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<PAGE> PAGE 5
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<PAGE> PAGE 15
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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> MITCHELL HUTCHINS PORTFOLIOS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> MITCHELL HUTCHINS PORTFOLIOS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> MITCHELL HUTCHINS PORTFOLIOS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> MITCHELL HUTCHINS PORTFOLIOS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> MITCHELL HUTCHINS PORTFOLIOS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> MITCHELL HUTCHINS PORTFOLIOS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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Report of
Independent Auditors
To the Shareholders and Board of
Trustees of
Mitchell Hutchins Portfolios
In planning and performing our audit
of the financial statements of the
Mitchell Hutchins Portfolios
(comprising, respectively, the
Mitchell Hutchins Aggressive
Portfolio, Mitchell Hutchins
Moderate
Portfolio and Mitchell Hutchins
Conservative Portfolio) for the year
ended May 31, 1999, we considered
its internal control, including
control activities for safeguarding
securities, in order to determine
our
auditing procedures for the purpose
of expressing our opinion on the
financial statements and to comply
with the requirements of Form N-SAR,
and not to provide assurance on the
internal control.
The management of the Mitchell
Hutchins Portfolios is responsible
for establishing and maintaining
internal control. In fulfilling
this responsibility, estimates and
judgments by management are required
to assess the expected benefits and
related costs of controls.
Generally, controls that are
relevant to an
audit pertain to the entity's
objective of preparing financial
statements for external purposes
that are
fairly presented in conformity with
generally accepted accounting
principles. Those controls include
the safeguarding of assets against
unauthorized acquisition, use or
disposition.
Because of inherent limitations in
internal control, errors or fraud
may occur and not be detected.
Also,
projection of any evaluation of
internal control to future periods
is subject to the risk that it may
become
inadequate because of changes in
conditions or that the effectiveness
of the design and operation may
deteriorate.
Our consideration of internal
control would not necessarily
disclose all matters in internal
control that
might be material weaknesses under
standards established by the
American Institute of Certified
Public
Accountants. A material weakness is
a condition in which the design or
operation of one or more of the
specific internal control components
does not reduce to a relatively low
level the risk that errors or fraud
in amounts that would be material in
relation to the financial statements
being audited may occur and
not be detected within a timely
period by employees in the normal
course of performing their assigned
functions. However, we noted no
matters involving internal control
and its operation, including
controls
for safeguarding securities, that we
consider to be material weaknesses
as defined above at May 31,
1999.
This report is intended solely for
the information and use of the
shareholders, Board of Trustees and
management of the Mitchell Hutchins
Portfolios and the Securities and
Exchange Commission and is
not intended to be and should not be
used by anyone other than these
specified parties.
ERNST & YOUNG LLP
July 16, 1999
17.Q.1
AMENDED AND RESTATED BY-LAWS
OF
MITCHELL HUTCHINS PORTFOLIOS
May 13, 1999
TABLE OF CONTENTS
Page
ARTICLE I PRINCIPAL OFFICE AND SEAL
1
Section 1. Principal Office. 1
Section 2. Seal. 1
ARTICLE II MEETINGS OF TRUSTEES 1
Section 1. Action by Trustees. 1
Section 2. Compensation of Trustees.
1
Section 3. Retirement of Trustees.
1
ARTICLE III COMMITTEES 2
Section 1. Establishment. 2
Section 2. Proceedings; Quorum; Action.
2
Section 3. Compensation of Committee
Members. 2
ARTICLE IV OFFICERS 2
Section 1. General. 2
Section 2. Election. 2
Section 3. Vacancies and Newly Created
Offices. 2
Section 4. Removal and Resignation.
2
Section 5. Chairman. 3
Section 6. President. 3
Section 7. Vice President(s). 3
Section 8. Treasurer and Assistant
Treasurer(s). 3
Section 9. Secretary and Assistant
Secretaries. 4
Section 10. Compensation of Officers.
4
Section 11. Surety Bond. 4
ARTICLE V MEETINGS OF SHAREHOLDERS
4
Section 1. No Annual Meetings. 4
Section 2. Special Meetings. 4
Section 3. Notice of Meetings; Waiver.
5
Section 4. Adjourned Meetings. 5
Section 5. Validity of Proxies. 5
Section 6. Record Date. 6
Section 7. Action Without a Meeting.
