BABSON
MONEY
MARKET
FUND
Annual Report
June 30, 1997
JONES & BABSON
MUTUAL FUNDS
MESSAGE
TO OUR SHAREHOLDERS
It was a roller coaster year for fixed income investors. The second half of
calendar 1996 saw declines in market interest rates as investors anticipated
that the Federal Reserve would ease monetary policy in response to weaker than
expected economic numbers.
Despite investors urging them to lower interest rates, the Fed remained on
hold through last summer and fall. As calendar 1997 dawned, sentiment began to
change rapidly. With oil prices on the rise and unemployment near a quarter
century low, there was concern that inflation would begin to accelerate. At
the end of March, the Fed felt compelled to tighten policy for the first time
since early 1995 in an effort to cool the economy. Their action consisted of a
hike in the Federal Funds rate by one-quarter of a percent, and investors
braced for more actions from the Fed.
Immediately after the Fed tightened, the economy began to slow from the 5.9%
pace of the first three months of 1997. While personal consumption remained
healthy, purchases of big ticket items weakened and industrial production
softened as firms attempted to restrain inventory. Though unemployment moved
still lower, inflationary fears receded as oil prices fell sharply from the
highs of early winter. The year-to-year percentage change in the Consumer
Price Index fell from 3.2% in December to 2.2% just six months later. Most
analysts agree that the Fed now appears to be on hold.
The current complacency of investors is understandable given the recent
favorable economic trends. However, the conventional wisdom has been wrong
before and can change financial conditions rapidly. For this reason, we
continue to emphasize quality and liquidity in our funds in an effort to
provide consistent returns for our shareholders.
The seven-day yield for Babson Money Market Fund's Federal Portfolio was 4.80%
and the Prime Portfolio was 4.83%, as of June 30, 1997. These figures
increased to 4.91% and 4.95%, 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.
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, 1997
PRIME PORTFOLIO
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT COST VALUE
</CAPTION>
<S> <C> <C> <C>
BANKERS' ACCEPTANCES - 9.28%
First National Bank-Maryland,
5.64%, due October 6, 1997 $ 1,250,000 $ 1,214,750 $ 1,214,750
Republic National Bank-New York,
5.57%, due November 26, 1997 1,900,000 1,850,907 1,850,907
Star Bank,
5.76%, due October 17, 1997 500,000 485,760 485,760
3,650,000 3,551,417 3,551,417
SHORT-TERM CORPORATE NOTES - 58.89%
American Telephone & Telegraph Company,
5.24%, due August 19, 1997 1,800,000 1,748,910 1,748,910
Ameritech Corporation,
5.55%, due August 19, 1997 2,000,000 1,974,408 1,974,408
Amoco Company,
5.50%, due September 2, 1997 1,900,000 1,877,939 1,877,939
Eastman Kodak Company,
5.51%, due July 16, 1997 1,700,000 1,694,015 1,694,015
Ford Motor Credit Company,
5.60%, due July 16, 1997 2,000,000 1,973,555 1,973,555
Heinz (H.J.) Company,
5.53%, due July 3, 1997 1,900,000 1,889,785 1,889,785
IBM Credit Corporation,
5.53%, due July 21, 1997 1,900,000 1,891,828 1,891,828
Kellogg Company,
5.50%, due July 16, 1997 2,000,000 1,985,028 1,985,028
Morgan (J.P.) & Company, Incorporated,
5.42%, due September 9, 1997 1,900,000 1,848,510 1,848,510
Motorola, Incorporated,
5.50%, due August 19, 1997 1,900,000 1,884,035 1,884,035
Toys "R" Us, Incorporated,
5.51%, due August 1, 1997 1,900,000 1,889,240 1,889,240
Weyerhauser Company,
5.54%, due August 6, 1997 1,900,000 1,881,872 1,881,872
22,800,000 22,539,125 22,539,125
GOVERNMENT SPONSORED ENTERPRISES - 16.55%
Federal Farm Credit Banks Discount Notes,
5.59%, due November 4, 1997 1,000,000 971,895 971,895
Federal Farm Credit Banks Discount Notes,
5.60%, due November 4, 1997 2,000,000 1,943,533 1,943,533
Federal Home Loan Banks Discount Notes,
5.19%, due August 5, 1997 1,250,000 1,218,283 1,218,283
Federal Home Loan Banks Discount Notes,
5.32%, due October 3, 1997 1,000,000 947,982 947,982
Federal Home Loan Banks Discount Notes,
5.54%, due September 29, 1997 1,000,000 972,454 972,454
Federal National Mortgage Association
Discount Notes,
5.15%, due August 8, 1997 290,000 279,463 279,463
6,540,000 6,333,610 6,333,610
REPURCHASE AGREEMENT - 13.29%
Morgan Guaranty Trust Company,
5.95%, due July 1, 1997
(Collateralized by U.S. Treasury Notes,
10.375%, due November 15, 2009) 5,088,000 5,088,000 5,088,000
TOTAL INVESTMENTS - 98.01% $ 37,512,152 37,512,152
Other assets less liabilities - 1.99% 762,421
TOTAL NET ASSETS - 100.00%
(equivalent to $1.00 per share;
1,000,000,000 shares of $0.01 par value
capital shares authorized;
38,277,522 shares outstanding) $ 38,274,573
</TABLE>
For federal income tax purposes, the identified cost
of investments owned at June 30, 1997, was $37,512,152.
