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<PAGE>
THE BRADFORD FUNDS, INC.
THE BRADFORD MONEY FUND
600 Fifth Avenue
New York, NY 10020
(888) 226-5504
July 1, 1999
Dear Shareholder:
This semi-annual report covers the period from January 1, 1999 to June 30,
1999.
The Fund began the current year with assets of $2,037.5 million and ended
the period with $2,165.0 million. In addition, the number of shareholders
increased from 143,383 to 152,687.
Reflective of the overall trend in short-term interest rates, the Fund's
yield went from 4.51% on December 31, 1998, to 4.28% on June 30, 1999. 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>
<TABLE>
<CAPTION>
THE BRADFORD FUNDS, INC.
The Bradford Money Fund
Statement of Net Assets
June 30, 1999
(Unaudited)
Percentage Par
of Portfolio Maturity (000) Value
------------ ---------- --------- -------------
<S> <C> <C> <C> <C>
AGENCY OBLIGATIONS........................... 34.72%
Federal Home Loan Bank
5.53% 07/15/99 $10,000 $ 9,999,757
4.95% 12/03/99 35,400 35,395,705
Federal Home Loan Mortgage Corporation
4.74% 07/01/99 14,000 14,000,000
4.75% 07/01/99 10,000 10,000,000
4.77% 07/02/99 25,000 24,996,688
4.74% 07/06/99 20,000 19,986,833
4.75% 07/06/99 17,000 16,988,785
4.76% 07/08/99 23,000 22,978,712
4.76% 07/09/99 10,000 9,989,422
4.70% 07/13/99 13,000 12,979,633
4.76% 07/14/99 11,350 11,330,491
4.73% 07/16/99 13,000 12,974,379
4.75% 07/16/99 10,000 9,980,208
7.12% 07/21/99 15,000 15,017,256
4.86% 08/12/99 15,000 14,914,950
4.78% 08/16/99 15,000 14,908,383
4.79% 08/18/99 14,500 14,407,393
4.73% 08/19/99 6,950 6,905,208
4.90% 08/23/99 25,000 24,819,653
4.84% 08/26/99 15,625 15,507,361
4.73% 08/27/99 25,000 24,812,771
4.88% 09/02/99 20,000 19,829,200
4.89% 09/03/99 20,000 19,826,133
4.89% 09/10/99 19,000 18,816,761
5.07% 09/28/99 19,000 18,761,851
4.73% 10/07/99 7,000 6,909,867
5.02% 10/07/99 7,807 7,700,313
5.10% 03/07/00 11,000 10,610,417
5.13% 06/02/00 20,000 19,039,550
5.15% 06/02/00 14,590 13,886,347
5.18% 06/02/00 7,307 6,952,680
5.19% 06/02/00 12,000 11,416,990
5.15% 06/06/00 13,000 12,364,727
5.18% 06/08/00 6,357 6,043,257
Federal National Mortgage Association
4.75% 07/02/99 15,000 14,998,021
4.69% 07/09/99 13,000 12,986,451
4.77% 07/14/99 6,000 5,989,665
</TABLE>
See accompanying notes to financial statements.
1
<PAGE>
<TABLE>
<CAPTION>
THE BRADFORD FUNDS, INC.
