<PAGE> PAGE 1
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007 C020500 FOUNDERS BALANCED FUND
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<PAGE> PAGE 2
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<PAGE> PAGE 3
015 A00AA02 STATE STREET BANK AND TRUST COMPANY
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<PAGE> PAGE 4
015 A00AA12 CANADA TRUSTCO MORTGAGE COMPANY
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015 A00AA13 CITIBANK N.A.
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 31
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048 H011200 0
048 H021200 0.000
048 I011200 0
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048 J011200 0
048 J021200 0.000
048 K011200 500000
048 K021200 0.700
049 001200 N
050 001200 N
051 001200 N
052 001200 N
053 A001200 Y
053 B001200 Y
053 C001200 N
055 A001200 N
055 B001200 N
056 001200 Y
057 001200 N
062 A001200 N
062 B001200 0.0
062 C001200 0.0
062 D001200 0.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 0.0
062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
066 A001200 Y
066 B001200 N
066 C001200 N
066 D001200 Y
<PAGE> PAGE 60
066 E001200 N
066 F001200 N
066 G001200 N
067 001200 N
068 A001200 N
068 B001200 Y
069 001200 N
070 A011200 Y
070 A021200 N
070 B011200 Y
070 B021200 N
070 C011200 Y
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 Y
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 Y
070 H021200 N
070 I011200 Y
070 I021200 N
070 J011200 Y
070 J021200 Y
070 K011200 Y
070 K021200 N
070 L011200 Y
070 L021200 Y
070 M011200 Y
070 M021200 Y
070 N011200 N
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 Y
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 26285
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<PAGE> PAGE 61
072 E001200 -20
072 F001200 93
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072 H001200 0
072 I001200 20
072 J001200 9
072 K001200 1
072 L001200 6
072 M001200 1
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072 X001200 170
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072 Z001200 72
072AA001200 1751
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074 A001200 162
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074 D001200 0
074 E001200 1336
074 F001200 20183
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074 H001200 0
074 I001200 0
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074 K001200 0
074 L001200 188
074 M001200 7
074 N001200 24476
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<PAGE> PAGE 62
074 R021200 0
074 R031200 0
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075 B001200 18730
076 001200 0.00
SIGNATURE CHRISTOPHER J. KELLEY
TITLE VICE PRESIDENT
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<NAME> FOUNDERS FRONTIER FUND
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<NAME> FOUNDERS MONEY MARKET FUND
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<NUMBER> 3
<NAME> FOUNDERS BLUE CHIP FUND
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<NAME> FOUNDERS GROWTH FUND
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<NAME> FOUNDERS BALANCED FUND
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<NAME> FOUNDERS SPECIAL FUND
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<NAME> FOUNDERS GOVERNMENT SECURITIES FUND
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<NAME> FOUNDERS DISCOVERY FUND
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<PER-SHARE-NAV-END> 25.37
<EXPENSE-RATIO> 1.52
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> FOUNDERS WORLDWIDE GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 269168
<INVESTMENTS-AT-VALUE> 333006
<RECEIVABLES> 1633
<ASSETS-OTHER> 1378
<OTHER-ITEMS-ASSETS> 48
<TOTAL-ASSETS> 336065
<PAYABLE-FOR-SECURITIES> 2090
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1201
<TOTAL-LIABILITIES> 3291
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 236434
<SHARES-COMMON-STOCK> 13695
<SHARES-COMMON-PRIOR> 14633
