Q2 | June 30, 2021

Natixis U.S. Equity Opportunities Fund

QUARTERLY PORTFOLIO COMMENTARY

Average annualized total returns (%) † as of 6/30/2021

3 months YTD 1 year 3 years 5 years 10 years Class Y 9.14 18.78 47.66 19.79 20.17 16.11 Class A at NAV 9.10 18.60 47.28 19.48 19.87 15.82 Class A with 5.75% maximum sales charge 2.82 11.79 38.81 17.15 18.46 15.13 S&P 500® Index 8.55 15.25 40.79 18.67 17.65 14.84 Russell 1000® Index 8.54 14.95 43.07 19.16 17.99 14.90

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. †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. You may not invest directly in an index.

Gross expense ratio 1.17% (Class A share) / 0.92% (Class Y share). Net expense ratio 1.17% (Class A share) / 0.92% (Class Y share). As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the fund has been exceeded. This arrangement is set to expire on 4/30/22. When an expense cap has not been exceeded, the gross and net expense ratios may be the same. Not all share classes available for purchase by all investors. Class Y shares are available to institutional investors with a minimum initial investment of $100,000 and through certain wrap-fee programs, retirement plans, and investment advisory accounts with no minimum. See prospectus for more details.

Market Review

US equity markets rose during the quarter, as investors continued to focus on government stimulus, the coronavirus vaccine distribution, improving employment and US GDP, and the global economic reopening amid inflation concerns and uncertainty in coronavirus variants. The S&P 500® Index, NASDAQ Composite, and Dow Jones Industrial Average Index all continued to set new intra-quarter record milestones. United States GDP rose by an annual rate of 6.4% in the first quarter of 2021, up from 4.3% in the fourth quarter 2020. The Federal Reserve continued to implement accommodative monetary policy measures and the US government continued to support the economy through fiscal policy in a coordinated effort to minimize the long-term negative impacts of the economic slowdown. The US unemployment rate declined to 5.9% in June, down slightly from 6.0% in March. The S&P 500® Index rose 8.5% for the quarter with almost all sectors in positive territory. Real estate (+13.1%), information technology (+11.6%), energy (+11.3%), and communication services (+10.7%) were among the strongest performing sectors in the index. Utilities (- 0.4%) was the only negative performing sector in the index. Consumer staples (+3.8%), industrials (+4.5%), and materials (+4.7%) rose but were among the weakest performers relative to the overall index. Growth and large-cap outpaced value and small-cap on a relative basis. The Russell 1000® Growth Index rose by 11.9% compared to an increase of 5.2% in the Russell 1000® Value Index, and the Russell 1000® Index rose by 8.5% compared to an increase of 4.3% in the Russell 2000® Index.

Fund Performance

The Natixis U.S. Equity Opportunities Fund Class Y (NESYX) outperformed its benchmark over the most recent quarter, returning 9.14% vs. 8.55% for the S&P 500® Index. For the one-year trailing period ending 6/30/2021, NESYX outperformed the S&P 500® Index, returning 47.66% vs. 40.79%. On a relative basis, security selection within Health Care, Communication Services, and Energy was the largest contributor to performance during the quarter. The Loomis Sayles All Cap Growth segment was the leading driver of outperformance for the quarter.

Within Health Care, overweight positions in Regeneron and Illumina were the primary contributors. Within Communication Services, overweight positions in Facebook and Alphabet were the primary contributors. Within Energy, overweight positions in APA Corp. and EOG Resources were the primary contributors.

Harris Associates Large Cap Value Segment

The Fund’s allocation as of quarter-end was 50.06% in the Harris Associates Large Cap Value Sleeve. Within the segment, Capital One, Alphabet, and Facebook were the largest contributors to performance, while Booking Holdings and Fiserv were the top detractors.

• Capital One operates as a financial holding company which engages in the provision of financial products and services such as credit card, consumer banking, and commercial banking. Capital One reported Q1 earnings per share that were above consensus estimates and above the comparable quarter a year ago. • Alphabet operates through the Google and Other Bets segments. The Google segment includes its main Internet products such as ads, Android, Chrome, hardware, Google Cloud, Google Maps, Google Play, Search, and YouTube. The Other Bets segment consists of businesses such as Access, Calico, CapitalG, GV, Verily, Waymo, and X. First-quarter reported total revenue, operating income, and earnings per share all outpaced expectations • Facebook engages in the development of social media applications for people to connect through mobile devices, personal computers, and other surfaces. The company benefited from the substantial growth in digital ad spending during the quarter. • Booking Holdings engages in the provision of online travel and related solutions. The company offers services through the following brands: Booking.com, KAYAK, priceline, agoda, Rentalcars.com, and OpenTable. Their underperformance was not due to any significant or serious events as the minor price drops indicate. • Fiserv engages in the provision of financial services technology. It operates through the following segments: Merchant Acceptance; Financial Technology; Payments; and Network. Business fundamentals are tracking well relative to expectations, and the stocks trade at discount to estimated fair value.

