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High Income Fund

The High Income Fund seeks high current income plus the opportunity for capital appreciation to produce high total return
Total Assets $78.6 million As of 11/30/2025
Asset Class Fixed
Daily YTD Return 9.16% As of 12/26/2025
Inception Date 2/22/1984

Overview

Fund Details

Primary Benchmark
Bloomberg US Corporate High Yield Index
Morningstar Category
High Yield Bond

Portfolio Managers

Matt Eagan, CFA

Portfolio Manager, Head of Full Discretion

35 yearsIndustry Experience
28 yearsTenure at Loomis Sayles

Brian Kennedy

Portfolio Manager

35 yearsIndustry Experience
31 yearsTenure at Loomis Sayles

Peter Sheehan

Portfolio Manager

18 yearsIndustry Experience
13 yearsTenure at Loomis Sayles

Eric Williams

Portfolio Manager

15 yearsIndustry Experience

Associate Portfolio Manager3

Chris Romanelli, CFA

Portfolio Manager, Associate Portfolio Manager, High Yield Corporate Strategist

20 yearsIndustry Experience
15 yearsTenure at Loomis Sayles

Fund Facts

As of 11/30/2025
Ticker NEHYX
Class Inception Date 2/29/2008
CUSIP 543488803
Minimum Initial Investment $100,000
Gross Expense Ratio1 1.26%
Net Expense Ratio1 0.70%
Net Asset Value 3.69
30-Day SEC Yield2 5.95%
Unsubsidized 30-Day SEC Yield2 5.56%

About the Team

Full Discretion

High-conviction, active credit investors focused on results.

$83.9B assets under management (as of 9/30/2025)
View All Documents

Our Performance data shown represents past performance and is no guarantee of future results. Investment return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, please see the tab labeled “Performance”.

Why Choose this Fund?

  • For competitive income potential from a lower-credit-quality portfolio.
  • For fixed income diversification that includes foreign issuers.
  • To diversify stock or bond holdings.

Investment Strategy

  • High conviction, active credit manager
  • High yield strategy seeking to exploit cross-sector opportunities across global high yield markets
  • Repeatable, deep value equity-like approach to fundamental research and issue selection
  • Allocations to out-of-benchmark securities can provide value and diversification
  • Risk awareness tools overlay fundamental investment process
  • Not permitted to invest in non-US dollar denominated securities
  • Not permitted to invest in equity securities

About Risk

  • Below investment grade fixed income securities may be subject to greater risks (including the risk of default) than other fixed income securities.
  • Fixed income securities may carry one or more of the following risks: credit, interest rate (as interest rates rise bond prices usually fall), inflation and liquidity.
  • Foreign and emerging market securities may be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than US securities due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.

Performance

Cumulative Total Return (%)
As of 11/30/2025
Class Y Return
3 Months 1.51%
Year-To-Date 8.56%
Annualized Total Return (%)
As of 11/30/2025
Class Y Return
1 Year 8.06%
3 Years 9.02%
5 Years 3.52%
10 Years 5.08%
Since Inception 5.67%
Inception Date 2/29/2008
Cumulative Total Return (%)
As of 9/30/2025
Class Y Return
3 Months 3.48%
Year-To-Date 8.04%
Annualized Total Return (%)
As of 9/30/2025
Class Y Return
1 Year 9.35%
3 Years 10.60%
5 Years 4.59%
10 Years 5.12%
Since Inception 5.70%
Inception Date 2/29/2008

Performance data shown represents past performance and is no guarantee of future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns include changes in share price and reinvestment of dividends and capital gains, if any.

Rankings

Lipper Ranking
As of 11/30/2025
Class Y Rank Percentile
1 Year 18/69 26%
3 Years 46/69 67%
5 Years 52/65 80%
10 Years 36/60 60%
Morningstar Ranking
As of 11/30/2025
Class Y Rank Percentile
1 Year 54/621 9%
3 Years 228/581 39%
5 Years 468/543 86%
Morningstar Category: High Yield Bond

Lipper rankings are based on total returns calculated by each ranking entity. Rankings do not take into account sales charges, if applicable, but include reinvestment of dividends and capital gains, if any.

Morningstar Percentile Rankings are based on total return and do not account for sales charges. Percentile ranks are based on absolute rank within specific fund categories and time periods. Within a category, all funds’ percentile rankings range from 1 (best) to 100 (worst), with all intermediate values spread evenly over that range. The fund’s absolute peer ranking may not be available for all time periods. Morningstar does not calculate an absolute peer ranking when a fund’s performance has been linked to a preexisting share class.

