<PAGE> PAGE 1
000 B000000 12/31/97
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
008 C00AA01 801-08049
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
010 C03AA01 80206
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
012 A00AA02 FOUNDERS ASSET MANAGEMENT, INC.
012 B00AA02 84-5472
012 C01AA02 DENVER
012 C02AA02 CO
012 C03AA02 80206
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 DENVER
013 B02AA01 CO
013 B03AA01 80202
014 A00AA01 FOUNDERS ASSET MANAGEMENT INC
014 B00AA01 8-16097
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 E06AA01 X
<PAGE> PAGE 3
015 A00AA02 STATE STREET BANK AND TRUST COMPANY
015 B00AA02 S
015 C01AA02 BOSTON
015 C02AA02 MA
015 C03AA02 02171
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
<PAGE> PAGE 4
015 A00AA12 CITITRUST COLUMBIA S.A. SOCIEDAD FIDUCIARIA
015 B00AA12 S
015 C01AA12 BOGOTA
015 D01AA12 COLOMBIA
015 E04AA12 X
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
015 E04AA19 X
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
015 D01AA21 GHANA
015 E04AA21 X
015 A00AA22 NATIONAL BANK OF GREECE S.A.
<PAGE> PAGE 5
015 B00AA22 S
015 C01AA22 ATHENS
015 D01AA22 GREECE
015 E04AA22 X
015 A00AA23 STANDARD CHARTERED BANK
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
015 D01AA24 HUNGARY
015 E04AA24 X
015 A00AA25 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA25 S
015 C01AA25 BOMBAY
015 D01AA25 INDIA
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.
015 B00AA29 S
015 C01AA29 TEL AVIV
015 D01AA29 ISRAEL
015 E04AA29 X
015 A00AA30 BANQUE PARIBAS
015 B00AA30 S
015 C01AA30 MILAN
015 D01AA30 ITALY
015 E04AA30 X
015 A00AA31 THE DAIWA BANK LTD
015 B00AA31 S
015 C01AA31 TOKYO
015 D01AA31 JAPAN
015 E04AA31 X
015 A00AA32 THE FUJI BANK LTD
015 B00AA32 S
<PAGE> PAGE 6
015 C01AA32 TOKYO
015 D01AA32 JAPAN
015 E04AA32 X
015 A00AA33 THE SUMITOMO TRUST & BANKING CO., LTD.
015 B00AA33 S
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
015 B00AA39 S
015 C01AA39 CASABLANCA
015 D01AA39 MOROCCO
015 E04AA39 X
015 A00AA40 MEESPIERSON N.V.
015 B00AA40 S
015 C01AA40 AMSTERDAM
015 D01AA40 NETHERLANDS
015 E04AA40 X
015 A00AA41 ANZ BANKING GROUP LIMITED
015 B00AA41 S
015 C01AA41 WELLINGTON
015 D01AA41 NEW ZEALAND
015 E04AA41 X
015 A00AA42 CHRISTIANIA BANK OG KREDITKASSE
015 B00AA42 S
015 C01AA42 OSLO
<PAGE> PAGE 7
015 D01AA42 NORWAY
015 E04AA42 X
015 A00AA43 DEUTSCHE BANK AG
015 B00AA43 S
015 C01AA43 KARACHI
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
<PAGE> PAGE 8
015 E04AA52 X
015 A00AA53 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA53 S
015 C01AA53 COLOMBO
015 D01AA53 SRI LANKA
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
015 B00AA57 S
015 C01AA57 TAIPEI
015 D01AA57 TAIWAN - R.O.C.
015 E04AA57 X
015 A00AA58 STANDARD CHARTERED BANK
015 B00AA58 S
015 C01AA58 BANGKOK
015 D01AA58 THAILAND
015 E04AA58 X
015 A00AA59 CITIBANK N.A.
015 B00AA59 S
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.
015 B00AA61 S
015 C01AA61 MONTEVIDEO
015 D01AA61 URUGUAY
015 E04AA61 X
015 A00AA62 CITIBANK N.A.
015 B00AA62 S
015 C01AA62 CARACAS
015 D01AA62 VENEZUELA
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<PAGE> PAGE 9
015 A00AA63 BARCLAYS BANK OF ZAMBIA LIMITED
015 B00AA63 S
015 C01AA63 NONE
015 D01AA63 ZAMBIA
015 E04AA63 X
015 A00AA64 BARCLAYS BANK OF ZIMBABWE LIMITED
015 B00AA64 S
015 C01AA64 HARARE
015 D01AA64 ZIMBABWE
015 E04AA64 X
015 A00AA65 THE BRITISH BANK OF THE MIDDLE EAST
015 B00AA65 S
015 C01AA65 MANAMA
015 D01AA65 BAHRAIN
015 E04AA65 X
015 A00AA66 STANDARD CHARTER BANK
015 B00AA66 S
015 C01AA66 DHAKA
015 D01AA66 BANGLADESH
015 E04AA66 X
015 A00AA67 THE BANK OF BERMUDA LIMITED
015 B00AA67 S
015 C01AA67 HAMILTON
015 D01AA67 BERMUDA
015 E04AA67 X
015 A00AA68 BARCLAYS BANK OF BOTSWANA LIMITED
015 B00AA68 S
015 C01AA68 GABORONE
015 D01AA68 BOTSWANA
015 E04AA68 X
015 A00AA69 SOCIETE GENERALE DE BANQUES EN COTE D'IVOIRE
015 B00AA69 S
015 C01AA69 ABIDJAN
015 D01AA69 IVORY COAST
015 E04AA69 X
015 A00AA70 THE BRITISH BANK OF THE MIDDLE EAST
015 B00AA70 S
015 C01AA70 BEIRUT
015 D01AA70 LEBANON
015 E04AA70 X
015 A00AA71 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B00AA71 S
015 C01AA71 PORT LOUIS
015 D01AA71 MAURITIUS
015 E04AA71 X
015 A00AA72 THE BRITISH BANK OF THE MIDDLE EAST
015 B00AA72 S
015 C01AA72 MUTTRAH
015 D01AA72 OMAN
015 E04AA72 X
018 00AA00 Y
<PAGE> PAGE 10
019 A00AA00 Y
019 B00AA00 11
019 C00AA00 FOUNDERSFU
020 A000001 DONALDSON LUFKIN
020 B000001 13-2741729
020 C000001 699
020 A000002 PAINE WEBBER
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020 A000003 GOLDMAN SACHS
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020 C000005 506
020 A000006 MORGAN STANLEY
020 B000006 13-2655998
020 C000006 500
020 A000007 BEAR, STEARNS & CO.
020 B000007 13-3604093
020 C000007 475
020 A000008 MERRILL LYNCH
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020 C000008 466
020 A000009 INSTINET
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020 A000010 STEWART FRANKEL
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022 A000001 FIRST BOSTON
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022 D000003 9977
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022 C000004 3351280
022 D000004 285137
022 A000005 AMERICAN EXPRESS
<PAGE> PAGE 11
022 B000005 11-1988350
022 C000005 3367853
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022 A000006 GOLDMAN SACHS
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054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
<PAGE> PAGE 12
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
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054 O00AA00 N
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059 00AA00 Y
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<PAGE> PAGE 13
028 A040100 12312
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<PAGE> PAGE 14
048 D010100 0
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048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
055 A000100 N
055 B000100 N
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066 A000100 Y
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066 D000100 N
066 E000100 N
066 F000100 N
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067 000100 N
<PAGE> PAGE 15
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 Y
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070 D010100 Y
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070 E010100 Y
070 E020100 N
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070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
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070 N020100 N
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<PAGE> PAGE 16
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<PAGE> PAGE 17
074 T000100 222104
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024 000200 Y
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<PAGE> PAGE 18
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<PAGE> PAGE 19
057 000200 N
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070 C010200 N
070 C020200 N
070 D010200 N
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070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
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070 I010200 N
070 I020200 N
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<PAGE> PAGE 20
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070 M010200 N
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<PAGE> PAGE 21
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025 A000301 DELETE
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
069 000300 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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024 000400 N
025 A000401 DELETE
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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025 A000501 DELETE
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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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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066 D001200 Y
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066 F001200 N
066 G001200 N
067 001200 N
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<PAGE> PAGE 60
070 G011200 Y
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070 J011200 Y
070 J021200 Y
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<PAGE> PAGE 61
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SIGNATURE ROBERTO GALINDO, JR.