The Bradford Money Fund
Statement of Net Assets - (Continued)
June 30, 1999
(Unaudited)
Percentage Par
of Portfolio Maturity (000) Value
------------ ---------- --------- -------------
<S> <C> <C> <C> <C>
AGENCY OBLIGATIONS (CONTINUED)
Federal National Mortgage Association - (Continued)
5.90% 07/14/99 $10,000 $ 10,003,078
5.90% 07/19/99 5,000 5,002,154
4.72% 08/06/99 12,000 11,943,360
4.85% 08/13/99 12,000 11,930,483
4.76% 08/24/99 20,000 19,857,170
4.82% 08/27/99 13,000 12,900,788
4.89% 09/08/99 20,000 19,812,550
5.94% 09/10/99 5,000 5,010,295
4.73% 09/17/99 15,000 14,846,275
4.98% 09/21/99 12,000 11,863,880
4.72% 09/22/99 5,000 4,945,589
5.08% 09/24/99 23,000 23,014,897
4.73% 10/08/99 26,000 25,661,805
5.04% 10/22/99 9,500 9,349,591
4.98% 04/20/00 7,000 6,994,685
5.21% 06/15/00 10,000 9,493,472
-------------
TOTAL AGENCY OBLIGATIONS 751,655,890
-------------
COMMERCIAL PAPER............................... 65.31%
Agriculture.................................... 3.87%
Archer Daniels Midland Co. (A-1+, P-1)
4.78% 08/09/99 16,000 15,917,147
4.79% 08/09/99 17,500 17,409,189
4.85% 08/19/99 15,400 15,298,339
4.77% 08/27/99 21,000 20,841,397
Golden Peanuts Co. (A-1+, P-1)
4.77% 08/12/99 10,500 10,441,568
4.77% 08/17/99 4,000 3,975,090
-------------
83,882,730
-------------
Automobiles.................................... 5.09%
Daimler-Chrysler (A-1, P-1)
4.76% 07/09/99 30,000 29,968,267
4.80% 07/19/99 15,000 14,964,000
4.80% 07/20/99 10,000 9,974,667
4.84% 09/07/99 22,000 21,798,871
5.02% 09/30/99 19,000 18,758,901
5.07% 10/28/99 15,000 14,748,612
-------------
110,213,318
-------------
</TABLE>
See accompanying notes to financial statements.
2
<PAGE>
<TABLE>
<CAPTION>
THE BRADFORD FUNDS, INC.
The Bradford Money Fund
Statement of Net Assets - (Continued)
June 30, 1999
(Unaudited)
Percentage Par
of Portfolio Maturity (000) Value
------------ ---------- --------- -------------
<S> <C> <C> <C> <C>
COMMERCIAL PAPER (CONTINUED)
Beverages................................... 4.82%
Coca-Cola Co. (A-1+, P-1)
4.75% 07/26/99 $10,000 $ 9,967,014
4.75% 07/29/99 20,000 19,926,111
4.76% 08/02/99 10,000 9,957,689
4.74% 08/05/99 11,000 10,949,308
4.76% 08/12/99 20,000 19,888,933
4.76% 08/13/99 24,000 23,863,547
5.00% 09/29/99 10,000 9,875,000
-------------
104,427,602
-------------
Broker/Dealer................................ 7.08%
Goldman Sachs Group L.P. (A-1+, P-1)
4.80% 08/25/99 11,000 10,919,333
5.04% 09/15/99 18,400 18,204,224
4.77% 09/16/99 10,000 9,897,975
4.86% 09/20/99 20,000 19,781,300
4.92% 10/04/99 15,400 15,200,057
5.14% 10/19/99 10,000 9,842,944
5.12% 10/21/99 18,000 17,713,280
Merrill Lynch & Co. (A-1+, P-1)
4.79% 07/15/99 5,000 4,990,686
4.82% 08/03/99 12,000 11,946,980
4.83% 08/10/99 4,000 3,978,534
4.82% 08/11/99 13,000 12,928,637
4.84% 08/23/99 18,000 17,871,740
-------------
153,275,690
-------------
Chemicals.................................... 1.38%
Dupont (E.I.) de Nemours & Co. (A-1+, P-1)
4.79% 07/12/99 10,000 9,985,364
4.80% 07/22/99 10,000 9,972,000
5.00% 10/28/99 10,000 9,834,722
-------------
29,792,086
-------------
Conglomerates................................. 1.15%
American Express (A-1, P-1)
4.79% 07/23/99 25,000 24,926,819
-------------
</TABLE>
See accompanying notes to financial statements.
3
<PAGE>
<TABLE>
<CAPTION>
THE BRADFORD FUNDS, INC.
