Social Junk Bond Fund Top of the "Heap"

April 10, 2001 ( - Socially responsible junk bond fund, Pax World High Yield Fund increased by 6.3% over the first quarter of 2001 outperforming the Lipper High Current Yield Bond Fund Index by 231 basis points.

For the 12-month period ending March 31, 2001, the fund is up 6.68%, compared to a loss of 3.20% in the Lipper high yield category, placing it in the top 10% of such funds. Since its inception as the first socially screened high-yield fund to be offered to the public on October 4, 1999, the fund has risen 3.09%

Investments are primarily in high-yield medium- and lower-quality debt securities and in companies providing products and services that improve quality of life. Instruments issued by companies involved in the manufacture of tobacco, liquor, gambling and defense or weapons-related products, are avoided.

The Pax World High Yield Fund invests primarily in high-yield, fixed income securities rated BBB or lower by Standard & Poor’s Ratings Group or Moody’s Investors Service.