MESSAGE
To Our Shareholders
Shadow Stock Fund's total returns (price change and reinvested distributions)
for the most recent quarter, semiannual period and year ended December 31,
1995, are summarized in the table below:
Investment Results _ Total Return
Periods Ended 12/31/95
3 Mos. 6 Mos. 12 Mos.
SHADOW STOCK FUND 1.4% 8.0% 23.6%
Russell 2000* 2.2% 12.3% 28.4%
Russell 2000 Value* 2.9% 11.5% 25.8%
S&P 500 Index* 6.0% 14.4% 37.5%
*Unmanaged stock index
The Fund's average annual compounded total returns
for one year, five years and the life of the Fund (inception August 28, 1987)
as of December 31, 1995, were 23.64%, 17.53% and 7.18%, respectively.
Performance data contained in this report is for past periods only. Past
performance is not predictive of future performance. Investment return and
share value will fluctuate, and redemption value may be more or less than
original cost.
A comparison of the unmanaged Standard & Poor's 500 index of larger
companies and the unmanaged Russell 2000 index of smaller companies shows
that 1995 was a year when larger companies were strongly favored over
smaller companies. It was also a year when healthcare, financial and
technology (for the first nine months) stocks were strongly favored over
consumer cyclical, basic materials and energy (except for the fourth
quarter) issues. Technology shares experienced profit taking in the last
quarter as some major mutual funds that were heavily overweighted in the
sector aggressively lightened their exposure. Energy stocks reflected
increasing demand due to the colder weather that began to be felt late in
the quarter. The growth style of investing dominated the value style in 1995,
except in the last two months of the year.
Risk of losing principal and stability of one's investment are important
components in deciding what securities or fund to purchase. While it is
commonly accepted that on an individual basis small companies are riskier
than large companies, most investors don't appreciate the extent to which
individual company risks can be modulated by ownership of a diversified
portfolio of a large number of smaller companies.
Two widely used measures of risk are the standard deviation of returns and
Beta, which measures the sensitivity of portfolio returns to those of a
market index. Another is Morningstar Risk, a proprietary risk measure
included in the database produced by Morningstar, Mutual Funds OnDisc.
Based on all these measures, Shadow Stock Fund has been less risky than
other small company value funds, and considerably less risky than small
company growth funds. Our portfolio management policies which lead us into
companies with distinctly lower prices relative to underlying book value
and lower price/earnings ratios also contribute to control or risk.
The Fund continues to base its policies on three primary characteristics
that academic studies have identified as leading to above average
performance in the past. They are small size, neglect by Wall Street and
low price-to-book value. Although the Fund's policies are not always what
the stock market favors, its returns on a risk-adjusted basis have been
above average.
Fund shareholders are reminded that Jones & Babson offers a wide variety of
no-load mutual funds to meet an investor's various financial objectives.
Low cost Individual Retirement Accounts (IRA) and prototype retirement
plans are also available. It's easy to open or transfer your IRA to Jones
& Babson. Just call and ask for our free IRA Investor Kit. The kit contains
an easy-to-complete IRA application and transfer form. We appreciate your