6
ARTICLE VI SHARES OF BENEFICIAL INTEREST
6
Section 1. No Share Certificates. 6
Section 2. Transfer of Shares. 6
ARTICLE VII CUSTODY OF SECURITIES 6
Section 1. Employment of a Custodian.
6
Section 2. Termination of Custodian
Agreement. 6
Section 3. Other Arrangements. 7
ARTICLE VIII FISCAL YEAR AND ACCOUNTANT
7
Section 1. Fiscal Year. 7
Section 2. Accountant. 7
ARTICLE IX AMENDMENTS 7
Section 1. General. 7
Section 2. By Shareholders Only. 7
ARTICLE X NET ASSET VALUE 7
ARTICLE XI MISCELLANEOUS 8
Section 1. Inspection of Books. 8
Section 2. Severability. 8
Section 3. Headings. 8
BY-LAWS
OF
MITCHELL HUTCHINS PORTFOLIO
These By-laws of Mitchell Hutchins
Portfolios (the "Trust"), a Delaware
business trust, are
subject to the Trust
Instrument of the Trust dated as of August
9, 1996, as amended and restated as of
July 22, 1997,
August 20, 1997, November
19, 1997 and May 13, 1999, and as from
time to time further amended, supplemented
or restated (the
"Trust Instrument").
Capitalized terms used herein have the
same meanings as in the Trust Instrument.
ARTICLE I
PRINCIPAL OFFICE AND SEAL
Section 1. Principal Office. The
principal office of the Trust shall be
located in New York, New
York, or such other
location as the Trustees determine. The
Trust may establish and maintain other
offices and places of
business as the Trustees
determine.
Section 2. Seal. The Trustees may adopt
a seal for the Trust in such form and with
such inscription
as the Trustees
determine. Any Trustee or officer of the
Trust shall have authority to affix the
seal to any
document.
ARTICLE II
MEETINGS OF TRUSTEES
Section 1. Action by Trustees. Trustees
may take actions at meetings held at such
places and times
as the Trustees may
determine, or without meetings, all as
provided in Article II, Section 7, of the
Trust Instrument.
Section 2. Compensation of Trustees. Each
Trustee who is neither an employee of an
investment
adviser of the Trust or
any Series nor an employee of an entity
affiliated with the investment adviser may
receive such
compensation from the Trust
for services as the Trustees may
determine. Each Trustee may receive such
reimbursement for expenses
as the Trustees may
determine.
Section 3. Retirement of Trustees. Each
Trustee who has attained the age of
seventy-two (72) years
as of December 31
of any year shall retire from service as a
Trustee on such date unless that
retirement would cause
the Trust to be required to call
a meeting of Shareholders to fill the
resulting vacancy on the Board of
Trustees; provided, however,
that this requirement may
be waived on an annual basis for
individual Trustees by resolution of the
Board of Trustees. Such
waiver may include a period
ending at the close of business on
December 31 of the following year.
Notwithstanding anything in
this Section, a Trustee may
retire at any time as provided for in the
Trust Instrument.
ARTICLE III
COMMITTEES
Section 1. Establishment. The Trustees
may designate one or more committees of
the Trustees, which
may include an
Executive Committee, a Nominating
Committee, and an Audit Committee. The
Trustees shall determine
the number of
members of each committee and its powers
and shall appoint its members and its
chair. Each committee
member shall serve at
the pleasure of the Trustees. The
Trustees may abolish any committee at any
time. Each committee
shall maintain records of
its meetings and report its actions to the
Trustees. The Trustees may rescind any
action of any
committee, but such rescission
shall not have retroactive effect. The
Trustees may delegate to any committee any
of its powers,
subject to the limitations of
applicable law.
Section 2. Proceedings; Quorum; Action.
Each committee may adopt such rules
governing its
proceedings, quorum
and manner of acting as it shall deem
proper and desirable. In the absence of
such rules, a majority
of any committee shall
constitute a quorum, and a committee shall
act by the vote of a majority of a quorum.
Section 3. Compensation of Committee
Members. Each committee member who is not
an "interested
person" of the
Trust, as defined in the 1940 Act
("Disinterested Trustees") may receive
such compensation from the
Trust for services as the
Trustees may determine. Each Trustee may
receive such reimbursement for expenses as
the Trustees may
determine.
