N-CSRS 1 d316301dncsrs.htm NATIXIS FUNDS TRUST I Natixis Funds Trust I

 

 

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: June 30, 2022

 

 

 


Item 1. Reports to Stockholders.

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


LOGO

 

LOGO

 

Semiannual Report

June 30, 2022

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

Portfolio Review     1  
Portfolio of Investments     17  
Financial Statements     28  
Notes to Financial Statements     59  

 

LOGO


LOOMIS SAYLES INTERNATIONAL GROWTH FUND

 

Manager    Symbols   
Aziz V. Hamzaogullari, CFA®    Class A    LIGGX
Loomis, Sayles & Company, L.P.    Class C    LIGCX
   Class N    LIGNX
   Class Y    LIGYX

 

 

Investment Goal

The Fund’s investment goal is long-term growth of capital.

 

 

Average Annual Total Returns — June 30, 20223

 

         
    

6 Months

   

1 Year

   

Life of

Fund

    Expense Ratios4  
  Gross     Net  
     
Class Y (Inception 12/15/20)            
NAV     -21.09     -27.88     -15.64     2.46     0.95
     
Class A (Inception 12/15/20)            
NAV     -21.11       -28.03       -15.81       2.71       1.20  
With 5.75% Maximum Sales Charge     -25.62       -32.17       -18.99        
     
Class C (Inception 12/15/20)            
NAV     -21.45       -28.54       -16.48       3.46       1.95  
With CDSC1     -22.24       -29.25       -16.48        
     
Class N (Inception 12/15/20)            
NAV     -21.09       -27.85       -15.62       1.58       0.90  
   
Comparative Performance            
MSCI ACWI ex USA Index (Net)2     -18.42       -19.42       -6.54                  

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

 

1

Performance for Class C shares assumes a 1% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase and includes automatic conversion to Class A shares after eight years.

 

2

The MSCI ACWI ex USA Index (Net) captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 27 Emerging Markets (EM) countries. With 2,361 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.

 

3

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

 

4

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

 

1  |


NATIXIS OAKMARK FUND

 

Managers   Symbols
William C. Nygren, CFA®   Class A    NEFOX
Robert F. Bierig*   Class C    NECOX
M. Colin Hudson, CFA®**   Class N    NOANX
Michael J. Mangan, CFA®   Class Y    NEOYX
Michael A. Nicolas, CFA®  
Harris Associates L.P.  

 

*

Effective August 1, 2022, Robert F. Bierig serves as portfolio manager of the Fund.

**

Effective August 1, 2022, M. Colin Hudson no longer serves as portfolio manager of the Fund.

 

 

Investment Goal

The Fund seeks long-term capital appreciation.

 

 

Average Annual Total Returns — June 30, 20223

 

             
     6 Months     1 Year     5 Years     10 Years     Life of
Class N
    Expense Ratios4  
  Gross     Net  
     
Class Y                
NAV     -19.43     -14.03     8.76     11.99         0.89     0.80
     
Class A                
NAV     -19.52       -14.27       8.49       11.71             1.14       1.05  
With 5.75% Maximum Sales Charge     -24.15       -19.21       7.21       11.05              
     
Class C                
NAV     -19.83       -14.90       7.67       11.04             1.89       1.80  
With CDSC1     -20.62       -15.67       7.67       11.04              
     
Class N (Inception 5/1/17)                
NAV     -19.40       -13.99       8.90             9.24       1.55       0.75  
   
Comparative Performance                
S&P 500® Index2     -19.96       -10.62       11.31       12.96       11.28                  

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

 

1

Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase and includes automatic conversion to Class A shares after eight years.

 

2

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

 

3

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

 

4

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/23. When a Fund’s expenses are below the limitations, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

 

|  2


NATIXIS OAKMARK INTERNATIONAL FUND

 

Managers   Symbols
David G. Herro, CFA®   Class A    NOIAX
Michael L. Manelli, CFA®   Class C    NOICX
Harris Associates L.P.   Class N    NIONX
  Class Y    NOIYX

 

 

Investment Goal

The Fund seeks long-term capital appreciation.

 

 

Average Annual Total Returns — June 30, 20224

 

             
     6 Months     1 Year     5 Years     10 Years     Life of
Class N
    Expense Ratios5  
  Gross     Net  
     
Class Y (Inception 5/1/17)                
NAV1     -19.18     -22.60     -0.65     5.45         1.10     0.90
     
Class A                
NAV     -19.27       -22.76       -0.89       5.32             1.35       1.15  
With 5.75% Maximum Sales Charge     -23.90       -27.20       -2.06       4.70              
     
Class C                
NAV     -19.58       -23.35       -1.64       4.68             2.10       1.90  
With CDSC2     -20.39       -24.11       -1.64       4.68              
     
Class N (Inception 5/1/17)                
NAV     -19.10       -22.48       -0.55             -0.25       1.25       0.85  
   
Comparative Performance                
MSCI World ex USA Index (Net)3     -18.76       -16.76       2.66       5.37       3.18                  

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

 

1

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.

 

2

Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years.

 

3

MSCI World ex USA Index (Net) is an unmanaged index that is designed to measure the equity market performance of developed markets, excluding the United States.

 

4

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

 

5

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/23. When a Funds expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Funds expense limitations.

 

3  |


NATIXIS U.S. EQUITY OPPORTUNITIES FUND

 

Managers   Symbols
William C. Nygren, CFA®   Class A    NEFSX
Robert F. Bierig*   Class C    NECCX
M. Colin Hudson, CFA®**   Class N    NESNX
Michael J. Mangan, CFA®, CPA   Class Y    NESYX
Michael A. Nicolas, CFA®     
Harris Associates L.P.     
  
Aziz V. Hamzaogullari, CFA®     
Loomis, Sayles & Company, L.P.     

 

*

Effective August 1, 2022, Robert F. Bierig serves as portfolio manager of the Fund.

**

Effective August 1, 2022, M. Colin Hudson no longer serves as portfolio manager of the Fund.

 

 

Investment Goal

The Fund seeks long-term growth of capital.

 

 

 

Average Annual Total Returns — June 30, 20224

 

             
     6 Months     1 Year     5 Years     10 Years     Life of
Class N
    Expense Ratios5  
  Gross     Net  
     
Class Y                
NAV     -24.67 %      -21.69 %      9.39     13.43         0.89     0.89
     
Class A                
NAV     -24.77       -21.89       9.12       13.15             1.14       1.14  
With 5.75% Maximum Sales Charge     -29.10       -26.38       7.84       12.48              
     
Class C                
NAV     -25.04       -22.44       8.32       12.47             1.89       1.89  
With CDSC1     -25.73       -23.07       8.32       12.47              
     
Class N (Inception 5/1/17)                
NAV     -24.64       -21.64       9.50             10.09       1.38       0.83  
   
Comparative Performance                
S&P 500® Index2     -19.96       -10.62       11.31       12.96       11.28        
Russell 1000® Index3     -20.94       -13.04       11.00       12.82       10.97                  

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

 

1

Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase and includes automatic conversion to Class A shares after eight years.

 

2

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

 

3

Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000® Index represents approximately 92% of the U.S. market and is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

 

4

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

 

5

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

 

|  4


VAUGHAN NELSON MID CAP FUND

 

Managers   Symbols
Dennis G. Alff, CFA®   Class A    VNVAX
Chad D. Fargason   Class C    VNVCX
Chris D. Wallis, CFA®   Class N    VNVNX
Vaughan Nelson Investment Management, L.P.   Class Y    VNVYX

 

 

Investment Goal

The Fund seeks long-term capital appreciation.

 

 

Average Annual Total Returns — June 30, 20223

 

             
     

6 Months

    

1 Year

     5 Years     

10 Years

    

Life of
Class N

     Expense Ratios4  
   Gross      Net  
     
Class Y                       
NAV      -14.40      -11.26      6.64      9.69           0.96      0.90
     
Class A                       
NAV      -14.47        -11.49        6.37        9.42               1.21        1.15  
With 5.75% Maximum Sales Charge      -19.37        -16.58        5.12        8.77                 
     
Class C                       
NAV      -14.80        -12.15        5.58        8.77               1.96        1.90  
With CDSC1      -15.63        -12.88        5.58        8.77                 
     
Class N (Inception 5/1/13)                       
NAV      -14.38        -11.23        6.72               8.15        0.87        0.85  
   
Comparative Performance                       
Russell Midcap® Value Index2      -16.23        -10.00        6.27        10.62        8.89                    

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

 

1

Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase and includes automatic conversion to Class A shares after eight years.

 

2

Russell Midcap® Value Index is an unmanaged index that measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with lower price-to-book ratios and lower forecasted growth values.

 

3

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

 

4

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

 

5  |


VAUGHAN NELSON SMALL CAP VALUE FUND

 

Managers   Symbols
Chris D. Wallis, CFA®   Class A    NEFJX
Stephen Davis, CFA®   Class C    NEJCX
James Eisenman, CFA®*   Class N    VSCNX
Vaughan Nelson Investment Management, L.P.  

Class Y    NEJYX

 

*

Effective May 1, 2022, James Eisenman serves as a co-portfolio manager on the Fund.

 

 

Investment Goal

The Fund seeks capital appreciation.

 

 

Average Annual Total Returns — June 30, 20223

 

             
     

6 Months

    

1 Year

     5 Years     

10 Years

    

Life of
Class N

     Expense Ratios4  
   Gross      Net  
     
Class Y                       
NAV      -12.89      -5.59      7.41      10.84           1.16      1.00
     
Class A                       
NAV      -13.00        -5.87        7.14        10.56               1.41        1.25  
With 5.75% Maximum Sales Charge      -18.00        -11.30        5.88        9.91                 
     
Class C

 

                   
NAV      -13.47        -6.67        6.31        9.90               2.17        2.00  
With CDSC1      -14.28        -7.24        6.31        9.90                 
     
Class N (Inception 5/1/17)                       
NAV      -12.89        -5.59        7.52               7.11        1.17        0.95  
   
Comparative Performance                       
Russell 2000® Value Index2      -17.31        -16.28        4.89        9.05        4.68                    

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

 

1

Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase and includes automatic conversion to Class A shares after eight years.

 

2

Russell 2000® Value Index is an unmanaged index that measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values.

 

3

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

 

4

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

 

|  6


ADDITIONAL INFORMATION

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

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO SCHEDULES

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

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

 

7  |


UNDERSTANDING FUND EXPENSES

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

The first line in the table of each class of Fund shares shows the actual account values and actual Fund expenses you would have paid on a $1,000 investment in the Fund from January 1, 2022 through June 30, 2022. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.60) and multiply the result by the number in the Expenses Paid During Period column as shown for your class.

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

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

 

LOOMIS SAYLES INTERNATIONAL GROWTH FUND    BEGINNING
ACCOUNT VALUE
1/1/2022
     ENDING
ACCOUNT VALUE
6/30/2022
     EXPENSES PAID
DURING PERIOD*
1/1/2022 – 6/30/2022
 
Class A           
Actual      $1,000.00        $788.90        $5.32  
Hypothetical (5% return before expenses)      $1,000.00        $1,018.84        $6.01  
Class C           
Actual      $1,000.00        $785.50        $8.63  
Hypothetical (5% return before expenses)      $1,000.00        $1,015.13        $9.74  
Class N           
Actual      $1,000.00        $789.10        $3.99  
Hypothetical (5% return before expenses)      $1,000.00        $1,020.33        $4.51  
Class Y           
Actual      $1,000.00        $789.10        $4.21  
Hypothetical (5% return before expenses)      $1,000.00        $1,020.08        $4.76  

 

*

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.20%, 1.95%, 0.90% and 0.95% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).

