BABSON
Money
Market
FUND
Annual Report
June 30, 1996
JONES & BABSON
MUTUAL FUNDS
MESSAGE
To Our Shareholders
The decline in interest rates that began in the early part of 1995
continued into the start of 1996 as the economy slowed in response to
the tightening of monetary policy begun by the Federal Reserve in 1994.
The drop in rates culminated at the end of January when the Fed lowered
its target for the Federal Funds rate by one-quarter of a percent to
5.25%. At that time, the economy was very weak, due to the severe winter
weather that much of the country withstood. A strike against General
Motors had also reduced reported economic activity, and many economists
were fearing an imminent recession.
Against this backdrop, yields on three-month Treasury bills had fallen
to 4.90% while the yields on one year bills dropped to 4.84%. This
Onegative yield curveO illustrated how investors expected continued
economic weakness and further declines in interest rates.
As the weather improved, so did the economy. Employment and production
showed consistently strong monthly gains. Analysts began to worry that
the economy would start to overheat, and some interest rates soared one
full percent in anticipation of a tightening of monetary policy. As of
this writing, the Fed still has not acted to lift the short-term
interest rates that it controls. It believes that the increase in longer-
term market rates will be sufficient to restrain the economy enough so
that inflation does not build a head of steam.
The seven-day yield for the Fund's Federal Portfolio was 4.35% and the
Prime Portfolio was 4.49%, as of June 30, 1996. These figures increased
to 4.44% and 4.59%, respectively, for those shareholders who reinvested
their dividends.
Money market funds are neither insured nor guaranteed by the U.S.
Government. There is no assurance that the fund will maintain a stable
net asset value of one dollar per share.
As this past year has shown, no one can predict the course of interest
rates. No matter what path rates take, we believe that our policy of
focusing on quality and liquidity without the use of derivatives should
continue to serve our shareholders well. We appreciate your continued
interest in Babson Money Market Fund.
Sincerely,
/s/Larry D. Armel
Larry D. Armel
President
STATEMENT OF NET ASSETS
June 30, 1996
PRIME PORTFOLIO
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT COST VALUE
</CAPTION>
<S> <C> <C> <C>
BANKERS ACCEPTANCES 4.38%
Republic National Bank - New York,
5.23%, due September 5, 1996 $ 1,600,000 $ 1,573,966 $ 1,573,966
SHORT-TERM CORPORATE NOTES 67.54%
AIG Funding, Incorporated,
5.25%, due July 31, 1996 1,700,000 1,642,236 1,642,236
Amoco Corporation,
5.26%, due July 25, 1996 1,700,000 1,688,077 1,688,077
Anheuser-Busch Companies, Incorporated,
5.28%, due November 7, 1996 1,700,000 1,654,621 1,654,621
duPont (E.I.) deNemours & Company,
5.27%, due August 5, 1996 1,700,000 1,684,820 1,684,820
IBM Corporation,
5.30%, due July 17, 1996 1,700,000 1,689,488 1,689,488
J.P. Morgan & Company, Incorporated,
4.95%, due September 6, 1996 1,700,000 1,656,990 1,656,990
Motorola, Incorporated,
5.23%, due August 12, 1996 1,700,000 1,678,514 1,678,514
Pacific Bell Telephone,
5.45%, due July 1, 1996 1,700,000 1,699,228 1,699,228
PepsiCo, Incorporated,
5.25%, due August 14, 1996 1,700,000 1,669,258 1,669,258
Procter & Gamble Company,
5.25%, due August 28, 1996 1,700,000 1,677,192 1,677,192
Raytheon Company,
5.29%, due July 8, 1996 1,700,000 1,692,256 1,692,256
Sonoco Products Company,
5.30%, due July 9, 1996 1,000,000 990,872 990,872
Toys ORO Us, Incorporated,
5.27%, due July 8, 1996 1,700,000 1,692,285 1,692,285
Transamerica Finance Corporation,
4.80%, due August 13, 1996 700,000 683,293 683,293
Weyerhauser Company,
5.29%, due August 29, 1996 1,700,000 1,679,016 1,679,016
WXM Technologies Incorporated,
4.77%, due November 1, 1996 800,000 772,122 772,122
24,600,000 24,250,268 24,250,268
GOVERNMENT SPONSORED ENTERPRISES 5.34%
Federal Farm Credit Banks Discount Notes,
4.69%, due October 16, 1996 1,000,000 968,864 968,864
Federal Home Loan Banks Discount Notes,
5.22%, due October 28, 1996 1,000,000 947,800 947,800
2,000,000 1,916,664 1,916,664
REPURCHASE AGREEMENT 21.34%
Morgan Guaranty Trust Company, 5.35%,
due July 1, 1996
(Collateralized by U.S.
