<PAGE> 1
THE BRADFORD FUNDS, INC.
THE BRADFORD MONEY FUND
600 FIFTH AVENUE
NEW YORK, NY 10020
(212) 830-5311
July 31, 1997
Dear Shareholder:
This semi-annual report covers the period January 1, 1997, to June 30, 1997.
The Fund began the current year with assets of $1,240.6 million and ended the
period with $1,332.9 million. In addition, the number of shareholders increased
from 113,869 to 119,914. The Fund continues to experience steady growth.
The yield on the Fund reflected the move of short-term rates which showed an
increase from 4.77% on January 2, 1997, to 5.06% on June 30, 1997. We remain
committed to high quality, short-term instruments for your safety.
As always, we appreciate your confidence and support and welcome any comments.
Sincerely,
/s/ ALLAN L. ERB
Allan L. Erb
President
<PAGE> 2
THE BRADFORD FUNDS, INC.
THE BRADFORD MONEY FUND
Statement of Net Assets
June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
PERCENTAGE PAR
OF PORTFOLIO MATURITY (000) VALUE
------------ -------- ------- --------------
<S> <C> <C> <C> <C>
AGENCY OBLIGATIONS............................ 6.3%
Federal Farm Credit Bank
5.93% 07/01/97 $ 5,000 $ 5,000,000
5.49% 08/19/97 5,130 5,091,666
Federal Home Loan Mortgage Corporation
5.57% 07/31/97 15,000 14,930,375
5.53% 08/07/97 12,000 11,931,797
5.54% 08/01/97 5,000 4,976,147
5.54% 08/15/97 16,000 15,889,200
5.55% 08/15/97 11,000 10,923,687
5.49% 08/18/97 10,000 9,926,800
Federal National Mortgage Association
5.53% 07/10/97 5,000 4,993,087
--------------
TOTAL AGENCY OBLIGATIONS 83,662,759
--------------
COMMERCIAL PAPER.............................. 87.1%
Agriculture................................... 2.6%
Cargill, Inc. (A-1+, P-1)
5.57% 07/21/97 19,000 18,941,206
5.53% 09/11/97 5,000 4,944,700
Golden Peanuts Co. (A-1+, P-1)
5.53% 07/24/97 6,000 5,978,802
5.55% 08/20/97 5,000 4,961,458
--------------
34,826,166
--------------
Automobiles................................... 3.4%
Daimler Benz (A-1, P-1)
5.26%.......................... 07/28/97 8,500 8,466,468
Daimler-Benz North America (A-1, P-1)
5.64%.......................... 07/10/97 17,000 16,976,030
5.64%.......................... 09/16/97 11,000 10,867,303
5.64%.......................... 09/17/97 9,000 8,890,020
--------------
45,199,821
--------------
Banks-Multi-National.......................... 1.5%
J.P. Morgan & Co., Inc. (A-1+, P-1)
5.43%.......................... 09/08/97 20,000 19,791,850
--------------
</TABLE>
See accompanying notes to financial statements.
1
<PAGE> 3
THE BRADFORD FUNDS, INC.
