August 10, 1995
SUPPLEMENT TO
MANAGEMENT AND
INVESTMENT COUNSEL
SECTION CONTAINED IN
PROSPECTUS DATED
OCTOBER 31, 1994
David L. Babson Growth Fund, Inc.
D. L. Babson Money Market Fund, Inc.
D. L. Babson Tax-Free Income Fund, Inc.
Shadow Stock Fund, Inc.
On June 30, 1995, David L. Babson & Co. Inc.,
the investment counsel, became a wholly-owned
subsidiary of Massachusetts Mutual Life
Insurance Company, a leading provider of
individual life insurance. annuities, employee
group life, health, pension and investment
services headquartered in Springfield,
Massachusetts. There were no changes to the
personnel of David L. Babson & Co. Inc. and no
changes in the investment policies or operations
of the Funds.
Jones & Babson, Inc. remains a wholly owned
subsidiary of Business Men's Assurance Co.
with no changes in ownership, and will continue
to act as manager to the Funds with no changes
in personnel or portfolio investment methods.
The Funds' directors and shareholders have
approved a new management agreement
between the Funds and Jones & Babson as well
as a new investment counsel agreement between
Jones & Babson and David L. Babson & Co.
There are no fee changes in either agreement.
