NAME OF REGISTRANT:
XXXXXXXX XXXXXXXXX GLOBAL TRUST
File No. 811-04450
EXHIBIT ITEM: Copies of any material amendments to the registrant's
charter or by-laws
AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST of
XXXXXXXX XXXXXXXXX GLOBAL TRUST
a Delaware Statutory Trust
(Original Agreement and Declaration of Trust was adopted May 14, 1996:
Amended and Restated Agreement and Declaration of Trust was adopted May 21,
2007: current Amended and Restated Agreement and Declaration of Trust
adopted May 18, 2018.)
TABLE OF CONTENTS
Page
ARTICLE I NAME: OFFICES: REGISTERED AGENT: DEFINITIONS...
.....................2
Section 1. Name ...................................
...........................................
..........................2
Section 2. Offices of the Trust ..........
..............................
..........................................2
Section 3. Registered Agent and Registered Office.....................
............................2
Section 4. Definitions...........................................
....................................................2
ARTICLE II PURPOSE OF TRUST ......................................
..............................................4
ARTICLE III SHARES ....................................................
......................................................8
Section 1. Division of Beneficial Interest ............................
....................................8
Section 2. Ownership of Shares .......................................
........................................9
Section 3. Sale of Shares.............................................
.............................................9
Section 4. Status of Shares and Limitation of Personal Liability .
.........................10
Section 5. Power of Board of Trustees to Make Tax Status Election....
................10
Section 6. Establishment and Designation of Series and Classes ...
.......................10
Section 7. Indemnification of Shareholders.........................
..................................14
ARTICLE IV THE BOARD OF TRUSTEES ....................
..................................................14
Section 1. Number, Election, Term, Removal and Resignation ..
..........................14
Section 2. Trustee Action by Written Consent Without a Meeting .
......................15
Section 3. Powers: Other Business Interests: Quorum and Required Vote
...........16
Section 4. Payment of Expenses by the Trust......................
..................................18
Section 5. Payment of Expenses by Shareholders ..................
...............................18
Section 6. Ownership of Trust Property ..........................
......................................18
Section 7. Service Contracts ......................................
............................................19
ARTICLE V SHAREHOLDERS' VOTING POWERS AND MEETINGS ..................
....20
Section 1. Voting Powers.................................................
......................................20
Section 2. Quorum and Required Vote .......................................
...........................20
Section 3. Shareholder Action by Written Consent Without a Meeting.......
.........21
Section 4. Record Dates ..................................................
......................................21
Section 5. Additional Provisions...........................................
.................................22
i
ARTICLE VI NET ASSET VALUE: DISTRIBUTIONS: REDEMPTIONS:
TRANSFERS ...................................................................
..............................23
Section 1. Determination of Net Asset Value, Net Income and
Distributions .....23
Section 2. Redemptions at the Option of a Shareholder ....................
....................25
Section 3. Redemptions at the Option of the Trust ..........................
......................26
Section 4. Transfer of Shares .............................................
....................................26
ARTICLE VII LIMITATION OF LIABILITY AND INDEMNIFICATION OF
AGENT ...............................................................
...........................................27
Section 1. Limitation of Liability...............................
............................................27
Section 2. Indemnification .......................................
..............................................28
Section 3. Insurance ...........................................
....................................................29
Section 4. Derivative Actions .........................................
.......................................30
Section 5. Jurisdiction and Waiver of Jury Trial ....................
...............................30
ARTICLE VIII CERTAIN TRANSACTIONS........................................
...............................31
Section 1. Dissolution of Trust or Series ............................
...................................31
Section 2. Merger or Consolidation: Conversion: Reorganization ............
............32
Section 3. Master Feeder Structure .................................
.......................................34
Section 4. Absence of Appraisal or Dissenters' Rights .................
........................34
ARTICLE IX AMENDMENTS ..................................................
.........................................34
Section 1. Amendments Generally ..................................
......................................34
ARTICLE X MISCELLANEOUS ............................................
..........................................35
Section 1. References: Headings: Counterparts ..........................
...........................35
Section 2. Applicable Law .............................................
........................................35
Section 3. Provisions in Conflict with Law or Regulations................
...................36
Section 4. Statutory Trust Only .................................
............................................36
Section 5. Use of the Names "Franklin," "Xxxxxxxxx," "Fiduciary Trust,"
and/or "Institutional Fiduciary Trust".......................................
............36
ii
AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST OF
XXXXXXXX XXXXXXXXX GLOBAL TRUST
AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST
made as of this 18th day of May, 2018, by the Trustees hereunder.
WITNESSETH:
WHEREAS Xxxxxxxx Xxxxxxxxx Global Trust (the "Trust") was formed on
July 25, 1996 under the name "Xxxxxxxx Xxxxxxxxx Global Trust" by its
Trustees by the filing of the Certificate of Trust with the Office of the
Secretary of State of the State of Delaware pursuant to an Agreement
and Declaration of Trust dated as of May 14, 1996
(the "Original Declaration of Trust"): and
WHEREAS this Trust has been formed to carry on the business of an open-end
management investment company as defined in the 1940 Act: and
WHEREAS this Trust is authorized to divide its Shares into two or more
Classes, to issue its Shares in separate Series, to divide Shares of
any Series into two or more Classes and to issue Classes of the
Trust or the Series, if any, all in accordance with the
provisions hereinafter set forth: and
WHEREAS the Trustees have agreed to manage all property coming into
their hands as trustees of a Delaware statutory trust in accordance
with the provisions of the Delaware Statutory Trust Act, as
amended from time to time, and the provisions hereinafter set forth:
NOW, THEREFORE, the Trustees hereby declare that:
(i) all cash, securities and other assets that the Trust may
from time to time acquire in any manner shall be managed and disposed
of upon the following terms and conditions as hereinafter set forth: and
(ii) this Declaration of Trust and the By-Laws shall be binding in
accordance with their terms on every Trustee, by virtue of having become a
Trustee of the Trust, and on every Shareholder, by virtue of having
become a Shareholder of the Trust, pursuant to the terms
of this Declaration of Trust and the By-Laws.
