income has been calculated using the average shares outstanding during the period.
(b)
Includes tax reclaims. Without these, net investment income per share would have been $0.28, total return would have been 19.18% and the ratio of net investment
income to average net assets would have been 1.98%.
(c)
Includes a non-recurring dividend and tax reclaims. Without these, net investment income per share would have been $0.17, total return would have been 8.04% and
the ratio of net investment income to average net assets would have been 1.07%.
(d)
The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the
timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.
(e)
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(f)
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.
(g)
Effective July 1, 2021, the expense limit decreased from 0.95% to 0.90%.
(h)
Effective July 1, 2020, the expense limit decreased from 1.12% to 0.95%.
See accompanying notes to financial statements.
| 32

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Natixis U.S. Equity Opportunities FundClass A
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$36.73
$29.01
$43.12
$39.04
$36.53
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)
0.04
0.04
0.03
(0.11
)
(0.05
)
Net realized and unrealized gain (loss)
9.26
10.66
(8.89
)
8.99
7.66
Total from Investment Operations
9.30
10.70
(8.86
)
8.88
7.61
LESS DISTRIBUTIONS FROM:
Net investment income
(0.05
)
(0.03
)
(0.03
)
Net realized capital gains
(2.72
)
(2.95
)
(5.22
)
(4.80
)
(5.10
)
Total Distributions
(2.77
)
(2.98
)
(5.25
)
(4.80
)
(5.10
)
Net asset value, end of the period
$43.26
$36.73
$29.01
$43.12
$39.04
Total return(b)
25.23
%
37.01
%
(21.15
)%
23.14
%
22.09
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$706,644
$612,653
$512,392
$733,423
$649,754
Net expenses
1.07
%
1.10
%
1.12
%
1.14
%
1.17
%
Gross expenses
1.07
%
1.10
%
1.12
%
1.14
%
1.17
%
Net investment income (loss)
0.09
%
0.11
%
0.09
%
(0.25
)%
(0.14
)%
Portfolio turnover rate
33
%
36
%
46
%
18
%
26
%
(a)
Per share net investment income (loss) 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.
See accompanying notes to financial statements.
33 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Natixis U.S. Equity Opportunities FundClass C
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$13.51
$12.12
$21.82
$21.89
$22.65
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)
(0.10
)
(0.09
)
(0.12
)
(0.24
)
(0.19
)
Net realized and unrealized gain (loss)
3.41
4.43
(4.36
)
4.97
4.53
Total from Investment Operations
3.31
4.34
(4.48
)
4.73
4.34
LESS DISTRIBUTIONS FROM:
Net investment income
(0.01
)
Net realized capital gains
(2.72
)
(2.95
)
(5.22
)
(4.80
)
(5.10
)
Total Distributions
(2.73
)
(2.95
)
(5.22
)
(4.80
)
(5.10
)
Net asset value, end of the period
$14.09
$13.51
$12.12
$21.82
$21.89
Total return(b)
24.32
%
35.98
%
(21.77
)%
22.27
%
21.15
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$28,720
$30,479
$29,356
$57,492
$63,126
Net expenses
1.82
%
1.85
%
1.87
%
1.89
%
1.92
%
Gross expenses
1.82
%
1.85
%
1.87
%
1.89
%
1.92
%
Net investment loss
(0.65
)%
(0.64
)%
(0.66
)%
(0.99
)%
(0.87
)%
Portfolio turnover rate
33
%
36
%
46
%
18
%
26
%
(a)
Per share net investment loss 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.
See accompanying notes to financial statements.
| 34

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Natixis U.S. Equity Opportunities FundClass N
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$48.71
$37.72
$54.14
$47.84
$43.61
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.20
0.20
0.18
0.03
0.13
Net realized and unrealized gain (loss)
12.30
13.89
(11.23
)
11.07
9.20
Total from Investment Operations
12.50
14.09
(11.05
)
11.10
9.33
LESS DISTRIBUTIONS FROM:
Net investment income
(0.18
)
(0.15
)
(0.15
)
Net realized capital gains
(2.72
)
(2.95
)
(5.22
)
(4.80
)
(5.10
)
Total Distributions
(2.90
)
(3.10
)
(5.37
)
(4.80
)
(5.10
)
Net asset value, end of the period
$58.31
$48.71
$37.72
$54.14
$47.84
Total return(b)
25.60
%
37.44
%
(20.88
)%
23.53
%
22.48
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$2,206
$224
$167
$177
$172
Net expenses(c)
0.76
%
0.78
%
0.81
%
0.83
%
0.84
%
Gross expenses
0.82
%
1.39
%
1.34
%
1.38
%
1.13
%
Net investment income
0.35
%
0.43
%
0.41
%
0.06
%
0.31
%
Portfolio turnover rate
33
%
36
%
46
%
18
%
26
%
(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.
See accompanying notes to financial statements.
35 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Natixis U.S. Equity Opportunities FundClass Y
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$48.54
$37.60
$53.99
$47.74
$43.56
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.19
0.17
0.15
0.00
(b)
0.05
Net realized and unrealized gain (loss)
12.24
13.84
(11.20
)
11.05
9.23
Total from Investment Operations
12.43
14.01
(11.05
)
11.05
9.28
LESS DISTRIBUTIONS FROM:
Net investment income
(0.15
)
(0.12
)
(0.12
)
Net realized capital gains
(2.72
)
(2.95
)
(5.22
)
(4.80
)
(5.10
)
Total Distributions
(2.87
)
(3.07
)
(5.34
)
(4.80
)
(5.10
)
Net asset value, end of the period
$58.10
$48.54
$37.60
$53.99
$47.74
Total return
25.54
%
37.35
%
(20.95
)%
23.48
%
22.36
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$391,084
$322,106
$191,912
$284,738
$243,302
Net expenses
0.82
%
0.85
%
0.87
%
0.89
%
0.92
%
Gross expenses
0.82
%
0.85
%
0.87
%
0.89
%
0.92
%
Net investment income
0.34
%
0.37
%
0.35
%
0.00
(c)
0.13
%
Portfolio turnover rate
33
%
36
%
46
%
18
%
26
%
(a)
Per share net investment income has been calculated using the average shares outstanding during the period.
(b)
Amount rounds to less than $0.01 per share.
(c)
Amount rounds to less than 0.01%.
See accompanying notes to financial statements.
| 36

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Vaughan Nelson Mid Cap FundClass A
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$22.76
$19.64
$22.70
$21.79
$22.42
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)
(0.01
)
0.05
0.11
0.05
0.07
Net realized and unrealized gain (loss)
4.22
3.14
(2.53
)
4.52
1.96
Total from Investment Operations
4.21
3.19
(2.42
)
4.57
2.03
LESS DISTRIBUTIONS FROM:
Net investment income
(0.00
)(b)
(0.07
)
(0.13
)
(0.04
)
(0.04
)
Net realized capital gains
(2.93
)
(0.51
)
(3.62
)
(2.62
)
Total Distributions
(2.93
)
(0.07
)
(0.64
)
(3.66
)
(2.66
)
Net asset value, end of the period
$24.04
$22.76
$19.64
$22.70
$21.79
Total return(c)(d)
18.36
%
16.26
%
(10.80
)%
21.32
%
10.46
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$42,321
$38,864
$33,507
$37,849
$30,567
Net expenses(e)
1.15
%
1.15
%
1.15
%
1.17
%(f)
1.20
%
Gross expenses
1.26
%
1.25
%
1.21
%
1.23
%
1.29
%
Net investment income (loss)
(0.05
)%
0.25
%
0.55
%
0.22
%
0.35
%
Portfolio turnover rate
109
%
94
%
53
%
71
%
52
%
(a)
Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
(b)
Amount rounds to less than $0.01 per share.
(c)
A sales charge for Class A shares is not reflected in total return calculations.
(d)
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(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)
Effective July 1, 2021, the expense limit decreased from 1.20% to 1.15%.
See accompanying notes to financial statements.
37 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Vaughan Nelson Mid Cap FundClass C
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$20.48
$17.75
$20.58
$20.15
$21.06
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)
(0.18
)
(0.10
)
(0.04
)
(0.13
)
(0.08
)
Net realized and unrealized gain (loss)
3.79
2.83
(2.28
)
4.18
1.79
Total from Investment Operations
3.61
2.73
(2.32
)
4.05
1.71
LESS DISTRIBUTIONS FROM:
Net investment income
(0.00
)(b)
(0.00
)(b)
Net realized capital gains
(2.93
)
(0.51
)
(3.62
)
(2.62
)
Total Distributions
(2.93
)
(0.51
)
(3.62
)
(2.62
)
Net asset value, end of the period
$21.16
$20.48
$17.75
$20.58
$20.15
Total return(c)(d)
17.47
%
15.38
%
(11.46
)%
20.44
%
9.60
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$2,426
$3,650
$7,405
$11,436
$14,023
Net expenses(e)
1.90
%
1.90
%
1.90
%
1.93
%(f)
1.95
%
Gross expenses
2.01
%
2.00
%
1.96
%
1.98
%
2.04
%
Net investment loss
(0.82
)%
(0.55
)%
(0.22
)%
(0.56
)%
(0.42
)%
Portfolio turnover rate
109
%
94
%
53
%
71
%
52
%
(a)
Per share net investment loss has been calculated using the average shares outstanding during the period.
(b)
Amount rounds to less than $0.01 per share.
(c)
A contingent deferred sales charge for Class C shares is not reflected in total return calculations.
(d)
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(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)
Effective July 1, 2021, the expense limit decreased from 1.95% to 1.90%.
See accompanying notes to financial statements.
| 38

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Vaughan Nelson Mid Cap FundClass N
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$23.12
$19.95
$23.05
$22.07
$22.66
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.06
0.11
0.17
0.14
0.13
Net realized and unrealized gain (loss)
4.31
3.19
(2.57
)
4.58
2.00
Total from Investment Operations
4.37
3.30
(2.40
)
4.72
2.13
LESS DISTRIBUTIONS FROM:
Net investment income
(0.00
)(b)
(0.13
)
(0.19
)
(0.12
)
(0.10
)
Net realized capital gains
(2.93
)
(0.51
)
(3.62
)
(2.62
)
Total Distributions
(2.93
)
(0.13
)
(0.70
)
(3.74
)
(2.72
)
Net asset value, end of the period
$24.56
$23.12
$19.95
$23.05
$22.07
Total return(c)
18.77
%
16.56
%
(10.54
)%
21.70
%
10.83
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$52,213
$63,894
$72,804
$91,416
$17,965
Net expenses(d)
0.85
%
0.85
%
0.85
%
0.86
%(e)
0.90
%
Gross expenses
0.91
%
0.90
%
0.87
%
0.89
%
0.94
%
Net investment income
0.23
%
0.55
%
0.84
%
0.55
%
0.65
%
Portfolio turnover rate
109
%
94
%
53
%
71
%
52
%
(a)
Per share net investment income has been calculated using the average shares outstanding during the period.
(b)
Amount rounds to less than $0.01 per share.
(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 July 1, 2021, the expense limit decreased from 0.90% to 0.85%.
See accompanying notes to financial statements.
39 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Vaughan Nelson Mid Cap FundClass Y
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$23.17
$19.99
$23.09
$22.10
$22.69
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.05
0.10
0.16
0.11
0.12
Net realized and unrealized gain (loss)
4.31
3.20
(2.57
)
4.60
2.00
Total from Investment Operations
4.36
3.30
(2.41
)
4.71
2.12
LESS DISTRIBUTIONS FROM:
Net investment income
(0.00
)(b)
(0.12
)
(0.18
)
(0.10
)
(0.09
)
Net realized capital gains
(2.93
)
(0.51
)
(3.62
)
(2.62
)
Total Distributions
(2.93
)
(0.12
)
(0.69
)
(3.72
)
(2.71
)
Net asset value, end of the period
$24.60
$23.17
$19.99
$23.09
$22.10
Total return(c)
18.69
%
16.52
%
(10.58
)%
21.65
%
10.76
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$146,248
$144,247
$148,505
$226,838
$227,501
Net expenses(d)
0.90
%
0.90
%
0.90
%
0.93
%(e)
0.95
%
Gross expenses
1.01
%
1.00
%
0.96
%
0.98
%
1.04
%
Net investment income
0.20
%
0.49
%
0.78
%
0.45
%
0.60
%
Portfolio turnover rate
109
%
94
%
53
%
71
%
52
%
(a)
Per share net investment income has been calculated using the average shares outstanding during the period.
(b)
Amount rounds to less than $0.01 per share.
(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 July 1, 2021, the expense limit decreased from 0.95% to 0.90%.
See accompanying notes to financial statements.
| 40

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Vaughan Nelson Small Cap Value FundClass A
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$18.88
$15.17
$17.87
$16.69
$15.45
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)
0.16
0.09
(0.02
)
0.00
(b)(c)
0.00
(b)
Net realized and unrealized gain (loss)
0.75
3.67
(1.78
)
4.98
1.33
Total from Investment Operations
0.91
3.76
(1.80
)
4.98
1.33
LESS DISTRIBUTIONS FROM:
Net investment income
(0.14
)
(0.05
)
(0.01
)
(0.00
)(b)
Net realized capital gains
(0.14
)
(0.90
)
(3.79
)
(0.09
)
Total Distributions
(0.28
)
(0.05
)
(0.90
)
(3.80
)
(0.09
)
Net asset value, end of the period
$19.51
$18.88
$15.17
$17.87
$16.69
Total return(d)(e)
4.80
%
24.82
%
(10.19
)%
30.24
%(c)
8.91
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$152,088
$111,268
$66,339
$81,493
$61,571
Net expenses(f)
1.25
%
1.25
%
1.25
%
1.27
%(g)
1.32
%(h)
Gross expenses
1.31
%
1.37
%
1.37
%
1.43
%
1.53
%
Net investment income (loss)
0.79
%
0.53
%
(0.12
)%
0.01
%(c)
0.02
%
Portfolio turnover rate
80
%
72
%
63
%
92
%
105
%
(a)
Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
(b)
Amount rounds to less than $0.01 per share.
(c)
Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.05), total return would have been 29.95% and the ratio of
net investment loss to average net assets would have been (0.25)%.
(d)
A sales charge for Class A shares is not reflected in total return calculations.
(e)
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(f)
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.
(g)
Effective July 1, 2021, the expense limit decreased from 1.30% to 1.25%.
(h)
Effective July 1, 2020, the expense limit decreased from 1.34% to 1.30%.
See accompanying notes to financial statements.
41 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Vaughan Nelson Small Cap Value FundClass C
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$6.51
$5.30
$6.94
$8.34
$7.84
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)
0.00
(b)
(0.01
)
(0.04
)
(0.06
)(c)
(0.05
)
Net realized and unrealized gain (loss)
0.26
1.28
(0.70
)
2.45
0.64
Total from Investment Operations
0.26
1.27
(0.74
)
2.39
0.59
LESS DISTRIBUTIONS FROM:
Net investment income
(0.12
)
(0.06
)
(0.00
)(b)
Net realized capital gains
(0.14
)
(0.90
)
(3.79
)
(0.09
)
Total Distributions
(0.26
)
(0.06
)
(0.90
)
(3.79
)
(0.09
)
Net asset value, end of the period
$6.51
$6.51
$5.30
$6.94
$8.34
Total return(d)(e)
4.00
%
23.93
%
(11.01
)%
29.45
%(c)
8.08
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$12,948
$7,988
$2,118
$966
$983
Net expenses(f)
2.00
%
2.00
%
2.00
%
2.03
%(g)
2.07
%(h)
Gross expenses
2.06
%
2.12
%
2.12
%
2.19
%
2.28
%
Net investment income (loss)
0.03
%
(0.14
)%
(0.74
)%
(0.67
)%(c)
(0.71
)%
Portfolio turnover rate
80
%
72
%
63
%
92
%
105
%
(a)
Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
(b)
Amount rounds to less than $0.01 per share.
(c)
Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.10), total return would have been 29.09% and the ratio of
net investment loss to average net assets would have been (0.99)%.
(d)
A contingent deferred sales charge for Class C shares is not reflected in total return calculations.
(e)
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(f)
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.
(g)
Effective July 1, 2021, the expense limit decreased from 2.05% to 2.00%.
(h)
Effective July 1, 2020, the expense limit decreased from 2.09% to 2.05%.
See accompanying notes to financial statements.
| 42

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Vaughan Nelson Small Cap Value FundClass N
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$20.14
$16.16
$18.96
$17.52
$16.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.23
0.15
0.04
0.01
(b)
0.04
Net realized and unrealized gain (loss)
0.80
3.93
(1.91
)
5.29
1.42
Total from Investment Operations
1.03
4.08
(1.87
)
5.30
1.46
LESS DISTRIBUTIONS FROM:
Net investment income
(0.19
)
(0.10
)
(0.03
)
(0.07
)
(0.05
)
Net realized capital gains
(0.14
)
(0.90
)
(3.79
)
(0.09
)
Total Distributions
(0.33
)
(0.10
)
(0.93
)
(3.86
)
(0.14
)
Net asset value, end of the period
$20.84
$20.14
$16.16
$18.96
$17.52
Total return
5.08
%
25.24
%(c)
(9.95
)%(c)
30.64
%(b)(c)
9.27
%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$111,877
$2,506
$1,493
$1,383
$23
Net expenses
0.95
%
0.95
%(d)
0.95
%(d)
0.97
%(d)(e)
1.02
%(d)(f)
Gross expenses
0.95
%
1.08
%
1.10
%
1.19
%
6.54
%
Net investment income
1.08
%
0.84
%
0.22
%
0.03
%(b)
0.31
%
Portfolio turnover rate
80
%
72
%
63
%
92
%
105
%
(a)
Per share net investment income has been calculated using the average shares outstanding during the period.
(b)
Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.01, total return would have been 30.37% and the ratio
of net investment income to average net assets would have been 0.03%.
(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 July 1, 2021, the expense limit decreased from 1.00% to 0.95%.
(f)
Effective July 1, 2020, the expense limit decreased from 1.04% to 1.00%.
See accompanying notes to financial statements.
43 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Vaughan Nelson Small Cap Value FundClass Y
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$20.11
$16.15
$18.95
$17.51
$16.19
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.22
0.16
0.04
0.06
(b)
0.04
Net realized and unrealized gain (loss)
0.80
3.89
(1.91
)
5.23
1.41
Total from Investment Operations
1.02
4.05
(1.87
)
5.29
1.45
LESS DISTRIBUTIONS FROM:
Net investment income
(0.18
)
(0.09
)
(0.03
)
(0.06
)
(0.04
)
Net realized capital gains
(0.14
)
(0.90
)
(3.79
)
(0.09
)
Total Distributions
(0.32
)
(0.09
)
(0.93
)
(3.85
)
(0.13
)
Net asset value, end of the period
$20.81
$20.11
$16.15
$18.95
$17.51
Total return(c)
5.05
%
25.10
%
(9.98
)%
30.61
%(b)
9.23
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$943,370
$530,371
$120,585
$66,054
$49,315
Net expenses(d)
1.00
%
1.00
%
1.00
%
1.02
%(e)
1.07
%(f)
Gross expenses
1.06
%
1.12
%
1.12
%
1.18
%
1.28
%
Net investment income
1.03
%
0.91
%
0.22
%
0.28
%(b)
0.26
%
Portfolio turnover rate
80
%
72
%
63
%
92
%
105
%
(a)
Per share net investment income has been calculated using the average shares outstanding during the period.
(b)
Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.00, total return would have been 30.26% and the ratio
of net investment income to average net assets would have been 0.01%.
(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 July 1, 2021, the expense limit decreased from 1.05% to 1.00%.
(f)
Effective July 1, 2020, the expense limit decreased from 1.09% to 1.05%.
See accompanying notes to financial statements.
| 44

Notes to Financial Statements
December 31, 2024
1.Organization.Loomis Sayles Funds II, Natixis Funds Trust I and Natixis Funds Trust II (the “Trusts” and each a “Trust”) are each organized as a Massachusetts business trust. Each Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each 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 Trusts are presented in separate reports. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:
Loomis Sayles Funds II:
Loomis Sayles International Growth Fund (“International Growth Fund”)
Natixis Funds Trust I:
Natixis Oakmark International Fund
Natixis U.S. Equity Opportunities Fund (“U.S. Equity Opportunities Fund”)
Vaughan Nelson Small Cap Value Fund (“Small Cap Value Fund”)
Natixis Funds Trust II:
Natixis Oakmark Fund
Vaughan Nelson Mid Cap Fund (“Mid Cap Fund”)
Each Fund is a diversified investment company, except for International Growth Fund, which is a non-diversified investment company.
Each Fund offers Class A, Class C, Class N and Class Y shares.
Class A shares are sold with a maximum front-end sales charge of 5.75%. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for eight years (at which point they automatically convert to Class A shares) (prior to May 1, 2021, Class C shares automatically converted to Class A shares after ten years) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant Funds’ prospectus.
Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the Funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”) and Natixis ETF Trust and Natixis ETF Trust II (“Natixis ETF Trusts”). Expenses of a 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 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. Each Fund operates as a single segment entity, focusing on investments in a portfolio of securities. Each Fund's named investment adviser acts as chief operating decision maker ("CODM") regarding allocation of resources and performance assessment. Financial information including, but not limited to, portfolio composition, net asset changes and total returns, is used by the CODM to assess performance and to make resource allocation decisions and is consistent with that presented within the financial statements. 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.Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. Each Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Funds’ Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board’s oversight.
Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Shares of open-end investment companies are valued at net asset value (“NAV”) per share.
45 |

Notes to Financial Statements (continued)
December 31, 2024
Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair valued using evaluated bids furnished by an independent pricing service, if available.
Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to fair value debt and unlisted equities where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment. Forward foreign currency contracts are fair valued utilizing interpolated rates determined based on information provided by an independent pricing service.
The Funds may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund’s investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund’s NAV is calculated. Fair valuation by the Fund(s) valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.
b. Investment Transactions and Related Investment Income.Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on 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. Dividends reinvested and stock dividends are reflected as non-cash dividends on the Statements of Operations. 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. The calendar year-end amounts of ordinary income, capital gains and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.
c. Foreign Currency Translation.The books and records of the 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 in the Funds’ books and records and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the 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. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the Statements of Operations, may be characterized as ordinary income and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.
| 46

Notes to Financial Statements (continued)
December 31, 2024
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. Forward Foreign Currency Contracts.A Fund may enter into forward foreign currency contracts, including forward foreign cross currency contracts, to acquire exposure to foreign currencies or to hedge the Funds’ investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized appreciation (depreciation) reflected in the Funds’ Statements of Assets and Liabilities. The U.S. dollar value of the currencies a Fund has committed to buy or sell represents the aggregate exposure to each currency a Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Contracts are traded over-the-counter directly with a counterparty. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Certain contracts may require the movement of cash and/or securities as collateral for the Funds’ or counterparty’s net obligations under the contracts. Forward foreign currency contracts outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.
e. Federal and Foreign Income Taxes.The Trusts treat 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 December 31, 2024 and has concluded that no provisions for income tax are required. The Funds’ 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 Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.
A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts that have been or are expected to be reclaimed and paid. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or are expected to be filed and paid are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.
Certain Funds have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries (“EU reclaims”) and may continue to make such filings when it is determined to be in the best interest of the Funds and their shareholders. These filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the European Union, as well as a number of related judicial proceedings. EU reclaims are recognized by a Fund when deemed more likely than not to be collected, and are reflected as a reduction of foreign taxes withheld in the Statements of Operations. Any related receivable is reflected as tax reclaims receivable in the Statements of Assets and Liabilities. Under certain circumstances, EU reclaims may be subject to closing agreements with the Internal Revenue Service ("IRS"), which may materially reduce the reclaim amounts realized by the Funds. Fees and expenses associated with closing agreements will be reflected in the Statements of Operations when it is determined that a closing agreement with the IRS is required.
f. 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 capital gains taxes, deferred Trustees’ fees, forward foreign currency contract mark-to-market, distributions in excess of income and/or capital gain, distribution re-designations, foreign currency gains and losses, corporate actions, passive foreign investment company adjustments, return of capital distributions received and capital gain distribution received. 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 capital gains taxes, wash sales, forward foreign currency contract mark-to-market, return of capital distributions received, corporate actions, deferred Trustees’ fees, deferral of EU reclaims,
47 |

Notes to Financial Statements (continued)
December 31, 2024
capital gain distribution received and passive foreign investment company adjustments. 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 December 31, 2024 and 2023 was as follows:
 
2024 Distributions
2023 Distributions
Fund
Ordinary
Income
Long-Term
Capital
Gains
Total
Ordinary
Income
Long-Term
Capital
Gains
Total
International Growth Fund
$189,959
$ —
$189,959
$185,268
$ —
$185,268
Natixis Oakmark Fund
13,340,077
42,123,904
55,463,981
3,814,121
18,473,243
22,287,364
Natixis Oakmark International Fund
8,119,020
 —
8,119,020
6,846,278
 —
6,846,278
U.S. Equity Opportunities Fund
2,507,799
63,750,868
66,258,667
26,791,709
44,583,934
71,375,643
Mid Cap Fund
3,153,693
23,138,210
26,291,903
1,259,368
 —
1,259,368
Small Cap Value Fund
10,180,185
8,262,819
18,443,004
2,773,579
 —
2,773,579
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 December 31, 2024, the components of distributable earnings on a tax basis were as follows:
 
International
Growth Fund
Natixis
Oakmark
Fund
Natixis
Oakmark
International
Fund
U.S.
Equity
Opportunities
Fund
Undistributed ordinary income
$ —
$3,915,491
$ —
$327,936
Undistributed long-term capital gains
389,110
12,150,993
 —
25,652,681
Total undistributed earnings
389,110
16,066,484
25,980,617
Capital loss carryforward:
Short-term:
No expiration date
 —
 —
(13,150,629
)
 —
Long-term:
No expiration date
 —
 —
(108,387,109
)
 —
Total capital loss carryforward
(121,537,738
)
Late-year ordinary and post-October
capital loss deferrals*
(10,844
)
(63,428
)
Unrealized appreciation (depreciation)
3,583,527
128,946,874
(15,537,766
)
433,720,082
Total accumulated earnings (losses)
$3,961,793
$145,013,358
$(137,138,932
)
$459,700,699
| 48

