AGREEMENT AMONG JOINT INSUREDS
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Agreement made as of March 9, 2006, by and among Pax World Management
Corp. (the "Adviser") and Pax World Balanced Fund, Inc., Pax World Growth Fund,
Inc., Pax World High Yield Fund, Inc. and Pax World Money Market Fund, Inc.
(each a "Fund" and collectively the "Funds") (the Adviser and the Funds are
collectively referred to as the "Insureds").
WHEREAS, the Insureds are jointly insured against specified fidelity
risks under an Investment Company Blanket Bond (the "Bond");
WHEREAS, the Insureds desire to enter into this Agreement to meet the
requirements of Rule 17g-1 under the Investment Company Act of 1940, as amended
(the "1940 Act") and to provide for an allocation of the proceeds of the Bond;
NOW, THEREFORE, in consideration of the mutual covenants set forth
below, the Insureds agree as follows:
1. In the event a recovery is obtained pursuant to the Bond as a result of
a loss sustained by one or more Insureds, each insured shall recieved
an equitable and proportionate share of such recovery, but in any
event each Fund will receive an amount at least equal to the amount
that each Fund would have received had it provided and maintained a
single insured bond with the minimum coverage required by Rule
17g-1(d)(1) under the 1940 Act.
2. In the event that an insurer asserts that a claim by the Adviser under
the Bond has the effect of reducing the maximum limit of liability
under the Bond, the Adviser agrees to reduce its claim against such
insurer under the Bond to the extent required so that any Fund claimant
shall receive an amount at least equal to the full amount of its claim
or the amount it would have received had it provided and maintained a
single insured bond with the minimum coverage required under Rule
17g-1(d)(1) under the 1940 Act.
3. This Agreement may be executed in one or more counterparts, all of
which taken together shall be deemed one and the same instrument.
4. This Agreement may be modified or amended from time to time by mutual
written agreement of the Insureds. This Agreement shall remain in
effect for as long as two or more of the Insureds are insured under the
terms of the Bond. Any Insured shall, however, have the right to
terminate, at any time, its participation in the Bond and in this
Agreement, provided that any losses incurred prior to such termination
shall be governed by the provisions of this Agreement. The amount of
any return of premium to which such Insured shall be entitled as a
result of such termination will be limited to the amount actually
obtained by the underwriter of the Bond.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date and year above written.
Pax World Management Corp.
By: /s/Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
Treasurer
Pax World Balanced Funds, Inc.
By: /s/Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
Treasurer
Pax World Growth Fund, Inc.
By: /s/Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
Treasurer
Pax World High Yield Fund, Inc.
By: /s/Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
Treasurer
Pax World Money Market Fund, Inc.
By: /s/Xxxxxxx Holtzers
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Xxxxxxx Xxxxxxx
Assistant Treasurer