THE BRADFORD MONEY FUND
Statement of Net Assets -- (Continued)
June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
PERCENTAGE PAR
OF PORTFOLIO MATURITY (000) VALUE
------------ -------- ------- --------------
<S> <C> <C> <C> <C>
Beverages..................................... 4.8%
Coca-Cola Co. (A-1+, P-1)
5.48% 09/09/97 $20,000 $ 19,786,889
5.48% 09/12/97 22,500 22,249,975
5.50% 09/18/97 6,000 5,927,583
5.50% 09/26/97 17,000 16,774,042
--------------
64,738,489
--------------
Chemicals..................................... 8.2%
Dupont (E.I.) de Nemours & Co. (A-1+, P-1)
5.56% 07/22/97 10,000 9,967,567
5.56% 07/24/97 15,000 14,946,717
5.56% 08/04/97 3,500 3,481,621
5.56% 08/05/97 13,000 12,929,728
5.62% 09/03/97 6,000 5,940,053
5.50% 09/22/97 15,000 14,809,792
Monsanto Co. (A-1, P-1)
5.60% 07/14/97 12,000 11,975,733
5.60% 07/23/97 15,000 14,948,667
5.57% 08/06/97 10,000 9,944,300
5.64% 09/03/97 10,200 10,097,728
--------------
109,041,906
--------------
Electronics................................... 4.1%
Avnet, Inc. (A-1, P-1)
5.63% 07/03/97 10,000 9,996,872
5.64% 07/18/97 10,000 9,973,367
5.62% 07/21/97 5,000 4,984,389
5.65% 07/28/97 5,000 4,978,813
5.65% 08/04/97 5,000 4,973,319
5.65% 08/18/97 10,000 9,924,667
5.58% 09/18/97 10,000 9,877,550
--------------
54,708,977
--------------
</TABLE>
See accompanying notes to financial statements.
2
<PAGE> 4
THE BRADFORD FUNDS, INC.
THE BRADFORD MONEY FUND
Statement of Net Assets -- (Continued)
June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
PERCENTAGE PAR
OF PORTFOLIO MATURITY (000) VALUE
------------ -------- ------- --------------
<S> <C> <C> <C> <C>
Finance....................................... 23.2%
Cargill Financial (A-1+, P-1)
5.52% 08/08/97 $12,000 $ 11,930,080
5.53% 08/13/97 21,000 20,861,289
5.53% 09/15/97 6,000 5,929,953
5.51% 09/23/97 14,000 13,820,007
Ford Motor Credit Co. (A-1, P-1)
5.59% 07/30/97 15,000 14,932,454
5.62% 07/30/97 9,500 9,456,991
5.56% 08/22/97 5,000 4,959,844
5.58% 08/22/97 7,000 6,943,580
5.58% 08/25/97 15,000 14,872,125
General Electric Capital Corp. (A-1+,
P-1)
5.55% 07/08/97 2,500 2,497,302
5.62% 07/31/97 6,000 5,971,900
5.56% 08/14/97 10,000 9,932,044
5.60% 08/14/97 10,000 9,931,556
5.60% 08/18/97 3,000 2,977,600
5.62% 08/26/97 10,000 9,912,578
5.57% 08/28/97 10,000 9,910,261
5.56% 09/22/97 3,000 2,961,543
J.C. Penney Funding Corp. (A-1, P-1)
5.55% 09/19/97 6,000 5,926,000
Met Life Funding Corp. (A-1+, P-1)
5.55% 07/09/97 13,000 12,983,967
5.53% 07/23/97 7,000 6,976,344
5.53% 07/25/97 12,000 11,955,760
5.55% 08/05/97 15,000 14,919,063
Pitney Bowes Credit Corp. (A-1+ P-1)
5.57% 07/15/97 6,500 6,485,920
5.57% 07/16/97 8,000 7,981,433
5.57% 07/17/97 9,000 8,977,720
5.58% 07/22/97 9,750 9,718,264
5.60% 08/25/97 10,958 10,864,248
</TABLE>
See accompanying notes to financial statements.
3
<PAGE> 5
THE BRADFORD FUNDS, INC.
