SHADOW
STOCK
FUND
Semiannual Report
December 31, 1996
JONES & BABSON
MUTUAL FUNDS
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,
1996, are summarized in the table below:
Investment Results - Total Return
Periods Ended 12/31/96
3 Mos. 6 Mos. 12 Mos.
SHADOW STOCK FUND 11.01% 12.09% 21.37%
Russell 2000* 5.20% 5.56% 16.54%
Lipper Small Cap
Growth Universal* 2.48% 4.30% 20.15%
*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, 1996, were 21.37%, 14.22% and 8.62%, 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.
Small capitalization stocks enjoyed a return to favor last year, with most of
the glory going to modestly valued stocks. This is illustrated by the returns
of the unmanaged Russell 2000 Value index, which gained 21.36%, versus the
unmanaged Russell 2000 Growth index which gained only 10.06%. The largest
gains for both strategies came in the capital goods, energy and finance
sectors. The Fund is overweighted in capital goods and finance, but
underweighted in the energy sector, due partly to price/book valuations and
partly because of higher institutional ownership. These characteristics helped
bring about outperformance during the fourth quarter of 1996.
The Fund continues to have attractive valuation characteristics. The average
price/earnings ratio based on estimated earnings for 1997 for the companies in
the Fund is only 16.1, well below the unmanaged Standard & Poor 500's multiple
of 23.3 times earnings. The average price to book value of the Fund's
companies is 1.5 times, compared to 4.8 for the S&P 500 index or 4.4 for the
Russell 2000. The reasonable valuations of the Fund's investments should help
to reduce risk if the market experiences a setback.
A number of holdings were sold during the quarter because they had risen to
more than double the upper limit of market capitalization to qualify the
purchase, and their price/book value ratios had risen too high. Among these
sales were Hadco Corp. (manufactures printed circuits), Lexington Global Asset
Managers, Inc. (real estate managers), Lynch Corp. (multimedia and telecom
manufacturing), Maxwell Technologies, formerly Maxwell Labs, (electronic
components), Pomeroy Computer Resources (retail), Riser Foods (retail), and
RLI Corp. (specialty insurance).
There has also been a fair amount of merger and acquisition activity. Some of
the new names in the portfolio are due to consolidation, and one name had to
be removed altogether when JC Penney purchased Fay's, Inc. (drug store) and
the holding moved out of our target market cap range. Additionally, Financial
Institutions Insurance Group, Ltd. was purchased by a private firm for $16 per
share, our cost basis was $9.67.
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, neglected by Wall Street, and low price-to-book
value. Although these policies are not always what the stock market favors,
its returns on a risk-adjusted basis are above average.
We appreciate your continued use of Shadow Stock Fund in your investment
program.
Sincerely,
/s/Larry D. Armel
Larry D. Armel
President
STATEMENT OF NET ASSETS
