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Natixis International Funds (Lux) I
SICAV
Audited Annual Report
As at December 31, 2016
No subscriptions should be made on the basis of the financial report alone. Subscriptions should only be made
on the basis of the current Prospectus supplemented by the latest Annual Report and the latest Semi-Annual
Report, if published thereafter.
Performance data shown represents past performance and is not a guarantee of future results. More recent
performance may be lower or higher. Principal value and returns fluctuate over time (including as a result of
currency fluctuations) so that Shares, when redeemed, will be worth more or less than their original cost.
Performance shown is net of all Fund expenses, but does not include the effect of sales charges or
correspondent bank charges, and assumes reinvestment of distributions. If such charges were included,
returns would have been lower. Performance for other Share classes will be more or less depending on
differences in fees and sales charges. For periods when certain Share classes were unsubscribed or not yet
created (the "inactive Share classes"), performance is imputed using the actual performance of the Fund's
active Share class which has been determined by the management company as having the closest
characteristics to such inactive Share class and adjusting it based on the difference in TERs and, where
applicable, converting the net asset value of the active Share class into the currency of quotation of the inactive
Share class. The quoted performance for such inactive Share class is the result of an indicative calculation.
Unless otherwise indicated, all defined terms used herein shall have the same meaning as set out in the
Prospectus of the Umbrella Fund.
R.C.S. Luxembourg B 53023
Natixis International Funds (Lux) I
Table of contents
Management and Administration 5
Report to the Shareholders 7
Audit report 37
Statement of Net Assets 39
Statement of Changes in Net Assets 45
Emerise Asia Equity Fund Changes in the number of Shares 51
Statistics 52 Statement of Investments 53 Emerise Emerging Europe Equity Fund Changes in the number of Shares 55
Statistics 56 Statement of Investments 57 Emerise Latin America Equity Fund Changes in the number of Shares 59
Statistics 60 Statement of Investments 61 Emerise Pacific Rim Equity Fund Changes in the number of Shares 63
Statistics 64
Statement of Investments 65 Harris Associates Concentrated U.S. Equity Fund Changes in the number of Shares 67
Statistics 69 Statement of Investments 70 Harris Associates Global Equity Fund Changes in the number of Shares 71
Statistics 74
Statement of Investments 75 Harris Associates U.S. Equity Fund Changes in the number of Shares 77
Statistics 79 Statement of Investments 80 IDFC India Equities Fund Changes in the number of Shares 82
Statistics 83
Statement of Investments 84 Loomis Sayles Global Growth Equity Fund (launched on June 8, 2016) Changes in the number of Shares 85
Statistics 86 Statement of Investments 87 Loomis Sayles U.S. Growth Equity Fund (launched on June 8, 2016) Changes in the number of Shares 89
Statistics 91 Statement of Investments 92
Loomis Sayles U.S. Research Fund Changes in the number of Shares 94
Statistics 95 Statement of Investments 96
Natixis Europe Smaller Companies Fund Changes in the number of Shares 98
Statistics 99 Statement of Investments 100
Natixis International Funds (Lux) I
Table of contents (continued) Vaughan Nelson U.S. Mid Cap Equity Fund Changes in the number of Shares 104
Statistics 105 Statement of Investments 106 Vaughan Nelson U.S. Small Cap Value Fund Changes in the number of Shares 108
Statistics 109 Statement of Investments 110 Loomis Sayles Duration Hedged Global Corporate Bond Fund Changes in the number of Shares 112
Statistics 113 Statement of Investments 114
Loomis Sayles Emerging Debt and Currencies Fund Changes in the number of Shares 125
Statistics 126
Statement of Investments 127 Loomis Sayles Global Credit Fund Changes in the number of Shares 130
Statistics 132 Statement of Investments 133 Loomis Sayles Institutional Global Corporate Bond Fund Changes in the number of Shares 143
Statistics 144 Statement of Investments 145 Loomis Sayles Institutional High Income Fund Changes in the number of Shares 157
Statistics 158
Statement of Investments 159 Loomis Sayles Short Term Emerging Markets Bond Fund Changes in the number of Shares 167
Statistics 169 Statement of Investments 170
Loomis Sayles Strategic Alpha Bond Fund Changes in the number of Shares 180
Statistics 181 Statement of Investments 182 Loomis Sayles Sustainable Global Corporate Bond Fund Changes in the number of Shares 199
Statistics 200 Statement of Investments 201 Loomis Sayles U.S. Aggregate Bond Fund (liquidated on July 29, 2016) Changes in the number of Shares 213
Statistics 214
Loomis Sayles U.S. Core Plus Bond Fund Changes in the number of Shares 215
Statistics 216 Statement of Investments 217 Natixis Euro Aggregate Plus Fund Changes in the number of Shares 225
Statistics 226 Statement of Investments 227 Natixis Euro High Income Fund Changes in the number of Shares 229
Statistics 231 Statement of Investments 232 Natixis Global Inflation Fund Changes in the number of Shares 237
Statistics 238
Statement of Investments 239
Natixis International Funds (Lux) I
Table of contents (continued) Natixis Short Term Global High Income Fund Changes in the number of Shares 242
Statistics 243 Statement of Investments 244 ASG Managed Futures Fund (launched on June 10, 2016)
Changes in the number of Shares 249
Statistics 250 Statement of Investments 251 Loomis Sayles Global Multi Asset Income Fund (launched on June 30, 2016)
Changes in the number of Shares 253
Statistics 254 Statement of Investments 255
Notes to the Financial Statements 262
Additional Information 294
Natixis International Funds (Lux) I
Management and Administration Chairman
Hervé GUINAMANT
Chief Executive Officer and President
NGAM Distribution, a branch of NGAM S.A.
Paris (France)
Directors
Patricia HORSFALL
Executive Vice President, Chief Compliance Officer
NGAM UK Limited
London (UK)
Jason TREPANIER
Executive Vice President, Chief Operating Officer
NGAM Distribution, a branch of NGAM S.A.
Paris (France)
Marie-Lorraine ROUY (as from May 20, 2016)
Head of International Product
NGAM Distribution, a branch of NGAM S.A.
Paris (France)
Registered Office
80, route d’Esch
L-1470 Luxembourg
(Grand Duchy of Luxembourg)
Management Company and Distributor
NGAM S.A.
2, rue Jean Monnet
L-2180 Luxembourg
(Grand Duchy of Luxembourg)
Depositary, Domiciliary and Corporate Agent, Administrative Agent, Paying Agent and
Registrar and Transfer Agent
Brown Brothers Harriman (Luxembourg) S.C.A.
80, route d’Esch
L-1470 Luxembourg
(Grand Duchy of Luxembourg)
Natixis International Funds (Lux) I
Management and Administration (continued) Investment Managers
AlphaSimplex Group, LCC
255 Main Street
Cambridge, Massachusetts 02142
(USA)
Dorval Asset Management
1, rue de Gramont
75002 Paris
(France)
Harris Associates L.P.
111 S. Wacker Drive, Suite 4600
Chicago, Illinois 60606
(USA)
Loomis, Sayles & Company, L.P.
One Financial Center
Boston, Massachusetts 02111
(USA)
Natixis Asset Management
21, quai d’Austerlitz
75013 Paris
(France)
Natixis Asset Management Asia Limited
1 Robinson Road
#20-02 AIA Tower
Singapore 048542
(Singapore)
Vaughan Nelson Investment Management, L.P.
600 Travis, Suite 6300
Houston, Texas 77002-3071
(USA)
Auditor
PricewaterhouseCoopers, Société coopérative
2, rue Gerhard Mercator
L-2182 Luxembourg
(Grand Duchy of Luxembourg)
Legal Adviser
Arendt & Medernach
41A, avenue J.F. Kennedy
L-2082 Luxembourg
(Grand Duchy of Luxembourg)
Natixis International Funds (Lux) I
Report to the Shareholders
Emerise Asia Equity Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (USD) (1.81)%
MSCI AC Asia ex Japan IMI Index 4.21%
For the year 2016, the Emerise Asia Equity Fund performance fell 1.81%, underperforming the benchmark’s return of 4.21% (net performance, in USD terms) by 6.02%. Stock selection effect was the main driver for the
underperformance.
In terms of country allocation, the underweight in Taiwan and overweight in the Philippines were a drag and negatively impacted performance whereas our underweight in Singapore and overweight in Indonesia added value. From a sector perspective, considering the subdued economic environment, we struggled to find value in most commodity-related stocks, hence our underweight positions in Materials and Energy. This sectorial
underweight has hurt our portfolio, particularly during the cyclical rally post the US Election on hopes of higher fiscal spending At the stock level, the most positive contributors were Taiwan Semiconductor in Taiwan, BOC Hong Kong Holding (Banks) and Tencent (Software & Services) in Hong Kong & China, Maruti Suzuki India (automobile) and PVR Ltd (consumer) in India. Our main detractors were West China Cement (Materials), COLI (Real Estate) and China Life Insurance in China, Osstem Implant Co (Healthcare) and Amorepacific Corp (Cosmetics) in
Korea and Yeong Guan Energy (Material) in Taiwan.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Emerise Emerging Europe Equity Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (USD) 26.16%
MSCI EM Europe IMI Index 25.53%
During the observation period, from 31 December 2015 to 30 December 2016, the Emerise Emerging Europe Equity Fund subfund ( Share class I/A in US dollars) gained 26.16%, thus outperforming the MSCI EM Europe IMI Index, which was up 25.53% over the same period (in US dollars, with net dividends reinvested).
For the full year, the geographical allocation’s contribution (cash included) was slightly positive (with a gross
contribution estimated at about +35 bps). The positive contribution (+90 bps) from our underweighting of Greece, which fell by 8.8% in 2016, was more than cancelled out by our underweighting of Hungary (-12 bps), which soared by 34.8% (MSCI Hungary IMI) and by our overweighting of Turkey (-20 bps), which fell by 8.2% in 2016 (MSCI Turkey IMI). So stock-picking was the main reason for the portfolio’s outperformance in 2016 (with a gross contribution
estimated at about +170 bps). In Russia, our stock-picking paid off in our stance on cyclicals, in both energy, with Lukoil (+85.4%) and Tatneft (+37.8%), and financials with Sberbank (+107.9%) and LSR Group (+90.6%). In Greece, the fund first benefited from our non-financials exposure, with stocks such as Motor Oil (Energy, +36.8%), then from solid positioning in banking stocks beginning in the summer via NBG (+20.3%) and Alpha Bank (+4.8%). In Polish small and mid-caps, Uniwheels (an auto parts maker, +73.2%) and CCC (consumer discretionaries, +40.4%) made significant contributions.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Emerise Latin America Equity Fund
Activities Report for the year ended December 31, 2016
During the review period, from 31 December 2015 to 30 December 2016, the Emerise Latin America Equity Fund subfund (I/A share class in US dollars) gained 17.10%, underperforming by far the MSCI EM Latin America IMI Index, which gained 30.26% over the same period (in US dollars and with net dividends reinvested).
For the full year, the geographical allocation (including cash) made only a slight contribution (with the gross
contribution estimated at about -30 bps). So it the portfolio’s steep underperformance in 2016 was mostly due to stock-picking (with a gross contribution estimated at about -11.5%). Most of the stock-picking’s underperformance was due to Brazil (-950 bps). Our stock-picking took a hit from our underexposure to value shares, cyclical shares, and state-owned companies. Almost half of the underperformance was due to Petrobras (+170.1% for the preference shares, with a total impact of -250 bps),
Vale (+170.8% for the preference shares, with a total -270 bps impact), and Banco do Brasil (+170.1%, with a -90 bps impact). Our exposure to quality and/or growth stocks also cost us. These included Ambev (beverages, -45 bps), Ultrapar (energy, -45 bps) and Valid (IT, -70 bps). In Mexico (stock-picking impact estimated at -110 bps), our stock-picking took a hit from our lack of exposure to Cemex (cement, +52.7%, -45 bps) and from our exposure to Grupo Herdez (food, -13.4%, -48 bps), Hoteles City Express (hotels, -26.4%, -58 bps), Vesta (commercial real estate, -18.3%, -125 bps), and PINFRA
(Concessions, -29.4%, -171 bps). This was offset in part by our lack of exposure to Walmart de Mexico (retailing, -25.6%, +150 bps) and Grupo Televisa (Media/TV, -23.0%, +145 bps).
1 Year Performance
Fund I/A (USD) 17.10%
MSCI EM Latin America IMI Index 30.26%
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Emerise Pacific Rim Equity Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (USD) 2.73%
MSCI Pacific Free ex Japan Index 8.00%
For the year 2016, the Emerise Pacific Rim Equities Fund underperformed its reference index, the MSCI Pacific Free ex Japan index, with a rise of 2.73% versus the benchmark which rose 8.00% (net performance, in USD
terms). Stock selection effect was the main driver for the underperformance. In terms of country allocation, the underweight in New Zealand and Hong Kong & China slightly impacted performance negatively, and our cash holding also detracted value in a rising market. From a sector
perspective, considering the subdued economic environment, we struggled to find value in most commodity-related stocks, hence our underweight positions in Materials. This sectorial underweight has hurt our portfolio, particularly during the cyclical rally post the US Election on hopes of higher fiscal spending. At the stock level, the most positive contributors were BOC Hong Kong Holding (Banks) and Tencent (Software & Services) in Hong Kong & China, BHP Billiton and Rio Tinto (Materials) in Australia. Our main detractors were CK Property (Real Estate), AIA Group (Insurance), CK Hutchison (Capital Goods) in Hong Kong & China and
Comfortdelgro (Transportation) in Singapore.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Harris Associates Concentrated U.S. Equity Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (USD) 19.26%
S&P 500 Index 11.96%
The portfolio outperformed its benchmark for the year, returning 19.26% compared to the S&P 500 Index that returned 11.96%.
Both stock selection and sector weights contributed to the portfolio’s relative performance for the period. Stock selection in industrials, health care and technology delivered the best results versus the benchmark. A less-than-benchmark weighting in energy made this sector the worst relative detractor for the period,
followed by real estate. In terms of absolute performance, five of seven invested sectors generated positive collective returns, led by industrials (+48.4%) and technology (+30.7%). Real estate (-8.9%) and energy (-5.8%) issues produced the greatest negative returns for the period.
The top five stocks that helped performance for the 12-month period: Cummins, Goldman Sachs, Caterpillar, Charter Communications and JPMorgan Chase. The following five stocks hindered performance most for the year: CBRE Group, Intel, Apple, NOW and Visa.
The portfolio finished the year holding 20 securities across a variety of industries.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Harris Associates Global Equity Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (USD) 4.12%
MSCI World Index 7.51% The portfolio underperformed its benchmark for the year, returning 4.12% compared to the MSCI World Index that returned 7.51%.
Stock selection minimally contributed to relative results, whereas country weightings detracted during the
period. Holdings in the U.K., South Korea and the Netherlands produced the strongest relative performance. Relative performance was pulled back most by holdings in Switzerland, Mexico and France. Absolute collective performance was positive in six of 11 invested countries. The largest positive returns came from holdings in South Korea (+40.6%), the Netherlands (+23.1%) and the U.K. (+19.4%).
Holdings in Mexico (-23.0%), France (-20.0%) and China (-13.0%) supplied the greatest negative absolute collective performance for the year. The top five stocks that helped performance for the year: CNH Industrial (U.K.), Bank of America (U.S.), LinkedIn (U.S.), Itron (U.S.) and Union Pacific (U.S.).
The five stocks that hindered performance most for the year: Credit Suisse Group (Switzerland), Tenet Healthcare (U.S.), BNP Paribas (France), Grupo Televisa (Mexico) and Julius Baer Group (Switzerland).
The portfolio finished the year holding 35 securities throughout a variety of countries.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Harris Associates U.S. Equity Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (USD) 16.16%
S&P 500 Index 11.96%
The portfolio outperformed its benchmark for the year, returning 16.16% compared to the S&P 500 Index that returned 11.96%. Both stock selection and sector weights contributed to results compared with the benchmark for the year.
Stock selection in consumer discretionary delivered the largest positive relative performance, followed by the
health care sector. A less-than-benchmark weighting in energy and stock selection in technology were the greatest detractors for the period. In terms of absolute performance, seven of nine invested sectors produced positive collective returns for the year, led by industrials (+26.1%), consumer discretionary (+22.5%) and financials (+20.4%).
The real estate (-12.0%) and energy (-4.5%) sectors generated the only negative collective absolute returns for the year. The top five stocks that helped performance for the year: Cummins, Caterpillar, Charter Communications, Goldman Sachs and Applied Materials.
The five stocks that hindered performance most for the year: Hertz Global, Union Pacific, American Express,
Apple and Anadarko. The portfolio finished the year holding 39 securities across a variety of industries.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
IDFC India Equities Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (USD) 3.43%
MSCI India Index (1.43)%
In 2016, the fund (I/A share class in USD) delivered a net performance of 3.43% against a benchmark
performance of -1.43% (MSCI India Index NR USD).
The fund is fairly concentrated, on 30 December 2016, 96.4% of the portfolio is invested across 33 stocks out
of which 19 stocks are a part of the reference Index (MSCI India Index in USD terms). Our largest sector
overweight in the portfolio is financials (28.3% Vs 16.1%) while healthcare (4.0% Vs 11.7%) and technology
services (14.3% Vs 22.1%) are the significant underweight positions.
In 2016, the stocks that contribute positively to the performance are Hindustan Zinc LTD, Balrampur Chini Mills
LTD, Sundram Fasteners LTD and HDFC Bank limited.
In 2016, the stocks that contribute negatively to the performance are Vedanta LTD, Hindalco Industries LTD,
ITC LTD and Cognizant Tech Solutions-A.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Loomis Sayles Global Growth Equity Fund(1)
Activities Report for the period from June 8, 2016 to December 31, 2016
Period Performance
Fund I/A (USD) 1.41%
MSCI ACWI 4.02% The Fund underperformed its Comparative Index for the partial period from the Fund’s inception of 8 June 2016 to 31 December 2016.
ARM Holdings, adidas, Deere & Co., Qualcomm and Alibaba were among the largest contributors during the
period. Stock selection in the consumer discretionary and industrials sectors, along with the portfolio weighting in the information technology sector, contributed positively to relative performance. Shares of ARM Holdings were up about 40% in July on news of Softbank Group Corporation’s all-cash acquisition of the company. Similar to our long-term thesis, Softbank recognized the fundamental drivers for
ARM remain robust, as it benefits from increased chip connectivity, complexity and chip architecture outsourcing. Softbank’s willingness to pay a greater-than-40% premium on a share price already near an all-time high supports our assessment that there remained significant upside potential for the business. ARM Holdings became a privately-held company when Softbank’s purchase of ARM became final on September 1, 2016. Therefore, the shares were effectively sold from the Fund.. Novo Nordisk, Roche Holding, Danone, Novartis and Shire were among the largest detractors during the
period. Stock selection in the healthcare, information technology, energy and financials sectors and the portfolio weighting in the financials, consumer staples, healthcare and energy sectors detracted from relative performance.
Novo Nordisk, a diabetes-focused pharmaceutical company, reported fundamentally solid growth during the period. Strong performance came from new-generation insulin therapy Tresiba and non-insulin anti-diabetic therapy Victoza. However, management issued lower-than-expected near-term guidance and meaningfully
lowered its longer-term operating profit growth guidance to 5% from 10%, citing near-term pricing pressure in the U.S., which accounts for approximately 50% of the company’s sales. We continue to believe Novo’s competitive advantages and deep experience in diabetes care would be difficult to replicate. We increased our position in Novo Nordisk on price weakness during the fourth quarter of the period. We believe the shares of Novo Nordisk, Roche, Danone, Novartis and Shire are selling at a meaningful discount to intrinsic value (our estimate of the true worth of a business, which we define as the present value of all future net cash flows to
the company) and offer a compelling reward-to-risk opportunity. During the period we acquired a position in Yum China that was a spin-off from existing portfolio holding Yum! Brands. We added to our positions in American Express, Baidu, Deere & Co., Novo Nordisk, SEI Investments and Yum China. We sold our position in ARM Holdings due to its acquisition by SoftBank and trimmed our
position in adidas.
Our investment process is characterized by bottom-up, fundamental research and a long-term investment time horizon. The nature of our process leads to a lower turnover portfolio where sector positioning is the result of stock selection. We are currently overweight in the information technology, consumer staples, consumer discretionary and healthcare sectors and underweight in the financials, energy and industrials sectors. We have no exposure to stocks in the utilities, real estate, materials or telecommunication services sectors.
(1) See Note 1.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Loomis Sayles U.S. Growth Equity Fund(1)
Activities Report for the period from June 8, 2016 to December 31, 2016
Period Performance
Fund I/A (USD) 1.48%
S&P 500 Index 6.91% The Fund underperformed its Comparative Index for the partial period from the Fund’s inception of 8 June 2016 to 31 December 2016.
ARM Holdings, Qualcomm, and Autodesk were among the largest contributors during the period. Stock
selection in the industrials and consumer discretionary sectors, along with allocation in the information technology and consumer discretionary sectors, contributed positively to relative performance. We believe the shares of Qualcomm and Autodesk are selling below intrinsic value (our estimate of the true worth of a business, which we define as the present value of all expected future net cash flows to the
company) and offer compelling reward-to-risk opportunities. Novo Nordisk, Monster Beverage and Danone were among the largest detractors during the period. Stock selection in the healthcare, consumer staples, financials, information technology and energy sectors and allocation to the financials, healthcare, consumer staples and energy sectors detracted from relative performance.
We believe the shares of Novo, Monster and Danone are selling below our estimate of intrinsic value and offer compelling reward-to-risk opportunities.
(1) See Note 1.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Loomis Sayles U.S Research Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (USD) 6.94%
S&P 500 Index 11.96% The fund underperformed its Reference Index in the 12-month period ended December 31, 2016.
Stock selections within the healthcare and information technology sectors were the largest detractors from the fund’s relative performance. Two stocks accounted for more than 80% of the underperformance in the
information technology sector: Linkedin and Cavium.
The consumer discretionary and energy sectors were the fund’s top contributors in 2016. In the consumer discretionary sector, we own consumption-focused, brand-driven franchises that are generating positive cash flows, and we view these businesses as well insulated against competitive threats.
Stock selection drove the sector’s outperformance. Performance in the fund’s energy sector benefited from our efforts to take advantage of the significant volatility in oil prices during the year, particularly during the rally off the market’s lows in February 2016. Overweight positions in oil companies Newfield Exploration, Halliburton and Marathon Oil contributed the most to the sector’s relative outperformance during the period.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Natixis Europe Smaller Companies Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (EUR) (6.69)%
MSCI Europe Small Cap Index 0.86% The fund lost 6.69%, thus underperforming its benchmark by 754bp.
Our style overweighting growth, quality, and good-visibility stocks did not pay off, as discounted, highly cyclical, and high-beta stocks fared best in 2016 for the first time in years.
The sector allocation’s contribution is estimated at -20bp, with negative contributions from financials and consumer discretionaries (overweighted), basic materials, energy and healthcare (underweighted). However, our positions in capital goods and techs (overweighted) and, even more so, real estate (underweighted) paid off for us.
The geographical allocation’s contribution is estimated at +21bp, with gains in the UK (underweighted), Denmark, France and Germany (overweighted); the losses came in Sweden and Switzerland.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued) Vaughan Nelson U.S. Mid Cap Equity Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (USD) 4.89%
Russell 2500™ Index 17.59%
For the twelve months ended December 31, 2016, Vaughan Nelson U.S. Mid Cap Equity fund delivered a
performance net of fees of 4.89% (I/A share class in USD) against a benchmark’s performance of 17.59%
(Russell 2500 TR USD).
While the Fund’s absolute performance was positive for the year, the Fund underperformed the benchmark
primarily due to stock selection within information technology, materials, health care, consumer discretionary,
and industrials. In addition, the Fund was overweight health care and consumer discretionary stocks during
the year, which detracted from performance since both sectors underperformed the market. The Fund was
positioned more defensively during the year as valuations become more expensive, which hurt relative
performance as more cyclical sectors such as energy and industrials outperformed. Financials, technology,
consumer discretionary, and energy were the biggest contributors to absolute performance, while health care
detracted from performance.
Despite lagging the benchmark for the year, the Fund had many notable outperformers during the year
including Grand Canyon Education, New Residential Investment, Reinsurance Group of America, Chemical
Financial, and NCR Corporation. As disappointing as 2016 was, the portfolio looks attractive relative to the
benchmark going into 2017. Since inception we have tracked the PEG ratio of the strategy and as of
December 31, 2016, the strategy is trading at about a 60% discount to the index. Further, the earnings
growth for the portfolio is 12.00% versus 8.00% for the index and the Fund’s P/E ratio is 14x versus 16x for
the index.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Vaughan Nelson U.S. Small Cap Value Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (USD) 17.65%
Russell 2000 Value Index 31.74% For the twelve months ended December 31, 2016, Vaughan Nelson U.S. Small Cap Value returned 17.65%. SCV underperformed its benchmark, the Russell 2000 Value, which returned 31.74%.
While the Fund’s absolute performance was strong for the year, the Fund underperformed the benchmark
primarily due to stock selection within materials, information technology, consumer discretionary, industrials,
and financials. In addition, the Fund was also overweight health care during the year, which detracted from
performance as the sector underperformed the market. The Fund was positioned more defensively during the
year as valuations become more expensive, which hurt relative performance as more cyclical sectors such as
materials outperformed. Financials, industrials, energy, utilities and information technology were the biggest
contributors to absolute performance, while consumer discretionary, materials and real estate detracted from
performance.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Loomis Sayles Duration Hedged Global Corporate Bond Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (USD) 4.44% The Fund posted a positive return in the 12-month period ended December 31, 2016. Security selection was a main driver of positive return, particularly among corporate bonds. Selection among energy names was a key contributor, as our holdings benefited from rising commodity prices throughout the year. Holdings in the banking, capital goods, communication and consumer (cyclical and non-cyclical) sectors
also contributed positively. However, selection among global treasuries was negative, partially mitigating some
of the positive performance from corporate securities. Allocations to lower-quality investment grade and high yield corporate bonds also lifted results. These securities generally outpaced higher-quality names.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Loomis Sayles Emerging Debt and Currencies Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (USD) 9.16%
JP Morgan Government Bond Index - Emerging Markets Global Diversified Index 9.94%
The Fund underperformed its Comparative Index in the 12-month period ended December 31, 2016. Security selection in South Africa was a main detractor from relative performance during the period, as the Fund’s positioning in shorter-duration names weighed on results as interest rates rallied. Selection among
Brazilian local bonds also detracted, despite positive absolute performance due to encouraging political
headlines and a rebound in commodity prices. In addition, an overweight position in the Mexican peso detracted from performance as uncertainty surrounding the U.S. presidential election weighed on the currency. On the positive side, out-of-Index positions in Argentina, Kenya, Uganda and the Dominican Republic were the primary contributors to performance. In addition, an overweight position in the Russian ruble and an underweight position in the Turkish lira contributed to relative results. Underweights to Polish and Thai local
bonds also added value.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Loomis Sayles Global Credit Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (USD) 4.24%
Barclays Capital Global Aggregate Credit Index 3.67% The Fund outperformed its Reference Index in the 12-month period ended December 31, 2016.
Security selection within the corporate and government-related sectors was the main driver of the Fund’s performance relative to the Index. In particular, selection among corporate issuers in the banking, capital
goods, communication, consumer (cyclical and non-cyclical) and energy industries contributed favorably to performance. Conversely, the Fund’s allocation to off-index global treasuries and commercial mortgage-backed securities (CMBS) and issuer allocation decisions in basic industry detracted. Overall, sector allocation contributed to relative performance during the year. Specifically, our underweight
positions in the more defensive sectors, such as government-guarantee and supranationals, and corresponding overweights to communications and consumer cyclicals aided performance. However, the underweights to the basic industry and energy sectors resulted in some missed opportunity. Country allocation was another positive contributor. In particular, the Fund’s underweight to Japan and European local markets contributed to relative performance. For most of the year, the U.S.-dollar-denominated investment grade corporate market fared better than euro- and pound-denominated markets, due to fewer
geopolitical and economic concerns in the U.S. An overweight position in the U.K. was also positive, as the Bank of England’s announced in early August that starting in September, corporate bond purchases would become part of its quantitative easing program. The news boosted the sterling-denominated credit market
significantly. The Fund’s duration (price sensitivity to interest rate changes) and yield curve (a curve that shows the relationship among bond yields across the maturity spectrum) positioning contributed to relative performance.
Underweight exposure to the European rates curve was positive, but hedging of rates along the U.S. curve detracted from performance.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Loomis Sayles Institutional Global Corporate Bond Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund H-S/A (GBP) 7.82%
Barclays Capital USD/EUR/GBP Corp 1% Issuer Capped Index 5.99%
The Fund outperformed its Comparative Index in the 12-month period ended December 31, 2016.
Security selection drove the Fund’s relative performance in 2016. The Fund’s positioning in energy was the
main contributor. Our choices among corporate bonds, particularly banking, capital goods, communications, consumer (cyclical and non-cyclical), finance and insurance companies also added value. However, security selection among basic industry and non-agency commercial mortgage-backed securities (CMBS) slightly offset the positive results. Out-of-Index exposure to global treasuries (held as a source of liquidity) also weighed on
results. Sector allocation generated mixed results. An underweight position in the energy sector weighed on performance due to the sustained commodity price rally. An underweight to basic industry and an overweight to insurance also detracted from relative performance. However, these negative results were slightly offset by underweights to banking and consumer and an overweight to communications. An allocation to high yield corporate bonds lifted results, as the high yield sector generally outpaced the investment grade sector during
the year. From a market allocation point of view, an overweight to the U.K. sterling-pay bond market was favorable. However, avoiding the longest-maturity portion of that market weighed on results. As a result, the country
allocation impact on performance was positive, but was offset by the impact from yield curve positioning.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Loomis Sayles Institutional High Income Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund S/A (USD) 20.23%
Barclays Capital US Corporate High Yield Index 17.13% The Fund outperformed its Reference Index in the 12-month period ended December 31, 2016.
Security selection was the main driver of the Fund’s relative outperformance. Yield curve positioning contributed nominally. It was a difficult environment for U.S. high yield in the first two months of the year;
however, high yield spreads tightened throughout most of the period, and the U.S. high yield rally continued through year-end despite a brief spike prior to the U.S. presidential election. Industrial holdings were the largest contributors to the Fund’s relative results, but financial and utilities names also contributed. In addition, an out-of-benchmark position in convertibles aided relative performance over the year. Within the convertibles allocation, energy names were strongly positive, as oil continued to rebound. Technology and communication
names also buoyed performance. Conversely, portfolio-only exposure to non-U.S.-dollar-denominated holdings detracted from performance, as the U.S. dollar rallied during the period. In particular, Mexican peso exposure underperformed as fears over protectionist policies under a Trump presidential administration weighed on the country’s growth, investment and export prospects.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Loomis Sayles Short Term Emerging Markets Bond Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (USD) 4.74%
The Fund posted a positive return for the 12-month period ended December 31, 2016. All countries contributed positively to performance for the period. As commodities prices continued to stabilize, oil and gas and metals and mining names in Latin America drove the Fund’s performance. Brazil was the top contributor, aided by improving investor confidence, with Colombian and Chilean names also adding value. In
Argentina, holdings in the sovereign and the state-owned oil company also benefited Fund performance. Consumer and industrials names in Mexico also were top contributors.
In Asia, Indonesia and China were the largest outperformers. China-based real estate and consumer names performed well as growth in China was stronger than expected. Holdings in Indonesian utilities and the technology/media/telecommunications (TMT) segment also added value. In Russia, oil and gas and metal and mining names aided performance, as oil and commodity prices rebounded and stabilized throughout the period. In Africa, a TMT holding in Nigeria was a positive contributor, as Africa’s largest independent phone
tower company purchased the name. Positions in South Africa-based utilities and financials were also positive contributors. TMT exposure from an India-based technology company as well as a Zambian metals and mining company were the biggest performance detractors for the year.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Loomis Sayles Strategic Alpha Bond Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (USD) 6.20%
3 Month USD Libor Index 0.76%
The Fund posted positive performance for the 12-month period ended December 31, 2016.
High yield corporate bonds contributed to performance as consistently tightened following February’s high yield selloff. Individual energy, telecommunication and technology names aided Fund performance the most.
Investment grade corporate spreads tightened in similar fashion as high yield spreads. Most of the positive
contribution came from investment grade energy, technology and banking names. Securitized assets, particularly our residential mortgage-backed securities (RMBS), boosted performance during the period as fundamentals remained stable across all sectors. Spreads among asset-backed securities (ABS), commercial mortgage-backed securities (CMBS) and RMBS tightened during the period, translating into higher valuations.
Emerging market exposure also lifted return, as credits benefited from spread compression amid the low interest rate environment. Market technicals also remained supportive for hard currency assets. Specifically, the Fund’s exposure to the energy, capital goods and consumer non-cyclical space led the contribution to performance. Currency positioning weighed on performance, as currencies of beaten-down commodity exporters rebounded
during the period on the back of a commodity market rally. Many of our positions were offset against long pairs, which mitigated the impact. Nonetheless, some of our currency positions, namely short Brazilian real and New Zealand dollar positions and long Norwegian krone positions, weighed on return. Additionally, the U.S. presidential election had a negative impact on the Mexican peso in December, weakening our long position in the currency.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Loomis Sayles Sustainable Global Corporate Bond Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (USD) 4.19%
Barclays Global Aggregate-Corporate Bond Index 4.27% The Fund underperformed its Comparative Index in the 12-month period ended December 31, 2016.
Yield curve and duration positioning were marginal detractors. A shorter-duration position along the U.K. curve slightly hindered performance. Positioning along the U.S. yield curve weighed on results, but was mostly offset
by our positioning along the euro zone curves. Currency and hedging also detracted from performance, mainly due to hedged positions on the Japanese yen, Swiss franc and euro. An underweight to the energy sector weighed on relative return due to the sustained commodity price rally. An underweight to basic industry and overweights to insurance and consumer cyclicals also detracted from
performance. However, underweight positions in the banking, consumer non-cyclical and electric segments offset some of the negative results. An allocation to high yield corporate bonds lifted results, as the high yield sector generally outpaced the investment grade sector during the year. Security selection within energy was the main positive contributor to performance, as Fund holdings in mid-stream and independent energy producers outperformed the broader energy segment. Selection among other
corporate bonds, particularly banking, capital goods, consumer non-cyclical and insurance holdings also aided performance. However, consumer cyclical and electric holdings slightly offset the positive results. Out-of-Index exposure to global treasuries (held as a source of liquidity) also weighed on results.
The Fund’s lack of exposure to the local markets of Japan added value, as Japan’s market lagged other major markets during the year. Underweight positions in Switzerland and Canada also contributed to performance.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Loomis Sayles U.S. Aggregate Bond Fund(1)
Activities Report for the period from January 1, 2016 to July 29, 2016
Period Performance
Fund I/A (USD) 5.81%
Barclays U.S. Aggregate Bond Index 5.44% The Fund was liquidated on July 29, 2016.
(1) See Note 1.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Loomis Sayles U.S. Core Plus Bond Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (USD) 6.31%
Barclays U.S. Aggregate Bond Index 2.65% The Fund outperformed its Comparative Index in the 12-month period ended December 31, 2016.
High yield corporate holdings aided relative results, as spreads consistently tightened from early February through December. Exposure to energy-related and metals and mining names proved highly beneficial to
performance. Investment grade corporates also generated positive return for the period, despite giving up some performance in the fourth quarter. Investment grade industrials generated the bulk of the positive return, benefiting from the recovery in the energy, metals and mining industries. Meanwhile, investment grade financial and utility issues limited relative performance. Security selection bolstered the government-related sector, specifically oil-related issues in Indonesia, Brazil, Colombia and Mexico. The U.S. dollar remained strong
versus most global currencies during the period. As a result, the Fund’s Mexican peso- and Philippine peso-denominated holdings suffered. Conversely, an underweight allocation to U.S. Treasuries benefited relative performance, as nominal U.S. Treasury returns declined.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Natixis Euro Aggregate Plus Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (EUR) 3.10%
Bloomberg Barclays Euro Aggregate Index 3.32% The Natixis Euro Aggregate Plus Fund delivered a 3.10% net performance during 2016, under performing its
benchmark by +0.22%. The strategy benefited from its large over exposure to credit +10.00% through a
balanced mix of financial and industrial issuers that had been implemented this year and reinforced during ECB
buying program implementation. On the other side, our overexposure to peripheral sovereign debt (ie Italy 5
¾ 2033) contributed negatively to the performance.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Natixis Euro High Income Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (EUR) 7.48%
BofA Merrill Lynch Euro High Yield BB-B Rated Constrained Index 9.36%
The European High Yield strategy delivered a 7.48% gross performance during 2016, underperforming its
benchmark by 1.18%. The strategy suffered from its protection buyer position on the Itraxx Xover that had
been implemented following the Brexit as well as its underexposure to Gazprom. On the other side, our
overexposure to corporate hybrids (Repsol, EDP and Casino notably) contributed positively to the performance.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Natixis Global Inflation Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (EUR) 7.27%
Barclays World Government Inflation-Linked All Maturities Index 8.60%
The fund I/A (EUR) has a performance of 7.27% over 2016 versus a performance of 8.60% for its benchmark. The main driver of this performance is the drop of the real rates after the Brexit in June. Over the year, the best performer is the UK inflation-linked bond market with a +22.6% performance, on the opposite, the US market with +3.2%.
The main positive contributor to the performance versus benchmark is the domestic inflation carry (+0.12%) and the worst contributor is the currency exposure mainly with a dollar/yen appreciation strategy (based on the BoJ QE) which cost -0.46% with the reverse on the USD/JPY in February. Diversification in Break-evens has been positive for +0.07%. And this Break-even performance on the 2d year half leads to a positive performance of the duration hedged share (DH-EUR) with a +3.49% for 2016.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Natixis Short Term Global High Income Fund
Activities Report for the year ended December 31, 2016
1 Year Performance
Fund I/A (USD) 6.16%
The short-term Global High-Yield strategy delivered a performance of 6.16% in 2016 (hedged in USD) with a low level of volatility.
At the end of 2016, the BofA Merrill Lynch US High Yield BB-B (HUC4) index still offered a decent yield to worst of 5.29% corresponding to a spread of 328 bps over swaps. In Europe, the comparable yield and spread stand
at 2.88% and 280 bps over swaps. Valuation compared to alternative fixed income assets seems attractive.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
ASG Managed Futures Fund(1)
Activities Report for the period from June 10, 2016 to December 31, 2016
Period Performance
Fund I/A (USD) (4.96)%
Credit Suisse Managed Futures Liquid Index and/or SG Trend Index (0.81)% For the period from June 10, 2016 to December 31, 2016, Class I/A USD shares of ASG Managed Futures Fund returned -4.96% at net asset value. Although the Fund does not seek to track any particular index, the Credit
Suisse Managed Futures Liquid Index may be used as a benchmark for performance analysis. This benchmark returned -0.81% over the same period. It is important to note that there are material differences between the
Fund and this benchmark. Despite losses in emerging and certain European markets, equities were positive for the year due to profitable trends in U.S. and Canadian equity markets. Bonds detracted the most during 2016, primarily due to long positions in U.S. and European bonds. Despite gains from short positions in the Swedish krona and British
pound, currencies came out negative, with significant losses in the Japanese yen, Norwegian krone, and South African rand. Within commodities, small gains from positions in copper were outweighed by losses in precious metals and energies. Choppy markets in every asset class, particularly during the second half of the year, created a challenging environment for trend-following funds. The Fund’s basic multi-trend models detracted the most during the
year, followed by short-horizon models and adaptive models. Long-horizon models underperformed during the fourth quarter as interest rates reversed course and began to rise quickly, especially following the surprise outcome of the U.S. presidential election in November.
(1) See Note 1.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Report to the Shareholders (continued)
Loomis Sayles Global Multi Asset Income Fund(1)
Activities Report for the period from June 30, 2016 to December 31, 2016
Period Performance
Fund I/A (USD) 3.90%
MSCI World & Barclays Global Aggregate Index 0.08% The Fund posted a positive return from its 30 June 2016 inception through 31 December 2016.
Dividend-paying securities in the U.S. banking, technology and transportation sectors were among the Fund’s top performance contributors. In addition, European preferreds in the banking space, which had suffered the
most after the late June Brexit vote in the U.K., added to return as investors returned to the space. High yield corporate bonds bolstered performance as spreads continued to tighten and finished the period near their narrowest levels of the year. Individual telecommunication, energy and technology names aided performance the most.
In addition, master limited partnerships (MLPs) boosted return. Our exposure to this space through exchange-traded notes (ETN) generated significant gains as the entire sector produced strong results. Our highly diversified group of bank loans also lifted performance. Meanwhile, some of our foreign currency-denominated positions weighed on performance during the period. Specifically, securities denominated in the British pound and Japanese yen detracted from performance. Additionally, the U.S. presidential election had a negative
impact on the Mexican peso in December, diminishing an emerging market position denominated in the currency.
(1) See Note 1.
Please see past performance disclosure on cover page.
Luxembourg, April 20, 2017 The Board of Directors
Natixis International Funds (Lux) I
Audit report
To the Shareholders of
Natixis International Funds (Lux) I
We have audited the accompanying financial statements of Natixis International Funds (Lux) I and of
each of its sub-funds, which comprise the statement of net assets and the statement of investments
as at December 31, 2016 and the statement of changes in net assets for the year then ended, and a
summary of significant accounting policies and other explanatory notes to the financial statements.
Responsibility of the Board of Directors of the SICAV for the financial statements
The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these
financial statements in accordance with Luxembourg legal and regulatory requirements relating to the
preparation of the financial statements and for such internal control as the Board of Directors of the
SICAV determines is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
Responsibility of the “Réviseur d’entreprises agréé”
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing as adopted for
Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that
we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on the judgment of the
“Réviseur d’entreprises agréé”, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the
“Réviseur d’entreprises agréé” considers internal control relevant to the entity’s preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s
internal control. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as
evaluating the overall presentation of the financial statements.
PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg
T: +352 494848 1, F:+352 494848 2900, www.pwc.lu
Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518
Natixis International Funds (Lux) I
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of Natixis International Funds (Lux) I and of each of its sub-funds as of December 31, 2016, and of the results
of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.
Other information The Board of Directors of the SICAV is responsible for the other information. The other information comprises the information included in the annual report but does not include the financial statements and our audit report thereon. Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report
in this regard.
PricewaterhouseCoopers, Société coopérative Luxembourg, April 20, 2017 Represented by
Fanny Sergent
Natixis International Funds (Lux) I
Statement of Net Assets As at December 31, 2016
The accompanying notes form an integral part of these financial statements.
Refre sh
Notes
Emerise Asia Equity Fund
USD
Emerise
Emerging Europe Equity Fund
USD
Emerise Latin
America Equity Fund
USD
Emerise
Pacific Rim Equity Fund
USD
ASSETS
Portfolio at cost (14) 106,012,580 63,624,170 21,027,029 164,845,164
Investments portfolio at market value (2) 112,835,218 58,274,824 19,542,173 161,047,961
Time Deposits (2,10) 0 0 0 0
Cash at bank 5,114,482 179,317 182,329 0
Amounts receivable on sale of investments 0 161,612 251,571 601,859
Amounts receivable on subscriptions 1,254 3,369 2,591 807
Amounts receivable on financial futures
contracts (2,8) 0 0 0 0
Interest and dividends receivable, net 9,134 411,863 95,656 200,135
Net unrealised appreciation on financial
futures contracts (2,8) 0 0 0 0
Net unrealised appreciation on forward
foreign exchange contracts (2,7) 0 0 0 440,279
Other receivables (2) 0 2,948 64,059 0
Other assets (2,6) 3,663 8,991 4,993 0
TOTAL ASSETS 117,963,751 59,042,924 20,143,372 162,291,041
LIABILITIES
Bank overdraft 0 0 0 180,715
Amounts payable on purchase of
investments 636,529 15,089 355,677 0
Amounts payable on redemptions 22,508 151,212 6,831 52,096
Payable due to the swap counterparty (9,11) 0 0 0 0
Net unrealised depreciation on financial
futures contracts (2,8) 0 0 0 0
Net unrealised depreciation on forward
foreign exchange contracts (2,7) 0 0 0 0
Net unrealised depreciation on swaps (2,9) 0 0 0 0
Amounts payable on repurchase
agreements (12) 0 0 0 0
Management commission payable (3) 122,190 54,017 14,477 146,525
Taxes and expenses payable (5) 15,091 0 0 14,927
Other liabilities (6) 0 0 0 17,651
TOTAL LIABILITIES 796,318 220,318 376,985 411,914
TOTAL NET ASSETS 117,167,433 58,822,606 19,766,387 161,879,127
Natixis International Funds (Lux) I
Statement of Net Assets (continued) As at December 31, 2016
The accompanying notes form an integral part of these financial statements.
Harris Associates
Concentrated U.S.
Equity Fund
USD
Harris Associates
Global Equity Fund
USD
Harris Associates
U.S. Equity Fund
USD
IDFC India
Equities Fund
USD
Loomis Sayles
Global Growth
Equity Fund(1)
USD
Loomis Sayles U.S.
Growth Equity
Fund(1)
USD
Loomis Sayles U.S.
Research Fund
USD
68,428,514 1,614,572,918 309,222,644 51,541,723 5,052,310 220,304,818 307,086,089
72,404,538 1,688,805,028 357,764,130 58,294,277 5,033,360 216,469,208 354,411,693
0 0 0 0 0 0 0
6,045,816 35,799,533 27,235,793 2,240,268 27,441 3,164,766 2,616,766
0 2,580,118 0 0 25,695 0 42,191,739
1,782,813 2,048,690 1,878,251 14,760 0 1,041,056 1,420,787
0 0 0 0 0 0 0
26,373 787,908 214,823 67 3,620 98,812 335,613
0 0 0 0 0 0 0
0 632,464 0 0 0 0 0
0 0 0 12,658 0 0 0
2,935 23,559 215 0 12,674 0 0
80,262,475 1,730,677,300 387,093,212 60,562,030 5,102,790 220,773,842 400,976,598
0 0 0 0 0 0 0
1,672,712 3,487,704 0 0 0 0 3,624,390
2,579 1,168,793 313,777 25,938 0 662,592 40,359,748
0 0 0 0 0 0 0
0 0 0 0 0 0 0
208 0 300,476 0 30 102,772 64,880
0 0 0 0 0 0 0
0 0 0 0 0 0 0
65,785 1,444,099 331,153 81,638 8 153,352 274,699
11,731 100,630 33,238 0 1,958 23,849 32,116
0 0 0 10,224 0 11,690 72,714
1,753,015 6,201,226 978,644 117,800 1,996 954,255 44,428,547
78,509,460 1,724,476,074 386,114,568 60,444,230 5,100,794 219,819,587 356,548,051
(1) See Note 1.
Natixis International Funds (Lux) I
Statement of Net Assets (continued) As at December 31, 2016
The accompanying notes form an integral part of these financial statements.
;
Notes
Natixis Europe
Smaller Companies
Fund
EUR
Vaughan Nelson
U.S. Mid Cap
Equity Fund
USD
Vaughan Nelson
U.S. Small Cap
Value Fund
USD
ASSETS
Portfolio at cost (14) 149,614,564 4,527,622 151,554,860
Investments portfolio at market value (2) 167,146,564 4,758,233 162,781,392
Time Deposits (2,10) 0 0 0
Cash at bank 4,105,710 145,846 36,741,539
Amounts receivable on sale of investments 1,046,360 0 59,384
Amounts receivable on subscriptions 475 0 1,082,179
Amounts receivable on financial futures
contracts (2,8) 0 0 0
Interest and dividends receivable, net 325,707 7,194 164,249
Net unrealised appreciation on financial
futures contracts (2,8) 0 0 0
Net unrealised appreciation on forward
foreign exchange contracts (2,7) 14,120 0 0
Other receivables (2) 18,651 0 0
Other assets (2,6) 25,134 29,092 0
TOTAL ASSETS 172,682,721 4,940,365 200,828,743
LIABILITIES
Bank overdraft 0 0 0
Amounts payable on purchase of
investments 0 23,190 26,167,946
Amounts payable on redemptions 3,037,184 0 9,758,173
Payable due to the swap counterparty (9,11) 0 0 0
Net unrealised depreciation on financial
futures contracts (2,8) 0 0 0
Net unrealised depreciation on forward
foreign exchange contracts (2,7) 0 124 40,294
Net unrealised depreciation on swaps (2,9) 0 0 0
Amounts payable on repurchase
agreements (12) 0 0 0
Management commission payable (3) 163,417 4 152,655
Taxes and expenses payable (5) 0 980 15,772
Other liabilities (6) 0 0 29,632
TOTAL LIABILITIES 3,200,601 24,298 36,164,472
TOTAL NET ASSETS 169,482,120 4,916,067 164,664,271
Natixis International Funds (Lux) I
Statement of Net Assets (continued) As at December 31, 2016
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Duration Hedged
Global Corporate
Bond Fund
USD
Loomis Sayles Emerging
Debt and
Currencies Fund
USD
Loomis Sayles
Global Credit Fund
USD
Loomis Sayles Institutional Global
Corporate Bond
Fund
USD
Loomis Sayles
Institutional High
Income Fund
USD
Loomis Sayles Short Term
Emerging Markets
Bond Fund
USD
Loomis Sayles
Strategic Alpha
Bond Fund
USD
82,994,928 42,538,506 71,627,312 615,294,609 138,384,561 359,418,620 198,039,510
81,068,831 38,369,538 69,582,385 605,633,961 127,131,866 358,145,197 199,040,943
0 0 0 0 0 0 0
2,785,617 2,331,517 1,206,073 2,980,221 8,979,902 15,124,802 5,067,370
978,775 258,126 4,782 2,452,529 557,802 490,183 374,827
0 0 813 0 0 3,956,200 20,981
0 0 0 0 0 0 0
377,383 980,702 694,305 6,203,680 1,959,194 4,175,682 1,066,818
4,352 0 59,614 0 0 0 23,864
466,855 0 3,208 4,235,051 0 1,775,004 2,443,084
0 0 0 0 0 0 0
0 31,219 0 0 0 0 0
85,681,813 41,971,102 71,551,180 621,505,442 138,628,764 383,667,068 208,037,887
0 0 0 0 0 0 0
0 256,870 0 0 0 6,934,417 2,406,717
0 21 157,768 0 0 2,886,003 10,319
0 0 0 0 0 0 146,350
0 0 0 804,373 0 0 0
0 583,160 0 0 813,808 0 0
1,763,913 147,132 0 0 0 0 370,902
0 0 0 0 0 0 0
5,988 204 15,650 90,211 69,155 192,550 136,042
7,086 7,823 11,830 47,873 8,808 62,786 18,384
101,716 0 5,135 176,457 24,637 72,278 4,057
1,878,703 995,210 190,383 1,118,914 916,408 10,148,034 3,092,771
83,803,110 40,975,892 71,360,797 620,386,528 137,712,356 373,519,034 204,945,116
Natixis International Funds (Lux) I
Statement of Net Assets (continued) As at December 31, 2016
The accompanying notes form an integral part of these financial statements.
Notes
Loomis Sayles
Sustainable Global
Corporate Bond
Fund
USD
Loomis Sayles
U.S. Core Plus
Bond Fund
USD
Natixis Euro
Aggregate Plus
Fund
EUR
ASSETS
Portfolio at cost (14) 140,827,938 33,675,727 6,248,531
Investments portfolio at market value (2) 137,447,363 33,764,350 6,969,042
Time Deposits (2,10) 0 0 0
Cash at bank 1,320,172 5,030,396 320,105
Amounts receivable on sale of investments 2,855 1,666,409 0
Amounts receivable on subscriptions 2,265,413 63,866 15,000
Amounts receivable on financial futures
contracts (2,8) 0 0 0
Interest and dividends receivable, net 1,438,829 239,506 92,657
Net unrealised appreciation on financial
futures contracts (2,8) 0 0 4,600
Net unrealised appreciation on forward
foreign exchange contracts (2,7) 670,235 999 0
Other receivables (2) 0 0 0
Other assets (2,6) 0 0 0
TOTAL ASSETS 143,144,867 40,765,526 7,401,404
LIABILITIES
Bank overdraft 0 0 0
Amounts payable on purchase of
investments 0 6,525,374 0
Amounts payable on redemptions 0 0 0
Payable due to the swap counterparty (9,11) 0 0 0
Net unrealised depreciation on financial
futures contracts (2,8) 15,054 0 0
Net unrealised depreciation on forward
foreign exchange contracts (2,7) 0 0 0
Net unrealised depreciation on swaps (2,9) 0 0 0
Amounts payable on repurchase
agreements (12) 0 0 0
Management commission payable (3) 5,922 5,261 4,456
Taxes and expenses payable (5) 33,241 5,498 2,187
Other liabilities (6) 216,379 6,035 1,537
TOTAL LIABILITIES 270,596 6,542,168 8,180
TOTAL NET ASSETS 142,874,271 34,223,358 7,393,224
Natixis International Funds (Lux) I
Statement of Net Assets (continued) As at December 31, 2016
The accompanying notes form an integral part of these financial statements.
Natixis Euro High
Income Fund
EUR
Natixis Global
Inflation Fund
EUR
Natixis Short Term
Global High
Income Fund
USD
ASG Managed
Futures Fund0F
(1)
USD
Loomis Sayles
Global Multi Asset
Income Fund(1)
USD
Combined
EUR
470,825,287 35,686,043 136,636,381 63,112,893 14,259,901 5,388,011,499
482,629,725 39,395,736 132,172,321 63,291,725 14,753,598 5,562,294,314
0 0 0 4,700,000 0 4,456,032
31,423,326 1,567,183 11,731,888 3,881,412 1,152,688 209,100,056
1,127,443 52,218 0 5,083,111 562 56,970,043
169,520 0 2,126,573 48,544 0 17,022,094
0 0 0 5,956 0 5,647
8,863,180 129,963 1,995,064 68,990 96,492 29,939,467
0 0 0 744,198 0 793,439
58,703 0 538,884 0 0 10,696,728
28,999 0 0 0 0 123,166
2,299 12,929 112 121,309 4,852 271,330
524,303,195 41,158,029 148,564,842 77,945,245 16,008,192 5,891,672,316
0 0 0 0 0 171,140
0 0 0 4,857,125 371,477 54,359,061
243,995 46,766 12,222 0 0 56,032,845
2,993,780 0 0 0 0 3,132,533
0 198,291 0 0 0 975,183
0 321,090 0 200,910 0 2,318,399
807,825 0 0 0 0 2,971,321
0 3,442,664 0 0 0 3,442,664
225,026 17,586 78,728 24,635 8 3,695,336
0 6,345 7,747 34,018 3,272 481,290
0 0 0 0 0 711,253
4,270,626 4,032,742 98,697 5,116,688 374,757 128,291,025
520,032,569 37,125,287 148,466,145 72,828,557 15,633,435 5,763,381,291
(1) See Note 1.
Natixis International Funds (Lux) I
Statement of Changes in Net Assets
For the year ended December 31, 2016
The accompanying notes form an integral part of these financial statements.
ar
yj
Notes
Emerise Asia Equity Fund
USD
Emerise Emerging
Europe Equity Fund
USD
Emerise Latin
America Equity Fund
USD
Emerise Pacific Rim Equity Fund
USD
NET ASSETS AT THE BEGINNING OF THE
YEAR / PERIOD 162,108,004 52,770,724 28,798,874 182,249,407
INCOME
Dividends, net (2) 3,063,803 2,410,646 486,961 6,680,932
Interest on bonds, net 0 0 0 0
Interest on Swaps 0 0 0 0
Bank interest 3,070 9,360 392 6,270
Other income (6) 3,663 24,212 4,999 13
TOTAL INCOME 3,070,536 2,444,218 492,352 6,687,215
EXPENSES
Management fees (3) 1,727,409 618,483 212,957 1,816,811
Depositary fees (14) 104,552 70,159 50,132 56,090
Distribution fees (4) 33,526 19,108 14,605 32,245
Audit fees 8,259 3,183 5,190 10,125
Subscription tax (5) 15,034 8,596 2,966 20,269
Interest paid 1,229 0 0 67
Interest paid on Swaps 0 0 0 0
Capital gain tax 24,848 0 0 0
Other charges (6) 100,530 78,233 19,404 51,200
TOTAL EXPENSES 2,015,387 797,762 305,254 1,986,807
NET INCOME / (LOSS) FROM INVESTMENTS 1,055,149 1,646,456 187,098 4,700,408
Net realised appreciation / (depreciation) on sales of investments (2,14) (8,465,743) (5,783,373) (4,639,144) (6,603,570)
Net realised appreciation / (depreciation) on forward foreign exchange contracts (2,14) 0 0 (3,337) (2,136,298)
Net realised appreciation / (depreciation) on
financial futures contracts (2,14) 0 0 0 0
Net realised appreciation / (depreciation) on
foreign exchange contracts (2,14) (140,861) (39,534) (133,426) (30,342)
Net realised appreciation / (depreciation) on swaps (2,14) 0 0 0 0
NET REALISED PROFIT / (LOSS) (7,551,455) (4,176,451) (4,588,809) (4,069,802)
Change in net unrealised appreciation /
(depreciation) on investments (2) 5,166,049 17,241,221 9,112,282 5,663,147
Change in net unrealised appreciation /
(depreciation) on forward foreign exchange
contracts (2,7) 0 0 0 890,249
Change in net unrealised appreciation /
(depreciation) on financial future contracts (2,8) 0 0 0 0
Change in net unrealised appreciation /
(depreciation) on foreign exchange contracts (2) 18,629 (62,460) 3,078 (1,226)
Change in net unrealised appreciation /
(depreciation) on swaps (2,9) 0 0 0 0
Change in net unrealised appreciation /
(depreciation) on repurchase agreements (2,12) 0 0 0 0
NET INCREASE / (DECREASE) IN NET ASSETS
AS A RESULT OF OPERATIONS (2,366,777) 13,002,310 4,526,551 2,482,368
EVOLUTION OF THE CAPITAL
Dividend distribution (17) 0 (4,703) 0 0
Subscriptions of shares 44,539,133 11,024,106 6,509,626 59,758,327
Redemption of shares (87,112,927) (17,969,831) (20,068,664) (82,610,975)
Currency Translation
NET ASSETS AT THE END OF THE
YEAR / PERIOD 117,167,433 58,822,606 19,766,387 161,879,127
Natixis International Funds (Lux) I
Statement of Changes in Net Assets (continued)
For the year ended December 31, 2016
The accompanying notes form an integral part of these financial statements.
Harris Associates
Concentrated U.S.
Equity Fund
USD
Harris Associates
Global
Equity Fund
USD
Harris Associates
U.S. Equity Fund
USD
IDFC India
Equities Fund
USD
Loomis Sayles
Global Growth
Equity Fund(1)
USD
Loomis Sayles U.S.
Growth Equity
Fund(1)
USD
Loomis Sayles U.S.
Research Fund
USD
112,727,892 1,486,937,884 347,601,412 78,751,725 – – 737,544,845
1,025,885 27,537,504 4,018,904 855,620 26,984 577,772 8,081,983
0 0 0 0 0 0 0
0 0 0 0 0 0 0
6,233 50,408 26,908 3,825 184 2,794 18,470
2,953 23,618 369 0 12,674 0 14,535
1,035,071 27,611,530 4,046,181 859,445 39,842 580,566 8,114,988
630,683 15,306,251 3,359,160 1,086,678 34 588,836 4,447,290
10,975 182,444 26,750 133,992 4,438 17,382 46,910
22,240 153,213 64,991 16,285 3,440 11,016 79,842
4,207 87,149 18,956 3,845 206 4,477 31,144
12,136 246,855 54,811 20,011 385 17,605 59,657
93 160 60 23 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
48,955 303,241 102,686 32,365 11,887 29,587 150,283
729,289 16,279,313 3,627,414 1,293,199 20,390 668,903 4,815,126
305,782 11,332,217 418,767 (433,754) 19,452 (88,337) 3,299,862
11,784,083 (9,534,003) 1,092,429 3,423,487 91,606 931,189 39,267,802
(261,855) (2,292,960) (343,988) (10,498) (124) 75,307 1,346,672
0 0 0 0 0 0 0
877,152 (178,758) 20,579 (11,350) (455) (18,975) 48,195
0 0 0 0 0 0 0
12,705,162 (673,504) 1,187,787 2,967,885 110,479 899,184 43,962,531
(5,528,792) 76,942,424 43,367,934 (1,655,500) (18,950) (3,835,610) (27,406,719)
151,179 797,500 384 0 (30) (102,772) 795,509
0 0 0 0 0 0 0
1,789 (42,641) 92 (239) (15) 257 38
0 0 0 0 0 0 0
0 0 0 0 0 0 0
7,329,338 77,023,779 44,556,197 1,312,146 91,484 (3,038,941) 17,351,359
0 (1,092,128) (1,100) 0 0 0 (56,838)
118,292,491 629,381,737 193,348,017 9,954,410 5,009,310 247,389,108 203,164,348
(159,840,261) (467,775,198) (199,389,958) (29,574,051) 0 (24,530,580) (601,455,663)
78,509,460 1,724,476,074 386,114,568 60,444,230 5,100,794 219,819,587 356,548,051
(1) See Note 1.
Natixis International Funds (Lux) I
Statement of Changes in Net Assets (continued)
For the year ended December 31, 2016
The accompanying notes form an integral part of these financial statements.
Notes
Natixis Europe
Smaller Companies
Fund
EUR
Vaughan Nelson
U.S. Mid Cap
Equity Fund
USD
Vaughan Nelson
U.S. Small Cap
Value Fund
USD
Loomis Sayles Duration Hedged
Global Corporate
Bond Fund
USD
NET ASSETS AT THE BEGINNING OF THE
YEAR / PERIOD 242,980,402 5,370,858 230,579,678 81,702,775
INCOME
Dividends, net (2) 4,438,820 38,068 1,381,052 2,277
Interest on bonds, net 19 0 1,136 2,807,154
Interest on Swaps 0 0 0 430,703
Bank interest 248 258 12,746 6,958
Other income (6) 25,240 31,777 69,083 293
TOTAL INCOME 4,464,327 70,103 1,464,017 3,247,385
EXPENSES
Management fees (3) 2,454,229 7,889 1,568,594 74,469
Depositary fees (14) 150,544 7,128 23,433 33,112
Distribution fees (4) 56,463 11,333 28,496 18,215
Audit fees 12,404 300 8,374 4,930
Subscription tax (5) 29,078 677 20,059 8,457
Interest paid 22,508 76 44 357
Interest paid on Swaps 0 0 0 1,609,402
Capital gain tax 0 0 0 0
Other charges (6) 299,811 28,960 51,201 125,927
TOTAL EXPENSES 3,025,037 56,363 1,700,201 1,874,869
NET INCOME / (LOSS) FROM INVESTMENTS 1,439,290 13,740 (236,184) 1,372,516
Net realised appreciation / (depreciation) on sales
of investments (2,14) 12,685,810 (377,775) 21,566,045 (326,990)
Net realised appreciation / (depreciation) on
forward foreign exchange contracts (2,14) 25,434 (726) (425,381) (4,168,306)
Net realised appreciation / (depreciation) on
financial futures contracts (2,14) 0 0 0 36,471
Net realised appreciation / (depreciation) on
foreign exchange contracts (2,14) (399,582) 69 48,252 (208,843)
Net realised appreciation / (depreciation) on swaps (2,14) 0 0 0 (663,530)
NET REALISED PROFIT / (LOSS) 13,750,952 (364,692) 20,952,732 (3,958,682)
Change in net unrealised appreciation /
(depreciation) on investments (2) (31,508,747) 684,485 (6,552,809) 2,473,555
Change in net unrealised appreciation /
(depreciation) on forward foreign exchange contracts (2,7) (2,401) (23) 258,393 1,480,430
Change in net unrealised appreciation / (depreciation) on financial future contracts (2,8) 0 0 0 12,790
Change in net unrealised appreciation / (depreciation) on foreign exchange contracts (2) 10,215 0 651 23,702
Change in net unrealised appreciation /
(depreciation) on swaps (2,9) 0 0 0 1,128,433
Change in net unrealised appreciation /
(depreciation) on repurchase agreements (2,12) 0 0 0 0
NET INCREASE / (DECREASE) IN NET
ASSETS
AS A RESULT OF OPERATIONS (17,749,981) 319,770 14,658,967 1,160,228
EVOLUTION OF THE CAPITAL
Dividend distribution (17) 0 0 0 0
Subscriptions of shares 111,109,412 274,100 138,501,100 4,621,699
Redemption of shares (166,857,713) (1,048,661) (219,075,474) (3,681,592)
Currency Translation
NET ASSETS AT THE END OF THE
YEAR / PERIOD 169,482,120 4,916,067 164,664,271 83,803,110
Natixis International Funds (Lux) I
Statement of Changes in Net Assets (continued)
For the year ended December 31, 2016
The accompanying notes form an integral part of these financial statements.
Loomis Sayles
Emerging Debt and
Currencies Fund
USD
Loomis Sayles
Global Credit Fund
USD
Loomis Sayles
Institutional Global
Corporate Bond
Fund
USD
Loomis Sayles
Institutional High
Income Fund
USD
Loomis Sayles
Short Term
Emerging Markets
Bond Fund
USD
Loomis Sayles
Strategic Alpha
Bond Fund
USD
Loomis Sayles
Sustainable Global
Corporate Bond
Fund
USD
36,701,134 118,513,353 741,556,390 171,821,415 111,440,745 188,109,213 93,186,147
0 0 39,655 494,575 0 447,461 0
2,501,850 3,070,227 22,904,815 9,763,066 7,453,703 7,210,934 3,790,941
107,356 0 0 0 0 795,945 0
5,233 681 2,797 8,712 45,110 30,210 871
31,273 1,238 410 16,723 14,327 22,414 667
2,645,712 3,072,146 22,947,677 10,283,076 7,513,140 8,506,964 3,792,479
25,780 280,641 1,341,573 908,702 1,179,600 1,586,400 41,827
57,100 35,088 70,517 11,684 35,850 74,889 32,673
16,215 22,828 31,677 11,707 26,004 19,526 13,881
2,824 5,468 42,647 8,789 12,102 12,025 7,241
3,905 8,635 68,939 14,915 43,521 24,301 13,088
133 443 5,315 74,526 0 811 575
89,646 0 0 0 0 1,225,346 0
21 0 0 0 0 0 0
34,825 43,800 271,903 52,058 100,781 461,571 241,244
230,449 396,903 1,832,571 1,082,381 1,397,858 3,404,869 350,529
2,415,263 2,675,243 21,115,106 9,200,695 6,115,282 5,102,095 3,441,950
(7,237,082) 521,770 181,518 1,985,079 (862,929) 805,579 (330,576)
(724,540) 354,262 (119,806,851) (3,016,451) (11,077,555) (35,923,762) 1,882,092
0 (613,626) (2,304,010) 0 0 (618,174) (511,639)
(52,958) 691,254 (360,955) (17,741) 2,802 (421,241) (45,756)
30,921 0 0 0 0 (170,592) 0
(5,568,396) 3,628,903 (101,175,192) 8,151,582 (5,822,400) (31,226,095) 4,436,071
7,680,117 2,757,332 24,330,128 16,144,537 1,118,858 9,346,950 1,186,542
(418,078) 185,361 10,140,178 (148,790) 1,942,617 5,649,614 1,501,813
0 23,266 (984,210) 0 0 228,941 (55,178)
(7,172) 2,800 (124,806) 556 2,895 (48,948) (6,399)
(160,569) 0 0 0 0 (452,105) 0
0 0 0 0 0 0 0
1,525,902 6,597,662 (67,813,902) 24,147,885 (2,758,030) (16,501,643) 7,062,849
(6,468) (587,943) (1,180,183) 0 (191,139) (97) 0
56,251,318 45,419,312 50,593,723 8,256,987 347,641,228 45,274,167 45,031,108
(53,495,994) (98,581,587) (102,769,500) (66,513,931) (82,613,770) (11,936,524) (2,405,833)
40,975,892 71,360,797 620,386,528 137,712,356 373,519,034 204,945,116 142,874,271
Natixis International Funds (Lux) I
Statement of Changes in Net Assets (continued)
For the year ended December 31, 2016
The accompanying notes form an integral part of these financial statements.
Notes
Loomis Sayles U.S.
Aggregate Bond
Fund(1)
USD
Loomis Sayles U.S.
Core Plus Bond
Fund
USD
Natixis Euro
Aggregate Plus
Fund
EUR
Natixis Euro High
Income Fund
EUR
NET ASSETS AT THE BEGINNING OF THE
YEAR / PERIOD 48,572,035 28,552,317 10,201,224 473,593,644
INCOME
Dividends, net (2) 0 0 0 0
Interest on bonds, net 687,753 982,478 146,853 22,179,346
Interest on Swaps 0 0 0 0
Bank interest 10,023 5,572 2 0
Other income (6) 30,425 5 417 2,311
TOTAL INCOME 728,201 988,055 147,272 22,181,657
EXPENSES
Management fees (3) 92,003 31,560 61,762 2,590,632
Depositary fees (14) 11,183 13,124 6,044 65,512
Distribution fees (4) 14,166 17,560 10,724 74,217
Audit fees 0 1,845 498 29,402
Subscription tax (5) 2,606 3,862 2,490 62,229
Interest paid 35 0 887 194,496
Interest paid on Swaps 0 0 0 1,722,917
Capital gain tax 0 0 0 0
Other charges (6) 14,411 26,247 9,629 176,062
TOTAL EXPENSES 134,404 94,198 92,034 4,915,467
NET INCOME / (LOSS) FROM INVESTMENTS 593,797 893,857 55,238 17,266,190
Net realised appreciation / (depreciation) on sales
of investments (2,14) 1,862,998 84,335 88,707 (8,173,543)
Net realised appreciation / (depreciation) on
forward foreign exchange contracts (2,14) (122,697) 4,497 0 234,857
Net realised appreciation / (depreciation) on
financial futures contracts (2,14) 0 0 8,020 (1,553,640)
Net realised appreciation / (depreciation) on
foreign exchange contracts (2,14) (91,687) (3,903) (36) 17,338
Net realised appreciation / (depreciation) on swaps (2,14) 0 0 0 (2,110,978)
NET REALISED PROFIT / (LOSS) 2,242,411 978,786 151,929 5,680,224
Change in net unrealised appreciation /
(depreciation) on investments (2) 567,574 939,112 72,579 31,759,480
Change in net unrealised appreciation /
(depreciation) on forward foreign exchange contracts (2,7) 305,596 (302) 0 11,226
Change in net unrealised appreciation / (depreciation) on financial future contracts (2,8) 0 0 4,600 800
Change in net unrealised appreciation / (depreciation) on foreign exchange contracts (2) 0 (15) (4,449) 6
Change in net unrealised appreciation /
(depreciation) on swaps (2,9) 0 0 0 (807,825)
Change in net unrealised appreciation /
(depreciation) on repurchase agreements (2,12) 0 0 0 0
NET INCREASE / (DECREASE) IN NET ASSETS
AS A RESULT OF OPERATIONS 3,115,581 1,917,581 224,659 36,643,911
EVOLUTION OF THE CAPITAL
Dividend distribution (17) 0 (14) (5,445) (5,181,462)
Subscriptions of shares 0 4,242,119 240,190 353,442,191
Redemption of shares (51,687,616) (488,645) (3,267,404) (338,465,715)
Currency Translation
NET ASSETS AT THE END OF THE
YEAR / PERIOD 0 34,223,358 7,393,224 520,032,569
(1) See Note 1.
Natixis International Funds (Lux) I
Statement of Changes in Net Assets (continued)
For the year ended December 31, 2016
The accompanying notes form an integral part of these financial statements.
Natixis Global
Inflation Fund
EUR
Natixis Short Term
Global High
Income Fund
USD
ASG Managed
Futures Fund(1)
USD
Loomis Sayles
Global Multi Asset
Income Fund(1)
USD
Combined
EUR
26,138,326 122,759,449 – – 5,510,675,100
0 0 0 113,273 58,740,594
570,240 5,574,715 195,782 190,465 86,546,632
0 0 0 0 1,264,759
61 10,239 0 1,554 255,221
13,014 120 121,310 6,408 451,988
583,315 5,585,074 317,092 311,700 147,259,194
156,618 930,910 94,357 44 41,248,682
56,197 33,774 193,228 16,211 1,560,688
16,322 33,246 15,487 2,300 852,770
2,083 8,434 2,491 598 323,878
5,106 20,468 6,740 772 761,832
8,989 2,281 0 0 308,632
0 0 0 0 4,495,512
0 0 0 0 23,578
37,878 68,488 85,806 5,256 2,932,248
283,193 1,097,601 398,109 25,181 52,507,820
300,122 4,487,473 (81,017) 286,519 94,751,374
2,970,563 (2,821,092) (762,963) (160,981) 41,413,976
192,632 (5,803,730) (245,313) 0 (172,762,635)
(970,707) 0 (2,481,682) 0 (8,671,966)
42,658 1,464,428 (1,537) 1,983 984,331
0 0 0 0 (2,872,486)
2,535,268 (2,672,921) (3,572,512) 127,521 (47,157,406)
181,912 3,379,369 178,832 493,697 174,737,240
(315,361) 857,461 (200,910) 0 22,527,661
(292,575) 0 744,198 0 (315,801)
(238,951) (1,713) 1,420 217 (460,255)
0 0 0 0 (318,838)
29,978 0 0 0 29,978
1,900,271 1,562,196 (2,848,972) 621,435 149,042,579
(29,654) 0 0 (18) (8,175,206)
40,719,997 70,082,499 76,579,359 15,012,018 2,815,132,315
(31,603,653) (45,937,999) (901,830) 0 (2,845,328,133)
142,034,636*
37,125,287 148,466,145 72,828,557 15,633,435 5,763,381,291
* For each fund, the net assets at the beginning of the year are converted into EUR on the basis of the exchange rates used at December 31, 2015. The exchange difference between the net assets at the beginning of the year converted at the exchange rates used at December 31, 2015 and the net assets at the beginning of the year converted at the exchange rates used in December 31, 2016 is EUR 142,034,442.
(1) See Note 1.
