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as at 31/12/13

Société d'Investissement à Capital Variable

Database Publishing System: CO-Reporter® by CO-Link, Belgium.

Unaudited semi-annual report

NATIXIS AM Funds

R.C.S. Luxembourg B 177 509

NATIXIS AM Funds

Table of Contents

Management and Administration 3 Consolidated statement of net assets 4 Sub-funds : NATIXIS AM Funds - Natixis Euro Bonds Opportunities 12 Months 6 NATIXIS AM Funds - Natixis Euro Short Term Credit 9 NATIXIS AM Funds - Natixis Euro Inflation 15 NATIXIS AM Funds - Natixis Euro Aggregate 18 NATIXIS AM Funds - Natixis Credit Opportunities 24 NATIXIS AM Funds - Natixis Euro Value Equity 29 NATIXIS AM Funds - Natixis Global Risk Parity 33 NATIXIS AM Funds - Seeyond Global Flexible Strategies 37 NATIXIS AM Funds - Seeyond Europe Minvariance 41 NATIXIS AM Funds - Seeyond Global Minvariance 46 NATIXIS AM Funds - Seeyond Volatility Equity Strategies 52 NATIXIS AM Funds - Natixis Global Emerging Equity 56 NATIXIS AM Funds - Natixis Global Currency 64 General information 67 No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current Prospectus supplemented by the latest annual report and the latest semi-annual report if published thereafter.

NATIXIS AM Funds

Management and Administration

REGISTERED OFFICE 5, Allée Scheffer

L-2520 Luxembourg

MANAGEMENT COMPANY AND PROMOTOR Natixis Asset Management

21 quai d’Austerlitz 75013 Paris F-France

BOARD OF DIRECTORS Chairman

Natixis Asset Management

Represented by Pascal Voisin, « Directeur Général » of Natixis Asset Management Directors Natixis Bank Represented by Eric Théron, « Directeur Général » of Natixis Bank Natixis Life Represented by Jean Marchès, « Directeur Général » of Natixis Life DEPOSITARY BANK CACEIS Bank Luxembourg

5, Allée Scheffer L-2520 Luxembourg

ADMINISTRATIVE AGENT, PAYING AGENT, LISTING AGENT, DOMICILIARY AND CORPORATE AGENT AND REGISTRAR AND TRANSFER AGENT

CACEIS Bank Luxembourg 5, Allée Scheffer L-2520 Luxembourg

INDEPENDENT AUDITORS KPMG Luxembourg S.à r.l.

9, Allée Scheffer L-2520 Luxembourg

4Page

NATIXIS AM FundsConsolidated

5Page

2,116,325,343.45Assets2,005,344,635.13Securities portfolio at market value1,992,268,098.93Cost price

13,076,536.20Unrealised profit on the securities portfolio6,087,603.69Options purchased at market value7,235,537.73Options purchased at cost

78,035,712.15Cash at banks and liquidities14,633,263.82Interest receivable4,128,876.53Brokers receivable1,835,900.96Subscriptions receivable

538,400.47Dividends receivable35,960.51Net unrealised appreciation on forward foreign exchange contracts

3,159,714.00Net unrealised appreciation on financial futures1,878,691.87Net unrealised appreciation on swaps

637,747.93Receivable on spot exchange8,836.39Other assets

60,228,590.42Liabilities4,790,000.00Options sold at market value4,420,000.00Options sold at cost

10,601,266.90Bank overdrafts3,822,018.57Brokers payable

21,682,411.58Repurchase agreements162,776.35Administration fees107,777.08Taxe d'abonnement payable195,912.48Accrued performance fees

15,650,576.80Redemptions payable98,708.66Net unrealised depreciation on forward foreign exchange contracts

317,967.11Net unrealised depreciation on financial futures2,128,379.87Accrued management fees payable

635,938.65Payable on spot exchange34,856.37Other liabilities

2,056,096,753.03Net asset value

NATIXIS AM Funds

Financial Statements as at 31/12/13

Expressed in EUR

Statement of net assets as at 31/12/13

Consolidated

6Page

NATIXIS AM Funds- Natixis Euro Bonds Opportunities 12 Months

7Page

121,921,294.96Assets119,326,901.12Securities portfolio at market value119,545,660.48Cost price

-218,759.36Unrealised loss on the securities portfolio280,108.94Cash at banks and liquidities

1,755,631.21Interest receivable558,653.69Subscriptions receivable

2,465,431.80Liabilities4,926.44Administration fees3,584.16Taxe d'abonnement payable

1,654,542.70Redemptions payable3,550.00Net unrealised depreciation on financial futures

798,791.15Accrued management fees payable37.35Other liabilities

119,455,863.16Net asset value

Financial statements as at 31/12/13

Expressed in EUR


NATIXIS AM Funds - Natixis Euro Bonds Opportunities 12 Months

Class I/A(EUR)Capitalisation shares 0.00 2,290.54 166.27 2,124.27

Class R/A(EUR)Capitalisation shares 0.00 863.35 90.30 773.05

Changes in number of shares outstanding from 18/12/13 to 31/12/13

Shares issued Shares redeemedShares

outstanding as at31/12/13

Sharesoutstanding as at

18/12/13

Key figures

Class I/A(EUR)

Capitalisation shares2,124.2753,420.68

Number of sharesNet asset value per share

EUR

Class R/A(EUR)

Capitalisation shares773.05

7,730.43Number of sharesNet asset value per share

EUR

Total Net Assets 119,455,863.16

31/12/13Period ending as at:

EUR

8Page

BELGIQUE OLO -54- 4.00 08-14 28/03A4,000,000.00 4,035,616.00 3.38EUR

Transferable securities admitted to an official stock exchange listing and/or dealt inon another regulated market 119,326,901.12 99.89

Bonds 118,320,661.12 99.05

Belgium 4,035,616.00 3.38

CIE DE FIN.FONCIER 2.25 12-15 21/08A500,000.00 514,510.00 0.43EURFrance 1,216,249.50 1.02

CM-CIC CB 2.75 11-14 11/02A700,000.00 701,739.50 0.59EUR

ITALY BTP 2.75 12-15 01/12S4,600,000.00 4,728,025.66 3.96EURItaly 49,622,817.42 41.54

ITALY BTP 3.00 10-15 01/11S8,000,000.00 8,256,073.84 6.91EURITALY BTP 3.00 10-15 15/04S11,000,000.00 11,272,741.34 9.43EURITALY BTP 3.75 05-15 01/08S6,800,000.00 7,068,284.28 5.92EURITALY BTP 3.75 06-16 01/08S6,000,000.00 6,316,167.69 5.29EURITALY BTP 3.75 11-16 15/04S8,000,000.00 8,405,144.61 7.03EURITALY BTP 4.25 11-14 01/07S1,500,000.00 1,525,008.46 1.28EURITALY BTP 4.75 11-16 15/09S1,900,000.00 2,051,371.54 1.72EUR

SPAIN 3.25 10-16 30/04A6,000,000.00 6,205,218.75 5.19EURSpain 61,310,092.41 51.32

SPAIN 3.30 09-14 31/10A5,600,000.00 5,704,720.00 4.78EURSPAIN 3.30 13-16 30/07A6,800,000.00 7,039,831.46 5.89EURSPAIN 4.25 08-14 31/01A3,300,000.00 3,307,681.92 2.77EURSPAIN 4.25 11-16 31/10A3,400,000.00 3,615,339.00 3.03EURSPAIN 3.75 12-15 31/10A7,700,000.00 8,022,225.75 6.72EURSPAIN 3.00 10-15 30/04A11,000,000.00 11,258,402.22 9.42EURSPAIN BTS 4.75 98-14 30/07A4,200,000.00 4,289,916.75 3.59EURSPAIN STRIP 3.15 05-16 31/01A11,500,000.00 11,866,756.56 9.93EUR

SWEDBANK EMTN 4.125 09-14 09/06A1,200,000.00 1,219,666.67 1.02EURSweden 1,219,666.67 1.02

ABN AMRO BANK 3.75 09-14 15/07A900,000.00 916,219.12 0.77EURThe Netherlands 916,219.12 0.77

AFD EMTN FL.R 12-15 26/01Q1,000,000.00 1,006,240.00 0.84EUR

Floating rate bonds 1,006,240.00 0.84

France 1,006,240.00 0.84

Total securities portfolio 119,326,901.12 99.89

Securities portfolio as at 31/12/13EURExpressed in

NATIXIS AM Funds - Natixis Euro Bonds Opportunities 12 Months

Quantity Denomination Quotationcurrency

% of netassetsMarket value

9Page

NATIXIS AM Funds- Natixis Euro Short Term Credit

10Page


-195,182.82Unrealised loss on the securities portfolio6,840,641.56Cash at banks and liquidities7,872,287.06Interest receivable

537,573.83Subscriptions receivable35,960.51Net unrealised appreciation on forward foreign exchange contracts

167,400.00Net unrealised appreciation on financial futures1,031,030.00Net unrealised appreciation on swaps

3,119,335.01Liabilities1,631,447.62Bank overdrafts

46,519.39Administration fees43,467.93Taxe d'abonnement payable

1,219,603.45Redemptions payable171,494.99Accrued management fees payable

6,801.63Other liabilities



Expressed in EUR


NATIXIS AM Funds - Natixis Euro Short Term Credit

Class M/A(EUR)Capitalisation shares 0.00 10,192.29 4,219.65 5,972.64


Class I/D(EUR)Distribution shares 0.00 4,139.00 0.00 4,139.00


Class RE/A(EUR)Capitalisation shares 0.00 1.00 0.00 1.00





22/10/13

11Page

Key figures


Class M/A(EUR)



EUR

Class I/A(EUR)



EUR

Class I/D(EUR)

Distribution shares4,139.0010,064.06


EUR

Class R/A(EUR)


100.55Number of sharesNet asset value per share

EUR

Class RE/A(EUR)



EUR



EUR

12Page

MACQUARIE BANK 2.50 13-18 18/09A2,000,000.00 2,044,240.00 0.38EUR


Bonds 360,745,370.76 67.40

Australia 2,044,240.00 0.38

FSA GLOBAL FDG 6.11 00-15 29/06A8,000,000.00 8,160,000.00 1.52EURCayman Islands 8,160,000.00 1.52

TDC AS 3.50 11-15 23/02A2,000,000.00 2,061,812.00 0.39EURDenmark 2,061,812.00 0.39

ACCOR 2.50 13-19 21/03A1,200,000.00 1,200,214.67 0.22EURFrance 56,974,689.92 10.65

AUCHAN 3.00 11-16 02/12A1,000,000.00 1,057,267.27 0.20EURBANQUE PSA FINANCE 3.625 10-14 29/04A400,000.00 402,561.33 0.08EURBNP PARIBAS 1.50 13-18 12/03A2,500,000.00 2,491,692.50 0.47EURBNP PARIBAS 3.00 12-17 24/02A600,000.00 632,361.81 0.12EURBPCE 1.75 12-16 14/03A5,000,000.00 5,077,100.00 0.95EURCAP GEMINI SOGETI SA 5.25 11-16 29/11A7,800,000.00 8,631,402.00 1.61EURCARREFOUR BANQUE 2.875 12-15 25/09A3,908,000.00 4,036,429.91 0.75EURCARREFOUR EMTN 1.875 12-17 19/12A2,400,000.00 2,426,837.53 0.45EURCREDIT AGRICOLE SA 4.30 07-19 30/04Q3,000,000.00 3,097,340.00 0.58EURDANONE 1.125 12-17 27/11A2,000,000.00 1,986,982.50 0.37EURFRANCE TELECOM 1.875 13-18 03/09A3,400,000.00 3,398,848.86 0.64EURICADE SA 2.25 13-19 30/01A1,500,000.00 1,501,773.75 0.28EURPPR SA 7.75 09-14 03/06A950,000.00 975,593.00 0.18EURRCI BANQUE 4.00 11-16 16/03A6,000,000.00 6,340,653.34 1.18EURRCI BANQUE EMTN 5.625 12-15 13/03A3,000,000.00 3,159,545.45 0.59EURSOCIETE GENERAL 2.375 12-15 13/07A1,000,000.00 1,023,588.46 0.19EURSOCIETE GENERALE 6.999 07-17 19/12A1,000,000.00 1,086,390.00 0.20EURSOCRAM 2.125 13-16 23/02A4,000,000.00 4,002,800.00 0.75EURTHALES 1.625 13-18 20/03A1,000,000.00 1,001,067.14 0.19EURUNIBAIL RODAMCO EMTN 1.875 13-18 08/10A3,200,000.00 3,193,030.40 0.60EUR3CIF 3.75 11-14 10/03A250,000.00 251,210.00 0.05EUR

ALLIED IRISH BANKS 5.625 09-14 12/11A5,000,000.00 5,144,375.00 0.97EURIreland 31,142,204.13 5.82

ALLIED IRISH REGS 2.875 13-16 28/11A2,600,000.00 2,588,846.00 0.48EURBANK OF IRELAND MTGE 3.125 12-15 20/11A2,000,000.00 2,065,986.66 0.39EURBANK OF IRLAND MRT BK 1.875 13-17 13/05A4,400,000.00 4,405,041.14 0.82EURBORD GAIS EIREANN 3.625 12-17 04/12A3,100,000.00 3,289,384.17 0.61EURFGA CAPITAL IRE 5.25 12-14 28/02A600,000.00 603,586.00 0.11EURFGA CAPITAL IRE EMTN 4.375 12-14 18/09A3,900,000.00 3,971,864.00 0.74EURGE CAP EURO FUNDING 3.75 11-16 04/04A500,000.00 530,231.16 0.10EURGE CAPITAL EUROP FUND 4.125 06/16 27/10A6,000,000.00 6,492,440.00 1.22EURPERMANENT TSB GROUP 4.00 10-15 10/03A2,000,000.00 2,050,450.00 0.38EUR

ASSICURAZ GENERALI 4.875 09-14 11/11A2,000,000.00 2,067,296.00 0.39EURItaly 55,642,151.93 10.40

BANCA CARIGE 6.75 12-17 20/03A12,900,000.00 14,384,016.00 2.68EURBANCA POP MILANO 3.50 09-16 17/10A1,000,000.00 1,022,377.50 0.19EURBANCO POPOLARE COV.BD 3.625 10-17 31/03A2,500,000.00 2,553,293.75 0.48EURBANCO POPOLARE SC 3.75 13-16 28/01A1,500,000.00 1,512,585.00 0.28EURINTESA SAN PAOLO 5.00 12-17 28/02A2,200,000.00 2,385,990.75 0.45EURITALY BTP 2.75 13-16 15/11A3,000,000.00 3,080,725.00 0.58EURMEDIOBANCA 3.75 12-15 12/10A5,807,000.00 6,007,036.63 1.11EURMEDIOBANCA EMTN 4.625 11-16 11/10A400,000.00 425,667.43 0.08EURSNAM 2.375 13-17 30/06A5,200,000.00 5,339,136.40 1.00EURSNAM EMTN 2.00 12-15 13/11A2,000,000.00 2,032,492.00 0.38EURUBI BANCA 2.75 13-17 28/04A4,400,000.00 4,425,044.80 0.83EURUBI BANCA EMTN 3.75 12-15 30/10A2,000,000.00 2,067,586.67 0.39EURUNICREDIT 2.25 13-16 16/12A2,900,000.00 2,922,794.00 0.55EURUNICREDIT 4.875 12-17 07/03A5,000,000.00 5,416,110.00 1.01EUR