ARTICLE IV
OFFICERS
Section 1. General. The officers of the
Trust shall be a Chairman, a President,
one or more Vice
Presidents, a
Treasurer, and a Secretary, and may
include one or more Assistant Treasurers
or Assistant Secretaries
and such other officers
("Other Officers") as the Trustees may
determine.
Section 2. Election. Tenure and
Qualifications of Officers. The Trustees
shall elect the officers
of the Trust. Each
officer elected by the Trustees shall hold
office until his or her successor shall
have been elected
and qualified or until his or
her earlier death, inability to serve, or
resignation. Any person may hold one or
more offices,
except that the Chairman and the
Secretary may not be the same individual.
A person who holds more than one office in
the Trust may
not act in more than one
capacity to execute, acknowledge, or
verify an instrument required by law to be
executed,
acknowledged, or verified by more
than one officer. No officer other than
the Chairman need be a Trustee or
Shareholder.
Section 3. Vacancies and Newly Created
Offices. Whenever a vacancy shall occur
in any office or if
any new office is
created, the Trustees may fill such
vacancy or new office.
Section 4. Removal and Resignation.
Officers serve at the pleasure of the
Trustees and may be
removed at any time
with or without cause. The Trustees may
delegate this power to the Chairman or
President with
respect to any Other Officer.
Such removal shall be without prejudice to
the contract rights, if any, of the person
so removed.
Any officer may resign from
office at any time by delivering a written
resignation to the Trustees, Chairman, or
the President.
Unless otherwise specified
therein, such resignation shall take
effect upon delivery.
Section 5. Chairman. The Chairman shall
preside at all meetings of the Trustees
and shall in
general exercise the
powers and perform the duties of the
Chairman of the Trustees. The Chairman
shall exercise such
other powers and perform
such other duties as the Trustees may
assign to the Chairman.
Section 6. President. The President
shall be the chief executive officer of
the Trust. The
President shall preside at any
Shareholders' meetings. Subject to the
direction of the Trustees, the President
shall have general
charge, supervision and
control over the Trust's business affairs
and shall be responsible for the
management thereof and the
execution of policies
established by the Trustees. Except as
the Trustees may otherwise order, the
President shall have
the power to grant, issue,
execute or sign powers of attorney,
proxies, agreements or other documents.
The President also shall
have the power to
employ attorneys, accountants and other
advisers and agents for the Trust, except
as otherwise
required by the 1940 Act. At
the request or in the absence or
disability of the Chairman, the President
shall perform all the
duties of the Chairman and, when
so acting, shall have all the powers of
the Chairman.
Section 7. Vice President(s). The Vice
President(s) shall have such powers and
perform such duties
as the Trustees or
the Chairman may determine. At the
request or in the absence or disability of
the President, the
Vice President (or, if there are
two or more Vice Presidents, then the
senior of the Vice Presidents present and
able to act) shall
perform all the duties of the
President and, when so acting, shall have
all the powers of the President. The
Trustees may
designate a Vice President as the
principal financial officer of the Trust
or to serve one or more other functions.
If a Vice
President is designated as principal
financial officer of the Trust, he or she
shall have general charge of the finances
and books of the
Trust and shall report to the
Trustees annually regarding the financial
condition of each Series as soon as
possible after the
close of such Series's fiscal year.
The Trustees also may designate one of the
Vice Presidents as Executive Vice
President.
Section 8. Treasurer and Assistant
Treasurer(s). The Treasurer may be
designated as the principal
financial officer or
as the principal accounting officer of the
Trust. If designated as principal
financial officer, the
Treasurer shall have general
charge of the finances and books of the
Trust, and shall report to the Trustees
annually regarding
the financial condition of each
Series as soon as possible after the close
of such Series' fiscal year. The
Treasurer shall be
responsible for the delivery of all
funds and securities of the Trust to such
company as the Trustees shall retain as
Custodian. The
Treasurer shall furnish such
reports concerning the financial condition
of the Trust as the Trustees may request.
The Treasurer
shall perform all acts
incidental to the office of Treasurer,
subject to the Trustees' supervision, and
shall perform such
additional duties as the
Trustees may designate.