<ACCUMULATED-NII-CURRENT> 1813
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 30689
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 63838
<NET-ASSETS> 332774
<DIVIDEND-INCOME> 2764
<INTEREST-INCOME> 1192
<OTHER-INCOME> (276)
<EXPENSES-NET> 2398
<NET-INVESTMENT-INCOME> 1282
<REALIZED-GAINS-CURRENT> 29812
<APPREC-INCREASE-CURRENT> 14264
<NET-CHANGE-FROM-OPS> 45358
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4062
<NUMBER-OF-SHARES-REDEEMED> 5000
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 23897
<ACCUMULATED-NII-PRIOR> 60
<ACCUMULATED-GAINS-PRIOR> 1363
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1545
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2417
<AVERAGE-NET-ASSETS> 327012
<PER-SHARE-NAV-BEGIN> 21.11
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 3.10
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.30
<EXPENSE-RATIO> 1.47
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 110444
<INVESTMENTS-AT-VALUE> 152929
<RECEIVABLES> 2295
<ASSETS-OTHER> 606
<OTHER-ITEMS-ASSETS> 13
<TOTAL-ASSETS> 155843
<PAYABLE-FOR-SECURITIES> 676
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 738
<TOTAL-LIABILITIES> 1414
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105831
<SHARES-COMMON-STOCK> 9208
<SHARES-COMMON-PRIOR> 8993
<ACCUMULATED-NII-CURRENT> 582
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5531
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 42485
<NET-ASSETS> 154429
<DIVIDEND-INCOME> 700
<INTEREST-INCOME> 501
<OTHER-INCOME> (109)
<EXPENSES-NET> 1023
<NET-INVESTMENT-INCOME> 75
<REALIZED-GAINS-CURRENT> 6164
<APPREC-INCREASE-CURRENT> 20810
<NET-CHANGE-FROM-OPS> 27049
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5377
<NUMBER-OF-SHARES-REDEEMED> 5162
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 31783
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 13
<OVERDIST-NET-GAINS-PRIOR> 335
<GROSS-ADVISORY-FEES> 671
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1034
<AVERAGE-NET-ASSETS> 135276
<PER-SHARE-NAV-BEGIN> 13.64
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 3.12
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.77
<EXPENSE-RATIO> 1.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> FOUNDERS INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 20657
<INVESTMENTS-AT-VALUE> 24119
<RECEIVABLES> 188
<ASSETS-OTHER> 162
<OTHER-ITEMS-ASSETS> 7
<TOTAL-ASSETS> 24476
<PAYABLE-FOR-SECURITIES> 1857
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 80
<TOTAL-LIABILITIES> 1937
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17902
<SHARES-COMMON-STOCK> 1528
<SHARES-COMMON-PRIOR> 1306
<ACCUMULATED-NII-CURRENT> 32
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1143
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3462
<NET-ASSETS> 22539
<DIVIDEND-INCOME> 183
<INTEREST-INCOME> 75
<OTHER-INCOME> (20)
<EXPENSES-NET> 166
<NET-INVESTMENT-INCOME> 72
<REALIZED-GAINS-CURRENT> 1270
<APPREC-INCREASE-CURRENT> 12304
<NET-CHANGE-FROM-OPS> 3646
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 576
<NUMBER-OF-SHARES-REDEEMED> 354
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6799
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 1
<OVERDIST-NET-GAINS-PRIOR> 79
<GROSS-ADVISORY-FEES> 93
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 173
<AVERAGE-NET-ASSETS> 18730
<PER-SHARE-NAV-BEGIN> 12.05
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 2.65
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.75
<EXPENSE-RATIO> 1.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Exhibit Index
-------------
SUB-ITEM 77C
Submission of matters to a vote of security holders.
Filed herein as Exhibit 99.77C.
SUB-ITEM 77D
Changes to certain of the Funds' investment policies are
filed herein as Exhibit 99.77D.
SUB-ITEM 77Q1
(e) Investment Advisory Agreement between Founders Funds, Inc.
and Founders Asset Management LLC dated April 1, 1998.
Filed herein as Exhibit 99.77Q1.
