As filed with the Securities and Exchange Commission on April 9, 2008
                                     Investment Company Act File Number 811-8591

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-CSR
                         CERTIFIED SHAREHOLDER REPORT OF
                   REGISTERED MANAGEMENT INVESTMENT COMPANIES

                        PAX WORLD MONEY MARKET FUND, INC.
               (Exact name of registrant as specified in charter)

                                600 FIFTH AVENUE
                               NEW YORK, NY 10020
               (Address of principal executive offices) (Zip code)

                                 CHRISTINE MANNA
                     C/O REICH & TANG ASSET MANAGEMENT, LLC
                                600 FIFTH AVENUE
                            NEW YORK, NEW YORK 10020
                     (Name and address of agent for service)

Registrant's telephone number, including area code: 212-830-5200

Date of fiscal year end:   January 31

Date of reporting period:  January 31, 2008
<PAGE>
ITEM 1: REPORT TO STOCKHOLDERS




           PAX WORLD MONEY MARKET FUND


              (GRAPHIC OMITTED)






      ANNUAL
      REPORT
                                           31, JANUARY 2008


                                           PAX
                                           PAX WORLD MUTUAL FUND/FOR TOMORROW









<PAGE>
-------------------------------------------------------------------------------


Investment Adviser
Pax World Management Corp.
30 Penhallow Street
Suite 400
Portsmouth, NH  03801


Transfer and Dividend Disbursing Agents

Individual Investor Class:
PFPC, Inc.
101 Sabin Street
Pawtucket, RI  02860

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

Address all account inquiries to:
Pax World Money Market Fund
P.O. Box 9824
Providence, RI  02940-8024



For More Information

General Fund Information:
800.767.1729

Shareholder Account Information:
800.372.7827



-------------------------------------------------------------------------------
<PAGE>
                                                               600 Fifth Avenue
PAXWORLD                                                   New York, N.Y. 10020
MONEY MARKET FUND, INC.                                          (212) 830-5200


Dear Shareholder:


We are pleased to present the annual  report of the Pax World Money Market Fund,
Inc. (the "Fund") for the year ended January 31, 2008.

The Fund had net assets of  $202,117,716  and 3,364  active  shareholders  as of
January 31, 2008.


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


Sincerely,


/S/ Joseph F. Keefe    /S/ Lourence A. Shadek          /s/ Michael P. Lydon


Joseph F. Keefe         Laurence A. Shadek              Michael P. Lydon
President               Executive Vice-President        Director



<PAGE>

                                                     Expense Chart, (unaudited)
                                      For the six months ended January 31, 2008
PAXWORLD Money Market Fund, Inc.

As a shareholder of the Fund, you incur the following ongoing costs:  management
fees and other Fund  expenses.  You may also incur  distribution  and/or service
(12b-1) fees. This example is intended to help you understand your ongoing costs
(in  dollars)  of  investing  in the Fund and to  compare  these  costs with the
ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period August 1, 2007 through January 31, 2008.

ACTUAL EXPENSES

The first line of the table provides information about actual account values and
actual expenses.  You may use information in this line, together with the amount
you  invested,  to estimate the expenses  that you paid over the period.  Simply
divide  your  account  value by $1,000 (for  example,  an $8,600  account  value
divided by $1,000 = 8.6),  then  multiply  the result by the number in the first
line under the heading  entitled  "Expenses  Paid During the Period" to estimate
the expenses you paid on your account during this period.

With respect to the Individual  Investor Class,  please note that IRA, Coverdell
Education  Savings,  Roth IRA,  SEP-IRA,  SIMPLE IRA and 403(b)(7)  accounts are
charged an annual  custodial  fee of $12.  If you are  invested  in one of these
account types,  you should add an additional $12 to the estimated  expenses paid
on your account.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the table provides  information  about  hypothetical  account
values and hypothetical expenses based on the Fund's actual expense ratio and an
assumed rate of return of 5% per year before  expenses,  which is not the Fund's
actual return.  The hypothetical  account values and expenses may not be used to
estimate the actual ending account  balance or expenses you paid for the period.
You may use this  information  to compare the ongoing  costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.

<PAGE>

                                          Expense Chart, (unaudited), continued
                                      For the six months ended January 31, 2008
PAXWORLD Money Market Fund, Inc.


Please note that the  expenses  shown in the table are meant to  highlight  your
ongoing  costs only and do not reflect any  transactional  costs,  such as sales
charges  (loads),  redemption fees, or exchange fees that you may incur in other
mutual  funds.  Therefore,  the second line of the table is useful in  comparing
ongoing costs only,  and will not help you determine the relative total costs of
owning different funds.

<TABLE>

---------------------------------------------------------------------------------
                        Beginning       Ending    Expenses Paid
 Individual Investor  Account Value Account Value   During the     Annualized
        Class            8/1/07        1/31/08       Period *    Expense Ratio *
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
<S>                    <C>            <C>             <C>            <C>
  Actual                $1,000.00      $1,020.90       $3.36          0.66%
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
  Hypothetical (5%      $1,000.00      $1,021.88       $3.36          0.66%
  return before
  expenses)
---------------------------------------------------------------------------------

---------------------------------------------------------------------------------
 Institutional Class    Beginning       Ending    Expenses Paid    Annualized
                      Account Value Account Value   During the
                         8/1/07        1/31/08       Period *   Expense Ratio *
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
  Actual                $1,000.00      $1,022.20       $2.17          0.43%
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
  Hypothetical (5%      $1,000.00      $1,023.06       $2.17          0.43%
  return before
  expenses)
---------------------------------------------------------------------------------

---------------------------------------------------------------------------------
  MMA Praxis Class      Beginning       Ending    Expenses Paid    Annualized
                      Account Value Account Value   During the
                         8/1/07        1/31/08       Period *   Expense Ratio *
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
  Actual                $1,000.00      $1,021.70       $2.60          0.51%
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
  Hypothetical (5%      $1,000.00      $1,022.63       $2.60          0.51%
  return before
  expenses)
---------------------------------------------------------------------------------


</TABLE>

*    Expenses are equal to the Fund's  annualized  expense ratios  multiplied by
     the average  account value over the period (August 1, 2007 through  January
     31, 2008), multiplied by 184/365 (to reflect the one-half year period).


<PAGE>
                                                        Schedule of Investments
                                                               January 31, 2008
PAXWORLD Money Market Fund, Inc.

 <TABLE>

FACE                                                                                 MATURITY              VALUE
AMOUNT                                                                                 DATE   YIELD (a) (NOTE 1)
-----------------------------------------------------------------------------------------------------------------------------------
<S>           <C>                                                                   <C>       <C>     <C>
ASSET BACKED COMMERCIAL PAPER: 3.47%
$ 7,000,000   Triple-A One Funding Corporation
              Insured by MBIA Insurance Corp....................................     02/01/08  3.75%  $ 7,000,000
-----------                                                                                           -----------
  7,000,000   Total Asset Backed Commercial Paper                                                       7,000,000
-----------                                                                                           -----------
COMMERCIAL PAPER: 2.45%
$ 5,000,000   Fortis Bank.......................................................     05/07/08  3.74%  $ 4,950,667
-----------                                                                                           -----------
  5,000,000   Total Commercial Paper                                                                    4,950,667
-----------                                                                                           -----------
FOREIGN COMMERCIAL PAPER: 2.45%
$ 5,000,000   Anglo Irish Bank Corporation PLC..................................     04/11/08  4.43%  $ 4,957,417
-----------                                                                                           -----------
  5,000,000   Total Foreign Commercial Paper                                                            4,957,417
-----------                                                                                           -----------
REPURCHASE AGREEMENT: 20.78%
$ 42,000,000  UBS AG, Purchased 01/31/08, 2.80%,
              Repurchase proceeds at maturity $42,003,267
              (Collateralized by $ 40,532,000, FFCB,
              0.00% to 7.06%, due 08/01/08 to 02/06/17,
              value, $42,817,573, SLMA, 7.30%, due
              08/01/12 value $24,149)...........................................     02/01/08  2.80%  $42,000,000
-----------                                                                                           -----------
 42,000,000   Total Repurchase Agreement                                                               42,000,000
-----------                                                                                           -----------
U.S. GOVERNMENT AGENCY DISCOUNT TERM NOTE: 32.15%
$55,000,000   Federal Farm Credit Bank..........................................     02/05/08  2.38%  $54,985,456
 10,000,000   Federal Home Loan Bank............................................     02/01/08  1.95    10,000,000
-----------                                                                                           -----------
 65,000,000   Total U.S. Government Agency Discount Term Note                                          64,985,456
-----------                                                                                           -----------
U.S. GOVERNMENT AGENCY MEDIUM TERM NOTE: 26.24%
$ 10,000,000  Federal Home Loan Bank............................................     11/28/08  4.57%  $10,000,000
  10,000,000  Federal Home Loan Bank............................................     12/04/08  4.63    10,000,000
   5,000,000  Federal Home Loan Bank............................................     12/11/08  4.50     5,000,000
   3,030,000  Federal Home Loan Bank............................................     12/12/08  4.45     3,030,000
   5,000,000  Federal Home Loan Bank............................................     01/16/09  3.75     5,000,000
  10,000,000  Federal Home Loan Bank............................................     01/23/09  3.63    10,008,193
  10,000,000  Federal Home Loan Mortgage
              Corporation (b)...................................................     02/08/08  5.38    10,003,658
------------                                                                                          -----------
  53,030,000  Total U.S. Government Agency Medium Term Note                                            53,041,851
------------                                                                                          -----------

</TABLE>

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

<PAGE>

                                             Schedule of Investments, continued
                                                               January 31, 2008

PAXWORLD Money Market Fund, Inc.

