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 05/31/2018)
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 - Investor Class-0.33-0.71-1.070.703.212.795.105.29
High Yield Bond Fund - Class A5-0.33-0.71-1.070.703.212.825.115.30
High Yield Bond Fund - Institutional Class1-0.46-0.66-0.980.783.463.035.345.47
BofA Merrill Lynch U.S. High Yield - Cash Pay - BB-B (Constrained 2%) Index-0.12-0.14-0.691.784.384.717.09
Lipper High Yield Bond Funds Index-0.04-0.14-0.362.273.904.246.36
Quarterly Total Returns
(As of 03/31/2018)
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 - Investor Class-0.64-1.01-1.012.243.473.075.485.35
High Yield Bond Fund - Class A5-0.64-1.00-1.002.243.523.095.495.35
High Yield Bond Fund - Institutional Class1-0.48-0.81-0.812.633.773.355.755.54
BofA Merrill Lynch U.S. High Yield - Cash Pay - BB-B (Constrained 2%) Index-0.56-1.11-1.113.434.744.857.45
Lipper High Yield Bond Funds Index-0.62-0.85-0.853.754.284.416.76
5 Class A Inception date return since May 1, 2013 is 2.71 (annualized).
1 Institutional Class Inception date return since June 1, 2004 is 5.97 (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 05/31/2018)
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)-4.78-5.23-5.52-3.781.651.874.635.04
Performance after Sales Charge
(As of 03/31/2018)
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)-5.17-5.46-5.46-2.341.952.145.005.09


Yields4
(As of 05/31/2018)
 30 DAY SEC
YIELD (%)
ANNUAL DISTRIBUTION
YIELD (%)
30 DAY DISTRIBUTION
YIELD (%)
High Yield Bond Fund - Investor Class 5.04 5.16 5.05
High Yield Bond Fund - Class A 5.01 5.17 5.04
High Yield Bond Fund - Institutional Class 5.30 5.43 5.29

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 05/31/2018)
 Value
Standard Deviation 5.52
Alpha -0.12
Beta 1.08
R-Squared 92
Standard Deviation
Alpha
Beta
R-Squared 0
Standard Deviation 5.49
Alpha -0.10
Beta 1.07
R-Squared 92


Morningstar Ratings
(As of 05/31/2018)
 Overall3 Year5 Year10 Year
High Yield Bond Fund - Investor Class ★★ ★★ ★★ ★★
High Yield Bond Fund - Class A (Load) - - - -
High Yield Bond Fund - Class A ★★ ★★ ★★ ★★
High Yield Bond Fund - Institutional Class ★★ ★★★ ★★ ★★
# In Peer Group 584 584 490 321


Lipper Rankings
(As of 05/31/2018)
 High Yield Bond1 Year3 Year5 Year10 Year
High Yield Bond Fund - Investor Class Percentile Rank 83 66 87 89
  Prime Rank 556 382 430 325
  # In Peer Group 675 581 497 366
High Yield Bond Fund - Class A Percentile Rank 83 66 87 89
  Prime Rank 554 383 429 324
  # In Peer Group 675 581 497 366
High Yield Bond Fund - Institutional Class Percentile Rank 81 54 80 86
  Prime Rank 546 312 395 313
  # In Peer Group 675 581 497 366


Net Asset Values
(As of 06/18/2018)
 N.A.V.% Change
High Yield Bond Fund - Investor Class $6.61
High Yield Bond Fund - Institutional Class $6.58 -0.15
High Yield Bond Fund - Class A $6.62

Past performance does not guarantee future results.


Portfolio


Asset Allocation
(As of 05/31/2018)


Portfolio Statistics
(As of 05/31/2018)
 Value
Assets (all share classes)$387,660,478
Number of Holdings (All)275
Turnover Ratio (12/31/2016)91


Top Sectors
(As of 05/31/2018)


Top Ten Holdings - Fixed Income
(As of 05/31/2018)
 Portfolio %
HCA, Inc., 5.875%, 2/15/26 1.20
Standard Industries, Inc., 6.000%, 10/15/25 1.10
Royal Bank Of Scotland PLC, 6.125%, 12/15/22 0.80
Fly Leasing, Ltd., 6.375%, 10/15/21 0.80
Prestige Brands, Inc., 6.375%, 3/1/24 0.80
Scientific Games International, Inc., 10.000%, 12/1/22 0.80
First Data Corp., 5.000%, 1/15/24 0.80
Hca, Inc., 5.875%, 5/1/23 0.70
Sally Holdings LLC, 5.625%, 12/1/25 0.70
Esh Hospitality, Inc., 5.250%, 5/1/25 0.70


Fixed Income Characteristics
(As of 05/31/2018)
 Value
Effective Yield6.21
Current Yield (Weighted Average)6.42
Average Coupon (Weighted Average)6.33
Effective Duration4.08
Years to Maturity (Weighted Average)6.06

Credit Quality
(As of 05/31/2018)

Portfolio Management Team


Peter Schwab, CFA® - Senior Vice President, Portfolio Manager
Kent Siefers - Assistant Portfolio Manager
Phyllis Chambers Camara, CFA® - Senior Analyst
Finn Johnson - Analyst
Shaun Yanosick - Credit Trader