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SIGNATURE DAVID W. TICE
TITLE PRESIDENT
<TABLE> <S> <C>
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<CIK> 0001002903
<NAME> PRUDENT BEAR FUNDS, INC.
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</TABLE>
Prudent Bear Funds, Inc.
Form N-SAR Report for the Period Ended 3/31/96
Item 77-I
Prudent Bear Funds, Inc. (the "Corporation") was incorporated
on October 25, 1995. The Corporation consists of one series,
Prudent Bear Fund (the "Fund"). The Fund commenced operations on
December 28, 1995. The following describes the rights of the
shares of the Corporation.
The Corporation was formed under the laws of Maryland on
October 25, 1995. The Corporation's Articles of Incorporation
authorize the Board of Directors to issue up to 500,000,000 full
and fractional shares of common stock, $.0001 par value per
share. The Corporation is registered with the Securities and
Exchange Commission as an open-end diversified management
company.
All shares of the Corporation are of the same class, with equal
voting, redemption, dividend and liquidation rights. Fractional
shares have the same rights proportionately as full shares.
Shares issued are fully paid and nonassessable and have no
preemptive or conversion rights.
The shares do not have cumulative voting rights. Therefore,
the holders of more than 50 percent of the shares voting for the
election of directors can elect all the directors of the
Corporation.
If the holders of a majority of the outstanding shares of the
Corporation shall vote at any time to wind up and liquidate the
Corporation, no further shares of the Corporation shall be
issued, sold or purchased by the Coporation, and the directors
shall immediately proceed to wind up the Corporation's affairs,
liquidate the assets, pay all liabilities and expenses of the
Corporation, and distribute the remaining assets, if any, among
the shareholders in proportion to their holding of shares. The
Board of Directors shall also do any other acts necessary to
secure and complete the dissolution of the Corporation.
Prudent Bear Funds, Inc.
Form N-SAR Report for the Period Ended 3/31/96
The following are incorporated by reference:
Item 77-Q1(a) Bylaws - Pre-Effective Amendment No.1, Part C,
Item 24(b), Exhibit 2
Item 77-Q1(e) Advisory Agreement - Pre-Effective Amendment No.
1, Part C, Item 24(b), Exhibit 5
