<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>
