PORTFOLIO OF INVESTMENTS – as of June 30, 2023 (Unaudited)

Loomis Sayles Small Cap Value Fund

Shares		Description	Value (†)
	Common Stocks – 98.2% of Net Assets
		Aerospace & Defense – 3.6%
	282,355	Leonardo DRS, Inc.(a)	$	4,896,036
	44,777	Moog, Inc., Class A		4,855,170
	63,034	V2X, Inc.(a)		3,123,965
				12,875,171
		Automobile Components – 0.5%
	13,112	LCI Industries		1,656,832
		Banks – 9.2%
	84,723	Ameris Bancorp		2,898,374
	37,582	Axos Financial, Inc.(a)		1,482,234
	128,797	Cadence Bank		2,529,573
	185,456	Home BancShares, Inc.		4,228,397
	187,288	OceanFirst Financial Corp.		2,925,439
	46,363	Pinnacle Financial Partners, Inc.		2,626,464
	55,522	Popular, Inc.		3,360,191
	53,888	Prosperity Bancshares, Inc.		3,043,594
	46,588	SouthState Corp.		3,065,490
	56,801	Wintrust Financial Corp.		4,124,889
	65,775	WSFS Financial Corp.		2,481,033
				32,765,678
		Biotechnology – 1.7%
	82,843	Alkermes PLC(a)		2,592,986
	15,919	United Therapeutics Corp.(a)		3,514,119
				6,107,105
		Building Products – 3.5%
	69,873	Griffon Corp.		2,815,882
	220,927	Janus International Group, Inc.(a)		2,355,082
	120,044	Quanex Building Products Corp.		3,223,181
	43,441	UFP Industries, Inc.		4,215,949
				12,610,094
		Capital Markets – 0.8%
	49,001	Stifel Financial Corp.		2,923,890
		Chemicals – 3.1%
	28,774	Ashland, Inc.		2,500,748
	44,884	Cabot Corp.		3,002,291
	276,487	Ecovyst, Inc.(a)		3,168,541
	247,262	LSB Industries, Inc.(a)		2,435,531
				11,107,111
		Commercial Services & Supplies – 2.1%
	35,359	Clean Harbors, Inc.(a)		5,814,081
	32,506	VSE Corp.		1,777,753
				7,591,834

Shares		Description	Value (†)
	Common Stocks – continued
		Communications Equipment – 0.7%
	227,920	Viavi Solutions, Inc.(a)	$	2,582,334
		Construction & Engineering – 2.5%
	20,352	AECOM		1,723,611
	59,085	Arcosa, Inc.		4,476,870
	127,640	MDU Resources Group, Inc.		2,672,782
				8,873,263
		Construction Materials – 0.8%
	63,526	Knife River Corp.(a)		2,763,381
		Consumer Staples Distribution & Retail – 1.0%
	77,113	Andersons, Inc.		3,558,765
		Electric Utilities – 0.8%
	45,865	ALLETE, Inc.		2,658,794
		Electrical Equipment – 1.0%
	22,289	Atkore, Inc.(a)		3,475,747
		Electronic Equipment, Instruments & Components – 6.5%
	93,273	Kimball Electronics, Inc.(a)		2,577,133
	7,870	Littelfuse, Inc.		2,292,610
	50,834	Methode Electronics, Inc.		1,703,956
	29,874	National Instruments Corp.		1,714,767
	15,143	Rogers Corp.(a)		2,452,106
	37,938	TD SYNNEX Corp.		3,566,172
	204,370	TTM Technologies, Inc.(a)		2,840,743
	182,492	Vontier Corp.		5,878,067
				23,025,554
		Energy Equipment & Services – 5.5%
	101,752	ChampionX Corp.		3,158,382
	209,933	Newpark Resources, Inc.(a)		1,097,950
	115,215	Noble Corp. PLC(a)		4,759,532
	69,275	Tidewater, Inc.(a)		3,840,606
	101,544	Weatherford International PLC(a)		6,744,552
				19,601,022
		Entertainment – 0.8%
	68,079	Liberty Media Corp.-Liberty Braves, Class C(a)		2,697,290
		Financial Services – 3.8%
	100,330	Cannae Holdings, Inc.(a)		2,027,669
	32,125	Euronet Worldwide, Inc.(a)		3,770,511
	31,679	Federal Agricultural Mortgage Corp., Class C		4,553,540
	126,486	International Money Express, Inc.(a)		3,102,702
				13,454,422
		Food Products – 1.0%
	11,264	J&J Snack Foods Corp.		1,783,767

