Pax World High Yield Bond Fund in Top One Percent for the One-Year Period According...

Pax World High Yield Bond Fund in Top One Percent for the One-Year Period According to Lipper

PORTSMOUTH, N.H.--(Business Wire)--
Pax World Management Corp., investment adviser to Pax World Funds
("Pax World"), announced today that the Pax World High Yield Bond
Fund's average annual return for the one-year period ended June 30,
2008 ranked in the top one percentile among 460 high current yield
funds according to Lipper.(1)

The Pax World High Yield Bond Fund (the "Fund"), under the
direction of portfolio manager Mary Austin, is the only high yield
bond fund that utilizes a Sustainable Investment 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 the Fund to 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.

"We are particularly encouraged by the Fund's performance in an
economy that continues to struggle with record high oil prices, a
housing downturn, increased unemployment, and high consumer debt,"
said Ms. Austin. "We continue to strive to invest in companies with
good cash flow, lower leverage, good management, and an ability to
withstand tougher times over the next few quarters."

The Fund has also received a 5-star and 4-star Overall Morningstar
Rating(TM) for institutional and individual investor class shares,
respectively, for the period ended June 30, 2008 out of 476 high yield
bond funds based on risk-adjusted returns.(2)

ABOUT PAX WORLD FUNDS

Pax World Funds, based in Portsmouth, New Hampshire, launched the
nation's first socially responsible mutual fund in 1971 and is a
leader in the field of sustainable investing. The Funds seek to invest
in forward-thinking companies with sustainable business models. To
identify those companies, Pax World combines rigorous financial
analysis with equally rigorous environmental, social and governance
analysis. The result, it believes, is an increased level of scrutiny
that helps it identify better-managed companies that are leaders in
their industries; that meet positive standards of corporate
responsibility; and that focus on the long term. Pax World avoids
investing in companies that are significantly involved in the
manufacture of weapons or weapons-related products, manufacture of
tobacco products, or engage in unethical business practices.

Pax World's primary goal is to produce competitive returns for its
investors. By integrating environmental, social and governance
criteria--what it calls "sustainability" criteria--into its investment
approach, the Funds also seek to promote peace, protect the
environment, advance global equity and foster sustainable development.

For more information, visit www.paxworld.com

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.

By investing in high yield bonds you generally will be subjected
to greater price volatility based on fluctuations in issuer and credit
quality. When investing in bonds, you are subject, but not limited to,
the same interest rate, inflation and credit risks associated with the
underlying bonds owned by the Fund.

(1)The Pax World High Yield Bond Fund ranked in the top 1
percentile out of 460 funds for the 1-Year period, top 2 percentile
out of 387 funds for the 3-Year period, and top 21 percentile out of
339 funds for the 5-Year period ended June 30, 2008, according to
Lipper. Lipper rankings are based on average annual total returns (not
including sales charges) for the periods indicated and compare total
return performance with that of other funds in the category.

(2)As of June 30, 2008, the Pax World High Yield Bond Fund had an
Overall Morningstar Rating(TM) of 4 stars for the Individual Investor
Class and 5 stars for the Institutional Class out of 476 high yield
bond funds as tracked by Morningstar. As of June 30, 2008, the Pax
World High Yield Bond Fund-Individual Class received 5 stars for the
three-year period, out of 476 high yield bond funds, and 4 stars for
the five-year period, out of 413 such funds. The Pax World High Yield
Bond Fund-Institutional Class received 5 stars for the three-year
period, out of 476 high yield bond funds. (The inception date for the
Institutional Class is June 1, 2004.) Morningstar Ratings(TM) are
based on risk-adjusted 3-, 5- and 10-year (if applicable) periods.
Ratings are subject to change every month. For each fund with at least
a three-year history, Morningstar calculates a Morningstar Rating(TM)
based on a Morningstar Risk-Adjusted Return measure that accounts for
variation in a fund's monthly performance (including the effects of
sales charges, loads and redemption fees), placing more emphasis on
downward variations and rewarding consistent performance. The top 10%
of funds in each category receive 5 stars, the next 22.5% receive 4
stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars
and the bottom 10% receive 1 star. (Each share class is counted as a
fraction of one fund within this scale and rated separately, which may
cause slight variation in the distribution percentages.)

Before investing in a Pax World Funds, you should carefully
consider the fund's investment objectives, risks, charges and
expenses. For this and other important information about the fund,
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 (08/08).

Solomon McCown
Jane Munkelwitz, 617-933-5021
jmunkelwitz@solomonmccown.com

Copyright Business Wire 2008