Natixis International Funds (Lux) I
Emerise Asia Equity Fund
Changes in the number of Shares for the year ended December 31, 2016
I/A (USD)
Number of shares outstanding at the beginning 666,878.328
Number of shares issued 56,171.245
Number of shares redeemed (83,348.304)
Number of shares at the end 639,701.269
I/A (EUR)
Number of shares outstanding at the beginning 1,030,857.084
Number of shares issued 451,255.234
Number of shares redeemed (876,936.051)
Number of shares at the end 605,176.267
R/A (USD)
Number of shares outstanding at the beginning 8,027.686
Number of shares issued 848.276
Number of shares redeemed (502.993)
Number of shares at the end 8,372.969
R/A (EUR)
Number of shares outstanding at the beginning 17,018.700
Number of shares issued 502.073
Number of shares redeemed (3,393.386)
Number of shares at the end 14,127.387
R/D (USD)
Number of shares outstanding at the beginning 46.672
Number of shares issued 513.078
Number of shares redeemed (28.749)
Number of shares at the end 531.001
RE/A (EUR)
Number of shares outstanding at the beginning 10,628.020
Number of shares issued 157.702
Number of shares redeemed (2,375.520)
Number of shares at the end 8,410.202
Natixis International Funds (Lux) I
Emerise Asia Equity Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 117,167,433 162,108,004 178,624,341
Net Asset Value per Share
I/A (USD) 91.63 93.32 104.33
I/A (EUR) 86.99 86.02 86.37
R/A (USD) 80.28 82.48 93.04
R/A (EUR) 76.14 75.96 76.94
R/D (USD) 154.41 158.65 180.60
RE/A (EUR) 127.46 127.81 130.12
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Emerise Asia Equity Fund Statement of Investments
As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Shares
China
Anhui Conch Cement Co Ltd 993,000 HKD 2,686,091 2,702,424 2.30
Bank of China Ltd 5,774,600 HKD 2,668,158 2,562,136 2.19
China Animal Healthcare Ltd 1,949,000 HKD 1,480,711 326,796 0.28
Industrial & Commercial Bank of China Ltd 5,936,090 HKD 4,441,565 3,560,207 3.04
Ping An Insurance Group Co of China Ltd 807,000 HKD 4,508,947 4,038,565 3.45
Tencent Holdings Ltd 274,700 HKD 3,058,683 6,721,215 5.73
TravelSky Technology Ltd 1,227,000 HKD 2,551,665 2,579,610 2.20
West China Cement Ltd 7,398,000 HKD 1,285,918 830,148 0.71
22,681,738 23,321,101 19.90 Hong Kong
BOC Hong Kong Holdings Ltd 1,152,000 HKD 4,316,921 4,123,227 3.52
Brilliance China Automotive Holdings Ltd 1,200,000 HKD 1,355,576 1,653,005 1.41
Cheung Kong Property Holdings Ltd 480,000 HKD 3,482,098 2,943,836 2.51
China Gas Holdings Ltd 1,766,000 HKD 2,675,293 2,396,229 2.04
China Mobile Ltd 423,000 HKD 5,025,592 4,484,706 3.83
China Overseas Land & Investment Ltd 1,348,000 HKD 4,158,658 3,572,922 3.05
Sinopec Kantons Holdings Ltd 3,100,000 HKD 1,610,089 1,415,425 1.21
22,624,227 20,589,350 17.57 India
Aurobindo Pharma Ltd 120,000 INR 1,459,371 1,183,380 1.01
Credit Analysis & Research Ltd 60,316 INR 1,224,727 1,160,063 0.99
IndusInd Bank Ltd 227,556 INR 2,695,434 3,714,591 3.17
Maruti Suzuki India Ltd 57,820 INR 2,494,390 4,531,846 3.87
PVR Ltd 150,660 INR 1,863,715 2,550,032 2.17
9,737,637 13,139,912 11.21 Indonesia
Bank Central Asia Tbk PT 1,545,100 IDR 1,681,343 1,777,625 1.52
Pembangunan Perumahan Persero Tbk PT 10,080,902 IDR 2,921,783 2,850,862 2.43
4,603,126 4,628,487 3.95 Malaysia
Gamuda Bhd 1,300,000 MYR 1,639,265 1,385,198 1.18
My EG Services Bhd 4,635,600 MYR 958,900 1,560,356 1.33
2,598,165 2,945,554 2.51 Philippines
Century Pacific Food Inc 3,617,700 PHP 1,257,799 1,177,458 1.00
GT Capital Holdings Inc 59,000 PHP 1,445,587 1,507,267 1.29
Megaworld Corp 15,269,000 PHP 1,443,444 1,096,511 0.94
4,146,830 3,781,236 3.23 Singapore
DBS Group Holdings Ltd 161,000 SGD 1,872,921 1,932,401 1.65
UOL Group Ltd 364,000 SGD 2,039,748 1,509,213 1.29
3,912,669 3,441,614 2.94 South Korea
Amorepacific Corp 5,051 KRW 1,307,039 1,344,508 1.15
Korea Zinc Co Ltd 3,000 KRW 1,396,755 1,179,831 1.01
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Emerise Asia Equity Fund Statement of Investments (continued) As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
KT Corp 48,922 KRW 1,098,563 1,190,848 1.02
S-1 Corp 16,000 KRW 1,388,818 1,161,782 0.99
Samsung Electronics Co Ltd 6,311 KRW 7,147,752 9,415,816 8.03
SK Materials Co Ltd 16,900 KRW 2,418,762 2,510,234 2.14
S-Oil Corp 19,359 KRW 1,143,427 1,357,598 1.16
15,901,116 18,160,617 15.50 Taiwan
E.Sun Financial Holding Co Ltd 4,163,209 TWD 1,818,435 2,370,377 2.03
King Slide Works Co Ltd 103,000 TWD 1,330,837 1,332,682 1.14
Largan Precision Co Ltd 22,125 TWD 2,497,637 2,601,810 2.22
Silicon Motion Technology Corp ADR 58,000 USD 2,808,371 2,463,840 2.10
Taiwan Semiconductor Manufacturing Co Ltd 1,173,596 TWD 4,243,801 6,609,193 5.64
12,699,081 15,377,902 13.13 Thailand
KCE Electronics PCL 498,900 THB 1,470,710 1,699,664 1.45
Sino-Thai Engineering & Construction PCL 2,330,900 THB 1,445,617 1,806,243 1.54
2,916,327 3,505,907 2.99 United States
Nexteer Automotive Group Ltd 1,984,000 HKD 2,508,724 2,354,243 2.01
Samsonite International SA 556,300 HKD 1,682,940 1,589,295 1.36
4,191,664 3,943,538 3.37
Total - Shares 106,012,580 112,835,218 96.30
Total - Transferable securities admitted to an official stock exchange listing 106,012,580 112,835,218 96.30
TOTAL INVESTMENT PORTFOLIO 106,012,580 112,835,218 96.30
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Emerise Emerging Europe Equity Fund
Changes in the number of Shares for the year ended December 31, 2016
I/A (USD)
Number of shares outstanding at the beginning 866.000
Number of shares issued 22,700.584
Number of shares redeemed (22,428.584)
Number of shares at the end 1,138.000
I/A (EUR)
Number of shares outstanding at the beginning 899,988.770
Number of shares issued 116,896.000
Number of shares redeemed (223,792.000)
Number of shares at the end 793,092.770
R/A (USD)
Number of shares outstanding at the beginning 54,369.942
Number of shares issued 3,562.295
Number of shares redeemed (6,372.435)
Number of shares at the end 51,559.802
R/A (EUR)
Number of shares outstanding at the beginning 34,195.317
Number of shares issued 3,465.072
Number of shares redeemed (6,422.804)
Number of shares at the end 31,237.585
R/A (SGD)
Number of shares outstanding at the beginning 55.155
Number of shares issued 335.489
Number of shares redeemed (339.908)
Number of shares at the end 50.736
R/D (USD)
Number of shares outstanding at the beginning 9,027.479
Number of shares issued 624.351
Number of shares redeemed (1,541.757)
Number of shares at the end 8,110.073
RE/A (USD)
Number of shares outstanding at the beginning 44,700.920
Number of shares issued 55,030.735
Number of shares redeemed (61,337.223)
Number of shares at the end 38,394.432
Natixis International Funds (Lux) I
Emerise Emerging Europe Equity Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 58,822,606 52,770,724 74,261,045
Net Asset Value per Share
I/A (USD) 64.48 51.11 59.58
I/A (EUR) 61.20 47.08 49.30
R/A (USD) 54.90 43.95 51.77
R/A (EUR) 52.11 40.51 42.85
R/A (SGD) 111.15 87.37 -
R/D (USD) 50.73 41.14 49.35
RE/A (USD) 67.49 54.31 64.30
C/A (USD) - - 63.97
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Emerise Emerging Europe Equity Fund Statement of Investments
As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Shares
Austria
Erste Group Bank AG 20,000 EUR 594,355 586,968 1.00
594,355 586,968 1.00 Germany
Uniwheels AG 16,000 PLN 510,234 840,572 1.43
510,234 840,572 1.43 Greece
Alpha Bank AE 535,000 EUR 1,016,830 1,072,154 1.83
Motor Oil Hellas Corinth Refineries SA 72,000 EUR 623,068 994,840 1.69
National Bank of Greece SA 3,400,000 EUR 770,157 889,365 1.51
Titan Cement Co SA 31,000 EUR 712,710 729,149 1.24
3,122,765 3,685,508 6.27 Hungary
Magyar Telekom Telecommunications PLC 390,000 HUF 668,851 663,246 1.13
Richter Gedeon Nyrt 57,000 HUF 906,923 1,208,780 2.05
1,575,774 1,872,026 3.18 Poland
Alior Bank SA 102,000 PLN 1,395,799 1,324,145 2.25
Bank Pekao SA 41,000 PLN 2,233,112 1,235,608 2.10
CCC SA 31,000 PLN 1,323,763 1,511,643 2.57
Cyfrowy Polsat SA 139,000 PLN 879,647 819,155 1.39
Inter Cars SA 9,000 PLN 595,677 598,412 1.02
KRUK SA 14,000 PLN 711,670 794,864 1.35
Pfleiderer Group SA 49,363 PLN 426,286 436,359 0.74
Powszechny Zaklad Ubezpieczen SA 177,000 PLN 1,953,255 1,408,181 2.39
Warsaw Stock Exchange 16,291 PLN 210,597 155,835 0.27
9,729,806 8,284,202 14.08 Russia
Gazprom Neft PJSC ADR 86,000 USD 1,491,234 1,506,789 2.56
Gazprom PAO ADR 15,000 USD 70,394 76,350 0.13
Gazprom PJSC ADR 736,000 USD 8,289,522 3,716,800 6.32
LSR Group PJSC GDR 223,000 USD 626,655 769,350 1.31
Lukoil PJSC ADR 102,000 USD 6,801,083 5,722,200 9.73
Magnit PJSC GDR 13,000 USD 541,314 573,950 0.97
Magnitogorsk Iron & Steel OJSC GDR 175,000 USD 974,376 1,221,500 2.08
MMC Norilsk Nickel PJSC ADR 174,000 USD 2,723,711 2,944,080 5.01
Mobile TeleSystems PJSC 360,000 USD 1,353,218 1,527,444 2.60
Moscow Exchange MICEX-RTS PJSC 940,000 USD 1,513,612 1,933,956 3.29
Novatek PJSC GDR 21,000 USD 1,797,505 2,725,800 4.63
Rosneft Oil Co PJSC GDR 325,000 USD 1,920,868 2,112,500 3.59
Tatneft PJSC ADR 15,000 USD 477,411 618,300 1.05
Tatneft PJSC Preferred 630,000 USD 1,734,883 2,425,311 4.12
30,315,786 27,874,330 47.39 Switzerland
Luxoft Holding Inc 10,000 USD 521,922 562,000 0.95
521,922 562,000 0.95 Turkey
Akbank TAS 584,000 TRY 2,036,493 1,298,294 2.21
Aygaz AS 139,000 TRY 611,203 475,372 0.81
BIM Birlesik Magazalar AS 66,000 TRY 1,281,678 919,377 1.56
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Emerise Emerging Europe Equity Fund Statement of Investments (continued) As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Cimsa Cimento Sanayi VE Ticaret AS 185,000 TRY 1,033,425 830,438 1.41
Logo Yazilim Sanayi Ve Ticaret AS 35,000 TRY 541,894 540,781 0.92
Tofas Turk Otomobil Fabrikasi AS 152,000 TRY 1,023,322 1,064,726 1.81
Turkiye Garanti Bankasi AS 773,000 TRY 2,871,897 1,674,511 2.85
Turkiye Sinai Kalkinma Bankasi AS 2,161,285 TRY 1,291,994 866,333 1.47
10,691,906 7,669,832 13.04
Total - Shares 57,062,548 51,375,438 87.34
Investment Funds
Turkey
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT 1,455,000 TRY 1,624,775 1,236,766 2.10
1,624,775 1,236,766 2.10
Total - Investment Funds 1,624,775 1,236,766 2.10
Total - Transferable securities admitted to an official stock exchange listing 58,687,323 52,612,204 89.44
Other transferable securities Shares
Russia
Sberbank of Russia PJSC ADR 489,000 USD 4,936,847 5,662,620 9.63
4,936,847 5,662,620 9.63
Total - Shares 4,936,847 5,662,620 9.63
Total - Other transferable securities 4,936,847 5,662,620 9.63
TOTAL INVESTMENT PORTFOLIO 63,624,170 58,274,824 99.07
A detailed schedule of portfolio movements for the year from January 1, 2016 to
December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Emerise Latin America Equity Fund
Changes in the number of Shares for the year ended December 31, 2016
I/A (USD)
Number of shares outstanding at the beginning 220,403.000
Number of shares issued 8.000
Number of shares redeemed (15,008.000)
Number of shares at the end 205,403.000
I/A (EUR)
Number of shares outstanding at the beginning 299,977.000
Number of shares issued 128,477.000
Number of shares redeemed (339,454.000)
Number of shares at the end 89,000.000
R/A (USD)
Number of shares outstanding at the beginning 8,253.152
Number of shares issued 2,995.338
Number of shares redeemed (3,107.298)
Number of shares at the end 8,141.192
R/A (EUR)
Number of shares outstanding at the beginning 5,759.026
Number of shares issued 408.580
Number of shares redeemed (799.015)
Number of shares at the end 5,368.591
RE/A (USD)
Number of shares outstanding at the beginning 18,721.083
Number of shares issued 285.060
Number of shares redeemed (5,593.381)
Number of shares at the end 13,412.762
RE/A (EUR)
Number of shares outstanding at the beginning 12,965.374
Number of shares issued 265.167
Number of shares redeemed (1,864.447)
Number of shares at the end 11,366.094
Natixis International Funds (Lux) I
Emerise Latin America Equity Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 19,766,387 28,798,874 61,403,094
Net Asset Value per Share
I/A (USD) 59.77 51.04 72.77
I/A (EUR) 56.73 47.03 60.23
R/A (USD) 51.16 44.13 63.59
R/A (EUR) 48.59 40.70 52.66
RE/A (USD) 50.46 43.75 63.35
RE/A (EUR) 66.25 55.78 72.54
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Emerise Latin America Equity Fund Statement of Investments
As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Shares
Brazil
Ambev SA 210,000 BRL 1,229,146 1,058,162 5.35
Banco Bradesco SA 23,643 BRL 187,161 211,681 1.07
Banco Bradesco SA Preferred 132,000 BRL 1,429,199 1,176,145 5.95
Braskem SA 25,000 BRL 246,033 263,081 1.33
CCR SA 84,000 BRL 317,690 411,909 2.08
Cia de Saneamento Basico do Estado de Sao Paulo 58,000 BRL 440,234 513,049 2.59
Cielo SA 86,400 BRL 1,077,498 740,374 3.75
Energisa SA 66,000 BRL 442,351 376,772 1.91
Itau Unibanco Holding SA 137,934 BRL 1,596,258 1,434,561 7.26
Itausa - Investimentos Itau SA 220,601 BRL 595,947 561,212 2.84
Linx SA 41,000 BRL 209,875 218,561 1.11
Lojas Americanas SA 60,000 BRL 395,309 313,393 1.58
Lojas Renner SA 79,000 BRL 473,526 562,396 2.84
Petroleo Brasileiro SA 131,000 BRL 867,892 598,510 3.03
Raia Drogasil SA 43,000 BRL 467,939 808,422 4.09
Sao Martinho SA 80,000 BRL 420,039 479,307 2.42
Telefonica Brasil SA 50,000 BRL 627,480 677,174 3.43
Ultrapar Participacoes SA 32,200 BRL 669,766 677,202 3.43
Vale SA 22,000 BRL 157,534 157,766 0.80
11,850,877 11,239,677 56.86
Chile
Banco Santander Chile 6,500,000 CLP 340,084 359,071 1.82
Empresas COPEC SA 38,062 CLP 407,170 364,774 1.84
Enel Americas SA 3,100,000 CLP 582,149 485,977 2.46
SACI Falabella 50,825 CLP 386,982 403,619 2.04
1,716,385 1,613,441 8.16 Colombia
Grupo de Inversiones Suramericana SA 27,000 COP 446,060 332,778 1.69
446,060 332,778 1.69 Luxembourg
Ternium SA ADR 20,000 USD 401,603 483,000 2.44
401,603 483,000 2.44 Mexico
Alpek SAB de CV 250,000 MXN 423,239 300,464 1.52
Alsea SAB de CV 102,000 MXN 330,511 293,204 1.48
Banregio Grupo Financiero SAB de CV 43,000 MXN 241,533 241,075 1.22
Corp Inmobiliaria Vesta SAB de CV 185,000 MXN 352,595 223,600 1.13
Fomento Economico Mexicano SAB de CV 113,000 MXN 1,048,940 865,484 4.38
Gruma SAB de CV 21,000 MXN 234,187 268,495 1.36
Grupo Aeroportuario del Centro Norte SAB de CV 57,500 MXN 243,571 249,046 1.26
Grupo Financiero Banorte SAB de CV 171,732 MXN 1,088,620 851,095 4.31
Grupo Mexico SAB de CV 308,000 MXN 965,264 841,556 4.26
Infraestructura Energetica Nova SAB de CV 110,000 MXN 446,353 482,149 2.44
Mexichem SAB de CV 203,975 MXN 535,648 465,643 2.35
5,910,461 5,081,811 25.71
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Emerise Latin America Equity Fund Statement of Investments (continued) As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Peru
Alicorp SAA 88,000 PEN 190,000 191,598 0.97
Credicorp Ltd 3,800 USD 511,643 599,868 3.04
701,643 791,466 4.01
Total - Shares 21,027,029 19,542,173 98.87
Total - Transferable securities admitted to an official stock exchange listing 21,027,029 19,542,173 98.87
TOTAL INVESTMENT PORTFOLIO 21,027,029 19,542,173 98.87
A detailed schedule of portfolio movements for the year from January 1, 2016 to
December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Emerise Pacific Rim Equity Fund
Changes in the number of Shares for the year ended December 31, 2016
H-I/A (EUR)
Number of shares outstanding at the beginning 356,664.000
Number of shares issued 334,006.000
Number of shares redeemed (369,006.000)
Number of shares at the end 321,664.000
I/A (USD)
Number of shares outstanding at the beginning 1,559.703
Number of shares issued 912.014
Number of shares redeemed (1,361.440)
Number of shares at the end 1,110.277
I/A (EUR)
Number of shares outstanding at the beginning 708,822.686
Number of shares issued 307,970.365
Number of shares redeemed (509,475.515)
Number of shares at the end 507,317.536
R/A (USD)
Number of shares outstanding at the beginning 49,641.029
Number of shares issued 72,905.838
Number of shares redeemed (79,837.318)
Number of shares at the end 42,709.549
R/A (EUR)
Number of shares outstanding at the beginning 39,899.595
Number of shares issued 851.310
Number of shares redeemed (6,281.171)
Number of shares at the end 34,469.734
RE/A (USD)
Number of shares outstanding at the beginning 24,733.624
Number of shares issued 1,422.219
Number of shares redeemed (8,116.990)
Number of shares at the end 18,038.853
S/A (EUR)
Number of shares outstanding at the beginning 694,999.665
Number of shares issued -
Number of shares redeemed (20,000.000)
Number of shares at the end 674,999.665
Natixis International Funds (Lux) I
Emerise Pacific Rim Equity Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 161,879,127 182,249,407 221,280,585
Net Asset Value per Share
H-I/A (EUR) 88.63 87.28 91.07
I/A (USD) 82.41 80.22 89.19
I/A (EUR) 78.28 73.86 73.56
R/A (USD) 76.01 74.44 83.22
R/A (EUR) 72.16 68.53 68.68
RE/A (USD) 96.79 95.39 107.28
S/A (EUR) 115.23 108.51 107.85
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Emerise Pacific Rim Equity Fund Statement of Investments
As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Shares
Australia
Amcor Ltd/Australia 251,473 AUD 2,358,225 2,716,254 1.68
APA Group 397,453 AUD 2,590,383 2,460,959 1.52
Australia & New Zealand Banking Group Ltd 360,449 AUD 7,995,626 7,922,110 4.89
BHP Billiton Ltd 453,684 AUD 15,174,680 8,214,334 5.07
Brambles Ltd 335,996 AUD 2,761,023 3,010,188 1.86
Commonwealth Bank of Australia 214,814 AUD 11,212,014 12,790,289 7.90
CSL Ltd 68,258 AUD 4,213,429 4,951,860 3.06
Lend Lease Group 187,272 AUD 2,068,253 1,978,145 1.22
Macquarie Group Ltd 58,803 AUD 2,661,025 3,701,308 2.29
National Australia Bank Ltd 378,667 AUD 9,397,242 8,390,910 5.18
Oil Search Ltd 447,143 AUD 2,475,296 2,316,346 1.43
QBE Insurance Group Ltd 154,781 AUD 1,632,584 1,388,920 0.86
Seek Ltd 165,584 AUD 2,334,460 1,780,160 1.10
Suncorp Group Ltd 156,840 AUD 1,917,441 1,532,044 0.95
Sydney Airport 439,332 AUD 1,493,585 1,901,330 1.17
Telstra Corp Ltd 800,320 AUD 3,102,216 2,948,979 1.82
Transurban Group 303,000 AUD 2,531,485 2,259,229 1.40
Wesfarmers Ltd 144,050 AUD 5,720,230 4,385,768 2.71
Westpac Banking Corp 386,018 AUD 8,457,540 9,092,075 5.62
Woodside Petroleum Ltd 141,194 AUD 4,390,801 3,178,715 1.96
Woolworths Ltd 220,323 AUD 5,397,628 3,836,319 2.37
99,885,166 90,756,242 56.06 China
Tencent Holdings Ltd 209,000 HKD 3,062,330 5,112,812 3.16
3,062,330 5,112,812 3.16 Great Britain
Rio Tinto Ltd 76,580 AUD 4,673,496 3,314,210 2.05
4,673,496 3,314,210 2.05 Hong Kong
AIA Group Ltd 1,965,600 HKD 8,459,433 11,089,690 6.85
BOC Hong Kong Holdings Ltd 1,608,000 HKD 5,269,009 5,754,336 3.55
Cheung Kong Property Holdings Ltd 651,428 HKD 4,069,610 3,994,507 2.47
CK Hutchison Holdings Ltd 493,928 HKD 4,804,885 5,598,848 3.46
Hong Kong Exchanges & Clearing Ltd 221,860 HKD 3,624,631 5,241,441 3.24
Sun Hung Kai Properties Ltd 348,469 HKD 4,644,468 4,403,890 2.72
30,872,036 36,082,712 22.29 New Zealand
Contact Energy Ltd 540,000 NZD 2,035,005 1,752,044 1.08
2,035,005 1,752,044 1.08 Singapore
DBS Group Holdings Ltd 491,143 SGD 5,490,488 5,893,920 3.64
Hotel Properties Ltd 367,900 SGD 704,512 970,067 0.60
Singapore Telecommunications Ltd 1,747,342 SGD 4,657,465 4,413,854 2.73
UOL Group Ltd 517,700 SGD 2,699,055 2,146,111 1.32
13,551,520 13,423,952 8.29 United States
Nexteer Automotive Group Ltd 1,820,000 HKD 1,957,997 2,159,262 1.33
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Emerise Pacific Rim Equity Fund Statement of Investments (continued) As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Samsonite International SA 603,300 HKD 1,825,017 1,723,270 1.07
3,783,014 3,882,532 2.40
Total - Shares 157,862,567 154,324,504 95.33
Investment Funds
Australia
Scentre Group REIT 777,000 AUD 2,899,774 2,604,815 1.61
Westfield Corp REIT 395,597 AUD 2,565,252 2,680,980 1.66
5,465,026 5,285,795 3.27 Singapore
Suntec Real Estate Investment Trust REIT 1,259,000 SGD 1,517,571 1,437,662 0.89
1,517,571 1,437,662 0.89
Total - Investment Funds 6,982,597 6,723,457 4.16
Total - Transferable securities admitted to an official stock exchange listing 164,845,164 161,047,961 99.49
TOTAL INVESTMENT PORTFOLIO 164,845,164 161,047,961 99.49
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Harris Associates Concentrated U.S. Equity Fund
Changes in the number of Shares for the year ended December 31, 2016
H-N/A (EUR)
Number of shares outstanding at the beginning 30.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 30.000
H-N/A (GBP)
Number of shares outstanding at the beginning 30.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 30.000
H-RE/A (EUR)
Number of shares outstanding at the beginning 8,567.228
Number of shares issued 2,451.590
Number of shares redeemed (11,018.818)
Number of shares at the end -
H-S/A (EUR)
Number of shares outstanding at the beginning 200,035.036
Number of shares issued -
Number of shares redeemed (200,035.036)
Number of shares at the end -
I/A (USD)
Number of shares outstanding at the beginning 19,101.468
Number of shares issued 31,714.791
Number of shares redeemed (23,431.774)
Number of shares at the end 27,384.485
N/A (USD)
Number of shares outstanding at the beginning 6,053.362
Number of shares issued -
Number of shares redeemed (6,053.362)
Number of shares at the end -
R/A (USD)
Number of shares outstanding at the beginning 41,781.442
Number of shares issued 41,702.381
Number of shares redeemed (18,548.141)
Number of shares at the end 64,935.682
R/A (EUR)
Number of shares outstanding at the beginning 48.030
Number of shares issued 649,191.832
Number of shares redeemed (530,784.741)
Number of shares at the end 118,455.121
R/D (USD)
Number of shares outstanding at the beginning 24,050.299
Number of shares issued -
Number of shares redeemed (24,050.299)
Number of shares at the end -
R/D (GBP)
Number of shares outstanding at the beginning 5,144.703
Number of shares issued -
Number of shares redeemed (5,144.703)
Number of shares at the end -
S/A (USD)
Number of shares outstanding at the beginning 237,700.866
Number of shares issued -
Number of shares redeemed (110,278.000)
Number of shares at the end 127,422.866
Natixis International Funds (Lux) I
Harris Associates Concentrated U.S. Equity Fund
Changes in the number of Shares for the year ended December 31, 2016
(continued)
S/A (EUR)
Number of shares outstanding at the beginning 109,101.356
Number of shares issued -
Number of shares redeemed (33,048.000)
Number of shares at the end 76,053.356
S/A (GBP)
Number of shares outstanding at the beginning 59,624.023
Number of shares issued 2,847.224
Number of shares redeemed (62,471.247)
Number of shares at the end -
Natixis International Funds (Lux) I
Harris Associates Concentrated U.S. Equity Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 78,509,460 112,727,892 329,281,655
Net Asset Value per Share
H-N/A (EUR) 132.11 112.09 125.75
H-N/A (GBP) 159.19 134.69 151.23
H-RE/A (EUR) - 91.84 104.80
H-S/A (EUR) - 104.12 116.35
I/A (USD) 193.46 162.22 181.81
N/A (USD) - 132.08 147.98
R/A (USD) 184.56 156.17 176.55
R/A (EUR) 152.25 125.12 -
R/D (USD) - 87.46 153.52
R/D (GBP) - 98.93 140.76
S/A (USD) 197.62 165.06 184.25
S/A (EUR) 212.09 172.01 172.43
S/A (GBP) - 185.86 196.11
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Harris Associates Concentrated U.S. Equity Fund Statement of Investments
As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Shares
Great Britain
Aon PLC 29,200 USD 3,059,821 3,256,676 4.15
3,059,821 3,256,676 4.15 United States
Alphabet Inc 5,750 USD 4,407,576 4,437,965 5.65
American International Group Inc 64,900 USD 3,606,181 4,238,619 5.40
Baxter International Inc 83,300 USD 3,467,689 3,693,522 4.70
BlackRock Inc 7,750 USD 2,744,586 2,949,185 3.76
CarMax Inc 56,800 USD 3,035,760 3,657,352 4.66
Caterpillar Inc 35,800 USD 3,293,040 3,320,092 4.23
CBRE Group Inc 88,900 USD 2,583,214 2,799,461 3.56
CDW Corp/DE 63,000 USD 2,943,974 3,281,670 4.18
Charter Communications Inc 15,900 USD 4,136,001 4,577,928 5.83
CommScope Holding Co Inc 90,600 USD 3,165,812 3,370,320 4.29
Cummins Inc 23,300 USD 3,239,723 3,184,411 4.06
General Motors Co 135,700 USD 4,769,935 4,727,788 6.02
Goldman Sachs Group Inc/The 9,600 USD 2,003,189 2,298,720 2.93
HCA Holdings Inc 52,300 USD 3,840,736 3,871,246 4.93
JPMorgan Chase & Co 51,500 USD 3,802,546 4,443,935 5.66
Quintiles IMS Holdings Inc 35,400 USD 2,645,237 2,692,170 3.43
Tiffany & Co 45,500 USD 3,661,470 3,523,065 4.49
Tribune Media Co 85,900 USD 3,306,676 3,004,782 3.83
Wells Fargo & Co 92,100 USD 4,715,348 5,075,631 6.46
65,368,693 69,147,862 88.07
Total - Shares 68,428,514 72,404,538 92.22
Total - Transferable securities admitted to an official stock exchange listing 68,428,514 72,404,538 92.22
TOTAL INVESTMENT PORTFOLIO 68,428,514 72,404,538 92.22
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Harris Associates Global Equity Fund
Changes in the number of Shares for the year ended December 31, 2016
F/A (USD)
Number of shares outstanding at the beginning 23,683.000
Number of shares issued -
Number of shares redeemed (20,406.000)
Number of shares at the end 3,277.000
H-I/A (EUR)
Number of shares outstanding at the beginning 114,226.367
Number of shares issued 11,071.495
Number of shares redeemed (37,627.107)
Number of shares at the end 87,670.755
H-N/A (EUR)
Number of shares outstanding at the beginning 30.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 30.000
H-N/A (GBP)
Number of shares outstanding at the beginning 30.000
Number of shares issued 363,157.803
Number of shares redeemed -
Number of shares at the end 363,187.803
H-RE/A (EUR)
Number of shares outstanding at the beginning 12,625.133
Number of shares issued 2,939.191
Number of shares redeemed (4,049.444)
Number of shares at the end 11,514.880
H-S/A (EUR)
Number of shares outstanding at the beginning 42,000.000
Number of shares issued -
Number of shares redeemed (5,000.000)
Number of shares at the end 37,000.000
I/A (USD)
Number of shares outstanding at the beginning 102,227.237
Number of shares issued 26,442.802
Number of shares redeemed (38,921.694)
Number of shares at the end 89,748.345
I/A (EUR)
Number of shares outstanding at the beginning 644,913.417
Number of shares issued 121,557.539
Number of shares redeemed (239,377.834)
Number of shares at the end 527,093.122
N/A (USD)
Number of shares outstanding at the beginning 35.000
Number of shares issued 18,860.322
Number of shares redeemed (6,344.322)
Number of shares at the end 12,551.000
R/A (USD)
Number of shares outstanding at the beginning 185,463.439
Number of shares issued 30,575.703
Number of shares redeemed (145,340.296)
Number of shares at the end 70,698.846
R/A (EUR)
Number of shares outstanding at the beginning 642,812.587
Number of shares issued 86,287.801
Number of shares redeemed (209,258.000)
Number of shares at the end 519,842.388
Natixis International Funds (Lux) I
Harris Associates Global Equity Fund
Changes in the number of Shares for the year ended December 31, 2016
(continued)
R/A (GBP)
Number of shares outstanding at the beginning 460.000
Number of shares issued -
Number of shares redeemed (165.000)
Number of shares at the end 295.000
R/A (SGD)
Number of shares outstanding at the beginning 16,352.401
Number of shares issued 11,040.175
Number of shares redeemed (10,927.166)
Number of shares at the end 16,465.410
R/D (USD)
Number of shares outstanding at the beginning 14,257.355
Number of shares issued 2,716.480
Number of shares redeemed (7,121.855)
Number of shares at the end 9,851.980
R/D (GBP)
Number of shares outstanding at the beginning 32.085
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 32.085
RE/A (USD)
Number of shares outstanding at the beginning 582,634.383
Number of shares issued 51,805.976
Number of shares redeemed (325,927.265)
Number of shares at the end 308,513.094
RE/A (EUR)
Number of shares outstanding at the beginning 5,006.481
Number of shares issued -
Number of shares redeemed (4,833.065)
Number of shares at the end 173.416
S/A (USD)
Number of shares outstanding at the beginning 1,756,666.674
Number of shares issued 1,454,190.392
Number of shares redeemed (1,012,075.975)
Number of shares at the end 2,198,781.091
S/A (EUR)
Number of shares outstanding at the beginning 128,245.842
Number of shares issued 140,187.970
Number of shares redeemed (65,660.448)
Number of shares at the end 202,773.364
S/A (GBP)
Number of shares outstanding at the beginning 2,411,027.515
Number of shares issued 995,629.015
Number of shares redeemed (67,775.781)
Number of shares at the end 3,338,880.749
S/D (USD)
Number of shares outstanding at the beginning 577,924.071
Number of shares issued 75,169.000
Number of shares redeemed (107,880.000)
Number of shares at the end 545,213.071
C/A (USD)
Number of shares outstanding at the beginning 48,904.534
Number of shares issued 115.000
Number of shares redeemed (19,720.534)
Number of shares at the end 29,299.000
Natixis International Funds (Lux) I
Harris Associates Global Equity Fund
Changes in the number of Shares for the year ended December 31, 2016
(continued)
C/D (USD)
Number of shares outstanding at the beginning 7,382.000
Number of shares issued -
Number of shares redeemed (5,057.000)
Number of shares at the end 2,325.000
P/A (SGD)
Number of shares outstanding at the beginning 40.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 40.000
S/D (GBP)
Number of shares outstanding at the beginning 379,200.321
Number of shares issued 535.131
Number of shares redeemed (379,735.452)
Number of shares at the end -
S1/A (EUR)
Number of shares outstanding at the beginning 1,110,549.000
Number of shares issued 1,071,007.595
Number of shares redeemed (186,114.001)
Number of shares at the end 1,995,442.594
Natixis International Funds (Lux) I
Harris Associates Global Equity Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 1,724,476,074 1,486,937,884 1,321,025,703
Net Asset Value per Share
F/A (USD) 106.15 102.06 107.96
H-I/A (EUR) 131.63 128.25 136.08
H-N/A (EUR) 98.41 95.86 101.75
H-N/A (GBP) 98.36 96.02 101.81
H-RE/A (EUR) 117.48 116.24 124.94
H-S/A (EUR) 152.86 148.26 156.86
I/A (USD) 300.59 288.69 305.41
I/A (EUR) 285.08 265.84 252.57
N/A (USD) 99.95 96.03 101.62
R/A (USD) 264.42 256.37 273.37
R/A (EUR) 251.66 236.94 226.89
R/A (GBP) 129.74 105.47 106.31
R/A (SGD) 136.25 129.78 129.58
R/D (USD) 236.00 228.84 254.89
R/D (GBP) 121.16 98.52 106.30
RE/A (USD) 147.58 143.89 154.27
RE/A (EUR) 158.76 150.26 144.69
S/A (USD) 160.51 153.49 161.41
S/A (EUR) 183.65 170.52 161.04
S/A (GBP) 139.03 111.46 110.80
S/D (USD) 119.74 115.71 133.69
C/A (USD) 218.50 213.56 229.56
C/D (USD) 86.73 84.78 102.03
TH-S/A (SGD) - - 170.58
P/A (SGD) 101.13 95.87 -
S/D (GBP) - 93.68 -
S1/A (EUR) 109.21 101.32 -
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Harris Associates Global Equity Fund
Statement of Investments As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Shares
Australia
Incitec Pivot Ltd 18,764,649 AUD 50,278,117 48,914,933 2.83
50,278,117 48,914,933 2.83 China
Baidu Inc ADR 249,400 USD 41,453,116 41,003,854 2.38
41,453,116 41,003,854 2.38 Germany
Allianz SE 427,000 EUR 68,641,546 70,709,384 4.10
Daimler AG 933,900 EUR 68,514,761 69,661,393 4.04
MTU Aero Engines AG 378,400 EUR 35,489,614 43,823,089 2.54
172,645,921 184,193,866 10.68 Great Britain
CNH Industrial NV 10,209,000 EUR 87,650,282 88,997,045 5.16
Diageo PLC 1,535,600 GBP 42,135,625 40,036,492 2.32
Lloyds Banking Group PLC 111,927,300 GBP 80,977,632 86,453,182 5.01
Travis Perkins PLC 2,378,300 GBP 41,167,293 42,670,596 2.48
251,930,832 258,157,315 14.97 Japan
Daiwa Securities Group Inc 6,447,000 JPY 45,854,703 39,814,585 2.31
Hirose Electric Co Ltd 208,790 JPY 25,451,000 25,938,758 1.51
Omron Corp 441,000 JPY 15,378,908 16,957,903 0.98
Toyota Motor Corp 670,000 JPY 40,618,348 39,510,096 2.29
127,302,959 122,221,342 7.09 Mexico
Grupo Televisa SAB ADR 1,822,024 USD 46,747,261 38,062,081 2.21
46,747,261 38,062,081 2.21 Netherlands
Koninklijke Philips NV 892,250 EUR 25,328,247 27,291,919 1.58
25,328,247 27,291,919 1.58
South Korea
Samsung Electronics Co Ltd 17,070 KRW 19,463,602 25,467,909 1.48
19,463,602 25,467,909 1.48 Switzerland
Cie Financiere Richemont SA 554,500 CHF 40,419,783 36,799,355 2.13
Credit Suisse Group AG 5,280,180 CHF 108,884,167 75,902,425 4.40
Julius Baer Group Ltd 1,297,460 CHF 56,145,145 57,740,066 3.35
LafargeHolcim Ltd 744,140 CHF 40,418,441 39,280,869 2.28
TE Connectivity Ltd 1,062,500 USD 56,954,649 73,610,000 4.27
302,822,185 283,332,715 16.43 United States
Alphabet Inc 88,624 USD 54,391,635 68,401,775 3.97
Bank of America Corp 3,578,700 USD 55,927,093 79,089,270 4.59
CarMax Inc 505,400 USD 25,659,438 32,542,706 1.89
Citigroup Inc 1,139,700 USD 56,234,689 67,732,371 3.93
General Motors Co 2,092,100 USD 69,836,074 72,888,764 4.23
Interpublic Group of Cos Inc/The 2,183,000 USD 44,259,036 51,104,030 2.96
Itron Inc 507,200 USD 20,962,283 31,877,520 1.85
Live Nation Entertainment Inc 909,500 USD 17,125,645 24,192,700 1.40
MasterCard Inc 544,300 USD 37,699,247 56,198,975 3.26
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Harris Associates Global Equity Fund
Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
National Oilwell Varco Inc 881,400 USD 43,697,434 32,999,616 1.91
Oracle Corp 1,235,400 USD 43,598,032 47,501,130 2.75
Tenet Healthcare Corp 1,319,858 USD 44,128,508 19,586,693 1.13
Union Pacific Corp 422,500 USD 33,618,432 43,804,800 2.54
USG Corp 1,116,300 USD 29,463,132 32,238,744 1.87
576,600,678 660,159,094 38.28
Total - Shares 1,614,572,918 1,688,805,028 97.93
Total - Transferable securities admitted to an official stock exchange listing 1,614,572,918 1,688,805,028 97.93
TOTAL INVESTMENT PORTFOLIO 1,614,572,918 1,688,805,028 97.93
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Harris Associates U.S. Equity Fund
Changes in the number of Shares for the year ended December 31, 2016
H-I/A (EUR)
Number of shares outstanding at the beginning 153,626.267
Number of shares issued 193,995.981
Number of shares redeemed (175,493.943)
Number of shares at the end 172,128.305
H-N/A (EUR)
Number of shares outstanding at the beginning 8,252.000
Number of shares issued 2,828.000
Number of shares redeemed (4,386.000)
Number of shares at the end 6,694.000
H-S/A (EUR)
Number of shares outstanding at the beginning 154,382.517
Number of shares issued -
Number of shares redeemed (154,382.517)
Number of shares at the end -
I/A (USD)
Number of shares outstanding at the beginning 489,326.786
Number of shares issued 239,462.701
Number of shares redeemed (199,359.070)
Number of shares at the end 529,430.417
I/A (EUR)
Number of shares outstanding at the beginning 90,054.178
Number of shares issued 6,993.723
Number of shares redeemed (57,924.879)
Number of shares at the end 39,123.022
I/D (USD)
Number of shares outstanding at the beginning 5,000.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 5,000.000
N/A (USD)
Number of shares outstanding at the beginning 131,217.598
Number of shares issued 58,853.721
Number of shares redeemed (51,664.443)
Number of shares at the end 138,406.876
R/A (USD)
Number of shares outstanding at the beginning 170,127.222
Number of shares issued 52,774.649
Number of shares redeemed (100,241.008)
Number of shares at the end 122,660.863
R/A (EUR)
Number of shares outstanding at the beginning 76,735.963
Number of shares issued 26,355.215
Number of shares redeemed (69,554.292)
Number of shares at the end 33,536.886
R/A (SGD)
Number of shares outstanding at the beginning 365.950
Number of shares issued 7,734.929
Number of shares redeemed (4,762.151)
Number of shares at the end 3,338.728
R/D (USD)
Number of shares outstanding at the beginning 20,145.883
Number of shares issued 820.160
Number of shares redeemed (9,235.536)
Number of shares at the end 11,730.507
Natixis International Funds (Lux) I
Harris Associates U.S. Equity Fund
Changes in the number of Shares for the year ended December 31, 2016
(continued)
RE/A (USD)
Number of shares outstanding at the beginning 10,280.303
Number of shares issued 6,933.914
Number of shares redeemed (1,535.050)
Number of shares at the end 15,679.167
S/A (USD)
Number of shares outstanding at the beginning 1,044,070.776
Number of shares issued 753,056.661
Number of shares redeemed (520,114.410)
Number of shares at the end 1,277,013.027
C/A (USD)
Number of shares outstanding at the beginning 300.000
Number of shares issued 2,486.495
Number of shares redeemed (1.495)
Number of shares at the end 2,785.000
H-P/A (SGD)
Number of shares outstanding at the beginning 40.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 40.000
H-R/A (SGD)
Number of shares outstanding at the beginning 16,942.846
Number of shares issued -
Number of shares redeemed (16,891.542)
Number of shares at the end 51.304
Natixis International Funds (Lux) I
Harris Associates U.S. Equity Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 386,114,568 347,601,412 450,269,747
Net Asset Value per Share
H-I/A (EUR) 179.30 156.30 170.73
H-N/A (EUR) 139.52 121.62 132.43
H-S/A (EUR) - 107.79 116.88
I/A (USD) 266.26 229.21 249.61
I/A (EUR) 252.61 211.14 206.50
I/D (USD) 96.45 83.26 97.54
N/A (USD) 105.83 91.14 -
R/A (USD) 236.94 205.59 225.66
R/A (EUR) 224.73 189.31 186.61
R/A (SGD) 150.58 128.32 131.54
R/D (USD) 165.28 143.40 164.27
RE/A (USD) 120.84 105.54 116.60
S/A (USD) 113.21 96.97 -
C/A (USD) 103.65 90.48 99.91
H-P/A (SGD) 108.78 94.21 -
H-R/A (SGD) 108.01 93.98 -
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Harris Associates U.S. Equity Fund Statement of Investments
As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Shares
Great Britain
Aon PLC 127,500 USD 11,569,261 14,220,075 3.68
11,569,261 14,220,075 3.68 Ireland
Medtronic PLC 106,500 USD 7,460,844 7,585,995 1.97
7,460,844 7,585,995 1.97 United States
Alphabet Inc 19,900 USD 12,858,781 15,359,218 3.98
American International Group Inc 249,500 USD 13,303,123 16,294,845 4.22
Axalta Coating Systems Ltd 221,500 USD 5,979,809 6,024,800 1.56
Bank of America Corp 320,000 USD 5,448,892 7,072,000 1.83
Baxter International Inc 303,500 USD 12,401,317 13,457,190 3.49
BlackRock Inc 25,900 USD 8,526,501 9,855,986 2.55
Capital One Financial Corp 69,000 USD 5,216,639 6,019,560 1.56
CarMax Inc 163,500 USD 8,695,753 10,527,765 2.73
Caterpillar Inc 108,000 USD 8,997,395 10,015,920 2.59
CDW Corp/DE 163,500 USD 6,550,037 8,516,715 2.21
CH Robinson Worldwide Inc 74,000 USD 5,340,749 5,421,240 1.40
Charles Schwab Corp/The 199,500 USD 5,616,514 7,874,265 2.04
Charter Communications Inc 56,900 USD 12,201,308 16,382,648 4.24
Citigroup Inc 191,500 USD 9,530,757 11,380,845 2.95
Cognizant Technology Solutions Corp 60,500 USD 3,662,020 3,398,890 0.88
Comcast Corp 109,500 USD 5,924,521 7,560,975 1.96
Cummins Inc 54,500 USD 6,816,232 7,448,515 1.93
Expedia Inc 57,300 USD 6,517,590 6,490,944 1.68
FedEx Corp 47,000 USD 7,059,133 8,751,400 2.27
General Electric Co 361,500 USD 9,733,103 11,423,400 2.96
General Motors Co 444,000 USD 14,971,890 15,468,960 4.01
Goldman Sachs Group Inc/The 41,700 USD 7,208,243 9,985,065 2.59
HCA Holdings Inc 170,300 USD 12,189,657 12,605,606 3.26
Herc Holdings Inc 22,500 USD 823,581 903,600 0.23
Jones Lang LaSalle Inc 32,500 USD 3,622,561 3,283,800 0.85
JPMorgan Chase & Co 155,000 USD 9,264,152 13,374,950 3.46
MasterCard Inc 55,400 USD 4,253,137 5,720,050 1.48
MGM Resorts International 368,500 USD 8,226,903 10,623,855 2.75
Oracle Corp 199,000 USD 7,690,780 7,651,550 1.98
Priceline Group Inc/The 3,900 USD 5,805,479 5,717,634 1.48
Quintiles IMS Holdings Inc 100,000 USD 6,856,551 7,605,000 1.97
Tiffany & Co 51,500 USD 4,164,729 3,987,645 1.03
Visa Inc 98,500 USD 6,067,780 7,684,970 1.99
Wells Fargo & Co 315,500 USD 15,411,900 17,387,205 4.50
Whirlpool Corp 32,200 USD 4,843,973 5,852,994 1.52
WW Grainger Inc 45,700 USD 10,592,613 10,613,825 2.75
282,374,103 327,743,830 84.88
Total - Shares 301,404,208 349,549,900 90.53
Total - Transferable securities admitted to an official stock exchange listing 301,404,208 349,549,900 90.53
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Harris Associates U.S. Equity Fund Statement of Investments (continued) As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Other transferable securities
Shares
Switzerland
Nestle SA ADR 114,500 USD 7,818,436 8,214,230 2.13
7,818,436 8,214,230 2.13
Total - Shares 7,818,436 8,214,230 2.13
Total - Other transferable securities 7,818,436 8,214,230 2.13
TOTAL INVESTMENT PORTFOLIO 309,222,644 357,764,130 92.66
A detailed schedule of portfolio movements for the year from January 1, 2016 to
December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
IDFC India Equities Fund
Changes in the number of Shares for the year ended December 31, 2016
I/A (USD)
Number of shares outstanding at the beginning 197,623.035
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 197,623.035
I/A (EUR)
Number of shares outstanding at the beginning 18,069.000
Number of shares issued 10,000.000
Number of shares redeemed (24,034.500)
Number of shares at the end 4,034.500
R/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 5,591.392
Number of shares redeemed (3,617.392)
Number of shares at the end 1,974.000
R/A (SGD)
Number of shares outstanding at the beginning 196.617
Number of shares issued 1,628.870
Number of shares redeemed (769.646)
Number of shares at the end 1,055.841
RE/A (USD)
Number of shares outstanding at the beginning 352,476.476
Number of shares issued 55,214.432
Number of shares redeemed (186,228.668)
Number of shares at the end 221,462.240
Natixis International Funds (Lux) I
IDFC India Equities Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 60,444,230 78,751,725 72,607,654
Net Asset Value per Share
I/A (USD) 145.81 140.97 140.44
I/A (EUR) 176.97 165.85 148.12
Q/A (USD) - - 143.84
R/A (USD) 119.64 - -
R/A (SGD) 103.80 98.65 -
RE/A (USD) 138.00 135.09 136.25
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
IDFC India Equities Fund Statement of Investments
As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Shares
India
Ambuja Cements Ltd 442,000 INR 1,403,118 1,343,766 2.22
Ashok Leyland Ltd 1,290,000 INR 1,121,333 1,522,735 2.52
Asian Paints Ltd 116,000 INR 1,211,954 1,523,219 2.52
Balrampur Chini Mills Ltd 742,000 INR 744,423 1,369,569 2.27
BEML Ltd 50,000 INR 536,465 737,280 1.22
Bharat Financial Inclusion Ltd 205,000 INR 1,149,827 1,776,067 2.94
Deccan Cements Ltd 37,758 INR 620,466 523,907 0.87
GAIL India Ltd 151,000 INR 982,015 977,330 1.62
HCL Technologies Ltd 129,000 INR 1,266,357 1,573,968 2.60
HDFC Bank Ltd 247,000 INR 3,279,694 4,390,545 7.26
Hindustan Zinc Ltd 460,000 INR 1,210,054 1,731,334 2.86
Housing Development Finance Corp Ltd 163,500 INR 2,671,301 3,042,185 5.03
ICICI Bank Ltd 560,000 INR 2,429,312 2,106,886 3.48
Indian Hotels Co Ltd/The 508,692 INR 983,154 738,778 1.22
Indian Oil Corp Ltd 190,000 INR 832,928 910,135 1.51
Infosys Ltd 229,000 INR 3,312,382 3,410,491 5.64
JM Financial Ltd 979,484 INR 604,909 956,281 1.58
Kotak Mahindra Bank Ltd 195,000 INR 1,475,810 2,068,180 3.42
Larsen & Toubro Ltd 133,000 INR 2,636,780 2,644,222 4.37
Lupin Ltd 34,100 INR 614,271 747,228 1.24
Mahindra & Mahindra Ltd 46,000 INR 1,031,969 803,098 1.33
Maruti Suzuki India Ltd 37,000 INR 1,598,938 2,900,539 4.80
Max Financial Services Ltd 85,000 INR 677,982 687,378 1.14
Oil & Natural Gas Corp Ltd 565,500 INR 1,882,715 1,594,642 2.64
Reliance Industries Ltd 250,000 INR 3,877,735 3,987,769 6.60
State Bank of India 563,000 INR 2,359,039 2,075,859 3.43
Sun Pharmaceutical Industries Ltd 181,000 INR 1,991,087 1,680,433 2.78
Sundram Fasteners Ltd 289,000 INR 836,473 1,237,218 2.05
Tata Motors Ltd 365,532 INR 2,426,204 2,542,550 4.21
Vardhman Textiles Ltd 38,660 INR 286,948 633,475 1.05
Voltas Ltd 224,000 INR 1,000,988 1,083,565 1.79
Zee Entertainment Enterprises Ltd 198,000 INR 1,191,751 1,321,945 2.19
48,248,382 54,642,577 90.40 United States
Cognizant Technology Solutions Corp 65,000 USD 3,293,341 3,651,700 6.04
3,293,341 3,651,700 6.04
Total - Shares 51,541,723 58,294,277 96.44
Total - Transferable securities admitted to an official stock exchange listing 51,541,723 58,294,277 96.44
TOTAL INVESTMENT PORTFOLIO 51,541,723 58,294,277 96.44
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
(1) See Note 1.
Loomis Sayles Global Growth Equity Fund(1)
Changes in the number of Shares for the period ended December 31, 2016
H-R/A (EUR)
Number of shares outstanding at the beginning -
Number of shares issued 30.000
Number of shares redeemed -
Number of shares at the end 30.000
I/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 30.000
Number of shares redeemed -
Number of shares at the end 30.000
Q/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 50,000.000
Number of shares redeemed -
Number of shares at the end 50,000.000
R/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 30.000
Number of shares redeemed -
Number of shares at the end 30.000
Natixis International Funds (Lux) I
(1) See Note 1.
Loomis Sayles Global Growth Equity Fund(1)
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 5,100,794 – –
Net Asset Value per Share
H-R/A (EUR) 98.63 - -
I/A (USD) 101.41 - -
Q/A (USD) 101.83 - -
R/A (USD) 100.96 - -
Natixis International Funds (Lux) I
(1) See Note 1.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Growth Equity Fund(1) Statement of Investments
As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Shares
Argentina
MercadoLibre Inc 920 USD 125,483 143,649 2.82
125,483 143,649 2.82 Brazil
Cielo SA 10,600 BRL 105,060 90,833 1.78
105,060 90,833 1.78 China
Alibaba Group Holding Ltd ADR 2,928 USD 227,600 257,107 5.04
Baidu Inc ADR 1,258 USD 211,344 206,828 4.05
438,944 463,935 9.09 Denmark
Novo Nordisk A/S 5,418 DKK 278,684 195,752 3.84
278,684 195,752 3.84 France
Danone SA 2,691 EUR 192,698 170,868 3.35
Sodexo SA 1,178 EUR 126,143 135,680 2.66
318,841 306,548 6.01 Germany
Adidas AG 787 EUR 106,156 124,638 2.44
106,156 124,638 2.44
Great Britain
Diageo PLC 3,178 GBP 86,668 82,858 1.63
Unilever NV 2,056 EUR 94,667 84,823 1.66
181,335 167,681 3.29 Ireland
Experian PLC 7,583 GBP 145,665 147,483 2.89
145,665 147,483 2.89 Italy
PRADA SpA 19,200 HKD 66,397 65,130 1.28
66,397 65,130 1.28 Netherlands
Core Laboratories NV 385 USD 50,885 46,215 0.91
50,885 46,215 0.91 Sweden
Elekta AB 8,560 SEK 65,118 75,946 1.49
65,118 75,946 1.49 Switzerland
Nestle SA 1,551 CHF 117,806 111,478 2.18
Novartis AG 1,872 CHF 151,326 136,484 2.68
Roche Holding AG 694 CHF 184,783 158,827 3.11
453,915 406,789 7.97 United States
Alphabet Inc – Class A 242 USD 179,623 191,773 3.76
Amazon.com Inc 274 USD 199,514 205,464 4.03
American Express Co 1,631 USD 107,741 120,825 2.37
Coca-Cola Co/The 3,225 USD 147,180 133,709 2.62
Colgate-Palmolive Co 1,750 USD 126,046 114,520 2.25
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Growth Equity Fund(1) Statement of Investments (continued) As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Deere & Co 1,896 USD 162,602 195,364 3.83
Expeditors International of Washington Inc 1,648 USD 82,394 87,278 1.71
Facebook Inc 1,546 USD 183,338 177,867 3.49
Microsoft Corp 2,165 USD 113,091 134,533 2.64
Oracle Corp 5,905 USD 230,826 227,047 4.45
Procter & Gamble Co/The 1,841 USD 152,183 154,791 3.03
QUALCOMM Inc 2,846 USD 156,462 185,559 3.64
Schlumberger Ltd 2,105 USD 169,801 176,715 3.46
SEI Investments Co 2,140 USD 108,151 105,630 2.07
Shire PLC 2,322 GBP 146,135 134,392 2.63
Visa Inc 2,346 USD 190,660 183,035 3.59
Yum China Holdings Inc 6,419 USD 162,766 167,664 3.29
Yum! Brands Inc 1,620 USD 97,314 102,595 2.01
2,715,827 2,798,761 54.87
Total - Shares 5,052,310 5,033,360 98.68
Total - Transferable securities admitted to an official stock exchange listing 5,052,310 5,033,360 98.68
TOTAL INVESTMENT PORTFOLIO 5,052,310 5,033,360 98.68
.
(1) See Note 1.
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
(1) See Note 1.
Loomis Sayles U.S. Growth Equity Fund(1)
Changes in the number of Shares for the period ended December 31, 2016
F/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 12,400.000
Number of shares redeemed -
Number of shares at the end 12,400.000
H-R/A (EUR)
Number of shares outstanding at the beginning -
Number of shares issued 7,092.000
Number of shares redeemed -
Number of shares at the end 7,092.000
I/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 478,848.141
Number of shares redeemed (62,563.512)
Number of shares at the end 416,284.629
I/A (GBP)
Number of shares outstanding at the beginning -
Number of shares issued 57,225.189
Number of shares redeemed (834.828)
Number of shares at the end 56,390.361
R/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 315,670.663
Number of shares redeemed (8,922.718)
Number of shares at the end 306,747.945
R/D (USD)
Number of shares outstanding at the beginning -
Number of shares issued 76,902.885
Number of shares redeemed (5,867.718)
Number of shares at the end 71,035.167
RE/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 14,469.229
Number of shares redeemed (3,339.152)
Number of shares at the end 11,130.077
S/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 111,445.077
Number of shares redeemed (17,042.891)
Number of shares at the end 94,402.186
H-R/A (CHF)
Number of shares outstanding at the beginning -
Number of shares issued 4,459.000
Number of shares redeemed -
Number of shares at the end 4,459.000
H-S1/A (GBP)
Number of shares outstanding at the beginning -
Number of shares issued 29,006.382
Number of shares redeemed -
Number of shares at the end 29,006.382
N/A (EUR)
Number of shares outstanding at the beginning -
Number of shares issued 52,702.000
Number of shares redeemed (2,068.000)
Number of shares at the end 50,634.000
Natixis International Funds (Lux) I
(1) See Note 1.
Loomis Sayles U.S. Growth Equity Fund(1)
Changes in the number of Shares for the period ended December 31, 2016
(continued)
S1/A (EUR)
Number of shares outstanding at the beginning -
Number of shares issued 71,929.689
Number of shares redeemed (1,787.160)
Number of shares at the end 70,142.529
S1/A (GBP)
Number of shares outstanding at the beginning -
Number of shares issued 258,078.785
Number of shares redeemed (13,568.271)
Number of shares at the end 244,510.514
S1/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 651,226.910
Number of shares redeemed (9,566.229)
Number of shares at the end 641,660.681
Natixis International Funds (Lux) I
(1) See Note 1.
Loomis Sayles U.S. Growth Equity Fund(1)
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 219,819,587 – –
Net Asset Value per Share
F/A (USD) 101.11 - -
H-R/A (EUR) 100.28 - -
I/A (USD) 101.48 - -
I/A (GBP) 103.78 - -
R/A (USD) 101.02 - -
R/D (USD) 101.84 - -
RE/A (USD) 95.23 - -
S/A (USD) 97.25 - -
H-R/A (CHF) 98.47 - -
H-S1/A (GBP) 95.27 - -
N/A (EUR) 101.31 - -
S1/A (EUR) 101.73 - -
S1/A (GBP) 121.46 - -
S1/A (USD) 103.48 - -
Natixis International Funds (Lux) I
(1) See Note 1.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles U.S. Growth Equity Fund(1)
Statement of Investments
As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Shares
China
Alibaba Group Holding Ltd ADR 112,438 USD 10,218,778 9,873,181 4.49
10,218,778 9,873,181 4.49 Denmark
Novo Nordisk A/S ADR 185,792 USD 8,016,493 6,662,501 3.03
8,016,493 6,662,501 3.03 Switzerland
Novartis AG ADR 62,404 USD 4,815,249 4,545,507 2.07
4,815,249 4,545,507 2.07 United States
Alphabet Inc - Class A 8,295 USD 6,467,670 6,573,373 2.99
Alphabet Inc - Class C 8,318 USD 6,325,717 6,419,999 2.92
Amazon.com Inc 20,253 USD 15,448,755 15,187,117 6.91
American Express Co 44,468 USD 2,980,344 3,294,189 1.50
Amgen Inc 29,367 USD 4,653,709 4,293,749 1.95
Analog Devices Inc 14,375 USD 922,863 1,043,913 0.47
Autodesk Inc 91,242 USD 6,105,389 6,752,820 3.07
Automatic Data Processing Inc 21,298 USD 1,968,347 2,189,008 1.00
Cerner Corp 91,243 USD 5,256,231 4,322,181 1.97
Cisco Systems Inc 366,570 USD 11,142,511 11,077,745 5.04
Coca-Cola Co/The 169,881 USD 7,337,779 7,043,266 3.20
Deere & Co 55,954 USD 4,987,546 5,765,500 2.62
Expeditors International of Washington Inc 127,947 USD 6,570,569 6,776,073 3.08
Facebook Inc 117,141 USD 14,247,083 13,477,072 6.13
Factset Research Systems Inc 25,491 USD 4,219,306 4,165,994 1.90
Merck & Co Inc 50,314 USD 3,072,009 2,961,985 1.35
Microsoft Corp 97,379 USD 5,604,208 6,051,131 2.75
Monster Beverage Corp 190,744 USD 9,399,797 8,457,589 3.85
Oracle Corp 235,597 USD 9,508,182 9,058,705 4.12
Procter & Gamble Co/The 85,256 USD 7,289,439 7,168,325 3.26
QUALCOMM Inc 144,224 USD 9,023,275 9,403,405 4.28
Regeneron Pharmaceuticals Inc 16,438 USD 6,407,874 6,034,225 2.75
Schlumberger Ltd 68,187 USD 5,543,151 5,724,299 2.60
SEI Investments Co 132,697 USD 6,295,147 6,549,924 2.98
United Parcel Service Inc 54,615 USD 6,059,924 6,261,064 2.85
Varian Medical Systems Inc 57,905 USD 5,249,878 5,198,711 2.36
Visa Inc 138,565 USD 11,055,323 10,810,841 4.92
Yum China Holdings Inc 93,381 USD 2,398,686 2,439,112 1.11
Yum! Brands Inc 62,396 USD 3,932,488 3,951,539 1.80
189,473,200 188,452,854 85.73
Total - Shares 212,523,720 209,534,043 95.32
Total - Transferable securities admitted to an official stock exchange listing 212,523,720 209,534,043 95.32
Natixis International Funds (Lux) I
Loomis Sayles U.S. Growth Equity Fund(1)
Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Other fransferable securities Shares
France
Danone SA ADR 551,285 USD 7,781,098 6,935,165 3.16
7,781,098 6,935,165 3.16
Total - Shares 7,781,098 6,935,165 3.16
Total – Other transferable securities 7,781,098 6,935,165 3.16
TOTAL INVESTMENT PORTFOLIO 220,304,818 216,469,208 98.48
(1) See Note 1.
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
The accompanying notes form an integral part of these financial statements.
Natixis International Funds (Lux) I
Loomis Sayles U.S. Research Fund
Changes in the number of Shares for the year ended December 31, 2016
H-I/A (EUR)
Number of shares outstanding at the beginning 31,549.136
Number of shares issued 12,000.000
Number of shares redeemed (2,816.057)
Number of shares at the end 40,733.079
H-N/A (EUR)
Number of shares outstanding at the beginning 30.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 30.000
H-S/A (EUR)
Number of shares outstanding at the beginning 1,071,417.991
Number of shares issued 682,652.991
Number of shares redeemed (1,754,070.982)
Number of shares at the end -
I/A (USD)
Number of shares outstanding at the beginning 719,484.793
Number of shares issued 215,132.014
Number of shares redeemed (478,955.801)
Number of shares at the end 455,661.006
I/A (EUR)
Number of shares outstanding at the beginning 249,283.299
Number of shares issued 150,389.904
Number of shares redeemed (172,954.555)
Number of shares at the end 226,718.648
I/D (USD)
Number of shares outstanding at the beginning 427,350.684
Number of shares issued -
Number of shares redeemed (427,350.684)
Number of shares at the end -
R/A (USD)
Number of shares outstanding at the beginning 20,434.040
Number of shares issued 3,418.540
Number of shares redeemed (15,677.376)
Number of shares at the end 8,175.204
R/A (EUR)
Number of shares outstanding at the beginning 169,194.391
Number of shares issued 35,278.450
Number of shares redeemed (133,390.812)
Number of shares at the end 71,082.029
R/D (USD)
Number of shares outstanding at the beginning 359.264
Number of shares issued 0.820
Number of shares redeemed (350.000)
Number of shares at the end 10.084
S/A (USD)
Number of shares outstanding at the beginning 1,253,710.941
Number of shares issued 155,875.000
Number of shares redeemed (766,969.251)
Number of shares at the end 642,616.690
S/A (EUR)
Number of shares outstanding at the beginning 468,118.043
Number of shares issued 50,170.020
Number of shares redeemed (282,353.474)
Number of shares at the end 235,934.589
Natixis International Funds (Lux) I
Loomis Sayles U.S. Research Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 356,548,051 737,544,845 821,434,061
Net Asset Value per Share
H-I/A (EUR) 160.72 152.11 148.30
H-N/A (EUR) 133.75 126.61 123.23
H-S/A (EUR) - 113.27 109.94
I/A (USD) 230.97 215.98 210.33
I/A (EUR) 219.32 199.13 174.15
I/D (USD) - 77.91 94.87
R/A (USD) 203.26 191.45 187.82
R/A (EUR) 194.69 178.06 156.88
R/D (USD) 120.49 113.41 130.07
S/A (USD) 199.09 185.70 180.39
S/A (EUR) 191.90 173.80 151.62
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles U.S. Research Fund Statement of Investments
As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Shares
Ireland
Medtronic PLC 28,335 USD 2,310,518 2,018,302 0.56
2,310,518 2,018,302 0.56 United States
Aetna Inc 44,183 USD 4,959,443 5,479,134 1.54
Akamai Technologies Inc 23,488 USD 1,400,200 1,566,180 0.44
Alexion Pharmaceuticals Inc 41,892 USD 7,081,588 5,125,486 1.44
Allstate Corp/The 37,013 USD 2,269,105 2,743,404 0.77
Alphabet Inc - Class A 8,029 USD 4,565,926 6,362,581 1.78
Alphabet Inc - Class C 8,293 USD 4,631,240 6,400,703 1.80
Amazon.com Inc 11,561 USD 5,202,111 8,669,247 2.43
Anadarko Petroleum Corp 62,176 USD 4,218,729 4,335,532 1.22
Apple Inc 125,380 USD 11,130,443 14,521,512 4.07
AT&T Inc 38,009 USD 1,400,848 1,616,523 0.45
Baker Hughes Inc 27,423 USD 1,760,683 1,781,672 0.50
Bank of America Corp 229,601 USD 3,716,147 5,074,182 1.42
BB&T Corp 87,155 USD 3,442,685 4,098,028 1.15
Berkshire Hathaway Inc 36,405 USD 5,085,530 5,933,287 1.66
Biogen Inc 10,818 USD 3,430,704 3,067,768 0.86
BlackRock Inc 5,353 USD 1,421,083 2,037,031 0.57
Bristol-Myers Squibb Co 132,360 USD 7,452,826 7,735,118 2.17
CBRE Group Inc 161,713 USD 4,822,290 5,092,342 1.43
CenturyLink Inc 122,477 USD 3,027,430 2,912,503 0.82
Chevron Corp 24,078 USD 2,045,128 2,833,981 0.80
Coca-Cola Co/The 153,613 USD 6,924,967 6,368,795 1.79
Comcast Corp 145,876 USD 6,792,831 10,072,738 2.83
Constellation Brands Inc 25,825 USD 3,691,616 3,959,231 1.11
CSX Corp 37,850 USD 1,032,284 1,359,950 0.38
CVS Health Corp 65,406 USD 5,012,388 5,161,187 1.45
Cypress Semiconductor Corp 419,035 USD 4,337,163 4,793,760 1.34
Dover Corp 41,377 USD 2,907,856 3,100,379 0.87
EI du Pont de Nemours & Co 21,109 USD 1,376,118 1,549,401 0.44
Eli Lilly & Co 85,038 USD 6,691,589 6,254,545 1.75
Exelon Corp 51,092 USD 1,628,926 1,813,255 0.51
Exxon Mobil Corp 82,190 USD 7,074,822 7,418,469 2.08
Facebook Inc 73,819 USD 6,255,163 8,492,876 2.38
FedEx Corp 12,723 USD 1,996,312 2,369,023 0.66
Fortive Corp 51,830 USD 2,500,615 2,779,643 0.78
General Electric Co 122,269 USD 3,062,771 3,863,700 1.08
Guidewire Software Inc 17,826 USD 909,814 879,357 0.25
Halliburton Co 49,188 USD 2,027,813 2,660,579 0.75
Hilton Worldwide Holdings Inc 253,415 USD 6,533,044 6,892,888 1.93
Home Depot Inc/The 44,257 USD 3,755,370 5,933,979 1.66
Honeywell International Inc 50,796 USD 5,667,586 5,884,717 1.65
Johnson & Johnson 21,468 USD 2,479,955 2,473,328 0.69
Johnson Controls International PLC 101,948 USD 3,916,968 4,199,238 1.18
JPMorgan Chase & Co 98,343 USD 5,098,641 8,486,017 2.38
Kinder Morgan Inc/DE 95,845 USD 1,659,395 1,984,950 0.56
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles U.S. Research Fund Statement of Investments (continued) As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Kroger Co/The 125,612 USD 3,418,218 4,334,870 1.22
McDonald's Corp 45,022 USD 5,665,932 5,480,078 1.54
Mead Johnson Nutrition Co 37,613 USD 3,016,289 2,661,496 0.75
MetLife Inc 50,523 USD 2,266,191 2,722,684 0.76
Microsoft Corp 117,512 USD 5,526,806 7,302,196 2.05
Monsanto Co 5,792 USD 517,160 609,376 0.17
NextEra Energy Inc 27,790 USD 2,679,393 3,319,793 0.93
Oracle Corp 255,912 USD 9,956,212 9,839,816 2.76
Palo Alto Networks Inc 9,685 USD 1,341,539 1,211,109 0.34
PDC Energy Inc 65,093 USD 4,418,677 4,724,450 1.33
PepsiCo Inc 49,932 USD 4,459,960 5,224,385 1.47
Pfizer Inc 210,160 USD 6,811,476 6,825,997 1.91
PG&E Corp 49,710 USD 2,664,259 3,020,877 0.85
PNC Financial Services Group Inc/The 39,765 USD 3,175,755 4,650,914 1.30
PPG Industries Inc 30,517 USD 3,132,932 2,891,791 0.81
QUALCOMM Inc 94,128 USD 5,206,555 6,137,146 1.72
Raytheon Co 24,410 USD 3,316,563 3,466,220 0.97
Reynolds American Inc 82,589 USD 3,996,172 4,628,288 1.30
Rice Energy Inc 103,213 USD 2,532,775 2,203,598 0.62
Roper Technologies Inc 20,647 USD 3,495,709 3,780,053 1.06
Sempra Energy 26,668 USD 2,672,101 2,683,867 0.75
Southwest Airlines Co 57,731 USD 2,499,933 2,877,313 0.81
Splunk Inc 10,182 USD 542,896 520,809 0.15
Travelers Cos Inc/The 35,892 USD 3,280,872 4,393,899 1.23
Trinseo SA 49,935 USD 2,700,086 2,961,145 0.83
United Technologies Corp 25,871 USD 2,525,577 2,835,979 0.80
UnitedHealth Group Inc 43,272 USD 3,928,549 6,925,251 1.94
US Bancorp 104,310 USD 4,456,398 5,358,405 1.50
Verizon Communications Inc 52,310 USD 2,526,575 2,792,308 0.78
Visa Inc 52,302 USD 3,248,322 4,080,602 1.14
Visteon Corp 57,268 USD 3,876,632 4,600,911 1.29
Vonage Holdings Corp 309,155 USD 1,820,327 2,117,712 0.59
Wells Fargo & Co 128,181 USD 5,112,314 7,064,055 1.98
WestRock Co 42,015 USD 1,708,206 2,133,102 0.60
Whirlpool Corp 27,870 USD 5,021,147 5,065,930 1.42
299,916,654 347,584,644 97.49
Total - Shares 302,227,172 349,602,946 98.05
Investment Funds
United States
Boston Properties Inc REIT 13,437 USD 1,907,368 1,690,106 0.47
Simon Property Group Inc REIT 17,553 USD 2,951,549 3,118,641 0.88
4,858,917 4,808,747 1.35
Total - Investment Funds 4,858,917 4,808,747 1.35
Total - Transferable securities admitted to an official stock exchange listing 307,086,089 354,411,693 99.40
TOTAL INVESTMENT PORTFOLIO 307,086,089 354,411,693 99.40
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Natixis Europe Smaller Companies Fund
Changes in the number of Shares for the year ended December 31, 2016
I/A (EUR)
Number of shares outstanding at the beginning 1,322,759.656
Number of shares issued 758,012.593
Number of shares redeemed (1,103,428.078)
Number of shares at the end 977,344.171
I/D (EUR)
Number of shares outstanding at the beginning 66,517.193
Number of shares issued 83.000
Number of shares redeemed -
Number of shares at the end 66,600.193
R/A (EUR)
Number of shares outstanding at the beginning 170,399.434
Number of shares issued 34,473.226
Number of shares redeemed (78,966.163)
Number of shares at the end 125,906.497
R/A (SGD)
Number of shares outstanding at the beginning 2,630.093
Number of shares issued 2,251.735
Number of shares redeemed (3,881.891)
Number of shares at the end 999.937
H-R/A (USD)
Number of shares outstanding at the beginning 26,074.560
Number of shares issued 10,680.077
Number of shares redeemed (20,450.671)
Number of shares at the end 16,303.966
H-RE/A (USD)
Number of shares outstanding at the beginning 3,928.468
Number of shares issued -
Number of shares redeemed (2,796.254)
Number of shares at the end 1,132.214
R/D (EUR)
Number of shares outstanding at the beginning 470.685
Number of shares issued 1,343.000
Number of shares redeemed (1,353.138)
Number of shares at the end 460.547
Natixis International Funds (Lux) I
Natixis Europe Smaller Companies Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
EUR EUR EUR
Total Net Asset Value 169,482,120 242,980,402 202,286,214
Net Asset Value per Share
I/A (EUR) 145.66 156.10 122.86
I/D (EUR) 145.66 156.10 -
R/A (EUR) 125.33 135.71 107.93
R/A (SGD) 108.38 118.69 98.21
H-R/A (USD) 93.14 99.71 -
H-RE/A (USD) 94.07 101.29 -
R/D (EUR) 53.20 57.61 69.07
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Natixis Europe Smaller Companies Fund Statement of Investments
As at December 31, 2016 (expressed in EUR) Quantity Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Shares
Austria
BUWOG AG 70,271 EUR 1,693,382 1,552,286 0.92
Immofinanz AG2F2F
* 190,000 EUR 0 0 0.00
1,693,382 1,552,286 0.92 Belgium
Ackermans & van Haaren NV 12,000 EUR 1,335,917 1,585,200 0.94
KBC Ancora 30,900 EUR 1,210,826 1,229,048 0.73
Kinepolis Group NV 33,300 EUR 1,298,724 1,415,250 0.83
Ontex Group NV 41,000 EUR 1,128,511 1,158,250 0.68
4,973,978 5,387,748 3.18 Bermuda Islands
Hiscox Ltd 103,000 GBP 1,286,929 1,227,168 0.72
1,286,929 1,227,168 0.72 Denmark
GN Store Nord A/S 72,000 DKK 1,236,192 1,416,661 0.83
Royal Unibrew A/S 26,800 DKK 794,844 982,539 0.58
2,031,036 2,399,200 1.41 Faroe Islands
Bakkafrost P/F 43,000 NOK 1,451,830 1,623,576 0.96
1,451,830 1,623,576 0.96 Finland
Amer Sports Oyj 83,000 EUR 1,646,456 2,098,240 1.24
Outokumpu Oyj 254,700 EUR 1,605,975 2,166,223 1.28
Valmet Oyj 177,000 EUR 1,611,662 2,474,460 1.46
4,864,093 6,738,923 3.98 France
Alten SA 24,700 EUR 952,215 1,647,984 0.97
Faurecia 26,000 EUR 841,607 957,710 0.56
LISI 57,800 EUR 1,358,782 1,771,570 1.05
Orpea 22,000 EUR 1,413,088 1,688,720 1.00
Rubis SCA 13,700 EUR 930,223 1,073,121 0.63
Sopra Steria Group 16,500 EUR 1,796,983 1,779,525 1.05
SPIE SA 100,000 EUR 1,684,048 2,001,500 1.18
Tarkett SA 48,600 EUR 1,358,597 1,656,774 0.98
Teleperformance 19,000 EUR 952,356 1,810,700 1.07
Worldline SA/France 144A(2) 32,700 EUR 810,680 875,706 0.52
12,098,579 15,263,310 9.01 Germany
ADO Properties SA 144A(2) 46,700 EUR 1,598,197 1,494,867 0.88
Duerr AG 21,900 EUR 1,393,175 1,672,065 0.99
GRENKE AG 13,300 EUR 1,499,272 1,981,700 1.17
KION Group AG 48,600 EUR 1,907,699 2,568,996 1.52
LEG Immobilien AG 26,700 EUR 1,810,560 1,970,460 1.16
MTU Aero Engines AG 19,900 EUR 1,772,166 2,185,020 1.29
* Due to a mandatory spin-off as of April 29, 2010, the shares of Immofinanz AG are recorded and posted to a different identification code, which has not yet been priced. The cost of the shares has therefore been set to zero in order not to incur any depreciation on the portfolio.
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Natixis Europe Smaller Companies Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in EUR) Quantity Currency Cost Evaluation % of Net
Description Assets
Nemetschek SE 25,000 EUR 1,079,775 1,381,500 0.81
Nordex SE 53,700 EUR 1,205,557 1,094,943 0.65
Rheinmetall AG 34,400 EUR 2,147,850 2,198,160 1.30
Stroeer SE & Co KGaA 30,700 EUR 1,168,114 1,280,343 0.75
Wirecard AG 65,800 EUR 2,240,119 2,690,562 1.59
17,822,484 20,518,616 12.11 Great Britain
AA PLC 353,000 GBP 1,149,024 1,145,928 0.68
Balfour Beatty PLC 417,000 GBP 1,345,504 1,313,629 0.78
BBA Aviation PLC 429,000 GBP 1,138,324 1,423,803 0.84
Beazley PLC 287,000 GBP 1,113,216 1,302,865 0.77
Bodycote PLC 171,000 GBP 1,181,805 1,290,113 0.76
Booker Group PLC 727,000 GBP 1,366,367 1,494,712 0.88
Bovis Homes Group PLC 97,000 GBP 1,359,225 931,819 0.55
BTG PLC 175,000 GBP 1,562,858 1,209,584 0.71
Crest Nicholson Holdings PLC 173,000 GBP 843,607 918,100 0.54
Dialog Semiconductor PLC 45,400 EUR 1,711,788 1,823,491 1.08
Dignity PLC 37,000 GBP 1,218,071 1,071,076 0.63
DS Smith PLC 410,000 GBP 1,974,245 1,960,182 1.16
Fenner PLC 375,000 GBP 1,123,291 1,035,688 0.61
GB Group PLC 246,000 GBP 887,401 786,042 0.46
Greene King PLC 143,000 GBP 1,503,261 1,169,331 0.69
Halma PLC 131,000 GBP 1,591,535 1,377,373 0.81
Hays PLC 647,000 GBP 1,032,879 1,130,886 0.67
Henderson Group PLC 610,000 GBP 1,942,435 1,683,647 0.99
Informa PLC 259,000 GBP 1,979,021 2,063,263 1.22
John Wood Group PLC 128,600 GBP 1,275,580 1,319,748 0.78
Just Eat PLC 147,000 GBP 848,465 1,004,857 0.59
Man Group PLC 919,000 GBP 1,779,853 1,273,638 0.75
Morgan Advanced Materials PLC 336,000 GBP 1,125,536 1,123,412 0.66
Pennon Group PLC 161,000 GBP 1,702,627 1,559,830 0.92
Rightmove PLC 26,700 GBP 933,906 1,220,831 0.72
RPC Group PLC 184,000 GBP 1,447,978 2,295,691 1.35
Spirax-Sarco Engineering PLC 23,900 GBP 904,880 1,171,482 0.69
Spire Healthcare Group PLC 144A(2) 233,000 GBP 989,759 921,792 0.54
Tullow Oil PLC 336,000 GBP 849,651 1,230,873 0.73
Virgin Money Holdings UK PLC 290,000 GBP 1,109,334 1,028,386 0.61
WS Atkins PLC 54,300 GBP 953,878 927,477 0.55
39,945,304 40,209,549 23.72 Ireland
Glanbia PLC 95,000 EUR 1,222,863 1,508,600 0.89
Greencore Group PLC 544,815 GBP 1,877,909 1,573,301 0.93
Kingspan Group PLC 60,500 EUR 1,057,646 1,561,505 0.92
Smurfit Kappa Group PLC 57,400 GBP 1,129,905 1,266,889 0.74
UDG Healthcare PLC 211,700 GBP 1,647,468 1,657,938 0.98
6,935,791 7,568,233 4.46 Isle of Man
Paysafe Group PLC 315,000 GBP 1,564,727 1,370,192 0.81
Playtech PLC 140,000 GBP 1,499,089 1,354,734 0.80
3,063,816 2,724,926 1.61 Italy
Anima Holding SpA 144A(2) 314,000 EUR 1,803,335 1,620,240 0.96
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Natixis Europe Smaller Companies Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in EUR) Quantity Currency Cost Evaluation % of Net
Description Assets
BPER Banca 243,000 EUR 1,501,159 1,229,580 0.72
Cerved Information Solutions SpA 153,000 EUR 1,138,937 1,207,170 0.71
Datalogic SpA 100,000 EUR 1,079,140 1,869,000 1.10
FinecoBank Banca Fineco SpA 174,000 EUR 1,135,731 927,420 0.55
Mediaset SpA 192,000 EUR 771,007 789,120 0.47
Salvatore Ferragamo SpA 46,000 EUR 987,667 1,031,780 0.61
Yoox Net-A-Porter Group SpA 33,000 EUR 842,993 889,020 0.52
9,259,969 9,563,330 5.64 Luxembourg
Grand City Properties SA 65,000 EUR 1,140,547 1,123,850 0.66
Stabilus SA 35,600 EUR 1,077,130 1,817,024 1.07
2,217,677 2,940,874 1.73 Netherlands
Basic-Fit NV 144A(2) 86,600 EUR 1,301,718 1,388,198 0.82
PostNL NV 213,000 EUR 1,002,688 871,596 0.51
2,304,406 2,259,794 1.33 Norway
Aker BP ASA 112,000 NOK 1,317,379 1,905,943 1.12
Borregaard ASA 174,000 NOK 1,440,920 1,619,456 0.96
Skandiabanken ASA 144A(2) 136,000 NOK 1,069,972 1,052,322 0.62
TGS Nopec Geophysical Co ASA 75,100 NOK 1,384,710 1,585,716 0.94
XXL ASA 144A(2) 126,000 NOK 1,106,491 1,360,066 0.80
6,319,472 7,523,503 4.44 Portugal
NOS SGPS SA 149,000 EUR 856,676 840,062 0.50
856,676 840,062 0.50 Spain
Almirall SA 79,000 EUR 1,138,766 1,166,040 0.69
CIE Automotive SA 65,818 EUR 962,021 1,218,620 0.72
Gamesa Corp Tecnologica SA 58,400 EUR 1,194,075 1,125,368 0.66
Melia Hotels International SA 148,000 EUR 1,368,636 1,639,840 0.97
Tecnicas Reunidas SA 30,400 EUR 1,022,139 1,184,536 0.70
5,685,637 6,334,404 3.74 Sweden
AAK AB 21,900 SEK 1,249,022 1,370,181 0.81
AcadeMedia AB 144A(2) 183,000 SEK 1,085,969 954,917 0.56
Ahlsell AB 144A(2) 206,000 SEK 958,846 1,117,932 0.66
Alimak Group AB 144A(2) 157,500 SEK 1,540,113 2,124,495 1.25
Attendo AB 144A(2) 182,000 SEK 1,307,786 1,495,776 0.88
Bravida Holding AB 144A(2) 290,000 SEK 1,385,618 1,672,149 0.99
Com Hem Holding AB 119,000 SEK 888,499 1,079,223 0.64
Hoist Finance AB 144A(2) 211,000 SEK 1,550,368 1,866,237 1.10
Lifco AB 51,000 SEK 830,561 1,241,205 0.73
Loomis AB 49,500 SEK 1,274,912 1,400,488 0.83
Nibe Industrier AB 250,000 SEK 1,738,294 1,873,308 1.11
SSAB AB 467,000 SEK 1,370,437 1,403,147 0.83
Trelleborg AB 82,800 SEK 1,171,252 1,549,370 0.91
16,351,677 19,148,428 11.30 Switzerland
Flughafen Zuerich AG 6,800 CHF 734,355 1,198,252 0.71
Helvetia Holding AG 2,900 CHF 1,433,959 1,483,822 0.88
Investis Holding SA 30,400 CHF 1,496,570 1,616,425 0.95
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Natixis Europe Smaller Companies Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in EUR) Quantity Currency Cost Evaluation % of Net
Description Assets
Straumann Holding AG 4,260 CHF 1,298,965 1,579,625 0.93
Sunrise Communications Group AG 144A(2) 21,800 CHF 1,205,705 1,362,506 0.80
Temenos Group AG 30,500 CHF 1,007,328 2,017,220 1.19
VAT Group AG 144A(2) 22,000 CHF 982,664 1,741,332 1.03
8,159,546 10,999,182 6.49
Total - Shares 147,322,282 164,823,112 97.25
Investment Funds
Great Britain
Great Portland Estates PLC REIT 138,000 GBP 1,043,909 1,080,753 0.64
1,043,909 1,080,753 0.64 Spain
Merlin Properties Socimi SA REIT 120,300 EUR 1,248,373 1,242,699 0.73
1,248,373 1,242,699 0.73
Total - Investment Funds 2,292,282 2,323,452 1.37
Total - Transferable securities admitted to an official stock exchange listing 149,614,564 167,146,564 98.62
TOTAL INVESTMENT PORTFOLIO 149,614,564 167,146,564 98.62
(2) See Note 15.