GLENCORE FINANCE 7.125 08-15 23/04A4,000,000.00 4,313,080.00 0.80EURLuxembourg 4,939,951.88 0.92

PROLOGIS INTL II EMTN 2.75 13-18 23/10A625,000.00 626,871.88 0.12EUR

EDP ENERGIAS DE PORT 6.00 11-14 07/12S1,783,000.00 1,832,924.00 0.34EURPortugal 3,923,096.00 0.73

REFER-REDE FERROVIARA 4.00 05-15 16/03A2,100,000.00 2,090,172.00 0.39EUR





13Page

INDUS.BK OF KOREA 2.00 13-18 30/10A3,000,000.00 2,972,520.00 0.56EURSouth Korea 6,501,600.00 1.21

KOREA DEV BANK 1.50 13-18 30/05A3,600,000.00 3,529,080.00 0.65EUR

AMADEUS CAP MARKT 4.875 11-16 15/07A4,100,000.00 4,467,515.80 0.83EURSpain 68,740,238.40 12.84

BANCO PASTOR 4.375 09-14 16/06A3,000,000.00 3,040,395.00 0.57EURBANCO SABADELL 2.50 13-16 05/12A7,000,000.00 6,989,010.00 1.31EURCAIXABANK 3.25 10-15 25/02A2,000,000.00 2,021,100.00 0.38EURCAIXABANK EMTN 2.50 13-17 08/04A4,700,000.00 4,772,834.34 0.89EURCAJA AHORROS BARCEL. 5.125 11-16 27/04A800,000.00 868,049.33 0.16EURFADE 2.25 13-16 17/12A7,000,000.00 7,018,917.50 1.31EURFADE 2.875 13-16 17/09A3,600,000.00 3,672,396.00 0.69EURG CATALUNYA 3.875 10-15 07/04A500,000.00 507,017.50 0.09EURGAS NATURAL CAPITAL 4.375 09-16 02/11A2,000,000.00 2,165,376.67 0.40EURGENERALITAT CATALUNYA 5.00 12-14 29/04Q600,000.00 603,840.00 0.11EURICO 2.375 13-15 31/10A4,000,000.00 4,059,928.88 0.76EURMAPFRE 5.125 12-15 16/11A4,200,000.00 4,457,922.00 0.83EURSPAIN 3.25 10-16 30/04A12,500,000.00 12,927,539.06 2.43EURSPAIN STRIP 3.80 06-17 31/01A10,400,000.00 10,940,468.50 2.04EURTELEFONICA EMTN 5.811 12-17 05/09A200,000.00 227,927.82 0.04EUR

SCANIA CV AB 1.625 12-17 14/09A3,000,000.00 3,028,170.00 0.57EURSweden 4,060,094.54 0.76

SWEDBANK EMTN 2.375 12-16 04/04A1,000,000.00 1,031,924.54 0.19EUR

ALLIANZ FINANCE II 1.375 13-18 13/03A600,000.00 600,820.80 0.11EURThe Netherlands 29,783,630.53 5.57

EDP FINANCE 5.75 12-17 21/09A200,000.00 219,526.67 0.04EURENEL FINANCE INTL 4.625 11-15 24/06A2,000,000.00 2,100,811.11 0.39EURING BANK SUB.(LT II) 4.625 04-19 15/03A8,000,000.00 7,970,400.00 1.50EURKONINKLIJKE KPN NV 6.50 08-16 15/01A4,200,000.00 4,644,831.33 0.87EURLEASEPLAN CORP 4.125 12-15 13/01A1,000,000.00 1,033,632.00 0.19EURNOMURA EUR.FIN.EMTN 1.875 13-18 29/05A6,400,000.00 6,267,072.00 1.18EURRABOBANK NEDERLAND 4.375 09-16 05/05A2,500,000.00 2,696,084.62 0.50EURREPSOL SA EMTN 4.25 11-16 12/02A4,000,000.00 4,250,452.00 0.79EUR

XSTRATA FIN REG S 1.75 12-16 19/05A3,000,000.00 3,025,490.00 0.57EURUnited Arab Emirates 3,025,490.00 0.57

ABBEY NATL TREAS 3.375 10-15 20/10A4,000,000.00 4,171,746.66 0.78EURUnited Kingdom 61,596,069.40 11.50

ANGLO AMER CAPITAL 1.75 13-17 20/11A5,900,000.00 5,843,700.88 1.09EURCO-OPERATIVE BANK PLC 2.375 12-15 23/10A4,200,000.00 4,074,000.00 0.76EURCREDIT AGRICOLE 3.00 10-15 20/07A2,000,000.00 2,066,154.00 0.39EURCREDIT AGRICOLE LDN 1.875 12-17 18/10A1,000,000.00 1,015,798.89 0.19EURFCE BANK EMTN 1.625 13-16 09/09A8,200,000.00 8,253,733.42 1.54EURLLOYDS BANK 1.875 13-18 10/10A2,200,000.00 2,206,404.20 0.41EURLLOYDS TSB BANK EMTN 6.375 09-16 17/06A8,000,000.00 9,021,280.00 1.69EURROYAL BK OF SCOTL 1.50 13-16 28/11A4,100,000.00 4,115,483.10 0.77EURSTANDARD CHARTERED 1.625 13-18 20/11A10,000,000.00 9,816,140.00 1.82EURSTANDARD CHARTERED 5.875 07-17 26/09A5,000,000.00 5,646,600.00 1.06EURTESCO EMTN 1.25 13-17 13/11A5,400,000.00 5,365,028.25 1.00EUR

BANK OF AMERICA 1.35 13-16 21/11S3,000,000.00 2,145,360.86 0.40USDUnited States of America 22,150,102.03 4.14

BANK OF AMERICA EMTN 7.00 09-16 15/06A2,000,000.00 2,277,782.50 0.43EURGOLDMAN SACHS GR.GMTN 4.50 07-17 30/01A1,200,000.00 1,305,278.40 0.24EURMONDELEZ INTL 1.125 13-17 26/01A6,000,000.00 5,985,468.00 1.12EURMORGAN STANLEY 2.25 13-18 12/03S2,800,000.00 2,839,412.80 0.53EURMORGAN STANLEY 4.375 06-16 10/12A2,000,000.00 2,160,197.50 0.40EURMORGAN STANLEY 4.50 11-16 23/02A2,000,000.00 2,134,995.38 0.40EURSES GLOBAL AMERICAS 1.875 13-18 24/10A1,400,000.00 1,390,755.34 0.26EURWACHOVIA CORP -SUB- 4.375 06-18 27/11A1,750,000.00 1,910,851.25 0.36EUR

FORTIS BANK EMTN FL.R 06-21 23/03A505,000.00 526,449.88 0.10EUR


Belgium 11,664,776.21 2.18

FORTIS BANQUE -SUB FL.R 04-XX 31/12A11,050,000.00 11,138,326.33 2.08EUR

AXA EMTN PERP. SUB FL.R 06-XX 06/07A6,720,000.00 7,008,108.80 1.31EURFrance 42,824,724.13 8.01

BFCM EMTN FL.R 05-15 28/10A5,000,000.00 5,100,000.00 0.95EUR





14Page

BPCE PERPETUAL FL.R 10-49 17/03A1,500,000.00 1,587,500.00 0.30EURCNCEP EMTN FL.R 04-XX 29/07A2,000,000.00 2,030,000.00 0.38EURCNCEP EMTN SUB FL.R 03-XX 30/07A6,000,000.00 6,044,760.00 1.13EURFIN CREDIT MUTUEL FL.R 05-15 30/03A4,000,000.00 3,992,000.00 0.75EURNATEXIS BANQUE POP FL.R 05-XX 25/01A2,390,000.00 1,953,825.00 0.37EURNATIXIS EMTN FL.R 07-19 14/05A3,650,000.00 3,677,375.00 0.69EURNATIXIS PERPETUAL FL.R 07-49 18/10A1,500,000.00 1,569,520.00 0.29EURSOCIETE GENERALE FL.R 13-16 22/01Q1,600,000.00 1,609,589.33 0.30EURSOLVAY FIN SUB FL.R 13-XX 12/05A1,400,000.00 1,433,216.40 0.27EURSUEZ ENV. CIE FL.R 10-XX 21/09A6,600,000.00 6,818,829.60 1.27EUR

ALLIANZ EMTN FL.R 04-XX 29/01A1,600,000.00 1,600,384.00 0.30EURGermany 10,097,874.20 1.89

RWE FL.R 10-XX 28/09A8,300,000.00 8,497,490.20 1.59EUR

BANCA POP. MILAN.EMTN FL.R 05-15 29/06Q1,000,000.00 958,460.00 0.18EURItaly 4,953,545.71 0.93

UNICREDITO ITAL.EMTN FL.R 04-19 22/09A4,000,000.00 3,995,085.71 0.75EUR

HSBC CAP FDG SUB FL.R 04-XX 29/12A1,500,000.00 1,574,790.00 0.29EURJersey Island 4,786,540.00 0.89

UBS CAPITAL FL.R 07-XX 29/12A2,900,000.00 3,211,750.00 0.60EUR

BCO BILBAO VIZCAYA FL.R 04-19 20/10A4,000,000.00 3,761,906.67 0.70EURSpain 4,467,999.17 0.83

SANT.ISSUANCE EMTN FL.R 07-19 29/05A750,000.00 706,092.50 0.13EUR

VOLVO TREASURY AB FL.R 13-16 16/05Q4,000,000.00 4,021,706.67 0.75EURSweden 4,021,706.67 0.75

ABN AMRO BANK FL.R 13-17 05/12Q6,000,000.00 5,989,800.00 1.12EURThe Netherlands 21,709,615.46 4.06

ABN AMRO BANK REGS 2.50 13-17 13/11A5,000,000.00 3,662,070.46 0.68USDACHMEA HYPHOTEEKBANK FL.R 13-15 23/01Q5,000,000.00 5,007,750.00 0.94EURALLIANDER SUB FL.R 13-XX 27/11A1,000,000.00 1,013,675.00 0.19EURING BANK EMTN SUB FL.R 05-20 16/09A6,000,000.00 6,036,320.00 1.13EUR

BARCLAYS BK EMTN SUB FL.R 04-19 04/03A1,740,000.00 1,744,367.40 0.32EURUnited Kingdom 3,022,856.88 0.56

CA LONDON FL.R 12-15 14/02Q1,000,000.00 1,009,780.00 0.19EURRBS FL.R 10-16 22/02S269,000.00 268,709.48 0.05EUR

BANK OF AMERICA-SUB- FL.R 06-18 28/03A4,000,000.00 3,845,000.00 0.72EURUnited States of America 25,488,152.61 4.76

CITIGROUP EMTN SUB FL.R 07-17 31/05A4,000,000.00 3,889,666.66 0.73EURCITIGROUP INC FL.R 04-19 10/02Q5,500,000.00 5,429,233.33 1.00EURDEUTSCHE CAP TR.EMTN FL.R 03-XX 19/09A1,500,000.00 1,428,835.00 0.27EURGOLDMAN SACHS GRP FL.R 07-17 30/01Q1,000,000.00 983,734.28 0.18EURJP MORGAN CHASE BANK FL.R 06-21 30/11A5,000,000.00 5,223,133.34 0.98EURMERRILL LYNCH EMTN FL.R 06-18 14/09Q5,000,000.00 4,688,550.00 0.88EUR

SUNRISE SRL -A- FL.R 09-31 27/08Q7,117,435.68 7,015,485.53 1.31EUR

Mortgage and asset backed securities 7,015,485.53 1.31

Italy 7,015,485.53 1.31

FACET 1 A1 FL.R 12-16 13/06M5,000,000.00 5,030,140.00 0.94EUR

Other transferable securities 8,325,361.53 1.56


France 5,030,140.00 0.94

BESME 1 A1X FL.R 13-57 31/05Q3,259,378.15 3,295,221.53 0.62EURItaly 3,295,221.53 0.62

NATIXIS PERSPECTIVE 12M - PARTS -I- 4DEC17.00 2,033,495.80 0.38EUR

Shares/Units of UCITS/UCI 12,661,963.89 2.37

Shares/Units in investment funds 12,661,963.89 2.37

France 2,033,495.80 0.38

NATIXIS CREDIT OPPORTUNITIES I/A(EUR)39.00 2,100,708.09 0.39EURLuxembourg 10,628,468.09 1.99

NIFLI EURO HI -Q/A(EUR) CAP42,720.00 5,703,120.00 1.07EURNIFLI SH.TERM GLB HIGH INCOME H-IC EURO28,000.00 2,824,640.00 0.53EUR






15Page

NATIXIS AM Funds- Natixis Euro Inflation

16Page


-47,217.80Unrealised loss on the securities portfolio1,445,852.57Cash at banks and liquidities

472,137.86Interest receivable

68,121.47Liabilities3,486.08Administration fees2,089.97Taxe d'abonnement payable

29,870.32Redemptions payable10,280.00Net unrealised depreciation on financial futures22,243.80Accrued management fees payable

151.30Other liabilities



Expressed in EUR


NATIXIS AM Funds - Natixis Euro Inflation

Class I/A(EUR)Capitalisation shares 0.00 1,922,593.20 5,079.71 1,917,513.49

Class R/A(EUR)Capitalisation shares 0.00 76,454.07 22,245.27 54,208.80





13/12/13

Key figures

Class I/A(EUR)

Capitalisation shares1,917,513.49


EUR

Class R/A(EUR)

Capitalisation shares54,208.80


EUR



EUR

17Page

CADES INDEXEE 1.85 04-19 25/07A1,500,000.00 1,881,508.61 2.49EUR


Bonds 67,395,831.67 89.27

France 31,550,887.18 41.79

FRANCE BTAN INDEXED 0.45 11-16 25/07A200,000.00 216,097.24 0.29EURFRANCE OAT INDEXED 0.10 12-21 25/07A700,000.00 689,361.43 0.91EURFRANCE OAT INDEXED 0.25 11-18 25/07A435,816.00 460,128.11 0.61EURFRANCE OAT INDEXED 0.25 13-24 25/07A1,000,000.00 957,879.28 1.27EURFRANCE OAT INDEXED 1.00 05-17 25/07A2,150,000.00 2,563,890.91 3.40EURFRANCE OAT INDEXED 1.10 10-22 25/07A3,795,000.00 4,301,856.46 5.70EURFRANCE OAT INDEXED 1.30 10-19 25/07A630,000.00 719,016.42 0.95EURFRANCE OAT INDEXED 1.60 04-15 25/07A515,000.00 637,793.76 0.84EURFRANCE OAT INDEXED 1.80 06-40 25/07A1,930,000.00 2,495,849.96 3.31EURFRANCE OAT INDEXED 1.85 10-27 25/07A1,985,000.00 2,351,583.93 3.11EURFRANCE OAT INDEXED 2.10 08-23 25/07A2,120,000.00 2,627,719.25 3.48EURFRANCE OAT INDEXED 2.25 03-20 25/07A4,090,000.00 5,647,627.89 7.48EURFRANCE OAT INDEXED 3.15 02-32 25/07A1,995,000.00 3,307,342.98 4.38EURFRANCE OAT INDEXED 3.40 99-29 25/07A1,600,000.00 2,693,230.95 3.57EUR

BRD INDEXED 0.10 12-23 15/04A2,150,000.00 2,168,232.81 2.87EURGermany 9,523,897.83 12.62

