<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000038403
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 FOUNDERS FUNDS INC
001 B000000 811-1018
001 C000000 3033944404
002 A000000 2930 EAST THIRD AVENUE
002 B000000 DENVER
002 C000000 CO
002 D010000 80206
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 11
007 C010100 1
007 C020100 FOUNDERS FRONTIER FUND
007 C030100 N
007 C010200 2
007 C020200 FOUNDERS MONEY MARKET FUND
007 C030200 N
007 C010300 3
007 C020300 FOUNDERS BLUE CHIP FUND
007 C030300 N
007 C010400 4
007 C020400 FOUNDERS GROWTH FUND
007 C030400 N
007 C010500 5
007 C020500 FOUNDERS BALANCED FUND
007 C030500 N
007 C010600 6
007 C020600 FOUNDERS SPECIAL FUND
007 C030600 N
007 C010700 7
007 C020700 FOUNDERS GOVERNMENT SECURITIES FUND
007 C030700 N
007 C010800 8
007 C020800 FOUNDERS DISCOVERY FUND
007 C030800 N
007 C010900 9
007 C020900 FOUNDERS WORLDWIDE GROWTH FUND
007 C030900 N
007 C011000 10
007 C021000 FOUNDERS PASSPORT FUND
<PAGE> PAGE 2
007 C031000 N
007 C011100 11
007 C011200 12
007 C021200 FOUNDERS INTERNATIONAL EQUITY FUND
007 C031200 N
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
008 A00AA01 FOUNDERS ASSET MANAGEMENT INC
008 B00AA01 A
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008 D01AA01 DENVER
008 D02AA01 CO
008 D03AA01 80206
010 A00AA01 FOUNDERS ASSET MANAGEMENT INC
010 B00AA01 801-08049
010 C01AA01 DENVER
010 C02AA01 CO
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011 A00AA01 FOUNDERS ASSET MANAGEMENT INC
011 B00AA01 8-16097
011 C01AA01 DENVER
011 C02AA01 CO
011 C03AA01 80206
012 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
012 B00AA01 85-535
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
013 A00AA01 PRICE WATERHOUSE LLP
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014 A00AA01 FOUNDERS ASSET MANAGEMENT INC
