Loomis Sayles Funds I NPORT-P Loomis Sayles Small Cap Value Fund (Jun 2020 report)

PORTFOLIO OF INVESTMENTS – as of June 30, 2020 (Unaudited)

Loomis Sayles Small Cap Value Fund

Shares		Description	Value (†)
	Common Stocks – 98.6% of Net Assets
		Aerospace & Defense – 1.6%
	133,384	Aerojet Rocketdyne Holdings, Inc.(a)	$	5,287,342
	39,809	BWX Technologies, Inc.		2,254,782
				7,542,124
		Auto Components – 2.8%
	153,268	Cooper Tire & Rubber Co.		4,231,730
	272,618	Dana, Inc.		3,323,213
	26,555	Fox Factory Holding Corp.(a)		2,193,709
	32,683	LCI Industries		3,757,891
				13,506,543
		Banks – 13.1%
	141,235	Ameris Bancorp		3,331,734
	164,638	Atlantic Union Bankshares Corp.		3,813,016
	183,909	BancorpSouth Bank		4,182,091
	143,342	Bryn Mawr Bank Corp.		3,964,840
	129,117	Cathay General Bancorp		3,395,777
	205,315	CVB Financial Corp.		3,847,603
	287,728	Home BancShares, Inc.		4,425,257
	214,326	OceanFirst Financial Corp.		3,778,567
	153,591	PacWest Bancorp		3,027,278
	89,424	Pinnacle Financial Partners, Inc.		3,754,914
	120,871	Popular, Inc.		4,492,775
	86,403	Prosperity Bancshares, Inc.		5,130,610
	68,945	South State Corp.		3,285,919
	146,038	TCF Financial Corp.		4,296,438
	162,089	Triumph Bancorp, Inc.(a)		3,933,900
	111,672	Wintrust Financial Corp.		4,871,132
				63,531,851
		Beverages – 1.2%
	409,847	Primo Water Corp.		5,635,396
		Biotechnology – 1.9%
	49,164	Emergent BioSolutions, Inc.(a)		3,887,889
	44,948	United Therapeutics Corp.(a)		5,438,708
				9,326,597
		Building Products – 2.4%
	36,980	American Woodmark Corp.(a)		2,797,537
	57,981	Armstrong World Industries, Inc.		4,520,199
	92,538	UFP Industries, Inc.		4,581,556
				11,899,292
		Capital Markets – 1.5%
	322,542	Donnelley Financial Solutions, Inc.(a)		2,709,353
	92,475	Stifel Financial Corp.		4,386,089
				7,095,442

Shares		Description	Value (†)
	Common Stocks – continued
		Chemicals – 3.5%
	46,766	Ashland Global Holdings, Inc.	$	3,231,531
	92,315	Cabot Corp.		3,420,271
	37,501	Ingevity Corp.(a)		1,971,427
	220,616	Valvoline, Inc.		4,264,507
	83,242	WR Grace & Co.		4,229,526
				17,117,262
		Commercial Services & Supplies – 4.2%
	59,855	Clean Harbors, Inc.(a)		3,590,103
	320,127	Harsco Corp.(a)		4,324,916
	129,763	IAA, Inc.(a)		5,004,959
	137,373	KAR Auction Services, Inc.		1,890,252
	220,407	Kimball International, Inc., Class B		2,547,905
	59,821	McGrath RentCorp		3,230,932
				20,589,067
		Communications Equipment – 0.7%
	250,400	Viavi Solutions, Inc.(a)		3,190,096
		Construction & Engineering – 2.2%
	116,522	AECOM(a)		4,378,897
	155,538	Arcosa, Inc.		6,563,703
				10,942,600
		Distributors – 0.7%
	132,357	Core-Mark Holding Co., Inc.		3,302,969
		Diversified Consumer Services – 0.7%
	75,968	frontdoor, Inc.(a)		3,367,661
		Diversified Financial Services – 0.9%
	110,496	Cannae Holdings, Inc.(a)		4,541,386
		Diversified Telecommunication Services – 1.8%
	96,973	GCI Liberty, Inc., Class A(a)		6,896,720
	204,894	Liberty Latin America Ltd., Class C(a)		1,934,199
				8,830,919
		Electric Utilities – 2.2%
	93,264	ALLETE, Inc.		5,093,147
	169,437	NRG Energy, Inc.		5,516,869
				10,610,016
		Electrical Equipment – 0.9%
	339,757	Vertiv Holdings Co.(a)		4,607,105
		Electronic Equipment, Instruments & Components – 4.5%
	65,374	Belden, Inc.		2,127,924
	126,191	Kimball Electronics, Inc.(a)		1,708,626
	40,847	Littelfuse, Inc.		6,969,724
	155,505	Methode Electronics, Inc.		4,861,086
	61,623	National Instruments Corp.		2,385,426
	309,574	TTM Technologies, Inc.(a)		3,671,548
				21,724,334