BRD INDEXED 0.75 11-18 15/04A3,600,000.00 3,970,834.20 5.27EURBRD INDEXED 1.50 06-16 15/04A200,000.00 241,754.64 0.32EURBRD INDEXED 1.75 09-20 15/04U2,600,000.00 3,143,076.18 4.16EUR

ITALY BTPSI (INDEXEE) 2.55 09-41 15/09S1,600,000.00 1,509,625.07 2.00EURItaly 26,321,046.66 34.86

ITALY INFL. INDEX 1.70 13-18 15/09S1,500,000.00 1,516,994.67 2.01EURITALY INFL. INDEX 2.10 06-17 15/09S3,000,000.00 3,574,625.04 4.73EURITALY INFL. INDEX 2.10 10-21 15/09S3,750,000.00 3,951,551.58 5.23EURITALY INFL. INDEX 2.15 03-14 15/09S3,254,000.00 4,011,472.98 5.31EURITALY INFL. INDEX 2.35 04-35 15/09S2,750,000.00 2,987,904.46 3.96EURITALY INFL. INDEX 2.35 08-19 15/09S3,500,000.00 3,949,498.08 5.23EURITALY INFL. INDEX 2.60 07-23 15/09S3,520,000.00 3,954,883.88 5.24EURITALY INFL. INDEX 3.10 11-26 15/09S800,000.00 864,490.90 1.15EUR

NIFLI GL INFL -DH-I/A(EUR)-CAP60,956.19 6,249,838.06 8.28EUR



Luxembourg 6,249,838.06 8.28



NATIXIS AM Funds - Natixis Euro Inflation



18Page

NATIXIS AM Funds- Natixis Euro Aggregate

19Page


-747,700.30Unrealised loss on the securities portfolio22,702,873.45Cash at banks and liquidities3,116,251.13Interest receivable

277,200.43Subscriptions receivable69,095.81Net unrealised appreciation on financial futures

22,708,248.06Liabilities90,725.57Bank overdrafts

21,682,411.58Repurchase agreements17,231.33Administration fees5,273.78Taxe d'abonnement payable

702,678.80Redemptions payable79,520.13Net unrealised depreciation on forward foreign exchange contracts




Expressed in EUR


NATIXIS AM Funds - Natixis Euro Aggregate


Class I/D(EUR)Distribution shares 0.00 201.99 2.73 199.26


Class R/D(EUR)Distribution shares 0.00 12,191.03 528.06 11,662.97





18/11/13

20Page

Key figures


Class I/A(EUR)



EUR

Class I/D(EUR)

Distribution shares199.26


EUR

Class R/A(EUR)



EUR

Class R/D(EUR)

Distribution shares11,662.97


EUR



EUR

21Page

COMMONW BK AUSTRALIA 4.375 10-20 25/02A600,000.00 676,402.00 0.38EUR


Bonds 154,287,238.23 86.20

Australia 1,598,286.50 0.89

TELSTRA CORP EMTN 3.75 11-22 16/05A850,000.00 921,884.50 0.51EUR

TELEKOM FINANZ 3.50 13-23 04/07A600,000.00 593,246.00 0.33EURAustria 593,246.00 0.33

BELGIQUE OLO -60- 4.25 10-41 28/03A600,000.00 683,945.50 0.38EURBelgium 8,255,340.17 4.61

BELGIQUE OLO -64- 4.50 11-26 28/03A2,500,000.00 2,908,336.54 1.62EURBELGIQUE OLO -65- 4.25 12-22 28/09A3,800,000.00 4,356,672.13 2.44EURDELHAIZE GROUP 3.125 12-20 27/02A300,000.00 306,386.00 0.17EUR

DANSKE BANK EMTN 3.875 11-16 18/05A1,000,000.00 1,066,910.83 0.60EURDenmark 1,066,910.83 0.60

ACCOR 2.50 13-19 21/03A900,000.00 900,161.00 0.50EURFrance 33,748,721.40 18.86

AUTOROUTES DU SUD FRA 2.875 13-23 18/01A300,000.00 300,000.60 0.17EURBFCM 1.625 13-18 11/01A500,000.00 499,333.75 0.28EURBNP PARIBAS 2.875 13-23 26/09A1,200,000.00 1,211,677.34 0.68EURBOUYGUES 4.50 12-22 09/02A600,000.00 672,408.67 0.38EURBPCE 0.00 11-17 15/07U739,600.00 851,198.24 0.48EURBPCE 3.75 11-21 13/09A400,000.00 447,402.87 0.25EURCARREFOUR BANQUE 2.875 12-15 25/09A501,000.00 517,464.53 0.29EURCASINO GUICHARD 3.994 12-20 09/03A300,000.00 321,807.00 0.18EURCDC 4.125 09-19 20/02A4,200,000.00 4,735,640.00 2.64EURCFFL 3.625 10-18 26/02A800,000.00 879,528.00 0.49EURCM ARKEA 4.50 12-17 23/01A200,000.00 219,202.00 0.12EURCREDIT AGRICOLE 1.875 12-19 20/09A1,800,000.00 1,829,162.58 1.02EURCREDIT AGRICOLE 4.00 04-16 22/12Q800,000.00 805,800.00 0.45EURCRH 3.90 11-23 20/10A1,200,000.00 1,354,815.43 0.76EURDEXIA CLF 2.625 10-14 21/01A1,300,000.00 1,301,404.00 0.73EUREUTELSAT 2.625 13-20 13/01A300,000.00 297,190.20 0.17EURFRANCE GOVT 4.50 09-41 25/04A2,100,000.00 2,522,641.15 1.41EURFRANCE OAT 5.75 00-32 25/10A7,800,000.00 10,686,799.50 5.96EURLEGRAND SA 3.375 12-22 19/04A400,000.00 422,136.00 0.24EURSANOFI 1.875 13-20 04/09A400,000.00 395,360.67 0.22EURSANOFI 2.50 13-23 14/11A300,000.00 295,555.00 0.17EURSCHNEIDER ELECTRIC 3.75 11-18 12/07A700,000.00 763,315.87 0.43EURVALLOUREC SA 4.25 11-17 14/02A600,000.00 651,114.00 0.36EURVIVENDI 4.125 12-17 18/07A800,000.00 867,603.00 0.48EUR

BRD 2.50 12-44 04/07A200,000.00 189,673.86 0.11EURGermany 2,307,555.95 1.29

BRD 4.75 98-28 04/07A1,000,000.00 1,277,226.67 0.71EURBRD 4.00 05-37 04/01A100,000.00 121,021.00 0.07EURDAIMLER AG 2.125 12-18 27/06A700,000.00 719,634.42 0.40EUR

GE CAP EUR FD 2.875 12-19 18/06A800,000.00 832,084.66 0.46EURIreland 8,511,972.93 4.76

IRELAND TREASURY BOND 4.60 99-16 18/04A6,000,000.00 6,497,886.67 3.64EURIRISH GOVT TREASURY 5.40 09-25 13/03A1,040,000.00 1,182,001.60 0.66EUR

AEROPORTI DI ROMA SPA 3.25 13-21 20/02A200,000.00 201,537.50 0.11EURItaly 38,816,137.55 21.68

ATLANTIA EMTN 2.875 13-21 26/02A300,000.00 300,006.27 0.17EURATLANTIA SPA 3.375 10-17 18/09A600,000.00 632,443.80 0.35EURATLANTIA SPA 4.375 12-20 16/03A300,000.00 328,669.80 0.18EURA2A 4.50 12-19 28/11A300,000.00 323,054.40 0.18EURINTESA SAN PAOLO SPA 4.375 12-19 15/10A1,400,000.00 1,487,861.45 0.83EURINTESA SANPAOLO EMTN 3.75 12-19 25/09A400,000.00 432,038.86 0.24EURITALY BTP 4.25 03-19 01/02S8,500,000.00 9,101,623.93 5.09EURITALY BTP 4.75 08-23 01/08S10,800,000.00 11,546,071.72 6.45EURITALY BTP 5.75 02-33 01/02S1,200,000.00 1,366,070.57 0.76EURITALY BTP 5.00 03-34 01/08S3,700,000.00 3,848,673.92 2.15EURLUXOTTICA GROUP 3.625 12-19 19/03A400,000.00 432,514.66 0.24EURSNAM EMTN 3.50 12-20 13/02A600,000.00 631,107.27 0.35EURTERNA EMTN 4.875 09-19 03/10A300,000.00 343,519.88 0.19EUR





22Page

UBI BANCA EMTN 3.75 12-15 30/10A1,000,000.00 1,033,793.34 0.58EURUNICREDIT 1.875 13-19 31/01A2,400,000.00 2,373,317.34 1.33EURUNICREDIT 2.25 13-16 16/12A700,000.00 705,502.00 0.39EURUNICREDIT 2.625 13-20 31/10A2,200,000.00 2,203,820.00 1.23EURUNICREDIT 4.00 12-18 31/01A700,000.00 762,618.01 0.43EURUNICREDIT SPA REGS 6.95 12-22 31/10A700,000.00 761,892.83 0.43EUR

MICHELIN LUX 2.75 12-19 20/06A900,000.00 930,054.00 0.52EURLuxembourg 930,054.00 0.52

TELENOR ASA 2.75 12-22 27/06A300,000.00 303,914.50 0.17EURNorway 303,914.50 0.17

BANCO ESP.DE CREDITO 4.75 12-17 24/01A1,000,000.00 1,095,794.00 0.61EURSpain 39,140,140.35 21.86

BANCO SANTANDER SA 2.875 13-18 30/01A7,000,000.00 7,318,881.11 4.09EURBANCO SANTANDER SA 3.125 10-15 28/01A4,700,000.00 4,804,904.00 2.68EURBBVA 4.75 11-16 10/02A300,000.00 321,772.71 0.18EURBBVA SENIOR FIN 4.375 12-15 21/09A1,000,000.00 1,051,468.00 0.59EURBCO BILBAO VIZCAYA 3.50 05-20 10/07A3,700,000.00 3,926,933.33 2.19EURCAIXABANK 3.00 13-18 22/03A1,300,000.00 1,349,467.60 0.75EURGAS NATURAL REGS 6.00 12-20 27/01A300,000.00 355,790.14 0.20EURMAPFRE 5.125 12-15 16/11A500,000.00 530,705.00 0.30EURRED ELECT FINANCE 3.875 13-14 25/01A300,000.00 316,302.75 0.18EURRED ELECT FINANCE 4.75 11-18 16/02A400,000.00 446,011.20 0.25EURSANTANDER INTL 4.00 12-17 27/03A1,000,000.00 1,068,864.00 0.60EURSPAIN 4.20 05-37 31/01A2,200,000.00 1,993,986.13 1.11EURSPAIN 4.40 13-23 31/10A3,400,000.00 3,468,357.00 1.94EURSPAIN 4.85 10-20 31/10A1,900,000.00 2,058,847.12 1.15EURSPAIN STRIP 3.80 06-17 31/01A3,000,000.00 3,155,904.38 1.76EURSPANISH 4.00 10-20 30/04A4,700,000.00 4,884,745.25 2.73EURTELEFONICA EMTN 5.811 12-17 05/09A300,000.00 341,891.72 0.19EURTELEFONICA SA 4.184 12-22 29/11Q650,100.00 649,514.91 0.36EUR

ALLIANZ FINANCE II 4.00 06-16 23/11A800,000.00 869,542.00 0.49EURThe Netherlands 5,635,538.97 3.15

BMW FINANCE 3.675 11-18 29/01A600,000.00 652,883.00 0.36EURENEL FINANCE INTL 4.875 12-20 11/03A400,000.00 443,713.33 0.25EURIBERDROLA INTL 4.50 12-17 21/09A400,000.00 440,273.14 0.25EURING BANK 3.25 12-19 03/04A400,000.00 423,724.00 0.24EURING BANK 4.25 12-17 13/01A900,000.00 979,595.00 0.55EURRABOBANK NED 3.75 10-20 09/11A1,100,000.00 1,132,741.50 0.62EURRABOBANK SUB 3.875 13-23 25/07A300,000.00 300,384.00 0.17EURUNILEVER EMTN 1.75 13-20 05/08A400,000.00 392,683.00 0.22EUR

ABBEY NAT TREAS.SERV 4.375 11-18 24/01A3,400,000.00 3,831,855.25 2.14EURUnited Kingdom 11,075,264.47 6.19

BARCLAYS BANK SUB 6.625 11-22 30/03A800,000.00 940,496.00 0.53EURCOMPASS GROUP EMTN 3.125 12-19 13/02A400,000.00 422,744.00 0.24EURCREDIT AGRICOLE 3.875 12-19 13/02A600,000.00 656,233.80 0.37EURCREDIT SUISSE 4.75 09-19 05/08A800,000.00 915,128.89 0.51EURHSBC HOLDINGS SUB 6.00 09-10 10/06A500,000.00 579,053.33 0.32EURSSE PLC EMTN 2.375 13-22 10/02A500,000.00 493,460.00 0.28EURSTANDARD CHARTERED 1.625 13-18 20/11A500,000.00 490,807.00 0.27EURSTANDARD CHARTERED 5.875 07-17 26/09A800,000.00 903,456.00 0.50EURTESCO 3.375 11-18 02/11A1,100,000.00 1,177,398.20 0.66EURUNITED UTIL.WATER 4.25 05-20 24/01A600,000.00 664,632.00 0.37EUR

AT&T INC 2.65 13-21 17/12A200,000.00 201,451.11 0.11EURUnited States of America 2,304,154.61 1.29

BANK OF AMERICA EMTN 1.875 13-19 10/01A400,000.00 396,370.67 0.22EURJP MORGAN CHASE EMTN 2.625 13-21 23/04A1,400,000.00 1,411,887.16 0.80EURTOYOTA MOTOR CREDIT 1.80 13-20 23/07A300,000.00 294,445.67 0.16EUR

AXA EMTN PERP. SUB FL.R 06-XX 06/07A800,000.00 834,298.67 0.47EUR


France 2,962,195.87 1.66

CNP ASSURANCES FL.R 05-XX 11/03A1,100,000.00 845,625.00 0.47EURRCI BANQUE SA EMTN FL.R 05-15 07/04Q1,100,000.00 1,077,527.00 0.61EURSOLVAY FIN SUB FL.R 13-XX 12/05A200,000.00 204,745.20 0.11EUR

GE CAP EUR FUNDING FL.R 11-17 15/06S600,000.00 604,182.00 0.34EURIreland 604,182.00 0.34





23Page

HSBC CAP FDG SUB FL.R 04-XX 29/12A800,000.00 839,888.00 0.47EURJersey Island 839,888.00 0.47

SWEDBANK GMTN FL.R 12-22 05/12A500,000.00 508,780.00 0.28EURSweden 508,780.00 0.28

NATIXIS CONVERTIBLES EUE FCP -C- 4 DEC18.00 2,673,296.46 1.49EUR



France 6,050,966.25 3.38

NATIXIS CONVERTIBLES EURO -I- 4 DEC CAP25.70 3,377,669.79 1.89EUR

NATIXIS GLOBAL CURRENCY I/A EUR C199.00 1,998,216.71 1.12EURLuxembourg 10,271,728.71 5.74

NIFLI EURO HI -I/A-EUR CAP63,200.00 8,273,512.00 4.62EUR






24Page

NATIXIS AM Funds- Natixis Credit Opportunities

25Page


37,681.07Unrealised profit on the securities portfolio594,561.90Cash at banks and liquidities

