Pax World Announces Formation of Women's Advisory Council

National experts will advise on women and gender equality issues

PORTSMOUTH, N.H. – May 29, 2008 – Pax World Management Corp., investment adviser to Pax World Funds ("Pax"), a leader in the field of sustainable investing whose mutual funds include the Pax World Women's Equity Fund, today announced the formation of the Pax World Women's Advisory Council. The Council, comprised of nationally-known leaders and experts on women's issues, will assist Pax World in its efforts to advance women and gender equality through the Pax World Women's Equity Fund, the only mutual fund in America with a primary focus of advancing the social and economic status of women in the workplace and beyond.

The Pax World Women's Equity Fund invests in companies that, in addition to meeting Pax World's other financial, environmental, social, and governance criteria, promote gender equality by advancing women to top executive positions, have female representation on the board of directors and in senior management, and present positive images of women in their advertising, promotion, and marketing. The Fund avoids investing in companies involved in the exploitation and trafficking of women, whose products demean women or who use negative stereotypes in their advertising, promotion or marketing, that fail to provide a safe work environment for women by encouraging or tolerating harassment, or that have a history or pattern of discrimination or mistreatment of women.

The Honorable Linda Tarr-Whelan, former Ambassador and U.S. Representative to the U.N. Commission on the Status of Women, spearheaded the effort with Pax World to bring together an accomplished group of women leaders from some of the nation's most prestigious financial, non-profit, academic, and policy research organizations, as well as government and politics. Tarr-Whelan will serve as the Chair of the Council.

"Individually, these women have impressive track records in creating and implementing progressive policies across a range of gender-related issues in this country and around the globe," said Tarr-Whelan, who is currently the Demos Distinguished Senior Fellow on Women's Leadership. "Together, we know that we will help Pax World in its mission to advance the social and economic status of women."

The council will provide guidance and input to the Fund as it endeavors to invest in companies that promote gender equality, vote shareholder proxies in accordance with its gender criteria, where applicable, and engage corporate management on issues of concern to women, including sponsoring shareholder resolutions on gender-related issues.

"Since its inception, the Women's Equity Fund has sought to evaluate companies according to their policies and practices toward women's social and economic equality," said Co-Founder of the Women's Equity Fund and Chief Investment Officer and President of Portfolio 21 Investments Leslie Christian. "With the involvement of the Advisory Council, the Fund can continue to contribute toward improving the economic status of women through the collective power of individual and institutional investors."

Members of the Women's Advisory Council are:

Linda Basch, PhD, President, National Council for Research on Women, a coalition of more than 100 women's research centers.Kathy Bonk, Executive Director and President, Communications Consortium Media Center, a public interest media center. Ms. Bonk is a member of the Ms. Magazine advisory board.Martha Burk, PhD, Co-Founder of the Center for Advancement of Public Policy and Chair of the National Council of Women's Organizations. Dr. Burk is the money editor for Ms. Magazine.Leslie Christian, President and Chief Investment Officer, Portfolio 21 Investments. Ms. Christian is a Co-Founder of the Women's Equity Fund.Ritu Sharma Fox, President and Founder, Women Thrive Worldwide. Ms. Fox is one of the conveners of the Women, Faith, and Development Coalition.Sarah Gauger, Executive Director, Hunt Alternatives Fund. Ms. Gauger is a member of the Women and Public Policy Center at the Kennedy School, Harvard University.Gina Glantz, Senior Advisor to the President, Service Employees International Union. Ms. Glantz is a long time political activist and a founder of the New Politics Institute.Chris Grumm, CEO, Women's Funding Network, a network of 100 women's funds.Heidi Hartmann, PhD, President and Executive Director, Institute of Women's Policy Research. Dr. Hartman is an economist and winner of the MacArthur "Genius Award."Jan Holmgren, PhD, President, Mills College. Dr. Holmgren is the Chair of the Board of the National Council for Research on Women.Donna Klein, President and CEO, Corporate Voices for Working Families. Ms. Klein is a former Senior Vice President of Marriott International and is an expert on family and work policy.Ethel Klein, PhD, President, EDK Polling. Dr. Klein is an author and expert on the gender gap.Madeleine Kunin, former Governor of Vermont. Gov. Kunin, who also served as Ambassador to Switzerland, is a distinguished visiting professor at the University of Vermont, and the author of the recent book, "Pearls, Politics and Power: How Women can Win and Lead."Kavita Ramdas, President and CEO, Global Fund for Women, which provides grants to women's human rights groups around the world. Deborah L. Rhode, Ernest W. McFarland Professor of Law, Stanford University. Ms. Rhode is the co-author of the recent book, "Women and Leadership: the State of Play and Strategies for Change."

"The Council brings together a wealth of knowledge around issues and opportunities for women," said Portfolio Manager of the Pax World Women's Equity Fund Sujatha Avutu. "The ability to draw from their different points of view will enrich our analysis."

For more information, contact Jane Munkelwitz at 617.933.5021 and jmunkelwitz@solomonmccown.com, or Cosabeth Bullock at 617.933.5277 and cbullock@solomonmccown.com.