Schroder Investment Management North America Inc. Joins ESG Managers™ Portfolios

Multi-Manager Asset Allocation Funds Feature a Unique Combination
of Sustainable Investing Managers

PORTSMOUTH, N.H.///May 9, 2011/// The Schroder Emerging Market Equity Fund has been selected by Morningstar Associates, LLC for inclusion in the ESG Managers Portfolios, a unique series of asset allocation funds designed for investment advisors and their clients looking for sustainable investment options.

The ESG Managers Portfolios series was launched in January 2010 by Pax World Management LLC, in collaboration with Morningstar Associates, as the first non-proprietary, multi-manager asset allocation funds consisting of carefully selected investment managers who integrate environmental, social and governance (ESG) factors into their investment decisions.

"Investors are becoming much more aware of ESG issues, and the importance of them when analyzing companies is clearly increasing. We feel Schroders' depth of analytical resources, which explicitly includes ESG as part of the research process, is aligned to meet those needs," stated Allan Conway, Head of Emerging Market Equities for Schroders.

ESG ManagersPortfolios comprise four asset allocation funds:

  • ESG Managers Aggressive Growth Portfolio
  • ESG Managers Growth Portfolio
  • ESG Managers Moderate Portfolio
  • ESG Managers Conservative Portfolio

Pax World is the investment adviser to ESG Managers Portfolios while Morningstar Associates is charged with manager selection, asset allocation, portfolio construction and monitoring. Morningstar Associates selected the Schroder Emerging Market Equity Fund for all four allocation strategies.

"Schroders will fill a demand from investors looking to benefit from emerging markets through a Sustainable Investment lens," said Joe Keefe, President and CEO of Pax World. "Schroders is a good fit for ESG Managers Portfolios as they understand the value proposition underlying ESG issues and formally incorporate ESG criteria into their investment decisions regarding emerging market companies."

Schroders has a global network of professionals that includes more than 330 portfolio managers and analysts covering the world's developed and emerging investment markets. As a dedicated investment manager, it also maintains a demonstrated commitment to primary fundamental research. For more information, visit their website www.schroders.com/us

ESG Managers Portfolios are available only through financial advisors. To learn more about them, visit www.esgmanagers.com.

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About Schroder Investment Management North America Inc.
Schroder Investment Management North America Inc. is a unit of Schroders plc (SDR.L), a global asset management company with approximately $309.7 billion under management as of December 31, 2010. Their clients include major financial institutions such as banks and insurance companies, as well as local and public authorities, public and private pension funds, endowments and foundations, intermediaries and advisors, and high net worth individuals and retail investors.

Schroder's aim is to apply dedicated asset management skills in serving the needs of its clients worldwide and in delivering value to their shareholders. With one of the largest networks of offices of any dedicated asset management company and over 325 portfolio managers and analysts covering the world's investment markets, they offer their clients a comprehensive range of products and services.

About Pax World Management LLC
Pax World Management LLC, the investment adviser to Pax World Funds, is a recognized leader in Sustainable Investing, the full integration of environmental, social and governance (ESG) factors into investment analysis and decision making. Pax World launched the U.S. financial industry's first socially responsible mutual fund in 1971. Today, Pax World offers a comprehensive platform of Sustainable Investing solutions including Pax World Funds, a family of no-load mutual funds; ESG Managers Portfolios, multi-manager asset allocation funds powered by Morningstar Associates; ESG Shares, the first family of ETFs devoted exclusively to a Sustainable Investing approach; and separately managed accounts for institutional investors. For more information, visit www.paxworld.com.

About Morningstar Associates, LLC
Morningstar Associates, LLC is a registered investment advisor and a wholly owned subsidiary of Morningstar, Inc. Morningstar Associates, along with Morningstar's other investment advisory subsidiaries, comprise the Morningstar Investment Management division. This division provides independent investment management and consulting services to institutions and advisors and has approximately $138.7 billion in assets under advisement and management as of March 31, 2011. For more information, visit corporate.morningstar.com.

Morningstar Associates, LLC serves as portfolio construction adviser to the ESG Managers Portfolios, but does not serve in the capacity of investment advisor to individual investors. Neither Morningstar Associates nor Morningstar, Inc. is affiliated with Pax World Management LLC and its affiliates.

An investment in the Pax World Funds involves risk, including loss of principal. You should consider Pax World Funds' investment objectives, risks, and charges and expenses carefully before investing. For this and other important information, please obtain a fund prospectus by calling 800.767.1729 or visiting www.paxworld.com. Please read carefully before investing. The Pax World Funds, ESG Managers Portfolios and ESG Shares are distributed by ALPS Distributors, Inc. ALPS Distributors, Inc. is not affiliated with Morningstar Associates or with SM Schroders plc.

Separately managed accounts and related advisory services are provided by Pax World Management LLC, a federally registered investment adviser. ALPS Distributors, Inc. is not the distributor for Pax World's separately managed accounts.