1,041,435.54Interest receivable29,715.00Net unrealised appreciation on financial futures

847,540.00Net unrealised appreciation on swaps

1,372,016.88Liabilities1,023,715.00Bank overdrafts


35,782.71Accrued performance fees13,826.60Net unrealised depreciation on forward foreign exchange contracts

263,109.62Accrued management fees payable25,779.68Other liabilities



Expressed in EUR


NATIXIS AM Funds - Natixis Credit Opportunities

Class I/A(EUR)Capitalisation shares 0.00 760.21 0.00 760.21

Class Q/A(EUR)Capitalisation shares 0.00 39.88 0.00 39.88





20/11/13

Key figures

Class I/A(EUR)



EUR

Class Q/A(EUR)



EUR



EUR

26Page

WIENERBERGER AG REGS 5.00 12-15 01/08A400,000.00 417,100.00 0.66EUR


Bonds 40,696,179.13 64.57

Austria 417,100.00 0.66

ISS GLOBAL A/S 4.50 04-14 08/12A500,000.00 515,012.50 0.82EURDenmark 515,012.50 0.82

NOKIA CORPORATION 5.50 09-14 04/02A500,000.00 501,245.72 0.80EURFinland 501,245.72 0.80

BANQUE PSA FINANCE 4.25 11-16 25/02A600,000.00 625,261.33 0.99EURFrance 10,207,594.83 16.19

BANQUE PSA FINANCE 6.00 12-14 16/07A500,000.00 511,289.45 0.81EURCIMENTS FRANCAIS SA 4.75 07-17 04/04A750,000.00 796,923.00 1.26EURCNCEP PERP 6.117 07-XX 30/10A500,000.00 527,575.00 0.84EURFRANCE BTAN 2.50 10-15 15/01A300,000.00 307,114.11 0.49EURFRANCE FTB 3.50 05-15 25/04A700,000.00 729,996.75 1.16EURILIAD SA 4.875 11-16 01/06A700,000.00 750,638.00 1.19EURLABCO SAS 8.50 11-18 15/01S800,000.00 850,093.34 1.35EURLAFARGE EMTN 4.25 05-16 23/03A700,000.00 736,909.44 1.17EURLAFARGE EMTN 6.125 08-15 28/05A300,000.00 319,048.50 0.51EURNEXANS SA EMTN 5.75 07-17 02/05A800,000.00 887,240.00 1.40EURRENAULT 5.625 10-15 30/06A700,000.00 741,020.00 1.18EURREXEL 7.00 11-18 17/12S800,000.00 876,173.71 1.38EURSOCRAM 2.125 13-16 23/02A400,000.00 400,280.00 0.64EURTEREOS EUROPE REGS 6.375 07-14 15/04S400,000.00 405,310.40 0.64EURWENDEL 4.875 07-15 21/09A400,000.00 422,526.40 0.67EURWENDEL INVESTISSEMENT 4.875 06-16 26/05A300,000.00 320,195.40 0.51EUR

ALLIED IRISH REGS 2.875 13-16 28/11A300,000.00 298,713.00 0.47EURIreland 1,329,819.00 2.11

ARDAGH GLASS FIN REGS 9.25 09-16 01/07S400,000.00 420,050.00 0.67EURFGA CAPITAL IRE EMTN 4.375 12-14 18/09A600,000.00 611,056.00 0.97EUR

BANCA CARIGE 6.75 12-17 20/03A600,000.00 669,024.00 1.06EURItaly 4,770,493.05 7.57

BUZZI UNICEM 5.125 09-16 09/12A650,000.00 693,525.62 1.10EURINTESA SAN PAOLO 4.00 12-17 11/09A600,000.00 631,623.33 1.00EURPIAGGIO & C 7.00 09-16 01/12S650,000.00 692,412.50 1.10EURTELECOM ITALIA 8.25 09-16 21/03A600,000.00 674,638.00 1.07EURUBI BANCA 2.75 13-17 28/04A800,000.00 804,553.60 1.28EURUNICREDIT 2.25 13-16 16/12A600,000.00 604,716.00 0.96EUR

PROSECURE FUNDING 4.668 06-16 30/06A500,000.00 520,937.50 0.83EURJersey Island 520,937.50 0.83

ROYAL CARIBBEAN 5.625 07-14 27/01A200,000.00 198,200.00 0.31EURLiberia 198,200.00 0.31

ARCELORMITTAL SA 9.375 09-16 03/06A700,000.00 837,589.85 1.33EURLuxembourg 4,044,329.27 6.42

CIRSA FUNGING 8.75 10-18 15/05S800,000.00 847,778.67 1.34EURFIAT FINANCE TRADE 7.75 12-16 17/10A600,000.00 665,342.50 1.06EURFIAT INDUSTRIAL EMTN 5.25 11-15 11/03A700,000.00 729,183.00 1.16EURFMC REG S 5.50 10-16 15/07S400,000.00 439,844.00 0.70EURHEIDELBERGCEMENT 4.00 12-16 08/03S500,000.00 524,591.25 0.83EUR

BANCO ESPERITO SANTO 5.875 12-15 09/11A500,000.00 524,103.75 0.83EURPortugal 2,884,475.58 4.58

BANCO ESPIRITOS SANTO 3.375 09-15 17/02A500,000.00 508,342.50 0.81EURBRISA AUTO ESTRADAS 4.00 06-16 05/12A700,000.00 728,000.00 1.15EURCAIXA GERAL DEPO 5.625 12-15 04/12A400,000.00 420,769.33 0.67EUREDP ENERGIAS DE PORT 6.00 11-14 07/12S200,000.00 205,600.00 0.33EURREFER-REDE FERROVIARA 4.00 05-15 16/03A500,000.00 497,660.00 0.79EUR

TELEKOM SLOVENIA 4.875 09-16 21/12A700,000.00 715,400.00 1.14EURSlovenia 715,400.00 1.14

ABENGOA SA 8.50 10-16 31/03S400,000.00 435,082.66 0.69EURSpain 8,092,541.41 12.83

BANCO SABADELL 2.50 13-16 05/12A1,000,000.00 998,430.00 1.58EURBBVA SENIOR FINANCE 3.25 13-16 21/03A400,000.00 415,028.00 0.66EURCAIXABANK 3.25 10-15 25/02A300,000.00 303,165.00 0.48EURCAIXABANK 3.25 13-16 22/01A500,000.00 516,670.00 0.82EUR





27Page

CAMPOFRIO FOOD SA 8.25 09-16 31/10S650,000.00 682,305.00 1.08EURCOMUNIDAD MADRID 4.75 12-15 26/03A300,000.00 311,861.25 0.49EURCORES 3.25 13-16 19/04A500,000.00 512,242.50 0.81EURFADE 2.875 13-16 17/09A600,000.00 612,066.00 0.97EURG CATALUNYA 4.30 06-16 15/11A500,000.00 511,290.00 0.81EURGENERALITAT CATALUNYA 5.00 12-14 29/04Q200,000.00 201,280.00 0.32EURIM CEDULAS 2 4.50 04-14 11/06A400,000.00 405,332.00 0.64EURMAPFRE 5.125 12-15 16/11A700,000.00 742,987.00 1.18EUROBRASCON HUARTE LAIN 7.375 10-15 28/04S600,000.00 640,746.00 1.02EURSANTANDER CONSUMER 1.625 13-15 23/04A800,000.00 804,056.00 1.28EUR

EDP FINANCE 5.75 12-17 21/09A500,000.00 548,816.67 0.87EURThe Netherlands 1,392,410.27 2.21

PHOENIX PIB FIN REGS 9.625 10-14 15/07S400,000.00 417,000.00 0.66EURPORTUGAL TEL FIN 5.625 11-16 08/02A400,000.00 426,593.60 0.68EUR

ROYAL BK OF SCOTL 1.50 13-16 28/11A400,000.00 401,510.55 0.64EURUnited Kingdom 3,196,498.14 5.07

ROYAL BK SCOTLAND SUB 4.875 03-15 22/04A400,000.00 415,910.67 0.66EURROYAL BK SCOTLAND SUB 6.934 08-18 09/04A1,000,000.00 1,133,083.33 1.80EURVIRGIN MEDIA 7.00 10-18 15/01S1,000,000.00 1,245,993.59 1.97GBP

ARDEGH PKG REGS 7.375 12-17 15/10S600,000.00 641,355.00 1.02EURUnited States of America 1,910,121.86 3.03

CA PREFERRED FDG TR I 7.00 03-XX 30/10Q400,000.00 289,076.76 0.46USDCA PREFERRED FDG TRIII6.00 03-49 30/01Q300,000.00 295,375.00 0.47EURCASE NEW HOLLAND 7.875 11-17 01/12S800,000.00 684,315.10 1.08USD

FORTIS BANK EMTN FL.R 06-21 23/03A400,000.00 416,990.00 0.66EUR


Belgium 1,223,384.67 1.94

FORTIS BANQUE -SUB FL.R 04-XX 31/12A800,000.00 806,394.67 1.28EUR

AXA - BONDS 2006 FL.R 06-49 14/12S400,000.00 294,640.59 0.47USDFrance 4,101,744.58 6.51

AXA EMTN PERP. SUB FL.R 06-XX 06/07A200,000.00 208,574.66 0.33EURAXA SA FL.R 07-XX 05/10A400,000.00 427,783.33 0.68EURBFCM EMTN FL.R 05-15 28/10A400,000.00 408,000.00 0.65EURBPCE PERPETUAL FL.R 10-49 17/03A500,000.00 529,166.67 0.84EURCNCEP EMTN SUB FL.R 03-XX 30/07A800,000.00 805,968.00 1.27EURNATIXIS EMTN FL.R 07-19 14/05A600,000.00 604,500.00 0.96EURNATIXIS PERPETUAL FL.R 07-49 18/10A500,000.00 523,173.33 0.83EURSOCIETE GENERALE FL.R 05-49 29/01A300,000.00 299,938.00 0.48EUR

INTESA SANPAOLO FL.R 13-16 11/01800,000.00 800,116.00 1.27EURItaly 1,501,934.25 2.38

UNICREDIT SPA EMTN FL.R 13-16 22/01Q700,000.00 701,818.25 1.11EUR

CALCIPAR REGS FL.R 07-14 01/07Q400,000.00 396,200.00 0.63EURLuxembourg 694,313.00 1.10

EMPARK FUNDING REGS FL.R 13-19 15/12Q300,000.00 298,113.00 0.47EUR

AMERICA MOVIL SAB FL.R 13-73 06/09A400,000.00 417,220.00 0.66EURMexico 417,220.00 0.66

BCO BILBAO VIZCAYA FL.R 04-19 20/10A500,000.00 470,238.34 0.75EURSpain 470,238.34 0.75

ELM BV/SWISS REA. FL.R 06-XX 25/11S500,000.00 522,581.25 0.83EURThe Netherlands 2,369,690.83 3.76

ING BANK EMTN FL.R 13-23 21/11A700,000.00 702,713.67 1.11EURING BANK EMTN SUB FL.R 05-20 16/09A500,000.00 503,026.66 0.80EURTELEFONICA EUROPE BV FL.R 13-XX 18/09A600,000.00 641,369.25 1.02EUR

JPMORGAN CHASE SUB. FL.R 04-19 12/11A800,000.00 812,722.67 1.29EURUnited States of America 812,722.67 1.29

COMP 2013-1 A FL.R 13-17 25/02M400,000.00 399,846.00 0.63EUR


France 399,846.00 0.63

BERCR 10 A2 FL.R 11-55 30/11Q276,248.08 275,525.69 0.44EURItaly 1,791,770.22 2.85

SUNRISE SRL -A- FL.R 09-31 27/08Q827,608.80 815,754.14 1.30EURVELAH HOME SRL 4 A1 FL.R 06-42 25/10Q702,381.90 700,490.39 1.11EUR

ECARA 2013-1 A 0.852 13-20 18/11M397,305.83 396,709.87 0.63EURLuxembourg 396,709.87 0.63





28Page

PHEHY 2013-1 A2 FL.R 13-45 25/11Q800,000.00 800,572.80 1.27EURThe Netherlands 800,572.80 1.27

BESME 1 A1X FL.R 13-57 31/05Q454,796.95 459,798.35 0.73EUR

Other transferable securities 459,798.35 0.73

Mortgage and asset backed securities 459,798.35 0.73

Italy 459,798.35 0.73

NATIXIS CASH EURIBOR SICAV -I- CAP9.70 996,801.39 1.58EUR



France 5,243,219.09 8.32

NATIXIS PERSPECTIVE 12M - PARTS -I- 4DEC35.50 4,246,417.70 6.74EUR

NIFLI SH.TERM GLB HIGH INCOME H-IC EURO5,000.00 504,400.00 0.80EURLuxembourg 504,400.00 0.80






29Page

NATIXIS AM Funds- Natixis Euro Value Equity

30Page


5,812,380.70Unrealised profit on the securities portfolio16,666,918.80Cash at banks and liquidities

88.36Interest receivable2,288,489.52Brokers receivable

55,966.26Subscriptions receivable123,600.00Net unrealised appreciation on financial futures

7,451,764.50Liabilities4,987,607.29Bank overdrafts2,022,158.93Brokers payable


160,083.32Accrued performance fees43,741.10Redemptions payable




Expressed in EUR


NATIXIS AM Funds - Natixis Euro Value Equity

Class M/D(EUR)Distribution shares 0.00 5,001.38 3,665.20 1,336.18


Class I/D(EUR)Distribution shares 0.00 181.70 0.00 181.70






20/11/13

31Page

Key figures


Class M/D(EUR)



EUR

Class I/A(EUR)



EUR

Class I/D(EUR)



EUR

Class R/A(EUR)



EUR



EUR

32Page

UNIQA VERSICHERUNG AG613,689.00 5,694,420.23 2.28EUR


Shares 237,438,333.78 95.24

Austria 5,694,420.23 2.28

KBC GROUPE SA205,608.00 8,481,330.00 3.40EURBelgium 12,636,855.00 5.07

SOLVAY36,135.00 4,155,525.00 1.67EUR

KEMIRA OY298,988.00 3,635,694.08 1.46EURFinland 3,635,694.08 1.46

ALSTOM SA91,580.00 2,424,580.50 0.97EURFrance 75,878,517.19 30.45

ARKEMA SA88,138.00 7,473,221.02 3.00EURAXA SA383,944.00 7,759,508.24 3.11EURBNP PARIBAS SA45,902.00 2,600,348.30 1.04EURCGG197,191.00 2,480,662.78 1.00EURLAFARGE SA72,251.00 3,935,511.97 1.58EURSANOFI190,164.00 14,665,447.68 5.89EURSOCIETE GENERALE SA176,931.00 7,470,026.82 3.00EURTOTAL SA184,349.00 8,209,060.97 3.29EURUBISOFT ENTERTAINMENT753,309.00 7,744,016.52 3.11EURVEOLIA ENVIRONNEMENT SA462,692.00 5,485,213.66 2.20EURVIVENDI SA293,966.00 5,630,918.73 2.26EUR

ALLIANZ SE REG SHS60,804.00 7,925,801.40 3.18EURGermany 59,019,402.07 23.67

COMMERZBK361,221.00 4,229,897.91 1.70EURDAIMLER AG REG SHS162,768.00 10,238,107.20 4.10EURDEUTSCHE BANK AG REG SHS237,696.00 8,242,108.80 3.31EURE.ON AG REG SHS389,039.00 5,218,958.19 2.09EURKION GROUP142,284.00 4,371,675.90 1.75EURSIEMENS AG REG SHS81,293.00 8,071,581.97 3.24EURTELEFONICA NAMEN AKT641,665.00 3,849,990.00 1.54EURVOLKSWAGEN VORZ.AKT33,658.00 6,871,280.70 2.76EUR

