PAX WORLD FUND INC.
William M. Prifti, Esq. 220 Broadway, Suite 204
Lynnfield, MA 01940
Secretary and General Counsel 617 593-4525
Fax 598-5222
The Pax World Fund Annual Report, December 31, 1995, does not include
graphs and tables which the computer, as your aware, cannot transmit
electronically. Any questions should be directed to: William M. Prifti,
Secretary and Counsel, 220 Broadway, Suite 204, Lynnfield, MA 01940,(617
593-4525) (Fax 598-5222) whose office has transmitted the required
documentation.
PAX WORLD FUND INC
ANNUAL
REPORT
DECEMBER 31, 1995
Dear Pax World Fund Shareholder:
The Directors of Pax World Fund are pleased to report that for the period
ending December 31,1995, the total return on a share of the Fund was 29.19%.
During the year, the Fund made the following distributions per share: an income
dividend of $0.26 in July, an income dividend of $0.53 in December, and a
long-term capital gain of $0.14 in December for a total pay-out for the year of
$0.93. As a balanced fund, these returns were achieved while taking only about
70% of the risk in the market Also, the Fund's shares outperformed the Lipper
Balanced Fund Index by 18.70%.
In the future, investors will recall the 1995 market as one of the best in
memory. The long-term trend of the market was positive, marked by some
volatility. The market opened the year with the Dow Jones Industrial Average at
3834 44 and ended the year at 5117.12 for a total return gain of 36.87%
(includes reinvestment of dividends). Pax World Fund shareholders appreciated
the market bounce from the 1994 Dow Jones Composite Index of a minus 7.72%.
An interview with Anthony S. Brown, the Fund's portfolio manager, follows
this letter. In it you will find a discussion of your management's strategy for
dealing with the 1995 market. At the center of that strategy is a philosophy of
value investing, i.e., finding high quality companies, solid in their
fundamentals, whose stocks we believe are at good value when their prices become
depressed. An outstanding example is the 1995 performance of the pharmaceuticals
appearing in the Fund's portfolio. Merck & Co., Inc. was up 72.13%.
Accompanying this report is the current issue of Connection in which, we
hope, you will find several articles of interest. Take a look at the social
profiles of two companies appearing in the Fund's portfolio. Your management
would be pleased to have suggestions from you concerning the type of article
that is most helpful or interesting to you.
What does 1996 hold for the market? Probability theory suggests that a
year from now the market indices will not match the 1995 market performance.
Several known factors will affect the market's performance: an election year,
peace-keeping efforts in Bosnia, the action(s) of the Federal Reserve Board
regarding interest rates, the response of markets to corporate down-sizing, and
the earnings patterns of the S&P 500 stocks. Volatility may well characterize
the first half of 1996.
If you are a long-term investor, you may avoid the results of volatility
that can be associated with the market in the short-term. You can also manage
some of the risk of investing through diversification. Pax World Fund offers a
diversified mix of both bonds and equities. Also, it makes good sense to follow
a regular investment plan. Many Pax World Fund shareholders have found the
Fund's "Automatic Investment Plan" a convenient way to practice dollar-cost
averaging that smooths out the average cost of shares. The "Plan" forms are
available to you by calling the Fund's 800 number
On pages two and three of this report, you will find information that
gives a quick overview of the Fund's performance, holdings, diversifications,
and allocation of assets.
On June 12,1996 the Annual Meeting of the Fund will be held in Portsmouth,
NH. Your management looks forward to greeting you there. As always, we
appreciate your support of social responsibility investing. We will make every
effort to continue to merit your confidence. After all, we are shareholders too.
On behalf of the Directors,
Luther E. Tyson
President
January 10,1996
QUESTIONS & ANSWERS--Anthony S. Brown, Portfolio Manager
Q. What factors affected Pax World's performance during the past year?
A. The market, in general, favored consumer basic growth stocks over cyclical
companies during the year, especially in the last six months of 1995. Pax
World's portfolio is heavily weighted in consumer basic products and
services such as pharmaceuticals, food, natural gas, and telephone
companies which accounted for your Fund's superior performance during the
past year.
O. How did Pax World's portfolio perform in 1995?
A. The Fund's portfolio finished the year with a total return to shareholders
of over 29% which places it among one of the top performing Balanced Funds
in the country for 1995.