Any Assistant Treasurer may perform such
duties of the Treasurer as the Trustees or
the Treasurer may
assign, and, in
the absence of the Treasurer, may perform
all the duties of the Treasurer.
Section 9. Secretary and Assistant
Secretaries. The Secretary shall record
all votes and
proceedings of the meetings of
Trustees and Shareholders in books to be
kept for that purpose. The Secretary
shall be responsible
for giving and serving
notices of the Trust. The Secretary shall
have custody of any seal of the Trust and
shall be
responsible for the records of the
Trust, including the Share register and
such other books and documents as may be
required by the
Trustees or by law. The
Secretary shall perform all acts
incidental to the office of Secretary,
subject to the supervision of
the Trustees, and shall
perform such additional duties as the
Trustees may designate.
Any Assistant Secretary may perform such
duties of the Secretary as the Trustees or
the Secretary may
assign, and, in
the absence of the Secretary, may perform
all the duties of the Secretary.
Section 10. Compensation of Officers.
Each officer may receive such compensation
from the Trust for
services and
reimbursement for expenses as the Trustees
may determine.
Section 11. Surety Bond. The Trustees
may require any officer or agent of the
Trust to execute a
bond (including,
without limitation, any bond required by
the 1940 Act and the rules and regulations
of the Securities
and Exchange
Commission ("Commission")) to the Trust in
such sum and with such surety or sureties
as the Trustees
may determine,
conditioned upon the faithful performance
of his or her duties to the Trust,
including responsibility
for negligence and for the
accounting of any of the Trust's property,
funds or securities that may come into his
or her hands.
ARTICLE V
MEETINGS OF SHAREHOLDERS
Section 1. No Annual Meetings. There
shall be no annual Shareholders' meetings,
unless required by
law.
Section 2. Special Meetings. The
Secretary shall call a special meeting of
Shareholders of any
Series or Class
whenever ordered by the Trustees.
The Secretary also shall call a special
meeting of Shareholders of any Series or
Class upon the
written request of
Shareholders owning at least ten percent
of the Outstanding Shares of such Series
or Class entitled
to vote at such meeting;
provided, that (1) such request shall
state the purposes of such meeting and the
matters proposed to
be acted on, and (2) the
Shareholders requesting such meeting shall
have paid to the Trust the reasonably
estimated cost of
preparing and mailing the
notice thereof, which the Secretary shall
determine and specify to such
Shareholders. If the
Secretary fails for more than thirty
days to call a special meeting when
required to do so, the Trustees or the
Shareholders requesting
such a meeting may, in the
name of the Secretary, call the meeting by
giving the required notice. The Secretary
shall not call
a special meeting upon the
request of Shareholders of any Series or
Class to consider any matter that is
substantially the same
as a matter voted upon at
any special meeting of Shareholders of
such Series or Class held during the
preceding twelve months,
unless requested by the
holders of a majority of the Outstanding
Shares of such Series or Class entitled to
be voted at such
meeting.
A special meeting of Shareholders of any
Series or Class shall be held at such time
and place as is
determined by the
Trustees and stated in the notice of that
meeting.
Section 3. Notice of Meetings; Waiver.
The Secretary shall call a special meeting
of Shareholders
by giving written
notice of the place, date, time, and
purposes of that meeting at least fifteen
days before the date
of such meeting. The Secretary
may deliver or mail, postage prepaid, the
written notice of any meeting to each
Shareholder entitled
to vote at such meeting. If
mailed, notice shall be deemed to be given
when deposited in the United States mail
directed to the
Shareholder at his or her
address as it appears on the records of
the Trust.
Section 4. Adjourned Meetings. A
Shareholders' meeting may be adjourned one
or more times for any
reason,
including the failure of a quorum to
attend the meeting. No notice of
adjournment of a meeting to
another time or place need
be given to Shareholders if such time and
place are announced at the meeting at
which the adjournment
is taken or reasonable
notice is given to Persons present at the
meeting, and if the adjourned meeting is
held within a
reasonable time after the date set
for the original meeting. Determination
of reasonable notice and a reasonable time
for purposes of
the foregoing sentence is to
be made by the officers of the Trust. Any
business that might have been transacted
at the original
meeting may be transacted at
any adjourned meeting. If after the
adjournment a new record date is fixed for
the adjourned
meeting, the Secretary shall give
notice of the adjourned meeting to
Shareholders of record entitled to vote at
such meeting. Any
irregularities in the notice of
any meeting or the nonreceipt of any such
notice by any of the Shareholders shall
not invalidate any
action otherwise properly
taken at any such meeting.