 

|  8


NATIXIS OAKMARK FUND    BEGINNING
ACCOUNT VALUE
1/1/2022
     ENDING
ACCOUNT VALUE
6/30/2022
     EXPENSES PAID
DURING PERIOD*
1/1/2022 – 6/30/2022
 
Class A           
Actual      $1,000.00        $804.80        $4.70  
Hypothetical (5% return before expenses)      $1,000.00        $1,019.59        $5.26  
Class C           
Actual      $1,000.00        $801.70        $8.04  
Hypothetical (5% return before expenses)      $1,000.00        $1,015.87        $9.00  
Class N           
Actual      $1,000.00        $806.00        $3.36  
Hypothetical (5% return before expenses)      $1,000.00        $1,021.08        $3.76  
Class Y           
Actual      $1,000.00        $805.70        $3.58  
Hypothetical (5% return before expenses)      $1,000.00        $1,020.83        $4.01  

 

*

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.05%, 1.80%, 0.75% and 0.80% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).

 

NATIXIS OAKMARK INTERNATIONAL FUND    BEGINNING
ACCOUNT VALUE
1/1/2022
     ENDING
ACCOUNT VALUE
6/30/2022
     EXPENSES PAID
DURING PERIOD*
1/1/2022 – 6/30/2022
 
Class A           
Actual      $1,000.00        $807.30        $5.15  
Hypothetical (5% return before expenses)      $1,000.00        $1,019.09        $5.76  
Class C           
Actual      $1,000.00        $804.20        $8.50  
Hypothetical (5% return before expenses)      $1,000.00        $1,015.37        $9.49  
Class N           
Actual      $1,000.00        $809.00        $3.81  
Hypothetical (5% return before expenses)      $1,000.00        $1,020.58        $4.26  
Class Y           
Actual      $1,000.00        $808.20        $4.04  
Hypothetical (5% return before expenses)      $1,000.00        $1,020.33        $4.51  

 

*

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.15%, 1.90%, 0.85% and 0.90% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).

 

9  |


NATIXIS U.S. EQUITY OPPORTUNITIES FUND    BEGINNING
ACCOUNT VALUE
1/1/2022
     ENDING
ACCOUNT VALUE
6/30/2022
     EXPENSES PAID
DURING PERIOD*
1/1/2022 – 6/30/2022
 
Class A           
Actual      $1,000.00        $752.30        $4.95  
Hypothetical (5% return before expenses)      $1,000.00        $1,019.14        $5.71  
Class C           
Actual      $1,000.00        $749.60        $8.20  
Hypothetical (5% return before expenses)      $1,000.00        $1,015.42        $9.44  
Class N           
Actual      $1,000.00        $753.60        $3.61  
Hypothetical (5% return before expenses)      $1,000.00        $1,020.68        $4.16  
Class Y           
Actual      $1,000.00        $753.30        $3.87  
Hypothetical (5% return before expenses)      $1,000.00        $1,020.38        $4.46  

 

*

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.14%, 1.89%, 0.83% and 0.89% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).

 

VAUGHAN NELSON MID CAP FUND    BEGINNING
ACCOUNT VALUE
1/1/2022
     ENDING
ACCOUNT VALUE
6/30/2022
     EXPENSES PAID
DURING PERIOD*
1/1/2022 – 6/30/2022
 
Class A           
Actual      $1,000.00        $855.30        $5.29  
Hypothetical (5% return before expenses)      $1,000.00        $1,019.09        $5.76  
Class C           
Actual      $1,000.00        $852.00        $8.72  
Hypothetical (5% return before expenses)      $1,000.00        $1,015.37        $9.49  
Class N           
Actual      $1,000.00        $856.20        $3.91  
Hypothetical (5% return before expenses)      $1,000.00        $1,020.58        $4.26  
Class Y           
Actual      $1,000.00        $856.00        $4.14  
Hypothetical (5% return before expenses)      $1,000.00        $1,020.33        $4.51  

 

*

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.15%, 1.90%, 0.85% and 0.90% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).

 

|  10


VAUGHAN NELSON SMALL CAP VALUE FUND    BEGINNING
ACCOUNT VALUE
1/1/2022
     ENDING
ACCOUNT VALUE
6/30/2022
     EXPENSES PAID
DURING PERIOD*
1/1/2022 – 6/30/2022
 
Class A           
Actual      $1,000.00        $870.00        $5.80  
Hypothetical (5% return before expenses)      $1,000.00        $1,018.60        $6.26  
Class C           
Actual      $1,000.00        $865.30        $9.25  
Hypothetical (5% return before expenses)      $1,000.00        $1,014.88        $9.99  
Class N           
Actual      $1,000.00        $871.10        $4.41  
Hypothetical (5% return before expenses)      $1,000.00        $1,020.08        $4.76  
Class Y           
Actual      $1,000.00        $871.10        $4.64  
Hypothetical (5% return before expenses)      $1,000.00        $1,019.84        $5.01  

 

*

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.25%, 2.00%, 0.95% and 1.00% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).

 

11  |


BOARD APPROVAL OF THE EXISTING ADVISORY AND SUB-ADVISORY AGREEMENTS

The Board of Trustees of the Trusts (the “Board”), including the Independent Trustees, considers matters bearing on each Fund’s advisory agreement and, with respect to Natixis Oakmark Fund, Natixis Oakmark International Fund, Natixis U.S. Equity Opportunities Fund, Vaughan Nelson Mid Cap Fund, and Vaughan Nelson Small Cap Value Fund, sub-advisory agreement (collectively, the “Agreements”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreements to determine whether to recommend that the full Board approve the continuation of the Agreements, typically for an additional one-year period. This meeting typically includes all the Independent Trustees, including the Trustees who do not serve on the Contract Review Committee. After the Contract Review Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreements at its June Board meeting.

In connection with these meetings, the Trustees receive materials that the Funds’ investment advisers and sub-advisers, as applicable (collectively, the “Advisers”) believe to be reasonably necessary for the Trustees to evaluate the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Funds and the performance of peer groups of funds and the Funds’ performance benchmarks, (ii) information on the Funds’ advisory and sub-advisory fees and other expenses, including information comparing the Funds’ advisory and sub-advisory fees to the fees charged to institutional accounts with similar strategies managed by the Advisers, if any, and to those of peer groups of funds and information about any applicable expense limitations and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Funds, (iv) information about the profitability of the Agreements to the Advisers, including how profitability is determined for the Funds, and (v) information obtained through the completion by the Advisers of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) each Fund’s investment objective and strategies and the size, education and experience of the Advisers’ respective investment staffs and their use of technology, external research and trading cost measurement tools, (ii) arrangements in respect of the distribution of the Funds’ shares and the related costs, (iii) the allocation of the Funds’ brokerage, if any, including, to the extent applicable, allocations to brokers affiliated with the Advisers and the use of “soft” commission dollars to pay for research and other similar services, (iv) each Adviser’s policies and procedures relating to, among other things, compliance, trading and best execution, proxy voting, liquidity and valuation, (v) information about amounts invested by the Funds’ portfolio managers in the Funds or in similar accounts that they manage and (vi) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Advisers.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance and the fees charged to the Funds for advisory and other services. This information generally includes, where available, among other things, an internal performance rating for each Fund based on agreed-upon criteria, graphs showing each Fund’s performance and expense differentials against each Fund’s peer group/category of funds, total return information for various periods, third-party performance rankings for various periods comparing a Fund against similarly categorized funds, and performance ratings provided by a different third-party rating organization. The portfolio management team for each Fund or other representatives of the Advisers make periodic presentations to the Contract Review Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent Board or Committee presentations and reviews. In addition, the Trustees are periodically provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings, both at the Board and at the Committee level.

The Board most recently approved the continuation of the Agreements for a one-year period at its meeting held in June 2022. In the case of Natixis U.S. Equity Opportunities Fund, the Board approved the Agreement with an amendment that reduced the Fund’s advisory fee effective July 1, 2022. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

The nature, extent and quality of the services provided to the Funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by the Advisers and their affiliates to the Funds and the resources dedicated to the Funds by the Advisers and their affiliates. The Trustees also considered their experience with other funds advised or sub-advised by the Adviser, as well as the affiliation between the Adviser and Natixis Investment Managers, LLC, whose affiliates provide investment advisory services to other funds in the Natixis family of funds.

The Trustees considered not only the advisory services provided by the Advisers to the Funds, but also the benefits to the Funds from the monitoring and oversight services provided by Natixis Advisors, LLC (“Natixis Advisors”). They also considered the administrative and shareholder services provided by Natixis Advisors and its affiliates to the Funds. They also took into consideration increases in the services provided resulting from new regulatory requirements, such as new rules relating to the fair valuation of investments and the use of derivatives.

 

|  12


For each Fund, the Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the nature, extent and quality of services provided supported the renewal of the Agreements.

Investment performance of the Funds and the Advisers. As noted above, the Trustees received information about the performance of the Funds over various time periods, including information that compared the performance of the Funds to the performance of peer groups and categories of funds and the Funds’ respective performance benchmarks. The Trustees also received information about how comparative peer groups are constructed. In addition, the Trustees reviewed data prepared by an independent third party that analyzed the performance of the Funds using a variety of performance metrics, including metrics that measured the performance of the Funds on a risk adjusted basis.

The Board noted that, through December 31, 2021, each Existing Fund’s one-, three- and five-year performance, as applicable, stated as percentile rankings within categories selected by the independent third-party data provider, was as follows (where the best performance would be in the first percentile of its category):

 

      One-Year      Three-Year      Five-Year  
Loomis Sayles International Growth Fund      96      N/A        N/A  
Natixis Oakmark Fund      4      2      4
Natixis Oakmark International Fund      82      25      47
Natixis U.S. Equity Opportunities Fund      81      31      17
Vaughan Nelson Mid Cap Fund      74      62      83
Vaughan Nelson Small Cap Value Fund      14      30      68

In the case of each Fund that had performance that lagged that of a relevant category median as determined by the independent third-party for certain (although not necessarily all) periods, the Board concluded that other factors relevant to performance supported renewal of the Agreements. These factors included one or more of the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund’s more recent relative performance (i.e., for periods ending March 31, 2022) had improved; (3) that the Fund’s long-term (10-year) performance was stronger relative to its category; (4) the Adviser’s deep value investment strategy was expected to result in cyclical underperformance from time to time; (5) that effective August 31, 2021, the Fund had been assigned to a different category by the independent third-party data provider, which has resulted in significantly improved relative performance and is expected to result in more relevant performance comparisons; and (6) that the Fund outperformed its relevant benchmark for the 3-year period. The Board also considered information about the Funds’ more recent performance, including how that performance had been impacted by the Covid-19 crisis.

The Trustees also considered each Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Advisers to Trustee concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the performance of the Funds and the Advisers and/or other relevant factors supported the renewal of the Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their respective relationships with the Funds. The Trustees considered the fees charged to the Funds for advisory, sub-advisory and administrative services as well as the total expense levels of the Funds. This information included comparisons (provided both by management and by an independent third party) of the Funds’ advisory fees and total expense levels to those of their peer groups and information about the advisory fees charged by the Advisers to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets, the greater regulatory costs associated with the management of such assets, and the entrepreneurial, regulatory and other risks associated with sponsoring and managing mutual funds. In evaluating each Fund’s advisory and sub-advisory fees, the Trustees also took into account the demands, complexity and quality of the investment management of such Fund, and the need for the Advisers to offer competitive compensation and the potential need to expend additional resources to the extent the Fund grows in size. The Trustees considered that over the past several years, management had demonstrated its intention to have competitive fee levels by making recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense limitations for

 

13  |


various funds in the fund family. They noted that all of the Funds included have expense limitations in place, and they considered the amounts waived or reimbursed by the Adviser for all of the Funds under their expense limitation agreements. They further noted that management had proposed to reduce the expense limitations for Natixis U.S. Equity Opportunities Fund on all share classes, effective as of July 1, 2022. The Trustees also noted that management had proposed to reduce the advisory fee rate for Natixis U.S. Equity Opportunities Fund. The Trustees further noted that the Loomis Sayles International Growth Fund had a total advisory fee rate that was below the median of its peer group of funds.