Past performance is no guarantee of future results.

Characteristics

Characteristics
As of 11/30/2025
Number of Holdings 369
Average Maturity 4.45
Weighted Average Duration 2.79
Annual Portfolio Turnover as of 12/31/2024 106.00%
Credit Quality
As of 11/30/2025
US Treasurys 0.0%
AAA 0.0%
AA 0.0%
A 0.0%
BAA 4.7%
BA 57.5%
B 23.3%
CAA & Lower 8.0%
Not Rated 2.3%
Cash & Equivalents 4.3%
Duration Distribution
As of 11/30/2025
Less than 1 Yr. 10.3%
1 to 3 Yrs. 44.3%
3 to 5 Yrs. 32.4%
5 to 7 Yrs. 8.2%
7 to 10 Yrs. -0.4%
10 Yrs. or more 0.9%
Cash & Equivalents 4.3%
Maturity Distribution
As of 11/30/2025
Less than 1 Yr. 4.9%
1 to 3 Yrs. 16.9%
3 to 5 Yrs. 45.6%
5 to 7 Yrs. 17.8%
7 to 10 Yrs. 6.9%
10 Yrs. or more 3.7%
Cash & Equivalents 4.3%

Sector Distribution

As of 11/30/2025
LabelFund
High Yield Credit 82.7%
Bank Loans 6.4%
Convertibles 2.8%
Emerging Market Credit 2.0%
Securitized 1.3%
Investment Grade Credit 0.4%
Cash & Equivalents 4.3%

Country Distribution

As of 11/30/2025
LabelFund
United States 87.9%
Canada 4.0%
United Kingdom 2.7%
Israel 1.9%
Germany 1.0%
Australia 0.9%
Italy 0.8%
Ireland 0.4%
China 0.3%
Other 0.2%
Characteristics
As of 9/30/2025
Characteristic Fund Index
Number of Holdings 385 1951
Average Maturity 4.64 3.59
Weighted Average Duration 2.83 2.77
Annual Portfolio Turnover as of 12/31/2024 106.00%
Credit Quality
As of 9/30/2025
Fund Index
US Treasurys 0.0% 0.0%
AAA 0.0% 0.0%
AA 0.0% 0.0%
A 0.0% 0.0%
BAA 6.0% 6.4%
BA 54.6% 60.8%
B 25.5% 24.3%
CAA & Lower 8.9% 8.5%
Not Rated 2.6% 0.0%
Cash & Equivalents 2.4% 0.0%
Duration Distribution
As of 9/30/2025
Fund Index
Less than 1 Yr. 12.1% 12.8%
1 to 3 Yrs. 42.4% 47.6%
3 to 5 Yrs. 33.6% 33.5%
5 to 7 Yrs. 8.8% 4.0%
7 to 10 Yrs. -0.3% 1.3%
10 Yrs. or more 0.8% 0.8%
Cash & Equivalents 2.4% 0.0%
Maturity Distribution
As of 9/30/2025
Fund Index
Less than 1 Yr. 3.2% 8.5%
1 to 3 Yrs. 16.7% 30.3%
3 to 5 Yrs. 44.6% 47.3%
5 to 7 Yrs. 21.2% 9.2%
7 to 10 Yrs. 8.1% 3.0%
10 Yrs. or more 3.7% 1.7%
Cash & Equivalents 2.4% 0.0%

Sector Distribution

As of 9/30/2025
LabelFundIndex
High Yield Credit 83.5%99.1%
Bank Loans 7.7%–
Convertibles 2.8%–
Emerging Market Credit 2.0%0.9%
Securitized 1.2%–
Investment Grade Credit 0.4%0.1%
Equity 0.1%–
Cash & Equivalents 2.4%–

Country Distribution

As of 9/30/2025
LabelFundIndex
United States 86.7%86.9%
Canada 4.4%4.1%
United Kingdom 2.6%2.2%
Israel 1.8%0.0%
Germany 1.0%0.6%
Australia 1.0%0.6%
Italy 0.7%0.4%
Japan 0.6%1.1%
Ireland 0.3%0.3%
Other 0.8%3.8%