TITLE ASSISTANT TREASURER
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<NAME> FOUNDERS BLUE CHIP FUND
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<NAME> FOUNDERS WORLDWIDE GROWTH FUND
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<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 257041
<INVESTMENTS-AT-VALUE> 306615
<RECEIVABLES> 4786
<ASSETS-OTHER> 2280
<OTHER-ITEMS-ASSETS> 1
<TOTAL-ASSETS> 313682
<PAYABLE-FOR-SECURITIES> 1689
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3116
<TOTAL-LIABILITIES> 4805
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 257880
<SHARES-COMMON-STOCK> 14633
<SHARES-COMMON-PRIOR> 15701
<ACCUMULATED-NII-CURRENT> 60
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1363
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 49574
<NET-ASSETS> 308877
<DIVIDEND-INCOME> 3890
<INTEREST-INCOME> 1909
<OTHER-INCOME> (354)
<EXPENSES-NET> 4847
<NET-INVESTMENT-INCOME> 598
<REALIZED-GAINS-CURRENT> 40952
<APPREC-INCREASE-CURRENT> (7643)
<NET-CHANGE-FROM-OPS> 33907
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 503
<DISTRIBUTIONS-OF-GAINS> 37829
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5206
<NUMBER-OF-SHARES-REDEEMED> 7939
<SHARES-REINVESTED> 1665
<NET-CHANGE-IN-ASSETS> (28777)
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> (1798)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3177
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4917
<AVERAGE-NET-ASSETS> 334682
<PER-SHARE-NAV-BEGIN> 21.79
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 2.22
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 2.88
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.11
<EXPENSE-RATIO> 1.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> FOUNDERS PASSPORT FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 100755
<INVESTMENTS-AT-VALUE> 122431
<RECEIVABLES> 633
<ASSETS-OTHER> 745
<OTHER-ITEMS-ASSETS> 2
<TOTAL-ASSETS> 123811
<PAYABLE-FOR-SECURITIES> 72
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1093
<TOTAL-LIABILITIES> 1165
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 101319
<SHARES-COMMON-STOCK> 8993
<SHARES-COMMON-PRIOR> 12784
<ACCUMULATED-NII-CURRENT> (13)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (335)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21675
<NET-ASSETS> 122646
<DIVIDEND-INCOME> 2006
<INTEREST-INCOME> 1299
<OTHER-INCOME> (174)
<EXPENSES-NET> 2765
<NET-INVESTMENT-INCOME> 366
<REALIZED-GAINS-CURRENT> 2711
<APPREC-INCREASE-CURRENT> 1747
<NET-CHANGE-FROM-OPS> 4824
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 241
<DISTRIBUTIONS-OF-GAINS> 4261
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8876
<NUMBER-OF-SHARES-REDEEMED> 12977
<SHARES-REINVESTED> 310
<NET-CHANGE-IN-ASSETS> (55597)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1071
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1808
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2796
<AVERAGE-NET-ASSETS> 180814
<PER-SHARE-NAV-BEGIN> 13.91
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.22
<PER-SHARE-DIVIDEND> 0.03
<PER-SHARE-DISTRIBUTIONS> 0.48
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.64
<EXPENSE-RATIO> 1.53
<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 14938
<INVESTMENTS-AT-VALUE> 16096
<RECEIVABLES> 261
<ASSETS-OTHER> 86
<OTHER-ITEMS-ASSETS> 7
<TOTAL-ASSETS> 16450
<PAYABLE-FOR-SECURITIES> 532
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 178
<TOTAL-LIABILITIES> 710
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14662
<SHARES-COMMON-STOCK> 1306
<SHARES-COMMON-PRIOR> 853
<ACCUMULATED-NII-CURRENT> (1)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (79)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1158
<NET-ASSETS> 15740
<DIVIDEND-INCOME> 145
<INTEREST-INCOME> 101
<OTHER-INCOME> (13)
<EXPENSES-NET> 263
<NET-INVESTMENT-INCOME> (30)
<REALIZED-GAINS-CURRENT> 1760
<APPREC-INCREASE-CURRENT> 169
<NET-CHANGE-FROM-OPS> 1899
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1945
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 939
<NUMBER-OF-SHARES-REDEEMED> 641
<SHARES-REINVESTED> 155
<NET-CHANGE-IN-ASSETS> 5667
<ACCUMULATED-NII-PRIOR> (2)
<ACCUMULATED-GAINS-PRIOR> 51
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 142
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 293
<AVERAGE-NET-ASSETS> 14238
<PER-SHARE-NAV-BEGIN> 11.86
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 1.89
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.69
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.05
<EXPENSE-RATIO> 1.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Exhibit Index
-------------
SUB-ITEM 77B
Accountant's report on internal control.
Filed herein as Exhibit 99.77B.
SUB-ITEM 77Q1
(a) By-Laws of Founders Funds, Inc., as amended November 18, 1997.
Filed herein as Exhibit 99.77Q1.
950 Seventeenth Street Telephone 303 893 8100
Suite 2500
Denver, CO 80202
Price Waterhouse LLP [LOGO]
To the Shareholders and Board of Directors of
Founders Funds, Inc.
In planning and performing our audits of the financial statements of Founders
Funds, Inc. for the year ended December 31, 1997, 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, not
to provide assurance on internal control.
The management of Founders Funds, Inc. 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 control activities. Generally, control activities 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 control activities include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
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 any
specific internal control components does not reduce to a relatively low level
the risk that errors or irregularities 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,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of management and the
Board of Directors of Founders Funds, Inc. and the Securities and Exchange
Commission
/s/ Price Waterhouse LLP
- ------------------------
Price Waterhouse LLP
Denver, Colorado
February 2, 1998
FOUNDERS FUNDS, INC.
A Maryland Corporation
BY-LAWS
(AS AMENDED NOVEMBER 18, 1997)
<PAGE>
BY-LAWS
TABLE OF CONTENTS
ARTICLE I. FISCAL YEAR AND OFFICES.........................................1
SECTION 1.01. FISCAL YEAR ..........................................1
SECTION 1.02. REGISTERED OFFICE.....................................1
SECTION 1.03. OTHER OFFICES.........................................1
ARTICLE II. STOCKHOLDERS ...................................................1
SECTION 2.01. PLACE OF MEETING......................................1
SECTION 2.02. ANNUAL MEETING........................................1
SECTION 2.03. SPECIAL MEETINGS......................................2
SECTION 2.04. NOTICE ..........................................2
SECTION 2.05. QUORUM ..........................................3
SECTION 2.06. VOTING ..........................................3
SECTION 2.07. VOTING - PROXIES......................................4
SECTION 2.08. INSPECTORS ..........................................4
SECTION 2.09. STOCK LEDGER AND LIST OF
STOCKHOLDERS..........................................4
SECTION 2.10. ACTION WITHOUT MEETING................................5
ARTICLE III. DIRECTORS ...................................................5
SECTION 3.01. GENERAL POWERS........................................5
SECTION 3.02. POWER TO ISSUE AND SELL...............................5
SECTION 3.03. POWER TO DECLARE DIVIDENDS............................6
SECTION 3.04. NUMBER AND TERM OF OFFICE.............................8
SECTION 3.05. ELECTION ..........................................8
SECTION 3.06. REMOVAL OF DIRECTORS..................................8
SECTION 3.07. PLACE OF MEETING......................................8
SECTION 3.08. QUORUM ..........................................9
SECTION 3.09. REGULAR MEETINGS......................................9
SECTION 3.10. SPECIAL MEETINGS......................................9
SECTION 3.11. INFORMAL ACTIONS......................................9
SECTION 3.12. COMMITTEES .........................................10
SECTION 3.13. ACTION OF COMMITTEES.................................10
SECTION 3.14. COMPENSATION.........................................10
SECTION 3.15. CHAIRMAN OF THE BOARD................................10
ARTICLE IV. NOTICES ..................................................11
SECTION 4.01. FORM .........................................11
SECTION 4.02. WAIVER .........................................11
<PAGE>
ARTICLE V. OFFICERS ..................................................11
SECTION 5.01. EXECUTIVE OFFICERS...................................11
SECTION 5.02. ELECTION .........................................12
SECTION 5.03. OTHER OFFICERS.......................................12
SECTION 5.04. COMPENSATION.........................................12
SECTION 5.05. TENURE .........................................12
SECTION 5.06. PRESIDENT .........................................12
SECTION 5.07. VICE PRESIDENT.......................................13
SECTION 5.08. SECRETARY .........................................13
SECTION 5.09. ASSISTANT SECRETARIES................................13
SECTION 5.10. TREASURER .........................................13
SECTION 5.11. CONTROLLER .........................................14
SECTION 5.12. ASSISTANT TREASURER..................................14
SECTION 5.13. SURETY BONDS.........................................14
ARTICLE VI. FUNDAMENTAL POLICIES AND INVESTMENT
RESTRICTIONS...................................................14
ARTICLE VII. STOCK..........................................................15
SECTION 7.01. CERTIFICATES.........................................15
SECTION 7.02. SIGNATURE .........................................15
SECTION 7.03. RECORDING AND TRANSFER WITHOUT
CERTIFICATES.........................................15
SECTION 7.04. LOST CERTIFICATES....................................16
SECTION 7.05. TRANSFER OF CAPITAL STOCK............................16
SECTION 7.06. REGISTERED STOCKHOLDERS..............................16
SECTION 7.07. TRANSFER AGENTS AND REGISTRARS.......................16
SECTION 7.08. STOCK LEDGER.........................................17
SECTION 7.09. TRANSFER REGULATIONS.................................17
SECTION 7.10. FIXING OF RECORD DATE................................17
ARTICLE VIII. GENERAL PROVISIONS.............................................18
SECTION 8.01. RIGHTS IN SECURITIES.................................18
SECTION 8.02. CUSTODIANSHIP........................................18
SECTION 8.03. REPORTS .........................................19
SECTION 8.04. SEAL .........................................19
SECTION 8.05. EXECUTION OF INSTRUMENTS.............................20
SECTION 8.06. CHECKS, NOTES, DRAFTS, ETC...........................20
ARTICLE IX. REDEMPTION AND REPURCHASE OF THE
CORPORATION'S SHARES...........................................20
SECTION 9.01. REDEMPTION OF SHARES.................................20
SECTION 9.02. PRICE .........................................21
SECTION 9.03. PAYMENT .........................................21
SECTION 9.04. EFFECT OF SUSPENSION OF
DETERMINATION OF NET ASSET VALUE.....................21
<PAGE>
SECTION 9.05. REPURCHASE BY AGREEMENT..............................22
SECTION 9.06. REDEMPTION OF STOCKHOLDERS'
INTERESTS............................................22
ARTICLE X. NET ASSET VALUE OF SHARES......................................22
SECTION 10.01. BY WHOM DETERMINED...................................22
SECTION 10.02. WHEN DETERMINED......................................22
SECTION 10.03. SUSPENSION OF DETERMINATION OF NET
ASSET VALUE..........................................23
SECTION 10.04. COMPUTATION OF PER SHARE NET ASSET
VALUE................................................23
SECTION 10.05. INTERIM DETERMINATIONS...............................26
SECTION 10.06. MISCELLANEOUS........................................26
ARTICLE XI. ACCOUNTANT ..................................................27
SECTION 11.01. ACCOUNTANT .........................................27
ARTICLE XII. INDEMNIFICATION AND INSURANCE..................................27
SECTION 12.01. INDEMNIFICATION OF OFFICERS,
DIRECTORS, EMPLOYEES AND AGENTS......................28
SECTION 12.02. INSURANCE OF OFFICERS, DIRECTORS,
EMPLOYEES AND AGENTS.................................28
ARTICLE XIII. AMENDMENTS ..................................................28
<PAGE>
BY-LAWS OF
FOUNDERS FUNDS, INC.
