PAX WORLD MONEY MARKET FUND INC
N-30D, 2000-09-26
Previous: TELEPHONE & DATA SYSTEMS INC /DE/, 424B3, 2000-09-26
Next: LINCOLN LIFE FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT R, 485BPOS, 2000-09-26






<PAGE>
                                        PAX WORLD



   [GRAPHIC OMITTED]





                                        Semi-Annual Report
   [GRAPHIC OMITTED]







   [GRAPHIC OMITTED]
                                        PAX World
                                        Money Market Fund




   [GRAPHIC OMITTED]













                                        31 July 2000



<PAGE>


Investment Adviser
Pax World Management Corp.
222 State Street
Portsmouth, NH 03801-3853


Transfer and Dividend Disbursing Agents

Individual Investor Class:
PFPC, Inc.
P.O. Box 8950
Wilmington, DE 19899-8950

Institutional & Broker Service Classes:
Reich & Tang Services, Inc.
600 Fifth Avenue
New York, NY 10020


Address all account inquires to:
Pax World Money Market Fund
P.O. Box 8930
Wilmington, DE 19899-8930






















<PAGE>




PAX WORLD                                                       600 FIFTH AVENUE
MONEY MARKET FUND, INC.                                     NEW YORK, N.Y. 10020
                                                                  (212) 830-5200





Dear Shareholder:



We are pleased to present the semi-annual report of Pax World Money Market Fund,
Inc. for the period February 1, 2000 through July 31, 2000.


The Fund had net assets of $148,459,434 and 1,848 active shareholders as of July
31, 2000.


Thank you for your support and we look forward to  continuing to serve your cash
management needs.


Sincerely,



/s/Thomas W. Grant       /s/Laurence A. Shadek              /s/Steven W. Duff


Thomas W. Grant          Laurence A. Shadek                 Steven W. Duff
President                Executive Vice-President           Director









<PAGE>

                                             Statement of Net Assets (Unaudited)
                                                                   July 31, 2000
PAX WORLD Money Market Fund, Inc.
<TABLE>
<CAPTION>


FACE                                            MATURITY                VALUE
AMOUNT                                              DATE  YIELD        (NOTE 1)
--------------------------------------------------------------------------------

BANK NOTES: 3.37%
  <S>                                           <C>       <C>     <C>
  $ 5,000,000  Comerica Bank...............     06/27/01  6.67%   $   4,998,237
  -----------                                                     -------------
    5,000,000  Total Bank Notes............                           4,998,237
  -----------                                                     -------------

COMMERCIAL PAPER: 33.45%
  $ 5,000,000  Apreco Inc..................     09/14/00  6.60%   $   4,960,094
    5,000,000  Asset Securitization
               Cooperative.................     09/19/00  6.59        4,955,696
    5,000,000  Campbell Soup Co............     08/31/00  6.62        4,972,875
    6,000,000  Dunn & Bradstreet...........     08/02/00  6.54        5,998,912
    6,000,000  Hershey Foods...............     09/19/00  6.56        5,946,917
    6,000,000  Provena Health - Series 1998     08/10/00  6.66        5,990,115
    6,000,000  Temple Physicians Inc.......     09/13/00  6.67        5,952,843
    5,000,000  Wells Fargo Bank............     10/16/00  6.64        4,931,072
    6,000,000  Yale University.............     09/12/00  6.57        5,954,430
  -----------                                                     -------------
   50,000,000  Total Commercial Paper .....                          49,662,954
  -----------                                                     -------------

FOREIGN COMMERCIAL PAPER: 4.01%
  $ 6,000,000  Ford Credit Europe PLC......     09/13/00  6.68%   $   5,952,915
  -----------                                                     -------------
    6,000,000  Total Foreign Commercial Paper                         5,952,915
  -----------                                                     -------------

GOVERNMENT AGENCY: 3.36%
  $ 5,000,000  Federal Home Loan Bank......     08/09/00  6.06%   $   4,993,445
  -----------                                                     -------------
    5,000,000  Total Government Agency.....                           4,993,445
  -----------                                                     -------------

LOAN PARTICIPATIONS: 4.72%
  $ 7,000,000  Equitable Life Assurance Society
               with Chase Manhattan Bank (a)    03/19/01  6.82%   $   7,000,000
  -----------                                                     -------------
    7,000,000  Total Loan Participations...                           7,000,000
  -----------                                                     -------------