ARTICLE I
NAME: OFFICES: REGISTERED AGENT: DEFINITIONS
Section 1. Name. This Trust shall be known as "Xxxxxxxx Xxxxxxxxx Global
Trust" and the Board of Trustees shall conduct the business of the Trust
under that name, or any other name as it may from time to time designate.
The Trustees may, without Shareholder approval, change the name of the
Trust or any Series or Class. Any name change of any Series or Class
shall become effective upon approval by the Trustees of such change
or any document (including any registration statement) reflecting
such change, or at such later time as may be approved by
the Trustees. Any name change of the Trust shall become
effective upon the filing of a certificate of amendment
under the DSTA reflecting such change, or at such later
time specified in such certificate of amendment. Any such
action shall have the status of an amendment to this Declaration
of Trust. In the event of any name change, the Trustees shall
cause notice to be given to the affected Shareholders within a
reasonable time after the implementation of such change, which
notice will be deemed given if the changed name is reflected in
any registration statement. The Trust shall constitute a Delaware
statutory trust in accordance with the DSTA.
Section 2. Offices of the Trust. The Board may at any time
establish offices of the
Trust at any place or places where the Trust intends to do business.
Section 3. Registered Agent and Registered Office. The name of the
registered agent of the Trust and the address of the registered office
of the Trust are as set forth in the Trust's Certificate of Trust.
Section 4. Definitions.
Whenever used herein, unless otherwise required by the context or
specifically provided:
(a) "1940 Act" shall mean the Investment Company Act of 1940 and the
rules and regulations thereunder, all as adopted or amended from time to
time:
(b) "Affiliate" shall have the same meaning as "affiliated person" as
such term is defined in the 1940 Act when used with reference to a specified
Person, as defined below.
(c) "Board of Trustees" shall mean the governing body of the Trust,
that is comprised of the number of Trustees of the Trust fixed from time
to time pursuant to Article IV hereof, having the powers and duties
set forth herein:
(d) "By-Laws" shall mean By-Laws of the Trust, as amended, restated or
supplemented from time to time in accordance with Article VIII therein.
Such By-Laws may contain any provision not inconsistent with applicable
law or this Declaration of Trust, relating to the governance of the Trust:
(e) "Certificate of Trust" shall mean the certificate of trust of the
Trust filed with the office of the Secretary of State of the State of
Delaware as required under the DSTA to
form the Trust, as such certificate shall be amended, restated or
supplemented from time to time and filed with such office:
(f) "Class" shall mean each class of Shares of the Trust or of a Series
of the Trust established and designated under and in accordance with the
provisions of Article III hereof:
(g) "Code" shall mean the Internal Revenue Code of 1986 and the rules
and regulations thereunder, all as adopted or amended from time to time:
(h) "Commission" shall have the meaning given that term in the 1940 Act:
(i) "DSTA" shall mean the Delaware Statutory Trust Act (12 Del. C.
3801, et seq.), as amended from time to time:
(j) "Declaration of Trust" shall mean this Amended and Restated Agreement
and Declaration of Trust, as amended, restated or supplemented from time
to time:
(k) "General Liabilities" shall have the meaning given it in
Article III, Section
6(b) of this Declaration of Trust:
Act:
(l) "Interested Person" shall have the meaning given that term in the 1940
(m) "Investment Adviser" or "Adviser" shall mean a Person, as defined below,
furnishing services to the Trust pursuant to any investment advisory or
investment management contract described in Article IV, Section 7(a) hereof:
(n) "National Financial Emergency" shall mean the whole or any part of any
period during (i) which an emergency exists as a result of which disposal by
the Trust of securities or other assets owned by the Trust is not
reasonably practicable: (ii) which it is not reasonably practicable
for the Trust fairly to determine the net asset value of its assets: or
(iii) such other period as the Commission may by order permit
for the protection of investors:
(o) "Person" shall mean a natural person, partnership, limited
partnership, limited liability company, trust, estate, association,
corporation, organization, custodian, nominee or any other individual
or entity in its own or any representative capacity, in each case,
whether domestic or foreign, and a statutory trust or a foreign
statutory or business trust:
1940 Act:
(p) "Principal Underwriter" shall have the meaning given that term in the
(q) "Series" shall mean each Series of Shares established and designated
under and in accordance with the provisions of Article III hereof:
(r) "Shares" shall mean the transferable shares of beneficial interest
into which the beneficial interest in the Trust shall be divided from time
to time, and shall include fractional and whole Shares:
Laws:
(s) "Shareholder" shall mean a record owner of Shares pursuant to the By-
(t) "Trust" shall mean Xxxxxxxx Xxxxxxxxx Global Trust, the Delaware
statutory trust formed under the Original Declaration of Trust, as amended,
and by filing of the Certificate of Trust with the office of the Secretary
of State of the State of Delaware, and governed by this Declaration of Trust:
(u) "Trust Property" shall mean any and all property, real or personal,
tangible or intangible, which is owned or held by or for the account of the
Trust, or one or more of any Series thereof, including, without limitation,
the rights referenced in Article X, Section 5 hereof: and
(v) "Trustee" or "Trustees" shall mean each Person who signs this
Declaration of Trust as a trustee and all other Persons who may, from
time to time, be duly elected or appointed, qualified and serving on
the Board of Trustees in accordance with the provisions hereof and
the By-Laws, so long as such signatory or other Person continues
in office in accordance with the terms hereof and the By-Laws.
Reference herein to a Trustee or the
Trustees shall refer to such Person or Persons in such Person's or
Persons' capacity as a trustee or trustees hereunder and under the By-Laws.
