Fixed Income Fund

The Fixed Income Fund seeks high total investment return through a combination of current income and capital appreciation
Total Assets $464.8 million As of 11/30/2025
Asset Class Fixed
Daily YTD Return 9.09% As of 12/26/2025
Inception Date 1/17/1995

Overview

Fund Details

Primary Benchmark
Bloomberg US Aggregate Index
Lipper Category
Multi-Sector Income Funds
Morningstar Category
Multisector 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

Associate Portfolio Managers3

Scott Darci, CFA

Portfolio Manager, Associate Portfolio Manager, Convertibles & Equity Strategist

19 yearsIndustry Experience
17 yearsTenure at Loomis Sayles

Bryan Hazelton, CFA

Portfolio Manager, Associate Portfolio Manager, Investment Grade Corporate Strategist

18 yearsIndustry Experience
14 yearsTenure at Loomis Sayles

Fund Facts

As of 11/30/2025
Ticker LSFIX
Class Inception 1/17/1995
CUSIP 543495501
Minimum Initial Investment $3 million
Gross Expense Ratio1 0.61%
Net Expense Ratio1 0.61%
Net Asset Value 12.48
30-Day SEC Yield2 4.78%
Unsubsidized 30-Day SEC Yield2 4.78%

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?

  • To pursue high returns from a “go anywhere” strategy that allows managers to seek out the best fixed income values worldwide.
  • To gain access to the renowned research and experienced portfolio management capabilities of Loomis Sayles.
  • As diversification for more traditional bond holdings.

Investment Strategy

  • High conviction, active credit manager
  • Multisector strategy seeking to exploit cross-sector opportunities across broad global fixed income markets
  • Repeatable, deep value equity-like approach to fundamental research and issue selection
  • Risk awareness tools overlay fundamental investment process
  • May invest up to 40% in foreign securities, including emerging market securities
  • May invest up to 20% in non-US dollar denominated foreign securities, including emerging market securities
  • May invest up to 35% in high yield securities
  • May invest up to 20% in preferred and common stock

About Risk

  • 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.
  • Below investment grade fixed income securities may be subject to greater risks (including the risk of default) than other fixed income securities.
  • 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.
  • Currency exchange rates between the US dollar and foreign currencies may cause the value of the fund’s investments to decline.
  • Equity securities are volatile and can decline significantly in response to broad market and economic conditions.

Performance

Cumulative Total Return (%)
As of 11/30/2025
Class I Return
3 Months 1.63%
Year-To-Date 8.71%
Annualized Total Return (%)
As of 11/30/2025
Class I Return
1 Year 7.77%
3 Years 7.36%
5 Years 2.73%
10 Years 4.33%
Since Inception 7.53%
Inception Date 1/17/1995
Cumulative Total Return (%)
As of 9/30/2025
Class I Return
3 Months 2.49%
Year-To-Date 7.58%
Annualized Total Return (%)
As of 9/30/2025
Class I Return
1 Year 6.13%
3 Years 8.02%
5 Years 3.50%
10 Years 4.34%
Since Inception 7.54%
Inception Date 1/17/1995

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 I Rank Percentile
1 Year 76/375 20%
3 Years 165/359 46%
5 Years 154/322 48%
10 Years 61/215 28%
Lipper Category: Multi-Sector Income Funds
Morningstar Ranking
As of 11/30/2025
Class I Rank Percentile
1 Year 82/353 23%
3 Years 178/334 53%
5 Years 169/302 56%
10 Years 64/206 31%
Morningstar Category: Multisector 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 833
Average Maturity 5.21
Weighted Average Duration 3.58
Annual Portfolio Turnover as of 9/30/2025 74.21%
Credit Quality
As of 11/30/2025
US Treasurys 12.6%
AAA 2.4%
AA 2.2%
A 10.8%
BAA 38.8%
BA 13.1%
B 4.8%
CAA & Lower 2.0%
Not Rated 8.9%
Cash & Equivalents 4.5%
Duration Distribution
As of 11/30/2025
Less than 1 Yr. -1.7%
1 to 3 Yrs. 18.0%
3 to 5 Yrs. 69.3%
5 to 7 Yrs. 17.3%
7 to 10 Yrs. -7.7%
10 Yrs. or more 0.3%
Cash & Equivalents 4.5%
Maturity Distribution
As of 11/30/2025
Less than 1 Yr. 13.4%
1 to 3 Yrs. 20.1%
3 to 5 Yrs. 18.7%
5 to 7 Yrs. 14.1%
7 to 10 Yrs. 21.7%
10 Yrs. or more 7.7%
Cash & Equivalents 4.5%

Sector Distribution

As of 11/30/2025
LabelFund
Investment Grade Credit 32.0%
Securitized 20.5%
High Yield Credit 13.5%
US Treasury 12.6%
Emerging Market Credit 5.9%
Bank Loans 5.1%
Non-US Dollar 4.1%
Convertibles 1.4%
Equity 0.4%
Cash & Equivalents 4.5%

