Impax High Yield Bond Fund Investor Class (PAXHX)

Overview

The investment strategy primarily focuses on generating high current income with a secondary objective of capital appreciation. This is achieved by investing predominantly in high-yield, fixed income securities that are typically rated below the investment-grade thresholds of BBB- by Standard & Poor’s and Baa3 by Moody’s. The High Yield Bond Fund channels its investments into bonds, notes, or debentures that are either rated as high-risk by major rating agencies, or unrated but deemed to possess comparable quality by the fund’s investment adviser. By engaging in these specific investment practices, the fund aims to fulfill its objectives under normal market conditions, even resorting to borrowings for investment purposes to maintain the desired asset allocation.

Products and Services

• High-Yield Fixed Income Securities

  The High Yield Bond Fund invests primarily in fixed income securities such as bonds, notes, or debentures. These securities are characterized by their high yield, a reflection of their high risk, as they are rated below the investment-grade benchmarks of BBB- by Standard & Poor’s and Baa3 by Moody’s, or are similarly rated by another major rating service. The selection also includes securities that are unrated but are determined to be of equivalent quality by the Fund’s investment adviser. This product targets investors who are looking for high current income and are willing to tolerate the increased risk associated with these types of investments.