ARTICLE II PURPOSE OF TRUST
The purpose of the Trust is to conduct, operate and carry on the
business of a registered
management investment company registered under the 1940 Act, directly, or
if one or more Series is established hereunder, through one or more Series,
investing primarily in securities, and to exercise all of the powers, rights
and privileges granted to, or conferred upon, a statutory trust formed under
the DSTA, including, without limitation, the following powers:
(a) To hold, invest and reinvest its funds, and in connection
therewith, to make any changes in the investment of the assets of
the Trust, to hold part or all of its funds in cash, to hold cash
uninvested, to subscribe for, invest in, reinvest in, purchase or
otherwise acquire, own, hold, pledge, sell, assign, mortgage,
transfer, exchange, distribute, write options
on, lend or otherwise deal in or dispose of contracts for the
future acquisition or delivery of fixed income or other
securities, and securities or property of every nature
and kind, including, without limitation, all types of bonds,
debentures, stocks, shares, units of beneficial interest,
preferred stocks, negotiable or non-negotiable instruments,
obligations, evidences of indebtedness, money market instruments,
certificates of deposit or indebtedness, bills, notes, mortgages,
commercial paper, repurchase or reverse repurchase agreements,
bankers' acceptances, finance paper, and
any options, certificates, receipts, warrants, futures contracts or other
instruments representing rights to receive, purchase or subscribe for the
same, or evidencing or representing any other rights or interests therein
or in any property or assets, and other securities of any kind, as the
foregoing are issued, created, guaranteed, or sponsored by any and all
Persons, including, without limitation, states, territories, and
possessions of the United States and the District of Columbia and
any political subdivision, agency, or instrumentality thereof, any foreign
government or any political subdivision of the U.S. Government or any
foreign government, or any international instrumentality, or by any
bank or savings institution, or by any corporation or organization
organized under the laws of the United States or of any state,
territory, or possession thereof, or by any corporation or
organization organized under any foreign law, or in "when issued"
contracts for any such securities:
(b) To exercise any and all rights, powers and privileges with reference to
or incident to ownership or interest, use and enjoyment of any of such
securities and other instruments or property of every kind and
description, including, but without limitation, the right, power
and privilege to own, vote, hold, purchase, sell, negotiate, assign,
exchange, lend, transfer, mortgage, hypothecate, lease, pledge or write
options with respect to or otherwise deal with, dispose of, use, exercise
or enjoy any rights, title, interest, powers or privileges under or with
reference to any of such securities and other instruments or property,
the right to consent and otherwise act with respect thereto, with power
to designate one or more Persons, to exercise any of said rights, powers,
and privileges in respect of any of said instruments, and to do any and all
acts and things for the preservation, protection, improvement and enhancement
in value of any of such securities and other instruments or property:
(c) To sell, exchange, lend, pledge, mortgage, hypothecate, lease or write
options with respect to or otherwise deal in any property rights relating to
any or all of the assets of the Trust or any Series, subject to any
requirements of the 1940 Act:
(d) To vote or give assent, or exercise any rights of ownership, with
respect to stock or other securities or property: and to execute and deliver
proxies or powers of attorney to such Person or Persons as the Trustees
shall deem proper, granting to such Person or Persons such power and
discretion with relation to securities or property as the Trustees
shall deem proper:
(e) To exercise powers and right of subscription or otherwise which
in any manner arise out of ownership of securities and/or other property:
(f) To hold any security or property in a form not indicating that it is
trust property, whether in bearer, unregistered or other negotiable form, or
in its own name or in the name of a custodian or subcustodian or a nominee
or nominees or otherwise or to authorize the custodian or a subcustodian
or a nominee or nominees to deposit the same in a securities depository,
subject in each case to proper safeguards according to the usual practice
of investment companies or any rules or regulations applicable thereto:
(g) To consent to, or participate in, any plan for the reorganization,
consolidation or merger of any corporation or issuer of any security which
is held in the Trust: to consent to any contract, lease, mortgage, purchase
or sale of property by such corporation or issuer: and to pay calls or
subscriptions with respect to any security held in the Trust:
(h) To join with other security holders in acting through a committee,
depositary, voting trustee or otherwise, and in that connection to deposit
any security with, or transfer any security to, any such committee,
depositary or trustee, and to delegate to them such power and authority
with relation to any security (whether or not so deposited or transferred) as
the Trustees shall deem proper, and to agree to pay, and to pay, such
portion of the expenses and compensation of such committee, depositary
or trustee as the Trustees shall deem proper:
(i) To compromise, arbitrate or otherwise adjust claims in favor
of or against the Trust or any matter in controversy, including but not
limited to claims for taxes:
(j) To enter into joint ventures, general or limited partnerships
and any other combinations or associations:
(k) To endorse or guarantee the payment of any notes or other obligations of
any Person: to make contracts of guaranty or suretyship, or otherwise assume
liability for payment thereof:
(l) To purchase and pay for entirely out of Trust Property such insurance as
the Board of Trustees may deem necessary or appropriate for the conduct of the
business, including, without limitation, insurance policies insuring the
assets of the Trust or payment of distributions and principal on its
portfolio investments, and insurance policies insuring the Shareholders,
Trustees, officers, employees, agents, Investment Advisers, Principal
Underwriters, or independent contractors of the Trust, individually
against all claims and liabilities of every nature arising by reason
of holding Shares, holding, being or having held any such office or
position, or by reason of any action alleged to have been taken or
omitted by any such Person as Trustee, officer, employee, agent,
Investment Adviser, Principal Underwriter, or independent contractor,
to the fullest extent permitted by this Declaration of Trust, the By-Laws
and by applicable law:
(m) To adopt, establish and carry out pension, profit-sharing, share bonus,
share purchase, savings, thrift and other retirement, incentive and benefit
plans, trusts and provisions, including the purchasing of life insurance
and annuity contracts as a means of providing such retirement and other
benefits, for any or all of the Trustees, officers, employees and agents
of the Trust:
(n) To purchase or otherwise acquire, own, hold, sell, negotiate,
exchange, assign, transfer, mortgage, pledge or otherwise deal with,
dispose of, use, exercise or enjoy, property of all kinds:
(o) To buy, sell, mortgage, encumber, hold, own, exchange, rent or
otherwise acquire and dispose of, and to develop, improve, manage,
subdivide, and generally to deal and trade in real property, improved
and unimproved, and wheresoever situated: and to build, erect, construct,
alter and maintain buildings, structures, and other improvements on real
property:
(p) To borrow or raise moneys for any of the purposes of the
Trust, and to mortgage or pledge the whole or any part of the property
and franchises of the Trust, real, personal, and mixed, tangible or
intangible, and wheresoever situated:
(q) To enter into, make and perform contracts and undertakings of
every kind for any lawful purpose, without limit as to amount:
(r) To issue, purchase, sell and transfer, reacquire, hold, trade and
deal in stocks, Shares, bonds, debentures and other securities, instruments
or other property of the Trust, from time to time, to such extent as the
Board of Trustees shall, consistent with the provisions of this Declaration
of Trust, determine: and to re-acquire and redeem, from time to time, its
Shares or, if any, its bonds, debentures and other securities:
(s) To engage in and to prosecute, defend, compromise, abandon,
or adjust, by arbitration, or otherwise, any actions, suits, proceedings,
disputes, claims, and demands relating to the Trust, and out of the assets
of the Trust to pay or to satisfy any debts, claims or expenses incurred
in connection therewith, including those of litigation, and such power
shall include without limitation the power of the Trustees or any
appropriate committee thereof, in the exercise of their or its good
faith business judgment, to dismiss any action, suit, proceeding, dispute,
claim, or demand, derivative or otherwise, brought by any Person, including
a Shareholder in the Shareholder's own name or the name of the Trust, whether
or not the Trust or any of the Trustees may be named individually therein or
the subject matter arises by reason of business for or on behalf of the Trust:
(t) To exercise and enjoy, in Delaware and in any other states,
territories, districts and United States dependencies and in foreign
countries, all of the foregoing powers, rights and privileges, and the
enumeration of the foregoing powers shall not be deemed to exclude any
powers, rights or privileges so granted or conferred: and
(u) In general, to carry on any other business in connection with or
incidental to its trust purposes, to do everything necessary, suitable or
proper for the accomplishment of such purposes or for the attainment of
any object or the furtherance of any power hereinbefore set forth, either
alone or in association with others, and to do every other act or thing
incidental or appurtenant to, or growing out of, or connected with, its
business or purposes, objects or powers.
