SHADOW STOCK FUND, INC.
Supplement dated March 9, 1999
to
Prospectus dated October 31, 1998
Management and Investment Counsel
Effective January 28, 1999, the Shadow Stock Fund, Inc. (the
"Fund") manager is Roland W. Whitridge, who is assisted in Fund
management by Catherine Ryan. Mr. Whitridge has been a co-manager of the
Fund since its inception in 1987. Mr. Whitridge is a Chartered Financial
Analyst. He joined David L. Babson & Co. in 1974 and has over 30 years
investment management experience. Ms. Ryan's role will be to replace
Peter C. Schliemann, who was co-manager. She joined David L. Babson & Co.
Inc. in 1996 and has 5 years of investment industry experience.
How to Redeem Shares
The Fund will endeavor to transmit redemption proceeds to the proper
party, as instructed, as soon as practicable after a redemption request has
been received in "good order" and accepted, but reserves the right under
certain circumstances to delay redemption transactions up to seven days, or
as required by applicable law. The Fund Manager believes that certain
investors who try to "time the market" by purchasing and redeeming shares
from the Fund on a regular basis, may disrupt the investment process and
pose additional transactions costs to the Fund. Therefore in those cases
the Fund Manager may delay redemption proceeds as described above or take
other actions it deems necessary to discourage such activity.