On February 17, 1998, a special meeting of the shareholders of Founders Funds,
Inc. (the "Funds") was held at which the shareholders of each Fund approved a
new investment advisory agreement between Founders Funds, Inc. and Founders
Asset Management LLC (the "Advisor"). The need to approve a new investment
advisory contract was caused by the change in control of the Advisor resulting
from the acquisition of the Advisor by Mellon Bank, N.A. In addition, the
shareholders elected seven directors of the Funds. The following is a report on
the votes cast:
APPROVAL OF NEW INVESTMENT ADVISORY AGREEMENT
<TABLE>
<CAPTION>
Shares Shares Shares Broker
Fund For Against Abstaining Non-Vote
- ---- --- ------- ---------- --------
<S> <C> <C> <C> <C>
Discovery Fund 4,695,820.68 140,656.00 208,078.00 301.00
Passport Fund 4,575,991.63 132,455.00 166,712.00 79,199.00
Frontier Fund 3,341,145.54 128,864.00 203,477.82 1,698.00
Special Fund 19,819,936.96 724,659.00 1,002,894.00 2,220.00
International Equity Fund 644,101.00 15,617.00 19,491.00 0
Worldwide Growth Fund 7,032,379.44 185,986.00 256,178.00 15,554.00
Growth Fund 51,545,882.29 1,047,507.76 2,246,199.11 285,406.00
Blue Chip Fund 40,084,793.86 1,145,210.00 2,005,733.05 197,106.00
Balanced Fund 39,166,406.25 449,081.76 3,483,822.92 51,833.09
Government Securities Fund 739,717.00 39,728.00 34,423.00 0
Money Market Fund 60,192,214.00 2,676,644.00 3,213,515.00 0
</TABLE>
ELECTION OF DIRECTORS
Shares Shares
Candidate For Withheld
- --------- --- --------
William H. Baughn 239,649,661 12,348,985
Bjorn K. Borgen 239,767,667 12,230,978
Alan S. Danson 239,783,238 12,215,407
Trygve E. Myhren 239,811,714 12,186,931
Jay A. Precourt 239,821,242 12,177,403
Eugene H. Vaughan, Jr. 239,830,284 12,168,361
Jonathan F. Zeschin 239,820,635 12,178,010
Following the special meeting of shareholders, Mr. Zeschin resigned as a
director of the Funds, and Messrs. Robert P. Mastrovita and George W. Phillips
were elected as directors of the Funds.
During the six months ended June 30, 1998, certain of the Funds' investment
policies were changed as set forth below:
Founders Special Fund
Effective April 7, 1998
Special Fund's investment policies were changed to state that the Fund
normally invests at least 65% of its total assets in equity securities of
domestic and foreign issuers which the adviser characterizes as "growth"
companies. The adviser generally will select securities for the Fund
without regard to an issuer's market capitalization. The Fund may invest up
to 30% of its total assets in foreign securities, with no more than 25% of
its total assets invested in the securities of any one foreign country.
All of the Funds except Money Market Fund
Effective July 7, 1998
The following was added to the Funds' investment policies:
All of the Funds with the exception of the Money Market Fund also may
purchase U.S. Treasury STRIPS (Separate Trading of Registered Interest and
Principal of Securities). STRIPS essentially are zero-coupon bonds that are
direct obligations of the U.S. Treasury. These bonds do not make regular
interest payments; rather, they are sold at a discount from face value, and
principal and accrued interest are paid at maturity. STRIPS may experience
greater fluctuations in market value due to changes in interest rates and
other factors than debt securities that make regular interest payments. A
Fund will accrue income on STRIPS for tax and accounting purposes which
must be distributed to Fund shareholders even though no cash is received at
the time of accrual. Therefore, the Fund may be required to liquidate other
portfolio securities in order to meet the Fund's distribution obligations.
Money Market Fund
Effective July 7, 1998
The Fund's policy with respect to commercial paper investments was revised
to read as follows:
Commercial paper purchased by Money Market Fund must be rated by any two
nationally recognized statistical rating organizations (NRSROs), or by the
only NRSRO that has rated the security, in one of the two highest
short-term rating categories, or be comparable unrated securities. However,
the Fund may not invest more than 5% of its total assets in securities
rated in the second highest rating category. For a list of NRSROs and a
description of their ratings, see the Statement of Additional Information.
Effective May 1, 1998
The maximum remaining maturity of the securities that can be purchased by
Money Market Fund was increased from 12 months to 397 days.