<TABLE>
Total Return for 1995
<S> <C>
PAX WORLD FUND +29.19%
LIPPER BALANCED FUND INDEX +24 59%
STANDARD & POOR's 500 INDEX +37.57%
DOW JONES COMPOSITE INDEX +36.87%
NYSE COMPOSITE INDEX +31.31%
</TABLE>
(The returns on the first four named items reflect reinvested dividends. There
is no reinvested figure for the last item.
Q. What has your investment strategy been during this period?
A. We enlarged the equity side of the portfolio and added to our positions in
the consumer basic stocks. where most of our gains were concentrated. On the
bond side of the portfolio, we continue to hold only high quality bonds with
relatively short maturities because of the flat yield curve during most of the
year.
Q. What are some examples of stocks you purchased during the year?
A. New positions were taken in the following companies during 1995
Campbell Soup Co. Dial Corp. BellSouth Corp.
CPC International Inc. Home Depot Inc. U.S. West Inc.-Media Group
Colgate-Palmolive Co. Bemis Co. Inc. Toys R Us Inc.
TEN YEAR ANNUAL TOTAL RETURN
HISTORICAL
Pax World Fund, Inc.
29.19% 1 year total return
9.79% 5 year avg. total return
10.56% 10 year avg. total return
Lipper Balanced Fund Index
24.59% 1 year total return
13.47% 5 year avg. total return
11.70% 10 year avg. total return
The cumulative total return (compounding reinvested dividends and
capital gains) of Pax World Fund over the past ten years was 172.96%. A $10,000
investment would have grown to $27,296
The line graph on the above chart for Pax World Fund was adjusted to
exclude the result of cumulatively compounding earnings from dividends and
capital gains The Lipper Balanced Fund Index also excludes compounding
Portfolio Highlights
One Year ended 1 2/31/95
| Ten Largest Stock Holdings l
Company Percent of Net Assets
<TABLE>
<S> <C>
Merck & Co Inc ................... 9.7%
H J Heinz Co...................... 7.0%
Campbell Soup Co. .... 4.6%
Peoples Energy Corp ... 3.7%
Brooklyn Union Gas Co . 3.6%
Bristol-Myers Squibb Co. 3.6%
Johnson & Johnson .... 3.6%
NYNEX Corp .......... 3.4%
Bay State Gas Co. ..... 3.2%
Pfizer Inc ............. 2.9%
Total 45.3%
<S> <C>
| Key Statistics l
Change in NAV ($13.39 to $16.33) $2.94
12 Month Total Return 29.19%
Net Increase in Net Assets Resulting
from Operations . $110,157,319
Total Net Assets $476.9 million
PAX WORLD FUND, INCORPORATED
SCHEDULE OF INVESTMENTS
December 31,1995
NUMBER OF PERCENT OF
NAME OF ISSUER AND TITLE OF ISSUE SHARES VALUE NET ASSETS
COMMON STOCKS
<S> <C> <C> <C>
CONSUMER PRODUCTS
Colgate-Palmolive Co. 50,000 $ 3,512,500
Dial Corp. 112,500 3,332,812
Liz Claiborne, Inc 190,000 5,272,500
Stride Rite Corp 245,900 1,844,250
13,962,062 2.9%
ELECTRIC UTILITY
Teco Energy, Inc 200,000 5,125,000 1.1
FOOD
CPC International, Inc 175,000 12,009,375
Campbell Soup Co 361,700 21,702,000
General Mills, Inc. 200,000 11,550,000
H.J. Heinz Co 1,012,500 33,539,063
Quaker Oats Co. 50,000 1,725,000
80,525,438 16.9
HOME IMPROVEMENT PRODUCTS
Home Depot, Inc 150,000 7,181,250
Masco Corp 100,000 3,137,500
10,318,750 2.2
Student Loan Marketing Association 42,600 2,806,275 .6
MAILING EQUIPMENT
Pitney Bowes, Inc 166,700 7,834,900 1.6
NATURAL GAS
Bay State Gas Co 553,800 15,367,950
Brooklyn Union Gas Co. 587,600 17,187,300