Loomis Sayles All Cap Growth Segment

The Fund’s allocation at the end of the quarter was 49.94% in the Loomis Sayles All Cap Growth sleeve. Within the segment, Nvidia and Alphabet were the largest contributors to performance, while Deere and Boeing were the largest detractors.

Founded in 1993 to develop faster and more-realistic graphics for PC-based video games, Nvidia is the world leader in graphic processing units (GPUs), which enable computers to produce and utilize highly realistic 3D graphic imagery and models. The parallel processing capability of Nvidia’s GPUs can accelerate computing functions by as much as ten times. As a result, GPU technology has broad application in computing fields unrelated to gaming and graphics, including data centers where they are used for machine learning and artificial intelligence (AI), autonomous vehicles, and professional visualization. We believe the company’s strong and sustainable competitive advantages include its intellectual property, brands, and a large and growing ecosystem of developers and applications utilizing GPU technology. A holding since the first quarter of 2019, Nvidia reported quarterly financial results that were strong and above management guidance and consensus expectations. Total revenues in the company’s gaming, data center, and professional visualization businesses all set quarterly records. However, the company indicated that a portion of sales could be attributed to cryptocurrency miners, who use the chips to accelerate the mining of cryptocurrencies. A similar phenomenon occurred at the prior peak of cryptocurrency pricing in 2018, as high prices drove elevated short-term demand for GPUs that quickly evaporated when cryptocurrency prices sharply declined, leaving elevated GPU inventories that took approximately one year to normalize. Management believes it is now better prepared to manage any short-term demand spike. The company is installing software on many new gaming GPU cards which will cause them to operate at half speed if it senses they are being used for mining. Separately, the company is launching some cryptocurrency-specific GPUs that lack the display function but that have other functionalities geared towards crypto-mining. Nvidia’s involvement in cryptocurrency is not a part of our investment thesis for the company, and the market’s overreaction to the prior short-term demand spike helped create the opportunity to initiate our position. While cryptocurrency may contribute to some short term “noise,” we believe the company is strongly positioned to benefit from secular growth in PC gaming and remains in the early stages of growth in its potentially much larger data center business, that we believe will grow from an estimated $5 billion today to greater than $75 billion. Nvidia is a market leader in this emerging business and is continuing to invest to increase its offerings and the sub-markets in which it competes. We believe Nvidia’s strong growth prospects are not currently reflected in its share price. As a result, we believe the company’s shares are trading at a significant discount to our estimate of intrinsic value, offering a compelling reward-to-risk opportunity.

Alphabet is a holding company which owns a collection of businesses - the largest and most important of which by far is Google. Google is the global leader in online search and advertising, and also offers online cloud solutions to businesses and consumers globally. A holding in the strategy since inception, Alphabet reported strong quarterly financial results that reflected accelerated revenue growth, expanded adjusted operating margins, and EPS (earnings per share) that more than doubled, all of which were better than consensus expectations. Beginning last quarter, the company began presenting results in three segments: Google Services, Google Cloud, and Other Bets. Google Services revenue rose 32% year over year and represented 93% of total revenue,