INVESTMENT ADVISORY AGREEMENT
This Investment Advisory Agreement is executed as of this 1st day of
April, 1998, between FOUNDERS FUNDS, INC., a Maryland corporation (the
"Company") on behalf of each of its series Funds listed on Appendix 1 to this
Agreement, which Appendix 1 is incorporated into this Agreement by this
reference (as to each series, the "Fund"), and FOUNDERS ASSET MANAGEMENT LLC, a
Delaware limited liability company (the "Adviser").
WHEREAS, the Company has been organized and operates as an investment
company registered under the Investment Company Act of 1940 for the purpose of
investing and reinvesting its assets in securities, as set forth in its Articles
of Incorporation, its By-Laws and its Registration Statements under the
Investment Company Act of 1940 and the Securities Act of 1933, all as heretofore
amended and from time to time further amended and supplemented; and the Company
on behalf of each Fund desires to avail itself of the services, information,
advice, assistance and facilities of an investment adviser and to have an
investment adviser perform for it various management, statistical, research,
investment advisory and other services; and,
WHEREAS, the Adviser is engaged in the business of rendering management,
investment advisory, counseling and supervisory services to investment companies
and desires to provide these services to the Company.
NOW, THEREFORE, in consideration of the terms and conditions hereinafter
set forth, it is agreed as follows:
1. EMPLOYMENT OF THE ADVISER. The Company hereby employs the Adviser to
manage the investment and reinvestment of the assets of each Fund and to
administer its affairs, consistent with the Fund's objectives, policies and
restrictions, and subject to the overall supervision of the Board of Directors
of the Company, for the period and on the terms hereinafter set forth. The
Adviser hereby accepts such employment and agrees during such period to render
the services and to assume the obligations herein set forth for the compensation
herein provided. The Adviser shall for all purposes herein be deemed to be an
independent contractor and shall, except as expressly provided or authorized
(whether herein or otherwise), have no authority to act for or represent the
Company or any Fund in any way or otherwise be deemed an agent of the Company or
any Fund.
2. OBLIGATIONS OF AND SERVICES TO BE PROVIDED BY THE ADVISER. In return
for the compensation described in paragraph 4 hereof, the Adviser undertakes to
provide the following services and to assume the following obligations:
A. OFFICE SPACE, FURNISHINGS, FACILITIES, EQUIPMENT AND
PERSONNEL. The Adviser shall furnish to the Company adequate office space, which
<PAGE>
may be space within the office of the Adviser or in such other place as may be
agreed upon from time to time. The Adviser also shall furnish to the Company
office furnishings, facilities and equipment, including computer equipment and
programs, as may be reasonably required for managing the corporate affairs and
conducting the business of the Company, including ordinary clerical, bookkeeping
and administrative services, and maintenance of each Fund's books and records.
The Adviser shall employ or provide and compensate the executive, secretarial
and clerical personnel necessary to provide such services. The Adviser shall
also compensate all officers and employees of the Company and, in addition to
the services described in subparagraph D of this paragraph, shall permit
officers and employees of the Adviser to serve as directors or officers of the
Company, without compensation from the Company, if elected to such positions.
B. INVESTMENT ADVISORY SERVICES AND BROKERAGE ALLOCATION.
(1) The Adviser shall recommend from time to time to the
officers and directors of the Company a course of investment for each Fund's
assets and portfolio, subject to and in accordance with the investment
objectives and policies of the Fund and any directions which the Company's Board
of Directors may issue from time to time. The Adviser's recommendations also
shall include the manner in which the voting rights, rights to consent to
corporate action and any other rights pertaining to the Fund's portfolio
securities shall be exercised. Subject to such objectives, policies and
directions and subject to the overall supervision of the Board of Directors of
the Company, the Adviser shall manage the investment and reinvestment of the
assets of each Fund. The Adviser shall render such reports to the Company
concerning the investment of each Fund's assets and portfolio as may be required
by the Board of Directors of the Company.