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Vaughan Nelson U.S. Mid Cap Equity Fund
Changes in the number of Shares for the year ended December 31, 2016
H-N/A (EUR)
Number of shares outstanding at the beginning 30.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 30.000
H-N/A (GBP)
Number of shares outstanding at the beginning 30.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 30.000
I/A (USD)
Number of shares outstanding at the beginning 30.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 30.000
N/A (USD)
Number of shares outstanding at the beginning 30.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 30.000
Q/A (USD)
Number of shares outstanding at the beginning 50,000.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 50,000.000
R/A (USD)
Number of shares outstanding at the beginning 8,628.313
Number of shares issued 2,847.160
Number of shares redeemed (11,445.473)
Number of shares at the end 30.000
RE/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 500.000
Number of shares redeemed -
Number of shares at the end 500.000
S/A (USD)
Number of shares outstanding at the beginning 30.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 30.000
Natixis International Funds (Lux) I
Vaughan Nelson U.S. Mid Cap Equity Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 4,916,067 5,370,858 -
Net Asset Value per Share
H-N/A (EUR) 92.84 89.53 -
H-N/A (GBP) 93.65 89.72 -
I/A (USD) 95.36 90.91 -
N/A (USD) 95.32 90.89 -
Q/A (USD) 96.80 91.51 -
R/A (USD) 94.51 90.44 -
RE/A (USD) 116.90 - -
S/A (USD) 95.69 91.05 -
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Vaughan Nelson U.S. Mid Cap Equity Fund Statement of Investments
As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Shares
Great Britain
Pentair PLC 1,650 USD 97,745 92,515 1.88
97,745 92,515 1.88 Ireland
Endo International PLC 2,600 USD 97,560 42,822 0.87
97,560 42,822 0.87 Israel
Caesarstone Ltd 2,700 USD 98,975 77,355 1.57
Check Point Software Technologies Ltd 900 USD 72,956 76,014 1.55
171,931 153,369 3.12 Netherlands
Constellium NV 11,400 USD 121,075 67,260 1.37
121,075 67,260 1.37 United States
Alliance Data Systems Corp 375 USD 79,688 85,687 1.74
Aramark 2,800 USD 98,939 100,016 2.03
Ares Capital Corp 8,150 USD 132,424 134,393 2.73
Arthur J Gallagher & Co 2,575 USD 117,220 133,797 2.72
Avery Dennison Corp 900 USD 48,134 63,198 1.29
Baker Hughes Inc 875 USD 57,537 56,849 1.16
Broadridge Financial Solutions Inc 700 USD 37,507 46,410 0.94
CACI International Inc 675 USD 57,525 83,902 1.71
Catalent Inc 3,575 USD 103,379 96,382 1.96
Centene Corp 1,000 USD 69,055 56,510 1.15
Chemical Financial Corp 1,975 USD 67,029 106,986 2.18
CommScope Holding Co Inc 1,325 USD 40,195 49,290 1.00
Continental Resources Inc/OK 1,975 USD 87,943 101,791 2.07
Crown Holdings Inc 1,850 USD 92,662 97,254 1.98
Envision Healthcare Corp 1,875 USD 123,571 118,669 2.41
Fidelity National Information Services Inc 1,725 USD 108,467 130,479 2.65
First American Financial Corp 2,250 USD 81,315 82,417 1.68
First Data Corp 5,050 USD 80,070 71,659 1.46
Fiserv Inc 500 USD 40,305 53,140 1.08
Global Payments Inc 1,450 USD 80,286 100,645 2.05
Grand Canyon Education Inc 1,850 USD 70,993 108,133 2.20
Hartford Financial Services Group Inc/The 1,475 USD 58,496 70,284 1.43
HD Supply Holdings Inc 2,125 USD 66,797 90,334 1.84
Hertz Global Holdings Inc 800 USD 59,035 17,248 0.35
Investors Bancorp Inc 7,100 USD 84,486 99,045 2.01
KAR Auction Services Inc 1,475 USD 54,231 62,864 1.28
MEDNAX Inc 1,525 USD 103,938 101,656 2.07
Micron Technology Inc 3,150 USD 77,646 69,048 1.40
Milacron Holdings Corp 4,325 USD 75,351 80,575 1.64
Mohawk Industries Inc 500 USD 97,419 99,840 2.03
Nasdaq Inc 950 USD 49,260 63,764 1.30
NCR Corp 1,575 USD 44,264 63,882 1.30
Newell Brands Inc 2,579 USD 114,215 115,152 2.34
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Vaughan Nelson U.S. Mid Cap Equity Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net
Description Assets
Packaging Corp of America 1,025 USD 75,664 86,940 1.77
PacWest Bancorp 1,750 USD 79,777 95,270 1.94
Premier Inc 2,850 USD 92,555 86,526 1.76
PVH Corp 550 USD 54,954 49,632 1.01
QEP Resources Inc 4,775 USD 84,030 87,908 1.79
Quintiles IMS Holdings Inc 830 USD 56,397 63,122 1.28
Reinsurance Group of America Inc 850 USD 78,037 106,956 2.18
Reliance Steel & Aluminum Co 1,175 USD 79,072 93,460 1.90
RingCentral Inc 2,275 USD 45,434 46,865 0.95
SEI Investments Co 1,500 USD 68,304 74,040 1.51
ServiceMaster Global Holdings Inc 1,950 USD 71,707 73,457 1.49
Signet Jewelers Ltd 650 USD 69,702 61,269 1.25
Snap-on Inc 500 USD 75,382 85,635 1.74
Synchrony Financial 3,275 USD 103,397 118,784 2.42
Tailored Brands Inc 1,325 USD 64,834 33,854 0.69
United Rentals Inc 575 USD 51,570 60,709 1.23
VWR Corp 4,000 USD 104,091 100,120 2.04
WestRock Co 925 USD 52,387 46,962 0.96
WPX Energy Inc 6,350 USD 75,609 92,520 1.88
3,942,285 4,275,328 86.97
Total - Shares 4,430,596 4,631,294 94.21
Investment Funds
United States
New Residential Investment Corp REIT 8,075 USD 97,026 126,939 2.58
97,026 126,939 2.58
Total - Investment Funds 97,026 126,939 2.58
Total - Transferable securities admitted to an official stock exchange listing 4,527,622 4,758,233 96.79
TOTAL INVESTMENT PORTFOLIO 4,527,622 4,758,233 96.79
A detailed schedule of portfolio movements for the year from January 1, 2016 to
December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Vaughan Nelson U.S. Small Cap Value Fund
Changes in the number of Shares for the year ended December 31, 2016
H-I/A (EUR)
Number of shares outstanding at the beginning 312,932.727
Number of shares issued 58,623.817
Number of shares redeemed (346,299.727)
Number of shares at the end 25,256.817
I/A (USD)
Number of shares outstanding at the beginning 143,820.575
Number of shares issued 230,901.342
Number of shares redeemed (78,048.920)
Number of shares at the end 296,672.997
I/A (EUR)
Number of shares outstanding at the beginning 26,472.394
Number of shares issued 164,074.622
Number of shares redeemed (19,597.300)
Number of shares at the end 170,949.716
R/A (USD)
Number of shares outstanding at the beginning 48,538.482
Number of shares issued 9,733.723
Number of shares redeemed (24,789.312)
Number of shares at the end 33,482.893
S/A (USD)
Number of shares outstanding at the beginning 661,911.371
Number of shares issued 39,379.620
Number of shares redeemed (701,290.991)
Number of shares at the end -
C/A (USD)
Number of shares outstanding at the beginning 13,011.000
Number of shares issued 312.000
Number of shares redeemed (4,086.038)
Number of shares at the end 9,236.962
Natixis International Funds (Lux) I
Vaughan Nelson U.S. Small Cap Value Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 164,664,271 230,579,678 232,737,442
Net Asset Value per Share
H-I/A (EUR) 159.96 137.68 138.98
I/A (USD) 344.82 293.10 295.73
I/A (EUR) 249.10 205.59 186.29
R/A (USD) 310.01 265.20 269.30
S/A (USD) - 180.41 181.66
C/A (USD) 304.20 263.24 270.40
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Vaughan Nelson U.S. Small Cap Value Fund Statement of Investments
As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Shares
Bermuda Islands
Aspen Insurance Holdings Ltd 63,625 USD 3,070,207 3,499,375 2.13
RenaissanceRe Holdings Ltd 29,193 USD 3,506,752 3,976,671 2.41
6,576,959 7,476,046 4.54 United States
AdvanSix Inc 34,700 USD 632,619 768,258 0.47
Albany Molecular Research Inc 89,650 USD 1,552,025 1,681,834 1.02
American Woodmark Corp 25,450 USD 1,919,874 1,915,112 1.16
AMN Healthcare Services Inc 37,600 USD 1,459,756 1,445,720 0.88
Atkore International Group Inc 107,525 USD 2,298,594 2,570,923 1.56
Booz Allen Hamilton Holding Corp 91,400 USD 3,051,181 3,296,798 2.00
BroadSoft Inc 33,300 USD 1,265,458 1,373,625 0.83
Brown & Brown Inc 93,100 USD 3,718,764 4,176,466 2.54
CACI International Inc 26,400 USD 2,883,068 3,281,520 1.99
Callon Petroleum Co 117,925 USD 1,860,538 1,812,507 1.10
CommerceHub Inc 42,575 USD 642,833 639,051 0.39
Community Trust Bancorp Inc 11,875 USD 549,738 589,000 0.36
Continental Building Products Inc 63,650 USD 1,399,525 1,470,315 0.89
Cotiviti Holdings Inc 49,200 USD 1,429,298 1,692,480 1.03
Dun & Bradstreet Corp/The 23,400 USD 2,739,822 2,838,888 1.72
El Paso Electric Co 9,300 USD 418,507 432,450 0.26
Engility Holdings Inc 60,650 USD 2,010,310 2,043,905 1.24
Envision Healthcare Corp 59,850 USD 3,978,293 3,787,906 2.30
First American Financial Corp 104,075 USD 3,876,818 3,812,267 2.32
First Financial Bancorp 134,425 USD 3,278,620 3,824,391 2.32
First Merchants Corp 98,375 USD 3,180,668 3,703,819 2.25
FirstCash Inc 69,050 USD 3,166,480 3,245,350 1.97
Forum Energy Technologies Inc 85,650 USD 1,810,684 1,884,300 1.15
Franklin Electric Co Inc 44,275 USD 1,553,759 1,722,298 1.05
FS Investment Corp 250,625 USD 2,465,612 2,581,437 1.57
Genesee & Wyoming Inc 29,575 USD 2,116,270 2,052,801 1.25
Global Brass & Copper Holdings Inc 14,900 USD 462,284 511,070 0.31
Graphic Packaging Holding Co 260,925 USD 3,113,384 3,256,344 1.98
Group 1 Automotive Inc 28,400 USD 1,984,035 2,213,496 1.34
Hillenbrand Inc 104,600 USD 3,531,554 4,011,410 2.44
Hope Bancorp Inc 98,225 USD 1,904,796 2,150,145 1.31
Hostess Brands Inc 102,450 USD 1,327,395 1,331,850 0.81
ICF International Inc 58,650 USD 2,730,411 3,237,480 1.97
INC Research Holdings Inc 20,600 USD 1,061,540 1,083,560 0.66
Integra LifeSciences Holdings Corp 13,300 USD 928,469 1,141,007 0.69
Integrated Device Technology Inc 55,400 USD 1,388,948 1,305,224 0.79
KAR Auction Services Inc 84,100 USD 3,062,508 3,584,342 2.18
Kirby Corp 18,750 USD 1,215,212 1,246,875 0.76
Lakeland Financial Corp 35,600 USD 1,387,830 1,686,016 1.02
Laredo Petroleum Inc 199,375 USD 2,594,007 2,819,162 1.71
La-Z-Boy Inc 75,450 USD 2,147,994 2,342,722 1.42
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Vaughan Nelson U.S. Small Cap Value Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Quantity Currency Cost Evaluation % of Net
Description Assets
Lincoln Electric Holdings Inc 17,025 USD 1,197,273 1,305,307 0.79
Littelfuse Inc 9,725 USD 1,280,228 1,475,963 0.90
Multi Packaging Solutions International Ltd 149,225 USD 2,150,446 2,127,949 1.29
Multi-Color Corp 30,025 USD 2,069,905 2,329,940 1.42
NorthWestern Corp 48,975 USD 2,743,289 2,785,208 1.69
Oasis Petroleum Inc 164,050 USD 2,081,153 2,483,717 1.51
Old National Bancorp/IN 109,600 USD 1,758,252 1,989,240 1.21
Pacific Premier Bancorp Inc 62,125 USD 1,897,927 2,196,119 1.33
PRA Health Sciences Inc 28,775 USD 1,384,309 1,586,078 0.96
Prosperity Bancshares Inc 81,550 USD 5,019,159 5,853,659 3.56
Reliance Steel & Aluminum Co 41,200 USD 3,131,162 3,277,048 1.99
Silgan Holdings Inc 33,025 USD 1,592,963 1,690,220 1.03
Silicon Laboratories Inc 54,275 USD 3,281,264 3,527,875 2.14
Spire Inc 22,650 USD 1,420,879 1,462,058 0.89
Steven Madden Ltd 53,575 USD 1,988,319 1,915,306 1.16
Surgery Partners Inc 36,650 USD 622,576 580,903 0.35
TCP Capital Corp 129,500 USD 2,149,417 2,188,550 1.33
Team Inc 29,625 USD 1,073,091 1,162,781 0.71
Thermon Group Holdings Inc 34,575 USD 712,902 660,037 0.40
Union Bankshares Corp 101,450 USD 3,151,175 3,625,823 2.20
Vectren Corp 48,375 USD 2,346,993 2,522,756 1.53
Verint Systems Inc 47,300 USD 1,799,337 1,667,325 1.01
Virtusa Corp 53,100 USD 1,257,632 1,333,872 0.81
Vista Outdoor Inc 62,750 USD 2,594,751 2,315,475 1.41
VWR Corp 138,300 USD 3,495,721 3,461,649 2.10
Webster Financial Corp 11,325 USD 488,445 614,721 0.37
WESCO International Inc 41,125 USD 2,611,717 2,736,869 1.66
Zebra Technologies Corp 28,875 USD 2,099,897 2,476,320 1.50
141,499,663 151,916,892 92.26
Total - Shares 148,076,622 159,392,938 96.80
Investment Funds
United States
Hersha Hospitality Trust REIT 85,306 USD 1,824,880 1,834,079 1.11
Ramco-Gershenson Properties Trust REIT 93,750 USD 1,653,358 1,554,375 0.95
3,478,238 3,388,454 2.06
Total - Investment Funds 3,478,238 3,388,454 2.06
Total - Transferable securities admitted to an official stock exchange listing 151,554,860 162,781,392 98.86
TOTAL INVESTMENT PORTFOLIO 151,554,860 162,781,392 98.86
A detailed schedule of portfolio movements for the year from January 1, 2016 to
December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Loomis Sayles Duration Hedged Global Corporate Bond Fund
Changes in the number of Shares for the year ended December 31, 2016
H-I/A (EUR)
Number of shares outstanding at the beginning 15.662
Number of shares issued -
Number of shares redeemed (15.662)
Number of shares at the end -
H-I/A (USD)
Number of shares outstanding at the beginning 35.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 35.000
H-Q/A (NOK)
Number of shares outstanding at the beginning 4,393,039.369
Number of shares issued 385,216.189
Number of shares redeemed (320,484.859)
Number of shares at the end 4,457,770.699
H-S/A (GBP)
Number of shares outstanding at the beginning 225,652.037
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 225,652.037
I/A (USD)
Number of shares outstanding at the beginning 35.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 35.000
Natixis International Funds (Lux) I
Loomis Sayles Duration Hedged Global Corporate Bond Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 83,803,110 81,702,775 117,480,308
Net Asset Value per Share
H-I/A (EUR) - 95.96 99.51
H-I/A (USD) 102.79 96.57 99.96
H-Q/A (NOK) 106.02 99.39 101.09
H-S/A (GBP) 103.62 97.31 100.18
I/A (USD) 94.65 90.63 96.55
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Duration Hedged Global Corporate Bond Fund Statement of Investments
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Fixed rate bonds
Australia
Asciano Finance Ltd 5.000% 19/09/2023 EMTN 215,000 GBP 365,139 294,910 0.35
SGSP Australia Assets Pty Ltd 2.000% 30/06/2022 EMTN 350,000 EUR 460,827 390,491 0.47
825,966 685,401 0.82 Belgium
Anheuser-Busch InBev SA/NV/old 1.500% 17/03/2025 EMTN 200,000 EUR 220,833 219,440 0.26
Anheuser-Busch InBev SA/NV/old 2.750%
17/03/2036 EMTN 110,000 EUR 133,473 127,124 0.15
354,306 346,564 0.41 Bermuda Islands
Fidelity International Ltd 7.125% 13/02/2024 180,000 GBP 331,231 278,751 0.33
331,231 278,751 0.33 Brazil
Itau Unibanco Holding SA/Cayman Island 2.850% 26/05/2018 EMTN 200,000 USD 199,972 200,500 0.24
199,972 200,500 0.24 Canada
Alimentation Couche-Tard Inc 1.875% 06/05/2026 145,000 EUR 163,888 157,073 0.19
Great-West Lifeco Inc 1.750% 07/12/2026 235,000 EUR 248,859 250,588 0.30
412,747 407,661 0.49 Cayman Islands
CK Hutchison Finance 16 II Ltd 0.875% 03/10/2024 155,000 EUR 172,132 157,352 0.19
CK Hutchison International 16 Ltd 1.875% 03/10/2021 240,000 USD 238,498 229,829 0.27
Hutchison Whampoa Finance 14 Ltd 1.375% 31/10/2021 315,000 EUR 395,067 343,520 0.41
Noble Holding International Ltd 5.250% 15/03/2042 25,000 USD 12,652 16,500 0.02
Noble Holding International Ltd 6.050% 01/03/2041 10,000 USD 5,077 6,900 0.01
Noble Holding International Ltd 6.200% 01/08/2040 20,000 USD 10,184 13,925 0.02
833,610 768,026 0.92 Chile
Corp Nacional del Cobre de Chile 4.500% 16/09/2025 285,000 USD 281,173 289,317 0.34
Itau CorpBanca 3.875% 22/09/2019 200,000 USD 199,280 206,124 0.25
480,453 495,441 0.59 France
APRR SA 1.250% 06/01/2027 EMTN 200,000 EUR 211,057 211,300 0.25
APRR SA 1.875% 06/01/2031 EMTN 200,000 EUR 209,827 213,358 0.26
AXA SA 7.125% 15/12/2020 65,000 GBP 119,470 97,051 0.12
Credit Agricole SA 2.625% 17/03/2027 360,000 EUR 403,918 388,026 0.46
Credit Agricole SA/London 1.875% 20/12/2026 EMTN 200,000 EUR 211,768 211,615 0.25
Kering 1.250% 10/05/2026 EMTN 200,000 EUR 222,413 210,095 0.25
RTE Reseau de Transport d'Electricite SA 2.750% 20/06/2029 EMTN 100,000 EUR 134,253 120,357 0.14
Societe Generale SA 1.000% 01/04/2022 EMTN 100,000 EUR 106,298 105,914 0.13
Societe Generale SA 2.625% 27/02/2025 EMTN 100,000 EUR 114,420 108,211 0.13
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Duration Hedged Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Societe Generale SA 4.750% 24/11/2025 144A(2) 235,000 USD 228,941 236,395 0.28
1,962,365 1,902,322 2.27 Germany
Bundesrepublik Deutschland 0.500% 15/02/2026 640,000 EUR 744,749 699,349 0.83
Commerzbank AG 4.000% 23/03/2026 EMTN 280,000 EUR 316,080 303,452 0.36
HeidelbergCement AG 2.250% 03/06/2024 EMTN 130,000 EUR 144,697 146,317 0.18
Unitymedia GmbH 3.750% 15/01/2027 225,000 EUR 215,842 224,489 0.27
1,421,368 1,373,607 1.64 Great Britain
Barclays PLC 2.875% 08/06/2020 270,000 USD 269,213 268,012 0.32
Barclays PLC 3.200% 10/08/2021 270,000 USD 265,593 266,866 0.32
Centrica PLC 4.375% 13/03/2029 EMTN 100,000 GBP 166,670 146,823 0.18
CRH Finance UK PLC 4.125% 02/12/2029 EMTN 135,000 GBP 198,724 190,869 0.23
FCE Bank PLC 1.114% 13/05/2020 EMTN 190,000 EUR 215,736 204,774 0.24
HSBC Holdings PLC 3.000% 30/06/2025 EMTN 270,000 EUR 299,584 302,949 0.36
HSBC Holdings PLC 3.400% 08/03/2021 385,000 USD 384,266 391,498 0.47
HSBC Holdings PLC 4.250% 14/03/2024 300,000 USD 299,199 304,838 0.36
INEOS Grangemouth PLC 0.750% 30/07/2019 190,000 EUR 255,335 205,598 0.25
ITV PLC 2.000% 01/12/2023 100,000 EUR 105,588 106,287 0.13
Lloyds Bank PLC 2.700% 17/08/2020 390,000 USD 389,842 392,856 0.47
Lloyds Banking Group PLC 4.650% 24/03/2026 200,000 USD 199,577 202,578 0.24
National Grid Gas Finance PLC 0.625% 22/09/2024 EMTN 105,000 EUR 117,247 108,635 0.13
National Grid Gas Finance PLC 2.750% 22/09/2046 EMTN 150,000 GBP 195,014 180,057 0.21
NWEN Finance PLC 5.875% 21/06/2021 175,000 GBP 277,506 237,863 0.28
Royal Bank of Scotland Group PLC 5.125% 28/05/2024 170,000 USD 168,384 169,504 0.20
Royal Bank of Scotland Group PLC 6.100% 10/06/2023 455,000 USD 477,835 476,253 0.57
Sky PLC 1.500% 15/09/2021 EMTN 100,000 EUR 110,832 109,850 0.13
Sky PLC 2.250% 17/11/2025 EMTN 210,000 EUR 233,778 235,792 0.28
Standard Chartered PLC 3.950% 11/01/2023 430,000 USD 414,890 420,208 0.50
Standard Chartered PLC 3.950% 11/01/2023 144A(2) 425,000 USD 412,744 415,322 0.50
Tesco PLC 5.000% 24/03/2023 EMTN 300,000 GBP 486,451 399,713 0.48
Trinity Acquisition PLC 2.125% 26/05/2022 100,000 EUR 111,886 107,918 0.13
United Kingdom Gilt 2.000% 07/09/2025 90,000 GBP 133,778 119,505 0.14
United Kingdom Gilt 4.500% 07/09/2034 225,000 GBP 451,018 395,955 0.47
United Kingdom Gilt 5.000% 07/03/2025 155,000 GBP 248,850 251,648 0.30
Western Power Distribution PLC 3.625% 06/11/2023 105,000 GBP 160,258 140,143 0.17
WPP Finance 2010 5.625% 15/11/2043 310,000 USD 322,568 331,164 0.39
7,372,366 7,083,478 8.45 Ireland
AerCap Ireland Capital Ltd/AerCap Global Aviation Trust 3.950% 01/02/2022 150,000 USD 149,749 151,312 0.18
Eaton Capital Unlimited Co 0.750% 20/09/2024 110,000 EUR 122,999 114,045 0.14
272,748 265,357 0.32
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Duration Hedged Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Italy
Autostrade per l'Italia SpA 1.625% 12/06/2023 35,000 EUR 37,702 38,377 0.05
Autostrade per l'Italia SpA 1.750% 01/02/2027 EMTN 110,000 EUR 115,104 117,504 0.14
Buzzi Unicem SpA 2.125% 28/04/2023 190,000 EUR 214,161 203,535 0.24
366,967 359,416 0.43 Jersey
Delphi Automotive PLC 1.500% 10/03/2025 200,000 EUR 205,367 211,099 0.25
Delphi Automotive PLC 3.150% 19/11/2020 55,000 USD 54,908 55,881 0.07
Delphi Automotive PLC 4.250% 15/01/2026 185,000 USD 186,523 191,535 0.23
446,798 458,515 0.55 Luxembourg
Telecom Italia Capital SA 7.200% 18/07/2036 110,000 USD 112,272 108,431 0.13
112,272 108,431 0.13 Mexico
America Movil SAB de CV 1.500% 10/03/2024 245,000 EUR 267,961 260,352 0.31
Cemex SAB de CV 7.750% 16/04/2026 225,000 USD 225,306 249,187 0.30
Mexichem SAB de CV 5.875% 17/09/2044 200,000 USD 198,431 178,250 0.21
Sigma Alimentos SA de CV 4.125% 02/05/2026 144A(2) 200,000 USD 199,621 190,000 0.23
891,319 877,789 1.05 Morocco
OCP SA 6.875% 25/04/2044 144A(2) 230,000 USD 237,692 231,179 0.27
237,692 231,179 0.27 Netherlands
ABN AMRO Bank NV 4.750% 28/07/2025 144A(2) 200,000 USD 199,543 203,423 0.24
EDP Finance BV 2.000% 22/04/2025 EMTN 435,000 EUR 455,072 450,218 0.54
Embraer Netherlands Finance BV 5.050% 15/06/2025 265,000 USD 260,608 263,410 0.31
Teva Pharmaceutical Finance Netherlands II BV 1.125% 15/10/2024 100,000 EUR 109,293 101,744 0.12
Teva Pharmaceutical Finance Netherlands III BV 2.800% 21/07/2023 220,000 USD 219,313 208,250 0.25
Vonovia Finance BV 1.500% 10/06/2026 EMTN 300,000 EUR 337,093 315,343 0.38
Ziggo Bond Finance BV 6.000% 15/01/2027 144A(2) 195,000 USD 195,000 189,150 0.23
1,775,922 1,731,538 2.07 New Zealand
Fonterra Co-operative Group Ltd 0.750% 08/11/2024 EMTN 270,000 EUR 297,868 279,196 0.33
297,868 279,196 0.33 Portugal
Galp Gas Natural Distribuicao SA 1.375% 19/09/2023 EMTN 100,000 EUR 111,595 104,398 0.12
111,595 104,398 0.12 Romania
Romanian Government International Bond 2.875% 26/05/2028 144A(2) 75,000 EUR 90,010 81,181 0.10
90,010 81,181 0.10 Singapore
BOC Aviation Ltd 3.000% 30/03/2020 EMTN 390,000 USD 388,632 390,035 0.46
388,632 390,035 0.46
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Duration Hedged Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Spain
Santander Issuances SAU 3.250% 04/04/2026 EMTN 300,000 EUR 338,036 322,645 0.38
Santander Issuances SAU 5.179% 19/11/2025 200,000 USD 181,316 201,881 0.24
Telefonica Emisiones SAU 1.930% 17/10/2031 EMTN 100,000 EUR 111,570 98,996 0.12
Telefonica Emisiones SAU 4.570% 27/04/2023 150,000 USD 156,493 157,370 0.19
Telefonica Emisiones SAU 5.375% 02/02/2026 EMTN 75,000 GBP 131,071 110,629 0.13
Telefonica Emisiones SAU 5.462% 16/02/2021 105,000 USD 112,827 114,458 0.14
Telefonica Emisiones SAU 7.045% 20/06/2036 95,000 USD 113,721 110,267 0.13
1,145,034 1,116,246 1.33 Supranational Organisations
Banque Ouest Africaine de Developpement 5.500% 06/05/2021 225,000 USD 222,902 231,808 0.28
Corp Andina de Fomento 4.375% 15/06/2022 135,000 USD 136,992 143,216 0.17
359,894 375,024 0.45 United Arab Emirates
Dubai Electricity & Water Authority 7.375% 21/10/2020 180,000 USD 210,690 207,889 0.25
Emirates Telecommunications Group Co PJSC 2.375% 18/06/2019 235,000 USD 235,301 233,569 0.28
445,991 441,458 0.53 United States
Aetna Inc 3.200% 15/06/2026 225,000 USD 224,206 222,586 0.27
Aetna Inc 4.375% 15/06/2046 70,000 USD 70,400 70,290 0.08
Air Lease Corp 4.250% 15/09/2024 100,000 USD 99,799 101,570 0.12
Albemarle Corp 1.875% 08/12/2021 380,000 EUR 471,372 420,372 0.50
Ally Financial Inc 3.500% 27/01/2019 75,000 USD 74,500 75,375 0.09
Ally Financial Inc 3.750% 18/11/2019 275,000 USD 273,576 276,177 0.33
Ally Financial Inc 4.125% 30/03/2020 35,000 USD 35,043 35,350 0.04
Ally Financial Inc 4.125% 13/02/2022 305,000 USD 300,287 302,331 0.36
Ally Financial Inc 4.250% 15/04/2021 75,000 USD 75,182 75,703 0.09
American International Group Inc 4.800% 10/07/2045 145,000 USD 143,983 150,498 0.18
American International Group Inc 4.875% 01/06/2022 155,000 USD 165,282 169,380 0.20
Anadarko Petroleum Corp 5.550% 15/03/2026 315,000 USD 328,072 352,567 0.42
Anheuser-Busch InBev Finance Inc 2.650% 01/02/2021 95,000 USD 94,758 95,546 0.11
Anheuser-Busch InBev Finance Inc 3.300% 01/02/2023 100,000 USD 104,533 101,773 0.12
Anheuser-Busch InBev Finance Inc 3.650% 01/02/2026 695,000 USD 697,879 705,557 0.84
Anheuser-Busch InBev Finance Inc 4.700% 01/02/2036 40,000 USD 39,827 42,075 0.05
Anheuser-Busch InBev Finance Inc 4.900% 01/02/2046 265,000 USD 264,398 286,431 0.34
Arrow Electronics Inc 3.500% 01/04/2022 120,000 USD 119,324 118,805 0.14
AT&T Inc 2.750% 19/05/2023 120,000 EUR 148,364 139,305 0.17
AT&T Inc 4.125% 17/02/2026 350,000 USD 371,776 354,398 0.42
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Duration Hedged Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
AT&T Inc 4.300% 15/12/2042 220,000 USD 200,753 196,938 0.23
AT&T Inc 4.450% 01/04/2024 465,000 USD 504,127 484,733 0.58
AT&T Inc 4.800% 15/06/2044 15,000 USD 15,152 14,174 0.02
AT&T Inc 5.150% 15/03/2042 180,000 USD 185,349 179,311 0.21
Avnet Inc 4.625% 15/04/2026 285,000 USD 285,998 277,684 0.33
Bank of America Corp 3.300% 11/01/2023 1,050,000 USD 1,030,824 1,053,507 1.26
Bank of America Corp 3.950% 21/04/2025 310,000 USD 308,439 308,602 0.37
Bank of America Corp 4.183% 25/11/2027 220,000 USD 220,000 220,141 0.26
Becton Dickinson and Co 1.900% 15/12/2026 260,000 EUR 275,033 282,106 0.34
Becton Dickinson and Co 3.250% 12/11/2020 20,000 USD 20,473 20,564 0.02
Becton Dickinson and Co 3.734% 15/12/2024 79,000 USD 78,980 80,787 0.10
Brixmor Operating Partnership LP 3.875% 15/08/2022 200,000 USD 199,754 203,889 0.24
Burlington Northern Santa Fe LLC 5.050% 01/03/2041 195,000 USD 204,174 221,291 0.26
Cigna Corp 3.250% 15/04/2025 235,000 USD 223,795 228,877 0.27
Citigroup Inc 4.400% 10/06/2025 440,000 USD 439,403 450,142 0.54
Consolidated Edison Co of New York Inc 2.900% 01/12/2026 70,000 USD 69,719 68,789 0.08
Constellation Brands Inc 3.700% 06/12/2026 415,000 USD 414,625 405,472 0.48
Continental Airlines 6.125% 29/04/2018 75,000 USD 76,302 78,000 0.09
Continental Resources Inc/OK 3.800% 01/06/2024 80,000 USD 74,436 73,800 0.09
Crown Castle International Corp 3.400% 15/02/2021 130,000 USD 129,977 131,918 0.16
Crown Castle International Corp 3.700% 15/06/2026 115,000 USD 114,672 112,876 0.13
Crown Castle International Corp 4.450% 15/02/2026 330,000 USD 339,466 341,415 0.41
CVS Health Corp 2.875% 01/06/2026 285,000 USD 282,694 271,653 0.32
CVS Health Corp 5.125% 20/07/2045 230,000 USD 246,655 256,323 0.31
DDR Corp 3.375% 15/05/2023 100,000 USD 95,989 97,208 0.12
DDR Corp 3.625% 01/02/2025 215,000 USD 205,742 207,982 0.25
Diamond Offshore Drilling Inc 4.875% 01/11/2043 35,000 USD 22,707 24,862 0.03
Eaton Corp 4.000% 02/11/2032 50,000 USD 52,139 49,292 0.06
Energy Transfer Partners LP 3.600% 01/02/2023 155,000 USD 153,189 152,444 0.18
Energy Transfer Partners LP 4.900% 01/02/2024 95,000 USD 98,874 98,263 0.12
Energy Transfer Partners LP 5.150% 15/03/2045 85,000 USD 84,819 81,522 0.10
Energy Transfer Partners LP 6.125% 15/12/2045 105,000 USD 104,622 111,714 0.13
EOG Resources Inc 2.450% 01/04/2020 165,000 USD 164,445 165,248 0.20
FedEx Corp 1.625% 11/01/2027 515,000 EUR 582,599 551,278 0.66
FedEx Corp 4.550% 01/04/2046 205,000 USD 204,123 206,580 0.25
Ford Motor Credit Co LLC 4.375% 06/08/2023 550,000 USD 565,856 567,600 0.68
General Electric Co 4.125% 09/10/2042 236,000 USD 233,290 238,089 0.28
General Electric Co 4.625% 30/01/2043 EMTN 460,000 USD 458,615 460,506 0.55
General Electric Co 5.875% 14/01/2038 90,000 USD 109,682 113,268 0.13
General Motors Co 5.200% 01/04/2045 185,000 USD 183,779 178,324 0.21
General Motors Co 6.250% 02/10/2043 80,000 USD 85,690 88,438 0.11
General Motors Co 6.750% 01/04/2046 15,000 USD 14,986 17,590 0.02
General Motors Financial Co Inc 3.200% 13/07/2020 105,000 USD 104,981 105,316 0.13
General Motors Financial Co Inc 4.000% 15/01/2025 235,000 USD 224,894 229,276 0.27
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Duration Hedged Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Goldman Sachs Group Inc/The 1.625% 27/07/2026 EMTN 240,000 EUR 264,497 250,839 0.30
Goldman Sachs Group Inc/The 3.625% 22/01/2023 745,000 USD 742,496 760,952 0.91
Goldman Sachs Group Inc/The 3.850% 08/07/2024 60,000 USD 60,578 61,247 0.07
HCA Holdings Inc 6.250% 15/02/2021 170,000 USD 175,653 182,962 0.22
HCA Inc 4.750% 01/05/2023 110,000 USD 111,407 112,612 0.13
HCA Inc 5.375% 01/02/2025 60,000 USD 60,831 60,150 0.07
HSBC USA Inc 2.750% 07/08/2020 115,000 USD 114,928 115,075 0.14
HSBC USA Inc 5.000% 27/09/2020 345,000 USD 363,237 366,519 0.44
International Lease Finance Corp 5.875% 15/08/2022 291,000 USD 319,196 315,735 0.38
JPMorgan Chase & Co 3.125% 23/01/2025 225,000 USD 223,948 219,950 0.26
JPMorgan Chase & Co 3.250% 23/09/2022 655,000 USD 650,198 662,395 0.79
Kimco Realty Corp 2.800% 01/10/2026 175,000 USD 173,599 162,707 0.19
Kimco Realty Corp 3.400% 01/11/2022 85,000 USD 84,521 86,256 0.10
Kimco Realty Corp 4.250% 01/04/2045 205,000 USD 202,227 197,152 0.24
Kinder Morgan Inc/DE 5.050% 15/02/2046 580,000 USD 578,822 574,145 0.68
Kraft Heinz Foods Co 2.000% 30/06/2023 105,000 EUR 116,560 116,361 0.14
Kraft Heinz Foods Co 2.250% 25/05/2028 115,000 EUR 131,089 123,592 0.15
Kraft Heinz Foods Co 4.125% 01/07/2027 100,000 GBP 146,472 138,141 0.16
McKesson Corp 4.883% 15/03/2044 120,000 USD 120,311 122,071 0.15
MetLife Inc 4.125% 13/08/2042 100,000 USD 90,577 98,417 0.12
Mohawk Industries Inc 2.000% 14/01/2022 350,000 EUR 388,729 389,769 0.47
Moody's Corp 1.750% 09/03/2027 135,000 EUR 151,406 144,915 0.17
Morgan Stanley 1.375% 27/10/2026 150,000 EUR 161,771 154,153 0.18
Morgan Stanley 3.750% 25/02/2023 740,000 USD 744,050 760,087 0.91
Morgan Stanley 3.950% 23/04/2027 115,000 USD 114,642 113,840 0.14
MPLX LP 4.500% 15/07/2023 65,000 USD 62,582 66,015 0.08
MPLX LP 4.875% 01/12/2024 55,000 USD 54,019 56,633 0.07
MPLX LP 4.875% 01/06/2025 90,000 USD 86,847 92,533 0.11
MPLX LP 5.500% 15/02/2023 65,000 USD 65,211 67,623 0.08
Noble Energy Inc 5.250% 15/11/2043 120,000 USD 124,916 122,234 0.15
Omega Healthcare Investors Inc 4.375% 01/08/2023 40,000 USD 39,903 39,608 0.05
Owens Corning 3.400% 15/08/2026 90,000 USD 89,643 85,494 0.10
Pacific Gas & Electric Co 3.500% 15/06/2025 300,000 USD 298,391 308,264 0.37
PPG Industries Inc 1.400% 13/03/2027 135,000 EUR 138,467 143,516 0.17
Principal Financial Group Inc 3.400% 15/05/2025 565,000 USD 563,528 561,381 0.67
Prologis LP 1.375% 13/05/2021 300,000 EUR 338,025 328,053 0.39
Prologis LP 3.000% 18/01/2022 EMTN 160,000 EUR 195,436 187,659 0.22
Public Service Electric & Gas Co 3.050% 15/11/2024 150,000 USD 149,558 151,177 0.18
Regency Energy Partners LP/Regency Energy Finance Corp 5.000% 01/10/2022 215,000 USD 231,531 227,836 0.27
Santander Holdings USA Inc 4.500% 17/07/2025 295,000 USD 294,898 293,155 0.35
Sempra Energy 3.750% 15/11/2025 140,000 USD 139,660 141,420 0.17
Tenet Healthcare Corp 4.500% 01/04/2021 255,000 USD 253,844 252,450 0.30
Tenet Healthcare Corp 5.000% 01/03/2019 80,000 USD 80,000 78,000 0.09
Natixis International Funds (Lux) I
(3) See Note 13.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Duration Hedged Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Time Warner Cable LLC 5.250% 15/07/2042 345,000 GBP 560,581 489,888 0.58
Time Warner Inc 3.400% 15/06/2022 40,000 USD 39,671 40,234 0.05
Time Warner Inc 5.350% 15/12/2043 445,000 USD 471,835 471,267 0.56
U.S. Treasury Bond 2.500% 15/02/2045 130,000 USD 127,309 115,796 0.14
U.S. Treasury Bond 2.500% 15/02/2046 120,000 USD 117,432 106,631 0.13
U.S. Treasury Bond 2.500% 15/05/2046 1,005,000 USD 1,043,965 893,115 1.07
U.S. Treasury Bond 3.750% 15/11/2043(3) 160,000 USD 167,537 181,406 0.22
U.S. Treasury Inflation Indexed Note 0.125% 15/07/2026 1,709,340 USD 1,702,634 1,652,933 1.97
U.S. Treasury Note 1.125% 28/02/2021 1,305,000 USD 1,299,198 1,269,775 1.51
U.S. Treasury Note 1.375% 28/02/2019(3) 2,525,000 USD 2,543,752 2,532,100 3.02
U.S. Treasury Note 1.375% 30/06/2023 115,000 USD 114,795 109,241 0.13
U.S. Treasury Note 1.375% 31/08/2023 635,000 USD 626,537 601,638 0.72
U.S. Treasury Note 1.500% 31/12/2018 2,060,000 USD 2,079,204 2,071,989 2.47
U.S. Treasury Note 1.625% 31/10/2023 690,000 USD 681,380 663,828 0.79
U.S. Treasury Note 1.750% 30/11/2021 425,000 USD 421,808 421,829 0.50
U.S. Treasury Note 2.250% 15/11/2024 35,000 USD 36,988 34,785 0.04
UnitedHealth Group Inc 4.625% 15/07/2035 175,000 USD 206,864 190,757 0.23
Verizon Communications Inc 2.625% 15/08/2026 120,000 USD 117,538 110,466 0.13
Verizon Communications Inc 3.850% 01/11/2042 300,000 USD 263,122 259,961 0.31
Verizon Communications Inc 4.272% 15/01/2036 195,000 USD 182,996 186,640 0.22
Verizon Communications Inc 4.400% 01/11/2034 160,000 USD 158,969 157,918 0.19
Verizon Communications Inc 4.750% 01/11/2041 75,000 USD 70,495 74,058 0.09
Verizon Communications Inc 5.050% 15/03/2034 180,000 USD 180,948 189,546 0.23
Virginia Electric & Power Co 4.450% 15/02/2044 45,000 USD 48,114 47,244 0.06
Welltower Inc 4.000% 01/06/2025 55,000 USD 58,082 56,210 0.07
Whiting Petroleum Corp 5.000% 15/03/2019 225,000 USD 228,799 225,880 0.27
Whiting Petroleum Corp 6.250% 01/04/2023 35,000 USD 35,000 35,000 0.04
Williams Partners LP 4.000% 15/09/2025 430,000 USD 428,844 425,175 0.51
Worthington Industries Inc 4.550% 15/04/2026 140,000 USD 139,774 138,594 0.17
Xcel Energy Inc 3.350% 01/12/2026 190,000 USD 189,634 190,158 0.23
ZF North America Capital Inc 2.750% 27/04/2023 200,000 EUR 230,023 222,320 0.27
Zimmer Biomet Holdings Inc 2.425% 13/12/2026 325,000 EUR 348,839 350,137 0.42
Zimmer Biomet Holdings Inc 3.550% 01/04/2025 235,000 USD 232,721 228,887 0.27
38,447,974 38,042,380 45.39
Total - Fixed rate bonds 59,585,100 58,403,894 69.69
Variable rate bonds
France
AXA SA 3.375% 06/07/2047 EMTN 150,000 EUR 166,554 160,695 0.19
AXA SA 5.250% 16/04/2040 EMTN 250,000 EUR 348,718 293,480 0.35
BNP Paribas SA 2.625% 14/10/2027 EMTN 440,000 EUR 546,971 475,814 0.57
1,062,243 929,989 1.11 Germany
Allianz SE 2.241% 07/07/2045 400,000 EUR 428,056 409,814 0.49
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 6.000% 26/05/2041 EMTN 400,000 EUR 608,184 497,863 0.59
1,036,240 907,677 1.08 Great Britain
Aviva PLC 5.125% 04/06/2050 EMTN 130,000 GBP 196,643 161,024 0.19
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Duration Hedged Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Aviva PLC 6.125% 05/07/2043 EMTN 255,000 EUR 383,882 312,667 0.37
Barclays PLC 2.625% 11/11/2025 EMTN 100,000 EUR 104,282 104,684 0.13
Eurosail-UK PLC 0.537% 13/03/2045 38,284 GBP 48,135 45,988 0.05
Friary No 2 PLC 0.972% 21/10/2046 71,756 GBP 120,113 88,894 0.11
HBOS PLC 4.500% 18/03/2030 EMTN 15,000 EUR 20,787 17,386 0.02
Prudential PLC 5.000% 20/07/2055 EMTN 150,000 GBP 227,485 181,541 0.22
Residential Mortgage Securities 22 PLC 0.758% 14/11/2039 58,644 GBP 78,816 69,178 0.08
Standard Chartered PLC 4.000% 21/10/2025 EMTN 100,000 EUR 139,878 109,128 0.13
Towd Point Mortgage Funding PLC 1.802% 20/07/2046 120,000 GBP 164,058 148,283 0.18
Trinity Square PLC 1.551% 15/07/2051 86,851 GBP 130,683 107,759 0.13
1,614,762 1,346,532 1.61 Ireland
Aquarius and Investments PLC for Zurich Insurance Co Ltd 4.250% 02/10/2043 EMTN 630,000 EUR 869,711 732,107 0.87
869,711 732,107 0.87 Netherlands
Demeter Investments BV for Swiss Re Ltd 5.750% 15/08/2050 200,000 USD 200,989 200,520 0.24
ING Bank NV 3.000% 11/04/2028 EMTN 100,000 EUR 110,166 111,191 0.13
ING Bank NV 3.625% 25/02/2026 EMTN 255,000 EUR 304,972 292,600 0.35
Volksbank NV 3.750% 05/11/2025 EMTN 225,000 EUR 256,939 248,222 0.30
873,066 852,533 1.02
Total - Variable rate bonds 5,456,022 4,768,838 5.69
Total - Transferable securities admitted to an official stock exchange listing 65,041,122 63,172,732 75.38
Transferable securities dealt in on another regulated market Fixed rate bonds
Australia
Asciano Finance Ltd 4.625% 23/09/2020 145,000 USD 148,053 150,019 0.18
Sydney Airport Finance Co Pty Ltd 5.125% 22/02/2021 180,000 USD 189,430 195,430 0.23
Telstra Corp Ltd 3.125% 07/04/2025 144A(2) 35,000 USD 35,454 34,472 0.04
372,937 379,921 0.45 Barbados
Global SC Finance II Srl 3.190% 17/07/2029 144A(2) 417,083 USD 417,012 400,160 0.48
417,012 400,160 0.48 Brazil
Cielo SA/Cielo USA Inc 3.750% 16/11/2022 210,000 USD 196,224 195,825 0.23
196,224 195,825 0.23 Canada
Methanex Corp 3.250% 15/12/2019 80,000 USD 80,512 78,767 0.10
80,512 78,767 0.10 France
Air Liquide Finance SA 1.375% 27/09/2019 144A(2) 340,000 USD 339,256 333,847 0.40
Air Liquide Finance SA 1.750% 27/09/2021 144A(2) 355,000 USD 353,193 340,867 0.41
Danone SA 2.947% 02/11/2026 144A(2) 405,000 USD 405,000 386,485 0.46
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Duration Hedged Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Pernod Ricard SA 3.250% 08/06/2026 144A(2) 175,000 USD 174,079 167,917 0.20
Pernod Ricard SA 5.500% 15/01/2042 144A(2) 220,000 USD 235,338 242,212 0.29
1,506,866 1,471,328 1.76 Great Britain
Centrica PLC 4.000% 16/10/2023 144A(2) 410,000 USD 417,961 417,461 0.50
Santander UK Group Holdings PLC 4.750% 15/09/2025 144A(2) 400,000 USD 392,609 391,600 0.47
Sky PLC 3.750% 16/09/2024 295,000 USD 296,196 295,936 0.35
Sky PLC 3.750% 16/09/2024 144A(2) 200,000 USD 195,806 200,635 0.24
WPP Finance 2010 4.750% 21/11/2021 65,000 USD 67,838 70,379 0.08
1,370,410 1,376,011 1.64 Hong Kong
AIA Group Ltd 3.200% 11/03/2025 144A(2) 200,000 USD 199,792 193,032 0.23
199,792 193,032 0.23 Italy
Intesa Sanpaolo SpA 3.875% 15/01/2019 465,000 USD 474,766 473,332 0.56
Intesa Sanpaolo SpA 5.710% 15/01/2026 144A(2) 200,000 USD 196,843 190,856 0.23
671,609 664,188 0.79 Luxembourg
Holcim US Finance Sarl & Cie SCS 5.150% 12/09/2023 380,000 USD 401,210 412,065 0.49
Ultrapar International SA 5.250% 06/10/2026 210,000 USD 206,099 205,779 0.25
607,309 617,844 0.74 Netherlands
Enel Finance International NV 6.000% 07/10/2039 144A(2) 320,000 USD 327,221 357,498 0.43
Koninklijke Ahold Delhaize NV 5.700% 01/10/2040 410,000 USD 434,617 454,318 0.54
Siemens Financieringsmaatschappij NV 2.350% 15/10/2026 144A(2) 265,000 USD 246,828 245,286 0.29
Siemens Financieringsmaatschappij NV 3.300% 15/09/2046 144A(2) 250,000 USD 219,494 217,667 0.26
1,228,160 1,274,769 1.52 United States
21st Century Fox America Inc 4.750% 15/11/2046 144A(2) 40,000 USD 39,956 40,119 0.05
Activision Blizzard Inc 2.300% 15/09/2021 144A(2) 180,000 USD 179,793 175,653 0.21
Activision Blizzard Inc 3.400% 15/09/2026 144A(2) 225,000 USD 212,388 213,553 0.25
Albertsons Cos LLC/Safeway Inc/New Albertson's Inc/Albertson's LLC 5.750% 15/03/2025 144A(2) 110,000 USD 110,000 108,900 0.13
Albertsons Cos LLC/Safeway Inc/New Albertson's Inc/Albertson's LLC 6.625% 15/06/2024 144A(2) 85,000 USD 85,000 88,613 0.11
American Airlines 5.250% 15/01/2024 199,360 USD 199,360 204,344 0.24
Aviation Capital Group Corp 4.875% 01/10/2025 144A(2) 165,000 USD 164,420 174,900 0.21
BAE Systems Holdings Inc 3.850% 15/12/2025 144A(2) 225,000 USD 222,628 229,472 0.27
Bayer US Finance LLC 3.375% 08/10/2024 144A(2) 325,000 USD 337,091 323,372 0.39
Celgene Corp 5.000% 15/08/2045 160,000 USD 158,859 166,357 0.20
Citigroup Inc 4.000% 05/08/2024 330,000 USD 329,468 332,557 0.40
CLI Funding V LLC 3.380% 18/10/2029 144A(2) 312,363 USD 312,265 300,307 0.36
Comcast Corp 4.200% 15/08/2034 535,000 USD 552,954 546,489 0.65
Continental Airlines 6.703% 15/06/2021 16,264 USD 17,290 17,281 0.02
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Duration Hedged Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Credit Acceptance Auto Loan Trust 2.940% 15/10/2024 144A(2) 280,000 USD 279,969 275,682 0.33
CRH America Inc 3.875% 18/05/2025 144A(2) 410,000 USD 409,579 417,478 0.50
Crown Castle Towers LLC 6.113% 15/01/2020 144A(2) 290,000 USD 311,178 314,204 0.38
Delphi Corp 4.150% 15/03/2024 110,000 USD 111,054 113,380 0.14
Delta Air Lines 4.250% 30/07/2023 168,291 USD 168,291 171,717 0.20
ERAC USA Finance LLC 3.800% 01/11/2025 144A(2) 495,000 USD 495,602 498,466 0.59
ERAC USA Finance LLC 4.500% 15/02/2045 144A(2) 40,000 USD 39,566 38,143 0.05
ERAC USA Finance LLC 5.625% 15/03/2042 144A(2) 160,000 USD 172,276 176,364 0.21
Express Scripts Holding Co 3.400% 01/03/2027 70,000 USD 70,934 65,584 0.08
Express Scripts Holding Co 4.500% 25/02/2026 505,000 USD 523,107 519,884 0.62
Five Corners Funding Trust 4.419% 15/11/2023 144A(2) 210,000 USD 221,383 222,016 0.27
Gilead Sciences Inc 4.150% 01/03/2047 125,000 USD 124,112 118,725 0.14
Gilead Sciences Inc 4.500% 01/02/2045 160,000 USD 170,244 159,865 0.19
Gilead Sciences Inc 4.750% 01/03/2046 30,000 USD 29,881 31,040 0.04
Hyundai Capital America 2.750% 27/09/2026 430,000 USD 429,635 390,593 0.47
Hyundai Capital America 3.000% 30/10/2020 EMTN 200,000 USD 199,909 200,017 0.24
INVISTA Finance LLC 4.250% 15/10/2019 370,000 USD 370,000 366,816 0.44
Kraft Heinz Foods Co 3.000% 01/06/2026 165,000 USD 164,322 154,908 0.18
Kraft Heinz Foods Co 4.375% 01/06/2046 40,000 USD 39,876 37,639 0.04
Kraft Heinz Foods Co 5.000% 04/06/2042 205,000 USD 212,681 209,907 0.25
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp 7.375% 01/10/2017 85,000 USD 85,441 85,000 0.10
LafargeHolcim Finance US LLC 4.750% 22/09/2046 144A(2) 200,000 USD 195,872 193,424 0.23
Liberty Mutual Group Inc 4.850% 01/08/2044 255,000 USD 254,835 251,478 0.30
Liberty Mutual Group Inc 5.000% 01/06/2021 144A(2) 295,000 USD 313,960 320,951 0.38
Marriott International Inc/MD 2.300% 15/01/2022 430,000 USD 428,402 417,120 0.50
Meccanica Holdings USA Inc 6.250% 15/01/2040 144A(2) 100,000 USD 96,172 101,250 0.12
Medco Health Solutions Inc 4.125% 15/09/2020 70,000 USD 72,832 73,451 0.09
OneMain Financial Issuance Trust 4.100% 20/03/2028 144A(2) 400,000 USD 399,949 407,798 0.49
Orange Lake Timeshare Trust 3.450% 10/03/2027 144A(2) 26,217 USD 26,445 26,372 0.03
Quicken Loans Inc 5.750% 01/05/2025 144A(2) 115,000 USD 113,609 111,838 0.13
Spirit Airlines 4.450% 01/04/2024 197,758 USD 197,758 200,930 0.24
SpringCastle America Funding LLC 3.050% 25/04/2029 144A(2) 122,366 USD 122,362 122,978 0.15
Tenet Healthcare Corp 4.375% 01/10/2021 95,000 USD 93,140 94,169 0.11
TTX Co 2.600% 15/06/2020 144A(2) 385,000 USD 384,987 383,350 0.46
Universal Health Services Inc 4.750% 01/08/2022 144A(2) 90,000 USD 90,000 91,125 0.11
Verizon Owner Trust 1.680% 20/05/2021 144A(2) 155,000 USD 154,984 154,376 0.18
Wachovia Bank Commercial Mortgage Trust 5.342% 15/12/2043 61,720 USD 67,388 61,651 0.07
WEA Finance LLC/Westfield UK & Europe Finance PLC 3.250% 05/10/2020 144A(2) 210,000 USD 209,458 213,570 0.25
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Duration Hedged Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Westlake Chemical Corp 3.600% 15/08/2026 144A(2) 45,000 USD 44,784 43,282 0.05
Westlake Chemical Corp 5.000% 15/08/2046 144A(2) 45,000 USD 43,874 44,449 0.05
10,861,323 10,802,907 12.89
Total - Fixed rate bonds 17,512,154 17,454,752 20.83
Variable rate bonds
United States
Commerical Mortgage Trust 2.404% 13/05/2031 144A(2) 222,909 USD 222,909 221,925 0.27
JP Morgan Chase Commercial Mortgage Securities Trust 2.454% 15/12/2030 144A(2) 20,181 USD 20,243 20,125 0.02
243,152 242,050 0.29
Total - Variable rate bonds 243,152 242,050 0.29
Total - Transferable securities dealt in on another regulated market 17,755,306 17,696,802 21.12
Other transferable securities Fixed rate bonds
United States
Welltower Inc 4.800% 20/11/2028 140,000 GBP 198,500 199,297 0.24
198,500 199,297 0.24
Total - Fixed rate bonds 198,500 199,297 0.24
Total - Other transferable securities 198,500 199,297 0.24
TOTAL INVESTMENT PORTFOLIO 82,994,928 81,068,831 96.74
(2) See Note 15.
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Loomis Sayles Emerging Debt and Currencies Fund
Changes in the number of Shares for the year ended December 31, 2016
H-I/A (EUR)
Number of shares outstanding at the beginning 90,210.000
Number of shares issued 90,210.000
Number of shares redeemed (180,420.000)
Number of shares at the end -
H-N/D (EUR)
Number of shares outstanding at the beginning 32.281
Number of shares issued 1.930
Number of shares redeemed -
Number of shares at the end 34.211
H-Q/A (GBP)
Number of shares outstanding at the beginning -
Number of shares issued 179,737.930
Number of shares redeemed -
Number of shares at the end 179,737.930
I/A (USD)
Number of shares outstanding at the beginning 6,500.000
Number of shares issued 3,222.570
Number of shares redeemed (9,700.000)
Number of shares at the end 22.570
Q/A (USD)
Number of shares outstanding at the beginning 220,389.621
Number of shares issued 10,159.160
Number of shares redeemed (92,063.736)
Number of shares at the end 138,485.045
R/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 131.804
Number of shares redeemed (1.681)
Number of shares at the end 130.123
R/A (EUR)
Number of shares outstanding at the beginning 50.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 50.000
R/D (USD)
Number of shares outstanding at the beginning 1,265.880
Number of shares issued 1,627.843
Number of shares redeemed (259.724)
Number of shares at the end 2,633.999
Natixis International Funds (Lux) I
Loomis Sayles Emerging Debt and Currencies Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 40,975,892 36,701,134 61,570,302
Net Asset Value per Share
H-I/A (EUR) - 75.19 89.47
H-N/D (EUR) 70.72 70.02 88.24
H-Q/A (GBP) 95.06 - -
I/A (USD) 129.69 118.81 140.57
Q/A (USD) 142.14 129.22 151.66
R/A (USD) 81.65 - 89.96
R/A (EUR) 109.66 98.20 105.01
R/D (USD) 60.02 58.22 72.59
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Emerging Debt and Currencies Fund Statement of Investments
As at December 31, 2016 (expressed in USD) Quantity / Face value Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Fixed rate bonds
Argentina
Argentine Bonos del Tesoro 18.200% 03/10/2021 6,000,000 ARS 382,688 386,349 0.94
382,688 386,349 0.94 Brazil
Brazil Letras do Tesouro Nacional 0.000% 01/10/2018 1,500,000 BRL 396,337 383,599 0.94
Brazil Notas do Tesouro Nacional Serie B 6.000% 15/05/2019 460,000 BRL 372,445 419,003 1.02
Brazil Notas do Tesouro Nacional Serie F 10.000%
01/01/2021 6,000,000 BRL 1,522,873 1,775,882 4.33
Brazil Notas do Tesouro Nacional Serie F 10.000% 01/01/2023 2,700,000 BRL 744,697 781,439 1.91
Brazil Notas do Tesouro Nacional Serie F 10.000% 01/01/2025 4,100,000 BRL 1,156,271 1,172,782 2.86
Brazil Notas do Tesouro Nacional Serie F 10.000% 01/01/2027 1,280,000 BRL 364,575 362,791 0.89
4,557,198 4,895,496 11.95 Colombia
Emgesa SA ESP 8.750% 25/01/2021 1,260,000,000 COP 726,147 417,148 1.02
726,147 417,148 1.02 Hungary
Hungary Government Bond 5.500% 20/12/2018 204,430,000 HUF 843,378 768,251 1.88
Hungary Government Bond 7.000% 24/06/2022 340,920,000 HUF 1,560,623 1,471,568 3.59
2,404,001 2,239,819 5.47 India
Housing Development Finance Corp Ltd 7.000% 09/01/2020 EMTN 20,000,000 INR 295,311 291,090 0.71
NTPC Ltd 8.100% 27/05/2021 25,000,000 INR 384,676 386,005 0.94
679,987 677,095 1.65 Indonesia
Indonesia Treasury Bond 7.000% 15/05/2022 8,100,000,000 IDR 590,758 582,996 1.42
Indonesia Treasury Bond 7.000% 15/05/2027 2,500,000,000 IDR 189,467 174,944 0.43
Indonesia Treasury Bond 8.250% 15/07/2021 14,675,000,000 IDR 1,396,128 1,115,943 2.72
Indonesia Treasury Bond 8.375% 15/03/2024 19,620,000,000 IDR 1,630,501 1,485,093 3.62
Indonesia Treasury Bond 9.000% 15/03/2029 11,300,000,000 IDR 942,564 887,052 2.17
4,749,418 4,246,028 10.36 Mexico
America Movil SAB de CV 6.450% 05/12/2022 3,900,000 MXN 299,308 171,559 0.42
Mexican Bonos 5.750% 05/03/2026 15,757,800 MXN 839,349 678,674 1.66
Mexican Bonos 6.500% 10/06/2021 11,880,200 MXN 659,379 562,322 1.37
Mexican Bonos 8.000% 11/06/2020 17,650,000 MXN 1,333,473 881,700 2.15
Mexican Bonos 8.000% 07/12/2023 9,420,000 MXN 588,883 474,299 1.16
Mexican Bonos 8.500% 13/12/2018 11,090,000 MXN 558,006 553,877 1.35
Mexican Udibonos 2.500% 10/12/2020 16,692,990 MXN 806,539 811,642 1.98
5,084,937 4,134,073 10.09 Peru
Peru Government Bond 6.350% 12/08/2028 492,000 PEN 145,180 144,665 0.35
Peru Government Bond 6.950% 12/08/2031 640,000 PEN 210,938 194,553 0.48
Peru Government Bond 8.200% 12/08/2026 1,384,000 PEN 446,540 464,834 1.13
802,658 804,052 1.96
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Emerging Debt and Currencies Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Quantity / Face value Currency Cost Evaluation % of Net
Description Assets
Poland
Republic of Poland Government Bond 5.750% 25/10/2021 5,085,000 PLN 1,621,332 1,372,267 3.35
1,621,332 1,372,267 3.35 Romania
Romania Government Bond 5.900% 26/07/2017 1,000,000 RON 308,716 238,758 0.58
Romania Government Bond 5.950% 11/06/2021 3,660,000 RON 1,111,892 971,349 2.37
1,420,608 1,210,107 2.95 Russia
Russian Federal Bond - OFZ 6.400% 27/05/2020 52,525,000 RUB 879,599 815,120 1.99
Russian Federal Bond - OFZ 6.800% 11/12/2019 22,900,000 RUB 310,040 361,635 0.88
Russian Federal Bond - OFZ 7.000% 16/08/2023 56,310,000 RUB 689,810 865,764 2.12
Russian Federal Bond - OFZ 8.150% 03/02/2027 30,150,000 RUB 465,053 491,934 1.20
2,344,502 2,534,453 6.19 South Africa
Republic of South Africa Government Bond 7.000% 28/02/2031 35,050,000 ZAR 1,997,157 2,096,633 5.12
Republic of South Africa Government Bond 10.500% 21/12/2026 24,100,000 ZAR 1,935,874 1,943,121 4.74
Transnet SOC Ltd 9.500% 13/05/2021 EMTN 2,580,000 ZAR 237,932 176,119 0.43
4,170,963 4,215,873 10.29
Turkey
Turkey Government Bond 8.500% 10/07/2019 1,645,000 TRY 684,778 448,007 1.09
Turkey Government Bond 8.800% 27/09/2023 3,075,000 TRY 994,933 779,764 1.90
Turkey Government Bond 9.000% 08/03/2017 1,320,000 TRY 527,189 375,725 0.92
Turkey Government Bond 9.500% 12/01/2022 3,585,000 TRY 1,657,992 961,069 2.35
3,864,892 2,564,565 6.26
Total - Fixed rate bonds 32,809,331 29,697,325 72.48
Investment Funds
Luxembourg
Natixis International Funds Lux I-Loomis Sayles Short Term Emerging Markets Bond 20,041 USD 2,165,702 2,225,983 5.43
2,165,702 2,225,983 5.43
Total - Investment Funds 2,165,702 2,225,983 5.43
Total - Transferable securities admitted to an official stock exchange listing 34,975,033 31,923,308 77.91
Transferable securities dealt in on another regulated market Fixed rate bonds
Colombia
Colombian TES 7.000% 04/05/2022 3,854,000,000 COP 1,524,479 1,302,254 3.18
Colombian TES 7.500% 26/08/2026 3,300,000,000 COP 1,143,232 1,129,388 2.76
Colombian TES 10.000% 24/07/2024 972,100,000 COP 386,578 382,252 0.93
3,054,289 2,813,894 6.87 Uganda
Republic of Uganda Government Bonds 16.125% 22/03/2018 1,000,000,000 UGX 297,213 276,047 0.67
297,213 276,047 0.67
Total - Fixed rate bonds 3,351,502 3,089,941 7.54
Total - Transferable securities dealt in on another regulated market 3,351,502 3,089,941 7.54
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Emerging Debt and Currencies Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Quantity / Face value Currency Cost Evaluation % of Net
Description Assets
Other transferable securities Fixed rate bonds
Dominican Republic
Dominican Republic International Bond 10.400% 10/05/2019 144A(2) 30,600,000 DOP 690,422 665,678 1.63
690,422 665,678 1.63 Malaysia
Malaysia Government Bond 3.418% 15/08/2022 2,565,000 MYR 683,093 552,767 1.35
Malaysia Government Bond 3.480% 15/03/2023 3,215,000 MYR 916,147 687,571 1.68
Malaysia Government Bond 4.378% 29/11/2019 2,580,000 MYR 789,104 586,787 1.43
Malaysia Government Bond 4.498% 15/04/2030 3,195,000 MYR 825,085 694,494 1.69
3,213,429 2,521,619 6.15 Mexico
Red de Carreteras de Occidente SAPIB de CV 9.000% 10/06/2028 144A EMTN(2) 3,800,000 MXN 308,120 168,992 0.41
308,120 168,992 0.41
Total - Fixed rate bonds 4,211,971 3,356,289 8.19
Total - Other transferable securities 4,211,971 3,356,289 8.19
TOTAL INVESTMENT PORTFOLIO 42,538,506 38,369,538 93.64
(2) See Note 15.
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Loomis Sayles Global Credit Fund
Changes in the number of Shares for the year ended December 31, 2016
H-I/A (EUR)
Number of shares outstanding at the beginning 124,518.104
Number of shares issued 88,123.966
Number of shares redeemed (111,922.104)
Number of shares at the end 100,719.966
H-N/D (EUR)
Number of shares outstanding at the beginning 30.841
Number of shares issued 0.809
Number of shares redeemed -
Number of shares at the end 31.650
H-S/A (CHF)
Number of shares outstanding at the beginning 60,000.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 60,000.000
H-S/A (EUR)
Number of shares outstanding at the beginning 277,959.827
Number of shares issued 527.660
Number of shares redeemed (262,146.272)
Number of shares at the end 16,341.215
I/A (USD)
Number of shares outstanding at the beginning 35.000
Number of shares issued 74,957.510
Number of shares redeemed (74,957.510)
Number of shares at the end 35.000
I/A (EUR)
Number of shares outstanding at the beginning 58,000.000
Number of shares issued -
Number of shares redeemed (58,000.000)
Number of shares at the end -
R/A (USD)
Number of shares outstanding at the beginning 6,619.124
Number of shares issued 654.098
Number of shares redeemed (5,491.745)
Number of shares at the end 1,781.477
R/A (EUR)
Number of shares outstanding at the beginning 158.417
Number of shares issued 8.335
Number of shares redeemed (148.084)
Number of shares at the end 18.668
R/D (USD)
Number of shares outstanding at the beginning 3,776.293
Number of shares issued 849.679
Number of shares redeemed (938.044)
Number of shares at the end 3,687.928
R/D (SGD)
Number of shares outstanding at the beginning 4,976.156
Number of shares issued 383.154
Number of shares redeemed (3,703.045)
Number of shares at the end 1,656.265
S/A (USD)
Number of shares outstanding at the beginning 90,986.369
Number of shares issued 3,808.727
Number of shares redeemed (21,337.002)
Number of shares at the end 73,458.094
Natixis International Funds (Lux) I
Loomis Sayles Global Credit Fund
Changes in the number of Shares for the year ended December 31, 2016
(continued)
H-S/A (USD)
Number of shares outstanding at the beginning 66,006.657
Number of shares issued 63,986.513
Number of shares redeemed (8,814.348)
Number of shares at the end 121,178.822
H-S/D (USD)
Number of shares outstanding at the beginning 204,749.234
Number of shares issued 116,111.796
Number of shares redeemed (122,457.567)
Number of shares at the end 198,403.463
Natixis International Funds (Lux) I
Loomis Sayles Global Credit Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 71,360,797 118,513,353 133,824,290
Net Asset Value per Share
H-I/A (EUR) 121.88 117.01 118.10
H-N/D (EUR) 98.82 97.40 100.56
H-S/A (CHF) 107.53 103.32 105.20
H-S/A (EUR) 159.36 152.14 152.95
I/A (USD) 147.31 141.32 147.16
I/A (EUR) - 127.86 119.58
R/A (USD) 128.62 124.41 130.18
R/A (EUR) 122.98 115.43 108.45
R/D (USD) 71.47 70.65 76.63
R/D (SGD) 101.81 98.82 100.19
S/A (USD) 133.11 127.69 132.51
H-S/A (USD) 161.10 151.57 152.05
H-S/D (USD) 97.77 94.81 103.48
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Credit Fund Statement of Investments
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Fixed rate bonds
Australia
Holcim Finance Australia Pty Ltd 3.750% 19/03/2020 430,000 AUD 330,851 311,858 0.44
National Australia Bank Ltd 4.000% 27/11/2019 355,000 AUD 281,117 264,097 0.37
Queensland Treasury Corp 4.250% 21/07/2023 144A(2) 225,000 AUD 181,391 176,853 0.25
Queensland Treasury Corp 7.125% 18/09/2017 144A(2) 185,000 NZD 130,205 133,187 0.19
SGSP Australia Assets Pty Ltd 2.000% 30/06/2022
EMTN 145,000 EUR 180,964 161,775 0.23
SGSP Australia Assets Pty Ltd 3.250% 29/07/2026 EMTN 230,000 USD 228,792 217,486 0.30
Telstra Corp Ltd 4.500% 13/11/2018 310,000 AUD 259,400 230,968 0.32
1,592,720 1,496,224 2.10 Belgium
Anheuser-Busch InBev SA/NV/old 1.500% 17/03/2025 EMTN 120,000 EUR 132,500 131,664 0.18
Anheuser-Busch InBev SA/NV/old 2.750% 17/03/2036 EMTN 85,000 EUR 103,138 98,232 0.14
235,638 229,896 0.32 Bermuda Islands
Ooredoo International Finance Ltd 5.000% 19/10/2025 EMTN 295,000 USD 294,953 314,092 0.44
294,953 314,092 0.44 Brazil
Brazilian Government International Bond 2.875% 01/04/2021 105,000 EUR 143,749 112,825 0.16
Itau Unibanco Holding SA/Cayman Island 2.850% 26/05/2018 EMTN 360,000 USD 359,952 360,900 0.50
503,701 473,725 0.66 Canada
Alimentation Couche-Tard Inc 1.875% 06/05/2026 195,000 EUR 220,401 211,236 0.29
Canadian Government Bond 1.750% 01/09/2019 660,000 CAD 561,361 503,864 0.71
Great-West Lifeco Inc 1.750% 07/12/2026 195,000 EUR 206,501 207,935 0.29
Province of Ontario Canada 1.950% 27/01/2023 545,000 CAD 384,934 405,716 0.57
1,373,197 1,328,751 1.86 Cayman Islands
CK Hutchison Finance 16 II Ltd 0.875% 03/10/2024 135,000 EUR 149,922 137,049 0.19
CK Hutchison International 16 Ltd 1.875% 03/10/2021 210,000 USD 208,687 201,100 0.28
358,609 338,149 0.47 Chile
Corp Nacional del Cobre de Chile 4.500% 16/09/2025 355,000 USD 350,235 360,377 0.50
Itau CorpBanca 3.875% 22/09/2019 260,000 USD 259,066 267,961 0.38
609,301 628,338 0.88 Colombia
Colombia Government International Bond 2.625% 15/03/2023 320,000 USD 292,463 301,600 0.42
292,463 301,600 0.42
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Credit Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
France
APRR SA 1.250% 06/01/2027 EMTN 100,000 EUR 105,620 105,650 0.15
AXA SA 7.125% 15/12/2020 125,000 GBP 215,540 186,636 0.26
BNP Paribas SA 5.750% 24/01/2022 EMTN 185,000 GBP 295,236 266,115 0.37
Credit Agricole SA 4.375% 17/03/2025 144A(2) 200,000 USD 197,118 197,015 0.28
Credit Agricole SA/London 1.875% 20/12/2026 EMTN 100,000 EUR 105,884 105,807 0.15
French Republic Government Bond OAT 4.250% 25/10/2023 145,000 EUR 214,215 196,506 0.28
Kering 1.250% 10/05/2026 EMTN 300,000 EUR 336,316 315,142 0.44
RTE Reseau de Transport d'Electricite SA 2.000% 18/04/2036 EMTN 100,000 EUR 112,294 107,730 0.15
RTE Reseau de Transport d'Electricite SA 2.750% 20/06/2029 EMTN 100,000 EUR 134,253 120,357 0.17
Societe Generale SA 1.000% 01/04/2022 EMTN 100,000 EUR 106,298 105,914 0.15
Societe Generale SA 4.250% 14/04/2025 144A(2) 305,000 USD 296,660 296,187 0.41
2,119,434 2,003,059 2.81 Germany
Bundesrepublik Deutschland 0.500% 15/02/2026 470,000 EUR 546,749 513,585 0.72
Commerzbank AG 0.500% 13/09/2023 EMTN 145,000 EUR 142,842 145,831 0.21
Commerzbank AG 4.000% 23/03/2026 EMTN 160,000 EUR 177,821 173,401 0.24
Henkel AG & Co KGaA 1.500% 13/09/2019 EMTN 180,000 USD 179,760 178,384 0.25
WPP Finance Deutschland GmbH 1.625% 23/03/2030 EMTN 110,000 EUR 120,683 113,226 0.16
1,167,855 1,124,427 1.58 Great Britain
Barclays PLC 4.375% 11/09/2024 280,000 USD 264,803 277,727 0.39
BAT International Finance PLC 1.625% 09/09/2019 EMTN 435,000 USD 434,093 429,325 0.60
Centrica PLC 4.375% 13/03/2029 EMTN 135,000 GBP 216,880 198,212 0.28
HSBC Holdings PLC 6.500% 15/09/2037 202,000 USD 206,929 250,418 0.35
Imperial Brands Finance PLC 4.250% 21/07/2025 144A(2) 525,000 USD 528,962 541,919 0.76
INEOS Grangemouth PLC 0.750% 30/07/2019 245,000 EUR 318,061 265,113 0.37
Lloyds Banking Group PLC 4.500% 04/11/2024 450,000 USD 451,012 457,942 0.64
National Grid Gas Finance PLC 0.625% 22/09/2024 EMTN 100,000 EUR 111,663 103,462 0.14
National Grid Gas Finance PLC 2.750% 22/09/2046 EMTN 135,000 GBP 175,512 162,051 0.23
Royal Bank of Scotland Group PLC 6.000% 19/12/2023 450,000 USD 483,121 467,417 0.66
Santander UK PLC 0.875% 13/01/2020 EMTN 125,000 EUR 143,752 134,210 0.19
Sky PLC 1.500% 15/09/2021 EMTN 100,000 EUR 110,832 109,850 0.15
Sky PLC 2.250% 17/11/2025 EMTN 295,000 EUR 348,647 331,231 0.46
Sky PLC 4.000% 26/11/2029 EMTN 195,000 GBP 309,706 273,883 0.38
Standard Chartered PLC 3.625% 23/11/2022 EMTN 195,000 EUR 233,587 219,396 0.31
Standard Chartered PLC 3.950% 11/01/2023 500,000 USD 490,404 488,615 0.68
Tesco Corporate Treasury Services PLC 1.250% 13/11/2017 EMTN 220,000 EUR 301,220 234,048 0.33
Tesco PLC 5.000% 24/03/2023 EMTN 150,000 GBP 249,460 199,857 0.28
United Kingdom Gilt 2.000% 07/09/2025 390,000 GBP 546,056 517,854 0.73
United Kingdom Gilt 3.250% 22/01/2044 110,000 GBP 178,880 175,654 0.25
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Credit Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
WPP Finance 2010 5.625% 15/11/2043 125,000 USD 129,212 133,534 0.19
WPP Finance 2013 2.875% 14/09/2046 EMTN 100,000 GBP 132,245 111,723 0.16
6,365,037 6,083,441 8.53 Indonesia
Indonesia Government International Bond 5.125%
15/01/2045 EMTN 260,000 USD 257,248 259,417 0.36
257,248 259,417 0.36 Ireland
Eaton Capital Unlimited Co 0.750% 20/09/2024 100,000 EUR 111,817 103,677 0.15
111,817 103,677 0.15 Italy
Autostrade per l'Italia SpA 1.625% 12/06/2023 30,000 EUR 32,316 32,895 0.05
Autostrade per l'Italia SpA 1.750% 01/02/2027 EMTN 100,000 EUR 104,640 106,822 0.15
136,956 139,717 0.20 Jersey
Delphi Automotive PLC 1.500% 10/03/2025 285,000 EUR 283,688 300,815 0.42
Delphi Automotive PLC 3.150% 19/11/2020 75,000 USD 74,875 76,201 0.11
Delphi Automotive PLC 4.250% 15/01/2026 185,000 USD 186,146 191,536 0.27
544,709 568,552 0.80 Luxembourg
Telecom Italia Capital SA 6.000% 30/09/2034 145,000 USD 142,055 134,125 0.19
142,055 134,125 0.19 Malaysia
Cagamas Global PLC 2.745% 10/12/2019 EMTN 300,000 USD 300,000 300,852 0.42
300,000 300,852 0.42 Mexico
America Movil SAB de CV 1.500% 10/03/2024 210,000 EUR 229,681 223,159 0.31
Mexichem SAB de CV 5.875% 17/09/2044 200,000 USD 196,757 178,250 0.25
Mexico Government International Bond 4.750% 08/03/2044 346,000 USD 323,494 314,618 0.44
Sigma Alimentos SA de CV 4.125% 02/05/2026 144A(2) 220,000 USD 219,583 209,000 0.30
969,515 925,027 1.30 Morocco
OCP SA 6.875% 25/04/2044 144A(2) 200,000 USD 205,736 201,025 0.28
205,736 201,025 0.28 Netherlands
Cooperatieve Rabobank UA 4.625% 23/05/2029 EMTN 100,000 GBP 167,453 132,707 0.19
CRH Funding BV 1.875% 09/01/2024 EMTN 140,000 EUR 147,675 156,994 0.22
EDP Finance BV 2.000% 22/04/2025 EMTN 195,000 EUR 207,028 201,822 0.28
EDP Finance BV 2.375% 23/03/2023 EMTN 145,000 EUR 163,791 158,292 0.22
EDP Finance BV 4.900% 01/10/2019 144A(2) 235,000 USD 244,350 246,253 0.35
Embraer Netherlands Finance BV 5.050% 15/06/2025 315,000 USD 308,687 313,110 0.44
Enel Finance International NV 5.750% 14/09/2040 EMTN 120,000 GBP 183,914 195,866 0.27
Petrobras Global Finance BV 6.875% 20/01/2040 170,000 USD 167,994 145,894 0.20
Teva Pharmaceutical Finance Netherlands II BV 1.125% 15/10/2024 100,000 EUR 109,293 101,745 0.14
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Credit Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Teva Pharmaceutical Finance Netherlands III BV 2.800% 21/07/2023 190,000 USD 189,406 179,852 0.25
Vonovia Finance BV 1.500% 10/06/2026 EMTN 200,000 EUR 227,721 210,228 0.30
2,117,312 2,042,763 2.86 New Zealand
Fonterra Co-operative Group Ltd 0.750% 08/11/2024 EMTN 235,000 EUR 259,256 243,004 0.34
Fonterra Co-operative Group Ltd 4.500% 30/06/2021 500,000 AUD 450,065 372,496 0.52
709,321 615,500 0.86 Peru
Corp Financiera de Desarrollo SA 3.250% 15/07/2019 220,000 USD 219,822 222,750 0.31
219,822 222,750 0.31 Portugal
Brisa Concessao Rodoviaria SA 2.000% 22/03/2023 EMTN 100,000 EUR 110,897 107,934 0.15
Galp Gas Natural Distribuicao SA 1.375% 19/09/2023 EMTN 100,000 EUR 111,595 104,398 0.15
222,492 212,332 0.30 Romania
Romanian Government International Bond 2.875% 28/10/2024 EMTN 180,000 EUR 227,581 201,641 0.28
227,581 201,641 0.28 Singapore
BOC Aviation Ltd 3.000% 30/03/2020 EMTN 260,000 USD 259,086 260,023 0.37
259,086 260,023 0.37 Spain
Santander Issuances SAU 3.250% 04/04/2026 EMTN 200,000 EUR 225,665 215,097 0.30
Santander Issuances SAU 5.179% 19/11/2025 200,000 USD 182,993 201,880 0.28
Telefonica Emisiones SAU 1.930% 17/10/2031 EMTN 100,000 EUR 111,570 98,996 0.14
Telefonica Emisiones SAU 5.375% 02/02/2026 EMTN 85,000 GBP 147,853 125,380 0.18
Telefonica Emisiones SAU 5.462% 16/02/2021 120,000 USD 129,496 130,809 0.18
Telefonica Emisiones SAU 7.045% 20/06/2036 85,000 USD 102,782 98,660 0.14
900,359 870,822 1.22 Supranational Organisations
Banque Ouest Africaine de Developpement 5.500% 06/05/2021 300,000 USD 297,203 309,076 0.43
297,203 309,076 0.43 United Arab Emirates
Dubai Electricity & Water Authority 7.375% 21/10/2020 150,000 USD 175,036 173,241 0.24
175,036 173,241 0.24
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Credit Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
United States
Aetna Inc 2.400% 15/06/2021 160,000 USD 159,986 159,276 0.22
Aetna Inc 3.200% 15/06/2026 190,000 USD 189,329 187,961 0.26
Aetna Inc 4.375% 15/06/2046 90,000 USD 90,557 90,373 0.13
Albemarle Corp 1.875% 08/12/2021 260,000 EUR 320,892 287,623 0.40
Altria Group Inc 4.000% 31/01/2024 125,000 USD 129,939 132,077 0.19
American International Group Inc 4.800% 10/07/2045 65,000 USD 64,542 67,465 0.09
Anadarko Petroleum Corp 5.550% 15/03/2026 380,000 USD 415,463 425,319 0.60
Anheuser-Busch InBev Finance Inc 3.650% 01/02/2026 285,000 USD 286,390 289,329 0.41
Anheuser-Busch InBev Finance Inc 4.700% 01/02/2036 40,000 USD 39,827 42,075 0.06
Anheuser-Busch InBev Finance Inc 4.900% 01/02/2046 245,000 USD 244,441 264,813 0.37
AT&T Inc 2.750% 19/05/2023 130,000 EUR 162,680 150,914 0.21
AT&T Inc 3.875% 15/08/2021 695,000 USD 751,332 717,550 1.01
AT&T Inc 4.125% 17/02/2026 290,000 USD 308,043 293,644 0.41
AT&T Inc 4.300% 15/12/2042 210,000 USD 191,048 187,987 0.26
AT&T Inc 4.450% 01/04/2024 160,000 USD 173,463 166,790 0.23
AT&T Inc 4.800% 15/06/2044 25,000 USD 25,254 23,623 0.03
AT&T Inc 5.150% 15/03/2042 100,000 USD 102,974 99,617 0.14
Avnet Inc 4.625% 15/04/2026 230,000 USD 230,787 224,096 0.31
Baltimore Gas & Electric Co 3.350% 01/07/2023 200,000 USD 203,191 204,731 0.29
Bank of America Corp 2.650% 01/04/2019 345,000 USD 352,368 348,645 0.49
Bank of America Corp 3.950% 21/04/2025 70,000 USD 69,829 69,684 0.10
Bank of America Corp 4.183% 25/11/2027 145,000 USD 145,000 145,093 0.20
Bank of America Corp 5.000% 13/05/2021 865,000 USD 900,086 942,018 1.32
Becton Dickinson and Co 1.900% 15/12/2026 225,000 EUR 238,009 244,130 0.34
Berkshire Hathaway Inc 1.125% 16/03/2027 450,000 EUR 481,095 465,562 0.65
BorgWarner Inc 1.800% 07/11/2022 195,000 EUR 214,459 214,282 0.30
Brixmor Operating Partnership LP 3.875% 15/08/2022 50,000 USD 49,688 50,972 0.07
Cigna Corp 3.250% 15/04/2025 175,000 USD 166,669 170,441 0.24
Citigroup Inc 1.500% 26/10/2028 EMTN 195,000 EUR 213,544 198,922 0.28
Citigroup Inc 2.350% 02/08/2021 355,000 USD 356,527 347,261 0.49
Citigroup Inc 4.090% 09/06/2025 275,000 CAD 219,184 208,946 0.29
Consolidated Edison Co of New York Inc 2.900% 01/12/2026 60,000 USD 59,759 58,962 0.08
Constellation Brands Inc 3.700% 06/12/2026 355,000 USD 354,679 346,849 0.49
Continental Resources Inc/OK 3.800% 01/06/2024 65,000 USD 60,049 59,963 0.08
Crown Castle International Corp 3.400% 15/02/2021 620,000 USD 620,833 629,146 0.88
Crown Castle International Corp 3.700% 15/06/2026 155,000 USD 154,558 152,137 0.21
Crown Castle International Corp 4.450% 15/02/2026 280,000 USD 288,029 289,686 0.41
CVS Health Corp 2.875% 01/06/2026 235,000 USD 233,098 223,994 0.31
CVS Health Corp 4.125% 15/05/2021 325,000 USD 346,773 343,887 0.48
CVS Health Corp 5.125% 20/07/2045 210,000 USD 260,394 234,034 0.33
DDR Corp 3.625% 01/02/2025 125,000 USD 124,253 120,920 0.17
Eaton Corp 4.000% 02/11/2032 120,000 USD 125,111 118,300 0.17
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Credit Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Energy Transfer Partners LP 4.900% 01/02/2024 175,000 USD 181,818 181,010 0.25
Energy Transfer Partners LP 5.150% 01/02/2043 160,000 USD 166,022 149,098 0.21
Energy Transfer Partners LP 6.125% 15/12/2045 60,000 USD 59,783 63,836 0.09
EOG Resources Inc 2.450% 01/04/2020 350,000 USD 348,821 350,527 0.49
FedEx Corp 1.625% 11/01/2027 480,000 EUR 543,432 513,812 0.72
FedEx Corp 4.550% 01/04/2046 165,000 USD 164,295 166,272 0.23
Ford Motor Credit Co LLC 3.096% 04/05/2023 210,000 USD 211,520 202,801 0.28
GATX Corp 3.250% 30/03/2025 130,000 USD 128,875 124,921 0.18
General Electric Co 4.125% 09/10/2042 295,000 USD 291,855 297,611 0.42
General Electric Co 4.625% 30/01/2043 EMTN 300,000 USD 296,788 300,330 0.42
General Motors Co 5.200% 01/04/2045 305,000 USD 302,943 293,993 0.41
General Motors Co 6.750% 01/04/2046 20,000 USD 19,982 23,454 0.03
General Motors Financial Co Inc 3.150% 15/01/2020 150,000 USD 150,395 150,941 0.21
General Motors Financial Co Inc 4.000% 15/01/2025 245,000 USD 234,047 239,032 0.34
Goldman Sachs Group Inc/The 2.550% 23/10/2019 355,000 USD 362,680 357,606 0.50
Goldman Sachs Group Inc/The 3.625% 22/01/2023 685,000 USD 683,586 699,667 0.98
HCA Inc 4.750% 01/05/2023 350,000 USD 356,185 358,313 0.50
International Lease Finance Corp 5.875% 15/08/2022 350,000 USD 383,539 379,750 0.53
JPMorgan Chase & Co 2.295% 15/08/2021 355,000 USD 357,141 348,423 0.49
JPMorgan Chase & Co 3.250% 23/09/2022 415,000 USD 418,744 419,685 0.59
Kimco Realty Corp 2.800% 01/10/2026 145,000 USD 143,840 134,815 0.19
Kimco Realty Corp 3.200% 01/05/2021 305,000 USD 305,471 309,666 0.43
Kimco Realty Corp 4.250% 01/04/2045 60,000 USD 58,802 57,703 0.08
Kinder Morgan Inc/DE 5.050% 15/02/2046 380,000 USD 358,522 376,164 0.53
Kraft Heinz Foods Co 2.000% 30/06/2023 135,000 EUR 149,863 149,608 0.21
Kraft Heinz Foods Co 2.250% 25/05/2028 185,000 EUR 210,883 198,823 0.28
Kraft Heinz Foods Co 4.125% 01/07/2027 145,000 GBP 212,384 200,304 0.28
McKesson Corp 4.883% 15/03/2044 95,000 USD 95,244 96,640 0.14
Medtronic Inc 3.500% 15/03/2025 493,000 USD 491,009 507,649 0.71
MetLife Inc 4.125% 13/08/2042 120,000 USD 108,692 118,100 0.17
Mohawk Industries Inc 2.000% 14/01/2022 585,000 EUR 661,611 651,472 0.91
Moody's Corp 1.750% 09/03/2027 155,000 EUR 173,837 166,384 0.23
Morgan Stanley 2.375% 23/07/2019 355,000 USD 361,003 356,011 0.50
MPLX LP 4.500% 15/07/2023 65,000 USD 62,269 66,015 0.09
MPLX LP 4.875% 01/12/2024 60,000 USD 59,016 61,782 0.09
MPLX LP 4.875% 01/06/2025 75,000 USD 73,540 77,111 0.11
Noble Energy Inc 5.250% 15/11/2043 105,000 USD 103,556 106,954 0.15
Northrop Grumman Corp 3.850% 15/04/2045 90,000 USD 89,976 85,376 0.12
Omega Healthcare Investors Inc 4.375% 01/08/2023 20,000 USD 19,951 19,804 0.03
Owens Corning 3.400% 15/08/2026 450,000 USD 447,658 427,470 0.60
PPG Industries Inc 1.400% 13/03/2027 255,000 EUR 273,750 271,086 0.38
Principal Financial Group Inc 3.400% 15/05/2025 190,000 USD 189,504 188,783 0.27
Prologis LP 1.375% 13/05/2021 220,000 EUR 248,653 240,572 0.33
Prologis LP 3.000% 18/01/2022 EMTN 215,000 EUR 262,617 252,166 0.35
S&P Global Inc 4.000% 15/06/2025 295,000 USD 293,251 303,077 0.43
Natixis International Funds (Lux) I
(3) See Note 13.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Credit Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Sempra Energy 3.750% 15/11/2025 120,000 USD 119,711 121,217 0.17
Time Warner Inc 4.650% 01/06/2044 255,000 USD 260,028 243,817 0.34
Time Warner Inc 6.100% 15/07/2040 50,000 USD 59,673 57,077 0.08
U.S. Treasury Bond 2.500% 15/02/2045 110,000 USD 107,723 97,982 0.14
U.S. Treasury Bond 2.500% 15/02/2046 170,000 USD 166,362 151,061 0.21
U.S. Treasury Bond 2.500% 15/05/2046 960,000 USD 1,001,482 853,125 1.20
U.S. Treasury Bond 2.875% 15/05/2043(3) 510,000 USD 478,112 492,608 0.69
U.S. Treasury Bond 3.875% 15/08/2040 115,000 USD 152,580 132,039 0.19
U.S. Treasury Bond 4.500% 15/02/2036 90,000 USD 123,342 113,878 0.16
U.S. Treasury Inflation Indexed Note 0.125% 15/07/2026 1,472,352 USD 1,466,691 1,423,765 2.00
U.S. Treasury Note 0.625% 30/06/2018 1,610,000 USD 1,607,508 1,599,875 2.24
U.S. Treasury Note 1.125% 30/06/2021 365,000 USD 363,484 353,266 0.50
U.S. Treasury Note 1.125% 30/09/2021 180,000 USD 178,565 173,623 0.24
U.S. Treasury Note 1.375% 31/08/2023 1,150,000 USD 1,133,278 1,089,580 1.53
U.S. Treasury Note 1.625% 31/10/2023 375,000 USD 370,428 360,776 0.51
U.S. Treasury Note 1.625% 15/05/2026 760,000 USD 764,469 708,700 0.99
UnitedHealth Group Inc 4.625% 15/07/2035 185,000 USD 218,716 201,657 0.28
Verizon Communications Inc 2.625% 15/08/2026 435,000 USD 426,077 400,440 0.56
Verizon Communications Inc 4.400% 01/11/2034 130,000 USD 129,096 128,308 0.18
Verizon Communications Inc 5.050% 15/03/2034 255,000 USD 261,603 268,524 0.38
Virginia Electric & Power Co 4.450% 15/02/2044 25,000 USD 26,728 26,247 0.04
Welltower Inc 4.000% 01/06/2025 50,000 USD 52,801 51,100 0.07
Williams Partners LP 4.000% 15/09/2025 320,000 USD 319,141 316,409 0.44
Worthington Industries Inc 4.550% 15/04/2026 275,000 USD 281,608 272,239 0.38
Xcel Energy Inc 3.350% 01/12/2026 165,000 USD 164,683 165,137 0.23
Zimmer Biomet Holdings Inc 2.425% 13/12/2026 185,000 EUR 198,570 199,309 0.28
Zimmer Biomet Holdings Inc 3.550% 01/04/2025 280,000 USD 281,361 272,716 0.38
31,955,305 31,318,189 43.89
Total - Fixed rate bonds 54,664,461 53,180,431 74.53
Variable rate bonds
France
AXA SA 3.375% 06/07/2047 EMTN 295,000 EUR 327,221 316,034 0.44
AXA SA 5.125% 04/07/2043 EMTN 135,000 EUR 191,260 163,991 0.23
518,481 480,025 0.67 Germany
Allianz SE 2.241% 07/07/2045 300,000 EUR 315,366 307,361 0.43
315,366 307,361 0.43 Great Britain
Aviva PLC 3.375% 04/12/2045 EMTN 185,000 EUR 196,045 191,625 0.27
Aviva PLC 6.125% 05/07/2043 EMTN 105,000 EUR 152,118 128,745 0.18
Aviva PLC 6.625% 03/06/2041 EMTN 185,000 GBP 333,157 253,224 0.35
Barclays PLC 2.625% 11/11/2025 EMTN 100,000 EUR 104,680 104,684 0.15
Eurosail-UK 2007-1nc PLC 0.537% 13/03/2045 30,627 GBP 38,509 36,791 0.05
HBOS PLC 4.500% 18/03/2030 EMTN 10,000 EUR 13,858 11,590 0.02
HSBC Bank PLC 5.375% 04/11/2030 EMTN 256,000 GBP 388,266 352,403 0.49
Prudential PLC 5.000% 20/07/2055 EMTN 205,000 GBP 307,086 248,106 0.35
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Credit Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Residential Mortgage Securities 22 PLC 0.758% 14/11/2039 87,966 GBP 118,223 103,767 0.15
RMAC Securities No 1 PLC 0.000% 12/06/2044 48,113 EUR 47,964 47,329 0.07
RSA Insurance Group PLC 5.125% 10/10/2045 150,000 GBP 227,852 188,959 0.26
1,927,758 1,667,223 2.34
Ireland
Aquarius and Investments PLC for Zurich Insurance Co Ltd 4.250% 02/10/2043 EMTN 260,000 EUR 370,067 302,139 0.42
370,067 302,139 0.42 Netherlands
ING Bank NV 3.000% 11/04/2028 EMTN 100,000 EUR 113,385 111,191 0.15
Volksbank NV 3.750% 05/11/2025 EMTN 185,000 EUR 211,191 204,094 0.29
324,576 315,285 0.44 Switzerland
Raiffeisen Schweiz Genossenschaft 3.000% 31/12/2049 320,000 CHF 321,640 326,688 0.46
321,640 326,688 0.46
Total - Variable rate bonds 3,777,888 3,398,721 4.76
Total - Transferable securities admitted to an official stock exchange listing 58,442,349 56,579,152 79.29
Transferable securities dealt in on another regulated market Fixed rate bonds
Australia
Asciano Finance Ltd 4.625% 23/09/2020 275,000 USD 274,766 284,517 0.40
Macquarie Bank Ltd 3.900% 15/01/2026 144A(2) 250,000 USD 247,144 255,081 0.36
Telstra Corp Ltd 3.125% 07/04/2025 144A(2) 50,000 USD 50,647 49,246 0.07
572,557 588,844 0.83 Bermuda Islands
Holcim Capital Corp Ltd 6.500% 12/09/2043 144A(2) 200,000 USD 206,709 231,759 0.32
206,709 231,759 0.32 Brazil
Cielo SA/Cielo USA Inc 3.750% 16/11/2022 200,000 USD 198,678 186,500 0.26
198,678 186,500 0.26 France
Air Liquide Finance SA 1.375% 27/09/2019 144A(2) 295,000 USD 294,354 289,661 0.41
Air Liquide Finance SA 1.750% 27/09/2021 144A(2) 305,000 USD 303,449 292,857 0.41
BNP Paribas SA 4.375% 12/05/2026 144A(2) 200,000 USD 199,671 197,120 0.28
Danone SA 2.947% 02/11/2026 144A(2) 355,000 USD 355,000 338,771 0.47
Pernod Ricard SA 5.500% 15/01/2042 144A(2) 235,000 USD 249,748 258,726 0.36
1,402,222 1,377,135 1.93 Great Britain
Centrica PLC 4.000% 16/10/2023 144A(2) 250,000 USD 255,407 254,549 0.36
Santander UK Group Holdings PLC 4.750% 15/09/2025 144A(2) 215,000 USD 214,482 210,485 0.29
Sky PLC 3.750% 16/09/2024 144A(2) 200,000 USD 195,806 200,635 0.28
665,695 665,669 0.93 Italy
Intesa Sanpaolo SpA 5.710% 15/01/2026 144A(2) 200,000 USD 196,843 190,856 0.27
196,843 190,856 0.27
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Credit Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Netherlands
Enel Finance International NV 6.000% 07/10/2039 144A(2) 180,000 USD 156,224 201,092 0.28
Koninklijke Ahold Delhaize NV 5.700% 01/10/2040 295,000 USD 313,836 326,888 0.46
Siemens Financieringsmaatschappij NV 2.350% 15/10/2026 144A(2) 250,000 USD 232,857 231,402 0.32
Siemens Financieringsmaatschappij NV 3.300% 15/09/2046 144A(2) 250,000 USD 219,494 217,667 0.31
922,411 977,049 1.37 United States
21st Century Fox America Inc 4.750% 15/11/2046 144A(2) 30,000 USD 29,967 30,090 0.04
A10 Securitization LLC 2.400% 15/11/2025 144A(2) 2,795 USD 2,795 2,794 0.00
A10 Term Asset Financing LLC 2.620% 15/11/2027 144A(2) 47,869 USD 47,862 47,672 0.07
Activision Blizzard Inc 2.300% 15/09/2021 144A(2) 160,000 USD 159,816 156,136 0.22
Activision Blizzard Inc 3.400% 15/09/2026 144A(2) 190,000 USD 179,347 180,334 0.25
Alta Wind Holdings LLC 7.000% 30/06/2035 144A(2) 237,373 USD 247,451 258,991 0.36
American Airlines 5.250% 15/01/2024 169,456 USD 169,456 173,692 0.24
Aviation Capital Group Corp 4.875% 01/10/2025 144A(2) 230,000 USD 229,191 243,800 0.34
BAE Systems Holdings Inc 3.850% 15/12/2025 144A(2) 395,000 USD 396,873 402,851 0.56
Catholic Health Initiatives 4.350% 01/11/2042 435,000 USD 434,198 386,389 0.54
Celgene Corp 5.000% 15/08/2045 100,000 USD 100,144 103,973 0.15
Centre Point Funding LLC 2.610% 20/08/2021 228,166 USD 228,150 224,957 0.32
Citigroup Inc 4.000% 05/08/2024 135,000 USD 135,123 136,046 0.19
Commerical Mortgage Trust 3.819% 10/06/2047 80,000 USD 84,587 83,492 0.12
Commerical Mortgage Trust 3.902% 10/07/2050 95,000 USD 101,123 99,273 0.14
CRH America Inc 3.875% 18/05/2025 144A(2) 305,000 USD 304,684 310,563 0.44
Delphi Corp 4.150% 15/03/2024 145,000 USD 146,395 149,455 0.21
Delta Air Lines 4.250% 30/07/2023 308,534 USD 310,371 314,814 0.44
ERAC USA Finance LLC 4.500% 15/02/2045 144A(2) 235,000 USD 237,466 224,092 0.31
Exeter Automobile Receivables Trust 2.770% 15/11/2019 144A(2) 40,000 USD 39,998 40,095 0.06
Express Scripts Holding Co 3.400% 01/03/2027 140,000 USD 141,957 131,168 0.18
Express Scripts Holding Co 4.500% 25/02/2026 390,000 USD 404,569 401,494 0.56
Gilead Sciences Inc 4.150% 01/03/2047 135,000 USD 134,041 128,223 0.18
Gilead Sciences Inc 4.500% 01/02/2045 105,000 USD 111,721 104,912 0.15
Gilead Sciences Inc 4.750% 01/03/2046 35,000 USD 35,216 36,214 0.05
Hyundai Capital America 2.750% 27/09/2026 375,000 USD 374,682 340,633 0.48
JP Morgan Chase Commercial Mortgage Securities Trust 5.716% 15/02/2051 197,293 USD 203,021 201,710 0.28
Kraft Heinz Foods Co 3.000% 01/06/2026 285,000 USD 283,827 267,569 0.37
Kraft Heinz Foods Co 4.375% 01/06/2046 65,000 USD 64,799 61,164 0.09
LafargeHolcim Finance US LLC 4.750% 22/09/2046 144A(2) 200,000 USD 195,872 193,424 0.27
Marriott International Inc/MD 2.300% 15/01/2022 360,000 USD 358,663 349,217 0.49
Memorial Sloan-Kettering Cancer Center 4.125% 01/07/2052 300,000 USD 298,328 289,690 0.41
Northrop Grumman Corp 3.200% 01/02/2027 235,000 USD 234,625 232,509 0.33
San Diego Gas & Electric Co 2.500% 15/05/2026 280,000 USD 279,147 268,361 0.38
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Credit Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Spirit Airlines 4.450% 01/04/2024 134,919 USD 134,919 137,083 0.19
SpringCastle America Funding LLC 3.050% 25/04/2029 144A(2) 112,954 USD 112,949 113,518 0.16
Time Warner Cable LLC 4.500% 15/09/2042 145,000 USD 151,914 131,320 0.18
Trans-Allegheny Interstate Line Co 3.850%
01/06/2025 200,000 USD 201,341 202,606 0.28
United Airlines 4.625% 03/09/2022 131,113 USD 132,710 134,063 0.19
United Airlines 5.375% 15/08/2021 277,936 USD 286,030 287,005 0.40
Verizon Owner Trust 1.680% 20/05/2021 144A(2) 130,000 USD 129,987 129,476 0.18
Westlake Chemical Corp 3.600% 15/08/2026 144A(2) 35,000 USD 34,832 33,664 0.05
Westlake Chemical Corp 5.000% 15/08/2046 144A(2) 40,000 USD 39,000 39,510 0.06
7,929,147 7,784,042 10.91
Total - Fixed rate bonds 12,094,262 12,001,854 16.82
Variable rate bonds
United States
Commerical Mortgage Trust 2.404% 13/05/2031 144A(2) 151,578 USD 151,578 150,909 0.21
JP Morgan Chase Commercial Mortgage Securities Trust 2.454% 15/12/2030 144A(2) 32,434 USD 32,533 32,344 0.04
JP Morgan Resecuritization Trust 2.425% 26/09/2035 144A(2) 51,797 USD 52,328 51,974 0.07
Morgan Stanley Re-REMIC Trust 5.793% 15/08/2045 144A(2) 100,000 USD 102,135 100,367 0.14
RBSCF Trust 5.695% 16/09/2040 144A(2) 125,000 USD 126,540 125,533 0.18
465,114 461,127 0.64
Total - Variable rate bonds 465,114 461,127 0.64
Total - Transferable securities dealt in on another regulated market 12,559,376 12,462,981 17.46
Other transferable securities Fixed rate bonds
Canada
Alimentation Couche-Tard Inc 3.319% 01/11/2019 310,000 CAD 311,918 240,177 0.34
Province of Ontario Canada 4.650% 02/06/2041 140,000 CAD 146,594 129,249 0.18
458,512 369,426 0.52 United States
Welltower Inc 4.800% 20/11/2028 120,000 GBP 167,075 170,826 0.24
167,075 170,826 0.24
Total - Fixed rate bonds 625,587 540,252 0.76
Total - Other transferable securities 625,587 540,252 0.76
TOTAL INVESTMENT PORTFOLIO 71,627,312 69,582,385 97.51
(2) See Note 15.
