Pax High Yield Fund portfolio manager suspended by administrative law judge

By Angela McDaniels

Tacoma, Wash., April 3 - Diane M. Keefe willfully violated the Investment Company Act when she was portfolio manager at Pax High Yield Fund and has been suspended from association with any investment adviser, broker or dealer for 12 months, the Securities and Exchange Commission reported Friday.

An administrative law judge issued an initial decision that found that Keefe transmitted to the fund handwritten notes that she claimed were taken during meetings of the fund's three-person investment committee.

In fact, the fund's board never established an investment committee for the fund as represented in the fund's prospectuses and proxy statements, and the committee meetings never occurred, according to the SEC.

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