Treasury Notes, 7.25%,
due May 15, 2016) 7,661,000 7,661,000 7,661,000
TOTAL INVESTMENTS 98.60% $ 35,401,898 35,401,898
Other assets less liabilities 1.40% 503,622
TOTAL NET ASSETS 100.00%
(equivalent to $1.00 per share;
1,000,000,000 shares of $0.01
par value capital shares authorized;
35,900,523 shares outstanding) $ 35,905,520
</TABLE>
For federal income tax purposes,
the identified cost of investments
owned at June 30, 1996 was $35,401,898.
See accompanying Notes to Financial Statements.
STATEMENT OF NET ASSETS
June 30, 1996
FEDERAL PORTFOLIO
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT COST VALUE
</CAPTION>
<S> <C> <C> <C>
GOVERNMENT SPONSORED ENTERPRISES 85.96%
Federal Farm Credit Banks Discount Notes,
5.30%, due July 8, 1996 $ 2,000,000 $ 1,997,056 $ 1,997,056
Federal Farm Credit Banks Discount Notes,
5.18%, due September 19, 1996 350,000 341,237 341,237
Federal Home Loan Banks Discount Notes,
5.05%, due July 15, 1996 500,000 487,024 487,024
Federal Home Loan Banks Discount Notes,
5.14%, due September 18, 1996 150,000 146,231 146,231
Federal Home Loan Banks Discount Notes,
5.13%, due September 30, 1996 750,000 732,366 732,366
Federal Home Loan Banks Discount Notes,
5.22%, due October 28, 1996 200,000 189,560 189,560
Federal Home Loan Banks Discount Notes,
5.27%, due February 4, 1997 200,000 192,300 192,300
Federal Home Loan Mortgage Corporation
Discount Notes,
5.26%, due July 1, 1996 1,952,000 1,950,289 1,950,289
Federal Home Loan Mortgage Corporation
Discount Notes,
5.20%, due July 12, 1996 900,000 888,170 888,170
Federal Home Loan Mortgage Corporation
Discount Notes,
5.22%, due October 22, 1996 500,000 487,965 487,965
Federal National Mortgage Association
Discount Notes,
5.23%, due July 16, 1996 560,000 555,037 555,037
Federal National Mortgage Association
Discount Notes,
4.75%, due August 16, 1996 400,000 390,394 390,394
Federal National Mortgage Association
Discount Notes,
5.28%, due December 6, 1996 500,000 486,580 486,580
8,962,000 8,844,209 8,844,209
REPURCHASE AGREEMENT 13.22%
Morgan Guaranty Trust Company,
5.35%, due July 1, 1996
(Collateralized by U.S. Treasury
Notes, 7.25%, due May 15, 2016) 1,360,000 1,360,000 1,360,000
TOTAL INVESTMENTS 99.18% $ 10,204,209 10,204,209
Other assets less liabilities 0.82% 84,525
TOTAL NET ASSETS 100.00%
(equivalent to $1.00 per share;
1,000,000,000 shares of $0.01 par value
capital shares authorized;
10,288,115 shares outstanding) $ 10,288,734
</TABLE>
For federal income tax purposes,
the identified cost of investments owned at
June 30, 1996 was $10,204,209.
See accompanying Notes to Financial Statements.
STATEMENT OF ASSETS
AND LIABILITIES
June 30, 1996
PRIME FEDERAL
PORTFOLIO PORTFOLIO
ASSETS:
Investment securities, at market value
(identified cost of $35,401,898
and $10,204,209, respectively) $ 35,401,898 $ 10,204,209
Cash 254,750 20,820
Interest receivable 264,704 63,720
Total assets 35,921,352 10,288,749
LIABILITIES AND NET ASSETS:
Payable to shareholders 15,832 15
Total liabilities 15,832 15
NET ASSETS $ 35,905,520 $ 10,288,734
NET ASSETS CONSIST OF:
Capital (capital stock and
paid-in capital) $ 35,917,080 $ 10,288,794
Accumulated net realized
loss on investments (11,560) (60)
NET ASSETS APPLICABLE TO OUTSTANDING SHARES $ 35,905,520 $ 10,288,734
Capital shares, $0.01 par value
Authorized 1,000,000,000 1,000,000,000
Outstanding 35,900,523 10,288,115
NET ASSET VALUE PER SHARE $ 1.00 $ 1.00
See accompanying Notes to Financial Statements.