The Trustees noted that certain of the Funds had total advisory fee rates that were above the median of a peer group of funds. In this regard, the Trustees considered the factors that management believed justified such relatively higher advisory fee rates, including: (1) that the advisory fee rate of the Fund had been reduced effective July 1, 2021 and the comparison against the peer group did not reflect the full impact of that; (2) that management had proposed to reduce the expense limitations of the Fund; (3) that management had proposed to reduce the advisory fee of the Fund; (4) that the advisory fee was only one basis point higher than the median of a peer group of funds; and (5) the quality of the services and the reputation and performance of the portfolio management team.

The Trustees also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the Funds. The Trustees reviewed information provided by management as to the profitability of the Advisers’ and their affiliates’ relationships with the Funds, and information about how expenses are determined and allocated for purposes of profitability calculations. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the relevant Funds, the expense levels of the Funds, whether the Advisers had implemented breakpoints and/or expense limitations with respect to such Funds and the overall profit margin of Natixis Investment Managers, LLC compared to that of certain other investment managers for which such data was available.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory fees charged to each of the Funds were fair and reasonable, and that the costs of these services generally and the related profitability of the Advisers and their affiliates in respect of their relationships with the Funds supported the renewal of the Agreements.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense limitations. The Trustees also considered management’s explanation of the factors that are taken into account with respect to the implementation of breakpoints in investment advisory fees or expense limitations. With respect to economies of scale, the Trustees noted that Natixis Oakmark Fund, Natixis Oakmark International Fund and Vaughan Nelson Mid Cap Fund had breakpoints in their advisory fees and that each of the Funds was subject to an expense limitation. The Trustees also considered management’s proposal to reduce the expense limitations for Natixis U.S. Equity Opportunities Fund. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Advisers and their affiliates of their relationships with the Funds, as discussed above. The Trustees also considered that the Funds have benefitted from the substantial reinvestment certain Advisers had made into their businesses.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the extent to which economies of scale were shared with the Funds supported the renewal of the Agreements.

The Trustees also considered other factors, which included but were not limited to the following:

 

 

The effect of recent market and economic events, including but not limited to the Covid-19 crisis and its significant disruptions to the economy and business operations, as well as more recent market volatility, on the performance, asset levels and expense ratios of each Fund.

 

 

Whether each Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Funds and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates were providing to the Funds.

 

 

So-called “fallout benefits” to the Advisers, such as the engagement of affiliates of the Advisers to provide distribution and administrative services to the Funds, and the benefits of research made available to the Advisers by reason of brokerage commissions (if any) generated by the Funds’ securities transactions. The Trustees also considered the benefits to the parent company of Natixis Advisors from the retention of the Adviser. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

 

 

The Trustees’ review and discussion of the Funds’ advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.

 

|  14


Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that each of the existing Agreements, including the reduction in the advisory fee for Natixis U.S. Equity Opportunities Fund described above, should be continued through June 30, 2023.

 

15  |


LIQUIDITY RISK MANAGEMENT PROGRAM

Annual Report for the Period Commencing on January 1, 2021 and ending December 31, 2021 (including updates through June 30, 2022)

Effective December 1, 2018 (December 15, 2020 for the Loomis Sayles International Growth Fund), the Funds adopted a liquidity risk management program (the “Program”) pursuant to the requirements of Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Rule”). The Rule requires registered open-end funds, including mutual funds and exchange-traded funds to establish liquidity risk management programs in order to effectively manage fund liquidity and mitigate the risk that a fund could not meet redemption requests without significantly diluting the interests of remaining investors.

The rule requires the Funds to assess, manage and review their liquidity risk considering applicable factors during normal and foreseeable stressed conditions. In fulfilling this requirement, each Fund assesses and reviews (where applicable and amongst other matters) its investment strategy, portfolio holdings, possible investment concentrations, use of derivatives, short-term and long-term cash flow projections, use of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Each Program has established a Program Administrator (“Administrator”) which is the adviser or sub-adviser of the Fund.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Each Fund is prohibited from acquiring an investment if, after the acquisition, its holdings of illiquid assets will exceed 15% of its net assets. If a Fund does not hold a majority of highly liquid investments in its portfolio, then the Fund is required to establish a highly liquid investment minimum (“HLIM”). None of the Funds has established an HLIM.

During the period from January 1, 2021 to December 31, 2021, there were no material changes to the Programs and no material events that impacted the operation of the Funds’ Programs. During the period, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any illiquid security violations.

During the period January 1, 2022 through June 30, 2022, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any illiquid security violations.

Annual Program Assessment and Conclusion

In the opinion of the Program Administrators, the Program of each Fund approved by the Funds’ Board is operating effectively. The Program Administrators have also monitored, assessed and managed each Fund’s liquidity risk regularly throughout the period.

Pursuant to the Rule’s requirements, the Board has received and reviewed a written report prepared by each Fund’s Program Administrator that addressed the operation of the Programs, assessed their adequacy and effectiveness and described any material changes made to the Programs.

 

|  16


Portfolio of Investments – as of June 30, 2022 (Unaudited)

Loomis Sayles International Growth Fund

 

Shares

     Description    Value (†)  
  Common Stocks — 97.5% of Net Assets  
   Australia — 4.5%

 

  36,354      WiseTech Global Ltd.    $ 953,283  
     

 

 

 
   Belgium — 2.2%

 

  8,851      Anheuser-Busch InBev S.A.      476,644  
     

 

 

 
   Brazil — 7.6%

 

  345,114      Ambev S.A., ADR      866,236  
  1,163      MercadoLibre, Inc.(a)      740,680  
     

 

 

 
        1,606,916  
     

 

 

 
   Canada — 1.6%

 

  11,000      Shopify, Inc., Class A(a)      343,640  
     

 

 

 
   China — 28.9%

 

  3,739      Alibaba Group Holding Ltd., Sponsored ADR(a)(b)      425,049  
  4,601      Baidu, Inc., Sponsored ADR(a)(b)      684,307  
  64,400      Budweiser Brewing Co. APAC Ltd., 144A      193,245  
  507,500      Dali Foods Group Co. Ltd., 144A      269,927  
  3,400      Kweichow Moutai Co. Ltd., Class A      1,040,169  
  3,961      NXP Semiconductors NV      586,347  
  24,100      Tencent Holdings Ltd.(b)      1,090,890  
  26,757      Trip.com Group Ltd., ADR(a)(b)      734,480  
  45,796      Vipshop Holdings Ltd., ADR(a)(b)      452,922  
  13,499      Yum China Holdings, Inc.      654,701  
     

 

 

 
        6,132,037  
     

 

 

 
   Denmark — 4.8%

 

  9,100      Novo Nordisk A/S, Class B      1,009,211  
     

 

 

 
   France — 4.7%

 

  2,735      EssilorLuxottica S.A.      414,661  
  8,124      Sodexo S.A.      574,645  
     

 

 

 
        989,306  
     

 

 

 
   Germany — 2.6%

 

  6,108      SAP SE      556,747  
     

 

 

 
   Japan — 4.9%

 

  5,400      FANUC Corp.      846,392  
  5,600      Unicharm Corp.      187,920  
     

 

 

 
        1,034,312  
     

 

 

 
   Macau — 1.2%

 

  41,000      Galaxy Entertainment Group Ltd.      245,613  
     

 

 

 
   Netherlands — 3.9%

 

  567      Adyen NV, 144A(a)      818,256  
     

 

 

 
   Switzerland — 7.8%

 

  7,615      CRISPR Therapeutics AG(a)      462,764  
  14,030      Novartis AG, (Registered)      1,189,471  
     

 

 

 
        1,652,235  
     

 

 

 
   United Kingdom — 9.8%

 

  7,109      Diageo PLC      307,057  
  19,599      Experian PLC      575,442  
  9,262      Reckitt Benckiser Group PLC      696,616  
  11,140      Unilever PLC      505,983  
     

 

 

 
        2,085,098  
     

 

 

 
   United States — 13.0%

 

  5,601      Block, Inc.(a)      344,237  
  11,908      Doximity, Inc., Class A(a)      414,637  
  7,515      Nestle S.A., (Registered)      878,298  
  3,318      Roche Holding AG      1,109,207  
     

 

 

 
        2,746,379  
     

 

 

 
  

Total Common Stocks

(Identified Cost $27,194,320)

     20,649,677  
     

 

 

 
     

Principal

Amount

     Description    Value (†)  
  Short-Term Investments — 2.3%  
$ 495,628     

Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2022 at 0.350% to be repurchased at $495,633 on 7/01/2022 collateralized by $503,300 U.S. Treasury Note, 3.250% due 6/30/2027 valued at $505,581 including accrued interest (Note 2 of Notes to Financial Statements)

(Identified Cost $495,628)

   $ 495,628  
     

 

 

 
     
  

Total Investments — 99.8%

(Identified Cost $27,689,948)

     21,145,305  
   Other assets less liabilities — 0.2%      41,806  
     

 

 

 
   Net Assets — 100.0%    $ 21,187,111  
     

 

 

 
     
  (†)      See Note 2 of Notes to Financial Statements.

 

  (a)      Non-income producing security.

 

  (b)      Security invests in variable interest entities based in China.

 

     
  144A      All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2022, the value of Rule 144A holdings amounted to $1,281,428 or 6.0% of net assets.

 

  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 June 30, 2022 (Unaudited)

 

Pharmaceuticals

     15.6

Beverages

     13.5  

Hotels, Restaurants & Leisure

     10.5  

Interactive Media & Services

     8.3  

Internet & Direct Marketing Retail

     7.6  

Software

     7.1  

IT Services

     7.1  

Food Products

     5.5  

Household Products

     4.2  

Machinery

     4.0  

Semiconductors & Semiconductor Equipment

     2.8  

Professional Services

     2.7  

Personal Products

     2.4  

Biotechnology

     2.2  

Textiles, Apparel & Luxury Goods

     2.0  

Health Care Technology

     2.0  

Short-Term Investments

     2.3  
  

 

 

 

Total Investments

     99.8  

Other assets less liabilities

     0.2  
  

 

 

 

Net Assets

     100.0
  

 

 

 

Currency Exposure Summary at June 30, 2022 (Unaudited)

 

United States Dollar

     34.0

Euro

     15.8  

Swiss Franc

     15.0  

Hong Kong Dollar

     8.5  

British Pound

     7.4  

Yuan Renminbi

     4.9  

Japanese Yen

     4.9  

Danish Krone

     4.8  

Australian Dollar

     4.5  
  

 

 

 

Total Investments

     99.8  

Other assets less liabilities

     0.2  
  

 

 

 

Net Assets

     100.0
  

 

 

 

 

See accompanying notes to financial statements.

