Below are a couple Pax High Yield Bond Fund fixed-income securities that we believe are promoting positive community or environmental outcomes.

Azure Power

Azure Power is a leading independent solar power producer with a pan-Indian portfolio. The company has developed, constructed and operated solar projects of varying sizes, from utility scale, rooftop to mini and micro grids, since its inception in 2008. Azure Power developed India’s first utility scale solar project in 2009.

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

Hannon Armstrong provides debt and equity financing to the energy efficiency and renewable energy markets.

  • The company is the first U.S. public company solely dedicated to investments that reduce carbon emissions or increase resilience to climate change by focusing on “behind-the-meter” energy reduction projects, grid connected renewable energy and sustainable infrastructure projects, such as stormwater remediation.

Pax High Yield Bond Fund Top 10 Holdings

(As of 05/31/2020)
 Portfolio %
Usg Corp., 4.875%, 6/1/27 1.00
Verscend Escrow Corp., 9.75%, 8/15/26 0.90
Standard Industries, Inc., 5.0%, 2/15/27 0.90
Hat Holdings I LLC, 5.250%, 7/15/24 0.90
Gtcr Ap Finance, Inc. 8.0%, 5/15/27 0.90
Neptune Finco Corp., 10.875%, 10/15/25 0.80
Cco Holdings LLC, 5.375%, 6/1/29 0.80
Altice France Sa, 7.375%, 5/1/26 0.80
Csc Holdings LLC, 5.75%, 1/15/30 0.80
Fly Leasing, Ltd., 6.375%, 10/15/21 0.80
Holdings are subject to change.

PAX009007

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