STATEMENT OF OPERATIONS
Year Ended June 30, 1996
PRIME FEDERAL
PORTFOLIO PORTFOLIO
INVESTMENT INCOME:
Income:
Interest $ 2,149,808 $ 546,836
Expenses:
Management fees (Note 3) 323,352 83,367
Registration fees and other expenses 25,342 6,068
348,694 89,435
Net investment income 1,801,114 457,401
REALIZED GAIN ON INVESTMENTS (Note 1):
Realized gain from investment transactions:
Proceeds from sales
of investments 1,983,165,395 688,005,775
Cost of investments sold 1,983,165,395 688,005,775
Net realized gain from
investment transactions - -
Increase in net assets
resulting from operations $ 1,801,114 $ 457,401
See accompanying Notes to Financial Statements.
STATEMENTS OF CHANGES
IN NET ASSETS
For The Two Years Ended June 30, 1996
PRIME FEDERAL
PORTFOLIO PORTFOLIO
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income $ 1,901,675 $ 431,984
Net realized loss from
investment transactions (6,722) (50)
Net increase in net assets
resulting from operations 1,894,953 431,934
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (1,901,675) (431,984)
DECREASE FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares
sold ($1.00 per share) 38,007,450 8,173,682
Net asset value of shares issued
for reinvestment of
distributions ($1.00 per share) 1,735,407 409,010
39,742,857 8,582,692
Cost of shares redeemed
($1.00 per share) (42,628,667) (9,193,077)
Net decrease from capital
share transactions (2,885,810) (610,385)
Total decrease in net assets (2,892,532) (610,435)
NET ASSETS June 30, 1994 42,783,767 10,263,064
NET ASSETS June 30, 1995 $ 39,891,235 $ 9,652,629
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income $ 1,801,114 $ 457,401
Net realized gain from
investment transactions - -
Net increase in net assets
resulting from operations 1,801,114 457,401
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (1,801,114) (457,401)
INCREASE (DECREASE) FROM CAPITAL
SHARE TRANSACTIONS:
Proceeds from shares
sold ($1.00 per share) 47,783,750 9,267,672
Net asset value of shares
issued for reinvestment of
distributions ($1.00 per share) 1,660,736 437,686
49,444,486 9,705,358
Cost of shares redeemed
($1.00 per share) (53,430,201) (9,069,253)
Net increase (decrease)
from capital share transactions (3,985,715) 636,105
Total increase (decrease)
in net assets (3,985,715) 636,105
NET ASSETS June 30, 1995 39,891,235 9,652,629
NET ASSETS June 30, 1996 $ 35,905,520 $ 10,288,734
See accompanying Notes to Financial Statements.
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940, as amended, as
a diversified open-end management investment company. Its shares are currently
issued in two series with each series, in effect, representing a separate Fund.
The financial statements have been prepared in conformity with generally
accepted accounting principles which require management to make certain
estimates and assumptions at the date of the financial statements. The following
is a summary of significant accounting policies consistently followed by the
Fund in the preparation of its financial statements.
Investments - Valuation of securities is on the basis of amortized cost which
approximates market value. Investment transactions are recorded on the trade
date. Investment income and dividends to shareholders are recorded daily and
dividends are distributed monthly. Realized gains and losses from investment
transactions are reported on the identified cost basis.
Federal and State Taxes - The Fund's policy is 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 or state tax is required. At June 30, 1996, the Fund has
accumulated net realized losses on sales of investments for federal income tax
purposes of $11,560 (Prime Portfolio) and $60 (Federal Portfolio) which are
available to offset future taxable gains.
2. PURCHASES AND SALES OF SECURITIES:
The aggregate amounts of security transactions during the year ended June 30,
1996, were as follows:
Prime Portfolio
Purchases $ 1,979,083,485
Proceeds from sales 1,983,165,395
Federal Portfolio
Purchases $ 688,631,404
Proceeds from sales 688,005,775
3. MANAGEMENT FEES:
Management fees, which include all normal expenses of the Fund other than taxes,
fees and other charges of governmental agencies for qualifying the Fund's shares
for sale, special legal fees, interest and brokerage commissions, are paid to
Jones & Babson, Inc., an affiliated company. These fees are based on average
daily net assets of the Fund at the annual rate of .85 of one percent of net
assets. Certain officers and/or directors of the Fund are also officers and/or
directors of Jones & Babson, Inc.
4. REPURCHASE AGREEMENTS:
Securities purchased under agreements to resell are held by the Fund's
custodian, UMB Bank, n.a. The Fund's adviser monitors the market values of the
underlying securities which they have purchased on behalf of the Fund to ensure
that they are sufficient to protect the Fund in the event of default by the
seller. In the event of bankruptcy or other default of the seller, the Fund
could experience delays in liquidating the underlying securities and possible
loss to the extent that the repurchase agreement and accrued interest is more
than proceeds received upon liquidation of the underlying securities.