(2) Decisions with respect to placement of each Fund's
portfolio transactions shall be made by the Adviser. The primary consideration
in making these decisions shall be to seek the best execution of orders at the
most favorable net prices for the Fund, taking into account such factors as the
size of the order, difficulty of execution, and the reliability, financial
condition and capabilities of the broker or dealer. Subject to these objectives,
business may be placed with brokers and dealers who furnish investment research
services to the Adviser or to affiliates of the Adviser. Such research services
include advice, both directly and in writing, as to the value of securities, the
advisability of investing in, purchasing or selling securities, and the
availability of securities, or purchasers or sellers of securities, as well as
the furnishing of analyses and reports concerning issuers, industries,
securities, economic factors and trends, portfolio strategy, and the performance
of accounts. Such services allow the Adviser and its affiliates to supplement
their own investment research activities and provide them with information from
individuals and research staffs of many securities firms. The Company
<PAGE>
acknowledges on behalf of each Fund that to the extent portfolio transactions
are effected with brokers or dealers who furnish research services to the
Adviser or its affiliates, they receive a benefit, which generally is not
capable of evaluation in dollar amounts, which is not passed on to the Fund in
the form of a direct monetary benefit.
(3) The Adviser shall render such reports regarding
allocation of brokerage business as may be required by the Board of Directors of
the Company.
C. PROVISION OF INFORMATION NECESSARY FOR PREPARATION OF
SECURITIES REGISTRATION STATEMENTS, AMENDMENTS AND OTHER MATERIALS. The Adviser
shall make available and provide accounting and statistical information required
by the Company and its principal underwriter in the preparation of registration
statements, reports and other documents required by federal and state securities
laws and such information as the principal underwriter of the Company may
reasonably request, for use in the preparation of such documents or of other
materials necessary or helpful for the underwriting and distribution of each
Fund's shares.
D. OTHER OBLIGATIONS AND SERVICES. The Adviser shall keep its
qualifications, facilities and staff fully adequate for performance of its
duties hereunder, and will perform such duties in good faith and in the best
interests of the Fund. The Adviser shall comply in all respects with applicable
statutory and regulatory provisions, including the Investment Company Act of
1940 and the Investment Advisers Act of 1940. The Adviser shall make available
its officers and employees to the Board of Directors and officers of the Company
for consultation and discussions regarding the administrative management of each
Fund and its investment activities.
3. EXPENSES OF EACH FUND. It is understood that each Fund will pay all
of its expenses other than those expressly assumed by the Adviser herein, which
expenses payable by the Fund shall include:
A. Fees to the Adviser as provided herein;
B. Expenses of all audits by independent public accountants;
C. The allocated portion of fees and expenses of legal counsel
in connection with legal services rendered to the Company, including the Board
of Directors of the Company, committees of the Board of Directors and those
directors who are not "interested persons" of the Company or the Adviser, as
defined in the Investment Company Act of 1940, and litigation;
<PAGE>
D. Brokerage fees and commissions and other transaction costs
in connection with the purchase and sale of portfolio securities for the Fund;
E. Costs, including the interest expense, of borrowing money;
F. All federal, state and local taxes levied against the Fund;
G. The allocated portion of fees of directors of the Company
not affiliated with the Adviser;
H. The allocated portion of costs and expenses of meetings of
the Board of Directors, committees of the Board of Directors and shareholders of
the Company;
I. Fees and expenses of the Company's transfer agent,
registrar, custodian, dividend disbursing agent, shareholder accounting agent,
and other agents approved by the Board of Directors of the Company;
J. Cost of printing stock certificates representing shares of
the Fund;
K. Fees and expenses of registering and qualifying and
maintaining registration and qualification of the Company, the Fund and its
shares under federal, state and foreign securities laws;
L. The allocated portion of fees and expenses incident to
filing of reports with regulatory bodies and maintenance of the Company's
existence;
M. The allocated portion of premiums for insurance carried by
the Company pursuant to the requirements of Section 17(g) of the Investment
Company Act of 1940;
N. The allocated portion of fees and expenses incurred in
connection with any investment company organization or trade association of
which the Company may be a member;
O. The allocated portion of expenses of preparation, printing
(including typesetting) and distribution of reports, notices and prospectuses to
existing shareholders of the Company;
P. Expenses of computing the Fund's daily per share net asset
value; and
Q. The allocated portion of expenses incurred by the Company
in connection with litigation proceedings or claims, including any obligation
the Company may have to indemnify its officers and directors with respect
thereto.