<TABLE>

FACE                                                                                 MATURITY              VALUE
AMOUNT                                                                                 DATE   YIELD (a)  (NOTE 1)
-----------------------------------------------------------------------------------------------------------------------------------
<S>           <C>                                                                       <C>     <C>       <C>
VARIABLE RATE DEMAND INSTRUMENTS: 2.25% (c)
$   885,000   Jake Sweeney Automotive, Inc. - Series 1998
              LOC U.S. Bank, N.A................................................    04/01/10  3.23%  $   885,000
  3,665,000   Mobile, AL Springhill Medical Clinic Board RB
              (Springhill Medical Complex) - Series 1996B
              LOC AmSouth Bank..................................................    09/01/11  3.26     3,665,000
-----------                                                                                         ------------
  4,550,000   Total Variable Rate Demand Instruments                                                   4,550,000
-----------                                                                                         ------------
YANKEE CERTIFICATES OF DEPOSIT: 9.90%
$ 5,000,000   Bank of Scotland..................................................    04/24/08  3.15%  $ 5,004,101
  5,000,000   Bank of Montreal..................................................    06/17/08  3.15     5,000,000
  5,000,000   National Bank of Canada...........................................    04/11/08  4.28     5,000,000
  5,000,000   Svenska Handelsbanken AB..........................................    06/03/08  4.85     5,000,750
-----------                                                                                         ------------
 20,000,000   Total Yankee Certificates of Deposit                                                    20,004,851
-----------                                                                                         ------------
              Total Investments (99.69%) (Cost $201,490,242+)                                        201,490,242
              Cash and other assets in excess of liabilities (0.31%)                                     627,474
                                                                                                    ------------
              Net Assets (100.00%)                                                                  $202,117,716
                                                                                                    ------------

</TABLE>

              +   Aggregate cost for federal income tax purposes is identical.

FOOTNOTES:

(a)  The interest  rate shown  reflects the  security's  yield.  If yield is not
     available, the coupon is shown.

(b)  Maturity date shown is mandatory call date.

(c)  Securities  payable on demand at par including  accrued  interest  (usually
     with seven days' notice) and, where indicated,  are unconditionally secured
     as to principal and interest by a bank letter of credit. The interest rates
     are  adjustable  and are based on bank prime rates or other  interest  rate
     adjustment  indices.  The rate  shown is the rate in  effect at the date of
     this statement.

<TABLE>

KEY NOTES:
<S>    <C> <C>
FFCB    =  Federal Farm Credit Bank
SLMA    =  Student Loan Mortgage Association
LOC     =  Letter of Credit
RB      =  Revenue Bond

</TABLE>

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

<PAGE>

                                             Schedule of Investments, continued
                                                               January 31, 2008

PAXWORLD Money Market Fund, Inc.


BREAKDOWN OF PORTFOLIO HOLDINGS BY MATURITY:

<TABLE>

----------------------------------------------------------------
  Securities Maturing in         Value         % of Portfolio
----------------------------------------------------------------
----------------------------------------------------------------
<S>                           <C>                <C>
  Less than 31 Days            $133,539,113        66.28%
  31 through 60 Days             10,000,000         4.96%
  61 through 90 Days             24,969,712        12.39%
  91 through 120 Days            14,950,667         7.42%
  121 through 180 Days            5,000,750         2.48%
  Over 180 Days                  13,030,000         6.47%
----------------------------------------------------------------
----------------------------------------------------------------
  Total                        $201,490,242       100.00%
----------------------------------------------------------------






</TABLE>

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

<PAGE>

                                            Statement of Assets and Liabilities
                                                               January 31, 2008

PAXWORLD Money Market Fund, Inc.

<TABLE>

ASSETS:
<S>                                                                    <C>
   Investments in securities, at amortized cost (Note 1)......         $   159,490,242
   Repurchase agreement.......................................              42,000,000
   Cash.......................................................                  31,478
   Accrued interest receivable................................                 753,662
   Prepaid expenses...........................................                   8,998
   Receivable from advisor....................................                  19,896
   Other receivables..........................................                   2,395
                                                                       ---------------
         Total assets.........................................             202,306,671
                                                                       ---------------
LIABILITIES:
   Payable to affiliates*.....................................                  30,125
   Accrued expenses...........................................                 102,994
   Dividends payable..........................................                  55,836
         Total liabilities....................................                 188,955
                                                                       ---------------
   Net assets.................................................         $   202,117,716
                                                                       ===============
SOURCE OF NET ASSETS:
   Net capital paid in on shares of capital stock (Note 3)....         $   202,119,172
   Accumulated net realized loss..............................                  (1,456)
                                                                       ---------------
   Net assets.................................................         $   202,117,716
                                                                       ===============
   Net asset value, per share (Note 3):

<CAPTION>

  Class Name           Net Assets      Shares outstanding       Net Asset Value
-------------------------------------------------------------------------------
<S>                       <C>              <C>                  <C>
Individual Investor class $34,413,419        34,413,667          $1.00
Institutional Class       143,912,231       143,913,268          $1.00
MMA Praxis Class           23,792,066        23,792,237          $1.00

</TABLE>

*    Includes  fees  payable to PAX World  Management  Corp.,  Reich & Tang
     Asset  Management,  LLC, Reich & Tang  Distributors,  Inc. and Reich &
     Tang Services, Inc.





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

<PAGE>
                                                        Statement of Operations
                                                               January 31, 2008

PAXWORLD Money Market Fund, Inc.

<TABLE>

Investment income
<S>                                                                             <C>
   Income:
     Interest.............................................................   $  6,099,102
                                                                             ------------
   Expenses: (Note 2)
     Advisory fee.........................................................        182,727
     Administrative services fee..........................................        121,818
     Shareholder servicing fee (Individual Investor Class)................         84,528
     Shareholder servicing fee (MMA Praxis Class).........................         48,219
     Custodian expenses...................................................         11,152
     Shareholder servicing and related shareholder expenses+..............        156,510
     Legal fees, compliance and filing fees...............................         85,478
     Audit and accounting.................................................         84,684
     Directors' fees and expenses.........................................         18,790
     Other................................................................         13,438
                                                                             ------------
        Total expenses....................................................        807,344
        Less:
        Expenses paid indirectly (Note 2).................................         (3,600)
        Fees waived (Note 2)..............................................       (106,278)
        Expenses reimbursed (Note 2)......................................        (82,472)
                                                                             ------------
     Net expenses ........................................................        614,994
                                                                             ------------
   Net investment income..................................................      5,484,108
   Realized gain (loss) on investments
   Net realized loss on investments.......................................            -0-
                                                                             ------------
   Increase in net assets from operations.................................   $  5,484,108
                                                                             ============
</TABLE>

     +    Includes class specific transfer agency expenses of $89,234,  $24,052,
          and $14,918 for Individual Investor Class, Institutional Class and MMA
          Praxis Class, respectively.






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

<PAGE>

                                             Statements of Changes in Net Assets
                                           Years ended January 31, 2008 and 2007

PAXWORLD Money Market Fund, Inc.

<TABLE>


                                                 2008                2007
                                            ------------         -----------
Increase (decrease) in net assets
Operations:
<S>                                         <C>                  <C>
   Net investment income.................   $  5,484,108         $ 8,263,320
   ......Net realized gain on investments            -0-                (134)
                                            ------------         ------------
   Increase in net assets from operations      5,484,108           8,263,186

Dividends to shareholders from:
Net investment income:
   Individual Investor Class.............     (1,483,084)         (1,268,812)
   Institutional Class...................     (3,134,957)         (4,850,101)
   Broker Service Class..................            -0-          (1,563,657)
   MMA Praxis Class......................       (866,067)           (580,750)
                                            ------------         ------------
   Total dividends to shareholders.......     (5,484,108)         (8,263,320)

Capital share transactions (Note 3):
   Individual Investor Class.............      2,420,108           7,357,121
   Institutional Class...................     29,947,339           8,414,139
   Broker Service Class..................            -0-         (37,225,100)
   MMA Praxis Class......................      7,620,457           5,047,937
                                            ------------         ------------
   Total capital share transactions......     39,987,904         (16,405,903)
                                            ------------         ------------
   Total increase (decrease).............     39,987,904         (16,405,903)

Net assets:
   Beginning of year.....................    162,129,812         178,535,849
                                            ------------         ------------
   End of year...........................   $202,117,716         $162,129,812
                                            ============         ============
   Undistributed net investment income...   $        -0-         $        -0-
                                            ============         ============
</TABLE>





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

<PAGE>

                                                  Notes to Financial Statements
                                                               January 31, 2008

PAXWORLD Money Market Fund, Inc.


1. SUMMARY OF ACCOUNTING POLICIES

Pax  World  Money  Market  Fund,  Inc.  (the  "Fund"),  is a  no-load,  open-end
management  investment  company  registered under the Investment  Company Act of
1940. The Fund had four classes of stock  authorized,  the  Individual  Investor
Class,  the  Institutional  Class,  the Broker  Service Class and the MMA Praxis
Class. The Broker Service Class shares were liquidated on December 11, 2006. The
Individual Investor Class and the MMA Praxis Class shares are subject to service
fees  pursuant to the Fund's Rule 12b-1  Distribution  and  Service  Plans.  The
Institutional Class shares are not subject to a service 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.  Such
class specific expenses of the Fund were limited to shareholder  servicing fees,
transfer agent expenses and  sub-accounting  and  administration  fees.  Income,
expenses (other than expenses  attributable to a specific  class),  and realized
and  unrealized  gains or losses on  investments  are allocated to each class of
shares  based on its  relative  net  assets.  In all other  respects,  all share
classes  represent the same  interest in the income and assets of the Fund.  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, which approximates market value. 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.
If fluctuating  interest rates cause the market value of the Fund's portfolio to
deviate more than 1/2 of 1% from the value  determined on the basis of amortized
cost,  the  Board of  Directors  will  consider  whether  any  action  should be
initiated.  The maturity of variable rate demand instruments is deemed to be the
longer of the period  required before the Fund is entitled to receive payment of
the  principal  amount or the  period  remaining  until the next  interest  rate
adjustment.

b) Repurchase Agreements

In  connection  with  transactions  in repurchase  agreements,  it is the Fund's
policy  that  its  custodian  take  possession  of  the  underlying   collateral
securities,  the  fair  value of  which  exceeds  the  principal  amount  of the
repurchase transaction,  including accrued interest, at all times. If the seller
defaults,  and the fair market value of the collateral declines,  realization of
the collateral by the Fund may be delayed or limited.