THE BRADFORD MONEY FUND
Statement of Net Assets -- (Continued)
June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
PERCENTAGE PAR
OF PORTFOLIO MATURITY (000) VALUE
------------ -------- ------- --------------
<S> <C> <C> <C> <C>
Finance -- (Continued)
USAA Capital Corp. (A-1+, P-1)
5.55% 08/19/97 $15,000 $ 14,886,688
5.55% 08/20/97 16,000 15,876,667
5.62% 09/09/97 14,000 13,847,011
5.54% 09/25/97 10,000 9,867,656
--------------
309,067,848
--------------
Financial Services............................ 9.7%
Bear Stearns Companies, Inc. (A-1, P-1)
5.64% 07/31/97 20,000 19,906,000
5.58% 08/08/97 10,000 9,941,100
5.67% 08/13/97 8,000 7,945,820
5.66% 09/16/97 13,000 12,842,621
Goldman Sachs Group, L.P. (A-1+, P-1)
5.57% 07/02/97 4,000 3,999,381
5.58% 07/23/97 5,500 5,481,245
5.59% 09/10/97 6,000 5,933,852
Merrill Lynch & Co., Inc. (A-1+, P-1)
5.65% 07/29/97 9,000 8,960,450
5.57% 08/04/97 11,000 10,942,134
5.60% 08/11/97 6,000 5,961,733
5.60% 08/18/97 12,000 11,910,400
5.60% 08/27/97 12,000 11,893,600
5.61% 08/28/97 5,000 4,954,808
5.62% 09/04/97 9,000 8,908,675
--------------
129,581,819
--------------
Food.......................................... 8.8%
CPC International, Inc. (A-1, P-1)
5.59% 07/07/97 9,000 8,991,615
5.62% 07/22/97 10,000 9,967,217
5.63% 08/04/97 7,550 7,509,855
5.61% 08/11/97 12,000 11,923,330
5.60% 08/12/97 14,000 13,908,533
5.55% 09/22/97 7,600 7,502,752
5.55% 09/25/97 2,400 2,368,180
</TABLE>
See accompanying notes to financial statements.
4
<PAGE> 6
THE BRADFORD FUNDS, INC.
THE BRADFORD MONEY FUND
Statement of Net Assets -- (Continued)
June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Food -- (Continued)
Hershey Foods Corp. (A-1+, P-1)
5.50% 08/01/97 $25,000 $ 24,881,597
5.52% 08/07/97 5,000 4,971,633
McCormick and Co., Inc. (A-1, P-1)
6.05% 07/01/97 11,000 11,000,000
5.56% 10/14/97 15,515 15,263,398
--------------
118,288,110
--------------
Food/Retail................................... 4.8%
Winn Dixie Stores, Inc. (A-1, P-1)
5.65% 07/15/97 7,000 6,984,619
5.58% 07/29/97 20,000 19,913,200
5.67% 08/12/97 25,000 24,834,625
5.55% 09/11/97 12,000 11,866,800
--------------
63,599,244
--------------
Household Items............................... 2.7%
Procter & Gamble Co. (A-1+, P-1)
5.53% 07/25/97 13,000 12,952,073
5.48% 07/28/97 11,000 10,954,790
5.60% 08/19/97 5,000 4,961,889
5.50% 09/24/97 7,000 6,909,097
--------------
35,777,849
--------------
Industrial.................................... 3.4%
R.R. Donnelly Co. & Sons (A-1, P-1)
5.54% 07/21/97 10,000 9,969,222
Schering-Plough Corp. (A-1+, P-1)
5.50% 07/29/97 15,000 14,935,833
5.52% 09/23/97 9,650 9,525,708
Stanley Works (A-1, P-1)
5.56% 09/17/97 11,000 10,867,487
--------------
45,298,250
--------------
Oil........................................... 1.7%
Amoco Corp. (A-1+, P-1)
5.52% 09/02/97 10,000 9,903,400
5.50% 10/02/97 13,000 12,815,292
--------------
22,718,692
--------------
</TABLE>
See accompanying notes to financial statements.
5
<PAGE> 7
THE BRADFORD FUNDS, INC.