Notes to Financial Statements (continued)
December 31, 2024
 
Mid
Cap Fund
Small Cap
Value Fund
Undistributed ordinary income
$3,093,737
$424,019
Undistributed long-term capital gains
5,613,254
 —
Total undistributed earnings
8,706,991
424,019
Capital loss carryforward:
Short-term:
No expiration date
 —
 —
Late-year ordinary and post-October
capital loss deferrals*
(4,631,846
)
Unrealized appreciation
58,042,494
126,320,430
Total accumulated earnings
$66,749,485
$122,112,603
*
Under current tax law, capital losses, foreign currency losses, and losses on passive foreign investment companies and contingent payment debt instruments after
October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year. International Growth Fund and
Natixis Oakmark International Fund are deferring foreign currency losses and Small Cap Value Fund is deferring capital losses.
As of December 31, 2024, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:
 
International
Growth Fund
Natixis
Oakmark
Fund
Natixis
Oakmark
International
Fund
U.S.
Equity
Opportunities
Fund
Mid
Cap Fund
Small Cap
Value Fund
Federal tax cost
$26,390,104
$740,646,361
$279,955,089
$695,820,378
$184,560,565
$1,094,351,860
Gross tax appreciation
$6,626,929
$146,992,984
$41,247,245
$457,027,029
$61,817,995
$163,394,486
Gross tax depreciation
(3,045,066
)
(18,046,110
)
(56,359,436
)
(23,306,947
)
(3,775,501
)
(37,074,056
)
Net tax appreciation (depreciation)
$3,581,863
$128,946,874
$(15,112,191
)
$433,720,082
$58,042,494
$126,320,430
The difference between these amounts and those reported in the components of distributable earnings, if any, are primarily attributable to foreign currency mark-to-market and foreign capital gains taxes.
g. Repurchase Agreements.Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of December 31, 2024, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.
h. Indemnifications.Under the Trusts’ organizational documents, their 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.
3.Fair Value Measurements.In accordance with accounting standards related to fair value measurements and disclosures, the Funds have categorized the inputs utilized in determining the value of each Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:
• Level 1 — quoted prices in active markets for identical assets or liabilities;
• Level 2 — prices determined using other significant inputs that are observable either directly, or indirectly through corroboration
49 |

Notes to Financial Statements (continued)
December 31, 2024
with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and
• Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Funds' pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Funds have knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Funds do not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.
Under certain conditions and based upon specific facts and circumstances, the Fund’s valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.
The following is a summary of the inputs used to value the Funds' investments as of December 31, 2024, at value:
International Growth Fund
Asset Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Common Stocks
Australia
$ —
$1,598,026
$ —
$1,598,026
Belgium
 —
407,670
 —
407,670
China
4,268,923
1,987,007
 —
6,255,930
Denmark
 —
1,592,590
 —
1,592,590
France
526,630
1,343,486
 —
1,870,116
Germany
 —
1,381,637
 —
1,381,637
Japan
 —
766,146
 —
766,146
Macau
 —
147,337
 —
147,337
Netherlands
 —
1,627,255
 —
1,627,255
Switzerland
262,059
756,660
 —
1,018,719
United Kingdom
 —
1,347,425
 —
1,347,425
United States
4,642,142
2,246,072
 —
6,888,214
All Other Common Stocks(a)
3,708,814
 —
 —
3,708,814
Total Common Stocks
13,408,568
15,201,311
28,609,879
Short-Term Investments
 —
1,365,220
 —
1,365,220
Total Investments
$13,408,568
$16,566,531
$
$29,975,099
(a)
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
Natixis Oakmark Fund
Asset Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Common Stocks(a)
$829,826,567
$ —
$ —
$829,826,567
Short-Term Investments
 —
39,766,668
 —
39,766,668
Total Investments
$829,826,567
$39,766,668
$
$869,593,235
(a)
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
| 50

Notes to Financial Statements (continued)
December 31, 2024
Natixis Oakmark International Fund
Asset Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Common Stocks
Australia
$ —
$1,203,587
$ —
$1,203,587
Belgium
 —
2,077,652
 —
2,077,652
China
 —
4,150,792
 —
4,150,792
Denmark
 —
4,600,057
 —
4,600,057
France
 —
55,871,949
 —
55,871,949
Germany
 —
68,636,406
 —
68,636,406
India
 —
1,968,827
 —
1,968,827
Indonesia
 —
1,974,281
 —
1,974,281
Italy
 —
4,704,424
 —
4,704,424
Japan
 —
6,159,329
 —
6,159,329
Korea
 —
3,141,472
 —
3,141,472
Netherlands
3,241,388
11,427,760
 —
14,669,148
Spain
 —
2,357,089
 —
2,357,089
Sweden
 —
9,221,137
 —
9,221,137
Switzerland
 —
21,277,053
 —
21,277,053
United Kingdom
1,168,727
36,882,624
 —
38,051,351
All Other Common Stocks(a)
14,924,227
 —
 —
14,924,227
Total Common Stocks
19,334,342
235,654,439
254,988,781
Preferred Stocks(a)
 —
3,735,021
 —
3,735,021
Participatory Notes(a)
 —
658,378
 —
658,378
Short-Term Investments
 —
5,460,738
 —
5,460,738
Total Investments
$19,334,342
$245,508,576
$
$264,842,918
(a)
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
U.S. Equity Opportunities Fund
Asset Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Common Stocks(a)
$1,107,372,591
$ —
$ —
$1,107,372,591
Short-Term Investments
 —
22,167,869
 —
22,167,869
Total Investments
$1,107,372,591
$22,167,869
$
$1,129,540,460
(a)
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
Mid Cap Fund
Asset Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Common Stocks(a)
$240,605,724
$ —
$ —
$240,605,724
Short-Term Investments
 —
1,997,335
 —
1,997,335
Total Investments
$240,605,724
$1,997,335
$
$242,603,059
(a)
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
51 |

Notes to Financial Statements (continued)
December 31, 2024
Small Cap Value Fund
Asset Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Common Stocks(a)
$1,151,105,638
$ —
$ —
$1,151,105,638
Short-Term Investments
 —
69,566,652
 —
69,566,652
Total Investments
$1,151,105,638
$69,566,652
$
$1,220,672,290
(a)
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
4.Purchases and Sales of Securities.For the year ended December 31, 2024, purchases and sales of securities (excluding short-term investments) were as follows:
Fund
Purchases
Sales
International Growth Fund
$13,492,931
$19,780,081
Natixis Oakmark Fund
515,846,571
400,720,099
Natixis Oakmark International Fund
120,877,474
213,298,502
U.S. Equity Opportunities Fund
336,138,474
405,269,104
Mid Cap Fund
273,113,967
324,982,834
Small Cap Value Fund
1,288,045,650
802,947,364
5.Management Fees and Other Transactions with Affiliates.
a. Management Fees.Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to International Growth Fund. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., is indirectly owned by Natixis Investment Managers, LLC, which is part of Natixis Investment Managers, an international asset management group based in Paris, France.

Under the terms of the management agreement, International Growth 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.

Natixis Advisors, LLC (“Natixis Advisors”) serves as investment adviser to Natixis Oakmark Fund, Natixis Oakmark International Fund, U.S. Equity Opportunities Fund, Mid Cap Fund and Small Cap Value Fund. Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:
 
Percentage of Average Daily Net Assets
Fund
First
$150 million
Next
$50 million
Next
$300 million
Next
$500 million
Next
$500 million
Over
$1.5 billion
Natixis Oakmark Fund
0.70
%
0.70
%
0.65
%
0.60
%
0.60
%
0.60
%
Natixis Oakmark International Fund
0.85
%
0.75
%
0.75
%
0.75
%
0.70
%
0.70
%
U.S. Equity Opportunities Fund
0.67
%
0.67
%
0.67
%
0.67
%
0.67
%
0.67
%
Mid Cap Fund
0.75
%
0.75
%
0.75
%
0.75
%
0.75
%
0.70
%
Small Cap Value Fund
0.85
%
0.85
%
0.85
%
0.85
%
0.85
%
0.85
%
Natixis Advisors has entered into subadvisory agreements for each Fund as listed below.
 
 
Natixis Oakmark Fund
Harris Associates L.P. (“Harris”)
Natixis Oakmark International Fund
Harris
U.S. Equity Opportunities Fund
Harris
Loomis Sayles
Mid Cap Fund
Vaughan Nelson Investment Management, L.P. (“Vaughan Nelson”)
Small Cap Value Fund
Vaughan Nelson
Natixis Advisors, Harris and Vaughan Nelson are subsidiaries of Natixis Investment Managers, LLC.
| 52

Notes to Financial Statements (continued)
December 31, 2024
Under the terms of the subadvisory agreements, each Fund has agreed to pay its respective subadviser a subadvisory fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:
 
 
Percentage of Average
Daily Net Assets
Fund
Subadviser
First
$150 million
Next
$50 million
Next
$800 million
Next
$500 million
Over
$1.5 billion
Natixis Oakmark Fund
Harris
0.52
%
0.52
%
0.50
%
0.50
%
0.50
%
Natixis Oakmark International Fund
Harris
0.60
%
0.50
%
0.50
%
0.45
%
0.45
%
U.S. Equity Opportunities Fund
 
Large Cap Value Segment
Harris
0.51
%
0.51
%
0.51
%
0.51
%
0.51
%
All Cap Growth Segment
Loomis Sayles
0.35
%
0.35
%
0.35
%
0.35
%
0.35
%
Mid Cap Fund
Vaughan Nelson
0.47
%
0.47
%
0.47
%
0.47
%
0.44
%
Small Cap Value Fund
Vaughan Nelson
0.52
%
0.52
%
0.52
%
0.52
%
0.52
%
Loomis Sayles and Natixis Advisors have given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, substitute dividend expenses on securities sold short, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until April 30, 2025, except for U.S. Equity Opportunities Fund which is in effect until April 30, 2026, may be terminated before then only with the consent of the Funds’ Board of Trustees, and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.
For the year ended December 31, 2024, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:
 
Expense Limit as a Percentage of
Average Daily Net Assets
Fund
Class A
Class C
Class N
Class Y
International Growth Fund
1.20
%
1.95
%
0.90
%
0.95
%
Natixis Oakmark Fund
1.03
%
1.78
%
0.73
%
0.78
%
Natixis Oakmark International Fund
1.15
%
1.90
%
0.85
%
0.90
%
U.S. Equity Opportunities Fund
1.08
%
1.83
%
0.78
%
0.83
%
Mid Cap Fund
1.15
%
1.90
%
0.85
%
0.90
%
Small Cap Value Fund
1.25
%
2.00
%
0.95
%
1.00
%
Prior to July 1, 2024, the expense limits as a percentage of average daily net assets under the expense limitation agreements for Natixis Oakmark Fund and U.S. Equity Opportunities Fund were as follows:
 
Expense Limit as a Percentage of
Average Daily Net Assets
Fund
Class A
Class C
Class N
Class Y
Natixis Oakmark Fund
1.05
%
1.80
%
0.75
%
0.80
%
U.S. Equity Opportunities Fund
1.12
%
1.87
%
0.82
%
0.87
%
Loomis Sayles and Natixis Advisors shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fee or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below both (1) a class’ expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a class’ current applicable expense limitation ratio, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.
53 |

Notes to Financial Statements (continued)
December 31, 2024
For the year ended December 31, 2024, the management fees and waiver of management fees for each Fund were as follows:
 
Gross
Management
Fees
Contractual
Waivers of
Management
Fees1
Net
Management
Fees
Percentage of
Average
Daily Net Assets
Fund
Gross
Net
International Growth Fund
$286,279
$190,445
$95,834
0.75
%
0.25
%
Natixis Oakmark Fund
5,278,165
401,771
4,876,394
0.64
%
0.59
%
Natixis Oakmark International Fund
2,850,799
813,724
2,037,075
0.79
%
0.57
%
U.S. Equity Opportunities Fund
7,057,328
 —
7,057,328
0.67
%
0.67
%
Mid Cap Fund
1,911,523
242,806
1,668,717
0.75
%
0.65
%
Small Cap Value Fund
8,955,710
 —
8,955,710
0.85
%
0.85
%
1
Management fee waivers are subject to possible recovery until December 31, 2025.
For the year ended December 31, 2024, class-specific expenses have been reimbursed as follows:
 
Reimbursement1
 
Class A
Class C
Class N
Class Y
Total
Small Cap Value Fund
$70,702
$6,636
$ —
$483,856
$561,194
1
Management fee waivers are subject to possible recovery until December 31, 2025.
For the year ended December 31, 2024, expense reimbursements related to the prior fiscal year were recovered as follows:
Fund
Recovered
Expenses
Small Cap Value Fund
$2,423
b. Service and Distribution Fees.Natixis Distribution, LLC (“Natixis Distribution"), which is a wholly-owned subsidiary of Natixis Investment Managers, LLC, has entered into a distribution agreement with the Trusts. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Funds of the Trusts.
Pursuant to Rule 12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to each Fund’s Class A shares (the “Class A Plans”), a Distribution and Service Plan relating to each Fund’s Class C shares (the “Class C Plans”).
Under the Class A Plans, each 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 Funds’ 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 Plans, each 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 Funds’ 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 Plans, each Fund pays Natixis Distribution a monthly distribution fee at an annual rate of 0.75% of the average daily net assets attributable to the Funds’ Class C shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Class C shares.
For the year ended December 31, 2024, the service and distribution fees for each Fund were as follows:
 
Service Fees
 
Distribution Fees
Fund
Class A
Class C
 
Class C
International Growth Fund
$451
$3
$8
Natixis Oakmark Fund
697,967
143,902
431,706
Natixis Oakmark International Fund
328,016
56,671
170,014
U.S. Equity Opportunities Fund
1,646,873
77,605
232,815
Mid Cap Fund
103,886
6,877
20,632
Small Cap Value Fund
312,237
29,037
87,112
| 54

Notes to Financial Statements (continued)
December 31, 2024
c. Administrative Fees.Natixis Advisors provides certain administrative services for the Funds and contracts with State Street Bank and Trust Company (“State Street Bank”) to serve as sub-administrator. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.
For the year ended December 31, 2024, the administrative fees for each Fund were as follows:
Fund
Administrative
Fees
International Growth Fund
$16,890
Natixis Oakmark Fund
363,520
Natixis Oakmark International Fund
159,695
U.S. Equity Opportunities Fund
466,367
Mid Cap Fund
112,873
Small Cap Value Fund
465,271
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 Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. These services would have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Funds’ transfer agent. Accordingly, the Funds have 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 equivalent fee limit approved by the Funds’ Board of Trustees, which is based on fees for similar services paid to the Funds’ transfer agent and other service providers. Class N shares do not bear such expenses.
For the year ended December 31, 2024, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:
Fund
Sub-Transfer
Agent Fees
International Growth Fund
$10,097
Natixis Oakmark Fund
550,619
Natixis Oakmark International Fund
620,652
U.S. Equity Opportunities Fund
410,212
Mid Cap Fund
173,667
Small Cap Value Fund
1,014,749
As of December 31, 2024, the Funds owe Natixis Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):
Fund
Reimbursements
of Sub-Transfer
Agent Fees
International Growth Fund
$161
Natixis Oakmark Fund
5,724
Natixis Oakmark International Fund
1,607
U.S. Equity Opportunities Fund
4,850
Mid Cap Fund
1,523
Small Cap Value Fund
10,859
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.
55 |

Notes to Financial Statements (continued)
December 31, 2024
e. Commissions.Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the year ended December 31, 2024 were as follows:
Fund
Commissions
Natixis Oakmark Fund
$54,828
Natixis Oakmark International Fund
13,130
U.S. Equity Opportunities Fund
11,574
Mid Cap Fund
1,411
Small Cap Value Fund
12,127
f. Trustees Fees and Expenses.The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $400,000. 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 $225,000. 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 $25,000. 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. Each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.
Effective January 1, 2025, the Chairperson of the Board of Trustees will receive a retainer fee at the annual rate of $410,000 and each Independent Trustee (other than the Chairperson) will receive, in the aggregate, a retainer fee at the annual rate of $235,000. The Chairperson of the Contract Review Committee and the Chairperson of the Audit Committee each will receive an additional retainer fee at the annual rate of $30,000. All other Trustees fees will remain unchanged.
A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. Deferred amounts remain in the funds until distributed in accordance with the provisions of the Plan. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.
Certain officers and employees of Natixis Advisors, Loomis Sayles and affiliates are also officers and/or Trustees of the Trusts.
g. Affiliated Ownership.As of December 31, 2024, Natixis and affiliates held shares of International Growth Fund representing 71.97% of the Fund's net assets.
Investment activities of affiliated shareholders could have material impacts on the Fund.
h. Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to the Funds to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through April 30, 2025 and is not subject to recovery under the expense limitation agreement described above.
| 56

Notes to Financial Statements (continued)
December 31, 2024
For the year ended December 31, 2024, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:
 
Reimbursement of
Transfer Agency
Expenses
Fund
Class N
International Growth Fund
$1,432
Natixis Oakmark Fund
1,158
Natixis Oakmark International Fund
895
U.S. Equity Opportunities Fund
919
Mid Cap Fund
2,203
Small Cap Value Fund
1,997
i. Interfund Transactions.A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common Trustees. For the year ended December 31, 2024, Natixis Oakmark International Fund engaged in purchase transactions of $82,259 with an affiliate of Natixis in compliance with Rule 17a-7 of the 1940 Act pursuant to procedures adopted by the Board of Trustees.
6.Class-Specific Transfer Agent Fees and Expenses.Transfer agent fees and expenses attributable to Class A, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.
For the year ended December 31, 2024, the Funds incurred the following class-specific transfer agent fees and expenses (net of expense offsets and including sub-transfer agent fees, where applicable):
 
Transfer Agent Fees and Expenses
Fund
Class A
Class C
Class N
Class Y
International Growth Fund
$196
$1
$1,432
$13,147
Natixis Oakmark Fund
216,363
44,613
1,158
376,861
Natixis Oakmark International Fund
232,973
40,232
895
365,409
U.S. Equity Opportunities Fund
363,071
17,189
919
199,249
Mid Cap Fund
40,610
2,696
2,203
140,536
Small Cap Value Fund
137,238
12,824
1,997
933,004
7.Expense Offset Arrangements.The Funds have entered into an agreement with the transfer agent whereby certain transfer agent fees and expenses may be paid indirectly by credits earned on the Funds' cash balances. Transfer agent fees and expenses are presented in the Statements of Operations gross of such credits, and the credits are presented as offsets to expenses.
8.Line of Credit.Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a syndicated, revolving, committed, unsecured line of credit with State Street Bank as administrative agent. The aggregate revolving commitment amount is $575,000,000. Any one Fund may borrow up to $402,500,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $575,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.
For the year ended December 31, 2024, none of the Funds had borrowings under this agreement.
9.Risk.The Funds’ 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.
International Growth Fund may invest to a significant extent in variable interest entity (“VIE”) structures. VIE structures can vary, but generally consist of a U.S.-listed company with contractual arrangements, through one or more wholly-owned special purpose vehicles, with a Chinese company that ultimately provides the U.S.-listed company with contractual rights to obtain economic benefits from the Chinese company. The VIE structure enables foreign investors, such as the Fund, to obtain investment exposure similar to that of an equity owner in a Chinese company in situations in which the Chinese government has restricted or prohibited the ownership of such company by foreign investors. The Fund’s exposure to VIE structures may pose additional risks because the VIE structure is not
57 |

Notes to Financial Statements (continued)
December 31, 2024
formally recognized under Chinese law. The Chinese government may cease to tolerate VIE structures at any time or impose new restrictions. In addition, Chinese companies using the VIE structure, and listed on stock exchanges in the U.S., could also face delisting or other ramifications for failure to meet the expectations and/or requirements of the U.S. Securities and Exchange Commission, the Public Company Accounting Oversight Board, or other U.S. regulators. Any of these risks could reduce the liquidity and value of these investments or render them valueless.
International Growth Fund is non-diversified, which means that it is not limited under the 1940 Act to a percentage of assets that it may invest in any one issuer. Because the Fund may invest in the securities of a limited number of issuers, an investment in the Fund may involve a higher degree of risk than would be present in a diversified portfolio.
Geopolitical events (such as trading halts, sanctions or wars) could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These, and other related events, could significantly impact a Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to issuers in the country or countries involved.
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 Funds. As of December 31, 2024, 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 5g)
Total
Percentage of
Ownership
International Growth Fund
1
6.77
%
71.97
%
78.74
%
Natixis Oakmark International Fund
1
15.95
%
15.95
%
U.S. Equity Opportunities Fund
1
6.86
%
6.86
%
Mid Cap Fund
3
35.27
%
35.27
%
Small Cap Value Fund
1
7.72
%
7.72
%
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 Funds do 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.Interest Expense.The Funds incur interest expense on cash (including foreign currency) overdrafts at the custodian bank and, for International Growth Fund, foreign currency debit balances at brokers. Interest expense incurred for the year ended December 31, 2024 is reflected on the Statements of Operations.
| 58

Notes to Financial Statements (continued)
December 31, 2024
12.Capital Shares. Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:
 
 
Year Ended
December 31, 2024
Year Ended
December 31, 2023
International Growth Fund
Shares
Amount
Shares
Amount
Class A
Issued from the sale of shares
14,207
$154,136
2,503
$21,700
Issued in connection with the reinvestment of distributions
143
1,516
54
506
Redeemed
(537
)
(5,285
)
(2,485
)
(22,346
)
Net change
13,813
$150,367
72
$(140
)
Class N
Issued from the sale of shares
100
$1,000
$ —
Issued in connection with the reinvestment of distributions
2,173
23,137
1,970
18,612
Redeemed
(1,772,768
)
(19,501,016
)
 —
Net change
(1,770,495
)
$(19,476,879
)
1,970
$18,612
Class Y
Issued from the sale of shares
1,242,377
$12,841,763
119,836
$1,017,450
Issued in connection with the reinvestment of distributions
10,850
115,638
2,930
27,691
Redeemed
(17,876
)
(193,631
)
(246
)
(2,169
)
Net change
1,235,351
$12,763,770
122,520
$1,042,972
Increase (decrease) from capital share transactions
(521,331
)
$(6,562,742
)
124,562
$1,061,444
 
 
Year Ended
December 31, 2024
Year Ended
December 31, 2023
Natixis Oakmark Fund
Shares
Amount
Shares
Amount
Class A
Issued from the sale of shares
1,121,602
$33,121,501
1,386,710
$35,188,050
Issued in connection with the reinvestment of distributions
578,301
17,001,350
293,448
8,029,053
Redeemed
(1,333,089
)
(39,476,023
)
(1,187,356
)
(29,357,878
)
Net change
366,814
$10,646,828
492,802
$13,859,225
Class C
Issued from the sale of shares
561,955
$12,611,742
528,152
$10,385,091
Issued in connection with the reinvestment of distributions
179,861
3,980,731
93,146
1,956,916
Redeemed
(925,075
)
(21,046,076
)
(1,055,818
)
(19,902,093
)
Net change
(183,259
)
$(4,453,603
)
(434,520
)
$(7,560,086
)
Class N
Issued from the sale of shares
35,199
$1,153,493
288
$7,742
Issued in connection with the reinvestment of distributions
3,042
97,883
750
22,322
Redeemed
(6,875
)
(225,846
)
(1,348
)
(36,140
)
Net change
31,366
$1,025,530
(310
)
$(6,076
)
Class Y
Issued from the sale of shares
11,810,084
$369,974,574
9,451,057
$262,547,873
Issued in connection with the reinvestment of distributions
985,552
31,583,451
365,614
10,843,953
Redeemed
(7,438,441
)
(238,246,497
)
(3,282,300
)
(89,337,801
)
Net change
5,357,195
$163,311,528
6,534,371
$184,054,025
Increase from capital share transactions
5,572,116
$170,530,283
6,592,343
$190,347,088
59 |

Notes to Financial Statements (continued)
December 31, 2024
12.Capital Shares (continued).
 
 
Year Ended
December 31, 2024
Year Ended
December 31, 2023
Natixis Oakmark International Fund
Shares
Amount
Shares
Amount
Class A
Issued from the sale of shares
743,608
$10,583,431
1,688,085
$24,175,449
Issued in connection with the reinvestment of distributions
150,700
2,037,007
108,110
1,581,529
Redeemed
(2,393,970
)
(34,284,693
)
(1,648,201
)
(23,381,209
)
Net change
(1,499,662
)
$(21,664,255
)
147,994
$2,375,769
Class C
Issued from the sale of shares
41,009
$576,880
71,240
$1,010,015
Issued in connection with the reinvestment of distributions
24,525
327,921
13,933
200,718
Redeemed
(754,703
)
(10,603,038
)
(1,287,224
)
(17,896,948
)
Net change
(689,169
)
$(9,698,237
)
(1,202,051
)
$(16,686,215
)
Class N
Issued from the sale of shares
10,978
$154,980
11,185
$143,685
Issued in connection with the reinvestment of distributions
717
9,625
470
6,845
Redeemed
(5,237
)
(73,843
)
(5,566
)
(78,203
)
Net change
6,458
$90,762
6,089
$72,327
Class Y
Issued from the sale of shares
4,207,705
$60,219,863
3,217,650
$45,697,023
Issued in connection with the reinvestment of distributions
311,513
4,189,560
275,316
4,005,582
Redeemed
(8,976,237
)
(128,761,252
)
(4,671,698
)
(65,499,977
)
Net change
(4,457,019
)
$(64,351,829
)
(1,178,732
)
$(15,797,372
)
Decrease from capital share transactions
(6,639,392
)
$(95,623,559
)
(2,226,700
)
$(30,035,491
)
| 60

Notes to Financial Statements (continued)
December 31, 2024
12.Capital Shares (continued).
 