MASTER NOTE: 4.38%
  $ 6,500,000  GMAC Mortgage Corporation (b)    08/01/00  6.60%   $   6,500,000
  -----------                                                     -------------
    6,500,000  Total Master Note ..........                           6,500,000
  -----------                                                     -------------

OTHER NOTES: (c) 16.80%
  $ 2,095,000  G & L Land Management
               LOC Fifth Third Bank........     12/01/17  6.70%   $   2,095,000
    5,140,000  Jake Sweeney Automotive, Inc.
               LOC Firstar Bank............     04/01/10  6.70        5,140,000
    3,600,000  Oak Crest Homes Inc.
               LOC First of America.... ...     11/01/26  6.67        3,600,000
</TABLE>


   The accompanying notes are an integral part of these financial statements.
                                        2
<PAGE>

                                  Statement of Net Assets (Unaudited), continued
                                                                   July 31, 2000
PAX WORLD Money Market Fund, Inc.
<TABLE>
<CAPTION>


FACE                                            MATURITY                VALUE
AMOUNT                                              DATE  YIELD        (NOTE 1)
--------------------------------------------------------------------------------
OTHER NOTES: (c) continued
  <S>                                           <C>       <C>     <C>
  $  4,455,000  SDR Capital, L.L.C.
                LOC First Michigan Bank......   10/01/26  6.70%   $   4,455,000
     6,000,000  Spring Hill Medical Complex
                LOC Amsouth Bank.............   09/01/11  6.65        6,000,000
     3,655,000  Weller Irrevocable Trust #2
                - Series 1998
                LOC First Union National Bank   09/01/13  6.70        3,655,000
  ------------                                                    -------------
    24,945,000  Total Other Notes............                        24,945,000
  ------------                                                    -------------

<CAPTION>
REPURCHASE AGREEMENT, OVERNIGHT: 25.53%
  <S>                                           <C>       <C>     <C>
  $ 37,900,000  Morgan (J.P.) Securities, Inc.
                (Collateralized by:
                $1,880,00, SLMA, 0.000% to 6.050%,
                   due 09/14/00 to 10/03/22
                $12,070,000, FNMA, 0.000% to 7.250%,
                   due 08/07/00 to 05/15/30,
                $11,012,000, FMAC, 0.000% to 7.000%,
                   due 08/11/00 to 04/07/14
                $7,989,000, FHLB, 0.000% to 6.650%,
                   due 08/28/00 to 12/22/14
                $7,301,000, FCSB, 0.000% to 7.320%,
                   due 08/11/00 to 09/23/21)    08/01/00  6.60%   $  37,900,000
  ------------                                                    -------------
    37,900,000  Total Repurchase Agreement, Overnight                37,900,000
  ------------                                                    -------------

<CAPTION>
YANKEE CERTIFICATE OF DEPOSIT: 4.04%
  <S>                                           <C>       <C>     <C>
  $  6,000,000  National Westminster Bank PLC   05/09/01  7.26%   $   5,998,691
  ------------                                                    -------------
     6,000,000  Total Yankee Certificates of Deposit                  5,998,691
  ------------                                                    -------------
                Total Investments (99.66%) (Cost $147,951,242+)   $ 147,951,242
                Cash and Other Assets, Net of Liabilities (0.34%)       508,192
                                                                  -------------
                Net Assets (100.00%)                              $ 148,459,434
                                                                  =============
                Net Asset Value, offering and redemption price per share:
                Individual Investor Class,
                       19,359,624 Shares Outstanding (Note 3)     $        1.00
                                                                  =============
                Institutional Class,
                       120,241,915 Shares Outstanding (Note 3)    $        1.00
                                                                  =============
                Broker Service Class,
                       3,057,933 Shares Outstanding (Note 3)      $        1.00
                                                                  =============
                MMA Praxis Class,
                       5,799,962 Shares Outstanding (Note 3)      $        1.00
                                                                  =============
</TABLE>

+  Aggregate cost for federal income tax purposes is identical.

