Pax World Small Cap, International and Global Green Funds Deliver Competitive One-Year Results

PORTSMOUTH, N.H. – April 22, 2009 – Pax World Management Corp., investment adviser to Pax World Funds (Pax World) and a leader in the field of Sustainable Investing, reported today on the one-year Lipper Peer Group rankings of its three newest funds, the Pax World Small Cap Fund, Pax World International Fund and Pax World Global Green Fund, which were launched on March 27, 2008.

For the one-year period ended March 31, 2009 the Pax World Small Cap Fund and the Pax World International Fund each ranked in the top 11 percentile among 758 small-cap core funds and 282 international large-cap core funds, respectively, according to Lipper.1, 2 For the same time period, the Pax World Global Green Fund ranked in the top 29 percentile among 70 global small/mid cap funds, according to Lipper.3 Lipper rankings are based on total returns. During this time period the Funds experienced negative performance.

"Relative performance amidst a market downturn like this past year's is small consolation," said Pax World CEO Joe Keefe. "We are nevertheless very pleased that our three new funds have compared favorably to their peers. Just as importantly, as the market recovers, we strongly believe that Sustainable Investing, which focuses on the long term, will have much to offer investors burned by excessive leverage and risk taking, outlandish executive compensation and other species of short-term thinking."

Each of the three new funds follow Pax World's Sustainable Investing approach, focusing on the full integration of environmental, social and governance (ESG) factors into investment analysis and decision making. In Pax World's view, this process helps its fund managers identify companies that are more forward-thinking and acting, better at managing risk, meet positive standards of corporate social responsibility, and are focused on the long term.

The Pax World Small Cap Fund's investment objective is to seek long-term growth of capital by investing in small companies with attractive valuations and growth prospects and strong management teams that exhibit a high degree of innovation and motivation to grow their business.

"The Pax World Small Cap Fund's positioning in high quality companies offering defensive growth has been the primary driver of Fund results for its first year," said Pax World Small Cap Fund Portfolio Manager Nathan Moser. "With credit markets still under pressure, we continue to add to holdings with strong balance sheets and steady cash flows – which we believe will help them weather the current economic storm."

The Pax World International Fund's investment objective is to seek long-term growth of capital by investing in companies outside of the United States.

"During its first year, the Pax World International Fund benefited both from allocation decisions as well as stock selection," said Pax World International Fund Portfolio Manager Ivka Kalus-Bystricky. "Our underweight position in the financial sector, along with a focus on companies in the sector with strong balance sheets and relative immunity from the global credit crisis, provided the largest amount of relative performance. The Fund also benefited from large positions in the outperforming Japanese market and the Japanese Yen."

The Pax World Global Green Fund invests in environmental leaders around the globe, including companies focusing on alternative energy and energy efficiency; water treatment and pollution control; and waste technology and resource management. The Fund is sub-advised by London-based Impax Asset Management, one of the world's leading specialist environmental asset managers.

"Due to the well diversified structure of the portfolio, which offers investors exposure to renewable energy and energy efficiency companies, as well as waste and water companies, the Pax World Global Green Fund has performed relatively well in its first year," said Impax Portfolio Manager and Investment Director, Bruce Jenkyn-Jones. "As the Global Green Fund enters its second year, several of the stimulus measures being put in place, especially in the U.S. and China, have environmental issues very much at their core. Within the U.S. stimulus package, more than $80 billion has been allocated to direct investment in environmental markets and technologies4, which will likely benefit selected portfolio holdings directly."

1The Pax World Small Cap Fund ranked in the top 11 percentile out of 758 funds for the 1-Year period ended March 31, 2009, and top 12 percentile out of 752 funds since inception, according to Lipper. Lipper rankings are based on total returns (not including sales charges) for the periods indicated and compare total return performance with that of other funds in the category.

2The Pax World International Fund ranked in the top 11 percentile out of 282 funds for the 1-Year period ended March 31, 2009, and top 15 percentile out of 280 funds since inception, according to Lipper. Lipper rankings are based on total returns (not including sales charges) for the periods indicated and compare total return performance with that of other funds in the category.

3The Pax World Global Green Fund ranked in the top 29 percentile out of 70 funds for the 1-Year period ended March 31, 2009, and top 30 percentile out of 70 funds since inception, according to Lipper. Lipper rankings are based on total returns (not including sales charges) for the periods indicated and compare total return performance with that of other funds in the category.

4Entrepreneur, "Stimulus Package has Green for Clean Energy," March 9, 2009.

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Portfolio holdings are subject to change.

Before investing in a Pax World mutual fund, you should carefully consider the fund's investment objectives, risks, charges and expenses. For this and other important information about the funds, please obtain a fund prospectus by calling 800.767.1729 or visiting www.paxworld.com. Please read it carefully before investing. Distributed by ALPS Distributors, Inc. Member FINRA.

The Pax World Funds' sustainable investing policies may inhibit the Funds' ability to participate in certain attractive investment opportunities that otherwise would be consistent with its investment objectives and other principal investment strategies.

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