Shares		Description	Value (†)
	Common Stocks – continued
		Energy Equipment & Services – 1.0%
	220,802	ChampionX Corp.(a)	$	2,155,028
	102,555	DMC Global, Inc.		2,830,518
				4,985,546
		Entertainment – 1.2%
	139,588	Liberty Media Corp.-Liberty Braves, Class C(a)		2,755,467
	41,130	Madison Square Garden Entertainment Corp.(a)		3,084,750
				5,840,217
		Food Products – 3.9%
	203,628	Darling Ingredients, Inc.(a)		5,013,321
	24,237	J&J Snack Foods Corp.		3,081,250
	328,895	Nomad Foods Ltd.(a)		7,054,798
	43,337	Post Holdings, Inc.(a)		3,797,188
				18,946,557
		Health Care Equipment & Supplies – 2.1%
	94,658	Avanos Medical, Inc.(a)		2,781,999
	22,750	Quidel Corp.(a)		5,090,085
	154,316	Varex Imaging Corp.(a)		2,337,887
				10,209,971
		Health Care Providers & Services – 0.4%
	46,740	AMN Healthcare Services, Inc.(a)		2,114,518
		Hotels, Restaurants & Leisure – 2.6%
	46,405	Churchill Downs, Inc.		6,178,826
	18,625	Cracker Barrel Old Country Store, Inc.		2,065,699
	51,411	Marriott Vacations Worldwide Corp.		4,226,498
				12,471,023
		Household Durables – 1.8%
	30,125	Helen of Troy Ltd.(a)		5,680,370
	124,060	Skyline Champion Corp.(a)		3,019,620
				8,699,990
		Independent Power & Renewable Electricity Producers – 1.8%
	119,094	NextEra Energy Partners LP		6,107,140
	148,639	Vistra Energy Corp.		2,767,658
				8,874,798
		Industrial Conglomerates – 0.5%
	117,877	Raven Industries, Inc.		2,535,534
		Insurance – 2.3%
	154,978	Employers Holdings, Inc.		4,672,587
	101,483	First American Financial Corp.		4,873,214
	106,969	ProAssurance Corp.		1,547,841
				11,093,642

Shares		Description	Value (†)
	Common Stocks – continued
		Internet & Direct Marketing Retail – 0.5%
	238,714	Qurate Retail, Inc., Class A(a)	$	2,267,783
		IT Services – 5.3%
	101,922	CSG Systems International, Inc.		4,218,552
	41,877	Euronet Worldwide, Inc.(a)		4,012,654
	149,601	Genpact Ltd.		5,463,428
	196,739	Perspecta, Inc.		4,570,247
	252,186	Unisys Corp.(a)		2,751,349
	29,162	WEX, Inc.(a)		4,812,022
				25,828,252
		Leisure Products – 1.1%
	80,374	Brunswick Corp.		5,144,740
		Machinery – 5.2%
	57,216	Alamo Group, Inc.		5,872,650
	131,281	Altra Industrial Motion Corp.		4,182,613
	141,022	Columbus McKinnon Corp.		4,717,186
	28,114	John Bean Technologies Corp.		2,418,366
	49,294	Kadant, Inc.		4,912,640
	103,261	Miller Industries, Inc.		3,074,080
				25,177,535
		Marine – 0.7%
	66,581	Kirby Corp.(a)		3,566,078
		Media – 1.3%
	257,673	Gray Television, Inc.(a)		3,594,538
	74,961	John Wiley & Sons, Inc., Class A		2,923,479
				6,518,017
		Metals & Mining – 0.3%
	64,854	Haynes International, Inc.		1,514,989
		Multi-Utilities – 1.7%
	180,920	MDU Resources Group, Inc.		4,012,806
	79,677	NorthWestern Corp.		4,343,990
				8,356,796
		Oil, Gas & Consumable Fuels – 0.3%
	88,034	Delek U.S. Holdings, Inc.		1,532,672
		Pharmaceuticals – 1.7%
	63,542	Catalent, Inc.(a)		4,657,628
	148,461	Supernus Pharmaceuticals, Inc.(a)		3,525,949
				8,183,577
		Professional Services – 2.8%
	53,558	ASGN, Inc.(a)		3,571,247