<PAGE>

                                       Notes to Financial Statements, continued
                                                               January 31, 2008

PAXWORLD Money Market Fund, Inc.


1. SUMMARY OF ACCOUNTING POLICIES, continued

c) 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.  Distributions  of  net  investment  income  are  taxable  to
shareholders as ordinary income.

d) 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.

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  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 increases and decreases in
net assets from  operations  during the reporting  period.  Actual results could
differ from those estimates.

f) Representations and Indemnifications

In the normal course of business the Fund enters into  contracts  that contain a
variety   of    representations    and   warranties    which   provide   general
indemnifications.  The Fund's  maximum  exposure  under  these  arrangements  is
unknown,  as this would involve  future claims that may be made against the Fund
that have not yet occurred.  However, based on experience,  the Fund expects the
risk of loss to be remote.

g) 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.

<PAGE>
                                       Notes to Financial Statements, continued
                                                               January 31, 2008

PAXWORLD 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 0.15% 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, LLC (the "Sub-Advisor"), the Advisor, from its advisory
fee,  will pay the  Sub-Advisor  an annual fee computed at the rate of 0.075% of
the Fund's average daily net assets.

Pursuant to an Administrative  Services  Agreement for the Fund, the Sub-Advisor
receives an annual fee of 0.10% of the Fund's average daily net assets.

Pursuant to Distribution and Service Plans adopted under Securities and Exchange
Commission  Rule  12b-1,  the  Fund and  Reich & Tang  Distributors,  Inc.  (the
"Distributor"),  an affiliate of the Sub-Advisor, have entered into Distribution
Agreements  (with respect to all classes) and Shareholder  Servicing  Agreements
only with  respect to the  Individual  Investor  Class and the MMA Praxis  Class
shares of the Fund. For its services under the Shareholder Servicing Agreements,
the Distributor receives from the Fund a service fee equal to 0.25% per annum of
the average daily net assets with respect only to the Individual  Investor Class
and the MMA Praxis Class shares.  There were no additional expenses borne by the
Fund pursuant to the Distribution and Service Plans.

For the year ended  January 31, 2008,  the Advisor and  Distributor  voluntarily
waived the following fees:

Advisory fees                                             $    67,703
Shareholder Servicing fees - MMA Praxis Class                  38,575
                                                          -----------
                                          Total           $   106,278
                                                          ===========

The Advisor and Distributor have no right to recoup prior fee waivers.

In addition,  although  not  required to do so, the Advisor  agreed to reimburse
class specific expenses amounting to $82,472 for the Individual Investor Class.

Directors who are  unaffiliated  with the Advisor or Sub-Advisor are paid on the
basis of  $2,000  per annum  plus  $400 per  meeting  attended  (there  are five
scheduled board meetings each year).


<PAGE>

                                       Notes to Financial Statements, continued
                                                               January 31, 2008

PAXWORLD Money Market Fund, Inc.

2. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES, continued

Included  under the  caption  "Shareholder  servicing  and  related  shareholder
expenses" are fees of $13,786 paid to Reich & Tang  Services,  Inc. an affiliate
of the Sub-Advisor as transfer agent for the Institutional  Class (the "Transfer
Agent").  Pursuant to the Transfer Agency Agreement, the Transfer Agent receives
a fee of  $17.40  per  account  per year or a  minimum  of 0.02% of the  monthly
average net assets of the  Institutional  Class of the fund.  For the year ended
January 31, 2008,  these fees amounted to an annual rate of 0.02% of the monthly
average net assets of the Institutional Class.

For the year ended January 31, 2008, the Fund had the following expense offsets:

Custodian expenses                                          $ 3,582
Shareholder servicing and related shareholder expenses           18
                                                            -------
Total                                                       $ 3,600
                                                            =======
3. CAPITAL STOCK

At  January  31,  2008,  20,000,000,000  shares of $.001 par  value  stock  were
authorized.  Transactions  in capital  stock,  all at $1.00 per  share,  were as
follows:

<TABLE>
                                               Year                  Year
                                               Ended                 Ended
                                         January 31, 2008      January 31, 2007
                                         ----------------      ----------------
INDIVIDUAL INVESTOR CLASS
-------------------------
<S>                                       <C>                    <C>
Sold................................         25,036,918            29,339,224
Issued on reinvestment of dividends.          1,483,203             1,269,619
Redeemed............................       (24,100,013)           (23,251,722)
                                         --------------        ---------------
Net increase(decrease) .............          2,420,108             7,357,121
                                         ==============        ===============
INSTITUTIONAL CLASS
-------------------
Sold................................      1,128,700,924           855,695,644
Issued on reinvestment of dividends.          2,477,900             4,080,998
Redeemed............................     (1,101,231,485)         (851,362,503)
                                         --------------        ---------------
Net increase(decrease)..............         29,947,339             8,414,139
                                         ==============        ===============
MMA PRAXIS CLASS
----------------
Sold................................         17,317,794            11,351,379
Issued on reinvestment of dividends.            866,254               580,929
Redeemed............................        (10,563,591)           (6,884,371)
                                         --------------        ---------------
Net increase(decrease)..............          7,620,457             5,047,937
                                         ==============        ===============
</TABLE>

<PAGE>
                                       Notes to Financial Statements, continued
                                                               January 31, 2008

PAXWORLD Money Market Fund, Inc.


4. TAX INFORMATION

The tax character of all  distributions  paid during the years ended January 31,
2008 and 2007 was ordinary income.

At January 31, 2008, the Fund had unused capital loss  carryforwards  of $1,456,
available for Federal income tax purposes to be applied against future gains, if
any. If not applied  against  future gains $1,170,  $152 and $134 will expire in
the years 2010, 2011 and 2015, respectively.

At January 31, 2008, the Fund had no distributable earnings.

The  Fund  has   adopted   Financial   Accounting   Standards   Board   ("FASB")
Interpretation   No.  48,   Accounting  for  Uncertainty  in  Income  Taxes,  an
interpretation of FASB Statement No. 109 ("FIN 48"). FIN 48 requires  Management
to  determine  whether a tax  position of the Fund is more likely than not to be
sustained  upon  examination  by  the  applicable  taxing  authority,  including
resolution  of  any  related  appeals  or  litigation  processes,  based  on the
technical  merits of the position.  The tax benefit to be recognized is measured
as the largest  amount of benefit that is greater than fifty  percent  likely of
being realized upon ultimate settlement which could result in the Fund recording
a tax  liability  that would  reduce net  assets.  FIN 48 must be applied to all
existing tax positions upon initial adoption and the cumulative  effect, if any,
is to be reported as an adjustment to net assets.

Based on its analysis, Management has determined that the adoption of FIN 48 did
not have an impact to the Fund's  financial  statements upon adoption.  However,
Management's  conclusions  regarding  FIN  48  may  be  subject  to  review  and
adjustment  at a later date  based on factors  including,  but not  limited  to,
further implementation guidance expected from the FASB, and on-going analyses of
tax laws, regulations and interpretations thereof.

5. NEW ACCOUNTING PRONOUNCEMENT

In September 2006, FASB issued Statement of Financial  Accounting  Standards No.
157,  Fair  Value  Measurements  ("SFAS157").   SFAS  157  defines  fair  value,
establishes a framework for measuring fair value, and expands  disclosures about
fair value  measurements.  SFAS 157 applies to reporting periods beginning after
November 15, 2007. Management is currently evaluating the impact the adoption of
SFAS 157 will have on the Fund's financial statements.

<PAGE>
<TABLE>

                                                                                           Notes to Financial Statements, continued
                                                                                                                   January 31, 2008

PAXWORLD Money Market Fund, Inc.


