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 08/31/2017)
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 Class-0.310.424.948.691.924.385.535.50
High Yield Bond Fund - Class A5-0.310.575.098.842.024.435.555.52
High Yield Bond Fund - Institutional Class1-0.290.485.278.972.214.645.795.69
BofA Merrill Lynch U.S. High Yield - Cash Pay - BB-B (Constrained 2%) Index0.101.315.747.584.836.247.41
Lipper High Yield Bond Funds Index-0.031.175.998.673.895.886.44
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 3.15 (annualized).
1 Institutional Class Inception date return since June 1, 2004 is 6.30 (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 08/31/2017)
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)-4.74-3.910.313.960.463.485.075.25
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 08/31/2017)
 30 DAY SEC
YIELD (%)
ANNUAL DISTRIBUTION
YIELD (%)
30 DAY DISTRIBUTION
YIELD (%)
High Yield Bond Fund - Individual Investor Class 4.52 5.33 4.98
High Yield Bond Fund - Class A 4.52 5.32 4.98
High Yield Bond Fund - Institutional Class 4.77 5.57 5.23

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 08/31/2017)
 Value
Standard Deviation 5.93
Alpha -0.25
Beta 1.05
R-Squared 87
Standard Deviation
Alpha
Beta
R-Squared 0
Standard Deviation 5.87
Alpha -0.22
Beta 1.04
R-Squared 87


Morningstar Ratings
(As of 08/31/2017)
 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 602 602 479 317


Lipper Rankings
(As of 08/31/2017)
 High Yield Bond1 Year3 Year5 Year10 Year
High Yield Bond Fund - Individual Investor Class Percentile Rank 24 91 87 85
  Prime Rank 159 529 425 310
  # In Peer Group 676 582 490 366
High Yield Bond Fund - Class A Percentile Rank 20 90 86 84
  Prime Rank 134 521 418 307
  # In Peer Group 676 582 490 366
High Yield Bond Fund - Institutional Class Percentile Rank 19 85 78 79
  Prime Rank 122 492 378 289
  # In Peer Group 676 582 490 366


Net Asset Values
(As of 09/19/2017)
 N.A.V.% Change
High Yield Bond Fund - Individual Investor Class $6.83 0.15
High Yield Bond Fund - Institutional Class $6.80
High Yield Bond Fund - Class A $6.84

Past performance does not guarantee future results.


Portfolio


Asset Allocation
(As of 08/31/2017)


Portfolio Statistics
(As of 08/31/2017)
 Value
Assets (all share classes)$413,080,326
Number of Holdings (All)262
Turnover Ratio (12/31/2016)111


Top Sectors
(As of 08/31/2017)


Top Ten Holdings - Fixed Income
(As of 08/31/2017)
 Portfolio %
HCA, Inc., 5.875%, 2/15/26 1.30
Mednax, Inc., 5.250%, 12/1/23 0.80
Care Capital Properties LP, 5.125%, 8/15/26 0.80
Frontier Communications Corp., 10.500%, 9/15/22 0.80
Ard Finance SA, 7.125%, 9/15/23 0.80
Sirius XM Radio, Inc., 5.375%, 4/15/25 0.80
Fly Leasing, Ltd., 6.375%, 10/15/21 0.80
Michael Baker Holdings LLC, 8.875%, 04/15/19 0.70
Simmons Foods, Inc., 7.875%, 10/1/21 0.70
Bluescope Steel Finance LLC, 6.500%, 5/15/21 0.70


Fixed Income Characteristics
(As of 08/31/2017)
 Value
Effective Yield6.12
Current Yield (Weighted Average)6.47
Average Coupon (Weighted Average)6.49
Effective Duration3.62
Years to Maturity (Weighted Average)6.10

Credit Quality
(As of 08/31/2017)

Management


From left:

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