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Loomis Sayles Institutional Global Corporate Bond Fund
Changes in the number of Shares for the year ended December 31, 2016
H-S/A (GBP)
Number of shares outstanding at the beginning 3,521,352.649
Number of shares issued -
Number of shares redeemed (551,018.087)
Number of shares at the end 2,970,334.562
Q/A (USD)
Number of shares outstanding at the beginning 105,000.000
Number of shares issued 41,479.663
Number of shares redeemed -
Number of shares at the end 146,479.663
H/Q-A (GBP)
Number of shares outstanding at the beginning -
Number of shares issued 356,396.440
Number of shares redeemed -
Number of shares at the end 356,396.440
H-S/D (GBP)
Number of shares outstanding at the beginning 268,177.754
Number of shares issued 8.278
Number of shares redeemed (1,025.269)
Number of shares at the end 267,160.763
Natixis International Funds (Lux) I
Loomis Sayles Institutional Global Corporate Bond Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 620,386,528 741,556,390 901,659,215
Net Asset Value per Share
H-I/A (GBP) - - 113.64
H-I/A (USD) - - 107.05
H-S/A (GBP) 143.86 133.42 134.77
Q/A (USD) 105.44 99.47 -
H/Q-A (GBP) 98.13 - -
H-S/D (GBP) 102.09 97.80 104.12
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional Global Corporate Bond Fund Statement of Investments
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Fixed rate bonds
Australia
Asciano Finance Ltd 5.000% 19/09/2023 EMTN 600,000 GBP 947,357 823,004 0.13
SGSP Australia Assets Pty Ltd 2.000% 30/06/2022 EMTN 4,065,000 EUR 4,681,755 4,535,277 0.73
5,629,112 5,358,281 0.86 Belgium
Anheuser-Busch InBev SA/NV/old 1.500% 17/03/2025 EMTN 1,000,000 EUR 1,104,167 1,097,201 0.18
1,104,167 1,097,201 0.18 Bermuda Islands
Fidelity International Ltd 6.875% 24/02/2017 EMTN 1,810,000 EUR 2,426,122 1,927,730 0.31
Ooredoo International Finance Ltd 5.000% 19/10/2025 EMTN 1,600,000 USD 1,636,783 1,703,552 0.27
4,062,905 3,631,282 0.58 Brazil
Itau Unibanco Holding SA/Cayman Island 2.850% 26/05/2018 EMTN 3,100,000 USD 3,099,581 3,107,750 0.50
3,099,581 3,107,750 0.50 Canada
Alimentation Couche-Tard Inc 1.875% 06/05/2026 1,965,000 EUR 2,266,504 2,128,605 0.34
Great-West Lifeco Inc 1.750% 07/12/2026 1,710,000 EUR 1,810,848 1,823,430 0.30
4,077,352 3,952,035 0.64 Cayman Islands
CK Hutchison Finance 16 II Ltd 0.875% 03/10/2024 1,265,000 EUR 1,404,823 1,284,200 0.21
CK Hutchison International 16 Ltd 1.875% 03/10/2021 1,925,000 USD 1,912,958 1,843,418 0.30
JAFZ Sukuk 2019 Ltd 7.000% 19/06/2019 855,000 USD 944,373 935,199 0.15
Noble Holding International Ltd 5.250% 15/03/2042 215,000 USD 108,850 141,900 0.02
Noble Holding International Ltd 6.050% 01/03/2041 105,000 USD 53,301 72,450 0.01
Noble Holding International Ltd 6.200% 01/08/2040 155,000 USD 78,924 107,919 0.02
4,503,229 4,385,086 0.71 Chile
Corp Nacional del Cobre de Chile 4.500% 16/09/2025 1,305,000 USD 1,287,482 1,324,768 0.22
Itau CorpBanca 3.875% 22/09/2019 2,000,000 USD 1,992,815 2,061,236 0.33
3,280,297 3,386,004 0.55 France
APRR SA 1.250% 06/01/2027 EMTN 1,800,000 EUR 1,897,187 1,901,698 0.31
APRR SA 1.875% 06/01/2031 EMTN 1,200,000 EUR 1,258,397 1,280,150 0.21
Credit Agricole SA 2.625% 17/03/2027 2,140,000 EUR 2,407,189 2,306,599 0.37
Credit Agricole SA/London 1.875% 20/12/2026 EMTN 1,100,000 EUR 1,164,723 1,163,880 0.19
Engie SA 1.000% 13/03/2026 EMTN 2,500,000 EUR 2,737,555 2,653,163 0.43
Kering 1.250% 10/05/2026 EMTN 1,800,000 EUR 2,018,776 1,890,855 0.30
Pernod Ricard SA 1.500% 18/05/2026 1,200,000 EUR 1,364,962 1,286,551 0.21
Societe Generale SA 1.000% 01/04/2022 EMTN 800,000 EUR 850,384 847,308 0.14
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Societe Generale SA 4.250% 14/04/2025 144A(2) 1,230,000 USD 1,214,103 1,194,458 0.19
Societe Generale SA 4.750% 24/11/2025 144A(2) 1,700,000 USD 1,616,935 1,710,095 0.27
16,530,211 16,234,757 2.62 Germany
Bundesrepublik Deutschland 0.500% 15/02/2025 6,880,000 EUR 7,548,781 7,580,255 1.22
Bundesrepublik Deutschland 0.500% 15/02/2026 15,155,000 EUR 17,841,015 16,560,378 2.67
Bundesrepublik Deutschland 1.000% 15/08/2025 2,430,000 EUR 2,920,888 2,781,086 0.45
Bundesrepublik Deutschland 4.000% 04/01/2037 820,000 EUR 1,376,578 1,396,430 0.22
Commerzbank AG 4.000% 23/03/2026 EMTN 2,205,000 EUR 2,480,268 2,389,681 0.39
HeidelbergCement AG 2.250% 03/06/2024 EMTN 1,105,000 EUR 1,229,845 1,243,695 0.20
Unitymedia GmbH 3.750% 15/01/2027 2,095,000 EUR 2,007,218 2,090,240 0.34
35,404,593 34,041,765 5.49 Great Britain
Barclays Bank PLC 5.140% 14/10/2020 1,310,000 USD 1,380,180 1,383,498 0.22
Barclays PLC 4.375% 11/09/2024 3,680,000 USD 3,583,929 3,650,126 0.59
BAT International Finance PLC 1.625% 09/09/2019 EMTN 3,370,000 USD 3,362,965 3,326,038 0.54
Centrica PLC 4.375% 13/03/2029 EMTN 1,370,000 GBP 2,260,515 2,011,480 0.32
FCE Bank PLC 1.114% 13/05/2020 EMTN 1,330,000 EUR 1,510,149 1,433,419 0.23
HSBC Holdings PLC 6.500% 15/09/2037 2,840,000 USD 3,048,260 3,520,731 0.57
Imperial Brands Finance PLC 4.250% 21/07/2025 144A(2) 2,770,000 USD 2,730,227 2,859,266 0.46
ITV PLC 2.000% 01/12/2023 900,000 EUR 950,292 956,585 0.15
Lloyds Banking Group PLC 1.000% 09/11/2023 EMTN 215,000 EUR 218,534 222,406 0.04
Lloyds Banking Group PLC 4.500% 04/11/2024 1,307,000 USD 1,349,815 1,330,067 0.21
National Grid Gas Finance PLC 2.750% 22/09/2046 EMTN 1,240,000 GBP 1,612,116 1,488,468 0.24
NWEN Finance PLC 5.875% 21/06/2021 1,260,000 GBP 1,879,972 1,712,611 0.28
Royal Bank of Scotland Group PLC 5.125% 28/05/2024 1,075,000 USD 1,068,740 1,071,862 0.17
Royal Bank of Scotland Group PLC 6.000% 19/12/2023 225,000 USD 229,234 233,708 0.04
Royal Bank of Scotland Group PLC 6.100% 10/06/2023 2,835,000 USD 2,877,944 2,967,423 0.48
Santander UK PLC 0.875% 13/01/2020 EMTN 2,385,000 EUR 2,742,788 2,560,733 0.41
Sky PLC 1.500% 15/09/2021 EMTN 710,000 EUR 815,887 779,937 0.13
Sky PLC 2.250% 17/11/2025 EMTN 100,000 EUR 107,063 112,282 0.02
Sky PLC 4.000% 26/11/2029 EMTN 1,700,000 GBP 2,702,127 2,387,695 0.38
Standard Chartered PLC 3.625% 23/11/2022 EMTN 2,130,000 EUR 2,551,715 2,396,480 0.39
Standard Chartered PLC 5.700% 26/03/2044 1,520,000 USD 1,517,243 1,522,485 0.24
Tesco PLC 5.000% 24/03/2023 EMTN 1,805,000 GBP 2,937,056 2,404,940 0.39
United Kingdom Gilt 1.250% 22/07/2018 2,975,000 GBP 3,749,348 3,744,132 0.60
United Kingdom Gilt 4.250% 07/12/2027 770,000 GBP 1,238,399 1,233,375 0.20
United Kingdom Gilt 4.250% 07/12/2040 340,000 GBP 724,789 615,435 0.10
Virgin Media Finance PLC 4.500% 15/01/2025 144A(2) 795,000 EUR 936,629 865,778 0.14
Virgin Media Secured Finance PLC 4.875% 15/01/2027 1,015,000 GBP 1,478,593 1,230,669 0.20
Virgin Media Secured Finance PLC 5.500% 15/01/2025 459,000 GBP 774,608 584,887 0.09
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
WPP Finance 2.875% 14/09/2046 EMTN 1,420,000 GBP 1,881,850 1,586,467 0.26
52,220,967 50,192,983 8.09 Ireland
AerCap Ireland Capital Ltd/AerCap Global Aviation Trust 3.750% 15/05/2019 420,000 USD 421,786 427,875 0.07
AerCap Ireland Capital Ltd/AerCap Global Aviation Trust 3.950% 01/02/2022 1,500,000 USD 1,497,496 1,513,125 0.24
AerCap Ireland Capital Ltd/AerCap Global Aviation Trust 4.625% 01/07/2022 267,000 USD 277,159 275,010 0.04
Eaton Capital Unlimited Co 0.750% 20/09/2024 930,000 EUR 1,039,901 964,197 0.16
GE Capital International Funding Co Unlimited Co 3.373% 15/11/2025 2,326,000 USD 2,254,039 2,364,556 0.38
5,490,381 5,544,763 0.89 Italy
Autostrade per l'Italia SpA 1.625% 12/06/2023 265,000 EUR 285,460 290,570 0.05
Autostrade per l'Italia SpA 1.750% 01/02/2027 EMTN 785,000 EUR 821,423 838,551 0.13
Buzzi Unicem SpA 2.125% 28/04/2023 1,255,000 EUR 1,430,560 1,344,404 0.22
Intesa Sanpaolo SpA 3.928% 15/09/2026 EMTN 155,000 EUR 181,428 168,104 0.03
2,718,871 2,641,629 0.43 Jersey
Delphi Automotive PLC 1.500% 10/03/2025 1,100,000 EUR 1,094,906 1,161,042 0.19
Delphi Automotive PLC 3.150% 19/11/2020 470,000 USD 469,213 477,525 0.08
Delphi Automotive PLC 4.250% 15/01/2026 1,515,000 USD 1,526,832 1,568,521 0.25
Heathrow Funding Ltd 7.125% 14/02/2024 EMTN 1,585,000 GBP 2,944,710 2,538,101 0.41
6,035,661 5,745,189 0.93 Luxembourg
Prologis International Funding II SA 1.876% 17/04/2025 EMTN 1,440,000 EUR 1,566,386 1,554,988 0.25
Telecom Italia Capital SA 6.000% 30/09/2034 1,155,000 USD 1,030,418 1,068,375 0.17
2,596,804 2,623,363 0.42 Mexico
America Movil SAB de CV 1.500% 10/03/2024 2,195,000 EUR 2,400,710 2,332,540 0.38
America Movil SAB de CV 4.375% 16/07/2042 460,000 USD 459,300 425,921 0.07
Cemex SAB de CV 7.750% 16/04/2026 1,585,000 USD 1,586,245 1,755,387 0.28
Gruma SAB de CV 4.875% 01/12/2024 800,000 USD 851,422 836,400 0.13
Grupo Televisa SAB 5.000% 13/05/2045 915,000 USD 778,084 776,460 0.13
Mexichem SAB de CV 5.875% 17/09/2044 1,060,000 USD 1,051,676 944,725 0.15
Sigma Alimentos SA de CV 4.125% 02/05/2026 144A(2) 1,335,000 USD 1,332,471 1,268,250 0.20
8,459,908 8,339,683 1.34 Morocco
OCP SA 6.875% 25/04/2044 144A(2) 990,000 USD 1,016,592 995,075 0.16
1,016,592 995,075 0.16 Netherlands
Cooperatieve Rabobank UA 4.625% 23/05/2029 EMTN 2,400,000 GBP 4,018,863 3,184,964 0.51
EDP Finance BV 2.000% 22/04/2025 EMTN 2,730,000 EUR 2,806,159 2,825,506 0.45
EDP Finance BV 2.375% 23/03/2023 EMTN 265,000 EUR 299,342 289,292 0.05
EDP Finance BV 4.900% 01/10/2019 144A(2) 210,000 USD 219,093 220,056 0.03
Embraer Netherlands Finance BV 5.050% 15/06/2025 2,370,000 USD 2,300,161 2,355,780 0.38
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Myriad International Holdings BV 5.500% 21/07/2025 1,105,000 USD 1,059,905 1,113,022 0.18
Petrobras Global Finance BV 6.875% 20/01/2040 495,000 USD 530,085 424,809 0.07
Petrobras Global Finance BV 8.375% 23/05/2021 955,000 USD 946,633 1,029,012 0.17
Schaeffler Finance BV 3.250% 15/05/2025 985,000 EUR 1,033,597 1,103,883 0.18
Teva Pharmaceutical Finance Netherlands II BV 1.125% 15/10/2024 525,000 EUR 573,789 534,160 0.09
Teva Pharmaceutical Finance Netherlands III BV 2.800% 21/07/2023 1,890,000 USD 1,884,092 1,789,057 0.29
Vonovia Finance BV 1.250% 06/12/2024 EMTN 300,000 EUR 315,060 315,064 0.05
Vonovia Finance BV 1.500% 10/06/2026 EMTN 2,200,000 EUR 2,527,387 2,312,514 0.37
Ziggo Bond Finance BV 6.000% 15/01/2027 144A(2) 2,125,000 USD 2,121,843 2,061,250 0.33
20,636,009 19,558,369 3.15 New Zealand
BNZ International Funding Ltd/London 4.000% 08/03/2017 EMTN 980,000 EUR 1,328,084 1,041,238 0.17
Fonterra Co-operative Group Ltd 0.750% 08/11/2024 EMTN 2,275,000 EUR 2,509,995 2,352,486 0.38
3,838,079 3,393,724 0.55 Portugal
Brisa Concessao Rodoviaria SA 2.000% 22/03/2023 EMTN 1,100,000 EUR 1,222,968 1,187,271 0.19
Galp Gas Natural Distribuicao SA 1.375% 19/09/2023 EMTN 600,000 EUR 669,569 626,389 0.10
1,892,537 1,813,660 0.29 Romania
Romanian Government International Bond 2.875% 26/05/2028 144A(2) 590,000 EUR 708,079 638,623 0.10
708,079 638,623 0.10 Spain
Santander Issuances SAU 3.250% 04/04/2026 EMTN 1,200,000 EUR 1,352,179 1,290,581 0.21
Santander Issuances SAU 5.179% 19/11/2025 2,200,000 USD 2,123,350 2,220,686 0.36
Telefonica Emisiones SAU 1.930% 17/10/2031 EMTN 1,200,000 EUR 1,338,840 1,187,956 0.19
Telefonica Emisiones SAU 4.570% 27/04/2023 3,385,000 USD 3,547,098 3,551,312 0.57
Telefonica Emisiones SAU 5.462% 16/02/2021 1,170,000 USD 1,206,505 1,275,384 0.21
Telefonica Emisiones SAU 7.045% 20/06/2036 1,035,000 USD 1,257,973 1,201,332 0.19
10,825,945 10,727,251 1.73 Supranational Organisations
Banque Ouest Africaine de Developpement 5.500% 06/05/2021 475,000 USD 470,573 489,371 0.08
Corp Andina de Fomento 4.375% 15/06/2022 2,140,000 USD 2,155,480 2,270,241 0.36
2,626,053 2,759,612 0.44 United Arab Emirates
Abu Dhabi National Energy Co PJSC 5.875% 13/12/2021 EMTN 1,365,000 USD 1,361,724 1,511,811 0.24
DP World Ltd 3.250% 18/05/2020 EMTN 590,000 USD 589,341 598,142 0.10
Dubai Electricity & Water Authority 7.375% 21/10/2020 1,495,000 USD 1,745,511 1,726,636 0.28
3,696,576 3,836,589 0.62
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
United States
Aetna Inc 3.200% 15/06/2026 2,005,000 USD 1,997,924 1,983,484 0.32
Aetna Inc 4.375% 15/06/2046 595,000 USD 598,520 597,467 0.10
Air Lease Corp 4.250% 15/09/2024 530,000 USD 527,767 538,323 0.09
Albemarle Corp 1.875% 08/12/2021 2,250,000 EUR 2,791,017 2,489,046 0.40
Ally Financial Inc 3.250% 13/02/2018 825,000 USD 822,832 829,125 0.13
Ally Financial Inc 3.750% 18/11/2019 2,300,000 USD 2,288,092 2,309,844 0.37
Ally Financial Inc 4.125% 30/03/2020 260,000 USD 260,280 262,600 0.04
Ally Financial Inc 4.125% 13/02/2022 4,115,000 USD 4,090,956 4,078,994 0.66
Altria Group Inc 2.850% 09/08/2022 600,000 USD 601,524 600,735 0.10
American International Group Inc 4.800% 10/07/2045 1,100,000 USD 1,092,271 1,141,712 0.18
Anadarko Petroleum Corp 5.550% 15/03/2026 3,035,000 USD 3,171,348 3,396,954 0.55
Anheuser-Busch InBev Finance Inc 3.650% 01/02/2026 6,935,000 USD 6,963,654 7,040,343 1.13
Anheuser-Busch InBev Finance Inc 4.700% 01/02/2036 350,000 USD 348,498 368,154 0.06
Anheuser-Busch InBev Finance Inc 4.900% 01/02/2046 2,455,000 USD 2,449,412 2,653,536 0.43
Arrow Electronics Inc 3.500% 01/04/2022 595,000 USD 591,657 589,075 0.10
AT&T Inc 2.750% 19/05/2023 925,000 EUR 1,151,937 1,073,811 0.17
AT&T Inc 4.125% 17/02/2026 2,970,000 USD 3,154,791 3,007,321 0.48
AT&T Inc 4.300% 15/12/2042 2,250,000 USD 2,018,629 2,014,144 0.32
AT&T Inc 4.450% 01/04/2024 2,705,000 USD 2,932,612 2,819,789 0.45
AT&T Inc 4.800% 15/06/2044 40,000 USD 40,409 37,797 0.01
AT&T Inc 5.150% 15/03/2042 1,040,000 USD 1,070,925 1,036,019 0.17
Avnet Inc 4.625% 15/04/2026 2,430,000 USD 2,438,328 2,367,624 0.38
Bank of America Corp 0.750% 26/07/2023 EMTN 100,000 EUR 109,758 104,036 0.02
Bank of America Corp 1.375% 26/03/2025 EMTN 1,500,000 EUR 1,634,737 1,602,933 0.26
Bank of America Corp 3.950% 21/04/2025 1,900,000 USD 1,895,346 1,891,429 0.30
Bank of America Corp 5.000% 13/05/2021 2,200,000 USD 2,207,704 2,395,884 0.39
Becton Dickinson and Co 1.900% 15/12/2026 1,275,000 EUR 1,348,717 1,383,402 0.22
Becton Dickinson and Co 3.250% 12/11/2020 140,000 USD 143,323 143,946 0.02
Brown-Forman Corp 1.200% 07/07/2026 515,000 EUR 570,865 548,329 0.09
Citigroup Inc 1.500% 26/10/2028 EMTN 850,000 EUR 930,832 867,096 0.14
Citigroup Inc 3.875% 26/03/2025 1,725,000 USD 1,665,626 1,713,613 0.28
Citigroup Inc 4.400% 10/06/2025 4,085,000 USD 4,081,887 4,179,159 0.67
Consolidated Edison Co of New York Inc 2.900% 01/12/2026 505,000 USD 502,970 496,265 0.08
Continental Airlines 6.125% 29/04/2018 745,000 USD 745,000 774,800 0.12
Continental Resources Inc/OK 3.800% 01/06/2024 680,000 USD 631,806 627,300 0.10
Crown Castle International Corp 3.400% 15/02/2021 1,110,000 USD 1,109,791 1,126,374 0.18
Crown Castle International Corp 3.700% 15/06/2026 980,000 USD 977,205 961,900 0.16
Crown Castle International Corp 4.450% 15/02/2026 620,000 USD 637,783 641,446 0.10
CVS Health Corp 2.875% 01/06/2026 2,425,000 USD 2,405,383 2,311,430 0.37
DDR Corp 3.625% 01/02/2025 1,350,000 USD 1,341,948 1,305,935 0.21
Diamond Offshore Drilling Inc 4.875% 01/11/2043 315,000 USD 205,551 223,754 0.04
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Eaton Corp 4.000% 02/11/2032 395,000 USD 411,822 389,405 0.06
Energy Transfer Partners LP 3.600% 01/02/2023 900,000 USD 889,569 885,156 0.14
Energy Transfer Partners LP 4.900% 01/02/2024 710,000 USD 740,132 734,384 0.12
Energy Transfer Partners LP 5.150% 01/02/2043 1,600,000 USD 1,649,484 1,490,979 0.24
Energy Transfer Partners LP 5.150% 15/03/2045 500,000 USD 498,926 479,540 0.08
Essex Portfolio LP 3.250% 01/05/2023 2,465,000 USD 2,451,832 2,455,798 0.40
Ford Motor Credit Co LLC 2.240% 15/06/2018 2,805,000 USD 2,805,000 2,808,801 0.45
Ford Motor Credit Co LLC 3.096% 04/05/2023 410,000 USD 413,693 395,945 0.06
Ford Motor Credit Co LLC 4.134% 04/08/2025 3,055,000 USD 3,055,000 3,058,672 0.49
Ford Motor Credit Co LLC 4.375% 06/08/2023 395,000 USD 413,858 407,640 0.07
Freeport-McMoRan Inc 5.450% 15/03/2043 585,000 USD 343,643 484,099 0.08
General Electric Co 4.125% 09/10/2042 1,780,000 USD 1,758,799 1,795,755 0.29
General Electric Co 4.625% 30/01/2043 EMTN 2,030,000 USD 2,006,941 2,032,233 0.33
General Electric Co 5.875% 14/01/2038 548,000 USD 667,836 689,674 0.11
General Motors Co 5.200% 01/04/2045 1,975,000 USD 1,962,761 1,903,726 0.31
General Motors Co 6.250% 02/10/2043 430,000 USD 460,579 475,356 0.08
General Motors Co 6.750% 01/04/2046 120,000 USD 119,894 140,723 0.02
General Motors Financial Co Inc 3.200% 13/07/2020 2,545,000 USD 2,544,497 2,552,655 0.41
General Motors Financial Co Inc 4.000% 15/01/2025 1,305,000 USD 1,246,599 1,273,212 0.21
Goldman Sachs Group Inc/The 1.250% 01/05/2025 EMTN 505,000 EUR 548,532 524,225 0.08
Goldman Sachs Group Inc/The 1.625% 27/07/2026 EMTN 445,000 EUR 490,451 465,097 0.08
Goldman Sachs Group Inc/The 3.625% 22/01/2023 2,505,000 USD 2,485,883 2,558,637 0.41
Goldman Sachs Group Inc/The 3.850% 08/07/2024 675,000 USD 681,503 689,034 0.11
Goldman Sachs Group Inc/The 5.375% 15/03/2020 5,540,000 USD 5,747,193 6,010,822 0.97
HCA Holdings Inc 6.250% 15/02/2021 1,035,000 USD 1,069,508 1,113,919 0.18
HCA Inc 5.375% 01/02/2025 735,000 USD 745,116 736,838 0.12
HSBC Bank USA NA/New York NY 5.625% 15/08/2035 775,000 USD 744,073 881,120 0.14
International Lease Finance Corp 5.875% 15/08/2022 1,407,000 USD 1,542,475 1,526,595 0.25
JPMorgan Chase & Co 1.500% 29/10/2026 EMTN 580,000 EUR 655,733 622,643 0.10
JPMorgan Chase & Co 3.125% 23/01/2025 1,220,000 USD 1,212,175 1,192,617 0.19
JPMorgan Chase & Co 3.250% 23/09/2022 3,760,000 USD 3,821,592 3,802,450 0.61
Kimco Realty Corp 2.800% 01/10/2026 1,475,000 USD 1,463,194 1,371,392 0.22
Kimco Realty Corp 3.400% 01/11/2022 1,375,000 USD 1,373,429 1,395,320 0.22
Kimco Realty Corp 4.250% 01/04/2045 1,610,000 USD 1,587,870 1,548,364 0.25
Kinder Morgan Inc/DE 5.050% 15/02/2046 3,560,000 USD 3,552,770 3,524,062 0.57
Kraft Heinz Foods Co 2.000% 30/06/2023 720,000 EUR 799,267 797,907 0.13
Kraft Heinz Foods Co 2.250% 25/05/2028 2,185,000 EUR 2,490,695 2,348,255 0.38
Kraft Heinz Foods Co 4.125% 01/07/2027 705,000 GBP 1,029,661 973,892 0.16
McKesson Corp 4.883% 15/03/2044 990,000 USD 992,556 1,007,089 0.16
MetLife Inc 4.125% 13/08/2042 540,000 USD 489,111 531,450 0.09
Mohawk Industries Inc 2.000% 14/01/2022 4,135,000 EUR 4,614,822 4,604,844 0.74
Moody's Corp 1.750% 09/03/2027 2,915,000 EUR 3,154,348 3,129,097 0.50
Morgan Stanley 1.375% 27/10/2026 465,000 EUR 501,491 477,875 0.08
Natixis International Funds (Lux) I
(2) See Note 15.
(3) See Note 13.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Morgan Stanley 3.750% 25/02/2023 4,450,000 USD 4,426,383 4,570,791 0.74
Morgan Stanley 3.875% 29/04/2024 120,000 USD 121,355 123,068 0.02
Morgan Stanley 3.950% 23/04/2027 460,000 USD 458,579 455,358 0.07
Morgan Stanley 5.500% 28/07/2021 385,000 USD 413,752 426,633 0.07
MPLX LP 4.500% 15/07/2023 640,000 USD 618,816 649,994 0.10
MPLX LP 4.875% 01/12/2024 525,000 USD 515,304 540,589 0.09
MPLX LP 4.875% 01/06/2025 755,000 USD 730,160 776,251 0.13
MPLX LP 5.500% 15/02/2023 500,000 USD 501,624 520,179 0.08
Noble Energy Inc 5.250% 15/11/2043 1,040,000 USD 1,034,694 1,059,359 0.17
Omega Healthcare Investors Inc 4.375% 01/08/2023 345,000 USD 344,160 341,618 0.06
Owens Corning 3.400% 15/08/2026 760,000 USD 756,987 721,949 0.12
PPG Industries Inc 1.400% 13/03/2027 830,000 EUR 851,317 882,359 0.14
Prologis LP 1.375% 13/05/2021 2,085,000 EUR 2,353,329 2,279,973 0.36
Prologis LP 3.000% 18/01/2022 EMTN 1,515,000 EUR 1,850,531 1,776,894 0.29
Reliance Steel & Aluminum Co 4.500% 15/04/2023 2,035,000 USD 2,029,697 2,047,381 0.33
Santander Holdings USA Inc 4.500% 17/07/2025 2,240,000 USD 2,239,236 2,225,991 0.36
Sempra Energy 3.750% 15/11/2025 1,230,000 USD 1,227,033 1,242,475 0.20
Solvay Finance America LLC 3.400% 03/12/2020 144A(2) 940,000 USD 939,896 956,443 0.15
Solvay Finance America LLC 4.450% 03/12/2025 144A(2) 490,000 USD 488,235 508,436 0.08
Tenet Healthcare Corp 4.500% 01/04/2021 1,005,000 USD 1,000,417 994,950 0.16
Tenet Healthcare Corp 5.000% 01/03/2019 1,045,000 USD 1,045,000 1,018,875 0.16
Time Warner Cable LLC 5.250% 15/07/2042 735,000 GBP 992,693 1,043,674 0.17
Time Warner Inc 4.850% 15/07/2045 310,000 USD 303,062 310,338 0.05
Time Warner Inc 4.900% 15/06/2042 90,000 USD 89,250 90,033 0.01
Time Warner Inc 5.350% 15/12/2043 1,465,000 USD 1,479,247 1,551,473 0.25
Travelers Cos Inc/The 4.600% 01/08/2043 630,000 USD 628,562 681,174 0.11
U.S. Treasury Bond 2.500% 15/05/2046 11,865,000 USD 12,166,696 10,544,093 1.70
U.S. Treasury Bond 2.875% 15/05/2043(3) 2,295,000 USD 2,040,507 2,216,736 0.36
U.S. Treasury Bond 3.125% 15/02/2042 600,000 USD 710,341 608,836 0.10
U.S. Treasury Bond 3.875% 15/08/2040 320,000 USD 424,573 367,413 0.06
U.S. Treasury Bond 4.375% 15/11/2039 1,115,000 USD 1,394,814 1,376,415 0.22
U.S. Treasury Inflation Indexed Note 0.125% 15/07/2026 12,671,300 USD 12,624,961 12,253,160 1.98
U.S. Treasury Note 0.625% 30/06/2018 3,755,000 USD 3,738,127 3,731,385 0.60
U.S. Treasury Note 1.125% 28/02/2021 9,705,000 USD 9,593,177 9,443,043 1.52
U.S. Treasury Note 1.500% 15/08/2026 5,108,000 USD 4,752,326 4,697,966 0.76
U.S. Treasury Note 1.625% 31/10/2023 3,185,000 USD 3,146,290 3,064,193 0.49
UnitedHealth Group Inc 4.625% 15/07/2035 1,695,000 USD 2,003,675 1,847,616 0.30
Verizon Communications Inc 2.625% 15/08/2026 1,535,000 USD 1,503,511 1,413,047 0.23
Verizon Communications Inc 3.850% 01/11/2042 620,000 USD 584,949 537,252 0.09
Verizon Communications Inc 4.125% 15/08/2046 1,565,000 USD 1,564,183 1,416,359 0.23
Verizon Communications Inc 4.400% 01/11/2034 1,015,000 USD 1,008,454 1,001,791 0.16
Verizon Communications Inc 5.050% 15/03/2034 2,010,000 USD 2,011,917 2,116,602 0.34
Welltower Inc 4.000% 01/06/2025 415,000 USD 438,251 424,126 0.07
Whiting Petroleum Corp 5.000% 15/03/2019 2,000,000 USD 2,000,000 2,007,820 0.32
Williams Partners LP 4.000% 15/09/2025 4,085,000 USD 4,074,036 4,039,162 0.65
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Worthington Industries Inc 4.550% 15/04/2026 850,000 USD 848,613 841,466 0.14
Xcel Energy Inc 3.350% 01/12/2026 1,410,000 USD 1,407,288 1,411,170 0.23
ZF North America Capital Inc 2.750% 27/04/2023 1,400,000 EUR 1,441,004 1,556,241 0.25
Zimmer Biomet Holdings Inc 2.425% 13/12/2026 2,410,000 EUR 2,586,773 2,596,399 0.42
Zimmer Biomet Holdings Inc 3.550% 01/04/2025 2,095,000 USD 2,076,384 2,040,503 0.33
232,364,097 230,171,277 37.10
Total - Fixed rate bonds 432,818,006 424,175,951 68.37
Variable rate bonds
France
AXA SA 3.375% 06/07/2047 EMTN 1,125,000 EUR 1,249,153 1,205,216 0.20
AXA SA 5.125% 04/07/2043 EMTN 875,000 EUR 1,149,523 1,062,906 0.17
AXA SA 5.250% 16/04/2040 EMTN 1,500,000 EUR 1,965,936 1,760,878 0.28
BNP Paribas SA 2.625% 14/10/2027 EMTN 1,555,000 EUR 1,933,047 1,681,570 0.27
Electricite de France SA 4.125% 31/12/2049 EMTN 300,000 EUR 307,063 311,570 0.05
Veolia Environnement SA 4.850% 31/12/2049 100,000 GBP 142,941 127,805 0.02
6,747,663 6,149,945 0.99 Germany
Allianz SE 2.241% 07/07/2045 2,600,000 EUR 2,736,233 2,663,793 0.43
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 6.000% 26/05/2041 EMTN 800,000 EUR 1,047,583 995,725 0.16
3,783,816 3,659,518 0.59 Great Britain
Aviva PLC 3.875% 03/07/2044 EMTN 1,500,000 EUR 2,032,720 1,629,873 0.26
Aviva PLC 5.125% 04/06/2050 EMTN 780,000 GBP 1,179,861 966,146 0.16
Aviva PLC 6.625% 03/06/2041 EMTN 849,000 GBP 1,372,824 1,162,091 0.19
Barclays PLC 2.625% 11/11/2025 EMTN 300,000 EUR 311,782 314,052 0.05
Eurosail-UK PLC 0.527% 13/03/2045 117,715 GBP 146,727 140,568 0.02
Eurosail-UK PLC 0.537% 13/03/2045 250,123 GBP 314,486 300,458 0.05
Great Hall Mortgages PLC 0.521% 18/06/2038 104,320 GBP 130,747 124,191 0.02
HBOS PLC 4.500% 18/03/2030 EMTN 1,000,000 EUR 1,414,841 1,159,050 0.19
HSBC Bank PLC 5.375% 04/11/2030 EMTN 500,000 GBP 757,782 688,287 0.11
Ludgate Funding PLC 0.000% 01/01/2061 192,456 EUR 189,104 189,913 0.03
Prudential PLC 5.000% 20/07/2055 EMTN 1,025,000 GBP 1,554,482 1,240,529 0.20
Residential Mortgage Securities 22 PLC 0.758% 14/11/2039 645,084 GBP 867,174 760,958 0.12
Residential Mortgage Securities 28 PLC 1.523% 15/06/2046 252,762 GBP 328,300 313,283 0.05
RMAC Securities No 1 PLC 0.000% 12/06/2044 295,549 EUR 294,638 290,736 0.05
RMAC Securities No 1 PLC 0.526% 12/06/2044 121,989 GBP 143,142 140,142 0.02
Royal Bank of Scotland Group PLC 3.625% 25/03/2024 EMTN 100,000 EUR 106,086 105,363 0.02
RSA Insurance Group PLC 5.125% 10/10/2045 410,000 GBP 622,795 516,487 0.08
Silverstone Master Issuer PLC 0.007% 21/01/2070 430,000 EUR 490,308 453,641 0.07
Standard Chartered PLC 4.000% 21/10/2025 EMTN 450,000 EUR 629,655 491,075 0.08
Taurus GMF1 PLC 0.738% 21/05/2024 1,723,111 EUR 2,269,940 1,821,911 0.29
Towd Point Mortgage Funding PLC 1.802% 20/07/2046 695,000 GBP 950,173 858,803 0.14
Trinity Square PLC 1.551% 15/07/2051 699,154 GBP 1,051,996 867,464 0.14
17,159,563 14,535,021 2.34
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Ireland
Aquarius and Investments PLC for Zurich Insurance Co Ltd 4.250% 02/10/2043 EMTN 3,560,000 EUR 4,585,649 4,136,983 0.67
4,585,649 4,136,983 0.67 Italy
Claris ABS Srl 0.137% 31/10/2060 1,119,425 EUR 1,377,627 1,178,491 0.19
1,377,627 1,178,491 0.19 Netherlands
Allianz Finance II BV 5.750% 08/07/2041 EMTN 500,000 EUR 697,762 613,058 0.10
Demeter Investments BV for Swiss Re Ltd 5.750% 15/08/2050 1,600,000 USD 1,634,773 1,604,160 0.26
ING Bank NV 3.000% 11/04/2028 EMTN 600,000 EUR 660,997 667,146 0.11
ING Bank NV 3.625% 25/02/2026 EMTN 1,375,000 EUR 1,637,683 1,577,742 0.25
Volksbank NV 3.750% 05/11/2025 EMTN 1,595,000 EUR 1,821,609 1,759,621 0.28
6,452,824 6,221,727 1.00
Total - Variable rate bonds 40,107,142 35,881,685 5.78
Investment Funds
Luxembourg
Natixis International Funds Lux I-Loomis Sayles Short Term Emerging Markets Bond 266,965 USD 26,696,525 29,651,830 4.78
26,696,525 29,651,830 4.78
Total - Investment Funds 26,696,525 29,651,830 4.78
Total - Transferable securities admitted to an official stock exchange listing 499,621,673 489,709,466 78.93
Transferable securities dealt in on another regulated market Fixed rate bonds
Australia
Asciano Finance Ltd 4.625% 23/09/2020 2,155,000 USD 2,136,747 2,229,585 0.36
2,136,747 2,229,585 0.36 Bermuda Islands
Holcim Capital Corp Ltd 6.500% 12/09/2043 144A(2) 890,000 USD 919,866 1,031,329 0.17
919,866 1,031,329 0.17 Canada
Methanex Corp 3.250% 15/12/2019 527,000 USD 530,429 518,877 0.08
530,429 518,877 0.08 Chile
Transelec SA 4.250% 14/01/2025 965,000 USD 957,485 968,327 0.16
957,485 968,327 0.16 France
Air Liquide Finance SA 1.375% 27/09/2019 144A(2) 2,880,000 USD 2,873,694 2,827,878 0.46
Air Liquide Finance SA 1.750% 27/09/2021 144A(2) 2,875,000 USD 2,860,373 2,760,540 0.44
BNP Paribas SA 4.375% 28/09/2025 144A(2) 1,095,000 USD 1,086,207 1,088,705 0.18
Danone SA 2.947% 02/11/2026 144A(2) 3,175,000 USD 3,175,000 3,029,848 0.49
Pernod Ricard SA 4.450% 15/01/2022 144A(2) 1,175,000 USD 1,192,967 1,246,646 0.20
Pernod Ricard SA 5.500% 15/01/2042 144A(2) 1,435,000 USD 1,549,862 1,579,879 0.25
12,738,103 12,533,496 2.02
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Great Britain
Centrica PLC 4.000% 16/10/2023 144A(2) 1,880,000 USD 1,918,011 1,914,210 0.31
Santander UK Group Holdings PLC 4.750% 15/09/2025 144A(2) 1,390,000 USD 1,386,661 1,360,812 0.22
3,304,672 3,275,022 0.53 Italy
Intesa Sanpaolo SpA 5.017% 26/06/2024 144A(2) 745,000 USD 733,461 688,518 0.11
Intesa Sanpaolo SpA 5.710% 15/01/2026 144A(2) 1,560,000 USD 1,546,590 1,488,675 0.24
2,280,051 2,177,193 0.35 Netherlands
ABN AMRO Bank NV 2.450% 04/06/2020 144A(2) 1,440,000 USD 1,437,831 1,433,174 0.23
EDP Finance BV 4.125% 15/01/2020 1,355,000 USD 1,353,316 1,384,702 0.22
EDP Finance BV 4.125% 15/01/2020 144A(2) 200,000 USD 204,660 204,384 0.03
Enel Finance International NV 6.000% 07/10/2039 144A(2) 2,560,000 USD 2,221,860 2,859,981 0.46
Koninklijke Ahold Delhaize NV 5.700% 01/10/2040 2,595,000 USD 2,757,675 2,875,501 0.46
LeasePlan Corp NV 2.500% 16/05/2018 1,475,000 USD 1,473,117 1,477,145 0.24
Siemens Financieringsmaatschappij NV 2.350% 15/10/2026 144A(2) 1,975,000 USD 1,838,702 1,828,076 0.30
Siemens Financieringsmaatschappij NV 3.300%
15/09/2046 144A(2) 1,755,000 USD 1,540,850 1,528,020 0.25
12,828,011 13,590,983 2.19 United States
21st Century Fox America Inc 4.750% 15/11/2046 144A(2) 275,000 USD 274,696 275,821 0.04
A10 Securitization LLC 2.400% 15/11/2025 144A(2) 23,530 USD 23,530 23,528 0.00
Activision Blizzard Inc 2.300% 15/09/2021 144A(2) 1,510,000 USD 1,508,263 1,473,530 0.24
Activision Blizzard Inc 3.400% 15/09/2026 144A(2) 1,700,000 USD 1,604,700 1,613,514 0.26
Albertsons Cos LLC/Safeway Inc/New Albertson's Inc/Albertson's LLC 5.750% 15/03/2025 144A(2) 925,000 USD 925,000 915,750 0.15
Albertsons Cos LLC/Safeway Inc/New Albertson's Inc/Albertson's LLC 6.625% 15/06/2024 144A(2) 745,000 USD 745,000 776,662 0.13
Alta Wind Holdings LLC 7.000% 30/06/2035 144A(2) 410,974 USD 416,267 448,403 0.07
American Airlines 5.250% 15/01/2024 1,809,189 USD 1,809,189 1,854,419 0.30
Anthem Inc 4.650% 15/08/2044 2,000,000 USD 1,996,153 2,024,572 0.33
Aviation Capital Group Corp 4.875% 01/10/2025 144A(2) 940,000 USD 936,698 996,400 0.16
BAE Systems Holdings Inc 3.850% 15/12/2025 144A(2) 2,045,000 USD 2,023,430 2,085,648 0.34
Celgene Corp 5.000% 15/08/2045 1,235,000 USD 1,226,200 1,284,067 0.21
Chevron Phillips Chemical Co LLC/Chevron Phillips Chemical Co LP 2.450% 01/05/2020 144A(2) 425,000 USD 424,909 422,060 0.07
Citigroup Inc 4.000% 05/08/2024 1,280,000 USD 1,277,939 1,289,916 0.21
CLI Funding V LLC 3.380% 18/10/2029 144A(2) 3,592,176 USD 3,591,049 3,453,529 0.56
Continental Airlines 5.500% 29/10/2020 587,689 USD 587,689 600,284 0.10
Continental Airlines 6.703% 15/06/2021 48,792 USD 50,070 51,842 0.01
Credit Acceptance Auto Loan Trust 2.940% 15/10/2024 144A(2) 1,395,000 USD 1,394,847 1,373,489 0.22
Delphi Corp 4.150% 15/03/2024 960,000 USD 969,226 989,498 0.16
Delta Air Lines 4.250% 30/07/2023 1,313,606 USD 1,313,606 1,340,344 0.22
Exeter Automobile Receivables Trust 2.770% 15/11/2019 144A(2) 1,275,000 USD 1,274,939 1,278,020 0.21
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Express Scripts Holding Co 3.400% 01/03/2027 280,000 USD 283,735 262,335 0.04
Express Scripts Holding Co 4.500% 25/02/2026 4,605,000 USD 4,795,287 4,740,723 0.76
Gilead Sciences Inc 4.150% 01/03/2047 995,000 USD 987,932 945,054 0.15
Gilead Sciences Inc 4.500% 01/02/2045 1,745,000 USD 1,856,575 1,743,532 0.28
Gilead Sciences Inc 4.750% 01/03/2046 270,000 USD 268,933 279,361 0.04
Hyundai Capital America 2.750% 27/09/2026 3,520,000 USD 3,517,018 3,197,410 0.52
Hyundai Capital America 3.000% 30/10/2020 EMTN 1,920,000 USD 1,919,118 1,920,163 0.31
INVISTA Finance LLC 4.250% 15/10/2019 3,150,000 USD 3,150,000 3,122,894 0.50
Kraft Heinz Foods Co 3.000% 01/06/2026 1,535,000 USD 1,528,685 1,441,115 0.23
Kraft Heinz Foods Co 4.375% 01/06/2046 890,000 USD 887,245 837,471 0.13
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp 7.375% 01/10/2017 1,125,000 USD 1,125,623 1,125,000 0.18
LafargeHolcim Finance US LLC 3.500% 22/09/2026 144A(2) 260,000 USD 259,788 252,523 0.04
LafargeHolcim Finance US LLC 4.750% 22/09/2046 144A(2) 1,185,000 USD 1,160,544 1,146,040 0.18
Liberty Mutual Group Inc 4.850% 01/08/2044 1,110,000 USD 1,109,267 1,094,670 0.18
Liberty Mutual Group Inc 4.950% 01/05/2022 144A(2) 730,000 USD 739,876 796,513 0.13
Liberty Mutual Group Inc 5.000% 01/06/2021 144A(2) 1,270,000 USD 1,351,622 1,381,722 0.22
Marriott International Inc/MD 2.300% 15/01/2022 3,720,000 USD 3,706,176 3,608,575 0.58
Meccanica Holdings USA Inc 6.250% 15/01/2040 144A(2) 1,725,000 USD 1,622,312 1,746,562 0.28
Nationwide Financial Services Inc 5.375% 25/03/2021 144A(2) 4,675,000 USD 5,048,604 5,106,227 0.82
Northrop Grumman Corp 3.200% 01/02/2027 2,025,000 USD 2,021,767 2,003,535 0.32
Quicken Loans Inc 5.750% 01/05/2025 144A(2) 1,055,000 USD 1,035,210 1,025,988 0.17
Spirit Airlines 4.450% 01/04/2024 1,541,405 USD 1,541,405 1,566,124 0.25
SpringCastle America Funding LLC 3.050% 25/04/2029 144A(2) 1,167,187 USD 1,167,143 1,173,023 0.19
Tenet Healthcare Corp 4.375% 01/10/2021 660,000 USD 648,626 654,225 0.11
Trans-Allegheny Interstate Line Co 3.850% 01/06/2025 1,070,000 USD 1,069,345 1,083,943 0.17
United Airlines 5.375% 15/08/2021 564,046 USD 573,962 582,452 0.09
Universal Health Services Inc 4.750% 01/08/2022 144A(2) 705,000 USD 705,000 713,813 0.12
Verizon Owner Trust 1.680% 20/05/2021 144A(2) 1,115,000 USD 1,114,887 1,110,508 0.18
Wachovia Bank Commercial Mortgage Trust 5.342% 15/12/2043 210,111 USD 221,153 209,876 0.03
WEA Finance LLC/Westfield UK & Europe Finance PLC 2.700% 17/09/2019 2,300,000 USD 2,297,509 2,326,328 0.37
WEA Finance LLC/Westfield UK & Europe Finance PLC 3.250% 05/10/2020 144A(2) 1,900,000 USD 1,895,104 1,932,304 0.31
Westlake Chemical Corp 3.600% 15/08/2026 144A(2) 365,000 USD 363,247 351,068 0.06
Westlake Chemical Corp 5.000% 15/08/2046 144A(2) 415,000 USD 404,622 409,918 0.07
74,750,720 74,462,291 12.00
Total - Fixed rate bonds 110,446,084 110,787,103 17.86
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Variable rate bonds
United States
Commerical Mortgage Trust 2.404% 13/05/2031
144A(2) 1,413,244 USD 1,412,239 1,407,002 0.23
JP Morgan Chase Commercial Mortgage Securities Trust 2.454% 15/12/2030 144A(2) 273,889 USD 274,719 273,127 0.04
Morgan Stanley Re-REMIC Trust 5.793% 15/08/2045 144A(2) 1,100,000 USD 1,165,132 1,104,041 0.18
RBSCF Trust 5.695% 16/09/2040 144A(2) 1,110,000 USD 1,123,668 1,114,733 0.18
3,975,758 3,898,903 0.63
Total - Variable rate bonds 3,975,758 3,898,903 0.63
Total - Transferable securities dealt in on another regulated market 114,421,842 114,686,006 18.49
Other transferable securities Fixed rate bonds
United States
Welltower Inc 4.800% 20/11/2028 870,000 GBP 1,251,094 1,238,489 0.20
1,251,094 1,238,489 0.20
Total - Fixed rate bonds 1,251,094 1,238,489 0.20
Total - Other transferable securities 1,251,094 1,238,489 0.20
TOTAL INVESTMENT PORTFOLIO 615,294,609 605,633,961 97.62
(2) See Note 15.
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Loomis Sayles Institutional High Income Fund
Changes in the number of Shares for the year ended December 31, 2016
H-I/A (GBP)
Number of shares outstanding at the beginning 148,940.348
Number of shares issued -
Number of shares redeemed (37,639.659)
Number of shares at the end 111,300.689
H-S/A (GBP)
Number of shares outstanding at the beginning -
Number of shares issued 37,755.557
Number of shares redeemed -
Number of shares at the end 37,755.557
H-S/A (SGD)
Number of shares outstanding at the beginning 315,562.493
Number of shares issued -
Number of shares redeemed (151,127.406)
Number of shares at the end 164,435.087
I/A (USD)
Number of shares outstanding at the beginning 98,267.424
Number of shares issued 67.850
Number of shares redeemed (98,335.274)
Number of shares at the end -
S/A (USD)
Number of shares outstanding at the beginning 578,104.540
Number of shares issued 14,685.792
Number of shares redeemed (192,835.189)
Number of shares at the end 399,955.143
S/A (EUR)
Number of shares outstanding at the beginning 215,650.004
Number of shares issued -
Number of shares redeemed (49,134.713)
Number of shares at the end 166,515.291
Natixis International Funds (Lux) I
Loomis Sayles Institutional High Income Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 137,712,356 171,821,415 624,299,814
Net Asset Value per Share
H-I/A (GBP) 131.88 110.07 122.86
H-S/A (GBP) 131.76 - -
H-S/A (SGD) 129.17 107.36 119.03
I/A (USD) - 89.89 100.43
S/A (USD) 171.99 143.05 159.67
S/A (EUR) 170.45 137.65 137.99
S/D (USD) - - 99.18
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional High Income Fund Statement of Investments As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Shares
Luxembourg
ArcelorMittal 82,236 USD 963,979 600,323 0.43
963,979 600,323 0.43 United States
AES Trust III 6.750% 15/10/2029 Preferred Convertible 25,048 USD 1,243,515 1,262,419 0.92
Arconic Inc 5.375% 01/10/2017 Preferred Convertible 4,294 USD 208,355 129,464 0.09
Basic Energy Services Inc 9,266 USD 480,684 327,553 0.24
Belden Inc 6.750% 15/07/2019 Preferred Convertible 2,196 USD 219,600 232,051 0.17
Bristol-Myers Squibb Co 49,646 USD 1,298,700 2,901,312 2.11
Chesapeake Energy Corp 7,718 USD 180,972 54,180 0.04
Chesapeake Energy Corp 4.500% Preferred Convertible 12,763 USD 1,064,253 591,565 0.43
El Paso Energy Capital Trust I 4.750% 31/03/2028 Preferred Convertible 20,640 USD 907,293 1,024,776 0.74
Ford Motor Co 214,030 USD 2,409,332 2,596,184 1.89
Halcon Resources Corp 4,956 USD 180,165 46,289 0.03
Hercules Offshore Inc 41,869 USD 2,580,000 – 0.00
Hovnanian Enterprises Inc 7.625% Preferred 13,192 USD 116,543 95,246 0.07
Intel Corp 90,480 USD 1,844,473 3,281,710 2.38
iStar Inc 7.650% Preferred 546 USD 10,876 13,104 0.01
iStar Inc 7.800% Preferred 6,603 USD 131,532 160,981 0.12
iStar Inc 7.875% Preferred 10,963 USD 218,383 265,853 0.19
Navient Corp 6.000% 15/12/2043 Preferred 1,051 USD 18,424 23,338 0.02
Newell Brands Inc 3,549 USD 124,018 158,463 0.11
Rex Energy Corp 26,250 USD 232,668 12,369 0.01
Whiting Petroleum Corp 99,722 USD 876,062 1,198,659 0.87
14,345,848 14,375,516 10.44
Total - Shares 15,309,827 14,975,839 10.87
Fixed rate bonds
Australia
New South Wales Treasury Corp 3.500% 20/03/2019 160,000 AUD 139,847 119,530 0.09
139,847 119,530 0.09 Brazil
Brazilian Government International Bond 10.250% 10/01/2028 2,890,000 BRL 1,645,873 822,461 0.60
1,645,873 822,461 0.60
Canada
First Quantum Minerals Ltd 7.250% 15/10/2019 144A(2) 200,000 USD 192,429 202,000 0.15
Precision Drilling Corp 5.250% 15/11/2024 10,000 USD 8,375 9,350 0.01
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional High Income Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Precision Drilling Corp 6.625% 15/11/2020 373,694 USD 328,424 379,299 0.27
529,228 590,649 0.43 Great Britain
Titan Global Finance PLC 4.250% 10/07/2019 EMTN 2,845,000 EUR 3,872,045 3,135,798 2.28
3,872,045 3,135,798 2.28 Greece
Hellenic Republic Government Bond 3.000% 24/02/2024 120,000 EUR 100,094 100,751 0.07
Hellenic Republic Government Bond 3.000% 24/02/2041 225,000 EUR 142,040 147,679 0.11
Hellenic Republic Government Bond 3.375% 17/07/2017 144A(2) 790,000 EUR 889,991 816,587 0.59
1,132,125 1,065,017 0.77 Luxembourg
Telecom Italia Capital SA 6.000% 30/09/2034 915,000 USD 842,875 846,375 0.61
842,875 846,375 0.61 Mexico
Mexican Bonos 7.500% 03/06/2027 8,965,300 MXN 754,217 433,101 0.32
Mexican Bonos 7.750% 29/05/2031 2,927,300 MXN 248,066 141,830 0.10
Mexican Bonos 8.000% 07/12/2023 49,034,600 MXN 4,330,925 2,468,903 1.79
Mexican Bonos 8.500% 31/05/2029 2,195,500 MXN 198,003 113,350 0.08
Mexican Bonos 10.000% 05/12/2024 13,539,300 MXN 1,320,129 760,524 0.55
6,851,340 3,917,708 2.84 Netherlands
Portugal Telecom International Finance BV 5.000% 04/11/2019 EMTN 45,000 EUR 51,529 14,595 0.01
51,529 14,595 0.01 New Zealand
Fonterra Co-operative Group Ltd 4.500% 30/06/2021 1,700,000 AUD 1,592,859 1,266,486 0.92
New Zealand Government Bond 3.000% 15/04/2020 2,370,000 NZD 1,976,778 1,678,170 1.22
3,569,637 2,944,656 2.14 Norway
Norway Government Bond 3.750% 25/05/2021 144A(2) 1,563,000 NOK 229,448 202,210 0.15
Norway Government Bond 4.250% 19/05/2017 144A(2) 1,575,000 NOK 276,493 185,453 0.13
Norway Government Bond 4.500% 22/05/2019 144A(2) 2,232,000 NOK 317,149 282,227 0.21
823,090 669,890 0.49 United States
AK Steel Corp 7.625% 15/05/2020 180,000 USD 180,000 183,600 0.13
Bonanza Creek Energy Inc 5.750% 01/02/2023 410,000 USD 354,071 299,300 0.22
Bonanza Creek Energy Inc 6.750% 15/04/2021 165,000 USD 155,801 122,925 0.09
California Resources Corp 5.500% 15/09/2021 208,000 USD 207,773 163,280 0.12
California Resources Corp 6.000% 15/11/2024 258,000 USD 245,954 189,307 0.14
Chesapeake Energy Corp 2.250% 15/12/2038 200,000 USD 194,542 196,500 0.14
Chesapeake Energy Corp 2.500% 15/05/2037 249,000 USD 246,383 249,934 0.18
Chesapeake Energy Corp 6.625% 15/08/2020 15,000 USD 14,425 15,150 0.01
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional High Income Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
CHS/Community Health Systems Inc 6.875% 01/02/2022 1,050,000 USD 892,134 729,750 0.53
Cincinnati Bell Telephone Co LLC 6.300% 01/12/2028 525,000 USD 437,248 511,875 0.37
Citigroup Inc 6.250% 29/06/2017 140,000 NZD 110,093 99,090 0.07
Continental Resources Inc/OK 3.800% 01/06/2024 170,000 USD 116,927 156,825 0.11
Continental Resources Inc/OK 4.500% 15/04/2023 90,000 USD 56,804 88,200 0.06
DPL Inc 6.750% 01/10/2019 451,000 USD 451,000 458,892 0.33
Eclipse Resources Corp 8.875% 15/07/2023 1,965,000 USD 1,931,457 2,050,969 1.49
Foot Locker Inc 8.500% 15/01/2022 435,000 USD 418,035 510,038 0.37
General Electric Co 5.500% 01/02/2017 EMTN 25,000 NZD 20,153 17,473 0.01
HCA Inc 7.750% 15/07/2036 405,000 USD 374,185 428,287 0.31
Hecla Mining Co 6.875% 01/05/2021 1,160,000 USD 1,158,008 1,186,100 0.86
iHeartCommunications Inc 9.000% 01/03/2021 1,890,000 USD 1,840,164 1,398,600 1.02
iStar Inc 5.000% 01/07/2019 355,000 USD 355,000 356,331 0.26
iStar Inc 5.850% 15/03/2017 675,000 USD 671,419 678,037 0.49
JC Penney Corp Inc 5.650% 01/06/2020 230,000 USD 219,555 226,837 0.17
JC Penney Corp Inc 6.375% 15/10/2036 90,000 USD 78,945 75,712 0.06
Kindred Healthcare Inc 8.000% 15/01/2020 595,000 USD 574,903 592,025 0.43
Kindred Healthcare Inc 8.750% 15/01/2023 1,090,000 USD 1,090,000 1,019,150 0.74
Morgan Stanley 8.000% 09/05/2017 590,000 AUD 608,024 434,880 0.32
New Albertsons Inc 6.625% 01/06/2028 1,080,000 USD 929,118 966,600 0.70
New Albertsons Inc 7.450% 01/08/2029 1,535,000 USD 1,333,202 1,450,575 1.05
New Albertsons Inc 7.750% 15/06/2026 245,000 USD 204,825 242,856 0.18
New Albertsons Inc 8.000% 01/05/2031 1,890,000 USD 1,731,059 1,809,675 1.31
New Albertsons Inc 8.700% 01/05/2030 720,000 USD 638,437 723,600 0.53
Oasis Petroleum Inc 6.875% 15/03/2022 375,000 USD 341,144 384,375 0.28
Pioneer Energy Services Corp 6.125% 15/03/2022 1,855,000 USD 1,855,000 1,706,600 1.24
QEP Resources Inc 5.250% 01/05/2023 195,000 USD 188,888 195,487 0.14
Qwest Capital Funding Inc 6.875% 15/07/2028 285,000 USD 255,000 258,638 0.19
Qwest Capital Funding Inc 7.625% 03/08/2021 135,000 USD 129,741 139,725 0.10
Qwest Capital Funding Inc 7.750% 15/02/2031 1,400,000 USD 1,296,601 1,274,000 0.93
Qwest Corp 7.250% 15/09/2025 200,000 USD 193,722 214,549 0.16
Qwest Corp 7.250% 15/10/2035 935,000 USD 907,456 885,403 0.64
Sanchez Energy Corp 6.125% 15/01/2023 140,000 USD 140,000 133,000 0.10
ServiceMaster Co LLC/The 7.450% 15/08/2027 545,000 USD 467,741 573,613 0.42
SM Energy Co 5.000% 15/01/2024 285,000 USD 253,864 268,613 0.20
SM Energy Co 5.625% 01/06/2025 120,000 USD 102,407 115,800 0.08
SM Energy Co 6.125% 15/11/2022 193,000 USD 193,000 195,413 0.14
SM Energy Co 6.500% 15/11/2021 35,000 USD 33,574 35,700 0.03
Southwestern Energy Co 6.700% 23/01/2025 190,000 USD 180,318 194,275 0.14
Springleaf Finance Corp 5.250% 15/12/2019 485,000 USD 480,672 488,638 0.36
Springleaf Finance Corp 7.750% 01/10/2021 1,295,000 USD 1,295,000 1,366,225 0.99
Springleaf Finance Corp 8.250% 01/10/2023 955,000 USD 955,000 997,975 0.72
Sprint Capital Corp 6.875% 15/11/2028 2,731,000 USD 2,411,661 2,696,863 1.96
Sprint Capital Corp 8.750% 15/03/2032 15,000 USD 13,972 16,500 0.01
Sprint Communications Inc 6.000% 15/11/2022 225,000 USD 223,826 226,688 0.16
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional High Income Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Sprint Corp 7.125% 15/06/2024 300,000 USD 293,879 309,000 0.22
SUPERVALU Inc 7.750% 15/11/2022 525,000 USD 522,686 529,594 0.38
Tenet Healthcare Corp 5.000% 01/03/2019 260,000 USD 260,000 253,500 0.18
Tenet Healthcare Corp 6.750% 15/06/2023 545,000 USD 543,460 480,962 0.35
Tenet Healthcare Corp 6.875% 15/11/2031 5,200,000 USD 4,566,344 4,010,500 2.91
United States Steel Corp 7.375% 01/04/2020 940,000 USD 627,984 1,008,150 0.73
United States Steel Corp 6.650% 01/06/2037 955,000 USD 838,591 823,687 0.60
United States Steel Corp 7.500% 15/03/2022 880,000 USD 880,000 908,600 0.66
Whiting Petroleum Corp 5.000% 15/03/2019 1,120,000 USD 1,092,467 1,124,379 0.82
Whiting Petroleum Corp 5.750% 15/03/2021 150,000 USD 136,636 149,376 0.11
Whiting Petroleum Corp 6.250% 01/04/2023 90,000 USD 74,044 90,000 0.07
39,594,322 39,688,201 28.82
Total - Fixed rate bonds 59,051,911 53,814,880 39.08
Warrants
United States
Halcon Resources Corp 9,420 USD 8,039 21,666 0.02
8,039 21,666 0.02
Total - Warrants 8,039 21,666 0.02
Total - Transferable securities admitted to an official stock exchange listing 74,369,777 68,812,385 49.97
Transferable securities dealt in on another regulated market
Fixed rate bonds
Argentina
Pan American Energy LLC/Argentine Branch 7.875% 07/05/2021 144A(2) 335,000 USD 331,795 351,750 0.26
331,795 351,750 0.26 Australia
Virgin Australia Holdings Ltd 8.500% 15/11/2019 144A(2) 585,000 USD 585,000 606,938 0.44
585,000 606,938 0.44 Canada
1839688 Alberta ULC defaulted 14.000% 13/02/2020 1,860,143 USD 1,860,143 744 0.00
Air Canada 5.375% 15/05/2021 144A(2) 111,581 USD 111,581 114,370 0.08
Baytex Energy Corp 5.125% 01/06/2021 144A(2) 90,000 USD 75,880 81,225 0.06
Baytex Energy Corp 5.625% 01/06/2024 144A(2) 90,000 USD 75,231 79,425 0.06
Bellatrix Exploration Ltd 8.500% 15/05/2020 144A(2) 1,550,000 USD 1,529,376 1,511,250 1.10
Bombardier Inc 6.125% 15/01/2023 144A(2) 120,000 USD 118,882 114,408 0.08
Bombardier Inc 7.450% 01/05/2034 1,285,000 USD 1,209,210 1,129,194 0.82
First Quantum Minerals Ltd 7.000% 15/02/2021 144A(2) 115,000 USD 107,312 114,379 0.08
First Quantum Minerals Ltd 7.250% 15/05/2022 144A(2) 1,610,000 USD 1,582,056 1,585,850 1.15
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional High Income Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
MEG Energy Corp 6.375% 30/01/2023 144A(2) 200,000 USD 186,657 178,000 0.13
MEG Energy Corp 6.500% 15/03/2021 144A(2) 115,000 USD 105,712 106,375 0.08
MEG Energy Corp 7.000% 31/03/2024 144A(2) 550,000 USD 483,666 497,750 0.36
7,445,706 5,512,970 4.00
Cayman Islands
Transocean Proteus Ltd 6.250% 01/12/2024 144A(2) 1,075,000 USD 1,059,008 1,085,083 0.79
1,059,008 1,085,083 0.79 Great Britain
Paragon Offshore PLC defaulted 6.750% 15/07/2022 144A(2) 431,000 USD 431,000 75,425 0.05
Paragon Offshore PLC defaulted 7.250% 15/08/2024 144A(2) 992,000 USD 992,000 173,600 0.13
1,423,000 249,025 0.18 Ireland
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc 6.000% 30/06/2021 144A(2) 290,000 USD 290,000 295,075 0.21
290,000 295,075 0.21
Multinational
Hexion Inc/Hexion Nova Scotia Finance ULC 9.000% 15/11/2020 195,000 USD 185,349 152,100 0.11
185,349 152,100 0.11 Netherlands
Oi Brasil Holdings Cooperatief UA defaulted 5.750% 10/02/2022 144A(2) 360,000 USD 334,111 113,850 0.08
334,111 113,850 0.08 United States
Advanced Micro Devices Inc 7.000% 01/07/2024 279,000 USD 279,000 289,462 0.21
Amsted Industries Inc 5.000% 15/03/2022 144A(2) 270,000 USD 270,000 270,000 0.20
Atrium Windows & Doors Inc 7.750% 01/05/2019 144A(2) 1,280,000 USD 1,273,935 1,182,400 0.86
BioMarin Pharmaceutical Inc 0.750% 15/10/2018 75,000 USD 75,000 83,859 0.06
BioMarin Pharmaceutical Inc 1.500% 15/10/2020 105,000 USD 105,000 123,047 0.09
CalAtlantic Group Inc 0.250% 01/06/2019 1,335,000 USD 1,279,942 1,243,219 0.90
CalAtlantic Group Inc 1.250% 01/08/2032 490,000 USD 490,000 504,394 0.37
California Resources Corp 8.000% 15/12/2022
144A(2) 330,000 USD 236,844 293,700 0.21
Calumet Specialty Products Partners LP/Calumet Finance Corp 7.625% 15/01/2022 385,000 USD 381,410 326,287 0.24
CE Generation LLC 7.416% 15/12/2018 60,773 USD 60,795 56,822 0.04
Chesapeake Energy Corp 5.500% 15/09/2026 144A(2) 30,000 USD 26,714 32,475 0.02
Chesapeake Energy Corp 6.875% 15/11/2020 15,000 USD 14,488 15,000 0.01
Chesapeake Energy Corp 8.000% 15/01/2025 144A(2) 270,000 USD 266,026 275,400 0.20
Ciena Corp 3.750% 15/10/2018 144A(2) 855,000 USD 840,379 1,154,784 0.84
Cincinnati Bell Inc 7.000% 15/07/2024 144A(2) 485,000 USD 485,000 512,887 0.37
Cleaver-Brooks Inc 8.750% 15/12/2019 144A(2) 195,000 USD 194,475 203,044 0.15
Communications Sales & Leasing Inc/CSL Capital LLC 8.250% 15/10/2023 940,000 USD 917,842 996,400 0.72
Continental Airlines 6.748% 15/03/2017 55,941 USD 55,167 56,327 0.04
Continental Airlines 6.795% 02/08/2018 20,854 USD 20,523 21,427 0.02
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional High Income Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
DISH DBS Corp 5.000% 15/03/2023 1,145,000 USD 1,108,577 1,139,275 0.83
DISH DBS Corp 5.875% 15/11/2024 126,000 USD 126,000 129,654 0.09
DISH Network Corp 3.375% 15/08/2026 144A(2) 2,270,000 USD 2,270,000 2,583,544 1.88
Donnelley Financial Solutions Inc 8.250%
15/10/2024 144A(2) 385,000 USD 385,000 391,737 0.28
Evolent Health Inc 2.000% 01/12/2021 144A(2) 280,000 USD 280,000 268,625 0.20
Frontier Communications Corp 6.875% 15/01/2025 485,000 USD 430,773 411,038 0.30
Frontier Communications Corp 7.000% 01/11/2025 70,000 USD 62,931 54,250 0.04
Frontier Communications Corp 7.450% 01/07/2035 325,000 USD 281,760 236,031 0.17
Frontier Communications Corp 7.875% 15/01/2027 1,145,000 USD 1,080,947 947,487 0.69
Frontier Communications Corp 9.000% 15/08/2031 605,000 USD 574,143 515,762 0.37
FTS International Inc 6.250% 01/05/2022 1,155,000 USD 1,112,175 952,875 0.69
GCP Applied Technologies Inc 9.500% 01/02/2023 144A(2) 305,000 USD 305,000 349,988 0.25
Hexion Inc 7.875% 15/02/2023 1,355,000 USD 1,223,251 542,000 0.39
Hexion Inc 8.875% 01/02/2018 1,050,000 USD 1,035,564 1,044,750 0.76
Hexion Inc 9.200% 15/03/2021 545,000 USD 501,136 234,350 0.17
Hologic Inc 2.000% 01/03/2042 1,600,000 USD 1,589,328 2,170,000 1.58
Iconix Brand Group Inc 1.500% 15/03/2018 800,000 USD 798,452 752,000 0.55
iHeartCommunications Inc 9.000% 15/09/2022 600,000 USD 600,000 441,000 0.32
Intercept Pharmaceuticals Inc 3.250% 01/07/2023 160,000 USD 160,000 142,600 0.10
Ironwood Pharmaceuticals Inc 2.250% 15/06/2022 60,000 USD 56,048 68,662 0.05
K Hovnanian Enterprises Inc 8.000% 01/11/2019 144A(2) 1,342,000 USD 1,342,000 1,029,985 0.75
KB Home 1.375% 01/02/2019 255,000 USD 252,975 248,147 0.18
Kraton Polymers LLC/Kraton Polymers Capital Corp 10.500% 15/04/2023 144A(2) 1,145,000 USD 1,083,731 1,290,988 0.94
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp 5.875% 01/08/2021 144A(2) 2,268,000 USD 2,268,000 2,154,600 1.56
Liberty Interactive LLC 3.500% 15/01/2031 216,519 USD 153,369 203,087 0.15
MBIA Insurance Corp 12.140% 15/01/2033 95,000 USD 56,850 43,700 0.03
MBIA Insurance Corp 12.140% 15/01/2033 144A(2) 15,000 USD 6,394 6,900 0.00
Meccanica Holdings USA Inc 6.250% 15/01/2040 144A(2) 475,000 USD 396,243 480,938 0.35
Micron Technology Inc 3.000% 15/11/2043 2,175,000 USD 1,652,987 2,160,047 1.57
Microsemi Corp 9.125% 15/04/2023 144A(2) 640,000 USD 640,000 745,600 0.54
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance Inc 7.875% 01/10/2022 144A(2) 865,000 USD 841,871 893,113 0.65
Navient Corp 5.000% 15/06/2018 717,000 USD 689,810 717,000 0.52
Navient Corp 5.500% 15/01/2019 160,000 USD 160,437 166,000 0.12
Navient Corp 5.500% 25/01/2023 90,000 USD 89,583 87,300 0.06
Navient Corp 5.625% 01/08/2033 1,830,000 USD 1,526,703 1,509,750 1.10
Navient Corp 8.000% 25/03/2020 1,590,000 USD 1,526,963 1,763,946 1.28
Navistar International Corp 4.500% 15/10/2018 460,000 USD 426,988 453,388 0.33
Navistar International Corp 4.750% 15/04/2019 35,000 USD 31,355 34,563 0.03
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional High Income Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Nine West Holdings Inc 6.125% 15/11/2034 965,000 USD 819,066 151,988 0.11
Nuance Communications Inc 1.000% 15/12/2035 1,970,000 USD 1,909,976 1,784,349 1.30
Nuance Communications Inc 1.500% 01/11/2035 1,004,000 USD 990,804 973,253 0.71
Quicken Loans Inc 5.750% 01/05/2025 144A(2) 210,000 USD 210,000 204,225 0.15
Rain CII Carbon LLC/CII Carbon Corp 8.250% 15/01/2021 144A(2) 395,000 USD 395,000 392,531 0.28
Rex Energy Corp 1.000% 01/10/2020 1,750,000 USD 1,537,114 910,000 0.66
Rovi Corp 0.500% 01/03/2020 490,000 USD 450,620 494,520 0.36
RTI International Metals Inc 1.625% 15/10/2019 410,000 USD 393,194 424,094 0.31
Sidewinder Drilling Inc 9.750% 15/11/2019 1,415,000 USD 1,415,000 88,438 0.06
Sidewinder Drilling Inc 9.750% 15/11/2019 144A(2) 110,000 USD 104,147 6,875 0.00
TPC Group Inc 8.750% 15/12/2020 144A(2) 2,020,000 USD 2,020,000 1,706,900 1.24
Trinity Industries Inc 3.875% 01/06/2036 1,395,000 USD 1,351,922 1,784,728 1.30
US Airways 8.500% 22/04/2017 60,592 USD 60,592 61,207 0.04
US Airways 9.750% 22/10/2018 339,550 USD 339,550 374,900 0.27
Viavi Solutions Inc 0.625% 15/08/2033 310,000 USD 308,922 320,462 0.23
Windstream Services LLC 7.500% 01/06/2022 190,000 USD 158,775 186,200 0.14
Windstream Services LLC 7.500% 01/04/2023 810,000 USD 757,894 779,625 0.57
Windstream Services LLC 7.750% 15/10/2020 80,000 USD 72,130 82,240 0.06
Windstream Services LLC 7.750% 01/10/2021 115,000 USD 95,465 118,220 0.09
47,790,055 45,850,369 33.30
Total - Fixed rate bonds 59,444,024 54,217,160 39.37
Variable rate bonds
Bermuda Islands
Sirius International Group Ltd 7.506% 31/12/2049 144A(2) 1,355,000 USD 1,228,941 1,363,469 0.99
1,228,941 1,363,469 0.99 United States
AGFC Capital Trust I 6.000% 15/01/2067 405,000 USD 294,545 196,931 0.14
Bank of America Corp 8.000% 31/12/2049 45,000 USD 43,122 46,237 0.03
GS Mortgage Securities Trust 5.790% 10/08/2045 80,000 USD 77,142 79,026 0.06
414,809 322,194 0.23
Total - Variable rate bonds 1,643,750 1,685,663 1.22
Total - Transferable securities dealt in on another regulated market 61,087,774 55,902,823 40.59
Other transferable securities Shares
Spain
Repsol SA ADR 18,549 USD 458,863 261,541 0.19
458,863 261,541 0.19 United States
Chesapeake Energy Corp 5.000% Preferred Convertible 8,274 USD 742,174 384,576 0.28
Chesapeake Energy Corp 5.750% Preferred Convertible 30 USD 14,900 16,481 0.01
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Institutional High Income Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Chesapeake Energy Corp 5.750% Preferred Convertible 70 USD 32,856 39,112 0.03
iStar Inc 4.500% Preferred Convertible 1,006 USD 50,300 52,312 0.04
840,230 492,481 0.36
Total - Shares 1,299,093 754,022 0.55
Fixed rate bonds
Canada
Bombardier Inc 7.350% 22/12/2026 144A(2) 590,000 CAD 537,270 401,458 0.29
Gibson Energy Inc 5.375% 15/07/2022 144A(2) 365,000 CAD 334,693 271,834 0.20
871,963 673,292 0.49 United States
Meccanica Holdings USA Inc 7.375% 15/07/2039 915,000 USD 755,954 989,344 0.72
755,954 989,344 0.72
Total - Fixed rate bonds 1,627,917 1,662,636 1.21
Total - Other transferable securities 2,927,010 2,416,658 1.76
TOTAL INVESTMENT PORTFOLIO 138,384,561 127,131,866 92.32
(2) See Note 15.