   The accompanying notes are an integral part of these financial statements.
                                        3
<PAGE>

                                  Statement of Net Assets (Unaudited), continued
                                                                   July 31, 2000
PAX WORLD Money Market Fund, Inc.





FOOTNOTES:


(a)  The interest rate is adjusted quarterly based on 3-month LIBOR plus 5 basis
     points.

(b)  The interest  rate is adjusted  monthly based on 1-month  LIBOR;  7-day put
     feature.

(c)  These securities have a 7-day put feature.





















   The accompanying notes are an integral part of these financial statements.
                                        4
<PAGE>

                                             Statement of Operations (Unaudited)
                                                  Six Months Ended July 31, 2000
PAX WORLD Money Market Fund, Inc.
<TABLE>
<CAPTION>





Investment income
<S>                                                             <C>
   Income:
     Interest.................................................  $  4,386,422
                                                                 -----------
   Expenses: (Note 2)
     Advisory fee.............................................       105,735
     Administrative services fee..............................        70,490
     Shareholder servicing fee (Individual Investor Class)....        19,551
     Shareholder servicing fee (Broker Service Classes).......         2,355
     Shareholder servicing fee (MMA Praxis Class).............         5,526
     Custodian expenses.......................................        11,037
     Shareholder servicing and related shareholder expenses...        68,140
     Legal fees, compliance and filing fees...................        41,136
     Audit and accounting.....................................        71,126
     Directors' fees..........................................         3,003
     Amortization of organization costs.......................        10,705
     Other....................................................         1,234
                                                                 -----------
        Total expenses........................................       410,038
        Less:
        Fees waived (Note 2)..................................       (97,163)
        Expenses reimbursed (Note 2)..........................       (36,843)
                                                                 -----------
     Net expenses ............................................       276,032
                                                                 -----------
   Net investment income......................................     4,110,390

<CAPTION>
Realized gain (loss) on investments
<S>                                                             <C>
Net realized gain (loss) on investments.......................           -0-
                                                                 -----------
Increase in net assets from operations........................  $  4,110,390
                                                                 ===========
</TABLE>



   The accompanying notes are an integral part of these financial statements.
                                        5

<PAGE>

                                             Statements of Changes in Net Assets
                                                                   July 31, 2000
PAX WORLD Money Market Fund, Inc.
<TABLE>
<CAPTION>




                                              Six Months
                                                 Ended                Year
                                             July 31, 2000           Ended
                                              (Unaudited)      January 31, 2000
                                               ---------       ----------------

Increase (decrease) in net assets
Operations:
<S>                                          <C>                 <C>
   Net investment income..................   $  4,110,390        $  6,078,334
   Net realized gain (loss) on investments            -0-                 479
                                             ------------        ------------
   Increase in net assets from operations       4,110,390           6,078,813

Dividends to shareholders:
Net investment income:
   Individual Investor Class..............       (442,051)           (483,610)
   Institutional Class....................     (3,491,031)         (5,533,516)
   Broker Service Class...................        (51,758)            (41,825)
   MMA Praxis Class.......................       (125,550)            (19,383)

Net realized gain on investments:
   Individual Investor Class..............            -0-                 (68)
   Institutional class....................            -0-                (407)
   Broker service class...................            -0-                  (4)
   MMA praxis class.......................            -0-                 -0-

Capital share transactions (Note 3):
   Individual Investor Class..............      5,731,590           8,133,288
   Institutional Class....................     (1,971,421)          2,904,140
   Broker Service Class...................      1,873,173           1,114,949
   MMA Praxis Class.......................      1,668,492           4,131,470
                                             ------------        ------------
   Total increase (decrease)..............      7,301,834          16,283,847

Net assets:
   Beginning of period....................    141,157,600         124,873,753
                                             ------------        ------------
   End of period..........................   $148,459,434        $141,157,600
                                             ============        ============
</TABLE>



   The accompanying notes are an integral part of these financial statements.
                                        6

<PAGE>

                                       Notes to Financial Statements (Unaudited)
                                                                   July 31, 2000
PAX WORLD Money Market Fund, Inc.