 

17  |


Portfolio of Investments – as of June 30, 2022 (Unaudited)

Natixis Oakmark Fund

 

Shares      Description    Value (†)  
  Common Stocks — 94.0% of Net Assets  
   Auto Components — 1.5%

 

  185,367      BorgWarner, Inc.    $ 6,185,697  
     

 

 

 
   Automobiles — 2.2%

 

  281,560      General Motors Co.(a)      8,942,346  
     

 

 

 
   Banks — 5.9%

 

  198,236      Bank of America Corp.      6,171,087  
  220,418      Citigroup, Inc.      10,137,024  
  212,404      Wells Fargo & Co.      8,319,864  
     

 

 

 
        24,627,975  
     

 

 

 
   Biotechnology — 1.0%

 

  6,947      Regeneron Pharmaceuticals, Inc.(a)      4,106,580  
     

 

 

 
   Building Products — 1.1%

 

  92,600      Masco Corp.      4,685,560  
     

 

 

 
   Capital Markets — 13.1%

 

  169,082      Bank of New York Mellon Corp. (The)      7,052,410  
  168,339      Charles Schwab Corp. (The)      10,635,658  
  28,298      Goldman Sachs Group, Inc. (The)      8,405,072  
  70,810      Intercontinental Exchange, Inc.      6,658,973  
  211,810      KKR & Co., Inc.      9,804,685  
  12,221      Moody’s Corp.      3,323,745  
  138,666      State Street Corp.      8,548,759  
     

 

 

 
        54,429,302  
     

 

 

 
   Consumer Finance — 6.9%

 

  390,354      Ally Financial, Inc.      13,080,763  
  43,473      American Express Co.      6,026,227  
  89,906      Capital One Financial Corp.      9,367,306  
     

 

 

 
        28,474,296  
     

 

 

 
   Electronic Equipment, Instruments & Components — 0.7%

 

  26,565      TE Connectivity Ltd.      3,005,830  
     

 

 

 
   Entertainment — 4.5%

 

  48,826      Netflix, Inc.(a)      8,538,203  
  50,097      Take-Two Interactive Software, Inc.(a)      6,138,385  
  42,200      Walt Disney Co. (The)(a)      3,983,680  
     

 

 

 
        18,660,268  
     

 

 

 
   Health Care Providers & Services — 2.5%

 

  44,219      HCA Healthcare, Inc.      7,431,445  
  6,298      Humana, Inc.      2,947,905  
     

 

 

 
        10,379,350  
     

 

 

 
   Hotels, Restaurants & Leisure — 2.5%

 

  3,583      Booking Holdings, Inc.(a)      6,266,631  
  38,528      Hilton Worldwide Holdings, Inc.      4,293,560  
     

 

 

 
        10,560,191  
     

 

 

 
   Household Durables — 1.3%

 

  131,000      PulteGroup, Inc.      5,191,530  
     

 

 

 
   Industrial Conglomerates — 1.1%

 

  69,124      General Electric Co.      4,401,125  
     

 

 

 
   Insurance — 5.2%

 

  163,435      American International Group, Inc.      8,356,431  
  43,537      Reinsurance Group of America, Inc.      5,106,455  
  41,363      Willis Towers Watson PLC      8,164,643  
     

 

 

 
        21,627,529  
     

 

 

 
   Interactive Media & Services — 7.7%

 

  6,056      Alphabet, Inc., Class A(a)      13,197,599  
  65,566      Meta Platforms, Inc., Class A(a)      10,572,517  
  442,200      Pinterest, Inc., Class A(a)      8,030,352  
     

 

 

 
        31,800,468  
     

 

 

 
   Internet & Direct Marketing Retail — 4.1%

 

  74,600      Amazon.com, Inc.(a)    $ 7,923,266  
  135,565      eBay, Inc.      5,648,993  
  44,200      Etsy, Inc.(a)      3,235,882  
     

 

 

 
        16,808,141  
     

 

 

 
   IT Services — 5.5%

 

  112,069      Fiserv, Inc.(a)      9,970,779  
  31,166      Gartner, Inc.(a)      7,536,874  
  48,500      Global Payments, Inc.      5,366,040  
     

 

 

 
        22,873,693  
     

 

 

 
   Machinery — 3.1%

 

  17,771      Cummins, Inc.      3,439,222  
  58,966      PACCAR, Inc.      4,855,260  
  18,200      Parker-Hannifin Corp.      4,478,110  
     

 

 

 
        12,772,592  
     

 

 

 
   Media — 4.4%

 

  22,664      Charter Communications, Inc., Class A(a)      10,618,764  
  195,542      Comcast Corp., Class A      7,673,068  
     

 

 

 
        18,291,832  
     

 

 

 
   Oil, Gas & Consumable Fuels — 9.5%

 

  325,372      APA Corp.      11,355,483  
  93,177      ConocoPhillips      8,368,226  
  42,212      Diamondback Energy, Inc.      5,113,984  
  132,477      EOG Resources, Inc.      14,630,760  
     

 

 

 
        39,468,453  
     

 

 

 
   Professional Services — 1.6%

 

  36,800      Equifax, Inc.      6,726,304  
     

 

 

 
   Real Estate Management & Development — 1.8%

 

  98,818      CBRE Group, Inc., Class A(a)      7,273,993  
     

 

 

 
   Software — 4.1%

 

  65,600      Oracle Corp.      4,583,472  
  46,200      Salesforce, Inc.(a)      7,624,848  
  34,880      Workday, Inc., Class A(a)      4,868,550  
     

 

 

 
        17,076,870  
     

 

 

 
   Tobacco — 1.7%

 

  165,214      Altria Group, Inc.      6,900,989  
     

 

 

 
   Wireless Telecommunication Services — 1.0%

 

  29,458      T-Mobile US, Inc.(a)      3,963,279  
     

 

 

 
  

Total Common Stocks

(Identified Cost $409,469,610)

     389,234,193  
     

 

 

 
     

Principal

Amount

         
  Short-Term Investments — 2.1%  
$ 8,774,149     

Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2022 at 0.350% to be repurchased at $8,774,234 on 7/01/2022 collateralized by $8,909,300 U.S. Treasury Note, 3.250% due 6/30/2027 valued at 8,949,668 including accrued interest (Note 2 of Notes to Financial Statements)

(Identified Cost $8,774,149)

     8,774,149  
     

 

 

 
     
  

Total Investments — 96.1%

(Identified Cost $418,243,759)

     398,008,342  
   Other assets less liabilities — 3.9%      16,197,560  
     

 

 

 
   Net Assets — 100.0%    $ 414,205,902  
     

 

 

 
     
  (†)      See Note 2 of Notes to Financial Statements.

 

  (a)      Non-income producing security.

 

 

See accompanying notes to financial statements.

 

|  18


Portfolio of Investments – as of June 30, 2022 (Unaudited)

Natixis Oakmark Fund – (continued)

 

Industry Summary at June 30, 2022 (Unaudited)

 

Capital Markets

     13.1

Oil, Gas & Consumable Fuels

     9.5  

Interactive Media & Services

     7.7  

Consumer Finance

     6.9  

Banks

     5.9  

IT Services

     5.5  

Insurance

     5.2  

Entertainment

     4.5  

Media

     4.4  

Software

     4.1  

Internet & Direct Marketing Retail

     4.1  

Machinery

     3.1  

Hotels, Restaurants & Leisure

     2.5  

Health Care Providers & Services

     2.5  

Automobiles

     2.2  

Other Investments, less than 2% each

     12.8  

Short-Term Investments

     2.1  
  

 

 

 

Total Investments

     96.1  

Other assets less liabilities

     3.9  
  

 

 

 

Net Assets

     100.0
  

 

 

 

    

 

See accompanying notes to financial statements.

 

19  |


Portfolio of Investments – as of June 30, 2022 (Unaudited)

Natixis Oakmark International Fund

 

Shares      Description    Value (†)  
  Common Stocks — 95.1% of Net Assets  
   Australia — 1.6%

 

  398,700      Brambles Ltd.    $ 2,948,105  
  291,820      Orica Ltd.      3,192,711  
     

 

 

 
        6,140,816  
     

 

 

 
   Belgium — 1.8%

 

  127,600      Anheuser-Busch InBev S.A.      6,871,507  
     

 

 

 
   Canada — 2.3%

 

  140,000      Open Text Corp.      5,295,680  
  73,499      Restaurant Brands International, Inc.      3,685,975  
     

 

 

 
        8,981,655  
     

 

 

 
   China — 7.9%

 

  667,300      Alibaba Group Holding Ltd.(a)      9,519,289  
  222,775      Prosus NV      14,425,480  
  81,896      Trip.com Group Ltd.(a)      2,266,098  
  464,296      Vipshop Holdings Ltd., ADR(a)      4,591,887  
     

 

 

 
        30,802,754  
     

 

 

 
   Finland — 0.6%

 

  80,100      UPM-Kymmene OYJ      2,456,130  
     

 

 

 
   France — 13.7%

 

  235,305      Accor S.A.(a)      6,419,485  
  243,491      BNP Paribas S.A.      11,646,651  
  22,000      Capgemini SE      3,794,122  
  88,300      Danone S.A.      4,944,993  
  68,800      Edenred      3,259,098  
  7,170      Kering S.A.      3,715,686  
  132,698      Publicis Groupe S.A.      6,526,156  
  264,612      Valeo S.A.      5,156,219  
  210,900      Worldline S.A., 144A(a)      7,866,438  
     

 

 

 
        53,328,848  
     

 

 

 
   Germany — 25.2%

 

  36,900      Adidas AG      6,554,580  
  54,010      Allianz SE, (Registered)      10,354,265  
  166,030      Bayer AG, (Registered)      9,914,707  
  133,600      Bayerische Motoren Werke AG      10,356,751  
  135,659      Continental AG      9,521,737  
  243,907      Daimler Truck Holding AG(a)      6,423,505  
  109,200      Fresenius Medical Care AG & Co. KGaA      5,471,039  
  230,400      Fresenius SE & Co. KGaA      7,006,859  
  92,600      Henkel AG & Co. KGaA      5,689,372  
  167,914      Mercedes-Benz Group AG, (Registered)      9,752,163  
  77,900      SAP SE      7,100,616  
  55,600      Siemens AG, (Registered)      5,715,485  
  814,100      thyssenkrupp AG(a)      4,642,240  
     

 

 

 
        98,503,319  
     

 

 

 
   Hong Kong — 1.6%

 

  504,000      Prudential PLC      6,269,373  
     

 

 

 
   India — 0.9%

 

  448,175      Axis Bank Ltd.(a)      3,630,249  
     

 

 

 
   Ireland — 1.4%

 

  79,238      Ryanair Holdings PLC, Sponsored ADR(a)      5,328,756  
     

 

 

 
   Italy — 3.1%

 

  6,412,300      Intesa Sanpaolo SpA      12,000,420  
  70,000      Intesa Sanpaolo SpA      131,505  
     

 

 

 
        12,131,925  
     

 

 

 
   Japan — 1.4%

 

  126,200      Komatsu Ltd.      2,810,116  
  182,200      Toyota Motor Corp.      2,811,219  
     

 

 

 
        5,621,335  
     

 

 

 
   Korea — 1.3%

 

  26,950      NAVER Corp.    $ 5,026,892  
     

 

 

 
   Mexico — 0.9%

 

  449,200      Grupo Televisa SAB, Sponsored ADR      3,674,456  
     

 

 

 
   Netherlands — 3.2%

 

  124,244      EXOR NV      7,764,002  
  228,038      Koninklijke Philips NV      4,891,079  
     

 

 

 
        12,655,081  
     

 

 

 
   Spain — 1.3%

 

  88,230      Amadeus IT Group S.A.(a)      4,940,363  
     

 

 

 
   Sweden — 4.5%

 

  567,704      H & M Hennes & Mauritz AB, B Shares      6,813,946  
  400,203      SKF AB, B Shares      5,937,523  
  312,300      Volvo AB, B Shares      4,859,195  
     

 

 

 
        17,610,664  
     

 

 

 
   Switzerland — 9.8%

 

  25,600      Cie Financiere Richemont S.A., (Registered)      2,753,615  
  1,588,739      Credit Suisse Group AG, (Registered)      9,068,280  
  1,476,080      Glencore PLC      7,995,093  
  173,121      Holcim AG, (Registered)      7,425,078  
  68,200      Novartis AG, (Registered)      5,782,036  
  6,000      Roche Holding AG      2,005,799  
  14,099      Swatch Group AG (The)      3,349,055  
     

 

 

 
        38,378,956  
     

 

 

 
   United Kingdom — 12.6%

 

  597,462      CNH Industrial NV      6,909,857  
  108,400      Compass Group PLC      2,225,602  
  529,177      Informa PLC(a)      3,418,807  
  248,532      Liberty Global PLC, Class A(a)      5,231,599  
  23,485,300      Lloyds Banking Group PLC      12,083,341  
  995,600      NatWest Group PLC      2,650,049  
  35,900      Reckitt Benckiser Group PLC      2,700,121  
  1,456,200      Rolls-Royce Holdings PLC(a)      1,481,917  
  198,489      Schroders PLC      6,484,093  
  127,700      Smiths Group PLC      2,183,781  
  398,200      WPP PLC      4,022,316  
     

 

 

 
        49,391,483  
     

 

 

 
  

Total Common Stocks

(Identified Cost $442,781,109)

     371,744,562  
     

 

 

 
     
  Preferred Stocks — 1.3%  
   Korea — 1.3%

 

  126,900     

Samsung Electronics Co. Ltd.,

2.085%, (KRW)

(Identified Cost $7,214,653)

     5,100,795  
     

 

 

 
     

Principal

Amount

               
  Short-Term Investments — 2.5%  
$ 9,684,913     

Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2022 at 0.350% to be repurchased at $9,685,007 on 7/01/2022 collateralized by $11,409,700 U.S. Treasury Note, 0.375% due 9/30/2027 valued at $9,878,694 including accrued interest (Note 2 of Notes to Financial Statements)

(Identified Cost $9,684,913)

     9,684,913  
     

 

 

 
     
  

Total Investments — 98.9%

(Identified Cost $459,680,675)

     386,530,270  
   Other assets less liabilities — 1.1%      4,443,182  
     

 

 

 
   Net Assets — 100.0%    $ 390,973,452  
     

 

 

 
     

 

See accompanying notes to financial statements.

