Pax High Yield Bond FundPAXHXPXHAXPXHIX

ESG high yield investing with a quality focus 

Overview


A fundamental-driven strategy focused on research-intensive credit selection and portfolio risk management.


Performance & Risk


Monthly Total Returns
(As of 07/31/2017)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
High Yield Bond Fund - Individual Investor Class0.731.025.2611.572.384.655.675.55
High Yield Bond Fund - Class A50.871.175.4111.722.474.705.705.56
High Yield Bond Fund - Institutional Class10.901.235.5811.862.674.935.955.74
BofA Merrill Lynch U.S. High Yield - Cash Pay - BB-B (Constrained 2%) Index1.052.035.649.645.376.467.55
Lipper High Yield Bond Funds Index1.242.076.0210.984.366.156.54
Quarterly Total Returns
(As of 06/30/2017)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
High Yield Bond Fund - Individual Investor Class1.464.5013.551.814.875.335.53
High Yield Bond Fund - Class A51.464.5013.541.854.895.345.54
High Yield Bond Fund - Institutional Class1-0.131.534.6413.702.055.105.555.71
BofA Merrill Lynch U.S. High Yield - Cash Pay - BB-B (Constrained 2%) Index0.152.214.5411.154.566.667.15
Lipper High Yield Bond Funds Index-0.051.904.7212.303.486.286.06
5 Class A Inception date return since May 1, 2013 is 3.29 (annualized).
1 Institutional Class Inception date return since June 1, 2004 is 6.36 (annualized).

A 1.00% CDSC (contingent deferred sales charge) may be charged on any shares sold within 18 months of purchase over $1million. POP (public offering price) reflects the maximum sales load for the Fund’s Class A Shares of 4.50%

Performance data quoted represent past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.


Performance after Sales Charge
(As of 07/31/2017)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
High Yield Bond Fund - Class A (Load)-3.63-3.330.626.630.903.745.225.29
Performance after Sales Charge
(As of 06/30/2017)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
High Yield Bond Fund - Class A (Load)-4.45-3.08-0.258.430.313.924.855.27


Yields4
(As of 07/31/2017)
 30 DAY SEC
YIELD (%)
ANNUAL DISTRIBUTION
YIELD (%)
30 DAY DISTRIBUTION
YIELD (%)
High Yield Bond Fund - Individual Investor Class 4.40 5.32 5.12
High Yield Bond Fund - Class A 4.39 5.32 5.12
High Yield Bond Fund - Institutional Class 4.64 5.57 5.37

4 30 Day Distribution Yield: Funds income distribution paid in the preceding 30 days annualized. Annual Distribution Yield: Actual annual income distribution paid including capital gains. 30 Day SEC Yield: An annualized yield based on the most recent 30 day period.


Risk Statistics
(As of 07/31/2017)
 Value
Standard Deviation 5.94
Alpha -0.26
Beta 1.04
R-Squared 87
Standard Deviation
Alpha
Beta
R-Squared 0
Standard Deviation 5.89
Alpha -0.23
Beta 1.03
R-Squared 87


Morningstar Ratings
(As of 07/31/2017)
 Overall3 Year5 Year10 Year
High Yield Bond Fund - Individual Investor Class ★★ ★★ ★★ ★★
High Yield Bond Fund - Class A (Load) - - - -
High Yield Bond Fund - Class A ★★ ★★ ★★ ★★
High Yield Bond Fund - Institutional Class ★★★ ★★ ★★ ★★★
# In Peer Group 598 598 474 317


Lipper Rankings
(As of 07/31/2017)
 High Yield Bond1 Year3 Year5 Year10 Year
High Yield Bond Fund - Individual Investor Class Percentile Rank 16 91 86 84
  Prime Rank 107 527 422 309
  # In Peer Group 676 584 491 370
High Yield Bond Fund - Class A Percentile Rank 14 89 85 83
  Prime Rank 94 519 415 307
  # In Peer Group 676 584 491 370
High Yield Bond Fund - Institutional Class Percentile Rank 12 85 77 77
  Prime Rank 81 495 375 284
  # In Peer Group 676 584 491 370


Net Asset Values
(As of 08/21/2017)
 N.A.V.% Change
High Yield Bond Fund - Individual Investor Class $6.77
High Yield Bond Fund - Institutional Class $6.74 -0.15
High Yield Bond Fund - Class A $6.78

Past performance does not guarantee future results.


Portfolio


Asset Allocation
(As of 07/31/2017)


Portfolio Statistics
(As of 07/31/2017)
 Value
Assets (all share classes)$421,463,715
Number of Holdings (All)265
Turnover Ratio (12/31/2016)111


Top Sectors
(As of 07/31/2017)


Top Ten Holdings - Fixed Income
(As of 07/31/2017)
 Portfolio %
HCA, Inc., 5.875%, 2/15/26 1.30
Ion Geophysical Corp., 9.125%, 12/15/21 0.80
Care Capital Properties LP, 5.125%, 8/15/26 0.80
Mednax, Inc., 5.250%, 12/1/23 0.80
Charlotte Russe, Inc., 6.750%, 05/21/19 0.80
Ard Finance SA, 7.125%, 9/15/23 0.80
Fly Leasing, Ltd., 6.375%, 10/15/21 0.80
Sirius XM Radio, Inc., 5.375%, 4/15/25 0.80
Cott Holdings, Inc., 5.500%, 4/1/25 0.70
SFR Group SA, 6.250%, 5/15/24 0.70


Fixed Income Characteristics
(As of 07/31/2017)
 Value
Effective Yield5.98
Current Yield (Weighted Average)6.47
Average Coupon (Weighted Average)6.55
Effective Duration3.59
Years to Maturity (Weighted Average)6.09

Credit Quality
(As of 07/31/2017)

Management


From left:

Peter Schwab, CFA® - Senior Vice President, Portfolio Manager
Phyllis Chambers Camara, CFA® - Senior Analyst
Kent Siefers - Assistant Portfolio Manager