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Loomis Sayles Short Term Emerging Markets Bond Fund
Changes in the number of Shares for the year ended December 31, 2016
H-I/A (EUR)
Number of shares outstanding at the beginning 6,136.000
Number of shares issued 904,992.223
Number of shares redeemed (175,335.181)
Number of shares at the end 735,793.042
H-R/A (EUR)
Number of shares outstanding at the beginning 695.000
Number of shares issued 334,568.488
Number of shares redeemed (62,626.034)
Number of shares at the end 272,637.454
H-RE/A (EUR)
Number of shares outstanding at the beginning 500.000
Number of shares issued 9,531.214
Number of shares redeemed (4,277.813)
Number of shares at the end 5,753.401
H-S/A (EUR)
Number of shares outstanding at the beginning 220,695.824
Number of shares issued 357,724.000
Number of shares redeemed (85,887.000)
Number of shares at the end 492,532.824
H-S/A (GBP)
Number of shares outstanding at the beginning -
Number of shares issued 525.000
Number of shares redeemed -
Number of shares at the end 525.000
I/A (USD)
Number of shares outstanding at the beginning 160,501.200
Number of shares issued 281,842.559
Number of shares redeemed (137,250.036)
Number of shares at the end 305,093.723
I/D (USD)
Number of shares outstanding at the beginning 10,317.676
Number of shares issued 53,302.216
Number of shares redeemed (21,891.207)
Number of shares at the end 41,728.685
Q/A (USD)
Number of shares outstanding at the beginning 428,768.979
Number of shares issued 239,663.586
Number of shares redeemed (77,807.291)
Number of shares at the end 590,625.274
R/A (USD)
Number of shares outstanding at the beginning 183,824.526
Number of shares issued 349,782.275
Number of shares redeemed (166,889.370)
Number of shares at the end 366,717.431
R/D (USD)
Number of shares outstanding at the beginning 11,797.733
Number of shares issued 79,133.416
Number of shares redeemed (14,616.804)
Number of shares at the end 76,314.345
RE/A (USD)
Number of shares outstanding at the beginning 22,909.644
Number of shares issued 30,226.989
Number of shares redeemed (6,991.299)
Number of shares at the end 46,145.334
Natixis International Funds (Lux) I
Loomis Sayles Short Term Emerging Markets Bond Fund
Changes in the number of Shares for the year ended December 31, 2016
(continued)
S/A (USD)
Number of shares outstanding at the beginning 14,531.221
Number of shares issued 446,333.000
Number of shares redeemed (3,862.000)
Number of shares at the end 457,002.221
H-I/A (CHF)
Number of shares outstanding at the beginning 12,202.000
Number of shares issued -
Number of shares redeemed (7,281.000)
Number of shares at the end 4,921.000
H-I/D (EUR)
Number of shares outstanding at the beginning -
Number of shares issued 101,606.000
Number of shares redeemed (2,415.000)
Number of shares at the end 99,191.000
H-R/D (EUR)
Number of shares outstanding at the beginning 151.764
Number of shares issued 4,422.560
Number of shares redeemed (1,626.882)
Number of shares at the end 2,947.442
Natixis International Funds (Lux) I
Loomis Sayles Short Term Emerging Markets Bond Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 373,519,034 111,440,745 48,175,689
Net Asset Value per Share
H-I/A (EUR) 101.08 98.04 -
H-R/A (EUR) 102.40 99.80 -
H-RE/A (EUR) 100.08 98.17 -
H-S/A (EUR) 101.39 97.84 -
H-S/A (GBP) 100.04 - -
I/A (USD) 109.14 104.20 103.27
I/D (USD) 98.65 97.03 99.61
Q/A (USD) 111.07 105.46 104.00
R/A (USD) 102.92 98.85 98.56
R/D (USD) 100.34 98.71 -
RE/A (USD) 102.22 98.66 98.87
S/A (USD) 104.99 99.94 -
H-I/A (CHF) 100.70 97.93 -
H-I/D (EUR) 99.15 - -
H-R/D (EUR) 99.40 98.94 -
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Short Term Emerging Markets Bond Fund Statement of Investments
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Fixed rate bonds
Argentina
Argentine Republic Government International Bond 6.250% 22/04/2019 2,465,000 USD 2,530,056 2,631,388 0.70
Cablevision SA/Argentina 6.500% 15/06/2021 880,000 USD 903,297 894,300 0.24
YPF SA 8.500% 23/03/2021 2,460,000 USD 2,645,986 2,638,596 0.71
6,079,339 6,164,284 1.65 Bangladesh
Banglalink Digital Communications Ltd 8.625% 06/05/2019 1,450,000 USD 1,513,839 1,531,490 0.41
1,513,839 1,531,490 0.41 Barbados
Columbus International, Ltd 7.375% 30/03/2021 2,050,000 USD 2,173,044 2,181,487 0.58
Columbus International, Ltd 7.375% 30/03/2021 144A(2) 200,000 USD 207,875 212,828 0.06
2,380,919 2,394,315 0.64 Bermuda Islands
GeoPark Latin America Ltd Agencia en Chile 7.500% 11/02/2020 2,370,000 USD 2,174,103 2,200,664 0.59
2,174,103 2,200,664 0.59 Brazil
Banco do Brasil SA/Cayman 3.875% 23/01/2017 1,295,000 USD 1,296,279 1,294,624 0.35
Banco do Brasil SA/Cayman 6.000% 22/01/2020 1,000,000 USD 1,075,152 1,057,500 0.28
Brazilian Government International Bond 4.875% 22/01/2021 1,915,000 USD 1,986,392 1,972,450 0.53
Itau Unibanco Holding SA/Cayman Island 2.850% 26/05/2018 EMTN 2,520,000 USD 2,516,408 2,526,300 0.67
6,874,231 6,850,874 1.83 British Virgin Islands
Bestgain Real Estate Ltd 2.625% 13/03/2018 890,000 USD 885,123 884,015 0.24
Bluestar Finance Holdings Ltd 3.125% 30/09/2019 2,545,000 USD 2,550,842 2,543,959 0.68
China Great Wall International Holdings II Ltd 2.500% 18/06/2018 650,000 USD 648,649 651,454 0.18
China Shenhua Overseas Capital Co Ltd 2.500% 20/01/2018 1,095,000 USD 1,095,671 1,095,820 0.29
China Shenhua Overseas Capital Co Ltd 3.125% 20/01/2020 590,000 USD 604,236 592,365 0.16
Double Rosy Ltd 3.625% 18/11/2019 2,005,000 USD 2,047,543 2,044,398 0.55
Midea Investment Development Co Ltd 2.375% 03/06/2019 EMTN 2,135,000 USD 2,143,063 2,135,636 0.57
Skyland Mining BVI Ltd 3.500% 17/07/2017 2,235,000 USD 2,243,996 2,240,284 0.60
Star Energy Geothermal Wayang Windu Ltd 6.125% 27/03/2020 1,405,000 USD 1,446,793 1,433,100 0.38
13,665,916 13,621,031 3.65 Cayman Islands
Agricola Senior Trust 6.750% 18/06/2020 965,000 USD 977,757 975,856 0.26
Baidu Inc 3.000% 30/06/2020 1,645,000 USD 1,688,277 1,648,234 0.44
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Short Term Emerging Markets Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Cementos Progreso Trust 7.125% 06/11/2023 925,000 USD 973,541 970,233 0.26
China Hongqiao Group Ltd 6.875% 03/05/2018 1,415,000 USD 1,459,823 1,452,863 0.39
China Hongqiao Group Ltd 7.625% 26/06/2017 650,000 USD 650,966 658,119 0.18
China Mengniu Dairy Co Ltd 3.500% 27/11/2018 990,000 USD 1,009,394 1,011,631 0.27
China Overseas Finance Cayman IV Ltd 4.875% 15/02/2017 660,000 USD 662,085 661,780 0.18
CK Hutchison International 16 Ltd 1.875% 03/10/2021 1,830,000 USD 1,818,552 1,752,445 0.47
Country Garden Holdings Co Ltd 7.500% 09/03/2020 885,000 USD 948,990 941,806 0.25
Country Garden Holdings Co Ltd 7.875% 27/05/2019 495,000 USD 519,750 521,528 0.14
Greenland Hong Kong Holdings Ltd 4.375% 07/08/2017 600,000 USD 598,874 600,076 0.16
Kuwait Projects Co 4.800% 05/02/2019 EMTN 1,805,000 USD 1,880,471 1,869,763 0.50
Longfor Properties Co Ltd 6.750% 29/01/2023 2,845,000 USD 3,046,133 3,011,464 0.81
Ooredoo Tamweel Ltd 3.039% 03/12/2018 2,195,000 USD 2,234,170 2,224,633 0.60
QNB Finance Ltd 2.750% 31/10/2018 1,455,000 USD 1,473,037 1,461,547 0.39
QNB Finance Ltd 2.875% 29/04/2020 1,715,000 USD 1,753,825 1,716,139 0.46
Saudi Electricity Global Sukuk Co 2.665% 03/04/2017 2,075,000 USD 2,081,529 2,076,548 0.56
Shimao Property Holdings Ltd 8.125% 22/01/2021 1,600,000 USD 1,737,951 1,729,202 0.46
Tencent Holdings Ltd 3.375% 02/05/2019 EMTN 1,875,000 USD 1,922,556 1,917,330 0.51
Three Gorges Finance I Cayman Islands Ltd 2.300% 02/06/2021 1,145,000 USD 1,144,616 1,115,539 0.30
Tingyi Cayman Islands Holding Corp 3.875% 20/06/2017 2,010,000 USD 2,025,625 2,021,859 0.54
Vale Overseas Ltd 4.625% 15/09/2020 890,000 USD 887,842 910,915 0.24
Vale Overseas Ltd 5.625% 15/09/2019 875,000 USD 928,824 924,437 0.25
Vale Overseas Ltd 5.875% 10/06/2021 835,000 USD 840,017 874,662 0.23
Yestar International Holdings Co Ltd 6.900% 15/09/2021 1,060,000 USD 1,082,980 1,082,339 0.29
Yuzhou Properties Co Ltd 9.000% 08/12/2019 920,000 USD 979,415 991,800 0.26
35,327,000 35,122,748 9.40 Chile
Corp Nacional del Cobre de Chile 3.875% 03/11/2021 144A(2) 1,745,000 USD 1,783,023 1,779,865 0.47
Itau CorpBanca 3.875% 22/09/2019 2,745,000 USD 2,839,958 2,829,047 0.76
4,622,981 4,608,912 1.23 Colombia
Banco de Bogota SA 5.000% 15/01/2017 1,020,000 USD 1,021,021 1,020,683 0.27
Ecopetrol SA 4.250% 18/09/2018 1,875,000 USD 1,932,928 1,926,563 0.52
Ecopetrol SA 7.625% 23/07/2019 1,885,000 USD 2,118,146 2,113,462 0.57
Empresa de Energia de Bogota SA ESP 6.125% 10/11/2021 635,000 USD 653,527 654,050 0.17
Oleoducto Central SA 4.000% 07/05/2021 144A(2) 2,745,000 USD 2,693,624 2,731,275 0.73
8,419,246 8,446,033 2.26 Costa Rica
Instituto Costarricense de Electricidad 6.950% 10/11/2021 950,000 USD 950,246 989,425 0.26
950,246 989,425 0.26
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Short Term Emerging Markets Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Croatia
Croatia Government International Bond 6.250% 27/04/2017 1,760,000 USD 1,781,195 1,784,640 0.48
Croatia Government International Bond 6.375% 24/03/2021 725,000 USD 798,316 788,438 0.21
2,579,511 2,573,078 0.69 Cyprus
Global Ports Finance PLC 6.872% 25/01/2022 1,720,000 USD 1,779,893 1,771,600 0.47
1,779,893 1,771,600 0.47 Dominican Republic
Dominican Republic International Bond 7.500% 06/05/2021 1,555,000 USD 1,716,130 1,686,488 0.45
Dominican Republic International Bond 9.040% 23/01/2018 332,811 USD 342,938 344,160 0.09
2,059,068 2,030,648 0.54 Georgia
Georgian Oil & Gas Corp JSC 6.750% 26/04/2021 1,680,000 USD 1,724,401 1,749,636 0.47
1,724,401 1,749,636 0.47 Great Britain
Hikma Pharmaceuticals PLC 4.250% 10/04/2020 2,170,000 USD 2,181,283 2,167,287 0.58
ICBC Standard Bank PLC 8.125% 02/12/2019 EMTN 1,175,000 USD 1,274,860 1,286,613 0.34
Petra Diamonds US Treasury PLC 8.250% 31/05/2020 2,490,000 USD 2,568,320 2,570,925 0.69
Vedanta Resources PLC 6.000% 31/01/2019 3,075,000 USD 3,038,017 3,082,688 0.83
9,062,480 9,107,513 2.44 Hong Kong
Bright Food Hong Kong Ltd 3.000% 21/05/2018 530,000 USD 529,821 530,767 0.14
Goldwind New Energy HK Investment Ltd 2.500% 24/07/2018 1,420,000 USD 1,422,194 1,417,215 0.38
Weichai International Hong Kong Energy Group Co Ltd 4.125% 30/09/2020 1,425,000 USD 1,445,878 1,444,212 0.39
Zhejiang Energy Group Hong Kong Ltd 2.300% 30/09/2017 1,855,000 USD 1,853,830 1,853,049 0.49
5,251,723 5,245,243 1.40 Hungary
Magyar Export-Import Bank Zrt 4.000%
30/01/2020 2,660,000 USD 2,725,207 2,727,846 0.73
2,725,207 2,727,846 0.73 India
Adani Ports & Special Economic Zone Ltd 3.500% 29/07/2020 2,720,000 USD 2,729,583 2,706,430 0.72
Axis Bank Ltd/Dubai 3.250% 21/05/2020 EMTN 1,965,000 USD 2,000,708 1,972,072 0.53
Axis Bank Ltd/Dubai 5.125% 05/09/2017 EMTN 1,035,000 USD 1,053,467 1,052,868 0.28
ICICI Bank Ltd/Dubai 3.125% 12/08/2020 EMTN 1,820,000 USD 1,823,812 1,817,847 0.49
ICICI Bank Ltd/Dubai 3.500% 18/03/2020 EMTN 1,735,000 USD 1,772,189 1,760,147 0.47
IDBI Bank Ltd/DIFC Dubai 5.000% 25/09/2019 EMTN 1,680,000 USD 1,740,383 1,749,082 0.47
Oil India Ltd 3.875% 17/04/2019 980,000 USD 1,002,769 1,005,966 0.27
Tata Motors Ltd 4.625% 30/04/2020 2,535,000 USD 2,627,116 2,608,616 0.70
14,750,027 14,673,028 3.93 Indonesia
Astra Sedaya Finance PT 2.875% 01/04/2018 EMTN 2,145,000 USD 2,153,466 2,144,357 0.57
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Short Term Emerging Markets Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Lembaga Pembiayaan Ekspor Indonesia 3.750% 26/04/2017 EMTN 965,000 USD 970,507 967,895 0.26
3,123,973 3,112,252 0.83 Ireland
MMC Norilsk Nickel OJSC via MMC Finance DAC 4.375% 30/04/2018 1,710,000 USD 1,732,696 1,748,287 0.47
MMC Norilsk Nickel OJSC via MMC Finance DAC 5.550% 28/10/2020 2,535,000 USD 2,642,004 2,696,363 0.72
Vimpel Communications Via VIP Finance Ireland Ltd OJSC 9.125% 30/04/2018 1,280,000 USD 1,377,924 1,377,587 0.37
5,752,624 5,822,237 1.56 Isle of Man
AngloGold Ashanti Holdings PLC 5.375% 15/04/2020 2,110,000 USD 2,172,190 2,168,025 0.58
2,172,190 2,168,025 0.58 Israel
Israel Electric Corp Ltd 5.625% 21/06/2018 144A(2) 2,055,000 USD 2,140,862 2,140,365 0.57
Israel Electric Corp Ltd 6.700% 10/02/2017 EMTN 750,000 USD 753,720 751,737 0.20
Israel Electric Corp Ltd 7.250% 15/01/2019 EMTN 1,265,000 USD 1,382,350 1,366,063 0.37
4,276,932 4,258,165 1.14 Kazakhstan
KazMunayGas National Co JSC 6.375% 09/04/2021 EMTN 2,285,000 USD 2,485,768 2,475,478 0.66
KazMunayGas National Co JSC 9.125% 02/07/2018 EMTN 2,450,000 USD 2,633,015 2,622,170 0.72
5,118,783 5,097,648 1.38 Luxembourg
Altice Financing SA 6.500% 15/01/2022 144A(2) 1,190,000 USD 1,207,376 1,240,575 0.33
Gazprom OAO Via Gaz Capital SA 3.850% 06/02/2020 144A(2) 1,805,000 USD 1,750,084 1,828,660 0.49
Sberbank of Russia Via SB Capital SA 5.717% 16/06/2021 2,065,000 USD 2,217,709 2,192,865 0.59
5,175,169 5,262,100 1.41 Malaysia
Axiata SPV2 Bhd 3.466% 19/11/2020 EMTN 1,265,000 USD 1,280,755 1,272,486 0.34
Cagamas Global PLC 2.745% 10/12/2019 EMTN 2,295,000 USD 2,330,210 2,301,518 0.62
Export-Import Bank of Malaysia Bhd 2.875% 14/12/2017 EMTN 945,000 USD 954,187 951,121 0.26
Malayan Banking Bhd 3.000% 10/02/2017 575,000 USD 575,706 575,516 0.15
Petronas Global Sukuk Ltd 2.707% 18/03/2020 1,955,000 USD 1,985,079 1,951,966 0.52
7,125,937 7,052,607 1.89 Mauritius
HT Global IT Solutions Holdings Ltd 7.000% 14/07/2021 1,395,000 USD 1,423,120 1,438,594 0.38
UPL Corp Ltd 3.250% 13/10/2021 1,910,000 USD 1,909,160 1,864,026 0.50
3,332,280 3,302,620 0.88 Mexico
America Movil SAB de CV 5.000% 16/10/2019 1,700,000 USD 1,820,854 1,821,866 0.49
Cemex SAB de CV 7.250% 15/01/2021 2,955,000 USD 3,159,272 3,147,075 0.84
Coca-Cola Femsa SAB de CV 2.375% 26/11/2018 1,800,000 USD 1,814,569 1,812,501 0.48
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Short Term Emerging Markets Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Grupo Televisa SAB 6.000% 15/05/2018 635,000 USD 668,386 668,826 0.18
Nacional Financiera SNC 3.375% 05/11/2020 144A(2) 2,410,000 USD 2,467,429 2,410,899 0.65
Petroleos Mexicanos 5.500% 04/02/2019 EMTN 1,605,000 USD 1,621,776 1,670,746 0.45
11,552,286 11,531,913 3.09
Morocco
BMCE Bank 6.250% 27/11/2018 2,340,000 USD 2,428,055 2,408,936 0.65
2,428,055 2,408,936 0.65 Namibia
Namibia International Bonds 5.500% 03/11/2021 2,070,000 USD 2,211,893 2,157,975 0.58
2,211,893 2,157,975 0.58 Netherlands
Greenko Dutch BV 8.000% 01/08/2019 2,560,000 USD 2,685,613 2,707,200 0.73
GTH Finance BV 6.250% 26/04/2020 1,775,000 USD 1,793,825 1,861,531 0.50
IHS Netherlands Holdco BV 9.500% 27/10/2021 2,095,000 USD 2,106,658 2,144,907 0.57
Lukoil International Finance BV 3.416% 24/04/2018 3,590,000 USD 3,599,456 3,625,900 0.97
Majapahit Holding BV 7.250% 28/06/2017 505,000 USD 515,106 516,363 0.14
Majapahit Holding BV 7.750% 20/01/2020 1,165,000 USD 1,331,442 1,307,713 0.35
Majapahit Holding BV 8.000% 07/08/2019 1,365,000 USD 1,542,830 1,528,800 0.41
Myriad International Holdings BV 6.375% 28/07/2017 1,690,000 USD 1,724,731 1,723,394 0.46
Petrobras Global Finance BV 4.875% 17/03/2020 3,565,000 USD 3,525,806 3,524,715 0.94
Petrobras Global Finance BV 8.375% 23/05/2021 300,000 USD 335,285 323,250 0.09
Teva Pharmaceutical Finance Netherlands III BV 1.400% 20/07/2018 915,000 USD 907,400 907,539 0.24
Teva Pharmaceutical Finance Netherlands III BV 2.200% 21/07/2021 2,840,000 USD 2,831,040 2,716,991 0.73
22,899,192 22,888,303 6.13 Oman
Oman Government International Bond 3.625% 15/06/2021 1,725,000 USD 1,739,814 1,725,117 0.46
1,739,814 1,725,117 0.46 Panama
AES Panama Srl 6.000% 25/06/2022 144A(2) 1,225,000 USD 1,268,313 1,267,875 0.34
1,268,313 1,267,875 0.34 Peru
Corp Financiera de Desarrollo SA 3.250% 15/07/2019 144A(2) 2,195,000 USD 2,244,073 2,222,438 0.60
InRetail Consumer 5.250% 10/10/2021 1,780,000 USD 1,831,562 1,820,050 0.49
Union Andina de Cementos SAA 5.875% 30/10/2021 1,605,000 USD 1,652,525 1,661,175 0.44
5,728,160 5,703,663 1.53 Philippines
BDO Unibank Inc 2.625% 24/10/2021 EMTN 2,400,000 USD 2,403,464 2,329,531 0.62
PLDT Inc 8.350% 06/03/2017 EMTN 500,000 USD 505,325 504,375 0.14
SM Investments Corp 5.500% 13/10/2017 2,109,000 USD 2,158,774 2,157,642 0.58
5,067,563 4,991,548 1.34 Saudi Arabia
Saudi Government International Bond 2.375% 26/10/2021 EMTN 2,425,000 USD 2,379,853 2,354,520 0.63
2,379,853 2,354,520 0.63
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Short Term Emerging Markets Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Singapore
ABJA Investment Co Pte Ltd 4.850% 31/01/2020 760,000 USD 751,461 764,043 0.20
BOC Aviation Ltd 2.375% 15/09/2021 EMTN 2,595,000 USD 2,581,767 2,492,069 0.67
Olam International Ltd 5.750% 20/09/2017 EMTN 1,285,000 USD 1,309,040 1,304,885 0.35
SingTel Group Treasury Pte Ltd 2.375% 08/09/2017
EMTN 740,000 USD 745,074 743,480 0.20
TBG Global Pte Ltd 4.625% 03/04/2018 1,180,000 USD 1,188,312 1,190,620 0.32
TBG Global Pte Ltd 4.625% 03/04/2018 144A(2) 360,000 USD 356,867 363,240 0.10
TBG Global Pte Ltd 5.250% 10/02/2022 340,000 USD 354,543 339,051 0.09
7,287,064 7,197,388 1.93 South Africa
Eskom Holdings SOC Ltd 5.750% 26/01/2021 2,165,000 USD 2,174,115 2,165,173 0.58
FirstRand Bank Ltd 4.250% 30/04/2020 EMTN 1,510,000 USD 1,543,358 1,532,979 0.41
Investec Bank Ltd 3.875% 24/07/2017 945,000 USD 950,003 945,756 0.25
South Africa Government International Bond 5.500% 09/03/2020 1,995,000 USD 2,120,972 2,112,306 0.57
6,788,448 6,756,214 1.81 South Korea
Export-Import Bank of Korea 1.750% 26/05/2019 1,175,000 USD 1,173,742 1,168,268 0.31
Export-Import Bank of Korea 2.625% 30/12/2020 500,000 USD 499,502 500,402 0.13
Hyundai Capital Services Inc 2.875% 16/03/2021 EMTN 1,970,000 USD 1,974,737 1,959,449 0.52
Hyundai Capital Services Inc 3.500% 13/09/2017 EMTN 715,000 USD 723,422 722,212 0.19
KEB Hana Bank 1.750% 18/10/2019 1,000,000 USD 997,001 988,741 0.27
Korea Gas Corp 1.875% 18/07/2021 EMTN 825,000 USD 823,396 791,978 0.21
Korea Land & Housing Corp 1.875% 02/08/2017 590,000 USD 590,109 589,436 0.16
NongHyup Bank 1.875% 12/09/2021 1,155,000 USD 1,150,162 1,100,636 0.30
Shinhan Bank 2.250% 15/04/2020 1,580,000 USD 1,594,731 1,558,866 0.42
SK Broadband Co Ltd 2.875% 29/10/2018 930,000 USD 936,057 937,961 0.25
10,462,859 10,317,949 2.76 Sri Lanka
Sri Lanka Government International Bond 5.125% 11/04/2019 144A(2) 1,830,000 USD 1,842,233 1,848,876 0.50
1,842,233 1,848,876 0.50 Supranational Organisations
Africa Finance Corp 4.375% 29/04/2020 EMTN 2,302,000 USD 2,403,832 2,356,097 0.63
Banque Ouest Africaine de Developpement 5.500% 06/05/2021 2,605,000 USD 2,682,817 2,683,814 0.72
5,086,649 5,039,911 1.35 Thailand
Bangkok Bank PCL/Hong Kong 2.750% 27/03/2018 144A(2) 1,780,000 USD 1,798,957 1,791,412 0.48
Bangkok Bank PCL/Hong Kong 4.800% 18/10/2020 895,000 USD 980,403 955,194 0.25
PTT Exploration & Production PCL 3.707% 16/09/2018 750,000 USD 765,965 768,486 0.21
Siam Commercial Bank PCL/Cayman Islands 3.500% 07/04/2019 EMTN 2,700,000 USD 2,793,826 2,770,057 0.74
6,339,151 6,285,149 1.68 Turkey
Akbank TAS 4.000% 24/01/2020 EMTN 1,880,000 USD 1,833,606 1,820,592 0.49
Coca-Cola Icecek AS 4.750% 01/10/2018 1,920,000 USD 1,977,765 1,975,957 0.53
KOC Holding AS 3.500% 24/04/2020 2,210,000 USD 2,191,070 2,176,187 0.58
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Short Term Emerging Markets Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
TC Ziraat Bankasi AS 4.750% 29/04/2021 EMTN 1,225,000 USD 1,233,493 1,170,488 0.31
Turk Telekomunikasyon AS 3.750% 19/06/2019 2,185,000 USD 2,204,665 2,166,427 0.58
9,440,599 9,309,651 2.49 United Arab Emirates
Abu Dhabi National Energy Co PJSC 2.500%
12/01/2018 345,000 USD 345,156 345,339 0.09
Abu Dhabi National Energy Co PJSC 4.125% 13/03/2017 144A(2) 600,000 USD 602,958 602,688 0.16
Abu Dhabi National Energy Co PJSC 6.250% 16/09/2019 EMTN 1,175,000 USD 1,301,090 1,288,047 0.35
Burgan Senior SPC Ltd 3.125% 14/09/2021 EMTN 2,210,000 USD 2,204,302 2,173,027 0.58
DP World Ltd 3.250% 18/05/2020 EMTN 2,915,000 USD 3,004,827 2,955,227 0.79
Dubai Electricity & Water Authority 7.375% 21/10/2020 144A(2) 1,465,000 USD 1,698,307 1,691,987 0.45
Emirates NBD PJSC 3.250% 19/11/2019 EMTN 3,270,000 USD 3,344,561 3,299,208 0.89
Emirates Telecommunications Group Co PJSC 2.375% 18/06/2019 2,665,000 USD 2,689,976 2,648,770 0.71
15,191,177 15,004,293 4.02 United States
Southern Copper Corp 5.375% 16/04/2020 600,000 USD 637,479 652,145 0.17
637,479 652,145 0.17
Total - Fixed rate bonds 276,368,806 275,365,448 73.72
Variable rate bonds
Chile
Banco Santander Chile 1.776% 11/04/2017 725,000 USD 724,753 724,130 0.19
724,753 724,130 0.19 Malaysia
Malayan Banking Bhd 3.250% 20/09/2022 EMTN 1,300,000 USD 1,305,747 1,305,415 0.35
1,305,747 1,305,415 0.35 Netherlands
Petrobras Global Finance BV 3.873% 17/03/2020 2,660,000 USD 2,560,842 2,599,857 0.70
2,560,842 2,599,857 0.70 Singapore
Oversea-Chinese Banking Corp Ltd 3.750% 15/11/2022 EMTN 1,430,000 USD 1,448,899 1,445,373 0.39
United Overseas Bank Ltd 2.875% 17/10/2022 EMTN 1,060,000 USD 1,066,174 1,064,121 0.28
2,515,073 2,509,494 0.67 South Korea
Shinhan Bank 1.526% 08/04/2017 EMTN 275,000 USD 275,000 274,933 0.07
275,000 274,933 0.07
Total - Variable rate bonds 7,381,415 7,413,829 1.98
Total - Transferable securities admitted to an official stock exchange listing 283,750,221 282,779,277 75.70
Transferable securities dealt in on another regulated market Fixed rate bonds
Argentina
Pan American Energy LLC/Argentine Branch 7.875% 07/05/2021 2,265,000 USD 2,414,521 2,378,250 0.64
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Short Term Emerging Markets Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
2,414,521 2,378,250 0.64 Bermuda Islands
Digicel Ltd 6.000% 15/04/2021 144A(2) 2,295,000 USD 2,126,798 2,075,759 0.55
Digicel Ltd 7.000% 15/02/2020 555,000 USD 561,108 522,610 0.14
2,687,906 2,598,369 0.69
British Virgin Islands
Central American Bottling Corp 6.750% 09/02/2022 550,000 USD 569,772 561,000 0.15
GTL Trade Finance Inc 7.250% 20/10/2017 3,055,000 USD 3,159,083 3,157,953 0.84
3,728,855 3,718,953 0.99 Cayman Islands
Banco Continental SA via Continental Senior Trustees Cayman Ltd 5.500% 18/11/2020 2,540,000 USD 2,758,976 2,754,630 0.74
Braskem Finance Ltd 5.750% 15/04/2021 1,720,000 USD 1,817,644 1,810,300 0.48
CAR Inc 6.125% 04/02/2020 144A(2) 1,715,000 USD 1,761,415 1,787,887 0.48
DP World Sukuk Ltd 6.250% 02/07/2017 144A(2) 510,000 USD 519,735 521,217 0.14
Geely Automobile Holdings Ltd 5.250% 06/10/2019 144A(2) 1,425,000 USD 1,470,026 1,471,312 0.39
GrupoSura Finance SA 5.700% 18/05/2021 144A(2) 1,075,000 USD 1,126,209 1,139,500 0.30
HPHT Finance 15 Ltd 2.250% 17/03/2018 580,000 USD 579,872 579,691 0.16
Hutchison Whampoa International 14 Ltd 1.625% 31/10/2017 770,000 USD 769,737 768,210 0.21
Marfrig Overseas Ltd 9.500% 04/05/2020 645,000 USD 656,992 664,350 0.18
Raizen Energy Finance Ltd 7.000% 01/02/2017 144A(2) 655,000 USD 657,284 654,345 0.17
Suzano Trading Ltd 5.875% 23/01/2021 860,000 USD 846,113 888,552 0.24
12,964,003 13,039,994 3.49 Chile
AES Gener SA 5.250% 15/08/2021 144A(2) 780,000 USD 835,661 817,778 0.22
Banco de Credito e Inversiones 3.000% 13/09/2017 535,000 USD 536,618 537,782 0.14
Cencosud SA 5.500% 20/01/2021 1,865,000 USD 2,008,070 2,006,434 0.54
Inversiones CMPC SA/Cayman Islands Branch 4.750% 19/01/2018 144A(2) 755,000 USD 767,674 767,967 0.21
Inversiones CMPC SA 6.125% 05/11/2019 144A(2) 1,535,000 USD 1,691,103 1,655,946 0.44
Latam Airlines Group SA 7.250% 09/06/2020 1,880,000 USD 1,935,840 1,931,700 0.52
7,774,966 7,717,607 2.07 China
Industrial & Commercial Bank of China Ltd/New York 2.452% 20/10/2021 1,200,000 USD 1,200,000 1,170,534 0.31
Industrial & Commercial Bank of China Ltd/New York 2.905% 13/11/2020 1,030,000 USD 1,030,000 1,027,107 0.28
2,230,000 2,197,641 0.59 Colombia
Transportadora de Gas Internacional SA ESP 5.700% 20/03/2022 2,545,000 USD 2,630,090 2,621,350 0.70
2,630,090 2,621,350 0.70 Costa Rica
Banco Nacional de Costa Rica 5.875% 25/04/2021 2,350,000 USD 2,396,800 2,379,375 0.64
2,396,800 2,379,375 0.64 Croatia
Agrokor dd 8.875% 01/02/2020 405,000 USD 423,735 411,075 0.11
423,735 411,075 0.11 Hong Kong
Bank of China Hong Kong Ltd 5.550% 11/02/2020 1,995,000 USD 2,191,191 2,128,970 0.57
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Short Term Emerging Markets Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
HKCG Finance Ltd 6.250% 07/08/2018 144A(2) 1,050,000 USD 1,124,015 1,116,524 0.30
3,315,206 3,245,494 0.87 Luxembourg
Millicom International Cellular SA 4.750% 22/05/2020 2,200,000 USD 2,144,440 2,227,500 0.60
2,144,440 2,227,500 0.60 Mexico
BBVA Bancomer SA/Texas 6.500% 10/03/2021 1,465,000 USD 1,590,527 1,577,805 0.42
BBVA Bancomer SA/Texas 7.250% 22/04/2020 590,000 USD 642,426 647,525 0.17
Grupo Bimbo SAB de CV 4.875% 30/06/2020 1,485,000 USD 1,593,814 1,577,562 0.42
Petroleos Mexicanos 3.500% 23/07/2020 2,005,000 USD 2,028,928 1,962,394 0.53
Sigma Alimentos SA de CV 5.625% 14/04/2018 685,000 USD 701,207 710,687 0.19
Sigma Alimentos SA de CV 6.875% 16/12/2019 144A(2) 1,000,000 USD 1,109,659 1,109,000 0.30
7,666,561 7,584,973 2.03 Netherlands
Marfrig Holdings Europe BV 8.375% 09/05/2018 790,000 USD 821,909 827,762 0.22
Myriad International Holdings BV 6.000% 18/07/2020 1,115,000 USD 1,217,016 1,206,263 0.32
2,038,925 2,034,025 0.54 Panama
Banco Latinoamericano de Comercio Exterior SA 3.750% 04/04/2017 920,000 USD 924,226 923,417 0.25
924,226 923,417 0.25 Peru
Banco de Credito del Peru/Panama 2.250% 25/10/2019 2,075,000 USD 2,069,064 2,060,143 0.55
Banco de Credito del Peru 2.750% 09/01/2018 778,000 USD 776,376 780,723 0.21
2,845,440 2,840,866 0.76 Qatar
Ras Laffan Liquefied Natural Gas Co Ltd II 5.298% 30/09/2020 144A(2) 2,761,848 USD 2,945,251 2,899,940 0.78
2,945,251 2,899,940 0.78 South Korea
Doosan Heavy Industries & Construction Co Ltd 2.125% 27/04/2020 2,085,000 USD 2,087,235 2,033,661 0.54
Shinhan Bank 1.875% 30/07/2018 505,000 USD 504,079 503,323 0.14
SK Telecom Co Ltd 2.125% 01/05/2018 144A(2) 1,525,000 USD 1,534,856 1,524,834 0.41
4,126,170 4,061,818 1.09 Turkey
Turkiye Garanti Bankasi AS 4.000% 13/09/2017 2,610,000 USD 2,625,209 2,617,047 0.70
2,625,209 2,617,047 0.70 United States
Hyundai Capital America 1.750% 27/09/2019 1,145,000 USD 1,143,726 1,124,867 0.30
Hyundai Capital America 2.500% 18/03/2019 144A(2) 200,000 USD 199,899 200,474 0.05
Hyundai Capital America 2.600% 19/03/2020 635,000 USD 633,589 630,561 0.17
1,977,214 1,955,902 0.52
Total - Fixed rate bonds 67,859,518 67,453,596 18.06
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Short Term Emerging Markets Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Variable rate bonds
Mexico
Petroleos Mexicanos 4.607% 11/03/2022 3,410,000 USD 3,410,000 3,516,563 0.94
3,410,000 3,516,563 0.94 Singapore
DBS Bank Ltd 3.625% 21/09/2022 144A(2) 1,700,000 USD 1,721,522 1,714,856 0.46
1,721,522 1,714,856 0.46
Total - Variable rate bonds 5,131,522 5,231,419 1.40
Total - Transferable securities dealt in on another regulated market 72,991,040 72,685,015 19.46
Other transferable securities Fixed rate bonds
Chile
Corp Nacional del Cobre de Chile 7.500% 15/01/2019 144A(2) 785,000 USD 869,061 861,791 0.23
869,061 861,791 0.23
Total - Fixed rate bonds 869,061 861,791 0.23
Term Loans
Trinidad and Tobago
Methanol Holdings (Trinidad) Ltd 4.270% 30/06/2022 797,850 USD 791,815 778,901 0.21
791,815 778,901 0.21 United States
Coral-US Co-Borrower LLC 5.748% 03/01/2023 Term B-1 Loan 731,000 USD 724,526 739,684 0.20
Coral-US Co-Borrower LLC 5.748% 03/01/2023 Term B-2 Loan 297,000 USD 291,957 300,529 0.08
1,016,483 1,040,213 0.28
Total - Term Loans 1,808,298 1,819,114 0.49
Total - Other transferable securities 2,677,359 2,680,905 0.72
TOTAL INVESTMENT PORTFOLIO 359,418,620 358,145,197 95.88
(2) See Note 15.
A detailed schedule of portfolio movements for the year from January 1, 2016 to
December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Loomis Sayles Strategic Alpha Bond Fund
Changes in the number of Shares for the year ended December 31, 2016
H-N/D (GBP)
Number of shares outstanding at the beginning 30.647
Number of shares issued 0.721
Number of shares redeemed -
Number of shares at the end 31.368
H-R/A (EUR)
Number of shares outstanding at the beginning 19,393.294
Number of shares issued 3,045.031
Number of shares redeemed (6,443.092)
Number of shares at the end 15,995.233
H-S/A (EUR)
Number of shares outstanding at the beginning -
Number of shares issued 94,994.124
Number of shares redeemed -
Number of shares at the end 94,994.124
I/A (USD)
Number of shares outstanding at the beginning 120,110.197
Number of shares issued 20,613.695
Number of shares redeemed (24,216.724)
Number of shares at the end 116,507.168
I/A (EUR)
Number of shares outstanding at the beginning 186.369
Number of shares issued 339.434
Number of shares redeemed (156.369)
Number of shares at the end 369.434
R/A (USD)
Number of shares outstanding at the beginning 63,449.993
Number of shares issued 10,797.002
Number of shares redeemed (17,598.796)
Number of shares at the end 56,648.199
R/A (SGD)
Number of shares outstanding at the beginning 6,277.645
Number of shares issued 50,742.557
Number of shares redeemed (39,573.806)
Number of shares at the end 17,446.396
S/A (USD)
Number of shares outstanding at the beginning 154,055.640
Number of shares issued -
Number of shares redeemed (24,114.849)
Number of shares at the end 129,940.791
C/A (USD)
Number of shares outstanding at the beginning 12,185.962
Number of shares issued -
Number of shares redeemed (11,586.282)
Number of shares at the end 599.680
H-S1/A (GBP)
Number of shares outstanding at the beginning 1,035,961.310
Number of shares issued 194,584.739
Number of shares redeemed -
Number of shares at the end 1,230,546.049
Natixis International Funds (Lux) I
Loomis Sayles Strategic Alpha Bond Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 204,945,116 188,109,213 42,812,297
Net Asset Value per Share
H-N/D (GBP) 99.86 96.40 99.46
H-R/A (EUR) 111.59 107.27 110.03
H-S/A (EUR) 103.59 - -
I/A (USD) 119.35 112.38 113.95
I/A (EUR) 112.53 102.88 -
R/A (USD) 115.27 109.34 111.70
R/A (SGD) 107.01 99.70 -
S/A (USD) 106.66 100.23 101.42
C/A (USD) 101.71 97.15 99.95
H-S1/A (GBP) 103.25 97.14 -
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Strategic Alpha Bond Fund Statement of Investments
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Shares
Brazil
OGX Petroleo e Gas SA ADR 9,562 USD 0 6,072 0.00
0 6,072 0.00 Colombia
Pacific Exploration & Production Corp 6,750 USD 1,051,680 274,691 0.13
1,051,680 274,691 0.13 Ireland
Allergan PLC 5.500% 01/03/2018 Preferred
Convertible 96 USD 77,512 73,196 0.04
77,512 73,196 0.04 United States
Belden Inc 6.750% 15/07/2019 Preferred Convertible 4,448 USD 433,808 470,020 0.23
Bristol-Myers Squibb Co 6,910 USD 431,551 403,821 0.20
Halliburton Co 4,233 USD 175,429 228,963 0.11
Whiting Petroleum Corp 158,116 USD 1,243,586 1,900,554 0.93
2,284,374 3,003,358 1.47
Total - Shares 3,413,566 3,357,317 1.64
Fixed rate bonds
Argentina
Cablevision SA/Argentina 6.500% 15/06/2021 144A(2) 250,000 USD 250,000 254,062 0.12
Provincia de Buenos Aires/Argentina 5.750% 15/06/2019 144A(2) 485,000 USD 498,839 505,710 0.25
748,839 759,772 0.37 Brazil
Brazil Letras do Tesouro Nacional 0.000% 01/07/2017 7,700,000 BRL 2,188,481 2,233,530 1.09
BRF SA 7.750% 22/05/2018 300,000 BRL 147,936 86,183 0.04
2,336,417 2,319,713 1.13 Canada
Canadian Natural Resources Ltd 3.900% 01/02/2025 45,000 USD 42,847 45,133 0.02
42,847 45,133 0.02 Cayman Islands
Noble Holding International Ltd 5.250% 15/03/2042 480,000 USD 242,400 316,800 0.16
242,400 316,800 0.16 Colombia
Financiera de Desarrollo Territorial SA Findeter 7.875% 12/08/2024 144A(2) 640,000,000 COP 333,594 197,491 0.10
333,594 197,491 0.10 Luxembourg
Cosan Luxembourg SA 7.000% 20/01/2027 144A(2) 610,000 USD 599,360 611,525 0.30
599,360 611,525 0.30
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Strategic Alpha Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Mexico
Cemex SAB de CV 6.125% 05/05/2025 144A(2) 1,050,000 USD 1,044,560 1,073,625 0.52
Mexican Bonos 5.750% 05/03/2026 19,000,000 MXN 900,199 818,313 0.40
Petroleos Mexicanos 7.650% 24/11/2021 9,700,000 MXN 714,328 432,256 0.21
2,659,087 2,324,194 1.13 Netherlands
Embraer Netherlands Finance BV 5.050% 15/06/2025 185,000 USD 172,658 183,890 0.09
Petrobras Global Finance BV 4.875% 17/03/2020 450,000 USD 386,398 444,915 0.22
Petrobras Global Finance BV 5.375% 27/01/2021 1,390,000 USD 1,161,718 1,359,420 0.66
Petrobras Global Finance BV 5.625% 20/05/2043 160,000 USD 120,727 118,272 0.06
Petrobras Global Finance BV 8.750% 23/05/2026 170,000 USD 167,405 183,388 0.09
Ziggo Secured Finance BV 5.500% 15/01/2027 144A(2) 515,000 USD 512,645 502,022 0.24
2,521,551 2,791,907 1.36 Poland
Republic of Poland Government Bond 4.750% 25/04/2017 7,900,000 PLN 2,080,120 1,910,701 0.93
2,080,120 1,910,701 0.93 United States
Alcatel-Lucent USA Inc 6.450% 15/03/2029 1,290,000 USD 1,353,724 1,344,825 0.66
Alcatel-Lucent USA Inc 6.500% 15/01/2028 210,000 USD 214,241 216,825 0.11
Ally Financial Inc 4.250% 15/04/2021 435,000 USD 432,925 439,078 0.21
Ally Financial Inc 5.750% 20/11/2025 1,195,000 USD 1,191,956 1,192,012 0.58
American Honda Finance Corp 0.950% 05/05/2017 1,900,000 USD 1,899,707 1,898,197 0.93
AmeriGas Partners LP/AmeriGas Finance Corp 5.500% 20/05/2025 480,000 USD 480,000 484,800 0.24
Bonanza Creek Energy Inc 5.750% 01/02/2023 40,000 USD 32,962 29,200 0.01
Bonanza Creek Energy Inc 6.750% 15/04/2021 80,000 USD 69,710 59,600 0.03
California Resources Corp 5.500% 15/09/2021 10,000 USD 4,418 7,850 0.00
California Resources Corp 6.000% 15/11/2024 60,000 USD 53,307 44,025 0.02
Chesapeake Energy Corp 4.875% 15/04/2022 54,000 USD 49,620 49,275 0.02
Chesapeake Energy Corp 6.125% 15/02/2021 2,000 USD 1,594 1,950 0.00
Chesapeake Energy Corp 6.625% 15/08/2020 1,000 USD 1,062 1,010 0.00
Clear Channel Worldwide Holdings Inc 7.625%
15/03/2020 725,000 USD 721,721 724,543 0.35
Concho Resources Inc 5.500% 01/10/2022 190,000 USD 189,573 196,887 0.10
Concho Resources Inc 5.500% 01/04/2023 380,000 USD 377,324 393,794 0.19
Continental Resources Inc/OK 3.800% 01/06/2024 485,000 USD 342,260 447,412 0.22
Continental Resources Inc/OK 4.500% 15/04/2023 55,000 USD 36,468 53,900 0.03
Continental Resources Inc/OK 5.000% 15/09/2022 2,365,000 USD 2,248,016 2,387,207 1.16
Corning Inc 1.500% 08/05/2018 1,925,000 USD 1,924,196 1,919,327 0.94
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp 6.125% 01/03/2022 420,000 USD 407,199 430,500 0.21
Devon Energy Corp 5.000% 15/06/2045 187,000 USD 126,291 183,697 0.09
Energy Transfer Partners LP 5.150% 15/03/2045 840,000 USD 737,257 805,627 0.39
Energy Transfer Partners LP 6.125% 15/12/2045 785,000 USD 753,490 835,192 0.41
EnLink Midstream Partners LP 5.050% 01/04/2045 180,000 USD 135,498 163,179 0.08
Natixis International Funds (Lux) I
(2) See Note 15.
(3) See Note 13.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Strategic Alpha Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
EnLink Midstream Partners LP 5.600% 01/04/2044 105,000 USD 67,922 101,126 0.05
Kinder Morgan Energy Partners LP 4.700% 01/11/2042 160,000 USD 111,462 149,071 0.07
Kinder Morgan Energy Partners LP 5.000% 15/08/2042 335,000 USD 288,235 320,166 0.16
Kinder Morgan Energy Partners LP 5.000% 01/03/2043 540,000 USD 494,492 520,704 0.25
Kinder Morgan Energy Partners LP 5.625% 01/09/2041 255,000 USD 201,633 256,117 0.13
Matador Resources Co 6.875% 15/04/2023 630,000 USD 633,175 661,500 0.32
MPLX LP 4.000% 15/02/2025 60,000 USD 47,775 58,320 0.03
MPLX LP 4.500% 15/07/2023 105,000 USD 89,626 106,640 0.05
MPLX LP 4.875% 01/12/2024 200,000 USD 196,133 205,939 0.10
MPLX LP 4.875% 01/06/2025 275,000 USD 271,247 282,740 0.14
MPLX LP 5.500% 15/02/2023 600,000 USD 614,376 624,215 0.30
NGL Energy Partners LP/NGL Energy Finance Corp 5.125% 15/07/2019 505,000 USD 463,351 500,581 0.24
NGL Energy Partners LP/NGL Energy Finance Corp 6.875% 15/10/2021 80,000 USD 52,817 81,800 0.04
Oasis Petroleum Inc 6.875% 15/03/2022 400,000 USD 393,525 410,000 0.20
PulteGroup Inc 5.000% 15/01/2027 525,000 USD 525,000 498,750 0.24
RSP Permian Inc 6.625% 01/10/2022 1,335,000 USD 1,326,885 1,411,763 0.69
Santander Holdings USA Inc 4.500% 17/07/2025 1,820,000 USD 1,819,379 1,808,618 0.88
SM Energy Co 5.000% 15/01/2024 215,000 USD 203,363 202,638 0.10
SM Energy Co 6.125% 15/11/2022 240,000 USD 185,869 243,000 0.12
SM Energy Co 6.500% 01/01/2023 30,000 USD 29,853 30,488 0.01
SM Energy Co 6.750% 15/09/2026 105,000 USD 105,000 108,150 0.05
Targa Resources Partners LP/Targa Resources Partners Finance Corp 6.750% 15/03/2024 845,000 USD 845,000 906,263 0.44
U.S. Treasury Note 0.500% 28/02/2017(3) 1,000,000 USD 999,903 1,000,092 0.49
Western Refining Logistics LP/WNRL Finance Corp 7.500% 15/02/2023 40,000 USD 40,000 43,200 0.02
Whiting Petroleum Corp 5.000% 15/03/2019 35,000 USD 33,264 35,137 0.02
Whiting Petroleum Corp 5.750% 15/03/2021 1,555,000 USD 1,331,862 1,548,531 0.76
Whiting Petroleum Corp 6.500% 01/10/2018 95,000 USD 93,893 94,525 0.05
Williams Partners LP 4.000% 15/09/2025 489,000 USD 484,215 483,513 0.24
Williams Partners LP 5.100% 15/09/2045 810,000 USD 645,157 769,864 0.38
Williams Partners LP 6.300% 15/04/2040 240,000 USD 242,723 256,174 0.13
26,621,654 28,029,537 13.68
Total - Fixed rate bonds 38,185,869 39,306,773 19.18
Variable rate bonds
Argentina
Banco Hipotecario SA 24.729% 12/01/2020 144A(2) 7,935,000 ARS 522,065 506,436 0.25
522,065 506,436 0.25 Great Britain
BP Capital Markets PLC 1.327% 13/02/2018 220,000 USD 219,943 220,217 0.11
Dukinfield 2 PLC 1.615% 20/12/2052 618,222 GBP 799,390 765,124 0.37
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Strategic Alpha Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Eurosail-UK PLC 0.527% 13/03/2045 139,787 GBP 164,286 166,924 0.08
Ludgate Funding PLC 0.000% 01/01/2061 115,474 EUR 115,967 113,948 0.06
Ludgate Funding PLC 0.983% 01/01/2061 401,175 GBP 471,858 471,182 0.23
Newgate Funding 0.284% 15/12/2050 161,928 EUR 172,645 163,590 0.08
Rmac PLC 0.042% 12/06/2043 48,641 EUR 51,165 48,333 0.02
RMAC Securities No 1 PLC 0.000% 12/06/2044 79,250 EUR 80,901 78,331 0.04
Towd Point Mortgage Funding PLC 1.802% 20/07/2046 200,000 GBP 248,176 247,138 0.12
2,324,331 2,274,787 1.11 Italy
Enel SpA 8.750% 24/09/2073 144A(2) 1,825,000 USD 2,139,180 2,075,938 1.01
2,139,180 2,075,938 1.01 Netherlands
Shell International Finance BV 1.303% 12/09/2019 1,055,000 USD 1,055,000 1,055,310 0.51
1,055,000 1,055,310 0.51 South Korea
Hyundai Capital Services Inc 1.793% 18/03/2017 EMTN 400,000 USD 400,000 400,113 0.20
400,000 400,113 0.20 United States
Anheuser-Busch InBev Finance Inc 1.076% 27/01/2017 215,000 USD 215,000 215,027 0.11
Exxon Mobil Corp 1.003% 15/03/2017 215,000 USD 215,000 214,994 0.10
430,000 430,021 0.21
Total - Variable rate bonds 6,870,576 6,742,605 3.29
Treasury Bills
Mexico
Mexico Cetes 0.000% 05/01/2017 405,000,000 MXN 2,115,651 1,964,911 0.96
2,115,651 1,964,911 0.96
United States
United States Treasury Bill 0.000% 06/04/2017 2,010,000 USD 2,007,531 2,007,264 0.98
United States Treasury Bill 0.000% 01/06/2017 4,100,000 USD 4,089,837 4,089,414 1.99
6,097,368 6,096,678 2.97
Total - Treasury Bills 8,213,019 8,061,589 3.93
Total - Transferable securities admitted to an official stock exchange listing 56,683,030 57,468,284 28.04
Transferable securities dealt in on another regulated market Fixed rate bonds
Austria
BRF GmbH 4.350% 29/09/2026 144A(2) 1,080,000 USD 1,056,494 1,001,380 0.49
OGX Austria GmbH defaulted 8.375% 01/04/2022 200,000 USD 200,000 0 0.00
OGX Austria GmbH defaulted 8.375% 01/04/2022 144A(2) 400,000 USD 328,306 0 0.00
1,584,800 1,001,380 0.49 Canada
Air Canada 5.000% 15/12/2023 144A(2) 1,082,030 USD 1,082,030 1,085,021 0.53
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Strategic Alpha Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Baytex Energy Corp 5.125% 01/06/2021 144A(2) 225,000 USD 216,594 203,063 0.10
Baytex Energy Corp 5.625% 01/06/2024 144A(2) 80,000 USD 69,127 70,600 0.04
MEG Energy Corp 6.375% 30/01/2023 144A(2) 75,000 USD 49,903 66,750 0.03
MEG Energy Corp 6.500% 15/03/2021 144A(2) 180,000 USD 172,215 166,500 0.08
MEG Energy Corp 7.000% 31/03/2024 144A(2) 220,000 USD 164,715 199,100 0.10
Open Text Corp 5.875% 01/06/2026 144A(2) 1,245,000 USD 1,245,000 1,313,475 0.64
Valeant Pharmaceuticals International Inc 5.500% 01/03/2023 144A(2) 250,000 USD 250,690 187,500 0.09
Valeant Pharmaceuticals International Inc 5.875% 15/05/2023 144A(2) 1,369,000 USD 1,154,152 1,033,595 0.50
4,404,426 4,325,604 2.11 Cayman Islands
AIM Aviation Finance Ltd 5.072% 15/02/2040 144A(2) 738,690 USD 700,264 710,990 0.35
Colony American Finance Ltd 4.638% 15/06/2048 144A(2) 140,000 USD 139,998 140,101 0.07
Colony American Finance Ltd 5.649% 15/10/2047 144A(2) 300,000 USD 294,937 294,349 0.14
Embraer Overseas Ltd 5.696% 16/09/2023 144A(2) 200,000 USD 195,099 209,000 0.10
Noble Holding International Ltd 7.750% 15/01/2024 535,000 USD 523,631 503,221 0.24
Shenton Aircraft Investment I Ltd 4.750% 15/10/2042 144A(2) 830,362 USD 819,431 834,265 0.41
Transocean Proteus Ltd 6.250% 01/12/2024 144A(2) 350,000 USD 344,793 353,283 0.17
3,018,153 3,045,209 1.48 Chile
Latam Airlines 4.500% 15/11/2023 1,014,356 USD 1,014,356 978,853 0.48
1,014,356 978,853 0.48 Luxembourg
Ultrapar International SA 5.250% 06/10/2026 144A(2) 325,000 USD 318,962 318,467 0.15
318,962 318,467 0.15 Multinational
JBS USA LUX SA/JBS USA Finance Inc 5.750% 15/06/2025 144A(2) 535,000 USD 514,818 541,688 0.27
JBS USA LUX SA/JBS USA Finance Inc 7.250% 01/06/2021 144A(2) 25,000 USD 25,824 25,875 0.01
540,642 567,563 0.28 United States
Ajax Mortgage Loan Trust 4.000% 25/10/2057 144A(2) 251,601 USD 251,601 252,135 0.12
Ajax Mortgage Loan Trust 4.000% 25/09/2065 144A(2) 339,199 USD 338,454 338,515 0.17
Ally Auto Receivables Trust 1.440% 17/08/2020 400,000 USD 399,967 399,972 0.20
Alternative Loan Trust 5.500% 25/02/2025 47,753 USD 49,080 48,652 0.02
Alternative Loan Trust 5.500% 25/07/2033 23,027 USD 23,440 22,798 0.01
Alternative Loan Trust 5.500% 25/04/2034 22,865 USD 23,141 23,220 0.01
Alternative Loan Trust 5.500% 25/08/2034 26,957 USD 26,831 28,073 0.01
Alternative Loan Trust 5.750% 25/10/2033 25,522 USD 26,520 26,277 0.01
Alternative Loan Trust 5.750% 25/12/2033 143,931 USD 145,707 147,284 0.07
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Strategic Alpha Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Alternative Loan Trust 5.750% 25/01/2035 13,921 USD 14,027 14,013 0.01
Alternative Loan Trust 6.000% 25/12/2033 407,907 USD 410,712 408,652 0.20
Alternative Loan Trust 6.000% 25/09/2034 240,652 USD 251,351 247,733 0.12
American Homes 4 Rent 5.639% 17/04/2052
144A(2) 200,000 USD 193,611 200,461 0.10
American Homes 4 Rent Trust 6.231% 17/10/2036 144A(2) 105,000 USD 110,180 109,656 0.05
American Homes 4 Rent Trust 6.418% 17/12/2036 144A(2) 100,000 USD 105,918 105,637 0.05
AmeriCredit Automobile Receivables 1.260% 08/11/2019 57,004 USD 56,868 57,004 0.03
AmeriCredit Automobile Receivables 3.720% 08/12/2021 44,000 USD 43,994 44,958 0.02
AmeriCredit Automobile Receivables Trust 3.650% 09/05/2022 50,000 USD 49,988 50,957 0.02
Avis Budget Rental Car Funding AESOP LLC 2.500% 20/07/2021 144A(2) 105,000 USD 105,382 104,201 0.05
BA Credit Card Trust 1.360% 15/09/2020 940,000 USD 939,951 939,567 0.46
Banc of America Alternative Loan Trust 5.250% 25/07/2035 36,459 USD 33,556 33,232 0.02
Banc of America Alternative Loan Trust 5.500% 25/10/2033 30,102 USD 30,910 30,686 0.02
Banc of America Alternative Loan Trust 6.000% 25/07/2034 539,812 USD 569,079 565,408 0.28
Banc of America Funding Trust 5.500% 25/11/2034 23,874 USD 23,604 23,665 0.01
Banc of America Funding Trust 5.500% 25/09/2035 14,205 USD 14,639 14,690 0.01
Banc of America Funding Trust 5.750% 25/11/2035 34,678 USD 35,047 35,530 0.02
Bayview Opportunity Master Fund IIa Trust 3.475% 28/07/2031 144A(2) 75,460 USD 75,460 75,018 0.04
Bayview Opportunity Master Fund IIIa Trust 3.598% 29/09/2031 144A(2) 182,311 USD 182,311 181,631 0.09
Bayview Opportunity Master Fund Trust 3.475% 28/10/2031 144A(2) 293,723 USD 293,723 292,562 0.14
BCAP LLC Trust 6.000% 25/03/2022 195,758 USD 193,982 193,535 0.09
Brookdale Senior Living Inc 2.750% 15/06/2018 215,000 USD 211,469 209,222 0.10
BXHTL Mortgage Trust 8.400% 15/07/2029 430,256 USD 430,256 418,628 0.20
CalAmp Corp 1.625% 15/05/2020 80,000 USD 75,267 77,100 0.04
CalAtlantic Group Inc 0.250% 01/06/2019 50,000 USD 45,934 46,563 0.02
California Resources Corp 8.000% 15/12/2022 144A(2) 470,000 USD 332,948 418,300 0.20
Callon Petroleum Co 6.125% 01/10/2024 144A(2) 490,000 USD 495,627 504,700 0.25
CAM Mortgage LLC 3.500% 15/07/2064 144A(2) 8,048 USD 8,048 8,048 0.00
CAM Mortgage Trust 4.000% 15/01/2056 144A(2) 101,121 USD 100,920 100,639 0.05
Capital One Multi-Asset Execution Trust 1.260% 15/01/2020 985,000 USD 985,479 985,547 0.48
Capital One Multi-Asset Execution Trust 1.390% 15/01/2021 925,000 USD 924,945 924,567 0.45
Capital One Multi-Asset Execution Trust 2.080% 15/03/2023 930,000 USD 929,970 932,905 0.46
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Strategic Alpha Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Chase Issuance Trust 1.270% 15/07/2021 525,000 USD 524,875 517,999 0.25
Chase Issuance Trust 1.360% 15/04/2020 950,000 USD 949,927 949,441 0.46
Chase Issuance Trust 1.370% 15/06/2021 585,000 USD 584,999 579,358 0.28
Chase Issuance Trust 1.380% 15/11/2019 200,000 USD 199,992 200,174 0.10
Chase Issuance Trust 1.590% 18/02/2020 130,000 USD 130,117 130,370 0.06
Chase Issuance Trust 1.840% 15/04/2022 1,000,000 USD 999,784 995,135 0.49
Chesapeake Energy Corp 8.000% 15/12/2022 144A(2) 280,000 USD 237,160 302,050 0.15
Chesapeake Energy Corp 8.000% 15/01/2025 144A(2) 205,000 USD 201,982 209,100 0.10
CHL Mortgage Pass-Through Trust 5.500% 25/10/2035 34,317 USD 32,235 30,620 0.02
Citibank Credit Card Issuance Trust 1.020% 22/02/2019 110,000 USD 109,999 109,996 0.05
Citibank Credit Card Issuance Trust 1.230% 24/04/2019 105,000 USD 104,998 105,042 0.05
Citibank Credit Card Issuance Trust 2.150% 15/07/2021 970,000 USD 979,445 977,603 0.48
Citimortgage Alternative Loan Trust 6.000% 25/09/2036 59,937 USD 52,394 53,410 0.03
Communications Sales & Leasing Inc/CSL Capital LLC 7.125% 15/12/2024 144A(2) 335,000 USD 335,000 338,350 0.17
Cox Communications Inc 4.500% 30/06/2043 144A(2) 410,000 USD 323,482 347,183 0.17
Cox Communications Inc 4.700% 15/12/2042 144A(2) 200,000 USD 163,562 173,909 0.08
CPS Auto Receivables Trust 4.350% 16/11/2020 144A(2) 100,000 USD 97,475 100,567 0.05
CPS Auto Receivables Trust 8.140% 15/05/2023 144A(2) 520,000 USD 515,252 540,046 0.26
Credit Suisse First Boston Mortgage Securities Corp 5.250% 25/11/2020 209,321 USD 210,507 204,558 0.10
Credit Suisse First Boston Mortgage Securities Corp 5.500% 25/11/2035 44,130 USD 39,123 40,687 0.02
Credit Suisse First Boston Mortgage Securities Corp
5.750% 25/11/2033 49,305 USD 51,597 51,505 0.03
Cypress Semiconductor Corp 4.500% 15/01/2022 144A(2) 140,000 USD 139,985 157,412 0.08
Diamond 1 Finance Corp/Diamond 2 Finance Corp 6.020% 15/06/2026 144A(2) 2,065,000 USD 2,068,488 2,237,006 1.09
Discover Card Execution Note Trust 1.670% 18/01/2022 300,000 USD 299,598 298,859 0.15
Discover Card Execution Note Trust 1.900% 17/10/2022 400,000 USD 399,922 398,304 0.19
DISH DBS Corp 5.875% 15/11/2024 345,000 USD 343,830 355,005 0.17
DISH DBS Corp 7.750% 01/07/2026 280,000 USD 280,000 315,700 0.15
Donnelley Financial Solutions Inc 8.250% 15/10/2024 144A(2) 605,000 USD 605,000 615,587 0.30
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Strategic Alpha Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Drive Auto Receivables Trust 3.020% 15/11/2021 144A(2) 375,000 USD 374,960 375,230 0.18
DT Auto Owner Trust 4.470% 15/11/2021 144A(2) 95,000 USD 94,415 96,878 0.05
DT Auto Owner Trust 4.660% 15/12/2022 144A(2) 605,000 USD 601,656 614,014 0.30
DT Auto Owner Trust 5.430% 15/11/2022 144A(2) 515,000 USD 514,984 531,767 0.26
Evolent Health Inc 2.000% 01/12/2021 144A(2) 105,000 USD 105,000 100,734 0.05
First Investors Auto Owner Trust 3.280% 15/04/2021 144A(2) 40,000 USD 39,032 40,100 0.02
First Investors Auto Owner Trust 3.350% 15/11/2022 144A(2) 35,000 USD 34,999 34,278 0.02
First Investors Auto Owner Trust 3.470% 15/02/2021 144A(2) 65,000 USD 62,683 65,414 0.03
First Investors Auto Owner Trust 4.220% 15/12/2021 144A(2) 320,000 USD 312,464 324,584 0.16
First Investors Auto Owner Trust 4.700% 18/04/2022 144A(2) 200,000 USD 193,969 205,434 0.10
Flagship Credit Auto Trust 3.760% 15/06/2021 144A(2) 90,000 USD 86,204 89,726 0.04
Flagship Credit Auto Trust 3.890% 15/11/2022 144A(2) 170,000 USD 169,957 166,671 0.08
Flagship Credit Auto Trust 6.250% 15/10/2023 144A(2) 300,000 USD 299,979 295,474 0.14
Flagship Credit Auto Trust 7.120% 15/11/2022 144A(2) 800,000 USD 790,664 814,924 0.40
Ford Credit Auto Owner Trust 0.790% 15/05/2018 73,059 USD 73,055 73,041 0.04
Ford Credit Auto Owner Trust 0.900% 15/10/2018 169,978 USD 169,982 169,918 0.08
Ford Credit Auto Owner Trust 1.160% 15/11/2019 711,103 USD 711,060 710,453 0.35
Ford Credit Auto Owner Trust 1.280% 15/09/2019 309,029 USD 309,015 309,151 0.15
Halcon Resources Corp 8.625% 01/02/2020 144A(2) 155,000 USD 155,000 161,200 0.08
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower Inc 6.125% 01/12/2024 144A(2) 125,000 USD 125,000 129,844 0.06
Honda Auto Receivables Owner Trust 0.770% 19/03/2018 264,742 USD 264,686 264,519 0.13
Honda Auto Receivables Owner Trust 1.040% 21/02/2019 599,509 USD 599,470 598,871 0.29
Honda Auto Receivables Owner Trust 1.160% 18/05/2020 595,000 USD 594,928 591,614 0.29
Honda Auto Receivables Owner Trust 1.390% 15/04/2020 400,000 USD 399,994 399,380 0.19
Hyundai Auto Receivables Trust 1.120% 15/11/2019 915,000 USD 914,995 913,326 0.45
Impax Laboratories Inc 2.000% 15/06/2022 705,000 USD 591,210 556,509 0.27
Ionis Pharmaceuticals Inc 1.000% 15/11/2021 490,000 USD 416,265 493,981 0.24
JP Morgan Mortgage Trust 6.000% 25/01/2036 66,644 USD 62,014 55,704 0.03
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp 5.875% 01/08/2021 144A(2) 575,000 USD 551,632 546,250 0.27
Liberty Media Corp 2.250% 30/09/2046 144A(2) 155,000 USD 155,000 163,331 0.08
MASTR Alternative Loan Trust 5.250% 25/11/2033 17,838 USD 18,202 18,418 0.01
MASTR Alternative Loan Trust 5.500% 25/06/2034 20,408 USD 20,816 20,915 0.01
MASTR Alternative Loan Trust 6.000% 25/06/2034 23,402 USD 24,189 23,870 0.01
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Strategic Alpha Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
MASTR Alternative Loan Trust 6.000% 25/09/2034 362,509 USD 377,426 384,248 0.19
Meccanica Holdings USA Inc 6.250% 15/01/2040 180,000 USD 157,532 182,250 0.09
Meccanica Holdings USA Inc 6.250% 15/01/2040 144A(2) 980,000 USD 936,597 992,250 0.48
Merlin Aviation Holdings DAC 4.500% 15/12/2032 144A(2) 415,000 USD 399,099 399,437 0.19
Motel 6 Trust 5.279% 05/02/2030 144A(2) 550,000 USD 537,610 547,314 0.27
National City Mortgage Capital Trust 6.000% 25/03/2038 115,269 USD 119,456 119,606 0.06
NBCUniversal Enterprise Inc 5.250% 31/12/2049 144A(2) 475,000 USD 494,433 498,750 0.24
NGL Energy Partners LP/NGL Energy Finance Corp 7.500% 01/11/2023 144A(2) 440,000 USD 440,000 454,300 0.22
Nissan Auto Receivables Owner Trust 1.050% 15/10/2019 545,311 USD 545,239 544,448 0.27
Nissan Auto Receivables Owner Trust 1.180% 15/01/2021 175,000 USD 174,985 173,359 0.08
NYMT Residential 4.000% 25/03/2021 144A(2) 156,962 USD 156,344 155,788 0.08
OneMain Financial Issuance Trust 2.470% 18/09/2024 144A(2) 60,733 USD 60,729 60,758 0.03
OneMain Financial Issuance Trust 3.190% 18/03/2026 144A(2) 950,000 USD 959,228 956,742 0.47
OneMain Financial Issuance Trust 4.160% 20/11/2028 144A(2) 430,000 USD 429,927 413,474 0.20
OneMain Financial Issuance Trust 5.310% 18/09/2024 144A(2) 210,000 USD 210,223 210,898 0.10
OneMain Financial Issuance Trust 5.640% 18/07/2025 144A(2) 600,000 USD 583,311 592,633 0.29
OneMain Financial Issuance Trust 5.940% 20/03/2028 144A(2) 435,000 USD 434,932 458,036 0.22
Parsley Energy LLC/Parsley Finance Corp 6.250% 01/06/2024 144A(2) 370,000 USD 372,857 389,351 0.19
PDC Energy Inc 6.125% 15/09/2024 144A(2) 135,000 USD 135,000 138,037 0.07
Prestige Auto Receivables Trust 5.150% 15/11/2021 144A(2) 430,000 USD 429,894 440,709 0.22
Quicken Loans Inc 5.750% 01/05/2025 144A(2) 1,045,000 USD 1,019,448 1,016,263 0.50
Residential Asset Securitization Trust 5.375% 25/07/2035 95,053 USD 82,443 83,365 0.04
RFMSI Trust 5.750% 25/01/2036 33,044 USD 33,154 32,061 0.02
Rialto Holdings LLC/Rialto Corp 7.000% 01/12/2018 144A(2) 934,000 USD 949,179 945,675 0.46
RWT Holdings Inc 5.625% 15/11/2019 105,000 USD 98,371 105,788 0.05
Sabine Pass Liquefaction LLC 5.625% 01/03/2025 605,000 USD 598,536 647,350 0.32
Sierra Timeshare Receivables Funding LLC 1.590% 20/11/2029 144A(2) 21,421 USD 21,395 21,316 0.01
Sierra Timeshare Receivables Funding LLC 2.200% 20/10/2030 144A(2) 44,941 USD 45,023 44,926 0.02
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Strategic Alpha Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
SoFi Professional Loan Program LLC 3.020% 25/10/2027 144A(2) 34,632 USD 35,214 35,041 0.02
Sofi Professional Loan Program LLC 3.570% 26/01/2038 144A(2) 450,000 USD 435,182 450,520 0.22
SoFi Professional Loan Program LLC 3.580% 25/08/2036 144A(2) 100,000 USD 95,087 98,835 0.05
Springleaf Funding Trust 2.410% 15/12/2022 144A(2) 31,582 USD 31,581 31,594 0.02
Starwood Property Trust Inc 5.000% 15/12/2021 144A(2) 135,000 USD 135,000 136,809 0.07
Structured Asset Securities Corp Mortgage Pass-Through Certificates 5.750% 25/11/2034 27,393 USD 28,658 27,696 0.01
Structured Asset Securities Corp Trust 5.500% 25/02/2035 13,841 USD 14,026 14,036 0.01
TAL Advantage V LLC 3.550% 20/11/2038 144A(2) 79,542 USD 79,517 77,202 0.04
Targa Resources Partners LP/Targa Resources Partners Finance Corp 4.250% 15/11/2023 5,000 USD 4,907 4,781 0.00
Targa Resources Partners LP/Targa Resources Partners Finance Corp 5.250% 01/05/2023 500,000 USD 499,341 505,000 0.25
Targa Resources Partners LP/Targa Resources
Partners Finance Corp 6.375% 01/08/2022 35,000 USD 36,983 36,225 0.02
Time Warner Cable LLC 4.500% 15/09/2042 270,000 USD 223,197 244,527 0.12
Toyota Auto Receivables 1.140% 17/08/2020 140,000 USD 139,996 139,080 0.07
Toyota Auto Receivables Owner Trust 1.270% 15/05/2019 1,045,000 USD 1,044,973 1,044,982 0.51
Toyota Auto Receivables Owner Trust 1.300% 15/04/2020 1,340,000 USD 1,339,946 1,335,704 0.65
Toyota Auto Receivables Owner Trust 1.340% 17/06/2019 450,000 USD 449,959 450,023 0.22
US Residential Opportunity Fund III Trust 3.475% 27/07/2036 144A(2) 152,020 USD 152,020 151,390 0.07
USAA Auto Owner Trust 1.200% 15/06/2020 245,000 USD 244,964 244,012 0.12
Viavi Solutions Inc 0.625% 15/08/2033 305,000 USD 300,417 315,294 0.15
VOLT XL LLC 4.875% 27/11/2045 144A(2) 280,000 USD 273,177 266,838 0.13
VOLT XLVIII LLC 3.500% 25/07/2046 144A(2) 518,993 USD 519,004 517,221 0.25
VOLT XXVI LLC 3.125% 25/09/2043 144A(2) 417,584 USD 417,493 416,994 0.20
VOLT XXX LLC 3.625% 25/10/2057 144A(2) 77,809 USD 77,959 77,816 0.04
VOLT XXXI LLC 3.375% 25/02/2055 144A(2) 152,666 USD 153,064 153,035 0.07
VOLT XXXIII LLC 3.500% 25/03/2055 144A(2) 162,669 USD 162,795 163,137 0.08
VOLT XXXIV LLC 3.250% 25/02/2055 144A(2) 67,903 USD 67,839 67,724 0.03
VOLT XXXIX LLC 4.125% 25/10/2045 144A(2) 272,886 USD 273,892 274,529 0.13
VOLT XXXV 3.500% 25/09/2046 144A(2) 194,234 USD 194,234 193,781 0.09
WaMu Mortgage Pass-Through CertificatesTrust 5.500% 25/07/2034 13,676 USD 14,006 14,368 0.01
Wells Fargo Mortgage Backed Securities Trust 6.000% 25/01/2036 38,742 USD 38,616 38,327 0.02
World Financial Network Credit Card Master Trust 1.760% 17/05/2021 945,000 USD 947,558 947,062 0.46
49,611,080 50,415,155 24.60
Total - Fixed rate bonds 60,492,419 60,652,231 29.59
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Strategic Alpha Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Variable rate bonds
Argentina
YPF SA 26.333% 07/07/2020 144A(2) 365,000 USD 365,000 412,450 0.20
365,000 412,450 0.20 Australia
Westpac Banking Corp 1.471% 19/08/2019 1,040,000 USD 1,040,000 1,040,844 0.51
1,040,000 1,040,844 0.51 Great Britain
BAT International Finance PLC 1.473% 15/06/2018 144A(2) 1,000,000 USD 1,000,000 1,000,192 0.49
1,000,000 1,000,192 0.49 Japan
Bank of Tokyo-Mitsubishi UFJ Ltd/The 1.979% 14/09/2018 144A(2) 1,020,000 USD 1,020,000 1,024,671 0.50
1,020,000 1,024,671 0.50 Netherlands
Siemens Financieringsmaatschappij NV 1.210% 25/05/2018 144A(2) 1,030,000 USD 1,030,000 1,030,481 0.50
1,030,000 1,030,481 0.50 United States
Adjustable Rate Mortgage Trust 3.278% 25/03/2035 27,895 USD 26,597 26,841 0.01
Aetna Inc 1.601% 08/12/2017 1,070,000 USD 1,070,000 1,073,689 0.52
Alliance Bancorp Trust 0.996% 25/07/2037 761,986 USD 543,824 550,199 0.27
American Express Credit Account Master Trust 1.074% 15/12/2021 215,000 USD 215,000 215,391 0.11
American Express Credit Account Master Trust 1.124% 16/02/2021 100,000 USD 100,000 100,311 0.05
American Express Credit Account Secured Note Trust 0.944% 15/05/2020 720,000 USD 720,298 720,004 0.35
American Express Issuance Trust II 1.134% 15/08/2019 490,000 USD 491,427 491,869 0.24
American Home Mortgage Investment Trust 0.864% 25/03/2046 353,974 USD 284,634 290,619 0.14
American Home Mortgage Investment Trust 0.884% 25/09/2045 190,033 USD 156,941 156,645 0.08
American Homes 4 Rent 3.236% 17/06/2031 144A(2) 500,000 USD 500,000 497,113 0.24
Apple Inc 0.952% 12/05/2017 950,000 USD 950,000 950,190 0.46
BA Credit Card Trust 0.974% 16/09/2019 1,010,000 USD 1,010,093 1,010,198 0.49
BA Credit Card Trust 0.994% 15/01/2020 1,025,000 USD 1,025,246 1,025,711 0.50
BA Credit Card Trust 1.034% 15/06/2020 1,045,000 USD 1,046,327 1,046,404 0.51
BA Credit Card Trust 1.084% 15/06/2021 70,000 USD 70,000 70,176 0.03
BA Credit Card Trust 1.094% 15/10/2021 185,000 USD 185,000 185,540 0.09
Banc of America Funding Trust 3.231% 20/11/2034 73,869 USD 64,585 68,875 0.03
Bank of America Corp 1.920% 15/01/2019 100,000 USD 100,000 100,895 0.05
Bank of America NA 1.392% 05/06/2017 1,000,000 USD 1,000,000 1,001,090 0.49
Bear Stearns ARM Trust 3.322% 25/09/2034 68,594 USD 61,060 62,896 0.03
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Strategic Alpha Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Berkshire Hathaway Inc 1.031% 06/08/2018 1,050,000 USD 1,050,000 1,050,681 0.51
BLCP Hotel Trust 4.374% 15/08/2029 144A(2) 100,000 USD 99,797 99,247 0.05
BMW US Capital LLC 1.373% 13/09/2019 144A(2) 1,055,000 USD 1,055,000 1,054,742 0.51
CAM Mortgage LLC 4.750% 15/07/2064 144A(2) 220,000 USD 217,854 217,820 0.11
CAM Mortgage Trust 5.000% 15/01/2056 144A(2) 330,000 USD 320,210 316,420 0.15
Capital One Multi-Asset Execution Trust 0.784% 16/12/2019 1,045,000 USD 1,044,894 1,045,000 0.51
Capital One Multi-Asset Execution Trust 1.154% 15/02/2022 1,150,000 USD 1,150,000 1,154,672 0.56
Caterpillar Financial Services Corp 1.121% 09/06/2017 1,015,000 USD 1,015,000 1,015,496 0.50
Caterpillar Financial Services Corp 1.172% 03/03/2017 125,000 USD 125,000 125,058 0.06
Caterpillar Financial Services Corp 1.620% 23/02/2018 1,035,000 USD 1,040,896 1,040,167 0.51
CCRESG Commercial Mortgage Trust 5.488% 10/04/2029 144A(2) 155,000 USD 155,819 152,037 0.07
CDGJ Commercial Mortgage Trust 2.389% 15/12/2027 144A(2) 600,000 USD 600,000 600,753 0.29
CDGJ Commercial Mortgage Trust 3.039% 15/12/2027 144A(2) 750,000 USD 750,000 747,177 0.36
CFCRE Commercial Mortgage Trust 6.180% 15/04/2044 144A(2) 525,000 USD 527,409 535,757 0.26
CGBAM Commercial Mortgage Trust 2.138% 15/02/2031 144A(2) 300,000 USD 298,720 293,911 0.14
Chase Issuance Trust 0.754% 15/08/2019 570,000 USD 569,513 569,670 0.28
Chase Issuance Trust 0.954% 15/04/2019 900,000 USD 900,000 900,281 0.44
Chase Issuance Trust 0.954% 15/05/2019 1,200,000 USD 1,200,000 1,200,429 0.59
Chase Issuance Trust 1.024% 18/02/2020 985,000 USD 985,494 986,221 0.48
Chase Issuance Trust 1.074% 15/04/2021 765,000 USD 765,257 766,163 0.37
Chase Issuance Trust 1.114% 17/05/2021 1,120,000 USD 1,120,000 1,123,500 0.55
Chase Issuance Trust 1.124% 16/11/2020 1,460,000 USD 1,462,205 1,464,361 0.71
CHL Mortgage Pass-Through Trust 1.026% 25/04/2035 51,209 USD 36,622 40,025 0.02
CHL Mortgage Pass-Through Trust 3.223%
25/08/2034 28,473 USD 26,300 24,461 0.01
Cisco Systems Inc 1.222% 03/03/2017 215,000 USD 215,000 215,101 0.10
Cisco Systems Inc 1.273% 15/06/2018 1,000,000 USD 1,000,000 1,002,191 0.49
Cisco Systems Inc 1.337% 20/09/2019 250,000 USD 250,000 250,617 0.12
Citibank Credit Card Issuance Trust 1.036% 26/05/2020 750,000 USD 749,469 750,746 0.37
Citibank Credit Card Issuance Trust 1.094% 10/09/2020 950,000 USD 951,391 953,413 0.47
Citigroup Mortgage Loan Trust 0.784% 25/06/2047 144A(2) 88,328 USD 81,665 76,617 0.04
Citigroup Mortgage Loan Trust 0.990% 25/08/2036 144A(2) 380,404 USD 355,041 343,516 0.17
Citigroup Mortgage Loan Trust Inc 2.967% 25/05/2035 449,551 USD 413,126 418,011 0.20
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Strategic Alpha Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Citigroup Mortgage Loan Trust Inc 3.005% 25/08/2035 355,020 USD 338,622 305,571 0.15
Citigroup Inc 1.630% 24/11/2017 817,000 USD 818,323 818,709 0.40
Colony American Homes 3.960% 17/07/2031 144A(2) 465,000 USD 465,000 467,200 0.23
Commercial Mortgage Trust 3.704% 15/10/2034 144A(2) 315,000 USD 315,000 315,744 0.15
ConocoPhillips Co 1.236% 15/05/2018 1,000,000 USD 1,000,000 996,927 0.49
Credit Suisse First Boston Mortgage Securities Corp 3.145% 25/11/2033 20,090 USD 18,861 19,358 0.01
Credit Suisse First Boston Mortgage Securities Corp 3.253% 25/12/2033 14,999 USD 14,082 14,554 0.01
CSFB Mortgage-Backed Pass-Through Certificates 3.085% 25/05/2034 53,119 USD 50,759 49,820 0.02
CSMC Trust 1.954% 15/03/2017 144A(2) 1,000,000 USD 999,903 1,000,609 0.49
CSMC Trust 3.904% 15/03/2017 144A(2) 700,000 USD 694,677 696,126 0.34
Deutsche Alternative-A Securities Inc Mortgage Loan Trust 5.500% 25/11/2035 27,176 USD 25,011 25,818 0.01
Deutsche Mortgage Securities Inc Mortgage Loan Trust 1.106% 25/06/2034 103,360 USD 94,046 93,938 0.05
Discover Card Execution Note Trust 1.004% 17/08/2020 425,000 USD 425,244 425,348 0.21
Discover Card Execution Note Trust 1.054% 17/08/2020 175,000 USD 175,141 175,264 0.09
DSLA Mortgage Loan Trust 1.066% 19/09/2045 270,161 USD 195,188 200,739 0.10
Duke Energy Corp 1.378% 03/04/2017 100,000 USD 100,000 100,075 0.05
Duke Energy Progress LLC 1.146% 06/03/2017 100,000 USD 100,000 100,024 0.05
Ford Credit Auto Owner Trust 1.014% 15/03/2019 1,259,145 USD 1,260,405 1,259,833 0.61
Ford Credit Auto Owner Trust 1.104% 15/12/2018 510,282 USD 510,987 510,566 0.25
Ford Motor Credit Co LLC 1.660% 17/01/2017 130,000 USD 130,000 130,028 0.06
Ford Motor Credit Co LLC 1.732% 12/08/2019 1,050,000 USD 1,050,000 1,052,518 0.51
Freddie Mac Structured Agency Credit Risk Debt Notes 2.606% 25/10/2027 500,000 USD 495,666 507,159 0.25
Freddie Mac Structured Agency Credit Risk Debt Notes 2.956% 25/02/2024 500,000 USD 501,084 511,513 0.25
Freddie Mac Structured Agency Credit Risk Debt Notes 4.056% 25/10/2027 575,000 USD 576,249 602,194 0.29
Goldman Sachs Group Inc/The 1.567% 04/06/2017 1,040,000 USD 1,040,640 1,041,658 0.51
Government National Mortgage Association 0.611% 16/01/2053 1,676,262 USD 167,904 69,064 0.03
GP Portfolio Trust 1.654% 15/02/2027 144A(2) 72,789 USD 72,830 72,947 0.04
GS Mortgage Securities Trust 5.793% 10/08/2045 1,075,000 USD 1,002,858 1,061,906 0.52
GSR Mortgage Loan Trust 3.118% 25/07/2035 84,458 USD 71,617 74,774 0.04
GSR Mortgage Loan Trust 3.202% 25/12/2034 35,843 USD 35,767 35,523 0.02
GSR Mortgage Loan Trust 3.233% 25/10/2035 234,736 USD 219,968 220,266 0.11
HarborView Mortgage Loan Trust 0.916% 19/11/2036 591,624 USD 487,149 486,691 0.24
Harborview Mortgage Loan Trust 1.476% 19/10/2033 435,305 USD 409,622 406,407 0.20
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Strategic Alpha Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
HarborView Mortgage Loan Trust 3.027% 19/05/2034 508,691 USD 508,691 510,653 0.25
IndyMac INDX Mortgage Loan Trust 0.966% 25/02/2046 741,429 USD 591,504 583,740 0.28
IndyMac INDX Mortgage Loan Trust 1.396% 25/07/2045 65,506 USD 53,018 54,797 0.03
IndyMac INDX Mortgage Loan Trust 1.536% 25/12/2034 253,609 USD 211,687 208,064 0.10
IndyMac INDX Mortgage Loan Trust 3.000% 25/08/2035 355,739 USD 308,722 292,759 0.14
Invitation Homes Trust 4.936% 17/03/2032 144A(2) 125,000 USD 125,263 125,375 0.06
JP Morgan Alternative Loan Trust 2.901% 25/03/2036 496,620 USD 421,396 406,690 0.20
JP Morgan Chase Commercial Mortgage Securities Trust 5.204% 15/07/2036 144A(2) 405,000 USD 405,000 407,529 0.20
JP Morgan Chase Commercial Mortgage Securities Trust 5.464% 31/12/2049 140,000 USD 139,783 138,790 0.07
JP Morgan Mortgage Trust 2.770% 25/11/2033 22,449 USD 22,427 21,286 0.01
JP Morgan Mortgage Trust 2.930% 25/04/2035 50,268 USD 48,517 49,919 0.02
JP Morgan Mortgage Trust 3.077% 25/06/2035 17,299 USD 17,246 17,363 0.01
JP Morgan Mortgage Trust 3.169% 25/02/2035 286,720 USD 285,841 282,126 0.14
JP Morgan Mortgage Trust 3.184% 25/02/2036 46,832 USD 42,272 41,359 0.02
JP Morgan Mortgage Trust 3.186% 25/01/2037 72,360 USD 64,206 64,586 0.03
JPMorgan Chase Bank NA 1.588% 23/09/2019 1,055,000 USD 1,055,000 1,055,793 0.52
Lehman XS Trust 1.016% 25/02/2046 148,030 USD 109,548 109,238 0.05
Lehman XS Trust 1.036% 25/12/2035 180,019 USD 112,634 135,158 0.07
MASTR Adjustable Rate Mortgages Trust 2.854% 25/07/2034 59,736 USD 58,967 57,673 0.03
MASTR Adjustable Rate Mortgages Trust 2.989% 25/03/2035 394,505 USD 293,266 305,354 0.15
MASTR Adjustable Rate Mortgages Trust 3.188% 25/04/2036 41,712 USD 32,822 38,267 0.02
Merck & Co Inc 1.007% 10/02/2017 175,000 USD 175,000 175,039 0.09
Merrill Lynch Mortgage Investors Trust 3.014% 25/02/2036 91,084 USD 88,795 83,842 0.04
Metropolitan Life Global Funding I 1.299% 14/09/2018 144A(2) 1,055,000 USD 1,055,000 1,056,340 0.52
Morgan Stanley Capital I Trust 5.775% 31/12/2049 186,889 USD 186,571 186,856 0.09
Morgan Stanley Capital I Trust - Class D 5.472% 15/06/2044 144A(2) 205,000 USD 219,382 211,200 0.10
Morgan Stanley Capital I Trust - Class E 5.472% 15/06/2044 144A(2) 345,000 USD 318,114 352,851 0.17
New York Mortgage Trust 3.112% 25/05/2036 63,762 USD 54,817 57,377 0.03
PepsiCo Inc 1.268% 04/10/2019 520,000 USD 520,000 520,572 0.25
RALI Trust 0.946% 25/04/2046 202,110 USD 163,836 162,552 0.08
RALI Trust 0.946% 25/05/2047 159,784 USD 133,299 133,015 0.06
RCO Depositor II LLC 4.500% 25/11/2045 144A(2) 224,593 USD 223,683 224,340 0.11
RCO Depositor II LLC 5.000% 25/11/2045 144A(2) 400,000 USD 380,496 381,549 0.19
SCG Trust 3.204% 15/11/2026 144A(2) 100,000 USD 100,000 95,529 0.05
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Strategic Alpha Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
SCG Trust 3.954% 15/11/2026 144A(2) 100,000 USD 100,000 97,297 0.05
SCG Trust 4.048% 15/11/2026 144A(2) 460,000 USD 460,000 441,058 0.22
SoFi Professional Loan Program LLC 1.792% 25/03/2033 144A(2) 55,390 USD 55,390 55,666 0.03
SoFi Professional Loan Program LLC 2.006% 25/08/2032 144A(2) 341,898 USD 342,938 344,023 0.17
Structured Adjustable Rate Mortgage Loan Trust 1.066% 25/07/2035 709,102 USD 533,960 518,579 0.25
Structured Adjustable Rate Mortgage Loan Trust 3.096% 25/06/2034 29,834 USD 29,497 29,472 0.01
Structured Adjustable Rate Mortgage Loan Trust 3.192% 25/09/2034 139,483 USD 140,278 138,469 0.07
Toyota Auto Receivables Owner Trust 0.834% 15/05/2019 360,000 USD 360,000 360,027 0.18
Toyota Motor Credit Corp 1.322% 18/10/2019 500,000 USD 500,000 502,460 0.25
Verizon Communications Inc 2.709% 14/09/2018 1,010,000 USD 1,034,893 1,032,545 0.50
WaMu Mortgage Pass-Through Certificates Trust 1.848% 25/01/2047 291,397 USD 264,268 271,268 0.13
WaMu Mortgage Pass-Through Certificates Trust 2.400% 25/05/2037 497,105 USD 430,158 412,430 0.20
Wedgewood Real Estate Trust 5.000% 15/07/2046 144A(2) 155,000 USD 154,330 154,535 0.08
Wells Fargo & Co 1.234% 02/06/2017 235,000 USD 234,988 235,092 0.11
Wells Fargo Mortgage Backed Securities Trust 2.995% 25/08/2034 12,449 USD 12,449 12,618 0.01
Wells Fargo Mortgage Backed Securities Trust 3.010% 01/05/2035 20,689 USD 20,896 21,277 0.01
WFRBS Commercial Mortgage Trust 5.248% 15/06/2044 144A(2) 705,000 USD 724,049 724,882 0.35
WFRBS Commercial Mortgage Trust 5.589% 15/04/2045 144A(2) 325,000 USD 329,245 325,465 0.16
World Financial Network Credit Card Master Trust 1.184% 15/02/2022 500,000 USD 500,000 500,965 0.24
58,769,459 58,753,497 28.67
Total - Variable rate bonds 63,224,459 63,262,135 30.87
Total - Transferable securities dealt in on another regulated market 123,716,878 123,914,366 60.46
Other transferable securities Shares
Bermuda Islands
Bunge Ltd 4.875% Preferred Convertible 4,790 USD 447,313 485,886 0.24
447,313 485,886 0.24 Israel
Teva Pharmaceutical Industries Ltd 7.000% 15/12/2018 Preferred Convertible 374 USD 332,747 242,090 0.12
332,747 242,090 0.12
Total - Shares 780,060 727,976 0.36
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Strategic Alpha Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Variable rate bonds
United States
Toyota Auto Receivables Owner Trust 0.954%
15/10/2018 500,000 USD 500,297 500,319 0.24
500,297 500,319 0.24
Total - Variable rate bonds 500,297 500,319 0.24
Options
United States Call Option USDC TWDP Morgan Stanley JAN17 @ 31.78 6,975,000 USD 128,821 151,909 0.08 Put Option EURP TRYC Merrill Lynch JAN17 @ 3.4 7,020,000 EUR 148,953 422 0.00
277,774 152,331 0.08
Total - Options 277,774 152,331 0.08
Term Loans
Canada
GFL Environmental Inc 3.750% 29/09/2023 139,650 USD 138,975 139,940 0.07
138,975 139,940 0.07 Luxembourg
Signode Industrial Group Lux SA 4.000% 01/05/2021 49,583 USD 49,338 49,955 0.02
49,338 49,955 0.02 Netherlands
NXP BV 3.270% 07/12/2020 49,875 USD 49,875 50,100 0.02
Ziggo BV 3.700% 15/01/2022 15,879 USD 15,860 15,945 0.01
Ziggo BV Facility US$ B1 3.500% 15/01/2022 279,929 USD 279,587 281,096 0.14
Ziggo BV Facility US$ B2 3.500% 15/01/2022 52,652 USD 52,587 52,872 0.02
397,909 400,013 0.19 United Kingdom
Hyperion Insurance Group Ltd 5.500% 29/04/2022 196,570 USD 195,819 196,816 0.10
195,819 196,816 0.10 United States
Albertson's LLC 0.000% 25/08/2021 625,000 USD 625,000 631,900 0.31
Allied Universal Holdco LLC 4.750% 28/07/2022 683,782 USD 674,565 686,135 0.34
Altice US Finance I Corp 3.880% 15/01/2025 46,729 USD 46,729 47,196 0.02
AMC Entertainment Holdings Inc 3.510% 15/12/2023 55,000 USD 54,865 55,509 0.03
Bass Pro Group LLC 5.970% 15/12/2023 400,000 USD 396,057 396,000 0.19
Boyd Gaming Corp 0.000% 15/09/2023 132,067 USD 131,910 133,505 0.07
California Resources Corp 11.380% 31/12/2021 600,000 USD 594,402 664,998 0.32
Camelot U.S. Acquisition 1 Co 4.750% 03/10/2023 266,981 USD 265,697 269,928 0.13
Cavium Inc 3.750% 16/08/2022 154,613 USD 153,162 155,965 0.08
CBS Radio Inc 4.500% 17/10/2023 185,660 USD 184,759 187,285 0.09
Chesapeake Energy Corp 8.500% 23/08/2021 474,221 USD 474,221 515,516 0.25
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Strategic Alpha Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Conduent Inc 6.250% 07/12/2023 885,000 USD 868,324 894,956 0.44
Consolidated Communications Inc 0.000% 05/10/2023 200,000 USD 199,002 201,000 0.10
CSC Holdings LLC 3.880% 11/10/2024 40,000 USD 39,903 40,392 0.02
Donnelley Financial Solutions Inc 5.000% 29/09/2023 230,000 USD 228,890 232,109 0.11
Electric Lightwave Holdings Inc 5.250% 14/08/2020 694,846 USD 689,445 696,062 0.34
Energy Transfer Equity LP 3.390% 02/12/2019 186,340 USD 184,740 186,340 0.09
Energy Transfer Equity LP 4.140% 02/12/2019 1,102,041 USD 1,101,663 1,106,868 0.54
Engility Corp 5.750% 14/08/2023 215,099 USD 214,079 218,164 0.11
Envision Healthcare Corp 4.000% 01/12/2023 155,000 USD 153,470 156,454 0.08
Flex Acquisition Co Inc 8.000% 16/12/2017 540,000 USD 540,000 538,650 0.26
Gates Global LLC 4.250% 06/07/2021 466,354 USD 455,687 466,354 0.23
GTT Communications Inc 0.000% 13/12/2023 109,000 USD 108,457 110,499 0.05
Harbor Freight Tools USA Inc 3.890% 18/08/2023 241,401 USD 240,255 244,619 0.12
HD Supply Inc 3.750% 17/10/2023 289,275 USD 287,882 291,204 0.14
Headwaters Inc 4.000% 24/03/2022 376,535 USD 375,655 378,301 0.19
Inventiv Group Holdings Inc 4.750% 09/11/2023 985,000 USD 980,233 993,087 0.48
Lonestar Intermediate Super Holdings LLC 10.000% 31/08/2021 535,000 USD 531,761 549,712 0.27
Men's Wearhouse Inc/The 4.500% 18/06/2021 199,772 USD 198,189 199,522 0.10
PetSmart Inc 4.000% 11/03/2022 498,734 USD 498,734 499,981 0.24
Ply Gem Industries Inc 4.000% 01/02/2021 121,543 USD 121,320 122,506 0.06
Power Buyer LLC 4.250% 06/05/2020 107,957 USD 107,102 107,822 0.05
Quikrete Holdings Inc 4.000% 15/11/2023 405,000 USD 403,158 408,714 0.20
Rackspace Hosting Inc 0.000% 03/11/2023 170,000 USD 170,000 172,054 0.08
Rackspace Hosting Inc Term B Loan (First Lien) 0.000% 03/11/2023 170,000 USD 169,576 172,054 0.08
Serta Simmons Bedding LLC 4.500% 08/11/2023 506,042 USD 503,125 511,259 0.25
Southcross Energy Partners LP 5.250% 04/08/2021 470,352 USD 461,932 369,226 0.18
Talbots Inc 5.500% 19/03/2020 66,797 USD 66,617 64,826 0.03
Transdigm Inc 3.770% 09/06/2023 409,731 USD 407,811 413,623 0.20
Transdigm Inc 3.850% 14/05/2022 48,615 USD 48,437 49,002 0.02
Uber Technologies Inc 5.000% 13/07/2023 528,675 USD 528,675 529,336 0.26
Virgin Media Bristol LLC 3.490% 31/01/2025 460,000 USD 458,852 461,785 0.23
Western Digital Corp 4.520% 29/04/2023 355,089 USD 355,089 360,525 0.18
15,299,430 15,490,943 7.56
Total - Term Loans 16,081,471 16,277,667 7.94
Total - Other transferable securities 17,639,602 17,658,293 8.62
TOTAL INVESTMENT PORTFOLIO 198,039,510 199,040,943 97.12
A detailed schedule of portfolio movements for the year from January 1, 2016 to
December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Loomis Sayles Sustainable Global Corporate Bond Fund
Changes in the number of Shares for the year ended December 31, 2016
H-I/A (EUR)
Number of shares outstanding at the beginning 20,000.000
Number of shares issued 2,996.404
Number of shares redeemed -
Number of shares at the end 22,996.404
H-Q/A (NOK)
Number of shares outstanding at the beginning 7,385,693.754
Number of shares issued 2,214,673.156
Number of shares redeemed (182,227.096)
Number of shares at the end 9,418,139.814
I/A (USD)
Number of shares outstanding at the beginning 6,885.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 6,885.000
H-S/A (SEK)
Number of shares outstanding at the beginning -
Number of shares issued 1,257,615.753
Number of shares redeemed -
Number of shares at the end 1,257,615.753
Natixis International Funds (Lux) I
Loomis Sayles Sustainable Global Corporate Bond Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 142,874,271 93,186,147 85,284,300
Net Asset Value per Share
H-I/A (EUR) 100.67 96.33 -
H-Q/A (NOK) 115.14 108.38 108.10
I/A (USD) 100.40 96.36 101.21
H-S/A (SEK) 99.38 - -
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Sustainable Global Corporate Bond Fund Statement of Investments
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Fixed rate bonds
Australia
SGSP Australia Assets Pty Ltd 2.000% 30/06/2022 EMTN 570,000 EUR 666,129 635,943 0.44
Telstra Corp Ltd 4.000% 15/11/2017 170,000 AUD 159,908 124,617 0.09
Telstra Corp Ltd 4.500% 13/11/2018 310,000 AUD 269,148 230,968 0.16
1,095,185 991,528 0.69 Belgium
Anheuser-Busch InBev SA/NV/old 0.875% 17/03/2022 EMTN 565,000 EUR 654,158 611,446 0.43
Anheuser-Busch InBev SA/NV/old 1.500% 17/03/2025 EMTN 200,000 EUR 220,833 219,440 0.15
Anheuser-Busch InBev SA/NV/old 2.750% 17/03/2036 EMTN 160,000 EUR 194,143 184,907 0.13
1,069,134 1,015,793 0.71 Brazil
Itau Unibanco Holding SA/Cayman Island 2.850% 26/05/2018 EMTN 450,000 USD 449,940 451,125 0.32
449,940 451,125 0.32 Canada
Alimentation Couche-Tard Inc 1.875% 06/05/2026 385,000 EUR 446,794 417,055 0.29
446,794 417,055 0.29 Cayman Islands
CK Hutchison Finance 16 II Ltd 0.875% 03/10/2024 265,000 EUR 294,291 269,022 0.19
CK Hutchison International 16 Ltd 1.875% 03/10/2021 405,000 USD 402,466 387,836 0.27
Hutchison Whampoa Finance 14 Ltd 1.375% 31/10/2021 440,000 EUR 544,373 479,838 0.34
Noble Holding International Ltd 5.250% 15/03/2042 30,000 USD 15,197 19,800 0.01
Noble Holding International Ltd 6.050% 01/03/2041 15,000 USD 7,615 10,350 0.01
Noble Holding International Ltd 6.200% 01/08/2040 25,000 USD 12,729 17,406 0.01
1,276,671 1,184,252 0.83 Chile
Corp Nacional del Cobre de Chile 4.500% 16/09/2025 295,000 USD 291,041 299,469 0.21
Itau CorpBanca 3.875% 22/09/2019 200,000 USD 199,279 206,123 0.14
490,320 505,592 0.35 France
APRR SA 1.250% 06/01/2027 EMTN 500,000 EUR 526,897 528,249 0.37
APRR SA 1.875% 06/01/2031 EMTN 300,000 EUR 314,741 320,038 0.22
BNP Paribas SA 2.875% 01/10/2026 EMTN 100,000 EUR 110,017 108,793 0.08
Carrefour SA 1.750% 15/07/2022 EMTN 300,000 EUR 364,245 335,855 0.24
Credit Agricole SA 4.375% 17/03/2025 144A(2) 840,000 USD 835,984 827,465 0.58
Credit Agricole SA/London 1.875% 20/12/2026 EMTN 300,000 EUR 317,652 317,422 0.22
Kering 1.250% 10/05/2026 EMTN 600,000 EUR 680,604 630,285 0.44
Societe Generale SA 1.000% 01/04/2022 EMTN 200,000 EUR 212,596 211,827 0.15
Societe Generale SA 2.625% 27/02/2025 EMTN 400,000 EUR 457,035 432,846 0.30
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Sustainable Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Societe Generale SA 4.750% 24/11/2025 144A(2) 200,000 USD 187,168 201,187 0.14
4,006,939 3,913,967 2.74 Germany
Bundesrepublik Deutschland 1.500% 15/05/2024 350,000 EUR 416,441 414,854 0.29
Commerzbank AG 4.000% 23/03/2026 EMTN 350,000 EUR 394,443 379,314 0.26
Unitymedia GmbH 3.750% 15/01/2027 240,000 EUR 229,493 239,455 0.17
1,040,377 1,033,623 0.72 Great Britain
Barclays PLC 3.250% 12/02/2027 EMTN 480,000 GBP 626,373 577,542 0.40
Barclays PLC 4.375% 11/09/2024 405,000 USD 398,130 401,712 0.28
Centrica PLC 4.375% 13/03/2029 EMTN 265,000 GBP 397,490 389,082 0.27
Centrica PLC 6.375% 10/03/2022 EMTN 640,000 GBP 1,075,696 981,880 0.69
CRH Finance UK PLC 4.125% 02/12/2029 EMTN 160,000 GBP 236,487 226,215 0.16
FCE Bank PLC 1.114% 13/05/2020 EMTN 185,000 EUR 210,058 199,385 0.14
HSBC Holdings PLC 3.000% 30/06/2025 EMTN 275,000 EUR 305,602 308,559 0.22
HSBC Holdings PLC 3.400% 08/03/2021 365,000 USD 364,305 371,161 0.26
HSBC Holdings PLC 3.900% 25/05/2026 400,000 USD 405,642 400,950 0.28
HSBC Holdings PLC 6.500% 15/09/2037 315,000 USD 396,199 390,504 0.27
ITV PLC 2.000% 01/12/2023 200,000 EUR 211,176 212,575 0.15
Lloyds Banking Group PLC 4.500% 04/11/2024 605,000 USD 622,781 615,678 0.43
Lloyds Banking Group PLC 4.650% 24/03/2026 235,000 USD 234,502 238,030 0.17
National Grid Gas Finance PLC 2.750% 22/09/2046 EMTN 250,000 GBP 325,023 300,094 0.21
NWEN Finance PLC 5.875% 21/06/2021 300,000 GBP 446,141 407,764 0.29
Royal Bank of Scotland Group PLC 5.125% 28/05/2024 100,000 USD 99,419 99,708 0.07
Royal Bank of Scotland Group PLC 6.000% 19/12/2023 185,000 USD 189,885 192,160 0.13
Royal Bank of Scotland Group PLC 6.100% 10/06/2023 480,000 USD 506,775 502,421 0.35
Sky PLC 1.500% 15/09/2021 EMTN 670,000 EUR 752,215 735,997 0.51
Sky PLC 2.250% 17/11/2025 EMTN 195,000 EUR 208,773 218,950 0.15
Sky PLC 2.500% 15/09/2026 EMTN 100,000 EUR 113,811 113,985 0.08
Sky PLC 4.000% 26/11/2029 EMTN 200,000 GBP 310,807 280,905 0.20
Standard Chartered PLC 3.625% 23/11/2022 EMTN 115,000 EUR 137,756 129,387 0.09
Standard Chartered PLC 5.125% 06/06/2034 EMTN 435,000 GBP 611,947 533,694 0.37
Tesco PLC 5.000% 24/03/2023 EMTN 320,000 GBP 508,161 426,361 0.30
United Kingdom Gilt 1.000% 07/09/2017 150,000 GBP 183,179 186,585 0.13
Virgin Media Finance PLC 4.500% 15/01/2025 EMTN 100,000 EUR 117,815 108,903 0.08
Western Power Distribution PLC 3.625% 06/11/2023 115,000 GBP 175,521 153,490 0.11
WPP Finance 2010 3.750% 19/09/2024 45,000 USD 45,380 45,289 0.03
WPP Finance 2010 5.625% 15/11/2043 485,000 USD 504,085 518,111 0.36
WPP Finance 2013 2.875% 14/09/2046 EMTN 100,000 GBP 132,447 111,723 0.08
10,853,581 10,378,800 7.26 Ireland
AerCap Ireland Capital Ltd/AerCap Global Aviation Trust 3.950% 01/02/2022 170,000 USD 169,715 171,487 0.12
AerCap Ireland Capital Ltd/AerCap Global Aviation Trust 4.250% 01/07/2020 220,000 USD 217,637 226,050 0.16
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Sustainable Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
GE Capital International Funding Co Unlimited Co 2.342% 15/11/2020 1,030,000 USD 1,032,892 1,029,509 0.72
GE Capital International Funding Co Unlimited Co 3.373% 15/11/2025 1,046,000 USD 1,008,983 1,063,339 0.74
2,429,227 2,490,385 1.74 Italy
Autostrade per l'Italia SpA 1.625% 12/06/2023 60,000 EUR 64,632 65,789 0.05
Autostrade per l'Italia SpA 1.750% 01/02/2027 EMTN 180,000 EUR 188,352 192,279 0.13
Buzzi Unicem SpA 2.125% 28/04/2023 100,000 EUR 112,716 107,124 0.08
365,700 365,192 0.26 Jersey
Delphi Automotive PLC 1.500% 10/03/2025 200,000 EUR 211,618 211,099 0.15
Delphi Automotive PLC 3.150% 19/11/2020 55,000 USD 54,908 55,881 0.04
Delphi Automotive PLC 4.250% 15/01/2026 200,000 USD 201,647 207,065 0.14
468,173 474,045 0.33 Luxembourg
Simon International Finance SCA 1.375% 18/11/2022 500,000 EUR 550,894 547,400 0.38
550,894 547,400 0.38 Mexico
America Movil SAB de CV 1.500% 10/03/2024 630,000 EUR 705,570 669,476 0.47
Cemex SAB de CV 7.750% 16/04/2026 200,000 USD 199,975 221,500 0.15
Mexichem SAB de CV 5.875% 17/09/2044 144A(2) 345,000 USD 299,409 307,481 0.22
Sigma Alimentos SA de CV 4.125% 02/05/2026 144A(2) 455,000 USD 455,548 432,250 0.30
1,660,502 1,630,707 1.14 Morocco
OCP SA 6.875% 25/04/2044 144A(2) 250,000 USD 258,359 251,281 0.18
258,359 251,281 0.18 Netherlands
ABN AMRO Bank NV 4.750% 28/07/2025 144A(2) 405,000 USD 420,815 411,931 0.29
EDP Finance BV 2.000% 22/04/2025 EMTN 440,000 EUR 456,279 455,393 0.32
Embraer Netherlands Finance BV 5.050% 15/06/2025 485,000 USD 475,052 482,090 0.34
Enel Finance International NV 5.750% 14/09/2040
EMTN 70,000 GBP 121,315 114,255 0.08
innogy Finance BV 4.750% 31/01/2034 EMTN 100,000 GBP 141,596 148,234 0.10
Teva Pharmaceutical Finance Netherlands II BV 1.125% 15/10/2024 100,000 EUR 109,293 101,745 0.07
Teva Pharmaceutical Finance Netherlands III BV 2.800% 21/07/2023 1,135,000 USD 1,139,172 1,074,381 0.75
Vonovia Finance BV 1.250% 06/12/2024 EMTN 100,000 EUR 105,020 105,022 0.07
Vonovia Finance BV 1.500% 10/06/2026 EMTN 400,000 EUR 458,578 420,457 0.30
Ziggo Bond Finance BV 6.000% 15/01/2027 144A(2) 330,000 USD 330,000 320,100 0.22
3,757,120 3,633,608 2.54 New Zealand
Fonterra Co-operative Group Ltd 0.750% 08/11/2024 EMTN 470,000 EUR 518,511 486,008 0.34
518,511 486,008 0.34
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Sustainable Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Portugal
Brisa Concessao Rodoviaria SA 2.000% 22/03/2023 EMTN 100,000 EUR 110,897 107,934 0.08
Galp Gas Natural Distribuicao SA 1.375% 19/09/2023 EMTN 100,000 EUR 111,595 104,398 0.07
222,492 212,332 0.15 Romania
Romanian Government International Bond 2.875% 26/05/2028 144A(2) 125,000 EUR 150,017 135,301 0.10
150,017 135,301 0.10 Singapore
BOC Aviation Ltd 3.000% 30/03/2020 EMTN 380,000 USD 378,667 380,034 0.27
378,667 380,034 0.27 Spain
Santander Issuances SAU 3.250% 04/04/2026 EMTN 100,000 EUR 113,839 107,549 0.08
Santander Issuances SAU 5.179% 19/11/2025 800,000 USD 787,869 807,522 0.56
Telefonica Emisiones SAU 1.930% 17/10/2031 EMTN 300,000 EUR 334,710 296,989 0.21
Telefonica Emisiones SAU 5.375% 02/02/2026 EMTN 335,000 GBP 587,992 494,143 0.35
Telefonica Emisiones SAU 5.462% 16/02/2021 120,000 USD 129,611 130,809 0.09
Telefonica Emisiones SAU 7.045% 20/06/2036 60,000 USD 72,531 69,642 0.05
2,026,552 1,906,654 1.34 Supranational Organisations
Banque Ouest Africaine de Developpement 5.500% 06/05/2021 290,000 USD 287,296 298,774 0.21
Corp Andina de Fomento 4.375% 15/06/2022 110,000 USD 112,621 116,695 0.08
399,917 415,469 0.29 United Arab Emirates
Dubai Electricity & Water Authority 7.375% 21/10/2020 255,000 USD 298,030 294,510 0.21
Emirates Telecommunications Group Co PJSC 2.375% 18/06/2019 220,000 USD 220,247 218,660 0.15
518,277 513,170 0.36 United States
Aetna Inc 2.400% 15/06/2021 250,000 USD 249,977 248,868 0.17
Aetna Inc 3.200% 15/06/2026 305,000 USD 303,923 301,727 0.21
Aetna Inc 4.375% 15/06/2046 90,000 USD 90,557 90,373 0.06
Air Lease Corp 3.375% 01/06/2021 175,000 USD 173,586 177,425 0.12
Albemarle Corp 1.875% 08/12/2021 445,000 EUR 540,316 492,278 0.34
Ally Financial Inc 3.500% 27/01/2019 160,000 USD 158,933 160,800 0.11
Ally Financial Inc 3.750% 18/11/2019 235,000 USD 233,778 236,006 0.17
American International Group Inc 4.800% 10/07/2045 135,000 USD 134,051 140,119 0.10
American International Group Inc 5.000% 26/04/2023 EMTN 150,000 GBP 257,826 212,711 0.15
Anadarko Petroleum Corp 5.550% 15/03/2026 430,000 USD 464,303 481,282 0.34
Anheuser-Busch InBev Finance Inc 2.650% 01/02/2021 245,000 USD 244,656 246,408 0.17
Anheuser-Busch InBev Finance Inc 3.300% 01/02/2023 250,000 USD 261,332 254,433 0.18
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Sustainable Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Anheuser-Busch InBev Finance Inc 3.650% 01/02/2026 375,000 USD 376,939 380,696 0.27
Anheuser-Busch InBev Finance Inc 4.700% 01/02/2036 375,000 USD 404,700 394,450 0.28
Anheuser-Busch InBev Finance Inc 4.900% 01/02/2046 415,000 USD 425,839 448,561 0.31
Anthem Inc 2.250% 15/08/2019 135,000 USD 135,292 134,727 0.09
Arrow Electronics Inc 3.500% 01/04/2022 110,000 USD 109,380 108,905 0.08
AT&T Inc 2.750% 19/05/2023 120,000 EUR 148,364 139,305 0.10
AT&T Inc 3.000% 15/02/2022 710,000 USD 733,513 703,070 0.49
AT&T Inc 4.125% 17/02/2026 445,000 USD 472,688 450,592 0.32
AT&T Inc 4.300% 15/12/2042 295,000 USD 265,119 264,077 0.19
AT&T Inc 4.450% 01/04/2024 675,000 USD 736,200 703,644 0.49
AT&T Inc 4.750% 15/05/2046 357,000 USD 336,208 338,229 0.24
AT&T Inc 4.800% 15/06/2044 15,000 USD 15,152 14,174 0.01
AT&T Inc 5.150% 15/03/2042 130,000 USD 133,863 129,502 0.09
Avnet Inc 4.625% 15/04/2026 495,000 USD 499,877 482,294 0.34
Baltimore Gas & Electric Co 3.350% 01/07/2023 890,000 USD 942,959 911,055 0.64
Bank of America Corp 0.750% 26/07/2023 EMTN 100,000 EUR 109,758 104,036 0.07
Bank of America Corp 1.375% 26/03/2025 EMTN 740,000 EUR 813,658 790,780 0.55
Bank of America Corp 2.650% 01/04/2019 715,000 USD 730,272 722,553 0.51
Bank of America Corp 3.950% 21/04/2025 245,000 USD 253,324 243,895 0.17
Bank of America Corp 4.100% 24/07/2023 1,080,000 USD 1,131,572 1,128,168 0.79
Becton Dickinson and Co 1.900% 15/12/2026 435,000 EUR 460,151 471,984 0.33
Becton Dickinson and Co 3.250% 12/11/2020 10,000 USD 10,236 10,282 0.01
Berkshire Hathaway Inc 1.125% 16/03/2027 355,000 EUR 387,305 367,277 0.26
Brixmor Operating Partnership LP 3.875% 15/08/2022 80,000 USD 79,502 81,556 0.06
Burlington Northern Santa Fe LLC 3.650% 01/09/2025 550,000 USD 595,621 575,745 0.40
Burlington Northern Santa Fe LLC 4.150% 01/04/2045 230,000 USD 229,294 233,244 0.16
Citigroup Inc 2.350% 02/08/2021 735,000 USD 738,162 718,976 0.50
Citigroup Inc 3.875% 26/03/2025 220,000 USD 219,363 218,548 0.15
Citigroup Inc 4.090% 09/06/2025 340,000 CAD 270,990 258,333 0.18
Citigroup Inc 4.400% 10/06/2025 130,000 USD 129,900 132,997 0.09
CMS Energy Corp 2.950% 15/02/2027 450,000 USD 448,454 427,091 0.30
Consolidated Edison Co of New York Inc 2.900% 01/12/2026 120,000 USD 119,518 117,924 0.08
Constellation Brands Inc 3.700% 06/12/2026 690,000 USD 689,376 674,158 0.47
Continental Resources Inc/OK 3.800% 01/06/2024 90,000 USD 84,072 83,025 0.06
Corning Inc 2.900% 15/05/2022 470,000 USD 469,160 471,331 0.33
Crown Castle International Corp 3.400% 15/02/2021 165,000 USD 164,969 167,434 0.12
Crown Castle International Corp 3.700% 15/06/2026 765,000 USD 794,647 750,871 0.53
Crown Castle International Corp 4.450% 15/02/2026 545,000 USD 560,642 563,852 0.39
CVS Health Corp 2.125% 01/06/2021 415,000 USD 418,801 406,926 0.28
CVS Health Corp 2.875% 01/06/2026 365,000 USD 362,047 347,906 0.24
CVS Health Corp 4.125% 15/05/2021 260,000 USD 277,344 275,110 0.19
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Sustainable Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
CVS Health Corp 5.125% 20/07/2045 765,000 USD 828,338 852,552 0.60
DDR Corp 3.625% 01/02/2025 125,000 USD 124,252 120,920 0.08
Diamond Offshore Drilling Inc 4.875% 01/11/2043 40,000 USD 26,006 28,413 0.02
Dominion Resources Inc/VA 2.850% 15/08/2026 1,455,000 USD 1,386,872 1,362,216 0.95
Eaton Corp 4.000% 02/11/2032 100,000 USD 104,251 98,584 0.07
Energy Transfer Partners LP 3.600% 01/02/2023 430,000 USD 423,876 422,908 0.30
Energy Transfer Partners LP 5.150% 15/03/2045 60,000 USD 59,870 57,545 0.04
Energy Transfer Partners LP 6.125% 15/12/2045 95,000 USD 94,655 101,074 0.07
EOG Resources Inc 2.450% 01/04/2020 175,000 USD 174,412 175,263 0.12
FedEx Corp 0.500% 09/04/2020 650,000 EUR 736,561 692,450 0.48
FedEx Corp 1.625% 11/01/2027 880,000 EUR 999,234 941,989 0.66
FedEx Corp 4.550% 01/04/2046 375,000 USD 373,396 377,891 0.26
Ford Motor Credit Co LLC 3.219% 09/01/2022 575,000 USD 583,928 568,558 0.40
Ford Motor Credit Co LLC 3.588% 02/06/2020 280,000 AUD 215,878 202,753 0.14
Ford Motor Credit Co LLC 3.664% 08/09/2024 400,000 USD 392,895 390,303 0.27
Ford Motor Credit Co LLC 4.134% 04/08/2025 550,000 USD 563,083 550,661 0.39
Ford Motor Credit Co LLC 4.375% 06/08/2023 400,000 USD 410,522 412,800 0.29
GATX Corp 3.250% 30/03/2025 105,000 USD 104,092 100,898 0.07
General Electric Co 3.100% 09/01/2023 658,000 USD 672,549 666,868 0.47
General Electric Co 4.125% 09/10/2042 630,000 USD 639,244 635,576 0.45
General Electric Co 4.625% 30/01/2043 EMTN 260,000 USD 257,212 260,286 0.18
General Motors Co 4.000% 01/04/2025 150,000 USD 149,136 146,981 0.10
General Motors Co 5.200% 01/04/2045 310,000 USD 307,679 298,813 0.21
General Motors Co 6.750% 01/04/2046 15,000 USD 14,986 17,590 0.01
General Motors Financial Co Inc 3.200% 13/07/2020 725,000 USD 732,284 727,181 0.51
General Motors Financial Co Inc 4.000% 15/01/2025 100,000 USD 94,378 97,564 0.07
Goldman Sachs Group Inc/The 1.250% 01/05/2025 EMTN 310,000 EUR 336,723 321,802 0.23
Goldman Sachs Group Inc/The 1.625% 27/07/2026 EMTN 265,000 EUR 292,058 276,968 0.19
Goldman Sachs Group Inc/The 2.550% 23/10/2019 1,010,000 USD 1,031,848 1,017,415 0.71
Goldman Sachs Group Inc/The 3.625% 22/01/2023 845,000 USD 863,039 863,093 0.60
Goldman Sachs Group Inc/The 5.375% 15/03/2020 235,000 USD 255,136 254,972 0.18
HCA Inc 4.500% 15/02/2027 40,000 USD 40,000 39,300 0.03
HCA Inc 4.750% 01/05/2023 65,000 USD 65,537 66,544 0.05
HCA Inc 5.000% 15/03/2024 230,000 USD 229,672 236,613 0.17
HCA Inc 5.375% 01/02/2025 55,000 USD 55,635 55,138 0.04
Home Depot Inc/The 2.625% 01/06/2022 1,370,000 USD 1,370,830 1,376,602 0.96
HSBC Bank USA NA/New York NY 5.875% 01/11/2034 250,000 USD 278,984 291,058 0.20
HSBC USA Inc 2.750% 07/08/2020 105,000 USD 104,934 105,068 0.07
International Lease Finance Corp 5.875% 15/08/2022 391,000 USD 428,716 424,235 0.30
JPMorgan Chase & Co 2.295% 15/08/2021 735,000 USD 739,433 721,383 0.51
JPMorgan Chase & Co 3.250% 23/09/2022 2,040,000 USD 2,053,199 2,063,032 1.44
JPMorgan Chase & Co 4.400% 22/07/2020 615,000 USD 666,879 653,261 0.46
Kimco Realty Corp 2.800% 01/10/2026 260,000 USD 257,918 241,737 0.17
Natixis International Funds (Lux) I
(2) See Note 15.