014 B00AA01 8-16097
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
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015 C02AA01 MO
015 C03AA01 64105
015 E06AA01 X
015 A00AA02 STATE STREET BANK AND TRUST COMPANY
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<PAGE> PAGE 3
015 E01AA02 X
015 A00AA03 CITIBANK N.A.
015 B00AA03 S
015 C01AA03 BUENOS AIRES
015 D01AA03 ARGENTINA
015 E04AA03 X
015 A00AA04 WESTPAC BANKING CORPORATION
015 B00AA04 S
015 C01AA04 SYDNEY
015 D01AA04 AUSTRALIA
015 E04AA04 X
015 A00AA05 GIROCREDIT BANK AKTIENGESELLSCHAFT DER SPARKA
015 B00AA05 S
015 C01AA05 VIENNA
015 D01AA05 AUSTRIA
015 E04AA05 X
015 A00AA06 GENERALE DE BANQUE
015 B00AA06 S
015 C01AA06 BRUSSELS
015 D01AA06 BELGIUM
015 E04AA06 X
015 A00AA07 CITIBANK N.A.
015 B00AA07 S
015 C01AA07 SAO PAULO
015 D01AA07 BRAZIL
015 E04AA07 X
015 A00AA08 CANADA TRUSTCO MORTGAGE COMPANY
015 B00AA08 S
015 C01AA08 TORONTO
015 D01AA08 CANADA
015 E04AA08 X
015 A00AA09 CITIBANK N.A.
015 B00AA09 S
015 C01AA09 SANTIAGO
015 D01AA09 CHILE
015 E04AA09 X
015 A00AA10 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA10 S
015 C01AA10 SHANGHAI
015 D01AA10 CHINA
015 E04AA10 X
015 A00AA11 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA11 S
015 C01AA11 SHENZHEN
015 D01AA11 CHINA
015 E04AA11 X
015 A00AA12 CITITRUST COLUMBIA S.A. SOCIEDAD FIDUCIARIA
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015 C01AA12 BOGOTA
015 D01AA12 COLOMBIA
015 E04AA12 X
<PAGE> PAGE 4
015 A00AA13 BARCLAYS BANK PLC
015 B00AA13 S
015 C01AA13 NICOSIA
015 D01AA13 CYPRUS
015 E04AA13 X
015 A00AA14 CESKOSLOVENSKA OBCHODNI
015 B00AA14 S
015 C01AA14 PRAGUE
015 D01AA14 CZECH REPUBLIC
015 E04AA14 X
015 A00AA15 DEN DANSKI BANK
015 B00AA15 S
015 C01AA15 COPENHAGEN
015 D01AA15 DENMARK
015 E04AA15 X
015 A00AA16 CITIBANK N.A.
015 B00AA16 S
015 C01AA16 QUITO
015 D01AA16 ECUADOR
015 E04AA16 X
015 A00AA17 NATIONAL BANK OF EGYPT
015 B00AA17 S
015 C01AA17 CAIRO
015 D01AA17 EGYPT
015 E04AA17 X
015 A00AA18 MERITA BANK LIMITED
015 B00AA18 S
015 C01AA18 HELSINKI
015 D01AA18 FINLAND
015 E04AA18 X
015 A00AA19 BANQUE PARIBAS
015 B00AA19 S
015 C01AA19 PARIS
015 D01AA19 FRANCE
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015 A00AA20 DRESDNER BANK AG
015 B00AA20 S
015 C01AA20 FRANKFURT
015 D01AA20 GERMANY
015 E04AA20 X
015 A00AA21 BARCLAYS BANK OF GHANA LIMITED
015 B00AA21 S
015 C01AA21 ACCRA
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015 A00AA22 NATIONAL BANK OF GREECE S.A.
015 B00AA22 S
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<PAGE> PAGE 5
015 B00AA23 S
015 C01AA23 HONG KONG
015 D01AA23 HONG KONG
015 E04AA23 X
015 A00AA24 CITIBANK BUDAPEST RT.
015 B00AA24 S
015 C01AA24 BUDAPEST
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015 C01AA25 BOMBAY
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015 E04AA25 X
015 A00AA26 DEUTSCHE BANK AG
015 B00AA26 S
015 C01AA26 BOMBAY
015 D01AA26 INDIA
015 E04AA26 X
015 A00AA27 STANDARD CHARTERED BANK
015 B00AA27 S
015 C01AA27 JAKARTA
015 D01AA27 INDONESIA
015 E04AA27 X
015 A00AA28 BANK OF IRELAND
015 B00AA28 S
015 C01AA28 DUBLIN
015 D01AA28 IRELAND
015 E04AA28 X
015 A00AA29 BANK HAPOALIM B.M.
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015 E04AA29 X
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015 C01AA30 MILAN
015 D01AA30 ITALY
015 E04AA30 X
015 A00AA31 THE DAIWA BANK LTD
015 B00AA31 S
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015 D01AA31 JAPAN
015 E04AA31 X
015 A00AA32 THE FUJI BANK LTD
015 B00AA32 S
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<PAGE> PAGE 6
015 C01AA33 TOKYO
015 D01AA33 JAPAN
015 E04AA33 X
015 A00AA34 THE BRITISH BANK OF THE MIDDLE EAST
015 B00AA34 S
015 C01AA34 AMMAN
015 D01AA34 JORDAN
015 E04AA34 X
015 A00AA35 BARCLAYS BANK OF KENYA LIMITED
015 B00AA35 S
015 C01AA35 NAIROBI
015 D01AA35 KENYA
015 E04AA35 X
015 A00AA36 SEOULBANK
015 B00AA36 S
015 C01AA36 SEOUL
015 D01AA36 REPUBLIC OF KOREA
015 E04AA36 X
015 A00AA37 STANDARD CHARTERED BANK MALAYSIAN BERHAD
015 B00AA37 S
015 C01AA37 KUALA LUMPUR
015 D01AA37 MALAYSIA
015 E04AA37 X
015 A00AA38 CITIBANK MEXICO S.A.
015 B00AA38 S
015 C01AA38 MEXICO CITY
015 D01AA38 MEXICO
015 E04AA38 X
015 A00AA39 BANQUE COMMERCIALE DU MAROC
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015 C01AA39 CASABLANCA
015 D01AA39 MOROCCO
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015 A00AA40 MEESPIERSON N.V.