continued use of our Fund in your investment program.
Sincerely,
Larry D. Armel
President
<PAGE>
STATEMENT OF NET ASSETS
December 31, 1995 (unaudited)
Shares Company Market Value
COMMON STOCKS _ 98.64%
BASIC MATERIALS _ 3.31%
11,701 Aceto Corp. 187,216
31,400 American Pacific 172,700
4,900 Badger Paper Mills, Inc. 75,950
6,480 Baltek Corp. 55,080
2,974 Detrex Corp. 15,614
20,500 Hauser Chemical Research, Inc. 92,250
18,717 Insteel Industries, Inc. 128,679
11,000 National Sanitary Supply Co. 129,250
4,300 Pitt-Des Moines, Inc. 166,625
15,225 Roanoke Electric Steel Corp. 253,116
1,276,480
CAPITAL GOODS _ 12.95%
18,100 American Ecology Corp. 58,825
6,700 American Filtrona Corp. 231,150
9,444 Athey Products Corp. 40,727
2,900 Badger Meter, Inc. 76,850
26,400 Baker (Michael) Corp. 132,000
6,927 Binks Manufacturing Co. 162,785
20,200 Cascade Corp. 282,800
12,200 Cherry Corp. Cl. A 118,950
12,000 Cherry Corp. Cl. B 114,000
8,925 CIMCO, Inc. 91,481
6,000 Communication Cable, Inc. 73,875
8,000 Davis Water & Waste Industries, Inc. 116,000
8,901 Del Electronics Corp. 57,857
8,700 Devcon International Corp. 69,600
6,200 Eastern (The) Co. 75,950
8,715 Ecology and Environment, Inc. Cl. A 72,988
16,400 Engle Homes, Inc. 139,400
16,800 Failure (The) Group, Inc. 111,300
7,775 Farr Co. 62,200
12,200 Farrel Corp. 41,175
2,600 Graham Corp. 40,950
11,582 Greiner Engineering, Inc. 156,357
5,000 Heist (C.H.) Corp. 35,000
6,200 Industrial Acoustics Company, Inc. 62,000
15,300 International Jensen, Inc. 103,275
2,300 Lynch Corp. 134,550
5,649 Maxwell Laboratories, Inc. 46,604
14,600 Mestek, Inc. 171,550
8,475 Met-Pro Corp. 123,947
7,700 Noland Co. 138,600
35,400 O'Sullivan Corp. 367,275
1,800 Oilgear Co. 30,600
11,500 Oriole Homes Corp. Cl. A 71,875
3,700 Penn Engineering & Manufacturing Corp. 358,900
12,200 Plasti-Line, Inc. 103,700
12,600 Puerto Rican Cement Co., Inc. 417,375
3,700 Salem Corp. 77,700
5,985 Southwest Water Co. 57,606
14,700 Starrett Housing Corp. 122,194
26,875 Terex Corp. 127,656
24,500 Video Lottery Technologies, Inc. 116,375
4,994,002
CONSUMER CYCLICAL _ 18.03%
12,400 American Recreation Centers, Inc. 79,050
12,300 Amplicon, Inc. 196,800
6,800 Analysis & Technology, Inc. 97,750
8,000 Ben & Jerry's Homemade, Inc. Cl. A 118,000
20,500 Bon-Ton Stores, Inc. 102,500
13,800 Campo Electrics Appliances and Computers, Inc. 41,400
CONSUMER CYCLICAL (Continued)
12,000 Carmike Cinemas, Inc. Cl. A 270,000
8,300 Comarco, Inc. 120,350
13,300 Crown Books, Corp. 162,925
30,721 Dixie Yarns, Inc. 119,044
45,600 Egghead, Inc. 293,550
18,900 Fay's, Inc. 141,750
2,700 Federal Screw Works 58,387
13,100 Finish Line, Inc. 98,250
7,066 Frederick's of Hollywood, Inc. Cl. A 30,031
8,932 Frederick's of Hollywood, Inc. Cl. B 34,612
7,700 Fuqua Enterprises, Inc. 143,413
4,880 Gander Mountain, Inc. 32,330
5,800 Geodynamics Corp. 70,325
26,300 Gottschalks, Inc. 138,075
20,300 Government Technology Services, Inc. 88,813
9,703 Hampton Industries, Inc. 47,302
5,827 Hein-Werner Corp. 26,586
1,700 Howell Industries, Inc. 41,438
11,200 Hyde Athletic Industries, Inc. Cl. A 42,000
26,200 InaCom Corp. 370,075
16,816 Knape & Vogt Manufacturing Co. 292,178
5,199 M/A/R/C (The) Group 76,035
5,000 McRae Industries, Inc. Cl. A 38,750
14,711 Oneita Industries, Inc. 95,621
20,700 Optical Coating Laboratory, Inc. 230,287
14,300 OroAmerica, Inc. 69,712
8,000 Outlook Graphics Corp. 50,000
14,000 Pancho's Mexican Buffet, Inc. 40,250
5,500 ProGroup, Inc. 20,625
6,700 Pulaski Furniture Corp. 123,950
17,400 R & B, Inc. 115,275
33,000 RPC Energy Services, Inc. 301,125