 

|  20


Portfolio of Investments – as of June 30, 2022 (Unaudited)

Natixis Oakmark International Fund – (continued)

 

  (†)      See Note 2 of Notes to Financial Statements.

 

  (a)      Non-income producing security.

 

     
  144A      All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2022, the value of Rule 144A holdings amounted to $7,866,438 or 2.0% of net assets.

 

  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 June 30, 2022 (Unaudited)

 

Banks

     10.8

Internet & Direct Marketing Retail

     7.3  

Machinery

     6.8  

Automobiles

     5.9  

IT Services

     5.1  

Pharmaceuticals

     4.5  

Media

     4.5  

Textiles, Apparel & Luxury Goods

     4.3  

Insurance

     4.2  

Capital Markets

     3.9  

Auto Components

     3.7  

Hotels, Restaurants & Leisure

     3.7  

Metals & Mining

     3.2  

Health Care Providers & Services

     3.2  

Software

     3.2  

Household Products

     2.2  

Industrial Conglomerates

     2.0  

Diversified Financial Services

     2.0  

Other Investments, less than 2% each

     15.9  

Short-Term Investments

     2.5  
  

 

 

 

Total Investments

     98.9  

Other assets less liabilities

     1.1  
  

 

 

 

Net Assets

     100.0
  

 

 

 

Currency Exposure Summary at June 30, 2022 (Unaudited)

 

Euro

     54.4

British Pound

     13.1  

United States Dollar

     8.2  

Swiss Franc

     7.8  

Swedish Krona

     4.5  

Hong Kong Dollar

     3.0  

South Korean Won

     2.6  

Other, less than 2% each

     5.3  
  

 

 

 

Total Investments

     98.9  

Other assets less liabilities

     1.1  
  

 

 

 

Net Assets

     100.0
  

 

 

 

 

See accompanying notes to financial statements.

 

21  |


Portfolio of Investments – as of June 30, 2022 (Unaudited)

Natixis U.S. Equity Opportunities Fund

 

Shares      Description    Value (†)  
  Common Stocks — 96.7% of Net Assets  
   Aerospace & Defense — 2.0%

 

  113,693      Boeing Co. (The)(a)    $ 15,544,107  
     

 

 

 
   Air Freight & Logistics — 0.6%

 

  48,825      Expeditors International of Washington, Inc.      4,758,484  
     

 

 

 
   Automobiles — 2.2%

 

  220,000      General Motors Co.(a)      6,987,200  
  15,649      Tesla, Inc.(a)      10,538,350  
     

 

 

 
        17,525,550  
     

 

 

 
   Banks — 3.3%

 

  318,705      Citigroup, Inc.      14,657,243  
  304,400      Wells Fargo & Co.      11,923,348  
     

 

 

 
        26,580,591  
     

 

 

 
   Beverages — 2.7%

 

  12,987      Boston Beer Co., Inc. (The), Class A(a)      3,934,671  
  190,167      Monster Beverage Corp.(a)      17,628,481  
     

 

 

 
        21,563,152  
     

 

 

 
   Biotechnology — 5.0%

 

  64,166      Alnylam Pharmaceuticals, Inc.(a)      9,358,611  
  45,511      BioMarin Pharmaceutical, Inc.(a)      3,771,497  
  77,642      CRISPR Therapeutics AG(a)      4,718,304  
  36,541      Regeneron Pharmaceuticals, Inc.(a)      21,600,481  
     

 

 

 
        39,448,893  
     

 

 

 
   Capital Markets — 8.5%

 

  248,245      Charles Schwab Corp. (The)      15,684,119  
  16,158      FactSet Research Systems, Inc.      6,213,882  
  104,300      Intercontinental Exchange, Inc.      9,808,372  
  316,800      KKR & Co., Inc.      14,664,672  
  13,500      MSCI, Inc.      5,564,025  
  101,206      SEI Investments Co.      5,467,148  
  163,700      State Street Corp.      10,092,105  
     

 

 

 
        67,494,323  
     

 

 

 
   Consumer Finance — 5.9%

 

  543,800      Ally Financial, Inc.      18,222,738  
  88,500      American Express Co.      12,267,870  
  155,885      Capital One Financial Corp.      16,241,658  
     

 

 

 
        46,732,266  
     

 

 

 
   Entertainment — 3.5%

 

  101,543      Netflix, Inc.(a)      17,756,825  
  103,486      Walt Disney Co. (The)(a)      9,769,078  
     

 

 

 
        27,525,903  
     

 

 

 
   Health Care Equipment & Supplies — 0.4%

 

  15,276      Intuitive Surgical, Inc.(a)      3,066,046  
     

 

 

 
   Health Care Providers & Services — 1.4%

 

  68,700      HCA Healthcare, Inc.      11,545,722  
     

 

 

 
   Health Care Technology — 1.9%

 

  233,702      Doximity, Inc., Class A(a)      8,137,504  
  37,149      Veeva Systems, Inc., Class A(a)      7,356,988  
     

 

 

 
        15,494,492  
     

 

 

 
   Hotels, Restaurants & Leisure — 3.7%

 

  7,245      Booking Holdings, Inc.(a)      12,671,432  
  98,751      Starbucks Corp.      7,543,589  
  105,858      Yum China Holdings, Inc.      5,134,113  
  34,976      Yum! Brands, Inc.      3,970,126  
     

 

 

 
        29,319,260  
     

 

 

 
   Industrial Conglomerates — 0.9%

 

  109,793      General Electric Co.      6,990,520  
     

 

 

 
   Insurance — 4.8%

 

  273,555      American International Group, Inc.    $ 13,986,867  
  104,781      Reinsurance Group of America, Inc.      12,289,764  
  59,100      Willis Towers Watson PLC      11,665,749  
     

 

 

 
        37,942,380  
     

 

 

 
   Interactive Media & Services — 9.3%

 

  15,497      Alphabet, Inc., Class A(a)      33,771,992  
  4,081      Alphabet, Inc., Class C(a)      8,926,983  
  193,615      Meta Platforms, Inc., Class A(a)      31,220,419  
     

 

 

 
        73,919,394  
     

 

 

 
   Internet & Direct Marketing Retail — 5.0%

 

  57,666      Alibaba Group Holding Ltd., Sponsored ADR(a)      6,555,471  
  314,087      Amazon.com, Inc.(a)      33,359,180  
     

 

 

 
        39,914,651  
     

 

 

 
   IT Services — 7.1%

 

  66,496      Block, Inc.(a)      4,086,844  
  165,200      Fiserv, Inc.(a)      14,697,844  
  51,200      Gartner, Inc.(a)      12,381,696  
  68,485      PayPal Holdings, Inc.(a)      4,782,992  
  107,760      Shopify, Inc., Class A(a)      3,366,422  
  86,160      Visa, Inc., Class A      16,964,043  
     

 

 

 
        56,279,841  
     

 

 

 
   Life Sciences Tools & Services — 0.8%

 

  36,506      Illumina, Inc.(a)      6,730,246  
     

 

 

 
   Machinery — 0.6%

 

  15,255      Deere & Co.      4,568,415  
     

 

 

 
   Media — 2.8%

 

  24,495      Charter Communications, Inc., Class A(a)      11,476,643  
  271,880      Comcast Corp., Class A      10,668,571  
     

 

 

 
        22,145,214  
     

 

 

 
   Oil, Gas & Consumable Fuels — 8.5%

 

  554,341      APA Corp.      19,346,501  
  224,200      ConocoPhillips      20,135,402  
  257,238      EOG Resources, Inc.      28,409,365  
     

 

 

 
        67,891,268  
     

 

 

 
   Pharmaceuticals — 2.9%

 

  128,847      Novartis AG, Sponsored ADR      10,891,437  
  41,564      Novo Nordisk A/S, Sponsored ADR      4,631,477  
  187,202      Roche Holding AG, Sponsored ADR      7,808,195  
     

 

 

 
        23,331,109  
     

 

 

 
   Real Estate Management & Development — 1.3%

 

  145,800      CBRE Group, Inc., Class A(a)      10,732,338  
     

 

 

 
   Semiconductors & Semiconductor Equipment — 3.1%

 

  109,483      NVIDIA Corp.      16,596,528  
  62,363      QUALCOMM, Inc.      7,966,250  
     

 

 

 
        24,562,778  
     

 

 

 
   Software — 6.4%

 

  67,729      Autodesk, Inc.(a)      11,646,679  
  43,197      Microsoft Corp.      11,094,286  
  189,454      Oracle Corp.      13,237,151  
  49,450      Salesforce, Inc.(a)      8,161,228  
  45,806      Workday, Inc., Class A(a)      6,393,601  
     

 

 

 
        50,532,945  
     

 

 

 
   Textiles, Apparel & Luxury Goods — 0.5%

 

  449,610      Under Armour, Inc., Class A(a)      3,745,251  
     

 

 

 
   Tobacco — 1.6%

 

  305,600      Altria Group, Inc.      12,764,912  
     

 

 

 
  

Total Common Stocks

(Identified Cost $684,578,623)

     768,650,051  
     

 

 

 

 

See accompanying notes to financial statements.

 

|  22


Portfolio of Investments – as of June 30, 2022 (Unaudited)

Natixis U.S. Equity Opportunities Fund – (continued)

 

Principal

Amount

     Description    Value (†)  
  Short-Term Investments — 3.3%  
$ 26,700,813     

Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2022 at 0.350% to be repurchased at $26,701,073 on 7/01/2022 collateralized by $11,000,000 U.S. Treasury Note, 2.875% due 8/15/2028 valued at $10,918,135; $13,548,600 U.S. Treasury Note, 3.250% due 6/30/2027 valued at $13,609,989; $3,126,300 U.S. Treasury Note, 0.375% due 9/30/2027 valued at $2,706,799 including accrued interest (Note 2 of Notes to Financial Statements)

(Identified Cost $26,700,813)

   $ 26,700,813  
     

 

 

 
     
  

Total Investments — 100.0%

(Identified Cost $711,279,436)

     795,350,864  
   Other assets less liabilities — (0.0)%      (356,218
     

 

 

 
   Net Assets — 100.0%    $ 794,994,646  
     

 

 

 
  (†)      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 June 30, 2022 (Unaudited)

 

Interactive Media & Services

     9.3

Oil, Gas & Consumable Fuels

     8.5  

Capital Markets

     8.5  

IT Services

     7.1  

Software

     6.4  

Consumer Finance

     5.9  

Internet & Direct Marketing Retail

     5.0  

Biotechnology

     5.0  

Insurance

     4.8  

Hotels, Restaurants & Leisure

     3.7  

Entertainment

     3.5  

Banks

     3.3  

Semiconductors & Semiconductor Equipment

     3.1  

Pharmaceuticals

     2.9  

Media

     2.8  

Beverages

     2.7  

Automobiles

     2.2  

Aerospace & Defense

     2.0  

Other Investments, less than 2% each

     10.0  

Short-Term Investments

     3.3  
  

 

 

 

Total Investments

     100.0  

Other assets less liabilities

     (0.0 )* 
  

 

 

 

Net Assets

     100.0
  

 

 

 

 

*

Less than 0.1%

 

See accompanying notes to financial statements.

