Morningstar Advisor - October/November 2009 - 78

No wonder it made the honor roll. It's the only Sustainable Investing fund in its class. PAX WORLD HIGH YIELD BOND FUND Individual Investor Class, Information as of 6/30/09 Morningstar™ Ratings1 # of High Yield Bond Funds: Overall 478; 3 Year 478; 5 Year 404    Morningstar ratings based on risk-adjusted returns OVERALL 3 YEAR 5 YEAR The Pax World High Yield Bond Fund (PAXHX) is the only one of over 450 high-yield bond funds that utilizes a Sustainable Investing approach, combining rigorous financial analysis with equally rigorous environmental, social and governance (ESG) analysis. A unique approach – among the best in its class. To learn more, call 800.767.1729 or visit www.paxworld.com The Fund experienced negative performance for the 1-Year time period. Performance quoted represents past performance and does not guarantee future results. An investment in a Pax World fund involves risk, including loss of principal. By investing in high yield bond funds you generally will be subject to greater price volatility based on fluctuations in issuer and credit quality. When investing in bonds, you are subject to, but not limited to, the same interest rate, inflation and credit risks associated with the underlying bonds owned by the fund. 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. Morningstar Ratings™ are based on risk-adjusted 3-, 5- and 10-year (if applicable) returns, and past performance is no guarantee of future results. Ratings are subject to change every month. For each fund with at least a three year history, Morningstar calculates a Morningstar Rating™ 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 variations in the distribution percentages.) 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 their investment objectives and other principal investment strategies. Distributed by: ALPS Distributors, Inc. Member FINRA (07/09)

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Morningstar Advisor - October/November 2009

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