THE BRADFORD MONEY FUND
Statement of Net Assets -- (Continued)
June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Percentage Par
of Portfolio Maturity (000) Value
------------ -------- -------- --------------
<S> <C> <C> <C> <C>
Publishing.................................... 2.0%
McGraw-Hill, Inc. (A-1, P-1)
5.58% 07/31/97 $ 6,500 $ 6,469,775
5.55% 08/21/97 20,000 19,842,750
--------------
26,312,525
--------------
Technology.................................... 4.5%
Lucent Technologies (A-1, P-1)
5.58% 07/17/97 20,000 19,950,400
5.56% 08/12/97 5,000 4,967,567
5.53% 08/18/97 2,000 1,985,253
5.51% 09/15/97 10,000 9,883,678
5.51% 09/24/97 14,000 13,817,864
5.53% 09/29/97 10,000 9,861,750
--------------
60,466,512
--------------
Telecommunications............................ 1.7%
Ameritech Corp. (A-1+, P-1)
5.58% 08/06/97 12,500 12,430,250
5.58% 08/15/97 10,000 9,930,250
--------------
22,360,500
--------------
TOTAL COMMERCIAL PAPER 1,161,778,558
--------------
U.S. TREASURY OBLIGATIONS..................... 4.7%
U.S. Treasury Notes
6.00% 08/31/97 28,000 28,016,652
5.75% 09/30/97 20,000 20,009,731
5.625% 10/31/97 15,000 15,001,795
--------------
TOTAL U.S. TREASURY OBLIGATIONS 63,028,178
--------------
</TABLE>
See accompanying notes to financial statements.
6
<PAGE> 8
THE BRADFORD FUNDS, INC.
THE BRADFORD MONEY FUND
Statement of Net Assets -- (Concluded)
June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
PERCENTAGE PAR
OF PORTFOLIO MATURITY (000) VALUE
------------ -------- ------ --------------
<S> <C> <C> <C> <C>
VARIABLE RATE OBLIGATIONS..................... 2.1%
Federal Home Loan Bank Notes
6.00% 09/29/97 $3,500 $ 3,498,956
Federal National Mortgage Association
Notes
5.18% 09/15/97 5,000 5,000,000
Student Loan Marketing Association Notes
5.26% 07/01/97 5,000 4,999,358
5.29% 07/01/97 2,225 2,221,916
5.42% 07/01/97 4,000 3,999,602
Bear Stearns (A-2, A)
5.7175% 07/31/97 8,000 8,000,000
--------------
TOTAL VARIABLE RATE OBLIGATIONS 27,719,832
--------------
TOTAL INVESTMENTS............................. 100.2% 1,336,189,327
(Amortized Cost $1,336,189,327)*
OTHER LIABILITIES IN EXCESS OF ASSETS......... (0.2)% (3,252,334)
----- --------------
NET ASSETS.................................... 100.0% $1,332,936,993
===== ==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE ($1,332,936,933/ 1,332,951,332)... $1.00
==============
</TABLE>
- ---------------
* Also cost for Federal Income Tax purposes.
See accompanying notes to financial statements.
7
<PAGE> 9
THE BRADFORD FUNDS, INC.
THE BRADFORD MONEY FUND
Statement of Operations
Six Months Ended June 30, 1997
(Unaudited)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest............................................... $35,936,103
-----------
EXPENSES
Advisory fees.......................................... 2,400,028
Administration fees.................................... 265,866
Distribution fees...................................... 1,300,603
Directors' fees........................................ 26,276
Custodian fees......................................... 72,721
Transfer agent fees.................................... 668,918
Legal fees............................................. 27,770
Audit fees............................................. 9,916
SEC registration fees.................................. 14,764
Blue sky registration fees............................. 42,161
Insurance expense...................................... 9,701
Printing and Postage fees.............................. 81,793
Miscellaneous fees..................................... 8,675
-----------
TOTAL EXPENSES.................................... 4,929,192
Waiver of Advisory Fees................................ (77,205)
-----------
NET EXPENSES...................................... 4,851,987
-----------
NET INVESTMENT INCOME....................................... 31,084,116
NET REALIZED GAIN/LOSS ON INVESTMENTS....................... 0
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $31,084,116
===========
</TABLE>
See accompanying notes to financial statements.