December 31, 1996 (unaudited)
Shares Company Market Value
COMMON STOCKS - 97.91%
BASIC MATERIALS - 3.14%
9,401 Aceto Corp. $ 131,026
31,400 American Pacific Corp. 208,025
3,500 Badger Paper Mills, Inc. 28,875
4,480 Baltek Corp. 32,480
17,700 Hauser Chemical Research, Inc. 103,987
15,517 Insteel Industries, Inc. 137,713
11,000 National Sanitary Supply Co. 144,375
4,400 Pitt-Des Moines, Inc. 182,600
16,325 Roanoke Electric Steel Corp. 273,444
1,242,525
CAPITAL GOODS - 15.71%
6,700 American Filtrona Corp. 283,912
7,000 American Technical
Ceramics Corp. 45,500
7,044 Athey Products Corp. 29,057
9,900 Aztec Manufacturing Co. 82,913
3,300 Badger Meter, Inc. 126,637
26,400 Baker (Michael) Corp. 168,300
5,627 Binks Manufacturing Co. 225,783
20,900 BMC West Corp. 256,025
19,300 Cameron Ashley Building
Products, Inc. 270,200
28,200 Cascade Corp. 454,725
12,200 Cherry Corp. Cl. A 195,200
12,000 Cherry Corp. Cl. B 189,000
8,382 Del Global Technology 71,247
7,700 Devcon International Corp. 47,163
7,315 Ecology and Environment,
Inc. Cl. A 57,148
14,400 Engle Homes, Inc. 122,400
14,800 Failure (The) Group, Inc. 90,650
20,500 Fairfield Communities, Inc. 507,375
6,475 Farr Co. 107,647
11,300 Gehl Co. 122,888
3,150 Graham Corp. 29,531
4,000 Heist (C.H.) Corp. 31,250
5,400 Industrial Acoustics
Company, Inc. 47,250
7,600 Liberty Homes, Inc. Cl. A 101,650
6,000 M/I Schottenstein Homes, Inc. 66,000
16,800 Mestek, Inc. 277,200
12,712 Met-Pro Corp. 170,023
8,600 Monaco Coach Corp. 139,750
5,700 Noland Co. 130,387
29,500 O'Sullivan Corp. 324,500
1,800 Oilgear Co. 27,000
8,600 Oriole Homes Corp. Cl. A 62,350
3,200 Penn Engineering & Manufacturing
Corp. (voting) 66,400
9,600 Penn Engineering & Manufacturing
Corp. (non-voting) 196,800
11,200 Plasti-Line, Inc. 131,600
9,700 Puerto Rican Cement Co., Inc. 303,125
11,900 SL Industries, Inc. 92,225
7,182 Southwest Water Co. 99,650
11,000 Starrett Housing Corp. 118,250
19,875 Terex Corp. 201,234
16,800 URS Corp. New 151,200
6,221,145
CONSUMER CYCLICAL - 18.59%
19,000 All American
Communications Inc. 256,500
7,800 American Recreation
Centers, Inc. 44,850
10,200 Amplicon, Inc. 208,463
4,400 Analysis & Technology, Inc. 63,800
13,400 Ben & Jerry's
Homemade, Inc. Cl. A 145,725
20,500 Bon-Ton Stores, Inc. 125,562
19,200 Carmike Cinemas, Inc. Cl. A 487,200
13,300 Crown Books Corp. 156,275
30,721 Dixie Yarns, Inc. 238,088
40,600 Egghead, Inc. 213,150
9,300 ELXSI Corp. New 61,613
2,700 Federal Screw Works 78,300
8,600 Fuqua Enterprises, Inc. 208,550
21,300 Gottschalks, Inc. 111,825
20,300 Government Technology
Services, Inc. 114,187
8,703 Hampton Industries, Inc. 50,042
6,118 Hein-Werner Corp. 40,532
900 Howell Industries, Inc. 37,012
22,200 InaCom Corp. 888,000
7,916 Knape & Vogt
Manufacturing Co. 130,614
5,199 M/A/R/C (The) Group 113,728
4,000 McRae Industries, Inc. Cl. A 40,000
8,700 National Picture & Frame Co. 87,000
12,700 Optical Coating Laboratory, Inc. 136,525
11,000 OroAmerica Inc. 55,000
20,000 Piccadilly Cafeterias, Inc. 185,000
5,700 Pulaski Furniture Corp. 96,900
16,400 R & B, Inc. 125,050
