"Pax World Funds is standing up with the Silicon Valley Toxics Coalition on this important matter that every socially aware investor should take the time to understand," said Anita Green, director of social research at the Pax World Fund Family. "Socially and environmentally responsible mutual funds should not benefit in terms of higher performance from the tech stocks in their portfolio and then ignore the environmental consequences of the supposedly ‘squeaky clean’ industry that is making them more attractive to investors. At Pax World, we invest in high-tech companies where appropriate but do not turn a blind eye to our responsibility to screen out computer firms that damage the environment. We believe that computer manufacturers must accept responsibility for the life-cycle consequences of their products."

Tech stocks are a staple of most environmentally and socially responsible mutual funds. However, Pax World is alone among such fund families in publicly embracing the efforts of the Coalition to fight "e-junk" in the form of abandoned computers. While 90 percent of computer contents can be recycled, only about 6 percent of abandoned computers were recycled in 1998, according to SVTC research. Out of the 1,000 materials that go into computers, hundreds – including chlorinated and brominated substances, metals, gases, acids and plastic additives – are highly toxic. SVTC reports that the main county in which Silicon Valley is located has more EPA superfund sites than any other county in the U.S.

A recent SVTC survey ( of 21 computer manufacturers ranked the companies for hazardous materials use policies, product upgradability and take-back practices for computers. The study concluded that, except for Apple Computer and IBM’s Aptiva descriptions, detailed consumer information about the environmental attributes and types of materials used in specific computer models is not available to the public. (Pax World Funds currently invests in none of the problem firms identified in the SVTC survey.) In addition, the Coalition’s study concluded that there is a distinct lack of information given to North American consumers about their recycling or disposal options for out of date computers.

"We’re extremely excited to have Pax World join us in our crusade," added Ted Smith, executive director of the Silicon Valley Toxics Coalition. "By 2004, 315 million computers will have become ‘e-junk.’ The EU has come up with a viable plan to recycle many of these…as well as all of the new computers coming down the pipeline now that will be archaic within the next five years. However, these commendable efforts are being opposed by the U.S. Trade Representative to the WTO – Charlene Barshefsky – and the American Electronics Association (AEA). We welcome Pax World Funds in their efforts to help us continue the EU’s fine work."

The SVTC has inspired a letter-writing campaign applauding the European Commission’s Director General, Commissioner for the Environment, Commissioner for Industrial Affairs and urging Vice-President and presidential candidate Al Gore to lobby against the AEA’s attempts to stifle their efforts in the WTO.

For more information about the campaign to support the recycling of computer "e-junk," go to the STVC’s Web site at www.svtc.org.

ABOUT PAX WORLD FUND
The Pax World Fund Family – including Pax World Fund, Pax World Growth Fund, Pax World High Yield Fund and Pax World Money Market Fund – seek 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 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. The Funds do not invest in companies that make defense or weapons-related products or that derive revenue from the manufacture of tobacco, alcohol, or gambling products.

ABOUT THE SILICON VALLEY TOXICS COALITION
The Silicon Valley Toxics Coalition (SVTC) is a diverse grassroots nonprofit organization consisting of environmental and neighborhood groups, labor unions, public health leaders, people affected by toxic exposure and others. SVTC’s core values include a commitment to the practice of social justice and multiracial democracy. Visit the Silicon Valley Toxics Coalition on the web at www.svtc.org. For information about the hazards of waste associated with abandoned computers, see Just say no!

CONTACT: Stephanie Kendall or Scott Stapf, for Pax World, 703/276-1116, and Ted Smith, 408/287-6707, or Michael Bender, 802/223-9000, for the Silicon Valley Toxics Coalition.