6. FINANCIAL HIGHLIGHTS
                                                                                                    INDIVIDUAL
                                                                                                  INVESTOR  CLASS
                                                                                ---------------------------------------------------
                                                                                                    Years Ended
                                                                                                    January 31,
                                                                                ---------------------------------------------------
                                                                                  2008       2007       2006       2005       2004
                                                                                --------   --------   --------   --------   -------
Per Share Operating Performance:
(for a share outstanding
   throughout the year)
<S>                                                                             <C>        <C>        <C>        <C>        <C>
Net asset value,
   beginning of year..........................................................  $  1.00    $  1.00    $  1.00    $  1.00    $  1.00
                                                                                --------   --------   --------   --------   -------
Income from investment operations:
   Net investment income......................................................    0.044      0.044      0.028      0.009      0.006

Net realized and unrealized gain(loss)
   on investments ............................................................    (--)      (0.000)      --         --        (--)
                                                                                --------   --------   --------   --------   --------
Total from investment operations..............................................    0.044      0.044      0.028      0.009      0.006

Less distributions from:
   Dividends from net
     investment income........................................................   (0.044)    (0.044)    (0.028)    (0.009)    (0.006)

Net realized gains on investments.............................................      --         --         --         --         --
                                                                                --------   --------   --------   --------   --------
Total distributions...........................................................   (0.044)    (0.044)    (0.028)    (0.009)    (0.006)
                                                                                --------   --------   --------   --------   --------
Net asset value, end of year..................................................  $  1.00    $  1.00    $  1.00    $  1.00    $  1.00
                                                                                ========   ========   ========   ========   ========
------------------------------------------------------------------------------------------------------------------------------------
Total Return..................................................................     4.48%      4.50%      2.81%      0.87%      0.59%
------------------------------------------------------------------------------------------------------------------------------------

Ratios/Supplemental Data

Net assets, end of year (000).................................................  $34,414    $31,993    $24,636    $21,592    $21,504

Ratios to average net assets:
   Expenses (net of fees waived and
     expenses reimbursed) (a).................................................     0.66%      0.66%      0.66%      0.65%      0.62%

   Net investment income......................................................     4.39%      4.44%      2.79%      0.87%      0.59%

   Advisory fees waived.......................................................     0.06%      0.05%      0.05%      0.09%      0.08%

   Expenses reimbursed........................................................     0.24%      0.31%      0.34%      0.36%      0.33%

   Expenses paid indirectly...................................................     0.00%      0.00%      0.00%      0.00%      0.00%


</TABLE>

(a)  Includes expenses paid indirectly


<PAGE>

<TABLE>
                                                                                           Notes to Financial Statements, continued
                                                                                                                   January 31, 2007

PAXWORLD Money Market Fund, Inc.


6. FINANCIAL HIGHLIGHTS, continued
                                                                                                    INSTITUTIONAL
                                                                                                        CLASS
                                                                                ---------------------------------------------------
                                                                                                    Years Ended
                                                                                                    January 31,
                                                                                ---------------------------------------------------
                                                                                  2008       2007       2006       2005       2004
                                                                                --------   --------   --------   --------   -------
Per Share Operating Performance:
(for a share outstanding
   throughout the year)
<S>                                                                             <C>        <C>        <C>        <C>        <C>
Net asset value,
   beginning of year..........................................................  $  1.00    $  1.00    $  1.00    $  1.00    $  1.00
                                                                                --------   --------   --------   --------   -------
Income from investment operations:
   Net investment income......................................................    0.046      0.046      0.030      0.011      0.008

Net realized and unrealized gain(loss)
   on investments ............................................................    (--)      (0.000)      --         --        (--)
                                                                                --------   --------   --------   --------   --------
Total from investment operations..............................................    0.046      0.046      0.030      0.011      0.008

Less distributions from:
   Dividends from net
     investment income........................................................   (0.046)    (0.046)    (0.030)    (0.011)    (0.008)

Net realized gains on investments.............................................      --         --         --         --         --
                                                                                --------   --------   --------   --------   --------
Total distributions...........................................................   (0.046)    (0.046)    (0.030)    (0.011)    (0.008)
                                                                                --------   --------   --------   --------   --------
Net asset value, end of year..................................................  $  1.00    $  1.00    $  1.00    $  1.00    $  1.00
                                                                                ========   ========   ========   ========   ========
------------------------------------------------------------------------------------------------------------------------------------
Total Return..................................................................     4.72%      4.75%      3.06%      1.12%      0.84%
------------------------------------------------------------------------------------------------------------------------------------

Ratios/Supplemental Data

Net assets, end of year (000).................................................  $143,912   $113,965   $105,151   $135,150   $112,704

Ratios to average net assets:
   Expenses (net of fees waived and
     expenses reimbursed) (a).................................................     0.43%      0.43%      0.41%      0.40%      0.37%

   Net investment income......................................................     4.56%      4.63%      2.99%      1.11%      0.86%

   Advisory fees waived.......................................................     0.06%      0.05%      0.05%      0.09%      0.08%

   Expenses paid indirectly...................................................     0.00%      0.00%      0.00%      0.00%      0.00%


</TABLE>

(a)  Includes expenses paid indirectly


<PAGE>
<TABLE>
                                                                                           Notes to Financial Statements, continued
                                                                                                                   January 31, 2007

PAXWORLD Money Market Fund, Inc.


6. FINANCIAL HIGHLIGHTS
                                                                                                    MMA PRAXIS
                                                                                                       CLASS
                                                                                ---------------------------------------------------
                                                                                                    Years Ended
                                                                                                    January 31,
                                                                                ---------------------------------------------------
                                                                                  2008       2007       2006       2005       2004
                                                                                --------   --------   --------   --------   -------
Per Share Operating Performance:
(for a share outstanding
   throughout the year)
<S>                                                                             <C>        <C>        <C>        <C>        <C>
Net asset value,
   beginning of year..........................................................  $  1.00    $  1.00    $  1.00    $  1.00    $  1.00
                                                                                --------   --------   --------   --------   -------
Income from investment operations:
   Net investment income......................................................    0.045      0.044      0.028      0.009      0.006

Net realized and unrealized gain(loss)
   on investments ............................................................     --       (0.000)       --         --        (--)
                                                                                --------   --------   --------   --------   -------
Total from investment operations..............................................    0.045      0.044      0.028      0.009      0.006

Less distributions from:
   Dividends from net
     investment income........................................................   (0.045)    (0.044)    (0.028)    (0.009)    (0.006)

Net realized gains on investments.............................................      --         --         --         --         --
                                                                                --------   --------   --------   --------   --------
Total distributions...........................................................   (0.045)    (0.044)    (0.028)    (0.009)    (0.006)
                                                                                --------   --------   --------   --------   --------
Net asset value, end of year..................................................  $  1.00    $  1.00    $  1.00    $  1.00    $  1.00
                                                                                ========   ========   ========   ========   ========
------------------------------------------------------------------------------------------------------------------------------------
Total Return..................................................................     4.62%      4.50%      2.87%      0.91%      0.61%
------------------------------------------------------------------------------------------------------------------------------------

Ratios/Supplemental Data

Net assets, end of year (000).................................................  $23,792    $16,172    $11,124    $11,859    $11,429

Ratios to average net assets:
   Expenses (net of fees waived and
     expenses reimbursed) (a).................................................     0.52%      0.67%      0.60%      0.60%      0.60%

   Net investment income......................................................     4.49%      4.43%      2.82%      0.88%      0.62%

   Advisory fees waived.......................................................     0.06%      0.05%      0.05%      0.09%      0.08%

Shareholder servicing
   fees waived................................................................     0.20%      0.22%      0.22%      0.21%      0.18%

   Expenses paid indirectly...................................................     0.00%      0.00%      0.00%      0.00%      0.00%


</TABLE>

(a)  Includes expenses paid indirectly


<PAGE>
                        Report of Independent Registered Public Accounting Firm

PAXWORLD Money Market Fund, Inc.


To the Board of Directors and Shareholders of
Pax World Money Market Fund, Inc.


In our opinion, the accompanying statement of assets and liabilities,  including
the schedule of  investments,  and the related  statements of operations  and of
changes  in net assets  and the  financial  highlights  present  fairly,  in all
material  respects,  the financial position of Pax World Money Market Fund, Inc.
(the "Fund") at January 31,  2008,  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 the financial highlights for each of the five years in the
period then ended, in conformity with accounting  principles  generally accepted
in the United  States of  America.  These  financial  statements  and  financial
highlights   (hereafter   referred  to  as  "financial   statements")   are  the
responsibility  of the Fund's  management;  our  responsibility is to express an
opinion on these  financial  statements  based on our audits.  We conducted  our
audits of these  financial  statements in  accordance  with the standards of the
Public Company  Accounting  Oversight  Board (United  States).  Those  standards
require that we plan and perform the audit to obtain reasonable  assurance about
whether the financial  statements  are free of material  misstatement.  An audit
includes  examining,  on a test  basis,  evidence  supporting  the  amounts  and
disclosures in the financial  statements,  assessing the  accounting  principles
used and  significant  estimates made by management,  and evaluating the overall
financial  statement  presentation.  We believe that our audits,  which included
confirmation  of  securities  at January  31,  2008 by  correspondence  with the
custodian and brokers, provide a reasonable basis for our opinion.


PricewaterhouseCoopers LLP
New York, New York
March 28, 2008

<PAGE>
                                            Additional Information, (unaudited)

PAXWORLD Money Market Fund, Inc.


ADDITIONAL INFORMATION ABOUT PORTFOLIO HOLDINGS

The Fund is required to file its complete  schedule of portfolio  holdings  with
the  Securities  and Exchange  Commission  ("SEC") on Form N-Q for its first and
third fiscal  quarters.  The Fund's Form N-Q is available  without charge on the
SEC's  website  (http://www.sec.gov)  or by calling  the Fund toll free at (800)
433-1918.  You can also obtain  copies of the Fund's  Form N-Q by  visiting  the
SEC's  Public  Reference  Room in  Washington,  DC (please call the SEC at (800)
732-0330 for information on the operation of the Public Reference Room).

INFORMATION ABOUT PROXY VOTING

Information  regarding  the Fund' proxy  voting  record for the 12 month  period
ending  June 30 of each year is filed  with the SEC on Form  N-PX no later  than
August 31 of each year. The Fund's Form N-PX is available  without charge,  upon
request,  by  calling  the  Fund at  (800)  433-1918  and on the  SEC's  website
(http://www.sec.gov).  The Fund does not presently  invest in voting  securities
and has therefore not adopted proxy voting policies and procedures.

QUALIFIED INTEREST INCOME

For the fiscal year ended January 31, 2008, the Fund  designated 83% of ordinary
distributions  paid  during the  fiscal  year that are from  qualified  interest
income to foreign shareholders.

