Loomis Sayles Small Cap Value Fund

This fund typically commits a minimum of 80% of its total assets (including any borrowed capital for investment) to ownership stakes in smaller capitalization companies. These investments may include preferred shares, warrants, securities convertible into common or preferred stock, and other forms of equity participation in an entity. The manager currently defines a small-cap company as one whose market value falls within the range represented by the Russell 2000® Index, which tracks the performance of the 2,000 smallest publicly traded U.S. enterprises.