ARTICLE I
FISCAL YEAR AND OFFICES
Section 1.01. FISCAL YEAR. Unless otherwise provided by resolution of
the Board of Directors the fiscal year of the Corporation shall begin January 1
and end on the last day of December.
Section 1.02. REGISTERED OFFICE. The registered office of the
Corporation in Maryland shall be located in the City of Baltimore c/o The
Corporation Trust, Incorporated, 32 South Street, Baltimore, Maryland 21202 and
the name and address of its Resident Agent is The Corporation Trust,
Incorporated, 32 South Street, Baltimore, Maryland 21202.
Section 1.03. OTHER OFFICES. The Corporation shall have the power to
open additional offices for the conduct of its business, either within or
outside the State of Maryland, at such places as the Board of Directors may from
time to time designate.
ARTICLE II
STOCKHOLDERS
Section 2.01. PLACE OF MEETING. Meetings of the stockholders for the
election of Directors shall be held in such place as the Board of Directors may
by resolution establish. In the absence of any specific resolution, annual
meetings of stockholders shall, if required, be held at the Corporation's
principal office at 810 Cherry Creek National Bank Building, 3033 East First
Avenue, Denver, Colorado 80206. Meetings of stockholders for any other purpose
may be held at such place and time as shall be fixed by resolution of the Board
of Directors and stated in the notice of the meeting, or in a duly executed
waiver of notice thereof.
Section 2.02. ANNUAL MEETING. The annual meeting of stockholders, if
required, shall be held on a date and at a time to be set by the Board of
Directors. The Corporation shall not be required to hold an annual meeting in
any year in which the election of directors is not required to be acted upon
under the Investment Company Act of 1940. If the Corporation is required to hold
a meeting of stockholders to
<PAGE>
elect directors, the meeting shall be designated as the annual meeting of
stockholders for that year and shall be held within the time prescribed by the
Investment Company Act of 1940 and the Maryland General Corporation Law. At the
annual meeting, the stockholders shall transact any other business which may
properly be brought before the meeting.
Section 2.03. SPECIAL MEETINGS. Special meetings of the stockholders
(including meetings involving only one or more but less than all classes of
stock) may be called at any time by the Chairman of the Board of the President,
or by a majority of the Board of Directors, and shall be called by the Chairman
of the Board, President or Secretary upon written request of the holders of
shares entitled to cast not less than twenty-five percent of all the votes
entitled to be cast at such meeting provided that (a) such request will state
the purpose of such meeting and the matters proposed to be acted upon and (b)
the stockholders requesting such meeting shall have paid to the Corporation the
reasonably estimated cost of preparing and mailing the notice thereof, which the
Secretary shall determine and specify to such stockholders. Unless requested by
the holders of shares entitled to cast a majority of all the votes entitled to
be cast at such meeting, no special meeting need be called to consider any
matter which is substantially the same as a matter voted on at any meeting of
the stockholders held during the preceding twelve months.
Section 2.04. NOTICE. Not less than ten nor more than ninety days
before the date of every annual or special stockholders' meeting, the Secretary
shall cause to be mailed to each stockholder entitled to vote at such meeting at
his, her or its address (as it appears on the records of the Corporation at the
time of mailing) written notice stating the time and place of the meeting and,
in the case of a special meeting of stockholders, the purpose or purposes for
which the meeting is called. Notice of any stockholders' meeting need not be
given to any stockholder who shall sign a written waiver of such notice whether
before or after the time of such meeting, or to any stockholder who shall attend
such meeting in person or by proxy. Notice of adjournment of a stockholders'
meeting to another time or place need not be given, if such time and place are
announced at the meeting.
Section 2.05. QUORUM. At any meeting of stockholders, the presence in
person or by proxy of the holders of a majority of the aggregate number of
shares of common stock at the time outstanding shall constitute a quorum for the
<PAGE>
transaction of business at the meeting, except that where any provision of law,
the Articles of Incorporation, or these By-laws require that the holders of any
class of shares shall vote as a class, then a majority of the aggregate number
of shares of that class at the time outstanding shall be necessary to constitute
a quorum for the transaction of such business. If, however, such quorum shall
not be present or represented at any meeting of the stockholders, any officer
entitled to preside at, or act as a Secretary of, such meeting, shall have the
power to adjourn the meeting from time to time, without notice other than
announcement at the meeting, until a quorum shall be present or represented. At
such adjourned meeting at which a quorum shall be present or represented any
business may be transacted which might have been transacted at the meeting as
originally notified.
Section 2.06. VOTING. Each stockholder shall have one vote for each
full share and a fractional vote for each fractional share of stock having
voting power held by such stockholder on the record date set pursuant to Section
7.10 on each matter submitted to a vote at a meeting of stockholders. Such vote
may be made in person or by proxy. If no record date has been fixed for the
determination of stockholders, the record date for the determination of
stockholders entitled to notice of or to vote at a meeting of stockholders shall
be (a) at the close of business (i) on the day ten days before the date on which
notice of the meeting is mailed or (ii) on the day 90 days before the meeting
whichever is the closer date to the meeting; or (b) if notice is waived by all
stockholders entitled to notice of or to vote at the meeting, at the close of
business on the tenth day next preceding the day on which the meeting is held.
At all meetings of the stockholders, a quorum being present, all matters shall
be decided by majority vote of the shares of stock entitled to vote held by
stockholders present in person or by proxy, unless the question is one which by
express provision of the laws of Maryland, the Investment Company Act, or the
Articles of Incorporation, a different vote is required in which case such
express provision shall control the decision of such question. At all meetings
of stockholders, unless the voting is conducted by inspectors, all questions
relating to the qualification of votes and the validity of proxies and the
acceptance or rejection of votes shall be decided by the Chairman of the
meeting.
Section 2.07. VOTING - PROXIES. The right to vote by proxy shall
exist only if the instrument authorizing such proxy to act shall have been
executed in writing by the
<PAGE>
stockholder himself or by his attorney thereunto duly authorized. No proxy shall
be voted on after eleven months from its date unless it provides for a longer
period. Each proxy shall be in writing executed by the stockholder or his duly
authorized attorney and shall be dated, but need not be sealed, witnessed or
acknowledged. Proxies shall be delivered to the Secretary of the Corporation or
person acting as Secretary of the meeting before being voted. A proxy with
respect to stock 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
Corporation receives a specific written notice to the contrary from any one of
them. A proxy purporting to be executed by or on behalf of a stockholder shall
be deemed valid unless challenged at or prior to its exercise.