Section 5. Validity of Proxies. Subject
to the provisions of the Trust Instrument,
Shareholders
entitled to vote may
vote either in person or by proxy;
provided, that either (1) the Shareholder
or his or her duly
authorized attorney has signed and
dated a written instrument authorizing
such proxy to act, or (2) the Trustees
adopt by resolution an
electronic, telephonic,
computerized or other alternative to
execution of a written instrument
authorizing the proxy to act,
but if a proposal by anyone
other than the officers or Trustees is
submitted to a vote of the Shareholders of
any Series or
Class, or if there is a proxy contest
or proxy solicitation or proposal in
opposition to any proposal by the officers
or Trustees, Shares
may be voted only in person
or by written proxy. Unless the proxy
provides otherwise, it shall not be valid
for more than eleven
months before the date of
the meeting. All proxies shall be
delivered to the Secretary or other person
responsible for
recording the proceedings before
being voted. A proxy with respect to
Shares held in the name of two or more
persons shall be valid
if executed by one of them
unless at or prior to exercise of such
proxy the Trust receives a specific
written notice to the
contrary from any one of them.
Unless otherwise specifically limited by
their terms, proxies shall entitle the
Shareholder to vote
at any adjournment of a
Shareholders' meeting. A proxy purporting
to be executed by or on behalf of a
Shareholder shall be
deemed valid unless
challenged at or prior to its exercise,
and the burden of proving invalidity shall
rest on the
challenger. At every meeting of
Shareholders, unless the voting is
conducted by inspectors, the chairman of
the meeting shall decide
all questions concerning
the qualifications of voters, the validity
of proxies, and the acceptance or
rejection of votes.
Subject to the provisions of the
Delaware Business Trust Act, the Trust
Instrument, or these By-laws, the General
Corporation Law of
the State of Delaware
relating to proxies, and judicial
interpretations thereunder shall govern
all matters concerning the
giving, voting or validity of
proxies, as if the Trust were a Delaware
corporation and the Shareholders were
shareholders of a
Delaware corporation.
Section 6. Record Date. The Trustees may
fix in advance a date up to ninety days
before the date of
any Shareholders'
meeting as a record date for the
determination of the Shareholders entitled
to notice of, and to vote
at, any such meeting. The
Shareholders of record entitled to vote at
a Shareholders' meeting shall be deemed
the Shareholders
of record at any meeting
reconvened after one or more adjournments,
unless the Trustees have fixed a new
record date.
Section 7. Action Without a Meeting.
Shareholders may take any action without a
meeting if a
majority (or such
greater amount as may be required by law)
of the Outstanding Shares entitled to vote
on the matter
consent to the action in
writing and such written consents are
filed with the records of Shareholders'
meetings. Such written
consent shall be treated
for all purposes as a vote at a meeting of
the Shareholders.
ARTICLE VI
SHARES OF BENEFICIAL INTEREST
Section 1. No Share Certificates.
Neither the Trust nor any Series or Class
shall issue
certificates certifying the
ownership of Shares, unless the Trustees
may otherwise specifically authorize such
certificates.
Section 2. Transfer of Shares. Shares
shall be transferable only by a transfer
recorded on the
books of the Trust by the
Shareholder of record in person or by his
or her duly authorized attorney or legal
representative.
Shares may be freely
transferred and the Trustees may, from
time to time, adopt rules and regulations
regarding the method
of transfer of such
Shares.
ARTICLE VII
CUSTODY OF SECURITIES
Section 1. Employment of a Custodian.
The Trust shall at all times place and
maintain all cash,
securities and other
assets of the Trust and of each Series in
the custody of a custodian meeting the
requirements set
forth in Article VII, Section 4
of the Trust Instrument ("Custodian").