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015 E04AA40 X
015 A00AA41 ANZ BANKING GROUP LIMITED
015 B00AA41 S
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015 D01AA41 NEW ZEALAND
015 E04AA41 X
015 A00AA42 CHRISTIANIA BANK OG KREDITKASSE
015 B00AA42 S
015 C01AA42 OSLO
015 D01AA42 NORWAY
015 E04AA42 X
015 A00AA43 DEUTSCHE BANK AG
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<PAGE> PAGE 7
015 D01AA43 PAKISTAN
015 E04AA43 X
015 A00AA44 CITIBANK N.A.
015 B00AA44 S
015 C01AA44 LIMA
015 D01AA44 PERU
015 E04AA44 X
015 A00AA45 STANDARD CHARTERED BANK
015 B00AA45 S
015 C01AA45 MANILA
015 D01AA45 PHILLIPINES
015 E04AA45 X
015 A00AA46 CITIBANK POLAND S.A.
015 B00AA46 S
015 C01AA46 WARSAW
015 D01AA46 POLAND
015 E04AA46 X
015 A00AA47 BANCO COMERCIAL PORTUGUES
015 B00AA47 S
015 C01AA47 LISBON
015 D01AA47 PORTUGAL
015 E04AA47 X
015 A00AA48 CREDIT SUISSE, ZURICH
015 B00AA48 S
015 C01AA48 MOSCOW
015 D01AA48 RUSSIA
015 E04AA48 X
015 A00AA49 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B00AA49 S
015 C01AA49 SINGAPORE
015 D01AA49 SINGAPORE
015 E04AA49 X
015 A00AA50 CESKOSLOVENSKA OBCHODNA BANKA A.S.
015 B00AA50 S
015 C01AA50 BRATISLAVA
015 D01AA50 SLOVAK REPUBLIC
015 E04AA50 X
015 A00AA51 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B00AA51 S
015 C01AA51 JOHANNESBURG
015 D01AA51 SOUTH AFRICA
015 E04AA51 X
015 A00AA52 BANCO SANTANDER S.A.
015 B00AA52 S
015 C01AA52 MADRID
015 D01AA52 SPAIN
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015 A00AA53 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
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015 C01AA53 COLOMBO
015 D01AA53 SRI LANKA
<PAGE> PAGE 8
015 E04AA53 X
015 A00AA54 BARCLAYS BANK OF SWAZILAND LIMITED
015 B00AA54 S
015 C01AA54 MBABANE
015 D01AA54 SWAZILAND
015 E04AA54 X
015 A00AA55 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA55 S
015 C01AA55 STOCKHOLM
015 D01AA55 SWEDEN
015 E04AA55 X
015 A00AA56 UNION BANK OF SWITZERLAND
015 B00AA56 S
015 C01AA56 ZURICH
015 D01AA56 SWITZERLAND
015 E04AA56 X
015 A00AA57 CENTRAL TRUST OF CHINA
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015 C01AA57 TAIPEI
015 D01AA57 TAIWAN - R.O.C.
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015 A00AA58 STANDARD CHARTERED BANK
015 B00AA58 S
015 C01AA58 BANGKOK
015 D01AA58 THAILAND
015 E04AA58 X
015 A00AA59 CITIBANK N.A.
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015 C01AA59 ISTANBUL
015 D01AA59 TURKEY
015 E04AA59 X
015 A00AA60 STATE STREET BANK AND TRUST COMPANY
015 B00AA60 S
015 C01AA60 LONDON
015 D01AA60 UNITED KINGDOM
015 E04AA60 X
015 A00AA61 CITIBANK N.A.
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015 A00AA62 CITIBANK N.A.
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015 D01AA62 VENEZUELA
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<PAGE> PAGE 9
015 A00AA64 BARCLAYS BANK OF ZIMBABWE LIMITED
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015 C01AA64 HARARE
015 D01AA64 ZIMBABWE
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020 A000010 MERRILL LYNCH
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<PAGE> PAGE 10
022 C000007 1247
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054 F00AA00 N
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054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
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<PAGE> PAGE 11
077 D000000 Y
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<PAGE> PAGE 12
028 F040100 12621
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<PAGE> PAGE 13
053 A000100 N
055 A000100 Y
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066 E000100 N
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066 G000100 N
067 000100 N
068 A000100 N
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069 000100 N
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<PAGE> PAGE 14
070 I020100 N
070 J010100 N
070 J020100 N
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
070 B010200 N
070 B020200 N
070 C010200 N
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070 D010200 N
070 D020200 N
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
SIGNATURE ROBERTO GALINDO, JR.