ENEL SPA1,551,755.00 4,925,270.37 1.98EURItaly 23,912,536.81 9.59

ENI SPA512,255.00 8,959,339.95 3.59EURSAIPEM SPA145,963.00 2,271,184.28 0.91EURTELECOM ITALIA SPA3,761,371.00 2,711,948.49 1.09EURUNICREDIT SPA937,694.00 5,044,793.72 2.02EUR

ARCELORMITTAL SA REG SHS286,587.00 3,717,033.39 1.49EURLuxembourg 3,717,033.39 1.49

IBERDROLA SA741,231.00 3,435,605.69 1.38EURSpain 14,395,841.17 5.77

REPSOL355,710.00 6,516,607.20 2.61EURTELEFONICA SA375,465.00 4,443,628.28 1.78EUR

AEGON NV504,306.00 3,460,547.77 1.39EURThe Netherlands 31,887,687.43 12.79

CNH INDUSTRIAL NV691,703.00 5,730,759.36 2.30EURDELTA LLOYD N.V.355,764.00 6,417,982.56 2.57EUREUROPEAN AERONAUTIC DEFENSE AND SPACE159,208.00 8,885,398.48 3.56EURING GROEP NV441,601.00 4,460,170.10 1.79EURKONINKLIJKE KPN NV1,251,741.00 2,932,829.16 1.18EUR

BARCLAYS PLC2,037,657.00 6,660,346.41 2.67GBPUnited Kingdom 6,660,346.41 2.67

REPSOL (SHS) 09.01.14 RIGHT355,710.00 176,432.16 0.07EUR

Warrants, Rights 176,432.16 0.07

Spain 176,432.16 0.07






33Page

NATIXIS AM Funds- Natixis Global Risk Parity

34Page

82,537,256.84Assets78,958,892.19Securities portfolio at market value77,831,418.01Cost price1,127,474.18Unrealised profit on the securities portfolio3,549,522.48Cash at banks and liquidities

17,945.21Interest receivable10,896.96Dividends receivable

551,766.65Liabilities45,026.00Bank overdrafts6,820.89Administration fees2,049.67Taxe d'abonnement payable

152,807.10Redemptions payable304,137.11Net unrealised depreciation on financial futures40,925.88Accrued management fees payable



Expressed in EUR


NATIXIS AM Funds - Natixis Global Risk Parity


Class I/D(EUR)Distribution shares 0.00 1,500.00 100.00 1,400.00


Class R/D(EUR)Distribution shares 0.00 1.00 0.00 1.00

Class RE/A(EUR)Capitalisation shares 0.00 1.00 0.00 1.00

Class RE/D(EUR)Distribution shares 0.00 1.00 0.00 1.00





25/06/13

35Page

Key figures


Class I/A(EUR)



EUR

Class I/D(EUR)



EUR

Class R/A(EUR)



EUR

Class R/D(EUR)



EUR

Class RE/A(EUR)



EUR

Class RE/D(EUR)



EUR



EUR

36Page

BRD 0.25 13-18 13/04U10,000,000.00 9,772,050.00 11.91EUR


Bonds 13,301,871.54 16.22

Germany 9,772,050.00 11.91

ETFS CO SEC (BRENT CRUDE) ETC31,584.00 1,609,054.61 1.96USDJersey Island 3,529,821.54 4.31

ETFS CO SEC LTD INDV 06 SS FIX MAT GD CO174,241.00 1,920,766.93 2.35USD

LYXOR ETF EASTERN EUR FCP CAP / DIS26,237.00 483,309.15 0.59EUR



France 40,289,164.27 49.15

LYXOR ETF MSCI EUROPE CAP/DIS -D-46,667.00 5,214,341.91 6.36EURLYXOR ETF MSCI USA FCP -A- CAP/DIS55,000.00 7,069,155.50 8.62EURNATIXIS CASH EURIBOR SICAV -I- CAP137.00 14,078,535.11 17.18EURNATIXIS TRESORIE PLUS -IC- EUR CAP130.00 13,443,822.60 16.40EUR

CASAM ETF MSCI EMU4,467.00 657,408.39 0.80EURIreland 7,946,221.98 9.69

ISHARES II PLC JP MORGAN USD EME MKT BD34,000.00 2,644,424.98 3.23USDISHARES MSCI EMERGING MARKETS25,000.00 703,785.00 0.86EURISHARES PLC FTSE 250 FUND45,000.00 842,668.27 1.03GBPPIMCO FI SOURCE SHT TERM HY CORP BD IDX40,000.00 3,097,935.34 3.77USD

DB X TRACKERS MSCI JPN TRN IDX -1C- CAP61,600.00 2,111,758.88 2.58EURLuxembourg 16,749,476.48 20.43

DB X-TRACKERS DB HDG FD IDX ETF -1C- CAP970,000.00 10,771,462.00 13.14EURDB X-TRACKERS VAR LPX MM PRIVATE EQ -1C-44,000.00 1,531,860.00 1.87EUREASYETF FTSE EPRA EUROZONE FCP DIS6,400.00 1,102,393.60 1.34EUREASYETF NMX30 INFR GLB CAP31,000.00 1,232,002.00 1.50EUR

ISHARES TRU IBOXX USD HIGH YIELD CORP BD10,000.00 672,157.92 0.82USDUnited States of America 672,157.92 0.82






37Page

NATIXIS AM Funds- Seeyond Global Flexible Strategies

38Page


-16,047.76Unrealised loss on the securities portfolio57,603.69Options purchased at market value28,537.73Options purchased at cost

3,585,895.45Cash at banks and liquidities175,611.86Interest receivable99,982.50Subscriptions receivable

596,815.72Net unrealised appreciation on financial futures

627,409.80Liabilities597,140.66Bank overdrafts


38.81Accrued performance fees4,495.54Redemptions payable

13,531.63Accrued management fees payable



Expressed in EUR


NATIXIS AM Funds - Seeyond Global Flexible Strategies

Class M/A(EUR)Capitalisation shares 0.00 975.24 3.85 971.39

Class I/A(EUR)Capitalisation shares 0.00 5.00 0.00 5.00


Class RE/A(EUR)Capitalisation shares 0.00 46,450.52 0.00 46,450.52





03/10/13

39Page

Key figures


Class M/A(EUR)



EUR

Class I/A(EUR)



EUR

Class R/A(EUR)



EUR

Class RE/A(EUR)



EUR



EUR

40Page

FRANCE BTF 13-14 13/03U15,500,000.00 15,495,510.96 28.42EUR


Bonds 42,634,726.50 78.20

France 15,495,510.96 28.42

BRD 0.50 13-18 23/01A4,800,000.00 4,754,640.00 8.72EURGermany 4,754,640.00 8.72

ITALY BOT (6 MESI) 13-14 31/03U13,200,000.00 13,177,524.72 24.17EURItaly 13,177,524.72 24.17

SPAIN 4.00 12-15 30/07A6,340,000.00 6,602,645.07 12.12EURSpain 9,207,050.82 16.89

SPAIN 4.10 08-18 30/07A1,200,000.00 1,278,269.25 2.34EURSPAIN 4.40 13-23 31/10A1,300,000.00 1,326,136.50 2.43EUR

NATIXIS TRESO PLUS 3 MOIS FCP30.00 375,448.80 0.69EUR



France 375,448.80 0.69

SEEYOND VOLATILITY EQUITY STRATEGIES I/A(EUR)22.00 1,128,710.66 2.07EURLuxembourg 1,128,710.66 2.07

SPAIN T-BILLS -14 24/01U6,500,000.00 6,490,118.87 11.90EUR

Money market instruments 6,490,118.87 11.90

Bonds 6,490,118.87 11.90

Spain 6,490,118.87 11.90

SP 500 E MINI JAN 1820 17.01.14 CALL50.00 57,603.69 0.11USD

Derivative instruments 57,603.69 0.11

Options 57,603.69 0.11

United States of America 57,603.69 0.11






41Page

NATIXIS AM Funds- Seeyond Europe Minvariance

42Page



812,128.16Brokers receivable148,719.35Subscriptions receivable296,680.40Dividends receivable

5,336.52Other assets

4,598,284.34Liabilities63.96Bank overdrafts

1,636,413.34Brokers payable19,022.59Administration fees6,948.72Taxe d'abonnement payable

2,777,828.41Redemptions payable157,746.78Accrued management fees payable




Expressed in EUR


NATIXIS AM Funds - Seeyond Europe Minvariance

Class SI/D(EUR)Distribution shares 0.00 664.92 12.00 652.92

Class I/A(EUR)Capitalisation shares 0.00 14,557.51 2,515.44 12,042.07






27/11/13

43Page

Key figures


Class SI/D(EUR)



EUR

Class I/A(EUR)



EUR

Class R/A(EUR)



EUR



EUR

44Page

BELGACOM SA191,292.00 4,113,734.46 1.94EUR


Shares 212,435,803.94 99.94

Belgium 4,113,734.46 1.94

CHRISTIAN HANSEN97,303.00 2,809,394.49 1.32DKKDenmark 18,417,579.37 8.66

COLOPLAST -B-106,136.00 5,107,377.54 2.40DKKNOVOZYMES -B-85,020.00 2,608,601.21 1.23DKKTDC602,371.00 4,247,081.52 2.00DKKTOPDANMARK AS78,048.00 1,493,931.84 0.70DKKTRYG SHS30,598.00 2,151,192.77 1.01DKK

AEROPORTS DE PARIS-ADP-18,277.00 1,507,852.50 0.71EURFrance 28,660,982.44 13.48

BIC14,315.00 1,274,893.90 0.60EURBIOMERIEUX SA6,841.00 521,763.07 0.25EURBUREAU VERITAS SA164,759.00 3,500,304.96 1.65EURDANONE58,568.00 3,064,277.76 1.44EURESSILOR INTERNATIONAL SA59,111.00 4,568,098.08 2.14EUREUTELSAT COMMUNICATIONS SA121,714.00 2,758,647.81 1.30EURILIAD SA18,570.00 2,765,073.00 1.30EURL'OREAL SA33,658.00 4,298,126.60 2.01EURPERNOD RICARD SA15,295.00 1,266,578.95 0.60EURRUBIS22,880.00 1,053,280.80 0.50EURSCOR SE ACT PROV REGROUPEMENT78,377.00 2,082,085.01 0.98EUR

BEIERSDORF AG66,216.00 4,876,146.24 2.29EURGermany 17,529,345.89 8.25

DEUTSCHE BOERSE AG REG SHS10,728.00 645,825.60 0.30EURDEUTSCHE EUROSHOP AG REG SHS45,001.00 1,432,156.83 0.67EURDEUTSCHE TELEKOM AG REG SHS119,459.00 1,484,875.37 0.70EURFRESENIUS AG48,353.00 5,396,194.80 2.55EURRHOEN KLINIKUM AG61,762.00 1,312,751.31 0.62EURSAP AG21,354.00 1,330,567.74 0.63EURSYMRISE AG31,368.00 1,050,828.00 0.49EUR

DCC PLC27,155.00 969,028.79 0.46GBPIreland 5,584,794.38 2.63

GLANBIA PLC86,813.00 977,514.38 0.46EURKERRY GROUP PLC19,940.00 1,006,970.00 0.47EURRYANAIR HOLDING ORD.419,997.00 2,631,281.21 1.24EUR

SNAM SPA584,052.00 2,374,755.43 1.12EURItaly 2,374,755.43 1.12

SHIRE21,458.00 735,555.48 0.35GBPJersey Island 735,555.48 0.35

RTL GROUP21,557.00 2,024,849.01 0.95EURLuxembourg 6,911,700.59 3.25

SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)207,686.00 4,886,851.58 2.30EUR

STATOIL ASA86,182.00 1,515,428.39 0.71NOKNorway 1,515,428.39 0.71

EBRO FOODS SA170,591.00 2,906,017.69 1.37EURSpain 6,083,558.44 2.86

VISCOFAN SA76,845.00 3,177,540.75 1.49EUR

ARYZTA40,942.00 2,285,134.88 1.08CHFSwitzerland 45,122,700.43 21.23

BANQUE CANTONALE VAUDOISE2,408.00 955,929.82 0.45CHFBARRY CALLEBAUT NOM.SHS1,372.00 1,251,649.12 0.59CHFCHOCOLADEFAB.LINDT.SPRUENGLI PARTIZIPSCH569.00 1,866,951.45 0.88CHFCHOCOLADEFABRIKEN LINDT.SPRUENGLI NOM.46.00 1,805,467.16 0.85CHFGIVAUDAN SA REG.SHS2,012.00 2,091,626.27 0.98CHFJULIUS BAER GROUP NAMEN AKT47,013.00 1,643,440.98 0.77CHFNESTLE SA REG SHS153,741.00 8,191,992.90 3.85CHFNOVARTIS AG REG SHS92,691.00 5,385,229.87 2.53CHFPARTNERS GROUP HLDG NAMEN AKT4,547.00 882,685.68 0.42CHFROCHE HOLDING AG GENUSSSCHEIN10,756.00 2,187,184.99 1.03CHFSCHINDLER HOLDING SA14,748.00 1,580,099.88 0.74CHFSGS SA REG SHS1,534.00 2,568,558.14 1.21CHF





45Page

SWISS PRIME SITE AG-NAMEN AKT24,753.00 1,394,691.68 0.66CHFSWISSCOM SHS NOM21,602.00 8,300,597.14 3.90CHFSYNGENTA NAMEN9,424.00 2,731,460.47 1.29CHF

NUTRECO N.V.66,389.00 2,397,306.79 1.13EURThe Netherlands 9,977,336.17 4.69

UNILEVER NV258,925.00 7,580,029.38 3.56EUR

ASSOCIATED BRITISH FOODS PLC45,500.00 1,337,109.38 0.63GBPUnited Kingdom 65,408,332.47 30.77

ASTRAZENECA PLC115,291.00 4,953,217.31 2.33GBPBABCOCK INTERNATIONAL GROUP PLC145,688.00 2,372,683.17 1.12GBPBRITISH AMERICAN TOBACCO PLC81,978.00 3,190,441.88 1.50GBPBRITISH SKY BROADCASTING GROUP86,628.00 878,774.42 0.41GBPCAPITA GROUP241,523.00 3,013,231.66 1.42GBPCENTRICA PLC1,128,854.00 4,717,578.56 2.22GBPCOMPASS GROUP PLC115,850.00 1,347,870.19 0.63GBPDIAGEO PLC87,623.00 2,106,322.12 0.99GBPGLAXOSMITHKLINE PLC138,707.00 2,686,614.56 1.26GBPIMPERIAL TOBACCO GROUP PLC31,106.00 874,108.51 0.41GBPINTERTEK GROUP PLC71,783.00 2,716,020.24 1.28GBPMORRISON SUPERMARKETS PLC1,856,289.00 5,823,214.29 2.74GBPNATIONAL GRID PLC776,358.00 7,353,006.06 3.46GBPPEARSON PLC154,653.00 2,492,664.34 1.17GBPPENNON GROUP PLC200,571.00 1,587,451.97 0.75GBPPROVIDENT FINANCIAL72,982.00 1,424,552.50 0.67GBPRECKITT BENCKISER GROUP PLC63,757.00 3,672,924.29 1.73GBPSHAFTESBURY142,187.00 1,071,529.44 0.50GBPSSE PLC444,881.00 7,325,564.54 3.45GBPTATE LYLE PLC153,441.00 1,491,992.42 0.70GBPTELECITY GROUP78,112.00 681,132.88 0.32GBPUNITED UTILITIES GROUP PLC102,758.00 829,350.93 0.39GBPVODAFONE GROUP PLC512,883.00 1,460,976.81 0.69GBP