The Bradford Money Fund
Statement of Net Assets - (Continued)
June 30, 1999
(Unaudited)
Percentage Par
of Portfolio Maturity (000) Value
------------ ---------- --------- -------------
<S> <C> <C> <C> <C>
COMMERCIAL PAPER (CONTINUED)
Consumer Products............................ 1.77%
Clorox Co. (A-1, P-1)
4.79% 08/05/99 $ 8,500 $ 8,460,416
Proctor & Gamble Co. (A-1+, P-1)
4.77% 07/01/99 7,000 7,000,000
4.76% 07/15/99 17,000 16,968,531
5.13% 08/30/99 6,000 5,948,700
-------------
38,377,647
-------------
Entertainment................................ 3.63%
Walt Disney Company Inc. (A-1, P-1)
4.66% 07/07/99 11,500 11,491,068
4.66% 07/08/99 17,500 17,484,143
4.74% 07/13/99 20,000 19,968,400
4.66% 08/09/99 10,000 9,949,517
4.78% 11/04/99 10,000 9,832,700
4.77% 11/15/99 10,000 9,818,475
-------------
78,544,303
-------------
Finance...................................... 13.84%
Bellsouth Capital Funding (A-1+, P-1)
4.77% 07/20/99 20,000 19,949,650
4.76% 07/20/99 15,000 14,962,317
Ford Motor Credit Company (A-1, P-1)
4.78% 07/12/99 10,000 9,985,395
4.78% 07/15/99 10,000 9,981,411
4.73% 07/27/99 15,000 14,948,758
4.75% 08/26/99 16,000 15,881,778
4.89% 09/09/99 20,000 19,809,833
5.16% 10/22/99 9,300 9,149,371
General Electric Capital Corporation (A-1+, P-1)
4.81% 07/28/99 25,000 24,909,813
4.83% 08/10/99 10,000 9,946,333
4.80% 08/16/99 14,000 13,914,133
4.80% 08/18/99 15,000 14,904,000
4.81% 09/07/99 10,000 9,909,145
4.81% 09/08/99 13,000 12,880,151
4.80% 09/14/99 16,000 15,840,000
4.99% 10/20/99 7,000 6,892,299
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
<TABLE>
<CAPTION>
THE BRADFORD FUNDS, INC.
The Bradford Money Fund
Statement of Net Assets - (Continued)
June 30, 1999
(Unaudited)
Percentage Par
of Portfolio Maturity (000) Value
------------ ---------- --------- -------------
<S> <C> <C> <C> <C>
COMMERCIAL PAPER (CONTINUED)
Finance - (Continued)
USAA Capital Corp. (A-1+, P-1)
4.78% 07/08/99 $18,000 $ 17,983,270
4.78% 07/16/99 10,000 9,980,083
5.00% 08/09/99 16,000 15,913,333
4.82% 08/17/99 25,000 24,842,681
4.79% 08/31/99 7,000 6,943,185
-------------
299,526,939
-------------
Food......................................... 6.11%
Campbell Soup Co. (A-1+, P-1)
4.77% 08/03/99 10,000 9,956,275
4.77% 08/04/99 15,000 14,932,425
4.78% 09/13/99 15,000 14,852,617
4.78% 09/21/99 10,780 10,662,630
4.82% 01/20/00 10,000 9,728,205
Heinz (HJ) Co. (A-1, P-1)
4.78% 07/06/99 14,000 13,990,705
4.78% 07/07/99 14,000 13,988,847
4.78% 07/12/99 23,500 23,465,677
McCormick and Co., Inc. (A-1, P-1)
4.83% 08/24/99 10,000 9,927,550
5.00% 10/05/99 10,870 10,725,067
-------------
132,229,998
-------------
Health-Care.................................. 4.45%
Johnson & Johnson (A-1+, P-1)
4.77% 07/27/99 30,000 29,896,650
4.77% 07/28/99 10,000 9,964,225
4.77% 08/11/99 15,000 14,918,512
4.75% 08/17/99 8,000 7,950,389
4.77% 08/20/99 9,000 8,940,375
4.77% 08/23/99 10,000 9,929,775
4.76% 09/23/99 15,000 14,833,400
-------------
96,433,326
-------------
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
<TABLE>
<CAPTION>
THE BRADFORD FUNDS, INC.