1. SUMMARY OF ACCOUNTING POLICIES

Pax World Money Market Fund, Inc. is a no-load,  open-end management  investment
company  registered under the Investment  Company Act of 1940. The Fund has four
classes of stock  authorized,  the Individual  Investor Class, the Institutional
Class,  the  Broker  Service  Class and the MMA  Praxis  Class.  The  Individual
Investor Class, Broker Service Class and the MMA Praxis Class shares are subject
to service fees pursuant to the Fund's Rule 12b-1 Distribution and Service Plan
and  are  sold  through  financial   intermediaries  who  provide  servicing  to
Individual  Investor  Class,  Broker  Service  Class  and the MMA  Praxis  Class
shareholders for which they receive compensation from Pax World Management Corp.
(the "Advisor"),  Reich & Tang Asset Management,  L.P. (the  "Sub-Advisor"),  or
Reich & Tang Distributors,  Inc. ("the  Distributor").  The Institutional  Class
shares  are not  subject  to a  service  fee and  either  are sold  directly  to
institutional investors or are sold through financial intermediaries that do not
receive  compensation  from the Advisor,  Sub-Advisor  or the  Distributor.  The
Broker  Service  Class shares are subject to an  additional  sub-transfer  agent
accounting  fee.  Additionally,  the Fund may allocate among its classes certain
expenses to the extent allowable to specific classes,  including  transfer agent
fees,  government  registration  fees,  certain  printing and postage costs, and
administrative  and legal  expenses.  Class  specific  expenses of the Fund were
limited to distribution fees and transfer agent expenses. In all other respects,
the Individual Investor Class, Institutional Class, Broker Service Class and the
MMA Praxis Class shares  represent the same interest in the income and assets of
the Fund.  Distribution  of Broker Service Class shares and the MMA Praxis Class
shares  commenced on January 13, 1999 and October 12, 1999. The Fund's financial
statements  are prepared in  accordance  with  accounting  principles  generally
accepted in the United States of America for investment companies as follows:

a) Valuation of Securities

Investments  are valued at  amortized  cost.  Under  this  valuation  method,  a
portfolio  instrument is valued at cost and any discount or premium is amortized
on a constant basis to the maturity of the instrument.



                                       7

<PAGE>

                            Notes to Financial Statements (Unaudited), continued
                                                                   July 31, 2000
PAX WORLD Money Market Fund, Inc.



1. SUMMARY OF ACCOUNTING POLICIES, CONTINUED

b) Federal Income Taxes

It is the Fund's policy to comply with the  requirements of the Internal Revenue
Code applicable to regulated  investment  companies and to distribute all of its
taxable income to its shareholders.  Therefore,  no provision for federal income
tax is required.

c) Dividends and Distributions

Dividends from  investment  income  (including net realized  short-term  capital
gains) are declared daily and paid monthly.  Capital gains distributions if any,
will be made at least  annually  and in no event later than sixty days after the
end of the Fund's fiscal year.

d) Organization Costs

Organization  costs are being  deferred and  amortized on a straight  line basis
over a period of five years  from the Fund's  commencement  of  operations.  The
proceeds of any  redemptions  by the original  shareholder of the initial shares
will be reduced by a pro rata  portion  of any then  unamortized  organizational
expenses,  based on the ratio of the shares redeemed to the total initial shares
outstanding immediately prior to the redemption.

e) Use of Estimates

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America requires  management to make
estimates  and  assumptions  that  effect  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 increases and decreases in
net assets from  operations  during the reporting  period.  Actual results could
differ from those estimates.

f) General

Securities  transactions are recorded on a trade date basis.  Interest income is
accrued as earned.  Realized gains and losses from securities  transactions  are
recorded  on  the  identified  cost  basis.  It is the  Fund's  policy  to  take
possession  of  securities  as collateral  under  repurchase  agreements  and to
determine on a daily basis that the value of such  securities  are sufficient to
cover the value of the repurchase agreements.


                                       8

<PAGE>

                            Notes to Financial Statements (Unaudited), continued
                                                                   July 31, 2000
PAX WORLD Money Market Fund, Inc.



2. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES

Under the Advisory  Agreement,  the Fund pays Pax World  Management  Corp.  (the
"Advisor")  an  annual  advisory  fee of .15% of the  Fund's  average  daily net
assets.

Pursuant to the terms of a Sub-Advisory  Agreement between the Advisor and Reich
& Tang Asset  Management  L.P.  (the  "Sub-Advisor"),  the Advisor  will pay the
Sub-Advisor  an annual  management  fee of .075% of the Fund's average daily net
assets from its advisory fee.