 
Year Ended
December 31, 2024
Year Ended
December 31, 2023
U.S. Equity Opportunities Fund
Shares
Amount
Shares
Amount
Class A
Issued from the sale of shares
617,333
$25,501,751
678,253
$23,509,035
Issued in connection with the reinvestment of distributions
919,915
40,281,894
1,204,004
43,870,647
Redeemed
(1,880,572
)
(76,866,617
)
(2,864,385
)
(97,156,248
)
Net change
(343,324
)
$(11,082,972
)
(982,128
)
$(29,776,566
)
Class C
Issued from the sale of shares
271,137
$4,000,373
227,231
$3,297,014
Issued in connection with the reinvestment of distributions
309,645
4,418,982
391,003
5,254,512
Redeemed
(799,430
)
(12,247,126
)
(782,585
)
(11,000,049
)
Net change
(218,648
)
$(3,827,771
)
(164,351
)
$(2,448,523
)
Class N
Issued from the sale of shares
36,515
$1,934,423
$ —
Issued in connection with the reinvestment of distributions
1,465
86,449
285
13,778
Redeemed
(4,732
)
(283,156
)
(129
)
(6,250
)
Net change
33,248
$1,737,716
156
$7,528
Class Y
Issued from the sale of shares
1,473,835
$80,444,261
2,819,571
$126,397,035
Issued in connection with the reinvestment of distributions
240,897
14,165,570
289,349
13,935,793
Redeemed
(1,619,037
)
(88,388,980
)
(1,576,769
)
(68,998,499
)
Net change
95,695
$6,220,851
1,532,151
$71,334,329
Increase (decrease) from capital share transactions
(433,029
)
$(6,952,176
)
385,828
$39,116,768
61 |

Notes to Financial Statements (continued)
December 31, 2024
12.Capital Shares (continued).
 
 
Year Ended
December 31, 2024
Year Ended
December 31, 2023
Mid Cap Fund
Shares
Amount
Shares
Amount
Class A
Issued from the sale of shares
231,670
$5,769,552
258,724
$5,272,975
Issued in connection with the reinvestment of distributions
180,107
4,389,307
5,113
115,653
Redeemed
(359,279
)
(9,021,664
)
(262,211
)
(5,316,615
)
Net change
52,498
$1,137,195
1,626
$72,013
Class C
Issued from the sale of shares
27,274
$645,132
9,970
$179,835
Issued in connection with the reinvestment of distributions
13,805
296,132
 —
Redeemed
(104,706
)
(2,308,922
)
(248,936
)
(4,556,274
)
Net change
(63,627
)
$(1,367,658
)
(238,966
)
$(4,376,439
)
Class N
Issued from the sale of shares
423,292
$10,598,201
187,046
$3,875,585
Issued in connection with the reinvestment of distributions
218,508
5,438,801
15,982
367,265
Redeemed
(1,278,742
)
(35,649,338
)
(1,089,884
)
(22,347,940
)
Net change
(636,942
)
$(19,612,336
)
(886,856
)
$(18,105,090
)
Class Y
Issued from the sale of shares
1,198,410
$30,740,368
829,941
$17,124,756
Issued in connection with the reinvestment of distributions
618,693
15,424,293
32,188
741,295
Redeemed
(2,097,393
)
(52,696,854
)
(2,066,677
)
(42,974,174
)
Net change
(280,290
)
$(6,532,193
)
(1,204,548
)
$(25,108,123
)
Decrease from capital share transactions
(928,361
)
$(26,374,992
)
(2,328,744
)
$(47,517,639
)
| 62

Notes to Financial Statements (continued)
December 31, 2024
12.Capital Shares (continued).
 
 
Year Ended
December 31, 2024
Year Ended
December 31, 2023
Small Cap Value Fund
Shares
Amount
Shares
Amount
Class A
Issued from the sale of shares
3,034,383
$60,324,416
2,230,090
$37,758,332
Issued in connection with the reinvestment of distributions
106,589
2,082,739
16,125
304,663
Redeemed
(1,237,909
)
(24,423,784
)
(725,916
)
(11,990,865
)
Net change
1,903,063
$37,983,371
1,520,299
$26,072,130
Class C
Issued from the sale of shares
806,174
$5,370,062
928,672
$5,506,114
Issued in connection with the reinvestment of distributions
75,527
492,437
10,392
67,551
Redeemed
(119,982
)
(825,701
)
(111,787
)
(644,754
)
Net change
761,719
$5,036,798
827,277
$4,928,911
Class N
Issued from the sale of shares
5,582,264
$117,113,893
34,826
$619,155
Issued in connection with the reinvestment of distributions
7,623
159,095
599
12,034
Redeemed
(346,348
)
(7,364,416
)
(3,357
)
(58,720
)
Net change
5,243,539
$109,908,572
32,068
$572,469
Class Y
Issued from the sale of shares
30,003,927
$616,586,435
23,399,247
$422,571,046
Issued in connection with the reinvestment of distributions
628,157
13,090,789
114,571
2,299,448
Redeemed
(11,669,470
)
(246,553,822
)
(4,609,145
)
(82,075,612
)
Net change
18,962,614
$383,123,402
18,904,673
$342,794,882
Increase from capital share transactions
26,870,935
$536,052,143
21,284,317
$374,368,392
63 |

Report of Independent Registered Public Accounting Firm
To the Boards of Trustees of Loomis Sayles Funds II, Natixis Funds Trust I, and Natixis Funds Trust II and Shareholders of Loomis Sayles International Growth Fund, Natixis Oakmark International Fund, Natixis U.S. Equity Opportunities Fund, Vaughan Nelson Small Cap Value Fund, Natixis Oakmark Fund, and Vaughan Nelson Mid Cap Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Loomis Sayles International Growth Fund (one of the funds constituting Loomis Sayles Funds II), Natixis Oakmark International Fund, Natixis U.S. Equity Opportunities Fund, and Vaughan Nelson Small Cap Value Fund (three of the funds constituting Natixis Funds Trust I), and Natixis Oakmark Fund and Vaughan Nelson Mid Cap Fund (two of the funds constituting Natixis Funds Trust II) (hereafter collectively referred to as the "Funds") as of December 31, 2024, the related statements of operations for the year ended December 31, 2024, the statements of changes in net assets for each of the two years in the period ended December 31, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (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 December 31, 2024, 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 December 31, 2024 and each of the financial highlights for each of the periods indicated therein, 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.
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 December 31, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Boston, Massachusetts
February 24, 2025
We have served as the auditor of one or more investment companies in Natixis Investment Company Complex since at least 1995. We have not been able to determine the specific year we began serving as auditor.
| 64

2024 U.S. Tax Distribution Information to Shareholders (Unaudited)
Corporate Dividends Received Deduction.For the fiscal year ended December 31, 2024, 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
International Growth Fund
6.06
%
Natixis Oakmark Fund
79.51
%
U.S. Equity Opportunities Fund
95.44
%
Mid Cap Fund
30.43
%
Small Cap Value Fund
100.00
%
Qualified Dividend Income.For the fiscal year ended December 31, 2024, 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 2024, complete information will be reported in conjunction with Form 1099-DIV. These percentages are noted below:
Fund
Qualifying
Percentage
International Growth Fund
100.00
%
Natixis Oakmark Fund
100.00
%
Natixis Oakmark International Fund
100.00
%
U.S. Equity Opportunities Fund
100.00
%
Mid Cap Fund
61.11
%
Small Cap Value Fund
100.00
%
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 fiscal year ended December 31, 2024.
Fund
Amount
Natixis Oakmark Fund
$42,123,904
U.S. Equity Opportunities Fund
63,750,868
Mid Cap Fund
23,138,210
Small Cap Value Fund
8,262,819
Foreign Tax Credit.For the year ended December 31, 2024, the Fund intends to pass through foreign tax credits and have derived gross income from sources within foreign countries amounting to:
Fund
Foreign-Tax
Credit Pass-Through
Foreign Source
Income
International Growth Fund
$37,411
$534,409
Natixis Oakmark International Fund
287,791
11,299,228
65 |

This Page Intentionally Left Blank

˃To learn more about Natixis Funds products and services:
Visit: im.natixis.comCall:800-225-5478
Before investing, consider the fund’s investment objectives, risks, charges, and expenses. Visit im.natixis.com or call 800-225-5478 for a prospectus or summary prospectus containing this and other information.
Contact us by mail:
If you wish to communicate with the funds’ Board of Trustees, you may do so by writing to:
Secretary of the Funds
Natixis Advisors, LLC
888 Boylston Street, Suite 800
Boston, MA 02199-8197
The correspondence must (a) be signed by the shareholder; (b) include the shareholder’s name and address; and (c) identify the fund(s), account number, share class, and number of shares held in that fund, as of a recent date.
Or by e-mail:
secretaryofthefunds@natixis.com (Communications regarding recommendations for Trustee candidates may not be submitted by e-mail.)
Please note:Unlike written correspondence, e-mail is not secure. Please do NOT include your account number, Social Security number, PIN, or any other non-public personal information in an e-mail communication because this information may be viewed by others.

Exp. 3/31/2026
EF58A-1224
This page is not part of the financial statements and other important information


Annual Financial Statements and Other Important Information
December 31, 2024
Gateway Fund
Gateway Equity Call Premium Fund
Mirova Global Green Bond Fund
Mirova Global Sustainable Equity Fund
Mirova International Sustainable Equity Fund
Table of Contents
1
16
42
55

Portfolio of Investments – as of December 31, 2024
Gateway Fund
Shares
Description
Value ()
Common Stocks — 97.9% of Net Assets
Aerospace & Defense — 1.5%
139,958
Boeing Co.(a)(b)
$24,772,566
118,138
General Electric Co.(a)
19,704,237
18,373
HEICO Corp.(a)
4,367,997
438,402
RTX Corp.(a)
50,731,880
 
99,576,680
Air Freight & Logistics — 0.4%
201,168
United Parcel Service, Inc., Class B(a)
25,367,285
Automobile Components — 0.0%
27,718
Autoliv, Inc.(a)
2,599,671
Automobiles — 2.4%
3,363
Ferrari NV(a)
1,428,737
1,177,143
Ford Motor Co.(a)
11,653,716
373,761
Tesla, Inc.(a)(b)
150,939,642
 
164,022,095
Banks — 3.8%
1,784,057
Bank of America Corp.(a)
78,409,305
541,029
JPMorgan Chase & Co.(a)
129,690,062
742,663
Wells Fargo & Co.(a)
52,164,649
 
260,264,016
Beverages — 1.0%
132,195
Celsius Holdings, Inc.(b)
3,482,016
359,308
Monster Beverage Corp.(a)(b)
18,885,228
295,093
PepsiCo, Inc.(a)
44,871,842
 
67,239,086
Biotechnology — 1.6%
277,976
AbbVie, Inc.(a)
49,396,335
3,104
Alnylam Pharmaceuticals, Inc.(a)(b)
730,402
108,157
Amgen, Inc.(a)
28,190,041
39,867
Biogen, Inc.(a)(b)
6,096,462
62,713
Vertex Pharmaceuticals, Inc.(a)(b)
25,254,525
 
109,667,765
Broadline Retail — 4.4%
1,346,055
Amazon.com, Inc.(a)(b)
295,311,006
2,538
MercadoLibre, Inc.(a)(b)
4,315,717
 
299,626,723
Building Products — 0.5%
355,196
Carrier Global Corp.(a)
24,245,679
17,766
Lennox International, Inc.(a)
10,824,824
 
35,070,503
Capital Markets — 2.1%
36,790
Brookfield Corp.(a)
2,113,585
295,252
Charles Schwab Corp.(a)
21,851,601
14,601
FactSet Research Systems, Inc.(a)
7,012,568
216,194
Intercontinental Exchange, Inc.(a)
32,215,068
414,283
Morgan Stanley(a)
52,083,659
41,804
MSCI, Inc.(a)
25,082,818
 
140,359,299
Chemicals — 1.1%
57,441
Ashland, Inc.(a)
4,104,734
224,684
Celanese Corp.(a)
15,550,380
275,737
Corteva, Inc.(a)
15,705,979
267,118
Dow, Inc.(a)
10,719,445
153,296
LyondellBasell Industries NV, Class A(a)
11,385,294
Shares
Description
Value (†)
Chemicals — continued
66,451
Olin Corp.(a)
$2,246,044
95,921
RPM International, Inc.(a)
11,804,038
 
71,515,914
Commercial Services & Supplies — 1.0%
421,728
Copart, Inc.(a)(b)
24,202,970
53,505
Waste Connections, Inc.(a)
9,180,388
185,672
Waste Management, Inc.(a)
37,466,753
 
70,850,111
Communications Equipment — 1.0%
34,762
Ciena Corp.(b)
2,948,165
1,032,554
Cisco Systems, Inc.(a)
61,127,197
594,492
Telefonaktiebolaget LM Ericsson, ADR(a)
4,791,606
 
68,866,968
Construction Materials — 0.3%
43,244
Martin Marietta Materials, Inc.(a)
22,335,526
Consumer Finance — 0.9%
106,655
Ally Financial, Inc.(a)
3,840,647
169,337
Discover Financial Services(a)
29,334,248
389,560
Synchrony Financial(a)
25,321,400
 
58,496,295
Consumer Staples Distribution & Retail — 2.1%
4,532
Casey's General Stores, Inc.(a)
1,795,715
68,104
Costco Wholesale Corp.(a)
62,401,652
111,016
Target Corp.(a)
15,007,143
56,881
U.S. Foods Holding Corp.(a)(b)
3,837,192
641,255
Walmart, Inc.(a)
57,937,389
 
140,979,091
Containers & Packaging — 0.3%
56,062
Avery Dennison Corp.(a)
10,490,882
21,506
Crown Holdings, Inc.(a)
1,778,331
148,521
Smurfit WestRock PLC(a)
7,999,341
 
20,268,554
Distributors — 0.2%
107,528
Genuine Parts Co.(a)
12,554,969
Diversified Consumer Services — 0.1%
67,454
Service Corp. International(a)
5,384,178
Diversified REITs — 0.0%
26,302
W.P. Carey, Inc.(a)
1,432,933
Diversified Telecommunication Services — 0.6%
1,914,669
AT&T, Inc.(a)
43,597,013
Electric Utilities — 0.8%
271,750
Alliant Energy Corp.(a)
16,071,295
373,580
American Electric Power Co., Inc.(a)
34,455,283
61,200
OGE Energy Corp.(a)
2,524,500
 
53,051,078
Electrical Equipment — 0.8%
118,720
Eaton Corp. PLC(a)
39,399,607
31,715
Hubbell, Inc.(a)
13,285,096
 
52,684,703
Electronic Equipment, Instruments & Components — 0.7%
97,069
CDW Corp.(a)
16,893,889
14,736
Coherent Corp.(a)(b)
1,395,941
330,536
Corning, Inc.(a)
15,707,071
See accompanying notes to financial statements.
1 |

Portfolio of Investments – as of December 31, 2024
Gateway Fund (continued)
Shares
Description
Value (†)
Electronic Equipment, Instruments & Components — continued
87,729
Flex Ltd.(a)(b)
$3,367,916
33,350
Zebra Technologies Corp., Class A(a)(b)
12,880,437
 
50,245,254
Energy Equipment & Services — 0.1%
346,392
Halliburton Co.(a)
9,418,398
Entertainment — 1.8%
79,556
Live Nation Entertainment, Inc.(a)(b)
10,302,502
75,624
Netflix, Inc.(a)(b)
67,405,184
7,128
Spotify Technology SA(a)(b)
3,188,925
370,307
Walt Disney Co.(a)
41,233,684
 
122,130,295
Financial Services — 4.2%
307,923
Berkshire Hathaway, Inc., Class B(a)(b)
139,575,338
300,793
PayPal Holdings, Inc.(a)(b)
25,672,683
52,794
Shift4 Payments, Inc., Class A(a)(b)
5,478,961
356,233
Visa, Inc., Class A(a)
112,583,877
34,671
Voya Financial, Inc.(a)
2,386,405
 
285,697,264
Food Products — 0.6%
61,781
Bunge Global SA(a)
4,804,090
575,934
Mondelez International, Inc., Class A(a)
34,400,538
 
39,204,628
Ground Transportation — 0.7%
88,899
Canadian Pacific Kansas City Ltd.(a)
6,433,621
836,812
CSX Corp.(a)
27,003,923
77,264
Old Dominion Freight Line, Inc.(a)
13,629,369
12,278
XPO, Inc.(a)(b)
1,610,260
 
48,677,173
Health Care Equipment & Supplies — 2.3%
413,711
Abbott Laboratories(a)
46,794,851
494,281
Boston Scientific Corp.(a)(b)
44,149,179
104,862
Intuitive Surgical, Inc.(a)(b)
54,733,769
45,637
STERIS PLC(a)
9,381,142
 
155,058,941
Health Care Providers & Services — 2.3%
298,880
CVS Health Corp.(a)
13,416,723
79,403
Elevance Health, Inc.(a)
29,291,767
72,906
HCA Healthcare, Inc.(a)
21,882,736
17,489
Molina Healthcare, Inc.(a)(b)
5,090,173
154,741
UnitedHealth Group, Inc.(a)
78,277,282
27,630
Universal Health Services, Inc., Class B(a)
4,957,375
 
152,916,056
Health Care Technology — 0.1%
35,149
Veeva Systems, Inc., Class A(a)(b)
7,390,077
Hotels, Restaurants & Leisure — 1.7%
7,251
Booking Holdings, Inc.(a)
36,026,013
6,766
DoorDash, Inc., Class A(a)(b)
1,134,997
140,501
Hilton Worldwide Holdings, Inc.(a)
34,726,227
139,336
McDonald's Corp.(a)
40,392,113
23,727
Restaurant Brands International, Inc.(a)
1,546,526
 
113,825,876
Household Durables — 0.4%
2,093
NVR, Inc.(a)(b)
17,118,438
103,093
Toll Brothers, Inc.(a)
12,984,563
 
30,103,001
Shares
Description
Value (†)
Household Products — 1.0%
413,582
Procter & Gamble Co.(a)
$69,337,022
Industrial Conglomerates — 0.7%
202,887
Honeywell International, Inc.(a)
45,830,144
Industrial REITs — 0.5%
310,637
Prologis, Inc.(a)
32,834,331
Insurance — 2.2%
367,972
Aflac, Inc.(a)
38,063,024
62,253
American Financial Group, Inc.(a)
8,524,303
91,119
Aon PLC, Class A(a)
32,726,300
147,374
Arthur J Gallagher & Co.(a)
41,832,110
66,655
Fidelity National Financial, Inc.(a)
3,742,012
3,155
Markel Group, Inc.(a)(b)
5,446,255
219,438
Unum Group(a)
16,025,557
 
146,359,561
Interactive Media & Services — 6.8%
294,204
Alphabet, Inc., Class A(a)
55,692,817
1,165,484
Alphabet, Inc., Class C(a)
221,954,773
315,137
Meta Platforms, Inc., Class A(a)
184,515,865
 
462,163,455
IT Services — 0.7%
80,442
Accenture PLC, Class A(a)
28,298,691
39,628
Shopify, Inc., Class A(a)(b)
4,213,645
29,848
Twilio, Inc., Class A(a)(b)
3,225,972
72,450
VeriSign, Inc.(a)(b)
14,994,252
 
50,732,560
Life Sciences Tools & Services — 0.8%
134,390
Agilent Technologies, Inc.(a)
18,053,953
41,843
Avantor, Inc.(a)(b)
881,632
18,602
ICON PLC(a)(b)
3,901,025
29,333
Illumina, Inc.(a)(b)
3,919,769
50,986
Thermo Fisher Scientific, Inc.(a)
26,524,447
 
53,280,826
Machinery — 2.2%
121,157
Caterpillar, Inc.(a)
43,950,913
74,195
Cummins, Inc.(a)
25,864,377
66,901
Deere & Co.(a)
28,345,954
56,430
Parker-Hannifin Corp.(a)
35,891,173
121,067
Pentair PLC(a)
12,184,183
 
146,236,600
Media — 0.3%
624,526
Comcast Corp., Class A(a)
23,438,461
Metals & Mining — 0.3%
185,347
Barrick Gold Corp.(a)
2,872,879
93,792
Southern Copper Corp.(a)
8,547,265
47,801
Steel Dynamics, Inc.(a)
5,452,660
 
16,872,804
Multi-Utilities — 1.4%
298,081
Ameren Corp.(a)
26,570,940
424,358
Consolidated Edison, Inc.(a)
37,865,464
356,991
WEC Energy Group, Inc.(a)
33,571,434
 
98,007,838
Oil, Gas & Consumable Fuels — 3.1%
45,031
Cheniere Energy, Inc.(a)
9,675,811
299,654
Chevron Corp.(a)
43,401,885
346,340
ConocoPhillips(a)
34,346,538
652,364
Exxon Mobil Corp.(a)
70,174,796
221,708
Occidental Petroleum Corp.(a)
10,954,592
See accompanying notes to financial statements.
| 2

Portfolio of Investments – as of December 31, 2024
Gateway Fund (continued)
Shares
Description
Value (†)
Oil, Gas & Consumable Fuels — continued
226,052
ONEOK, Inc.(a)
$22,695,621
115,966
Targa Resources Corp.(a)
20,699,931
 
211,949,174
Passenger Airlines — 0.1%
383,306
American Airlines Group, Inc.(b)
6,681,024
Pharmaceuticals — 3.1%
117,262
Eli Lilly & Co.(a)
90,526,264
397,525
Johnson & Johnson(a)
57,490,065
403,293
Merck & Co., Inc.(a)
40,119,588
965,573
Pfizer, Inc.(a)
25,616,652
 
213,752,569
Professional Services — 1.0%
141,064
Automatic Data Processing, Inc.(a)
41,293,665
4,628
Booz Allen Hamilton Holding Corp.(a)
595,624
160,547
Paychex, Inc.(a)
22,511,900
8,852
TransUnion(a)
820,669
 
65,221,858
Real Estate Management & Development — 0.1%
133,546
Zillow Group, Inc., Class C(a)(b)
9,889,081
Residential REITs — 0.1%
142,023
American Homes 4 Rent, Class A(a)
5,314,501
Semiconductors & Semiconductor Equipment — 11.3%
283,625
Advanced Micro Devices, Inc.(a)(b)
34,259,064
127,044
Analog Devices, Inc.(a)
26,991,768
664,278
Broadcom, Inc.(a)
154,006,212
705,566
Intel Corp.(a)
14,146,598
64,474
Marvell Technology, Inc.(a)
7,121,153
3,327,218
NVIDIA Corp.(a)
446,812,105
213,683
QUALCOMM, Inc.(a)
32,825,982
106,600
Teradyne, Inc.(a)
13,423,072
206,652
Texas Instruments, Inc.(a)
38,749,317
 
768,335,271
Software — 10.0%
89,414
Adobe, Inc.(a)(b)
39,760,618
21,526
Bill Holdings, Inc.(b)
1,823,467
84,383
Cadence Design Systems, Inc.(a)(b)
25,353,716
34,604
CrowdStrike Holdings, Inc., Class A(a)(b)
11,840,105
35,265
DocuSign, Inc.(b)
3,171,734
1,053,919
Microsoft Corp.(a)
444,226,859
299,186
Oracle Corp.(a)
49,856,355
78,604
Palo Alto Networks, Inc.(a)(b)
14,302,784
127,079
Salesforce, Inc.(a)
42,486,322
40,910
ServiceNow, Inc.(a)(b)
43,369,509
22,602
Workday, Inc., Class A(a)(b)
5,831,994
 
682,023,463
Shares
Description
Value (†)
Specialized REITs — 0.5%
216,391
CubeSmart(a)
$9,272,354
80,467
Extra Space Storage, Inc.(a)
12,037,863
71,131
SBA Communications Corp.(a)
14,496,498
 
35,806,715
Specialty Retail — 2.0%
16,918
Abercrombie & Fitch Co., Class A(b)
2,528,734
21,070
Dick's Sporting Goods, Inc.(a)
4,821,659
22,099
Five Below, Inc.(b)
2,319,511
195,258
Home Depot, Inc.(a)
75,953,409
165,081
Lowe's Cos., Inc.(a)
40,741,991
9,036
RH(b)
3,556,479
150,845
Valvoline, Inc.(a)(b)
5,457,572
 
135,379,355
Technology Hardware, Storage & Peripherals — 7.6%
2,044,981
Apple, Inc.(a)
512,104,142
38,399
Dell Technologies, Inc., Class C(a)
4,425,101
48,995
Pure Storage, Inc., Class A(b)
3,009,763
 
519,539,006
Textiles, Apparel & Luxury Goods — 0.2%
33,898
Lululemon Athletica, Inc.(a)(b)
12,962,934
Tobacco — 0.1%
254,479
British American Tobacco PLC, ADR(a)
9,242,677
Total Common Stocks
(Identified Cost $1,590,902,053)
6,661,668,649
Total Purchased Options — 1.0%
(Identified Cost $63,048,457) (see details below)
63,869,080
Principal
Amount
 
 
Short-Term Investments — 1.5%
$102,004,428
Tri-Party Repurchase Agreement with Fixed
Income Clearing Corporation, dated 12/31/2024
at 2.500% to be repurchased at $102,018,596 on
1/02/2025 collateralized by $102,756,100
U.S. Treasury Note, 4.125% due 2/15/2027 valued
at $104,044,613 including accrued interest
(Note 2 of Notes to Financial Statements)
(Identified Cost $102,004,428)
102,004,428
Total Investments — 100.4%
(Identified Cost $1,755,954,938)
6,827,542,157
Other assets less liabilities — (0.4)%
(25,026,913
)
Net Assets — 100.0%
$6,802,515,244
See accompanying notes to financial statements.
3 |