(3) See Note 13.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Sustainable Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Kimco Realty Corp 3.400% 01/11/2022 190,000 USD 189,907 192,808 0.14
Kimco Realty Corp 4.250% 01/04/2045 270,000 USD 266,389 259,664 0.18
Kinder Morgan Inc/DE 5.050% 15/02/2046 675,000 USD 658,900 668,186 0.47
Kraft Heinz Foods Co 2.000% 30/06/2023 535,000 EUR 639,828 592,890 0.42
Kraft Heinz Foods Co 2.250% 25/05/2028 255,000 EUR 290,676 274,053 0.19
Kraft Heinz Foods Co 4.125% 01/07/2027 120,000 GBP 175,766 165,769 0.12
McKesson Corp 4.883% 15/03/2044 130,000 USD 130,337 132,244 0.09
Medtronic Inc 3.500% 15/03/2025 130,000 USD 130,198 133,863 0.09
MetLife Inc 4.125% 13/08/2042 205,000 USD 194,894 201,754 0.14
Mohawk Industries Inc 2.000% 14/01/2022 1,115,000 EUR 1,282,659 1,241,693 0.87
Moody's Corp 1.750% 09/03/2027 385,000 EUR 436,400 413,515 0.29
Morgan Stanley 1.375% 27/10/2026 285,000 EUR 307,365 292,891 0.21
Morgan Stanley 1.875% 30/03/2023 435,000 EUR 508,148 487,061 0.34
Morgan Stanley 3.750% 25/02/2023 650,000 USD 652,927 667,644 0.47
MPLX LP 4.500% 15/07/2023 25,000 USD 24,510 25,390 0.02
MPLX LP 4.875% 01/12/2024 5,000 USD 4,952 5,148 0.00
MPLX LP 4.875% 01/06/2025 445,000 USD 423,569 457,525 0.32
MPLX LP 5.500% 15/02/2023 50,000 USD 50,165 52,018 0.04
Noble Energy Inc 5.250% 15/11/2043 185,000 USD 188,089 188,444 0.13
Omega Healthcare Investors Inc 4.375% 01/08/2023 50,000 USD 49,878 49,510 0.03
Owens Corning 3.400% 15/08/2026 135,000 USD 134,464 128,241 0.09
PPG Industries Inc 0.875% 03/11/2025 175,000 EUR 188,889 181,296 0.13
PPG Industries Inc 1.400% 13/03/2027 815,000 EUR 883,682 866,412 0.61
PPL Capital Funding Inc 3.950% 15/03/2024 685,000 USD 731,428 708,911 0.50
Principal Financial Group Inc 3.400% 15/05/2025 550,000 USD 548,568 546,477 0.38
Prologis LP 1.375% 13/05/2021 1,600,000 EUR 1,801,728 1,749,619 1.22
Prologis LP 3.000% 18/01/2022 EMTN 175,000 EUR 213,758 205,252 0.14
Prudential Financial Inc 2.350% 15/08/2019 370,000 USD 371,075 373,569 0.26
Public Service Enterprise Group Inc 2.000% 15/11/2021 720,000 USD 718,672 697,162 0.49
Regency Energy Partners LP/Regency Energy Finance Corp 5.000% 01/10/2022 415,000 USD 446,910 439,776 0.31
Santander Holdings USA Inc 4.500% 17/07/2025 290,000 USD 289,900 288,186 0.20
Sempra Energy 3.750% 15/11/2025 150,000 USD 149,637 151,521 0.11
Solvay Finance America LLC 3.400% 03/12/2020
144A(2) 290,000 USD 289,967 295,073 0.21
Solvay Finance America LLC 4.450% 03/12/2025 144A(2) 235,000 USD 233,500 243,842 0.17
Southwestern Electric Power Co 3.550% 15/02/2022 150,000 USD 153,389 155,496 0.11
Tenet Healthcare Corp 4.500% 01/04/2021 75,000 USD 74,822 74,250 0.05
Time Warner Inc 3.400% 15/06/2022 360,000 USD 367,743 362,105 0.25
Time Warner Inc 4.850% 15/07/2045 225,000 USD 224,847 225,245 0.16
Time Warner Inc 5.350% 15/12/2043 25,000 USD 27,650 26,476 0.02
U.S. Treasury Bond 2.500% 15/05/2046(3) 1,340,000 USD 1,367,124 1,190,820 0.83
U.S. Treasury Bond 2.875% 15/05/2043(3) 125,000 USD 124,686 120,737 0.08
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Sustainable Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
U.S. Treasury Note 1.500% 31/12/2018 1,385,000 USD 1,392,093 1,393,061 0.98
UnitedHealth Group Inc 2.700% 15/07/2020 175,000 USD 174,927 177,633 0.12
UnitedHealth Group Inc 4.625% 15/07/2035 470,000 USD 557,341 512,318 0.36
Verizon Communications Inc 1.375% 15/08/2019 1,180,000 USD 1,179,869 1,161,634 0.81
Verizon Communications Inc 2.625% 21/02/2020 1,133,000 USD 1,159,179 1,143,870 0.80
Verizon Communications Inc 2.625% 15/08/2026 585,000 USD 573,000 538,523 0.38
Verizon Communications Inc 3.000% 01/11/2021 10,000 USD 9,978 10,073 0.01
Verizon Communications Inc 3.850% 01/11/2042 200,000 USD 181,308 173,307 0.12
Verizon Communications Inc 4.272% 15/01/2036 40,000 USD 36,649 38,285 0.03
Verizon Communications Inc 4.400% 01/11/2034 15,000 USD 14,902 14,805 0.01
Verizon Communications Inc 4.600% 01/04/2021 300,000 USD 322,662 321,665 0.23
Verizon Communications Inc 4.750% 01/11/2041 30,000 USD 28,198 29,623 0.02
Verizon Communications Inc 5.050% 15/03/2034 225,000 USD 232,338 236,933 0.17
Verizon Communications Inc 5.150% 15/09/2023 490,000 USD 536,715 541,814 0.38
Virginia Electric & Power Co 4.450% 15/02/2044 20,000 USD 21,386 20,997 0.01
Welltower Inc 4.000% 01/06/2025 100,000 USD 105,601 102,199 0.07
Whiting Petroleum Corp 6.250% 01/04/2023 80,000 USD 80,000 80,000 0.06
Williams Partners LP 4.000% 15/09/2025 570,000 USD 553,703 563,604 0.39
Worthington Industries Inc 4.550% 15/04/2026 240,000 USD 252,272 237,590 0.17
Xcel Energy Inc 3.300% 01/06/2025 700,000 USD 729,785 700,192 0.49
ZF North America Capital Inc 2.750% 27/04/2023 100,000 EUR 116,548 111,160 0.08
Zimmer Biomet Holdings Inc 2.425% 13/12/2026 360,000 EUR 386,406 387,844 0.27
Zimmer Biomet Holdings Inc 3.550% 01/04/2025 755,000 USD 758,491 735,360 0.51
64,288,946 63,071,597 44.15
Total - Fixed rate bonds 98,722,295 96,404,918 67.48
Variable rate bonds
France
AXA SA 3.375% 06/07/2047 EMTN 615,000 EUR 684,145 658,851 0.46
AXA SA 5.125% 04/07/2043 EMTN 235,000 EUR 341,207 285,466 0.20
AXA SA 5.250% 16/04/2040 EMTN 50,000 EUR 72,183 58,696 0.04
Electricite de France SA 4.125% 31/12/2049 EMTN 100,000 EUR 102,354 103,857 0.07
1,199,889 1,106,870 0.77 Germany
Allianz SE 2.241% 07/07/2045 700,000 EUR 741,105 717,175 0.50
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 6.000% 26/05/2041 EMTN 200,000 EUR 281,462 248,931 0.18
1,022,567 966,106 0.68 Great Britain
Aviva PLC 3.875% 03/07/2044 EMTN 300,000 EUR 378,416 325,975 0.23
Aviva PLC 5.125% 04/06/2050 EMTN 190,000 GBP 287,402 235,343 0.16
Eurosail-UK PLC 0.527% 13/03/2045 36,786 GBP 45,852 43,927 0.03
Eurosail-UK PLC 0.537% 13/03/2045 30,627 GBP 38,509 36,791 0.03
Great Hall Mortgages PLC 0.521% 18/06/2038 28,195 GBP 35,337 33,565 0.02
HBOS PLC 4.500% 18/03/2030 EMTN 10,000 EUR 13,858 11,590 0.01
Ludgate Funding PLC 0.000% 01/01/2061 38,491 EUR 37,264 37,983 0.03
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Sustainable Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Prudential PLC 5.000% 20/07/2055 EMTN 140,000 GBP 212,320 169,438 0.12
Residential Mortgage Securities 28 PLC 1.523% 15/06/2046 129,622 GBP 168,366 160,658 0.11
Towd Point Mortgage Funding PLC 1.802% 20/07/2046 105,000 GBP 143,551 129,747 0.09
Trinity Square PLC 1.551% 15/07/2051 130,277 GBP 196,024 161,639 0.11
Uropa Securities PLC 0.000% 10/10/2040 113,881 EUR 118,301 119,275 0.08
1,675,200 1,465,931 1.02 Netherlands
Cooperatieve Rabobank UA 2.500% 26/05/2026 625,000 EUR 717,204 684,313 0.48
Demeter Investments BV for Zurich Insurance Co Ltd 3.500% 01/10/2046 EMTN 535,000 EUR 641,668 583,000 0.41
ING Bank NV 3.000% 11/04/2028 EMTN 200,000 EUR 220,332 222,382 0.16
ING Bank NV 3.625% 25/02/2026 EMTN 550,000 EUR 655,063 631,097 0.44
Volksbank NV 3.750% 05/11/2025 EMTN 315,000 EUR 359,742 347,511 0.24
2,594,009 2,468,303 1.73 Switzerland
Raiffeisen Schweiz Genossenschaft 3.000% 31/12/2049 265,000 CHF 266,358 270,539 0.19
266,358 270,539 0.19
Total - Variable rate bonds 6,758,023 6,277,749 4.39
Total - Transferable securities admitted to an official stock exchange listing 105,480,318 102,682,667 71.87
Transferable securities dealt in on another regulated market Fixed rate bonds
Australia
Asciano Finance Ltd 4.625% 23/09/2020 144A(2) 155,000 USD 157,674 160,364 0.11
Macquarie Bank Ltd 3.900% 15/01/2026 144A(2) 555,000 USD 548,405 566,280 0.40
706,079 726,644 0.51 Barbados
Global SC Finance II Srl 3.190% 17/07/2029 144A(2) 189,583 USD 189,552 181,891 0.13
189,552 181,891 0.13 Canada
Canadian Pacific Railway Co 2.900% 01/02/2025 1,450,000 USD 1,478,193 1,421,192 0.99
Fortis Inc/Canada 3.055% 04/10/2026 144A(2) 745,000 USD 733,496 696,781 0.49
2,211,689 2,117,973 1.48 France
BNP Paribas SA 4.375% 28/09/2025 144A(2) 695,000 USD 697,571 691,004 0.48
Danone SA 2.947% 02/11/2026 144A(2) 1,380,000 USD 1,380,000 1,316,911 0.92
Engie SA 2.875% 10/10/2022 400,000 USD 410,413 398,345 0.28
Pernod Ricard SA 4.250% 15/07/2022 144A(2) 790,000 USD 846,374 826,622 0.58
Pernod Ricard SA 5.500% 15/01/2042 144A(2) 305,000 USD 330,517 335,793 0.24
3,664,875 3,568,675 2.50 Great Britain
Centrica PLC 4.000% 16/10/2023 144A(2) 200,000 USD 204,326 203,640 0.14
Santander UK Group Holdings PLC 4.750% 15/09/2025 144A(2) 200,000 USD 197,805 195,800 0.14
402,131 399,440 0.28
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Sustainable Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Hong Kong
AIA Group Ltd 3.200% 11/03/2025 144A(2) 200,000 USD 199,792 193,032 0.13
199,792 193,032 0.13 Italy
Intesa Sanpaolo SpA 3.875% 15/01/2019 435,000 USD 444,107 442,795 0.31
Intesa Sanpaolo SpA 5.710% 15/01/2026 144A(2) 415,000 USD 405,953 396,026 0.28
850,060 838,821 0.59 Netherlands
Enel Finance International NV 6.000% 07/10/2039 144A(2) 200,000 USD 203,450 223,436 0.16
Koninklijke Ahold Delhaize NV 5.700% 01/10/2040 410,000 USD 441,996 454,318 0.32
LeasePlan Corp NV 2.500% 16/05/2018 330,000 USD 331,453 330,480 0.23
Siemens Financieringsmaatschappij NV 2.150% 27/05/2020 144A(2) 260,000 USD 258,711 258,422 0.18
Siemens Financieringsmaatschappij NV 2.350% 15/10/2026 144A(2) 250,000 USD 232,937 231,402 0.16
Siemens Financieringsmaatschappij NV 3.300% 15/09/2046 144A(2) 715,000 USD 624,279 622,527 0.43
2,092,826 2,120,585 1.48 United States
21st Century Fox America Inc 3.700% 15/09/2024 590,000 USD 592,243 597,407 0.42
21st Century Fox America Inc 4.000% 01/10/2023 725,000 USD 760,050 748,920 0.52
A10 Term Asset Financing LLC 2.620% 15/11/2027 144A(2) 47,869 USD 48,425 47,672 0.03
Activision Blizzard Inc 2.300% 15/09/2021 144A(2) 900,000 USD 901,520 878,263 0.61
Activision Blizzard Inc 3.400% 15/09/2026 144A(2) 375,000 USD 353,978 355,922 0.25
Albertsons Cos LLC/Safeway Inc/New Albertson's Inc/Albertson's LLC 5.750% 15/03/2025 144A(2) 175,000 USD 175,000 173,250 0.12
Albertsons Cos LLC/Safeway Inc/New Albertson's Inc/Albertson's LLC 6.625% 15/06/2024 144A(2) 110,000 USD 110,000 114,675 0.08
Alta Wind Holdings LLC 7.000% 30/06/2035 144A(2) 141,715 USD 153,334 154,622 0.11
American Airlines 5.250% 15/01/2024 234,248 USD 234,248 240,104 0.17
Anthem Inc 4.650% 15/08/2044 195,000 USD 194,627 197,396 0.14
Aviation Capital Group Corp 4.875% 01/10/2025 144A(2) 218,000 USD 218,632 231,080 0.16
BAE Systems Holdings Inc 3.850% 15/12/2025
144A(2) 445,000 USD 445,765 453,845 0.32
Bayer US Finance LLC 3.375% 08/10/2024 144A(2) 720,000 USD 742,256 716,394 0.50
Celgene Corp 3.550% 15/08/2022 275,000 USD 292,616 282,037 0.20
Celgene Corp 5.000% 15/08/2045 160,000 USD 158,859 166,357 0.12
Citigroup Inc 4.000% 05/08/2024 720,000 USD 725,482 725,578 0.51
CLI Funding V LLC 3.380% 18/10/2029 144A(2) 257,700 USD 257,618 247,753 0.17
Comcast Corp 4.200% 15/08/2034 610,000 USD 631,134 623,099 0.44
Comcast Corp 4.650% 15/07/2042 20,000 USD 21,325 20,822 0.01
Commerical Mortgage Trust 3.819% 10/06/2047 80,000 USD 84,587 83,492 0.06
Commerical Mortgage Trust 3.902% 10/07/2050 90,000 USD 95,802 94,048 0.07
Credit Acceptance Auto Loan Trust 2.940% 15/10/2024 144A(2) 310,000 USD 309,966 305,220 0.21
CRH America Inc 3.875% 18/05/2025 144A(2) 375,000 USD 374,616 381,839 0.27
Daimler Finance North America LLC 2.200% 30/10/2021 144A(2) 875,000 USD 874,763 855,061 0.60
Delphi Corp 4.150% 15/03/2024 115,000 USD 116,105 118,534 0.08
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Sustainable Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Delta Air Lines 4.250% 30/07/2023 168,291 USD 168,291 171,717 0.12
ERAC USA Finance LLC 2.800% 01/11/2018 144A(2) 315,000 USD 321,466 318,949 0.22
ERAC USA Finance LLC 3.800% 01/11/2025 144A(2) 975,000 USD 983,295 981,828 0.69
ERAC USA Finance LLC 4.500% 15/02/2045 144A(2) 80,000 USD 79,133 76,286 0.05
ERAC USA Finance LLC 5.625% 15/03/2042 144A(2) 80,000 USD 85,108 88,182 0.06
Exeter Automobile Receivables Trust 2.770% 15/11/2019 144A(2) 90,000 USD 89,995 90,213 0.06
Express Scripts Holding Co 3.000% 15/07/2023 425,000 USD 430,917 411,406 0.29
Express Scripts Holding Co 4.500% 25/02/2026 870,000 USD 910,886 895,642 0.63
FRS I LLC 1.800% 15/04/2043 144A(2) 38,619 USD 38,577 37,824 0.03
Gilead Sciences Inc 4.150% 01/03/2047 535,000 USD 531,200 508,145 0.36
Gilead Sciences Inc 4.750% 01/03/2046 145,000 USD 153,074 150,027 0.10
Hyundai Capital America 2.450% 15/06/2021 144A(2) 1,090,000 USD 1,108,426 1,065,107 0.74
Hyundai Capital America 2.750% 27/09/2026 735,000 USD 734,378 667,641 0.47
Hyundai Capital America 3.000% 30/10/2020 EMTN 820,000 USD 820,803 820,070 0.57
INVISTA Finance LLC 4.250% 15/10/2019 250,000 USD 250,000 247,849 0.17
Kraft Heinz Foods Co 3.000% 01/06/2026 510,000 USD 515,033 478,807 0.33
Kraft Heinz Foods Co 4.375% 01/06/2046 105,000 USD 104,675 98,803 0.07
Kraft Heinz Foods Co 5.000% 04/06/2042 120,000 USD 121,992 122,872 0.09
LafargeHolcim Finance US LLC 4.750% 22/09/2046 144A(2) 245,000 USD 239,944 236,945 0.17
Liberty Mutual Group Inc 4.250% 15/06/2023 45,000 USD 44,982 47,114 0.03
Liberty Mutual Group Inc 4.250% 15/06/2023 144A(2) 555,000 USD 578,112 581,071 0.41
Liberty Mutual Group Inc 4.850% 01/08/2044 125,000 USD 124,919 123,274 0.09
Longtrain Leasing III LLC 2.980% 15/01/2045 144A(2) 216,568 USD 216,555 210,108 0.15
Marriott International Inc/MD 2.300% 15/01/2022 570,000 USD 567,882 552,927 0.39
Marriott International Inc/MD 2.875% 01/03/2021 715,000 USD 739,963 718,224 0.50
Meccanica Holdings USA Inc 6.250% 15/01/2040 144A(2) 240,000 USD 227,954 243,000 0.17
Medco Health Solutions Inc 4.125% 15/09/2020 300,000 USD 322,208 314,791 0.22
NBCUniversal Enterprise Inc 1.974% 15/04/2019 144A(2) 295,000 USD 294,535 296,066 0.21
OneMain Financial Issuance Trust 4.100% 20/03/2028 144A(2) 570,000 USD 569,925 581,113 0.41
Quicken Loans Inc 5.750% 01/05/2025 144A(2) 125,000 USD 123,242 121,562 0.08
Retail Opportunity Investments Partnership LP 4.000% 15/12/2024 205,000 USD 204,043 196,574 0.14
SG Commercial Mortgage Securities Trust 3.055% 10/10/2048 195,000 USD 200,579 189,206 0.13
Sierra Timeshare Receivables Funding LLC 1.870% 20/08/2029 144A(2) 70,366 USD 70,571 69,922 0.05
Spirit Airlines 4.450% 01/04/2024 199,606 USD 199,606 202,807 0.14
SpringCastle America Funding LLC 3.050% 25/04/2029 144A(2) 216,494 USD 216,486 217,577 0.15
Tenet Healthcare Corp 4.375% 01/10/2021 80,000 USD 78,811 79,300 0.06
Time Warner Cable LLC 4.500% 15/09/2042 310,000 USD 315,155 280,753 0.20
Trans-Allegheny Interstate Line Co 3.850% 01/06/2025 80,000 USD 79,954 81,042 0.06
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Sustainable Global Corporate Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
TTX Co 2.600% 15/06/2020 144A(2) 600,000 USD 599,981 597,429 0.42
United Airlines 5.375% 15/08/2021 57,222 USD 58,228 59,089 0.04
Universal Health Services Inc 4.750% 01/08/2022 144A(2) 155,000 USD 155,000 156,937 0.11
Verizon Owner Trust 1.680% 20/05/2021 144A(2) 260,000 USD 259,974 258,953 0.18
WEA Finance LLC/Westfield UK & Europe Finance PLC 2.700% 17/09/2019 230,000 USD 230,715 232,633 0.16
WEA Finance LLC/Westfield UK & Europe Finance PLC 2.700% 17/09/2019 144A(2) 200,000 USD 204,447 202,289 0.14
WEA Finance LLC/Westfield UK & Europe Finance PLC 3.250% 05/10/2020 144A(2) 230,000 USD 229,406 233,910 0.16
Westlake Chemical Corp 3.600% 15/08/2026 144A(2) 65,000 USD 64,688 62,519 0.04
Westlake Chemical Corp 5.000% 15/08/2046 144A(2) 75,000 USD 73,124 74,081 0.05
Whiting Petroleum Corp 1.250% 01/04/2020 290,000 USD 249,268 254,475 0.18
23,860,457 23,520,449 16.46
Total - Fixed rate bonds 34,177,461 33,667,510 23.56
Variable rate bonds
United States
Credit Suisse Commercial Mortgage Trust 5.695% 15/09/2040 155,094 USD 157,800 157,310 0.11
JP Morgan Chase Commercial Mortgage Securities Trust 2.454% 15/12/2030 144A(2) 14,415 USD 14,460 14,375 0.01
Merrill Lynch Mortgage Trust 5.826% 12/06/2050 93,019 USD 94,405 93,803 0.07
Morgan Stanley Capital I Trust 6.275% 11/01/2043 39,927 USD 41,570 41,367 0.03
308,235 306,855 0.22
Total - Variable rate bonds 308,235 306,855 0.22
Total - Transferable securities dealt in on another regulated market 34,485,696 33,974,365 23.78
Other transferable securities Fixed rate bonds
Canada
Alimentation Couche-Tard Inc 3.319% 01/11/2019 330,000 CAD 304,346 255,673 0.18
Canadian Government Bond 5.000% 01/06/2037 180,000 CAD 220,872 193,006 0.13
525,218 448,679 0.31 United States
Welltower Inc 4.800% 20/11/2028 240,000 GBP 336,706 341,652 0.24
336,706 341,652 0.24
Total - Fixed rate bonds 861,924 790,331 0.55
Total - Other transferable securities 861,924 790,331 0.55
TOTAL INVESTMENT PORTFOLIO 140,827,938 137,447,363 96.20
(2) See Note 15.
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
(1) See Note 1.
Loomis Sayles U.S. Aggregate Bond Fund(1)
Changes in the number of Shares for the period ended July 29, 2016
H-S/A (EUR)
Number of shares outstanding at the beginning 450,000.000
Number of shares issued -
Number of shares redeemed (450,000.000)
Number of shares at the end -
I/A (USD)
Number of shares outstanding at the beginning 30.000
Number of shares issued -
Number of shares redeemed (30.000)
Number of shares at the end -
Natixis International Funds (Lux) I
(1) See Note 1.
Loomis Sayles U.S. Aggregate Bond Fund(1)
Statistics
December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value – 48,572,035 -
Net Asset Value per Share
H-S/A (EUR) - 99.36 -
I/A (USD) - 99.35 -
Natixis International Funds (Lux) I
Loomis Sayles U.S. Core Plus Bond Fund
Changes in the number of Shares for the year ended December 31, 2016
I/A (USD)
Number of shares outstanding at the beginning 30.000
Number of shares issued 2,629.000
Number of shares redeemed -
Number of shares at the end 2,659.000
I/D (USD)
Number of shares outstanding at the beginning -
Number of shares issued 1,495.000
Number of shares redeemed -
Number of shares at the end 1,495.000
Q/A (USD)
Number of shares outstanding at the beginning 200,000.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 200,000.000
R/A (USD)
Number of shares outstanding at the beginning 30.000
Number of shares issued 35,569.665
Number of shares redeemed (4,776.143)
Number of shares at the end 30,823.522
R/D (USD)
Number of shares outstanding at the beginning -
Number of shares issued 1,054.165
Number of shares redeemed (4.505)
Number of shares at the end 1,049.660
RE/A (USD)
Number of shares outstanding at the beginning 30.000
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 30.000
S1/A (USD)
Number of shares outstanding at the beginning 93,312.146
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 93,312.146
Natixis International Funds (Lux) I
Loomis Sayles U.S. Core Plus Bond Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 34,223,358 28,552,317 –
Net Asset Value per Share
I/A (USD) 103.33 97.20 -
I/D (USD) 97.95 - -
Q/A (USD) 104.16 97.32 -
R/A (USD) 102.57 97.10 -
R/D (USD) 97.89 - -
RE/A (USD) 102.26 97.03 -
S1/A (USD) 103.98 97.30 -
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles U.S. Core Plus Bond Fund Statement of Investments
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Fixed rate bonds
Argentina
Argentine Republic Government International Bond 7.500% 22/04/2026 144A(2) 150,000 USD 155,845 157,441 0.46
155,845 157,441 0.46 Bermuda Islands
Aircastle Ltd 5.000% 01/04/2023 15,000 USD 15,000 15,300 0.05
Aircastle Ltd 5.500% 15/02/2022 30,000 USD 31,556 31,800 0.09
Ooredoo International Finance Ltd 3.250% 21/02/2023 144A(2) 200,000 USD 196,500 195,750 0.57
243,056 242,850 0.71 Brazil
Votorantim Cimentos SA 7.250% 05/04/2041 144A(2) 200,000 USD 167,348 186,100 0.54
167,348 186,100 0.54 Canada
Goldcorp Inc 2.125% 15/03/2018 55,000 USD 54,871 54,974 0.16
54,871 54,974 0.16 Cayman Islands
CK Hutchison International 16 Ltd 2.750% 03/10/2026 144A(2) 200,000 USD 184,980 185,888 0.55
Tencent Holdings Ltd 3.375% 02/05/2019 144A(2) 265,000 USD 269,302 270,983 0.79
454,282 456,871 1.34 Chile
Enel Americas SA 4.000% 25/10/2026 20,000 USD 19,679 19,094 0.06
SACI Falabella 3.750% 30/04/2023 144A(2) 200,000 USD 197,054 198,273 0.58
216,733 217,367 0.64 Colombia
Colombia Government International Bond 4.500% 28/01/2026 225,000 USD 224,702 231,750 0.68
224,702 231,750 0.68 Great Britain
Barclays PLC 2.875% 08/06/2020 255,000 USD 256,477 253,123 0.74
Ensco PLC 4.500% 01/10/2024 40,000 USD 34,622 34,300 0.10
Ensco PLC 5.750% 01/10/2044 30,000 USD 24,227 21,750 0.06
Lloyds Banking Group PLC 3.100% 06/07/2021 200,000 USD 201,763 202,688 0.59
Virgin Media Finance PLC 5.750% 15/01/2025 144A(2) 200,000 USD 196,071 200,500 0.59
713,160 712,361 2.08 India
Bharti Airtel Ltd 4.375% 10/06/2025 144A(2) 200,000 USD 201,102 197,239 0.58
201,102 197,239 0.58 Indonesia
Indonesia Government International Bond 3.700% 08/01/2022 144A(2) 200,000 USD 201,957 200,449 0.59
Pertamina Persero PT 6.450% 30/05/2044 144A(2) 235,000 USD 226,329 237,903 0.69
428,286 438,352 1.28 Luxembourg
ArcelorMittal 7.750% 01/03/2041 80,000 USD 70,386 85,200 0.25
70,386 85,200 0.25
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles U.S. Core Plus Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Mexico
El Puerto de Liverpool SAB de CV 3.875% 06/10/2026 144A(2) 200,000 USD 197,815 185,000 0.54
Mexican Bonos 5.750% 05/03/2026 7,800,000 MXN 383,078 335,939 0.98
Mexican Bonos 6.500% 10/06/2021 11,900,000 MXN 739,685 563,259 1.65
Mexichem SAB de CV 5.875% 17/09/2044 144A(2) 200,000 USD 179,479 178,250 0.52
Mexico Government International Bond 4.000% 15/03/2115 100,000 EUR 98,867 88,326 0.26
Petroleos Mexicanos 6.375% 04/02/2021 144A(2) 50,000 USD 50,000 53,250 0.15
1,648,924 1,404,024 4.10 Morocco
OCP SA 5.625% 25/04/2024 144A(2) 200,000 USD 207,250 206,799 0.60
207,250 206,799 0.60 Netherlands
Embraer Netherlands Finance BV 5.050% 15/06/2025 60,000 USD 58,257 59,640 0.18
Petrobras Global Finance BV 5.625% 20/05/2043 75,000 USD 49,333 55,440 0.16
Petrobras Global Finance BV 6.850% 05/06/2115 120,000 USD 80,528 97,200 0.28
Shell International Finance BV 3.750% 12/09/2046 125,000 USD 124,426 115,018 0.34
312,544 327,298 0.96 Peru
BBVA Banco Continental SA 3.250% 08/04/2018 144A(2) 100,000 USD 101,028 100,750 0.29
101,028 100,750 0.29 Philippines
Philippine Government International Bond 3.900% 26/11/2022 10,000,000 PHP 214,044 189,505 0.55
214,044 189,505 0.55 Saudi Arabia
Saudi Government International Bond 3.250% 26/10/2026 144A(2) 200,000 USD 197,406 189,605 0.55
Saudi Government International Bond 4.500% 26/10/2046 144A(2) 200,000 USD 196,054 191,566 0.56
393,460 381,171 1.11 Spain
Telefonica Emisiones SAU 5.462% 16/02/2021 130,000 USD 142,772 141,709 0.41
142,772 141,709 0.41 United Arab Emirates
Abu Dhabi National Energy Co PJSC 2.500% 12/01/2018 144A(2) 200,000 USD 200,600 200,197 0.59
200,600 200,197 0.59 United States
Ally Financial Inc 3.750% 18/11/2019 165,000 USD 166,606 165,706 0.48
AmeriGas Partners LP/AmeriGas Finance Corp 5.500% 20/05/2025 40,000 USD 40,000 40,400 0.12
Anadarko Petroleum Corp 6.600% 15/03/2046 45,000 USD 44,965 55,501 0.16
Asbury Automotive Group Inc 6.000% 15/12/2024 75,000 USD 78,313 76,687 0.22
AT&T Inc 4.350% 15/06/2045 5,000 USD 4,762 4,455 0.01
AT&T Inc 4.500% 09/03/2048 25,000 USD 23,859 22,464 0.07
AT&T Inc 4.750% 15/05/2046 5,000 USD 5,042 4,737 0.01
Bank of America Corp 5.000% 13/05/2021 290,000 USD 314,642 315,821 0.92
CBRE Services Inc 5.000% 15/03/2023 40,000 USD 41,282 41,264 0.12
Centene Corp 4.750% 15/01/2025 80,000 USD 80,000 78,100 0.23
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles U.S. Core Plus Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Centene Corp 5.625% 15/02/2021 65,000 USD 65,000 68,341 0.20
Citigroup Inc 2.500% 26/09/2018 75,000 USD 75,744 75,717 0.22
Citigroup Inc 4.050% 30/07/2022 155,000 USD 159,141 160,423 0.47
Concho Resources Inc 4.375% 15/01/2025 85,000 USD 85,000 84,831 0.25
Embarq Corp 7.995% 01/06/2036 125,000 USD 132,056 117,187 0.34
Energy Transfer Partners LP 5.950% 01/10/2043 40,000 USD 36,080 41,225 0.12
FirstEnergy Corp 2.750% 15/03/2018 70,000 USD 70,632 70,636 0.21
Ford Motor Credit Co LLC 5.750% 01/02/2021 385,000 USD 426,321 422,184 1.23
Freeport-McMoRan Inc 3.550% 01/03/2022 185,000 USD 153,773 172,050 0.50
General Motors Co 5.000% 01/04/2035 115,000 USD 112,102 112,139 0.33
General Motors Co 5.200% 01/04/2045 25,000 USD 25,276 24,098 0.07
General Motors Co 6.250% 02/10/2043 160,000 USD 173,998 176,877 0.52
Goldman Sachs Group Inc/The 3.625% 22/01/2023 175,000 USD 178,986 178,747 0.52
Goldman Sachs Group Inc/The 6.750% 01/10/2037 60,000 USD 72,265 74,091 0.22
International Lease Finance Corp 5.875% 01/04/2019 270,000 USD 281,663 286,735 0.84
iStar Inc 5.000% 01/07/2019 5,000 USD 5,055 5,019 0.01
iStar Inc 6.500% 01/07/2021 155,000 USD 155,000 159,650 0.47
JPMorgan Chase & Co 4.625% 10/05/2021 225,000 USD 241,746 242,264 0.71
Kinder Morgan Energy Partners LP 4.300% 01/05/2024 110,000 USD 102,555 112,552 0.33
Kindred Healthcare Inc 8.000% 15/01/2020 80,000 USD 82,463 79,600 0.23
Level 3 Financing Inc 5.375% 15/01/2024 35,000 USD 35,000 35,350 0.10
Level 3 Financing Inc 5.625% 01/02/2023 85,000 USD 87,150 87,125 0.25
Molina Healthcare Inc 5.375% 15/11/2022 30,000 USD 30,000 30,450 0.09
Morgan Stanley 3.700% 23/10/2024 120,000 USD 123,024 121,429 0.36
Morgan Stanley 5.500% 28/07/2021 255,000 USD 283,640 282,575 0.83
Nabors Industries Inc 5.100% 15/09/2023 165,000 USD 150,916 165,000 0.48
Newfield Exploration Co 5.375% 01/01/2026 90,000 USD 86,610 91,764 0.27
Owens Corning 4.200% 01/12/2024 35,000 USD 35,074 35,853 0.10
Phillips 66 5.875% 01/05/2042 60,000 USD 71,749 71,043 0.21
PolyOne Corp 5.250% 15/03/2023 40,000 USD 40,356 40,600 0.12
QEP Resources Inc 5.250% 01/05/2023 100,000 USD 90,282 100,250 0.29
Regency Energy Partners LP/Regency Energy Finance Corp 5.875% 01/03/2022 130,000 USD 133,417 143,008 0.42
Reynolds American Inc 6.150% 15/09/2043 150,000 USD 175,952 180,993 0.53
Rowan Cos Inc 7.375% 15/06/2025 115,000 USD 115,000 117,300 0.34
SM Energy Co 5.000% 15/01/2024 160,000 USD 144,233 150,800 0.44
Southern Copper Corp 5.875% 23/04/2045 90,000 USD 78,260 88,355 0.26
Springleaf Finance Corp 5.250% 15/12/2019 205,000 USD 203,172 206,538 0.60
Sprint Capital Corp 6.875% 15/11/2028 85,000 USD 70,272 83,938 0.25
Tennessee Valley Authority 4.250% 15/09/2065 60,000 USD 60,539 61,765 0.18
Tesoro Logistics LP/Tesoro Logistics Finance Corp 5.250% 15/01/2025 35,000 USD 35,000 35,744 0.10
Toll Brothers Finance Corp 4.875% 15/11/2025 20,000 USD 20,000 19,650 0.06
U.S. Treasury Bond 2.250% 15/08/2046 20,000 USD 16,460 16,816 0.05
U.S. Treasury Bond 3.000% 15/05/2045 320,000 USD 328,037 315,675 0.92
U.S. Treasury Inflation Indexed Note 0.125% 15/07/2024 773,710 USD 749,942 760,089 2.22
U.S. Treasury Inflation Indexed Note 0.250% 15/01/2025 81,646 USD 82,039 80,298 0.23
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles U.S. Core Plus Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
U.S. Treasury Inflation Indexed Bonds 0.750% 15/02/2045 862,285 USD 772,214 811,360 2.37
U.S. Treasury Inflation Indexed Bonds 1.000% 15/02/2046 504,994 USD 524,618 507,128 1.48
U.S. Treasury Inflation Indexed Bonds 1.375% 15/02/2044 985,340 USD 1,021,868 1,075,312 3.14
U.S. Treasury Note 0.625% 30/06/2018 880,000 USD 879,047 874,466 2.56
U.S. Treasury Note 0.625% 30/09/2017 1,565,000 USD 1,564,825 1,562,800 4.57
U.S. Treasury Note 0.750% 31/10/2017 175,000 USD 174,811 174,843 0.51
U.S. Treasury Note 0.750% 28/02/2018 220,000 USD 219,691 219,484 0.64
U.S. Treasury Note 0.750% 30/04/2018 170,000 USD 169,941 169,442 0.50
U.S. Treasury Note 0.750% 31/07/2018 410,000 USD 410,251 407,806 1.19
U.S. Treasury Note 0.750% 31/08/2018 100,000 USD 99,944 99,383 0.29
U.S. Treasury Note 0.750% 30/09/2018 170,000 USD 169,785 168,851 0.49
U.S. Treasury Note 0.750% 31/10/2018 95,000 USD 94,883 94,317 0.28
U.S. Treasury Note 0.875% 30/11/2017 170,000 USD 169,908 170,013 0.50
U.S. Treasury Note 0.875% 31/03/2018 205,000 USD 205,329 204,736 0.60
U.S. Treasury Note 1.000% 31/12/2017 210,000 USD 210,351 210,164 0.61
U.S. Treasury Note 2.250% 31/12/2023 560,000 USD 558,775 560,263 1.64
Verizon Communications Inc 2.625% 21/02/2020 70,000 USD 70,779 70,672 0.21
13,997,471 14,172,949 41.41
Total - Fixed rate bonds 20,147,864 20,104,907 58.74
Treasury Bills
United States
United States Treasury Bill 0.000% 05/01/2017 160,000 USD 159,992 159,992 0.47
159,992 159,992 0.47
Total - Treasury Bills 159,992 159,992 0.47
Total - Transferable securities admitted to an official stock exchange listing 20,307,856 20,264,899 59.21
Transferable securities dealt in on another regulated market Fixed rate bonds
Austria
Suzano Austria GmbH 5.750% 14/07/2026 144A(2) 200,000 USD 198,217 192,750 0.56
198,217 192,750 0.56 Canada
Bombardier Inc 5.750% 15/03/2022 144A(2) 10,000 USD 9,302 9,400 0.03
MEG Energy Corp 7.000% 31/03/2024 144A(2) 35,000 USD 31,256 31,675 0.09
Methanex Corp 5.250% 01/03/2022 80,000 USD 83,559 82,506 0.24
124,117 123,581 0.36 Cayman Islands
Colony American Finance Ltd 2.896% 15/10/2047 144A(2) 96,584 USD 96,583 96,283 0.28
96,583 96,283 0.28 Chile
Banco Santander Chile 3.875% 20/09/2022 144A(2) 200,000 USD 201,639 205,592 0.60
Celulosa Arauco y Constitucion SA 4.750% 11/01/2022 90,000 USD 92,328 93,631 0.28
293,967 299,223 0.88
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles U.S. Core Plus Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Great Britain
Anglo American Capital PLC 4.875% 14/05/2025 144A(2) 200,000 USD 202,957 202,750 0.59
202,957 202,750 0.59 Hong Kong
HKCG Finance Ltd 6.250% 07/08/2018 144A(2) 100,000 USD 106,588 106,336 0.31
106,588 106,336 0.31 Luxembourg
Ultrapar International SA 5.250% 06/10/2026 144A(2) 210,000 USD 206,099 205,779 0.60
206,099 205,779 0.60 Mexico
Petroleos Mexicanos 5.500% 21/01/2021 110,000 USD 115,518 113,162 0.33
115,518 113,162 0.33 Netherlands
Myriad International Holdings BV 6.000% 18/07/2020 144A(2) 200,000 USD 213,194 216,370 0.63
213,194 216,370 0.63 Singapore
Flex Ltd 4.750% 15/06/2025 50,000 USD 49,085 52,901 0.16
49,085 52,901 0.16 South Korea
SK Telecom Co Ltd 2.125% 01/05/2018 144A(2) 200,000 USD 200,633 199,978 0.59
200,633 199,978 0.59 Thailand
Bangkok Bank PCL/Hong Kong 3.300% 03/10/2018 144A(2) 255,000 USD 259,412 260,208 0.76
Thai Oil PCL 4.875% 23/01/2043 144A(2) 200,000 USD 191,868 199,626 0.58
451,280 459,834 1.34 United Arab Emirates
Dolphin Energy Ltd 5.500% 15/12/2021 144A(2) 200,000 USD 221,000 219,980 0.64
221,000 219,980 0.64 United States
AmeriCredit Automobile Receivables 2.110% 08/01/2021 70,000 USD 69,993 70,158 0.20
AmeriCredit Automobile Receivables 2.880%
08/07/2021 45,000 USD 44,992 45,484 0.13
AmeriCredit Automobile Receivables Trust 1.600% 09/11/2020 15,000 USD 15,000 14,973 0.04
AmeriCredit Automobile Receivables Trust 2.210% 10/05/2021 10,000 USD 9,998 10,003 0.03
Avis Budget Rental Car Funding AESOP LLC 2.990% 20/06/2022 144A(2) 100,000 USD 99,994 99,785 0.29
Biogen Inc 2.900% 15/09/2020 30,000 USD 30,399 30,383 0.09
Braskem America Finance Co 7.125% 22/07/2041 144A(2) 200,000 USD 157,074 201,500 0.59
California Republic Auto Receivables Trust 2.040% 15/01/2020 144A(2) 25,000 USD 24,999 25,157 0.07
COMM Mortgage Trust 3.694% 10/08/2047 135,000 USD 139,597 139,696 0.41
Commercial Mortgage Trust 5.736% 31/12/2049 164,816 USD 167,535 167,174 0.49
Continental Airlines 4.000% 29/10/2024 101,664 USD 104,536 104,281 0.30
Diamond 1 Finance Corp/Diamond 2 Finance Corp 7.125% 15/06/2024 144A(2) 25,000 USD 25,000 27,754 0.08
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles U.S. Core Plus Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Diamond 1 Finance Corp/Diamond 2 Finance Corp 8.100% 15/07/2036 144A(2) 40,000 USD 39,971 47,583 0.14
Diamond 1 Finance Corp/Diamond 2 Finance Corp 8.350% 15/07/2046 144A(2) 25,000 USD 24,980 30,782 0.09
DISH DBS Corp 5.875% 15/11/2024 80,000 USD 76,784 82,320 0.24
Drive Auto Receivables Trust 2.560% 15/06/2020 144A(2) 15,000 USD 14,999 15,088 0.04
Drive Auto Receivables Trust 3.190% 15/07/2022 144A(2) 30,000 USD 29,997 30,226 0.09
EnerSys 5.000% 30/04/2023 144A(2) 30,000 USD 30,566 30,300 0.09
Exeter Automobile Receivables Trust 2.350% 15/07/2020 144A(2) 17,423 USD 17,421 17,485 0.05
First Investors Auto Owner Trust 1.670% 16/11/2020 144A(2) 201,743 USD 201,660 201,832 0.59
Flagship Credit Auto Trust 2.770% 15/12/2020 144A(2) 46,266 USD 46,188 46,611 0.14
Frontier Communications Corp 6.875% 15/01/2025 55,000 USD 48,560 46,613 0.14
Goodyear Tire & Rubber Co 5.000% 31/05/2026 5,000 USD 5,000 4,977 0.01
Hewlett Packard Enterprise Co 3.600% 15/10/2020 144A(2) 150,000 USD 151,358 152,597 0.45
Hewlett Packard Enterprise Co 6.200% 15/10/2035 144A(2) 75,000 USD 74,060 76,372 0.22
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower Inc 6.125% 01/12/2024 144A(2) 10,000 USD 10,000 10,387 0.03
Hyundai Capital America 3.000% 30/10/2020 144A(2) 125,000 USD 124,942 125,011 0.37
JP Morgan Chase Commercial Mortgage Securities Trust 5.716% 15/02/2051 163,791 USD 167,112 167,457 0.49
Kinder Morgan Inc/DE 5.625% 15/11/2023 144A(2) 70,000 USD 69,237 76,833 0.22
MEDNAX Inc 5.250% 01/12/2023 144A(2) 15,000 USD 15,000 15,450 0.05
Micron Technology Inc 5.500% 01/02/2025 85,000 USD 81,109 84,575 0.25
Molex Electronic Technologies LLC 2.878% 15/04/2020 144A(2) 50,000 USD 49,419 49,887 0.15
Molex Electronic Technologies LLC 3.900% 15/04/2025 144A(2) 25,000 USD 24,619 24,593 0.07
MSBAM Commercial Mortgage Securities Trust 3.277% 15/10/2030 144A(2) 220,000 USD 220,991 217,498 0.64
Nabors Industries Inc 5.500% 15/01/2023 144A(2) 10,000 USD 10,000 10,412 0.03
Navient Corp 8.000% 25/03/2020 140,000 USD 144,045 155,316 0.45
OneMain Financial Issuance Trust 3.190% 18/03/2026 144A(2) 250,000 USD 252,666 251,774 0.74
President & Fellows of Harvard College 3.300% 15/07/2056 55,000 USD 54,594 48,369 0.14
Quicken Loans Inc 5.750% 01/05/2025 144A(2) 70,000 USD 69,296 68,075 0.20
Range Resources Corp 5.000% 15/03/2023 144A(2) 60,000 USD 57,130 59,400 0.17
Santander Drive Auto Receivables Trust 2.460% 15/06/2020 250,000 USD 250,818 251,926 0.74
Starwood Property Trust Inc 5.000% 15/12/2021 144A(2) 35,000 USD 35,000 35,469 0.10
Tennessee Valley Authority 3.500% 15/12/2042 170,000 USD 166,586 166,127 0.49
Tesoro Corp 4.750% 15/12/2023 144A(2) 135,000 USD 135,000 135,928 0.40
Time Warner Cable LLC 4.500% 15/09/2042 15,000 USD 13,484 13,585 0.04
Time Warner Cable LLC 5.500% 01/09/2041 155,000 USD 143,374 157,575 0.46
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles U.S. Core Plus Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
UBS-Citigroup Commercial Mortgage Trust 5.154% 10/01/2045 144A(2) 15,000 USD 16,555 16,470 0.05
Universal Health Services Inc 4.750% 01/08/2022 144A(2) 95,000 USD 97,148 96,188 0.28
Viacom Inc 5.250% 01/04/2044 25,000 USD 22,450 22,744 0.07
WestRock RKT Co 4.000% 01/03/2023 50,000 USD 51,350 51,632 0.15
Wolverine World Wide Inc 5.000% 01/09/2026 144A(2) 40,000 USD 40,060 38,500 0.11
World Financial Network Credit Card Master Trust 3.140% 17/01/2023 250,000 USD 257,183 256,793 0.75
4,229,829 4,327,108 12.65
Total - Fixed rate bonds 6,709,067 6,816,035 19.92
Variable rate bonds
United States
COMM Mortgage Trust 2.424% 15/10/2034 144A(2) 100,000 USD 100,000 100,471 0.29
Fannie Mae Pool 3.000% 01/02/2047 740,000 USD 724,745 734,013 2.15
Fannie Mae Pool 3.500% 01/02/2047 970,000 USD 981,767 992,678 2.90
Fannie Mae Pool 4.000% 01/02/2047 955,000 USD 994,065 1,002,657 2.93
Fannie Mae Pool 4.500% 01/10/2043 69,648 USD 76,102 75,048 0.22
Fannie Mae Pool 4.500% 01/02/2044 37,083 USD 40,888 39,989 0.12
Ginnie Mae II Pool 3.000% 01/02/2047 305,000 USD 304,309 308,318 0.90
Ginnie Mae II Pool 3.500% 01/02/2047 235,000 USD 241,917 243,918 0.71
Ginnie Mae II Pool 4.289% 20/03/2063 72,649 USD 77,092 76,694 0.22
Ginnie Mae II Pool 4.457% 20/08/2063 58,154 USD 61,838 61,726 0.18
Ginnie Mae II Pool 4.657% 20/03/2062 347,484 USD 369,919 363,182 1.06
Ginnie Mae II Pool 4.669% 20/05/2064 266,334 USD 287,855 287,475 0.84
Government National Mortgage Association 1.156% 20/03/2060 376,604 USD 374,885 375,529 1.10
Home Partners of America Trust 2.386% 17/03/2033 144A(2) 86,973 USD 86,128 87,588 0.26
LB Commercial Mortgage Trust 5.918% 15/07/2044 78,951 USD 80,031 80,000 0.23
Mill City Mortgage Trust 3.000% 25/09/2057 144A(2) 67,936 USD 68,191 68,358 0.20
ML-CFC Commercial Mortgage Trust 6.852% 12/08/2049 198,246 USD 201,594 200,653 0.59
Morgan Stanley Capital I Trust 5.200% 15/06/2044 144A(2) 100,000 USD 108,570 107,406 0.31
National Rural Utilities Cooperative Finance Corp 4.750% 30/04/2043 75,000 USD 75,095 75,411 0.22
Towd Point Mortgage Trust 2.750% 25/08/2055 144A(2) 87,162 USD 87,163 86,980 0.25
Towd Point Mortgage Trust 2.750% 25/11/2060 144A(2) 74,763 USD 76,044 74,743 0.22
WFCG Commercial Mortgage Trust 1.826% 15/11/2029 144A(2) 95,829 USD 95,829 95,802 0.28
5,514,027 5,538,639 16.18
Total - Variable rate bonds 5,514,027 5,538,639 16.18
Total - Transferable securities dealt in on another regulated market 12,223,094 12,354,674 36.10
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles U.S. Core Plus Bond Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Face value Currency Cost Evaluation % of Net
Description Assets
Other transferable securities Fixed rate bonds
United States
Federal Home Loan Bank Discount Notes 0.000% 05/01/2017 145,000 USD 144,995 144,995 0.43
Federal Home Loan Bank Discount Notes 0.000% 06/01/2017 490,000 USD 489,970 489,970 1.43
Federal Home Loan Bank Discount Notes 0.000% 31/01/2017 510,000 USD 509,812 509,812 1.49
1,144,777 1,144,777 3.35
Total - Fixed rate bonds 1,144,777 1,144,777 3.35
Total - Other transferable securities 1,144,777 1,144,777 3.35
TOTAL INVESTMENT PORTFOLIO 33,675,727 33,764,350 98.66
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Natixis Euro Aggregate Plus Fund
Changes in the number of Shares for the year ended December 31, 2016
I/A (EUR)
Number of shares outstanding at the beginning 17,750.000
Number of shares issued -
Number of shares redeemed (7,131.940)
Number of shares at the end 10,618.060
R/A (EUR)
Number of shares outstanding at the beginning 2,642.965
Number of shares issued 416.762
Number of shares redeemed (103.146)
Number of shares at the end 2,956.581
RE/A (EUR)
Number of shares outstanding at the beginning 1,280.250
Number of shares issued 47.607
Number of shares redeemed (81.601)
Number of shares at the end 1,246.256
RE/D (EUR)
Number of shares outstanding at the beginning 45,026.405
Number of shares issued 1,237.603
Number of shares redeemed (11,587.110)
Number of shares at the end 34,676.898
Natixis International Funds (Lux) I
Natixis Euro Aggregate Plus Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
EUR EUR EUR
Total Net Asset Value 7,393,224 10,201,224 13,611,905
Net Asset Value per Share
I/A (EUR) 321.56 311.90 310.37
R/A (EUR) 305.60 297.72 297.57
RE/A (EUR) 123.95 121.48 122.16
RE/D (EUR) 84.23 82.68 88.15
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Natixis Euro Aggregate Plus Fund Statement of Investments
As at December 31, 2016 (expressed in EUR)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Fixed rate bonds
Austria
Republic of Austria Government Bond 6.250% 15/07/2027 50,000 EUR 66,908 80,397 1.09
66,908 80,397 1.09 Belgium
Kingdom of Belgium Government Bond 4.000% 28/03/2032 125,000 EUR 139,465 178,558 2.41
139,465 178,558 2.41 France
BNP Paribas SA 2.375% 17/02/2025 EMTN 100,000 EUR 99,708 101,407 1.37
Caisse des Depots et Consignations 4.125% 20/02/2019 EMTN 200,000 EUR 200,098 220,044 2.97
Danone SA 1.250% 06/06/2018 EMTN 100,000 EUR 101,461 101,946 1.38
French Republic Government Bond OAT 2.250% 25/10/2022 100,000 EUR 106,810 113,633 1.54
French Republic Government Bond OAT 4.500% 25/04/2041 150,000 EUR 212,747 242,295 3.28
Gecina SA 1.500% 20/01/2025 EMTN 100,000 EUR 99,398 103,525 1.40
HSBC SFH France SA 2.000% 16/10/2023 EMTN 200,000 EUR 197,992 223,945 3.03
Sanofi 1.875% 04/09/2020 EMTN 100,000 EUR 104,463 106,202 1.44
Schneider Electric SE 2.500% 06/09/2021 EMTN 100,000 EUR 106,759 110,861 1.50
1,229,436 1,323,858 17.91 Germany
Bundesrepublik Deutschland 4.750% 04/07/2034 100,000 EUR 119,943 168,759 2.28
119,943 168,759 2.28 Italy
A2A SpA 1.750% 25/02/2025 EMTN 100,000 EUR 99,363 103,532 1.40
Intesa Sanpaolo SpA 3.000% 28/01/2019 EMTN 100,000 EUR 104,008 105,211 1.42
Italy Buoni Poliennali Del Tesoro 4.500% 01/03/2019 150,000 EUR 159,011 164,836 2.23
Italy Buoni Poliennali Del Tesoro 4.750% 01/08/2023 144A(2) 400,000 EUR 425,593 493,163 6.67
Italy Buoni Poliennali Del Tesoro 5.000% 01/03/2025 144A(2) 200,000 EUR 197,503 253,662 3.43
Italy Buoni Poliennali Del Tesoro 5.750% 01/02/2033 270,000 EUR 286,455 392,632 5.31
1,271,933 1,513,036 20.46 Luxembourg
European Financial Stability Facility 2.250% 05/09/2022 EMTN 350,000 EUR 371,206 398,016 5.38
Harman Finance International SCA 2.000% 27/05/2022 100,000 EUR 99,700 105,624 1.43
Nestle Finance International Ltd 0.750% 08/11/2021 EMTN 200,000 EUR 201,710 207,453 2.81
672,616 711,093 9.62
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Natixis Euro Aggregate Plus Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in EUR)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Netherlands
BMW Finance NV 0.500% 05/09/2018 EMTN 100,000 EUR 99,605 101,053 1.37
Netherlands Government Bond 4.000% 15/01/2037 144A(2) 50,000 EUR 54,448 79,932 1.08
154,053 180,985 2.45 Spain
Banco Bilbao Vizcaya Argentaria SA 3.875% 30/01/2023 EMTN 100,000 EUR 101,445 120,860 1.63
FADE - Fondo de Amortizacion del Deficit Electrico 5.900% 17/03/2021 300,000 EUR 358,456 369,327 5.00
Instituto de Credito Oficial 0.500% 26/10/2023 189,000 EUR 181,230 184,706 2.50
Santander Issuances SAU 2.500% 18/03/2025 EMTN 100,000 EUR 99,213 98,459 1.33
Spain Government Bond 5.500% 30/04/2021 144A(2) 135,000 EUR 145,501 165,662 2.24
Spain Government Bond 5.750% 30/07/2032 250,000 EUR 317,402 380,544 5.15
1,203,247 1,319,558 17.85 Supranational Organisations
European Investment Bank 4.500% 15/10/2025 EMTN 250,000 EUR 282,026 342,278 4.63
282,026 342,278 4.63 Sweden
Molnlycke Holding AB 1.500% 28/02/2022 125,000 EUR 126,837 128,927 1.74
126,837 128,927 1.74 Switzerland
UBS AG/London 0.500% 15/05/2018 EMTN 200,000 EUR 199,971 201,691 2.73
199,971 201,691 2.73 United States
3M Co 0.375% 15/02/2022 250,000 EUR 249,029 252,138 3.41
249,029 252,138 3.41
Total - Fixed rate bonds 5,715,464 6,401,278 86.58
Investment Funds
France
Natixis Asset Management Natixis Convertibles Europe 1 EUR 159,475 167,156 2.26
159,475 167,156 2.26 Luxembourg
Natixis International Funds Lux I- Natixis Euro High Income Fund 2,637 EUR 373,592 400,608 5.42
373,592 400,608 5.42
Total - Investment Funds 533,067 567,764 7.68
Total - Transferable securities admitted to an official stock exchange listing 6,248,531 6,969,042 94.26
TOTAL INVESTMENT PORTFOLIO 6,248,531 6,969,042 94.26
(2) See Note 15.
