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<PAGE> PAGE 6
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<PAGE> PAGE 7
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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 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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066 A000600 N
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070 A010600 Y
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070 B010600 N
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070 G020600 N
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<PAGE> PAGE 23
070 I010600 N
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070 K010600 Y
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070 L010600 Y
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070 M010600 Y
070 M020600 N
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070 N020600 N
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070 P020600 N
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<PAGE> PAGE 24
072BB000600 12
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024 000700 N
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<PAGE> PAGE 25
028 B040700 171
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037 000700 N
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055 A000700 Y
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062 B000700 0.0
062 C000700 0.0
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066 A000700 N
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<PAGE> PAGE 26
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
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070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 Y
070 Q010700 N
070 Q020700 N
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071 A000700 1265
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<PAGE> PAGE 27
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<PAGE> PAGE 28
074 U010700 1128
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024 000800 Y
025 A000801 STATE STREET
025 B000801 04-1867445
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<PAGE> PAGE 29
037 000800 N
038 000800 0
055 A000800 N
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056 000800 Y
057 000800 N
062 A000800 N
062 B000800 0.0
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066 F000800 N
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067 000800 N
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069 000800 N
070 A010800 Y
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070 B010800 Y
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070 G020800 N
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070 H020800 N
<PAGE> PAGE 30
070 I010800 N
070 I020800 N
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070 J020800 N
070 K010800 Y
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070 L010800 Y
070 L020800 Y
070 M010800 Y
070 M020800 Y
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
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070 P020800 N
070 Q010800 N
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071 A000800 21730
071 B000800 14371
071 C000800 68921
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<PAGE> PAGE 31
072BB000800 0
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SIGNATURE LINDA A. DURKIN
TITLE FUNDS ADMINISTATOR
<PAGE>
M.S.D. & T. FUNDS, INC.
FORM N-SAR
FOR THE SEMI-ANNUAL PERIOD ENDED
NOVEMBER 30, 1995
ITEM 77I. Terms of new or amended securities.
<PAGE>
ARTICLES SUPPLEMENTARY
OF
M.S.D. & T. FUNDS, INC.
M.S.D. & T. FUNDS, INC., a Maryland corporation having its principal
office in the City of Baltimore, Maryland and registered as an open-end
investment company under the Investment Company Act of 1940, as amended
(hereinafter called the "Corporation"), hereby certifies to the State Department
of Assessments and Taxation of Maryland that:
FIRST: Pursuant to Section 2-208 of the Maryland General
Corporation Law, the Board of Directors of the Corporation has classified Five
Hundred Million (500,000,000) shares of the Corporation's authorized but
unissued and unclassified shares of capital stock, of the par value of One Mill
($.001) per share, as Class E - Special Series 1 Common Stock, of the par value
of One Mill ($.001) per share, and Five Hundred Million (500,000,000) shares of
the Corporation's authorized but unissued and unclassified shares of capital
stock, of the par value of One Mill ($.001) per share, as Class F -Special
Series 1 Common Stock, of the par value of One Mill ($.001) per share, pursuant
to the following resolutions adopted at a regular meeting of the Board of
Directors of the Corporation held on April 24, 1995:
RESOLVED, that pursuant to the authority expressly given to the Board
of Directors in Article VI, Section 6.4 of the Corporation's Articles of
Incorporation, the Board hereby classifies 1,000,000,000 of the
Corporation's unclassified authorized shares as follows: 500,000,000 as
Class E - Special Series 1, and 500,000,000 as Class F -Special Series 1
Common Stock (with an aggregate par value of One Million Dollars
($1,000,000));
FURTHER RESOLVED, that shares of Class E - Special Series 1 and Class
F - Special Series 1 Common Stock shall represent interests in the AFBA
retail series of the Value Equity and Intermediate Fixed Income Funds,
respectively;
FURTHER RESOLVED, that each share of Class E - Special Series 1 and
Class F - Special Series 1 Common Stock shall have the following
preferences, conversion and other rights, voting powers, restrictions,
limitations as to dividends, qualifications and terms and conditions of
redemption:
1. Assets Belonging to a Class. All consideration received by the
---------------------------
Corporation for the issue and sale of shares of such Class E - Special
Series 1 and Class F - Special Series 1 Common Stock shall be invested and
reinvested with the consideration received by the Corporation for the issue
<PAGE>
and sale of all other shares now or hereafter classified as shares of Class
E or Class F, respectively, Common Stock (irrespective of whether said
shares have been classified as a part of a series of said Class and, if so
classified as a part of a series, irrespective of the particular series
classification), together with all income, earnings, profits, and proceeds
thereof, including any proceeds derived from the sale, exchange, or
liquidation thereof, any funds or payments derived from any reinvestment of
such proceeds in whatever form the same may be, and any general assets of
the Corporation allocated to Class E and Class E -Special Series 1 shares
or Class F and Class F - Special Series 1 shares, respectively, or such
other shares by the Board of Directors in accordance with the Corporation's
Charter. All income, earnings, profits, and proceeds, including any
proceeds derived from the sale, exchange or liquidation of such shares, and
any assets derived from any reinvestment of such proceeds in whatever form
shall be allocated among shares of Class E and Class E - Special Series 1
or Class F and Class F - Special Series 1, respectively, and all other
shares now or hereafter designated as Class E or F Common Stock,
respectively (irrespective of whether said shares have been classified as a
part of a series of said Class and, if so classified as a part of a series,
irrespective of the particular series classification), in proportion to
their respective net asset values.