Section 2.08. INSPECTORS. At any election of directors, the Board of
Directors prior thereto may, or, if they have not so acted, the Chairman of the
meeting may, appoint one or more inspectors of election who shall first
subscribe an oath of affirmation to execute faithfully the duties of inspectors
at such election with strict impartiality and according to the best of their
ability, and shall after the election make a certificate of the result of the
vote taken. No candidate for the office of director shall be appointed such
inspector.
Section 2.09. STOCK LEDGER AND LIST OF STOCKHOLDERS. It shall be the
duty of the Secretary or Assistant Secretary of the Corporation to cause an
original or duplicate stock ledger to be maintained at the office of the
Corporation's transfer agent. Such stock ledger may be in writing form or any
other form capable of being converted into written form within a reasonable time
for visual inspection. Any one or more persons, each of whom has been a
stockholder of record of the Corporation for more than six months next preceding
such request, who owns or own in the aggregate 5% or more of the outstanding
capital stock of the Corporation, may submit a written request to any officer of
the Corporation or its resident agent in Maryland for a list of the stockholders
of the Corporation. Within 20 days after such a request, there shall be prepared
and filed at the Corporation's principal office a list containing the names and
addresses of all stockholders of the Corporation and the number of shares of
each class held by each stockholders, certified as correct by an officer of the
Corporation, by its stock transfer agent, or by its registrar.
Section 2.10. ACTION WITHOUT MEETING. Any action to be taken by
stockholders may be taken without a meeting if
<PAGE>
all stockholders entitled to vote on the matter consent to the action in
writing, and the written consents are filed with the records of the meetings of
stockholders. Such consent shall be treated for all purposes as a vote at a
meeting.
ARTICLE III
DIRECTORS
Section 3.01. GENERAL POWERS. The business of the Corporation shall be
under the direction of its Board of Directors, which may exercise all powers of
the Corporation, except such as are by statute, or by the Articles of
Incorporation, or by these By-laws conferred upon or reserved to the
stockholders. All acts done by any meeting of the directors or by any person
acting as a director, so long as his successor shall not have been duly elected
or appointed, shall, notwithstanding that it be afterwards discovered that there
was some defect in the election of the directors or of such person acting as a
aforesaid or that they or any of them were disqualified, be as valid as if the
directors or such other person, as the case may be, had been duly elected and
were or was qualified to be directors or a director of the corporation.
Section 3.02. POWER TO ISSUE AND SELL STOCK
(a) GENERAL. The Board of Directors may from time to time issue,
reissue, sell or cause to be issued and sold any of the Corporation's authorized
shares of any class of common stock, including any additional shares hereafter
authorized of any class and any shares redeemed or repurchased by the
Corporation, to such persons and for such consideration as the Board of
Directors shall deem advisable, except that only shares previously contracted to
be sold may be issued during any period when the determination of net asset
value is suspended pursuant to the provisions of Article X hereof. All shares of
any classes of such authorized common stock, when issued in accordance with the
terms of this Section 3.02 shall be fully paid and nonassessable.
(b) PRICE. No shares of common stock shall be issued or sold by the
Corporation, except as a stock dividend distributed to shareholders, for less
than an amount which would result in proceeds to the Corporation, before taxes
payable by the Corporation in connection with such transaction, of at least the
net asset value per share determined as set forth in Article X hereof as of such
time as the Board of Directors shall have by resolution
<PAGE>
prescribed. In the absence of a resolution of the Board of Directors applicable
to the transaction, such net asset value shall be that next determined after an
unconditional order for shares has been received by the Corporation (either
directly or through one of its agents) and the sales price in currency has been
determined.
(c) ON MERGER OR CONSOLIDATION. In connection with the acquisition of
all or substantially all the assets or stock of another investment company or
investment trust, the Board of Directors may issue or cause to be issued shares
of common stock of the Corporation and accept in payment thereof, in lieu of
cash, such assets at their market value, or such stock at the market value of
the assets held by such investment company or investment trust, either with or
without adjustment for contingent costs or liabilities, provided such assets are
of the character in which the Board of Directors is permitted to invest the
funds of the Corporation.
(d) FRACTIONAL SHARES. The Corporation may issue and sell or cause to
be issued and sold fractions of shares having pro rata all the rights of full
shares, including, without limitation, the right to vote and to receive
dividends.
Section 3.03 POWER TO DECLARE DIVIDENDS
(a) The Board of Directors may from time to time declare and pay
dividends or distributions, in stock or in cash at the election of the
stockholders, on all issued and outstanding shares of any or all classes of
common stock, the amount of such dividends and distributions and the payment of
them being wholly in the discretion of the Board of Directors and payable only
out of earnings, surplus, or other lawfully available assets belonging to the
Corporation; provided, however, that the sum of the cash dividend actually paid
to any stockholder and the asset value of the shares received (determined as of
such time as the Board of Directors shall have prescribed pursuant to Section
3.02 hereof with respect to shares sold on the date of such stockholder
election) shall not exceed the full amount of cash to which the stockholder
would be entitled if he elected to receive only cash.
The Board of Directors is expressly authorized to determine in
accordance with generally accepted accounting principles and practices what
constitutes net profits, earnings, surplus or net assets in excess of capital,
and to determine what accounting periods shall be used by the
<PAGE>
Corporation for any purpose, whether annual or any other period, including
daily; to set apart out of any funds of the Corporation such reserves for such
purposes as it shall determine and to abolish the same; to declare and pay
dividends and distributions in cash, securities or other property from surplus
or any funds legally available therefor, at such intervals (which may be as
frequently as daily) or on such other periodic basis, as it shall determine; to
declare such dividends or distributions, including daily dividends, by means of
a formula or other method of determination at meetings held less frequently than
the frequency of the effectiveness of such declarations; to establish payment
dates for dividends or any other distributions on any basis including dates
occurring less frequently than the effectiveness of the declarations thereof;
and to provide for the payment of declared dividends on a date other than the
specified payment date in the case of the stockholders of the Corporation
redeeming their entire ownership of the Corporation.
(b) The Board of Directors shall cause to be accompanied by a written
statement any dividend payment wholly or partly from any source other than:
(i) the Corporation's accumulated undistributed net income
(determined in accordance with good accounting practice and the rules and
regulations of the Securities and Exchange Commission then in effect and not
including profits or losses realized upon the sale of securities or other
properties); or
(ii) the Corporation's net income so determined for the
current or preceding fiscal year.
Such statement shall adequately disclose the source or sources of such
payment and the basis of calculation, and shall be in such form as the
Securities and Exchange Commission may prescribe.
Section 3.04. NUMBER AND TERM OF OFFICE. The number of directors which
shall constitute the whole Board shall be determined from time to time by the
Board of Directors, but shall not be fewer than three, nor more than fifteen.
Each director elected shall hold office until his or her successor is elected
and qualified or until his or her earlier death, resignation, or removal.
Directors need not be stockholders.
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Section 3.05. ELECTION. Initially the directors shall be those persons
named as such in the Articles of Incorporation. Except as provided in the next
sentence, the directors shall be elected by the vote of a majority of the shares
present in person or by proxy at the annual meeting of the stockholders. If any
vacancies shall occur in the Board of Directors for any reason, the directors
then in office shall continue to act, and such vacancies (if not previously
filled by the stockholders) may be filled by a majority vote of the remaining
directors, although less than a quorum, and except that a newly created
Directorship may be filled only by a majority vote of the entire Board of
Directors, provided that in either case immediately after filling any such
vacancy at least two-thirds of the directors then holding office shall have been
elected to such office by the stockholders, a stockholders' meeting shall be
called as soon as possible, and in any event within sixty days, for the purpose
of electing an entire new Board of Directors.
Section 3.06. REMOVAL OF DIRECTORS. At any stockholders meeting,
provided a quorum is present, any director may be removed (either with or
without cause) by the vote of the holders of a majority of the shares present or
represented at the meeting, and at the same meeting a duly qualified person may
be elected in his or her stead by a majority of the votes validly cast.
Section 3.07. PLACE OF MEETING. Meetings of the Board of Directors,
regular or special, may be held at any place in or out of the State of Maryland
as the Board may from time to time determine.
Section 3.08. QUORUM. At all meetings of the Board of Directors a
majority of the entire Board of Directors shall constitute a quorum for the
transaction of business and the action of a majority of the directors present at
any meeting at which a quorum is present shall be the action of the Board of
Directors unless the concurrence of a greater proportion is required for such
action by the laws of Maryland, the Investment Company Act, the Articles of
Incorporation, or these By-laws. If a quorum shall not be present at any meeting
of directors, the directors present there at may by a majority vote adjourn the
meeting from time to time without notice other than announcement at the meeting,
until a quorum shall be present.
Section 3.09. REGULAR MEETINGS. Regular meetings of the Board of
Directors may be held without notice at such time and place as shall from time
to time be determined by
<PAGE>
the Board of Directors provided that notice of any change in the time or place
of such meetings shall be sent promptly to each director not present at the
meeting at which such change was made in the manner provided for notice of
special meetings. Members of the Board of Directors or any committee designated
thereby may participate in a meeting of such Board or committee by means of a
conference telephone or similar communications equipment by means of which all
persons participating in the meeting can hear each other at the same time, and
participation by such means shall constitute presence in person at a meeting.