The Trust shall not be limited to investing in obligations maturing
before the possible dissolution of the Trust or one or more of its
Series. Neither the Trust nor the Board of Trustees shall be
required to obtain any court order to deal with any assets of
the Trust or take any other action hereunder.
The foregoing clauses shall each be construed as purposes, objects and
powers, and it is hereby expressly provided that the foregoing
enumeration of specific purposes, objects and powers shall not be
held to limit or restrict in any manner the powers of the Trust,
and that they are in furtherance of, and in addition to, and not
in limitation of, the general powers conferred upon the Trust by
the DSTA and the other laws of the State of Delaware or otherwise:
nor shall the enumeration of one thing be deemed to exclude another,
although it be of like nature, not expressed.
ARTICLE III SHARES
Section 1. Division of Beneficial Interest.
(a) The beneficial interest in the Trust shall be divided into Shares,
each Share without a par value. The number of Shares in the Trust
authorized hereunder, and of each Series and Class as may be established
from time to time, is unlimited. The Board of Trustees may authorize the
division of Shares into separate Classes of Shares and into separate and
distinct Series of Shares and the division of any Series into separate
Classes of Shares in accordance with the 1940 Act. The different Series
and Classes shall be established and designated pursuant to Article III,
Section 6 hereof. If no separate Series or Classes of Series shall be
established, the Shares shall have the rights, powers and duties
provided for herein and in Article III, Section 6 hereof to the
extent relevant and not otherwise provided for herein, and all
references to Series and Classes shall be construed (as the context
may require) to refer to the Trust.
(i) The fact that the Trust shall have one or more established
and designated Classes of the Trust, shall not limit the authority of the
Board of Trustees to establish and designate additional Classes of the
Trust. The fact that one or more Classes of the Trust shall have
initially been established and designated without any specific
establishment or designation of a Series (i.e., that all Shares
of the Trust are initially Shares of one or more Classes) shall
not limit the authority of the Board of Trustees to later establish
and designate a Series and establish and designate the Class or Classes
of the Trust as Class or Classes, respectively, of such Series.
(ii) The fact that a Series shall have initially been established and
designated without any specific establishment or designation of Classes
(i.e., that all Shares of such Series are initially of a single Class)
shall not limit the authority of the Board of Trustees to establish and
designate separate Classes of said Series. The fact that a Series shall
have more than one established and designated Class, shall not limit the
authority of the Board of Trustees to establish and designate additional
Classes of said Series.
(b) The Board of Trustees shall have the power to issue authorized,
but unissued Shares of the Trust, or any Series and Class thereof, from
time to time for such consideration paid wholly or partly in cash,
securities or other property, as may be determined from time to time
by the Board of Trustees, subject to any requirements or limitations
of the
1940 Act. The Board of Trustees, on behalf of the Trust, may acquire
and hold as treasury shares, reissue for such consideration and on such
terms as it may determine, or cancel, at its discretion from time to time,
any Shares reacquired by the Trust. The Board of Trustees may classify,
reclassify or convert any unissued Shares or any Shares of the Trust or
any Series or Class thereof, that were previously issued and are
reacquired, into one or more Series or Classes that may be established
and designated from time to time and, in connection therewith, cause
some or all of the Shareholders of the Trust, such Series or Class to
become Shareholders of such other Series or Class. Notwithstanding the
foregoing, the Trust and any Series thereof may acquire, hold, sell and
otherwise deal in, for purposes of investment or otherwise, the Shares
of any other Series of the Trust or Shares of the Trust, and such Shares
shall not be deemed treasury shares or cancelled.
(c) Subject to the provisions of Section 6 of this Article III, each
Share shall entitle the holder to voting rights as provided in Article V
hereof. Shareholders shall have no preemptive or other right to subscribe
for new or additional authorized, but unissued Shares or other securities
issued by the Trust or any Series thereof. The Board of Trustees may from
time to time divide or combine the Shares of the Trust or any particular
Series thereof into a greater or lesser number of Shares of the Trust or
that Series, respectively. Such division or combination shall not
materially change the proportionate beneficial interests of the
holders of Shares of the Trust or that Series, as the case may be,
in the Trust Property at the time of such division or combination
that is held with respect to the Trust or that Series, as the case may be.
(d) Any Trustee, officer or other agent of the Trust, and any organization
in which any such Person has an economic or other interest, may acquire, own,
hold and dispose of Shares in the Trust or any Series and Class thereof,
whether such Shares are authorized but unissued, or already outstanding,
to the same extent as if such Person were not a Trustee, officer or other
agent of the Trust: and the Trust or any Series may issue and sell and may
purchase such Shares from any such Person or any such organization, subject
to the limitations, restrictions or other provisions applicable to the sale
or purchase of such Shares herein and the 1940 Act.