See accompanying Notes to Financial Statements.
STATEMENT OF NET ASSETS
June 30, 1997
FEDERAL PORTFOLIO
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT COST VALUE
</CAPTION>
<S> <C> <C> <C>
GOVERNMENT SPONSORED ENTERPRISES - 78.12%
Federal Farm Credit Banks Discount Notes,
5.49%, due July 25, 1997 $ 500,000 $ 493,519 $ 493,519
Federal Farm Credit Banks Discount Notes,
5.39%, due July 29, 1997 1,000,000 994,910 994,910
Federal Farm Credit Banks Discount Notes,
5.48%, due November 3, 1997 500,000 487,975 487,975
Federal Farm Credit Banks Discount Notes,
5.43%, due November 25, 1997 500,000 488,084 488,084
Federal Farm Credit Banks Discount Notes,
5.53%, due March 18, 1998 500,000 477,035 477,035
Federal Home Loan Banks Discount Notes,
5.26%, due July 24, 1997 1,000,000 973,408 973,408
Federal Home Loan Banks Discount Notes,
5.19%, due August 5, 1997 500,000 487,313 487,313
Federal Home Loan Banks Discount Notes,
5.15%, due August 25, 1997 500,000 487,125 487,125
Federal Home Loan Banks Discount Notes,
5.23%, due October 27, 1997 600,000 576,988 576,988
Federal Home Loan Banks Discount Notes,
5.49%, due November 5, 1997 150,000 146,660 146,660
Federal Home Loan Mortgage Corporation
Discount Notes,
5.44%, due August 1, 1997 700,000 696,615 696,615
Federal Home Loan Mortgage Corporation
Discount Notes,
5.40%, due August 18, 1997 1,000,000 992,200 992,200
Federal National Mortgage Association
Discount Notes,
5.43%, due July 23, 1997 1,200,000 1,191,312 1,191,312
Federal National Mortgage Association
Discount Notes,
5.41%, due July 24, 1997 1,000,000 995,792 995,792
Federal National Mortgage Association
Discount Notes,
5.45%, due September 15, 1997 500,000 492,733 492,733
Federal National Mortgage Association
Discount Notes,
5.66%, due October 14, 1997 340,000 330,271 330,271
10,490,000 10,311,940 10,311,940
REPURCHASE AGREEMENT - 21.26%
Morgan Guaranty Trust Company,
5.95%, due July 1, 1997
(Collateralized by U.S. Treasury Notes,
10.375%, due November 15, 2009) 2,807,000 2,807,000 2,807,000
TOTAL INVESTMENTS - 99.38% $ 13,118,940 13,118,940
Other assets less liabilities - 0.62% 81,189
TOTAL NET ASSETS - 100.00%
(equivalent to $1.00 per share;
1,000,000,000 shares of $0.01 par value
capital shares authorized;
13,199,453 shares outstanding) $ 13,200,129
</TABLE>
For federal income tax purposes, the identified cost
of investments owned at June 30, 1997, was $13,118,940.
See accompanying Notes to Financial Statements.
STATEMENT OF ASSETS
AND LIABILITIES
June 30, 1997
PRIME FEDERAL
PORTFOLIO PORTFOLIO
ASSETS:
Investment securities, at market value
(identified cost of $37,512,152 and
$13,118,940, respectively) $ 37,512,152 $ 13,118,940
Cash 474,351 -
Interest receivable 288,319 87,471
Total assets 38,274,822 13,206,411
LIABILITIES AND NET ASSETS:
Cash overdraft - 6,003
Payable to shareholders 249 279
Total liabilities 249 6,282
NET ASSETS $ 38,274,573 $ 13,200,129
NET ASSETS CONSIST OF:
Capital (capital stock and paid-in capital) $ 38,282,019 $ 13,200,189
Accumulated net realized loss on investments (7,446) (60)
NET ASSETS APPLICABLE TO OUTSTANDING SHARES $ 38,274,573 $ 13,200,129
Capital shares, $0.01 par value
Authorized 1,000,000,000 1,000,000,000
Outstanding 38,277,522 13,199,453
NET ASSET VALUE PER SHARE $ 1.00 $ 1.00
See accompanying Notes to Financial Statements.