The Bradford Money Fund
Statement of Net Assets - (Continued)
June 30, 1999
(Unaudited)
Percentage Par
of Portfolio Maturity (000) Value
------------ ---------- --------- --------------
<S> <C> <C> <C> <C>
COMMERCIAL PAPER (CONTINUED)
Pharmaceutical............................... 6.41%
Schering-Plough Corporation (A-1+, P-1)
4.80% 07/07/99 $30,000 $ 29,976,000
4.86% 07/30/99 10,000 9,960,850
4.76% 08/04/99 30,685 30,547,054
4.86% 08/24/99 7,000 6,948,970
4.86% 08/31/99 13,000 12,892,945
5.18% 10/05/99 21,000 20,709,920
Warner-Lamber Company (A-1+, P-1)
4.83% 08/24/99 14,000 13,898,570
4.83% 09/02/99 14,000 13,881,665
--------------
138,815,974
--------------
Publishing................................... 1.84%
McGraw-Hill, Inc. (A-1, P-1)
4.80% 07/30/99 12,750 12,700,700
5.03% 09/22/99 17,430 17,227,865
5.04% 09/23/99 10,000 9,882,400
--------------
39,810,965
--------------
Technology................................... 3.87%
Lucent Technologies (A-1, P-1)
4.81% 07/21/99 25,000 24,933,195
4.77% 07/22/99 18,975 18,922,202
4.81% 07/26/99 20,000 19,933,194
4.81% 07/29/99 20,000 19,925,178
--------------
83,713,769
--------------
TOTAL COMMERCIAL PAPER 1,413,971,166
--------------
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
<TABLE>
<CAPTION>
THE BRADFORD FUNDS, INC.
The Bradford Money Fund
Statement of Net Assets - (Concluded)
June 30, 1999
(Unaudited)
Percentage Par
of Portfolio Maturity (000) Value
------------ ---------- --------- --------------
<S> <C> <C> <C> <C>
VARIABLE RATE AGENCY OBLIGATIONS.............. 0.10%
Student Loan Marketing Association
5.10% 07/06/99 $ 2,225 $ 2,224,871
--------------
TOTAL VARIABLE RATE OBLIGATIONS 2,224,871
--------------
TOTAL INVESTMENTS............................. 100.13% 2,167,851,927
(Amortized Cost $2,167,851,927)*
Liabilities In Excess of Cash and Other Assets (0.13)% (2,865,035)
------ --------------
Net Assets.................................... 100.00% $2,164,986,892
====== ==============
Net Asset Value, Offering and Redemption Price
Per Share ($2,164,986,892/2,165,001,924) $1.00
==============
* Also cost for Federal Income Tax purposes.
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
<TABLE>
<CAPTION>
THE BRADFORD FUNDS, INC.
The Bradford Money Fund
Statement of Operations
Six Months Ended June 30, 1999
(Unaudited)
<S> <C>
INVESTMENT INCOME
Interest................................................................ $54,575,910
-----------
EXPENSES
Advisory fees........................................................... 3,981,392
Administration fees..................................................... 301,130
Distribution fees....................................................... 2,204,241
Directors' fee.......................................................... 24,322
Custodian fees.......................................................... 57,584
Transfer agent fees..................................................... 865,028
Legal................................................................... 31,239
Audit................................................................... 12,236
SEC registration fees................................................... 56,639
Blue sky registration fees.............................................. 24,442
Insurance............................................................... 7,939
Printing and postage.................................................... 64,857
Miscellaneous........................................................... 12,939
-----------
TOTAL EXPENSES...................................................... 7,643,988
Waiver of advisory fees................................................. (314,149)
-----------
NET EXPENSES........................................................ 7,329,839
-----------
NET INVESTMENT INCOME...................................................... 47,246,071
NET REALIZED GAIN (LOSS)ON INVESTMENTS..................................... -0-
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS....................... $47,246,071
===========
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
<TABLE>
<CAPTION>
THE BRADFORD FUNDS, INC.