Section 2. Ownership of Shares. The ownership of Shares shall be recorded
on the books of the Trust kept by the Trust or by a transfer or similar agent
for the Trust, which books shall be maintained separately for the Shares of
the Trust and each Series and each Class thereof that has been established
and designated. No certificates certifying the ownership of Shares shall
be issued except as the Board of Trustees may otherwise determine from time
to time. The
Board of Trustees may make such rules not inconsistent with the provisions
of the 1940 Act as it considers appropriate for the issuance of Share
certificates, the transfer of Shares of the Trust and each Series and
Class thereof, if any, and similar matters. The record books of the
Trust as kept by the Trust or any transfer or similar agent, as the
case may be, shall be conclusive as to who
are the Shareholders of the Trust and each Series and Class thereof and
as to the number of Shares of the Trust and each Series and Class thereof
held from time to time by each such Shareholder.
Section 3. Sale of Shares. Subject to the 1940 Act and applicable law,
the Trust may sell its authorized but unissued Shares to such Persons, at
such times, on such terms, and for such consideration as the Board of
Trustees may from time to time authorize. Each sale shall be credited
to the individual purchaser's account in the form of full or fractional
Shares of the Trust or such Series thereof (and Class thereof, if any),
as the purchaser may select, at the net asset value per Share, subject
to Section 22 of the 1940 Act, and the rules and regulations adopted
thereunder: provided, however, that the Board of Trustees may, in its
sole discretion, permit the Principal Underwriter to impose a sales
charge upon any such sale. Every Shareholder by virtue of having
become a Shareholder shall be bound by the terms of this Declaration of Trust.
Ownership of Shares shall not make any Shareholder a third-party beneficiary
of any contract entered into by the Trust or any Series.
Section 4. Status of Shares and Limitation of Personal Liability.
Shares shall be deemed to be personal property giving to Shareholders only
the rights provided in this Declaration of Trust, the By-Laws, and under
applicable law. Ownership of Shares shall not entitle the Shareholder to
any title in or to the whole or any part of the Trust Property or right to
call for a partition or division of the same or for an accounting, nor shall
the ownership of Shares constitute the Shareholders as partners. Subject to
Article VIII, Section 1 hereof, the death, incapacity, dissolution,
termination, or bankruptcy of a Shareholder during the existence of
the Trust and any Series thereof shall not operate to dissolve the
Trust or any such Series, nor entitle the representative of any
deceased, incapacitated, dissolved, terminated or bankrupt Shareholder
to an accounting or to take any action in court or elsewhere against the
Trust, the Trustees or any such Series, but entitles such representative
only to the rights of said deceased, incapacitated, dissolved, terminated
or bankrupt Shareholder under this Declaration of Trust. Neither the Trust
nor the Trustees, nor any officer, employee or agent of the Trust, shall
have any power to bind personally any Shareholder, nor, except as specifically
provided herein, to call upon any Shareholder for the payment of any sum of
money other than such as the Shareholder may at any time personally agree
to pay. Each Share, when issued on the terms determined by the Board of
Trustees, shall be fully paid and nonassessable. As provided in the DSTA,
Shareholders shall be entitled to the same limitation of personal liability
as that extended to stockholders of a private corporation organized for
profit under the General Corporation Law of the State of Delaware.
Section 5. Power of Board of Trustees to Make Tax Status Election.
The Board of Trustees shall have the power, in its discretion, to make
such elections as to the tax status of the Trust and any Series as may
be permitted or required under the Code, without the vote of any Shareholder.
Section 6. Establishment and Designation of Series and Classes. The
establishment and designation of any Series or Class shall be effective,
without the requirement of Shareholder approval, upon the adoption of a
resolution by not less than a majority of the then Board of Trustees,
which resolution shall set forth such establishment and designation
whether directly in such resolutions or by reference to, or approval
of, another document that sets forth the designation or otherwise
identifies such Series or Class, including any registration statement
of the Trust and any amendment of this Declaration of Trust, and may
provide, to the extent permitted by the DSTA, for rights, powers and
duties of such Series or Class (including variations in the relative
rights and preferences as between the different Series and Classes)
otherwise than as provided herein. Any action that may be taken by
the Board of Trustees with respect to any Series or Class, including
any addition, modification, division, combination, classification,
reclassification, change of name or termination, may be made in the
same manner as the establishment of such Series or Class.
Each Series shall be separate and distinct from any other Series,
separate and distinct records on the books of the Trust shall be
maintained for each Series, and the assets and
liabilities belonging to any such Series shall be held and accounted
for separately from the assets and liabilities of the Trust or any other
Series. Each Class of the Trust shall be separate and distinct from any
other Class of the Trust. Each Class of a Series shall be separate and
distinct
from any other Class of the Series. As appropriate, in a manner determined
by the Board of Trustees, the liabilities belonging to any such Class shall
be held and accounted for separately from the liabilities of the Trust, the
Series or any other Class and separate and distinct records on the books of
the Trust for the Class shall be maintained for this purpose. Subject to
Article II hereof, each such Series shall operate as a separate and
distinct investment medium, with separately defined investment
objectives and policies.
Shares of each Series (and Class where applicable) established and designated
pursuant to this Section 6, unless otherwise provided to the extent permitted
by the DSTA, in the resolution establishing and designating such Series or
Class, shall have the following rights, powers and duties:
(a) Assets Held with Respect to a Particular Series. All consideration
received by the Trust for the issue or sale of Shares of a particular Series,
together with all assets in which such consideration is invested or
reinvested, all income, earnings, profits, and proceeds thereof from
whatever source derived, including, without limitation, any proceeds
derived from the sale, exchange or liquidation of such assets, and
any funds or payments derived from any reinvestment of such proceeds
in whatever form the same may be, shall irrevocably be held with
respect to that Series for all purposes, subject only to the
rights of creditors with respect to that Series, and shall be
so recorded upon the books of account of the Trust. Such
consideration, assets, income, earnings, profits and proceeds
thereof, from whatever source derived, including, without limitation,
any proceeds derived from the sale, exchange or liquidation of such assets,
and any funds or payments derived from any reinvestment of such proceeds, in
whatever form the same may be, are herein referred to as "assets held with
respect to" that Series. In the event that there are any assets, income,
earnings, profits and proceeds thereof, funds or payments
which are not readily identifiable as assets held with respect to
any particular Series (collectively "General Assets"), the Board of
Trustees, or an appropriate officer as determined by the Board of Trustees,
shall allocate such General Assets to, between or among any one or more of the
Series in such manner and on such basis as the Board of Trustees, in its sole
discretion, deems fair and equitable, and any General Asset so allocated to a
particular Series shall be held with respect to that Series. Each such
allocation by or under the direction of the Board of Trustees shall be
conclusive and binding upon the Shareholders of all Series for all purposes.