Section 3.10. SPECIAL MEETINGS. Special meetings of the Board of
Directors may be called by the Chairman of the Board or the President on one
day's notice to each director; special meetings shall be called by the Chairman
of the Board, President or Secretary in like manner and on like notice on the
written request of two directors.
Section 3.11. INFORMAL ACTIONS. Any action required or permitted to be
taken at any meeting of the Board of Directors or of any committee thereof may
be taken without a meeting, if a written consent to such action is signed in one
or more counterparts by all members of the Board or of such committee, as the
case may be, and such written consent is filed with the minutes of proceedings
of the Board or committee.
Section 3.12. COMMITTEES. The Board of Directors may by resolution
passed by a majority of the entire Board appoint from among its members an
Executive Committee and other committees composed of two or more directors, and
may delegate to such committees, in the intervals between meetings of the Board
of Directors, any or all of the powers of the Board of Directors in the
management of the business and affairs of the Corporation, except the powers (a)
to declare dividends or distributions on stock, (b) to issue stock (although a
committee may participate in fixing the terms and conditions of stock issued, in
accordance with the laws of Maryland), (c) to recommend to stockholders any
action requiring stockholder approval, (d) to amend the By-laws, or (e) to
approve any merger or share exchange which does not require stockholder
approval.
Section 3.13. ACTION OF COMMITTEES. In the absence of an appropriate
resolution of the Board of Directors each committee may adopt such rules and
regulations governing its proceedings, quorum and manner of acting as it shall
deem proper and desirable, provided that the quorum shall not be less than two
directors. The committees shall keep minutes
<PAGE>
of their proceedings and shall report the same to the Board of Directors at the
meeting next succeeding, and any action by the committee shall be subject to
revision and alteration by the Board of Directors, provided that no rights of
third persons shall be affected by any such revision or alteration. In the
absence of any member of such committee the members thereof present at any
meeting, whether or not they constitute a quorum, may appoint a member of the
Board of Directors to act in the place of such absent member.
Section 3.14. COMPENSATION. Any director, whether or not he is a
salaried officer or employee of the Corporation, may be compensated for his
services as a director or as a member of a committee of directors, or as
Chairman of the Board or chairman of a committee by fixed periodic payments, by
fees for attendance at meetings, or otherwise or by a combination thereof, and
in addition may be reimbursed for transportation and other expenses, all in such
manner and amounts as the Board of Directors may from time to time determine.
Section 3.15. CHAIRMAN OF THE BOARD. The Chairman of the Board, if one
shall be chosen from and by the directors, shall preside at all meetings of the
Board of Directors and stockholders, and shall perform and execute such
executive duties and administrative powers as the Board of Directors shall from
time to time prescribe.
ARTICLE IV
NOTICES
Section 4.01. FORM. Notice to stockholders shall be in writing and
delivered personally or mailed to the stockholders at their addresses appearing
on the books of the Corporation. Notices to directors shall be oral or by
telephone or telegram or in writing delivered personally or mailed to the
directors at their addresses appearing on the books of the Corporation. Notice
by mail shall be deemed to be given at the time when the same shall be mailed.
Notice to directors need not state the purpose of a regular or special meeting.
Section 4.02. WAIVER. Whenever any notice of the time, place or
purpose of any meeting of stockholders, directors or a committee is required to
be given under the provisions of the laws of Maryland, the Articles of
Incorporation or these By-laws, a waiver thereof in writing, signed by the
person or persons entitled to such notice and filed with the records of the
meeting, whether before or after the holding thereof, or actual attendance at
the
<PAGE>
meeting of stockholders in person or by proxy, or at the meeting of directors or
committee in person, shall be deemed equivalent to the giving of such notice to
such persons.
ARTICLE V
OFFICERS
Section 5.01. EXECUTIVE OFFICERS. The officers of the Corporation
shall be chosen by the Board of Directors and shall include a President, a
Secretary and a Treasurer. The Board of Directors may, from time to time, elect
or appoint a Controller, one or more Vice Presidents, Assistant Secretaries, and
Assistant Treasurers. The same person may hold two or more offices, except that
no person shall be both President and Vice President and no officer shall
execute, acknowledge or verify any instrument in more than one capacity, if such
instrument is required by law, the Articles of Incorporation or these By-laws to
be executed, acknowledged or verified by two or more officers.
Section 5.02. ELECTION. The Board of Directors shall choose a
President, a Secretary and a Treasurer at its first meeting and thereafter at
the next meeting following a stockholders' meeting at which directors were
elected.
Section 5.03. OTHER OFFICERS. The Board of Directors from time to time
may appoint such officers and agents as it shall deem advisable, who shall hold
their offices for such terms and shall exercise powers and perform such duties
as shall be determined from time to time by the Board. The Board of Directors
from time to time may delegate to one or more officers or agents the power to
appoint any such subordinate officers or agents and to prescribe their
respective rights, terms of office, authorities and duties.
Section 5.04. COMPENSATION. The salaries or other compensation of all
officers and agents of the Corporation shall be fixed by the Board of Directors,
except that the Board of Directors may delegate to any person or group of
persons the power to fix the salary or other compensation of any subordinate
officers or agents appointed pursuant to Section 5.03.
Section 5.05. TENURE. The officers of the Corporation shall serve
until their successors are chosen and qualify. Any officer or agent may be
removed by the affirmative vote of a majority of the Board of Directors
whenever, in its judgment, the best interest of the Corporation will be served
thereby. In addition, any officer or agent appointed pursuant to Section 5.03
may be removed, either with or
<PAGE>
without cause, by any officer upon whom such power of removal shall have been
conferred by the Board of Directors. Any vacancy occurring in any office of the
Corporation by death, resignation, removal or otherwise shall be filled by the
Board of Directors, unless pursuant to Section 5.03 the power of appointment has
been conferred by the Board of Directors on any other officer.
Section 5.06. PRESIDENT. The President, unless the Chairman has been
so designated, shall be the Chief Executive Officer of the Corporation; if
designated by the Chairman, he or she shall preside at all meetings of the
stockholders, and shall see that all orders and resolutions of the Board are
carried into effect. The President, unless the Chairman has been so designated,
shall also be the chief administrative officer of the Corporation and shall
perform such other duties and have such other powers as the Board of Directors
may from time to time prescribe.
Section 5.07. VICE-PRESIDENT. The Vice-Presidents, in the order of
their seniority, shall, in the absence or disability of the President, perform
the duties and exercise the powers of the President and shall perform such other
duties as the Board of Directors or the Chief Executive Officer may from time to
time prescribe.
Section 5.08. SECRETARY. Unless a secretary of the meeting has been
appointed, the Secretary shall attend all meetings of the Board of Directors and
all meetings of the stockholders and record all the proceedings thereof and
shall perform like duties for any Committee when required. He or she shall give,
or cause to be given, notice of meetings of the stockholders and of the Board of
Directors, shall have charge of, or shall cause an agent to have charge of, the
records of the Corporation, including the stock books, and shall perform such
other duties as may be prescribed by the Board of Directors or Chief Executive
Officer, under whose supervision the Secretary shall be. The Secretary shall
keep in safe custody the seal of the Corporation and, when authorized by the
Board of Directors, shall affix and attest the same to any instrument requiring
it. The Board of Directors may give general authority to any other officer to
affix the seal of the Corporation and to attest the affixing by his or her
signature.
Section 5.09. ASSISTANT SECRETARIES. The Assistant Secretaries in
order of their seniority, shall, in the absence or disability of the Secretary,
perform the duties and exercise the powers of the Secretary and shall perform
such other duties as the Board of Directors shall prescribe.
<PAGE>
Section 5.10. TREASURER. The Treasurer, unless another officer has
been so designated, shall be the Chief Financial Officer of the Corporation. He
or she shall have general charge of the finances and books of account of the
Corporation. Except as otherwise provided by the Board of Directors the
Treasurer shall have general supervision of the funds and property of the
Corporation and of the performance by the custodian of its duties with respect
thereto. The Treasurer shall render to the Board of Directors, whenever directed
by the Board, an account of the financial condition of the Corporation and of
all his or her transactions as Treasurer. The Treasurer shall cause to be
prepared annually a full and correct statement of the affairs of the Corporation
including a balance sheet and a financial statement of operations for the
preceding fiscal year, which shall be submitted at the annual meeting of
stockholders, if such a meeting be held, and filed within twenty days
thereafter, or after the date set herein for such meeting, at the principal
office of the Corporation in the State of Maryland. The Treasurer shall perform
all the acts incidental to the office of Treasurer, subject to the control of
the Board of Directors.