 

23  |


Portfolio of Investments – as of June 30, 2022 (Unaudited)

Vaughan Nelson Mid Cap Fund

 

Shares      Description    Value (†)  
  Common Stocks — 92.3% of Net Assets  
   Aerospace & Defense — 0.5%

 

  15,545      Axon Enterprise, Inc.(a)    $ 1,448,328  
     

 

 

 
   Banks — 1.2%

 

  65,580      Bank of N.T. Butterfield & Son Ltd. (The)      2,045,440  
  56,676      Huntington Bancshares, Inc.      681,812  
  24,145      PacWest Bancorp      643,706  
     

 

 

 
        3,370,958  
     

 

 

 
   Building Products — 0.8%

 

  13,150      Allegion PLC      1,287,385  
  62,700      AZEK Co., Inc. (The)(a)      1,049,598  
     

 

 

 
        2,336,983  
     

 

 

 
   Capital Markets — 4.7%

 

  20,575      Ares Management Corp., Class A      1,169,894  
  118,192      Brightsphere Investment Group, Inc.      2,128,638  
  8,010      FactSet Research Systems, Inc.      3,080,406  
  36,945      Nasdaq, Inc.      5,635,590  
  15,722      Raymond James Financial, Inc.      1,405,704  
     

 

 

 
        13,420,232  
     

 

 

 
   Chemicals — 2.9%

 

  57,345      Axalta Coating Systems Ltd.(a)      1,267,898  
  43,180      FMC Corp.      4,620,691  
  28,530      LyondellBasell Industries NV, Class A      2,495,234  
     

 

 

 
        8,383,823  
     

 

 

 
   Commercial Services & Supplies — 2.8%

 

  62,445      Republic Services, Inc.      8,172,177  
     

 

 

 
   Communications Equipment — 4.5%

 

  61,740      Motorola Solutions, Inc.      12,940,704  
     

 

 

 
   Construction & Engineering — 2.8%

 

  246,205      WillScot Mobile Mini Holdings Corp.(a)      7,981,966  
     

 

 

 
   Containers & Packaging — 2.9%

 

  9,255      Avery Dennison Corp.      1,498,107  
  76,050      Crown Holdings, Inc.      7,009,528  
     

 

 

 
        8,507,635  
     

 

 

 
   Diversified Consumer Services — 0.8%

 

  23,860      Grand Canyon Education, Inc.(a)      2,247,373  
     

 

 

 
   Diversified Financial Services — 0.7%

 

  43,462      Apollo Global Management, Inc.      2,107,038  
     

 

 

 
   Electric Utilities — 6.7%

 

  162,695      Alliant Energy Corp.      9,535,554  
  149,710      Evergy, Inc.      9,768,577  
     

 

 

 
        19,304,131  
     

 

 

 
   Electrical Equipment — 2.7%

 

  37,255      AMETEK, Inc.      4,093,952  
  11,565      Hubbell, Inc.      2,065,278  
  48,335      nVent Electric PLC      1,514,335  
     

 

 

 
        7,673,565  
     

 

 

 
   Electronic Equipment, Instruments & Components — 1.0%

 

  8,200      CDW Corp.      1,291,992  
  10,835      Keysight Technologies, Inc.(a)      1,493,605  
     

 

 

 
        2,785,597  
     

 

 

 
   Food & Staples Retailing — 0.5%

 

  31,370      Performance Food Group Co.(a)      1,442,393  
     

 

 

 
   Health Care Equipment & Supplies — 2.6%

 

  12,095      Cooper Cos., Inc. (The)      3,787,186  
  51,620      Hologic, Inc.(a)      3,577,266  
     

 

 

 
        7,364,452  
     

 

 

 
   Health Care Providers & Services — 0.7%

 

  873,980      Aveanna Healthcare Holdings, Inc.(a)    $ 1,975,195  
     

 

 

 
   Hotels, Restaurants & Leisure — 0.9%

 

  88,430      Aramark      2,708,611  
     

 

 

 
   Household Products — 2.9%

 

  89,095      Church & Dwight Co., Inc.      8,255,543  
     

 

 

 
   Independent Power & Renewable Electricity Producers — 3.3%

 

  417,480      Vistra Corp.      9,539,418  
     

 

 

 
   Insurance — 5.2%

 

  51,700      Allstate Corp. (The)      6,551,941  
  28,855      Arthur J. Gallagher & Co.      4,704,519  
  30,800      Reinsurance Group of America, Inc.      3,612,532  
     

 

 

 
        14,868,992  
     

 

 

 
   IT Services — 4.6%

 

  98,615      MAXIMUS, Inc.      6,164,424  
  122,600      SS&C Technologies Holdings, Inc.      7,119,382  
     

 

 

 
        13,283,806  
     

 

 

 
   Life Sciences Tools & Services — 6.2%

 

  12,620      Agilent Technologies, Inc.      1,498,877  
  195,970      Avantor, Inc.(a)      6,094,667  
  17,907      IQVIA Holdings, Inc.(a)      3,885,640  
  329,850      Sotera Health Co.(a)      6,461,762  
     

 

 

 
        17,940,946  
     

 

 

 
   Machinery — 2.2%

 

  22,970      Crane Holdings Co.      2,011,253  
  61,265      Otis Worldwide Corp.      4,329,598  
     

 

 

 
        6,340,851  
     

 

 

 
   Media — 4.2%

 

  74,995      Nexstar Media Group, Inc., Class A      12,215,186  
     

 

 

 
   Metals & Mining — 0.4%

 

  78,405      Constellium SE(a)      1,035,730  
     

 

 

 
   Multi-Utilities — 6.9%

 

  110,020      Ameren Corp.      9,941,407  
  145,445      CMS Energy Corp.      9,817,538  
     

 

 

 
        19,758,945  
     

 

 

 
   Oil, Gas & Consumable Fuels — 6.3%

 

  50,635      Diamondback Energy, Inc.      6,134,430  
  27,905      Pioneer Natural Resources Co.      6,225,047  
  924,955      Southwestern Energy Co.(a)      5,780,969  
     

 

 

 
        18,140,446  
     

 

 

 
   Pharmaceuticals — 2.7%

 

  401,155      Elanco Animal Health, Inc.(a)      7,874,673  
     

 

 

 
   Professional Services — 2.6%

 

  22,035      CACI International, Inc., Class A(a)      6,209,022  
  6,940      Equifax, Inc.      1,268,493  
     

 

 

 
        7,477,515  
     

 

 

 
   REITs – Diversified — 1.4%

 

  425,990      New Residential Investment Corp.      3,970,227  
     

 

 

 
   Semiconductors & Semiconductor Equipment — 0.7%

 

  9,780      Analog Devices, Inc.      1,428,760  
  6,980      Entegris, Inc.      643,068  
     

 

 

 
        2,071,828  
     

 

 

 
   Software — 1.1%

 

  343,727      N-Able, Inc.(a)      3,093,543  
     

 

 

 
   Specialty Retail — 1.4%

 

  275,755      Leslie’s, Inc.(a)      4,185,961  
     

 

 

 

 

See accompanying notes to financial statements.

 

|  24


Portfolio of Investments – as of June 30, 2022 (Unaudited)

Vaughan Nelson Mid Cap Fund – (continued)

 

Shares      Description    Value (†)  
   Textiles, Apparel & Luxury Goods — 0.5%

 

  41,110      Skechers U.S.A., Inc., Class A(a)    $ 1,462,694  
     

 

 

 
  

Total Common Stocks

(Identified Cost $264,862,148)

     265,687,465  
     

 

 

 
     

Principal

Amount

               
  Short-Term Investments — 7.9%  
$ 22,770,147     

Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2022 at 0.350% to be repurchased at $22,770,368 on 7/01/2022 collateralized by $1,048,700 U.S. Treasury Note, 1.875% due 2/28/2027 valued at $990,611; $22,903,300 U.S. Treasury Note, 2.500% due 3/31/2027 valued at $22,234,982 including accrued interest (Note 2 of Notes to Financial Statements)

(Identified Cost $22,770,147)

     22,770,147  
     

 

 

 
     
   Total Investments — 100.2%
(Identified Cost $287,632,295)
     288,457,612  
   Other assets less liabilities — (0.2)%      (456,728
     

 

 

 
   Net Assets — 100.0%    $ 288,000,884  
     

 

 

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

 

     
  REITs      Real Estate Investment Trusts   

Industry Summary at June 30, 2022 (Unaudited)

 

Multi-Utilities

     6.9

Electric Utilities

     6.7  

Oil, Gas & Consumable Fuels

     6.3  

Life Sciences Tools & Services

     6.2  

Insurance

     5.2  

Capital Markets

     4.7  

IT Services

     4.6  

Communications Equipment

     4.5  

Media

     4.2  

Independent Power & Renewable Electricity Producers

     3.3  

Containers & Packaging

     2.9  

Chemicals

     2.9  

Household Products

     2.9  

Commercial Services & Supplies

     2.8  

Construction & Engineering

     2.8  

Pharmaceuticals

     2.7  

Electrical Equipment

     2.7  

Professional Services

     2.6  

Health Care Equipment & Supplies

     2.6  

Machinery

     2.2  

Other Investments, less than 2% each

     12.6  

Short-Term Investments

     7.9  
  

 

 

 

Total Investments

     100.2  

Other assets less liabilities

     (0.2
  

 

 

 

Net Assets

     100.0
  

 

 

 

 

See accompanying notes to financial statements.

 

25  |


Portfolio of Investments – as of June 30, 2022 (Unaudited)

Vaughan Nelson Small Cap Value Fund

 

Shares

     Description    Value (†)  
  Common Stocks — 93.3% of Net Assets  
   Banks — 5.6%

 

  76,700      Cadence Bank    $ 1,800,916  
  116,220      Old National Bancorp      1,718,894  
  16,280      SouthState Corp.      1,256,002  
  35,520      United Bankshares, Inc.      1,245,686  
  43,300      United Community Banks, Inc.      1,307,227  
     

 

 

 
        7,328,725  
     

 

 

 
   Capital Markets — 3.4%

 

  27,175      Artisan Partners Asset Management, Inc., Class A      966,615  
  20,195      Cboe Global Markets, Inc.      2,285,872  
  29,475      Moelis & Co., Class A      1,159,841  
     

 

 

 
        4,412,328  
     

 

 

 
   Chemicals — 6.3%

 

  68,970      Chemours Co. (The)      2,208,420  
  220,050      Element Solutions, Inc.      3,916,890  
  20,030      FMC Corp.      2,143,410  
     

 

 

 
        8,268,720  
     

 

 

 
   Commercial Services & Supplies — 1.7%

 

  34,580      Ritchie Bros. Auctioneers, Inc.      2,249,775  
     

 

 

 
   Electronic Equipment, Instruments & Components — 7.3%

 

  20,665      Advanced Energy Industries, Inc.      1,508,132  
  21,225      Fabrinet(a)      1,721,347  
  42,625      II-VI, Inc.(a)      2,171,744  
  48,915      Insight Enterprises, Inc.(a)      4,220,386  
     

 

 

 
        9,621,609  
     

 

 

 
   Energy Equipment & Services — 0.8%

 

  148,275      TechnipFMC PLC(a)      997,891  
     

 

 

 
   Food & Staples Retailing — 1.2%

 

  35,340      Performance Food Group Co.(a)      1,624,933  
     

 

 

 
   Gas Utilities — 4.2%

 

  33,380      Southwest Gas Holdings, Inc.(a)      2,906,730  
  34,815      Spire, Inc.      2,589,192  
     

 

 

 
        5,495,922  
     

 

 

 
   Health Care Providers & Services — 1.0%

 

  4,885      Molina Healthcare, Inc.(a)      1,365,895  
     

 

 

 
   Hotels, Restaurants & Leisure — 3.8%

 

  73,130      Bally’s Corp.(a)      1,446,511  
  95,570      Everi Holdings, Inc.(a)      1,558,747  
  109,559      International Game Technology PLC      2,033,415  
     