Portfolio of Investments – as of December 31, 2024
Gateway Fund (continued)
Purchased Options — 1.0%
Description
Expiration
Date
Exercise
Price
Contracts
Notional
Amount
Cost
Value ()
Index Options — 1.0%
S&P 500® Index, Put(b)
2/21/2025
5,500
1,600
$941,060,800
$7,863,200
$5,000,000
S&P 500® Index, Put(b)
2/21/2025
5,550
1,600
941,060,800
7,919,200
5,808,000
S&P 500® Index, Put(b)
2/21/2025
5,600
1,599
940,472,637
8,382,757
6,779,760
S&P 500® Index, Put(b)
3/21/2025
5,500
1,600
941,060,800
9,636,000
8,448,000
S&P 500® Index, Put(b)
3/21/2025
5,600
1,599
940,472,637
7,516,100
10,681,320
S&P 500® Index, Put(b)
3/21/2025
5,750
1,600
941,060,800
9,936,800
15,336,000
S&P 500® Index, Put(b)
3/31/2025
5,600
1,600
941,060,800
11,794,400
11,816,000
Total
$63,048,457
$63,869,080
Written Options — (0.4%)
Description
Expiration
Date
Exercise
Price
Contracts
Notional
Amount
Premiums
(Received)
Value ()
Index Options — (0.4%)
S&P 500® Index, Call
1/17/2025
6,200
(1,244
)
$(731,674,772
)
$(5,374,702
)
$(102,630
)
S&P 500® Index, Call
1/17/2025
6,250
(1,244
)
(731,674,772
)
(5,649,464
)
(49,760
)
S&P 500® Index, Call
2/21/2025
6,300
(1,245
)
(732,262,935
)
(6,753,565
)
(659,850
)
S&P 500® Index, Call
2/21/2025
6,350
(1,244
)
(731,674,772
)
(6,730,662
)
(388,750
)
S&P 500® Index, Call
2/28/2025
6,100
(1,244
)
(731,674,772
)
(5,389,630
)
(5,728,620
)
S&P 500® Index, Call
3/21/2025
6,050
(1,244
)
(731,674,772
)
(11,642,223
)
(11,090,260
)
S&P 500® Index, Call
3/21/2025
6,300
(1,244
)
(731,674,772
)
(10,825,910
)
(2,239,200
)
S&P 500® Index, Call
3/21/2025
6,350
(1,245
)
(732,262,935
)
(8,295,734
)
(1,525,125
)
S&P 500® Index, Call
3/31/2025
6,150
(1,244
)
(731,674,772
)
(7,760,694
)
(7,420,460
)
Total
$(68,422,584
)
$(29,204,655
)
()
See Note 2 of Notes to Financial Statements.
(a)
Security (or a portion thereof) has been pledged as collateral for
open derivative contracts.
(b)
Non-income producing security.
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.
REITs
Real Estate Investment Trusts
Industry Summary at December 31, 2024
Semiconductors & Semiconductor Equipment
11.3
%
Software
10.0
Technology Hardware, Storage & Peripherals
7.6
Interactive Media & Services
6.8
Broadline Retail
4.4
Financial Services
4.2
Banks
3.8
Pharmaceuticals
3.1
Oil, Gas & Consumable Fuels
3.1
Automobiles
2.4
Health Care Equipment & Supplies
2.3
Health Care Providers & Services
2.3
Insurance
2.2
Machinery
2.2
Consumer Staples Distribution & Retail
2.1
Capital Markets
2.1
Specialty Retail
2.0
Other Investments, less than 2% each
27.0
Short-Term Investments
1.5
Total Investments
100.4
Other assets less liabilities (including open written
options)
(0.4
)
Net Assets
100.0
%
See accompanying notes to financial statements.
| 4

Portfolio of Investments – as of December 31, 2024
Gateway Equity Call Premium Fund
Shares
Description
Value ()
Common Stocks — 98.4% of Net Assets
Aerospace & Defense — 1.9%
4,848
Boeing Co.(a)(b)
$858,096
7,956
General Electric Co.(a)
1,326,981
1,684
HEICO Corp.(a)
400,354
1,719
Lockheed Martin Corp.(a)
835,331
9,915
RTX Corp.(a)
1,147,364
 
4,568,126
Air Freight & Logistics — 0.2%
4,041
Expeditors International of Washington, Inc.(a)
447,622
3,162
GXO Logistics, Inc.(a)(b)
137,547
 
585,169
Automobile Components — 0.1%
11,070
Gentex Corp.(a)
318,041
Automobiles — 2.3%
265
Ferrari NV(a)
112,583
13,935
Tesla, Inc.(a)(b)
5,627,510
 
5,740,093
Banks — 3.5%
38,210
Bank of America Corp.(a)
1,679,329
4,456
East West Bancorp, Inc.(a)
426,707
18,818
Fifth Third Bancorp(a)
795,625
11,154
First Horizon Corp.(a)
224,642
5,126
ICICI Bank Ltd., ADR(a)
153,062
15,997
JPMorgan Chase & Co.(a)
3,834,641
21,813
Wells Fargo & Co.(a)
1,532,145
 
8,646,151
Beverages — 0.8%
5,077
Coca-Cola Europacific Partners PLC(a)
389,964
10,012
PepsiCo, Inc.(a)
1,522,425
 
1,912,389
Biotechnology — 1.7%
10,350
AbbVie, Inc.(a)
1,839,195
414
Alnylam Pharmaceuticals, Inc.(a)(b)
97,418
3,755
Amgen, Inc.(a)
978,703
3,493
BioMarin Pharmaceutical, Inc.(a)(b)
229,595
1,540
Exact Sciences Corp.(a)(b)
86,533
475
United Therapeutics Corp.(a)(b)
167,599
2,166
Vertex Pharmaceuticals, Inc.(a)(b)
872,248
 
4,271,291
Broadline Retail — 4.3%
943
Alibaba Group Holding Ltd., ADR
79,957
47,109
Amazon.com, Inc.(a)(b)
10,335,243
1,859
JD.com, Inc., ADR(a)
64,452
71
MercadoLibre, Inc.(a)(b)
120,731
 
10,600,383
Building Products — 0.3%
4,777
Fortune Brands Innovations, Inc.(a)
326,412
726
Lennox International, Inc.(a)
442,352
 
768,764
Capital Markets — 3.1%
13,575
Bank of New York Mellon Corp.(a)
1,042,967
1,635
BlackRock, Inc.(a)
1,676,055
5,300
Blackstone, Inc.(a)
913,826
3,658
Brookfield Asset Management Ltd., Class A(a)
198,227
7,473
Brookfield Corp.(a)
429,324
5,640
KKR & Co., Inc.(a)
834,212
416
LPL Financial Holdings, Inc.(a)
135,828
Shares
Description
Value (†)
Capital Markets — continued
9,992
Morgan Stanley(a)
$1,256,194
943
MSCI, Inc.(a)
565,810
4,691
Raymond James Financial, Inc.(a)
728,653
 
7,781,096
Chemicals — 1.4%
2,031
Air Products & Chemicals, Inc.(a)
589,071
3,979
Linde PLC(a)
1,665,888
4,865
Nutrien Ltd.(a)
217,709
5,057
PPG Industries, Inc.(a)
604,058
3,228
RPM International, Inc.(a)
397,238
 
3,473,964
Commercial Services & Supplies — 0.6%
2,989
Waste Connections, Inc.(a)
512,853
5,160
Waste Management, Inc.(a)
1,041,236
 
1,554,089
Communications Equipment — 0.9%
3,171
Ciena Corp.(a)(b)
268,933
28,522
Cisco Systems, Inc.(a)
1,688,502
41,521
Telefonaktiebolaget LM Ericsson, ADR(a)
334,659
 
2,292,094
Construction Materials — 0.3%
1,643
Martin Marietta Materials, Inc.(a)
848,610
Consumer Finance — 0.4%
4,898
Ally Financial, Inc.(a)
176,377
13,254
Synchrony Financial(a)
861,510
 
1,037,887
Consumer Staples Distribution & Retail — 2.2%
2,697
Costco Wholesale Corp.(a)
2,471,180
3,963
Target Corp.(a)
535,718
26,234
Walmart, Inc.(a)
2,370,242
 
5,377,140
Containers & Packaging — 0.1%
3,600
Crown Holdings, Inc.(a)
297,684
Diversified Consumer Services — 0.1%
2,315
Service Corp. International(a)
184,783
Diversified Telecommunication Services — 0.7%
70,134
AT&T, Inc.(a)
1,596,951
Electric Utilities — 1.3%
16,693
Alliant Energy Corp.(a)
987,224
9,709
American Electric Power Co., Inc.(a)
895,461
1,775
Constellation Energy Corp.(a)
397,085
22,397
OGE Energy Corp.(a)
923,877
 
3,203,647
Electrical Equipment — 0.9%
1,012
Acuity Brands, Inc.(a)
295,636
8,324
Emerson Electric Co.(a)
1,031,593
1,562
Hubbell, Inc.(a)
654,306
1,857
NEXTracker, Inc., Class A(a)(b)
67,836
4,249
Sensata Technologies Holding PLC(a)
116,423
 
2,165,794
Electronic Equipment, Instruments & Components — 0.4%
2,526
Arrow Electronics, Inc.(a)(b)
285,741
2,418
CDW Corp.(a)
420,829
7,429
Flex Ltd.(a)(b)
285,199
 
991,769
See accompanying notes to financial statements.
5 |

Portfolio of Investments – as of December 31, 2024
Gateway Equity Call Premium Fund (continued)
Shares
Description
Value (†)
Energy Equipment & Services — 0.0%
7,005
NOV, Inc.(a)
$102,273
Entertainment — 1.4%
2,001
Liberty Media Corp.-Liberty Formula One, Class
C(a)(b)
185,413
2,556
Netflix, Inc.(a)(b)
2,278,214
540
TKO Group Holdings, Inc.(b)
76,739
9,064
Walt Disney Co.(a)
1,009,276
 
3,549,642
Financial Services — 4.5%
10,874
Berkshire Hathaway, Inc., Class B(a)(b)
4,928,967
1,242
Block, Inc.(a)(b)
105,557
5,424
Mastercard, Inc., Class A(a)
2,856,116
10,032
Visa, Inc., Class A(a)
3,170,513
 
11,061,153
Food Products — 0.5%
2,045
Ingredion, Inc.(a)
281,310
7,452
Kellanova(a)
603,389
2,313
Post Holdings, Inc.(a)(b)
264,746
 
1,149,445
Ground Transportation — 0.7%
1,863
Canadian National Railway Co.(a)
189,113
2,342
Canadian Pacific Kansas City Ltd.(a)
169,491
2,235
J.B. Hunt Transport Services, Inc.(a)
381,425
12,736
Uber Technologies, Inc.(a)(b)
768,235
1,248
XPO, Inc.(a)(b)
163,675
 
1,671,939
Health Care Equipment & Supplies — 1.9%
11,497
Abbott Laboratories(a)
1,300,426
4,236
Alcon AG(a)
359,594
6,404
Edwards Lifesciences Corp.(a)(b)
474,088
1,054
IDEXX Laboratories, Inc.(a)(b)
435,766
12,288
Medtronic PLC(a)
981,565
1,616
ResMed, Inc.(a)
369,563
1,802
Teleflex, Inc.(a)
320,720
4,383
Zimmer Biomet Holdings, Inc.(a)
462,976
 
4,704,698
Health Care Providers & Services — 1.7%
2,142
Cigna Group(a)
591,492
2,175
Elevance Health, Inc.(a)
802,358
1,852
Labcorp Holdings, Inc.(a)
424,701
4,925
UnitedHealth Group, Inc.(a)
2,491,360
 
4,309,911
Health Care Technology — 0.1%
668
Veeva Systems, Inc., Class A(a)(b)
140,447
Hotels, Restaurants & Leisure — 2.0%
277
Booking Holdings, Inc.(a)
1,376,252
4,186
Hilton Worldwide Holdings, Inc.(a)
1,034,612
4,334
McDonald's Corp.(a)
1,256,383
2,383
Restaurant Brands International, Inc.(a)
155,324
7,630
Starbucks Corp.(a)
696,237
1,224
Trip.com Group Ltd., ADR(a)(b)
84,040
1,164
Vail Resorts, Inc.(a)
218,192
 
4,821,040
Household Durables — 0.5%
6,602
PulteGroup, Inc.(a)
718,958
3,406
Toll Brothers, Inc.(a)
428,985
 
1,147,943
Shares
Description
Value (†)
Household Products — 1.3%
2,467
Clorox Co.(a)
$400,665
16,538
Procter & Gamble Co.(a)
2,772,596
 
3,173,261
Industrial REITs — 0.5%
11,363
Prologis, Inc.(a)
1,201,069
Insurance — 2.3%
5,620
Arch Capital Group Ltd.(a)
519,007
4,569
Cincinnati Financial Corp.(a)
656,565
12,601
Hartford Financial Services Group, Inc.(a)
1,378,550
12,515
Manulife Financial Corp.(a)
384,336
226
Markel Group, Inc.(a)(b)
390,128
7,280
Prudential Financial, Inc.(a)
862,898
911
RenaissanceRe Holdings Ltd.(a)
226,666
13,569
W.R. Berkley Corp.(a)
794,058
1,872
Willis Towers Watson PLC(a)
586,385
 
5,798,593
Interactive Media & Services — 6.8%
23,463
Alphabet, Inc., Class A(a)
4,441,546
30,196
Alphabet, Inc., Class C(a)
5,750,526
859
Baidu, Inc., ADR(b)
72,422
11,430
Meta Platforms, Inc., Class A(a)
6,692,380
 
16,956,874
IT Services — 0.8%
4,145
Accenture PLC, Class A(a)
1,458,170
1,866
Amdocs Ltd.(a)
158,871
1,283
Shopify, Inc., Class A(a)(b)
136,421
2,307
Twilio, Inc., Class A(a)(b)
249,341
 
2,002,803
Leisure Products — 0.1%
2,342
Brunswick Corp.(a)
151,481
2,026
Polaris, Inc.(a)
116,738
 
268,219
Life Sciences Tools & Services — 1.1%
9,551
Avantor, Inc.(a)(b)
201,240
824
Bio-Rad Laboratories, Inc., Class A(a)(b)
270,692
809
ICON PLC(a)(b)
169,655
2,901
Thermo Fisher Scientific, Inc.(a)
1,509,187
1,470
Waters Corp.(a)(b)
545,341
 
2,696,115
Machinery — 1.6%
2,770
AGCO Corp.(a)
258,940
4,067
Caterpillar, Inc.(a)
1,475,345
2,064
Cummins, Inc.(a)
719,511
1,759
Deere & Co.(a)
745,288
8,812
Otis Worldwide Corp.(a)
816,079
 
4,015,163
Media — 0.2%
14,896
Interpublic Group of Cos., Inc.(a)
417,386
2,118
Liberty Broadband Corp., Class C(a)(b)
158,342
 
575,728
Metals & Mining — 0.4%
3,979
Alcoa Corp.(a)
150,327
14,550
Barrick Gold Corp.(a)
225,525
537
Reliance, Inc.(a)
144,593
4,015
Rio Tinto PLC, ADR(a)
236,122
See accompanying notes to financial statements.
| 6

Portfolio of Investments – as of December 31, 2024
Gateway Equity Call Premium Fund (continued)
Shares
Description
Value (†)
Metals & Mining — continued
2,096
Southern Copper Corp.(a)
$191,008
8,196
Vale SA, ADR(a)
72,698
 
1,020,273
Multi-Utilities — 1.1%
13,281
Ameren Corp.(a)
1,183,868
23,753
CMS Energy Corp.(a)
1,583,138
 
2,767,006
Oil, Gas & Consumable Fuels — 3.0%
6,928
Canadian Natural Resources Ltd.(a)
213,867
11,222
Cenovus Energy, Inc.(a)
170,013
1,244
Cheniere Energy, Inc.(a)
267,298
8,919
Chevron Corp.(a)
1,291,828
8,496
ConocoPhillips(a)
842,548
3,390
Enbridge, Inc.(a)
143,838
24,945
Exxon Mobil Corp.(a)
2,683,334
5,569
HF Sinclair Corp.(a)
195,194
1,124
Ovintiv, Inc.(a)
45,522
1,099
South Bow Corp.
25,904
5,430
Suncor Energy, Inc.(a)
193,742
6,468
Targa Resources Corp.(a)
1,154,538
4,411
TC Energy Corp.(a)
205,244
 
7,432,870
Passenger Airlines — 0.2%
8,680
Delta Air Lines, Inc.(a)
525,140
Personal Care Products — 0.1%
2,246
BellRing Brands, Inc.(a)(b)
169,214
Pharmaceuticals — 2.9%
1,417
AstraZeneca PLC, ADR(a)
92,842
4,265
Eli Lilly & Co.(a)
3,292,580
999
Jazz Pharmaceuticals PLC(a)(b)
123,027
13,515
Johnson & Johnson(a)
1,954,539
15,124
Merck & Co., Inc.(a)
1,504,535
592
Novartis AG, ADR(a)
57,608
9,688
Teva Pharmaceutical Industries Ltd., ADR(a)(b)
213,524
 
7,238,655
Professional Services — 0.7%
1,986
Booz Allen Hamilton Holding Corp.(a)
255,598
3,378
Leidos Holdings, Inc.(a)
486,635
1,650
SS&C Technologies Holdings, Inc.(a)
125,037
1,196
TransUnion(a)
110,881
2,855
Verisk Analytics, Inc.(a)
786,353
 
1,764,504
Real Estate Management & Development — 0.1%
913
Jones Lang LaSalle, Inc.(a)(b)
231,117
Residential REITs — 0.3%
23,166
Invitation Homes, Inc.(a)
740,617
Retail REITs — 0.5%
8,220
NNN REIT, Inc.(a)
335,787
18,674
Realty Income Corp.(a)
997,378
 
1,333,165
Semiconductors & Semiconductor Equipment — 11.3%
9,858
Advanced Micro Devices, Inc.(a)(b)
1,190,748
6,951
Applied Materials, Inc.(a)
1,130,441
280
ASML Holding NV(a)
194,063
24,375
Broadcom, Inc.(a)
5,651,100
2,258
Marvell Technology, Inc.(a)
249,396
7,155
Micron Technology, Inc.(a)
602,165
Shares
Description
Value (†)
Semiconductors & Semiconductor Equipment — continued
122,694
NVIDIA Corp.(a)
$16,476,577
7,548
QUALCOMM, Inc.(a)
1,159,524
596
Taiwan Semiconductor Manufacturing Co. Ltd.,
ADR(a)
117,704
6,375
Texas Instruments, Inc.(a)
1,195,376
 
27,967,094
Software — 10.6%
2,509
Adobe, Inc.(a)(b)
1,115,702
1,268
Check Point Software Technologies Ltd.(a)(b)
236,736
5,170
Fortinet, Inc.(a)(b)
488,462
1,915
Intuit, Inc.(a)
1,203,577
37,443
Microsoft Corp.(a)
15,782,224
9,462
Oracle Corp.(a)
1,576,748
9,924
Palantir Technologies, Inc., Class A(a)(b)
750,552
6,786
Palo Alto Networks, Inc.(a)(b)
1,234,780
5,802
Salesforce, Inc.(a)
1,939,783
589
SAP SE, ADR(a)
145,018
1,429
ServiceNow, Inc.(a)(b)
1,514,911
1,002
Workday, Inc., Class A(a)(b)
258,546
1,329
Zoom Communications, Inc.(a)(b)
108,460
 
26,355,499
Specialized REITs — 0.7%
12,462
CubeSmart(a)
533,997
8,822
Gaming & Leisure Properties, Inc.(a)
424,867
3,585
SBA Communications Corp.(a)
730,623
 
1,689,487
Specialty Retail — 1.6%
626
Burlington Stores, Inc.(a)(b)
178,447
933
Dick's Sporting Goods, Inc.(a)
213,508
3,903
Gap, Inc.(a)
92,228
5,711
Home Depot, Inc.(a)
2,221,522
4,692
Lowe's Cos., Inc.(a)
1,157,986
1,040
Williams-Sonoma, Inc.(a)
192,587
 
4,056,278
Technology Hardware, Storage & Peripherals — 7.8%
75,980
Apple, Inc.(a)
19,026,912
2,534
Dell Technologies, Inc., Class C(a)
292,018
 
19,318,930
Textiles, Apparel & Luxury Goods — 0.4%
9,106
NIKE, Inc., Class B(a)
689,051
2,457
Skechers USA, Inc., Class A(a)(b)
165,209
 
854,260
Tobacco — 0.8%
10,975
British American Tobacco PLC, ADR(a)
398,612
12,915
Philip Morris International, Inc.(a)
1,554,320
 
1,952,932
Trading Companies & Distributors — 0.2%
1,842
Ferguson Enterprises, Inc.(a)
319,716
506
Watsco, Inc.(a)
239,788
 
559,504
Wireless Telecommunication Services — 0.2%
11,773
America Movil SAB de CV, ADR(a)
168,471
22,530
Vodafone Group PLC, ADR(a)
191,280
 
359,751
Total Common Stocks
(Identified Cost $126,221,285)
243,898,527
See accompanying notes to financial statements.
7 |

Portfolio of Investments – as of December 31, 2024
Gateway Equity Call Premium Fund (continued)
Principal
Amount
Description
Value (†)
Short-Term Investments — 1.8%
$4,566,625
Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 12/31/2024at 2.500% to
be repurchased at $4,567,259 on 1/02/2025
collateralized by $4,600,300 U.S. Treasury Note,
4.125% due 2/15/2027 valued at $4,658,010 including
accrued interest (Note 2 of Notes to Financial
Statements)
(Identified Cost $4,566,625)
$4,566,625
Total Investments — 100.2%
(Identified Cost $130,787,910)
248,465,152
Other assets less liabilities — (0.2)%
(536,807
)
Net Assets — 100.0%
$247,928,345
Written Options — (0.5%)
Description
Expiration
Date
Exercise
Price
Contracts
Notional
Amount
Premiums
(Received)
Value ()
Index Options — (0.5%)
S&P 500® Index, Call
1/17/2025
6,100
(46
)
$(27,055,498
)
$(319,849
)
$(21,620
)
S&P 500® Index, Call
1/17/2025
6,200
(46
)
(27,055,498
)
(202,618
)
(3,795
)
S&P 500® Index, Call
1/17/2025
6,250
(45
)
(26,467,335
)
(218,713
)
(1,800
)
S&P 500® Index, Call
1/31/2025
5,950
(46
)
(27,055,498
)
(339,811
)
(325,220
)
S&P 500® Index, Call
2/21/2025
6,000
(45
)
(26,467,335
)
(342,373
)
(344,520
)
S&P 500® Index, Call
2/21/2025
6,350
(46
)
(27,055,498
)
(248,883
)
(14,375
)
S&P 500® Index, Call
3/21/2025
6,050
(45
)
(26,467,335
)
(421,141
)
(401,175
)
S&P 500® Index, Call
3/21/2025
6,300
(46
)
(27,055,498
)
(400,315
)
(82,800
)
S&P 500® Index, Call
3/21/2025
6,350
(46
)
(27,055,498
)
(306,509
)
(56,350
)
Total
$(2,800,212
)
$(1,251,655
)
()
See Note 2 of Notes to Financial Statements.
(a)
Security (or a portion thereof) has been pledged as collateral for
open derivative contracts.
(b)
Non-income producing security.
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.
REITs
Real Estate Investment Trusts
Industry Summary at December 31, 2024
Semiconductors & Semiconductor Equipment
11.3
%
Software
10.6
Technology Hardware, Storage & Peripherals
7.8
Interactive Media & Services
6.8
Financial Services
4.5
Broadline Retail
4.3
Banks
3.5
Capital Markets
3.1
Oil, Gas & Consumable Fuels
3.0
Pharmaceuticals
2.9
Insurance
2.3
Automobiles
2.3
Consumer Staples Distribution & Retail
2.2
Hotels, Restaurants & Leisure
2.0
Other Investments, less than 2% each
31.8
Short-Term Investments
1.8
Total Investments
100.2
Other assets less liabilities (including open written
options)
(0.2
)
Net Assets
100.0
%
See accompanying notes to financial statements.
| 8

Portfolio of Investments – as of December 31, 2024
Mirova Global Green Bond Fund
Principal
Amount()
Description
Value ()
Bonds and Notes — 91.9% of Net Assets
Canada — 0.1%
50,000
Province of Quebec, 2.600%, 7/06/2025, (CAD)
$34,706
Chile — 1.9%
500,000
Chile Government International Bonds,
1.250%, 1/29/2040, (EUR)
365,857
500,000
Chile Government International Bonds,
3.500%, 1/25/2050
344,340
 
710,197
Denmark — 3.0%
500,000
Orsted AS, 1.500%, 11/26/2029, (EUR)
480,317
200,000
Orsted AS, (fixed rate to 9/09/2027, variable rate
thereafter), 1.750%, 12/31/2099, (EUR)
194,838
500,000
Vestas Wind Systems Finance BV, EMTN,
1.500%, 6/15/2029, (EUR)
480,840
 
1,155,995
Finland — 0.5%
200,000
VR-Yhtymae OYJ, 2.375%, 5/30/2029, (EUR)
201,129
France — 6.6%
400,000
Altarea SCA, 1.750%, 1/16/2030, (EUR)
361,812
400,000
Banque Stellantis France SACA, EMTN,
3.875%, 1/19/2026, (EUR)
417,936
400,000
Cie de Saint-Gobain SA, EMTN, 2.125%, 6/10/2028,
(EUR)
405,334
200,000
Covivio SA, 1.125%, 9/17/2031, (EUR)
180,147
400,000
Credit Mutuel Arkea SA, EMTN, 4.250%, 12/01/2032,
(EUR)
432,925
300,000
ICADE, 1.500%, 9/13/2027, (EUR)
298,015
600,000
Societe Des Grands Projets EPIC, EMTN,
1.700%, 5/25/2050, (EUR)
409,720
 
2,505,889
Germany — 13.8%
3,500,000
Bundesrepublik Deutschland Bundesanleihe, Zero
Coupon, 2.296%–2.788%, 8/15/2030, (EUR)(a)
3,229,072
2,800,000
Bundesrepublik Deutschland Bundesanleihe, Zero
Coupon, 1.719%–3.065%, 8/15/2050, (EUR)(a)
1,519,814
500,000
EnBW Energie Baden-Wuerttemberg AG, (fixed rate
to 3/30/2026, variable rate thereafter),
1.875%, 6/29/2080, (EUR)
505,148
 