A detailed schedule of portfolio movements for the year from January 1, 2016 to
December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Natixis Euro High Income Fund
Changes in the number of Shares for the year ended December 31, 2016
H-I/A (USD)
Number of shares outstanding at the beginning 56,362.000
Number of shares issued 8,800.000
Number of shares redeemed (20,027.000)
Number of shares at the end 45,135.000
I/A (EUR)
Number of shares outstanding at the beginning 688,800.392
Number of shares issued 1,039,891.341
Number of shares redeemed (998,000.886)
Number of shares at the end 730,690.847
I/D (EUR)
Number of shares outstanding at the beginning 298,839.668
Number of shares issued 413,816.106
Number of shares redeemed (61,100.000)
Number of shares at the end 651,555.774
Q/A (EUR)
Number of shares outstanding at the beginning 86,497.965
Number of shares issued -
Number of shares redeemed (83,861.000)
Number of shares at the end 2,636.965
R/A (EUR)
Number of shares outstanding at the beginning 241,410.362
Number of shares issued 103,613.318
Number of shares redeemed (164,799.636)
Number of shares at the end 180,224.044
RE/A (EUR)
Number of shares outstanding at the beginning 3,485.905
Number of shares issued 8.187
Number of shares redeemed (966.746)
Number of shares at the end 2,527.346
S/A (EUR)
Number of shares outstanding at the beginning 1,726,119.660
Number of shares issued 583,724.322
Number of shares redeemed (1,059,268.437)
Number of shares at the end 1,250,575.545
H-I/D (USD)
Number of shares outstanding at the beginning 3,500.000
Number of shares issued -
Number of shares redeemed (3,500.000)
Number of shares at the end -
H-R/A (USD)
Number of shares outstanding at the beginning 17,277.595
Number of shares issued 3,644.796
Number of shares redeemed (15,233.755)
Number of shares at the end 5,688.636
H-R/D (SGD)
Number of shares outstanding at the beginning 6,249.135
Number of shares issued 2,386.969
Number of shares redeemed (4,579.686)
Number of shares at the end 4,056.418
H-R/D (USD)
Number of shares outstanding at the beginning 1,583.764
Number of shares issued -
Number of shares redeemed (408.163)
Number of shares at the end 1,175.601
Natixis International Funds (Lux) I
Natixis Euro High Income Fund
Changes in the number of Shares for the year ended December 31, 2016
(continued)
H-RE/A (USD)
Number of shares outstanding at the beginning 300.000
Number of shares issued 2,674.779
Number of shares redeemed -
Number of shares at the end 2,974.779
R/D (EUR)
Number of shares outstanding at the beginning 9,777.945
Number of shares issued 610.182
Number of shares redeemed (830.000)
Number of shares at the end 9,558.127
S/D (EUR)
Number of shares outstanding at the beginning 615,642.423
Number of shares issued 744,442.178
Number of shares redeemed (68,373.583)
Number of shares at the end 1,291,711.018
Natixis International Funds (Lux) I
Natixis Euro High Income Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
EUR EUR EUR
Total Net Asset Value 520,032,569 473,593,644 307,390,283
Net Asset Value per Share
H-I/A (USD) 116.25 106.57 105.84
I/A (EUR) 147.47 137.21 136.49
I/D (EUR) 96.14 92.83 102.44
Q/A (EUR) 151.90 140.97 139.74
R/A (EUR) 139.29 130.56 130.84
RE/A (EUR) 133.82 125.80 126.49
S/A (EUR) 148.49 138.02 137.15
H-I/D (USD) - 97.78 -
H-R/A (USD) 104.42 96.57 -
H-R/D (SGD) 50.15 47.70 98.45
H-R/D (USD) 99.78 94.93 -
H-RE/A (USD) 105.51 97.76 -
R/D (EUR) 91.77 88.61 98.03
S/D (EUR) 101.53 98.03 107.84
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Natixis Euro High Income Fund Statement of Investments
As at December 31, 2016 (expressed in EUR) Face value Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Fixed rate bonds
Austria
Sappi Papier Holding GmbH 3.375% 01/04/2022 5,000,000 EUR 4,965,635 5,176,000 1.00
4,965,635 5,176,000 1.00 Belgium
Barry Callebaut Services NV 2.375% 24/05/2024 2,400,000 EUR 2,380,130 2,456,760 0.47
2,380,130 2,456,760 0.47 Cayman Islands
UPCB Finance IV Ltd 4.000% 15/01/2027 1,000,000 EUR 999,734 997,500 0.19
999,734 997,500 0.19 Croatia
Agrokor dd 9.125% 01/02/2020 EMTN 4,700,000 EUR 4,923,643 4,871,550 0.94
Agrokor dd 9.875% 01/05/2019 2,000,000 EUR 2,065,614 2,069,000 0.40
6,989,257 6,940,550 1.34 France
3AB Optique Developpement SAS 5.625% 15/04/2019 3,200,000 EUR 3,182,152 3,248,000 0.62
BiSoho SAS 5.875% 01/05/2023 3,750,000 EUR 3,810,972 4,040,501 0.78
Casino Guichard Perrachon SA 3.248% 07/03/2024 EMTN 6,000,000 EUR 6,175,295 6,411,852 1.23
Casino Guichard Perrachon SA 3.311% 25/01/2023 EMTN 5,900,000 EUR 5,796,327 6,457,007 1.24
Cerba European Lab SAS 7.000% 01/02/2020 2,750,000 EUR 2,786,481 2,813,663 0.54
Crown European Holdings SA 3.375% 15/05/2025 4,000,000 EUR 4,053,860 4,041,200 0.78
Elis SA 3.000% 30/04/2022 2,000,000 EUR 2,001,089 2,060,000 0.40
Faurecia 3.125% 15/06/2022 3,000,000 EUR 2,954,729 3,090,000 0.59
HomeVi SAS 6.875% 15/08/2021 5,200,000 EUR 5,419,991 5,551,000 1.07
Loxam SAS 3.500% 03/05/2023 1,500,000 EUR 1,500,000 1,489,200 0.29
Loxam SAS 7.000% 23/07/2022 3,000,000 EUR 2,992,970 3,200,310 0.62
Mobilux Finance SAS 5.500% 15/11/2024 EMTN 4,000,000 EUR 4,000,000 4,195,696 0.81
NEW Areva Holding SA 3.250% 04/09/2020 EMTN 5,000,000 EUR 4,407,958 5,007,700 0.96
NEW Areva Holding SA 3.500% 22/03/2021 EMTN 3,000,000 EUR 2,900,878 3,010,380 0.58
NEW Areva Holding SA 4.375% 06/11/2019 EMTN 1,000,000 EUR 1,029,572 1,042,880 0.20
NEW Areva Holding SA 4.875% 23/09/2024 EMTN 3,000,000 EUR 2,878,488 3,090,000 0.59
Nexans SA 3.250% 26/05/2021 2,500,000 EUR 2,500,000 2,614,358 0.50
Oberthur Technologies Group SAS 9.250% 30/04/2020 2,000,000 EUR 2,026,760 2,092,500 0.40
Paprec Holding SA 5.250% 01/04/2022 2,000,000 EUR 2,000,000 2,117,500 0.41
Paprec Holding SA 7.375% 01/04/2023 2,000,000 EUR 2,036,565 2,065,000 0.40
Rexel SA 3.500% 15/06/2023 3,500,000 EUR 3,500,000 3,655,750 0.70
SFR Group SA 5.375% 15/05/2022 1,000,000 EUR 1,019,763 1,047,500 0.20
SFR Group SA 5.625% 15/05/2024 4,000,000 EUR 4,100,166 4,213,760 0.81
SPCM SA 2.875% 15/06/2023 7,000,000 EUR 6,890,226 6,982,500 1.34
Tereos Finance Groupe I SA 4.125% 16/06/2023 3,500,000 EUR 3,540,601 3,596,250 0.69
THOM Europe SAS 7.375% 15/07/2019 2,000,000 EUR 2,071,757 2,110,000 0.41
Vallourec SA 2.250% 30/09/2024 1,000,000 EUR 676,139 794,170 0.15
Vallourec SA 3.250% 02/08/2019 1,000,000 EUR 892,894 1,013,700 0.20
87,145,633 91,052,377 17.51
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Natixis Euro High Income Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in EUR) Face value Currency Cost Evaluation % of Net
Description Assets
Germany
IHO Verwaltungs GmbH 2.750% 15/09/2021 1,200,000 EUR 1,200,000 1,234,560 0.24
IHO Verwaltungs GmbH 3.250% 15/09/2023 5,000,000 EUR 5,021,944 5,150,000 0.99
IHO Verwaltungs GmbH 3.750% 15/09/2026 3,000,000 EUR 2,989,062 2,998,200 0.58
Techem Energy Metering Service GmbH & Co KG
7.875% 01/10/2020 EMTN 3,500,000 EUR 3,620,459 3,640,000 0.70
thyssenkrupp AG 2.750% 08/03/2021 EMTN 4,900,000 EUR 4,876,439 5,115,355 0.98
thyssenkrupp AG 5.000% 04/04/2022 EMTN 500,000 EUR 571,119 560,778 0.11
Trionista TopCo GmbH 6.875% 30/04/2021 4,000,000 EUR 4,159,925 4,218,720 0.81
Unitymedia Hessen GmbH & Co KG/Unitymedia NRW GmbH 5.125% 21/01/2023 EMTN 338,580 EUR 357,309 358,048 0.07
Unitymedia Hessen GmbH & Co KG/Unitymedia NRW GmbH 5.625% 15/04/2023 EMTN 5,600,000 EUR 5,961,956 5,999,000 1.15
Unitymedia Hessen GmbH & Co KG/Unitymedia NRW GmbH 5.750% 15/01/2023 1,174,500 EUR 1,258,471 1,256,645 0.24
Unitymedia Hessen GmbH & Co KG/Unitymedia NRW GmbH 6.250% 15/01/2029 2,000,000 EUR 2,133,738 2,210,300 0.43
32,150,422 32,741,606 6.30 Great Britain
Anglo American Capital PLC 1.750% 20/11/2017 EMTN 2,833,000 EUR 2,738,907 2,868,008 0.55
Anglo American Capital PLC 2.875% 20/11/2020 EMTN 2,500,000 EUR 2,521,189 2,613,252 0.50
Anglo American Capital PLC 3.500% 28/03/2022 EMTN 2,000,000 EUR 2,033,014 2,126,382 0.41
Ineos Finance PLC 4.000% 01/05/2023 5,000,000 EUR 4,984,505 5,169,600 1.00
Inovyn Finance PLC 6.250% 15/05/2021 1,000,000 EUR 1,000,000 1,060,230 0.20
International Game Technology PLC 4.750% 15/02/2023 7,900,000 EUR 7,932,276 8,611,158 1.66
Synlab Bondco PLC 6.250% 01/07/2022 1,300,000 EUR 1,295,668 1,417,000 0.27
Synlab Unsecured Bondco PLC 8.250% 01/07/2023 3,500,000 EUR 3,500,000 3,806,250 0.73
26,005,559 27,671,880 5.32 Ireland
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc 4.250% 15/01/2022 5,050,000 EUR 5,074,784 5,220,437 1.00
Smurfit Kappa Acquisitions 3.250% 01/06/2021 1,000,000 EUR 1,032,218 1,073,750 0.21
6,107,002 6,294,187 1.21 Italy
Intesa Sanpaolo SpA 6.625% 13/09/2023 EMTN 6,000,000 EUR 6,984,974 7,098,492 1.37
Leonardo-Finmeccanica SpA 4.500% 19/01/2021 EMTN 1,000,000 EUR 1,097,431 1,126,114 0.22
Leonardo-Finmeccanica SpA 4.875% 24/03/2025 EMTN 4,000,000 EUR 4,650,010 4,598,544 0.88
Leonardo-Finmeccanica SpA 5.250% 21/01/2022 3,000,000 EUR 3,316,319 3,485,904 0.67
Schumann SpA 7.000% 31/07/2023 3,000,000 EUR 3,041,138 3,114,234 0.60
Snai SpA 6.375% 07/11/2021 2,100,000 EUR 2,100,000 2,199,750 0.42
Telecom Italia SpA/Milano 3.625% 19/01/2024 EMTN 4,000,000 EUR 4,143,679 4,258,400 0.82
UniCredit SpA 6.950% 31/10/2022 EMTN 6,000,000 EUR 6,926,129 6,886,872 1.32
32,259,680 32,768,310 6.30
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Natixis Euro High Income Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in EUR) Face value Currency Cost Evaluation % of Net
Description Assets
Jersey
Adient Global Holdings Ltd 3.500% 15/08/2024 6,000,000 EUR 6,004,450 6,087,000 1.17
6,004,450 6,087,000 1.17 Luxembourg
Altice Financing SA 6.500% 15/01/2022 3,000,000 EUR 3,143,980 3,152,250 0.61
Altice Luxembourg SA 7.250% 15/05/2022 6,000,000 EUR 6,068,794 6,413,220 1.23
CNH Industrial Finance Europe SA 2.750% 18/03/2019 EMTN 3,500,000 EUR 3,457,222 3,622,500 0.70
CNH Industrial Finance Europe SA 2.875% 17/05/2023 EMTN 3,500,000 EUR 3,481,765 3,597,713 0.69
Dufry Finance SCA 4.500% 15/07/2022 EMTN 2,250,000 EUR 2,324,794 2,364,748 0.45
Fiat Chrysler Finance Europe 4.750% 22/03/2021 EMTN 5,000,000 EUR 5,132,639 5,487,500 1.05
Fiat Chrysler Finance Europe 4.750% 15/07/2022 EMTN 2,000,000 EUR 2,161,544 2,200,000 0.42
Fiat Chrysler Finance Europe 6.625% 15/03/2018 EMTN 2,500,000 EUR 2,620,565 2,667,875 0.51
Gestamp Funding Luxembourg SA 3.500% 15/05/2023 2,500,000 EUR 2,500,000 2,594,600 0.50
Hanesbrands Finance Luxembourg SCA 3.500% 15/06/2024 2,000,000 EUR 2,000,000 2,086,000 0.40
Matterhorn Telecom SA 3.875% 01/05/2022 3,500,000 EUR 3,488,397 3,609,900 0.69
Play Finance 1 SA 6.500% 01/08/2019 3,000,000 EUR 3,077,065 3,105,150 0.60
Play Finance 2 SA 5.250% 01/02/2019 3,000,000 EUR 3,042,724 3,050,850 0.59
Telecom Italia Finance SA 7.750% 24/01/2033 EMTN 5,000,000 EUR 6,855,779 6,381,600 1.23
Telenet Finance V Luxembourg SCA 6.750% 15/08/2024 4,600,000 EUR 4,923,085 5,094,960 0.98
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc 6.375% 01/05/2022 1,000,000 EUR 1,003,500 1,070,000 0.21
Wind Acquisition Finance SA 4.000% 15/07/2020 5,500,000 EUR 5,514,252 5,601,035 1.08
Wind Acquisition Finance SA 7.000% 23/04/2021 5,000,000 EUR 5,128,771 5,201,200 1.00
65,924,876 67,301,101 12.94 Netherlands
Cable Communications Systems NV 5.000% 15/10/2023 2,500,000 EUR 2,500,000 2,640,625 0.51
LGE HoldCo VI BV 7.125% 15/05/2024 5,400,000 EUR 5,837,137 6,129,000 1.18
OI European Group BV 3.125% 15/11/2024 7,000,000 EUR 7,000,000 6,957,888 1.34
Petrobras Global Finance BV 5.875% 07/03/2022 EMTN 7,000,000 EUR 7,098,587 7,366,849 1.42
United Group BV 7.875% 15/11/2020 4,750,000 EUR 4,925,012 4,971,825 0.95
UPC Holding BV 6.375% 15/09/2022 6,000,000 EUR 6,239,415 6,375,000 1.22
Ziggo Secured Finance BV 4.250% 15/01/2027 3,500,000 EUR 3,500,000 3,487,942 0.67
37,100,151 37,929,129 7.29 Norway
Lock AS 7.000% 15/08/2021 1,000,000 EUR 1,041,065 1,061,860 0.20
1,041,065 1,061,860 0.20 Spain
Banco de Sabadell SA 5.625% 06/05/2026 EMTN 4,000,000 EUR 4,000,000 4,280,960 0.82
Campofrio Food Group SA 3.375% 15/03/2022 1,000,000 EUR 1,006,543 1,037,500 0.20
NH Hotel Group SA 3.750% 01/10/2023 2,600,000 EUR 2,600,000 2,680,600 0.52
7,606,543 7,999,060 1.54
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Natixis Euro High Income Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in EUR) Face value Currency Cost Evaluation % of Net
Description Assets
United States
Axalta Coating Systems LLC 4.250% 15/08/2024 6,000,000 EUR 6,250,480 6,222,600 1.19
Cemex Finance LLC 5.250% 01/04/2021 2,500,000 EUR 2,501,202 2,589,500 0.50
PVH Corp 3.625% 15/07/2024 3,000,000 EUR 3,000,000 3,164,817 0.61
Quintiles IMS Inc 3.500% 15/10/2024 4,000,000 EUR 4,000,000 4,145,880 0.80
Sealed Air Corp 4.500% 15/09/2023 EMTN 1,000,000 EUR 1,008,297 1,087,500 0.21
16,759,979 17,210,297 3.31
Total - Fixed rate bonds 333,440,116 343,687,617 66.09
Variable rate bonds
Belgium
KBC Group NV 5.625% 31/12/2049 4,500,000 EUR 4,498,514 4,533,750 0.87
4,498,514 4,533,750 0.87 Denmark
TDC A/S 3.500% 26/02/3015 1,300,000 EUR 1,240,853 1,235,000 0.24
1,240,853 1,235,000 0.24 France
Arkema SA 4.750% 31/12/2049 3,500,000 EUR 3,587,963 3,717,186 0.71
AXA SA 3.941% 31/12/2049 EMTN 2,500,000 EUR 2,484,546 2,588,875 0.50
Casino Guichard Perrachon SA 4.870% 31/12/2049 EMTN 2,500,000 EUR 2,456,922 2,375,000 0.46
Credit Agricole SA 6.500% 31/12/2049 4,500,000 EUR 4,495,024 4,646,250 0.89
Dry Mix Solutions Investissements SAS 3.934% 15/06/2021 1,000,000 EUR 1,000,000 1,000,950 0.19
Electricite de France SA 5.000% 31/12/2049 EMTN 4,000,000 EUR 4,312,786 3,813,888 0.73
Groupama SA 6.375% 31/12/2049 4,500,000 EUR 4,221,448 4,207,725 0.81
Groupama SA 7.875% 27/10/2039 4,500,000 EUR 4,869,396 4,812,750 0.93
Promontoria MCS SAS 5.431% 30/09/2021 800,000 EUR 792,416 815,174 0.16
Societe Generale SA 6.750% 31/12/2049 4,500,000 EUR 4,471,909 4,612,500 0.89
Solvay Finance SA 5.118% 31/12/2049 800,000 EUR 800,000 856,466 0.16
Solvay Finance SA 5.869% 31/12/2049 2,900,000 EUR 3,000,629 3,172,548 0.61
TOTAL SA 3.369% 31/12/2049 EMTN 3,000,000 EUR 2,987,656 2,887,500 0.56
39,480,695 39,506,812 7.60 Italy
Enel SpA 5.000% 15/01/2075 4,000,000 EUR 4,174,777 4,234,400 0.82
Enel SpA 6.500% 10/01/2074 3,050,000 EUR 3,197,520 3,283,124 0.63
Intesa Sanpaolo SpA 7.000% 31/12/2049 EMTN 4,900,000 EUR 4,623,268 4,838,750 0.93
Intesa Sanpaolo SpA 8.047% 31/12/2049 3,000,000 EUR 3,192,596 3,172,500 0.61
Intesa Sanpaolo SpA 8.375% 31/12/2049 3,000,000 EUR 3,345,356 3,360,000 0.65
UniCredit SpA 5.750% 28/10/2025 EMTN 7,000,000 EUR 7,310,595 7,394,520 1.42
Unione di Banche Italiane SpA 4.250% 05/05/2026 EMTN 5,000,000 EUR 5,000,000 4,950,000 0.95
30,844,112 31,233,294 6.01 Netherlands
ABN AMRO Bank NV 5.750% 31/12/2049 2,000,000 EUR 1,993,814 2,037,500 0.39
Gas Natural Fenosa Finance BV 3.375% 31/12/2049 2,500,000 EUR 2,262,475 2,335,450 0.45
Gas Natural Fenosa Finance BV 4.125% 31/12/2049 6,000,000 EUR 5,970,568 6,090,000 1.17
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Natixis Euro High Income Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in EUR) Face value Currency Cost Evaluation % of Net
Description Assets
Repsol International Finance BV 3.875% 31/12/2049 6,000,000 EUR 5,804,606 5,945,568 1.14
Repsol International Finance BV 4.500% 25/03/2075 5,000,000 EUR 4,729,397 4,708,100 0.91
Telefonica Europe BV 5.000% 31/12/2049 10,000,000 EUR 10,330,689 10,362,500 1.99
Telefonica Europe BV 6.500% 31/12/2049 4,000,000 EUR 4,229,723 4,259,040 0.82
35,321,272 35,738,158 6.87 Portugal
EDP - Energias de Portugal SA 5.375% 16/09/2075 6,400,000 EUR 6,320,620 6,670,809 1.28
6,320,620 6,670,809 1.28 Spain
Banco Bilbao Vizcaya Argentaria SA 7.000% 31/12/2049 5,200,000 EUR 4,930,844 4,985,500 0.96
Banco Santander SA 6.250% 31/12/2049 4,900,000 EUR 4,725,990 4,581,500 0.88
Bankia SA 4.000% 22/05/2024 6,500,000 EUR 6,295,177 6,596,629 1.27
Ibercaja Banco SA 5.000% 28/07/2025 4,000,000 EUR 3,727,094 3,860,656 0.74
19,679,105 20,024,285 3.85
Total - Variable rate bonds 137,385,171 138,942,108 26.72
Total - Transferable securities admitted to an official stock exchange listing 470,825,287 482,629,725 92.81
TOTAL INVESTMENT PORTFOLIO 470,825,287 482,629,725 92.81
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Natixis Global Inflation Fund
Changes in the number of Shares for the year ended December 31, 2016
DH-I/A (EUR)
Number of shares outstanding at the beginning 123,676.225
Number of shares issued 106,543.066
Number of shares redeemed (86,076.153)
Number of shares at the end 144,143.138
I/A (EUR)
Number of shares outstanding at the beginning 50,110.285
Number of shares issued 183,433.045
Number of shares redeemed (150,521.076)
Number of shares at the end 83,022.254
I/D (EUR)
Number of shares outstanding at the beginning 62,098.614
Number of shares issued 16,000.000
Number of shares redeemed -
Number of shares at the end 78,098.614
R/A (EUR)
Number of shares outstanding at the beginning 6,997.546
Number of shares issued 16,267.088
Number of shares redeemed (3,052.774)
Number of shares at the end 20,211.860
R/D (EUR)
Number of shares outstanding at the beginning 30,631.338
Number of shares issued 3,101.531
Number of shares redeemed (9,689.590)
Number of shares at the end 24,043.279
Natixis International Funds (Lux) I
Natixis Global Inflation Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
EUR EUR EUR
Total Net Asset Value 37,125,287 26,138,326 31,819,092
Net Asset Value per Share
DH-I/A (EUR) 92.50 89.38 93.95
I/A (EUR) 150.15 139.97 142.97
I/D (EUR) 84.10 78.77 80.86
R/A (EUR) 142.46 133.33 136.72
R/D (EUR) 78.17 73.30 75.27
Natixis International Funds (Lux) I
(2) See Note 15.
(3) See Note 13.
The accompanying notes form an integral part of these financial statements.
Natixis Global Inflation Fund Statement of Investments
As at December 31, 2016 (expressed in EUR) Face value Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Fixed rate bonds
Australia
Australia Government Bond 1.250% 21/02/2022 1,000,000 AUD 770,339 778,397 2.10
Australia Government Bond 1.250% 21/08/2040 80,000 AUD 58,126 57,602 0.15
828,465 835,999 2.25 France
French Republic Government Bond OAT 0.250% 25/07/2018 1,674,032 EUR 1,725,026 1,726,444 4.65
French Republic Government Bond OAT 0.250% 25/07/2024 102,199 EUR 111,839 112,207 0.30
French Republic Government Bond OAT 0.700% 25/07/2030 144A(2) 30,266 EUR 30,025 35,380 0.09
French Republic Government Bond OAT 1.800% 25/07/2040 345,660 EUR 470,180 515,377 1.39
French Republic Government Bond OAT 2.250% 25/07/2020 24,553 EUR 27,448 28,014 0.08
French Republic Government Bond OAT 3.150% 25/07/2032(3) 248,770 EUR 351,127 395,870 1.07
French Republic Government Bond OAT 3.400% 25/07/2029 6,285 EUR 9,027 9,713 0.03
SNCF Reseau 2.450% 28/02/2023 EMTN 383,737 EUR 400,935 461,509 1.24
3,125,607 3,284,514 8.85 Germany
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 0.750% 15/04/2018 1,710,720 EUR 1,750,260 1,749,906 4.71
Deutsche Bundesrepublik Inflation Linked Bond 0.100% 15/04/2023 208,342 EUR 221,167 228,818 0.62
Deutsche Bundesrepublik Inflation Linked Bond 0.100% 15/04/2046 51,076 EUR 53,559 63,634 0.17
Deutsche Bundesrepublik Inflation Linked Bond 0.500% 15/04/2030 132,155 EUR 153,799 157,536 0.43
2,178,785 2,199,894 5.93 Great Britain
United Kingdom Gilt Inflation Linked 0.125% 22/11/2019 1,060,020 GBP 1,291,372 1,358,050 3.66
United Kingdom Gilt Inflation Linked 0.125% 22/03/2024 382,312 GBP 519,910 528,034 1.42
United Kingdom Gilt Inflation Linked 0.125% 22/03/2029 178,451 GBP 233,117 264,522 0.71
United Kingdom Gilt Inflation Linked 0.125% 22/03/2044 193,339 GBP 291,917 357,937 0.96
United Kingdom Gilt Inflation Linked 0.125% 22/03/2046 205,438 GBP 357,387 391,676 1.06
United Kingdom Gilt Inflation Linked 0.125% 22/03/2058 206,966 GBP 395,415 492,335 1.33
United Kingdom Gilt Inflation Linked 0.125% 22/11/2065 84,391 GBP 214,474 232,519 0.63
United Kingdom Gilt Inflation Linked 0.125% 22/03/2068 208,913 GBP 502,304 607,319 1.64
United Kingdom Gilt Inflation Linked 0.250% 22/03/2052 218,798 GBP 337,645 478,816 1.29
United Kingdom Gilt Inflation Linked 0.375% 22/03/2062 148,216 GBP 351,695 409,694 1.10
United Kingdom Gilt Inflation Linked 0.500% 22/03/2050 169,998 GBP 251,165 381,085 1.03
United Kingdom Gilt Inflation Linked 0.625% 22/03/2040 275,168 GBP 434,660 529,535 1.43
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Natixis Global Inflation Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in EUR) Face value Currency Cost Evaluation % of Net
Description Assets
United Kingdom Gilt Inflation Linked 0.625% 22/11/2042 243,034 GBP 353,427 491,788 1.32
United Kingdom Gilt Inflation Linked 0.750% 22/03/2034 205,245 GBP 338,744 357,243 0.96
United Kingdom Gilt Inflation Linked 0.750% 22/11/2047 216,667 GBP 342,698 490,016 1.32
United Kingdom Gilt Inflation Linked 1.125% 22/11/2037 222,584 GBP 355,606 442,375 1.19
United Kingdom Gilt Inflation Linked 1.250% 22/11/2017 451,074 GBP 554,816 548,514 1.48
United Kingdom Gilt Inflation Linked 1.250% 22/11/2027 409,344 GBP 555,014 661,619 1.78
United Kingdom Gilt Inflation Linked 1.250% 22/11/2032 292,687 GBP 478,507 530,070 1.43
United Kingdom Gilt Inflation Linked 1.250% 22/11/2055 197,704 GBP 424,451 587,309 1.58
United Kingdom Gilt Inflation Linked 1.875% 22/11/2022 128,757 GBP 171,734 192,412 0.52
United Kingdom Gilt Inflation Linked 2.000% 26/01/2035 195,000 GBP 503,445 610,595 1.64
United Kingdom Gilt Inflation Linked 2.500% 16/04/2020 130,000 GBP 458,799 565,289 1.52
United Kingdom Gilt Inflation Linked 4.125% 22/07/2030 70,000 GBP 229,840 302,942 0.82
9,948,142 11,811,694 31.82 Italy
Italy Buoni Poliennali Del Tesoro 1.700% 15/09/2018 508,540 EUR 528,121 531,118 1.43
Italy Buoni Poliennali Del Tesoro 2.100% 15/09/2021 1,035,481 EUR 1,132,722 1,148,674 3.09
Italy Buoni Poliennali Del Tesoro 2.350% 15/09/2035 330,737 EUR 415,849 410,012 1.10
Italy Buoni Poliennali Del Tesoro 2.550% 15/09/2041 191,287 EUR 252,915 240,332 0.65
Italy Buoni Poliennali Del Tesoro 3.100% 15/09/2026 293,406 EUR 362,000 358,872 0.97
2,691,607 2,689,008 7.24 New Zealand
New Zealand Government Bond 2.000% 20/09/2025 100,000 NZD 58,560 69,661 0.19
New Zealand Government Bond 2.500% 20/09/2035 250,000 NZD 150,265 171,162 0.46
208,825 240,823 0.65 Spain
Spain Government Inflation Linked Bond 1.000% 30/11/2030 144A(2) 251,163 EUR 243,350 264,848 0.71
Spain Government Inflation Linked Bond 1.800% 30/11/2024 144A(2) 604,452 EUR 665,578 687,184 1.85
908,928 952,032 2.56 Sweden
Sweden Inflation Linked Bond 0.125% 01/06/2026 4,000,000 SEK 476,065 483,949 1.30
Sweden Inflation Linked Bond 3.500% 01/12/2028 1,700,000 SEK 330,603 349,489 0.94
Sweden Inflation Linked Bond 4.000% 01/12/2020 4,100,000 SEK 675,638 692,974 1.87
1,482,306 1,526,412 4.11 United States
U.S. Treasury Inflation Indexed Bonds 0.625% 15/02/2043 315,420 USD 266,612 272,554 0.74
U.S. Treasury Inflation Indexed Bonds 0.750% 15/02/2042 374,423 USD 316,749 334,473 0.90
U.S. Treasury Inflation Indexed Bonds 0.750% 15/02/2045 256,633 USD 218,527 227,716 0.61
U.S. Treasury Inflation Indexed Bonds 1.000% 15/02/2046 357,067 USD 340,888 338,006 0.91
U.S. Treasury Inflation Indexed Bonds 1.375% 15/02/2044 311,160 USD 316,640 320,395 0.86
U.S. Treasury Inflation Indexed Bonds 2.000% 15/01/2026 730,752 USD 683,706 779,114 2.10
U.S. Treasury Inflation Indexed Bonds 2.125% 15/02/2040 262,822 USD 256,649 307,366 0.83
U.S. Treasury Inflation Indexed Bonds 2.125% 15/02/2041 331,149 USD 277,356 389,353 1.05
U.S. Treasury Inflation Indexed Bonds 2.500% 15/01/2029 180,142 USD 150,232 205,621 0.55
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Natixis Global Inflation Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in EUR) Face value Currency Cost Evaluation % of Net
Description Assets
U.S. Treasury Inflation Indexed Bonds 3.625% 15/04/2028 597,820 USD 633,723 743,963 2.00
U.S. Treasury Inflation Indexed Bonds 3.875% 15/04/2029(3) 544,059 USD 515,852 704,057 1.90
U.S. Treasury Inflation Indexed Note 0.125% 15/04/2019 5,158 USD 4,767 4,951 0.01
U.S. Treasury Inflation Indexed Note 0.125% 15/01/2023(4) 1,989,775 USD 1,659,203 1,870,889 5.04
U.S. Treasury Inflation Indexed Note 0.250% 15/01/2025 1,581,899 USD 1,412,288 1,472,368 3.97
U.S. Treasury Inflation Indexed Note 0.375% 15/07/2023 955,622 USD 873,650 913,136 2.46
U.S. Treasury Inflation Indexed Note 0.625% 15/01/2026 813,864 USD 753,681 776,621 2.09
U.S. Treasury Inflation Indexed Note 1.125% 15/01/2021 663,018 USD 559,655 659,242 1.78
U.S. Treasury Inflation Indexed Note 1.250% 15/07/2020 1,551,774 USD 1,328,462 1,553,169 4.18
10,568,640 11,872,994 31.98
Total - Fixed rate bonds 31,941,305 35,413,370 95.39
Total - Transferable securities admitted to an official stock exchange listing 31,941,305 35,413,370 95.39
Transferable securities dealt in on another regulated market Fixed rate bonds
United States
U.S. Treasury Inflation Indexed Note 0.125% 15/07/2022 367,906 USD 326,554 349,378 0.94
U.S. Treasury Inflation Indexed Note 0.625% 15/01/2024(4) 1,968,381 USD 1,804,256 1,896,441 5.11
2,130,810 2,245,819 6.05
Total - Fixed rate bonds 2,130,810 2,245,819 6.05
Total - Transferable securities dealt in on another regulated market 2,130,810 2,245,819 6.05
Other transferable securities Fixed rate bonds
Canada
Canadian Government Real Return Bond 2.000% 01/12/2041 185,725 CAD 170,142 176,651 0.47
Canadian Government Real Return Bond 3.000% 01/12/2036 125,350 CAD 121,273 130,840 0.35
Canadian Government Real Return Bond 4.000% 01/12/2031 240,166 CAD 227,071 258,646 0.70
Canadian Government Real Return Bond 4.250% 01/12/2021 660,442 CAD 505,361 567,050 1.53
1,023,847 1,133,187 3.05 Japan
Japanese Government CPI Linked Bond 0.100% 10/09/2024 49,806,500 JPY 419,349 430,268 1.16
Japanese Government CPI Linked Bond 0.100% 10/03/2026 19,942,000 JPY 170,732 173,092 0.47
590,081 603,360 1.63
Total - Fixed rate bonds 1,613,928 1,736,547 4.68
Total - Other transferable securities 1,613,928 1,736,547 4.68
TOTAL INVESTMENT PORTFOLIO 35,686,043 39,395,736 106.12
(3) See Note 13.
(4) See Note 12.
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Natixis Short Term Global High Income Fund
Changes in the number of Shares for the year ended December 31, 2016
H-I/A (EUR)
Number of shares outstanding at the beginning 863,464.702
Number of shares issued 544,257.612
Number of shares redeemed (264,371.309)
Number of shares at the end 1,143,351.005
H-R/A (EUR)
Number of shares outstanding at the beginning 218,167.022
Number of shares issued 32,098.711
Number of shares redeemed (123,571.240)
Number of shares at the end 126,694.493
H-RE/A (EUR)
Number of shares outstanding at the beginning -
Number of shares issued 1,098.750
Number of shares redeemed -
Number of shares at the end 1,098.750
I/A (USD)
Number of shares outstanding at the beginning 1,527.905
Number of shares issued 2,774.397
Number of shares redeemed (1,062.623)
Number of shares at the end 3,239.679
R/A (USD)
Number of shares outstanding at the beginning 8,032.137
Number of shares issued 14,872.943
Number of shares redeemed (1,179.150)
Number of shares at the end 21,725.930
RE/A (USD)
Number of shares outstanding at the beginning 594.060
Number of shares issued -
Number of shares redeemed -
Number of shares at the end 594.060
H-R/D (EUR)
Number of shares outstanding at the beginning -
Number of shares issued 99.850
Number of shares redeemed -
Number of shares at the end 99.850
Natixis International Funds (Lux) I
Natixis Short Term Global High Income Fund
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 148,466,145 122,759,449 122,854,292
Net Asset Value per Share
H-I/A (EUR) 109.16 104.27 102.99
H-R/A (EUR) 104.88 101.02 100.65
H-RE/A (EUR) 100.51 - -
I/A (USD) 110.67 104.25 102.70
Q/A (USD) - - 103.07
R/A (USD) 104.23 98.91 -
RE/A (USD) 103.37 98.38 -
H-R/D (EUR) 100.30 - -
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Natixis Short Term Global High Income Fund Statement of Investments
As at December 31, 2016 (expressed in USD) Quantity / Face Currency Cost Evaluation % of Net Description value Assets
Transferable securities admitted to an official stock exchange listing Fixed rate bonds
Austria
Sappi Papier Holding GmbH 3.375% 01/04/2022 500,000 EUR 575,401 545,939 0.37
Sappi Papier Holding GmbH 7.750% 15/07/2017 1,800,000 USD 1,821,055 1,833,750 1.23
2,396,456 2,379,689 1.60 Croatia
Agrokor dd 9.125% 01/02/2020 EMTN 600,000 EUR 696,351 655,949 0.44
Agrokor dd 9.875% 01/05/2019 1,500,000 EUR 2,130,582 1,636,708 1.11
2,826,933 2,292,657 1.55 France
3AB Optique Developpement SAS 5.625% 15/04/2019 800,000 EUR 850,513 856,457 0.58
Casino Guichard Perrachon SA 5.976% 26/05/2021 EMTN 1,200,000 EUR 1,424,922 1,474,338 0.99
Cerba European Lab SAS 7.000% 01/02/2020 1,300,000 EUR 1,499,870 1,402,918 0.95
Elis SA 3.000% 30/04/2022 1,100,000 EUR 1,264,011 1,195,032 0.81
Faurecia 3.125% 15/06/2022 1,000,000 EUR 1,117,721 1,086,392 0.73
HomeVi SAS 6.875% 15/08/2021 1,100,000 EUR 1,307,878 1,238,540 0.83
Italcementi Finance SA 6.625% 19/03/2020 EMTN 700,000 EUR 861,804 851,407 0.57
La Financiere Atalian SAS 7.250% 15/01/2020 1,100,000 EUR 1,232,335 1,207,017 0.81
NEW Areva Holding SA 3.250% 04/09/2020 EMTN 400,000 EUR 418,377 422,550 0.29
NEW Areva Holding SA 4.375% 06/11/2019 EMTN 1,000,000 EUR 1,111,855 1,099,978 0.74
NEW Areva Holding SA 4.625% 05/10/2017 EMTN 200,000 EUR 224,507 217,198 0.15
Nexans SA 3.250% 26/05/2021 600,000 EUR 672,300 661,798 0.45
Nexans SA 4.250% 19/03/2018 500,000 EUR 591,508 550,210 0.37
Oberthur Technologies Group SAS 9.250% 30/04/2020 500,000 EUR 585,108 551,766 0.37
SFR Group SA 5.375% 15/05/2022 1,000,000 EUR 1,141,668 1,104,851 0.74
THOM Europe SAS 7.375% 15/07/2019 900,000 EUR 1,048,988 1,001,485 0.67
Vallourec SA 3.250% 02/08/2019 600,000 EUR 613,888 641,520 0.43
15,967,253 15,563,457 10.48 Germany
IHO Verwaltungs GmbH 2.750% 15/09/2021 1,000,000 EUR 1,126,608 1,085,127 0.73
Techem Energy Metering Service GmbH & Co KG 7.875% 01/10/2020 EMTN 1,700,000 EUR 1,968,158 1,864,798 1.26
ThyssenKrupp AG 2.750% 08/03/2021 EMTN 1,300,000 EUR 1,440,378 1,431,438 0.96
Trionista TopCo GmbH 6.875% 30/04/2021 1,500,000 EUR 1,720,347 1,668,636 1.12
Unitymedia Hessen GmbH & Co KG/Unitymedia NRW GmbH 5.125% 21/01/2023 EMTN 567,000 EUR 680,176 632,431 0.43
Unitymedia Hessen GmbH & Co KG/Unitymedia NRW GmbH 5.500% 15/09/2022 162,000 EUR 186,424 180,016 0.12
Unitymedia Hessen GmbH & Co KG/Unitymedia NRW GmbH 5.625% 15/04/2023 EMTN 320,000 EUR 373,308 361,568 0.24
Unitymedia Hessen GmbH & Co KG/Unitymedia NRW GmbH 5.750% 15/01/2023 324,000 EUR 392,937 365,640 0.25
7,888,336 7,589,654 5.11 Great Britain
Anglo American Capital PLC 1.750% 20/11/2017 EMTN 909,000 EUR 994,874 970,615 0.65
Inovyn Finance PLC 6.250% 15/05/2021 400,000 EUR 456,920 447,311 0.30
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Natixis Short Term Global High Income Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Quantity / Face Currency Cost Evaluation % of Net
Description value Assets
International Game Technology PLC 4.125% 15/02/2020 1,100,000 EUR 1,224,991 1,249,428 0.84
International Game Technology PLC 5.625% 15/02/2020 300,000 USD 319,720 315,000 0.21
Jaguar Land Rover Automotive PLC 3.500% 15/03/2020 200,000 USD 196,145 202,000 0.14
Jaguar Land Rover Automotive PLC 3.500% 15/03/2020 144A(2) 1,500,000 USD 1,500,000 1,513,125 1.02
Synlab Bondco PLC 6.250% 01/07/2022 600,000 EUR 721,756 689,807 0.47
Virgin Media Secured Finance PLC 6.000% 15/04/2021 900,000 GBP 1,251,753 1,156,568 0.78
6,666,159 6,543,854 4.41 Ireland
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc 4.250% 15/01/2022 200,000 EUR 231,236 218,070 0.15
231,236 218,070 0.15 Italy
Intesa Sanpaolo SpA 5.000% 23/09/2019 EMTN 1,000,000 EUR 1,147,928 1,136,071 0.77
Leonardo-Finmeccanica SpA 4.500% 19/01/2021 EMTN 100,000 EUR 117,571 118,777 0.08
Snai SpA 6.375% 07/11/2021 300,000 EUR 327,525 331,455 0.22
Telecom Italia SpA/Milano 6.375% 24/06/2019 EMTN 1,000,000 GBP 1,594,421 1,351,156 0.91
3,187,445 2,937,459 1.98 Japan
SoftBank Group Corp 4.500% 15/04/2020 2,200,000 USD 2,214,060 2,233,000 1.50
2,214,060 2,233,000 1.50 Jersey
Lincoln Finance Ltd 6.875% 15/04/2021 1,000,000 EUR 1,150,891 1,144,720 0.77
1,150,891 1,144,720 0.77 Luxembourg
Altice Financing SA 6.500% 15/01/2022 1,600,000 USD 1,617,900 1,668,000 1.12
Altice Luxembourg SA 7.250% 15/05/2022 1,000,000 EUR 1,177,352 1,127,391 0.76
Dufry Finance SCA 4.500% 15/07/2022 EMTN 500,000 EUR 570,094 554,271 0.37
Empark Funding SA 6.750% 15/12/2019 500,000 EUR 581,526 546,492 0.37
Fiat Chrysler Finance Europe 7.375% 09/07/2018 EMTN 1,200,000 EUR 1,537,409 1,384,372 0.93
HeidelbergCement Finance Luxembourg SA 7.500% 03/04/2020 400,000 EUR 519,835 518,179 0.35
HeidelbergCement Finance Luxembourg SA 8.500% 31/10/2019 600,000 EUR 763,980 779,389 0.53
Matterhorn Telecom SA 3.875% 01/05/2022 1,200,000 EUR 1,353,731 1,305,443 0.88
Play Finance 2 SA 5.250% 01/02/2019 2,000,000 EUR 2,620,007 2,145,256 1.45
Telecom Italia Capital SA 7.175% 18/06/2019 500,000 USD 538,333 553,750 0.37
Telenet Finance V Luxembourg SCA 6.250% 15/08/2022 500,000 EUR 719,140 559,017 0.38
UniCredit Luxembourg Finance SA 6.000% 31/10/2017 1,000,000 USD 1,007,944 1,016,250 0.68
Wind Acquisition Finance SA 7.000% 23/04/2021 400,000 EUR 458,034 438,877 0.30
13,465,285 12,596,687 8.49 Netherlands
Carlson Wagonlit BV 7.500% 15/06/2019 1,000,000 EUR 1,410,656 1,095,539 0.74
Fiat Chrysler Automobiles NV 4.500% 15/04/2020 1,000,000 USD 1,000,000 1,020,000 0.69
Petrobras Global Finance BV 2.750% 15/01/2018 800,000 EUR 899,448 852,282 0.57
Petrobras Global Finance BV 8.375% 23/05/2021 500,000 USD 495,619 538,750 0.36
United Group BV 7.875% 15/11/2020 1,300,000 EUR 1,525,115 1,435,209 0.97
UPC Holding BV 6.375% 15/09/2022 2,000,000 EUR 2,329,687 2,241,344 1.51
7,660,525 7,183,124 4.84 Spain
Campofrio Food Group SA 3.375% 15/03/2022 600,000 EUR 688,849 656,582 0.44
688,849 656,582 0.44
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Natixis Short Term Global High Income Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Quantity / Face Currency Cost Evaluation % of Net
Description value Assets
Sweden
Hoist Kredit AB 3.125% 09/12/2019 EMTN 500,000 EUR 557,225 553,363 0.37
Volvo Car AB 3.250% 18/05/2021 700,000 EUR 800,310 794,401 0.54
1,357,535 1,347,764 0.91 United States
Ally Financial Inc 4.125% 30/03/2020 1,600,000 USD 1,603,487 1,616,000 1.09
Ally Financial Inc 4.250% 15/04/2021 1,300,000 USD 1,293,795 1,312,181 0.88
Ashland LLC 3.875% 15/04/2018 2,200,000 USD 2,242,272 2,257,750 1.52
Celanese US Holdings LLC 3.250% 15/10/2019 1,000,000 EUR 1,193,215 1,140,674 0.77
Cemex Finance LLC 5.250% 01/04/2021 500,000 EUR 570,215 546,255 0.37
CenturyLink Inc 5.625% 01/04/2020 700,000 USD 714,739 740,250 0.50
CenturyLink Inc 6.000% 01/04/2017 600,000 USD 603,610 606,000 0.41
Constellation Brands Inc 7.250% 15/05/2017 1,200,000 USD 1,221,032 1,224,000 0.82
DaVita Inc 5.750% 15/08/2022 2,500,000 USD 2,606,996 2,612,500 1.76
Fiat Chrysler Finance North America Inc 5.625% 12/06/2017 EMTN 500,000 EUR 555,997 538,988 0.36
General Motors Financial Co Inc 3.500% 10/07/2019 500,000 USD 507,932 509,125 0.34
General Motors Financial Co Inc 4.750% 15/08/2017 400,000 USD 404,205 407,000 0.27
HCA Inc 6.500% 15/02/2020 1,200,000 USD 1,307,784 1,312,800 0.88
HCA Inc 8.000% 01/10/2018 1,400,000 USD 1,496,826 1,526,000 1.03
International Lease Finance Corp 6.250% 15/05/2019 2,000,000 USD 2,116,331 2,150,000 1.45
L Brands Inc 6.625% 01/04/2021 700,000 USD 783,390 785,750 0.53
L Brands Inc 7.000% 01/05/2020 200,000 USD 224,716 225,000 0.15
L Brands Inc 8.500% 15/06/2019 900,000 USD 997,159 1,035,000 0.70
Lennar Corp 4.750% 15/12/2017 1,300,000 USD 1,311,646 1,319,500 0.89
Lennar Corp 4.750% 01/04/2021 200,000 USD 204,356 206,500 0.14
Level 3 Financing Inc 5.375% 15/08/2022 200,000 USD 204,936 206,500 0.14
Level 3 Financing Inc 5.625% 01/02/2023 1,300,000 USD 1,358,406 1,332,500 0.90
Spirit AeroSystems Inc 5.250% 15/03/2022 500,000 USD 513,683 522,232 0.35
Tenet Healthcare Corp 6.000% 01/10/2020 2,300,000 USD 2,437,370 2,409,250 1.62
Toll Brothers Finance Corp 4.000% 31/12/2018 300,000 USD 309,295 307,875 0.21
Toll Brothers Finance Corp 5.875% 15/02/2022 600,000 USD 640,589 651,000 0.44
Toll Brothers Finance Corp 6.750% 01/11/2019 500,000 USD 543,195 547,500 0.37
United Rentals North America Inc 4.625% 15/07/2023 700,000 USD 704,383 714,000 0.48
United Rentals North America Inc 7.625% 15/04/2022 110,000 USD 115,303 115,775 0.08
28,786,863 28,877,905 19.45
Total - Fixed rate bonds 94,487,826 91,564,622 61.68
Variable rate bonds
France
Dry Mix Solutions Investissements SAS 3.934% 15/06/2021 1,300,000 EUR 1,759,125 1,372,478 0.92
HomeVi SAS 4.250% 15/11/2021 300,000 EUR 327,525 321,803 0.22
Kerneos Corporate SAS 4.436% 01/03/2021 500,000 EUR 684,075 529,209 0.36
Picard Groupe SAS 4.250% 01/08/2019 1,220,925 EUR 1,428,212 1,295,883 0.87
Promontoria MCS SAS 5.431% 30/09/2021 500,000 EUR 551,710 537,378 0.36
4,750,647 4,056,751 2.73 Great Britain
Innovia Group Finance PLC 4.684% 31/03/2020 778,025 EUR 957,961 822,592 0.55
New Look Secured Issuer PLC 4.500% 01/07/2022 2,000,000 EUR 2,240,303 1,998,447 1.35
3,198,264 2,821,039 1.90
Natixis International Funds (Lux) I
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Natixis Short Term Global High Income Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Quantity / Face Currency Cost Evaluation % of Net
Description value Assets
Italy
Enel SpA 6.500% 10/01/2074 900,000 EUR 1,082,083 1,021,832 0.69
Schumann SpA 6.625% 31/07/2022 400,000 EUR 442,430 431,177 0.29
Snai SpA 6.000% 07/11/2021 400,000 EUR 432,461 430,338 0.29
1,956,974 1,883,347 1.27
Luxembourg
Empark Funding SA 5.184% 15/12/2019 700,000 EUR 962,610 739,086 0.50
Wind Acquisition Finance SA 3.689% 15/07/2020 1,400,000 EUR 1,786,969 1,478,496 1.00
Xefin Lux SCA 3.750% 01/06/2019 EMTN 1,000,000 EUR 1,294,814 1,056,859 0.71
4,044,393 3,274,441 2.21 Netherlands
Telefonica Europe BV 6.500% 31/12/2049 600,000 EUR 706,377 673,833 0.45
706,377 673,833 0.45
Total - Variable rate bonds 14,656,655 12,709,411 8.56
Investment Funds
France
Natixis Asset Management Natixis Credit Subordinated 108 USD 1,102,160 1,134,182 0.76
1,102,160 1,134,182 0.76
Total - Investment Funds 1,102,160 1,134,182 0.76
Total - Transferable securities admitted to an official stock exchange listing 110,246,641 105,408,215 71.00
Transferable securities dealt in on another regulated market Fixed rate bonds
Austria
Sappi Papier Holding GmbH 7.750% 15/07/2017 144A(2) 800,000 USD 803,598 810,000 0.54
803,598 810,000 0.54 Croatia
Agrokor dd 8.875% 01/02/2020 500,000 USD 524,306 507,500 0.34
524,306 507,500 0.34 France
Rexel SA 5.250% 15/06/2020 858,000 USD 886,820 890,175 0.60
886,820 890,175 0.60 Ireland
Smurfit Kappa Acquisitions 4.875% 15/09/2018 500,000 USD 508,774 516,250 0.35
508,774 516,250 0.35 United States
CIT Group Inc 5.500% 15/02/2019 300,000 USD 310,764 316,125 0.21
DISH DBS Corp 4.625% 15/07/2017 1,400,000 USD 1,413,230 1,415,750 0.95
Fresenius Medical Care US Finance II Inc 4.125% 15/10/2020 700,000 USD 715,980 723,625 0.49
Fresenius Medical Care US Finance II Inc 5.625% 31/07/2019 2,100,000 USD 2,214,879 2,233,875 1.51
Frontier Communications Corp 8.875% 15/09/2020 700,000 USD 706,858 745,500 0.50
Meccanica Holdings USA Inc 6.250% 15/07/2019 1,000,000 USD 1,054,866 1,075,000 0.72
Sealed Air Corp 6.500% 01/12/2020 500,000 USD 543,406 563,125 0.38
Smithfield Foods Inc 5.250% 01/08/2018 46,000 USD 46,267 46,347 0.03
Smithfield Foods Inc 6.625% 15/08/2022 1,200,000 USD 1,255,633 1,264,500 0.85
Smithfield Foods Inc 7.750% 01/07/2017 1,019,000 USD 1,042,515 1,047,023 0.71
Sprint Communications Inc 9.000% 15/11/2018 144A(2) 2,100,000 USD 2,265,746 2,315,250 1.56
T-Mobile USA Inc 5.250% 01/09/2018 2,400,000 USD 2,418,727 2,436,000 1.64
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Natixis Short Term Global High Income Fund Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Quantity / Face Currency Cost Evaluation % of Net
Description value Assets
T-Mobile USA Inc 6.633% 28/04/2021 500,000 USD 520,359 521,875 0.35
T-Mobile USA Inc 6.836% 28/04/2023 300,000 USD 321,235 321,375 0.22
ZF North America Capital Inc 4.000% 29/04/2020 2,000,000 USD 2,043,576 2,072,500 1.40
16,874,041 17,097,870 11.52
Total - Fixed rate bonds 19,597,539 19,821,795 13.35
Variable rate bonds
Ireland
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc 3.963% 15/12/2019 1,700,000 USD 1,690,595 1,733,818 1.17
1,690,595 1,733,818 1.17
Total - Variable rate bonds 1,690,595 1,733,818 1.17
Total - Transferable securities dealt in on another regulated market 21,288,134 21,555,613 14.52
Other transferable securities Fixed rate bonds
Austria
UniCredit Bank Austria AG 7.250% 15/02/2017 144A(2) 600,000 USD 602,556 602,520 0.41
602,556 602,520 0.41 United States
CIT Group Inc 5.000% 15/05/2018 2,000,000 USD 2,013,534 2,037,500 1.37
Newell Brands Inc 3.750% 01/10/2021 500,000 EUR 565,495 588,473 0.40
2,579,029 2,625,973 1.77
Total - Fixed rate bonds 3,181,585 3,228,493 2.18
Variable rate bonds
Spain
BBVA International Preferred SAU 5.919% 31/12/2049 2,000,000 USD 1,920,021 1,980,000 1.33
1,920,021 1,980,000 1.33
Total - Variable rate bonds 1,920,021 1,980,000 1.33
Total - Other transferable securities 5,101,606 5,208,493 3.51
TOTAL INVESTMENT PORTFOLIO 136,636,381 132,172,321 89.03
(2) See Note 15.
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
(1) See Note 1.
ASG Managed Futures Fund(1)
Changes in the number of Shares for the period ended December 31, 2016
H-I/A (GBP)
Number of shares outstanding at the beginning -
Number of shares issued 75.357
Number of shares redeemed -
Number of shares at the end 75.357
H-S/A (GBP)
Number of shares outstanding at the beginning -
Number of shares issued 66,250.385
Number of shares redeemed -
Number of shares at the end 66,250.385
I/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 56,699.523
Number of shares redeemed (8,992.259)
Number of shares at the end 47,707.264
Q/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 500,120.048
Number of shares redeemed -
Number of shares at the end 500,120.048
R/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 111,885.654
Number of shares redeemed (493.583)
Number of shares at the end 111,392.071
S/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 17,612.638
Number of shares redeemed -
Number of shares at the end 17,612.638
Natixis International Funds (Lux) I
(1) See Note 1.
ASG Managed Futures Fund(1)
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 72,828,557 - -
Net Asset Value per Share
H-I/A (GBP) 94.86 - -
H-S/A (GBP) 100.25 - -
I/A (USD) 95.04 - -
Q/A (USD) 95.70 - -
R/A (USD) 94.64 - -
S/A (USD) 95.18 - -
Natixis International Funds (Lux) I
(1) See Note 1.
The accompanying notes form an integral part of these financial statements.
ASG Managed Futures Fund(1) Statement of Investments
As at December 31, 2016 (expressed in USD) Quantity / Face Currency Cost Evaluation % of Net Description value Assets
Transferable securities admitted to an official stock exchange listing Investment Funds
Jersey
ETFS Aluminium 513,972 USD 1,400,141 1,403,914 1.93
ETFS Brent 1mth Oil Securities 27,212 USD 631,625 675,742 0.93
ETFS Copper 55,627 USD 1,276,162 1,360,915 1.87
ETFS Gasoline 21,524 USD 556,277 574,906 0.79
ETFS Heating Oil 44,199 USD 434,116 472,266 0.65
ETFS Silver 12,570 USD 236,759 207,248 0.28
ETFS WTI Crude Oil 34,484 USD 276,190 285,657 0.39
4,811,270 4,980,648 6.84
Total - Investment Funds 4,811,270 4,980,648 6.84
Total - Transferable securities admitted to an official stock exchange listing 4,811,270 4,980,648 6.84
Other transferable securities Money Market Instruments Certificates of Deposits Fixed rate bonds
Germany
Landesbank Hessen-Thueringen/New York 0.570% 05/01/2017 3,000,000 USD 3,000,000 3,000,000 4.12
3,000,000 3,000,000 4.12 Total – Fixed rate bonds 3,000,000 3,000,000 4.12
Variable rate bonds
Canada
Bank of Montreal/Chicago IL 1.302% 12/05/2017 2,500,000 USD 2,500,529 2,503,092 3.44
Bank of Nova Scotia/Houston 1.087% 14/06/2017 2,500,000 USD 2,500,000 2,500,030 3.43
Royal Bank of Canada/New York NY 1.049% 08/05/2017 500,000 USD 500,000 500,263 0.68
Royal Bank of Canada/New York NY 1.336% 17/02/2017 2,000,000 USD 2,000,000 2,000,000 2.75
7,500,529 7,503,385 10.30 Chile
Banco Del Estado de Chile/New York 1.252% 05/07/2017 2,500,000 USD 2,500,000 2,500,750 3.44
2,500,000 2,500,750 3.44 Japan
Mizuho Bank Ltd/NY 1.436% 17/02/2017 2,000,000 USD 2,000,000 2,000,000 2.75
Mizuho Bank Ltd/NY 1.436% 18/04/2017 800,000 USD 800,129 800,736 1.10
Sumitomo Mitsui Banking Corp/New York 1.370% 13/04/2017 1,000,000 USD 1,000,534 1,001,062 1.37
Sumitomo Mitsui Trust Bank Limited/New York 1.135% 03/01/2017 1,500,000 USD 1,500,000 1,500,000 2.06
5,300,663 5,301,798 7.28
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
ASG Managed Futures Fund(1) Statement of Investments (continued)
As at December 31, 2016 (expressed in USD) Quantity / Face Currency Cost Evaluation % of Net
Description value Assets
Sweden
Skandinaviska Enskilda Banken AB/New York NY 1.254% 09/02/2017 2,000,000 USD 2,000,000 2,000,000 2.75
Svenska Handelsbanken/New York NY 1.027% 06/01/2017 2,500,000 USD 2,500,079 2,500,079 3.43
4,500,079 4,500,079 6.18 United States
Abbey National Treasury Services PLC 0.680% 05/01/2017 2,900,000 USD 2,900,002 2,900,002 3.98
Bank of America 0.820% 02/02/2017 2,500,000 USD 2,500,000 2,500,000 3.43
Bank of Tokyo-Mitsubishi 1.300% 21/04/2017 2,000,000 USD 2,000,030 2,001,899 2.75
Credit Agricole 0.650% 12/01/2017 2,900,000 USD 2,900,000 2,900,000 3.98
Credit Industriel et Commercial 1.020% 15/03/2017 2,500,000 USD 2,500,000 2,502,262 3.43
DG Bank/New York 1.150% 09/03/2017 2,600,000 USD 2,600,000 2,600,094 3.57
KBC BANK N.V. 0.610% 04/01/2017 2,500,000 USD 2,500,000 2,500,000 3.43
National Australia Bank Ltd 1.100% 08/02/2017 2,000,000 USD 2,000,000 2,000,000 2.75
National Bank of Canada 0.860% 05/01/2017 1,700,000 USD 1,700,000 1,700,000 2.33
Norinchukin Bank 1.200% 10/02/2017 2,000,000 USD 2,000,438 2,000,438 2.75
Norinchukin Bank 1.300% 19/06/2017 900,000 USD 900,000 900,338 1.24
Oversea Chinese 0.890% 11/01/2017 2,000,000 USD 2,000,000 2,000,000 2.75
Oversea Chinese Banking Corp 0.700% 05/01/2017 900,000 USD 900,000 900,000 1.24
Sumitomo Mitsui Bank 0.690% 06/01/2017 1,000,000 USD 1,000,000 1,000,000 1.37
Sumitomo Mitsui Banking Corp/New York 1.063%
04/01/2017 2,000,000 USD 2,000,001 2,000,001 2.75
Toronto-Dominion Bank/The 1.060% 05/04/2017 2,500,000 USD 2,500,033 2,500,183 3.43
32,900,504 32,905,217 45.18
Total – Variable rate bonds 52,701,775 52,711,229 72.38
Total – Certificates of Deposits 55,701,775 55,711,229 76.50
Commercial Papers
United States COFCO Capital 0.700% 04/01/2017 2,600,000 USD 2,599,848 2,599,848 3.57
2,599,848 2,599,848 3.57
Total – Commercial Papers 2,599,848 2,599,848 3.57
Total - Money market instruments 58,301,623 58,311,077 80.07
Total - Other transferable securities 58,301,623 58,311,077 80.07
TOTAL INVESTMENT PORTFOLIO 63,112,893 63,291,725 86.91
(1) See Note 1.
A detailed schedule of portfolio movements for the year from January 1, 2016 to
December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
(1) See Note 1.
Loomis Sayles Global Multi Asset Income Fund(1)
Changes in the number of Shares for the period ended December 31, 2016
I/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 30.000
Number of shares redeemed -
Number of shares at the end 30.000
N/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 30.000
Number of shares redeemed -
Number of shares at the end 30.000
Q/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 150,000.000
Number of shares redeemed -
Number of shares at the end 150,000.000
R/A (USD)
Number of shares outstanding at the beginning -
Number of shares issued 30.000
Number of shares redeemed -
Number of shares at the end 30.000
R/D (USD)
Number of shares outstanding at the beginning -
Number of shares issued 30.176
Number of shares redeemed -
Number of shares at the end 30.176
Natixis International Funds (Lux) I
(1) See Note 1.
Loomis Sayles Global Multi Asset Income Fund(1)
Statistics December 31, 2016 December 31, 2015 December 31, 2014
USD USD USD
Total Net Asset Value 15,633,435 - -
Net Asset Value per Share
I/A (USD) 103.90 - -
N/A (USD) 103.80 - -
Q/A (USD) 104.14 - -
R/A (USD) 103.45 - -
R/D (USD) 102.84 - -
Natixis International Funds (Lux) I
(1) See Note 1.
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Multi Asset Income Fund(1) Statement of Investments
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Transferable securities admitted to an official stock exchange listing Shares
Belgium
bpost SA 891 EUR 22,017 21,145 0.14
22,017 21,145 0.14 Bermuda Islands
Assured Guaranty Ltd 607 USD 22,301 22,927 0.15
Golar LNG Ltd 1,030 USD 15,984 23,628 0.15
38,285 46,555 0.30 Canada
Bank of Montreal 200 CAD 12,682 14,402 0.09
Bank of Nova Scotia/The 200 CAD 11,567 11,150 0.07
Canadian Imperial Bank of Commerce 300 CAD 22,439 24,509 0.16
Enbridge Income Fund Holdings Inc 400 CAD 10,112 10,371 0.07
Encana Corp 2,332 USD 23,372 27,378 0.17
Genworth MI Canada Inc 900 CAD 22,709 22,590 0.14
MEG Energy Corp 6,500 CAD 38,234 44,737 0.29
National Bank of Canada 600 CAD 20,894 24,397 0.16
162,009 179,534 1.15 Denmark
Royal Unibrew A/S 95 DKK 4,466 3,673 0.02
4,466 3,673 0.02 Finland
Neste Oyj 359 EUR 14,277 13,821 0.09
14,277 13,821 0.09
Great Britain
British American Tobacco PLC 393 GBP 24,912 22,442 0.14
Delphi Automotive PLC 247 USD 16,086 16,635 0.11
GlaxoSmithKline PLC 1,152 GBP 25,003 22,235 0.14
Imperial Brands PLC 538 GBP 27,547 23,550 0.15
93,548 84,862 0.54 Hong Kong
BOC Hong Kong Holdings Ltd 2,000 HKD 6,898 7,158 0.05
CLP Holdings Ltd 2,000 HKD 20,564 18,380 0.12
HK Electric Investments & HK Electric Investments Ltd 144A(2) 21,500 HKD 20,076 17,748 0.11
HKT Trust & HKT Ltd 16,000 HKD 23,206 19,625 0.12
70,744 62,911 0.40 Ireland
Accenture PLC 183 USD 20,731 21,435 0.14
Medtronic PLC 300 USD 25,274 21,369 0.13
46,005 42,804 0.27 Japan
Astellas Pharma Inc 1,500 JPY 23,021 20,879 0.13
Benesse Holdings Inc 800 JPY 22,271 22,086 0.14
Canon Marketing Japan Inc 300 JPY 5,368 5,057 0.03
Daiichi Sankyo Co Ltd 1,000 JPY 23,680 20,504 0.13
Hitachi Chemical Co Ltd 600 JPY 14,199 15,036 0.10
Natixis International Funds (Lux) I
(1) See Note 1.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Multi Asset Income Fund(1) Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
ITOCHU Corp 1,600 JPY 20,899 21,290 0.14
Itochu Techno-Solutions Corp 700 JPY 17,493 18,245 0.12
Mitsubishi Corp 1,000 JPY 21,913 21,349 0.14
Mitsui & Co Ltd 1,600 JPY 21,563 22,045 0.14
Sega Sammy Holdings Inc 700 JPY 10,272 10,437 0.07
Sojitz Corp 8,700 JPY 20,706 21,184 0.13
Taisei Corp 2,000 JPY 14,575 14,027 0.09
215,960 212,139 1.36 Jersey
Centamin PLC 6,870 GBP 12,910 11,757 0.07
12,910 11,757 0.07 New Zealand
Fletcher Building Ltd 3,089 NZD 22,492 22,832 0.15
22,492 22,832 0.15 Norway
Salmar ASA 743 NOK 22,355 22,279 0.14
22,355 22,279 0.14 Portugal
EDP - Energias de Portugal SA 972 EUR 3,135 2,967 0.02
3,135 2,967 0.02 Sweden
Intrum Justitia AB 696 SEK 21,107 23,551 0.15
Peab AB 2,650 SEK 22,111 21,090 0.13
Skanska AB 965 SEK 19,870 22,849 0.15
63,088 67,490 0.43 Switzerland
Chubb Ltd 290 USD 37,258 38,315 0.25
Pargesa Holding SA 245 CHF 15,825 15,982 0.10
53,083 54,297 0.35 United States
AbbVie Inc 126 USD 7,868 7,890 0.05
Altria Group Inc 448 USD 30,784 30,294 0.19
Amgen Inc 137 USD 21,237 20,031 0.13
Apple Inc 433 USD 42,331 50,150 0.32
AT&T Inc 1,084 USD 39,953 46,102 0.30
B&G Foods Inc 455 USD 21,441 19,929 0.13
Bank of America Corp 15,100 USD 289,811 333,710 2.13
Bank of America Corp 6.200% Preferred 800 USD 21,040 20,152 0.13
BB&T Corp 827 USD 29,077 38,886 0.25
Best Buy Co Inc 486 USD 16,027 20,738 0.13
BGC Partners Inc 2,282 USD 19,041 23,345 0.15
Boeing Co/The 155 USD 19,698 24,130 0.15
Bristol-Myers Squibb Co 932 USD 65,752 54,466 0.35
Campbell Soup Co 395 USD 23,006 23,886 0.15
CenterPoint Energy Inc 943 USD 22,517 23,235 0.15
CenturyLink Inc 1,221 USD 32,279 29,035 0.19
Chevron Corp 546 USD 57,145 64,264 0.41
Citigroup Inc 5,700 USD 304,719 338,751 2.17
Coca-Cola Co/The 2,085 USD 94,158 86,444 0.55
Comcast Corp 530 USD 34,350 36,596 0.23
Consolidated Edison Inc 327 USD 23,061 24,093 0.15
Natixis International Funds (Lux) I
(1) See Note 1.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Multi Asset Income Fund(1) Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Constellation Brands Inc 209 USD 34,054 32,042 0.21
Cracker Barrel Old Country Store Inc 136 USD 22,979 22,709 0.15
CSX Corp 804 USD 20,759 28,888 0.19
Cummins Inc 160 USD 22,976 21,867 0.14
CVS Health Corp 416 USD 39,498 32,827 0.21
Cypress Semiconductor Corp 3,388 USD 35,370 38,759 0.25
Darden Restaurants Inc 291 USD 18,068 21,161 0.14
Dover Corp 448 USD 30,681 33,569 0.22
Eastman Chemical Co 230 USD 17,843 17,298 0.11
eBay Inc 6.000% 01/02/2056 Preferred 3,000 USD 80,154 77,820 0.50
EI du Pont de Nemours & Co 557 USD 36,711 40,884 0.26
Eli Lilly & Co 562 USD 44,230 41,335 0.26
EQT Corp 247 USD 18,620 16,154 0.10
Exelon Corp 969 USD 32,869 34,390 0.22
Exxon Mobil Corp 1,501 USD 138,243 135,480 0.87
FirstEnergy Corp 756 USD 25,540 23,413 0.15
General Electric Co 6,451 USD 199,515 203,852 1.30
General Motors Co 871 USD 24,386 30,346 0.19
Great Plains Energy Inc 466 USD 12,716 12,745 0.08
Halliburton Co 527 USD 23,792 28,505 0.18
Hilton Worldwide Holdings Inc 1,551 USD 34,795 42,187 0.27
Honeywell International Inc 386 USD 42,867 44,718 0.29
Intel Corp 829 USD 29,616 30,068 0.19
International Paper Co 1,019 USD 43,922 54,068 0.35
j2 Global Inc 287 USD 23,027 23,477 0.15
JM Smucker Co/The 160 USD 21,765 20,490 0.13
Johnson & Johnson 1,442 USD 173,227 166,133 1.06
Johnson Controls International PLC 1,249 USD 55,883 51,446 0.33
JPMorgan Chase & Co 1,674 USD 104,915 144,449 0.92
Kinder Morgan Inc/DE 1,663 USD 31,940 34,441 0.22
Kroger Co/The 976 USD 35,469 33,682 0.22
Leidos Holdings Inc 411 USD 17,556 21,019 0.13
LyondellBasell Industries NV 256 USD 19,173 21,960 0.14
Macquarie Infrastructure Corp 279 USD 23,067 22,794 0.15
Maxim Integrated Products Inc 564 USD 20,344 21,753 0.14
McDonald's Corp 414 USD 49,621 50,392 0.32
Mead Johnson Nutrition Co 359 USD 32,426 25,403 0.16
MetLife Inc 2,458 USD 105,802 132,462 0.85
Microsoft Corp 3,427 USD 184,271 212,954 1.36
Morgan Stanley 5,600 USD 236,818 236,600 1.51
NextEra Energy Inc 588 USD 75,717 70,242 0.45
ONEOK Inc 75 USD 3,834 4,306 0.03
Oracle Corp 1,463 USD 59,922 56,252 0.36
Packaging Corp of America 264 USD 18,259 22,392 0.14
Paychex Inc 121 USD 7,183 7,366 0.05
PDC Energy Inc 226 USD 15,568 16,403 0.11
PepsiCo Inc 793 USD 83,713 82,972 0.53
Pfizer Inc 2,695 USD 95,202 87,534 0.56
PG&E Corp 1,319 USD 83,019 80,156 0.51
Natixis International Funds (Lux) I
(1) See Note 1.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Multi Asset Income Fund(1) Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Philip Morris International Inc 661 USD 66,633 60,475 0.39
PNC Financial Services Group Inc/The 430 USD 34,891 50,293 0.32
PPG Industries Inc 182 USD 18,656 17,246 0.11
QUALCOMM Inc 1,719 USD 104,991 112,079 0.72
Quest Diagnostics Inc 266 USD 21,638 24,445 0.16
Range Resources Corp 1,400 USD 53,401 48,104 0.31
Reynolds American Inc 903 USD 48,532 50,604 0.32
Roper Technologies Inc 295 USD 49,967 54,009 0.35
Science Applications International Corp 264 USD 18,129 22,387 0.14
Seagate Technology PLC 238 USD 8,183 9,084 0.06
Sempra Energy 701 USD 78,660 70,549 0.45
Southwest Airlines Co 971 USD 37,627 48,395 0.31
Target Corp 48 USD 3,748 3,467 0.02
Texas Instruments Inc 150 USD 10,435 10,945 0.07
Trinseo SA 270 USD 15,071 16,011 0.10
United Technologies Corp 1,499 USD 159,270 164,320 1.05
US Bancorp 821 USD 32,955 42,175 0.27
Vail Resorts Inc 34 USD 5,476 5,485 0.04
Valero Energy Corp 553 USD 30,637 37,781 0.24
Vector Group Ltd 1,059 USD 22,586 24,082 0.15
Verizon Communications Inc 1,677 USD 89,821 89,518 0.57
Visa Inc 258 USD 19,368 20,129 0.13
Waste Management Inc 328 USD 22,045 23,258 0.15
Wells Fargo & Co 2,143 USD 100,479 118,101 0.76
Western Union Co/The 1,040 USD 21,583 22,589 0.14
WestRock Co 318 USD 15,327 16,145 0.10
Whirlpool Corp 128 USD 21,044 23,267 0.15
4,934,373 5,213,233 33.35
Total - Shares 5,778,747 6,062,299 38.78
Fixed rate bonds
Brazil
Brazil Notas do Tesouro Nacional Serie F 10.000% 01/01/2027 550,000 BRL 146,398 155,887 1.00
146,398 155,887 1.00 Cayman Islands
Noble Holding International Ltd 6.050% 01/03/2041 65,000 USD 38,592 44,850 0.29
Noble Holding International Ltd 7.200% 01/04/2025 45,000 USD 36,010 42,187 0.27
Transocean Inc 6.000% 15/03/2018 110,000 USD 110,620 111,375 0.71
Transocean Inc 6.800% 15/03/2038 55,000 USD 36,415 42,625 0.27
221,637 241,037 1.54 Netherlands
Petrobras Global Finance BV 8.750% 23/05/2026 150,000 USD 150,699 161,812 1.03
150,699 161,812 1.03 United States
CenturyLink Inc 7.600% 15/09/2039 50,000 USD 42,781 43,625 0.28
Dynegy Inc 5.875% 01/06/2023 75,000 USD 70,522 65,062 0.42
Freeport-McMoRan Inc 6.750% 01/02/2022 150,000 USD 146,927 154,125 0.98
Hercules LLC 6.500% 30/06/2029 80,000 USD 75,242 77,700 0.50
Natixis International Funds (Lux) I
(1) See Note 1.
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Multi Asset Income Fund(1) Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Koppers Inc 7.875% 01/12/2019 150,000 USD 151,802 152,063 0.97
Old Republic International Corp 3.875% 26/08/2026 70,000 USD 69,877 66,585 0.43
Plains All American Pipeline LP/PAA Finance Corp 6.650% 15/01/2037 70,000 USD 75,050 76,403 0.49
Sprint Corp 7.250% 15/09/2021 115,000 USD 117,452 122,188 0.78
Western Refining Logistics LP/WNRL Finance Corp 7.500% 15/02/2023 60,000 USD 64,346 64,800 0.41
813,999 822,551 5.26
Total - Fixed rate bonds 1,332,733 1,381,287 8.83
Variable rate bonds
France
BNP Paribas SA 6.750% 31/12/2049 144A(2) 450,000 USD 450,000 443,812 2.84
BNP Paribas SA 7.625% 31/12/2049 144A(2) 200,000 USD 200,000 211,020 1.35
650,000 654,832 4.19
Great Britain
Barclays PLC 6.625% 31/12/2049 300,000 USD 269,108 280,912 1.80
Lloyds Banking Group PLC 7.500% 31/12/2049 200,000 USD 201,897 206,000 1.32
471,005 486,912 3.12 Spain
Banco Bilbao Vizcaya Argentaria SA 9.000% 31/12/2049 400,000 USD 412,983 416,398 2.66
Banco Santander SA 6.375% 31/12/2049 200,000 USD 177,240 185,792 1.19
590,223 602,190 3.85 Switzerland
UBS Group AG 6.875% 31/12/2049 200,000 USD 190,367 197,642 1.26
190,367 197,642 1.26
Total - Variable rate bonds 1,901,595 1,941,576 12.42
Investment Funds
Canada
Inter Pipeline Ltd REIT 300 CAD 6,342 6,631 0.04
6,342 6,631 0.04 Ireland
iShares S&P 500 UCITS ETF USD Dist 49,100 GBP 1,066,261 1,105,415 7.07
iShares S&P Small Cap 600 UCITS ETF USD Dist 7,900 GBP 429,582 445,622 2.85
1,495,843 1,551,037 9.92 United States
Chimera Investment Corp REIT 1,348 USD 22,134 22,943 0.15
JPMorgan Alerian MLP Index ETN 40,800 USD 1,273,762 1,289,688 8.25
1,295,896 1,312,631 8.40
Total - Investment Funds 2,798,081 2,870,299 18.36
Total - Transferable securities admitted to an official stock exchange listing 11,811,156 12,255,461 78.39
Natixis International Funds (Lux) I
(1) See Note 1.
(2) See Note 15.
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Multi Asset Income Fund(1) Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Transferable securities dealt in on another regulated market Fixed rate bonds
Argentina
Cia Latinoamericana de Infraestructura & Servicios SA 9.500% 20/07/2023 144A(2) 45,000 USD 44,475 43,650 0.28
44,475 43,650 0.28 Canada
MEG Energy Corp 6.375% 30/01/2023 144A(2) 40,000 USD 33,029 35,600 0.23
MEG Energy Corp 7.000% 31/03/2024 144A(2) 85,000 USD 73,652 76,925 0.49
106,681 112,525 0.72 United States
Cincinnati Bell Inc 7.000% 15/07/2024 144A(2) 45,000 USD 45,000 47,587 0.30
CSC Holdings LLC 6.750% 15/11/2021 140,000 USD 142,862 150,500 0.96
Diamond 1 Finance Corp/Diamond 2 Finance Corp 7.125% 15/06/2024 144A(2) 35,000 USD 36,444 38,856 0.25
Diamond 1 Finance Corp/Diamond 2 Finance Corp 8.100% 15/07/2036 144A(2) 55,000 USD 59,527 65,427 0.42
Diamond 1 Finance Corp/Diamond 2 Finance Corp 8.350% 15/07/2046 144A(2) 40,000 USD 43,488 49,252 0.31
DISH DBS Corp 7.750% 01/07/2026 75,000 USD 80,925 84,563 0.54
DISH Network Corp 3.375% 15/08/2026 144A(2) 75,000 USD 79,204 85,359 0.55
Dynegy Inc 8.000% 15/01/2025 144A(2) 80,000 USD 80,000 75,000 0.48
Frontier Communications Corp 8.875% 15/09/2020 195,000 USD 206,100 207,675 1.33
Frontier Communications Corp 10.500% 15/09/2022 125,000 USD 131,164 131,413 0.84
Hexion Inc 8.875% 01/02/2018 50,000 USD 45,544 49,750 0.32
NRG Energy Inc 7.250% 15/05/2026 144A(2) 75,000 USD 75,175 74,625 0.48
Qwest Corp 6.875% 15/09/2033 110,000 USD 109,045 105,029 0.67
Western Digital Corp 10.500% 01/04/2024 144A(2) 85,000 USD 90,150 100,513 0.64
1,224,628 1,265,549 8.09
Total - Fixed rate bonds 1,375,784 1,421,724 9.09
Variable rate bonds
Great Britain
Standard Chartered PLC 6.500% 31/12/2049 144A(2) 200,000 USD 189,593 182,590 1.17
189,593 182,590 1.17
Total - Variable rate bonds 189,593 182,590 1.17
Total - Transferable securities dealt in on another regulated market 1,565,377 1,604,314 10.26
Natixis International Funds (Lux) I
The accompanying notes form an integral part of these financial statements.
Loomis Sayles Global Multi Asset Income Fund(1) Statement of Investments (continued)
As at December 31, 2016 (expressed in USD)
Quantity / Face
value Currency Cost Evaluation % of Net Description Assets
Other transferable securities Term Loans
United States
ASP Chromaflo Intermediate Holdings Inc Initial Tranche B-1 Term Loan (First Lien) 5.000% 20/11/2023 42,396 USD 42,605 42,687 0.27
ASP Chromaflo Intermediate Holdings Inc Initial Tranche B-2 Term Loan (First Lien) 5.000% 20/11/2023 32,605 USD 32,766 32,829 0.21
Camelot U.S. Acquisition 1 Co 0.000% 03/10/2023 74,813 USD 74,981 75,638 0.48
Chesapeake Energy Corp 8.500% 23/08/2021 48,385 USD 48,385 52,598 0.34
Dell International LLC 4.020% 07/09/2023 150,000 USD 150,176 152,471 0.98
Dynegy Finance IV Inc 5.000% 27/06/2023 150,000 USD 148,950 151,812 0.97
Kraton Polymers LLC 0.000% 06/01/2022 75,000 USD 75,645 75,790 0.49
PetSmart Inc 0.000% 11/03/2022 75,000 USD 75,184 75,188 0.48
Quikrete Holdings Inc 0.000% 15/11/2023 10,000 USD 9,975 10,092 0.06
Uber Technologies Inc 5.000% 13/07/2023 224,438 USD 224,701 224,718 1.44
883,368 893,823 5.72
Total - Term Loans 883,368 893,823 5.72
Total - Other transferable securities 883,368 893,823 5.72
TOTAL INVESTMENT PORTFOLIO 14,259,901 14,753,598 94.37
(1) See Note 1.
A detailed schedule of portfolio movements for the year from January 1, 2016 to December 31, 2016 is available free of charge upon request at the registered office of the SICAV.
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016
Note 1 – GENERAL
Natixis International Funds (Lux) I (the “Umbrella Fund”) is a Société d’Investissement à Capital Variable
incorporated under the laws of the Grand Duchy of Luxembourg on December 1, 1995 and is currently
governed by Part I of the Luxembourg Law of December 17, 2010 on Undertakings for Collective
Investment, as amended, implementing the Directive 2009/65/EC of the European Parliament and of the
Council of July 13, 2009 (“UCITS Directive”), as amended.
The registered office of the Umbrella Fund is located at 80, route d’Esch, L-1470 Luxembourg. The
Umbrella Fund is recorded in the Luxembourg Registre de Commerce under number B.53023.
Natixis International Funds (Lux) I is an umbrella fund and as such provides investors access to a
diversified management expertise through a range of several separate sub-funds each having its own
objective and policy.
As at December 31, 2016 shares are offered in thirty sub-funds (each, a “Fund”):
- Emerise Asia Equity Fund, - Emerise Emerging Europe Equity Fund, - Emerise Latin America Equity Fund, - Emerise Pacific Rim Equity Fund, - Harris Associates Concentrated U.S. Equity Fund, - Harris Associates Global Equity Fund,
- Harris Associates U.S. Equity Fund, - IDFC India Equities Fund, - Loomis Sayles Global Growth Equity Fund (launched on June 8, 2016), - Loomis Sayles U.S. Growth Equity Fund (launched on June 8, 2016), - Loomis Sayles U.S. Research Fund, - Natixis Europe Smaller Companies Fund,
- Vaughan Nelson U.S. Mid Cap Equity Fund,
- Vaughan Nelson U.S. Small Cap Value Fund, - Loomis Sayles Duration Hedged Global Corporate Bond Fund, - Loomis Sayles Emerging Debt and Currencies Fund, - Loomis Sayles Global Credit Fund, - Loomis Sayles Institutional Global Corporate Bond Fund, - Loomis Sayles Institutional High Income Fund, - Loomis Sayles Short Term Emerging Markets Bond Fund,
- Loomis Sayles Strategic Alpha Bond Fund, - Loomis Sayles Sustainable Global Corporate Bond Fund, - Loomis Sayles U.S. Core Plus Bond Fund, - Natixis Euro Aggregate Plus Fund, - Natixis Euro High Income Fund, - Natixis Global Inflation Fund,
- Natixis Short Term Global High Income Fund, - ASG Managed Futures Fund (launched on June 10, 2016), - Loomis Sayles Global Multi Asset Income Fund (launched on June 30, 2016),
- Dorval Lux Convictions Fund (launched on December 30, 2016)*. On July 29, 2016, the Loomis Sayles U.S. Aggregate Bond Fund was liquidated.
* The initial subscription occurred on December 30, 2016 and was equal to 150,000 EUR and this has only been reflected in the NAV calculated on January 3, 2017.
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
Note 1 – GENERAL (continued)
Dorval Lux Convictions Fund is a feeder fund (the “Feeder”) of Dorval Convictions, a French domiciled fonds commun de placement, organized in accordance with the Directive 2009/65/EC (as amended), registered
with the Autorités des Marchés Financiers, which has appointed Dorval Asset Management as its management company and which qualifies as a master fund (the “Master”). The Feeder intends to meet its investment objective by investing a substantial portion of its assets into the M units of the Master. The investment objective of the Master is to outperform the benchmark (50% EONIA Capitalization Index
7-Day and 50% EURO STOXX 50 Index NR (EUR)) (the “Composite Benchmark”) over an investment period of a minimum of 3 years, via a flexible allocation between equity and fixed-income securities. The Master is
managed on a fully discretionary basis.
The Umbrella Fund has appointed NGAM S.A. (the “Management Company”) as its management company and delegated to the Management Company all powers related to the investment management, administration and distribution of the Umbrella Fund with effect on April 30, 2006.
NGAM S.A. is a Société Anonyme incorporated under Luxembourg law on April 25, 2006 for an unlimited period of time and licensed as a management company under Chapter 15 of the Luxembourg Law of December 17, 2010 on Undertakings for Collective Investment, as amended. Since July 22, 2014 NGAM S.A. is also authorised by the CSSF to act as an alternative investment fund manager under Chapter 2 of the law of July 12, 2013 on alternative investment fund managers.
Investors have the flexibility to convert between Funds.
The Umbrella Fund has been established for an unlimited period of time.
Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a) Presentation of financial statements The financial statements are prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investment.
Cross-Funds investments were not eliminated from the combined figures. At December 31, 2016, the total of cross-Funds investments amounts to EUR 30,623,707 and therefore the total combined NAV at year-end without cross-investments would amount to EUR 5,732,757,584.
b) Method of calculation
The value of each Fund’s assets shall be determined as follows:
a. Securities and money market instruments traded on exchanges and Regulated Markets – last market price, unless the Umbrella Fund believes that an occurrence after the publication of the last market price and before any Fund next calculates its net asset value will materially affect the security’s
value. In that case, the security may be fair valued at the time the Administrative Agent determines
its net asset value by or pursuant to procedures approved by the Umbrella Fund. The value of Indian securities shall be determined by using the closing price (defined as the weighted average price of all trades executed during the last 30 minutes of a trading session).
b. Securities and money market instruments not traded on a Regulated Market (other than short-term
money market instruments) – based upon valuations provided by pricing vendors, which valuations are determined based on normal, institutional-size trading of such securities using market
information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders.
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
b) Method of calculation (continued) c. Short-term money market instruments (with remaining maturities of 60 days or less) – amortized
cost (which approximates market value under normal conditions). d. Futures, options and forwards – unrealized gain or loss on the contract using current settlement
price. When a settlement price is not used, future and forward contracts will be valued at their fair value as determined pursuant to procedures approved by the Umbrella Fund, as used on a consistent basis.
e. Shares of open-ended funds – last published net asset value.
f. Cash on hand or deposit, bills, demand notes, accounts receivable, prepaid expenses, cash dividends
and interest declared or accrued and not yet received – full amount, unless in any case such amount is unlikely to be paid or received in full, in which case the value thereof is arrived at after the Umbrella Fund or its agent makes such discount as it may consider appropriate in such case to reflect the true value thereof.
g. Credit Default Swaps (CDS) and Interest Rate Swaps (IRS) – Swaps are marked to market based upon daily prices obtained from third party pricing agents and verified against the value from the counterparty. Realised appreciation/(depreciation) and change in unrealised appreciation/ (depreciation) resulting there from are included in the statement of changes in net assets respectively under the heading “Net realised appreciation/(depreciation) on swaps” and “Change in net unrealised appreciation/(depreciation) on swaps”.
h. Swaptions – when the Fund writes a swaption, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the swaption written. Premiums received from the written swaptions which expire unexercised are treated by the Fund on the expiration dates as realised gains.
i. Term loans – the Fund may invest in fixed and floating rate loans from one or more financial institutions by way of an assignment/transfer or for a participation in the whole or part of the loan amount outstanding. The Fund will invest only in loans that qualify as money market instruments. When purchasing loan participations, a Fund assumes the economic risk associated with the corporate borrower and the credit risk associated with an interposed bank or other financial intermediary. The loan participations or assignments in which a Fund intends to invest may not be
rated by any internationally recognised rating service. When purchasing loan assignments, a Fund assumes the credit risk associated with the corporate borrower only. The value of a term loan is determined prudently and in good faith by the Board of Directors on the basis of foreseeable purchase and sales prices. Realised appreciation/(depreciation) and changes in unrealised appreciation/(depreciation) as a result thereof are included in the statement of changes in net assets respectively under “Net realised appreciation/(depreciation) on sales of investments” and “Change in net unrealised appreciation/(depreciation) on investments”.
j. To Be Announced securities - the Fund may purchase or sell debt securities in a “To Be Announced”
(TBA) transactions, with delivery or payment to occur at a later date beyond the normal settlement
period. TBA securities resulting from these transactions are included in the Schedule of Investments. At the time that the Fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the security is reflected in the Fund’s net asset value. The price of such
security and the date that the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations.
k. All other assets – fair market value as determined pursuant to procedures approved by the Umbrella
Fund’s Board of Directors.
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
b) Method of calculation (continued)
l. Time deposit – the Fund may invest in time deposit with credit institutions. Such deposits may be
withdrawn at any time and must have maturity of less than twelve (12) months. The value of time deposits shall be determined by using amortized cost.
c) Foreign exchange translation
The value of all assets and liabilities not expressed in the Reference Currency of a Fund will be converted
into the Reference Currency of such Fund at rates last quoted by any major bank.
The exchange rate used as at December 31, 2016:
1 EUR = 1.054749 USD
d) Swing Pricing Adjustment
In its wish to safeguard the interests of its long-term holders, Board of the Fund has decided to introduce
the “swing pricing” mechanism. The price at which Shares may be subscribed for or redeemed at is the net asset value per Share. Shares are “single priced” such that the same Share price applies whether investors are subscribing or redeeming on any full bank business day (unswung NAV). However, for certain Funds, in the event of large subscriptions, redemptions and/or conversions in and/or out of a Fund on a same full bank business day, and in order to take into account the dilution impacts and to protect the Shareholders’ interests, the Board of the Fund will, on an automatic and systematic basis, apply a “swing pricing” mechanism as part of its daily valuation policy. If on any full bank business day, the aggregate transactions
in Shares of a Fund exceed a threshold determined by the Board of the Fund, the net asset value of the Fund may be adjusted by an amount, not exceeding 2% of the relevant net asset value, in order to reflect both the estimated fiscal charges and dealing costs that may be incurred by the Fund and the estimated dealing spread of the assets in which the Fund invests/disinvests. In such event, the official net asset value
per Share, as published, will have been adjusted to take account of the swing price mechanism (swung NAV). Where a dilution adjustment is made, it will typically increase the net asset value per Share, when
there are important net inflows into the Fund and decrease the net asset value per Share, when there are important net outflows. Net asset values and the net asset values per share in the Statement of Net Assets are unswung. As of December 31, 2016, none of the Sub-Funds net asset values per share were swung.
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
Note 3 – FEES PAID TO THE MANAGEMENT COMPANY
The Management Company is entitled to receive from the Funds a Management Fee calculated and payable monthly in arrears. The Management Fee due to each Share class and for each month shall be calculated as follows:
Where: “Value” means the average daily net asset value of all Shares issued in each Fund during the relevant month; “Rate of Management Fee” shall be calculated according to the following formula:
Rate of Management Fee Share class = TER Share class – Administration Expenses Share class
Rate of Management Fee Share class means the applicable Rate of Management Fee for the
relevant Share class; expressed as an annualized percentage;
TER Share class means the Total Expense Ratio of the relevant Share class as disclosed in the current Prospectus; expressed as an annualized percentage; and
Administration Expenses Share class means the total operating expenses owed, and forecasted to be owed, by the relevant Fund to service providers, government regulators and agencies for services
and benefits rendered to the relevant Share class; expressed as an annualized percentage.
The Rate of Management Fee accrued to a Share class can never be greater than its Total Expense Ratio, as disclosed in the current Prospectus;
D month shall be the number of calendar days during such month; and D year shall be the number of calendar days during the applicable calendar year.
Note 4 – DISTRIBUTION FEES The fees paid out of the Fund’s assets to cover marketing and selling fund shares may cover advertising costs, compensating brokers and others who sell the Fund’s shares, payments for printing and mailing prospectuses to new investors, and providing sales literature to prospective investors.
Note 5 – TAXATION
The Umbrella Fund is not subject to any Luxembourg tax on interest or dividends received by any Fund, any realized or unrealized capital appreciation of Fund assets or any distribution paid by any Fund to Shareholders. The Umbrella Fund is not subject to any Luxembourg stamp tax or other duty payable on the issuance of Shares. The Umbrella Fund is subject to the Luxembourg taxe d’abonnement of 0.01% per year
of each Fund’s net asset value with respect to class “I” Shares, class “Q” Shares, class “S” Shares, class “Z” shares and class “S1” Shares and of 0.05% per year of each Fund’s net asset value with respect to class “R” Shares, class “RE” Shares, class “C” Shares, class “N” Shares, class “F” Shares and class “P” Shares. These taxes are payable quarterly on the basis of the value of the aggregate net assets of the Funds at the end of the relevant calendar quarter. No tax is due on the assets held by the Umbrella Fund in other UCITS that are already subject to subscription tax in Luxembourg.
(Value x Rate of Management Fee) x D month
D year
Management Fee =
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
Note 6 – TOTAL EXPENSE RATIO
As at December 31, 2016 the amount of expenses (in %) to be incurred annually by each Fund including the remuneration to the Management Company, the depositary, the independent auditors, the outside
counsels, the other professionals and the administrative expenses are:
I R S C RE F N P Q (2) Z S1 CW Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares
Emerise Asia Equity Fund(10)(11) 1.00 1.70 - 2.75 2.70 - - - 0.35 - - -
Emerise Emerging Europe Equity Fund(11)(12)(14) 1.00 1.70 - 2.75 2.70 - 1.10 - 0.35 - - -
Emerise Latin America Equity Fund(11)(14) 1.00 1.70 - 2.75 2.70 - - - 0.35 - - -
Emerise Pacific Rim Equity Fund 1.20 1.80 1.00 2.20 2.40 - - - 0.35 - - -
Harris Associates Concentrated U.S. Equity Fund 1.25 2.10 0.85 2.55 2.70 1.40 1.20 - 0.35 - - -
Harris Associates Global Equity Fund(3) 1.10 2.15 0.80 2.95 2.70 1.35 1.10 1.75 0.35 - 0.72 -
Harris Associates U.S. Equity Fund 1.20 1.95 0.70 2.55 2.60 1.65 1.20 1.75 0.35 - - -
IDFC India Equities Fund 1.30 1.80 - - 2.50 - - - 0.35 - - -
Loomis Sayles Global Growth Equity Fund(1) 1.00 1.75 0.80 - 2.25 - 1.10 - 0.25 - 0.60 -
Loomis Sayles U.S. Growth Equity Fund(1) 1.00 1.75 0.80 - 2.25 1.50 1.10 - 0.25 - 0.60 -
Loomis Sayles U.S. Research Fund 1.00 1.70 0.75 2.40 2.30 - 1.00 - 0.35 - - -
Natixis Europe Smaller Companies Fund 1.20 2.20 - - 2.70 - 1.20 - 0.35 - - -
Vaughan Nelson U.S. Mid Cap Equity Fund 1.20 1.80 1.00 2.95 2.70 - 1.20 - 0.35 - - -
Vaughan Nelson U.S. Small Cap Value Fund 1.20 1.80 1.00 2.95 2.70 - - - 0.35 - - -
Loomis Sayles Duration Hedged Global Corporate Bond(4)(5) (Fund(4)(5)
0.70 1.15 0.35 - 1.45 - 0.80 - 0.28 - - -
Loomis Sayles Emerging Debt and Currencies Fund(13) 1.00 1.60 0.70 - 1.95 - 1.00 - 0.15 - - -
Loomis Sayles Global Credit Fund(6) 0.70 1.15 0.35 2.10 1.45 - 0.80 - 0.20 - - -
Loomis Sayles Institutional Global Corporate Bond Fund(5)(7) 0.45 - 0.25 - - - - - 0.15 - - -
Loomis Sayles Institutional High Income Fund (8) 0.75 - 0.65 - - - - - - - - -
Loomis Sayles Short Term Emerging Markets Bond Fund(9) 0.75 1.30 0.45 - 1.80 - 0.75 - 0.15 0.00 - -
Loomis Sayles Strategic Alpha Bond Fund 1.00 1.70 0.80 2.40 2.10 1.25 1.00 - 0.35 0.00 0.60 -
Loomis Sayles Sustainable Global Corporate Bond Fund(5) 0.70 1.30 0.45 - - - 0.80 - 0.25 - - -
Loomis Sayles U.S. Aggregate Bond Fund(1) 0.50 0.90 0.35 - - - 0.55 - 0.20 - - -
Loomis Sayles U.S. Core Plus Bond Fund 0.85 1.40 0.40 - 1.70 - 0.90 - 0.20 - 0.35 -
Natixis Euro Aggregate Plus Fund 0.60 1.00 - - 1.60 - 0.60 - 0.35 - - -
Natixis Euro High Income Fund 0.60 1.30 0.50 - 1.60 - 0.70 - 0.35 - - -
Natixis Global Inflation Fund 0.65 1.00 - 1.70 1.40 - 0.65 - 0.35 - - -
Natixis Short Term Global High Income Fund 0.65 1.35 0.55 - 1.65 - 0.75 - 0.35 - - -
ASG Managed Futures Fund(1) 1.50 2.15 1.25 - - - 1.60 - 0.25 - - -
Loomis Sayles Global Multi Asset Income Fund(1) 0.75 1.60 0.55 - 1.95 - 0.90 - 0.25 - - -
Dorval Lux Convictions Fund(1) 1.10 2.00 - - 2.40 - 1.50 - - - - 2.40
(1) See Note 1. (2) No management fee is charged by the Management Company on this Share class. However, this
Share class will pay other expenses such as administrative fees and depositary fees. (3) As from May 31, 2016, decrease of the Total Expense Ratio for the following Share Classes in the
Harris Associates Global Equity Fund: “I” Share Class and “N” Share Class from 1.40% p.a. to 1.10% p.a.