17,400 S & K Famous Brands, Inc. 104,400
10,500 S K I Ltd. 160,125
17,272 Sands Regent 88,519
8,000 Scheib (Earl), Inc. 62,000
10,200 Spec's Music, Inc. 17,850
10,700 Sportmart, Inc. New 50,825
13,800 Strouds, Inc. 56,925
46,100 Syms Corp. 345,750
22,000 Syratech Corp. 442,750
34,200 TCBY Enterprises, Inc. 136,800
14,500 Thomaston Mills, Inc. Cl. A 183,063
1,000 Thomaston Mills, Inc. Cl. B 13,500
11,200 Trimark Holdings, Inc. 70,000
14,600 Uni-Marts, Inc. 120,450
3,500 Valley Forge Corp. 60,812
12,234 Virco Manufacturing Corp. 111,635
9,877 Watsco, Inc. Cl. B 172,848
4,900 Weyco Group, Inc. 192,325
14,828 Wolohan Lumber Co. 144,573
6,953,714
CONSUMER STAPLES _ 15.12%
12,900 Bio-Rad Labs, Inc. Cl. A 548,250
6,800 Cagle's, Inc. Cl. A 95,200
19,400 Chattem, Inc. 89,725
6,700 Continental Can Company, Inc. 109,713
1,700 Del Laboratories, Inc. 34,850
3,000 Foodarama Supermarkets, Inc. 30,000
21,100 Forschner Group, Inc. 261,112
3,200 Genesee Corp. Cl. B 140,800
CONSUMER STAPLES (Continued)
32,750 Golden Poultry Company, Inc. 286,563
20,500 Health Images, Inc. 148,625
42,500 Ingles Markets, Inc. Cl. A 472,813
6,725 Marsh Supermarkets, Inc. Cl. A 89,106
9,125 Marsh Supermarkets, Inc. Cl. B 120,906
18,850 Medex, Inc. 212,063
9,000 PSICOR, Inc. 155,813
7,250 Rauch Industries, Inc. 91,531
21,200 Riser Foods, Inc. Cl. A 341,850
23,700 Robert Mondavi Corp. Cl. A 654,713
7,250 Salick Health Care, Inc. 271,875
20,550 Sanderson Farms, Inc. 215,775
4,100 Seaway Food Town, Inc. 69,187
5,900 Seneca Foods Corp. New Cl. A 109,150
5,900 Seneca Foods Corp. Cl. B 115,050
8,400 Span-America Medical Systems, Inc. 50,400
14,100 St. Ives Laboratories, Inc. 204,450
17,100 Toastmaster, Inc. 68,400
4,900 Tranzonic Cos. Cl. A 67,375
2,950 Tranzonic Cos. Cl. B 40,931
9,500 Triple S Plastics, Inc. 61,750
12,900 Vallen Corp. 259,612
12,800 Western Beef, Inc. 67,200
16,000 Worthington Foods, Inc. 224,000
13,000 Zaring Homes, Inc. 123,500
5,832,288
ENERGY _ 1.03%
11,000 Maynard Oil Co. 74,250
16,360 Swift Energy Co. 196,320
9,600 Tide West Oil, Inc. 128,400
398,970
FINANCIAL _ 22.95%
18,000 ALLIED Group, Inc. 648,000
20,100 American Travellers Corp. 565,313
5,400 Amwest Insurance Group, Inc. 82,350
8,700 Central Reserve Life Corp. 83,737
6,108 Chartwell Re Corp. 128,268
7,375 Cotton States Life and Health Insurance Co. 66,375
36,100 EMC Insurance Group, Inc. 496,375
6,240 Financial Institutions Insurance Group Ltd. 99,060
17,200 First Financial Caribbean Corp. 322,500
13,500 Jefferies Group, Inc. 637,875
4,900 Kentucky Medical Insurance Co. Cl. A 59,412
10,800 Lexington Global Asset Managers, Inc. 51,637
18,920 McDonald & Co. Investments, Inc. 340,560
7,000 Merchants Group, Inc. 124,250
15,500 Meridian Insurance Group, Inc. 230,563
5,800 Midland Co. 283,475
12,648 Mid-South Insurance Co. 192,882
7,600 Minuteman International, Inc. 70,300
12,500 Mobile America Corp. 129,687
40,200 Morgan Keegan, Inc. 507,525
10,800 National Insurance Group 60,750
4,850 National Security Group, Inc. 63,656
7,100 National Western Life Insurance Co. 397,600
17,500 Navigators Group, Inc. 308,437
12,300 Norex America, Inc. 153,750
14,500 Penn Treaty American Corp. 239,250
15,100 Pioneer Financial Services, Inc. 279,350
18,400 PXRE Corp. 487,600
8,500 Reading Co. Cl. A 77,562
FINANCIAL (Continued)
15,000 RLI Corp. 375,000
4,200 Scott & Stringfellow Financial, Inc. 59,850
23,300 State Auto Financial Corp. 605,800
18,400 Stewart Information Services Corp. 395,600
8,893 Walshire Assurance Co. 145,623
5,000 Ziegler (The) Companies, Inc. 85,000
8,854,972
MISCELLANEOUS _ 0.43%