5,254,034
Hungary — 1.1%
500,000
Hungary Government International Bonds,
1.750%, 6/05/2035, (EUR)
409,161
Ireland — 0.7%
300,000
ESB Finance DAC, EMTN, 1.000%, 7/19/2034, (EUR)
250,730
Italy — 10.4%
400,000
A2A SpA, EMTN, 1.000%, 7/16/2029, (EUR)
381,415
400,000
Cassa Depositi e Prestiti SpA, 3.875%, 2/13/2029,
(EUR)
427,847
300,000
ERG SpA, EMTN, 0.500%, 9/11/2027, (EUR)
291,459
600,000
Generali, EMTN, 2.124%, 10/01/2030, (EUR)
585,773
400,000
Hera SpA, EMTN, 2.500%, 5/25/2029, (EUR)
406,980
1,300,000
Italy Buoni Poliennali Del Tesoro, 1.500%, 4/30/2045,
(EUR)
905,691
600,000
Italy Buoni Poliennali Del Tesoro, 4.000%, 10/30/2031,
(EUR)
657,680
300,000
Terna - Rete Elettrica Nazionale, EMTN,
3.875%, 7/24/2033, (EUR)
320,845
 
3,977,690
Principal
Amount(‡)
Description
Value (†)
Japan — 2.3%
$500,000
Denso Corp., 1.239%, 9/16/2026
$471,339
400,000
Mizuho Financial Group, Inc., EMTN,
3.490%, 9/05/2027, (EUR)
421,484
 
892,823
Korea — 1.8%
400,000
Kookmin Bank, GMTN, 4.500%, 2/01/2029
386,714
300,000
Korea International Bonds, Zero Coupon,
0.000%, 10/15/2026, (EUR)(b)
296,211
 
682,925
Mexico — 2.1%
800,000
Mexico Government International Bonds,
1.350%, 9/18/2027, (EUR)
790,367
Netherlands — 8.0%
300,000
Alliander NV, EMTN, 2.625%, 9/09/2027, (EUR)
311,147
400,000
CTP NV, EMTN, 2.125%, 10/01/2025, (EUR)
411,334
400,000
de Volksbank NV, EMTN, 0.375%, 3/03/2028, (EUR)
378,491
600,000
de Volksbank NV, EMTN, (fixed rate to 7/22/2025,
variable rate thereafter), 1.750%, 10/22/2030, (EUR)
615,117
300,000
Enexis Holding NV, EMTN, 3.625%, 6/12/2034, (EUR)
319,456
500,000
Koninklijke Philips NV, EMTN, 2.125%, 11/05/2029,
(EUR)
498,497
300,000
Stedin Holding NV, EMTN, 2.375%, 6/03/2030, (EUR)
300,247
150,000
TenneT Holding BV, EMTN, 1.250%, 10/24/2033, (EUR)
131,218
100,000
TenneT Holding BV, EMTN, 1.875%, 6/13/2036, (EUR)
89,627
 
3,055,134
Norway — 0.8%
300,000
Statkraft AS, EMTN, 2.875%, 9/13/2029, (EUR)
311,174
Portugal — 2.1%
400,000
EDP Finance BV, EMTN, 3.875%, 3/11/2030, (EUR)
428,187
400,000
Ren Finance BV, EMTN, 0.500%, 4/16/2029, (EUR)
370,648
 
798,835
Singapore — 1.3%
500,000
Vena Energy Capital Pte. Ltd., EMTN,
3.133%, 2/26/2025
498,310
Spain — 6.6%
400,000
Banco Bilbao Vizcaya Argentaria SA,
1.000%, 6/21/2026, (EUR)
403,894
300,000
Banco Bilbao Vizcaya Argentaria SA, GMTN,
4.375%, 10/14/2029, (EUR)
331,109
500,000
Bankinter SA, 0.625%, 10/06/2027, (EUR)
488,693
400,000
Iberdrola Finanzas SA, EMTN, 1.375%, 3/11/2032,
(EUR)
368,024
900,000
Spain Government Bonds, 1.000%, 7/30/2042, (EUR)
633,344
300,000
Telefonica Europe BV, (fixed rate to 2/05/2027,
variable rate thereafter), 2.502%, (EUR)(c)
302,545
 
2,527,609
Supranationals — 5.0%
2,000,000
European Investment Bank, 2.375%, 5/24/2027
1,908,360
Sweden — 3.4%
400,000
SKF AB, 3.125%, 9/14/2028, (EUR)
417,976
500,000
Vattenfall AB, EMTN, 0.125%, 2/12/2029, (EUR)
465,993
400,000
Volvo Car AB, EMTN, 2.500%, 10/07/2027, (EUR)
405,108
 
1,289,077
United Kingdom — 9.4%
500,000
Anglian Water Services Financing PLC, EMTN,
1.625%, 8/10/2025, (GBP)
611,458
500,000
DS Smith PLC, EMTN, 4.375%, 7/27/2027, (EUR)
535,239
See accompanying notes to financial statements.
9 |

Portfolio of Investments – as of December 31, 2024
Mirova Global Green Bond Fund (continued)
Principal
Amount(‡)
Description
Value (†)
United Kingdom — continued
100,000
Severn Trent Utilities Finance PLC, EMTN,
5.250%, 4/04/2036, (GBP)
$121,271
500,000
SSE PLC, EMTN, 1.375%, 9/04/2027, (EUR)
502,028
300,000
SSE PLC, EMTN, 2.875%, 8/01/2029, (EUR)
310,179
1,300,000
U.K. Gilts, 0.875%, 7/31/2033, (GBP)
1,211,426
500,000
U.K. Gilts, 1.500%, 7/31/2053, (GBP)
291,302
 
3,582,903
United States — 11.0%
600,000
Digital Dutch Finco BV, 1.500%, 3/15/2030, (EUR)
567,128
300,000
Digital Intrepid Holding BV, 0.625%, 7/15/2031, (EUR)
259,118
200,000
DTE Electric Co., 3.950%, 3/01/2049
155,904
400,000
Ford Motor Co., 3.250%, 2/12/2032
332,681
500,000
General Motors Co., 5.400%, 10/15/2029
503,426
200,000
Johnson Controls International PLC,
4.250%, 5/23/2035, (EUR)
220,786
400,000
Southern Power Co., 4.150%, 12/01/2025
398,071
300,000
Stellantis NV, EMTN, 4.375%, 3/14/2030, (EUR)
323,743
200,000
Thermo Fisher Scientific, Inc., 4.100%, 8/15/2047
162,264
700,000
Verizon Communications, Inc., 3.875%, 2/08/2029
675,156
600,000
Wabtec Transportation Netherlands BV,
1.250%, 12/03/2027, (EUR)
591,395
 
4,189,672
Total Bonds and Notes
(Identified Cost $38,727,405)
35,026,720
Short-Term Investments — 0.4%
137,761
Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 12/31/2024at 2.500% to
be repurchased at $137,780 on 1/02/2025
collateralized by $138,800 U.S. Treasury Note, 4.125%
due 2/15/2027 valued at $140,565 including accrued
interest (Note 2 of Notes to Financial Statements)
(Identified Cost $137,761)
137,761
Total Investments — 92.3%
(Identified Cost $38,865,166)
35,164,481
Other assets less liabilities — 7.7%
2,932,197
Net Assets — 100.0%
$38,096,678
()
See Note 2 of Notes to Financial Statements.
()
Principal Amount stated in U.S. dollars unless otherwise noted.
(a)
Interest rate represents annualized yield at time of purchase; not a
coupon rate. The Fund’s investment in this security is comprised of
various lots with differing annualized yields.
(b)
Interest rate represents annualized yield at time of purchase; not a
coupon rate.
(c)
Perpetual bond with no specified maturity date.
EMTN
Euro Medium Term Note
GMTN
Global Medium Term Note
CAD
Canadian Dollar
EUR
Euro
GBP
British Pound
At December 31, 2024, the Fund had the following open long futures contracts:
Financial Futures
Expiration
Date
Contracts
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
CBOT 10 Year U.S. Treasury Notes Futures
3/20/2025
10
$1,105,078
$1,087,500
$(17,578
)
Eurex 10 Year Euro BUND Futures
3/06/2025
5
708,470
691,119
(17,351
)
Eurex 30 Year Euro BUXL Futures
3/06/2025
5
731,103
687,183
(43,920
)
Eurex 5 Year Euro BOBL Futures
3/06/2025
5
617,573
610,426
(7,147
)
Montreal Exchange 10 Year Canadian Bond Futures
3/20/2025
7
593,815
597,078
3,263
Total
$(82,733
)
At December 31, 2024, the Fund had the following open short futures contracts:
Financial Futures
Expiration
Date
Contracts
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
CME British Pound Currency Futures
3/17/2025
32
$2,518,900
$2,500,600
$18,300
See accompanying notes to financial statements.
| 10

Portfolio of Investments – as of December 31, 2024
Mirova Global Green Bond Fund (continued)
Financial Futures
Expiration
Date
Contracts
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
CME Canadian Dollar Currency Futures
3/18/2025
4
$285,720
$278,900
$6,820
CME Euro Foreign Exchange Currency Futures
3/17/2025
192
25,360,800
24,932,400
428,400
Total
$453,520
Investment Summary at December 31, 2024
Government National
28.1
%
Utility-Electric
15.6
Industrial
15.3
Bank
9.0
Financial
8.1
Supra-National
5.0
Special Purpose
4.6
Telephone
2.6
Other Investments, less than 2% each
3.6
Short-Term Investments
0.4
Total Investments
92.3
Other assets less liabilities (including futures contracts)
7.7
Net Assets
100.0
%
Currency Exposure Summary at December 31, 2024
Euro
70.7
%
United States Dollar
15.6
British Pound
5.9
Canadian Dollar
0.1
Total Investments
92.3
Other assets less liabilities (including futures contracts)
7.7
Net Assets
100.0
%
See accompanying notes to financial statements.
11 |

Portfolio of Investments – as of December 31, 2024
Mirova Global Sustainable Equity Fund
Shares
Description
Value ()
Common Stocks — 98.1% of Net Assets
Belgium — 1.0%
122,526
KBC Group NV
$9,460,138
Canada — 3.0%
172,323
Canadian Pacific Kansas City Ltd.
12,471,015
162,048
Shopify, Inc., Class A(a)
17,230,564
 
29,701,579
Denmark — 3.4%
309,212
Novo Nordisk AS, Class B
26,679,377
442,431
Vestas Wind Systems AS(a)
6,068,780
 
32,748,157
France — 3.7%
74,220
Air Liquide SA
12,065,179
429,120
Credit Agricole SA
5,904,484
74,447
EssilorLuxottica SA
18,159,841
 
36,129,504
Germany — 4.0%
87,320
SAP SE
21,478,458
167,410
Symrise AG
17,858,055
 
39,336,513
Hong Kong — 1.0%
1,309,011
AIA Group Ltd.
9,402,444
Ireland — 2.1%
58,017
Accenture PLC, Class A
20,409,800
Japan — 3.1%
682,203
Sekisui House Ltd.
16,266,524
718,176
Terumo Corp.
13,864,912
 
30,131,436
Jersey — 1.3%
213,564
Aptiv PLC(a)
12,916,351
Netherlands — 3.7%
14,366
Adyen NV(a)
21,348,995
21,377
ASML Holding NV
14,973,182
 
36,322,177
Spain — 2.9%
2,053,134
Iberdrola SA
28,292,633
Taiwan — 3.2%
156,579
Taiwan Semiconductor Manufacturing Co. Ltd.,
ADR
30,922,787
United Kingdom — 3.8%
63,075
AstraZeneca PLC
8,223,693
3,552,990
Legal & General Group PLC
10,201,788
205,830
RELX PLC
9,325,943
155,821
Unilever PLC
8,876,210
 
36,627,634
United States — 61.9%
33,551
Advanced Drainage Systems, Inc.
3,878,496
92,541
AGCO Corp.
8,650,733
128,503
American Water Works Co., Inc.
15,997,338
233,064
Ball Corp.
12,848,818
111,185
Danaher Corp.
25,522,517
546,811
eBay, Inc.
33,874,941
154,564
Ecolab, Inc.
36,217,436
150,054
Edwards Lifesciences Corp.(a)
11,108,498
47,639
Eli Lilly & Co.
36,777,308
45,864
Enphase Energy, Inc.(a)
3,149,940
51,124
First Solar, Inc.(a)
9,010,094
Shares
Description
Value (†)
United States — continued
31,712
Intuitive Surgical, Inc.(a)
$16,552,395
95,983
Mastercard, Inc., Class A
50,541,768
127,433
Microsoft Corp.
53,713,009
316,468
NextEra Energy, Inc.
22,687,591
424,157
NVIDIA Corp.
56,960,044
134,906
Palo Alto Networks, Inc.(a)
24,547,496
55,479
Roper Technologies, Inc.
28,840,758
51,026
Salesforce, Inc.
17,059,523
217,776
Smurfit WestRock PLC
11,747,221
63,419
Thermo Fisher Scientific, Inc.
32,992,466
81,214
TJX Cos., Inc.
9,811,463
83,277
Veralto Corp.
8,481,762
63,452
Visa, Inc., Class A
20,053,370
115,643
Waste Management, Inc.
23,335,601
56,117
Watts Water Technologies, Inc., Class A
11,408,586
149,488
Xylem, Inc.
17,343,598
 
603,112,770
Total Common Stocks
(Identified Cost $806,215,212)
955,513,923
Principal
Amount
 
 
Short-Term Investments — 0.9%
$9,038,611
Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 12/31/2024at 2.500% to
be repurchased at $9,039,866 on 1/02/2025
collateralized by $9,105,300 U.S. Treasury Note,
4.125% due 2/15/2027 valued at $9,219,561 including
accrued interest (Note 2 of Notes to Financial
Statements)
(Identified Cost $9,038,611)
9,038,611
Total Investments — 99.0%
(Identified Cost $815,253,823)
964,552,534
Other assets less liabilities — 1.0%
9,549,199
Net Assets — 100.0%
$974,101,733
()
See Note 2 of Notes to Financial Statements.
(a)
Non-income producing security.
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.
See accompanying notes to financial statements.
| 12

Portfolio of Investments – as of December 31, 2024
Mirova Global Sustainable Equity Fund (continued)
Industry Summary at December 31, 2024
Software
15.0
%
Semiconductors & Semiconductor Equipment
11.7
Financial Services
9.5
Pharmaceuticals
7.4
Chemicals
6.7
Health Care Equipment & Supplies
6.1
Life Sciences Tools & Services
6.0
Electric Utilities
5.2
Machinery
3.9
IT Services
3.8
Broadline Retail
3.5
Commercial Services & Supplies
3.3
Containers & Packaging
2.5
Insurance
2.1
Other Investments, less than 2% each
11.4
Short-Term Investments
0.9
Total Investments
99.0
Other assets less liabilities
1.0
Net Assets
100.0
%
Currency Exposure Summary at December 31, 2024
United States Dollar
71.2
%
Euro
16.2
British Pound
4.1
Danish Krone
3.4
Japanese Yen
3.1
Hong Kong Dollar
1.0
Total Investments
99.0
Other assets less liabilities
1.0
Net Assets
100.0
%
See accompanying notes to financial statements.
13 |

Portfolio of Investments – as of December 31, 2024
Mirova International Sustainable Equity Fund
Shares
Description
Value ()
Common Stocks — 96.9% of Net Assets
Australia — 1.2%
64,932
Stockland
$192,591
Belgium — 5.0%
10,586
KBC Group NV
817,337
Canada — 5.3%
4,104
Canadian Pacific Kansas City Ltd.
297,007
5,376
Shopify, Inc., Class A(a)
571,630
 
868,637
Denmark — 5.3%
6,716
Novo Nordisk AS, Class B
579,469
21,215
Vestas Wind Systems AS(a)
291,004
 
870,473
France — 13.0%
3,583
Air Liquide SA
582,451
26,608
Credit Agricole SA
366,113
12,174
Dassault Systemes SE
421,268
1,774
EssilorLuxottica SA
432,732
897
L'Oreal SA
317,541
 
2,120,105
Germany — 12.4%
14,279
Deutsche Telekom AG
427,843
4,396
SAP SE
1,081,302
4,895
Symrise AG
522,162
 
2,031,307
Hong Kong — 2.2%
48,916
AIA Group Ltd.
351,357
Ireland — 3.1%
6,966
Kingspan Group PLC
506,411
Japan — 10.6%
3,000
Kao Corp.
121,385
35,708
Kubota Corp.
413,669
15,248
Sekisui House Ltd.
363,575
2,000
Shimano, Inc.
269,035
24,500
Terumo Corp.
472,990
5,500
West Japan Railway Co.
97,415
 
1,738,069
Netherlands — 6.9%
327
Adyen NV(a)
485,947
916
ASML Holding NV
641,598
 
1,127,545
Spain — 4.3%
51,455
Iberdrola SA
709,061
Switzerland — 4.5%
2,822
DSM-Firmenich AG
285,259
786
Geberit AG, (Registered)
445,759
 
731,018
Taiwan — 5.0%
4,156
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
820,768
United Kingdom — 14.6%
2,435
AstraZeneca PLC
317,474
15,927
Halma PLC
534,334
43,733
Land Securities Group PLC
319,381
191,878
Legal & General Group PLC
550,944
7,893
RELX PLC
357,624
5,398
Unilever PLC
307,492
 
2,387,249
Shares
Description
Value (†)
United States — 3.5%
2,189
Sanofi SA
$212,795
6,589
Smurfit WestRock PLC
355,422
 
568,217
Total Common Stocks
(Identified Cost $15,696,242)
15,840,145
Principal
Amount
 
 
Short-Term Investments — 1.9%
$319,170
Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 12/31/2024at 2.500% to be
repurchased at $319,214 on 1/02/2025 collateralized by
$321,600 U.S. Treasury Note, 4.125% due 2/15/2027
valued at $325,712 including accrued interest
(Note 2 of Notes to Financial Statements)
(Identified Cost $319,170)
319,170
Total Investments — 98.8%
(Identified Cost $16,015,412)
16,159,315
Other assets less liabilities — 1.2%
194,588
Net Assets — 100.0%
$16,353,903
()
See Note 2 of Notes to Financial Statements.
(a)
Non-income producing security.
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.
Industry Summary at December 31, 2024
Software
9.2
%
Semiconductors & Semiconductor Equipment
8.9
Chemicals
8.6
Banks
7.2
Pharmaceuticals
6.7
Building Products
5.8
Health Care Equipment & Supplies
5.6
Insurance
5.6
Personal Care Products
4.5
Electric Utilities
4.3
IT Services
3.5
Electronic Equipment, Instruments & Components
3.3
Diversified REITs
3.1
Financial Services
3.0
Diversified Telecommunication Services
2.6
Machinery
2.5
Ground Transportation
2.4
Household Durables
2.2
Professional Services
2.2
Containers & Packaging
2.2
Other Investments, less than 2% each
3.5
Short-Term Investments
1.9
Total Investments
98.8
Other assets less liabilities
1.2
Net Assets
100.0
%
See accompanying notes to financial statements.
| 14

Portfolio of Investments – as of December 31, 2024
Mirova International Sustainable Equity Fund (continued)
Currency Exposure Summary at December 31, 2024
Euro
49.7
%
British Pound
14.9
United States Dollar
12.2
Japanese Yen
10.6
Danish Krone
5.3
Swiss Franc
2.7
Hong Kong Dollar
2.2
Australian Dollar
1.2
Total Investments
98.8
Other assets less liabilities
1.2
Net Assets
100.0
%
See accompanying notes to financial statements.
15 |

Statements of Assets and Liabilities
December 31, 2024
 
Gateway
Fund
Gateway Equity
Call Premium
Fund
Mirova Global
Green Bond
Fund
ASSETS
Investments at cost
$1,755,954,938
$130,787,910
$38,865,166
Net unrealized appreciation (depreciation)
5,071,587,219
117,677,242
(3,700,685
)
Investments at value
6,827,542,157
248,465,152
35,164,481
Cash
2,515
2,323
110,084
Due from brokers (including variation margin on futures contracts) (Note 2)
611,015
Foreign currency at value (identified cost $0, $0 and $2,060,306, respectively)
2,017,818
Receivable for Fund shares sold
10,748,090
157,317
271,634
Receivable from investment adviser (Note 6)
21,273
Receivable for securities sold
14,816,724
682,184
Dividends and interest receivable
2,307,341
132,681
288,534
Unrealized appreciation on futures contracts (Note 2)
456,783
Tax reclaims receivable
233
Prepaid expenses
612
612
612
TOTAL ASSETS
6,855,417,439
249,440,502
38,942,234
LIABILITIES
Options written, at value (premiums received $68,422,584, $2,800,212 and $0, respectively) (Note 2)
29,204,655
1,251,655
Payable for securities purchased
11,809,875
569
Payable for Fund shares redeemed
6,597,248
7,325
669,350
Unrealized depreciation on futures contracts (Note 2)
85,996
Management fees payable (Note 6)
3,294,597
81,527
Deferred Trustees’ fees (Note 6)
1,305,476
66,030
28,616
Administrative fees payable (Note 6)
252,921
9,188
1,434
Payable to distributor (Note 6d)
49,528
2,929
270
Audit and tax services fees payable
58,346
57,070
48,045
Other accounts payable and accrued expenses
329,549
35,864
11,845
TOTAL LIABILITIES
52,902,195
1,512,157
845,556
COMMITMENTS AND CONTINGENCIES(a)
NET ASSETS
$6,802,515,244
$247,928,345
$38,096,678
NET ASSETS CONSIST OF:
Paid-in capital
$2,607,164,156
$149,377,571
$45,161,940
Accumulated earnings (loss)
4,195,351,088
98,550,774
(7,065,262
)
NET ASSETS
$6,802,515,244
$247,928,345
$38,096,678
See accompanying notes to financial statements.
| 16

Statements of Assets and Liabilities (continued)
December 31, 2024
 
Gateway
Fund
Gateway Equity
Call Premium
Fund
Mirova Global
Green Bond
Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets
$688,801,267
$3,090,001
$5,619,249
Shares of beneficial interest
14,872,192
155,592
657,836
Net asset value and redemption price per share
$46.31
$19.86
$8.54
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)
$49.14
$21.07
$8.92
Class C shares:(redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge) (Note 1)
Net assets
$50,388,203
$1,052,703
$
Shares of beneficial interest
1,102,659
53,698
Net asset value and offering price per share
$45.70
$19.60
$
Class N shares:
Net assets
$416,798,880
$308,948
$8,355,258
Shares of beneficial interest
9,007,245
15,584
972,389
Net asset value, offering and redemption price per share
$46.27
$19.82
$8.59
Class Y shares:
Net assets
$5,646,526,894
$243,476,693
$24,122,171
Shares of beneficial interest
122,042,711
12,273,111
2,811,115
Net asset value, offering and redemption price per share
$46.27
$19.84
$8.58
(a)
As disclosed in the Notes to Financial Statements, if applicable.
See accompanying notes to financial statements.
17 |

Statements of Assets and Liabilities (continued)
December 31, 2024
 
Mirova Global
Sustainable
Equity Fund
Mirova
International
Sustainable
Equity Fund
ASSETS
Investments at cost
$815,253,823
$16,015,412
Net unrealized appreciation (depreciation)
149,298,711
143,903
Investments at value
964,552,534
16,159,315
Foreign currency at value (identified cost $8,291,465 and $196,016, respectively)
8,219,615
193,577
Receivable for Fund shares sold
2,807,412
8,460
Dividends and interest receivable
280,926
18,662
Tax reclaims receivable
717,787
52,785
Prepaid expenses
612
612
TOTAL ASSETS
976,578,886
16,433,411
LIABILITIES
Payable for Fund shares redeemed
1,563,669
155
Management fees payable (Note 6)
673,579
2,486
Deferred Trustees’ fees (Note 6)
67,360
19,942
Administrative fees payable (Note 6)
37,236
620
Payable to distributor (Note 6d)
5,925
21
Audit and tax services fees payable
47,804
47,593
Other accounts payable and accrued expenses
81,580
8,691
TOTAL LIABILITIES
2,477,153
79,508
COMMITMENTS AND CONTINGENCIES(a)
NET ASSETS
$974,101,733
$16,353,903
NET ASSETS CONSIST OF:
Paid-in capital
$810,726,415
$17,871,306
Accumulated earnings (loss)
163,375,318
(1,517,403
)
NET ASSETS
$974,101,733
$16,353,903
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets
$35,416,010
$401,938
Shares of beneficial interest
1,780,549
33,731
Net asset value and redemption price per share
$19.89
$11.92
Offering price per share (100/94.25 of net asset value) (Note 1)
$21.10
$12.65
Class C shares:(redemption price per share is equal to net asset value less any applicable contingent deferred sales
charge) (Note 1)
Net assets
$9,304,532
$ —
Shares of beneficial interest
497,525
Net asset value and offering price per share
$18.70
$ —
Class N shares:
Net assets
$285,343,112
$12,471,073
Shares of beneficial interest
14,209,049
1,043,149
Net asset value, offering and redemption price per share
$20.08
$11.96
Class Y shares:
Net assets
$644,038,079
$3,480,892
Shares of beneficial interest
32,068,934
291,602
Net asset value, offering and redemption price per share
$20.08
$11.94
(a)
As disclosed in the Notes to Financial Statements, if applicable.
See accompanying notes to financial statements.
| 18

Statements of Operations
For the Year Ended December 31, 2024
 
Gateway
Fund
Gateway Equity
Call Premium
Fund
Mirova Global
Green Bond
Fund
INVESTMENT INCOME
Dividends
$87,298,464
$4,227,532
$ —
Interest
3,404,835
179,058
1,030,542
Less net foreign taxes withheld
(74,215
)
(24,919
)
 —
 
