PORTFOLIO OF INVESTMENTS as of August 31, 2019 (Unaudited)
Loomis Sayles Global Growth Fund
Shares | Description |
Value () | ||||||
Common Stocks 98.3% of Net Assets |
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Argentina 5.4% |
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6,818 | MercadoLibre, Inc.(a) |
$ | 4,053,983 | |||||
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Brazil 2.1% |
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350,126 | Ambev S.A., ADR |
1,589,572 | ||||||
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China 13.9% |
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21,986 | Alibaba Group Holding Ltd., Sponsored ADR(a) |
3,848,209 | ||||||
13,361 | Baidu, Inc., Sponsored ADR(a) |
1,395,824 | ||||||
52,200 | Tencent Holdings Ltd. |
2,155,104 | ||||||
64,927 | Yum China Holdings, Inc. |
2,949,634 | ||||||
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10,348,771 | ||||||||
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Denmark 3.3% |
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47,255 | Novo Nordisk AS, Class B |
2,462,098 | ||||||
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France 4.5% |
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24,406 | Danone S.A. |
2,186,516 | ||||||
10,370 | Sodexo S.A. |
1,175,454 | ||||||
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3,361,970 | ||||||||
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Italy 0.6% |
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170,600 | Prada SpA |
477,413 | ||||||
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Netherlands 2.0% |
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2,005 | Adyen NV, 144A(a) |
1,453,608 | ||||||
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Switzerland 8.6% |
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3,296 | Alcon, Inc.(a) |
200,433 | ||||||
15,997 | Nestle S.A., (Registered) |
1,797,653 | ||||||
16,486 | Novartis AG, (Registered) |
1,486,290 | ||||||
10,790 | Roche Holding AG |
2,948,478 | ||||||
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6,432,854 | ||||||||
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United Kingdom 7.9% |
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27,986 | Diageo PLC |
1,198,185 | ||||||
66,770 | Experian PLC |
2,053,551 | ||||||
11,239 | Reckitt Benckiser Group PLC |
878,337 | ||||||
28,368 | Unilever NV |
1,760,184 | ||||||
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5,890,257 | ||||||||
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United States 50.0% |
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2,586 | Alphabet, Inc., Class A(a) |
3,078,711 | ||||||
2,498 | Amazon.com, Inc.(a) |
4,437,172 | ||||||
6,539 | American Express Co. |
787,099 | ||||||
28,370 | Coca-Cola Co. (The) |
1,561,485 | ||||||
18,034 | Colgate-Palmolive Co. |
1,337,221 | ||||||
3,399 | Core Laboratories NV |
134,566 | ||||||
16,594 | Deere & Co. |
2,570,577 | ||||||
15,016 | Expeditors International of Washington, Inc. |
1,067,638 | ||||||
19,546 | Facebook, Inc., Class A(a) |
3,629,106 |
Shares | Description |
Value () | ||||||
Common Stocks continued |
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United States continued |
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16,665 | Microsoft Corp. | $ | 2,297,437 | |||||
62,338 | Oracle Corp. | 3,245,316 | ||||||
16,746 | Procter & Gamble Co. (The) | 2,013,372 | ||||||
25,916 | QUALCOMM, Inc. | 2,015,487 | ||||||
31,555 | Schlumberger Ltd. | 1,023,329 | ||||||
18,836 | SEI Investments Co. | 1,083,258 | ||||||
87,568 | Under Armour, Inc., Class A(a) | 1,629,640 | ||||||
20,651 | Visa, Inc., Class A | 3,734,114 | ||||||
14,199 | Yum! Brands, Inc. | 1,658,159 | ||||||
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37,303,687 | ||||||||
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Total Common Stocks |
73,374,213 | |||||||
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Principal Amount |
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Short-Term Investments 2.0% |
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$1,499,362 | Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 8/30/2019 at 1.300% to be repurchased at $1,499,579 on 9/03/2019 collateralized by $1,510,000 U.S. Treasury Note, 2.000% due 12/31/2021 valued at $1,531,499 including accrued interest(b) |
1,499,362 | ||||||
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Total Investments 100.3% |
74,873,575 | |||||||
Other assets less liabilities (0.3)% | (235,702 | ) | ||||||
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Net Assets 100.0% | $ | 74,637,873 | ||||||
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() | Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows: |
Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (NOCP), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available.