FINANCIAL HIGHLIGHTS
The following table sets forth information as to capital and income changes for
a share outstanding for each of the five
years in the period ended June 30, 1996:
<TABLE>
<CAPTION>
PRIME PORTFOLIO
1996 1995 1994 1993 1992
</CAPTION>
<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 0.05 0.05 0.03 0.02 0.04
Less distributions:
Dividends from net investment income (0.05) (0.05) (0.03) (0.02) (0.04)
Net asset value, end of year $1.00 $1.00 $1.00 $1.00 $1.00
Total return 5% 5% 3% 3% 4%
Ratios/Supplemental Data
Net assets, end of year (in millions) $ 36 $ 40 $ 43 $ 45 $ 60
Ratio of expenses to average net assets 0.92% 0.92% 0.92% 0.90% 0.89%
Ratio of net investment income to average
net assets 4.75% 4.58% 2.51% 2.53% 4.21%
</TABLE>
<TABLE>
<CAPTION>
FEDERAL PORTFOLIO
1996 1995 1994 1993 1992
</CAPTION>
<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 0.05 0.04 0.02 0.02 0.04
Less distributions:
Dividends from net investment income (0.05) (0.04) (0.02) (0.02) (0.04)
Net asset value, end of year $1.00 $1.00 $1.00 $1.00 $1.00
Total return 5% 5% 3% 3% 4%
Ratios/Supplemental Data
Net assets, end of year (in millions) $10 $10 $10 $9 $11
Ratio of expenses to average net assets 0.91% 0.92% 0.91% 0.90% 0.89%
Ratio of net investment income to
average net assets 4.67% 4.48% 2.47% 2.51% 4.14%
</TABLE>
See accompanying Notes to Financial Statements.
REPORT OF INDEPENDENT
PUBLIC ACCOUNTANTS
To the Shareholders and Board of Directors of
D.L. Babson Money Market Fund, Inc.:
We have audited the accompanying statement of assets and liabilities, including
the statement of net assets, of D.L. Babson Money Market Fund, Inc. (a Maryland
corporation, comprising, respectively, the Prime and Federal Portfolios), as of
June 30, 1996, and the related state-ment of operations for the year then ended,
the state-ments of changes in 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. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and the financial highlights. Our procedures included confirmation of
securities owned as of June 30, 1996, by correspondence with the custodian. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement and the financial highlights presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective portfolios constituting the D. L. Babson Money Market Fund,
Inc. as of June 30, 1996, the results of their operations for the year then
ended, the changes in their 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 generally accepted accounting principles.
ARTHUR ANDERSEN LLP
Kansas City, Missouri
July 26, 1996
This report has been prepared for the information of the Shareholders of the
D.L. Babson Money Market Fund, Inc., and is not to be construed as an offering
of the shares of the Fund. Shares of this Fund and of the other Babson Funds are
offered only by the Prospectus, a copy of which may be obtained from Jones &
Babson, Inc.
EQUITIES
Growth Fund
Enterprise Fund*
Enterprise Fund II
Value Fund
Shadow Stock Fund
International Fund
FIXED INCOME FUNDS
Bond Trust
Money Market Fund
Tax-Free Income Fund
*Closed to new investors
JONES & BABSON
MUTUAL FUNDS
2440 Pershing Road
Kansas City, MO 64108-2518
816-471-5200
1-800-4-BABSON
(1-800-422-2766)
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
D. L. Babson Money Market Fund, Inc. - Prime Portfolio
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 35401898
<INVESTMENTS-AT-VALUE> 35401898
<RECEIVABLES> 264704
<ASSETS-OTHER> 254750
<OTHER-ITEMS-ASSETS> 0
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<OTHER-ITEMS-LIABILITIES> 15832
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35917080
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<PER-SHARE-NII> .05
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<AVG-DEBT-PER-SHARE> 0
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<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
D. L. Babson Money Market Fund, Inc. - Federal Portfolio
</LEGEND>
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 10204209
<INVESTMENTS-AT-VALUE> 10204209
<RECEIVABLES> 63720
<ASSETS-OTHER> 20820
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10288749
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<OTHER-ITEMS-LIABILITIES> 15
<TOTAL-LIABILITIES> 15
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<PAID-IN-CAPITAL-COMMON> 10288794
<SHARES-COMMON-STOCK> 10288115
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