(4) As from May 31, 2016, the Total Expense Ratio for the Loomis Sayles Duration Hedged Global Corporate Bond Fund “RE” Share Class was set at 1.45% p.a.
(5) In the event that any subscription or redemption represents more that 10% of the Fund’s net asset value on any subscription/redemption date, and to the extent that the Management Company
considers it in the best interest of the Fund, an additional dilution levy of up to 2% may be applied
at the discretion of the Management Company to such subscriptions or redemptions. (6) As from May 31, 2016, the Total Expense Ratio for the Loomis Sayles Global Credit Fund “RE”
Share Class was set at 1.45% p.a. (7) As from May 31, 2016, decrease of the Total Expense Ratio for the following Share Class in the
Loomis Sayles Institutional Global Corporate Bond Fund: “Q” Share Class from 0.35% p.a. to
0.15% p.a. (8) In the event that any subscription or redemption represents more than 2% of the Fund’s net asset
value on any subscription/redemption date, and to the extent that the Management Company considers it in the best interest of the Fund, an additional dilution levy of up to 2% may be applied at the discretion of the Management Company to such subscriptions or redemptions.
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
Note 6 – TOTAL EXPENSE RATIO (continued)
(9) As from May 31, 2016, decrease of the Total Expense Ratio for the following Share Class in the Loomis Sayles Short Term Emerging Markets Bond Fund: “Q” Share Class from 0.25% p.a. to 0.15% p.a.
(10) As from December 21, 2016, decrease of the Total Expense Ratio for the following Share Class in the Emerise Asia Equity Fund: “I” Share Class from 1.35% p.a. to 1.00% p.a.
(11) As from December 21, 2016, decrease of the Total Expense Ratio for the following Share Class in the Emerise Asia Equity Fund, Emerise Emerging Europe Equity Fund and Emerise Latin America Equity Fund: “R” Share Class from 2.20% p.a. to 1.70% p.a.
(12) As from December 21, 2016, decrease of the Total Expense Ratio for the following Share Class in the Emerise Emerging Europe Equity Fund: “N” Share Class from 1.25% p.a. to 1.10% p.a.
(13) As from December 21, 2016, decrease of the Total Expense Ratio for the following Share Class in the Loomis Sayles Emerging Debt and Currencies Fund: “Q” Share Class from 0.20% p.a. to 0.15%
p.a. (14) As from December 21, 2016, decrease of the Total Expense Ratio for the following Share Class in
the Emerise Emerging Europe Equity Fund and Emerise Latin America Equity Fund: “I” Share Class from 1.20% p.a. to 1.00% p.a.
The Total Expense Ratio by Share class, as indicated in each Fund’s description, does not necessarily
include all the expenses linked to the Fund’s investments (such as brokerage fees, Luxembourg taxe d’abonnement, expenses linked to withholding tax reclaims) that are paid by such fund. If the total real expenses paid by each Fund exceed the Total Expense Ratio, the Management Company will support the difference and the corresponding income will be presented under the “Other income” and the corresponding “Other assets” caption; if the total real expenses paid by each Fund are lower than the Total Expense Ratio, the difference will be paid to the Management Company and the corresponding charge
will be presented under the “Other charges” caption and the corresponding “Other liabilities” caption. At December 31, 2016, total real expenses were lower than total expenses ratio for 14 funds for an amount of EUR 750,139; at December 31, 2016, total real expenses exceed the Total Expense Ratio for 15 funds for an amount of EUR 283,978.
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 7 – NET UNREALISED APPRECIATION/(DEPRECIATION) ON FORWARD FOREIGN
EXCHANGE CONTRACTS
As at December 31, 2016, Emerise Pacific Rim Equity Fund had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
EUR 7,693,810 HKD 63,670,455 H-I/A (EUR) 30/01/2017 (74,257) EUR 353,085 USD 376,823 H-I/A (EUR) 30/01/2017 (3,385) EUR 311,999 NZD 462,028 H-I/A (EUR) 30/01/2017 8,628 EUR 3,029,482 SGD 4,601,117 H-I/A (EUR) 30/01/2017 20,393 EUR 16,379,040 AUD 23,315,947 H-I/A (EUR) 30/01/2017 488,900
USD 440,279 All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co.
As at December 31, 2016, Harris Associates Concentrated U.S. Equity Fund had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
EUR 3,975 USD 4,240 H-N/A (EUR) 30/01/2017 (40) GBP 4,803 USD 6,107 H-N/A (GBP) 30/01/2017 (168)
USD (208)
All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co.
As at December 31, 2016, Harris Associates Global Equity Fund had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
EUR 11,453,798 USD 11,970,564 H-I/A (EUR) 30/01/2017 128,337 EUR 2,953 USD 3,087 H-N/A (EUR) 30/01/2017 33 GBP 35,452,687 USD 43,415,685 H-N/A (GBP) 30/01/2017 425,864 EUR 1,342,985 USD 1,403,307 H-RE/A (EUR) 30/01/2017 15,318 EUR 5,656,374 USD 5,912,042 H-S/A (EUR) 30/01/2017 62,912
USD 632,464 All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co.
As at December 31, 2016, Harris Associates U.S. Equity Fund had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
EUR 30,756,235 USD 32,780,393 H-I/A (EUR) 30/01/2017 (290,940) EUR 932,636 USD 994,629 H-N/A (EUR) 30/01/2017 (9,435) SGD 4,347 USD 3,053 H-P/A (SGD) 30/01/2017 (44) SGD 5,548 USD 3,896 H-R/A (SGD) 30/01/2017 (57)
USD (300,476) All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co.
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(1) See note 1.
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 7 – NET UNREALISED APPRECIATION/(DEPRECIATION) ON FORWARD FOREIGN
EXCHANGE CONTRACTS (continued)
As at December 31, 2016, Loomis Sayles Global Growth Equity Fund(1) had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
EUR 2,945 USD 3,141 H-R/A (EUR) 30/01/2017 (30) USD (30) All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co.
As at December 31, 2016, Loomis Sayles U.S. Growth Equity Fund(1) had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
EUR 707,063 USD 749,885 H-R/A (EUR) 30/01/2017 (2,982) GBP 2,770,985 USD 3,523,529 H-S1/A (GBP) 30/01/2017 (96,767) CHF 434,663 USD 431,590 H-R/A (CHF) 30/01/2017 (3,023)
USD (102,772) All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co.
As at December 31, 2016, Loomis Sayles U.S. Research Fund had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
EUR 6,409,266 USD 6,835,296 H-I/A (EUR) 30/01/2017 (64,840) EUR 3,929 USD 4,190 H-N/A (EUR) 30/01/2017 (40)
USD (64,880) All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co.
As at December 31, 2016, Natixis Europe Smaller Companies Fund had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
USD 1,502,859 EUR 1,409,540 H-R/A (USD) 30/01/2017 13,185 USD 103,880 EUR 97,405 H-RE/A (USD) 30/01/2017 935
EUR 14,120 All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co.
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 7 – NET UNREALISED APPRECIATION/(DEPRECIATION) ON FORWARD FOREIGN
EXCHANGE CONTRACTS (continued)
As at December 31, 2016, Vaughan Nelson U.S. Mid Cap Equity Fund had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
EUR 2,761 USD 2,945 H-N/A (EUR) 30/01/2017 (28) GBP 2,762 USD 3,512 H-N/A (GBP) 30/01/2017 (96)
USD (124) All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co.
As at December 31, 2016, Vaughan Nelson U.S. Small Cap Value Fund had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
EUR 3,982,972 USD 4,247,724 H-I/A (EUR) 30/01/2017 (40,294) USD (40,294) All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co.
As at December 31, 2016, Loomis Sayles Duration Hedged Global Corporate Bond Fund had the following forward foreign exchange contracts outstanding:
Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/
Purchases Sales Class Maturity Date (depreciation) (*)
USD 763 EUR 730 H-I/A (USD) 30/01/2017 (8) USD 194 GBP 158 H-I/A (USD) 30/01/2017 (2) USD 64 JPY 7,414 H-I/A (USD) 30/01/2017 0 NOK 102,927,459 EUR 11,338,121 H-Q/A (NOK) 30/01/2017 (15,976) NOK 25,897,269 GBP 2,434,640 H-Q/A (NOK) 30/01/2017 (1,300) NOK 8,748,397 JPY 117,569,706 H-Q/A (NOK) 30/01/2017 6,956 NOK 326,758,789 USD 37,638,084 H-Q/A (NOK) 30/01/2017 333,573 GBP 4,973,717 EUR 5,826,071 H-S/A (GBP) 30/01/2017 (3,652) GBP 16,139,901 USD 19,764,922 H-S/A (GBP) 30/01/2017 194,023 GBP 419,812 JPY 59,995,331 H-S/A (GBP) 30/01/2017 3,919
USD 517,533 All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co.
Forwards Unrealised appreciation/ Purchases Sales Counterparty Maturity Date (depreciation) (*)
EUR 2,085,000 USD 2,221,656 Credit Suisse 15/03/2017 (14,700) JPY 180,550,000 USD 1,588,628 Credit Suisse 15/03/2017 (35,159) USD 412,501 EUR 390,000 Credit Suisse 15/03/2017 (311) USD 128,553 JPY 15,000,000 Credit Suisse 15/03/2017 (508)
USD (50,678)
As at December 31, 2016, the net unrealised appreciation on forward foreign exchange contracts amounted to USD 466,855.
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 7 – NET UNREALISED APPRECIATION/(DEPRECIATION) ON FORWARD FOREIGN
EXCHANGE CONTRACTS (continued) As at December 31, 2016, Loomis Sayles Emerging Debt and Currencies Fund had the following forward foreign exchange contracts outstanding:
Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
EUR 2,359 USD 2,516 H-N/D (EUR) 30/01/2017 (24) GBP 16,736,784 USD 21,281,089 H-Q/A (GBP) 30/01/2017 (583,402)
USD (583,426) All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co. Forwards Unrealised appreciation/ Purchases Sales Counterparty Maturity Date (depreciation) (*)
BRL 1,200,000 USD 362,220 UBS 17/01/2017 5,012 BRL 1,400,000 USD 400,000 Bank of America 05/01/2017 30,019 COP 2,045,000,000 USD 673,140 UBS 15/03/2017 314 PLN 650,000 USD 154,407 Credit Suisse 15/03/2017 1,116 PLN 9,500,000 USD 2,260,667 UBS 15/03/2017 12,361 THB 106,400,000 USD 2,989,352 Credit Suisse 15/03/2017 (19,124) USD 204,409 BRL 700,000 Bank of America 19/01/2017 (9,675) USD 410,437 BRL 1,400,000 Bank of America 05/01/2017 (19,582) USD 328,192 COP 1,000,000,000 UBS 15/03/2017 (1,126) USD 374,824 BRL 1,200,000 UBS 17/01/2017 7,592 USD 285,134 ZAR 4,000,000 Bank of America 17/01/2017 (6,641)
USD 266
As at December 31, 2016, the net unrealised depreciation on forward foreign exchange contracts amounted to USD (583,160).
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 7 – NET UNREALISED APPRECIATION/(DEPRECIATION) ON FORWARD FOREIGN
EXCHANGE CONTRACTS (continued)
As at December 31, 2016, Loomis Sayles Global Credit Fund had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
EUR 97,671 CHF 104,645 H-I/A (EUR) 30/01/2017 (2) EUR 252,191 CAD 356,800 H-I/A (EUR) 30/01/2017 247 EUR 649,528 GBP 554,502 H-I/A (EUR) 30/01/2017 407 EUR 155,193 AUD 225,014 H-I/A (EUR) 30/01/2017 1,122 EUR 174,228 JPY 21,259,359 H-I/A (EUR) 30/01/2017 1,470 EUR 7,939,361 USD 8,298,220 H-I/A (EUR) 30/01/2017 88,305 USD 4,269,272 EUR 4,084,646 H-S/D (USD) 30/01/2017 (45,499) USD 1,028,387 GBP 839,774 H-S/D (USD) 30/01/2017 (10,103) USD 399,227 CAD 540,274 H-S/D (USD) 30/01/2017 (3,786) USD 154,655 CHF 158,552 H-S/D (USD) 30/01/2017 (1,672) USD 245,748 AUD 340,890 H-S/D (USD) 30/01/2017 (909) USD 275,808 JPY 32,195,054 H-S/D (USD) 30/01/2017 (678)
EUR 25 CHF 27 H-N/D (EUR) 30/01/2017 0 EUR 64 CAD 91 H-N/D (EUR) 30/01/2017 0 EUR 166 GBP 141 H-N/D (EUR) 30/01/2017 0 EUR 40 AUD 57 H-N/D (EUR) 30/01/2017 0 EUR 44 JPY 5,418 H-N/D (EUR) 30/01/2017 0 EUR 2,023 USD 2,115 H-N/D (EUR) 30/01/2017 22 CHF 1,417,563 EUR 1,323,094 H-S/A (CHF) 30/01/2017 25 CHF 132,616 CAD 175,094 H-S/A (CHF) 30/01/2017 144 CHF 341,568 GBP 272,123 H-S/A (CHF) 30/01/2017 257 CHF 81,624 AUD 110,436 H-S/A (CHF) 30/01/2017 568 CHF 91,613 JPY 10,432,024 H-S/A (CHF) 30/01/2017 737 CHF 4,175,457 USD 4,072,822 H-S/A (CHF) 30/01/2017 43,924 EUR 20,670 CHF 22,145 H-S/A (EUR) 30/01/2017 0 EUR 53,370 CAD 75,508 H-S/A (EUR) 30/01/2017 52 EUR 137,457 GBP 117,347 H-S/A (EUR) 30/01/2017 86 EUR 32,843 AUD 47,619 H-S/A (EUR) 30/01/2017 237 EUR 36,871 JPY 4,499,015 H-S/A (EUR) 30/01/2017 311 EUR 1,680,169 USD 1,756,112 H-S/A (EUR) 30/01/2017 18,687 USD 4,296,370 EUR 4,110,572 H-S/A (USD) 30/01/2017 (45,788) USD 1,034,914 GBP 845,104 H-S/A (USD) 30/01/2017 (10,167) USD 401,761 CAD 543,704 H-S/A (USD) 30/01/2017 (3,810) USD 155,636 CHF 159,558 H-S/A (USD) 30/01/2017 (1,682) USD 247,307 AUD 343,054 H-S/A (USD) 30/01/2017 (915) USD 277,559 JPY 32,399,405 H-S/A (USD) 30/01/2017 (682)
USD 30,908 All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co. Forwards Unrealised appreciation/ Purchases Sales Counterparty Maturity Date (depreciation) (*)
CHF 295,000 USD 293,754 UBS 15/03/2017 (2,211) EUR 2,555,000 USD 2,734,489 Bank of America 15/03/2017 (30,041) JPY 82,204,687 AUD 975,000 Credit Suisse 15/03/2017 2,504 JPY 29,444,000 USD 259,073 Credit Suisse 15/03/2017 (5,734) USD 317,238 GBP 250,000 Bank Of Australia 15/03/2017 7,782
USD (27,700) As at December 31, 2016, the net unrealised appreciation on forward foreign exchange contracts amounted to USD 3,208.
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 7 – NET UNREALISED APPRECIATION/(DEPRECIATION) ON FORWARD FOREIGN
EXCHANGE CONTRACTS (continued) As at December 31, 2016, Loomis Sayles Institutional Global Corporate Bond Fund had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
GBP 101,045,726 EUR 118,362,102 H-S/A (GBP) 30/01/2017 (74,196) GBP 297,517,581 USD 364,340,030 H-S/A (GBP) 30/01/2017 3,576,556 GBP 6,449,619 EUR 7,554,901 H-S/D (GBP) 30/01/2017 (4,736) GBP 18,990,165 USD 23,255,356 H-S/D (GBP) 30/01/2017 228,287 GBP 8,268,808 EUR 9,685,848 H-Q/A (GBP) 30/01/2017 (6,072) GBP 24,346,560 USD 29,814,798 H-Q/A (GBP) 30/01/2017 292,678
USD 4,012,517 All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co. Forwards Unrealised appreciation/ Purchases Sales Counterparty Maturity Date (depreciation) (*)
EUR 2,600,000 USD 2,782,663 Morgan Stanley 15/03/2017 (30,583) USD 11,491,931 GBP 9,060,000 Credit Suisse 15/03/2017 277,241 USD 2,463,333 EUR 2,350,000 Morgan Stanley 15/03/2017 (24,124)
USD 222,534
As at December 31, 2016, the net unrealised appreciation on forward foreign exchange contracts amounted to USD 4,235,051.
As at December 31, 2016, Loomis Sayles Institutional High Income Fund had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
GBP 14,363,171 USD 18,262,877 H-I/A (GBP) 30/01/2017 (500,540) GBP 4,861,123 USD 6,116,776 H-S/A (GBP) 30/01/2017 (105,277) SGD 20,448,696 USD 14,360,241 H-S/A (SGD) 30/01/2017 (207,991)
USD (813,808) All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co.
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 7 – NET UNREALISED APPRECIATION/(DEPRECIATION) ON FORWARD FOREIGN
EXCHANGE CONTRACTS (continued) As at December 31, 2016, Loomis Sayles Short Term Emerging Markets Bond Fund had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
CHF 485,049 USD 473,126 H-I/A (CHF) 30/01/2017 5,102 EUR 48,722,013 USD 50,924,248 H-S/A (EUR) 30/01/2017 541,904 EUR 72,938,627 USD 76,235,453 H-I/A (EUR) 30/01/2017 811,251 GBP 51,400 USD 62,944 H-S/A (GBP) 30/01/2017 618 EUR 564,454 USD 589,967 H-RE/A (EUR) 30/01/2017 6,278 EUR 26,923,430 USD 28,140,369 H-R/A (EUR) 30/01/2017 299,452 EUR 287,054 USD 300,029 H-R/D (EUR) 30/01/2017 3,193 EUR 9,638,762 USD 10,074,434 H-I/D (EUR) 30/01/2017 107,206
USD 1,775,004 All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co.
As at December 31, 2016, Loomis Sayles Strategic Alpha Bond Fund had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
GBP 3,050 USD 3,735 H-N/D (GBP) 30/01/2017 37 EUR 1,733,615 USD 1,811,974 H-R/A (EUR) 30/01/2017 19,282 EUR 9,648,496 USD 10,084,608 H-S/A (EUR) 30/01/2017 107,314 GBP 123,503,508 USD 151,242,396 H-S1/A (GBP) 30/01/2017 1,484,676
USD 1,611,309 All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co.
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 7 – NET UNREALISED APPRECIATION/(DEPRECIATION) ON FORWARD FOREIGN
EXCHANGE CONTRACTS (continued) As at December 31, 2016, Loomis Sayles Strategic Alpha Bond Fund had the following forward foreign exchange contracts outstanding: Forwards Unrealised appreciation/ Purchases Sales Counterparty Maturity Date (depreciation) (*)
BRL 6,800,000 USD 2,056,244 Morgan Stanley 05/01/2017 32,419 CNY 36,100,000 USD 5,119,986 Bank of America 19/09/2017 37,402 HUF 881,400,000 USD 3,003,936 Bank of America 10/01/2017 6,813 MXN 82,800,000 USD 3,965,859 Morgan Stanley 30/01/2017 37,731 NOK 25,630,000 USD 2,934,691 Morgan Stanley 27/01/2017 43,626 NOK 44,785,000 USD 5,146,281 Morgan Stanley 30/01/2017 58,029 SEK 28,170,000 USD 3,070,670 Morgan Stanley 17/01/2017 33,342 USD 400,429 EUR 375,000 Deutsche Bank 17/01/2017 4,574 USD 88,430 BRL 300,000 Bank of America 17/01/2017 (3,378) USD 5,765,155 EUR 5,500,000 Bank of America 30/01/2017 (44,426) USD 2,020,802 BRL 6,800,000 Morgan Stanley 05/01/2017 (67,861) USD 195,483 COP 625,400,000 Credit Suisse 27/01/2017 (11,969) USD 248,212 GBP 200,000 Morgan Stanley 09/02/2017 836 USD 5,258,175 CNH 36,100,000 Bank of America 19/09/2017 286,910 USD 3,040,084 EUR 2,835,000 Bank of America 10/01/2017 48,530 USD 5,184,670 CAD 7,025,000 Morgan Stanley 27/01/2017 (55,310) USD 1,948,569 IDR 26,900,000,000 Credit Suisse 23/02/2017 (32,771) USD 3,440,906 NZD 4,810,000 Bank Of Australia 17/01/2017 88,510 USD 1,413,720 GBP 1,122,000 Deutsche Bank 12/01/2017 26,926 USD 2,064,701 MXN 39,900,000 Morgan Stanley 09/01/2017 129,323
USD 473,529 MXN 9,660,000 Bank of America 17/01/2017 5,524 USD 1,962,199 BRL 6,800,000 Morgan Stanley 06/07/2017 (28,595) USD 4,324,497 CAD 5,835,000 Morgan Stanley 30/01/2017 (28,022) USD 3,252,796 KRW 3,810,000,000 Bank of America 17/01/2017 98,300 USD 2,102,667 PLN 8,100,000 Deutsche Bank 28/04/2017 165,790 USD 67,466 MXN 1,404,550 Morgan Stanley 27/01/2017 (478)
USD 831,775 As at December 31, 2016, the net unrealised appreciation on forward foreign exchange contracts amounted to USD 2,443,084.
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 7 – NET UNREALISED APPRECIATION/(DEPRECIATION) ON FORWARD FOREIGN
EXCHANGE CONTRACTS (continued)
As at December 31, 2016, Loomis Sayles Sustainable Global Corporate Bond Fund had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
EUR 12,722 CHF 13,630 H-I/A (EUR) 30/01/2017 0 EUR 59,483 CAD 84,156 H-I/A (EUR) 30/01/2017 58 EUR 121,760 GBP 103,946 H-I/A (EUR) 30/01/2017 76 EUR 11,362 AUD 16,473 H-I/A (EUR) 30/01/2017 82 EUR 42,316 JPY 5,163,458 H-I/A (EUR) 30/01/2017 357 EUR 1,528,150 USD 1,597,222 H-I/A (EUR) 30/01/2017 16,996 NOK 224,863,729 EUR 24,770,184 H-Q/A (NOK) 30/01/2017 (34,903) NOK 57,322,334 GBP 5,388,957 H-Q/A (NOK) 30/01/2017 (2,877) NOK 5,982,704 CHF 706,090 H-Q/A (NOK) 30/01/2017 (944) NOK 28,056,163 CAD 4,370,663 H-Q/A (NOK) 30/01/2017 67 NOK 5,362,446 AUD 856,812 H-Q/A (NOK) 30/01/2017 3,193 NOK 19,866,446 JPY 266,985,171 H-Q/A (NOK) 30/01/2017 15,797
NOK 715,575,619 USD 82,424,394 H-Q/A (NOK) 30/01/2017 730,498 SEK 25,657,316 EUR 2,684,943 H-S/A (SEK) 30/01/2017 (6,649) SEK 6,511,228 GBP 581,879 H-S/A (SEK) 30/01/2017 (1,493) SEK 3,218,300 CAD 476,623 H-S/A (SEK) 30/01/2017 (610) SEK 685,736 CHF 76,883 H-S/A (SEK) 30/01/2017 (179) SEK 603,065 AUD 91,527 H-S/A (SEK) 30/01/2017 281 SEK 2,227,546 JPY 28,452,444 H-S/A (SEK) 30/01/2017 1,312 SEK 82,628,349 USD 9,040,400 H-S/A (SEK) 30/01/2017 71,914
USD 792,976 All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co. Forwards Unrealised appreciation/ Purchases Sales Counterparty Maturity Date (depreciation) (*)
CAD 3,805,000 USD 2,903,915 Credit Suisse 15/03/2017 (64,200) CHF 484,000 USD 481,957 UBS 15/03/2017 (3,627) JPY 282,000,000 USD 2,481,269 Credit Suisse 15/03/2017 (54,914)
USD (122,741) As at December 31, 2016, the net unrealised appreciation on forward foreign exchange contracts amounted to USD 670,235.
As at December 31, 2016, Loomis Sayles U.S. Core Plus Bond Fund had the following forward foreign exchange contracts outstanding: Forwards Unrealised appreciation/ Purchases Sales Counterparty Maturity Date (depreciation) (*)
USD 90,971 EUR 85,000 Bank of America 15/03/2017 999
USD 999
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 7 – NET UNREALISED APPRECIATION/(DEPRECIATION) ON FORWARD FOREIGN
EXCHANGE CONTRACTS (continued)
As at December 31, 2016, Natixis Euro High Income Fund had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
USD 5,142,737 EUR 4,818,264 H-I/A (USD) 30/01/2017 50,264 USD 590,458 EUR 553,656 H-R/A (USD) 30/01/2017 5,318 SGD 198,483 EUR 130,687 H-R/D (SGD) 30/01/2017 (653) USD 113,675 EUR 106,590 H-R/D (USD) 30/01/2017 1,024 USD 305,255 EUR 286,230 H-RE/A (USD) 30/01/2017 2,750
EUR 58,703 All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co.
As at December 31, 2016, Natixis Global Inflation Fund had the following forward foreign exchange contracts outstanding: Forwards Unrealised appreciation/ Purchases Sales Counterparty Maturity Date (depreciation) (*)
CAD 517,500 EUR 371,698 Credit Agricole 12/01/2017 (6,007) CAD 210,000 EUR 148,716 Natixis 12/01/2017 (319) EUR 16,227,228 GBP 13,900,000 Natixis 12/01/2017 (52,112) EUR 1,682,433 CAD 2,415,000 Natixis 12/01/2017 (24,124) EUR 32,453 NOK 296,000 Credit Agricole 12/01/2017 (136) EUR 545,659 GBP 460,000 Societe Generale 12/01/2017 6,919 EUR 174,970 NZD 264,000 Natixis 12/01/2017 590 EUR 826,118 AUD 1,180,000 Natixis 12/01/2017 16,684 EUR 571,995 GBP 480,000 Credit Commercial de France 12/01/2017 9,831 EUR 1,531,931 SEK 14,985,000 Credit Agricole 12/01/2017 (32,167) EUR 17,948,049 USD 19,100,000 Societe Generale 12/01/2017 (150,178) GBP 1,660,000 EUR 1,970,093 Credit Commercial de France 12/01/2017 (25,942) GBP 640,000 EUR 750,286 Natixis 12/01/2017 (734) GBP 2,000,000 EUR 2,384,475 Barclays 12/01/2017 (42,124) GBP 700,000 EUR 822,304 Credit Agricole 12/01/2017 (2,481) JPY 29,000,000 EUR 243,513 Societe Generale 12/01/2017 (7,759) USD 2,320,000 EUR 2,230,930 Credit Commercial de France 12/01/2017 (32,611) USD 785,000 EUR 750,246 Natixis 12/01/2017 (6,419) USD 835,009 JPY 96,200,000 Goldman Sachs 12/01/2017 9,161 USD 3,943,976 EUR 3,718,281 Societe Generale 12/01/2017 18,838
EUR (321,090)
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(1) See Note 1.
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 7 – NET UNREALISED APPRECIATION/(DEPRECIATION) ON FORWARD FOREIGN
EXCHANGE CONTRACTS (continued)
As at December 31, 2016, Natixis Short Term Global High Income Fund had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
EUR 122,333,727 USD 127,863,211 H-I/A (EUR) 30/01/2017 1,360,641 EUR 108,488 USD 113,392 H-RE/A (EUR) 30/01/2017 1,207 EUR 12,889,344 USD 13,471,942 H-R/A (EUR) 30/01/2017 143,360 EUR 9,815 USD 10,259 H-R/D (EUR) 30/01/2017 109
USD 1,505,317 All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co. Forwards Unrealised appreciation/ Purchases Sales Counterparty Maturity Date (depreciation) (*)
USD 65,250,636 EUR 62,700,000 Credit Agricole 27/01/2017 (968,794) USD 419,227 EUR 400,000 Citibank 27/01/2017 (3,225) USD 2,577,504 GBP 2,080,000 Credit Agricole 27/01/2017 5,586
USD (966,433) As at December 31, 2016, the net unrealised appreciation on forward foreign exchange contracts amounted to USD 538,884.
As at December 31, 2016, ASG Managed Futures Fund(1) had the following forward foreign exchange contracts outstanding: Hedged Share Class Forward Foreign Exchange Contracts Unrealised appreciation/ Purchases Sales Class Maturity Date (depreciation) (*)
GBP 7,029 USD 8,937 H-I/A (GBP) 30/01/2017 (245) GBP 6,529,403 USD 8,302,193 H-S/A (GBP) 30/01/2017 (227,552)
USD (227,797) All Hedged Share Class Forward Foreign Exchange Contracts are held with BBH&Co. Forwards Unrealised appreciation/ Purchases Sales Counterparty Maturity Date (depreciation) (*)
NOK 2,000,000 USD 237,766 UBS 15/03/2017 (5,307) SEK 10,000,000 USD 1,082,145 UBS 15/03/2017 23,158 SGD 500,000 USD 351,191 UBS 15/03/2017 (5,221) USD 3,940,135 SGD 5,625,000 UBS 15/03/2017 47,973 USD 5,929,949 SEK 54,000,000 UBS 15/03/2017 (38,691)
USD 2,616,222 TRY 9,300,000 UBS 15/03/2017 11,784 USD 105,358 ZAR 1,500,000 UBS 15/03/2017 (2,898) USD 691,936 NOK 6,000,000 UBS 15/03/2017 (5,441) ZAR 15,000,000 USD 1,081,033 UBS 15/03/2017 1,530
USD 26,887 As at December 31, 2016, the net unrealised depreciation on forward foreign exchange contracts amounted to USD (200,910).
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 8 – NET UNREALISED APPRECIATION/(DEPRECIATION) ON FINANCIAL FUTURES
CONTRACTS
As at December 31, 2016, Loomis Sayles Duration Hedged Global Corporate Bond Fund had the following financial futures contracts outstanding:
Financial Futures Contracts
Number of contracts Maturity
Unrealised appreciation/
purchased/(sold) Index Counterparty Date Currency Commitments (depreciation) (*)
54 EURO-SCHATZ FUTURE JP Morgan 08/03/2017 EUR 6,395,645 6,550
(6) US 10YR NOTE (CBT) FUTURE JP Morgan 22/03/2017 USD (745,688) 4,130
45 US 2YR NOTE (CBT) FUTURE JP Morgan 31/03/2017 USD 9,750,938 (6,328)
USD 4,352
As at December 31, 2016, Loomis Sayles Global Credit Fund had the following financial futures contracts outstanding:
Financial Futures Contracts
Number of contracts Maturity
Unrealised appreciation/
purchased/(sold) Index Counterparty Date Currency Commitments (depreciation) (*)
22 EURO-BOBL FUTURE JP Morgan 08/03/2017 EUR 3,100,817 21,116
(12) EURO-BUND FUTURE JP Morgan 08/03/2017 EUR (2,077,646) (30,377)
(87) US 10YR NOTE (CBT) FUTURE JP Morgan 22/03/2017 USD (10,812,469) 59,885
31 US 2YR NOTE (CBT) FUTURE JP Morgan 31/03/2017 USD 6,717,313 (4,359)
(6) US ULTRA BOND (CBT) FUTURE JP Morgan 22/03/2017 USD (961,500) 13,349
USD 59,614
As at December 31, 2016, Loomis Sayles Institutional Global Corporate Bond Fund had the following financial futures contracts outstanding:
Financial Futures Contracts
Number of contracts Maturity
Unrealised appreciation/
purchased/(sold) Index Counterparty Date Currency Commitments (depreciation) (*)
111 EURO-BOBL FUTURE JP Morgan 08/03/2017 EUR 15,645,033 106,540
(257) EURO-BUND FUTURE JP Morgan 08/03/2017 EUR (44,496,263) (682,138) 268 EURO-SCHATZ FUTURE JP Morgan 08/03/2017 EUR 31,741,351 (18,374) (52) LONG GILT FUTURE JP Morgan 29/03/2017 GBP (8,085,055) (201,114)
(500) US 10YR NOTE (CBT) FUTURE JP Morgan 22/03/2017 USD (62,140,625) 213,199
(39) US 10YR ULTRA FUTURE JP Morgan 22/03/2017 USD (5,228,438) 37,545
64 US 2YR NOTE (CBT) FUTURE JP Morgan 31/03/2017 USD 13,868,000 (9,000)
449 US 5YR NOTE (CBT) FUTURE JP Morgan 31/03/2017 USD 52,831,164 (150,836)
45 US ULTRA BOND (CBT) FUTURE JP Morgan 22/03/2017 USD 7,211,250 (100,195)
USD (804,373)
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 8 – NET UNREALISED APPRECIATION/(DEPRECIATION) ON FINANCIAL FUTURES
CONTRACTS (continued)
As at December 31, 2016, Loomis Sayles Strategic Alpha Bond Fund had the following financial futures contracts outstanding:
Financial Futures Contracts
Number of contracts Maturity
Unrealised appreciation/
purchased/(sold) Index Counterparty Date Currency Commitments (depreciation) (*)
28 CBOE VIX FUTURE JP Morgan 15/02/2017 USD 464,100 (28,450)
(123) US 10YR NOTE (CBT) FUTURE JP Morgan 22/03/2017 USD (15,286,594) 84,664
(40) US 10YR ULTRA FUTURE JP Morgan 22/03/2017 USD (5,362,500) 38,508
(103) US 5YR NOTE (CBT) FUTURE JP Morgan 31/03/2017 USD (12,119,398) (99,781)
(13) US ULTRA BOND (CBT) FUTURE JP Morgan 22/03/2017 USD (2,083,250) 28,923
USD 23,864
As at December 31, 2016, Loomis Sayles Sustainable Global Corporate Bond Fund had the following financial futures contracts outstanding:
Financial Futures Contracts
Number of contracts Maturity
Unrealised appreciation/
purchased/(sold) Index Counterparty Date Currency Commitments (depreciation) (*)
(25) EURO-BUND FUTURE JP Morgan 08/03/2017 EUR (4,328,430) (63,285)
(176) US 10YR NOTE (CBT) FUTURE JP Morgan 22/03/2017 USD (21,873,500) 67,653
10 US 2YR NOTE (CBT) FUTURE JP Morgan 31/03/2017 USD 2,166,875 (1,406)
17 US 5YR NOTE (CBT) FUTURE JP Morgan 31/03/2017 USD 2,000,289 (5,711)
29 US ULTRA BOND (CBT) FUTURE JP Morgan 22/03/2017 USD 4,647,250 (12,305)
USD (15,054)
As at December 31, 2016, Natixis Euro Aggregate Plus Fund had the following financial futures contracts outstanding:
Financial Futures Contracts
Number of contracts Maturity
Unrealised appreciation/
purchased/(sold) Index Counterparty Date Currency Commitments (depreciation) (*)
2 EURO-BUND FUTURE Caceis 08/03/2017 EUR 328,300 4,600
EUR 4,600
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(1) See Note 1.
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 8 – NET UNREALISED APPRECIATION/(DEPRECIATION) ON FINANCIAL FUTURES
CONTRACTS (continued)
As at December 31, 2016, Natixis Global Inflation Fund had the following financial futures contracts outstanding:
Hedged Share Class Financial Futures Contracts
Number of contracts Maturity
Unrealised appreciation/
purchased/(sold) Index Counterparty Date Currency Commitments (depreciation) (*)
(5) EURO BUXL 30Y FUTURE Caceis 08/03/2017 EUR (867,600) (10,300)
(1) EURO-BOBL FUTURE Caceis 08/03/2017 EUR (133,630) (1,130) (2) EURO-BUND FUTURE Caceis 08/03/2017 EUR (328,300) (4,800) (77) LONG GILT FUTURE Caceis 29/03/2017 GBP (11,350,652) (204,874)
(11) US 10YR NOTE (CBT) FUTURE Caceis 22/03/2017 USD (1,296,131) (2,637)
(3) US 2YR NOTE (CBT) FUTURE Caceis 31/03/2017 USD (616,319) 356
(3) US 5YR NOTE (CBT) FUTURE Caceis 31/03/2017 USD (334,669) 1,022
(16) US LONG BOND(CBT) FUTURE Caceis 22/03/2017 USD (2,285,376) 14,199
EUR (208,164) Financial Futures Contracts
Number of contracts Maturity
Unrealised appreciation/
purchased/(sold) Index Counterparty Date Currency Commitments (depreciation) (*) 8 EURO-BUND FUTURE Caceis 08/03/2017 EUR 1,313,200 8,140
(13) US 10YR NOTE (CBT) FUTURE Caceis 22/03/2017 USD (1,531,791) 1,733
EUR 9,873
As at December 31, 2016, the net unrealised depreciation on futures contracts amounted to EUR (198,291).
As at December 31, 2016, ASG Managed Futures Fund(1) had the following financial futures contracts outstanding: Financial Futures Contracts
Number of contracts
purchased/(sold) Index Counterparty Maturity Date Currency Commitments
Unrealized appreciation/
(depreciation) (*)
4 3 MONTHS EUR EURIBOR FUTURE
Goldman Sachs 19/06/2017 EUR 1,057,914 53
(265) 90DAY EURO$ FUTURE Goldman
Sachs 13/03/2017 USD (65,561,000) 21,375
307 90DAY STERLING FUTURE
Goldman Sachs 15/03/2017 GBP 47,230,765 (22,249)
40 AMSTERDAM INDEX FUTURE
Goldman Sachs 20/01/2017 EUR 4,076,398 80,878
13 AUD$ CURRENCY FUTURE
Goldman Sachs 13/03/2017 USD 936,260 (36,260)
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(1) See Note 1.
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 8 – NET UNREALISED APPRECIATION/(DEPRECIATION) ON FINANCIAL FUTURES
CONTRACTS (continued) As at December 31, 2016, ASG Managed Futures Fund(1) had the following financial futures contracts outstanding (continued):
Number of contracts
purchased/(sold) Index Counterparty Maturity Date Currency Commitments
Unrealized appreciation/
(depreciation) (*)
(28) AUST 10YR BOND FUTURE Goldman Sachs 15/03/2017 AUD (2,589,954) (18,956)
(172) AUST 3YR BOND FUTURE Goldman Sachs 15/03/2017 AUD (13,882,699) 24,302
(37) GBP CURRENCY FUTURE Goldman Sachs 13/03/2017 USD (2,857,788) 85,669 (5) C$ CURRENCY FUTURE Goldman Sachs 14/03/2017 USD (372,075) (2,555)
46 CAC40 10 EURO FUTURE Goldman Sachs 20/01/2017 EUR 2,359,455 45,159
(58) CAN 10YR BOND FUTURE Goldman Sachs 22/03/2017 CAD (5,948,130) (6,622)
(31) CHF CURRENCY FUTURE Goldman Sachs 13/03/2017 USD (3,823,075) 30,612 11 DAX INDEX FUTURE Goldman Sachs 17/03/2017 EUR 3,325,495 43,311
50 DJIA MINI E-CBOT FUTURE Goldman Sachs 17/03/2017 USD 4,930,000 38,220
(59) EURO FX CURRENCY FUTURE Goldman Sachs 13/03/2017 USD (7,798,325) 76,856
60 EURO STOXX 50 FUTURE Goldman Sachs 17/03/2017 EUR 2,073,849 43,962 88 EURO-BOBL FUTURE Goldman Sachs 08/03/2017 EUR 12,403,269 83,831 7 EURO-BTP FUTURE Goldman Sachs 08/03/2017 EUR 999,028 (1,213)
15 EURO-BUND FUTURE Goldman Sachs 08/03/2017 EUR 2,597,058 31,168 16 EURO-OAT FUTURE Goldman Sachs 08/03/2017 EUR 2,562,114 24,196 175 EURO-SCHATZ FUTURE Goldman Sachs 08/03/2017 EUR 20,726,628 17,071 24 FTSE 100 INDEX FUTURE Goldman Sachs 17/03/2017 GBP 2,090,720 51,372
(38) FTSE/JSE TOP 40 FUTURE Goldman Sachs 16/03/2017 ZAR (1,231,172) 20,563 8 FTSE/MIB INDEX FUTURE Goldman Sachs 17/03/2017 EUR 810,259 2,637
11 HANG SENG INDEX FUTURE Goldman Sachs 26/01/2017 HKD 1,557,960 19,521
13 IBEX 35 INDEX FUTURE Goldman Sachs 20/01/2017 EUR 1,277,030 11,530
(8) JPN YEN CURRENCY FUTURE Goldman Sachs 13/03/2017 USD (859,700) (6,431)
11 LONG GILT FUTURE Goldman Sachs 29/03/2017 GBP 1,710,300 29,816
(61) MEXICAN PESO CURRENCY FUTURE Goldman Sachs 13/03/2017 USD (1,463,085) 28,975
69 MSCI SING IX ETS FUTURE Goldman Sachs 27/01/2017 SGD 1,527,390 5,122
70 MSCI TAIWAN INDEX FUTURE Goldman Sachs 23/01/2017 USD 2,406,600 31,690
32 NASDAQ 100 E-MINI FUTURE Goldman Sachs 17/03/2017 USD 3,112,960 (910)
19 NIKKEI 225 (OSE) FUTURE Goldman Sachs 09/03/2017 JPY 3,111,416 72,204
18 NZD$ CURRENCY FUTURE Goldman Sachs 13/03/2017 USD 1,246,320 (46,935) 210 OMXS30 INDEX FUTURE Goldman Sachs 20/01/2017 SEK 3,511,327 (36,468)
45 RUSSELL 2000 MINI FUTURE Goldman Sachs 17/03/2017 USD 3,053,025 (68,093)
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(1) See Note 1.
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 8 – NET UNREALISED APPRECIATION/(DEPRECIATION) ON FINANCIAL FUTURES
CONTRACTS (continued) As at December 31, 2016, ASG Managed Futures Fund(1) had the following financial futures contracts outstanding (continued):
Number of contracts
purchased/(sold) Index Counterparty Maturity Date Currency Commitments
Unrealized appreciation/
(depreciation) (*)
33 S&P/TSX 60 IX FUTURE Goldman Sachs 16/03/2017 CAD 4,414,108 (1,099)
25 S&P500 EMINI FUTURE Goldman Sachs 17/03/2017 USD 2,795,250 (23,125) 56 SGX NIFTY 50 FUTURE Goldman Sachs 25/01/2017 USD 916,664 26,880 24 SPI 200 FUTURE Goldman Sachs 16/03/2017 AUD 2,446,444 54,579 24 TOPIX INDX FUTURE Goldman Sachs 09/03/2017 JPY 3,123,591 39,311
(38) US 10YR NOTE (CBT) FUTURE Goldman Sachs 22/03/2017 USD (4,722,688) 8,438
(92) US 2YR NOTE (CBT) FUTURE Goldman Sachs 31/03/2017 USD (19,935,250) (21,859)
(63) US 5YR NOTE (CBT) FUTURE Goldman Sachs 31/03/2017 USD (7,412,836) 20,766
(10) US LONG BOND (CBT) FUTURE Goldman Sachs 22/03/2017 USD (1,506,562) (19,125)
(9) US ULTRA BOND (CBT) FUTURE Goldman Sachs 22/03/2017 USD (1,442,250) (13,969)
USD 744,198
Note 9 – CREDIT DEFAULT INDEX SWAPS, CREDIT DEFAULT SWAPS AND INTEREST
RATE SWAPS
As at December 31, 2016, Loomis Sayles Duration Hedged Global Corporate Bond Fund had the following interest rate swaps:
Floating Unrealized Pay/Receive Rate Fixed Maturity Notional appreciation/ Floating Rate Index Rate Date Counterparty Amount (depreciation) (*) Receive 6 Month EUR Euribor 0.03% 09/11/2021 Morgan Stanley 1,650,000 2,310 Pay 6 Month EUR Euribor 0.08% 15/01/2018 Citi 3,250,000 4,453 Pay 6 Month EUR Euribor 0.10% 01/06/2017 Morgan Stanley 7,000,000 10,023 Receive 6 Month EUR Euribor 0.40% 20/08/2020 Morgan Stanley 2,000,000 (34,946) Receive 6 Month EUR Euribor 0.52% 08/04/2026 Morgan Stanley 825,000 4,869 Receive 6 Month EUR Euribor 0.52% 09/11/2026 Morgan Stanley 2,000,000 25,951 Receive 6 Month EUR Euribor 0.56% 20/05/2026 Morgan Stanley 700,000 1,848 Receive 6 Month EUR Euribor 0.63% 14/07/2019 Morgan Stanley 2,970,400 (61,500) Receive 6 Month EUR Euribor 0.71% 17/06/2019 Citi 1,216,600 (26,934) Receive 6 Month EUR Euribor 0.89% 01/06/2025 Morgan Stanley 2,250,000 (82,548) Receive 6 Month EUR Euribor 0.99% 27/03/2019 Morgan Stanley 3,713,000 (100,404) Receive 6 Month GBP Libor 1.11% 16/09/2046 Morgan Stanley 177,000 17,259 Receive 6 Month GBP Libor 1.15% 07/11/2026 Morgan Stanley 350,000 3,083 Receive 3 Month USD Libor 1.32% 24/03/2021 Morgan Stanley 825,000 18,276 Receive 3 Month USD Libor 1.33% 09/11/2021 Morgan Stanley 1,500,000 42,904 Receive 3 Month USD Libor 1.42% 17/03/2021 Morgan Stanley 1,530,881 27,595 Receive 3 Month USD Libor 1.53% 20/09/2026 Morgan Stanley 730,000 50,601 Receive 3 Month USD Libor 1.59% 09/06/2026 Morgan Stanley 1,100,000 66,810 Receive 3 Month USD Libor 1.69% 09/11/2026 Morgan Stanley 1,800,000 100,798 Receive 3 Month USD Libor 1.69% 19/08/2020 JP Morgan 1,425,811 5,043 Receive 3 Month USD Libor 1.74% 16/06/2019 Citi 5,688,000 (24,489) Receive 3 Month USD Libor 1.81% 11/07/2019 Citi 5,158,700 (29,713) Receive 6 Month EUR Euribor 1.81% 27/03/2024 UBS 2,295,000 (259,298)
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 9 – CREDIT DEFAULT INDEX SWAPS, CREDIT DEFAULT SWAPS AND INTEREST
RATE SWAPS (continued) As at December 31, 2016, Loomis Sayles Duration Hedged Global Corporate Bond Fund had the following interest rate swaps (continued):
Floating Unrealized Pay/Receive Rate Fixed Maturity Notional appreciation/ Floating Rate Index Rate Date Counterparty Amount (depreciation) (*) Receive 3 Month USD Libor 1.81% 25/03/2019 Citi 5,013,575 (33,257) Receive 3 Month USD Libor 1.82% 17/03/2026 Morgan Stanley 450,000 17,697 Receive 3 Month USD Libor 1.82% 21/07/2046 Morgan Stanley 500,000 78,909 Receive 3 Month USD Libor 1.83% 04/04/2019 Morgan Stanley 5,135,000 (35,521) Receive 6 Month EUR Euribor 1.88% 06/02/2024 Citi 1,453,600 (170,705) Receive 3 Month USD Libor 1.88% 20/09/2046 Morgan Stanley 475,000 69,090 Receive 3 Month USD Libor 1.99% 09/11/2036 Morgan Stanley 600,000 53,549 Receive 3 Month USD Libor 2.00% 08/04/2036 Morgan Stanley 500,000 41,837 Receive 3 Month USD Libor 2.05% 09/11/2046 Morgan Stanley 600,000 66,810 Receive 3 Month USD Libor 2.14% 01/12/2026 Morgan Stanley 1,100,000 18,551 Receive 3 Month USD Libor 2.20% 24/03/2046 Morgan Stanley 200,000 15,774 Receive 6 Month GBP Libor 2.21% 13/06/2019 Morgan Stanley 1,264,000 (59,948) Receive 3 Month USD Libor 2.22% 16/09/2025 Morgan Stanley 1,400,000 7,078 Receive 3 Month USD Libor 2.23% 29/05/2025 Morgan Stanley 513,813 1,248 Receive 3 Month USD Libor 2.24% 06/03/2025 Citi 1,250,000 1,228 Receive 3 Month USD Libor 2.24% 17/03/2046 Morgan Stanley 200,000 13,863 Receive 3 Month USD Libor 2.25% 07/12/2026 Morgan Stanley 460,000 3,247 Receive 3 Month USD Libor 2.25% 27/04/2046 Morgan Stanley 315,000 21,188 Receive 6 Month EUR Euribor 2.52% 24/02/2034 Citi 197,500 (48,127) Receive 3 Month USD Libor 2.54% 07/12/2046 Morgan Stanley 195,000 1,827 Receive 3 Month USD Libor 2.57% 29/05/2035 Morgan Stanley 1,150,000 (450) Receive 3 Month USD Libor 2.65% 29/05/2045 Morgan Stanley 900,000 (6,533) Receive 3 Month USD Libor 2.68% 11/07/2024 Morgan Stanley 1,935,500 (64,013) Receive 3 Month USD Libor 2.77% 06/02/2024 Citi 4,977,000 (199,152) Receive 6 Month GBP Libor 2.80% 24/03/2024 Morgan Stanley 790,000 (120,877)
Receive 3 Month USD Libor 2.83% 20/02/2024 Citi 5,135,000 (226,373) Receive 6 Month GBP Libor 2.85% 21/02/2024 Citi 790,000 (123,149) Receive 3 Month USD Libor 2.86% 25/03/2024 Citi 7,663,000 (349,546) Receive 3 Month USD Libor 2.91% 23/07/2045 Morgan Stanley 750,000 (47,111) Receive 3 Month USD Libor 3.27% 16/06/2034 Morgan Stanley 807,127 (84,145) Receive 6 Month GBP Libor 3.30% 21/02/2034 Citi 237,000 (85,494) Receive 6 Month GBP Libor 3.33% 21/02/2044 Citi 79,000 (42,722) Receive 3 Month USD Libor 3.47% 06/02/2034 Citi 246,247 (32,406) Receive 3 Month USD Libor 3.53% 04/04/2044 Morgan Stanley 1,099,680 (208,271) USD (1,763,913)
As at December 31, 2016, Loomis Sayles Emerging Debt and Currencies Fund had the following interest rate swaps:
Floating Unrealized Pay/Receive Rate Fixed Maturity Notional appreciation/ Floating Rate Index Rate Date Counterparty Amount (depreciation) (*)
Pay Bloomberg Thailand 6 Month Fixing Rate 1.73% 23/03/2021 JP Morgan 37,800,000 (16,718)
Pay 6 Month PLN Libor 1.76% 25/08/2021 Bank Of America 3,600,000 (20,582)
Pay Bloomberg Thailand 6
Month Fixing Rate 1.81% 25/08/2021 HSBC 18,000,000 (8,734) Pay 6 Month PLN Libor 1.95% 14/11/2019 Citi 3,420,000 (1,971)
Pay Bloomberg Thailand 6
Month Fixing Rate 2.04% 23/03/2026 JP Morgan 32,400,000 (48,545)
Pay Bloomberg Thailand 6
Month Fixing Rate 2.11% 25/08/2026 HSBC 18,000,000 (25,866) Pay 6 Month PLN Libor 2.13% 25/08/2026 Bank Of America 900,000 (13,146)
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 9 – CREDIT DEFAULT INDEX SWAPS, CREDIT DEFAULT SWAPS AND INTEREST
RATE SWAPS (continued) As at December 31, 2016, Loomis Sayles Emerging Debt and Currencies Fund had the following interest rate swaps (continued):
Floating Unrealized Pay/Receive Rate Fixed Maturity Notional appreciation/ Floating Rate Index Rate Date Counterparty Amount (depreciation) (*) Pay 6 Month PLN Libor 2.21% 14/03/2026 Citi 1,350,000 (15,954) Pay 6 Month PLN Libor 2.94% 21/11/2026 Morgan Stanley 1,500,000 2,479
Pay 3 Month ZAR-JIBAR-
SAFEX 8.53% 28/11/2028 Deutsche Bank 3,500,000 1,905 USD (147,132)
As at December 31, 2016, Loomis Sayles Strategic Alpha Bond Fund had the following interest rate swaps:
Floating Unrealized Pay/Receive Rate Fixed Maturity Notional appreciation/ Floating Rate Index Rate Date Counterparty Amount (depreciation) (*) Pay 6 Month GBP Libor 0.50% 22/07/2018 Morgan Stanley 14,250,000 (22,643) Pay 6 Month GBP Libor 0.53% 21/07/2018 Morgan Stanley 14,250,000 (15,317) Receive 6 Month GBP Libor 0.59% 22/07/2021 Morgan Stanley 4,750,000 61,652 Receive 6 Month GBP Libor 0.62% 21/07/2021 Morgan Stanley 4,750,000 54,567
Receive 3 Month USD Libor 1.41% 18/07/2026 Morgan Stanley 3,348,000 270,059 Pay 28 Day TIIE 6.13% 03/07/2026 Bank Of America 57,695,000 (349,611) Pay 28 Day TIIE 6.14% 03/07/2026 Deutsche Bank 18,100,000 (109,370)
Receive 3 Month ZAR-JIBAR-
SAFEX 7.72% 17/04/2025 JP Morgan 7,310,000 15,202
Receive 3 Month ZAR-JIBAR-
SAFEX 7.95% 08/05/2025 Bank Of America 5,000,000 5,490
Receive 3 Month ZAR-JIBAR-
SAFEX 7.95% 05/05/2025 Barclays 37,500,000 41,044 USD (48,927)
As at December 31, 2016, Loomis Sayles Strategic Alpha Bond Fund had the following credit default index swaps: Unrealised Maturity appreciation/
Position Counterparty Underlying Index Rate Date Currency Nominal (depreciation) (*)
BUY Morgan Stanley iTRAXX Asia EXJP
series 25 100 1.00% 20/06/2021 USD 1,240,000 (23,720)
BUY Barclays iTRAXX Asia EXJP
series 25 100 1.00% 20/06/2021 USD 610,000 (11,240) BUY Morgan Stanley CDX.NA.HY series 500 5.00% 20/12/2021 USD 6,300,000 (138,020)
BUY Morgan Stanley CDX.NA.HY series 27
500 5.00% 20/12/2021 USD 2,200,000 (48,198)
BUY Morgan Stanley
CDX.NA.HY series 27 500 5.00% 20/12/2021 USD 2,200,000 (48,198)
USD (269,376) As at December 31, 2016, Loomis Sayles Strategic Alpha Bond Fund had the following credit default swaps:
Unrealised Maturity appreciation/
Position Counterparty Underlying Security Rate Date Currency Nominal (depreciation) (*)
BUY Deutsche Bank China Government
Bond 1.00% 20/06/2021 USD 1,000,000 (1,715)
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
(1) See Note 1.
(*) The net unrealised appreciation/(depreciation) is included in the Statement of Net Assets.
Note 9 – CREDIT DEFAULT INDEX SWAPS, CREDIT DEFAULT SWAPS AND INTEREST
RATE SWAPS (continued)
As at December 31, 2016, Loomis Sayles Strategic Alpha Bond Fund had the following credit default swaps (continued):
Unrealised Maturity appreciation/
Position Counterparty Underlying Security Rate Date Currency Nominal (depreciation) (*)
BUY Merrill Lynch Turkey Government
Bond 1.00% 20/12/2021 USD 2,000,000 (1,418) BUY JP Morgan Intesa Sanpaolo SpA 1.00% 20/12/2021 EUR 950,000 (16,892) BUY JP Morgan Enel SpA 1.00% 20/12/2021 EUR 950,000 (9,457) BUY Barclays Enel SpA 1.00% 20/12/2021 EUR 950,000 (8,974) BUY JP Morgan Intesa Sanpaolo SpA 1.00% 20/12/2021 EUR 950,000 (14,143)
USD (52,599)
As at December 31, 2016, the net unrealised depreciation on swaps amounted to USD (370,902).
As at December 31, 2016, Natixis Euro High Income Fund had the following credit default index swaps: Unrealised Maturity appreciation/
Position Counterparty Underlying Index Rate Date Currency Nominal (depreciation) (*)
BUY Societe Generale iTRAXX series 26 5.00% 20/12/2021 EUR 40,000,000 (807,825) EUR (807,825)
Note 10 – TIME DEPOSIT
As at December 31, 2016, ASG Managed Futures Fund(1) had the following time deposits outstanding:
Description Coupon Maturity date Face value Currency Evaluation
ICAP Corporates LLC 0.55% 03/1/2017 2,700,000 USD 2,700,000
CIBC World Markets Corp 0.52% 03/1/2017 2,000,000 USD 2,000,000
USD 4,700,000
Note 11 – COLLATERAL As at December 31, 2016, there was no collateral received from counterparties by any of the Sub-Funds for the purpose of transactions of OTC derivatives.
Note 12 – REPURCHASE AGREEMENTS
As at December 31, 2016 Natixis Global Inflation Fund is committed under the following repurchase
agreement operations:
on U.S. Treasury Inflation Indexed Note 0.125% 15/01/2023 with a value of EUR 1,504,402. The par
value of the repurchase contract amounted EUR 1,561,270. This contract will mature on 06/01/2017.
on U.S. Treasury Inflation Indexed Note 0.625% 15/01/2024 with a value of EUR 1,830,559. The par value of the repurchase contract amounted EUR 1,881,394. This contract will mature on 31/01/2017.
The above contracts outstanding as at December 31, 2016 were transacted through Royal Bank of Scotland.
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
Note 12 – REPURCHASE AGREEMENTS (continued)
For the year ended December 31, 2016 the net interest paid on Repurchase Agreements is EUR 5,892. The Fund uses repurchase agreement for Efficient Portfolio Management. The revenues and costs arising from it are included in the Statement of Changes in Net Assets under the captions “Interest on bonds, net” and “Interest paid”.
Note 13 – PLEDGED SECURITIES AND CASH As at December 31, 2016, the following serves as pledged assets for commitments on derivative instruments:
Fund name Securities
description Currency Quantity Market value Counterparty
Margin (in EUR)
Loomis Sayles Duration Hedged Global Corporate Bond Fund
U.S. Treasury Bond 3.750% 15/11/2043
USD
150,000
170,068
JP Morgan
-
U.S. Treasury Note 1.375% 28/02/2019
USD 1,620,000 1,624,555 Morgan Stanley -
Cash USD - 270,000 Credit Suisse -
- - - - JP Morgan (2,091)
Cash EUR - 795,266 Morgan Stanley -
Cash GBP - 333,112 Morgan Stanley -
Cash USD - 1,623,102 Morgan Stanley -
Loomis Sayles Emerging Debt and Currencies Fund
Cash USD - 17,000 Citibank -
Cash USD - 20,000 Credit Suisse -
Cash PLN - (17,041) Morgan Stanley -
Cash USD - 50,000 Morgan Stanley -
Loomis Sayles Global Credit Fund
U.S. Treasury Bond 2.875% 15/05/2043
USD 500,000 482,949 JP Morgan (110,802)
Loomis Sayles
Institutional Global Corporate Bond Fund
U.S. Treasury Bond
2.875% 15/05/2043
USD 2,295,000 2,216,736 JP Morgan 544,404
- - - - Credit Suisse (246,504)
Loomis Sayles Strategic Alpha Bond Fund
U.S. Treasury Note 0.500% 28/02/2017
USD
580,000
580,053
JP Morgan
(175,591)
USD - - (320,000) Bank of America -
GBP - - (62,832) Morgan Stanley -
USD - - 1,744,277 Morgan Stanley -
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
Note 13 – PLEDGED SECURITIES AND CASH (continued) As at December 31, 2016, the following serves as pledged assets for commitments on derivative instruments (continued):
Fund name Securities
description Currency Quantity Market value Counterparty
Margin (in EUR)
Loomis Sayles Sustainable Global Corporate Bond Fund
U.S. Treasury Bond 2.875% 15/05/2043
USD
125,000
120,737
JP Morgan
-
U.S. Treasury Bond 2.500% 15/05/2046
USD 500,000 444,336 JP Morgan -
Cash USD - 290,000 Credit Suisse -
- - - - JP Morgan 322,875
Natixis Euro Aggregate Plus Fund
- - - - Caceis 197,244
Natixis Euro High Income Fund
Cash EUR - 753,651 Caceis -
Cash EUR - 3,813,000 Societe Generale -
Natixis Global Inflation Fund
French Government Bond OAT 3.150% 25/07/2032
EUR 100,000 159,131 Credit Agricole -
U.S. Treasury Inflation
Indexed Bonds 3.875% 15/04/2029
EUR 300,000 409,480 Credit Agricole -
- - - - Caceis 153,684
Cash EUR - 78,000 Natixis -
Cash EUR - 255,000 Societe Generale -
Natixis Global Inflation Duration Hedge Active Share Class
-
-
-
-
Caceis
553,082
ASG Managed Futures Fund(1)
Cash USD - 410,000 UBS -
- - - - Goldman Sachs 2,945,791
(1) See Note 1.
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
Note 14 – TRANSACTION COSTS
During the year ended December 31, 2016, the transaction costs which have been defined as brokerage transaction costs and depositary transaction costs have been charged to the Funds in relation to purchases
and sales of transferable securities, money market instrument, derivatives or any other eligible assets (brokerage transaction costs on fixed income or derivatives are excluded). Brokerage transaction costs are mainly included in the caption “Portfolio at cost” in the Statement of Net Assets of the report, and respectively in the captions “Net realised appreciation/(depreciation)” and “Change in net unrealised on appreciation/(depreciation)” in the Statement of Changes in Net Assets.
Depositary transaction costs are included in the caption “Taxes and expenses payable” in the Statement of Net Assets, and respectively in the caption “Depositary fees” in the Statement of Changes in Net Assets.
During the year ended December 31, 2016, transaction costs were as following:
Fund Currency Total Amount of Transaction Costs
Emerise Asia Equity Fund USD 549,997
Emerise Emerging Europe Equity Fund USD 112,354
Emerise Latin America Equity Fund USD 60,675
Emerise Pacific Rim Equity Fund USD 136,015
Harris Associates Concentrated U.S. Equity Fund USD 60,762
Harris Associates Global Equity Fund USD 1,426,622
Harris Associates U.S. Equity Fund USD 84,726
IDFC India Equities Fund USD 129,582
Loomis Sayles Global Growth Equity Fund(1) USD 9,084
Loomis Sayles U.S. Growth Equity Fund(1) USD 171,604
Loomis Sayles U.S. Research Fund USD 781,795
Natixis Europe Smaller Companies Fund EUR 1,144,884
Vaughan Nelson U.S. Mid Cap Equity Fund USD 9,792
Vaughan Nelson U.S. Small Cap Value Fund USD 164,869
Loomis Sayles Duration Hedged Global Corporate Bond Fund USD 30,265
Loomis Sayles Emerging Debt and Currencies Fund USD 38,112
Loomis Sayles Global Credit Fund USD 35,580
Loomis Sayles Institutional Global Corporate Bond Fund USD 59,650
Loomis Sayles Institutional High Income Fund USD 10,973
Loomis Sayles Short Term Emerging Markets Bond Fund USD 19,142
Loomis Sayles Strategic Alpha Bond Fund USD 93,080
Loomis Sayles Sustainable Global Corporate Bond Fund USD 30,829
Loomis Sayles U.S. Aggregate Bond Fund(1) USD 8,124
Loomis Sayles U.S. Core Plus Bond Fund USD 11,460
Natixis Euro Aggregate Plus Fund EUR 5,126
Natixis Euro High Income Fund EUR 125,972
Natixis Global Inflation Fund EUR 79,669
Natixis Short Term Global High Income Fund USD 77,202
ASG Managed Futures Fund(1) USD 242,667
Loomis Sayles Global Multi Asset Income Fund(1) USD 39,991
(1) See Note 1.
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
Note 15 – 144A RULE
144A is an SEC rule that modifies the two year lock up requirement on private placement securities that are without SEC registration. 144A allows debt or equity private placements to trade to and from qualified institutional investors. 144A securities are often called “restricted securities”.
Note 16 – GERMAN REPRESENTATIVE
LBBW Landesbank Baden-Württemberg
Depotbankkoordination / Fondskontrolle Große Bleiche 54-56 55098 Mainz Germany
A copy of the list of changes in the portfolio during the reference period may be obtained free of charge at the depositary or paying agents and at the paying and information agent in Germany.
Note 17 – DIVIDEND DISTRIBUTION
During the year ended December 31, 2016, the following dividends were declared: Income Dividend
Sub-Fund Share Class
Ex-date Share class
currency
Dividend per Share
(share class currency)
Emerise Emerging Europe Equity Fund R/D (USD) January 4, 2016 USD 0.521
Harris Associates Global Equity Fund S/D (GBP) January 4, 2016 GBP 0.737
Harris Associates Global Equity Fund S/D (USD) January 4, 2016 USD 1.177 Harris Associates U.S. Equity Fund I/D (USD) January 4, 2016 USD 0.220
Loomis Sayles U.S. Research Fund I/D (USD) January 4, 2016 USD 0.133
Loomis Sayles Emerging Debt and Currencies Fund H-N/D (EUR) January 4, 2016 EUR 0.952
Loomis Sayles Emerging Debt and Currencies Fund H-N/D (EUR) April 1, 2016 EUR 0.928
Loomis Sayles Emerging Debt and Currencies Fund H-N/D (EUR) July 1, 2016 EUR 1.226
Loomis Sayles Emerging Debt and Currencies Fund H-N/D (EUR) October 3, 2016 EUR 1.201
Loomis Sayles Emerging Debt and Currencies Fund R/D (USD) January 4, 2016 USD 0.649
Loomis Sayles Emerging Debt and Currencies Fund R/D (USD) April 1, 2016 USD 0.670
Loomis Sayles Emerging Debt and Currencies Fund R/D (USD) July 1, 2016 USD 0.908 Loomis Sayles Emerging Debt and Currencies Fund R/D (USD) October 3, 2016 USD 0.913
Loomis Sayles Global Credit Fund H-S/D (USD) January 4, 2016 USD 0.738
Loomis Sayles Global Credit Fund H-S/D (USD) April 1, 2016 USD 0.729
Loomis Sayles Global Credit Fund H-S/D (USD) July 1, 2016 USD 0.755
Loomis Sayles Global Credit Fund H-S/D (USD) October 3, 2016 USD 0.709
Loomis Sayles Global Credit Fund H-N/D (EUR) January 4, 2016 EUR 0.663
Loomis Sayles Global Credit Fund H-N/D (EUR) April 1, 2016 EUR 0.629
Loomis Sayles Global Credit Fund H-N/D (EUR) July 1, 2016 EUR 0.690
Loomis Sayles Global Credit Fund H-N/D (EUR) October 3, 2016 EUR 0.597
Loomis Sayles Global Credit Fund R/D (SGD) January 4, 2016 SGD 0.560 Loomis Sayles Global Credit Fund R/D (SGD) April 1, 2016 SGD 0.529
Loomis Sayles Global Credit Fund R/D (SGD) July 1, 2016 SGD 0.549
Loomis Sayles Global Credit Fund R/D (SGD) October 3, 2016 SGD 0.499
Loomis Sayles Global Credit Fund R/D (USD) January 4, 2016 USD 0.401
Loomis Sayles Global Credit Fund R/D (USD) April 1, 2016 USD 0.398
Loomis Sayles Global Credit Fund R/D (USD) July 1, 2016 USD 0.413
Loomis Sayles Global Credit Fund R/D (USD) October 3, 2016 USD 0.370
Loomis Sayles Institutional Global Corporate Bond Fund H-S/D (GBP) January 4, 2016 GBP 0.791
Loomis Sayles Institutional Global Corporate Bond Fund H-S/D (GBP) April 1, 2016 GBP 0.790 Loomis Sayles Institutional Global Corporate Bond Fund H-S/D (GBP) July 1, 2016 GBP 0.842
Loomis Sayles Institutional Global Corporate Bond Fund H-S/D (GBP) October 3, 2016 GBP 0.759
Loomis Sayles Short Term Emerging Markets Bond Fund I/D (USD) January 4, 2016 USD 0.723
Loomis Sayles Short Term Emerging Markets Bond Fund I/D (USD) April 1, 2016 USD 0.690
Loomis Sayles Short Term Emerging Markets Bond Fund I/D (USD) July 1, 2016 USD 0.727
Loomis Sayles Short Term Emerging Markets Bond Fund I/D (USD) October 3, 2016 USD 0.791
Loomis Sayles Short Term Emerging Markets Bond Fund H/R-D (EUR) January 4, 2016 EUR 0.619
Loomis Sayles Short Term Emerging Markets Bond Fund H/R-D (EUR) April 1, 2016 EUR 0.557
Loomis Sayles Short Term Emerging Markets Bond Fund H/R-D (EUR) July 1, 2016 EUR 0.602
Loomis Sayles Short Term Emerging Markets Bond Fund H/R-D (EUR) October 3, 2016 EUR 0.647
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
Note 17 – DIVIDEND DISTRIBUTION (continued) Income Dividend (continued)
During the year ended December 31, 2016, the following dividends were declared (continued):
Sub-Fund Share Class
Ex-date Share class
currency
Dividend per Share
(share class currency)
Loomis Sayles Short Term Emerging Markets Bond Fund R/D (USD) January 4, 2016 USD 0.589
Loomis Sayles Short Term Emerging Markets Bond Fund R/D (USD) April 1, 2016 USD 0.556
Loomis Sayles Short Term Emerging Markets Bond Fund R/D (USD) July 1, 2016 USD 0.588
Loomis Sayles Short Term Emerging Markets Bond Fund R/D (USD) October 3, 2016 USD 0.655
Loomis Sayles Short Term Emerging Markets Bond Fund H-I/D (EUR) October 3, 2016 EUR 0.400
Loomis Sayles Strategic Alpha Bond Fund H-N/D (GBP) January 4, 2016 GBP 0.531
Loomis Sayles Strategic Alpha Bond Fund H-N/D (GBP) April 1, 2016 GBP 0.579
Loomis Sayles Strategic Alpha Bond Fund H-N/D (GBP) July 1, 2016 GBP 0.581 Loomis Sayles Strategic Alpha Bond Fund H-N/D (GBP) October 3, 2016 GBP 0.567
Loomis Sayles U.S. Core Plus Bond Fund R/D (USD) October 3, 2016 USD 0.015
Natixis Euro Aggregate Plus Fund RE/D (EUR) January 4, 2016 EUR 0.065
Natixis Euro Aggregate Plus Fund RE/D (EUR) April 1, 2016 EUR 0.050
Natixis Euro Aggregate Plus Fund RE/D (EUR) July 1, 2016 EUR 0.013
Natixis Euro High Income Fund H-I/D (USD) January 4, 2016 USD 0.953
Natixis Euro High Income Fund H-I/D (USD) April 1, 2016 USD 1.023
Natixis Euro High Income Fund H-I/D (USD) July 1, 2016 USD 0.905
Natixis Euro High Income Fund H-R/D (SGD) January 4, 2016 SGD 0.393
Natixis Euro High Income Fund H-R/D (SGD) April 1, 2016 SGD 0.413 Natixis Euro High Income Fund H-R/D (SGD) July 1, 2016 SGD 0.369
Natixis Euro High Income Fund H-R/D (SGD) October 3, 2016 SGD 0.239
Natixis Euro High Income Fund H-R/D (USD) January 4, 2016 USD 0.784
Natixis Euro High Income Fund H-R/D (USD) April 1, 2016 USD 0.857
Natixis Euro High Income Fund H-R/D (USD) July 1, 2016 USD 0.742
Natixis Euro High Income Fund H-R/D (USD) October 3, 2016 USD 0.468
Natixis Euro High Income Fund I/D (EUR) January 4, 2016 EUR 0.941
Natixis Euro High Income Fund I/D (EUR) April 1, 2016 EUR 0.971
Natixis Euro High Income Fund I/D (EUR) July 1, 2016 EUR 0.906 Natixis Euro High Income Fund I/D (EUR) October 3, 2016 EUR 0.626
Natixis Euro High Income Fund S/D (EUR) January 4, 2016 EUR 1.019
Natixis Euro High Income Fund S/D (EUR) April 1, 2016 EUR 1.049
Natixis Euro High Income Fund S/D (EUR) July 1, 2016 EUR 0.979
Natixis Euro High Income Fund S/D (EUR) October 3, 2016 EUR 0.687
Natixis Euro High Income Fund R/D (EUR) January 4, 2016 EUR 0.731
Natixis Euro High Income Fund R/D (EUR) April 1, 2016 EUR 0.772
Natixis Euro High Income Fund R/D (EUR) July 1, 2016 EUR 0.701
Natixis Euro High Income Fund R/D (EUR) October 3, 2016 EUR 0.431
Natixis Global Inflation Fund I/D (EUR) July 1, 2016 EUR 0.195 Natixis Global Inflation Fund I/D (EUR) October 3, 2016 EUR 0.215
Natixis Global Inflation Fund R/D (EUR) July 1, 2016 EUR 0.037
Natixis Global Inflation Fund R/D (EUR) October 3, 2016 EUR 0.122
Loomis Sayles Global Multi Asset Income Fund R/D (USD) October 3, 2016 USD 0.590
Natixis International Funds (Lux) I
Notes to the Financial Statements
as at December 31, 2016 (continued)
Note 18 – SIGNIFICANT EVENTS DURING THE YEAR
The European Union Directive 2014/91/EU (known as "UCITS V Directive") was transposed into Luxembourg law by the law of May 10, 2016 which came into effect on June 1, 2016. A new Depositary agreement was signed with Brown Brothers Harriman (Luxembourg) S.C.A. to comply with the UCITS V Directive requirements. As a result, the Custodian is hereinafter referred to as the Depositary. A new prospectus entered into force in May 2016. The principle changes implemented in this prospectus
may be summarized as follows: o Five new Funds denominated “Loomis Sayles Global Growth Equity Fund”, “Loomis Sayles U.S.
Growth Equity Fund”, “ASG Managed Futures Fund”, “Loomis Sayles Global Multi Asset Income Fund” and Loomis Sayles Global Investment Grade Bond Fund have been created in June 2016. The Fund
“Loomis Sayles Global Investment Grade Bond Fund” has not been launched as at December 31, 2016.
The Loomis Sayles U.S. Aggregate Bond Fund was liquidated as at July 29, 2016.
A new prospectus entered into force in December 2016. The principle changes implemented in this
prospectus may be summarized as follows: o Fund denominated “Dorval Lux Convictions Fund” created on December 21, 2016.
There have been no other significant events affecting the Umbrella Fund during the year ended December 31, 2016.
Note 19 – SUBSEQUENT EVENTS
The Vaughan Nelson U.S. Mid Cap Equity Fund and the IDFC India Equities Fund were liquidated on March 20, 2017 and April 5, 2017 respectively, due to economic rationalization.
The Board of Directors of Natixis International Funds (Lux) I in agreement with the Luxembourg Stock
Exchange, has decided to de-list from the official list of the Luxembourg Stock Exchange the share classes
of Natixis International Funds (Lux) I. The withdrawal from the official list of the Luxembourg Stock
Exchange will be effective as of June 1, 2017.
There are no subsequent events to be disclosed as from December 31, 2016.
Natixis International Funds (Lux) I
Appendix I
Additional Information
SAVINGS DIRECTIVE (unaudited) The Law of June 21, 2005, (the “Law”) has implemented into Luxembourg law the Council Directive 2003/48/EC on the taxation of savings income in the form of interest payments (the
“Savings Directive”). It seeks to ensure that individuals residents in an EU Member State who receive interest payments from another Member State are taxed in the Member State in which they are resident for the tax purposes. The Savings Directive targets payments in the form of interest payments from debt claims (“Taxable Income”) made in a member state of the European Union (a “Member State”) to
individuals (“Beneficiaries”) residing in another Member State. Under the Savings Directive,
Member States are required to provide the tax authorities of the Beneficiary’s Member State with details on payments of Taxable Income made and the identity of the respective Beneficiaries (“Exchange of Information”). For a transitional period some countries (amongst which Luxembourg) shall however apply a withholding tax system instead of an exchange of information. Although the territorial scope of the Directive is limited to the EU arrangements and agreements have been concluded with 7 dependent or associated territories –(Aruba, British Virgin Islands, Curaçao, Guernsey, Isle of Man, Jersey, Montserrat and Sint Maarten –
and 5 third countries – Switzerland, Liechtenstein, San Marino, Monaco and Andorra – to ensure a level playing field. However, on 24 March 2014, the Council of the European Union adopted a Council Directive which, inter alia, amends and broadens the scope of the EU Savings Directive to include
notably (i) payments made through certain intermediate structures (whether or not
established in a EU Member State) for the ultimate benefit of an European Union resident individual, and (ii) a wider range of income similar to interest. Luxembourg confirmed amendments to the EU Savings Directive and provide the required information on interest payments to the tax authorities of other EU Member States under the automatic information exchange as of 1 January 2015 and abolish the withholding tax system. Luxembourg, to that effect, adopted the law dated 25 November 2014 abolishing the withholding tax system as from 1 January 2015 and replacing it by the automatic exchange of
information. The amended EU Savings Directive transposed by Member States before 1 January 2016. Dividends distributed by the Umbrella Fund will fall into the scope of the Savings Directive if more than 15% of the relevant portfolio’s assets are invested in debt claims (as defined in the Law). Redemption proceeds realised by shareholders on the disposal of shares will fall into the
Scope of the Savings Directive if more than 40% of the relevant fund assets are invested in
debt claims. The Umbrella Fund is authorised to reject any application for shares if the applying investor does not provide the Umbrella Fund with complete and satisfactory information required by the Law.
Natixis International Funds (Lux) I
Appendix I
Additional Information (continued)
SAVINGS DIRECTIVE (unaudited)
Name of the Funds Method used to determine
the status
Tax status for Tax status for
redemption
(2) distribution
(2)
Emerise Asia Equity Fund O O AT
Emerise Emerging Europe Equity Fund O O AT
Emerise Emerging Latin America Equity Fund O O AT
Emerise Pacific Rim Equities Fund O O AT
Harris Associates Concentrated U.S. Equity Fund O O AT
Harris Associates Global Equity Fund O O AT
Harris Associates U.S. Equity Fund O O AT
IDFC India Equities Fund O O AT
Loomis Sayles Global Growth Equity Fund (1) O O AT
Loomis Sayles U.S. Growth Equity Fund (1) O O AT
Loomis Sayles U.S. Research Fund O O AT
Natixis Europe Smaller Companies Fund O O AT
Vaughan Nelson U.S. Mid Cap Equity Fund O O AT
Vaughan Nelson U.S. Small Cap Value Fund O O AT
Loomis Sayles Duration Hedged Global Corporate Bond Fund I I AT
Loomis Sayles Emerging Debt and Currencies Fund I I AT
Loomis Sayles Global Credit Fund I I AT
Loomis Sayles Institutional Global Corporate Bond Fund I I AT
Loomis Sayles Institutional High Income Fund I I AT
Loomis Sayles Short Term Emerging Markets Bond Fund I I AT
Loomis Sayles Strategic Alpha Bond Fund I I AT
Loomis Sayles Sustainable Global Corporate Bond Fund I I AT
Loomis Sayles U.S. Aggregate Bond Fund(1) I I AT
Loomis Sayles U.S. Core Plus Bond Fund I I AT
Natixis Euro Aggregate Plus Fund I I AT
Natixis Euro High Income Fund I I AT
Natixis Global Inflation Fund I I AT
Natixis Short Term Global High Income Fund I I AT
ASG Managed Futures Fund (1) I I AT
Loomis Sayles Global Multi Asset Income Fund (1) I I AT I = in scope of the law O = out of scope of the law AT = asset testing (1) See Note 1. (2) For the fiscal year of 2016.
Natixis International Funds (Lux) I
Appendix II
INFORMATION ON GLOBAL MARKET RISK EXPOSURE (unaudited) The Management Company monitored the global market risk exposure of the Funds for the year ended December 31, 2016 utilizing the commitment approach except for the ASG Managed Futures Fund where the absolute Value at Risk (VaR) approach was used. VaR
During the year, the model utilized to calculate the absolute VaR is an historical model based on a 99% confident level for a holding period of 20 days and an observation period of 500 days. The ASG Managed Futures Fund’s global exposure is limited by a VaR limit of 15%. From June 13, 2016 to December 31, 2016, based on NGAM internal model, the low, high and average monthly VaR of the ASG Managed
Futures Fund were 4.49%, 12.12%, and 8.43%, respectively.
Leverage In managing the strategy of the ASG Managed Futures Fund, the Investment Manager does not utilize bank borrowing or efficient portfolio management transactions. However, the use of derivatives results in leverage. The level of leverage is calculated as the sum of the notional amounts of the derivatives used. As such, the level of leverage for the strategy from June 13, 2016 to December 31, 2016 averaged 719.81% of its net assets based on daily input data.
Natixis International Funds (Lux) I
Appendix III (unaudited)
Securities Financing Transaction Regulation (“SFTR”) introduces reporting requirements for securities
financing transactions (“SFTs”) and total return swaps.
A Securities Financing Transaction (SFT) is defined as per Article 3(11) of the SFTR as:
a repurchase/reverse repurchase agreement
securities or commodities lending and securities or commodities borrowing
a buy-sell back transaction or sell-buy back transaction, or
a margin lending transaction
As at December 31, 2016 the Funds held repurchase agreements as type of instruments under the scope
of the SFTR.
a. Global Data
The amount of assets across all SFTs as at December 31, 2016 is as follows:
Natixis Global Inflation Fund
Type of Asset Market Value % of NAV
Repurchase agreements € 3,442,664 9.27%
b. Concentration data
The largest (and unique) issuer for collateral securities as at December 31, 2016 is as follows:
Natixis Global Inflation Fund
Collateral Issuer Amount
1 US Goverment € 3,442,664
The largest (and unique) counterparty as at December 31, 2016 is as follows:
Natixis Global Inflation Fund
Security type Counterparty Amount
Repurchase agreements Royal Bank of Scotland € 3,442,664
c. Safekeeping of collateral granted
The proportion of collateral held in segregated, pooled or other accounts as at December 31, 2016 is as
follows:
Natixis Global Inflation Fund
% of Total Collateral
Segregated Accounts 100.00%
Pooled Accounts 00.00%
Other 00.00%
100.00%
The custodian of these assets is Brown Brothers Harriman (Luxembourg) S.C.A.
Natixis International Funds (Lux) I
Appendix IV (unaudited)
Remuneration disclosure for Natixis International Funds (Lux) I Annual Report
“The European Union Directive 2014/91/EU (known as the “UCITS V Directive”) came into effect on 18
March, 2016. NGAM S.A. as the Management Company of the Umbrella Fund has adopted a remuneration policy in order to meet the requirements of the UCITS V Directive in a way and to the extent that it is appropriate to the Management Company’s size, internal organization and the nature, scope and complexity of its activities. The remuneration policy is designed to promote sound and effective risk management and to discourage taking excessive risks for both the Management Company itself and for the funds it manages. The Policy is reviewed on an annual basis. The Company’s remuneration policy applies to staff whose professional activities have a material impact on
the risk profile of the Management Company (“Material Risk Takers”). All employees of NGAM SA receive a salary and are eligible to participate in an annual incentive plan, the
award granted under such incentive plan are variable and are determined on a number of factors, including the employees level in the organization, individual performance and also overall company performance. In addition, selected employees of the Management Company are eligible to participate in a long-term
incentive plan over a three year performance period which is subject to the participants continued employment within the group and may be subject to clawback in certain circumstances. The Management Company operates a fully flexible remuneration policy and NGAM SA does not provide guaranteed incentive compensation save during the first twelve months of employment. As an overarching approach, employee compensation and benefits are benchmarked against and intended to be aligned with local market practice, industry norms and are intended to be consistent with an
employee’s level of responsibility, experience, individual as well as with overall organizational performance. Individual employee performance assessments are based on a weighting of financial and non financial goals and objectives linked to the specific job scope and role and assessment of performance reflects an assessment of business and interpersonal skills and is linked to the achievement of the individual.
The remuneration policy of the Management Company is administered and overseen by a remuneration committee composed of member of executive management and the human resources team. Further
details on the remuneration policy are available by referring to the following website www.ngam.natixis.com/intl-regulatory-documents and a paper copy of such details is available on request and without charge. Due to the date on which the UCITS V Directive entered into force and given the period to which this annual report relates, the Management Company of the “Umbrella Fund”, as at 31 December 2016, has not
completed its first annual performance period in which it has to comply with Article 14(b) of the UCITS Directive and will therefore provide information (if any) on the outcome of the reviews referred to in Article 14(b) in the next annual report. As at 31 December 2016, the Umbrella Fund did not have any employees and the remuneration policy applied only to members of the Management Company’s management body (i.e., the board of directors).
The below represents a proportion of the total fixed remuneration of the staff of the Management Company attributable to all the funds it manages, taking into account UCITS and non-UCITS. The below amount has been proportionated to the total net assets of the fund and the number of staff of the Management Company. The organization of NGAM S.A. does not allow such amounts to be identified per fund managed. The figures below therefore show the amount of the remunerations on a pro-rata basis compared to the total assets
under management.
Natixis International Funds (Lux) I
Appendix IV (unaudited) (continued)
Remuneration disclosure for Natixis International Funds (Lux) I Annual Report Total amount of remuneration paid by NGAM, S.A. to its staff identified as 'Material Risk Takers' in the year ending December 31, 2016 is as follows:
Fixed Remuneration € 3,715,358 Variable Remuneration € 8,426,184
Total € 12,141,542 # of beneficiaries 20
Fixed remuneration includes 2016 base salary paid to employees, as well as the cash value of company
provided benefits. Variable remuneration consists of 2016 cash bonus and long term incentive payouts, as well as the grant value of outstanding long term incentive awards. In addition, the aggregate amount of remuneration is further broken down as follows:
Senior Management* € 6,148,698 Other members having a material impact on risk profile of funds
€ 5,992,844
Total € 12,141,542 # of other member beneficiaries
15
*Senior Management includes:
Guinamant, Herve Chemouny, Fabrice Jackson, Christopher Shafer, Matthew Urvoy, Jerome
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