The success of our fund
shows just how seriously we take the role of Pax World Funds as a leader in
the world of socially responsible investing.

Socially responsible investing (SRI), ethical investing , or sustainable investing, as practiced by individuals and institutions, incorporates social, ethical , and environmental criteria in the investment process.

responsibility criteria

Pax World Balanced Fund America's First Socially Responsible Mutual Fund Tops $1.5 Billion in Assets

H.09 percent, compared to the Lipper
index average annual total return of 2.org/areas/sriguide/mfpc. In total, the Company
manages approximately $119 billion in assets.

criteria rapidly

Christopher H. Wellington + Co., a New York Stock
Exchange brokerage firm, from 1987 to 1998, and a first vice president from
1994 to 1998. For the 5-year period
ended December 31, 2004, the Pax World Balanced Fund came in at #127 out of
368 balanced funds tracked by Lipper for that period based on total return,
with an average annual total return of 3.62
percent , 3. You should consider a fund's investment
objectives, risks, charges, and expenses carefully before investing., Inc.
is listed on The New York Stock Exchange and trades under the symbol
"JNC".

A sub-set of traditional investing, SRI has matured into a rapidly growing global industry and community over the past thirty years.

pensions catalyze

(1)
Pax World Funds President Thomas W. We look forward to continuing to
grow with our shareholders as they benefit from the leadership of Pax World
Funds. Brown also is a senior vice president
at H.

practiced funds

The Pax World Balanced Fund posted a total return of 13.

responsible responsibility

Solender, CFA, who continues to be
responsible for several Nuveen open-end mutual funds and closed -end
exchange-traded funds.

curricula criteria

Business Editors

CHICAGO----Nuveen Investments, a
leading provider of diversified investment services, today announced
the reassignment of responsibility for managing several municipal
closed-end exchange-traded funds to current Nuveen portfolio managers
Paul L.

beneficial philanthropists

PORTSMOUTH, N."
Opened to investors on August 10, 1971, the Pax World Balanced Fund was
the first mutual fund available in the U. to adopt broad socially
responsible standards for its investments, thus pioneering the idea of a
mutual fund with a conscience.com.

catalyze treasurers

G., Inc. Prior to joining Pax
World, he was an investment consultant at Fahnestock + Co. Over the past three-, five-, 10- and 20-year periods ended December
31, 2004, the Pax World Balanced Fund had average annual total returns of 6.paxworld. For this
and other important information about the fund, you may obtain a free fund
prospectus by calling 1-800-767-1729.

criteria catalyze

93 percent for the
same period. It is gratifying to
see how the Pax World Balanced Fund has become the best proof that social
responsibility is now firmly entrenched in the investing mainstream, rather
than being some kind of faddish 'feel good ' exercise.09 percent, 11.

(2) See http://www. Please read it carefully before
investing .

Such criteria may be applied via screening of portfolios, shareowner advocacy or activism campaigns , and community development investing.

investing curricula

Brennan will now manage the Nuveen Insured Massachusetts Tax -Free
Advantage Municipal Fund (AMEX:NGX); Romans, the Nuveen Insured
California Premium Income Municipal Fund 2 (NYSE:NCL) and the Nuveen
Insured California Premium Income Municipal Fund (NYSE:NPC ); and
Steeves, the Nuveen Insured Florida Premium Income Municipal Fund
(NYSE:NFL) as well as the Nuveen Insured Florida Tax-Free Advantage
Municipal Fund (AMEX:NWF).

socially philanthropists

S.74 percent, compared
to the Lipper index average annual total return of 9. Investment return and principal value of an investment will
fluctuate, so that an investor's shares, when redeemed, may be worth more or
less than their original cost.
The changes are effective immediately.

criteria catalyze

Grant said: "The Pax World Balanced
Fund is our flagship and it now serves in excess of 65,000 shareholders who
have entrusted to us more than $1.09 percent for the same
period.

Nuveen Investments Announces Portfolio Manager Reassignments

treasurers funds

, The Pax World Balanced Fund
(PAXWX), the first socially and environmentally responsible mutual fund
available to investors in the United States, now has more than $1.39 percent for the one-year period ended December 31, 2004, well above the
Lipper balanced fund index average annual total return of 7.
222 State Street
Portsmouth, NH 03801
Phone: (800) 767-1729

Distributor:
H.
Member NASD/SIPC

March 2005

beneficial criteria

That milestone achievement makes Pax World Balanced
Fund one of the three largest socially responsible mutual funds tracked by the
Social Investment Forum, and one of just four such funds with assets of $1
billion or more.93 percent for the same period. For
the 10-year period ended December 31 , 2004, the Pax World Balanced Fund came
in at #13 out of 162 balanced funds tracked by Lipper for that period based on
total return, with an average annual total return of 11. Brennan, CFA, Scott R.

soyouwanna ethical

Brown is a graduate of the Boston University School of
Management with a concentration in finance .cfm.

See This set of terms and articles for some more information.

treasurers soyouwanna

investing curricula

Pax World Funds -- including Pax World
Balanced Fund -- enables individuals to invest in keeping with their ethical
values and to challenge corporations to establish and meet certain ethical
standards. Brown is a Pax World Funds vice president and the portfolio
manager of the Pax World Balanced Fund., the Fund's distributor .

Figures quoted represent past performance, which is no guarantee of future
results. Romans , PhD, and Cathryn Steeves, PhD.

socially funds

01 percent for the same period.

rapidly treasurers

(1) The Pax World Balanced Fund ended the December 31, 2004 one-year
period as the #9 balanced fund tracked by Lipper for that period based upon
total return, which put the Balanced Fund in the top 2 percent of 576 such
funds .74 percent and 11 percent, respectively. Current performance may be higher or lower than
that quoted .

practiced ethical

39 percent for
the one-year period ended December 31, 2004, well above the Lipper balanced
fund index average of 7.socialinvest.
The Company serves institutional clients, financial advisors and
high-net-worth investors.

socially treasurers

All of the funds were
previously managed by Daniel S.

shareholder matured

5 billion in
assets under management. 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. For most-recent month-end performance data, call 1-800-767-1729
or visit http://www.G .

shareholder grantmaking

Pax World Balanced Fund Now One of Three Largest Mutual Funds in SRI World;
Assets of Lipper -Ranked #9 Balanced Fund for 2004(1) Fueled by Performance. (2)
One key to the asset growth of the landmark socially responsible investing
(SRI) mutual fund has been strong performance: Ranking in the top 2 percent
of 576 such Lipper-tracked funds for calendar year 2004 based upon total
return , the Pax World Balanced Fund posted an average annual total return of
13.5 billion in assets. He is a member of the Investment
Committee of the Pax World Balanced Fund and of Pax World Capital Management ,
a separately managed account division. Wellington + Co.
Nuveen Investments provides high-quality investment services that
contribute to the building of well-diversified investment portfolios. Nuveen Investments, Inc.

responsibility soyouwanna

Pax World Management Corp. The firm's asset management capabilities are
marketed through four distinct brands, each with an independent
investment team and area of expertise: Nuveen, focused on fixed-income
investments; NWQ, specializing in value-style equities; Rittenhouse,
dedicated to blue-chip growth-style equities; and Symphony, with
expertise in alternative investment portfolios.

inspire pensions

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- - kjjkjk

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