8
<PAGE> 10
THE BRADFORD FUND, INC.
THE BRADFORD MONEY FUND
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
SIX MONTHS ENDED FOR THE YEAR
JUNE 30, 1997 ENDED
(UNAUDITED) DECEMBER 31, 1996
---------------- -----------------
<S> <C> <C>
Increase in Net Assets:
Operations:
Net investment income.................................. $ 31,084,116 $ 54,422,671
Net realized loss on investments....................... 0 (139)
-------------- --------------
Net increase in net assets resulting from operations... 31,084,116 54,422,532
-------------- --------------
Dividends to shareholders from:
Net investment income ($.0236 and $.0468 per share,
respectively)........................................ (31,084,116) (54,422,671)
-------------- --------------
Total dividends to shareholders........................... (31,084,116) (54,422,671)
-------------- --------------
Capital Stock Transactions:
Proceeds from sale of capital shares................... 2,931,339,374 5,268,446,578
Value of shares issued in reinvestment of dividends.... 30,080,706 51,941,658
Cost of shares repurchased............................. (2,862,804,502) (5,095,436,397)
-------------- --------------
Increase in net assets derived from capital stock
transactions......................................... 98,615,578 224,951,839
-------------- --------------
Total increase in assets.................................. 98,615,578 224,951,700
-------------- --------------
Net Assets:
Beginning of period....................................... 1,234,321,415 1,009,369,715
-------------- --------------
End of period............................................. $1,332,936,993 $1,234,321,415
============== ==============
</TABLE>
See accompanying notes to financial statements.
9
<PAGE> 11
THE BRADFORD FUNDS, INC.
THE BRADFORD MONEY FUND
Financial Highlights
(for a share outstanding through each period)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FOR THE FOR THE FOR THE FOR THE
JUNE 30, YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
1997 DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
(UNAUDITED) 1996 1995 1994 1993
----------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- -------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net Investment Income....... .0236 .0468 .0515 .0343 .0247
Net Realized Gain on
Investments............... -- -- -- -- --
---------- ---------- ---------- -------- --------
Total From Investment
Operations.......... .0236 .0468 .0515 .0343 .0247
---------- ---------- ---------- -------- --------
LESS DISTRIBUTIONS:
Dividend to Shareholders
from Net Investment
Income.................... (.0236) (.0468) (.0515) (.0343) (.0247)
Dividend to Shareholders
from Net Realized Gains... -- -- -- -- --
---------- ---------- ---------- -------- --------
Total Distributions... (.0236) (.0468) (.0515) (.0343) (.0247)
---------- ---------- ---------- -------- --------
Net Asset Value, End of
Period...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ======== ========
Total Return.................. 4.87%(b) 4.78% 5.28% 3.48% 2.50%
RATIO/SUPPLEMENT DATA:
Net Assets, End of Period
(in thousands)............ $1,332,937 $1,234,321 $1,009,370 $677,177 $719,337
Ratio of Expenses to
Average Daily Net
Assets.................. .74%(a)(b) .77%(a) .80%(a) .80%(a) .81%(a)
Ratio of Net Investment
Income to Average Daily
Net Assets.............. 4.75%(a)(b) 4.68%(a) 5.15%(a) 3.39%(a) 2.47%(a)
</TABLE>
- ---------------
(a) During the period a portion of the Advisory and Distribution fees were
voluntarily reduced. If such voluntary fee reductions had not occurred, the
Ratio of Expenses to Average Daily Net Assets would have been .75%, .78%,
.81%, .83% and .84%, respectively, and the Ratio of Net Investment Income to
Average Daily Net Assets would have been 4.74%, 4.67%, 5.14%, 3.36% and
2.44%, respectively.
(b) Annualized
See accompanying notes to financial statements.
10
<PAGE> 12
THE BRADFORD FUNDS, INC.