driven by the secular shift of advertising to online and mobile platforms. The segment’s search and YouTube businesses both benefited from strong growth in direct response ads – particularly for YouTube, where in just three years direct response ads have grown from almost nothing to become one of the largest drivers. YouTube is also benefiting from strong demand from brand advertisers due to its reach and engagement with 2 billion monthly users who spend over 1 billion hours daily on the platform. Google Cloud revenue rose 46% year over year and represented 7% of total revenue, driven by Google Cloud Platform, the company’s infrastructure- and platform-as-a-service offerings. Google’s attractive financial model generates strong free cash flow and earns high returns on invested capital, enabling it to reinvest significantly in its business. Over the past five years, Google has invested approximately $90 billion in R&D, an amount very few other companies could replicate. We believe Alphabet’s competitive advantages include its scale, brand strength, the power of its network, and business ecosystem, as well as its investments in research and development. The global secular shift from traditional advertising to online advertising is the biggest long-term growth driver for Google. Online advertising accounts for just under 20%, or about $300 billion of the $1.5 trillion annual spending on global advertising and marketing. Over our investment horizon, we believe this penetration will increase to over 40%. We continue to believe investors underestimate Alphabet’s growth opportunities and the intrinsic value of the business given its unique and difficult- to-replicate attributes and business model. We believe the company’s shares trade at a significant discount to our estimate of intrinsic value and offer a compelling reward-to-risk opportunity.

Deere & Company, founded over 100 years ago, manufactures and distributes worldwide a full line of equipment used in agriculture, construction, forestry, and turf care. The company also manufactures value-added components, such as engines and precision agriculture tools and provides credit services to finance sales and leases of Deere equipment. A strategy holding since the third quarter of 2016, Deere reported quarterly financial results were substantially above consensus expectations and raised its outlook for the remainder of the year. Results reflected strong global agricultural fundamentals, including grain prices that are at their highest levels since the prior cycle peak around 2012, and the company posted strong pricing gains and record margins. Pressure on the share price may reflect investors’ fear that the company is delivering peak results. However, we believe they represent the beginning of a multi-year up cycle. While agricultural equipment is expected to see strong growth in demand in 2021, volumes have been near trough levels for the last five years. Compared to the prior peak, average equipment age is at its highest in over 20 years, new and used inventories are near all-time lows, farmer incomes are expected to be higher, land values are also higher, and large agricultural equipment demands remain significantly below peak levels – all of which are conducive to above- average volume growth. The company’s order book is already full for 2021, and Deere intends to open its 2022 order book earlier than usual. We believe Deere’s market leadership, superior technology, demonstrated pricing power, and improving margin structure leave it well positioned over our long-term investment horizon, and we believe continued adoption of its growing precision agricultural offerings, including subscription-based offerings, will lower cyclicality and enable the company to realize sustainably higher margins. Deere’s brand is synonymous with high quality among generations of North American farmers where the company has consistently captured in excess of 50% market share and is approximately twice the size of its next largest competitor. With approximately 1,500 exclusive dealers, Deere’s distribution network in North America is unmatched, a difficult-to-replicate advantage that enables it to ensure equipment uptime during the small windows for planting and harvesting. The company is also among the market leaders in Europe and Latin America. Deere’s secular growth driver is the global growth in agricultural equipment demand, fueled by the steady, long-term increase in global demand for grains from a growing population with increasing affluence. The global population is expected to increase by approximately one-third by 2050, with demand for food expected to double over the same period. With no meaningful increase in arable land expected over this period, improved farm utilization through technology and mechanization of the sort provided by Deere will be critical to meeting global demand. We believe the current market price embeds expectations for key revenue and cash flow growth drivers that are well below our long-term assumptions. As a result, we believe the company is selling at a meaningful discount to our estimate of intrinsic value and offers an attractive reward-to-risk opportunity.

Founded in 1916, Boeing is a global leader in the commercial and defense aerospace industries. The company manufactures commercial aircraft for passenger and cargo traffic as well as manned and unmanned military aircraft, missile and defense systems, satellites and launch systems, and other space and security systems. Along with Airbus, Boeing is part of a global duopoly that accounts for almost all commercial planes sold with greater than 125 seats – the largest market segment. A new purchase in March of 2020, Boeing reported quarterly financial results that were disappointing and missed expectations on several key metrics. Boeing’s financial results remain significantly impacted by the decline in global air travel due to Covid-19. As an indicator, travel demand in February 2021, measured by revenue passenger kilometer (RPK), which represents distance flown by paying passengers, remained 75% below the same month in 2019. While domestic travel had begun to improve in the second half of 2020, international travel, which accounted for approximately two-thirds of RPK in 2019, remains down almost 90%. Execution issues also continue to create near-term headwinds for the company. In December, Boeing received an airworthiness certificate from the FAA, allowing the 737 MAX to fly again in the US after being grounded globally in March of 2019. The plane has now been approved to return to service in most major western regions, and the company expected more global approvals during the first half of 2021.