Pursuant to an Administrative  Services  Agreement for the Fund, the Sub-Advisor
receives an annual fee of .10% of the Fund's average daily net assets.

Pursuant to a  Distribution  and  Service  Plan  adopted  under  Securities  and
Exchange  Commission Rule 12b-1,  the Fund and Reich & Tang  Distributors,  Inc.
(the  "Distributor")  have entered into a Shareholder  Servicing  Agreement only
with respect to the Individual  Investor Class, the Broker Service Class and the
MMA Praxis Class  shares of the Fund.  For its  services  under the  Shareholder
Servicing Agreement, the Distributor receives from the Fund with respect only to
the Individual Investor Class, the Broker Service Class and the MMA Praxis Class
shares, a service fee equal to .25% per annum of the average daily net assets.

During  the  period  ended  July  31,  2000,  the  Advisor  and the  Sub-Advisor
voluntarily  waived  advisory  and  administrative  service  fees of $74,015 and
$17,622,  respectively. The Distributor voluntarily waived shareholder servicing
fees of $5,526 for the MMA Praxis Class.  In addition,  although not required to
do so, the  Advisor and  Sub-Advisor  have agreed to  reimburse  class  specific
expenses  amounting to $35,097 and $1,746 for the Individual  Investor Class and
the MMA Praxis Class shares, respectively.

Fees are paid to Directors who are unaffiliated with the Advisor on the basis of
$1,000 per annum plus $250 per meeting attended.

Included  under the  caption  "Shareholder  servicing  and  related  shareholder
expenses" are fees of $12,153 paid to Reich & Tang  Services,  Inc. an affiliate
of the  Sub-Advisor as servicing  agent for the  Institutional  Class and Broker
Service Class.

                                       9

<PAGE>

                            Notes to Financial Statements (Unaudited), continued
                                                                   July 31, 2000
PAX WORLD Money Market Fund, Inc.



3. CAPITAL STOCK

At July 31, 2000, 20,000,000,000 shares of $.001 par value stock were authorized
and paid in capital amounted to $148,459,434. Transactions in capital stock, all
at $1.00 per share, were as follows:

<TABLE>
<CAPTION>
                                                Six Months            Year
                                                  Ended              Ended
                                              July 31, 2000    January 31, 2000
                                              -------------    ----------------
<S>                                           <C>                <C>
INDIVIDUAL INVESTOR CLASS
-------------------------
Sold..................................          56,569,783         80,286,696
Issued on reinvestment of dividends...             430,392            481,766
Redeemed..............................         (51,268,585)       (72,635,174)
                                              ------------       ------------
Net increase (decrease)...............           5,731,590          8,133,288
                                              ============       ============


INSTITUTIONAL CLASS
-------------------
Sold..................................         181,789,694        219,793,858
Issued on reinvestment of dividends...           2,659,211          4,748,828
Redeemed..............................        (186,420,326)      (221,638,546)
                                              ------------       ------------
Net increase (decrease)...............          (1,971,421)         2,904,140
                                              ============       ============


BROKER SERVICE CLASS
--------------------
Sold..................................           4,788,025          5,273,006
Issued on reinvestment of dividends...              46,325             39,714
Redeemed..............................          (2,961,177)        (4,197,771)
                                              ------------       ------------
Net increase (decrease)...............           1,873,173          1,114,949
                                              ============       ============
<CAPTION>
                                                                October 12, 1999
                                                            (Commencement of Sales)
                                                              to January 31, 2000
                                                              -------------------
MMA PRAXIS CLASS
----------------
<S>                                           <C>                <C>
Sold..................................           7,233,759          4,251,298
Issued on reinvestment of dividends...             123,732             20,527
Redeemed..............................          (5,688,999)          (140,355)
                                              ------------       ------------
Net increase (decrease)...............           1,668,492          4,131,470
                                              ============       ============
</TABLE>

                                       10

<PAGE>



                            Notes to Financial Statements (Unaudited), continued
                                                                   July 31, 2000
PAX WORLD Money Market Fund, Inc.



4. FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>

                                                            INDIVIDUAL
                                                          INVESTOR CLASS
                                   ------------------------------------------------------------
                                          Six                                 May 27, 1998
                                         Months               Year           (Commencement
                                         Ended               Ended            of Sales) to
                                     July 31, 2000     January 31, 2000     January 31, 1999
                                     -------------     ----------------     ----------------
<S>                                     <C>                <C>                  <C>
Per Share Operating Performance:
(for a share outstanding
     throughout the period)

Net asset value,
     beginning of period..........      $  1.00            $  1.00              $  1.00
                                        --------           --------             --------
Income from investment operations:
     Net investment income........         0.028              0.046                0.032

Less distributions:
     Dividends from net
        investment income.........      (  0.028)          (  0.046)            (  0.032)
                                         -------            -------              -------
Net asset value, end of period....      $  1.00            $  1.00              $  1.00
                                        ========           ========             ========
--------------------------------------------------------------------------------------------
Total Return......................         2.83%+             4.74%                3.27%+
--------------------------------------------------------------------------------------------

Ratios/Supplemental Data

Net assets, end of period (000)...      $  19,359          $  13,628            $   5,495

Ratios to average net assets:
     Expenses (net of fees waived and
        expenses reimbursed)......         0.60%*             0.60%                0.60%*

     Net investment income........         5.65%*             4.74%                4.59%*

     Advisory and administrative
        services fees waived......         0.13%*             0.14%                0.25%*

     Expenses reimbursed..........         0.45%*             0.54%                --
</TABLE>

* Annualized
+ Not Annualized

                                       11

<PAGE>



                            Notes to Financial Statements (Unaudited), continued
                                                                   July 31, 2000
PAX WORLD Money Market Fund, Inc.




4. FINANCIAL HIGHLIGHTS, continued
<TABLE>
<CAPTION>
                                                            INSTITUTIONAL
                                                                CLASS
                                   ------------------------------------------------------------
                                          Six                                 May 27, 1998
                                         Months               Year           (Commencement
                                         Ended               Ended            of Sales) to
                                     July 31, 2000     January 31, 2000     January 31, 1999
                                     -------------     ----------------     ----------------
<S>                                     <C>                <C>                  <C>
Per Share Operating Performance:
(for a share outstanding
     throughout the period)

Net asset value,
     beginning of period..........      $ 1.00             $ 1.00               $ 1.00
                                        --------           -------              --------
Income from investment operations:
     Net investment income........        0.029              0.049                0.034

Less distributions:
     Dividends from net
        investment income.........      ( 0.029)           ( 0.049)             ( 0.034)
                                         ------             ------               ------
Net asset value, end of period....      $ 1.00             $ 1.00               $ 1.00
                                        =======            =======              =======
--------------------------------------------------------------------------------------------
Total Return......................        2.96%+             5.00%                3.45%+
--------------------------------------------------------------------------------------------

Ratios/Supplemental Data

Net assets, end of period (000)...      $120,242           $122,213             $119,309

Ratios to average net assets:
     Expenses (net of fees waived)        0.35%*             0.35                 0.35%*

     Net investment income........        5.87%*             4.89%                4.90%*

     Advisory and administrative
        services fees waived......        0.13%*             0.14%                0.25%*

</TABLE>

* Annualized
+ Not Annualized

                                       12

<PAGE>



                            Notes to Financial Statements (Unaudited), continued
                                                                   July 31, 2000
PAX WORLD Money Market Fund, Inc.




4. FINANCIAL HIGHLIGHTS, continued
<TABLE>
<CAPTION>
                                                               BROKER
                                                           SERVICE CLASS
                                   ------------------------------------------------------------
                                          Six                                 May 27, 1998
                                         Months               Year           (Commencement
                                         Ended               Ended            of Sales) to
                                     July 31, 2000     January 31, 2000     January 31, 1999
                                     -------------     ----------------     ----------------
<S>                                     <C>                <C>                  <C>
Per Share Operating Performance:
(for a share outstanding
     throughout the period)

Net asset value,
     beginning of period..........      $ 1.00             $ 1.00               $ 1.00
                                        --------           -------              --------
Income from investment operations:
     Net investment income........        0.027              0.044                0.002