Country Distribution

As of 11/30/2025
LabelFund
United States 78.7%
Israel 2.2%
Cayman Islands 2.2%
Australia 2.0%
Ireland 1.9%
Mexico 1.6%
Canada 1.5%
United Kingdom 1.3%
Uzbekistan 0.9%
Other 7.6%

Currency Distribution

As of 11/30/2025
LabelFund
US Dollar 96.1%
South African Rand 0.9%
New Turkish Lira 0.7%
Mexican Peso 0.5%
Brazilian Real 0.5%
Euro 0.4%
Uruguay Peso 0.4%
Hungarian Forint 0.4%
Characteristics
As of 9/30/2025
Characteristic Fund Index
Number of Holdings 745 13855
Average Maturity 5.08 8.17
Weighted Average Duration 3.64 6.00
Annual Portfolio Turnover as of 9/30/2025 74.21%
Credit Quality
As of 9/30/2025
Fund Index
US Treasurys 12.8% 45.4%
AAA 3.7% 3.6%
AA 1.3% 29.9%
A 10.2% 11.3%
BAA 38.9% 9.8%
BA 13.1% 0.0%
B 3.6% 0.0%
CAA & Lower 2.3% 0.0%
Not Rated 8.6% 0.0%
Cash & Equivalents 5.5% 0.0%
Duration Distribution
As of 9/30/2025
Fund Index
Less than 1 Yr. -2.8% 1.6%
1 to 3 Yrs. 16.8% 26.6%
3 to 5 Yrs. 70.4% 22.5%
5 to 7 Yrs. 16.3% 17.0%
7 to 10 Yrs. -6.0% 16.0%
10 Yrs. or more -0.1% 16.3%
Cash & Equivalents 5.5% 0.0%
Maturity Distribution
As of 9/30/2025
Fund Index
Less than 1 Yr. 11.9% 1.1%
1 to 3 Yrs. 22.5% 23.2%
3 to 5 Yrs. 18.0% 20.1%
5 to 7 Yrs. 14.1% 13.3%
7 to 10 Yrs. 20.2% 24.1%
10 Yrs. or more 7.9% 18.2%
Cash & Equivalents 5.5% 0.0%

Sector Distribution

As of 9/30/2025
LabelFundIndex
Investment Grade Credit 31.4%25.9%
Securitized 20.3%26.3%
US Treasury 12.7%45.4%
High Yield Credit 12.7%–
Emerging Market Credit 5.2%1.3%
Non-US Dollar 5.0%–
Bank Loans 4.8%–
Convertibles 1.5%–
Equity 0.5%–
Hedge 0.3%–
Other –0.6%
Municipals –0.5%
Cash & Equivalents 5.5%–

Country Distribution

As of 9/30/2025
LabelFundIndex
United States 77.8%93.4%
Cayman Islands 2.5%0.0%
Australia 2.5%0.2%
Israel 2.2%0.1%
Ireland 1.9%0.1%
Mexico 1.7%0.3%
Canada 1.3%1.1%
Germany 1.0%0.3%
United Kingdom 1.0%0.9%
Other 8.0%3.5%

Currency Distribution

As of 9/30/2025
LabelFundIndex
US Dollar 95.0%100.0%
Euro 1.6%–
South African Rand 1.0%–
New Turkish Lira 0.7%–
Mexican Peso 0.5%–
Brazilian Real 0.5%–
Australian Dollar 0.3%–
Uruguay Peso 0.3%–

Holdings

Top 10 Holdings
As of 11/30/2025
Holding % of Assets
U S TREASURY 16.3%
GLENCORE PLC 1.9%
TEVA PHARMACEUTICAL INDUSTRIES LTD 1.8%
ECHOSTAR CORP 1.6%
BOEING CO/THE 1.5%
CONTINENTAL RESOURCES INC/OK 1.2%
DISH NETWORK CORP 1.1%
ROYAL CARIBBEAN CRUISES LTD 1.1%
ROCKET COS INC 1.0%
METROPOLITAN LIFE GLOBAL FUNDING 0.9%
Total 28.6%
Top 10 Holdings
As of 9/30/2025
Holding % of Assets
U S TREASURY 16.5%
GLENCORE PLC 2.0%
TEVA PHARMACEUTICAL INDUSTRIES LTD 1.8%
ECHOSTAR CORP 1.7%
BOEING CO/THE 1.6%
CONTINENTAL RESOURCES INC/OK 1.2%
DISH NETWORK CORP 1.1%
ROCKET COS INC 1.1%
ROYAL CARIBBEAN CRUISES LTD 1.1%
GOVT OF SOUTH AFRICA 1.0%
Total 29.1%

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 1/31/26. When an expense limitation has not been exceeded, the fund may have similar expense ratios and/or yields.

2The 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 Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. Indexes are unmanaged and do not incur fees. It is not possible to invest directly in an index.

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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.

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