TITLE ASSISTANT TREASURER
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<NAME> FOUNDERS FRONTIER FUND
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<NAME> FOUNDERS MONEY MARKET FUND
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<TABLE> <S> <C>
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<NAME> FOUNDERS BLUE CHIP FUND
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<NAME> FOUNDERS GROWTH FUND
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<NAME> FOUNDERS BALANCED FUND
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<NAME> FOUNDERS SPECIAL FUND
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<TABLE> <S> <C>
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<NAME> FOUNDERS GOVERNMENT SECURITIES FUND
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<TABLE> <S> <C>
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<NAME> FOUNDERS DISCOVERY FUND
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<NAME> FOUNDERS WORLDWIDE GROWTH FUND
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<TABLE> <S> <C>
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<NAME> FOUNDERS PASSPORT FUND
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<OTHER-ITEMS-LIABILITIES> 644
<TOTAL-LIABILITIES> 4473
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 171948
<SHARES-COMMON-STOCK> 13854
<SHARES-COMMON-PRIOR> 12784
<ACCUMULATED-NII-CURRENT> 648
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1764)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37189
<NET-ASSETS> 208021
<DIVIDEND-INCOME> 944
<INTEREST-INCOME> 963
<OTHER-INCOME> (120)
<EXPENSES-NET> 1520
<NET-INVESTMENT-INCOME> 267
<REALIZED-GAINS-CURRENT> (2682)
<APPREC-INCREASE-CURRENT> 17261
<NET-CHANGE-FROM-OPS> 14846
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5599
<NUMBER-OF-SHARES-REDEEMED> 4529
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 15254
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 986
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1548
<AVERAGE-NET-ASSETS> 198750
<PER-SHARE-NAV-BEGIN> 13.91
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 1.09
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.02
<EXPENSE-RATIO> 1.54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> FOUNDERS INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 12756
<INVESTMENTS-AT-VALUE> 14454
<RECEIVABLES> 922
<ASSETS-OTHER> 42
<OTHER-ITEMS-ASSETS> 15
<TOTAL-ASSETS> 15433
<PAYABLE-FOR-SECURITIES> 319
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29
<TOTAL-LIABILITIES> 348
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12066
<SHARES-COMMON-STOCK> 1092
<SHARES-COMMON-PRIOR> 853
<ACCUMULATED-NII-CURRENT> (2)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1323
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1698
<NET-ASSETS> 15085
<DIVIDEND-INCOME> 90
<INTEREST-INCOME> 45
<OTHER-INCOME> (10)
<EXPENSES-NET> 115
<NET-INVESTMENT-INCOME> 10
<REALIZED-GAINS-CURRENT> 1264
<APPREC-INCREASE-CURRENT> 709
<NET-CHANGE-FROM-OPS> 1983
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 482
<NUMBER-OF-SHARES-REDEEMED> 243
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2983
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 61
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 136
<AVERAGE-NET-ASSETS> 12214
<PER-SHARE-NAV-BEGIN> 11.86
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 1.96
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.81
<EXPENSE-RATIO> 1.93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Exhibit Index
-------------
SUB-ITEM 77D
Changes to certain of the Funds' investment policies are filed herein as
Exhibit 99.77D.
SUB-ITEM 77Q1
Articles Supplementary to the Articles of Incorporation, filed April 9,
1997, are filed herein as Exhibit 99.77Q1.
During the six months ended June 30, 1997, certain of the Funds' investment
policies were changed as set forth below:
Founders Balanced Fund
Effective January 6, 1997
To achieve its objective, the Fund invests in a balanced portfolio of
common stocks, U.S. and foreign government obligations and a variety of
corporate fixed-income securities. For the equity portion of its
portfolio, the Fund emphasizes investments in common stocks with the
potential for capital appreciation. These stocks generally pay regular
dividends, although the Fund also may invest in non-dividend-paying
companies if, in Founders' opinion, they offer better prospects for
capital appreciation.
The Fund may also invest in convertible corporate obligations and
preferred stocks, and may invest up to 30% of its total assets in foreign
securities. The Fund will not invest more than 25% of its total assets in
the securities of any one foreign country. Normally, the Fund will invest
a significant percentage (up to 75%) of its total assets in common stocks,
convertible corporate obligations, and preferred stocks.
Founders Special Fund
Effective January 6, 1997
To achieve its objective, the Fund normally will invest its assets in the
common stocks of three categories of companies: small- to medium-sized
companies, large companies, and foreign companies. Founders may vary the
amount of the Fund's assets invested in each category from time to time
depending on its evaluation of market, economic, and monetary conditions.