90,629,084
4,381,671
1,030,542
Expenses
Management fees (Note 6)
38,718,490
1,764,570
198,564
Service and distribution fees (Note 6)
2,309,132
18,151
13,692
Administrative fees (Note 6)
2,917,074
134,840
17,601
Trustees' fees and expenses (Note 6)
501,004
39,447
23,185
Transfer agent fees and expenses (Notes 6, 7 and 8)
4,423,117
258,774
30,429
Audit and tax services fees
58,616
57,156
48,048
Custodian fees and expenses
205,803
60,577
10,273
Excise tax expenses (Note 11)
 —
 —
1,413
Legal fees
230,314
11,027
1,400
Registration fees
124,008
80,666
53,605
Regulatory filing fees
13,000
13,000
13,000
Shareholder reporting expenses
213,726
30,175
19,796
Miscellaneous expenses
204,635
30,454
21,448
Total expenses
49,918,919
2,498,837
452,454
Less waiver and/or expense reimbursement (Notes 6 and 11)
(1,637,959
)
(406,322
)
(183,272
)
Less expense offset (Note 8)
(167,191
)
(5,688
)
(1,170
)
Net expenses
48,113,769
2,086,827
268,012
Net investment income
42,515,315
2,294,844
762,530
Net realized and unrealized gain (loss) on Investments, Futures contracts, Options
written and Foreign currency transactions
Net realized gain (loss) on:
Investments
551,528,651
24,198,390
(377,266
)
Futures contracts
 —
 —
1,506,292
Options written
(416,350,299
)
(23,975,032
)
 —
Foreign currency transactions (Note 2c)
(1,210
)
(340
)
18,837
Net change in unrealized appreciation (depreciation) on:
Investments
668,941,385
43,757,123
(1,191,790
)
Futures contracts
 —
 —
454,098
Options written
90,992,787
3,722,006
 —
Foreign currency translations (Note 2c)
(398
)
(102
)
(68,579
)
Net realized and unrealized gain on Investments, Futures contracts, Options written and Foreign
currency transactions
895,110,916
47,702,045
341,592
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$937,626,231
$49,996,889
$1,104,122
See accompanying notes to financial statements.
19 |

Statements of Operations (continued)
For the Year Ended December 31, 2024
 
Mirova Global
Sustainable
Equity Fund
Mirova
International
Sustainable
Equity Fund
INVESTMENT INCOME
Dividends
$12,507,805
$370,906
Non-cash dividends (Note 2b)
1,426,923
29,693
Interest
581,209
22,864
Less net foreign taxes withheld
(938,717
)
(36,512
)
 
13,577,220
386,951
Expenses
Management fees (Note 6)
8,602,808
136,092
Service and distribution fees (Note 6)
193,112
1,496
Administrative fees (Note 6)
476,643
7,532
Trustees' fees and expenses (Note 6)
65,856
20,654
Transfer agent fees and expenses (Notes 6, 7 and 8)
811,321
6,477
Audit and tax services fees
48,209
47,593
Custodian fees and expenses
60,697
9,040
Legal fees
38,923
584
Registration fees
80,419
54,266
Regulatory filing fees
13,000
13,000
Shareholder reporting expenses
93,895
14,856
Miscellaneous expenses
47,832
15,489
Total expenses
10,532,715
327,079
Less waiver and/or expense reimbursement (Notes 6 and 11)
(298,216
)
(169,488
)
Less expense offset (Note 8)
(5,298
)
(140
)
Net expenses
10,229,201
157,451
Net investment income
3,348,019
229,500
Net realized and unrealized gain (loss) on Investments and Foreign currency transactions
Net realized gain (loss) on:
Investments
66,806,370
(497,765
)
Foreign currency transactions (Note 2c)
(146,654
)
22,645
Net change in unrealized appreciation (depreciation) on:
Investments
67,884,056
479,314
Foreign currency translations (Note 2c)
(185,612
)
(21,150
)
Net realized and unrealized gain (loss) on Investments and Foreign currency transactions
134,358,160
(16,956
)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$137,706,179
$212,544
See accompanying notes to financial statements.
| 20

Statements of Changes in Net Assets
 
Gateway Fund
Gateway Equity Call
Premium Fund
 
Year Ended
December 31,2024
Year Ended
December 31,2023
Year Ended
December 31,2024
Year Ended
December 31,2023
FROM OPERATIONS:
Net investment income
$42,515,315
$57,100,451
$2,294,844
$2,382,893
Net realized gain (loss) on investments, written options and foreign currency
transactions
135,177,142
6,738,601
223,018
(12,935,957
)
Net change in unrealized appreciation on investments, written options and
foreign currency translations
759,933,774
804,362,927
47,479,027
45,102,037
Net increase in net assets resulting from operations
937,626,231
868,201,979
49,996,889
34,548,973
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A
(3,097,530
)
(5,628,870
)
(14,193
)
(14,160
)
Class C
(11,785
)
(35,832
)
(120
)
(383
)
Class N
(3,016,146
)
(4,248,718
)
(2,378
)
(2,435
)
Class Y
(37,271,753
)
(47,085,481
)
(2,311,948
)
(2,318,924
)
Total distributions
(43,397,214
)
(56,998,901
)
(2,328,639
)
(2,335,902
)
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARES TRANSACTIONS
(Note 13)
(544,007,895
)
(696,948,462
)
(70,230,561
)
98,867,789
Net increase (decrease) in net assets
350,221,122
114,254,616
(22,562,311
)
131,080,860
NET ASSETS
Beginning of the year
6,452,294,122
6,338,039,506
270,490,656
139,409,796
End of the year
$6,802,515,244
$6,452,294,122
$247,928,345
$270,490,656
See accompanying notes to financial statements.
21 |

Statements of Changes in Net Assets (continued)
 
Mirova Global
Green Bond Fund
Mirova Global Sustainable
Equity Fund
 
Year Ended
December 31,2024
Year Ended
December 31,2023
Year Ended
December 31,2024
Year Ended
December 31,2023
FROM OPERATIONS:
Net investment income
$762,530
$658,338
$3,348,019
$5,968,893
Net realized gain (loss) on investments, futures contracts and foreign currency
transactions
1,147,863
(1,682,652
)
66,659,716
(21,970,730
)
Net change in unrealized appreciation (depreciation) on investments, futures
contracts and foreign currency translations
(806,271
)
4,173,620
67,698,444
180,547,685
Net increase in net assets resulting from operations
1,104,122
3,149,306
137,706,179
164,545,848
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A
(116,813
)
(102,967
)
(620,763
)
(114,468
)
Class C
 —
 —
(168,351
)
(7,207
)
Class N
(193,740
)
(155,506
)
(5,830,968
)
(1,592,541
)
Class Y
(568,408
)
(592,982
)
(12,713,565
)
(4,579,840
)
Total distributions
(878,961
)
(851,455
)
(19,333,647
)
(6,294,056
)
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARES TRANSACTIONS
(Note 13)
(1,392,769
)
1,351,141
(177,986,825
)
8,031,826
Net increase (decrease) in net assets
(1,167,608
)
3,648,992
(59,614,293
)
166,283,618
NET ASSETS
Beginning of the year
39,264,286
35,615,294
1,033,716,026
867,432,408
End of the year
$38,096,678
$39,264,286
$974,101,733
$1,033,716,026
See accompanying notes to financial statements.
| 22

Statements of Changes in Net Assets (continued)
 
Mirova International
Sustainable Equity Fund
 
Year Ended
December 31,2024
Year Ended
December 31,2023
FROM OPERATIONS:
Net investment income
$229,500
$189,054
Net realized loss on investments and foreign currency transactions
(475,120
)
(851,122
)
Net change in unrealized appreciation on investments and foreign currency translations
458,164
2,270,242
Net increase in net assets resulting from operations
212,544
1,608,174
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A
(5,261
)
(6,318
)
Class N
(210,183
)
(138,982
)
Class Y
(58,334
)
(61,156
)
Total distributions
(273,778
)
(206,456
)
NET INCREASE IN NET ASSETS
FROM CAPITAL SHARES TRANSACTIONS
(Note 13)
206,656
5,848,519
Net increase in net assets
145,422
7,250,237
NET ASSETS
Beginning of the year
16,208,481
8,958,244
End of the year
$16,353,903
$16,208,481
See accompanying notes to financial statements.
23 |

Financial Highlights
For a share outstanding throughout each period.
 
Gateway FundClass A
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$40.42
$35.57
$40.70
$36.76
$34.69
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.19
0.27
0.22
0.18
0.30
Net realized and unrealized gain (loss)
5.89
4.85
(5.13
)
3.93
2.08
Total from Investment Operations
6.08
5.12
(4.91
)
4.11
2.38
LESS DISTRIBUTIONS FROM:
Net investment income
(0.19
)
(0.27
)
(0.22
)
(0.17
)
(0.31
)
Net asset value, end of the period
$46.31
$40.42
$35.57
$40.70
$36.76
Total return(b)(c)
15.08
%
14.43
%
(12.06
)%
11.24
%
6.92
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$688,801
$778,973
$869,122
$1,073,713
$987,702
Net expenses(d)
0.94
%(e)
0.94
%(f)
0.93
%(g)
0.94
%(g)
0.94
%
Gross expenses
0.98
%(e)
0.98
%(f)
0.96
%(g)
0.98
%(g)
1.02
%
Net investment income
0.44
%
0.71
%
0.60
%
0.46
%
0.88
%
Portfolio turnover rate
12
%
18
%
16
%
11
%
22
%
(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)
Includes refund of prior year service fee of less than 0.01%. See Note 6b of Notes to Financial Statements.
(f)
Includes refund of prior year service fee of less than 0.01%.
(g)
Includes refund of prior year service fee of 0.01%.
See accompanying notes to financial statements.
| 24

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Gateway FundClass C
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$40.02
$35.26
$40.41
$36.60
$34.54
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)
(0.14
)
(0.02
)
(0.06
)
(0.11
)
0.04
Net realized and unrealized gain (loss)
5.83
4.80
(5.09
)
3.92
2.07
Total from Investment Operations
5.69
4.78
(5.15
)
3.81
2.11
LESS DISTRIBUTIONS FROM:
Net investment income
(0.01
)
(0.02
)
(0.05
)
Net asset value, end of the period
$45.70
$40.02
$35.26
$40.41
$36.60
Total return(b)(c)
14.22
%
13.56
%
(12.74
)%
10.41
%
6.13
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$50,388
$61,730
$77,355
$114,019
$142,623
Net expenses(d)
1.70
%
1.70
%
1.70
%
1.70
%
1.70
%
Gross expenses
1.73
%
1.73
%
1.71
%
1.73
%
1.77
%
Net investment income (loss)
(0.32
)%
(0.06
)%
(0.17
)%
(0.30
)%
0.12
%
Portfolio turnover rate
12
%
18
%
16
%
11
%
22
%
(a)
Per share net investment income (loss) 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.
See accompanying notes to financial statements.
25 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Gateway FundClass N
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$40.39
$35.55
$40.68
$36.74
$34.68
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.32
0.39
0.33
0.29
0.40
Net realized and unrealized gain (loss)
5.88
4.83
(5.13
)
3.94
2.07
Total from Investment Operations
6.20
5.22
(4.80
)
4.23
2.47
LESS DISTRIBUTIONS FROM:
Net investment income
(0.32
)
(0.38
)
(0.33
)
(0.29
)
(0.41
)
Net asset value, end of the period
$46.27
$40.39
$35.55
$40.68
$36.74
Total return
15.40
%(b)
14.75
%(b)
(11.80
)%
11.57
%(b)
7.25
%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$416,799
$540,446
$378,377
$504,299
$369,829
Net expenses
0.65
%(c)
0.65
%(c)
0.65
%
0.65
%(c)
0.65
%(c)
Gross expenses
0.66
%
0.66
%
0.65
%
0.67
%
0.70
%
Net investment income
0.74
%
1.00
%
0.88
%
0.74
%
1.17
%
Portfolio turnover rate
12
%
18
%
16
%
11
%
22
%
(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.
See accompanying notes to financial statements.
| 26

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Gateway FundClass Y
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$40.38
$35.54
$40.67
$36.73
$34.67
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.29
0.36
0.31
0.27
0.38
Net realized and unrealized gain (loss)
5.90
4.84
(5.13
)
3.94
2.07
Total from Investment Operations
6.19
5.20
(4.82
)
4.21
2.45
LESS DISTRIBUTIONS FROM:
Net investment income
(0.30
)
(0.36
)
(0.31
)
(0.27
)
(0.39
)
Net asset value, end of the period
$46.27
$40.38
$35.54
$40.67
$36.73
Total return(b)
15.37
%
14.70
%
(11.85
)%
11.49
%
7.19
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$5,646,527
$5,071,145
$5,013,186
$6,492,511
$5,624,810
Net expenses(c)
0.70
%
0.70
%
0.70
%
0.70
%
0.70
%
Gross expenses
0.73
%
0.73
%
0.71
%
0.73
%
0.77
%
Net investment income
0.67
%
0.94
%
0.83
%
0.70
%
1.12
%
Portfolio turnover rate
12
%
18
%
16
%
11
%
22
%
(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.
See accompanying notes to financial statements.
27 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Gateway Equity Call Premium FundClass A
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$17.01
$14.60
$16.66
$14.03
$13.07
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.10
0.12
0.10
0.07
0.09
Net realized and unrealized gain (loss)
2.85
2.41
(2.06
)
2.62
0.95
Total from Investment Operations
2.95
2.53
(1.96
)
2.69
1.04
LESS DISTRIBUTIONS FROM:
Net investment income
(0.10
)
(0.12
)
(0.10
)
(0.06
)
(0.08
)
Net asset value, end of the period
$19.86
$17.01
$14.60
$16.66
$14.03
Total return(b)(c)
17.38
%
17.35
%
(11.77
)%
19.20
%
8.06
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$3,090
$2,073
$1,617
$2,613
$1,456
Net expenses(d)
0.93
%
0.93
%
0.93
%
1.03
%(e)(f)
1.20
%
Gross expenses
1.07
%
1.09
%
1.16
%
1.20
%
1.43
%
Net investment income
0.52
%
0.78
%
0.66
%
0.43
%
0.69
%
Portfolio turnover rate
19
%
32
%
11
%
5
%
15
%
(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 July 1, 2021, the expense limit decreased from 1.20% to 0.93%.
(f)
Includes additional voluntary waiver of advisory fee of 0.02%.
See accompanying notes to financial statements.
| 28

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Gateway Equity Call Premium FundClass C
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$16.83
$14.46
$16.52
$13.96
$13.03
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)
(0.04
)
0.00
(b)
(0.01
)
(0.05
)
(0.01
)
Net realized and unrealized gain (loss)
2.81
2.38
(2.04
)
2.61
0.95
Total from Investment Operations
2.77
2.38
(2.05
)
2.56
0.94
LESS DISTRIBUTIONS FROM:
Net investment income
(0.00
)(b)
(0.01
)
(0.01
)
(0.00
)(b)
(0.01
)
Net asset value, end of the period
$19.60
$16.83
$14.46
$16.52
$13.96
Total return(c)(d)
16.47
%
16.44
%
(12.36
)%
18.28
%
7.23
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$1,053
$1,130
$944
$814
$741
Net expenses(e)
1.68
%
1.68
%
1.68
%
1.79
%(f)(g)
1.95
%
Gross expenses
1.82
%
1.84
%
1.91
%
1.96
%
2.17
%
Net investment income (loss)
(0.23
)%
0.03
%
(0.06
)%
(0.33
)%
(0.10
)%
Portfolio turnover rate
19
%
32
%
11
%
5
%
15
%
(a)
Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
(b)
Amount rounds to less than $0.01 per share.
(c)
A contingent deferred sales charge for Class C shares is not reflected in total return calculations.
(d)
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(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)
Effective July 1, 2021, the expense limit decreased from 1.95% to 1.68%.
(g)
Includes additional voluntary waiver of advisory fee of 0.02%.
See accompanying notes to financial statements.
29 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Gateway Equity Call Premium FundClass N
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$16.98
$14.57
$16.63
$14.01
$13.06
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.15
0.17
0.14
0.11
0.12
Net realized and unrealized gain (loss)
2.85
2.40
(2.05
)
2.61
0.95
Total from Investment Operations
3.00
2.57
(1.91
)
2.72
1.07
LESS DISTRIBUTIONS FROM:
Net investment income
(0.16
)
(0.16
)
(0.15
)
(0.10
)
(0.12
)
Net asset value, end of the period
$19.82
$16.98
$14.57
$16.63
$14.01
Total return(b)
17.69
%
17.74
%
(11.51
)%
19.49
%
8.36
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$309
$255
$219
$437
$728
Net expenses(c)
0.63
%
0.63
%
0.63
%
0.77
%(d)
0.90
%
Gross expenses
1.05
%
1.28
%
1.23
%
1.08
%
1.29
%
Net investment income
0.82
%
1.08
%
0.95
%
0.70
%
0.95
%
Portfolio turnover rate
19
%
32
%
11
%
5
%
15
%
(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 July 1, 2021, the expense limit decreased from 0.90% to 0.63%.
See accompanying notes to financial statements.
| 30

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Gateway Equity Call Premium FundClass Y
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$16.99
$14.59
$16.65
$14.02
$13.07
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.14
0.17
0.14
0.10
0.11
Net realized and unrealized gain (loss)
2.86
2.39
(2.06
)
2.63
0.96
Total from Investment Operations
3.00
2.56
(1.92
)
2.73
1.07
LESS DISTRIBUTIONS FROM:
Net investment income
(0.15
)
(0.16
)
(0.14
)
(0.10
)
(0.12
)
Net asset value, end of the period
$19.84
$16.99
$14.59
$16.65
$14.02
Total return(b)
17.68
%
17.59
%
(11.48
)%
19.43
%
8.38
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$243,477
$267,033
$136,629
$102,004
$56,979
Net expenses(c)
0.68
%
0.68
%
0.68
%
0.78
%(d)(e)
0.95
%
Gross expenses
0.82
%
0.84
%
0.91
%
0.95
%
1.17
%
Net investment income
0.76
%
1.04
%
0.95
%
0.67
%
0.90
%
Portfolio turnover rate
19
%
32
%
11
%
5
%
15
%
(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 July 1, 2021, the expense limit decreased from 0.95% to 0.68%.
(e)
Includes additional voluntary waiver of advisory fee of 0.02%.
See accompanying notes to financial statements.
31 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Mirova Global Green Bond FundClass A
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$8.50
$7.99
$10.14
$10.77
$10.36
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.14
0.13
0.07
0.04
0.07
Net realized and unrealized gain (loss)
0.08
0.55
(1.75
)
(0.37
)
0.71
Total from Investment Operations
0.22
0.68
(1.68
)
(0.33
)
0.78
LESS DISTRIBUTIONS FROM:
Net investment income
(0.18
)
(0.17
)
(0.01
)
(0.14
)
(0.18
)
Net realized capital gains
(0.46
)
(0.16
)
(0.19
)
Total Distributions
(0.18
)
(0.17
)
(0.47
)
(0.30
)
(0.37
)
Net asset value, end of the period
$8.54
$8.50
$7.99
$10.14
$10.77
Total return(b)(c)
2.57
%
8.48
%
(16.73
)%
(3.02
)%
7.61
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$5,619
$5,230
$5,278
$6,798
$5,674
Net expenses(d)
0.90
%
0.93
%(e)
0.91
%(f)
0.96
%(g)(h)
0.97
%(i)
Gross expenses
1.37
%
1.41
%(e)
1.34
%(f)
1.41
%(h)
1.43
%(i)
Net investment income
1.69
%
1.55
%
0.83
%
0.39
%
0.69
%
Portfolio turnover rate
10
%
18
%
60
%
37
%
53
%
(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)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 1.38%.
(f)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 1.33%.
(g)
Effective July 1, 2021, the expense limit decreased from 0.95% to 0.90%.
(h)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.92% and the ratio of gross expenses would have been 1.37%.
(i)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.41%.
See accompanying notes to financial statements.
| 32

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Mirova Global Green Bond FundClass N
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$8.55
$8.04
$10.17
$10.80
$10.39
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.17
0.15
0.10
0.07
0.10
Net realized and unrealized gain (loss)
0.07
0.55
(1.75
)
(0.36
)
0.71
Total from Investment Operations
0.24
0.70
(1.65
)
(0.29
)
0.81
LESS DISTRIBUTIONS FROM:
Net investment income
(0.20
)
(0.19
)
(0.02
)
(0.18
)
(0.21
)
Net realized capital gains
(0.46
)
(0.16
)
(0.19
)
Total Distributions
(0.20
)
(0.19
)
(0.48
)
(0.34
)
(0.40
)
Net asset value, end of the period
$8.59
$8.55
$8.04
$10.17
$10.80
Total return(b)
2.85
%
8.73
%
(16.42
)%
(2.73
)%
7.89
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$8,355
$7,045
$5,224
$8,110
$11,781
Net expenses(c)
0.60
%
0.62
%(d)
0.61
%(e)
0.67
%(f)(g)
0.67
%(h)
Gross expenses
1.04
%
1.08
%(d)
0.99
%(e)
1.05
%(g)
1.07
%(h)
Net investment income
1.99
%
1.86
%
1.11
%
0.69
%
0.96
%
Portfolio turnover rate
10
%
18
%
60
%
37
%
53
%
(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)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.60% and the ratio of gross expenses would have been 1.06%.
(e)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.60% and the ratio of gross expenses would have been 0.98%.
(f)
Effective July 1, 2021, the expense limit decreased from 0.65% to 0.60%.
(g)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.63% and the ratio of gross expenses would have been 1.02%.
(h)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross expenses would have been 1.05%.
See accompanying notes to financial statements.
33 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Mirova Global Green Bond FundClass Y
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$8.54
$8.03
$10.16
$10.79
$10.37
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.17
0.15
0.10
0.07
0.10
Net realized and unrealized gain (loss)
0.07
0.55
(1.76
)
(0.37
)
0.72
Total from Investment Operations
0.24
0.70
(1.66
)
(0.30
)
0.82
LESS DISTRIBUTIONS FROM:
Net investment income
(0.20
)
(0.19
)
(0.01
)
(0.17
)
(0.21
)
Net realized capital gains
(0.46
)
(0.16
)
(0.19
)
Total Distributions
(0.20
)
(0.19
)
(0.47
)
(0.33
)
(0.40
)
Net asset value, end of the period
$8.58
$8.54
$8.03
$10.16
$10.79
Total return(b)
2.80
%
8.69
%
(16.45
)%
(2.69
)%
7.85
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$24,122
$26,989
$25,113
$32,217
$22,081
Net expenses(c)
0.65
%
0.68
%(d)
0.66
%(e)
0.71
%(f)(g)
0.72
%(h)
Gross expenses
1.12
%
1.16
%(d)
1.09
%(e)
1.16
%(g)
1.18
%(h)
Net investment income
1.95
%
1.80
%
1.09
%
0.63
%
0.94
%
Portfolio turnover rate
10
%
18
%
60
%
37
%
53
%
(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)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross expenses would have been 1.13%.
(e)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross expenses would have been 1.08%.
(f)
Effective July 1, 2021, the expense limit decreased from 0.70% to 0.65%.
(g)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.67% and the ratio of gross expenses would have been 1.13%.
(h)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.70% and the ratio of gross expenses would have been 1.16%.
See accompanying notes to financial statements.
| 34

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Mirova Global Sustainable Equity FundClass A
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$17.94
$15.22
$20.53
$19.57
$14.92
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)
0.01
0.06
0.08
(0.01
)
(0.02
)
Net realized and unrealized gain (loss)
2.30
2.73
(4.62
)
3.45
4.77
Total from Investment Operations
2.31
2.79
(4.54
)
3.44
4.75
LESS DISTRIBUTIONS FROM:
Net investment income
(0.03
)
(0.07
)
(0.07
)
(0.00
)(b)
(0.00
)(b)
Net realized capital gains
(0.33
)
(0.70
)
(2.48
)
(0.10
)
Total Distributions
(0.36
)
(0.07
)
(0.77
)
(2.48
)
(0.10
)
Net asset value, end of the period
$19.89
$17.94
$15.22
$20.53
$19.57
Total return(c)(d)
12.83
%
18.32
%
(22.56
)%
17.82
%
32.07
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$35,416
$30,525
$29,013
$43,117
$33,625
Net expenses(e)
1.20
%
1.20
%
1.20
%(f)
1.21
%(g)
1.20
%
Gross expenses
1.24
%
1.24
%
1.26
%(f)
1.24
%(g)
1.24
%
Net investment income (loss)
0.05
%
0.37
%
0.51
%
(0.03
)%
(0.14
)%
Portfolio turnover rate
18
%
23
%
23
%
40
%(h)
11
%
(a)
Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
(b)
Amount rounds to less than $0.01 per share.
(c)
A sales charge for Class A shares is not reflected in total return calculations.
(d)
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(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)
Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 1.25%.
(g)
Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 1.24%.
(h)
The variation in the Fund’s turnover rate from 2020 to 2021 was primarily due to an increase in shareholder activity.
See accompanying notes to financial statements.
35 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Mirova Global Sustainable Equity FundClass C
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$16.99
$14.48
$19.62
$18.95
$14.56
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)
(0.13
)
(0.06
)
(0.04
)
(0.16
)
(0.13
)
Net realized and unrealized gain (loss)
2.18
2.58
(4.40
)
3.31
4.62
Total from Investment Operations
2.05
2.52
(4.44
)
3.15
4.49
LESS DISTRIBUTIONS FROM:
Net investment income
(0.01
)
(0.01
)
(0.00
)(b)
(0.00
)(b)
Net realized capital gains
(0.33
)
(0.70
)
(2.48
)
(0.10
)
Total Distributions
(0.34
)
(0.01
)
(0.70
)
(2.48
)
(0.10
)
Net asset value, end of the period
$18.70
$16.99
$14.48
$19.62
$18.95
Total return(c)(d)
11.99
%
17.41
%
(23.11
)%
16.85
%
31.07
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$9,305
$10,786
$11,441
$17,248
$11,196
Net expenses(e)
1.95
%
1.95
%
1.95
%(f)
1.96
%(g)
1.95
%
Gross expenses
1.99
%
1.99
%
2.01
%(f)
1.99
%(g)
1.99
%
Net investment loss
(0.70
)%
(0.38
)%
(0.23
)%
(0.79
)%
(0.84
)%
Portfolio turnover rate
18
%
23
%
23
%
40
%(h)
11
%
(a)
Per share net investment loss has been calculated using the average shares outstanding during the period.
(b)
Amount rounds to less than $0.01 per share.
(c)
A contingent deferred sales charge for Class C shares is not reflected in total return calculations.
(d)
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(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)
Includes interest expense. Without this expense the ratio of net expenses would have been 1.95% and the ratio of gross expenses would have been 2.00%.
(g)
Includes interest expense. Without this expense the ratio of net expenses would have been 1.95% and the ratio of gross expenses would have been 1.99%.
(h)
The variation in the Fund’s turnover rate from 2020 to 2021 was primarily due to an increase in shareholder activity.
See accompanying notes to financial statements.
| 36