In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.
Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.
Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.
Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuers security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Funds net asset value (NAV) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Funds NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.
As of August 31, 2019, securities held by the Fund were fair valued as follows:
Equity securities1 |
Percentage of Net Assets |
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$ 22,233,304 |
29.8 | % |
1 | Certain foreign equity securities were fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of those securities. |
The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.
(a) | Non-income producing security. |
(b) | The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Funds policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Funds ability to dispose of the underlying securities. As of August 31, 2019, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement. |
144A | All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2019, the value of Rule 144A holdings amounted to $1,453,608 or 2.0% of net assets. |
ADR | An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
Fair Value Measurements. In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Funds assets or liabilities. These inputs are summarized in the three broad levels listed below:
| Level 1 quoted prices in active markets for identical assets or liabilities; |
| Level 2 prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and |
| Level 3 prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Funds own assumptions in determining the fair value of assets or liabilities and would be based on the best information available). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Funds investments as of August 31, 2019, at value:
Asset Valuation Inputs
Description |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks |
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China |
$ | 8,193,667 | $ | 2,155,104 | $ | | $ | 10,348,771 | ||||||||
Denmark |
| 2,462,098 | | 2,462,098 | ||||||||||||
France |
| 3,361,970 | | 3,361,970 | ||||||||||||
Italy |
| 477,413 | | 477,413 | ||||||||||||
Netherlands |
| 1,453,608 | | 1,453,608 | ||||||||||||
Switzerland |
| 6,432,854 | | 6,432,854 | ||||||||||||
United Kingdom |
| 5,890,257 | | 5,890,257 | ||||||||||||
All Other Common Stocks* |
42,947,242 | | | 42,947,242 | ||||||||||||
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Total Common Stocks |
$ | 51,140,909 | $ | 22,233,304 | $ | | $ | 73,374,213 | ||||||||
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Short-Term Investments |
| 1,499,362 | | 1,499,362 | ||||||||||||
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Total |
$ | 51,140,909 | $ | 23,732,666 | $ | | $ | 74,873,575 | ||||||||
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* | Details of the major categories of the Funds investments are reflected within the Portfolio of Investments. |
A common stock valued at $920,502 was transferred from Level 1 to Level 2 during the period ended August 31, 2019. At November 30, 2018, this security was valued at the market price in the foreign market in accordance with the Funds valuation policies. At August 31, 2019, this security was fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of the security.
All transfers are recognized as of the beginning of the reporting period.
Industry Summary at August 31, 2019 (Unaudited)
Internet & Direct Marketing Retail |
16.5 | % | ||
Interactive Media & Services |
13.8 | |||
Pharmaceuticals |
9.2 | |||
Hotels, Restaurants & Leisure |
7.7 | |||
Software |
7.4 | |||
IT Services |
7.0 | |||
Beverages |
5.8 | |||
Household Products |
5.7 | |||
Food Products |
5.3 | |||
Machinery |
3.4 | |||
Textiles, Apparel & Luxury Goods |
2.8 | |||
Professional Services |
2.7 | |||
Semiconductors & Semiconductor Equipment |
2.7 | |||
Personal Products |
2.4 | |||
Other Investments, less than 2% each |
5.9 | |||
Short-Term Investments |
2.0 | |||
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Total Investments |
100.3 | |||
Other assets less liabilities |
(0.3 | ) | ||
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Net Assets |
100.0 | % | ||
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Currency Exposure Summary at August 31, 2019 (Unaudited)
United States Dollar |
70.5 | % | ||
Euro |
8.9 | |||
Swiss Franc |
8.6 | |||
British Pound |
5.5 | |||
Hong Kong Dollar |
3.5 | |||
Danish Krone |
3.3 | |||
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Total Investments |
100.3 | |||
Other assets less liabilities |
(0.3 | ) | ||
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Net Assets |
100.0 | % | ||
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