Section 5.11. CONTROLLER. The Controller shall be under the direct
supervision of the Chief Financial Officer of the Corporation. The Controller
shall have such further powers and duties as may be conferred upon him or her
from time to time by the President or the Board of Directors.
Section 5.12. ASSISTANT TREASURER. The Assistant Treasurers, in the
order of their seniority, shall, in the absence or disability of the Treasurer,
perform such other duties as the Board of Directors may from time to time
prescribe.
Section 5.13. SURETY BONDS. The Board of Directors may require any
officer or agent of the Corporation to execute a bond (including, without
limitation, any bond required by the Investment Company Act) to the Corporation
in such sum and with such surety or sureties as the Board of Directors may
determine, conditioned upon the faithful performance of his or her duties to the
Corporation, including responsibility for negligence and for the accounting of
any Corporation's property, funds or securities that may come into his or her
hands.
<PAGE>
ARTICLE VI
FUNDAMENTAL POLICIES AND INVESTMENT RESTRICTIONS
Each class of the Corporation's common stock shall be subject to two
different types of limitations on the investments which may be made with the
assets of that class. The first type of limitation, referred to hereinafter as
"Fundamental Policies," may not be changed without approval of the lesser of (a)
67% or more of the shares of that class present at a meeting if the holders of
more than 50% of the outstanding shares of that class are present or represented
by proxy, or (b) more than 50% of the outstanding shares of that class of stock.
The second type of limitation, referred to hereinafter as "Investment
Restrictions, "may be changed by the Board of Directors without shareholder
approval or prior notification. The Fundamental Policies and Investment
Restrictions which apply to each class of the Corporation's common stock shall
be set forth in the Prospectus or the Statement of Additional Information for
such class of common stock.
ARTICLE VII
STOCK
Section 7.01. CERTIFICATES. The Corporation may, but is not required
to, issue certificates representing shares of the Corporation. If certificates
are issued, they shall be in a form approved by the Board of Directors which
shall certify the class and the number of shares owned by such stockholder in
the Corporation. Any such certificate shall be signed by the President or a Vice
President and countersigned by the Secretary or an Assistant Secretary or the
Treasurer or an Assistant Treasurer.
Section 7.02. SIGNATURE. Where a certificate is signed (1) by a
transfer agent or an assistant transfer agent, or (2) by a transfer clerk acting
on behalf of the Corporation and a registrar, the signature of any such
President, Vice President, Treasurer, Assistant Treasurer, Secretary or
Assistant Secretary may be a facsimile. In case any officer who has signed any
certificate ceases to be an officer of the Corporation before the certificate is
issued, the certificate may nevertheless be issued by the Corporation with the
same effect as if the officer had not ceased to be such officer as of the date
of its issue.
Section 7.03. RECORDING AND TRANSFER WITHOUT CERTIFICATES.
Notwithstanding the foregoing provisions of this Article VII, the Corporation
shall have full power to participate in any program approved by the Board of
Directors providing for the recording and transfer of ownership of shares of the
Corporation's stock by electronic or other means without the issuance of
certificates.
<PAGE>
Section 7.04. LOST CERTIFICATES. The Board of Directors may direct a
new certificate or certificates to be issued in place of any certificate or
certificates theretofore issued by the Corporation alleged to have been stolen,
lost or destroyed, upon the making of an affidavit of that fact by the person
claiming the certificate of stock to have been stolen, lost or destroyed, or
upon other satisfactory evidence of such theft, loss or destruction. When
authorizing such issuance of a new certificate or certificates, the Board of
Directors may, in its discretion and as a condition precedent to the issuance
thereof, require the owner of such stolen, lost or destroyed certificate or
certificates, or his legal representative, to advertise the same in such manner
as it shall require and to give the Corporation a bond with sufficient surety to
the Corporation to indemnify it against any loss or claim that may be made by
reason of the issuance of a new certificate.
Section 7.05. TRANSFER OF CAPITAL STOCK. Transfers of shares of the
stock of the Corporation shall be made on the books of the Corporation by the
holder of record thereof (in person or by his attorney thereunto duly authorized
by a power of attorney duly executed in writing and filed with the Secretary of
the Corporation) (a) if a certificate or certificates have been issued, upon the
surrender of the certificate or certificates, properly endorsed or accompanied
by proper instruments of transfer, representing such shares, or (b) as otherwise
prescribed by the Board of Directors. Every certificate exchanged, surrendered
for redemption or otherwise returned to the Corporation shall be marked
"cancelled" with the date of cancellation.
Section 7.06. REGISTERED STOCKHOLDERS. The Corporation shall be
entitled to recognize the exclusive right of a person registered on its books as
the owner of shares to receive dividends, and to vote as such owner, and to hold
liable for calls and assessments a person registered on its books as the owner
of shares, and shall not be bound to recognize any equitable or other claim to
or interest in such shares on the part of any other person, whether or not it
shall have express or other notice thereof, except as otherwise provided by the
laws of Maryland.
Section 7.07. TRANSFER AGENTS AND REGISTRARS. The Board of Directors
may, from time to time, appoint or remove transfer agents and/or registrars of
transfers of shares of stock of the Corporation, and it may appoint the same
person as both transfer agent and registrar. Upon any such appointment being
made, all certificates representing shares
<PAGE>
of stock thereafter issued shall be countersigned by one of such transfer agents
or by one of such registrars of transfers or by both and shall not be valid
unless so countersigned. If the same person shall be both transfer agent and
registrar, only one countersignature by such person shall be required.
Section 7.08. STOCK LEDGER. The Corporation shall maintain an original
stock ledger containing the names and addresses of all stockholders and the
number and class of shares held by each stockholder. Such stock ledger may be in
written form or any other form capable of being converted into written form
within a reasonable time for visual inspection.
Section 7.09. TRANSFER REGULATIONS. The shares of stock of the
Corporation may be freely transferred, and the Board of Directors may, from time
to time, adopt rules and regulations with reference to the method of transfer of
the shares of stock of the Corporation.
Section 7.10. FIXING OF RECORD DATE. The Board of Directors may fix in
advance a date as a record date for the determination of the stockholders
entitled to notice of or to vote at any stockholders' meeting or any adjournment
thereof, or to express consent to corporate action in writing without a meeting,
or to receive payment of any dividend or other distribution or allotment of any
rights, or to exercise any rights in respect of any change, conversion or
exchange of stock, or for the purpose of any other lawful action, provided that
such record date shall not be a date more than ninety nor less than ten days
prior to the date on which the particular action requiring such determination of
stockholders of record on the record date so fixed shall be entitled to such
notice of, and to vote at, such meeting or adjournment, or to give such consent,
or to receive payment of such dividend or other distribution, or to receive such
allotment of rights, or to exercise such rights or to take such other action, as
the case may be, notwithstanding any transfer of any shares on the books of the
Corporation after any such record date. A meeting of shareholders convened on
the date for which it was called may be adjourned from time to time without
further notice to a date not more than 120 days after the original record date.
<PAGE>
ARTICLE VIII
GENERAL PROVISIONS
Section 8.01. RIGHTS IN SECURITIES. The Board of Directors, on behalf
of the Corporation, shall have the authority to exercise all of the rights of
the Corporation as owner of any securities which might be exercised by any
individual owning such securities in his own right; including, but not limited
to, the rights to vote by proxy for any and all purposes, to consent to the
reorganization, merger or consolidation of any issuer or to consent to the sale,
lease or mortgage of all or substantially all of the property and assets of any
issuer; and to exchange any of the shares of stock of the issuer for the shares
of stock issued therefor upon any such reorganization, merger, consolidation,
sale, lease or mortgage. The Board of Directors shall have the right to
authorize any officer of the investment adviser to execute proxies and the right
to delegate the authority granted by this Section 8.01 to any officer of the
Corporation.
Section 8.02. CUSTODIANSHIP.
(a) The Corporation shall place and at all times maintain in the
custody of a custodian (including any sub-custodian) all funds, securities and
similar investments owned by the Corporation. Subject to the approval of the
Board of Directors, the custodian may enter into arrangements with securities
depositories, as long as such arrangements comply with the provisions of the
Investment Company Act. The custodian (and any sub-custodian) shall be a bank
having not less than $2,000,000 aggregate capital, surplus and undivided profits
and shall be appointed from time to time by the Board of Directors, which shall
fix its remuneration.
(b) Upon termination of a custodian agreement or inability of the
custodian to continue to serve, the Board of Directors shall promptly appoint a
successor custodian. But in the event that no successor custodian can be found
who has the required qualifications and is willing to serve, the Board of
Directors shall call as promptly as possible a special meeting of the
stockholders to determine whether the Corporation shall function without a
custodian or shall be liquidated. If so directed by vote of the holders of a
majority of the outstanding shares of stock of the Corporation, the custodian
shall deliver and pay over all property of the Corporation held by it as
specified in such vote.