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Mirova Global Sustainable Equity FundClass N
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$18.11
$15.36
$20.72
$19.71
$14.99
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.07
0.11
0.13
0.05
0.01
Net realized and unrealized gain (loss)
2.32
2.76
(4.67
)
3.49
4.82
Total from Investment Operations
2.39
2.87
(4.54
)
3.54
4.83
LESS DISTRIBUTIONS FROM:
Net investment income
(0.09
)
(0.12
)
(0.12
)
(0.05
)
(0.01
)
Net realized capital gains
(0.33
)
(0.70
)
(2.48
)
(0.10
)
Total Distributions
(0.42
)
(0.12
)
(0.82
)
(2.53
)
(0.11
)
Net asset value, end of the period
$20.08
$18.11
$15.36
$20.72
$19.71
Total return
13.15
%
18.70
%
(22.32
)%
18.17
%
32.44
%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$285,343
$239,009
$189,957
$219,679
$72,768
Net expenses
0.89
%
0.89
%
0.90
%(c)
0.91
%(d)(e)
0.90
%(f)
Gross expenses
0.89
%
0.89
%
0.90
%(c)
0.91
%(d)(e)
0.93
%
Net investment income
0.36
%
0.64
%
0.81
%
0.24
%
0.08
%
Portfolio turnover rate
18
%
23
%
23
%
40
%(g)
11
%
(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)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.89% and the ratio of gross expenses would have been 0.89%.
(d)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 0.90%.
(e)
Includes fee/expense recovery of 0.01%.
(f)
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.
(g)
The variation in the Fund’s turnover rate from 2020 to 2021 was primarily due to an increase in shareholder activity.
See accompanying notes to financial statements.
37 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Mirova Global Sustainable Equity FundClass Y
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$18.11
$15.36
$20.71
$19.71
$14.99
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.07
0.11
0.12
0.05
0.01
Net realized and unrealized gain (loss)
2.31
2.75
(4.66
)
3.46
4.81
Total from Investment Operations
2.38
2.86
(4.54
)
3.51
4.82
LESS DISTRIBUTIONS FROM:
Net investment income
(0.08
)
(0.11
)
(0.11
)
(0.03
)
(0.00
)(b)
Net realized capital gains
(0.33
)
(0.70
)
(2.48
)
(0.10
)
Total Distributions
(0.41
)
(0.11
)
(0.81
)
(2.51
)
(0.10
)
Net asset value, end of the period
$20.08
$18.11
$15.36
$20.71
$19.71
Total return(c)
13.06
%
18.63
%
(22.33
)%
18.06
%
32.42
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$644,038
$753,396
$637,021
$840,638
$760,181
Net expenses(d)
0.95
%
0.95
%
0.95
%(e)
0.96
%(f)
0.95
%
Gross expenses
0.99
%
0.99
%
1.01
%(e)
0.99
%(f)
0.99
%
Net investment income
0.32
%
0.63
%
0.76
%
0.22
%
0.06
%
Portfolio turnover rate
18
%
23
%
23
%
40
%(g)
11
%
(a)
Per share net investment income has been calculated using the average shares outstanding during the period.
(b)
Amount rounds to less than $0.01 per share.
(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)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.00%.
(f)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 0.99%.
(g)
The variation in the Fund’s turnover rate from 2020 to 2021 was primarily due to an increase in shareholder activity.
See accompanying notes to financial statements.
| 38

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Mirova International Sustainable Equity FundClass A
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$11.85
$10.47
$14.35
$13.95
$12.51
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)
0.14
0.17
0.11
0.08
(0.01
)
Net realized and unrealized gain (loss)
0.08
(b)
1.33
(3.62
)
0.78
2.87
Total from Investment Operations
0.22
1.50
(3.51
)
0.86
2.86
LESS DISTRIBUTIONS FROM:
Net investment income
(0.15
)
(0.12
)
(0.37
)
(0.09
)
(0.12
)
Net realized capital gains
(0.37
)
(1.30
)
Total Distributions
(0.15
)
(0.12
)
(0.37
)
(0.46
)
(1.42
)
Net asset value, end of the period
$11.92
$11.85
$10.47
$14.35
$13.95
Total return(c)(d)
1.88
%
14.37
%
(24.42
)%
6.22
%
23.18
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$402
$601
$717
$380
$76
Net expenses(e)
1.20
%
1.20
%
1.21
%(f)
1.21
%(g)
1.26
%(h)
Gross expenses
2.24
%
2.64
%
2.30
%(f)
2.08
%(g)
5.69
%(h)
Net investment income (loss)
1.14
%
1.51
%
0.99
%
0.57
%
(0.04
)%
Portfolio turnover rate
33
%
14
%
8
%
8
%
11
%
(a)
Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
(b)
The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the
timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.
(c)
A sales charge for Class A shares is not reflected in total return calculations.
(d)
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(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)
Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 2.29%.
(g)
Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 2.07%.
(h)
Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 5.64%.
See accompanying notes to financial statements.
39 |

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Mirova International Sustainable Equity FundClass N
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$11.90
$10.52
$14.40
$13.99
$12.51
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.17
0.19
0.23
0.14
0.07
Net realized and unrealized gain (loss)
0.10
(b)
1.35
(3.71
)
0.76
2.84
Total from Investment Operations
0.27
1.54
(3.48
)
0.90
2.91
LESS DISTRIBUTIONS FROM:
Net investment income
(0.21
)
(0.16
)
(0.40
)
(0.12
)
(0.13
)
Net realized capital gains
(0.37
)
(1.30
)
Total Distributions
(0.21
)
(0.16
)
(0.40
)
(0.49
)
(1.43
)
Net asset value, end of the period
$11.96
$11.90
$10.52
$14.40
$13.99
Total return(c)
2.23
%
14.66
%
(24.17
)%
6.47
%
23.60
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$12,471
$10,540
$7,433
$27,569
$16,478
Net expenses(d)
0.90
%
0.90
%
0.91
%(e)
0.91
%(f)
0.93
%(g)
Gross expenses
1.88
%
2.28
%
1.80
%(e)
1.44
%(f)
1.83
%(g)
Net investment income
1.36
%
1.68
%
2.01
%
0.94
%
0.58
%
Portfolio turnover rate
33
%
14
%
8
%
8
%
11
%
(a)
Per share investment income has been calculated using the average shares outstanding during the period.
(b)
The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the
timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.
(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)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 1.79%.
(f)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 1.43%.
(g)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 1.80%.
See accompanying notes to financial statements.
| 40

Financial Highlights (continued)
For a share outstanding throughout each period.
 
Mirova International Sustainable Equity FundClass Y
 
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Net asset value, beginning of the period
$11.89
$10.51
$14.38
$13.98
$12.50
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)
0.17
0.13
0.24
0.08
0.03
Net realized and unrealized gain (loss)
0.08
(b)
1.41
(3.72
)
0.80
2.88
Total from Investment Operations
0.25
1.54
(3.48
)
0.88
2.91
LESS DISTRIBUTIONS FROM:
Net investment income
(0.20
)
(0.16
)
(0.39
)
(0.11
)
(0.13
)
Net realized capital gains
(0.37
)
(1.30
)
Total Distributions
(0.20
)
(0.16
)
(0.39
)
(0.48
)
(1.43
)
Net asset value, end of the period
$11.94
$11.89
$10.51
$14.38
$13.98
Total return(c)
2.09
%
14.64
%
(24.18
)%
6.39
%
23.60
%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)
$3,481
$5,067
$808
$1,783
$75
Net expenses(d)
0.95
%
0.95
%
0.96
%(e)
0.96
%(f)
1.00
%(g)
Gross expenses
1.98
%
2.39
%
2.05
%(e)
1.83
%(f)
6.51
%(g)
Net investment income
1.34
%
1.14
%
2.09
%
0.52
%
0.21
%
Portfolio turnover rate
33
%
14
%
8
%
8
%
11
%
(a)
Per share investment income has been calculated using the average shares outstanding during the period.
(b)
The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the
timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.
(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)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 2.04%.
(f)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.82%.
(g)
Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 6.46%.
See accompanying notes to financial statements.
41 |

Notes to Financial Statements
December 31, 2024
1.Organization.Gateway Trust and Natixis Funds Trust I (the “Trusts” and each a “Trust”) are each organized as a Massachusetts business trust. Each Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each 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 Trusts are presented in separate reports. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:
Gateway Trust:
Gateway Fund
Gateway Equity Call Premium Fund
Natixis Funds Trust I:
Mirova Global Green Bond Fund (“Global Green Bond Fund”)
Mirova Global Sustainable Equity Fund (“Global Sustainable Equity Fund”)
Mirova International Sustainable Equity Fund (“International Sustainable Equity Fund”)
Each Fund is a diversified investment company.
Each Fund offers Class A, Class C, Class N and Class Y shares, except for Global Green Bond Fund and International Sustainable Equity Fund, which do not offer Class C shares.
Class A shares are sold with a maximum front-end sales charge of 5.75% for all Funds except for Global Green Bond Fund which are sold with a maximum front-end sales charge of 4.25%. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for eight years (at which point they automatically convert to Class A shares) (prior to May 1, 2021, Class C shares automatically converted to Class A shares after ten years) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant Funds’ prospectus.
Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the Funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”) and Natixis ETF Trust and Natixis ETF Trust II (“Natixis ETF Trusts”). Expenses of a 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 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. Each Fund operates as a single segment entity, focusing on investments in a portfolio of securities. Each Fund's named investment adviser acts as chief operating decision maker ("CODM") regarding allocation of resources and performance assessment. Financial information including, but not limited to, portfolio composition, net asset changes and total returns, is used by the CODM to assess performance and to make resource allocation decisions and is consistent with that presented within the financial statements. 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.Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. Each Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Funds’ Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board’s oversight.
Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Futures contracts are valued at the closing settlement price on the exchange on which the valuation designee believes that, over time, they are traded most extensively. Domestic, exchange-traded index and single name equity option contracts (including options on exchange-traded funds) are valued at the mean of the National Best Bid and Offer quotations as determined by the Options Price Reporting Authority. Shares of open-end investment companies are valued at net asset value (“NAV”) per share.
| 42

Notes to Financial Statements (continued)
December 31, 2024
Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair valued using evaluated bids furnished by an independent pricing service, if available.
Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to fair value debt and unlisted equities where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment.
The Funds may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund’s investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund’s NAV is calculated. Fair valuation by the Fund(s) valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.
b. Investment Transactions and Related Investment Income.Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, are recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Dividends reinvested and stock dividends are reflected as non-cash dividends on the Statements of Operations. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.
c. Foreign Currency Translation.The books and records of the 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 in the Funds’ books and records and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the 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. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the Statements of Operations, may be 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 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.
43 |

Notes to Financial Statements (continued)
December 31, 2024
d. Futures Contracts.A Fund may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular instrument or index for a specified price on a specified future date.
When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as “initial margin.” As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin,” are made or received by a Fund, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. Gross unrealized appreciation (depreciation) on futures contracts is recorded in the Statements of Assets and Liabilities as an asset (liability). The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit a Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates. Futures contracts outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.
Futures contracts are exchange-traded. Exchange-traded futures contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Funds are reduced; however, in the event that a counterparty enters into bankruptcy, a Fund’s claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.
e. Option Contracts.Gateway Fund and Gateway Equity Call Premium Fund’s investment strategies make use of exchange-traded options. Exchange-traded options are standardized contracts and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to a Fund are reduced.
When a Fund writes an index call option, an amount equal to the net premium received (the premium less commission) is recorded as a liability and is subsequently adjusted to the current value until the option expires or a Fund enters into a closing purchase transaction. When an index call option expires or a Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on effecting a closing purchase transaction, including commission, is treated as a realized gain or, if the net premium received is less than the amount paid, as a realized loss. A Fund, as writer of an index call option, bears the risk of an unfavorable change in the market value of the index underlying the written option.
When a Fund purchases an index put option, it pays a premium and the index put option is subsequently marked-to-market to reflect current value until the option expires or a Fund enters into a closing sale transaction. Premiums paid for purchasing index put options which expire are treated as realized losses. When a Fund enters into a closing sale transaction, the difference between the premium paid and the proceeds of the closing sale transaction is treated as a realized gain or loss. The risk associated with purchasing index put options is limited to the premium paid. Option contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.
f. Due from Brokers. Transactions and positions in certain futures contracts are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between a Fund and the various broker/dealers. The due from brokers balance in the Statements of Assets and Liabilities for Global Green Bond Fund represents cash pledged as collateral for futures contracts (including variation margin, as applicable). In certain circumstances the Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.
g. Federal and Foreign Income Taxes.The Trusts treat 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 December 31, 2024 and has concluded that no provisions for income tax are required. The Funds’ 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 Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.
A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts that have been or are expected to be reclaimed and paid. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or are expected to be filed and paid are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are
| 44

Notes to Financial Statements (continued)
December 31, 2024
reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.
Certain Funds have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries ("EU reclaims") and may continue to make such filings when it is determined to be in the best interest of the Funds and their shareholders. These filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the European Union, as well as a number of related judicial proceedings. EU reclaims are recognized by a Fund when deemed more likely than not to be collected, and are reflected as a reduction of foreign taxes withheld in the Statements of Operations. Any related receivable is reflected as tax reclaims receivable in the Statements of Assets and Liabilities. Under certain circumstances, EU reclaims may be subject to closing agreements with the Internal Revenue Service ("IRS"), which may materially reduce the reclaim amounts realized by the Funds. Fees and expenses associated with closing agreements will be reflected in the Statements of Operations when it is determined that a closing agreement with the IRS is required.
h. 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 premium amortization, deferred Trustees' fees, distribution re-designations, capital gain distribution received, return of capital distributions received, corporate actions, distributions in excess of income and/or capital gain and foreign currency gains and losses. 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 wash sales, deferred Trustees’ fees, premium amortization, futures contract mark-to-market, capital gain distribution received, corporate actions, options contract mark-to-market, deferral of EU reclaim and return of capital distributions received. 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 December 31, 2024 and 2023 was as follows:
 
2024 Distributions
2023 Distributions
Fund
Ordinary
Income
Long-Term
Capital
Gains
Total
Ordinary
Income
Long-Term
Capital
Gains
Total
Gateway Fund
$43,397,214
$ —
$43,397,214
$56,998,901
$ —
$56,998,901
Gateway Equity Call Premium Fund
2,328,639
 —
2,328,639
2,335,902
 —
2,335,902
Global Green Bond Fund
878,961
 —
878,961
851,455
 —
851,455
Global Sustainable Equity Fund
3,727,590
15,606,057
19,333,647
6,294,056
 —
6,294,056
International Sustainable Equity Fund
273,778
 —
273,778
206,456
 —
206,456
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.
45 |

Notes to Financial Statements (continued)
December 31, 2024
As of December 31, 2024, the components of distributable earnings on a tax basis were as follows:
 
Gateway
Fund
Gateway
Equity Call
Premium Fund
Global
Green
Bond Fund
Global
Sustainable
Equity Fund
International
Sustainable
Equity Fund
Undistributed ordinary income
$538,015
$12,560
$ —
$ —
$ —
Undistributed long-term capital gains
 —
 —
 —
17,345,345
 —
Total undistributed earnings
538,015
12,560
17,345,345
Capital loss carryforward:
Short-term:
No expiration date
(876,230,446
)
(16,262,687
)
(319,751
)
 —
(410,763
)
Long-term:
No expiration date
 —
(2,812,459
)
(2,061,571
)
 —
(1,113,478
)
Total capital loss carryforward*
(876,230,446
)
(19,075,146
)
(2,381,322
)
(1,524,241
)
Late-year ordinary and post-October
capital loss deferrals**
(94,368
)
(211,417
)
(2,545
)
Unrealized appreciation (depreciation)
5,072,348,995
117,679,390
(4,560,956
)
146,308,749
29,325
Total accumulated earnings (losses)
$4,196,656,564
$98,616,804
$(7,036,646
)
$163,442,677
$(1,497,461
)
*
Under Section 382 of the Internal Revenue Service Code, a portion of the capital loss carryforward for the International Sustainable Equity Fund is subject to certain
limitations upon availability, to offset future capital gains, if any.
**
Under current tax law, capital losses, foreign currency losses, and losses on passive foreign investment companies and contingent payment debt instruments after
October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year. Global Green Bond Fund, Global
Sustainable Equity Fund and International Sustainable Equity Fund are deferring foreign currency losses.
As of December 31, 2024, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:
 
Gateway
Fund
Gateway
Equity Call
Premium Fund
Global
Green
Bond Fund
Global
Sustainable
Equity Fund
International
Sustainable
Equity Fund
Federal tax cost
$1,754,372,573
$130,785,741
$39,675,192
$818,113,690
$16,123,218
Gross tax appreciation
$5,081,706,031
$118,253,120
$209,065
$201,288,115
$1,490,369
Gross tax depreciation
(9,357,070
)
(573,709
)
(4,719,776
)
(54,849,271
)
(1,454,272
)
Net tax appreciation (depreciation)
$5,072,348,961
$117,679,411
$(4,510,711
)
$146,438,844
$36,097
The difference between these amounts and those reported in the components of distributable earnings, if any, are primarily attributable to foreign currency mark-to-market.
i. Repurchase Agreements.Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of December 31, 2024, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.
j. Indemnifications.Under the Trusts’ organizational documents, their 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.
| 46

Notes to Financial Statements (continued)
December 31, 2024
3.Fair Value Measurements.In accordance with accounting standards related to fair value measurements and disclosures, the Funds have categorized the inputs utilized in determining the value of each Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:
• Level 1 — quoted prices in active markets for identical assets or liabilities;
• Level 2 — prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and
• Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Funds' pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Funds have knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Funds do not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.
Under certain conditions and based upon specific facts and circumstances, the Fund’s valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.
The following is a summary of the inputs used to value the Funds' investments as of December 31, 2024, at value:
Gateway Fund
Asset Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Common Stocks(a)
$6,661,668,649
$ —
$ —
$6,661,668,649
Purchased Options(a)
63,869,080
 —
 —
63,869,080
Short-Term Investments
 —
102,004,428
 —
102,004,428
Total
$6,725,537,729
$102,004,428
$ —
$6,827,542,157
 
Liability Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Written Options(a)
$(29,204,655
)
$ —
$ —
$(29,204,655
)
(a)
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
47 |

Notes to Financial Statements (continued)
December 31, 2024
Gateway Equity Call Premium Fund
Asset Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Common Stocks(a)
$243,898,527
$ —
$ —
$243,898,527
Short-Term Investments
 —
4,566,625
 —
4,566,625
Total Investments
$243,898,527
$4,566,625
$
$248,465,152
 
Liability Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Written Options(a)
$(1,251,655
)
$ —
$ —
$(1,251,655
)
(a)
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
Global Green Bond Fund
Asset Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Bonds and Notes(a)
$ —
$35,026,720
$ —
$35,026,720
Short-Term Investments
 —
137,761
 —
137,761
Total Investments
35,164,481
35,164,481
Futures Contracts (unrealized appreciation)
456,783
 —
 —
456,783
Total
$456,783
$35,164,481
$ —
$35,621,264
 
Liability Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Futures Contracts (unrealized depreciation)
$(85,996
)
$ —
$ —
$(85,996
)
(a)
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
Global Sustainable Equity Fund
Asset Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Common Stocks
Belgium
$ —
$9,460,138
$ —
$9,460,138
Denmark
 —
32,748,157
 —
32,748,157
France
 —
36,129,504
 —
36,129,504
Germany
 —
39,336,513
 —
39,336,513
Hong Kong
 —
9,402,444
 —
9,402,444
Japan
 —
30,131,436
 —
30,131,436
Netherlands
 —
36,322,177
 —
36,322,177
Spain
 —
28,292,633
 —
28,292,633
United Kingdom
 —
36,627,634
 —
36,627,634
United States
591,365,549
11,747,221
 —
603,112,770
All Other Common Stocks(a)
93,950,517
 —
 —
93,950,517
Total Common Stocks
685,316,066
270,197,857
955,513,923
Short-Term Investments
 —
9,038,611
 —
9,038,611
Total Investments
$685,316,066
$279,236,468
$
$964,552,534
(a)
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
| 48

Notes to Financial Statements (continued)
December 31, 2024
International Sustainable Equity Fund
Asset Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Common Stocks
Australia
$ —
$192,591
$ —
$192,591
Belgium
 —
817,337
 —
817,337
Denmark
 —
870,473
 —
870,473
France
 —
2,120,105
 —
2,120,105
Germany
 —
2,031,307
 —
2,031,307
Hong Kong
 —
351,357
 —
351,357
Ireland
 —
506,411
 —
506,411
Japan
 —
1,738,069
 —
1,738,069
Netherlands
 —
1,127,545
 —
1,127,545
Spain
 —
709,061
 —
709,061
Switzerland
 —
731,018
 —
731,018
United Kingdom
 —
2,387,249
 —
2,387,249
United States
 —
568,217
 —
568,217
All Other Common Stocks(a)
1,689,405
 —
 —
1,689,405
Total Common Stocks
1,689,405
14,150,740
15,840,145
Short-Term Investments
 —
319,170
 —
319,170
Total Investments
$1,689,405
$14,469,910
$
$16,159,315
(a)
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
4.Derivatives.Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments the Funds used during the period include written index call options, purchased index put options and futures contracts.
Through the use of index options, Gateway Fund and Gateway Equity Call Premium Fund intends that its risk management strategy will reduce the volatility inherent in equity investments while also allowing for more participation in equity returns than hybrid investments. Each Fund seeks to provide an efficient trade-off between risk and reward, where risk is characterized by volatility or fluctuations in value over time. To meet this objective, the Funds invest in a broadly diversified portfolio of common stocks, while also writing index call options and, for Gateway Fund, purchasing index put options. Writing index call options can reduce a Fund's volatility, provide a steady cash flow and be an important source of a Fund's return, although it also may reduce a Fund's ability to profit from increases in the value of its equity portfolio. Buying index put options, can protect a Fund from a significant market decline that may occur over a short period of time. The value of an index put option generally increases as the prices of stocks constituting the index decrease and decreases as those stocks increase in price. For Gateway Fund, the combination of the diversified stock portfolio, the steady cash flow from writing of index call options and the downside protection from purchased index put options is intended to provide the Fund with the majority of the returns associated with equity market investments while exposing investors to less risk than other equity investments. For Gateway Equity Call Premium Fund, the combination of the diversified stock portfolio and the steady cash flow from writing of index call options is intended to moderate the volatility of returns relative to an all-equity portfolio. During the year ended December 31, 2024, Gateway Fund used written index call options and purchased index put options and Gateway Equity Call Premium Fund used written index call options in accordance with these strategies.
Global Green Bond Fund seeks to provide total return, through a combination of capital appreciation and current income, by investing in green bonds. The Fund pursues its objective by primarily investing in fixed-income securities. In connection with its principal investment strategies, the Fund may also invest in various types of futures contracts for investment purposes. During the year ended December 31, 2024, Global Green Bond Fund used U.S. and foreign government bond futures to gain yield curve exposure.
Global Green Bond Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. During the year ended December 31, 2024, Global Green Bond Fund used U.S. and foreign government bond futures to manage duration.
49 |

Notes to Financial Statements (continued)
December 31, 2024
Global Green Bond Fund is also subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may use futures contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. During the year ended December 31, 2024, Global Green Bond Fund used currency futures for hedging purposes.
The following is a summary of derivative instruments for Gateway Fund as of December 31, 2024, as reflected within the Statements of Assets and Liabilities:
Assets
Investments
at value1
Exchange-traded asset derivatives
Equity contracts
$63,869,080
Liabilities
Options
written at
value
Exchange-traded liability derivatives
Equity contracts
$(29,204,655
)
1
Represents purchased options, at value.
Transactions in derivative instruments for Gateway Fund during the year ended December 31, 2024, as reflected within the Statements of Operations were as follows:
Net Realized Gain (Loss) on:
Investments1
Options
written
Equity contracts
$(170,230,928
)
$(416,350,299
)
Net Change in Unrealized
Appreciation (Depreciation) on:
Investments1
Options
written
Equity contracts
$14,823,152
$90,992,787
1
Represents realized loss and change in unrealized appreciation (depreciation), respectively, for purchased options during the period.
The following is a summary of derivative instruments for Gateway Equity Call Premium Fund as of December 31, 2024, as reflected within the Statements of Assets and Liabilities:
Liabilities
Options
written at
value
Exchange-traded liability derivatives
Equity contracts
$(1,251,655
)
Transactions in derivative instruments for Gateway Equity Call Premium Fund during the year ended December 31, 2024, as reflected within the Statements of Operations were as follows:
Net Realized Gain (Loss) on:
Options
written
Equity contracts
$(23,975,032
)
Net Change in Unrealized
Appreciation (Depreciation) on:
Options
written
Equity contracts
$3,722,006
| 50

Notes to Financial Statements (continued)
December 31, 2024
The following is a summary of derivative instruments for Global Green Bond Fund as of December 31, 2024, as reflected within the Statements of Assets and Liabilities:
Assets
Unrealized
appreciation
on futures
contracts
Exchange-traded asset derivatives
Foreign exchange contracts
$453,520
Interest rate contracts
3,263
Total exchange-traded asset derivatives
$456,783
Liabilities
Unrealized
depreciation
on futures
contracts
Exchange-traded liability derivatives
Interest rate contracts
$(85,996
)
Transactions in derivative instruments for Global Green Bond Fund during the year ended December 31, 2024, as reflected within the Statements of Operations were as follows:
Net Realized Gain (Loss) on:
Futures
contracts
Interest rate contracts
$32,486
Foreign exchange contracts
1,473,806
Total
$1,506,292
Net Change in Unrealized
Appreciation (Depreciation) on:
Futures
contracts
Interest rate contracts
$(254,927
)
Foreign exchange contracts
709,025
Total
$454,098
As the Funds value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Funds’ investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of these disclosures.
The volume of option contract activity as a percentage of investments in common stocks for Gateway Fund based on month-end notional amounts outstanding during the period, at absolute value, was as follows for the year ended December 31, 2024:
Gateway Fund
Call
Options
Written*
Put
Options
Purchased*
Average Notional Amount Outstanding
99.04
%
99.04
%
Highest Notional Amount Outstanding
99.31
%
99.31
%
Lowest Notional Amount Outstanding
98.87
%
98.87
%
Notional Amount Outstanding as of December 31, 2024
98.87
%
98.87
%
*
Notional amounts outstanding are determined by multiplying option contracts by the contract multiplier by the price of the option’s underlying index, the S&P 500 ®
Index.
51 |