8,500 Reading Entertainment, Inc. 87,125
17,500 Rex Stores Corp. 142,187
23,000 RPC Energy Services, Inc. 345,000
17,400 S & K Famous Brands, Inc. 165,300
8,000 Scheib (Earl), Inc. 56,000
8,900 Seneca Foods Corp. New Cl. A 140,175
23,100 Sportmart, Inc. New 77,962
40,100 Syms Corp. 340,850
17,000 Syratech Corp. 535,500
30,200 TCBY Enterprises, Inc. 120,800
11,800 Thomaston Mills, Inc. Cl. A 132,750
1,000 Thomaston Mills, Inc. Cl. B 11,625
8,100 Trimark Holdings, Inc. 42,525
12,300 Uni-Marts, Inc. 70,725
5,250 Valley Forge Corp. 72,188
10,597 Virco Manufacturing Corp. 151,007
4,900 Weyco Group, Inc. 197,225
13,828 Wolohan Lumber Co. 172,850
7,361,285
CONSUMER STAPLES - 11.66%
19,100 Blessings Corp. 177,869
16,100 Buttrey Food & Drug Stores Co. 134,837
9,300 Cagle's, Inc. Cl. A 133,688
14,400 Chattem, Inc. 129,600
4,200 Christiana Companies, Inc. 108,150
6,700 Continental Can Company, Inc. 94,638
CONSUMER STAPLES (Continued)
11,866 Del Laboratories, Inc. 247,703
2,500 Foodarama Supermarkets, Inc. 36,875
3,200 Genesee Corp. Cl. B 135,200
17,750 Golden Poultry Company, Inc. 191,922
11,900 Grist Mill Co. New 69,913
21,800 Health Images, Inc. 362,425
33,500 Ingles Markets, Inc. Cl. A 418,750
7,225 Marsh Supermarkets, Inc. Cl. A 98,441
9,125 Marsh Supermarkets, Inc. Cl. B 103,797
13,850 Medex, Inc. 322,012
19,600 Orange-Co. Inc. New 151,900
15,200 Quaker Fabric Corp. New 212,800
8,200 Safety Components
International, Inc. 73,800
12,550 Sanderson Farms, Inc. 210,213
3,100 Seaway Food Town, Inc. 83,700
5,900 Seneca Foods Corp. Cl. B 89,975
7,400 Span-America Medical
Systems, Inc. 31,450
15,600 Swiss Army Brands, Inc. 206,700
12,100 Toastmaster Inc. 45,375
7,850 Tranzonic Cos. Cl. A 140,319
9,500 Triple S Plastics, Inc. 73,625
7,900 Vallen Corp. 131,337
10,800 Western Beef, Inc. 112,050
10,666 Worthington Foods, Inc. 202,654
7,400 Zaring Homes, Inc. 83,250
4,614,968
ENERGY - 1.02%
2,203 HS Resources, Inc. 36,349
9,100 Maynard Oil Co. 170,625
6,800 Prima Energy Corp. 153,000
2,600 Roanoke Gas Co. 44,200
404,174
FINANCIAL - 18.64%
4,300 Amwest Insurance Group, Inc. 58,050
14,208 Chartwell Re Corp. 380,064
6,375 Cotton States Life and Health
Insurance Co. 90,844
33,900 EMC Insurance Group, Inc. 406,800
17,200 First Financial Caribbean Corp. 477,300
11,500 Interstate/Johnson Lane, Inc. 156,687
11,800 Lawyers Title Corp. 231,575
10,920 McDonald & Co. Investments, Inc. 379,470
5,000 Merchants Group, Inc. 92,500
12,300 Meridian Insurance Group, Inc. 181,425
5,800 Midland Co. 223,300
5,600 Minuteman International, Inc. 50,400
11,300 Mobile America Corp. 118,650
30,000 Morgan Keegan, Inc. 513,750
10,800 National Insurance Group 47,250
4,850 National Security Group, Inc. 63,656
5,300 National Western Life
Insurance Co. 461,100
15,200 Navigators Group, Inc. 277,400
12,400 Penn Treaty American Corp. 322,400
7,500 Penn-America Group, Inc. 120,937
19,600 Pioneer Financial Services, Inc. 490,000
6,600 Professionals Insurance Company
Management Group 145,200
16,000 PXRE Corp. 396,000
9,900 RLI Corp. 330,412
3,700 Scott & Stringfellow
Financial, Inc. 74,925