(c) The following provisions shall apply to the employment of a
custodian and to any contract entered into with the custodian so employed:
<PAGE>
The Board of Directors shall cause to be delivered to the
custodian all securities owned by the Corporation or to which it may
become entitled, and shall order the same to be delivered by the
custodian only in completion of a sale, exchange, transfer, pledge or
other disposition thereof, all as the Board of Directors may generally
or from time to time require or approve or to a successor custodian;
and the Board of Directors shall cause all funds owned by the
Corporation or to which it may become entitled to be paid to the
custodian, and shall order the same disbursed only for investment
against delivery of the securities acquired, or in payment of
expenses, including management compensation, and liabilities of the
Corporation, including distributions to shareholders or proper
payments to borrowers of securities representing partial return of
collateral, or to a successor custodian.
Section 8.03. REPORTS. Not less often than semi-annually, the
Corporation shall transmit to the stockholders a report of the operations of the
Corporation, based at least annually upon an audit by independent public
accountants, which report shall clearly set forth, in addition to the
information customarily furnished in a balance sheet and profit and loss
statement, a statement of all amounts paid to security dealers, legal counsel,
transfer agent, disbursing agent, registrar or custodian or trustee, where such
payments are made to a firm, Corporation, bank or trust company, having a
partner, officer or director who is also an officer or director of the
Corporation. A copy, or copies, of all reports submitted to the stockholders or
the Corporation shall also be sent, as required, to the regulatory agencies of
the United States and of the states in which the securities of the Corporation
are registered and sold.
Section 8.04. SEAL. The corporate seal shall have inscribed thereon
the name of the Corporation, the year of its organization and the words
"Corporate Seal, Maryland." The seal may be used by causing it or a facsimile
thereof to be impressed or affixed or reproduced or otherwise. Any officer or
director of the Corporation shall have authority to affix the corporate seal of
the Corporation to any document requiring the same.
Section 8.05. EXECUTION OF INSTRUMENTS. All deeds, documents,
transfers, contracts, agreements and other
<PAGE>
instruments requiring execution by the Corporation shall be signed by the
Chairman or the President or a Vice President and by the Treasurer or Secretary
or an Assistant Treasurer or an Assistant Secretary, or as the Board of
Directors may otherwise, from time to time, authorize. Any such authorization
may be general or confined to specific instances. Except as otherwise authorized
by the Board of Directors, all requisitions or orders for the assignment of
securities standing in the name of the custodian or its nominee, or for the
execution of powers to transfer the same, shall be signed in the name of the
Corporation by the Chairman or the President or a Vice President and by the
Secretary, Treasurer or an Assistant Secretary.
Section 8.06. CHECKS, NOTES, DRAFTS, ETC. So long as the Corporation
shall employ a custodian to keep custody of the cash and securities of the
corporation, all checks and drafts for the payment of money by the Corporation
may be signed in the name of the Corporation by the custodian. Except as
otherwise authorized by the Board of Directors, all requisitions or orders for
the assignment of securities standing in the name of the custodian or its
nominee, or for the execution of powers to transfer the same, shall be signed in
the name of the Corporation by the President or a Vice President and by the
Treasurer or an Assistant Treasurer. Promissory notes, checks or drafts payable
to the Corporation may be endorsed only to the order of the custodian or its
nominee and only by the Treasurer or President or a Vice President or by such
other person or persons as shall be authorized by the Board of Directors.
ARTICLE IX
REDEMPTION AND REPURCHASE OF THE CORPORATION'S SHARES
Section 9.01. REDEMPTION OF SHARES. All shares of all classes of the
common stock of the Corporation now or hereafter authorized shall be "subject to
redemption" and "redeemable" in the sense used in the laws of Maryland
authorizing the formation of Corporations, at the redemption or purchase price
for any such shares, determined in the manner provided in the Articles of
Incorporation or in any amendment thereto; provided, however, that the
Corporation shall have the right, at its option, to refuse to redeem the shares
of stock at less than the par value thereof. Redeemed shares may be resold by
the Corporation.
The Corporation shall redeem shares of any class of its common stock,
subject to the conditions, and at the price determined as hereinafter set forth,
upon the appropriately verified written application of the record holder thereof
<PAGE>
(or upon such other form of request as the Board of Directors may determine) at
such office or agency as may be designated from time to time for that purpose by
the Board of Directors. Any such application must be accompanied by any
certificate or certificates which may have been issued for such shares, duly
endorsed or accompanied by a proper instrument of transfer.
Section 9.02. PRICE. Such shares shall be redeemed at their net asset
value determined as provided in Article X hereof as of such time as the Board of
Directors shall have prescribed by resolution. In the absence of such
resolution, the redemption price of shares shall be the net asset value of such
shares next determined as provided in Article X hereof after receipt of such
application (including any certificate or certificates which may have been
issued therefor, if any, duly endorsed or accompanied by a proper instrument of
transfer).
Section 9.03. PAYMENT. Payment for such shares shall be made in cash
to the stockholder of record within seven (7) days after the date upon which the
application (including any certificate or certificates which may have been
issued therefor, duly endorsed or accompanied by a proper instrument of
transfer) is received, subject to the provisions of Section 9.04 hereof and the
provisions of Articles of Incorporation.
Section 9.04. EFFECT OF SUSPENSION OF DETERMINATION OF NET ASSET
VALUE. If, pursuant to Section 10.03 hereof, the Board of directors shall
declare a suspension of the determination of net asset value, the rights of
stockholders (including those who shall have applied for redemption pursuant to
Section 9.01 hereof but who shall not yet have received payment) to have shares
redeemed and paid for by the Corporation shall be suspended until the
termination of such suspension is declared. Any stockholder who shall have his
redemption right so suspended may during the period of such suspension, by
appropriate written notice of revocation at the office or agency where
application was made, revoke any application for redemption not honored and
withdraw any certificates on deposit. The redemption price of shares for which
redemption applications have not been revoked shall be the net asset value of
such shares next determined as provided in Article X after the termination of
such suspension, and payment shall be made within seven (7) days after the date
upon which the application was made plus the period after such application
during which the determination of net asset value was suspended.
<PAGE>
Section 9.05. REPURCHASE BY AGREEMENT. The Corporation may repurchase
shares of any class of common stock of the Corporation directly, or through its
distributor or another agent designated for the purpose, by agreement with the
owner thereof at a price not exceeding the net asset value per share determined
pursuant to Article X hereof.
Section 9.06. REDEMPTION OF STOCKHOLDERS' INTERESTS. The Corporation
shall have the right to redeem shares of any stockholder for their then current
net asset value per share as provided in the Articles of Incorporation.
ARTICLE X
NET ASSET VALUE OF SHARES
Section 10.01. BY WHOM DETERMINED. The Board of Directors shall have
the power and duty to determine from time to time the net asset value per share
of the outstanding shares of each class of common stock of the Corporation It
may delegate such power and duty to any one or more of the directors and
officers of the Corporation, to the investment adviser, custodian or depository
of the Corporation's assets, or to another agent of the Corporation appointed
for such purpose. Any determination made pursuant to this Section by the Board
of Directors or its delegate shall be binding on all parties concerned.
Section 10.02. WHEN DETERMINED. The net asset value shall be
determined at such time as the Board of Directors shall prescribe by resolution,
provided that such net asset value shall be determined at least once each week.
In the absence of a resolution of the Board of Directors, the net asset value
shall be determined at the close of the New York Stock Exchange on each business
day that the Exchange is open for trading.
Section 10.03. SUSPENSION OF DETERMINATION OF NET ASSET VALUE. The
Board of Directors may declare a suspension of the determination of net asset
value for the whole or any part of any period (a) during which the New York
Stock Exchange is closed other than customary week-end and holiday closings, (b)
during which trading on the New York Stock Exchange is restricted, (c) during
which an emergency exists as a result of which disposal by the Corporation of
securities owned by it is not reasonably practicable or it is not reasonably
practicable for the Corporation fairly to determine the value of its net assets
or (d) during which a governmental body having jurisdiction over the Corporation
may by order permit for the protection
<PAGE>
of the stockholders of Corporation. Such suspension shall take effect at such
time as the Board of Directors shall specify and thereafter there shall be no
determination of net asset value until the Board of Directors shall declare the
suspension at an end, except that the suspension shall terminate in any event on
the first day on which (a) the condition giving rise to the suspension shall
have ceased to exist, and (b) no other conditions exists under which suspension
is authorized under this Section 10.03. Each declaration by the Board of
Directors pursuant to this Section 10.03 shall be consistent with such official
rules and regulations, if any, relating to the subject matter thereof as shall
have been promulgated by the Securities and Exchange Commission or any other
governmental body having jurisdiction over the Corporation and as shall be in
effect at the time. To the extent not inconsistent with such official rules and
regulations, the determination of the Board of Directors shall be conclusive.
Section 10.04. COMPUTATION OF PER SHARE NET ASSET VALUE.
(a) NET ASSET VALUE PER SHARE. The net asset value of each share of a
class of common stock as of any particular time shall be the quotient obtained
by dividing the value of the net assets of such class by the total number of
shares of such class outstanding.