(b) Liabilities Held with Respect to a Particular Series or Class.
The assets of the Trust held with respect to a particular Series shall be
charged with the liabilities, debts, obligations, costs, charges, reserves
and expenses of the Trust incurred, contracted for or otherwise existing
with respect to such Series. Such liabilities, debts, obligations, costs,
charges, reserves and expenses incurred, contracted for or otherwise existing
with respect to a particular Series are herein referred to as "liabilities
held with respect to" that Series. Any liabilities, debts, obligations,
costs, charges, reserves and expenses of the Trust which are not readily
identifiable as being liabilities held with respect to any particular
Series (collectively "General Liabilities") shall be allocated by the
Board of Trustees, or an appropriate officer as determined by the
Board of Trustees, to and among any one or more of the Series in
such manner and on such basis as the Board of Trustees in its sole
discretion deems fair and equitable. Each allocation of liabilities,
debts, obligations, costs, charges, reserves and expenses by or under
the direction of the Board of
Trustees shall be conclusive and binding upon the Shareholders
of all Series for all purposes. All
Persons who have extended credit that has been allocated
to a particular Series, or who have a
claim or contract that has been allocated to any particular
Series, shall look exclusively to the assets of that
particular Series for payment of such credit, claim, or
contract. In the absence of
an express contractual agreement so limiting the claims of such
creditors, claimants and contract providers, each creditor,
claimant and contract provider shall be deemed nevertheless
to have impliedly agreed to such limitation.
Subject to the right of the Board of Trustees in its discretion to
allocate General
Liabilities as provided herein, the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with
respect to a particular Series, whether such Series is now authorized
and existing pursuant to this Declaration of Trust or is hereafter
authorized and existing pursuant to this Declaration of Trust,
shall be enforceable against the assets held with respect to
that Series only, and not against the assets of any other
Series or the Trust generally and none of the debts, liabilities,
obligations and expenses incurred, contracted for or otherwise
existing with respect to the Trust generally or any other
Series thereof shall be enforceable
against the assets held with respect to such Series. Notice of this
limitation on liabilities between and among Series shall be set forth
in the Certificate of Trust pursuant to the DSTA, and upon
the giving of such notice in the Certificate of Trust, the
statutory provisions of Section 3804 of the DSTA relating to
limitations on liabilities between and among Series (and the
statutory effect under Section 3804 of setting forth such
notice in the Certificate of Trust) shall become applicable
to the Trust and each Series.
Liabilities, debts, obligations, costs, charges, reserves and
expenses related to the distribution of, and other identified
expenses that should or may properly be allocated to, the Shares
of a particular Class may be charged to and borne solely by such
Class. The bearing of expenses solely by a particular Class of
Shares may be appropriately reflected (in a manner determined by
the Board of Trustees) and may affect the net asset value attributable
to, and the dividend, redemption and liquidation rights of, such Class.
Each allocation of liabilities, debts, obligations, costs, charges,
reserves and expenses by or under the direction of the Board of Trustees
shall be conclusive and binding upon the Shareholders of all Classes for
all purposes. All Persons who have extended credit that has been allocated
to a particular Class, or who have a claim or contract that has been
allocated to any particular Class, shall look, and may be required by
contract to look, exclusively to that particular Class for payment of
such credit, claim, or contract.
(c) Dividends, Distributions and Redemptions. Notwithstanding
any other provisions of this Declaration of Trust, including, without
limitation, Article VI hereof, no dividend or distribution including,
without limitation, any distribution paid upon dissolution of the Trust
or of any Series with respect to, nor any redemption of, the Shares of
any Series or Class of such Series shall be effected by the Trust other
than from the assets held with respect to such Series, nor, except as
specifically provided in Section 7 of this Article III, shall any
Shareholder of any particular Series otherwise have any right or
claim against the assets held with respect to any other Series or
the Trust generally except, in the case of a right or claim against
the assets held with respect to any other Series, to the extent that
such Shareholder has such a right or claim hereunder as a Shareholder
of such other Series. The Board of Trustees shall have full discretion,
to the extent not inconsistent with the 1940 Act, to determine which items
shall be treated as income and which items as capital: and each such
determination and allocation shall be conclusive and binding upon
the Shareholders.
(d) Voting. All Shares of the Trust entitled to vote on a matter
shall vote in the aggregate without differentiation between the Shares
of the separate Series, if any, or
separate Classes, if any: provided that (i) with respect to any
matter that affects only the interests of some but not all Series,
then only the Shares of such affected Series, voting separately, shall
be entitled to vote on the matter, (ii) with respect to any matter that
affects only the interests of some but not all Classes, then only the
Shares of such affected Classes, voting separately, shall be entitled
to vote on the matter: and (iii) notwithstanding the foregoing, with
respect to any matter as to which the 1940 Act or other applicable
law or regulation requires voting, by Series or by Class, then the
Shares of the Trust shall vote as prescribed in such law or regulation.
(e) Equality. Each Share of any particular Series shall be equal
to each other Share of such Series (subject to the rights and preferences
with respect to separate Classes of such Series).
(f) Fractions. A fractional Share of the Trust or a Series shall carry
proportionately all the rights and obligations of a whole Share of the Trust
or such Series, including rights with respect to voting, receipt of
dividends and distributions, redemption of Shares and dissolution
of the Trust or that Series.
(g) Exchange Privilege. The Board of Trustees shall have the
authority to provide that the holders of Shares of any Series shall
have the right to exchange said Shares for Shares of one or more
other Series in accordance with such requirements and procedures
as may be established by the Board of Trustees, and in accordance
with the 1940 Act.