Enron Corp 100,000 3,812,500
Peoples Energy Corp. 551,900 17,522,825
Washington Gas Light Co. 18,400 377,200
54,267,775 11.4
PACKAGING
Bemis Co., Inc 50,000 1,281,250 .3
PAX WORLD FUND,INCORPORATED
SCHEDULE OF INVESTMENT continued
NUMBER OF PERCENT OF
NAME OF ISSUER AND TITLE OF ISSUE SHARES VALUE NET ASSETS
<S> <C> <C> <C>
PHARMACEUTICAL
Bristol-Myers Squibb Co 200,000 17,175,000
Johnson & Johnson 200,000 17,125,000
Merck & Co., Inc. 700,000 46,025,000
Pfizer, Inc. 218,900 13,790,700
94,115,700 19.7%
RETAIL
Albertsons, Inc 100,000 3,287,500
Darden Restaurants, Inc 200,000 2,375,000
Gap, Inc 250,000 10,500,000
Hechinger Co, Class A 622,500 2,762,344
Hechinger Co Class B 5,000 23,750
The Limited, Inc 250,000 4,343,750
Smith's Food & Drug Centers 134,800 3,403,700
Inc, Class B
Toys R Us, Inc 200,000 4,350,000
Wal-Mart Stores, Inc. 500,000 11,187,500
42,233,544 8.8
TELEPHONE UTILITIES
BellSouth Corp. 100,000 4,350,000
NYNEX Corp. 300,000 16,200,000
U S West, Inc. - Comm. Group 200,000 7,150,000
U S West, Inc - Media Group 300,000 5,700,000
33,400,000 7.0
TOTAL COMMON STOCKS
-----------------
PRINCIPAL
GOVERNMENT AGENCY BONDS AMOUNT
Federal Farm Credit Banks Consolidated
7.750%, due December 9,1997 $10,000,000 10,450,280
Federal Home Loan Bank System
8.100%, due March 25,1996 9,000,000 9,053,478
8.250%, due September 25,1996 15,000,000 15,309,330
6.540%, due October 3,1996 5,000,000 5,045,800
6.995%, due November 8,1996 10,000,000 10,147,910
5.660%, due November 9,1998 7,000,000 7,050,078
Federal National Mortgage Association
8.150%, due August 12,1996 6,000,000 6,099,612
7.700%, due September 10,1996 7,000,000 7,109,501
7.600%, due January 10,1997 10,000,000 10,215,600
6.050%, due November 10,1997 14,000,000 14,160,076
7.510%, due November 14,1997 10,000,000 10,392,180
5.620%, due February 10,1999 10,000,000 10,009,700
International Bank for Reconstruction & Development
5.875%, due July 16,1997 10,000,000 10,082,800
TOTAL GOVERNMENT AGENCY BONDS 125,126,345 26.2%
TOTAL INVESTMENTS 470,997,039 98.7
Cash and receivables, less liabilities 5,979,321 1.3
NET ASSETS $476,976,360 100.0%
See notes to financial statements
PAX WORLD FUND, INCORPORATED
STATEMENT OF ASSETS AND LIABILITIES
December 31,1995
ASSETS
<S> <C>
Investments, at value--note A
Common stocks (cost - $276,331,183) ..................... $345,870,694
Bonds (cost - $125,760,547) ............................. 125,126,345
470,997,039
Cash ................................. 3,395,358
Receivables
Dividends and interest ....... 477,714,744
Total assets ......
LIABILITIES
Payables
Capital stock reacquired ..... 373,187
Accrued expenses
Investment advisory fee ..........................................202,847
Transfer agent fee ............................................... 65,343
Other accrued expenses ........................................... 97,007
Total liabilities .................................. 738,384
Net assets (equivalent to $16 33 per share based on 29,200,151
shares of capital stock outstanding)--note E .............. $476,976,360
Net asset value, offering price and redemption price per share
($476,976,360/29,200,151 shares outstanding) ................. $16.33
See notes to financial statements.