STATEMENT OF OPERATIONS
Year Ended June 30, 1997
PRIME FEDERAL
PORTFOLIO PORTFOLIO
INVESTMENT INCOME:
Income:
Interest $ 2,123,238 $ 660,813
Expenses:
Management fees (Note 3) 332,099 103,945
Registration fees and other expenses 24,038 6,939
356,137 110,884
Net investment income 1,767,101 549,929
REALIZED GAIN (LOSS) ON INVESTMENTS (Note 1):
Realized gain (loss) from
investment transactions:
Proceeds from sales of investments 1,782,863,560 745,123,993
Cost of investments sold 1,782,863,866 745,123,993
Net gain (loss) from
investment transactions (306) -
Increase in net assets resulting
from operations $ 1,766,795 $ 549,929
See accompanying Notes to Financial Statements.
STATEMENTS OF CHANGES
IN NET ASSETS
For The Two Years Ended June 30, 1997
PRIME FEDERAL
PORTFOLIO PORTFOLIO
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
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income $ 1,767,101 $ 549,929
Net realized gain (loss) from
investment transactions (306) -
Net increase in net assets
resulting from operations 1,766,795 549,929
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (1,767,101) (549,929)
INCREASE FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold ($1.00 per share) 46,769,218 12,649,739
Net asset value of shares issued for
reinvestment of distributions
($1.00 per share) 1,661,796 530,398
48,431,014 13,180,137
Cost of shares redeemed ($1.00 per share) (46,061,655) (10,268,742)
Net increase from capital share
transactions 2,369,359 2,911,395
Total increase in net assets 2,369,053 2,911,395
NET ASSETS - June 30, 1996 35,905,520 10,288,734
NET ASSETS - June 30, 1997 $ 38,274,573 $ 13,200,129
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,
1997, the Fund has accumulated net realized losses on sales of investments for
federal income tax purposes of $7,446 (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,
1997, were as follows:
Prime Portfolio
Purchases $ 1,784,974,120
Proceeds from sales 1,782,863,866
Federal Portfolio
Purchases $ 748,038,724
Proceeds from sales 745,123,993
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, 1997:
<TABLE>
<CAPTION>
PRIME PORTFOLIO
1997 1996 1995 1994 1993
</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 0.05 0.03 0.02
Less distributions:
Dividends from net investment income (0.05) (0.05) (0.05) (0.03) (0.02)
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total return 5% 5% 5% 3% 3%
Ratios/Supplemental Data
Net assets, end of year (in millions) $ 38 $ 36 $ 40 $ 43 $ 45
Ratio of expenses to average net assets 0.92% 0.92% 0.92% 0.92% 0.90%
Ratio of net investment income to
average net assets 4.58% 4.75% 4.58% 2.51% 2.53%
</TABLE>
<TABLE>
<CAPTION>
FEDERAL PORTFOLIO
1997 1996 1995 1994 1993
</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 0.04 0.05 0.04 0.02 0.02
Less distributions:
Dividends from net investment income (0.04) (0.05) (0.04) (0.02) (0.02)
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total return 5% 5% 5% 3% 3%
Ratios/Supplemental Data
Net assets, end of year (in millions) $ 13 $ 10 $ 10 $ 10 $ 9
Ratio of expenses to average net assets 0.91% 0.91% 0.92% 0.91% 0.90%
Ratio of net investment income to
average net assets 4.51% 4.67% 4.48% 2.47% 2.51%
</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 of D.L.
Babson Money Market Fund, Inc. (a Maryland corporation, comprising,
respectively, the Prime and Federal Portfolios), including the statement of
net assets as of June 30, 1997, and the related statement of operations for
the year then ended, the statements 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. Our procedures included confirmation of securities
owned as of June 30, 1997, 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
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, 1997, 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 28, 1997
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
Bond Trust
Money Market Fund
Tax-Free Income Fund
* Closed to new investors.
JONES & BABSON
MUTUAL FUNDS
2440 Pershing Road
Kansas City, MO 64108-2561
816-471-5200
1-800-4-BABSON
(1-800-422-2766)
http://www.jbfunds.com
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
D L BABSON MONEY MARKET - PRIME PORTFOLIO
</LEGEND>
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<INVESTMENTS-AT-COST> 37512152
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D L BABSON MONEY MARKET - FEDERAL PORTFOLIO
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<PERIOD-END> JUN-30-1997
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</TABLE>