Shares		Description	Value (†)
	Common Stocks – continued
		Food Products – continued
	99,871	Nomad Foods Ltd.(a)	$	1,749,740
				3,533,507
		Health Care Equipment & Supplies – 4.8%
	20,359	CONMED Corp.		2,766,584
	49,756	Embecta Corp.		1,074,730
	93,376	Inmode Ltd.(a)		3,487,594
	63,366	Lantheus Holdings, Inc.(a)		5,317,675
	22,526	UFP Technologies, Inc.(a)		4,366,665
				17,013,248
		Health Care Providers & Services – 3.3%
	23,398	AMN Healthcare Services, Inc.(a)		2,553,190
	109,292	Option Care Health, Inc.(a)		3,550,897
	67,467	Tenet Healthcare Corp.(a)		5,490,464
				11,594,551
		Health Care Technology – 0.5%
	153,503	Veradigm, Inc.(a)		1,934,138
		Hotels, Restaurants & Leisure – 1.9%
	26,776	Churchill Downs, Inc.		3,726,416
	23,880	Marriott Vacations Worldwide Corp.		2,930,554
				6,656,970
		Household Durables – 2.0%
	65,507	KB Home		3,387,367
	58,312	Skyline Champion Corp.(a)		3,816,520
				7,203,887
		Household Products – 0.7%
	32,190	Spectrum Brands Holdings, Inc.		2,512,429
		Industrial REITs – 1.0%
	102,993	STAG Industrial, Inc.		3,695,389
		Insurance – 1.4%
	71,461	Employers Holdings, Inc.		2,673,356
	50,561	Kemper Corp.		2,440,074
				5,113,430
		Leisure Products – 1.0%
	42,523	Brunswick Corp.		3,684,193
		Machinery – 4.5%
	27,652	Albany International Corp., Class A		2,579,379
	63,693	Columbus McKinnon Corp.		2,589,120
	71,107	Crane NXT Co.		4,013,279
	22,603	Kadant, Inc.		5,020,126
	71,656	Wabash National Corp.		1,837,260
				16,039,164

Shares		Description	Value (†)
	Common Stocks – continued
		Marine Transportation – 0.7%
	188,113	Genco Shipping & Trading Ltd.	$	2,639,225
		Media – 1.6%
	57,261	John Wiley & Sons, Inc., Class A		1,948,592
	52,276	Scholastic Corp.		2,033,013
	71,225	Thryv Holdings, Inc.(a)		1,752,135
				5,733,740
		Metals & Mining – 0.5%
	60,750	Arconic Corp.(a)		1,796,985
		Office REITs – 1.0%
	122,310	Equity Commonwealth		2,478,001
	80,083	Postal Realty Trust, Inc., Class A		1,178,021
				3,656,022
		Oil, Gas & Consumable Fuels – 4.6%
	63,918	Antero Resources Corp.(a)		1,472,031
	73,427	California Resources Corp.		3,325,509
	95,682	Delek U.S. Holdings, Inc.		2,291,584
	54,865	International Seaways, Inc.		2,098,038
	336,716	Kosmos Energy Ltd.(a)		2,016,929
	147,692	Northern Oil & Gas, Inc.		5,068,789
				16,272,880
		Personal Care Products – 1.3%
	126,019	BellRing Brands, Inc.(a)		4,612,295
		Pharmaceuticals – 2.3%
	38,069	ANI Pharmaceuticals, Inc.(a)		2,049,254
	78,268	Pacira BioSciences, Inc.(a)		3,136,199
	101,850	Supernus Pharmaceuticals, Inc.(a)		3,061,611
				8,247,064
		Professional Services – 3.9%
	282,136	Alight, Inc., Class A(a)		2,606,937
	29,290	Concentrix Corp.		2,365,167
	49,505	CSG Systems International, Inc.		2,610,894
	11,432	Insperity, Inc.		1,359,951
	43,739	Korn Ferry		2,166,830
	23,179	Science Applications International Corp.		2,607,174
				13,716,953
		Real Estate Management & Development – 0.8%
	30,143	Colliers International Group, Inc.		2,959,741
		Retail REITs – 0.8%
	44,145	Agree Realty Corp.		2,886,642
		Semiconductors & Semiconductor Equipment – 2.6%
	78,140	Rambus, Inc.(a)		5,014,244
	106,673	Semtech Corp.(a)		2,715,895

