PORTSMOUTH, N.H. - Pax World Management Corp., investment manager for Pax World Funds, the Portsmouth, New Hampshire-based socially responsible mutual fund firm, announced today that Joe Keefe will be joining the firm as its CEO. Thomas W. Grant will continue as president of the firm and will also assume the role of vice chairman. Grant has been president of the firm since 1996, during which time assets have tripled and Pax World Funds has launched three additional mutual funds.

"We are very pleased to welcome Joe Keefe to the team as our new CEO at Pax World," said Pax World Management Corp. Chairman Larry Shadek. "Joe brings a wealth of knowledge, skills and experience to Pax World, and is one of the real leaders in the field of socially responsible investing. We think Joe is the right person to lead Pax World on a day-to-day basis during this important period in our own growth, and in the growth of socially responsible investing in general."

"Joining Pax World as CEO is the opportunity of a lifetime," said Keefe. "I have enormous respect for the company and its leadership team, and I am honored that they have asked me to join them. Pax World has long been a leader in the field of socially responsible investing, and is well-positioned for growth and innovation at a time when investors are increasingly looking to align their investments with their values, and companies are increasingly seeing the bottom-line benefits of social and environmental responsibility."

Keefe most recently served as senior adviser for strategic social policy at Calvert Group, the Bethesda Maryland-based socially responsible mutual fund firm, and is a member of the board of directors of the Social Investment Forum, the trade industry association representing socially responsible asset managers and investment professionals nationwide.

He also is founder and president of NewCircle Communications, a strategic consulting and communications firm located in Manchester, New Hampshire, where he has represented numerous socially responsible asset management firms, and is a former general counsel and executive vice president of Citizens Advisers of Portsmouth, New Hampshire. He was in private law practice for sixteen years before becoming involved in socially responsible investing, and is a graduate of the College of the Holy Cross and the University of Virginia School of Law. He lives with his wife and daughter in Manchester, New Hampshire.

ABOUT PAX WORLD FUNDS

The Pax World Funds family - including Pax World Balanced Fund, the Pax World Growth Fund and Pax World High Yield Fund - strives to enable persons of conscience to invest in keeping with their ethical values and to challenge corporations to establish and meet certain ethical standards. The Funds seek to invest in companies that produce goods and services that improve the quality of life such as health care, technology, housing, food, education, pollution control, utilities, and leisure-time activities and that are not engaged in the manufacture of defense or weapons-related products or that derive revenue from the manufacture of tobacco, liquor, or gambling products.

You should consider a fund's investment objectives, risks, charges, and expenses carefully before investing. For this and other important information about the fund, please obtain a free fund prospectus by calling 1-800-767-1729 or visiting www.paxworld.com. Please read it carefully before investing.

Pax World Management Corp.

Pax World Management Corp.

Pax World Investments is a leader in the field of Sustainable Investing - the full integration of environmental, social and governance (ESG) factors into investment analysis and decision making. The Pax investment process combines rigorous financial analysis with equally rigorous ESG analysis in order to identify leading companies that are financially strong and meet positive standards of corporate responsibility and sustainability. By constructing investment portfolios made up of such companies, Pax seeks to deliver - to individuals, financial advisors and institutional investors - higher returns with lower risk over the long term

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