Notes to Financial Statements (continued)
December 31, 2024
The volume of option contract activity as a percentage of investments in common stocks for Gateway Equity Call Premium Fund based on month-end notional amounts outstanding during the period, at absolute value, was as follows for the year ended December 31, 2024:
Gateway Equity Call Premium Fund
Call
Options
Written*
Average Notional Amount Outstanding
98.91
%
Highest Notional Amount Outstanding
99.28
%
Lowest Notional Amount Outstanding
98.42
%
Notional Amount Outstanding as of December 31, 2024
99.11
%
*
Notional amounts outstanding are determined by multiplying option contracts by the contract multiplier by the price of the option’s underlying index, the S&P 500 ®
Index.
The volume of futures contract activity as a percentage of net assets for Global Green Bond Fund, based on month-end notional amounts outstanding during the period, at absolute value, was as follows for the year ended December 31, 2024:
Global Green Bond Fund
Futures
Average Notional Amount Outstanding
85.52
%
Highest Notional Amount Outstanding
88.78
%
Lowest Notional Amount Outstanding
80.81
%
Notional Amount Outstanding as of December 31, 2024
82.38
%
Notional amounts outstanding at the end of the prior period are included in the average notional amount outstanding.
Unrealized gain and/or loss on open futures is recorded in the Statements of Assets and Liabilities. The aggregate notional values of futures contracts are not recorded in the Statements of Assets and Liabilities, and therefore are not included in the Funds’ net assets.
Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund.
5.Purchases and Sales of Securities.For the year ended December 31, 2024, purchases and sales of securities (excluding short-term investments, option contracts and including paydowns) were as follows:
Fund
Purchases
Sales
Gateway Fund
$780,578,898
$1,927,893,085
Gateway Equity Call Premium Fund
54,848,269
148,043,349
Global Green Bond Fund
4,102,031
3,744,949
Global Sustainable Equity Fund
188,764,195
375,670,767
International Sustainable Equity Fund
5,968,112
5,256,569
6.Management Fees and Other Transactions with Affiliates.
a. Management Fees.Gateway Investment Advisers, LLC (“Gateway Advisers”) serves as investment adviser to Gateway Fund and Gateway Equity Call Premium Fund. Gateway Advisers is a subsidiary of Natixis Investment Managers, LLC, which is part of Natixis Investment Managers, an international asset management group based in Paris, France. Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:
 
Percentage of Average Daily Net Assets
Fund
First
$5 billion
Next
$5 billion
Over
$10 billion
Gateway Fund
0.60
%
0.55
%
0.53
%
Gateway Equity Call Premium Fund
0.58
%
0.58
%
0.58
%
| 52

Notes to Financial Statements (continued)
December 31, 2024
Mirova US LLC ("Mirova US") serves as investment adviser to Global Green Bond Fund, Global Sustainable Equity Fund and International Sustainable Equity Fund. Mirova US is a wholly-owned subsidiary of Mirova, which is in turn a subsidiary of Natixis Investment Managers. Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:
Fund
Percentage of
Average Daily
Net Assets
Global Green Bond Fund
0.50
%
Global Sustainable Equity Fund
0.80
%
International Sustainable Equity Fund
0.80
%
Gateway Advisers and Mirova US have given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, substitute dividend expenses on securities sold short, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until April 30, 2025, may be terminated before then only with the consent of the Funds' Board of Trustees, and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.
For the year ended December 31, 2024, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:
 
Expense Limit as a Percentage of
Average Daily Net Assets
Fund
Class A
Class C
Class N
Class Y
Gateway Fund
0.94
%
1.70
%
0.65
%
0.70
%
Gateway Equity Call Premium Fund
0.93
%
1.68
%
0.63
%
0.68
%
Global Green Bond Fund
0.90
%
%
0.60
%
0.65
%
Global Sustainable Equity Fund
1.20
%
1.95
%
0.90
%
0.95
%
International Sustainable Equity Fund
1.20
%
%
0.90
%
0.95
%
Gateway Advisers and Mirova US shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fee or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below (1) a class' expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a class' current applicable expense limitation ratio, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.
For the year ended December 31, 2024, the management fees and waiver of management fees for each Fund were as follows:
 
Gross
Management
Fees
Contractual
Waivers of
Management
Fees1
Net
Management
Fees
Percentage of
Average
Daily Net Assets
Fund
Gross
Net
Gateway Fund
$38,718,490
$1,567,550
$37,150,940
0.59
%
0.56
%
Gateway Equity Call Premium Fund
1,764,570
405,439
1,359,131
0.58
%
0.45
%
Global Green Bond Fund
198,564
180,820
17,744
0.50
%
0.04
%
Global Sustainable Equity Fund
8,602,808
 —
8,602,808
0.80
%
0.80
%
International Sustainable Equity Fund
136,092
136,092
 —
0.80
%
%
1
Management fee waivers are subject to possible recovery until December 31, 2025.
For the year ended December 31, 2024, class-specific expenses have been reimbursed as follows:
 
Reimbursement1
 
Class A
Class C
Class N
Class Y
Total
Gateway Fund
$70,409
$ —
$ —
$ —
$70,409
Global Sustainable Equity Fund
12,357
3,980
 —
275,480
291,817
1
Management fee waivers are subject to possible recovery until December 31, 2025.
53 |

Notes to Financial Statements (continued)
December 31, 2024
In addition, Mirova US reimbursed non-class-specific expenses of International Sustainable Equity Fund in the amount of $32,309, for the year ended December 31, 2024, which is subject to possible recovery until December 31, 2025.
b. Service and Distribution Fees.Natixis Distribution, LLC (“Natixis Distribution"), which is a wholly-owned subsidiary of Natixis Investment Managers, LLC, has entered into a distribution agreement with the Trusts. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Funds of the Trusts.
Pursuant to Rule 12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to each Fund’s Class A shares (the “Class A Plans”), a Distribution and Service Plan relating to each Fund’s Class C shares (the “Class C Plans”).
Under the Class A Plans, each 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 Funds’ 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 Plans, each 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 Funds’ 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 Plans, each Fund pays Natixis Distribution a monthly distribution fee at an annual rate of 0.75% of the average daily net assets attributable to the Funds’ Class C shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Class C shares.
For the year ended December 31, 2024, the service and distribution fees for each Fund were as follows:
 
Service Fees
 
Distribution Fees
Fund
Class A
Class C
 
Class C
Gateway Fund
$1,742,564
$141,642
$424,926
Gateway Equity Call Premium Fund
6,464
2,922
8,765
Global Green Bond Fund
13,692
 —
 —
Global Sustainable Equity Fund
84,218
27,224
81,670
International Sustainable Equity Fund
1,496
 —
 —
For the year ended December 31, 2024, Natixis Distribution refunded Gateway Fund $17,671 of prior year Class A service fees paid to Natixis Distribution in excess of amounts subsequently paid to securities dealers or financial intermediaries. Service and distribution fees on the Statements of Operations have been reduced by these amounts.
c. Administrative Fees.Natixis Advisors, LLC ("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. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.
For the year ended December 31, 2024, the administrative fees for each Fund were as follows:
Fund
Administrative
Fees
Gateway Fund
$2,917,074
Gateway Equity Call Premium Fund
134,840
Global Green Bond Fund
17,601
Global Sustainable Equity Fund
476,643
International Sustainable Equity Fund
7,532
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 Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. These services would have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Funds’ transfer agent. Accordingly, the Funds have 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 equivalent fee limit approved by the Funds’ Board of Trustees, which is based on fees for similar services paid to the Funds’ transfer agent and other service providers. Class N shares do not bear such expenses.
| 54

Notes to Financial Statements (continued)
December 31, 2024
For the year ended December 31, 2024, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:
Fund
Sub-Transfer
Agent Fees
Gateway Fund
$4,022,010
Gateway Equity Call Premium Fund
239,970
Global Green Bond Fund
24,995
Global Sustainable Equity Fund
777,485
International Sustainable Equity Fund
3,311
As of December 31, 2024, the Funds owe Natixis Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):
Fund
Reimbursements
of Sub-Transfer
Agent Fees
Gateway Fund
$49,528
Gateway Equity Call Premium Fund
2,929
Global Green Bond Fund
270
Global Sustainable Equity Fund
5,925
International Sustainable Equity Fund
21
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 December 31, 2024 were as follows:
Fund
Commissions
Gateway Fund
$10,615
Gateway Equity Call Premium Fund
626
Global Sustainable Equity Fund
2,696
f. Trustees Fees and Expenses.The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $400,000. 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 $225,000. 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 $25,000. 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. Each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.
Effective January 1, 2025, the Chairperson of the Board of Trustees will receive a retainer fee at the annual rate of $410,000 and each Independent Trustee (other than the Chairperson) will receive, in the aggregate, a retainer fee at the annual rate of $235,000. The Chairperson of the Contract Review Committee and the Chairperson of the Audit Committee each will receive an additional retainer fee at the annual rate of $30,000. All other Trustees fees will remain unchanged.
A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. Deferred amounts remain in the funds until distributed in accordance with the provisions of the Plan. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.
55 |

Notes to Financial Statements (continued)
December 31, 2024
Certain officers and employees of Natixis Advisors and affiliates are also officers and/or Trustees of the Trusts.
g. Affiliated Ownership.As of December 31, 2024, the percentage of each Fund’s net assets owned by Natixis and affiliates is as follows:
 
Percentage of
Net Assets
Global Green Bond Fund
Natixis Target Retirement 2015 Fund
1.22
%
Natixis Target Retirement 2020 Fund
1.37
%
Natixis Target Retirement 2025 Fund
2.28
%
Natixis Target Retirement 2030 Fund
4.01
%
Natixis Target Retirement 2035 Fund
3.24
%
Natixis Target Retirement 2040 Fund
3.32
%
Natixis Target Retirement 2045 Fund
2.47
%
Natixis Target Retirement 2050 Fund
1.62
%
Natixis Target Retirement 2055 Fund
0.83
%
Natixis Target Retirement 2060 Fund
0.70
%
Natixis Target Retirement 2065 Fund
0.18
%
 
21.24
%
International Sustainable Equity Fund
Natixis Target Retirement 2015 Fund
0.78
%
Natixis Target Retirement 2020 Fund
1.15
%
Natixis Target Retirement 2025 Fund
2.50
%
Natixis Target Retirement 2030 Fund
5.70
%
Natixis Target Retirement 2035 Fund
7.04
%
Natixis Target Retirement 2040 Fund
11.07
%
Natixis Target Retirement 2045 Fund
11.57
%
Natixis Target Retirement 2050 Fund
13.18
%
Natixis Target Retirement 2055 Fund
11.11
%
Natixis Target Retirement 2060 Fund
9.69
%
Natixis Target Retirement 2065 Fund
2.48
%
 
76.27
%
Investment activities of affiliated shareholders could have material impacts on the Funds.
h. Reimbursement of Transfer Agent Fees and Expenses.Natixis Advisors has given a binding contractual undertaking to Gateway Equity Call Premium Fund, Global Green Bond Fund, Global Sustainable Equity Fund and International Sustainable Equity Fund to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through April 30, 2025, and is not subject to recovery under the expense limitation agreement described above.
For the year ended December 31, 2024, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:
 
Reimbursement of
Transfer Agency
Expenses
Fund
Class N
Gateway Equity Call Premium Fund
$883
Global Green Bond Fund
1,039
Global Sustainable Equity Fund
6,399
International Sustainable Equity Fund
1,087
7.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.
| 56

Notes to Financial Statements (continued)
December 31, 2024
For the year ended December 31, 2024, the Funds incurred the following class-specific transfer agent fees and expenses (net of expense offsets and including sub-transfer agent fees, where applicable):
 
Transfer Agent Fees and Expenses
Fund
Class A
Class C
Class N
Class Y
Gateway Fund
$486,666
$39,177
$10,218
$3,719,865
Gateway Equity Call Premium Fund
2,186
979
883
249,038
Global Green Bond Fund
4,849
 —
1,039
23,371
Global Sustainable Equity Fund
33,958
10,975
6,399
754,691
International Sustainable Equity Fund
683
 —
1,087
4,567
8.Expense Offset Arrangements.The Funds have entered into an agreement with the transfer agent whereby certain transfer agent fees and expenses may be paid indirectly by credits earned on the Funds' cash balances. Transfer agent fees and expenses are presented in the Statements of Operations gross of such credits, and the credits are presented as offsets to expenses.
9. Line of Credit.Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a syndicated, revolving, committed, unsecured line of credit with State Street Bank as administrative agent. The aggregate revolving commitment amount is $575,000,000. Any one Fund may borrow up to $402,500,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $575,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.
For the year ended December 31, 2024, International Sustainable Equity Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $1,500,000 at a weighted average interest rate of 6.43%. Interest expense incurred on the line of credit was $536.
10.Risk.The Funds’ 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.
Geopolitical events (such as trading halts, sanctions or wars) could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These, and other related events, could significantly impact a Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to issuers in the country or countries involved.
11.Excise Tax Expense.During the year ended December 31, 2024, Global Green Bond Fund paid excise tax on undistributed income under IRC Section 4982 in the amount of $1,413. The custodian bank and Natixis Advisors have each reimbursed the Fund equally for the entire amount of the tax due. There is no impact to net expenses.
12.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 Funds. As of December 31, 2024, 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 6g)
Total
Percentage of
Ownership
Gateway Equity Call Premium Fund
2
80.41
%
80.41
%
Global Green Bond Fund
3
43.55
%
21.24
%
64.79
%
Global Sustainable Equity Fund
1
19.32
%
19.32
%
International Sustainable Equity Fund
1
15.88
%
76.27
%
92.15
%
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 Funds do 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.
57 |

Notes to Financial Statements (continued)
December 31, 2024
13.Capital Shares. Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:
 
 
Year Ended
December 31, 2024
Year Ended
December 31, 2023
Gateway Fund
Shares
Amount
Shares
Amount
Class A
Issued from the sale of shares
1,576,696
$69,548,416
2,250,045
$86,681,548
Issued in connection with the reinvestment of distributions
58,419
2,564,238
125,258
4,809,810
Redeemed
(6,035,730
)
(257,747,798
)
(7,534,909
)
(286,159,321
)
Net change
(4,400,615
)
$(185,635,144
)
(5,159,606
)
$(194,667,963
)
Class C
Issued from the sale of shares
84,400
$3,632,622
114,571
$4,344,276
Issued in connection with the reinvestment of distributions
256
10,729
895
32,579
Redeemed
(524,576
)
(22,608,523
)
(766,764
)
(29,081,970
)
Net change
(439,920
)
$(18,965,172
)
(651,298
)
$(24,705,115
)
Class N
Issued from the sale of shares
3,763,104
$162,450,789
8,389,514
$319,637,421
Issued in connection with the reinvestment of distributions
35,943
1,589,641
60,632
2,345,713
Redeemed
(8,173,779
)
(353,071,886
)
(5,712,741
)
(218,129,967
)
Net change
(4,374,732
)
$(189,031,456
)
2,737,405
$103,853,167
Class Y
Issued from the sale of shares
17,211,063
$750,512,214
20,635,979
$787,928,953
Issued in connection with the reinvestment of distributions
674,270
29,766,158
990,545
38,109,137
Redeemed
(21,428,839
)
(930,654,495
)
(37,090,574
)
(1,407,466,641
)
Net change
(3,543,506
)
$(150,376,123
)
(15,464,050
)
$(581,428,551
)
Decrease from capital share transactions
(12,758,773
)
$(544,007,895
)
(18,537,549
)
$(696,948,462
)
| 58

Notes to Financial Statements (continued)
December 31, 2024
13.Capital Shares (continued).
 
 
Year Ended
December 31, 2024
Year Ended
December 31, 2023
Gateway Equity Call Premium Fund
Shares
Amount
Shares
Amount
Class A
Issued from the sale of shares
103,516
$1,916,169
84,354
$1,368,426
Issued in connection with the reinvestment of distributions
617
11,678
798
12,817
Redeemed
(70,400
)
(1,300,429
)
(74,070
)
(1,204,008
)
Net change
33,733
$627,418
11,082
$177,235
Class C
Issued from the sale of shares
193
$3,831
4,953
$78,355
Issued in connection with the reinvestment of distributions
7
120
26
383
Redeemed
(13,640
)
(262,536
)
(3,155
)
(49,339
)
Net change
(13,440
)
$(258,585
)
1,824
$29,399
Class N
Issued from the sale of shares
1,017
$19,102
935
$15,187
Issued in connection with the reinvestment of distributions
125
2,378
152
2,435
Redeemed
(584
)
(10,874
)
(1,073
)
(17,026
)
Net change
558
$10,606
14
$596
Class Y
Issued from the sale of shares
4,159,405
$75,665,790
8,360,297
$130,743,512
Issued in connection with the reinvestment of distributions
42,938
813,128
50,292
810,357
Redeemed
(7,643,577
)
(147,088,918
)
(2,062,972
)
(32,893,310
)
Net change
(3,441,234
)
$(70,610,000
)
6,347,617
$98,660,559
Increase (decrease) from capital share transactions
(3,420,383
)
$(70,230,561
)
6,360,537
$98,867,789
 
 
Year Ended
December 31, 2024
Year Ended
December 31, 2023
Global Green Bond Fund
Shares
Amount
Shares
Amount
Class A
Issued from the sale of shares
163,849
$1,398,269
169,471
$1,388,780
Issued in connection with the reinvestment of distributions
13,659
116,788
12,026
102,943
Redeemed
(134,898
)
(1,152,039
)
(226,585
)
(1,859,391
)
Net change
42,610
$363,018
(45,088
)
$(367,668
)
Class N
Issued from the sale of shares
379,276
$3,269,275
284,123
$2,354,569
Issued in connection with the reinvestment of distributions
22,528
193,740
18,082
155,506
Redeemed
(253,383
)
(2,197,874
)
(128,179
)
(1,053,990
)
Net change
148,421
$1,265,141
174,026
$1,456,085
Class Y
Issued from the sale of shares
477,805
$4,101,843
887,228
$7,320,787
Issued in connection with the reinvestment of distributions
57,249
491,771
59,917
514,685
Redeemed
(884,996
)
(7,614,542
)
(915,050
)
(7,572,748
)
Net change
(349,942
)
$(3,020,928
)
32,095
$262,724
Increase (decrease) from capital share transactions
(158,911
)
$(1,392,769
)
161,033
$1,351,141
59 |

Notes to Financial Statements (continued)
December 31, 2024
13.Capital Shares (continued).
 
 
Year Ended
December 31, 2024
Year Ended
December 31, 2023
Global Sustainable Equity Fund
Shares
Amount
Shares
Amount
Class A
Issued from the sale of shares
346,835
$7,057,946
319,563
$5,279,594
Issued in connection with the reinvestment of distributions
17,273
348,216
3,686
64,954
Redeemed
(284,988
)
(5,651,673
)
(527,507
)
(8,697,376
)
Net change
79,120
$1,754,489
(204,258
)
$(3,352,828
)
Class C
Issued from the sale of shares
56,047
$1,087,371
47,265
$745,422
Issued in connection with the reinvestment of distributions
4,067
77,110
179
2,743
Redeemed
(197,333
)
(3,746,752
)
(202,619
)
(3,155,603
)
Net change
(137,219
)
$(2,582,271
)
(155,175
)
$(2,407,438
)
Class N
Issued from the sale of shares
3,114,854
$62,058,291
4,330,117
$73,586,288
Issued in connection with the reinvestment of distributions
279,043
5,681,367
85,975
1,543,909
Redeemed
(2,384,922
)
(48,282,222
)
(3,580,470
)
(59,873,794
)
Net change
1,008,975
$19,457,436
835,622
$15,256,403
Class Y
Issued from the sale of shares
5,492,547
$110,806,574
13,419,204
$222,142,090
Issued in connection with the reinvestment of distributions
489,377
9,961,894
208,375
3,736,457
Redeemed
(15,524,506
)
(317,384,947
)
(13,483,041
)
(227,342,858
)
Net change
(9,542,582
)
$(196,616,479
)
144,538
$(1,464,311
)
Increase (decrease) from capital share transactions
(8,591,706
)
$(177,986,825
)
620,727
$8,031,826
 
 
Year Ended
December 31, 2024
Year Ended
December 31, 2023
International Sustainable Equity Fund
Shares
Amount
Shares
Amount
Class A
Issued from the sale of shares
8,432
$105,042
19,700
$225,337
Issued in connection with the reinvestment of distributions
439
5,261
534
6,318
Redeemed
(25,875
)
(321,929
)
(38,003
)
(432,287
)
Net change
(17,004
)
$(211,626
)
(17,769
)
$(200,632
)
Class N
Issued from the sale of shares
328,094
$4,076,839
267,242
$3,026,216
Issued in connection with the reinvestment of distributions
17,491
210,183
11,672
138,982
Redeemed
(187,876
)
(2,341,370
)
(100,009
)
(1,125,587
)
Net change
157,709
$1,945,652
178,905
$2,039,611
Class Y
Issued from the sale of shares
97,983
$1,223,515
369,510
$4,224,686
Issued in connection with the reinvestment of distributions
1,229
14,759
1,027
12,197
Redeemed
(233,913
)
(2,765,644
)
(21,082
)
(227,343
)
Net change
(134,701
)
$(1,527,370
)
349,455
$4,009,540
Increase from capital share transactions
6,004
$206,656
510,591
$5,848,519
| 60

Report of Independent Registered Public Accounting Firm
To the Boards of Trustees of Gateway Trust and Natixis Funds Trust I and Shareholders of Gateway Fund, Gateway Equity Call Premium Fund, Mirova Global Green Bond Fund, Mirova Global Sustainable Equity Fund, and Mirova International Sustainable Equity Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Gateway Fund and Gateway Equity Call Premium Fund (constituting Gateway Trust), Mirova Global Green Bond Fund, Mirova Global Sustainable Equity Fund, and Mirova International Sustainable Equity Fund (three of the funds constituting Natixis Funds Trust I) (hereafter collectively referred to as the "Funds") as of December 31, 2024, the related statements of operations for the year ended December 31, 2024, the statements of changes in net assets for each of the two years in the period ended December 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2024 (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 December 31, 2024, 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 December 31, 2024 and each of the financial highlights for each of the five years in the period ended December 31, 2024 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.
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 December 31, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Boston, Massachusetts
February 24, 2025
We have served as the auditor of one or more investment companies in Natixis Investment Company Complex since at least 1995. We have not been able to determine the specific year we began serving as auditor.
61 |

2024 U.S. Tax Distribution Information to Shareholders (Unaudited)
Corporate Dividends Received Deduction.For the fiscal year ended December 31, 2024, 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
Gateway Fund
100.00
%
Gateway Equity Call Premium Fund
100.00
%
Global Sustainable Equity Fund
99.79
%
Qualified Dividend Income.For the fiscal year ended December 31, 2024, 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 2024, complete information will be reported in conjunction with Form 1099-DIV. These percentages are noted below:
Fund
Qualifying
Percentage
Gateway Fund
100.00
%
Gateway Equity Call Premium Fund
100.00
%
Global Sustainable Equity Fund
100.00
%
International Sustainable Equity Fund
100.00
%
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 fiscal year ended December 31, 2024.
Fund
Amount
Global Sustainable Equity Fund
$15,606,057
Foreign Tax Credit.For the year ended December 31, 2024, the Fund intends to pass through foreign tax credits and have derived gross income from sources within foreign countries amounting to:
Fund
Foreign-Tax
Credit Pass-Through
Foreign Source
Income
International Sustainable Equity Fund
$22,424
$401,649
| 62

˃To learn more about Natixis Funds products and services:
Visit: im.natixis.comCall:800-225-5478
Before investing, consider the fund’s investment objectives, risks, charges, and expenses. Visit im.natixis.com or call 800-225-5478 for a prospectus or summary prospectus containing this and other information.
Contact us by mail:
If you wish to communicate with the funds’ Board of Trustees, you may do so by writing to:
Secretary of the Funds
Natixis Advisors, LLC
888 Boylston Street, Suite 800
Boston, MA 02199-8197
The correspondence must (a) be signed by the shareholder; (b) include the shareholder’s name and address; and (c) identify the fund(s), account number, share class, and number of shares held in that fund, as of a recent date.
Or by e-mail:
secretaryofthefunds@natixis.com (Communications regarding recommendations for Trustee candidates may not be submitted by e-mail.)
Please note:Unlike written correspondence, e-mail is not secure. Please do NOT include your account number, Social Security number, PIN, or any other non-public personal information in an e-mail communication because this information may be viewed by others.

Exp. 3/31/2026
LSAF58A-1224
This page is not part of the financial statements and other important information


Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The remuneration paid to Directors and Officers are incorporated by reference as part of the Financial Statements and Other Important Information for Open-End Management Investment Companies filed as Item 7 herewith.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The statements regarding basis for approval of investment advisory contracts are incorporated by reference as part of the Financial Statements and Other Important Information for Open-End Management Investment Companies filed as Item 7 herewith.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 15. 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 16. Controls and Procedures.

(a) 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.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by the report that have materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.


Item 19. Exhibits.

 

(a)   (1)   

Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit is filed herewith.

(a)   (2)   

Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act by the registered national securities exchange or registered national securities association upon which the registrants securities are listed. Not Applicable.

(a)   (3)   

A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is filed herewith.

(a)   (3)(1)   

Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not Applicable

(a)   (3)(2)   

Changes in the registrant’s independent public accountant. Not Applicable

(b)     

Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is filed herewith.

(101)   

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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 I
By:   /s/ David L. Giunta
Name:   David L. Giunta
Title:   President and Chief Executive Officer
Date:   June 10, 2025

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:

 

June 10, 2025

By:

 

/s/ Matthew J. Block

Name:

 

Matthew J. Block

Title:

 

Treasurer and Principal Financial and

 

Accounting Officer

Date:

 

June 10, 2025


ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CODE OF ETHICS

SECTION 302 CERTIFICATIONS

SECTION 906 CERTIFICATION

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