INFORMATION ABOUT THE INVESTMENT MANAGEMENT CONTRACT

On March 11,  2008,  the Board of  Directors  approved  the  continuance  of the
Investment  Advisory  Agreement and the Sub-Advisory  Agreement.  In determining
whether to approve the continuance of the Investment  Advisory Agreement and the
Sub-Advisory Agreement, the Directors considered the following information:

   1)  The nature, extent and quality of services provided by the Adviser and
       Sub-Adviser.

The Board  reviewed in detail the nature and extent of the services  provided by
the  Adviser and  Sub-Adviser  under the terms of the  Corporation's  Investment
Advisory and Sub-Advisory  Agreement (the "Agreements") and the quality of those
services over the past year. The Board noted that the services  include managing
the investment and

<PAGE>

                                 Additional Information, (unaudited), continued
PAXWORLD Money Market Fund, Inc.


INFORMATION ABOUT THE INVESTMENT MANAGEMENT CONTRACT,
continued

reinvestment of the Corporation's assets,  including the Adviser's obligation to
screen  potential  investments  for  compliance  with the  Corporation's  social
responsibility  criteria (as  described in the  Corporation's  prospectus);  the
provision  of reports to the Board  regarding  changes  in  portfolio  holdings,
important  developments  affecting the entities whose securities are included in
the  Corporation's  portfolio,  and the money market industry and the economy in
general;  and the  compensation of all officers,  directors and employees of the
Corporation  who  are  officers  of the  Adviser  or the  Sub-Adviser  or  their
affiliates.  The Board  also  observed  that the  Sub-Adviser  provides  various
administrative  services to the Corporation  pursuant to the terms of a separate
Administrative  Services Contract and considered the nature,  extent and quality
of services  provided under that agreement as well.  The Board  evaluated  these
factors based on their direct experience with the Adviser and Sub-Adviser and in
consultation  with counsel to the  independent  directors and Fund counsel.  The
Board  concluded  that the nature and extent of the services  provided under the
Agreements  were  reasonable  and  appropriate  in relation to the  advisory and
sub-advisory  fees,  that the level of  services  provided  by the  Adviser  and
Sub-Adviser  had not  diminished  over the past  year  and that the  quality  of
services continues to be high. The Board reviewed the personnel  responsible for
providing  advisory  services to the Corporation  and concluded,  based on their
experience  and  interaction  with the Adviser  and  Sub-Adviser,  that  (i) the
Adviser and Sub-Adviser were able to retain quality portfolio managers and other
personnel;  (ii) the Adviser and Sub-Adviser exhibited a high level of diligence
and   attention   to  detail  in   carrying   out  their   respective   advisory
responsibilities  under the Agreements;  (iii) the  Adviser and Sub-Adviser were
responsive to requests of the Directors;  and (iv) the  Adviser and  Sub-Adviser
had kept the Directors apprised of developments  relating to the Corporation and
the  industry  in  general.   The  Board  also  focused  on  the  Adviser's  and
Sub-Adviser's  reputations and long-standing  relationships with the Corporation
and,  in  particular,  the  experience  of  the  Adviser  in  advising  socially
responsible  funds and the Sub-Adviser in advising money market funds. The Board
also noted the high quality of services  provided by the  Sub-Adviser  under the
Administrative Services Contract.

<PAGE>
                              Additional Information, (unaudited), continued
PAXWORLD Money Market Fund, Inc.

INFORMATION ABOUT THE INVESTMENT MANAGEMENT CONTRACT,
continued

   2)  The performance of the Corporation and the Adviser and
       Sub-Adviser.

The Board reviewed the investment  performance  of the  Corporation,  both on an
absolute  basis  and  as  compared  to  various  Lipper  peer  group  categories
("Performance  Peer Groups") for the  one-month  and one-,  three- and five-year
periods ended September 30, 2007. The Performance Peer Groups were comprised of:
(i) an  asset-based  peer group of eleven  institutional  money market funds, as
classified by Lipper;  (ii) a  competitors  class peer group,  representing  two
money market funds and one institutional  U.S.  government money market fund, as
classified by Lipper,  that are considered by the  Sub-Adviser to be competitors
of the Corporation with similar distribution channels; and (iii) a peer group of
all institutional  money market funds in the Lipper universe regardless of asset
size or primary channel of distribution. The Adviser and the Sub-Adviser advised
the Board that they do not advise or subadvise:  (i) other  funds with a similar
investment policy to the Corporation's; or (ii) other types of accounts, such as
institutional  and pension  accounts,  with a similar  investment  policy to the
Corporation's.   The  Board  used  the  Corporation's  performance  against  the
Performance  Peer Groups to provide  objective  comparative  benchmarks  against
which they could  assess the  Corporation's  performance.  The Board  considered
those  comparisons as helpful in their  assessment as to whether the Adviser and
Sub-Adviser  were obtaining for the  Corporation's  shareholders the performance
that  was  available  in the  marketplace  given  the  Corporation's  investment
objectives,  strategies,  limitations and restrictions. The Board noted that the
net and gross performance of the Corporation against all the Peer Groups was for
most  periods  poor and  discussed  with the  Sub-Adviser  the  reasons  for the
relative poor performance. In particular, the Board noted that the Corporation's
ranking against the Lipper performance universe for gross performance was in the
5th quintile for the  one-month and one- and  three-year  periods and in the 4th
quintile for the five-year period (the 1st quintile is the highest quintile).

<PAGE>
                              Additional Information, (unaudited), continued
PAXWORLD Money Market Fund, Inc.


INFORMATION ABOUT THE INVESTMENT MANAGEMENT CONTRACT,
continued

   2)  The performance of the Corporation and the Adviser and
       Sub-Adviser. continued

In  connection  with  its  assessment  of the  performance  of the  Adviser  and
Sub-Adviser,  the Board  considered the financial  condition of both the Adviser
and  Sub-Adviser  and whether they have the  resources  necessary to continue to
carry out their respective obligations under the Agreements. The Board took into
account,  in this regard,  the  payments  made by the  Sub-Adviser  from its own
resources to  securities  brokers,  banks and  financial  institutions  or other
industry  professionals or organizations whose customers are shareholders of the
Corporation  ("Participating  Organizations")  in connection  with  distribution
assistance   and   shareholder   servicing   provided   by   the   Participating
Organizations. The Board concluded that both the Adviser and Sub-Adviser had the
financial   resources   necessary  to  continue  to  perform  their   respective
obligations  under the  Agreements  and to continue to provide the high  quality
services that they had provided to the Corporation to date.

   3)  The cost of the advisory services and the profits to the Adviser
       and Sub-Adviser and its affiliates from their relationships with
       the Corporation.

In connection with the Directors' consideration of the level of the advisory and
sub-advisory fees, the Board considered a number of factors.  The Board compared
the level of the advisory  fee for the  Corporation  against the  advisory  fees
charged to funds in the Lipper  expense peer groups  ("Expense Peer Groups") and
the Corporation's combined  management-administrative fees against fees covering
both advisory and  administrative  services  charged to the funds in the Expense
Peer Groups.  The Expense Peer Groups were comprised of: (i) an asset-based peer
group of eleven  institutional  money market  funds,  as  classified  by Lipper;
(ii) a competitors class peer group, representing two money market funds and one
institutional U.S.  government money market fund, as classified by Lipper,  that
are considered by the  Sub-Adviser to be  competitors  of the  Corporation  with
similar distribution channels; and (iii) a peer group of all institutional money
market funds in the Lipper

<PAGE>
                              Additional Information, (unaudited), continued
PAXWORLD Money Market Fund, Inc.


INFORMATION ABOUT THE INVESTMENT MANAGEMENT CONTRACT,
continued

   3)  The cost of the advisory services and the profits to the Adviser
       and Sub-Adviser and its affiliates from their relationships with
       the Corporation. continued

universe (excluding outliers).  The Board also considered comparative total fund
expenses of each class of the Corporation and the Expense Peer Groups. The Board
used this  combined fee  information  and total  expense data as a guide to help
assess the  reasonableness of the Corporation's  advisory and sub-advisory fees,
although they  acknowledged  that it was  difficult to make precise  comparisons
with other funds since the exact nature of services  provided  under the Expense
Peer Group fund  agreements  is often not  apparent.  The Board also  viewed the
Expense Peer Group fee information as a whole as useful in assessing whether the
Adviser and Sub-Adviser  were providing  services at a cost that was competitive
with other,  similar funds. In assessing this information,  the Board considered
both the  comparative  contract  rates as well as the level of the advisory fees
after waivers and/or reimbursements.  The Board noted that the contract rates of
the Corporation's  advisory fees and combined fees (advisory and administrative)
were  reasonable  when  compared to the advisory  fees and combined  fees of the
Expense  Peer  Group.  The Board also noted that  neither  the  Adviser  nor the
Sub-Adviser advised or sub-advised any other registered  investment companies or
other types of accounts, such as institutional or pension accounts, with similar
investment  policies to the Corporation.  The Board concluded that the levels of
the advisory and sub-advisory fees were reasonable in light of these factors.

The Board also considered the  profitability  of the Adviser and Sub-Adviser and
the  Sub-Adviser's  affiliates  arising  out of  their  relationships  with  the
Corporation.  In this regard the Board reviewed  profitability  data relating to
the Adviser and Sub-Adviser and the Sub-Adviser's  affiliates for the year ended
December 31, 2006. In addition,  the Board reviewed a  profitability  report for
the Adviser dated October 31, 2007. The Board  considered  revenues  received by
the Adviser and Sub-Adviser  under the Agreements and by the  Sub-Adviser  under
the Administrative  Services Contract.  In reviewing the profitability  reports,
the Board discussed the  Sub-Adviser's  associated  costs and the impact of such
costs

<PAGE>
                              Additional Information, (unaudited), continued
PAXWORLD Money Market Fund, Inc.