(h) Combination of Series or Classes.
(i) The Board of Trustees shall have the authority, without the
approval, vote or consent of the Shareholders of any Series, unless
otherwise required by applicable law, to combine the assets and
liabilities held with respect to any two or more Series into assets
and liabilities held with respect to a single Series: provided that
upon completion of such combination of Series, the interest of
each Shareholder, in the combined assets and liabilities held
with respect to the combined Series shall equal the interest of
each such Shareholder in the aggregate of the assets and liabilities
held with respect to the Series that were combined.
(ii) The Board of Trustees shall have the authority, without
the approval, vote or consent of the Shareholders of any Series
or Class, unless otherwise required by applicable law, to combine,
merge or otherwise consolidate the Shares of two or more Classes of
Shares of a Series with and/or into a single Class of Shares of such
Series, with such designation, preference, conversion or other rights,
voting powers, restrictions, limitations as to dividends, qualifications,
terms and conditions of redemption and other characteristics as the
Trustees may determine: provided, however,
that the Trustees shall provide written notice to the affected
Shareholders of any such transaction.
(iii) The transactions in (i) and (ii) above may be effected through
share-for-share exchanges, transfers or sales of assets, Shareholder
in-kind redemptions and purchases, exchange offers, or any other
method approved by the Trustees.
(i) Dissolution or Termination. Any particular Series shall be
dissolved and terminated upon the occurrence of the applicable
dissolution events set forth in Article VIII, Section 1 hereof.
Upon dissolution of a particular Series, the Trustees shall wind
up the affairs of such Series in accordance with Article VIII,
Section 1 hereof. The Board of Trustees shall terminate any
particular Class: (i) upon approval by a majority of votes
cast at a meeting of the Shareholders of such Class, provided a
quorum of Shareholders of such Class are present, or by
action of the Shareholders of such Class by written consent
without a meeting pursuant to Article V, Section 3: or (ii)
at the discretion of the Board of Trustees either (A) at any
time there are no Shares outstanding of such Class, or (B)
upon prior written notice to the Shareholders of such Class:
provided, however, that upon the termination of any particular
Series, every Class of such Series shall thereby be terminated.
Section 7. Indemnification of Shareholders. No Shareholder as such
shall be subject to any personal liability whatsoever to any Person in
connection with Trust Property or the acts, obligations or affairs of
the Trust. If any Shareholder or former Shareholder shall be exposed
to liability, charged with liability, or held personally liable, for
any obligations or liability of the Trust, by reason of a claim or
demand relating exclusively to his or her being or having been a
Shareholder of the Trust or a Shareholder of a particular Series
thereof, and not because of such Shareholder's actions or
omissions, such Shareholder or former Shareholder (or, in
the case of a natural person, his or her heirs, executors,
administrators, or other legal representatives or, in the
case of a corporation or other entity, its corporate or other
general successor) shall be entitled to be held harmless from
and indemnified out of the assets of the Trust or out of the
assets of such Series thereof, as the case may be, against
all loss and expense, including without limitation, attorneys'
fees, arising from such claim or demand: provided, however, such
indemnity shall not cover (i) any taxes due or paid by reason of
such Shareholder's ownership of any Shares and (ii) expenses charged
to a Shareholder pursuant to Article IV, Section 5 hereof.
ARTICLE IV
THE BOARD OF TRUSTEES
Section 1. Number, Election, Term, Removal and Resignation.
(a) The Board of Trustees shall be comprised of the Trustees
entering into this Declaration of Trust on the date first written
above, who shall hold office in accordance with paragraph (c) of
this Section 1 and as otherwise provided herein. In accordance with Section
3801 of the DSTA, each Trustee shall become a Trustee and be bound by this
Declaration of Trust and the By-Laws when such Person signs this
Declaration of Trust as a trustee and/or is duly elected or
appointed, qualified and serving on the Board of Trustees in
accordance with the
provisions hereof and the By-Laws, so long as such signatory or
other Person continues in office in accordance with the terms hereof.
(b) The number of Trustees constituting the entire Board of
Trustees may be fixed from time to time by the vote of a majority
of the then Board of Trustees: provided, however, that the number
of Trustees shall in no event be less than one (1) nor more than
fifteen (15). The number of Trustees shall not be reduced so as
to shorten the term of any Trustee then in office.
(c) Each Trustee shall hold office for the lifetime of the Trust
or until such Trustee's earlier death, resignation, removal, retirement
or inability otherwise to serve, or, if sooner than any of such events,
until the next meeting of Shareholders called for the purpose of electing
Trustees or consent of Shareholders in lieu thereof for the election of
Trustees, and until the election and qualification of his or her successor.
Shareholders shall not be entitled to elect Trustees except as required by
the 1940 Act. To the extent required by the 1940 Act, the Shareholders
shall elect the Trustees on such dates as the Trustees may fix from time
to time. The Shareholders may elect Trustees at any meeting of Shareholders
called for that purpose pursuant to the By-Laws. In the event that after
the proxy material approved by the Trustees has been printed for a meeting
of Shareholders at which Trustees are to be elected any one or more nominees
approved by the Trustees named in such proxy material dies or become
incapacitated or is otherwise unable or unwilling to serve, the authorized
number of Trustees shall be
automatically reduced by the number of such nominees, unless the
Board of Trustees prior to the meeting shall otherwise determine.
A meeting of Shareholders for the purpose of electing or removing
one or more Trustees shall be called as provided in the By-Laws.
(d) Any Trustee may be removed, with or without cause, by the Board
of Trustees, by action of a majority of the Trustees then in office,
or by vote of the Shareholders at any meeting called for that purpose.
(e) Any Trustee may resign at any time by giving written notice
to the secretary of the Trust or to a meeting of the Board of
Trustees. Such resignation shall be effective upon receipt,
unless specified to be effective at some later time.
(f) The declination to serve, death, resignation, retirement,
removal, incapacity, or inability of the Trustees, or any one of
them, shall not operate to dissolve or terminate the Trust or to
revoke any existing agency created pursuant to the terms of this
Declaration of Trust.