<PAGE>
4. COMPENSATION OF THE ADVISER. As compensation for its services to each
Fund, the Adviser will be paid a monthly management fee by the Fund at an annual
rate equal to the percentages of the average daily value of the Fund's net
assets described as to each Fund on Appendix 1 to this Agreement, with each
Fund's net assets determined in accordance with provisions of the then current
prospectus of the Fund. All fees and expenses are accrued daily and deducted
before payment of dividends to shareholders. The fee is payable monthly and
shall be prorated for any portion of a month beginning on the date of this
Agreement or ending on termination of this Agreement.
5. EXPENSE LIMITATION. In the event the total expenses of a Fund for any
fiscal year, including the advisory fee but excluding interest, taxes, brokerage
commissions and extraordinary expenses, should exceed the lowest applicable
annual expense limitation established pursuant to the statutes or regulations of
any jurisdiction in which shares of the Fund are then qualified for offer or
sale, the Adviser shall reimburse the Fund for the full amount of such excess.
Such reimbursement shall be made by the Adviser monthly, subject to annual
reconciliation.
6. ACTIVITIES OF THE ADVISER. Nothing in this Agreement shall limit or
restrict the right of any director, officer or employee of the Adviser who may
also be a director, officer or employee of the Company to engage in any other
business or to devote his time and attention in part to the management or other
aspects of any business, whether of a similar or a dissimilar nature, nor to
limit or restrict the right of the Adviser to engage in any other business or to
render services of any kind to any other corporation, firm, individual or
association. Subject to and in accordance with the Articles of Incorporation and
By-Laws of the Company and to Section 10(a) of the Investment Company Act of
1940, it is understood that directors, officers, agents and shareholders of the
Company are or may be interested in the Adviser or its affiliates as directors,
officers, agents or shareholders of the Adviser or its affiliates and that
directors, officers, agents or shareholders of the Adviser or its affiliates are
or may be interested in the Company as directors, officers, shareholders or
otherwise, and that the effect of any such interests shall be governed by said
Articles of Incorporation, said ByLaws and the Act.
7. LIABILITIES. In the absence of willful misfeasance, bad faith, gross
negligence, or reckless disregard of obligations or duties hereunder on the part
of the Adviser, the Adviser shall not be subject to liability to the Company or
to any Fund hereunder for any act or omission in the course of, or connected
with, rendering services hereunder. No liability to the Adviser hereunder shall
attach individually to the shareholders, directors or officers of the Company.
8. RENEWAL, TERMINATION AND AMENDMENT. This Agreement shall become
effective upon the date first above written and shall continue in effect for an
<PAGE>
initial term ending May 31, 1999, unless earlier amended or terminated. This
Agreement is renewable thereafter as to each Fund for successive periods not to
exceed one year if such continuance is approved at least annually by votes of
the Company's Board of Directors, cast in person at a meeting called for the
purpose of voting on such approval, or by a majority of the outstanding voting
securities of the Fund and in either event by the vote of a majority of the
directors who are not parties to the Agreement or interested persons of any such
party other than as directors of the Company. In addition, (i) this Agreement
may at any time be terminated as to any Fund without the payment of any penalty
either by vote of the Board of Directors of the Company or by vote of a majority
of the outstanding voting securities of the Fund, on sixty days' written notice
to the Adviser; (ii) this Agreement shall immediately terminate in the event of
its assignment (within the meaning of the Investment Company Act of 1940); and
(iii) this Agreement may be terminated by the Adviser on sixty days' written
notice to the Company. Any notice under this Agreement shall be given in writing
addressed and delivered, or mailed postpaid, to the other party at any office of
such party. This Agreement may be amended as to any Fund at any time by mutual
consent of the parties, provided that such consent on the part of the Company
shall have been approved by vote of a majority of the outstanding voting
securities of the Fund. As used in this paragraph, the term "vote of a majority
of the outstanding voting securities" shall have the meaning set forth for such
term in Section 2(a)(42) of the Investment Company Act of 1940.