 

 

 
        5,038,673  
     

 

 

 
   Household Durables — 1.6%

 

  24,585      Installed Building Products, Inc.      2,044,489  
     

 

 

 
   Insurance — 4.9%

 

  28,085      Brown & Brown, Inc.      1,638,479  
  37,805      First American Financial Corp.      2,000,640  
  25,920      Selective Insurance Group, Inc.      2,253,485  
  84,960      Trean Insurance Group, Inc.(a)      529,301  
     

 

 

 
        6,421,905  
     

 

 

 
   IT Services — 6.0%

 

  33,855      ExlService Holdings, Inc.(a)      4,987,857  
  25,740      Thoughtworks Holding, Inc.(a)      363,191  
  33,185      WNS Holdings Ltd., ADR(a)      2,476,929  
     

 

 

 
        7,827,977  
     

 

 

 
   Life Sciences Tools & Services — 5.2%

 

  57,465      Avantor, Inc.(a)    $ 1,787,162  
  60,135      Maravai LifeSciences Holdings, Inc., Class A(a)      1,708,435  
  47,115      Syneos Health, Inc.(a)      3,377,203  
     

 

 

 
        6,872,800  
     

 

 

 
   Machinery — 7.8%

 

  15,035      Alamo Group, Inc.      1,750,525  
  69,115      Federal Signal Corp.      2,460,494  
  31,255      Franklin Electric Co., Inc.      2,289,741  
  32,380      SPX Corp.(a)      1,710,959  
  16,135      Watts Water Technologies, Inc., Series A      1,982,024  
     

 

 

 
        10,193,743  
     

 

 

 
   Marine — 1.3%

 

  27,655      Kirby Corp.(a)      1,682,530  
     

 

 

 
   Media — 1.9%

 

  120,335      TEGNA, Inc.      2,523,425  
     

 

 

 
   Oil, Gas & Consumable Fuels — 5.0%

 

  41,090      Antero Resources Corp.(a)      1,259,409  
  88,230      Comstock Resources, Inc.(a)      1,065,818  
  32,585      Ovintiv, Inc.      1,439,931  
  25,125      PDC Energy, Inc.      1,547,951  
  202,375      Southwestern Energy Co.(a)      1,264,844  
     

 

 

 
        6,577,953  
     

 

 

 
   Personal Products — 2.0%

 

  325,335      Coty, Inc., Class A(a)      2,605,933  
     

 

 

 
   Professional Services — 6.2%

 

  32,790      ASGN, Inc.(a)      2,959,298  
  5,185      CACI International, Inc., Class A(a)      1,461,029  
  20,185      FTI Consulting, Inc.(a)      3,650,457  
     

 

 

 
        8,070,784  
     

 

 

 
   Road & Rail — 2.7%

 

  14,055      Landstar System, Inc.      2,043,878  
  7,820      Saia, Inc.(a)      1,470,160  
     

 

 

 
        3,514,038  
     

 

 

 
   Semiconductors & Semiconductor Equipment — 4.8%

 

  48,880      Ichor Holdings Ltd.(a)      1,269,902  
  20,515      MKS Instruments, Inc.      2,105,455  
  85,265      Rambus, Inc.(a)      1,832,345  
  36,800      Ultra Clean Holdings, Inc.(a)      1,095,536  
     

 

 

 
        6,303,238  
     

 

 

 
   Specialty Retail — 0.5%

 

  3,275      RH(a)      695,151  
     

 

 

 
   Textiles, Apparel & Luxury Goods — 1.0%

 

  30,830      Capri Holdings Ltd.(a)      1,264,338  
     

 

 

 
   Trading Companies & Distributors — 7.1%

 

  35,305      Beacon Roofing Supply, Inc.(a)      1,813,265  
  77,420      Core & Main, Inc., Class A(a)      1,726,466  
  31,310      GATX Corp.      2,948,150  
  24,740      Rush Enterprises, Inc., Class A      1,192,468  
  6,710      Watsco, Inc.      1,602,482  
     

 

 

 
        9,282,831  
     

 

 

 
  

Total Common Stocks

(Identified Cost $121,002,792)

     122,285,606  
     

 

 

 
     

 

See accompanying notes to financial statements.

 

|  26


Portfolio of Investments – as of June 30, 2022 (Unaudited)

Vaughan Nelson Small Cap Value Fund – (continued)

 

Principal

Amount

     Description    Value (†)  
  Short-Term Investments — 6.6%  
$ 8,660,671     

Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2022 at 0.350% to be repurchased at $8,660,755 on 7/01/2022 collateralized by $9,351,900 U.S. Treasury Note, 1.875% due 2/28/2027 valued at $8,833,889 including accrued interest (Note 2 of Notes to Financial Statements)

(Identified Cost $8,660,671)

   $ 8,660,671  
     

 

 

 
     
  

Total Investments — 99.9%

(Identified Cost $129,663,463)

     130,946,277  
   Other assets less liabilities — 0.1%      121,929  
     

 

 

 
   Net Assets — 100.0%    $ 131,068,206  
     

 

 

 
     
  (†)      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 June 30, 2022 (Unaudited)

 

Machinery

     7.8

Electronic Equipment, Instruments & Components

     7.3  

Trading Companies & Distributors

     7.1  

Chemicals

     6.3  

Professional Services

     6.2  

IT Services

     6.0  

Banks

     5.6  

Life Sciences Tools & Services

     5.2  

Oil, Gas & Consumable Fuels

     5.0  

Insurance

     4.9  

Semiconductors & Semiconductor Equipment

     4.8  

Gas Utilities

     4.2  

Hotels, Restaurants & Leisure

     3.8  

Capital Markets

     3.4  

Road & Rail

     2.7  

Personal Products

     2.0  

Other Investments, less than 2% each

     11.0  

Short-Term Investments

     6.6  
  

 

 

 

Total Investments

     99.9  

Other assets less liabilities

     0.1  
  

 

 

 

Net Assets

     100.0
  

 

 

 

 

See accompanying notes to financial statements.

 

27  |


Statements of Assets and Liabilities

 

June 30, 2022 (Unaudited)

 

     International
Growth Fund
     Natixis
Oakmark
Fund
     Natixis
Oakmark
International
Fund
     Natixis U.S.
Equity
Opportunities
Fund
 

ASSETS

           

Investments at cost

   $ 27,689,948      $ 418,243,759      $ 459,680,675      $ 711,279,436  

Net unrealized appreciation (depreciation)

     (6,544,643      (20,235,417      (73,150,405      84,071,428  
  

 

 

    

 

 

    

 

 

    

 

 

 

Investments at value

     21,145,305        398,008,342        386,530,270        795,350,864  

Cash

                          5,217  

Foreign currency at value (identified cost $31,546, $0, $0 and $0, respectively)

     31,537                       

Receivable for Fund shares sold

     340        132,583        403,720        128,131  

Receivable for securities sold

            18,472,854        603,814         

Dividends and interest receivable

     15,458        409,380        166,343        650,431  

Tax reclaims receivable

     47,809               4,547,772        502,713  

Prepaid expenses (Note 9)

     2        66        63        131  
  

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL ASSETS

     21,240,451        417,023,225        392,251,982        796,637,487  
  

 

 

    

 

 

    

 

 

    

 

 

 

LIABILITIES

           

Payable for securities purchased

            1,686,707        299,625        155,014  

Payable for Fund shares redeemed

            146,088        346,465        284,777  

Foreign taxes payable (Note 2)

                   83,966         

Management fees payable (Note 6)

     11,918        230,334        214,605        523,910  

Deferred Trustees’ fees (Note 6)

     4,188        663,890        124,149        506,607  

Administrative fees payable (Note 6)

     799        16,805        15,852        31,832  

Payable to distributor (Note 6d)

     10        2,177        6,220        2,622  

Audit and tax services fees payable

     25,032        23,876        25,188        24,932  

Other accounts payable and accrued expenses

     11,393        47,446        162,460        113,147  
  

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL LIABILITIES

     53,340        2,817,323        1,278,530        1,642,841  
  

 

 

    

 

 

    

 

 

    

 

 

 

NET ASSETS

   $ 21,187,111      $ 414,205,902      $ 390,973,452      $ 794,994,646  
  

 

 

    

 

 

    

 

 

    

 

 

 

NET ASSETS CONSIST OF:

           

Paid-in capital

   $ 28,041,160      $ 415,033,899      $ 571,049,467      $ 652,424,691  

Accumulated earnings (loss)

     (6,854,049      (827,997      (180,076,015      142,569,955  
  

 

 

    

 

 

    

 

 

    

 

 

 

NET ASSETS

   $ 21,187,111      $ 414,205,902      $ 390,973,452      $ 794,994,646  
  

 

 

    

 

 

    

 

 

    

 

 

 

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

           

Class A shares:

           

Net assets

   $ 114,734      $ 186,192,668      $ 121,284,417      $ 529,334,519  
  

 

 

    

 

 

    

 

 

    

 

 

 

Shares of beneficial interest

     15,203        8,069,110        9,917,125        16,974,830  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value and redemption price per share

   $ 7.55      $ 23.07      $ 12.23      $ 31.18  
  

 

 

    

 

 

    

 

 

    

 

 

 

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

   $ 8.01      $ 24.48      $ 12.98      $ 33.08  
  

 

 

    

 

 

    

 

 

    

 

 

 

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

           

Net assets

   $ 758      $ 50,765,419      $ 45,884,836      $ 36,164,093  
  

 

 

    

 

 

    

 

 

    

 

 

 

Shares of beneficial interest

     101        2,737,712        3,838,345        2,395,694  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value and offering price per share

   $ 7.47    $ 18.54      $ 11.95      $ 15.10  
  

 

 

    

 

 

    

 

 

    

 

 

 

Class N shares:

           

Net assets

   $ 18,119,377      $ 478,051      $ 1,940,779      $ 162,036  
  

 

 

    

 

 

    

 

 

    

 

 

 

Shares of beneficial interest

     2,395,482        19,284        159,103        4,098  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value, offering and redemption price per share

   $ 7.56      $ 24.79      $ 12.20      $ 39.54  
  

 

 

    

 

 

    

 

 

    

 

 

 

Class Y shares:

           

Net assets

   $ 2,952,242      $ 176,769,764      $ 221,863,420      $ 229,333,998  
  

 

 

    

 

 

    

 

 

    

 

 

 

Shares of beneficial interest

     390,344        7,153,182        18,209,970        5,819,063  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value, offering and redemption price per share

   $ 7.56      $ 24.71      $ 12.18      $ 39.41  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Net asset value calculations have been determined utilizing fractional share and penny amounts.

 

See accompanying notes to financial statements.

