CSR Press Release

PORTSMOUTH, N.H.- October 15, 2008 - Pax World Management Corp., investment adviser to Pax World Funds (Pax World), a leader in the field of sustainable investing, today announced the launch of the new Pax World Money Market Account (PWMMA) at ShoreBank, the nation’s first and leading community development and environmental banking institution.

Assets deposited in the PWMMA will help revitalize underserved communities through community development and conservation loans that spur neighborhood redevelopment projects, assist first-time home buyers, finance women- and minority-owned businesses, promote conservation, alternative energy, and "green collar" jobs, and help non-profit and faith-based organizations provide much-needed services.

The PWMMA (which is not a mutual fund) provides Pax World investors with a liquid option for their cash deposits. Account holders are able to exchange in and out of the PWMMA from any of the Pax World Funds, enjoy check writing capability, and will receive a consolidated statement that includes their PWMMA balance and history along with that of their Pax World Mutual Funds.

"The dynamic Pax World-ShoreBank partnership will encourage the growth of eco-friendly businesses and sustainable residential and commercial real estate development that will transform disinvested urban neighborhoods into strong, healthy communities," said Jean Pogge, ShoreBank Executive Vice President, Consumer and Community Banking. "The Money Market Account is FDIC insured and its impact on Midwest urban communities provides one of the best social returns available."

To achieve its community development purposes, ShoreBank makes loans in neglected, underserved low- to moderate-income urban neighborhoods in Chicago, Cleveland, and Detroit. Since its inception in 1973, ShoreBank has invested more than $3.5 billion to finance the purchase and renovation of more than 52,000 units of affordable housing and the creation of 11,000 new jobs for local residents.

"We are very pleased to support the vital work of ShoreBank," said Pax World CEO Joe Keefe, "and to provide our investors with the opportunity to support community economic development through this innovative cash management account."

ABOUT SHOREBANK:
ShoreBank is America's first and leading community development and environmental bank with more than $2.4 billion in assets (as of 12/31/07). ShoreBank is demonstrating that serving its triple bottom line goals of profitability, community development and conservation is both realistic and achievable. Since 1973, it has helped finance the purchase and renovation of more than 52,000 units of affordable housing. It has banking centers on Chicago's South and West Sides and in the Northwest Suburbs, and Detroit, MI, and Cleveland, OH.

For more information, www.sbk.com.

ABOUT PAX WORLD FUNDS
Pax World mutual funds, based in Portsmouth, New Hampshire, which launched the nation’s first socially responsible mutual fund in 1971, seeks 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

The Pax World Funds are not affiliated with any bank and are not insured by the FDIC. ALPS Distributors, Inc., Pax World Management Corp. and Shore Bank are not affiliated. The PWMMA is not distributed by ALPS Distributors, Inc. The Pax World Money Market Account is distributed by ShoreBank Corporation.

Before investing in a Pax World Fund, 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.

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.

For more information, please contact:

For more from this organization: