High Yield Bond Fund
Inception Date: October 8, 1999
Type of Fund: High Yield Bond
Symbol: PAXHX
CUSIP: 704223700
Minimum Investment: $1000
Sales Charge: None, 12b-1: 0.25%
Expense Ratio (06/04/2014):
Net of FeesMore info 0.96%
Gross of Fees More info
Net of Fees

The net expense ratio is the expense ratio of the fund after applicable expense waivers or reimbursements. This is the actual expense ratio that investors paid during the fund’s most recent fiscal year.

Total annual High Yield Bond Fund operating expenses, gross of any fee waivers or reimbursements, for Individual Investor Class, Class A, Institutional Class and Class R shares are 0.96%, 0.96%, 0.72% and 1.22%, respectively, as of 5/1/2014 prospectus.

Gross of Fees

Gross Expense Ratio represents the total gross expenses (net expenses with waivers added back in) divided by the fund's average net assets. If it is not equal to the net expense ratio, the gross expense ratio portrays the fund's expenses had the fund not waived a portion, or all, of its fees.

0.96%
Inception Date: May 1, 2013
Type of Fund: High Yield Bond
Symbol: PXHAX
CUSIP: 704223577
Minimum Investment: $1000
Sales Charge: 4.50%, 12b-1: 0.25%
Expense Ratio (06/04/2014):
Net of FeesMore info 0.96%
Gross of Fees More info 0.96%
Inception Date: June 1, 2004
Type of Fund: High Yield Bond
Symbol: PXHIX
CUSIP: 704223809
Minimum Investment: $250,000
Sales Charge: None, 12b-1: 0.00%
Expense Ratio (06/04/2014):
Net of FeesMore info 0.71%
Gross of Fees More info 0.71%
Inception Date: April 2, 2007
Type of Fund: High Yield Bond
Symbol: PXHRX
CUSIP: 704223882
Minimum Investment: No Minimum
Sales Charge: None, 12b-1: 0.50%
Expense Ratio (06/04/2014):
Net of FeesMore info 1.21%
Gross of Fees More info 1.21%

The Fund seeks to deliver high current income and, secondarily, capital appreciation by investing in high-yielding fixed income securities typically rated below investment grade by major rating agencies.

Lower downside risk
As of 12/31/14

The BofA Merrill Lynch U.S. High Yield Cash Pay BB-B (Constrained 2%) Index ("Index") tracks the performance of BB- and B-rated fixed income securities publicly issued in the major domestic or eurobond markets, with total index allocation to an individual issuer limited to 2%. One cannot invest directly in index.
Lipper High Yield Average ("Lipper Average") is the average return of the entire Lipper High Yield classification. The Lipper High Yield Funds Average is a total return performance average of mutual funds tracked by Lipper, Inc. that aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions and tend to invest in lower grade debt issues. One cannot invest directly in index.
1Standard Deviation measures a Fund's variation around its mean performance; a high standard deviation implies greater volatility.
3Downside capture - measures an investment manager's overall performance in down-markets and is used to evaluate how well or poorly an investment manager performed relative to an index during periods when that index has dropped. A downside capture ratio less than 100 indicates that the investment manager has outperformed its index during down-markets, while downside capture ratio greater than 100 indicates that the investment manager has underperformed its index during down-markets.

Strategy:

Portfolio Manager Biography

Mary Austin, CFA, is Senior Vice President and Portfolio Manager of the Pax World High Yield Bond Fund. Ms. Austin has been with the fund since its inception in 1999.

Ms. Austin joined Pax World as an analyst before becoming co-portfolio manager in November 2005 and, ultimately, portfolio manager in 2006. Prior to joining Pax World, she worked for Salomon Smith Barney as a sell-side equity analyst covering small- to mid-cap specialty pharmaceutical and medical technology companies. Ms. Austin was instrumental in bringing many innovative health care companies public.

Ms. Austin is a CFA charterholder, a member of the Boston Security Analysts Society and holds a Bachelor of Science in public accounting from Pace University.