ROYAL DUTCH SHELL RIGHT39,148.00 0.00 0.00EUR

Other transferable securities 0.00 0.00

Warrants, Rights 0.00 0.00

The Netherlands 0.00 0.00

UNILEVER - DRIP RIGHT RIGHT280,103.00 0.00 0.00EUR






46Page

NATIXIS AM Funds- Seeyond Global Minvariance

47Page



53.14Interest receivable763,268.49Brokers receivable170,738.32Dividends receivable269,069.12Receivable on spot exchange

3,499.87Other assets

2,619,420.56Liabilities16,486.62Bank overdrafts4,533.64Administration fees3,414.08Taxe d'abonnement payable

2,239,425.69Redemptions payable801.83Net unrealised depreciation on forward foreign exchange contracts

85,177.63Accrued management fees payable269,120.01Payable on spot exchange




Expressed in EUR


NATIXIS AM Funds - Seeyond Global Minvariance

Class SI/D(EUR)Distribution shares 0.00 8,742.33 46.12 8,696.21


Class I/A(H-USD)Capitalisation shares 0.00 12.37 0.00 12.37

Class R/A(EUR)Capitalisation shares 0.00 3,652.00 1.05 3,650.95





19/12/13

48Page

Key figures


Class SI/D(EUR)



EUR

Class I/A(EUR)



EUR

Class I/A(H-USD)



USD

Class R/A(EUR)

Capitalisation shares3,650.95127.68


EUR



EUR

49Page

BELGACOM SA24,757.00 532,399.29 0.40EUR


Shares 134,667,281.66 99.98

Belgium 2,121,307.32 1.57

GROUPE BRUXELLES LAMBERT GBL23,811.00 1,588,908.03 1.17EUR

ARCH CAPITAL GROUP LTD52,925.00 2,292,603.69 1.70USDBermuda 5,088,718.01 3.78

CHEUNG KONG INFRASTRUCTURE HOLDINGS301,730.00 1,382,372.59 1.03HKDRENAISSANCERE HOLDINGS LTD20,013.00 1,413,741.73 1.05USD

BANK OF MONTREAL10,444.00 505,132.78 0.38CADCanada 5,008,823.47 3.72

FAIRFAX FINANCIAL HOLDINGS SUB.VTG1,750.00 506,944.78 0.38CADINTACT FINANCIAL CORP53,223.00 2,521,826.11 1.86CADNATIONAL BK CANADA COMMON11,994.00 724,121.21 0.54CADTIM HORTONS INC17,732.00 750,798.59 0.56CAD

TINGY HOLDING CORP174,993.00 366,878.80 0.27HKDCayman Islands 366,878.80 0.27

CHINA LIFE INSURANCE CO LTD207,703.00 471,420.47 0.35HKDChina 941,249.93 0.70

TAIWAN COOPERATIVE HOLDINGS1,183,731.00 469,829.46 0.35TWD

COLOPLAST -B-13,180.00 634,235.66 0.47DKKDenmark 4,661,407.74 3.46

DSV59,977.00 1,429,411.57 1.06DKKNOVOZYMES -B-22,646.00 694,829.25 0.52DKKTDC79,002.00 557,012.10 0.41DKKTRYG SHS19,144.00 1,345,919.16 1.00DKK

FORTUM CORP123,361.00 2,051,493.43 1.52EURFinland 2,051,493.43 1.52

AEROPORTS DE PARIS-ADP-7,768.00 640,860.00 0.48EURFrance 9,837,254.34 7.30

AIR LIQUIDE SA26,544.00 2,728,723.20 2.03EURBIC5,841.00 520,199.46 0.39EURBUREAU VERITAS SA45,285.00 962,079.83 0.71EUREUTELSAT COMMUNICATIONS SA28,717.00 650,870.81 0.48EURILIAD SA2,570.00 382,673.00 0.28EURL'OREAL SA15,223.00 1,943,977.10 1.44EURSCOR SE ACT PROV REGROUPEMENT55,499.00 1,474,330.94 1.09EURZODIAC AEROSPACE SA4,144.00 533,540.00 0.40EUR

BEIERSDORF AG24,341.00 1,792,471.24 1.33EURGermany 6,001,783.89 4.46

DEUTSCHE BOERSE AG REG SHS35,572.00 2,141,434.40 1.59EURFRESENIUS AG14,233.00 1,588,402.80 1.18EURSAP AG7,695.00 479,475.45 0.36EUR

BOC HONG KONG (HOLDINGS) LTD229,483.00 533,741.34 0.40HKDHong Kong 5,015,704.12 3.72

CHINA L&P HLDGS417,875.00 2,397,512.00 1.77HKDHANG SENG BANK LTD177,175.00 2,084,450.78 1.55HKD

RYANAIR HOLDING ORD.160,011.00 1,002,468.92 0.74EURIreland 1,002,468.92 0.74

SNAM SPA566,266.00 2,302,437.56 1.71EURItaly 4,524,909.21 3.36

TERNA SPA611,914.00 2,222,471.65 1.65EUR

LAWSON INC8,200.00 445,586.17 0.33JPYJapan 4,632,240.20 3.44

NITORI13,650.00 939,660.41 0.70JPYRINNAI CORP11,500.00 650,316.63 0.48JPYSANRIO CO LTD11,200.00 342,195.60 0.25JPYTAKEDA PHARMA CO LTD30,100.00 1,002,782.93 0.74JPYWEST JAPAN RAILWAY COMPANY39,755.00 1,251,698.46 0.94JPY

RTL GROUP SA14,248.00 1,338,314.64 0.99EURLuxembourg 4,524,959.01 3.36

SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)135,429.00 3,186,644.37 2.37EUR





50Page

KUALA LUMPUR KEPONG MY91,800.00 506,446.29 0.38MYRMalaysia 7,790,291.94 5.78

MALAYAN BANKING BHD613,100.00 1,350,234.08 1.00MYRMAXIS BHD1,395,908.00 2,248,446.57 1.67MYRPUBLIC BANK BHD FOREIGN224,700.00 972,789.77 0.72MYRSIME DARBY BHD1,043,400.00 2,200,792.74 1.63MYRTENAGA NASIONAL BHD202,900.00 511,582.49 0.38MYR

STATOIL ASA188,367.00 3,312,254.29 2.46NOKNorway 3,312,254.29 2.46

KEPPEL CORPORATION LTD97,000.00 623,882.06 0.46SGDSingapore 4,179,736.09 3.10

SINGAPORE EXCHANGE LTD318,000.00 1,326,980.11 0.98SGDS'PORE PRESS HOLDINGS LTD426,000.00 1,008,805.61 0.75SGDSTARHUB494,796.00 1,220,068.31 0.91SGD

BANQUE CANTONALE VAUDOISE1,143.00 453,749.08 0.34CHFSwitzerland 17,043,746.60 12.66

BARRY CALLEBAUT NOM.SHS1,396.00 1,273,543.86 0.95CHFCHOCOLADEFAB.LINDT.SPRUENGLI PARTIZIPSCH271.00 889,180.74 0.66CHFCHOCOLADEFABRIKEN LINDT.SPRUENGLI NOM.33.00 1,295,226.44 0.96CHFNESTLE SA REG SHS72,565.00 3,866,580.58 2.87CHFPARTNERS GROUP HLDG NAMEN AKT3,496.00 678,660.47 0.50CHFROCHE HOLDING AG GENUSSSCHEIN6,956.00 1,414,471.81 1.05CHFSGS SA REG SHS571.00 956,093.02 0.71CHFSIKA186.00 481,277.85 0.36CHFSWISS PRIME SITE AG-NAMEN AKT25,231.00 1,421,624.28 1.06CHFSWISSCOM SHS NOM10,207.00 3,922,053.28 2.91CHFSYNGENTA NAMEN1,350.00 391,285.19 0.29CHF

CHANG HWA COMMERCIAL BANK839,050.00 374,906.98 0.28TWDTaiwan 4,799,762.07 3.56

CHUNGHWA TELECOM971,976.00 2,203,458.33 1.63TWDFAR EASTONE TELECOMMUNICATION CO LTD408,166.00 650,995.14 0.48TWDFIRST FINANCIAL HOLDING COMPANY2,227,832.00 1,006,296.52 0.75TWDHUA NAN FINANCIAL HOLDING CO LTD1,331,408.00 564,105.10 0.42TWD

UNILEVER NV48,667.00 1,424,726.43 1.06EURThe Netherlands 1,424,726.43 1.06

ADMIRAL GROUP PLC61,164.00 963,038.94 0.71GBPUnited Kingdom 10,955,084.00 8.14

CAPITA GROUP42,775.00 533,659.25 0.40GBPCENTRICA PLC94,629.00 395,462.78 0.29GBPMORRISON SUPERMARKETS PLC561,193.00 1,760,473.23 1.31GBPNATIONAL GRID PLC335,077.00 3,173,565.82 2.36GBPRECKITT BENCKISER GROUP PLC21,699.00 1,250,039.75 0.93GBPSSE PLC174,832.00 2,878,844.23 2.14GBP

BERKSHIRE HATHAWAY -B-23,764.00 2,044,674.94 1.52USDUnited States of America 29,382,481.85 21.82

CHUBB CORP9,045.00 634,288.87 0.47USDCLOROX CO20,173.00 1,357,993.74 1.01USDDUKE ENERGY CORP12,891.00 645,602.46 0.48USDFAMILLY DOLLAR STORE12,391.00 584,232.57 0.43USDGENERAL MILLS INC23,650.00 856,614.17 0.64USDHERSHEY40,565.00 2,862,320.80 2.12USDKELLOGG39,242.00 1,739,184.25 1.29USDLOEWS CORP29,340.00 1,027,150.19 0.76USDMCDONALD'S CORP32,978.00 2,322,185.38 1.72USDPEPSICO INC32,052.00 1,929,237.55 1.43USDPG AND E CORP46,444.00 1,357,643.11 1.01USDPPL CORP36,207.00 790,644.53 0.59USDPRAXAIR INC16,672.00 1,573,250.23 1.17USDPROCTER AND GAMBLE CO16,480.00 973,646.94 0.72USDSOUTHERN CO58,805.00 1,754,398.60 1.30USDTRAVELERS COS INC/THE13,508.00 887,560.74 0.66USDWAL-MART STORES INC24,989.00 1,427,036.11 1.06USDWASTE MANAGEMENT INC16,463.00 536,082.45 0.40USDXCEL ENERGY INC24,503.00 496,835.02 0.37USD3M CO35,192.00 3,581,899.20 2.67USD





51Page






52Page

NATIXIS AM Funds- Seeyond Volatility Equity Strategies

53Page


-25,882.48Unrealised loss on the securities portfolio6,030,000.00Options purchased at market value7,207,000.00Options purchased at cost

14,442,831.91Cash at banks and liquidities49,219.67Interest receivable

157,804.90Subscriptions receivable2,140,802.19Net unrealised appreciation on financial futures

13,848,135.53Liabilities4,790,000.00Options sold at market value4,420,000.00Options sold at cost2,140,802.18Bank overdrafts


7.64Accrued performance fees6,822,826.52Redemptions payable

76,549.23Accrued management fees payable



Expressed in EUR


NATIXIS AM Funds - Seeyond Volatility Equity Strategies







05/11/13

54Page

Key figures


Class I/A(EUR)



EUR

Class R/A(EUR)



EUR



EUR

55Page

BELGIAN TREASURY BILLS 13-14 13/03U17,000,000.00 16,996,411.81 10.65EUR


Bonds 113,513,194.07 71.15

Belgium 16,996,411.81 10.65

BNP PAR 13-14 14/07U11,000,000.00 10,971,885.79 6.88EURFrance 58,244,305.11 36.51

BPCE 13-14 29/05U5,000,000.00 4,991,002.94 3.13EURCIC 13-14 16/06U5,500,000.00 5,488,143.19 3.44EURFRANCE BTF 13-14 13/03U15,000,000.00 14,994,450.73 9.40EURHSBC FRANCE 13-14 23/07U7,000,000.00 6,987,680.24 4.38EURNATIXIS 13-14 05/03U8,000,000.00 7,995,267.38 5.01EURNATIXIS 13-14 25/08U1,825,000.00 1,818,896.44 1.14EURSOCIETE GENERAL 13-14 05/03U5,000,000.00 4,996,978.40 3.13EUR

DEUTSCHE BANK 13-14 04/03U6,000,000.00 5,995,189.04 3.76EURGermany 5,995,189.04 3.76

ITALY BOT (12 MESI) -14 14/02U10,000,000.00 9,990,804.47 6.26EURItaly 24,969,330.51 15.65

ITALY BOT (12 MESI) -14 14/03U15,000,000.00 14,978,526.04 9.39EUR

BARCLAYS BANK 13-14 16/06U5,500,000.00 5,494,014.98 3.44EURUnited Kingdom 5,494,014.98 3.44

USA T-BILLS -13 22/08U2,500,000.00 1,813,942.62 1.14USDUnited States of America 1,813,942.62 1.14

CR DU NORD(OIS+0.25) FL.R 13-14 17/04Q10,000,000.00 10,000,000.00 6.27EUR



France 10,000,000.00 6.27

NATIXIS CASH EURIBOR SICAV -R- CAP273.95 11,370,245.44 7.13EUR



France 11,370,245.44 7.13

BPCE SA 13-14 31/07U6,000,000.00 5,985,446.47 3.75EUR

Money market instruments 15,667,228.78 9.82

Bonds 15,667,228.78 9.82

France 15,667,228.78 9.82

CA CIB 13-14 03/09U5,200,000.00 5,190,027.28 3.25EURCA CIB 13-14 27/08U4,500,000.00 4,491,755.03 2.82EUR

DJ EUR STOXX 50 JUN 3100 22.06.15 CALL2,000.00 3,890,000.00 2.44EUR

Derivative instruments 1,240,000.00 0.78

Options 1,240,000.00 0.78

Germany 1,240,000.00 0.78

DJ EURO STOXX 50 DEC 2700 22.12.14 PUT1,000.00 996,000.00 0.62EURDJ EURO STOXX 50 JUN 2600 23.06.14 PUT4,000.00 1,144,000.00 0.72EURDJ EURO STOXX 50 MAR 3100 24.03.14 CALL-5,000.00 -4,790,000.00 -3.00EUR






56Page

NATIXIS AM Funds- Natixis Global Emerging Equity

57Page


-1,328,655.96Unrealised loss on the securities portfolio1,163,890.31Cash at banks and liquidities

87.21Interest receivable264,990.36Brokers receivable60,084.79Dividends receivable

366,079.94Receivable on spot exchange

748,660.61Liabilities35,914.89Bank overdrafts

163,446.30Brokers payable14,104.33Administration fees12,114.45Taxe d'abonnement payable2,757.17Redemptions payable