PAX WORLD FUND, INCORPORATED STATEMENT OF OPERATIONS--Year Ended December31 1995
Investment income
Income - note A
Dividends $ 9,687,946
Interest 8,953,133
Total income 18,641,079
Expenses
Investment advisory fee - note B $2,191,647
Transfer agent fee
846,893
Distribution expenses - note D 503,888
Printing 129,952
Custodian fees - note F 129,096
State taxes 89,018
Registration fees 49,953
Legal fees and related expenses - note B 49,837
Directors fees and expenses - note B 36,698
Other 33,378
Total expenses 4,115,810
Less: Fees paid indirectly - note F 122,607
Net expenses
3,993,203
Investment income - net ............................... 14,647,876
Realized and unrealized gain on investments - note C
Net realized gain on investments .....................................11,853,476
Change in unrealized appreciation of investments for the year ........83,655,967
Net gain on investments .......................... 95,509,443
Net increase in net assets resulting from operations . $110,157,319
STATEMENT OF CHANGES IN NET ASSETS
Year Ended December 31
1995 1994
Increase (decrease) in net assets
Operations
Investment income - net ......................$14,647,876 $14,855,197
Net realized gain (loss) on investments .......11,853,476 ( 7,903,511)
Change in unrealized appreciation of investments 83,655,967 1,894,818
Net increase in net assets resulting from operations 110,157,319 8,846,504
Net equalization (debits) ........ (143,513) (623,310)
Distributions to shareholders from
Investment income--net ($ 79 and $ 50 per share, respectively)- note A . . .
(22,242,270) (14,563,371)
Net realized gain on investments ($ 14 and $-0- per share, respectively) note A
( 3,936,953)
Capital share transactions - note E.......... 4,892,325 (68,172,746)
Net increase (decrease) in net assets ...............88,726,908 (74,512,923)
Net assets Beginning of year .... 388,249,452 462,762,375
End of year (including undistributed investment income - net
of $319,091 and $138,823, respectively) $476,976,360 $388,249,452
See notes to financial statements.
</TABLE>
PAX WORLD FUND, INCORPORATED
NOTES TO FINANCIAL STATEMENTS
December 31,1995
NOTE A - ACCOUNTING POLICIES
Pax World Fund, Incorporated (the "Fund") is a diversified, open-end
management investment company registered under the Investment Company Act of
1940, as amended. Significant accounting policies of the Fund are as follows:
Valuation of Investments Securities listed on any national, regional or
local exchange are valued at the closing prices on such exchanges. Securities
listed on the NASDAQ national market system are valued using quotations obtained
from the market maker where the security is traded most extensively.
Federal income Taxes The Fund's policy is to comply with the requirements
of the Internal Revenue Code that are applicable to regulated investment
companies and to distribute substantially all its taxable income to its
shareholders.
Therefore, no Federal income tax provision is required.
Equalization The Fund uses the accounting practice known as "equalization"
by which a portion of the proceeds from sales and costs of redemptions of
capital shares, equivalent on a per share basis to the amount of undistributed
net investment income on the date of the transactions, is credited or charged to
undistributed income. As a result, undistributed net investment income per share
is unaffected by sales or redemptions of capital shares.
Equalization is a permanent book/tax difference that causes a difference
between investment income and distributions Distributions to shareholders-
All distributions to shareholders are recorded by the Fund on the
ax-dividend dates. In accordance with the Internal Revenue Code and
applicable Revenue Rulings, the amount of the 1995 distribution
which could be designated as a capital gain dividend ($11,855,124) was reduced
by $7,918,171, the amount of the 1994 capital loss carryover utilized in 1995.
The resulting distribution designated as a capital gain dividend was $3,936,953.
The 1995 distribution of net investment income, correspondingly, was increased
by $7,918,171.
Accounting estimates The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
Other. The Fund follows industry practice and records security
transactions on the trade date. Dividend income is recognized on the ex dividend
date, and interest income is recognized on an accrual basis NOTE B - INVESTMENT
ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Fund has an investment advisory agreement ("Agreement") with Pax World
Management Corp. ("Advisor") which provides for payment by the Fund of an annual
investment advisory fee of 3/4 of 1 % of its average daily net assets on the
first $25,000,000 and 1 /2 of 1 % of its average daily net assets in excess of
that amount. Three officers and directors of the Fund are also officers and
directors of the Advisor. The Agreement provides for an expense reimbursement
from the Advisor if the Fund's total expenses, exclusive of interest, brokerage
commissions or fees, and taxes, but including the investment advisory fee,
exceeds 1 - 1 /2% of the average daily net asset value of the Fund for any full
fiscal year. An expense reimbursement was not required for either 1995 or 1994.