Shares		Description	Value (†)
	Common Stocks – continued
		Semiconductors & Semiconductor Equipment – continued
	41,645	Tower Semiconductor Ltd.(a)	$	1,562,520
				9,292,659
		Specialty Retail – 1.3%
	33,670	Boot Barn Holdings, Inc.(a)		2,851,512
	47,067	Valvoline, Inc.		1,765,483
				4,616,995
		Technology Hardware, Storage & Peripherals – 1.2%
	16,969	Super Micro Computer, Inc.(a)		4,229,523
		Textiles, Apparel & Luxury Goods – 0.9%
	29,776	Crocs, Inc.(a)		3,348,013
		Trading Companies & Distributors – 3.8%
	150,338	Alta Equipment Group, Inc.		2,605,358
	206,308	Custom Truck One Source, Inc.(a)		1,390,516
	24,504	Herc Holdings, Inc.		3,353,372
	40,550	McGrath RentCorp		3,750,064
	237,804	MRC Global, Inc.(a)		2,394,686
				13,493,996
		Water Utilities – 0.5%
	146,605	Pure Cycle Corp.(a)		1,612,655
		Wireless Telecommunication Services – 0.4%
	79,442	U.S. Cellular Corp.(a)		1,400,562
		Total Common Stocks (Identified Cost $253,142,222)		349,825,143
Principal Amount
	Short-Term Investments – 1.4%
	$5,065,453	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2023 at 2.300% to be repurchased at $5,066,424 on 7/03/2023 collateralized by $5,443,500 U.S. Treasury Note, 2.750% due 4/30/2027 valued at $5,166,795 including accrued interest(b) (Identified Cost $5,065,453)		5,065,453
		Total Investments – 99.6% (Identified Cost $258,207,675)		354,890,596
		Other assets less liabilities – 0.4%		1,447,045
		Net Assets – 100.0%	$	356,337,641

(†) Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. The Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Fund’s Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board’s oversight.

Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Shares of open-end investment companies are valued at net asset value per share.

Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair 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 fair valued using evaluated bids furnished by an independent pricing service, if available.

Debt securities and unlisted preferred equity securities are fair 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 fair value debt and unlisted equities where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment.

The Fund may also fair value investments 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 issuer’s 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 a Fund’s investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund’s net asset value (“NAV”) is calculated. Fair valuation by the Fund’s valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.

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 Fund’s 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 Fund’s ability to dispose of the underlying securities. As of June 30, 2023, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement.

REITs Real Estate Investment Trusts

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 Fund’s 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 Fund’s 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 Fund’s pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Fund has knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.

Under certain conditions and based upon specific facts and circumstances, the Fund’s valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2023, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks*	$	349,825,143	$	—	$	—	$	349,825,143
Short-Term Investments		—		5,065,453		—		5,065,453
Total	$	349,825,143	$	5,065,453	$	—	$	354,890,596

* Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

Industry Summary at June 30, 2023 (Unaudited)
Banks	9.2	%
Electronic Equipment, Instruments & Components	6.5
Energy Equipment & Services	5.5
Health Care Equipment & Supplies	4.8
Oil, Gas & Consumable Fuels	4.6
Machinery	4.5
Professional Services	3.9
Trading Companies & Distributors	3.8
Financial Services	3.8
Aerospace & Defense	3.6
Building Products	3.5
Health Care Providers & Services	3.3
Chemicals	3.1
Semiconductors & Semiconductor Equipment	2.6
Construction & Engineering	2.5
Pharmaceuticals	2.3
Commercial Services & Supplies	2.1
Household Durables	2.0
Other Investments, less than 2% each	26.6
Short-Term Investments	1.4
Total Investments	99.6
Other assets less liabilities	0.4
Net Assets	100.0	%