156,085.11Accrued management fees payable364,238.36Payable on spot exchange



Expressed in EUR


NATIXIS AM Funds - Natixis Global Emerging Equity

Class M/A(EUR)Capitalisation shares 0.00 3,503.29 1,901.96 1,601.33







13/11/13

58Page

Key figures


Class M/A(EUR)



EUR

Class I/A(EUR)



EUR

Class R/A(EUR)

Capitalisation shares1.0098.14


EUR



EUR

59Page

BRILLIANCE CHINA AUTO HLDGS1,630,000.00 1,928,362.18 1.14HKD


Shares 166,063,540.75 98.42

Bermuda 2,996,017.20 1.78

CENTRAL EUROPEAN MEDIA ENTERPRISES -A-53,000.00 147,697.67 0.09USDCREDICORP7,000.00 674,269.75 0.40USDREXLOT HOLDINGS2,500,000.00 245,687.60 0.15HKD

AMBEV SA258,000.00 1,374,539.75 0.81BRLBrazil 17,837,139.92 10.58

ANHANGUERA EDUCACIONAL PARTICIPACOES SA58,000.00 265,829.99 0.16BRLAREZZO INDUSTRIA E COMERCIO SA30,000.00 274,535.14 0.16BRLBANCO BRADESCO29,000.00 285,009.00 0.17BRLBANCO BRADESCO PREF.117,000.00 1,046,933.97 0.62BRLBANCO DO BRASIL SA58,000.00 435,318.91 0.26BRLBANCO SANTANDER UNITS (50SHS+50PFD SHS)58,000.00 249,416.32 0.15BRLBB SEGURIDADE58,000.00 437,103.00 0.26BRLBRF FOODS49,000.00 742,321.48 0.44BRLCIA BRASILEIRA DE DISTRIBUICAO PREF SHS15,000.00 484,058.51 0.29BRLCONCESSOES RODOVIARIAS95,000.00 519,278.98 0.31BRLEMBRAER32,000.00 185,939.49 0.11BRLESTACIO PART50,000.00 313,908.24 0.19BRLEVEN CONSTR SHS70,000.00 175,487.17 0.10BRLGERDAU PREF.86,000.00 485,162.80 0.29BRLHYPERMARCAS SA29,000.00 157,446.28 0.09BRLIMC HOLDINGS35,000.00 196,481.03 0.12BRLITAUSA INVESTIMENTOS ITAU SA-PREF117,000.00 320,306.37 0.19BRLITAUUNIBANCO PFD SHS205,000.00 1,976,883.68 1.17BRLKROTON EDUCACIONAL SA22,000.00 265,682.34 0.16BRLLOCALIZA RENT A CAR SA33,000.00 337,821.25 0.20BRLLOJAS AMERICANAS PREF.49,000.00 237,090.70 0.14BRLLOJAS RENNER9,000.00 168,873.71 0.10BRLMARFRIG FRIGORIFICO SHS140,000.00 172,257.34 0.10BRLMILLS ESTRUTURAS E SERVICOS DE ENGENH SA33,000.00 334,979.01 0.20BRLMINERVA SA97,000.00 343,130.47 0.20BRLMULTIPLUS SA25,000.00 230,086.59 0.14BRLODONTOPREV - SHS65,000.00 196,542.55 0.12BRLPETROLEO BRASILEIRO190,000.00 934,526.83 0.55BRLPETROLEO BRASILEIRO -PETROBRAS- PREF.300,000.00 1,576,154.66 0.93BRLSABESP29,000.00 236,035.62 0.14BRLTRACTEBEL ENERGIA SA13,000.00 143,717.99 0.09BRLULTRAPAR29,000.00 499,100.26 0.30BRLVALE DO RIO DOCE88,000.00 966,634.37 0.57BRLVALE DO RIO DOCE PREF -A-126,000.00 1,268,546.12 0.75BRL

BANKERS PETROLEUM38,000.00 113,425.09 0.07CADCanada 431,583.03 0.26

PACIFIC RUB25,000.00 318,157.94 0.19COP

AAC TECHNOLOGIES HOLDINGS INC445,000.00 1,568,118.64 0.93HKDCayman Islands 10,044,058.43 5.95

BONJOUR HOLDINGS1,900,000.00 300,534.43 0.18HKDCHINA STATE CONSTRUCTION INTL HLDG LTD480,000.00 624,467.68 0.37HKDENN ENERGY HOLDINGS LTD40,000.00 214,707.56 0.13HKDEURASIA DRILLIN GDR SHS REG-S12,000.00 391,886.50 0.23USDGINKO INTERNATIONAL CO LTD110,000.00 1,507,997.77 0.89TWDSANDS CHINA LTD425,000.00 2,519,935.79 1.49HKDTENCENT HOLDINGS LTD63,000.00 2,916,410.06 1.73HKD

BANCO SANTANDER -CHILE7,600,000.00 319,726.49 0.19CLPChile 1,897,953.54 1.12

CENCOSUD SA53,000.00 138,523.65 0.08CLPCIA CERVECERIAS UNIDAS SA CERVEZAS23,202.00 201,723.40 0.12CLPEMBOTELLADORA ANDINA PFD -B-73,000.00 243,274.91 0.14CLPEMPRESAS COPEC SA19,000.00 184,732.32 0.11CLPENDESA340,000.00 367,342.12 0.22CLPFALABELLA SOCIEDAD ANONIMA.68,000.00 442,630.65 0.26CLP





60Page

ANHUI CONCH CEMENT CO -H-330,000.00 887,985.17 0.53HKDChina 16,178,314.43 9.59

CHINA CONSTRUCTION BANK CORPORATION -H-3,500,000.00 1,916,363.26 1.14HKDCHINA LIFE INSURANCE CO LTD557,300.00 1,264,895.69 0.75HKDCHINA NATIONAL BUILDING MATERIAL CO -H-1,200,000.00 936,701.52 0.56HKDCHINA PACIFIC INSURANCE (GROUP) CO LTD170,000.00 483,700.38 0.29HKDCHINA PETROLEUM AND CHEMICAL -H-1,560,000.00 924,234.62 0.55HKDCHINA RAILWAY CONSTRUCTION -H-700,000.00 505,788.87 0.30HKDCHINA SHENHUA ENERGY CO LTD-SHS.-H-235,000.00 537,775.05 0.32HKDCN CINDA AM -H-6,600,000.00 2,989,807.47 1.76HKDDATANG INTERNATIONAL POWER GENERATION-H-2,000,000.00 670,142.17 0.40HKDDONGFENG MOTOR GP -H-576,000.00 654,478.07 0.39HKDINDUS.AND COMMERCIAL BANK OF CHINA -H-4,600,000.00 2,256,020.52 1.33HKDPETROCHINA CO LTD -H-1,600,000.00 1,272,895.74 0.75HKDPING AN INS (GRP) CO -H-135,000.00 877,525.90 0.52HKD

ALMACENES EXITO15,000.00 169,033.14 0.10COPColombia 1,205,987.62 0.71

BANCOLOMBIA SA19,000.00 170,002.27 0.10COPCEMARGOS PREF92,000.00 336,939.40 0.20COPECOPETROL145,000.00 201,525.07 0.12COPGRUPO INVERSION PFD SHS25,000.00 328,487.74 0.19COP

GLOBALTRANS INV -GDR- REP 1 SH REG -S19,500.00 225,008.16 0.13USDCyprus 225,008.16 0.13

CEZ AS6,600.00 124,657.96 0.07CZKCzech Republic 441,031.15 0.26

KOMERCNI BANKA AS1,425.00 230,155.27 0.14CZKTELEFONICA CZECH REPUBLIC8,000.00 86,217.92 0.05CZK

FOLLI FOLLIE S.A.5,800.00 135,720.00 0.08EURGreece 275,460.00 0.16

MOTOR OIL HELLAS CORINTH REFIN.REG SHS17,000.00 139,740.00 0.08EUR

ETALON GRP GDR REPR 1SHS REG S28,800.00 110,773.25 0.07USDGuernsey 110,773.25 0.07

AIA GROUP LTD487,000.00 1,773,096.97 1.05HKDHong Kong 13,539,685.33 8.02

CHINA OVERSEAS600,000.00 415,001.45 0.25HKDCHINA OVERSEAS LAND INVESTMENT LTD -RC-600,000.00 1,224,226.20 0.73HKDCHINA UNICO HK500,000.00 542,852.60 0.32HKDCNOOC LTD -RC-500,000.00 674,821.93 0.40HKDGALAXY ENTERTAINMENT GROUP LTD430,000.00 2,799,107.10 1.66HKDGOLDPAC GROUP4,900,000.00 3,439,626.37 2.03HKDGUANGDONG INVEST -RC-292,000.00 207,160.04 0.12HKDHONG KONG EXCHANGES AND CLEARING LTD23,000.00 278,342.99 0.16HKDLENOVO GROUP LTD -RC-1,200,000.00 1,059,124.14 0.63HKDSUN ART RETAIL GROUP LTD1,100,000.00 1,126,325.54 0.67HKD

MOL HUNGARIAN OIL AND GAS PLC -A-2,250.00 109,631.41 0.06HUFHungary 482,554.07 0.29

OTP BANK LTD12,000.00 165,614.74 0.10HUFRICHTER GEDEON14,000.00 207,307.92 0.13HUF

DR REDDYS LABORATORIES ADR45,000.00 1,339,925.25 0.79USDIndia 6,965,383.36 4.13

HOUSING DEVT FINANCE ADR REPR 3 SHS105,000.00 2,624,333.25 1.56USDICICI BANK ADR REPR.2 SHS20,000.00 539,497.08 0.32USDINFOSYS TECHNOLOGIES ADR REPR.1 SHS30,000.00 1,232,265.32 0.73USDTATA MOTORS LTD ADR REPR 5 SHS55,000.00 1,229,362.46 0.73USD

ASTRA INTERNATIONAL TBK1,296,000.00 525,520.71 0.31IDRIndonesia 2,775,081.28 1.64

GUDANG GARAM200,000.00 500,904.82 0.30IDRKALBE FARMA10,000,000.00 745,394.08 0.44IDRSEMEN GRESIK (PERSERO) TBK1,189,000.00 1,003,261.67 0.59IDR

DRAGON OIL PLC14,500.00 98,903.25 0.06GBPIreland 98,903.25 0.06

MHP - GDR- REG S16,000.00 197,975.25 0.12USDLuxembourg 396,603.65 0.24

O KEY GROUP SA GDR REP.1 SH REG-S23,000.00 198,628.40 0.12USD





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CIMB GROUP HOLDINGS BHD760,000.00 1,283,098.30 0.75MYRMalaysia 3,713,642.80 2.20

GAMUDA BHD600,000.00 638,092.81 0.38MYRMALAYAN BANKING BHD302,982.00 667,259.21 0.40MYRSAPURAKENCANA BHD630,000.00 683,955.73 0.41MYRTENAGA NASIONAL BHD175,000.00 441,236.75 0.26MYR

ALFA SAB DE CV -A-275,000.00 558,009.00 0.33MXNMexico 9,683,134.22 5.74

AMERICA MOVIL -L-2,140,000.00 1,804,756.42 1.08MXNARCA CONTINENT54,000.00 244,309.37 0.14MXNCEMEX-CPO REPR 2 SHS -A-.1 SHS -B-1,000,000.00 849,993.35 0.50MXNEL PUERTO LIVERPOOL C144,000.00 363,440.31 0.22MXNFIBRO UNO88,000.00 203,918.61 0.12MXNFOMENTO ECONOMICO UNITS 1 SH-B- 4 SHS-D-117,000.00 819,451.22 0.49MXNGENOMMA LAB INTERNACIONAL SAB DE CV-B-146,000.00 296,252.05 0.18MXNGFNORTE -O-156,000.00 319,222.93 0.19MXNGMEXICO -B-320,000.00 766,523.34 0.45MXNGRUMA SHS-B-55,000.00 301,038.39 0.18MXNGRUPO BIMBO -SHS- -A-112,000.00 249,479.14 0.15MXNGRUPO FINANCIERO BANORTE -O-190,000.00 961,833.41 0.57MXNGRUPO LALA SAB DE CV -I- SERIE -B-100,000.00 160,191.05 0.09MXNMEXICHEM SHS102,000.00 303,843.26 0.18MXNSANMEX -B-88,000.00 173,101.64 0.10MXNTLEVISA ORD.PART.CERT.REPR.(SHS1A+1L+1D)141,000.00 614,871.00 0.36MXNWAL MART -V-365,000.00 692,899.73 0.41MXN

COPA HOLDINGS SA4,500.00 522,874.56 0.31USDPanama 753,652.16 0.45

INRETAIL PERU CORP20,000.00 230,777.60 0.14USD

GRANA Y MONTERO SPNS ADR REPR 5 SHS15,000.00 231,104.18 0.13USDPeru 412,358.56 0.24

PACASMAYO SAA110,000.00 181,254.38 0.11PEN

AYALA CORP80,000.00 677,601.94 0.40PHPPhilippines 2,053,179.66 1.22

MEGAWORLD - SHS12,700,000.00 672,827.33 0.40PHPUNIVERSAL ROBINA CORP380,000.00 702,750.39 0.42PHP

CYFROWY POLSAT SA24,000.00 114,288.46 0.07PLNPoland 2,384,777.17 1.41

EUROCASH SA17,000.00 194,985.45 0.12PLNGRUPA PEKAO SA6,500.00 280,610.40 0.17PLNKGHM POLSKA MIEDZ SA8,100.00 229,875.66 0.14PLNNETIA SA130,000.00 164,770.68 0.10PLNPGE POLSKA GRUPA ENERGETYCZNA S.A.60,000.00 234,926.28 0.14PLNPKO BANK POLSKI SA50,500.00 478,777.75 0.27PLNPOLISH OIL AND GAS COMPANY SA162,000.00 200,654.18 0.12PLNPOWSZECHNY ZAKLAD UBEZPIECZEN4,500.00 485,888.31 0.28PLN

JERONIMO MARTINS SGPS SA16,000.00 227,440.00 0.13EURPortugal 227,440.00 0.13

GAZPROM ADR REPR. 2 SHS350,000.00 2,171,704.34 1.28USDRussia 9,462,417.00 5.61

GAZPROM NEFT ADR REPR 5 SHS10,000.00 164,011.76 0.10USDGROUP LSR OJSC -GDR- REPR SHS REG -S60,000.00 182,270.76 0.11USDJSFC SISTEMA GDR REPR.SHS REG-S13,000.00 303,029.86 0.18USDLUKOIL HOLDING ADR REPR.1SHS33,000.00 1,495,591.28 0.89USDMAGNIT GDR15,000.00 720,635.73 0.43USDMEGAFON SPDR REPR SHS REGS5,000.00 121,557.39 0.07USDMMC NORILSK NICKEL ADR REPR.1/10SHS40,000.00 482,455.82 0.29USDMOBILE TELESYSTEMS ADR REPR.2 SHS31,000.00 486,614.17 0.29USDNOVATEK GDR REPR 1/100 SHS REG-S6,000.00 596,102.91 0.35USDPHOSAGRO GDR REPR SHS REG S20,000.00 142,022.57 0.08USDROSNEFT OIL-GDR-63,000.00 348,158.50 0.21USDSBERBANK ADR 4 SHS170,000.00 1,552,015.68 0.92USDSEVERSTAL GDR REPR SHS REG-S SER -OCT06-22,000.00 157,741.57 0.09USDTATNEFT -ADR-REPR 6 SHS REG-S9,000.00 249,631.70 0.15USDTMK GDR REPR 4 SHS REG-S17,250.00 147,594.25 0.09USDVNESHTORGBANK-GDR-REPR 2000 SHS REG-S65,000.00 141,278.71 0.08USD