2. Liabilities Belonging to a Class. All the liabilities (including
--------------------------------
expenses) of the Corporation in respect of shares of Class E and Class E -
Special Series 1 or Class F and Class F - Special Series 1, respectively,
and all other shares now or hereafter designated as Class E or F Common
Stock, respectively, and in respect of any general liabilities (including
expenses) of the Corporation allocated to shares of Class E and Class E -
Special Series 1 or Class F and Class F - Special Series 1 or such other
shares by the Board of Directors in accordance with the Corporation's
Charter shall be allocated among shares of Class E and Class E - Special
Series 1 or Class F and Class F - Special Series 1, respectively, and such
other shares, respectively (irrespective of whether said shares have been
classified as a part of a series of said Class and, if so classified as a
part of a series, irrespective of the particular series classification), in
proportion to their respective net asset values:
a. If in the future the Board of Directors determines to enter into
agreements which provide for services only for shares of Class E or
Class E - Special Series
-2-
<PAGE>
1, or Class F or Class F - Special Series 1, and to allocate any
related expenses to the extent that may be from time to time
determined by the Board of Directors:
(1) only the shares of Class E or F Common Stock,
respectively, shall bear: (i) the expenses and liabilities of
payments to institutions under any agreements entered into by or
on behalf of the Corporation which provide for services by the
institutions exclusively for their customers who own of record or
beneficially such shares, and (ii) such other expenses and
liabilities as the Board of Directors may from time to time
determine are directly attributable to such shares and which
therefore should be borne solely by shares of Class E or F Common
Stock, respectively;
(2) only the shares of Class E - Special Series 1 and Class
F - Special Series 1, respectively, Common Stock shall bear: (i)
the expenses and liabilities of payments to institutions under
any agreements entered into by or on behalf of the Corporation
which provide for services by the institutions exclusively for
their customers who own of record or beneficially such shares;
and (ii) such other expenses and liabilities as the Board of
Directors may from time to time determine are directly
attributable to such shares and which therefore should be borne
solely by shares of Class E - Special Series 1 or Class F -
Special Series 1, respectively;
(3) No shares of Class E or F Common Stock shall bear the
expenses and liabilities described in subparagraph (2) above; and
(4) No shares of Class Class E - Special Series 1 and Class
F - Special Series 1 Class Common Stock shall bear the expenses
and liabilities described in subparagraph (1) above.
3. Preferences, Conversion and Other Rights, Voting Powers, Restrictions,
----------------------------------------------------------------------
Limitations as to Dividends, Qualifications, and Terms and Conditions of
------------------------------------------------------------------------
Redemption. Except as provided hereby, each share of Class E - Special
----------
Series 1 and Class F - Special Series 1 shall have the same preferences,
conversion, and other rights, voting powers, restrictions, limitations as
to dividends, qualifications, and terms and conditions of redemption
applicable to all
-3-
<PAGE>
other shares of Common Stock as set forth in the Charter and shall also
have the same preferences, conversion, and other rights, voting powers,
restrictions, limitations as to dividends, qualifications, and terms and
conditions of redemption as each other share formerly, now or hereafter
classified as a share of Class E or F Common Stock, respectively
(irrespective of whether said share has been classified as a part of a
series of said Class and, if so classified as a part of a series,
irrespective of the particular series classification) except that:
a. (i) on any matter that pertains to the agreements or expenses and
liabilities described under Section 2, clause a. (1) above (or to any
plan or other document adopted by the Corporation relating to said
agreements, expenses, or liabilities) and is submitted to a vote of
shareholders of the Corporation, only the shares of Class E or F
Common Stock (excluding the other shares classified as a series of
such Class other than Class E or F Common Stock, respectively) shall
be entitled to vote, except that if said matter affects shares of
capital stock in the Corporation other than shares of Class E or F
Common Stock, such other affected shares of capital stock in the
Corporation shall also be entitled to vote, and in such case, shares
of Class E or F Common Stock shall be voted in the aggregate together
with such other affected shares and not by class or series except
where otherwise required by law or permitted by the Board of Directors
of the Corporation; and (ii) if any matter submitted to a vote of
shareholders does not affect the shares of Class E or F Common Stock,
such shares shall not be entitled to vote (except where required by
