Portfolio of Investments – as of September 30, 2024 (Unaudited)
Loomis Sayles International Growth Fund
 

 
Shares
Description
Value (†)
Common Stocks — 95.8% of Net Assets
Australia — 6.5%
33,246
WiseTech Global Ltd.
$3,148,276
Belgium — 1.7%
12,649
Anheuser-Busch InBev SA
838,213
Brazil — 10.0%
489,357
Ambev SA, ADR
1,194,031
1,665
MercadoLibre, Inc.(a)
3,416,513
9,927
Pluxee NV(a)
209,098
 
4,819,642
Canada — 3.1%
18,602
Shopify, Inc., Class A(a)
1,490,764
China — 21.1%
5,360
Alibaba Group Holding Ltd., ADR(b)
568,803
6,553
Baidu, Inc., ADR(a)(b)
689,965
91,400
Budweiser Brewing Co. APAC Ltd.
120,613
4,800
Kweichow Moutai Co. Ltd., Class A
1,177,792
5,674
NXP Semiconductors NV
1,361,817
38,000
Tencent Holdings Ltd.
2,112,984
37,930
Trip.com Group Ltd., ADR(a)(b)
2,254,180
63,678
Vipshop Holdings Ltd., ADR(b)
1,001,655
19,222
Yum China Holdings, Inc.(b)
865,375
 
10,153,184
Denmark — 6.4%
25,897
Novo Nordisk AS, Class B
3,071,683
France — 3.6%
3,898
EssilorLuxottica SA
923,530
9,927
Sodexo SA
813,850
 
1,737,380
Germany — 4.1%
8,725
SAP SE
1,995,691
Japan — 2.9%
38,000
FANUC Corp.
1,116,076
8,000
Unicharm Corp.
288,206
 
1,404,282
Macau — 0.6%
55,000
Galaxy Entertainment Group Ltd.
271,600
Netherlands — 5.5%
1,700
Adyen NV(a)
2,661,552
 
Shares
Description
Value (†)
Switzerland — 3.9%
10,252
CRISPR Therapeutics AG(a)
$481,639
12,070
Novartis AG, (Registered)
1,389,768
 
1,871,407
United Kingdom — 4.7%
10,147
Diageo PLC
354,434
14,920
Reckitt Benckiser Group PLC
912,868
15,224
Unilever PLC
988,167
 
2,255,469
United States — 21.7%
14,627
ARM Holdings PLC, ADR(a)
2,091,807
11,541
Block, Inc.(a)
774,747
21,786
Doximity, Inc., Class A(a)
949,216
28,025
Experian PLC
1,476,066
10,715
Nestle SA, (Registered)
1,076,776
4,047
Roche Holding AG
1,295,110
10,577
Tesla, Inc.(a)
2,767,261
 
10,430,983
Total Common Stocks
(Identified Cost $40,035,620)
46,150,126
 
Principal
Amount
 
 
Short-Term Investments — 1.7%
$804,002
Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 9/30/2024 at 3.000% to be
repurchased at $804,069 on 10/01/2024  collateralized
by $821,100 U.S. Treasury Note, 3.500% due 9/30/2026
valued at $820,257 including accrued interest(c)
(Identified Cost $804,002)
804,002
Total Investments — 97.5%
(Identified Cost $40,839,622)
46,954,128
Other assets less liabilities — 2.5%
1,207,980
Net Assets — 100.0%
$48,162,108
 
(†)
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 ("NAV") 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 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, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.
 
(a)
Non-income producing security.
(b)
Security invests in variable interest entities based in China.
(c)
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 September 30, 2024, the Fund had an investment in a repurchase agreement for which the value of the
related collateral exceeded the value of the repurchase agreement.
 
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 each 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 each 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 September 30, 2024, at value: 
Asset Valuation Inputs
Description
Level 1
Level 2
Level 3
Total
Common Stocks
Australia
$ —
$3,148,276
$ —
$3,148,276
Belgium
 —
838,213
 —
838,213
Brazil
4,610,544
209,098
 —
4,819,642
Canada
1,490,764
 —
 —
1,490,764
China
6,741,795
3,411,389
 —
10,153,184
Denmark
 —
3,071,683
 —
3,071,683
France
813,850
923,530
 —
1,737,380
Germany
 —
1,995,691
 —
1,995,691
Japan
 —
1,404,282
 —
1,404,282
Macau
 —
271,600
 —
271,600
Netherlands
 —
2,661,552
 —
2,661,552
Switzerland
481,639
1,389,768
 —
1,871,407
United Kingdom
 —
2,255,469
 —
2,255,469
United States
6,583,031
3,847,952
 —
10,430,983
Total Common Stocks
20,721,623
25,428,503
—
46,150,126
Short-Term Investments
 —
804,002
 —
804,002
Total Investments
$20,721,623
$26,232,505
$—
$46,954,128
 
Industry Summary at September 30, 2024 (Unaudited)
Pharmaceuticals
12.0%
Software
10.6
Broadline Retail
10.4
Hotels, Restaurants & Leisure
8.8
Beverages
7.6
Semiconductors & Semiconductor Equipment
7.1
Financial Services
7.1
Interactive Media & Services
5.8
Automobiles
5.8
IT Services
3.1
Professional Services
3.1
Household Products
2.5
Machinery
2.3
Food Products
2.2
Personal Care Products
2.1
Health Care Technology
2.0
Other Investments, less than 2% each
3.3
Short-Term Investments
1.7
Total Investments
97.5
Other assets less liabilities
2.5
Net Assets
100.0%
 
Currency Exposure Summary at September 30, 2024 (Unaudited)
United States Dollar
43.1%
Euro
17.4
Swiss Franc
7.8
Australian Dollar
6.5
Danish Krone
6.4
British Pound
5.7
Hong Kong Dollar
5.3
Japanese Yen
2.9
Yuan Renminbi
2.4
Total Investments
97.5
Other assets less liabilities
2.5
Net Assets
100.0%