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 07/31/2018)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
Pax High Yield Bond Fund - Investor Class1.020.950.201.254.103.115.325.32
Pax High Yield Bond Fund - Class A51.020.960.201.114.103.115.335.32
Pax High Yield Bond Fund - Institutional Class11.041.020.481.494.363.395.595.51
BofA Merrill Lynch U.S. High Yield - Cash Pay - BB-B (Constrained 2%) Index1.071.180.601.885.455.187.61
Lipper High Yield Bond Funds Index1.091.270.952.394.994.666.92
Quarterly Total Returns
(As of 06/30/2018)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
Pax High Yield Bond Fund - Investor Class0.260.20-0.810.963.783.295.165.28
Pax High Yield Bond Fund - Class A50.260.20-0.810.963.783.325.175.29
Pax High Yield Bond Fund - Institutional Class10.430.25-0.551.354.043.575.425.48
BofA Merrill Lynch U.S. High Yield - Cash Pay - BB-B (Constrained 2%) Index0.230.65-0.461.864.965.327.35
Lipper High Yield Bond Funds Index0.220.71-0.142.544.494.846.67
5 Class A Inception date return since May 1, 2013 is 2.87 (annualized).
1 Institutional Class Inception date return since June 1, 2004 is 6.01 (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 07/31/2018)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
Pax High Yield Bond Fund - Class A (Load)-3.53-3.55-4.31-3.392.492.184.855.06
Performance after Sales Charge
(As of 06/30/2018)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
Pax High Yield Bond Fund - Class A (Load)-4.25-4.27-5.27-3.552.182.374.705.03


Yields4
(As of 07/31/2018)
 30 DAY SEC
YIELD (%)
ANNUAL DISTRIBUTION
YIELD (%)
30 DAY DISTRIBUTION
YIELD (%)
Pax High Yield Bond Fund - Investor Class 5.11 5.06 4.69
Pax High Yield Bond Fund - Class A 5.11 5.06 4.69
Pax High Yield Bond Fund - Institutional Class 5.35 5.31 4.93

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 07/31/2018)
 Value
Standard Deviation 5.45
Alpha -0.15
Beta 1.09
R-Squared 92
Standard Deviation 5.43
Alpha -0.12
Beta 1.09
R-Squared 92


Morningstar Ratings
(As of 07/31/2018)
 Overall3 Year5 Year10 Year
Pax High Yield Bond Fund - Investor Class ★★ ★★ ★★ ★★
Pax High Yield Bond Fund - Class A (Load) - - - -
Pax High Yield Bond Fund - Class A ★★ ★★ ★★ ★★
Pax High Yield Bond Fund - Institutional Class ★★ ★★★ ★★ ★★
# In Peer Group 588 588 492 327


Lipper Rankings
(As of 07/31/2018)
 High Yield Bond1 Year3 Year5 Year10 Year
Pax High Yield Bond Fund - Investor Class Percentile Rank 73 71 89 95
  Prime Rank 486 416 442 354
  # In Peer Group 672 588 501 373
Pax High Yield Bond Fund - Class A Percentile Rank 76 71 89 95
  Prime Rank 510 417 441 353
  # In Peer Group 672 588 501 373
Pax High Yield Bond Fund - Institutional Class Percentile Rank 65 62 82 90
  Prime Rank 435 359 407 334
  # In Peer Group 672 588 501 373


Net Asset Values
(As of 08/13/2018)
 N.A.V.% Change
Pax High Yield Bond Fund - Investor Class $6.60
Pax High Yield Bond Fund - Institutional Class $6.58
Pax High Yield Bond Fund - Class A $6.61

Past performance does not guarantee future results.


Portfolio


Asset Allocation
(As of 07/31/2018)


Portfolio Statistics
(As of 07/31/2018)
 Value
Assets (all share classes)$381,805,997
Number of Holdings (All)278
Turnover Ratio (12/31/2017)91


Top Sectors
(As of 07/31/2018)


Top Ten Holdings - Fixed Income
(As of 07/31/2018)
 Portfolio %
HCA, Inc., 5.875%, 2/15/26 1.20
Standard Industries, Inc., 6.000%, 10/15/25 1.10
Fly Leasing, Ltd., 6.375%, 10/15/21 0.80
Royal Bank Of Scotland PLC, 6.125%, 12/15/22 0.80
First Data Corp., 5.000%, 1/15/24 0.80
Hca, Inc., 5.875%, 5/1/23 0.80
Scientific Games International, Inc., 10.000%, 12/1/22 0.70
Manitowoc Company, Inc., 12.750%, 8/15/21 0.70
Sprint Corp., 7.250%, 9/15/21 0.70
Exterran Energy Solutions Lp, 8.125%, 5/1/25 0.70


Fixed Income Characteristics
(As of 07/31/2018)
 Value
Effective Yield6.08
Current Yield (Weighted Average)6.38
Average Coupon (Weighted Average)6.33
Effective Duration3.94
Years to Maturity (Weighted Average)5.99

Credit Quality
(As of 07/31/2018)