THE BRADFORD MONEY FUND
Notes to Financial Statements
June 30, 1997
(Unaudited)
NOTE 1 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Bradford Funds, Inc, (the "Company"), an open-end, diversified management
investment company, was incorporated in Maryland on October 26, 1988. The
Company is authorized to issue 5 billion shares of multiple portfolios. The
Company is currently offering shares of one portfolio, The Bradford Money Fund
(the "Fund"). The only transaction occurring in the Fund between the date of
incorporation and the commencement of operations was the sale and issuance of
100,000 shares of capital stock for $100,000 to Bradford Capital Management,
Ltd. ("Bradford Capital Management"), the Fund's investment adviser, on January
10, 1989. The investment objective of the Fund is to provide as high a level of
current interest income as is consistent with maintaining liquidity and
stability of principal. It seeks to achieve this objective by investing in high
quality, U.S. dollar-denominated instruments, such as short-term U.S. Government
securities, bank certificates of deposit, commercial paper and repurchase
agreements. The ability of issuers of debt securities held by the Fund to meet
their obligations may be affected by economic developments in a specific
industry or region.
A) SECURITY VALUATION -- Portfolio securities are valued under the amortized
cost method, which approximates current market value. Under this method,
securities are valued at cost when purchased and thereafter a constant
proportionate amortization of any discount or premium is recorded until maturity
of the security. The Fund seeks to maintain net asset value per share at $1.00.
B) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on the trade date. The cost of investments sold is determined by
use of the specific identification method for both financial reporting and
income tax purposes. Interest income is recorded on the accrual basis.
C) DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net investment income are
declared daily and paid monthly. Net realized capital gains, if any, will be
distributed at least annually.
D) FEDERAL INCOME TAXES -- The Fund intends to qualify for and elect the tax
treatment applicable to regulated investment companies under the Internal
Revenue Code and make the requisite distributions to its shareholders which will
be sufficient to relieve it from Federal income and Federal excise taxes.
Therefore, no provision has been recorded for Federal income or Federal excise
taxes.
E) REPURCHASE AGREEMENTS -- Money market instruments may be purchased from
financial institutions, such as banks and non-bank dealers, subject to the
seller's agreement to repurchase them at an agreed upon date and price.
Collateral for repurchase agreements may have longer maturities than the maximum
permissible remaining maturity of portfolio investments. The seller will be
required on a daily basis to maintain the value of the securities subject to the
agreement at not less than the repurchase price. If the seller defaults and the
value of the collateral declines or if bankruptcy proceedings are commenced with
respect to the seller of the security, realization of the collateral by the Fund
may be delayed or limited. The agreements are conditioned upon the collateral
being deposited under the Federal Reserve book-entry system or with the Fund's
custodian or a third party sub-custodian.
11
<PAGE> 13
THE BRADFORD FUNDS, INC.
THE BRADFORD MONEY FUND
Notes to Financial Statements -- (Continued)
June 30, 1997
(Unaudited)
NOTE 2 -- INVESTMENT ADVISORY, ADMINISTRATION, DISTRIBUTION AND TRANSFER AGENCY
AGREEMENTS
The Fund has entered into an investment advisory agreement with Bradford
Capital Management. J.C.B. Financial Services, Inc. acts as the general partner
to the adviser and J.C. Bradford & Co. L.L.C., a Tennessee limited liability
company ("Bradford"), is the adviser's limited partner. The general partner is a
wholly owned subsidiary of Bradford & Co., Incorporated. The Fund has also
entered into an Administration and Accounting Services Agreement with PFPC Inc.
("PFPC"), and distribution and transfer agency agreements with Bradford.