However, in April, the company identified issues with electrical wiring that again grounded part of the fleet and halted deliveries. While the fix was simple and flights have resumed, along with deliveries of the estimated 400 737 MAX planes in inventory, the issue contributed to investor uncertainty around execution. We estimate that Boeing has approximately $44 billion of aircraft currently in inventory, which will generate substantial revenue and cash flow as they are likely delivered over the next 12 to 24 months. As of March quarter-end, a backlog of $364 billion, or approximately 4,100 aircraft, was down 17% year over year, but rose sequentially for the first time in over two years with notable orders from Southwest, United Airlines, and Alaska Airlines. At the end of June, United Airlines announced its largest-ever order, including 200 737 MAX planes, which we believe represents a strong endorsement of the plane’s value. We believe the impact of Covid-19, along with the grounding of the MAX, the fourth generation of its most profitable airplane model, represent temporary, not structural, issues that created the opportunity to initiate our position. Boeing’s aeronautical and manufacturing expertise represents a century of accumulated knowledge in building commercial and military aircraft. We believe Boeing’s strong and sustainable competitive advantages include its significant cumulative knowledge and experience in aeronautical development, scale, and a client base that faces switching costs due to plane-specific operational and maintenance issues. Global growth in air travel is the primary secular growth driver for Boeing. Over our long-term investment horizon, we believe demand for global air travel will continue to grow at a mid-single-digit rate, as it has for the past four decades. We believe Boeing is one of only two companies globally which possess the requisite expertise and scale to profitably serve the global demand for commercial aircraft. We believe the current market price embeds expectations well below our long-term assumptions for aircraft deliveries, and that margins are structurally impaired – both of which are well below our long-term assumptions. As a result, we believe the company is selling at a significant discount to our estimate of intrinsic value and offers a compelling reward-to-risk opportunity.

Risks

Equity securities are volatile and can decline significantly in response to broad market and economic conditions. Value investing carries the risk that a security can continue to be undervalued by the market for long periods of time. Growth stocks may be more sensitive to market conditions than other equities as their prices strongly reflect future expectations. Small and mid-size companies can be more volatile than those of larger companies. Foreign and emerging market securities may be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than US securities, due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.

Index Definitions

The S&P 500® Index is a widely recognized measure of US 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. The Russell 1000® Index measures the performance of the large-cap segment of the US 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® represents approximately 92% of the US market. The Russell 1000® Index 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. The Russell 1000® Value Index is an unmanaged index that measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000® companies with lower price-to-book ratios and lower expected growth values. The Russell 1000® Growth Index is an unmanaged index that measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000® companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000® Index is an unmanaged index that measures the performance of the small-cap segment of the US equity universe. The Nasdaq-100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies. The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the Nasdaq. You may not invest directly in an index.

Disclosure

Top 10 Holdings (as of 6/30/2021)

Security Description % of Portfolio Facebook, Inc. Class A 5.11 Alphabet, Inc. Class A 4.30 Amazon.com, Inc. 3.41 NVIDIA Corp. 3.20 Capital One Financial Corp. 3.11 Bank of America Corp. 2.69 Charles Schwab Corp. (The) 2.56 Regeneron Pharmaceuticals, Inc. 2.46 Citigroup, Inc. 2.27 Autodesk, Inc. 2.24

This information is dated and cannot be relied upon as current thereafter. This portfolio is actively managed and holdings are subject to change. There is no guarantee the fund continues to invest in the securities referenced, and the holdings identified do not represent all of the securities purchased, sold or recommended. Reference to specific securities or holdings should not be considered recommendations for action by investors.

This material is provided for informational purposes only and should not be construed as investment advice. The views and opinions expressed may change based on market and other conditions. There can be no assurance that developments will transpire as forecasted, and actual results may vary.

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”) and does not sponsor, endorse or participate in the provision of any Natixis 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.

Before investing, consider the Fund’s investment objectives, risks, charges, and expenses. Please visit im.natixis.com or call us at 800-225-5478 for a prospectus or a summary prospectus containing this and other information. Read it carefully.

Natixis Distribution, L.P. is a limited purpose broker-dealer and the distributor of various registered investment companies for which advisory services are provided by member companies of Natixis Investment Managers. • Natixis Distribution, L.P. is located at 888 Boylston Street, Suite 800, Boston, MA 02199-8197. • 800-225-5478 • im.natixis.com • Member FINRA | SIPC

1935730.14.1 Exp. 10/31/21 NUSEO03-0621