 

|  28


Statements of Assets and Liabilities (continued)

 

June 30, 2022 (Unaudited)

 

     Vaughan
Nelson Mid
Cap Fund
     Vaughan
Nelson
Small Cap
Value Fund
 

ASSETS

     

Investments at cost

   $ 287,632,295      $ 129,663,463  

Net unrealized appreciation

     825,317        1,282,814  
  

 

 

    

 

 

 

Investments at value

     288,457,612        130,946,277  

Cash

     5,426         

Receivable for Fund shares sold

     143,601        477,903  

Dividends and interest receivable

     264,148        81,211  

Prepaid expenses (Note 9)

     45        19  
  

 

 

    

 

 

 

TOTAL ASSETS

     288,870,832        131,505,410  
  

 

 

    

 

 

 

LIABILITIES

     

Payable for securities purchased

     339,560        6,800  

Payable for Fund shares redeemed

     82,196        62,687  

Management fees payable (Note 6)

     176,951        83,558  

Deferred Trustees’ fees (Note 6)

     196,123        221,372  

Administrative fees payable (Note 6)

     11,261        5,089  

Payable to distributor (Note 6d)

     1,854        761  

Audit and tax services fees payable

     24,742        23,851  

Other accounts payable and accrued expenses

     37,261        33,086  
  

 

 

    

 

 

 

TOTAL LIABILITIES

     869,948        437,204  
  

 

 

    

 

 

 

NET ASSETS

   $ 288,000,884      $ 131,068,206  
  

 

 

    

 

 

 

NET ASSETS CONSIST OF:

     

Paid-in capital

   $ 287,086,437      $ 126,780,582  

Accumulated earnings

     914,447        4,287,624  
  

 

 

    

 

 

 

NET ASSETS

   $ 288,000,884      $ 131,068,206  
  

 

 

    

 

 

 

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

     

Class A shares:

     

Net assets

   $ 32,689,722      $ 69,042,222  
  

 

 

    

 

 

 

Shares of beneficial interest

     1,724,525        4,538,389  
  

 

 

    

 

 

 

Net asset value and redemption price per share

   $ 18.96      $ 15.21  
  

 

 

    

 

 

 

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

   $ 20.12      $ 16.14  
  

 

 

    

 

 

 

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

     

Net assets

   $ 8,424,656      $ 838,007  
  

 

 

    

 

 

 

Shares of beneficial interest

     493,330        147,677  
  

 

 

    

 

 

 

Net asset value and offering price per share

   $ 17.08      $ 5.67  
  

 

 

    

 

 

 

Class N shares:

     

Net assets

   $ 73,156,761      $ 1,207,148  
  

 

 

    

 

 

 

Shares of beneficial interest

     3,794,793        74,592  
  

 

 

    

 

 

 

Net asset value, offering and redemption price per share

   $ 19.28      $ 16.18  
  

 

 

    

 

 

 

Class Y shares:

     

Net assets

   $ 173,729,745      $ 59,980,829  
  

 

 

    

 

 

 

Shares of beneficial interest

     8,997,189        3,710,456  
  

 

 

    

 

 

 

Net asset value, offering and redemption price per share

   $ 19.31      $ 16.17  
  

 

 

    

 

 

 

 

See accompanying notes to financial statements.

 

29  |


Statements of Operations

 

For the Six Months Ended June 30, 2022 (Unaudited)

 

     International
Growth Fund
     Natixis
Oakmark
Fund
     Natixis
Oakmark
International
Fund
     Natixis
U.S. Equity
Opportunities
Fund
 

INVESTMENT INCOME

           

Dividends

   $ 220,191      $ 3,739,093      $ 10,022,852      $ 6,157,317  

Non-cash dividends (Note 2b)

     37,296 (a)                      

Interest

     127        3,799        3,365        5,487  

Less net foreign taxes withheld

     (24,026             (1,189,049      (117,992
  

 

 

    

 

 

    

 

 

    

 

 

 
     233,588        3,742,892        8,837,168        6,044,812  
  

 

 

    

 

 

    

 

 

    

 

 

 

Expenses

           

Management fees (Note 6)

     82,245        1,558,312        1,816,250        3,569,168  

Service and distribution fees (Note 6)

     224        559,529        462,356        1,042,020  

Administrative fees (Note 6)

     4,852        102,769        102,604        210,352  

Trustees’ fees and expenses (Note 6)

     6,602        13,276        13,242        19,890  

Trustees’ fees deferred compensation (Note 6)

     1,171        (93,831      (15,238      (71,292

Transfer agent fees and expenses (Notes 6 and 7)

     3,863        196,446        402,355        282,599  

Audit and tax services fees

     20,970        20,384        43,062        22,692  

Custodian fees and expenses

     7,325        9,155        75,618        23,809  

Legal fees (Note 9)

     319        4,561        6,240        12,334  

Registration fees

     15,946        75,820        46,215        58,989  

Shareholder reporting expenses

     7,041        29,109        48,442        59,325  

Miscellaneous expenses

     21,510        20,191        50,611        29,416  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses

     172,068        2,495,721        3,051,757        5,259,302  

Less waiver and/or expense reimbursement (Note 6)

     (72,643      (79,455      (499,000      (883
  

 

 

    

 

 

    

 

 

    

 

 

 

Net expenses

     99,425        2,416,266        2,552,757        5,258,419  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income

     134,163        1,326,626        6,284,411        786,393  
  

 

 

    

 

 

    

 

 

    

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FORWARD FOREIGN CURRENCY ACONTRACTS AND FOREIGN CURRENCY TRANSACTIONS

           

Net realized gain (loss) on:

           

Investments

     93,523        26,531,933        (2,411,934      61,565,106  

Forward foreign currency contracts (Note 2d)

                   473,946         

Foreign currency transactions (Note 2c)

     (3,773             (29,179       

Net change in unrealized appreciation (depreciation) on:

           

Investments

     (5,486,634      (130,344,165      (101,616,809      (324,961,803

Forward foreign currency contracts (Note 2d)

                   94,327         

Foreign currency translations (Note 2c)

     (1,959             (344,012      (7,378
  

 

 

    

 

 

    

 

 

    

 

 

 

Net realized and unrealized loss on investments, forward foreign currency contracts and foreign currency transactions

     (5,398,843      (103,812,232      (103,833,661      (263,404,075
  

 

 

    

 

 

    

 

 

    

 

 

 

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $ (5,264,680    $ (102,485,606    $ (97,549,250    $ (262,617,682
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a)

Represents a non-recurring stock dividend.

 

See accompanying notes to financial statements.

 

|  30


Statements of Operations (continued)

 

For the Six Months Ended June 30, 2022 (Unaudited)

 

     Vaughan Nelson
Mid Cap Fund
     Vaughan Nelson
Small Cap

Value Fund
 

INVESTMENT INCOME

 

Dividends

   $ 2,895,603      $ 807,277  

Interest

     4,402        1,547  

Less net foreign taxes withheld

            (2,781
  

 

 

    

 

 

 
     2,900,005        806,043  
  

 

 

    

 

 

 

Expenses

 

Management fees (Note 6)

     1,214,547        612,499  

Service and distribution fees (Note 6)

     93,494        98,472  

Administrative fees (Note 6)

     71,615        31,883  

Trustees’ fees and expenses (Note 6)

     10,979        8,406  

Trustees’ fees deferred compensation (Note 6)

     (25,832      (31,160

Transfer agent fees and expenses (Notes 6 and 7)

     110,334        73,719  

Audit and tax services fees

     20,817        20,386  

Custodian fees and expenses

     8,311        4,721  

Legal fees (Note 9)

     4,175        1,729  

Registration fees

     34,661        30,465  

Shareholder reporting expenses

     17,821        15,570  

Miscellaneous expenses

     21,157        17,494  
  

 

 

    

 

 

 

Total expenses

     1,582,079        884,184  

Less waiver and/or expense reimbursement (Note 6)

     (50,688      (65,421
  

 

 

    

 

 

 

Net expenses

     1,531,391        818,763  
  

 

 

    

 

 

 

Net investment income (loss)

     1,368,614        (12,720
  

 

 

    

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

     

Net realized gain on:

     

Investments

     2,510,289        3,754,607  

Class action settlements (Note 8)

     238,726         

Net change in unrealized appreciation (depreciation) on: Investments

     (54,238,182      (23,288,460
  

 

 

    

 

 

 

Net realized and unrealized loss on investments

     (51,489,167      (19,533,853
  

 

 

    

 

 

 

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $ (50,120,553    $ (19,546,573
  

 

 

    

 

 

 

 

See accompanying notes to financial statements.

 

31  |


Statements of Changes in Net Assets

 

 

     International Growth Fund      Natixis Oakmark Fund  
     Six Months
Ended

June 30, 2022
(Unaudited)
     Year Ended
December 31,
2021
     Six Months
Ended

June 30, 2022
(Unaudited)
     Year Ended
December 31,
2021
 

FROM OPERATIONS:

           

Net investment income

   $ 134,163      $ 68,456      $ 1,326,626      $ 633,264  

Net realized gain (loss) on investments and foreign currency transactions

     89,750        (203,613      26,531,933        28,561,069  

Net change in unrealized appreciation (depreciation) on investments and foreign currency translations

     (5,488,593      (1,246,367      (130,344,165      53,375,247  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) in net assets resulting from operations

     (5,264,680      (1,381,524      (102,485,606      82,569,580  
  

 

 

    

 

 

    

 

 

    

 

 

 

FROM DISTRIBUTIONS TO SHAREHOLDERS:

           

Class A

            (1,712      (2,809,096      (14,668,177

Class C

            (540      (991,606      (3,860,638

Class N

            (404,221      (7,860      (42,243

Class Y

            (3,739      (2,619,716      (6,180,207
  

 

 

    

 

 

    

 

 

    

 

 

 

Total distributions

            (410,212      (6,428,278      (24,751,265
  

 

 

    

 

 

    

 

 

    

 

 

 

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)

     3,126,100        9,897,595        150,953,361        69,746,167  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) in net assets

     (2,138,580      8,105,859        42,039,477        127,564,482  

NET ASSETS

 

Beginning of the period

     23,325,691        15,219,832        372,166,425        244,601,943  
  

 

 

    

 

 

    

 

 

    

 

 

 

End of the period

   $ 21,187,111      $ 23,325,691      $ 414,205,902      $ 372,166,425  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

See accompanying notes to financial statements.

 

|  32


Statements of Changes in Net Assets (continued)

 

 

     Natixis Oakmark International Fund      Natixis U.S. Equity Opportunities Fund  
     Six Months
Ended

June 30, 2022
(Unaudited)
     Year Ended
December 31,
2021
     Six Months
Ended

June 30, 2022
(Unaudited)
     Year Ended
December 31,
2021
 

FROM OPERATIONS:

           

Net investment income (loss)

   $ 6,284,411      $ 9,327,403      $ 786,393      $ (2,363,534

Net realized gain (loss) on investments, forward foreign currency contracts and foreign currency transactions

     (1,967,167      37,081,829        61,565,106        116,863,738  

Net change in unrealized appreciation (depreciation) on investments, forward foreign currency contracts and foreign currency translations

     (101,866,494      (4,477,434      (324,969,181      97,061,972  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) in net assets resulting from operations

     (97,549,250      41,931,798        (262,617,682      211,562,176  
  

 

 

    

 

 

    

 

 

    

 

 

 

FROM DISTRIBUTIONS TO SHAREHOLDERS:

           

Class A

            (2,330,358      (26,539,784      (76,697,366

Class C

            (418,451      (3,948,324      (11,757,176

Class N

            (12,581      (5,180      (15,616

Class Y

            (5,540,267      (8,682,775      (23,677,132
  

 

 

    

 

 

    

 

 

    

 

 

 

Total distributions

            (8,301,657      (39,176,063      (112,147,290
  

 

 

    

 

 

    

 

 

    

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)

     (47,346,246      (1,920,547      20,957,595        20,061,764  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) in net assets

     (144,895,496      31,709,594        (280,836,150      119,476,650  

NET ASSETS

           

Beginning of the period

     535,868,948        504,159,354        1,075,830,796        956,354,146  
  

 

 

    

 

 

    

 

 

    

 

 

 

End of the period

   $ 390,973,452      $ 535,868,948      $ 794,994,646      $ 1,075,830,796  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

See accompanying notes to financial statements.

 

33  |


Statements of Changes in Net Assets (continued)

 

 

     Vaughan Nelson Mid Cap Fund      Vaughan Nelson Small Cap Value Fund  
     Six Months
Ended

June 30, 2022
(Unaudited)
     Year Ended
December 31,
2021
     Six Months
Ended

June 30, 2022
(Unaudited)
     Year Ended
December 31,
2021
 

FROM OPERATIONS:

           

Net investment income (loss)

   $ 1,368,614      $ 1,331,082      $ (12,720    $ 174,435  

Net realized gain on investments and class action settlements

     2,749,015        56,422,377        3,754,607        33,988,295  

Net change in unrealized appreciation (depreciation) on investments

     (54,238,182      4,168,218        (23,288,460      828,120  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) in net assets resulting from operations

     (50,120,553      61,921,677        (19,546,573      34,990,850  
  

 

 

    

 

 

    

 

 

    

 

 

 

FROM DISTRIBUTIONS TO SHAREHOLDERS: