Mutual Funds
OVERVIEW PERFORMANCE MONTHLY CHARACTERISTICS QUARTERLY CHARACTERISTICS
High Income Fund
Y shares are only available to certain institutional investors. Please click here for other share classes

The High Income Fund invests at least 65% of assets in lower-quality, high yielding bonds that the managers believe offer the potential for both generous yields and capital appreciation.

Portfolio Management

Matt Eagan, CFA
Kathleen Gaffney, CFA
Elaine Stokes

Total Fund Assets (as of 10/31/2011): $142.8 million

Lipper Category: High Current Yield Funds

Morningstar Category: High Yield Bond

Primary Benchmark: Barclays Capital US Corporate High Yield Bond Index

Goal: Seeks high current income and capital appreciation

Strategy Highlights
  • Value driven, bottom up, opportunistic approach
  • Allocations to out of benchmark securities provide value and diversification
  • Long term investment horizon
Investment Strategy
  • Invests at least 65% of its assets in lower-quality fixed income securities
  • Normally invests at least 65% of its assets in US corporate or US dollar denominated foreign fixed income securities
  • May invest up to 20% of its assets in foreign currency-denominated securities, including those in emerging markets and related currency hedging transactions
About Risk
  • Mutual funds that invest in bonds can lose their value as interest rates rise and bond prices usually fall; investor can lose principal
  • High yield securities are subject to a high degree of market and credit risk. In addition, the secondary market for these securities may lack liquidity, which in turn may adversely affect the value of these securities and that of the Fund
  • Foreign investments involve special risks including greater economic, political and currency fluctuation risks, which may be even greater in emerging markets
  • Securities issued by US Government agencies are not insured, and may not be guaranteed by the US Government
FUND FACTS as of 10/31/2011
High Income Fund (Y-Shares)
Ticker NEHYX
Fund Inception 2/22/1984
Class Inception 2/29/2008
CUSIP 543488803
Minimum Initial Investment1 $100,000
Gross Expense Ratio2 0.93%
Net Expense Ratio2 0.90%
Net Asset Value as of 10/31/2011 4.65
30-Day SEC Yield as of 10/31/20116.77%
Unsubsidized 30-Day SEC Yield as of 10/31/20116.77%
Fact SheetProspectus
CommentaryFund Report
Fund Application 
Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or reimbursement.

Investment return and principal value may fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data quoted represents past performance and current returns may be higher or lower. Past performance is no guarantee of future results.
1 For further detail regarding Minimum Initial Investment, please see the fund prospectus.

2 Unlike net expense ratio, gross expense ratio does not reflect any potential reimbursement/waiver of expenses, if any, as stated in the most recent Fund prospectus. Fund expenses and expense reductions are subject to change. Expense reductions are contractual and are set to expire 1/31/2012. Investors should consult the most recent prospectus for more detailed information.

The Barclays Capital US Corporate High Yield Bond Index covers the universe of fixed rate, non-investment grade debt. Pay-in-kind bonds, Eurobonds, and debt issues from countries designated as emerging markets (e.g. Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-emerging market countries are included. Original issue zeroes, step-up coupon structures and 144As are also included. Indexes are unmanaged, do not incur fees and it is not possible to invest directly in an index.
Before investing, consider the fund's investment objectives, risks, charges, and expenses. You may obtain a prospectus or a summary prospectus, if available, containing this and other information on this web site. Read it carefully.