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SIGNATURE LEE D. UNTERMAN
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Financial Statements and Financial Highlights of the Registrant for period March
12, 1997 (date of incorporation) to December 31, 1997 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> MAR-12-1997
<PERIOD-END> DEC-31-1997
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<INVESTMENTS-AT-VALUE> 4,622
<RECEIVABLES> 6
<ASSETS-OTHER> 62
<OTHER-ITEMS-ASSETS> 105
<TOTAL-ASSETS> 4,795
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62
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<PAID-IN-CAPITAL-COMMON> 4,831
<SHARES-COMMON-STOCK> 477
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (6)
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<OVERDISTRIBUTION-GAINS> 0
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<INTEREST-INCOME> 4
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> (7)
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<APPREC-INCREASE-CURRENT> (220)
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<DISTRIBUTIONS-OF-GAINS> 0
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<PER-SHARE-NAV-BEGIN> 10.00
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<PER-SHARE-GAIN-APPREC> (.33)
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</TABLE>
Independent Auditors' Report
Board of Directors and Shareholders
Pax World Growth Fund, Inc.
In planning and performing our audit of the financial statements of Pax World
Growth Fund, Inc. for the period March 12, 1997 (the date of incorporation) to
December 31, 1997, we considered its system of internal controls, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide assurance on
the internal controls.
The management of Pax World Growth Fund, Inc. is responsible for establishing
and maintaining a system of internal controls. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control policies and procedures.
Two of the objectives of a system of internal controls are to provide management
with reasonable, but not absolute, assurance that assets are safeguarded against
loss from unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any system of internal controls, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal controls would not necessarily disclose all
matters in the system of internal controls that might be material weaknesses
under standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or operation
of the specific internal control elements does not reduce to a relatively low
level the risk that errors or irregularities in amounts that would be material
in relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving the internal
controls, including procedures for safeguarding securities, that we consider to
be material weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/S/ PANNELL KERR FORSTER, P.C.
Boston, MA
January 16, 1998