(b) VALUE OF THE NET ASSETS OF A CLASS. The value of the net assets of
a class of common stock as of any particular time shall be the value of the
assets belonging to such class less the liabilities belonging to such class,
determined and computed as follows:
(i) ASSETS BELONGING TO A CLASS. The assets belonging to a
class of common stock shall be deemed to include the following items
to the extent they belong to or are attributed to, in whole or in
part, such class: (A) all cash on hand or on deposit, including any
interest accrued thereon, (B) all bills and demand notes and accounts
receivable, (C) all securities owned or contracted for by the
Corporation, (D) all stock and cash dividends and cash distributions
payable to but not yet received by that class (or by the Corporation
on behalf of that class) (when the valuation of the underlying
security is being determined ex-dividend), (E) all interest accrued on
any interest- bearing securities owned by that class (or by the
Corporation on behalf of that class) (except accrued interest included
in the valuation of the underlying security),
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(F) all repurchase agreements and (G) all other property of every kind
and nature, including prepaid expenses.
(ii) VALUATION OF ASSETS. The value of such assets is to be
determined as follows:
(A) CASH AND PREPAID EXPENSES. The value of any cash on hand
and of any prepaid expenses shall be deemed to be their face
amount.
(B) OTHER CURRENT ASSETS. The value of any cash on deposit,
bills, demand notes, accounts receivable, and cash dividends
and interest declared or accrued as aforesaid and not yet
received shall be deemed to be the face amount thereof,
unless the Board of Directors or its delegate shall determine
that any such item is not worth its face amount. In such
case, the value of the item shall be deemed to be its
reasonable value, as determined by the Board of Directors or
its delegate.
(C) SECURITIES LISTED OR DEALT IN ON NEW YORK STOCK EXCHANGE.
The value of any security listed or dealt in upon the New
York Stock Exchange and not subject to restrictions against
sale by the Corporation on such Exchange shall be determined
by taking the latest sale price at the time as of which net
asset value is being determined, all as reported by means in
common use. Lacking any sales, the value shall be deemed to
be such value, not higher than the closing asked price and
not lower than the closing bid price therefor at such time,
as the Board of Directors or its delegate may from time to
time determine. When an appraisal is made as part of a
determination other than as of the close of trading, the
latest available quotations (i.e., last sale on that date or
latest bid price if no sale on that day) shall be used. The
Board of Directors may be resolution permit quotations on an
exchange other than the New York Stock Exchange or
over-the-counter rather than stock exchange quotations to be
used when they appear to the Board of Directors or its
delegate to reflect more closely the fair value of any
particular security in the portfolio.
(D) SECURITIES LISTED ON OTHER EXCHANGES. The value of any
security listed or dealt in on one or
<PAGE>
more securities exchanges, but not on the New York Stock
Exchange and not subject to restrictions against the sale by
the Corporation on such exchanges, shall be determined as
nearly as possible in the manner described in the preceding
subparagraph, with reference to the quotations on the
exchange that, in the opinion of the Board of Directors or
its delegate, best reflects the fair value of the security.
(E) UNLISTED SECURITIES AND OTHER PROPERTY. All other
securities for which over-the-counter market quotations are
readily available shall be valued at the last current bid
price. The value of any other property, the valuation of
which is not provided for above, shall be its fair market
value as determined in such manner as the Board of Directors
shall from time to time prescribe by resolution.
(iii) LIABILITIES BELONGING TO A CLASS. The liabilities
belonging to a class of common stock shall not be deemed to include
outstanding shares and surplus. They shall be deemed to include the
following items to the extent they belong to or are attributed to, in
whole or in part, that class: (A) all bills and accounts payable, (B)
all expenses accrued, (C) all contractual obligations for the payment
of money or property, including the amount of any unpaid dividends
upon the shares of that class declared to shareholders of record at or
before the time as of which the net asset value is being determined,
(D) all reserves authorized or approved by the Board of Directors for
taxes or contingencies and (E) all other liabilities of whatsoever
kind and nature.
(c) OTHER METHODS OF VALUATION. The Board of Directors is empowered to
establish other methods for determining such asset value whenever, because of
extraordinary or emergency conditions, such other methods are deemed by it to be
necessary, or at any time in order to enable the Corporation to comply with any
provision of the Investment Company Act, including Section 22 thereof.
Section 10.05. INTERIM DETERMINATIONS. Any determination of net
asset value other than as of the close of trading on the New York Stock Exchange
may be made either by appraisal or by calculation or estimate. Any such
calculation or estimate shall be based on changes in the market value of
representative or selected securities or on
<PAGE>
recognized market averages since the last closing appraisal and made in a manner
which, in the opinion of the Board of Directors or its delegate, will fairly
reflect the changes in the net asset value.
Section 10.06. MISCELLANEOUS. For the purposes of this Article X:
(a) Shares of any class of common stock of the Corporation sold shall
be deemed to be outstanding as of the time at or after an unconditional order
therefor has been received by the Corporation (directly or through one of its
agents) and the sale price in currency has been determined. The net sale price
of shares of a class of stock sold by the Corporation (less commission, if any,
and less any stamp or other tax payable by the Corporation in connection with
the issue and sale thereof) shall be thereupon deemed to be an asset of that
class of stock of the Corporation.
(b) Shares of any class of stock of the Corporation for which an
application for redemption has been made or which are subject to repurchase by
the Corporation shall be deemed to be outstanding up to and including the time
as of which the redemption or repurchase price is determined. After such time,
they shall be deemed to be no longer outstanding and the price until paid shall
be deemed to be a liability of that class of stock.
(c) Funds on deposit and contractual obligations payable to the
Corporation or a class of stock of the Corporation in foreign currency ad
liabilities and contractual obligations payable by the Corporation or a class of
stock of the Corporation in foreign currency shall be taken at the current cable
rate of exchange as nearly as practicable at the time of which the net asset
value is computed.
ARTICLE XI
ACCOUNTANT
Section 11.01. ACCOUNTANT.
(a) The Corporation shall employ an independent public accountant or
firm of independent public accountants as its accountant to examine the accounts
of the Corporation and to sign and certify financial statements filed by the
Corporation. The accountant's certificates and reports shall be addressed both
to the Board of Directors and to the stockholders.
<PAGE>
(b) A majority of the members of the Board of Directors who are not
interested persons (as such term is defined in the Investment Company Act) of
the Corporation shall select the accountant at any meeting held within 30 days
before or 90 days after the beginning of the fiscal year of the Corporation or
before the annual stockholders' meeting in that year. Such selection shall be
submitted for ratification or rejection at the next succeeding annual
stockholder's meeting if such meeting be held. If such meeting shall reject such
selection, the accountant shall be selected by majority vote of the
Corporation's outstanding voting securities, either at the meeting at which the
rejection occurred or at a subsequent meeting of stockholders called for the
purpose.
(c) Any vacancy occurring between annual meetings, due to the death or
resignation of the accountant, may be filled by a majority of the members of the
Board of Directors who are not such interested persons.
ARTICLE XII
INDEMNIFICATION AND INSURANCE
Section 12.01. INDEMNIFICATION OF OFFICERS, DIRECTORS, EMPLOYEES AND
AGENTS. The Corporation shall indemnify each person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative, by
reason of the fact that he is or has been a director, officer, employee or agent
of the Corporation, or is or has been a director, officer, employee or agent of
another Corporation, partnership, joint venture, trust or other enterprise,
against expenses (including attorneys' fees), judgments, fines and amounts paid
in settlement actually and reasonably incurred by him in connection with such
action, suit or proceeding, to the full extent provided and allowed by Section
2-418 of the General Corporation Law of Maryland, as amended from time to time,
or any other applicable provisions of law. Notwithstanding any provision herein
to the contrary, no such person shall be indemnified in violation of Section
17(h) and (I) of the Investment Company Act.
Section 12.02. INSURANCE OF OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS.
The Corporation may purchase and maintain insurance on behalf of any person who
is or was a director, officer, employee or agent of the Corporation, or is or
was serving at the request of the Corporation as a director, officer, employee
or agent of another Corporation, partnership, joint venture, trust or other
enterprise
<PAGE>
against any liability asserted against him and incurred by him in any such
capacity or arising out of his status as such, whether or not the Corporation
would have the power to indemnify him against such liability.
ARTICLE XIII
AMENDMENTS
The By-laws of the Corporation may be altered, amended or repealed
either by the affirmative vote of a majority of the stock issued and outstanding
and entitled to vote in respect thereof and represented in person or by proxy at
any annual or special meeting of the stockholders, or by the Board of Directors
at any regular or special meeting of the Board of Directors; provided, that the
Board of Directors may not alter, amend or repeal this Article XIII and may
amend Article VI only in accordance with the terms contained therein, and that
the vote of stockholders required for alteration, amendment or repeal of any of
such provisions shall be subject to all applicable requirements of federal or
state laws or of the Articles of Incorporation.
