SHADOW STOCK FUND INC
NSAR-A, 1999-02-26
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<PAGE>      PAGE  1
000 A000000 12/31/98
000 C000000 817750
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 J000000 A
001 A000000 SHADOW STOCK FUND, INC.
001 B000000 811-5218
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002 A000000 700 KARNES BLVD.
002 B000000 KANSAS CITY
002 C000000 MO
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008 A000002 DAVID L. BABSON & CO, INC.
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008 A000003 ANALYTIC SYSTEMS, INC.
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008 D010003 CHICAGO
008 D020003 IL
<PAGE>      PAGE  2
008 D030003 60611
011 A000001 JONES & BABSON, INC.
011 B000001 8-7801
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011 C030001 64108
013 A000001 ARTHUR ANDERSEN & CO
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<PAGE>      PAGE  3
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<PAGE>      PAGE  4
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<PAGE>      PAGE  6
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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SIGNATURE   MARTIN A. CRAMER                             
TITLE       VICE PRESIDENT      
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000817750
<NAME> SHADOW STOCK FUND INC
       
<S>                             <C>
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<PERIOD-END>                               DEC-31-1998
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