The Bradford Money Fund
Statements of Changes in Net Assets
Six Months Ended For the Year
June 30, 1999 Ended
(Unaudited) December 31, 1998
------------------ -----------------
Increase in Net Assets:
Operations:
<S> <C> <C>
Net investment income....................................... $ 47,246,071 $ 88,952,853
Net realized loss on investments............................ -0- (674)
------------------ -----------------
Net increase in net assets resulting from operations........ 47,246,071 88,952,179
------------------ -----------------
Dividends to shareholders from:
Net investment income ($.0213 and $.0482 per share,
respectively).............................................. (47,246,071) (88,952,853)
------------------ -----------------
Total dividends to shareholders.............................. (47,246,071) (88,952,853)
------------------ -----------------
Capital Stock Transactions:
Proceeds from sale of capital shares........................ 5,210,964,479 8,663,466,410
Value of shares issued in reinvestment of dividends......... 42,291,288 85,552,716
Cost of shares repurchased.................................. (5,125,777,586) (8,274,797,889)
------------------ -----------------
Increase in net assets derived from capital stock
transactions............................................. 127,478,181 474,221,237
------------------ -----------------
Total increase in assets..................................... 127,478,181 474,220,563
------------------ -----------------
Net Assets:
Beginning of period.......................................... 2,037,508,711 1,563,288,148
------------------ -----------------
End of period................................................ $ 2,164,986,892 $ 2,037,508,711
================== =================
</TABLE>
See accompanying notes to financial statements.
9
<PAGE>
<TABLE>
<CAPTION>
THE BRADFORD FUNDS, INC.
The Bradford Money Fund
Financial Highlights
(for a share outstanding through each period)
Six Months For the For the For the For the For the
Ended Year Ended Year Ended Year Ended Year Ended Year Ended
June 30, 1999 December 31, December 31, December 31, December 31, December 31,
(Unaudited) 1998 1997 1996 1995 1994
------------- ----------- ----------- ----------- ----------- -----------
Net Asset Value, Beginning of
<S> <C> <C> <C> <C> <C> <C>
Period........................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ---------- --------
Income From Investment
Operations:
Net Investment Income............ .0213 .0482 .0485 .0468 .0515 .0343
Net Realized Gain on
Investments.................... -- -- -- -- -- --
---------- ---------- ---------- ---------- ---------- --------
Total From Investment
Operations................ .0213 .0482 .0485 .0468 .0515 .0343
---------- ---------- ---------- ---------- ---------- --------
Less Distributions:
Dividend to Shareholders from
Net Investment Income.......... (.0213) (.0482) (.0485) (.0468) (.0515) (.0343)
Dividend to Shareholders from
Net Realized Gain.............. -- -- -- -- -- --
Total Distributions......... (.0213) (.0482) (.0485) (.0468) (.0515) (.0343)
---------- ---------- ---------- ---------- ---------- --------
Net Asset Value, End of Period..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ========== ========
Total Return....................... 4.37% (b) 4.93% 4.96% 4.78% 5.28% 3.48%
Ratio/Supplement Data:
Net Assets, End of Period
(in thousands)................. $2,164,987 $2,037,509 $1,563,288 $1,234,321 $1,009,370 $677,177
Ratio of Expenses to Average
Daily Net Assets............. .67%(a)(b) .70%(a) .74%(a) .77%(a) .80%(a) .80%(a)
Ratio of Net Investment
Income to Average Daily
Net Assets................... 4.29%(a)(b) 4.82%(a) 4.87%(a) 4.68%(a) 5.15%(a) 3.39%(a)
</TABLE>
(a) During the period a portion of the Advisory and/or 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 .70%, .73%,
.75%, .78%, .81%, and .83% respectively, and the Ratio of Net Investment
Income to Average Daily Net Assets would have been 4.26%, 4.79%, 4.85%,
4.67%, 5.14%, and 3.36%, respectively.