law or permitted by the Board of Directors) even though the matter is
submitted to a vote of the holders of shares of capital stock in the
Corporation other than said shares of Class E or F Common Stock; and
b. (i) on any matter that pertains to the agreements or expenses and
liabilities described in Section 2, clause a. (2) above (or to any
plan or other document adopted by the Corporation relating to said
agreements, expenses, or liabilities) and is submitted to a vote of
shareholders of the Corporation, only shares of Class E - Special
Series 1 or Class F - Special Series 1, respectively (excluding shares
designated as a series of such Class other than Class E - Special
Series 1 or Class F - Special Series 1, respectively) shall be
entitled to vote, except that if said matter affects shares of capital
stock of the Corporation other than shares of Class E - Special Series
1 or Class F -Special Series 1, respectively, such other affected
shares of capital stock of the Corporation shall also
-4-
<PAGE>
be entitled to vote, and in such case shares of Class E - Special
Series 1 or Class F - Special Series 1, respectively shall be voted in
the aggregate together with such other affected shares and not by
class or series except where otherwise required by law or permitted by
the Board of Directors of the Corporation; and (ii) if any matter
submitted to a vote of shareholders does not affect shares of Class E
-Special Series 1 or Class F - Special Series 1, respectively, said
shares shall not be entitled to vote (except where required by law or
permitted by the Board of Directors) even though the matter is
submitted to a vote of holders of shares of capital stock of the
Corporation other than said shares of Class E - Special Series 1 or
Class F - Special Series 1, respectively.
SECOND: The shares of Common Stock of the Corporation classified
pursuant to the resolutions set forth herein have been classified by the
Corporation's Board of Directors under the authority contained in the
Corporation's Articles of Incorporation.
THIRD: The total number of shares of capital stock which the
Corporation is presently authorized to issue remains Ten Billion
(10,000,000,000) shares of Common Stock, of which Seven Hundred Million
(700,000,000) shares of the par value of One Mill ($.001) per share each are
Class A Common Stock; Seven Hundred Million (700,000,000) shares of the par
value of One Mill ($.001) per share each are Class B Common Stock; Six Hundred
Million (600,000,000) shares of the par value of One Mill ($.001) per share each
are Class C Common Stock; Six Hundred Million (600,000,000) shares of the par
value of One Mill ($.001) per share each are Class D Common Stock; Five Hundred
Million (500,000,000) shares of the par value of One Mill ($.001) per share each
are Class E Common Stock; Five Hundred Million (500,000,000) shares of the par
value of One Mill ($.001) per share each are Class E - Special Series 1 Common
Stock; Five Hundred Million (500,000,000) shares of the par value of One Mill
($.001) per share each are Class F Common Stock; Five Hundred Million
(500,000,000) shares of the par value of One Mill ($.001) per share each are
Class F - Special Series 1 Common Stock; Four Hundred Million (400,000,000)
shares of the par value of One Mill ($.001) per share each are Class G Common
Stock; Four Hundred Million (400,000,000) shares of the par value of One Mill
($.001) per share each are Class H Common Stock; and Four Hundred Million
(400,000,000) shares of the par value of One Mill ($.001) per share each are
Class I Common Stock. The aggregate par value of all Common Stock having par
value is unchanged at Ten Million Dollars ($10,000,000).
-5-
<PAGE>
The total number of authorized and unclassified shares of capital
stock of the Company remaining after the actions described above is Four Billion
Two Hundred Million (4,200,000,000) shares of capital stock of the par value of
One Mill ($0.001) and of the aggregate par value of Four Million Two Hundred
Thousand Dollars ($4,200,000).
IN WITNESS WHEREOF, M.S.D. & T. FUNDS, INC. has caused these presents
to be signed in its name and on its behalf by its President and its corporate
seal to be hereunto affixed and attested by its Secretary as of this 22nd day of
November, 1995
[CORPORATE SEAL] M.S.D. & T. FUNDS, INC.
By:/s/ Leslie B. Disharoon
----------------------------
Leslie B. Disharoon
President
Attest:
/s/ W. Bruce McConnel, III
- - ---------------------------
W. Bruce McConnel, III
Secretary
-6-
<PAGE>
CERTIFICATE
-----------
THE UNDERSIGNED, President of M.S.D. & T. FUNDS, INC., who executed on
behalf of said Corporation the attached Articles Supplementary of said
Corporation, of which this certificate is made a part, hereby acknowledges, in
the name and on behalf of said Corporation, the attached Articles Supplementary
to be the corporate act of said Corporation, and certifies that to the best of
his knowledge, information and belief the matters and facts set forth in the
attached Articles Supplementary with respect to authorization and approval are
true in all material respects, under the penalties for perjury.
/s/ Leslie B. Disharoon
---------------------------
Dated as of November 22, 1995 Leslie B. Disharoon
President