13,400 Celebrity, Inc. 77,050
4,500 Programming and Systems, Inc. 4,500
2,600 Scope Industries 83,525
165,075
TECHNOLOGY _ 8.65%
12,100 Airways Corp. 113,438
2,900 Allen Organ Co. Cl. B 122,163
14,700 BEI Electronics, Inc. 108,413
10,600 Dataram Corp. 68,900
6,000 Datron Systems, Inc. 106,500
8,900 Equitrac Corp. 47,838
3,100 Espey Mfg. & Electronics Corp. 39,912
4,700 Giga-tronics, Inc. 37,013
11,000 GTI Corp. 195,250
18,100 Hadco Corp. 509,062
5,610 HEICO Corp. 106,590
7,900 IFR Systems, Inc. 73,075
5,400 Information International, Inc. 56,700
18,848 Intellicall, Inc. 70,680
19,063 Intelligent Electronics, Inc. 114,378
8,600 Interphase Corp. 99,975
11,513 Isco, Inc. 106,495
15,300 K-Tron International, Inc. 95,625
22,300 Micronics Computers, Inc. 78,050
4,300 Moore Products Co. 76,862
11,400 Nichols Research Corp. 293,550
8,100 Norstan, Inc. 204,525
19,300 North Star Universal, Inc. 149,575
17,000 Powell Industries, Inc. 140,250
3,700 SBE, Inc. 46,250
12,000 TRM Copy Center Corp. 126,000
8,800 Vertex Communications Corp. 148,500
3,335,569
TRANSPORTATION & SERVICES _ 2.52%
13,312 International Shipholding Corp. 276,224
4,800 Kenan Transport Co. 103,200
9,466 KLLM Transport Services, Inc. 99,393
8,000 Marten Transport Ltd. 132,000
12,100 Mesaba Holdings, Inc. 93,775
12,100 Petroleum Helicopters, Inc. 172,425
3,600 VSE Corp. 97,200
974,217
UTILITIES _ 13.65%
4,400 AlaTenn Resources, Inc. 93,500
17,100 Bangor Hydro-Electric Co. 196,650
3,800 Berkshire Gas Co. 59,850
21,450 Cascade Natural Gas Corp. 345,881
7,700 Chesapeake Utilities Corp. 112,612
17,150 Colonial Gas Co. 347,287
19,450 Connecticut Energy Corp. 432,762
6,000 Connecticut Water Service, Inc. 165,000
10,600 Consumers Water Co. 193,450
4,000 Delta Natural Gas Company, Inc. 69,500
UTILITIES (Continued)
2,200 Dominguez Services Corp. 41,250
12,600 E'town Corp. 379,575
7,613 EnergyNorth, Inc. 135,131
3,400 Essex County Gas Co. 87,550
3,100 Florida Public Utilities Co. 58,512
11,600 Green Mountain Power Corp. 321,900
3,600 Maine Public Service Co. 76,950
8,500 Middlesex Water Co. 155,125
22,419 NUI Corp. 392,333
21,900 Philadelphia Suburban Corp. 454,425
10,800 Providence Energy Corp. 183,600
8,100 SJW Corp. 305,775
17,200 Southern California Water Co. 348,300
8,476 UNITIL Corp. 177,996
7,100 Upper Peninsula Energy Corp. 131,350
5,266,264
TOTAL COMMON STOCKS _ 98.64% 38,051,551
REPURCHASE AGREEMENT _ 1.30%
$500,000 UMB Bank, n.a.
5.25%, due January 2, 1996
(Collateralized by U.S.
Treasury Notes, 7.75%,
due March 31, 1996) 500,000
TOTAL INVESTMENTS _ 99.94% $ 38,551,551
Other assets less liabilities _ 0.06% 23,795
TOTAL NET ASSETS _ 100.00%
(equivalent to $10.89 per share;
10,000,000 shares of $1.00 par
value capital shares authorized;
3,542,221 shares outstanding) $ 38,575,346
<PAGE>
STATEMENT OF ASSETS
AND LIABILITIES
December 31, 1995 (unaudited)
ASSETS:
Investment securities, at market value
(identified cost $31,927,512) $ 38,551,551
Dividends receivable 63,061
Total assets 38,614,612
LIABILITIES AND NET ASSETS:
Cash overdraft 39,266
Total liabilities 39,266
NET ASSETS $ 38,575,346
NET ASSETS CONSIST OF:
Capital (capital stock and paid-in capital) $ 31,884,489
Accumulated undistributed income (loss):
Undistributed net investment income (10,197)
Accumulated net realized gain on investment transactions 77,015
Net unrealized appreciation in value of investments 6,624,039
NET ASSETS APPLICABLE TO OUTSTANDING SHARES $ 38,575,346
Capital shares, $1.00 par value
Authorized 10,000,000
Outstanding 3,542,221
NET ASSET VALUE PER SHARE $ 10.89
See accompanying Notes to Financial Statements.