However, no more than 30% of the Fund's total assets will be invested in
foreign securities, with no more than 25% of its total assets invested in
any one foreign country.
Founders Frontier Fund
Effective May 1, 1997
The Fund will normally invest at least 65% of its total assets in common
stocks of small- and medium-sized U.S. and foreign companies with market
capitalizations or annual revenues of $200 million- $1.5 billion.
<PAGE>
Founders Worldwide Growth Fund
Effective May 1,1997
The Fund will not invest more than 50% of its total assets in the
securities of any one foreign country.
All Funds
Effective May 1, 1997
Several non-fundamental investment policies previously had been adopted in
order to permit the Funds to register their shares for sale in certain
states. These restrictions were not required by federal law. The National
Securities Markets Improvement Act of 1996 has preempted the authority of
the states to regulate the investment activities of mutual funds. As a
result, these limitations are no longer required by state law. The Funds'
Board of Directors approved elimination of these non-fundamental
restrictions.
The restrictions in question are set forth below. In addition, a matrix
listing all of the Funds and these restrictions follows the list. On the
matrix we have marked with an "X" those Funds for which the restrictions
were eliminated.
1. The Funds may not invest more than 5% of the market value of their
respective net assets in restricted securities.
2. The Funds may not participate in any joint trading account.
3. The Funds may not purchase securities of other investment companies
(or, for some Funds, may not purchase such securities except under
certain conditions).
4. The Funds may not purchase warrants in excess of 5% of total assets,
except that the purchase of warrants not listed on the New York or
American Stock Exchanges is limited to 2% of total assets.
5. The Funds may not invest more than 5% of their respective total
assets in securities of companies which, with their predecessors,
have a continuous operating record of less than three years
("unseasoned issuers").
6. The Funds may not invest in interests in oil, gas or other
mineral exploration or development programs or leases.
<PAGE>
7. The Funds may not invest in companies for the purpose of
exercising control or management.
8. The Funds may not pledge, mortgage or hypothecate their assets
except to secure permitted borrowings, and then only in an amount up
to 15% of the value of a Fund's net assets.
FUND 1 2 3 4 5 6 7 8
--------------------------------------------------------------
Discovery X X X X X X X X
Frontier X X X X X X X
Passport X X X X X X X X
Special X X X X X
International Equity X X X X X X X X
Worldwide Growth X X X X X X X X
Growth X X X
Blue Chip X X X X X X X
Balanced X X X X X
Government Securities X X X X X X X
Money Market X X X
FOUNDERS FUNDS, INC.
ARTICLES SUPPLEMENTARY
FOUNDERS FUNDS, INC., a Maryland corporation registered as an open-end
investment company under the Investment Company Act of 1940 and having its
registered office in Baltimore, Maryland (hereinafter called the "Corporation"),
hereby certifies to the State Department of Assessments and Taxation of Maryland
that:
FIRST: The aggregate number of shares of stock of all classes which the
Corporation shall have authority to issue is hereby increased to three billion
(3,000,000,000) shares of the Corporation's common stock ("Common Stock"). Prior
to this increase in the Corporation's authorized aggregate number of shares of
Common Stock, the Corporation was authorized to issue two billion
(2,000,000,000) shares of Common Stock of all classes. Before and after this
increase in the Corporation's authorized aggregate number of shares of Common
Stock, the Corporation's shares of Common Stock had and will have a par value of
$0.01 per share. The aggregate par value of the Corporation's two billion
authorized shares of Common Stock was twenty million dollars ($20,000,000). The
aggregate par value of the Corporation's three billion authorized shares of
Common Stock is thirty million dollars ($30,000,000).