9. NAME. The Company and each Fund may use the word "Founders" in
their names and businesses only so long as the Adviser acts as investment
adviser to the Fund.
10. SEVERABILITY. If any provision of this Agreement is held or made
invalid by a court decision, statute, rule or otherwise, the remainder of this
Agreement shall not be affected thereby.
11. MISCELLANEOUS. This Agreement shall be subject to the laws of the
State of Colorado, and shall be interpreted and construed to further and promote
the operation of the Company as an open-end investment company.
<PAGE>
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed on the day and year first above written.
FOUNDERS FUNDS, INC.
on behalf of each of the series Funds listed
on Appendix 1 to this Agreement
ATTEST: By: /s/ Marie E. Connolly
----------------------------------
/s/ Christopher J. Kelley Marie E. Connolly, President
- -------------------------------
Christopher J. Kelley,
Assistant Secretary
FOUNDERS ASSET MANAGEMENT LLC
ATTEST: By: /s/ Jonathan F. Zeschin
---------------------------------
/s/ Kenneth R. Christoffersen Jonathan F. Zeschin, President
- -------------------------------
Kenneth R. Christoffersen,
Secretary
<PAGE>
APPENDIX 1
TO
FOUNDERS FUNDS, INC. INVESTMENT ADVISORY AGREEMENT
This Appendix l to the Investment Advisory Agreement ("Agreement") executed as
of the 1st day of April, 1998, between Founders Funds, Inc. and Founders Asset
Management LLC is effective as of the 1st day of April, 1998.
The following series Funds of Founders Funds, Inc. are parties to the Agreement
and, pursuant to paragraph 4 of the Agreement, shall pay to Founders Asset
Management LLC, as compensation for its services to each series Fund, the
management fees disclosed in the following table:
Fund Advisory Fee Schedule
- ---- ---------------------
Discovery Fund 1.000% to $250 million
0.800% next $250 million
0.700% thereafter
Passport Fund 1.000% to $250 million
0.800% next $250 million
0.700% thereafter
Frontier Fund 1.000% to $250 million
0.800% next $250 million
0.700% thereafter
Special Fund 1.000% to $30 million
0.750% next $270 million
0.700% next $200 million
0.650% thereafter
International Equity Fund 1.000% to $250 million
0.800% next $250 million
0.700% thereafter
Worldwide Growth Fund 1.000% to $250 million
0.800% next $250 million
0.700% thereafter
Growth Fund 1.000% to $30 million
0.750% next $270 million
0.700% next $200 million
0.650% thereafter
<PAGE>
Blue Chip Fund 0.650% to $250 million
0.600% next $250 million
0.550% next $250 million
0.500% thereafter
Balanced Fund 0.650% to $250 million
0.600% next $250 million
0.550% next $250 million
0.500% thereafter
Government Securities Fund 0.650% to $250 million
0.500% thereafter
Money Market Fund 0.500% to $250 million
0.450% next $250 million
0.400% next $250 million
0.350% thereafter
FOUNDERS FUNDS, INC.
on behalf of each of the series Funds listed
on this Appendix 1
ATTEST: By: /s/ Marie E. Connolly
----------------------------------
/s/ Christopher J. Kelley Marie E. Connolly, President
- -------------------------------
Christopher J. Kelley,
Assistant Secretary
FOUNDERS ASSET MANAGEMENT LLC
ATTEST: By: /s/ Jonathan F. Zeschin
---------------------------------
/s/ Kenneth R. Christoffersen Jonathan F. Zeschin, President
- -------------------------------
Kenneth R. Christoffersen,
Secretary