Shares		Description	Value (†)
	Common Stocks – continued
		Professional Services – continued
	204,323	Clarivate Analytics PLC(a)	$	4,562,533
	46,366	Insperity, Inc.		3,001,271
	77,708	Korn Ferry		2,387,967
				13,523,018
		REITs - Apartments – 0.4%
	62,561	American Campus Communities, Inc.		2,187,133
		REITs - Shopping Centers – 0.6%
	278,627	Retail Opportunity Investments Corp.		3,156,844
		REITs - Single Tenant – 1.0%
	97,441	Essential Properties Realty Trust, Inc.		1,446,025
	92,240	National Retail Properties, Inc.		3,272,675
				4,718,700
		REITs - Storage – 0.8%
	146,068	CubeSmart		3,942,375
		REITs - Warehouse/Industrials – 3.8%
	144,498	Americold Realty Trust		5,245,277
	60,440	CyrusOne, Inc.		4,397,010
	130,767	Rexford Industrial Realty, Inc.		5,417,677
	119,743	STAG Industrial, Inc.		3,510,865
				18,570,829
		Semiconductors & Semiconductor Equipment – 1.9%
	80,133	Advanced Energy Industries, Inc.(a)		5,432,216
	209,440	Tower Semiconductor Ltd.(a)		3,998,210
				9,430,426
		Software – 1.3%
	108,958	ACI Worldwide, Inc.(a)		2,940,777
	71,041	Verint Systems, Inc.(a)		3,209,632
				6,150,409
		Specialty Retail – 0.9%
	45,881	Aaron’s, Inc.		2,082,997
	160,771	Urban Outfitters, Inc.(a)		2,446,935
				4,529,932
		Thrifts & Mortgage Finance – 1.2%
	51,041	Federal Agricultural Mortgage Corp., Class C		3,267,134
	139,845	Meta Financial Group, Inc.		2,540,984
				5,808,118
		Trading Companies & Distributors – 0.6%
	96,714	Herc Holdings, Inc.(a)		2,972,021
		Wireless Telecommunication Services – 0.8%
	132,811	United States Cellular Corp.(a)		4,099,876

Shares		Description	Value (†)
	Common Stocks – continued
		Total Common Stocks (Identified Cost $424,185,733)	$	480,312,576
	Other Investments – 0.0%
		Metals & Mining – 0.0%
	507,316	Ferroglobe R&W Trust(a)(b)(c)(d) (Identified Cost $0)		—
Principal Amount
	Short-Term Investments – 1.3%
$	6,228,419	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2020 at 0.000% to be repurchased at $6,228,419 on 7/01/2020 collateralized by $5,756,800 U.S. Treasury Note, 2.125% due 5/31/2026 valued at $6,353,077 including accrued interest(e) (Identified Cost $6,228,419)		6,228,419
		Total Investments – 99.9% (Identified Cost $430,414,152)		486,540,995
		Other assets less liabilities – 0.1%		282,628
		Net Assets – 100.0%	$	486,823,623

(†) 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 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 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 Fund’s 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 Fund’s 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.

Illiquid securities for which market quotations are readily available and have been evaluated by the adviser are considered and classified as fair valued securities pursuant to the Fund’s pricing policies and procedures.

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) Security subject to restrictions on resale. This security was acquired on November 29, 2016 at a cost of $0.

(c) Illiquid security.

(d) Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures.

(e) 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, 2020, 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 following is a summary of the inputs used to value the Fund’s investments as of June 30, 2020, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks*	$	480,312,576	$	—	$	—	$	480,312,576
Other Investments*		—		—		—		—
Short-Term Investments		—		6,228,419		—		6,228,419
Total	$	480,312,576	$	6,228,419	$	—	$	486,540,995

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

Industry Summary at June 30, 2020 (Unaudited)

Banks	13.1	%
IT Services	5.3
Machinery	5.2
Electronic Equipment, Instruments & Components	4.5
Commercial Services & Supplies	4.2
Food Products	3.9
REITs - Warehouse/Industrials	3.8
Chemicals	3.5
Professional Services	2.8
Auto Components	2.8
Hotels, Restaurants & Leisure	2.6
Building Products	2.4
Insurance	2.3
Construction & Engineering	2.2
Electric Utilities	2.2
Health Care Equipment & Supplies	2.1
Other Investments, less than 2% each	35.7
Short-Term Investments	1.3
Total Investments	99.9
Other assets less liabilities	0.1
Net Assets	100.0	%