<PAGE>
STATEMENT OF OPERATIONS
Six Months Ended December 31, 1995 (unaudited)
INVESTMENT INCOME:
Income:
Dividends $ 357,715
Interest 12,826
370,541
Expenses:
Management fees (Note 3) 194,761
Custodian fees 6,504
Pricing service fees 12,414
Registration fees 20,302
233,981
Net investment income 136,560
REALIZED AND UNREALIZED GAIN ON INVESTMENTS (Note 1):
Realized gain from investment transactions
(excluding repurchase agreements):
Proceeds from sales of investments 2,377,897
Cost of investments sold 1,341,210
Net realized gain from investment transactions 1,036,687
Unrealized appreciation on investments:
Beginning of period 4,822,612
End of period 6,624,039
Increase in net unrealized appreciation on investments 1,801,427
Net gain on investments 2,838,114
Increase in net assets resulting from operations $ 2,974,674
See accompanying Notes to Financial Statements.
<PAGE>
STATEMENTS OF CHANGES
IN NET ASSETS
SIX MONTHS
ENDED YEAR ENDED
DECEMBER 31, 1995 JUNE 30,
(UNAUDITED) 1995
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income $ 136,560 $ 350,513
Net realized gain from investment transactions 1,036,687 1,954,370
Increase in net unrealized appreciation on
investments 1,801,427 3,196,652
Net increase in net assets resulting from
operations 2,974,674 5,501,535
Net equalization included in the price of shares
issued and redeemed (10,741) 8,699
DISTRIBUTIONS TO SHAREHOLDERS FROM:*
Net investment income (167,707) (347,140)
Net realized gain from investment transactions (1,514,936) (1,872,936)
Total distributions to shareholders (1,682,643) (2,220,076)
INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from 282,648 and 2,806,431 shares sold 3,092,271 27,945,096
Net asset value of 143,786 and 202,754 shares
issued for reinvestment of distributions 1,560,083 2,037,204
4,652,354 29,982,300
Cost of 546,686 and 2,540,077 shares redeemed (6,007,553) (25,516,139)
Net increase (decrease) from capital share
transactions (1,355,199) 4,466,161
Total increase (decrease) in net assets (73,909) 7,756,319
NET ASSETS:
Beginning of period 38,649,255 30,892,936
End of period (including undistributed net
investment income of ($10,197) and $31,691,
respectively) $ 38,575,346 $ 38,649,255
Distributions to shareholders:
Income dividends per share $ 0.05 $ 0.10
Capital gains distribution per share $ 0.45 $ 0.5388
See accompanying Notes to Financial Statements.
<PAGE>
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. The following is a
summary of significant accounting policies consistently followed by the Fund
in the preparation of its financial statements.
Investments _ Common stocks traded on a national securities exchange are
valued at the last reported sales price on the last business day of the
period or, if no sale was reported on that date, at the average of the last
reported bid and asked prices. Common stocks traded over-the-counter are
valued at the average of the last reported bid and asked prices. Investment
transactions are recorded on the trade date. Dividend income and
distributions to shareholders are recorded on the ex-dividend dates.
Realized gains and losses from investment transactions and unrealized
appreciation and depreciation of investments 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.
Equalization _ The Fund uses the accounting practice known as equalization,
by which a portion of the proceeds from sales and costs of redemption of
capital shares, equivalent on a per share basis to the amount of
undistributed net investment income on the date of the transactions, is
credited or charged to undistributed income. As a result, undistributed net
investment income per share is unaffected by sales or redemptions of capital
shares.
2. PURCHASES AND SALES OF SECURITIES:
The aggregate amounts of security transactions during the period ended
December 31, 1995 (excluding repurchase agreements), were as follows:
Purchases $ _
Proceeds from sales 2,377,897
3. MANAGEMENT FEES:
Management fees, which include all normal expenses of the Fund other than
fees for pricing services, custodian fees, dues, 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 one percent of net assets.
Certain officers and/or directors of the Fund are also officers and/or
directors of Jones & Babson, Inc.
This report has been prepared for the information of the Shareholders of
Shadow Stock 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.
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