INFORMATION ABOUT THE INVESTMENT MANAGEMENT CONTRACT,
continued

   3)  The cost of the advisory services and the profits to the Adviser
       and Sub-Adviser and its affiliates from their relationships with
       the Corporation. continued

on the net  profitability.  The Board  concluded that the  profitability  of the
Corporation to the Adviser and Sub-Adviser and the Sub-Adviser's  affiliates was
not excessive.

4) The extent to which  economies  of scale will be realized as the  Corporation
   grows and whether fee levels reflect those economies of scale.

With  respect to the Boards'  consideration  of  economies  of scale,  the Board
discussed with the Adviser and Sub-Adviser  whether  economies of scale would be
realized by them in their  management of the Corporation at higher asset levels.
The Board also discussed  with the Adviser and  Sub-Adviser  whether  certain of
their costs  would  increase if asset  levels rise and  observed  that as assets
rise, the  Sub-Adviser  and its affiliates may be required to pay increased fees
to Participating  Organizations.  The Board also reviewed the Peer Group data to
assess  whether  the  Peer  Group  funds  had  advisory  or  administrative  fee
breakpoints and, if so, at what asset levels. The Board concluded that they were
unable to assess at this time  whether  economies  of scale would be realized if
the Corporation were to experience  significant asset growth. In the event there
were  significant  asset growth in the future,  the Board determined to reassess
whether the advisory and sub-advisory fees  appropriately  took into account any
economies of scale that had been realized as a result of that growth.

   5)  Other Factors.

In addition to the above factors,  the Board  acknowledged the importance of the
ability  of  the  Sub-Adviser's  affiliate,  the  distributor,   to  market  the
Corporation  through its distribution  networks,  including its customer service
and administration system with banks and bank customers.

<PAGE>

                              Additional Information, (unaudited), continued
PAXWORLD Money Market Fund, Inc.


INFORMATION ABOUT THE INVESTMENT MANAGEMENT CONTRACT,
continued

   5)  Other Factors. continued

Based on a consideration of all these factors in their totality,  the Directors,
including all of the disinterested Directors,  determined that the Corporation's
advisory  and  sub-advisory  fees were fair and  reasonable  with respect to the
quality of services that the Adviser and Sub-Adviser provide and in light of the
other factors  described above that the Board deemed  relevant.  The Board based
their  decision  on  evaluations  of all  these  factors  as a whole and did not
consider  any one factor as  all-important  or  controlling.  The  disinterested
Directors were also assisted by the advice of independent counsel in making this
determination.







<PAGE>

                                 Additional Information, (unaudited), continued
PAXWORLD Money Market Fund, Inc.


<TABLE>

                        Directors and Officers Information
                               January 31, 2008(1)
----------------- --------- ----------- --------------- ------------ -------------

     Name,        Position(s) Term of      Principal      Number of     Other
  Address(2),     Held with Office and   Occupation(s)  Portfolios inDirectorships
    and Age          Fund    Length of    During Past   Fund Complex   held by
                               Time         5 Years      Overseen by  Director
                             Served(3)                    Director
----------------- --------- ----------- --------------- ------------ -------------
----------------------------------------------------------------------------------
Disinterested Directors:
----------------------------------------------------------------------------------
----------------- --------- ----------- --------------- ------------ -------------
<S>                <C>      <C>         <C>             <C>          <C>
Edward A.         Director  Since 2006  Certified       Director/TrusTrustee
Kuczmarski,                             Public          of eleven    of the
------------------                      Accountant &    portfolios   Empire
Age 58                                  Partner of                   Builder
                                        Hays and                     Tax Free
                                        Company LLP                  Bond
                                        since 1980.                  Fund and
                                                                     Director
                                                                     of ISI
                                                                     Funds.
----------------- --------- ----------- --------------- ------------ -------------
----------------- --------- ----------- --------------- ------------ -------------
Dr. W. Giles      Director  Since 1998  Professor       Director/TrusteeN/A
Mellon,                                 Emeritus of     of ten
Age 76                                  Business        portfolios
                                        Administration
                                        in the
                                        Graduate
                                        School of
                                        Management,
                                        Rutgers
                                        University,
                                        with which he
                                        has been
                                        associated
                                        since 1966.
----------------- --------- ----------- --------------- ------------ -------------
----------------- --------- ----------- --------------- ------------ -------------
Robert Straniere, Director  Since 1998  Owner,          Director/TrusDirector
Esq., Age 66                            Straniere Law   of ten       of Sparx
                                        Firm since      portfolios   Japan
                                        1980, NYS                    Funds
                                        Assemblyman
                                        from 1981 to
                                        2004. Partner,
                                        Hantor-Davidoff
                                        law firm since
                                        May, 2006.
                                        Partner, Gotham
                                        Global Group
                                        since June,
                                        2005.
                                        President, NYC
                                        Hot Dog Co.,
                                        since November,
                                        2005. Counsel
                                        at Fisher &
                                        Fisher from
                                        1995 to 2006.
----------------- --------- ----------- --------------- ------------ -------------
----------------- --------- ----------- --------------- ------------ -------------
Dr. Yung Wong,    Director  Since 1998  Managing        Director/TrusteeN/A
Age 69                                  Director of     of ten
                                        Abacus          portfolios
                                        Associates, an
                                        investment
                                        firm, since
                                        1996.
----------------- --------- ----------- --------------- ------------ -------------

</TABLE>

<PAGE>
                                 Additional Information, (unaudited), continued
PAXWORLD Money Market Fund, Inc.

<TABLE>

                          Directors and Officers Information
                                    January 31, 2008(1)
----------------- ---------- ----------- -------------- ------------ ----------
     Name,        Position(s)  Term of     Principal      Number of    Other
  Address(2),    Held with Office and  Occupation(s)  Portfolios inDirectorships
    and Age          Fund     Length of   During Past   Fund Complex  held by
                                Time        5 Years      Overseen by  Director
                              Served(3)                   Director
----------------- ---------- ----------- -------------- ------------ ----------
-------------------------------------------------------------------------------
Interested Director/Officers:
-------------------------------------------------------------------------------
----------------- ---------- ----------- -------------- ------------ ----------
<S>                <C>      <C>         <C>             <C>          <C>
Steven W. Duff,   Director4  Since 1997  President and  Director/TrusteNone
Age 54                                   Chief          and/or
                                         Executive      Officer of
                                         Officer of     eighteen
                                         Reich & Tang   portfolios
                                         Asset
                                         Management,
                                         LLC ("RTAM,
                                         LLC"), a
                                         registered
                                         Investment
                                         Advisor and
                                         Chief
                                         Investment
                                         Officer of
                                         the Mutual
                                         Funds
                                         Division of
                                         RTAM, LLC.
                                         Associated
                                         with RTAM,
                                         LLC since
                                         1994.  Mr.
                                         Duff is also
                                         Director/Trustee
                                         of seven
                                         other funds
                                         in the Reich
                                         & Tang Fund
                                         Complex.
                                         Prior to
                                         December 2007
                                         Mr. Duff was
                                         President of
                                         the Fund and
                                         President and
                                         Director/Trustee
                                         of nine other
                                         funds in the
                                         Reich & Tang
                                         Fund Complex,
                                         Principal
                                         Executive
                                         Officer of
                                         Delafield
                                         Fund, Inc.,
                                         and President
                                         and Chief
                                         Executive
                                         Officer of
                                         Tax Exempt
                                         Proceeds
                                         Fund, Inc.
                                         Mr. Duff also
                                         serves as a
                                         Director of
                                         Reich & Tang
                                         Services,
                                         Inc. and
                                         Director,
                                         Chief
                                         Executive
                                         Officer and
                                         President of
                                         Reich & Tang
                                         Distributors,
                                         Inc.
----------------- ---------- ----------- -------------- ------------ ----------
</TABLE>

<PAGE>
                                 Additional Information, (unaudited), continued
PAXWORLD Money Market Fund, Inc.

<TABLE>

                   Directors and Officers Information
                            January 31, 2008(1)
----------------- ---------- ----------- -------------- ------------ ------------
     Name,        Position(s)  Term of     Principal       Number of    Other
   Address2,     Held with Office and  Occupation(s)  Portfolios inDirectorships
    and Age          Fund     Length of   During Past   Fund Complex   held by
                                Time        5 Years      Overseen by   Director
                               Served3                    Director
----------------- ---------- ----------- -------------- ------------ ------------
---------------------------------------------------------------------------------
Interested Director/Officers:
---------------------------------------------------------------------------------
----------------- ---------- ----------- -------------- ------------ ------------
<S>                <C>      <C>         <C>             <C>          <C>
                  Director(4)Since 2007  President
Michael P. Lydon,                        and Chief      Director/Trustee N/A
Age 44            Vice       2005 -      Executive        of nine
                  President     2007     Officer of     portfolios
                                         the Mutual
                                         Funds
                                         division of
                                         RTAM, LLC
                                         and
                                         Executive
                                         Vice
                                         President of
                                         RTAM, LLC.
                                         Associated
                                         with RTAM,
                                         LLC since
                                         January
                                         2005.  Mr.
                                         Lydon was
                                         Vice
                                         President at
                                         Automatic
                                         Data
                                         Processing
                                         from July
                                         2000 to
                                         December
                                         2004.  Mr.
                                         Lydon is
                                         also
                                         President
                                         and Director
                                         of four
                                         other funds
                                         in the Reich
                                         & Tang Fund
                                         Complex,
                                         President of
                                         New York
                                         Daily Tax
                                         Free Income
                                         Fund, Inc.,
                                         Director of
                                         PAX World
                                         Money Market
                                         Fund, Inc.,
                                         Principal
                                         Executive
                                         Officer of
                                         Delafield
                                         Fund, Inc.,
                                         and
                                         President
                                         and Chief
                                         Executive
                                         Officer of
                                         Tax Exempt
                                         Proceeds
                                         Fund, Inc.
                                         Mr. Lydon
                                         also serves
                                         as President
                                         and Chief
                                         Executive
                                         Officer of
                                         Reich & Tang
                                         Services,
                                         Inc.  Prior
                                         to 2007, Mr.
                                         Lydon was
                                         Vice
                                         President of
                                         twelve Funds
                                         in the Reich
                                         & Tang Fund
                                         Complex.
----------------- ---------- ----------- -------------- ------------ ------------
</TABLE>

<PAGE>

                                 Additional Information, (unaudited), continued
PAXWORLD Money Market Fund, Inc.

