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.

Historical growth of $100,000 over 10 years
including net asset value and income
Data as of 03/31/04 to 06/30/14

Performance shown in the Growth of $100,000 chart does not include any applicable sales charges and fees. Chart details: initial value: $100,000; income received: $67,970, ending investment value (includes capital gains distributions and excludes reinvested income distributions): $96,017; Total Value: $163,986. The chart represents a hypothetical investment at the beginning of the time period shown.
*Assumes that income was distributed and not reinvested.

Strategy:

Portfolio Manager Biography

Mary Austin 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 member of the Boston Security Analysts Society and holds a Bachelor of Science in public accounting from Pace University.