22,800 Sherwood Group, Inc. 236,550
30,850 State Auto Financial Corp. 555,300
13,400 Stewart Information Services Corp. 278,050
9,672 Walshire Assurance Co. 141,453
4,600 Ziegler (The) Companies, Inc. 80,500
7,381,948
MISCELLANEOUS - 2.86%
12,900 Celebrity, Inc. 45,956
9,000 Edelbrock Corp. 144,000
1,500 FRM Nexus, Inc. 1,500
16,000 IWC Resources Corp. 498,000
10,600 Primesource Corp. 82,812
4,500 Programming and Systems, Inc. 4,500
12,400 Rottlund Inc. 61,225
2,600 Scope Industries 128,375
10,500 Tylan General Inc. 165,703
1,132,071
TECHNOLOGY - 12.02%
19,100 Airways Corp. 54,913
2,100 Allen Organ Co. Cl. B 83,475
6,400 Autologic Information
International, Inc. 28,800
11,400 BEI Electronics, Inc. 119,700
15,100 Bell Industries Inc. 322,763
18,700 Bell Microproducts Inc. 165,963
12,800 CPAC Inc. 192,000
16,800 Data Systems & Software Inc. 95,550
10,600 Dataram Corp. 92,750
4,000 Datron Systems, Inc. 32,000
5,200 Eastern (The) Co. 68,250
7,900 Equitrac Corp. 92,825
3,100 Espey Mfg. & Electronics Corp. 48,050
26,200 Genus Inc. 144,100
4,700 Giga-tronics, Inc. 39,363
18,200 GTI Corp. 88,725
13,000 IEC Electronics Corp. New 107,250
11,900 IFR Systems, Inc. 187,425
18,848 Intellicall, Inc. 108,376
50,463 Intelligent Electronics, Inc. 403,704
8,600 Interphase Corp. 86,000
9,313 Isco, Inc. 83,817
13,200 K-Tron International, Inc. 135,300
4,300 Moore Products Co. 77,400
16,400 Newport Corp. 145,550
19,950 Nichols Research Corp. 508,725
16,200 Norstan, Inc. 291,600
14,900 North Star Universal, Inc. 121,063
13,500 Plexus Corp. 226,125
12,000 Powell Industries, Inc. 166,500
17,400 Proxima Corp. 224,025
3,700 SBE, Inc. 14,800
8,000 TRM Copy Center Corp. 78,000
6,800 Vertex Communications Corp. 123,250
4,758,137
TRANSPORTATION & SERVICES - 1.80%
9,312 International Shipholding Corp. 172,272
3,800 Kenan Transport Co. 75,050
9,466 KLLM Transport Services, Inc. 92,294
8,000 Marten Transport Ltd. 110,000
11,100 Petroleum Helicopters, Inc. 194,250
4,200 VSE Corp. 67,200
711,066
UTILITIES - 12.47%
6,600 Atrion Corp. 108,900
17,100 Bangor Hydro-Electric Co. 158,175
3,800 Berkshire Gas Co. 65,550
16,350 Cascade Natural Gas Corp. 277,950
5,700 Chesapeake Utilities Corp. 96,188
12,150 Colonial Gas Co. 258,187
14,450 Connecticut Energy Corp. 307,063
5,000 Connecticut Water
Service, Inc. 146,250
17,800 Consumers Water Co. 320,400
UTILITIES (Continued)
4,000 Delta Natural Gas
Company, Inc. 74,000
2,200 Dominguez Services Corp. 50,325
11,600 E'town Corp. 366,850
5,000 EnergyNorth, Inc. 108,750
3,400 Essex County Gas Co. 84,150
3,100 Florida Public Utilities Co. 63,938
10,600 Green Mountain Power Corp. 253,075
2,600 Maine Public Service Co. 47,125
7,600 Middlesex Water Co. 129,200
22,419 NUI Corp. 507,230
23,850 Philadelphia Suburban Corp. 474,019
9,800 Providence Energy Corp. 171,500
6,100 SJW Corp. 285,937
14,300 Southern California Water Co. 311,025
9,176 UNITIL Corp. 183,520
5,100 Upper Peninsula Energy Corp. 87,975
4,937,282
TOTAL COMMON STOCKS - 97.91% 38,764,601
FACE AMOUNT DESCRIPTION Market Value
REPURCHASE AGREEMENT - 2.45%
$970,000 UMB Bank, n.a.