<TABLE>
                     Directors and Officers Information
                            January 31, 2008(1)
----------------- ---------- ----------- -------------- ------------ ----------
     Name,        Position(s)  Term of     Principal      Number of    Other
  Address(2),    Held with Office and  Occupation(s)  Portfolios inDirectorships
    and Age          Fund     Length of   During Past   Fund Complex  held by
                                Time        5 Years      Overseen by  Director
                              Served(3)                   Director
----------------- ---------- ----------- -------------- ------------ ----------
-------------------------------------------------------------------------------
Interested Director/Officers:
-------------------------------------------------------------------------------
----------------- ---------- ----------- -------------- ------------ ----------
<S>                <C>      <C>         <C>             <C>          <C>
                                          Vice
Christopher       Chief      Since 2007   President,        N/A         N/A
Brancazio,        Compliance              Chief
Age 42            Officer                 Compliance
                                          Officer and
                                          AML Officer
                                          of RTAM,
                                          LLC since
                                          September
                                          2007. Mr.
                                          Brancazio
                                          is also
                                          Chief
                                          Compliance
                                          Officer of
                                          eight other
                                          funds in
                                          the Reich &
                                          Tang Fund
                                          Complex.
                                          From
                                          February
                                          2007 to
                                          August
                                          2007, Mr.
                                          Brancazio
                                          was a
                                          Compliance
                                          Officer at
                                          Bank of New
                                          York Asset
                                          Management.
                                          From March
                                          2002 to
                                          February
                                          2007 Mr.
                                          Brancazio
                                          served as
                                          Vice
                                          President,
                                          Chief
                                          Compliance
                                          Officer,
                                          and AML
                                          Officer of
                                          Trainer
                                          Wortham &
                                          Co. Inc.,
                                          and the
                                          Trainer
                                          Wortham
                                          Mutual
                                          Funds.  Mr.
                                          Brancazio
                                          also serves
                                          as Vice
                                          President,
                                          Chief
                                          Compliance
                                          Officer and
                                          AML Officer
                                          of Reich &
                                          Tang
                                          Services,
                                          Inc. and
                                          Reich &
                                          Tang
                                          Distributors,
                                          Inc.
----------------- ---------- ----------- -------------- ------------ ----------

</TABLE>


<PAGE>
                                 Additional Information, (unaudited), continued
PAXWORLD Money Market Fund, Inc.

<TABLE>
                     Directors and Officers Information
                             January 31, 2008(1)
---------------- --------- ----------- ------------------ ----------- -----------

     Name,       Position(s) Term of       Principal       Number of     Other
   Address2,   Held with Office and    Occupation(s)     Portfolios Directorships
    and Age         Fund    Length of     During Past          in       held by
                              Time          5 Years       Fund Complex Director
                             Served3                      Overseen by
                                                            Director
---------------- --------- ----------- ------------------ ----------- -----------
---------------------------------------------------------------------------------
Interested Director/Officers:
---------------------------------------------------------------------------------
---------------- --------- ----------- ------------------ ----------- -----------
<S>                <C>      <C>         <C>             <C>          <C>
Richard De       Vice      Since 2005  Chief Operating       N/A         N/A
Sanctis,         President             Officer and
Age 51                                 Executive Vice
                                       President of RTAM
                                       LLC and Reich &
                                       Tang Services,
                                       Inc.  Associated
                                       with RTAM, LLC
                                       since 1990.  Mr.
                                       De Sanctis is
                                       Vice President of
                                       nine funds in the
                                       Reich & Tang Fund
                                       Complex, and
                                       serves as
                                       Executive Vice
                                       President and
                                       Chief Financial
                                       Officer of Reich
                                       & Tang
                                       Distributors,
                                       Inc.  Prior to
                                       December 2004,
                                       Mr. De Sanctis
                                       was Treasurer and
                                       Assistant
                                       Secretary of
                                       eleven funds in
                                       the Reich & Tang
                                       Fund Complex and
                                       Vice President,
                                       Treasurer and
                                       Assistant
                                       Secretary of
                                       Cortland Trust,
                                       Inc.
---------------- --------- ----------- ------------------ ----------- -----------
---------------- --------- ----------- ------------------ ----------- -----------

Joseph F. Keefe, President Since 2006  Chief Executive       N/A         N/A
Age 54,                                Officer and
30 Penhallow                           President of
St.,                                   the Pax World
Suite 400,                             Management
Portsmouth, NH                         Corp. ("the
03801                                  Advisor").
                                       Director, CEO
                                       and President
                                       (since 2006 and
                                       Senior Vice
                                       President
                                       (2005-2006)) of
                                       Pax World
                                       Balanced Fund,
                                       Pax World
                                       Growth Fund and
                                       Pax World High
                                       Yield Fund;
                                       President of
                                       New Circle
                                       Communications
                                       LLC
                                       (2000-2005);
                                       Co-Chair of the
                                       Carbon
                                       Coalition
                                       (2003-pesent);
                                       member of the
                                       Boards of
                                       Directors of On
                                       Belay
                                       (2006-present),
                                       Americans for
                                       Campaign Reform
                                       (2003-present),
                                       and Social
                                       Investment
                                       Forum (2000 -
                                       2006).
---------------- --------- ----------- ------------------ ----------- -----------
</TABLE>

<PAGE>

                                 Additional Information, (unaudited), continued
PAXWORLD Money Market Fund, Inc.

<TABLE>


                        Directors and Officers Information
                               January 31, 2008(1)
----------------- ---------- ----------- -------------- ------------ ------------
      Name,       Position(s)  Term of     Principal      Number of     Other
   Address(2),   Held with  Office and Occupation(s)  Portfolios inDirectorships
     and Age         Fund     Length of   During Past   Fund Complex   held by
                                 Time       5 Years      Overseen by   Director
                              Served(3)                   Director
----------------- ---------- ----------- -------------- ------------ ------------
---------------------------------------------------------------------------------
Interested Director/Officers:
---------------------------------------------------------------------------------
----------------- ---------- ----------- -------------- ------------ ------------
<S>                <C>      <C>         <C>             <C>          <C>
Christine Manna,  Secretary  Since 2007  Vice               N/A          N/A
Age 37                                   President
                                         and
                                         Secretary of
                                         RTAM, LLC.
                                         Ms. Manna is
                                         also
                                         Secretary of
                                         eight other
                                         funds in the
                                         Reich & Tang
                                         Complex. Ms.
                                         Manna has
                                         been
                                         associated
                                         with RTAM,
                                         LLC and its
                                         predecessors
                                         since June
                                         1995. Ms.
                                         Manna is
                                         also a Vice
                                         President of
                                         Reich & Tang
                                         Services,
                                         Inc. and
                                         Reich & Tang
                                         Distributors,
                                         Inc.
----------------- ---------- ----------- -------------- ------------ ------------
----------------- ---------- ----------- -------------- ------------ ------------
Anthony Pace,     Treasurer  Since 2004  Vice               N/A          N/A
Age 42            and                    President of
                  Assistant              RTAM, LLC
                  Secretary              since
                                         September
                                         2004.  Mr.
                                         Pace was a
                                         Director of a
                                         Client
                                         Service Group
                                         at GlobeOp
                                         Financial
                                         Services,
                                         Inc. from May
                                         2002 to
                                         August 2004
                                         and
                                         Controller/Director
                                         of Mutual
                                         Fund
                                         Administration
                                         for Smith
                                         Barney Funds
                                         Management
                                         LLC and
                                         Salomon
                                         Brothers
                                         Asset
                                         Management
                                         Inc. from
                                         1998 to May
                                         2002.  Mr.
                                         Pace is also
                                         Treasurer and
                                         Assistant
                                         Secretary of
                                         eight other
                                         funds in the
                                         Reich & Tang
                                         Fund Complex.
----------------- ---------- ----------- -------------- ------------ ------------
</TABLE>

<PAGE>
                                 Additional Information, (unaudited), continued
PAXWORLD Money Market Fund, Inc.