The Custodian shall be appointed from time
to time by the
Board of Trustees, who shall
determine its remuneration
Section 2. Termination of Custodian
Agreement. Upon termination of any
Custodian Agreement or the
inability of the
Custodian to continue to serve as
custodian, in either case with respect to
the Trust or any Series,
the Board of Trustees shall
(a) use its best efforts to obtain a
successor Custodian; and (b) require that
the cash, securities
and other assets owned by the
Trust or any Series be delivered directly
to the successor Custodian.
Section 3. Other Arrangements. The Trust
may make such other arrangements for the
custody of its
assets (including
deposit arrangements) as may be required
by any applicable law, rule or regulation.
ARTICLE VIII
FISCAL YEAR AND ACCOUNTANT
Section 1. Fiscal Year. The fiscal year
of the Trust shall end on May 31 or such
other date with
respect to the Trust or
a Series of the Trust as the Trustees may
hereafter determine by resolution.
Section 2. Accountant. The Trust shall
employ independent certified public
accountants as its
Accountant to examine
the accounts of the Trust and to sign and
certify financial statements filed by the
Trust. The
Accountant's certificates and
reports shall be addressed both to the
Trustees and to the Shareholders. A
majority of the
Disinterested Trustees shall select the
Accountant, acting upon the recommendation
of the Audit Committee. The employment of
the Accountant
shall be
conditioned upon the right of the Trust to
terminate such employment without any
penalty by vote of a
Majority Shareholder
Vote at any Shareholders' meeting called
for that purpose.
ARTICLE IX
AMENDMENTS
Section 1. General. Except as provided
in Section 2 of this Article, these By-
laws may be amended
by the Trustees, or
by the affirmative vote of a majority of
the Outstanding Shares entitled to vote at
any meeting.
Section 2. By Shareholders Only. After
the issue of any Shares, this Article may
only be amended by
the affirmative
vote of the holders of the lesser of (a)
at least two-thirds of the Outstanding
Shares present and
entitled to vote at any meeting,
or (b) at least fifty percent of the
Outstanding Shares.
ARTICLE X
NET ASSET VALUE
The term "Net Asset Value" of any Series
shall mean that amount by which the assets
belonging to that
Series exceed
its liabilities, all as determined by or
under the direction of the Trustees. Net
Asset Value per
Share shall be determined
separately for each Series and each Class
and shall be determined on such days and
at such times as
the Trustees may
determine. The Trustees shall make such
determination with respect to securities
for which market
quotations are readily
available, at the market value of such
securities, and with respect to other
securities and assets,
at the fair value as determined
in good faith by the Trustees; provided,
however, that the Trustees, without
Shareholder approval,
may alter the method of
appraising portfolio securities insofar as
permitted under the 1940 Act and the
rules, regulations
and interpretations thereof
promulgated or issued by the SEC or
insofar as permitted by any order of the
SEC applicable to the
Series or to the Class. The
Trustees may delegate any of their powers
and duties under this Article X with
respect to appraisal
of assets and liabilities. At
any time the Trustees may cause the Net
Asset Value per Share last determined to
be determined again
in a similar manner and
may fix the time when such redetermined
values shall become effective.
ARTICLE XI
MISCELLANEOUS
Section 1. Inspection of Books. The
Board of Trustees shall from time to time
determine whether and
to what extent,
and at what times and places, and under
what conditions the accounts and books of
the Trust or any
Series or Class shall be
open to the inspection of Shareholders.
No Shareholder shall have any right to
inspect any account
or book or document of the
Trust except as conferred by law or
otherwise by the Board of Trustees or by
resolution of
Shareholders.
Section 2. Severability. The provisions
of these By-laws are severable. If the
Board of Trustees
determine, with the
advice of counsel, that any provision
hereof conflicts with the 1940 Act, the
regulated investment
company provisions of the
Internal Revenue Code or with other
applicable laws and regulations, the
conflicting provision shall
be deemed never to have
constituted a part of these By-laws;
provided, however, that such determination
shall not affect any
of the remaining provisions
of these By-laws or render invalid or
improper any action taken or omitted prior
to such
determination. If any provision hereof
shall be held invalid or unenforceable in
any jurisdiction, such invalidity or
unenforceability shall
attach only to such provision
only in such jurisdiction and shall not
affect any other provision of these Bylaws
Section 3. Headings. Headings are placed
in these By-laws for convenience of
reference only and in
case of any
conflict, the text of these By-laws rather
than the headings shall control.
(..continued)
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