(b) Annualized
See accompanying notes to financial statements
10
<PAGE>
THE BRADFORD FUNDS, INC.
The Bradford Money Fund
Notes To Financial Statements
June 30, 1999
(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 5.0 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-dominated 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>
THE BRADFORD FUNDS, INC.
The Bradford Money Fund
Notes To Financial Statements - (Continued)
June 30, 1999
(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 Reich &
Tang Asset Management,L.P. 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 and .29% of the Fund's average daily net assets in excess of
$2 billion. For the six months ended June 30, 1999, such waiver amounted to
$314,149. Advisory fees, before such waiver, amounted to $3,981,392 for the six
months ended June30, 1999.
For the administration services provided, Reich & Tang Asset
Management, L.P. 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; .07% of the next $200 million of daily net assets; .045% 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 $700 million. Such fees
amounted to $301,130 for the six months ended June 30, 1999.
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. Such fees
amounted to $2,204,241 for the six months ended June 30, 1999.
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. Such fees amounted to $865,028 for the six months ended June 30, 1999.
12
<PAGE>
<TABLE>
<CAPTION>
THE BRADFORD FUNDS, INC.
The Bradford Money Fund
Notes To Financial Statements--(Concluded)
June 30, 1999
(Unaudited)
NOTE 3--CAPITAL STOCK
Transactions in capital stock of the Fund were as follows:
Six Months Ended
June 30, 1999 For the Year Ended
(Unaudited) December 31, 1998
---------------- -----------------
<S> <C> <C>
Shares sold.......................................................... 5,210,964,479 8,663,466,410
Shares issued in connection with reinvestment of dividends from
net investment income............................................... 42,291,288 85,552,716
Shares redeemed...................................................... (5,125,777,586) (8,274,797,889)
-------------- --------------
Net increase......................................................... 127,478,181 474,221,237
============== ==============
<CAPTION>
NOTE 4--NET ASSETS
Net assets consisted of the following:
June 30, 1999
(Unaudited) December 31, 1998
-------------- -----------------
<S> <C> <C>
Capital stock, at par................................................ $ 2,165,002 $ 2,037,524
Paid-in capital in excess of par..................................... 2,162,836,922 2,035,486,219
Net accumulated realized capital loss................................ (15,032) (15,032)
-------------- --------------
$2,164,986,892 $2,037,508,711
============== ==============
</TABLE>
13
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<PAGE>
THIS REPORT IS SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF
THE FUND. IT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS IN THE
FUND UNLESS PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS, WHICH INCLUDES
DETAILS REGARDING THE FUND'S OBJECTIVES, POLICIES, EXPENSES AND OTHER
INFORMATION. AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ANY
PERFORMANCE INFORMATION QUOTED REPRESENTS PAST PERFORMANCE WHICH, OF COURSE, IS
NO GUARANTEE OF FUTURE PERFORMANCE.
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
Micheal R. Shea
Vice President
R. Patrick Shepherd
Vice President
Investment Adviser
------------------
Bradford Capital Management, Ltd.
330 Commerce Street
Nashville, Tennessee 37201
Administrator
-------------
Reich & Tang Asset Management L.P.
600 Fifth Avenue
New York, New York 10020
Transfer Agent and Distributor
------------------------------
J.C. Bradford & Co. LLC
330 Commerce Street
Nashville, Tennessee 37201
<PAGE>
- --------------------------------------------------------------------------------
THE
BRADFORD
MONEY
FUND
Semi-Annual Report to Shareholders
June 30, 1999
[GRAPHIC OMITTED]
Members New York Stock Exchange
<PAGE>
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