All Directors are paid by the Fund for attendance at directors' meetings.
During 1995, the Fund incurred legal fees and related expenses of
$49,837 with William M. Prifti, Esq., General Counsel for the Fund.
Mr. Prifti is Secretary of the Fund.
PAX WORLD FUND, INCORPORATED
NOTES TO FINANCIAL STATEMENTS, continued
NOTE C - INVESTMENTS
Purchases and proceeds from 1995 sales of investments, other than U.S.
Government agency bonds, aggregated $102,120,992 and $93,148,457, respectively.
Purchases and proceeds from 1995 sales and maturities of U S. Government agency
bonds aggregated $16,889,375 and $31,000,000, respectively.
Net realized gain or loss on sales of investments is determined on the
basis of identified cost. If determined on an average cost basis, the net
realized gain for 1995 would have been approximately the same.
For Federal income tax purposes, the identified cost of investments owned
at December 31, 1995 was $402,091,730 NOTE D - DISTRIBUTION EXPENSES
The Fund maintains a distribution expense plan pursuant to Rule 1 2b-1
under the Investment Company Act of 1940, as amended The plan provides that the
Fund may incur distribution expenses of up to twenty-five one hundredths of one
percent (.25%) per annum of its average daily net assets to finance activity
which is primarily intended to result in the sale of Fund shares. Such expenses
include (but are not limited to) travel and telephone expenses, preparation and
distribution of sales literature and advertising, and compensation to be paid to
and expenses to be incurred by officers, directors and/or employees of the Fund
or other third parties for their distributional services if sales of the Fund
are made by such third parties during a fiscal year. The Board may terminate the
plan at any time with no penalty to the Fund. If the plan is terminated, the
payment of fees to third parties would be discontinued at that time. NOTE E -
CAPITAL AND RELATED TRANSACTIONS
<TABLE>
<S> <C> <C> <C> <C>
Transactions in capital stock were as follows
YEAR ENDED YEAR ENDED
December 31, 1995 December 31, 1994
SHARES DOLLARS SHARES DOLLARS
Shares sold .......2,834,187 $ 42,166,166 2,657,536 $35,050,900
Shares issued in reinvestment of dividends
1,512,585 24,008,199 1,013,669 13,207,148
4,346,772 66,174,365 3,671,205 48,258,048
Shares redeemed . (4,146,698) (61,282,040) (8,813,015) (116,430,794)
Net increase (decrease)
200,074 $ 4,892,325 (5,141,810) $(68,172,746)
The components of net assets at December 31,1 995, are as follows:
Paid-in capital (75,000,000 shares of $1 par value authorized) ....$415,671,783
Undistributed investment income ................................ 319,091
Excess distribution of capital gains ......................... (1,652)
Accumulated prior years' net realized losses on investments . . .. (7,918,171)
Net unrealized appreciation of investments .................. 68,905,309
Net assets ............................................. $476,976,360
</TABLE>
NOTE F - CUSTODIAN BANK AND CUSTODIAN FEES
State Street Bank and Trust Company is the custodian bank for the Fund's
assets. The custodian fees charged by the bank are reduced, pursuant to an
expense offset arrangement, by an earnings credit which is based upon the
average cash balances maintained at the bank. If the Fund did not have such an
offset arrangement, it could have invested the amount of the offset in an
income-producing asset.
PAX WORLD FUND, INCORPORATED
FINANCIAL HIGHLIGHTS
The following per share data, ratios and supplemental data have been
derived from information provided in the financial statements and the Fund's
underlying financial records. 1. Per share components of the net change during
the year in net asset value (based upon average number of shares
outstanding).