Less distributions:
     Dividends from net
        investment income.........      ( 0.027)           ( 0.044)             ( 0.002)
                                         ------             ------               ------
Net asset value, end of period....      $ 1.00             $ 1.00               $ 1.00
                                        =======            =======              =======
--------------------------------------------------------------------------------------------
Total Return......................        2.73%+             4.53%                0.22%+
--------------------------------------------------------------------------------------------

Ratios/Supplemental Data

Net assets, end of period (000)...      $  3,058           $  1,185             $    70

Ratios to average net assets:
     Expenses (net of fees waived)        0.80%*             0.80                 0.80%*

     Net investment income........        5.49%*             4.51%                4.16%*

     Advisory and administrative
        services fees waived......        0.13%*             0.14%                0.25%*

</TABLE>

* Annualized
+ Not Annualized

                                       13

<PAGE>



                            Notes to Financial Statements (Unaudited), continued
                                                                   July 31, 2000
PAX WORLD Money Market Fund, Inc.




4. FINANCIAL HIGHLIGHTS, continued
<TABLE>
<CAPTION>
                                                        MMA PRAXIS
                                                           CLASS
                                          ------------------------------------------
                                                 Six              October 12, 1999
                                               Months             (Commencement of
                                                Ended                 Sales) to
                                            July 31, 2000         January 31, 2000
                                            -------------         ----------------
<S>                                            <C>                   <C>
Per Share Operating Performance:
(for a share outstanding
     throughout the period)

Net asset value,
     beginning of period..........             $ 1.00                $ 1.00
                                               -------               -------
Income from investment operations:
     Net investment income........               0.028                 0.016

Less distributions:
     Dividends from net
        investment income.........              (0.028)               (0.016)
                                               -------               -------
Net asset value, end of period....             $ 1.00                $ 1.00
                                               =======               =======
------------------------------------------------------------------------------------
Total Return......................               2.83%+                1.58%+
------------------------------------------------------------------------------------

Ratios/Supplemental Data

Net assets, end of period (000)...             $  5,800              $  4,131

Ratios to average net assets:
     Expenses (net of fees waived)               0.60%*                0.60%*

     Net investment income........               5.68%*                5.21%*

     Advisory, administrative services and

        shareholder servicing fees waived        0.38%*                0.39%*

     Expenses reimbursed..........               0.08%*                1.21%*
</TABLE>


* Annualized
+ Not Annualized

                                       14

<PAGE>

                        PAX WORLD Money Market Fund, Inc.
                          A Socially Responsible Fund


The Pax  World  Money  Market  Fund  seeks  to  maximize  current  income  while
maintaining  both  liquidity  and a stable share price.  The Fund is designed to
meet the short-term investment needs of socially responsible investors.

A Socially Screened Portfolio
The Fund invests only in institutions  whose goods and services are essentially
non-military and improve the quality of life, including health case, housing and
education.

No Loads or Transaction Fees
Investors can purchase and redeem shares at their own convenience.

Low Initial Minimum and Free Check Writing
Investors  may open an  account  for only  $250 and  enjoy  free  check  writing
privileges ($250 per check minumum).

Full Range of Services
With your Pax World account, you'll have online 24 hour access to:
        * check account balances
        * purchase, redeem or transfer fund shares
        * exchange shares between mutual funds in Pax World Funds
You will also have the opportunity to invest automatically each month or quarter
from your savings or checking account.










For more complete information, including charges and expenses, please call for a
prospectus which should be read carefully before investing.

<PAGE>

                                                               [GRAPHIC OMITTED]


PAX WORLD
    investing for positive change






PAX World
222 State Street
Portsmouth, NH 03801
[GRAPHIC OMITTED] 800.767.1729
web www.paxfund.com
email [email protected]

                                                               [GRAPHIC OMITTED]






For general fund information:
[GRAPHIC OMITTED] 800.767.1729



For shareholder account information:
[GRAPHIC OMITTED] 800.372.7827


                                                               [GRAPHIC OMITTED]

For broker services:
[GRAPHIC OMITTED] 800.635.1404



Address all account inquiries to:
PAX World
P.O. Box 8930
Wilmington, DE 19899
                                                               [GRAPHIC OMITTED]


[GRAPHIC OMITTED] printed in USA on recycled paper


<PAGE>





© 2019 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission