Company Press Release

PORTSMOUTH, N.H.///January 6, 2010/// Pax World Management LLC, investment adviser to Pax World Funds, has joined with Morningstar Associates to create and manage a unique series of asset allocation funds specifically designed for investment advisors and their clients looking for “socially responsible,” “green” or “sustainable” investments.

The new series of funds, called ESG Managers® Portfolios, are the first non-proprietary, multi-manager asset allocation portfolios consisting of investment managers who integrate environmental, social and governance (ESG) factors into investment analysis and decision making.

ESG Managers® Portfolios consist of four asset allocation portfolios:

• 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 and portfolio construction and monitoring.

The investment managers selected by Morningstar Associates who will provide sub-advisory services to the funds include some of the best-known managers in the Sustainable Investing industry, such as:

• Access Capital Strategies

• Ariel Investments

• ClearBridge Advisers

• Community Capital Management

• Impax Asset Management

• Miller-Howard Investments

• MMA Capital Management

• Neuberger Berman

• Parnassus Investments

• Pax World Investments

• Portfolio 21 Investments

“By bringing all these managers under one roof in collaboration with Morningstar Associates, Pax World now offers the first series of multi-manager asset allocation funds following a Sustainable Investing approach,” said Joe Keefe, President and CEO of Pax World. “We believe these funds will provide turnkey, one-stop solutions for financial advisors whose clients seek to capture the investment returns associated with superior ESG or sustainability performance.”

Patrick Reinkemeyer, President of Morningstar Associates, added, “Until today, mutual fund investors have never had a comprehensively constructed asset-allocation portfolio composed of many of the industry’s leading investment firms that incorporate ESG factors alongside fundamental financial factors in their security selection. This is a first.”

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

ABOUT PAX WORLD MANAGEMENT LLC

Pax World Management LLC, the investment adviser to ESG Managers® Portfolios, is a recognized leader in Sustainable Investing – the integration of environmental, social and governance (ESG) factors into investment analysis and decision making. Pax World launched the financial industry’s first socially responsible mutual fund in 1971. Today, in addition to ESG Managers Portfolios®, the company offers Pax World Funds, a family of actively managed Sustainable Investing mutual funds across a range of asset classes.

For more information, visit www.paxworld.com

ABOUT MORNINGSTAR ASSOCIATES, LLC AND MORNINGSTAR, INC.

Morningstar Associates, LLC, a registered investment advisor and wholly owned subsidiary of Morningstar, Inc., is a leading provider of investment management solutions for institutions and their clients. Through its subadvisory services, asset allocation programs, and managed account programs, Morningstar Associates advises on more than $21 billion in assets (as of Sept. 30, 2009).

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions. Morningstar provides data on more than 325,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 4 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. The company has operations in 20 countries and minority ownership positions in companies based in two other countries.

For more information, visit www.morningstar.com .

ESG Manager Portfolios’ are new and have limited operating history.

You should consider ESG Managers® Portfolios’ investment objectives, risks, and charges and expenses carefully before investing. For this and other important information, please obtain a fund prospectus by calling 877.374.7678 or clicking here. Please read it carefully before investing.

Pax World Management LLC is the investment adviser to the ESG Managers® Portfolios. Morningstar Associates, LLC, a registered investment advisor and wholly owned subsidiary of Morningstar, Inc., serves as portfolio construction adviser to the ESG Managers® Portfolios responsible for manager selection, asset allocation, portfolio construction and monitoring, but does not serve in the capacity of investment advisor to individual investors. The Morningstar name and logo are the property of Morningstar, Inc. Morningstar is not affiliated with Pax World Management LLC.

ESG Managers® Portfolios and Pax World Mutual Funds are distributed by ALPS Distributors, Inc. Member FINRA. ALPS Distributors, Inc. is not affiliated with Morningstar Associates, LLC, Access Capital, Ariel Investments, ClearBridge Advisers, Community Capital Management, Impax Asset Management, Miller/Howard Investments, MMA Capital Management, Neuberger Berman, Parnassus Investments, Pax World Management LLC or Portfolio 21 Investments.

ESG Managers® Portfolios are multi-manager funds, which are a mix of underlying Sleeve Subadviser portfolios. The Funds’ allocations may change due to market fluctuations and other factors.

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.

Emerging market investments do involve risk of capital loss from unfavorable fluctuations in currency values, differences in generally accepted accounting principals, economic or political instability in other nations or increased volatility and lower trading volume.

The ESG Managers® Portfolios sustainable investing policies may inhibit the funds’ ability to participate in certain attractive investment opportunities that otherwise would be consistent with their investment objectives and other principal investment strategies.