5.85%, due January 2, 1997
(Collateralized by U.S.
Treasury Notes, 8.875%,
due February 15, 1999) 970,000
TOTAL INVESTMENTS - 100.36% $ 39,734,601
Other assets less liabilities - (0.36%) (144,217)
TOTAL NET ASSETS - 100.00%
(equivalent to $11.70 per share;
10,000,000 shares of $1.00 par
value capital shares authorized;
3,384,928 shares outstanding) $ 39,590,384
See accompanying Notes to Financial Statements.
STATEMENT OF ASSETS
AND LIABILITIES
December 31, 1996 (unaudited)
ASSETS:
Investment securities, at market value
(identified cost $31,074,197) $ 39,734,601
Dividends receivable 58,047
Total assets 39,792,648
LIABILITIES AND NET ASSETS:
Cash overdraft 202,264
Total liabilities 202,264
NET ASSETS $ 39,590,384
NET ASSETS CONSIST OF:
Capital (capital stock and paid-in capital) $ 30,149,781
Accumulated undistributed income (loss):
Undistributed net investment income 74,549
Accumulated net realized gain on
investment transactions 705,650
Net unrealized appreciation in value
of investments 8,660,404
NET ASSETS APPLICABLE TO OUTSTANDING SHARES $ 39,590,384
Capital shares, $1.00 par value
Authorized 10,000,000
Outstanding 3,384,928
NET ASSET VALUE PER SHARE $ 11.70
See accompanying Notes to Financial Statements.
STATEMENT OF OPERATIONS
Six Months Ended December 31, 1996 (unaudited)
INVESTMENT INCOME:
Income:
Dividends $ 393,109
Interest 1,384
394,493
Expenses:
Management fees (Note 3) 187,686
Custodian fees 1,596
Pricing service fees 13,558
Registration fees 18,257
221,097
Net investment income 173,396
REALIZED AND UNREALIZED GAIN ON INVESTMENTS (Note 1):
Realized gain from investment transactions
(excluding repurchase agreements):
Proceeds from sales of investments 4,097,353
Cost of investments sold 1,947,082
Net realized gain from investment
transactions 2,150,271
Unrealized appreciation on investments:
Beginning of period 6,795,364
End of period 8,660,404
Increase in net unrealized appreciation
on investments 1,865,040
Net gain on investments 4,015,311
Increase in net assets resulting from operations $ 4,188,707
See accompanying Notes to Financial Statements.
STATEMENTS OF CHANGES
IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED
DECEMBER 31, 1996 JUNE 30,
(UNAUDITED) 1996
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income $ 173,396 $ 309,091
Net realized gain from investment transactions 2,150,271 3,842,508
Increase in net unrealized appreciation
on investments 1,865,040 1,972,752
Net increase in net assets resulting
from operations 4,188,707 6,124,351
Net equalization included in the price of
shares issued and redeemed 7,276 (14,204)
DISTRIBUTIONS TO SHAREHOLDERS FROM:*
Net investment income (113,891) (333,014)
Net realized gain from investment transactions
(2,839,688) (3,002,705)
Total distributions to shareholders (2,953,579) (3,335,719)
DECREASE FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from 326,171 and 401,940 shares sold 3,715,466 4,446,012
Net asset value of 239,499
and 281,278 shares issued for
reinvestment of distributions 2,773,406 3,105,517
6,488,872 7,551,529
Cost of 614,218 and 912,215 shares redeemed (6,964,198) (10,151,906)
Net decrease from capital share transactions (475,326) (2,600,377)
Total increase in net assets 767,078 174,051
NET ASSETS:
Beginning of period 38,823,306 38,649,255
End of period (including undistributed
net investment income
of $74,549 and $7,768, respectively) $ 39,590,384 $ 38,823,306
*Distributions to shareholders:
Income dividends per share $ 0.0364 $ 0.10
Capital gains distribution per share $ 0.9086 $ 0.90
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. 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 - 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, 1996 (excluding repurchase agreements), were as follows:
Purchases $ -
Proceeds from sales 4,097,353
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.
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
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