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AFRICAN BANK INVESTMENTS LIMITED84,000.00 70,134.35 0.04ZARSouth Africa 10,714,302.77 6.35

ANGLO AMERICAN PLATINUM LIMITED3,000.00 81,880.92 0.05ZARANGLOGOLD ASHANTI LTD-REG.SHS11,000.00 93,687.08 0.06ZARASPEN PHARMACARE HOLDINGS PLC12,000.00 223,432.16 0.13ZARBARCLAYS AFRICA21,192.00 194,192.33 0.12ZARBARLOWORLD LTD43,000.00 297,972.60 0.18ZARBIDVEST GROUP11,000.00 204,530.81 0.12ZARFIRSTRAND LTD205,000.00 509,790.54 0.30ZARGROWTHPOINT PROPERTIES LTD99,000.00 166,551.42 0.10ZARHARMONY GOLD MINING39,000.00 69,988.84 0.04ZARIMPALA PLATINUM HOLDINGS LTD49,000.00 417,604.96 0.25ZARIMPERIAL HOLDINGS LTD10,000.00 140,386.49 0.08ZARINVESTEC LTD30,000.00 154,860.97 0.09ZARKUMBA IRON ORE4,000.00 122,904.87 0.07ZARLIBERTY HOLDINGS18,000.00 151,659.82 0.09ZARLIFE HEALTHCARE GROUP HOLDINGS LIMITED53,000.00 153,723.25 0.09ZARMASSMART HOLDINGS LTD8,000.00 72,060.59 0.04ZARMMI HOLDINGS LTD82,000.00 143,747.01 0.09ZARMTN GROUP LTD105,000.00 1,578,895.95 0.94ZARNASPERS -N-23,000.00 1,746,653.69 1.03ZARNEDBANK GROUP12,000.00 174,608.34 0.10ZARNETCARE LTD95,000.00 171,275.54 0.10ZARPICK'N PAY STORES37,000.00 133,312.08 0.08ZARREDEFINE PROPERTIES - UNITS ZAR175,000.00 118,103.14 0.07ZARRMB HOLDINGS LTD45,000.00 150,755.60 0.09ZARSANLAM LTD107,000.00 394,717.40 0.23ZARSASOL LTD31,000.00 1,105,125.31 0.65ZARSHOPRITE HOLDINGS LTD (SHP)22,000.00 249,994.80 0.15ZARSPAR GROUP LTD15,000.00 136,714.18 0.08ZARSTANDARD BANK GROUP LIMITED82,000.00 735,325.62 0.44ZARSTEINHOFF INTERNATIONAL HOLDINGS LTD65,000.00 203,255.89 0.12ZARTHE FOSCHINI GROUP LTD12,000.00 79,613.09 0.05ZARTIGER BRANDS LTD8,000.00 147,962.56 0.09ZARTRUWORTHS INTERNATIONAL LTD23,000.00 122,328.39 0.07ZARWOOLWORTHS HOLDINGS38,000.00 196,552.18 0.12ZAR

HANA FINANCIAL GROUP INC21,000.00 633,948.27 0.38KRWSouth Korea 25,041,905.63 14.85

HANKOOK TIRE CO LTD16,000.00 667,849.62 0.40KRWHOTEL SHILLA LTD12,000.00 548,747.93 0.33KRWHYUNDAI MOBIS4,000.00 807,305.86 0.48KRWHYUNDAI MOTOR CO LTD23,500.00 3,821,809.31 2.27KRWKB FINANCIAL GROUP INC28,000.00 813,494.74 0.48KRWKIA MOTORS21,000.00 810,125.24 0.48KRWLG CHEM4,000.00 823,809.55 0.49KRWLG HOUSEHOLD AND HEALTHCARE1,500.00 565,251.63 0.34KRWNAVER1,620.00 806,535.68 0.48KRWSAMSUNG ELECTRONICS CO LTD8,100.00 7,642,037.01 4.52KRWSAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG1,300.00 905,571.62 0.54KRWSAMSUNG HEAVY INDUSTRIES CO LTD20,000.00 523,304.73 0.31KRWSHINHAN FINANCIAL GROUP30,000.00 975,781.10 0.58KRWSHINSEGAE CO LTD3,000.00 520,897.94 0.31KRWSK HYNIX INC165,000.00 4,175,435.40 2.46KRW

ADVANCED SEMICONDUCTOR ENGENEERING INC1,465,000.00 988,136.66 0.59TWDTaiwan 17,679,418.37 10.48

CHINA LIFE INSURANCE2,866,400.00 2,107,867.74 1.25TWDCHINATRUST FINANCIAL HLDGS1,348,200.00 668,064.44 0.40TWDDELTA ELECTRONIC INCS360,000.00 1,490,222.24 0.88TWDGIANT MANUFACTURE CO LTD100,000.00 499,175.75 0.30TWDMEDIA TEK INCORPORATION330,000.00 3,563,749.61 2.11TWDST.SHINE OPTICAL CO LTD92,000.00 1,906,413.07 1.13TWDTAIWAN LIPOSOME22,000.00 184,816.78 0.11TWDTAIWAN MOBILE538,000.00 1,261,560.79 0.75TWDTAIWAN SEMICONDUCTOR MANUFACTURING CO LTD1,950,000.00 5,009,411.29 2.96TWD

ADVANCED INFO SERVICE PUBLIC CO LTD110,000.00 484,657.48 0.29THBThailand 4,975,578.28 2.95





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BANGKOK BANK PUBLIC CO LTD -F-90,000.00 353,803.27 0.21THBBANGKOK DUSIT MEDICAL160,000.00 415,199.85 0.25THBKASIKORNBANK -F-140,000.00 490,068.33 0.29THBPTT PUBLIC COMPANY LIMITED42,000.00 265,286.20 0.16THBPTT PUBLIC COMPANY LTD -F-19,000.00 120,010.42 0.07THBQUALITY HOUSES5,380,000.00 313,679.07 0.19THBSIAM CEMENT FOREIGN REGISTERED62,000.00 555,926.09 0.33THBSIAM CITY CEMENT45,000.00 395,544.11 0.23THBSIAM COMMERCIAL BANK PUBLIC CO LTD71,400.00 226,281.71 0.13THBSIAM COMMERCIAL BANK PUBLIC -F-58,600.00 185,715.80 0.11THBTHAI UNION FROZEN PRODUCTS PUBLIC CO LTD400,000.00 633,842.32 0.37THBTOTAL ACCESS COMM250,000.00 535,563.63 0.32THB

CINEMA CITY INTERNATINAL25,400.00 194,505.88 0.11PLNThe Netherlands 479,755.70 0.28

X5 RETAIL GROUP GDR REPR SHS REG-S8,000.00 97,362.02 0.06USDYANDEX N.V.6,000.00 187,887.80 0.11USD

AKBANK82,892.00 187,595.47 0.11TRYTurkey 2,235,077.31 1.32

AKCANSA CIMENTO SANAYI VE TICARET AS35,000.00 139,503.46 0.08TRYARCELIK35,000.00 143,641.28 0.09TRYBIM BIRLESIK MAGAZALAR20,000.00 293,193.72 0.16TRYBIZIM TOPTAM SATIS MAGAZALARI17,000.00 135,804.76 0.08TRYCOCA COLA ICECEK SANAYI A.S7,000.00 122,361.09 0.07TRYENKA INSAAT VE SANAY A.S97,000.00 197,243.71 0.12TRYTAV HAVALIMALARI HOLDING AS15,000.00 78,280.70 0.05TRYTURK HAVA YOLLARI AO60,000.00 130,518.49 0.08TRYTURKCELL ILETISIM HIZMET51,000.00 195,524.40 0.12TRYTURKIYE GARANTI BANKASI AS (NAMEN-AKT)118,000.00 277,412.60 0.16TRYTURKIYE HALK BANKA -SHS-50,000.00 205,201.82 0.12TRYTURKIYE IS BANKASI AS82,000.00 128,795.81 0.08TRY

BHP BILLITONPLC8,100.00 181,780.38 0.10ZARUnited Kingdom 345,363.45 0.20

OLD MUTUAL PLC72,000.00 163,583.07 0.10ZAR

NIFLI IDFC IEP -Q/A-(USD) CAP19,000.00 1,553,975.11 0.92USD



Luxembourg 1,553,975.11 0.92






64Page

NATIXIS AM Funds- Natixis Global Currency

65Page


-8,577.78Unrealised loss on the securities portfolio1,859,286.84Cash at banks and liquidities

132,515.57Interest receivable32,285.28Net unrealised appreciation on financial futures

121.87Net unrealised appreciation on swaps2,598.87Receivable on spot exchange

49,995.21Liabilities32,337.11Bank overdrafts1,133.30Administration fees

567.13Taxe d'abonnement payable4,560.10Net unrealised depreciation on forward foreign exchange contracts7,942.40Accrued management fees payable2,580.28Payable on spot exchange




Expressed in EUR


NATIXIS AM Funds - Natixis Global Currency







11/12/13

Key figures

Class I/A(EUR)



EUR

Class R/A(EUR)



EUR



EUR

66Page

VALLOUREC -14 28/02U2,000,000.00 1,999,071.74 8.81EUR


Bonds 15,502,879.28 68.35

France 1,999,071.74 8.81

ITALY BOT (6 MESI) 13-14 30/04U2,000,000.00 1,995,097.55 8.80EURItaly 8,483,059.18 37.40

ITALY BOT (12 MESI) 13-14 14/01U4,000,000.00 3,998,533.84 17.63EURITALY BOT (12MESI) -14 14/08U2,000,000.00 1,989,761.00 8.77EURITALY BOT (6 MESI) -14 31/01U500,000.00 499,666.79 2.20EUR

ENEL FINANCE INTL -14 14/01U1,000,000.00 999,697.97 4.41EURLuxembourg 999,697.97 4.41

SPAIN 3.40 11-14 30/04A2,000,000.00 2,016,394.67 8.89EURSpain 4,021,050.39 17.73

SPAIN 4.25 08-14 31/01A2,000,000.00 2,004,655.72 8.84EUR

LCL - CDN(OIS+0.22) FL.R 13-14 06/02U2,000,000.00 2,000,000.00 8.82EUR



France 2,000,000.00 8.82

NATEXIS INSTITUTION JOUR - C CAP55.00 2,200,831.60 9.70EUR



France 2,200,831.60 9.70

VOLKSWAGEN INTL FIN -14 22/01U1,000,000.00 999,725.08 4.41EUR

Money market instruments 999,725.08 4.41

Bonds 999,725.08 4.41

The Netherlands 999,725.08 4.41



NATIXIS AM Funds - Natixis Global Currency



NATIXIS AM Funds

General information

Structure : NATIXIS AM Funds (the “SICAV”) was incorporated on May 21, 2013 as a Luxembourg Société d’Investissement à Capital Variable and qualifies under Part I of the Luxembourg law of December 17, 2010 on undertakings for collective investment, as amended. The Articles of Incorporation of the SICAV were lodged with the register of the District Court and a publication of such deposit made in the Mémorial C, Recueil des Sociétés et Association of June 1st, 2013. The SICAV is an umbrella structure with multiple sub-funds which offers investors a choice between several classes of shares with different characteristics and fees structure. As at December 31, 2013, the following sub-funds and classes of shares were active :

Sub-Funds Currency Launch date NATIXIS AM Funds - Natixis Euro Bonds Opportunities 12 Months EUR 18/12/2013 NATIXIS AM Funds - Natixis Euro Short Term Credit EUR 22/10/2013 NATIXIS AM Funds - Natixis Euro Inflation EUR 13/12/2013 NATIXIS AM Funds - Natixis Euro Aggregate EUR 18/11/2013 NATIXIS AM Funds - Natixis Credit Opportunities EUR 20/11/2013 NATIXIS AM Funds - Natixis Euro Value Equity EUR 20/11/2013 NATIXIS AM Funds - Natixis Global Risk Parity EUR 25/06/2013 NATIXIS AM Funds - Seeyond Global Flexible Strategies EUR 03/10/2013 NATIXIS AM Funds - Seeyond Europe Minvariance EUR 27/11/2013 NATIXIS AM Funds - Seeyond Global Minvariance EUR 19/12/2013 NATIXIS AM Funds - Seeyond Volatility Equity Strategies EUR 05/11/2013 NATIXIS AM Funds - Natixis Global Emerging Equity EUR 13/11/2013 NATIXIS AM Funds - Natixis Global Currency EUR 11/12/2013

Consolidation : The consolidated financial statements of the SICAV are expressed in EUR and are equal to the sum of the corresponding captions in the financial statements of each sub-fund. After deduction of cross-investments, the recalculated consolidated net asset value amounts to EUR 2,050,869,117.57. These cross-investments amount to EUR 5,227,635.46 and are detailed as follows:

- investment of the sub-fund NATIXIS AM Funds - Natixis Euro Short Term Credit in the sub-fund NATIXIS AM Funds - Natixis Credit Opportunities for a total amount of EUR 2,100,708.09;

- investment of the sub-fund NATIXIS AM Funds - Natixis Euro Aggregate in the sub-fund NATIXIS AM Funds - Natixis Global Currency for a total amount of EUR 1,998,216.71;

- investment of the sub-fund NATIXIS AM Funds - Seeyond Global Flexible Strategies in the sub-fund NATIXIS AM Funds - Seeyond Volatility Equity Strategies for a total amount of EUR 1,128,710.66.

Changes in the composition of the portfolio : The details of the changes in portfolio composition during the period under review are held at the disposal of shareholders at the registered office of the SICAV and are available upon request free of charge. Dividends : There was no dividend distribution during the period under review. Subsequent event : The Sub-Funds NATIXIS AM Funds - Natixis Global Emerging Bonds and NATIXIS AM Funds - Natixis Euro Credit were launched respectively on January 24, 2014 and January 31, 2014.

ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY

The function of the Paying and Information Agent in the Federal Republic of Germany is performed by : CACEIS Bank Deutschland GmbH Lilienthalallee 34 - 36, D-80939 Munich, Germany (hereinafter: German Paying and Information) Applications for the redemptions and conversion of shares may be sent to the German Paying and Information Agent. All payments to investors, including redemption proceeds and potential distributions may, upon request, be obtained upon request through the German Paying and Information Agent. The following documents may be obtained, free of charge, in hardcopy form at the office of the German Paying and Information Agent .:

the prospectus, the key investor information document, the current annual and semi-annual reports, the agreement between the Fund and the Management Company, the agreement between the Management Company and the Investment Manager, the agreement between the fund administrator, the Management Company and CACEIS Bank

Luxemburg, the custody agreement between the Fund and CACEIS Bank Luxembourg, the Luxembourg law of 17 December 2010 on undertakings for collective investments, as

amended from time to time. The issue and redemption prices, the net asset value as well as any notices to investors are also available from the Paying and Information Agent. In addition, the issue and redemption prices are published on www.fundinfo.com and any notices to investors in the Federal Gazette (“www.bundesanzeiger.de”). In addition, communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases:

suspension of the redemption of the units, termination of the management of the fund or its liquidation, any amendments to the company rules which are inconstant with the previous investment

principles, which affect material investor rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool,

merger of the fund with one or more other funds and the change of the fund into a feeder fund or the modification of a master fund.

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