<TABLE>
Year Ended December 31
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
Net asset value,
beginning of year
$13.39 $13.55 $14.27 $14.99$13.97$13.98$11.92$11.58 $13.19$13.34
Income from investment operations
Investment income net
.80 .49 .51 .64 .82 .60 .61 .61 .55 .44
Realized and unrealized
gain (loss) on
investments - net 3.07 (.15) (.66) (.39) 2.17 .86 2.32 .71 (.15) .67
Total from investment
operations 3.87 .34 (.15) .25 2.99 1.46 2.93 1.32 .40 1.11
Less distributions
Dividends from net
investment income .79(A) .50 .50 .67 .77 .61 .62 .61 .75 .50
Distributions
from realized gains.14(A) .07 .13 1.04 .84 .25 .37 1.24 .71
Tax return of capital .17 .16 .02 .02 .05
Total distributions .93 .50 .57 .97 1.97 1.47 .87 .98 2.011.26
Net asset value,
end of year $16.33 $13.39 $13.55$14.27$14.99$13.97$13.98 $11.92$11.58$13.19
2. Total return 29.19% 2.65% (1.05)% .6%20.8% 10.5% 24.9% 11.5% 2.6% 8.5%
3. Ratios and supplemental data
Ratio of total expenses to
average net assets(B.97% .98% .94% 1.0% 1.2% 1.2% 1.1% 1.1% 1.1% 1.2%
Ratio of investment
income - net to
average net assets 3.44% 3.66% 3.63% 3.7% 5.1% 5.4% 5.8% 5.0% 4.1% 3.2%
Portfolio turnover rate
28.44% 25.45% 22.15% 17.4%25.7% 38.9% 37.4% 57.5%123.9% 56.5%
Average commission
rate paid (C) $.0714
Net assets, end
of year('000's)
$476,976 $388,249$462,762$469,275$270,488 $119,831$93,030$73,650$65,787$53,802
Number of capital
shares outstanding,
end of year ('000's)
29,200 29,000 34,142 32,878 18,0428,576 6,653 6,177 5,683 4,080
</TABLE>
(A) Reference is made to note A to the financial statements.
(B) In order to conform to current disclosure requirements, the 1 995 ratio is
based upon total expenses, including the gross amount of custodian fees
(before being reduced pursuant to an expense offset arrangement). The
ratios for prior years were based upon net expenses and are not required to
be restated.
(C) The 1 995 average commission rate is presented to conform to current
disclosure requirements. This disclosure was not required in prior years
and has not been computed for the prior years
Board of Directors and Shareholders Pax World Fund, Incorporated
PANNELL
KERR
FORSTER PC
Certified Public Accountants
125 Summer Street
18th Floor
Boston, MA 02110
Telephone (617) 261-1515
Telefax (617) 261-1520
Independent Auditors' Report
Board of Directors and Shareholders
Pax World Fund, Incorporated
We have audited the statement of assets and liabilities of Pax World Fund,
Incorporated, including the schedule of portfolio investments, at December 31,
1995, and the related statement of operations for the year then ended, the
statement of changes in net assets for each of the two years in the period then
ended and financial highlights for each of the ten years in the period then
ended. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31,1995, by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of Pax
World Fund, Incorporated at December 31, 1995, the results of its operations for
the year then ended, the changes in its net assets for each of the two years in
the period then ended, and financial highlights for each of the ten years in the
period then ended, in conformity with generally accepted accounting principles.
PANNELL KERR FORSTER, P.C.
January 11, 1996
PAX WORLD FUND, INCORPORATED
224 State Street, Portsmouth, New Hampshire 03801
1 -800-767-1729
A NO-LOAD DIVERSIFIED FUND
Transfer and Disbursing Agent
PFPC, Inc.
P O. Box 8950
Wilmington, Delaware 19899
For Shareholder Account Information
1 -800-372-7827
General Counsel
William M. Prifti, Esq.
220 Broadway
Suite 204
Lynnfield, Massachusetts 01940
Independent Auditors
Pannell Kerr Forster, P.C
125 Summer Street
Boston, Massachusetts 02110
Investment Adviser
Pax World Management Corp.
224 State Street
Portsmouth, New Hampshire 03801
1 -800-767-1729
All account inquiries should be addressed to Pax World Fund, Inc.
P.O. Box 8930
Wilmington, Delaware 19899
PAX WORLD FUND, INC.
TOTAL RETURN
Annualized Cumulative
1 Year 29.19% 29.19%
5 Years 9.79% 59.50%
10 Years 10.56% 172.96%
15 Year 12.00% 447.23%