Holdings

Top 10 Holdings
As of 11/30/2025
Holding % of Assets
U S TREASURY 2.7%
ECHOSTAR CORP 2.5%
CHARTER COMMUNICATIONS INC 2.0%
CSC HOLDINGS LLC 1.9%
BURGER KING 1.9%
DISH NETWORK CORP 1.8%
VENTURE GLOBAL PLAQUE 1.8%
TEVA PHARMACEUTICAL INDUSTRIES LTD 1.8%
MOLINA HEALTHCARE INC 1.8%
TAYLOR MORRISON HOME CORP 1.7%
Total 19.9%
Top 10 Holdings
As of 9/30/2025
Holding % of Assets
ECHOSTAR CORP 2.6%
CSC HOLDINGS LLC 2.4%
CHARTER COMMUNICATIONS INC 2.0%
U S TREASURY 2.0%
BURGER KING 1.9%
VENTURE GLOBAL PLAQUE 1.8%
TEVA PHARMACEUTICAL INDUSTRIES LTD 1.8%
DISH NETWORK CORP 1.8%
DIRECTV 1.7%
MOLINA HEALTHCARE INC 1.7%
Total 19.6%

Documents

1 As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 4/30/26. When an expense limitation has not been exceeded, the fund may have similar expense ratios and/or yields.

2 The 30-day SEC yield is a standardized calculation, calculated by dividing the net investment income per share for the 30-day period by the maximum offering price per share at the end of the period and annualizing the result. Treasury Inflation-Protected Securities (TIPS) are designed to provide protection against inflation through monthly adjustments to the principal value of TIPS, which increases with inflation and decreases with deflation as measured by the Consumer Price Index. Monthly principal adjustments for inflation (increases and decreases) are excluded from the 30-day SEC yield calculation. Such adjustments can vary substantially from one month to the next, and if they were included, may materially impact the 30-day SEC yield either higher or lower. A subsidized 30-day SEC yield reflects the effect of fee waivers and expense reimbursements. The SEC yield is not based upon distributions of the fund and actual income distributions may be higher or lower than the 30-day SEC yield amounts. During periods of unusual market conditions and/or activity in the sales or redemptions of fund shares, the fund’s 30-day SEC yield amounts may be materially higher or lower than its actual income distributions. Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or reimbursement.

3Associate Portfolio Managers do not have discretion over the strategy.

Important Disclosures

Investing involves risk, including possible loss of principal. 

There is no guarantee that the investment objective will be realized or that the fund will generate positive or excess return.

Diversification does not ensure a profit or guarantee against a loss.

Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.

Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody’s, S&P or Fitch; ratings are subject to change. The fund’s shares are not rated by any rating agency and no credit rating for fund shares is implied. Bond credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).

Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflect the market value of future trade commitments for the fund. ABS/RMBS: Asset-Backed Securities/Residential Mortgage-Backed Securities. Agency MBS: Agency Mortgage-Backed Securities. CMBS: Commercial Mortgage-Backed Securities.

Due to rounding, Sector, Currency, Country, Duration, Maturity and Quality distribution totals may not equal 100%.

Both duration and maturity for equity securities are deemed to be zero.

Top 10 holdings may not be representative of current or future holdings and will evolve over time.

The Bloomberg US Corporate High Yield Index covers the universe of fixed rate, non-investment grade debt. Eurobonds and debt issues from countries designated as emerging markets (sovereign rating of Baa1/BBB+/BBB+ and below using the middle of Moody’s, S&P, and Fitch) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-EMG countries are included. Original issue zeroes, step-up coupon structures, 144-As and pay-in-kind bonds (PIKs, as of October 1, 2009) are also included. Indexes are unmanaged. It is not possible to invest directly in an index.

Lipper Analytical Services Inc., a Thomson Reuters Company, is a nationally recognized organization that provides performance information for mutual funds. Copyright 2025 © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

© 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 

Class N shares of the Fund are subject to a $1,000,000 initial investment minimum. There is no initial investment minimum for Certain Retirement Plans and funds of funds that are distributed by Natixis Distribution, LLC (the “Distributor”).

Before investing, consider the fund’s investment objectives, risks, charges, and expenses. You may obtain a prospectus or a summary prospectus containing this and other information on this website. Read it carefully.

Natixis Distribution, LLC (fund distributor, member FINRA|SIPC) and Loomis, Sayles & Company, L.P. are affiliated.

Loomis Sayles Funds | 800.633.3330