<TABLE>

                       Directors and Officers Information
                                 January 31, 2008(1)
----------------- --------- ----------- --------------- ------------- -----------
     Name,        Position(s) Term of      Principal      Number of      Other
  Address(2),     Held with Office and   Occupation(s)  Portfolios in Directorships
    and Age          Fund    Length of    During Past    Fund Complex   held by
                               Time         5 Years      Overseen by   Director
                             Served(3)                     Director
----------------- --------- ----------- --------------- ------------- -----------
---------------------------------------------------------------------------------
Interested Director/Officers:
---------------------------------------------------------------------------------
----------------- --------- ----------- --------------- ------------- -----------
<S>                <C>      <C>         <C>             <C>          <C>
Robert Rickard,   Vice      Since 2007  Senior Vice         N/A          N/A
Age 38            President             President of
                                        RTAM LLC.
                                        Associated
                                        with RTAM,
                                        LLC since
                                        December
                                        1991. Mr.
                                        Rickard is
                                        also Vice
                                        President of
                                        eight other
                                        funds in the
                                        Reich & Tang
                                        Fund Complex.
----------------- --------- ----------- --------------- ------------- -----------
----------------- --------- ----------- --------------- ------------- -----------
Laurence A.       Executive Since 1998  Chairman of         N/A          N/A
Shadek,           Vice                  the Board of
Age 58            President             the Advisor
14 Wall Street,                         since 1996 and
New York, NY                            Executive Vice
10005,                                  President of
                                        H.G.
                                        Wellington &
                                        Co., Inc.
                                        since 1986.
                                        Chairman of
                                        the Board of
                                        the Pax World
                                        Balanced Fund
                                        (1996-2006),
                                        Pax World
                                        Growth Fund
                                        (1997-2006),
                                        and High Yield
                                        Fund
                                        (1999-2006).
                                        Member of the
                                        Board of
                                        Trustees of
                                        Franklin &
                                        Marshall
                                        College
                                        (1998-present).
----------------- --------- ----------- --------------- ------------- -----------
</TABLE>

1 The Statement of Additional  Information includes additional information about
  Pax World  Money Market  Fund,  Inc. (the  "Fund")  directors/officers  and is
  available, without charge,upon request by calling the Fund's transfer agent at
  (800) 433-1918.

2 With the  exception of Mr. Keefe and Mr. Shadek, the address for  each of  the
  above directors/officers of  the Fund  is Reich & Tang  Asset Management, LLC,
  600 Fifth Avenue, New York, NY 10020.

3 Each Director  will hold  office  for an indefinite term until the earliest of
  (i) the next meeting  of  shareholders, if  any, called  for  the  purpose  of
  considering the election or reelection of such Director and until the election
  and qualification of his or her successor, if any, elected at such meeting, or
  (ii) the date a Director  resigns or  retires, or a Director is removed by the
  Board of Directors or shareholders, in  accordance with the Fund's Articles of
  Incorporation, as amended, and Amended and Restated By-Laws. Each officer will
  hold office for an indefinite term until the date he or she resigns or retires
  or until his/her successor is elected and qualifies.

4 Steven W. Duff  and Michael P. Lydon are deemed interested persons of the Fund
  due to their  affiliation  with Reich & Tang Asset Management, LLC, the Fund's
  investment sub-advisor.


<PAGE>

                        Account Options and Services*

At Pax World, we are pleased to offer a variety of account options and
shareholder services to help meet your investment needs.

<TABLE>

<S>                                             <C>
TYPES OF ACCOUNTS                               SERVICES
Regular Accounts: Individual, business          Automatic Investment Plan: You may
and trust accounts are available for all        arrange to have a fixed amount deducted
Pax World Funds.                                from your checking or savings account
                                                and invested in your Pax World account
Traditional IRA: Certain individuals can        on a monthly or quarterly basis.
make tax-deductible contributions to this       Automatic investment plans do not assure
account. Taxes are paid only when funds         a profit and do not protect against loss
are withdrawn, usually in retirement, when      in declining markets.
investors may be in a lower tax bracket.
                                                Voluntary Withdrawal Plan: This plan
Roth IRA: Contributions to a Roth IRA are       makes it possible for investors to receive
not deductible, but after five years some       a monthly check from their Pax World
types of withdrawals are tax-free.              account.  This plan requires a minimum
                                                investment of $10,000.
SIMPLE IRA: This is an easy-to-maintain
retirement plan designed for small              Online Account Accesss: Utilizing a
businesses of up to 100 employees.              unique ID number and PIN, you can access
                                                your Pax World account(s) online to review
SEP IRA: This is an employer-funded             your account balances or histories;
retirement plan popular with small              purchase or redeem fund shares; or make
businesses and self-employed persons.           exchanges between different Pax World
                                                Funds.
Education Savings Account & Uniform Gift
to Minors Account (UGMA): These plans           www.paxworld.com: Learn all about Pax
provide excellent ways to save for a            World through our web site! You can check
child's education.                              Fund performance, read about our portfolio
                                                managers, view Connection - our quarterly
403(b)(7) Pension Plan: This plan is            newsletter, and see how Pax World voted
available to persons employed by                on various proxies for the companies in
non-profit organizations.                       our portfolios.

</TABLE>

Please  note that the  information  contained  herein  does not  constitute  tax
advice. Always consult your tax advisor before making any tax-related investment
decisions.

*This  report is intended for  shareholders  of the Pax World Money Market Fund,
Inc.  only,  and is not  authorized  for  distribution  to other persons  unless
accompanied or preceded by a prospectus.  Please consider the Fund's  investment
objectives,  risks and charges and  expenses  carefully  before  investing.  The
Fund's  prospectuses  contain this and other information about the Funds and may
be  obtained by calling  800.767.1729,  emailing  info@paxworld.com  or visiting
www.paxworld.com.   The   performance   data  quoted  herein   represents   past
performance,  which does not guarantee  future  results.  Investment  return and
principal  value of an investment  will fluctuate so that an investor's  shares,
when redeemed,  may be worth more of less than their original cost. In addition,
current  performance  may be lower or higher  than the  performance  data quoted
herein.  For  more  recent  month-end  performance   information,   please  call
800.767.1729 or visit www.paxworld.com.  Distributor: Reich & Tang Distributors,
Inc. Member of FINRA (2/08).



<PAGE>







             PAX
-----------------------------


     PAX WORLD MUTUAL FUNDS

     P.O. BOX 9824
     PROVIDENCE, RI  02940
     800.767.1729



     WWW.PAXWORLD.COM
     INFO@PAXWORLD.COM



<PAGE>
ITEM 2:    CODE OF ETHICS

The registrant has adopted a Code of Ethics applicable to its Principal
Executive and Senior Financial Officers.

ITEM 3:    AUDIT COMMITTEE FINANCIAL EXPERT

The registrant's Board of Directors has determined that there is an audit
committee financial expert serving on its audit committee, Edward A. Kuczmarski,
who is "independent," as defined in the instructions to this Item.

ITEM 4:    PRINCIPAL ACCOUNTANT FEES AND SERVICES
<TABLE>
<CAPTION>
                                    FYE 1/31/2008                  FYE 1/31/2007
<S>                                 <C>                            <C>

4(a)     Audit Fees                 $31,000                        $29,000
4(b)     Audit Related Fees         $     0                        $     0
4(c)     Tax Fees                   $ 4,000                        $ 3,750
4(d)     All Other Fees             $     0                        $     0
</TABLE>

4(e)(1) The audit committee has adopted pre-approval policies and procedures
whereby the audit committee has pre-approved the provision of certain enumerated
tax services to the registrant by the registrant's principal accountant to the
extent the fee is less than $5,000 per occurrence.

4(e)(2) None

4(f) Not applicable.

4(g) $4,000 and $52,950, respectively, were the amount of non-audit fees that
were billed by the registrant's accountant for services rendered to (i) the
registrant, and (ii) the registrant's investment adviser and any control person
of the adviser that provides ongoing services to the registrant for the fiscal
year ended January 31, 2008. $3,750 and $49,500, respectively, were the amount
of non-audit fees that were billed by the registrant's accountant for services
rendered to (i) the registrant, and (ii) the registrant's investment adviser and
any control person of the adviser that provides ongoing services to the
registrant for the fiscal year ended January 31, 2007.

4(h) The registrant's audit committee has considered whether its principal
accountant's provision of non-audit services that were rendered to the
registrant's investment adviser, and any control persons of the investment
adviser that provides ongoing services to the registrant, that were not
pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is
compatible with maintaining the principal accountant's independence.

ITEM 5:    AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6:    SCHEDULE OF INVESTMENTS

Schedule of Investments in securities of unaffiliated issuers is included under
Item 1.
<PAGE>

ITEM 7:    DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8:    PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENTRS
COMPANY AND AFFILIATED PURCHASE

Not applicable.

ITEM 9:    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There were no material changes to the procedures by which shareholders may
recommend nominees to the registrant's board of directors that were implemented
after the registrant last provided disclosure in response to the requirements of
Item 7(d)(2)(ii)(G) of Schedule 14A, or this Item 9.

ITEM 10:   CONTROLS AND PROCEDURES

(a)      The registrant's Principal Executive Officer and Principal Financial
         Officer have evaluated the design and operation of the registrant's
         disclosure controls and procedures within 90 days of this filing and
         have concluded that the registrant's disclosure controls and procedures
         were effective in ensuring that information required to be disclosed by
         the registrant in this Form N-CSR was recorded, processed, summarized
         and reported on a timely basis.

(b)      There were no changes in the registrant's internal controls over
         financial reporting that occurred during the registrants second fiscal
         quarter of the period covered by this report that have materially
         affected, or are reasonably likely to affect, the registrant's internal
         controls over financial reporting.

ITEM 11:   EXHIBITS

(a)(1)   Code of Ethics.

(a)(2)   Certifications of Principal Executive Officer and Principal Financial
         Officer, under Rule 30a-2 of the Investment Company Act of 1940.


(a)(3)   Not applicable.

(b)      Certifications of Principal Executive Officer and Principal Financial
         Officer, under Section 906 of the Sarbanes-Oxley Act of 2002 and 18
         U.S.C. ss.1350.
<PAGE>
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Pax World Money Market Fund, Inc.

 By (Signature and Title)*    /s/Christine Manna
                                 Christine Manna, Secretary
Date: April 9, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By (Signature and Title)*     /s/Joseph F. Keefe
                                 Joseph F. Keefe, Principal Executive Officer
Date: April 9, 2008

By (Signature and Title)*     /s/Anthony Pace
                                 Anthony Pace, Treasurer
Date: April 9, 2008

* Print the name and title of each signing officer under his or her signature.