<PAGE> PAGE 1
000 B000000 12/31/99
000 C000000 0001089541
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PAX WORLD HIGH YIELD FUND, INC.
001 B000000 811-09419
001 C000000 6034318022
002 A000000 222 STATE STREET
002 B000000 PORTSMOUTH
002 C000000 NH
002 D010000 03801
002 D020000 3853
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 PAX WORLD MANAGEMENT CORP.
008 B000001 A
008 C000001 801-8517
008 D010001 PORTSMOUTH
008 D020001 NH
008 D030001 03801
008 A000002
012 A000001 PFPC, INC.
012 B000001 85-11196
012 C010001 WILMINGTON
012 C020001 DE
012 C030001 19899
013 A000001 PANNELL KERR FORSTER PC
013 B010001 BOSTON
013 B020001 MA
013 B030001 02110
014 A000001 H. G. WELLINGTON & CO., INC.
014 B000001 8-32215
<PAGE> PAGE 2
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 4
019 C000000 PAXWORLDFF
020 A000001 BEAR STEARNS & CO., INC.
020 C000001 2
020 A000002 GOLDMAN SACHS & CO.
020 B000002 13-5108880
020 C000002 1
020 A000003 H.G. WELLINGTON & CO., INC.
020 B000003 13-3216715
020 C000003 1
020 A000004 DONALDSON, LUFKIN & JENRETTE
020 B000004 13-2741729
020 C000004 1
020 A000005 MORGAN STANLEY DEAN WITTER
020 C000005 1
020 A000006 SG COWEN & CO.
020 B000006 13-5616116
020 C000006 1
020 A000007 J.P. MORGAN SECURITIES
020 C000007 1
020 A000008 LEHMAN BROTHERS
020 C000008 1
020 C000009 0
020 C000010 0
021 000000 9
022 A000001 BEAR STEARNS & CO., INC.
022 C000001 839
022 D000001 440
022 A000002 LEHMAN BROTHERS
022 C000002 666
022 D000002 0
022 A000003 DONALDSON LUFKIN & JENRETTE
022 C000003 408
022 D000003 10
022 A000004 MERRILL LYNCH
022 C000004 364
022 D000004 0
022 A000005 BANCONE CAPITAL MARKETS
022 C000005 256
022 D000005 0
022 A000006 SG COWEN & CO.
022 B000006 13-5616116
022 C000006 250
<PAGE> PAGE 3
022 D000006 0
022 A000007 J.P. MORGAN SECURITIES
022 C000007 240
022 D000007 0
022 A000008 GOLDMAN SACHS & CO.
022 B000008 13-5108880
022 C000008 187
022 D000008 0
022 A000009 CHASE SECURITIES
022 C000009 153
022 D000009 0
022 A000010 BANK OF AMERICA SECURITIES
022 C000010 147
022 D000010 0
023 C000000 3876
023 D000000 450
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
027 000000 Y
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 100
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 2596
<PAGE> PAGE 4
028 E020000 1
028 E030000 0
028 E040000 0
028 F010000 223
028 F020000 0
028 F030000 0
028 F040000 1
028 G010000 2919
028 G020000 1
028 G030000 0
028 G040000 1
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 Y
035 000000 0
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 16
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 59
042 F000000 0
042 G000000 25
042 H000000 0
043 000000 14
044 000000 10
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 5000
048 A020000 0.000
048 B010000 25000
048 B020000 1.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
<PAGE> PAGE 5
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 25000
048 K020000 0.750
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 N
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 Y
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
058 B000000 N
058 C000000 N
058 D000000 N
058 E000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 250
062 A000000 Y
062 B000000 0.0
<PAGE> PAGE 6
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 78.7
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 8.9
064 A000000 N
064 B000000 N
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 Y
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 Y
070 F010000 N
070 F020000 Y
070 G010000 N
070 G020000 Y
070 H010000 N
070 H020000 Y
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
<PAGE> PAGE 7
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 2912
071 B000000 105
071 C000000 1479
071 D000000 7
072 A000000 12
072 B000000 17
072 C000000 11
072 D000000 0
072 E000000 0
072 F000000 2
072 G000000 0
072 H000000 0
072 I000000 0
072 J000000 4
072 K000000 0
072 L000000 9
072 M000000 0
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 0
072 S000000 0
072 T000000 14
072 U000000 0
072 V000000 0
072 W000000 0
072 X000000 29
072 Y000000 24
072 Z000000 23
072AA000000 1
072BB000000 1
072CC010000 0
072CC020000 5
072DD010000 23
<PAGE> PAGE 8
072DD020000 0
072EE000000 0
073 A010000 0.0930
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 56
074 B000000 0
074 C000000 45
074 D000000 2293
074 E000000 0
074 F000000 513
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 52
074 K000000 0
074 L000000 0
074 M000000 0
074 N000000 2959
074 O000000 27
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 18
074 S000000 0
074 T000000 2914
074 U010000 301
074 U020000 0
074 V010000 9.67
074 V020000 0.00
074 W000000 0.0000
074 X000000 63
074 Y000000 0
075 A000000 0
075 B000000 1648
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
<PAGE> PAGE 9
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 FIDELITY & DEPOSIT OF MARYLAND
080 C000000 1250
081 A000000 Y
081 B000000 4
082 A000000 Y
082 B000000 10
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
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 ended
December 31, 1999 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 2856
<INVESTMENTS-AT-VALUE> 2851
<RECEIVABLES> 52
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 56
<TOTAL-ASSETS> 2959
<PAYABLE-FOR-SECURITIES> 27
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 27
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2919
<SHARES-COMMON-STOCK> 301
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5)
<NET-ASSETS> 2932
<DIVIDEND-INCOME> 11
<INTEREST-INCOME> 17
<OTHER-INCOME> 0
<EXPENSES-NET> 5
<NET-INVESTMENT-INCOME> 23
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (5)
<NET-CHANGE-FROM-OPS> 17
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 23
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 301
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2914
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 30
<AVERAGE-NET-ASSETS> 1648
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> (0.33)
<PER-SHARE-DIVIDEND> 0.09
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.67
<EXPENSE-RATIO> 0.02
</TABLE>
PKF ___________________________________
WORLDWIDE PANNELL
KERR
FORSTER PC
___________________________________
Certified Public Accountants
75 Federal Street
Boston, MA 02110
Tel: (617) 753-9985
Fax: (617) 753-9986
Independent Auditors' Report
To the Shareholders and
Board of Directors of
Pax World High Yield Fund, Inc.
In planning and performing our audit of the financial statements of Pax World
High Yied Fund, Inc. for the period June 15, 1999 (the date of incorporation) to
December 31, 1999, we considered its internal control, including control
activities 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
internal control.
The management of Pax World High Yield Fund, Inc. is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control 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 internal control would not necessarily disclose all matters
in internal control 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud 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
internal control and its operation, including controls for safeguarding
securities, which we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of Pax World High Yield Fund, Inc., and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.
/s/Pannell Kerr Forster, P.C.
January 21, 2000