For the advisory services provided and expenses assumed by it, Bradford
Capital Management is entitled to receive from the Fund a fee, computed daily
and payable monthly, at an annual rate of .40% of the first $500 million of the
Fund's daily net assets and .35% of the daily net assets of the Fund in excess
of $500 million. Bradford Capital Management may, in its discretion from time to
time, waive voluntarily all or any portion of its advisory fee or reimburse the
Fund for a portion of the expenses of its operations. Bradford Capital
Management has agreed to waive indefinitely a portion of its advisory fee such
that it is receiving .30% of the Fund's average daily net assets in excess of $1
billion. For the six months ended June 30, 1997, such waiver amounted to
$77,205. Advisory fees, before such waiver amounted to $2,400,028 for the six
months ended June 30, 1997.
For the administration services provided, PFPC is entitled to receive from the
Fund a fee, computed daily and payable monthly, at an annual rate of .10% of the
first $200 million of daily net assets; .075% of the next $200 million of daily
net assets; .05% of the next $200 million of daily net assets; .025% of the next
$100 million of daily net assets; and .01% of the daily net assets in excess of
$700 million. Such fees amounted to $265,866 for the six months ended June 30,
1997.
The Fund has adopted a Plan of Distribution and pursuant thereto has entered
into an agreement under which the distributor, Bradford, is entitled to receive
from the Fund reimbursement of its distribution costs at an annual rate of up to
.20% of daily net assets. Bradford may, in its discretion from time to time,
waive voluntarily all or any portion of its distribution fees. Distribution fees
amounted to $1,300,603 for the six months ended June 30, 1997.
For the transfer agency services provided, Bradford is entitled to receive a
fee, computed and paid monthly, at an annual rate of $11.50 per active account.
12
<PAGE> 14
THE BRADFORD FUNDS, INC.
THE BRADFORD MONEY FUND
Notes to Financial Statements -- (Concluded)
June 30, 1997
(Unaudited)
NOTE 3 -- CAPITAL STOCK
Transactions in capital stock of the Fund were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1997 FOR THE YEAR ENDED
(UNAUDITED) DECEMBER 31, 1996
---------------- ------------------
<S> <C> <C>
Shares sold................................................. 2,931,339,374 5,268,446,578
Shares issued in connection with reinvestment of dividends
from net investment income................................ 30,080,706 51,941,658
Shares redeemed............................................. (2,862,804,502) (5,095,436,397)
-------------- --------------
Net increase................................................ 98,615,578 224,951,839
============== ==============
</TABLE>
NOTE 4 -- NET ASSETS
Net assets consisted of the following:
<TABLE>
<CAPTION>
JUNE 30, 1997
(UNAUDITED) DECEMBER 31, 1996
-------------- -----------------
<S> <C> <C>
Capital stock, at par....................................... $ 1,334,286 $ 1,234,336
Paid-in capital in excess of par............................ 1,331,617,046 1,233,101,418
Net undistributed realized capital loss..................... (14,339) (14,339)
-------------- --------------
$1,332,936,993 $1,234,321,415
============== ==============
</TABLE>
13
<PAGE> 15
BOARD OF DIRECTORS
Allan L. Erb, Chairman
Douglas C. Altenbern
William H. Carter
Richard W. Hanselman
Edward J. Roach
Michael R. Shea
William T. Spitz
OFFICERS
Allan L. Erb
President
Randall R. Harness
Secretary and Treasurer
Judy K. Abroms
Vice President
Michael R. Shea
Vice President
R. Patrick Shepherd
Vice President
INVESTMENT ADVISER
Bradford Capital Management, Ltd.
330 Commerce Street
Nashville, Tennessee 37201
ADMINISTRATOR
PFPC Inc.
P.O. Box 8950
Wilmington, Delaware 19899
TRANSFER AGENT AND DISTRIBUTOR
J. C. Bradford & Co., L.L.C.
330 Commerce Street
Nashville, Tennessee 37201
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THE
BRADFORD
MONEY
FUND
SEMI-ANNUAL REPORT TO SHAREHOLDERS
JUNE 30, 1997
[J.C. BRADFORD & CO. LOGO]
MEMBERS NEW YORK STOCK EXCHANGE