SECOND: The board of directors of the Corporation, by a meeting duly
convened and held on March 7, 1997, reclassified and reallocated shares of the
Corporation's Common Stock among each of its series effective March 7, 1997, as
follows:
Additional
Previous Share Share Adjusted Share
Fund Allocation Allocation Allocation
Discovery 100,000,000 -0- 100,000,000
Frontier 100,000,000 -0- 100,000,000
Passport 100,000,000 -0- 100,000,000
Special 180,000,000 -0- 180,000,000
International 100,000,000 -0- 100,000,000
Equity
Worldwide 100,000,000 -0- 100,000,000
Growth
Growth 200,000,000 200,000,000 400,000,000
Blue Chip 200,000,000 200,000,000 400,000,000
<PAGE>
Balanced 100,000,000 400,000,000 500,000,000
Government 20,000,000 -0- 20,000,000
Securities
Money Market 800,000,000 200,000,000 1,000,000,000
-------------- -------------- --------------
TOTAL 2,000,000,000 1,000,000,000 3,000,000,000
THIRD: A description of the shares so reclassified with the powers,
preferences, and participating, voting or other special rights and the
qualifications, restrictions and limitations thereof, are as follows:
(a) All shares of Common Stock shall have the following powers,
preferences and participating, voting or other special rights and the
qualifications, restrictions and limitations thereof shall be as follows:
(1) All consideration received by the Corporation for the issue of
the shares of Common Stock, together with all income, earnings, profits and
proceeds thereof, including any proceeds derived from the sale, exchange or
liquidation thereof, and any funds or payments derived from any reinvestment of
such proceeds in whatever form the same may be, shall irrevocably belong to the
class of shares of that series with respect to which such assets, payments or
funds were received by the Corporation for all purposes, subject only to the
rights of creditors, and shall be so handled in the records of the Corporation.
Such assets, income, earnings, profits and proceeds thereof, including any
proceeds derived from the sale, exchange or liquidation thereof, and any assets
derived from any reinvestment of such proceeds, in whatever form the same may
be, are herein referred to as "assets belonging to" the class of each series of
shares.
(2) The assets belonging to the class of each series of shares shall
be charged with the liabilities, including the redemption of shares, in respect
of such class and shall also be charged with its share of the general
liabilities of the Corporation, in proportion to the net asset value of the
class of such series determined as hereinafter provided. The determination of
the board of directors shall be conclusive as to the amount of liabilities,
including accrued expenses and reserves, as to the allocation of the same to a
given class, and as to whether the same or general assets of the Corporation are
allocable to one or more classes.
(3) The net asset value per share of the class of each series shall
be determined in accordance with Article FIFTH, Paragraph (5) of the
Corporation's Articles of Incorporation, as amended, by separately computing the
assets belonging to such class less the liabilities applicable to that class,
allocating any general assets and general liabilities to that class, and
dividing the net result of the number of shares of common stock of that class
outstanding.
<PAGE>
(4) Dividends or distributions on the class of each series of
shares, whether payable in stock or cash, shall be paid only out of earnings,
surplus or other lawfully available assets belonging to such class.
(5) In the event of the liquidation or dissolution of the
Corporation, stockholders of shares of each series shall be entitled to receive,
as a class, out of the assets of the Corporation available for distribution to
stockholders, but other than general assets, the assets belonging to such class.
The assets so distributable to the stockholders of any class shall be
distributed among such stockholders in proportion to the number of shares of
such class held by them and recorded in the records of the Corporation.
(6) The provisions of Article FIFTH, Paragraphs (1) through (5) of
the Corporation's Articles of Incorporation, as amended, shall apply to the
holders of shares of each class as may be issued from time to time and the
assets belonging to such class.
(b) Except as otherwise may be provided in the Corporation's Articles of
Incorporation, the holders of shares of each series shall have the same powers,
preferences and participating, voting or other special rights and the
qualifications, restrictions and limitations thereof as the holders of any other
series of the Corporation's Common Shares, as that term is used in the
Corporation's Articles of Incorporation, as amended.
FOURTH: Shares of each series have been duly classified by the board of
directors pursuant to authority and power contained in the Articles of
Incorporation of the Corporation, as heretofore amended.
FIFTH: The Corporation is registered as an open-end management
investment company under the Investment Company Act of 1940.
SIXTH: The total number of shares of Common Stock that the Corporation has
authority to issue has been increased by the board of directors in accordance
with Section 2-105(c) of the Maryland General Corporation Law.
<PAGE>
IN WITNESS WHEREOF, FOUNDERS FUNDS, INC. has caused these presents to be
signed in its name and on its behalf by its duly authorized officers who
acknowledge that these Articles Supplementary are the act of the Corporation and
that, to the best of their knowledge, all matters and facts set forth therein
are true in all material respects under penalties of perjury.
FOUNDERS FUNDS, INC.
/s/ Bjorn K. Borgen
---------------------------
Bjorn K. Borgen, President
ATTEST:
/s/ Kenneth R. Christoffersen
- --------------------------------
Kenneth R. Christoffersen
Secretary