Section 2. Trustee Action by Written Consent Without a Meeting.
To the extent not inconsistent with the provisions of the 1940 Act,
any action that may be taken at any meeting of the Board of Trustees
or any committee thereof may be taken without a meeting and without
prior written notice if a consent or consents in writing setting
forth the action so taken is signed by the Trustees having not less
than the minimum number of votes that would be necessary to authorize
or take that action at a meeting at which all Trustees on the Board of
Trustees or any committee thereof, as the case may be, were present and
voted. Written consents of the Trustees may be executed in one or more
counterparts. A consent transmitted by electronic transmission (as
defined in Section 3806 of the DSTA) by a Trustee shall be deemed to
be written and signed
for purposes of this Section. All such consents shall be filed with
the secretary of the Trust and shall be maintained in the Trust's records.
Section 3. Powers: Other Business Interests: Quorum and Required Vote.
(a) Powers. Subject to the provisions of this Declaration of Trust,
the business of the Trust (including every Series thereof) shall be managed
by or under the direction of the Board of Trustees, and such Board of
Trustees shall have all powers necessary or convenient to carry out
that responsibility. The Board of Trustees shall have full power and
authority to do any and all acts and to make and execute any and all
contracts and instruments that it may consider necessary or appropriate
in connection with the operation and administration of the Trust
(including every Series thereof). The Board of Trustees shall not be bound
or
limited by present or future laws or customs with regard to investments by
trustees or fiduciaries, but, subject to the other provisions of this
Declaration of Trust and the By-Laws, shall have full authority and
absolute power and control over the assets and the business of the
Trust (including every Series thereof) to the same extent as if the
Board of Trustees was the sole owner of such assets and business in
its own right, including such authority, power and control to do all acts
and things as it, in its sole discretion, shall deem proper to accomplish
the purposes of this Trust. Without limiting the foregoing, the Board of
Trustees may, subject to the requisite vote for such actions as set forth
in this Declaration of Trust and the By-Laws: (1) adopt By-Laws not
inconsistent with applicable law or this Declaration of Trust: (2)
amend, restate and repeal such By-Laws, subject to and in accordance
with the provisions of such By-Laws: (3) fill vacancies on the Board
of Trustees in accordance with this Declaration of Trust and the
By-Laws: (4) elect
and remove such officers and appoint and terminate such agents as
it considers appropriate, in accordance with this Declaration of
Trust and the By-Laws: (5) establish and terminate one or more
committees of the Board of Trustees pursuant to the By-Laws: (6)
place Trust Property in custody as required by the 1940 Act,
employ one or more custodians of the Trust Property and authorize
such custodians to employ sub-custodians and to place all or any
part of such Trust Property with a custodian or a custodial
system meeting the requirements of the 1940 Act: (7) retain a
transfer agent, dividend disbursing agent, a shareholder servicing
agent or administrative services agent, or any number thereof or
any other service provider as deemed appropriate: (8) provide for
the issuance and distribution of Shares in the Trust or other
securities or financial instruments directly or through one or
more Principal Underwriters or otherwise: (9) retain one
or more Investment Adviser(s): (10) re-acquire and redeem Shares on
behalf of the Trust and transfer Shares pursuant to applicable law:
(11) set record dates for the determination of Shareholders with respect
to various matters, in the manner provided in Article V, Section 4 of
this Declaration of Trust: (12) declare and pay dividends and distributions
to Shareholders from the Trust Property, in accordance with this
Declaration of Trust and the By-Laws: (13) establish, designate
and redesignate from time to time, in accordance with the
provisions of Article III, Section 6 hereof, any Series or
Class of the Trust or of a Series: (14) hire personnel as
staff for the Board of Trustees or, for those Trustees who are not
Interested Persons of the Trust, the Investment Adviser, or the Principal
Underwriter, set the compensation to be paid by the Trust to such
personnel, exercise exclusive supervision of such personnel, and
remove one or more of such personnel, at the discretion of the Board
of Trustees: (15) retain special counsel, other experts and/or
consultants for the Board of Trustees, for those Trustees who
are not Interested Persons of the Trust, the Investment Adviser,
or the Principal Underwriter, and/or for one or
more of the committees of the Board of Trustees, set the
compensation to be paid by the Trust to
such special counsel, other experts and/or consultants, and remove one or
more of such special counsel, other experts and/or consultants, at the
discretion of the Board of Trustees: (16) engage in and prosecute,
defend, compromise, abandon, or adjust, by arbitration, or otherwise,
any actions, suits, proceedings, disputes, claims, and demands relating
to the Trust, and out of the assets of the Trust to pay or to satisfy
any debts, claims or expenses incurred in connection therewith,
including those of litigation, and such power shall include, without
limitation, the power of the Trustees, or any appropriate committee
thereof, in the exercise of their or its good faith business judgment,
to dismiss any action, suit, proceeding, dispute, claim or demand,
derivative or otherwise, brought by any person, including a shareholder
in its own name or in the name of the Trust, whether or not the Trust or
any of the Trustees may be named individually therein or the subject
matter arises by reason of business for or on behalf of the Trust: and (17)
in general delegate such authority as it considers desirable to any Trustee
or officer of the Trust, to any committee of the Trust, to any agent or
employee of the Trust or to any custodian, transfer, dividend disbursing,
shareholder servicing agent, Principal Underwriter, Investment Adviser,
or other service provider.
The powers of the Board of Trustees set forth in this Section 3(a) are
without prejudice to any other powers of the Board of Trustees set forth
in this Declaration of Trust and the By-Laws. Any determination as to
what is in the best interests of the Trust or any Series or Class
thereof and its Shareholders made by the Board of Trustees in
good faith shall be conclusive. In construing the provisions
of this Declaration of Trust, the presumption shall be in favor of a
grant of power to the Board of Trustees.
The Trustees shall be subject to the same fiduciary duties to which the
directors of a Delaware corporation would be subject if the Trust were
a Delaware corporation, the Shareholders were shareholders of such
Delaware corporation and the Trustees were directors of such Delaware
corporation, and such modified duties shall replace any fiduciary
duties to which the Trustees would otherwise be subject. Without
limiting the generality of the foregoing, all actions and omissions
of the Trustees shall be evaluated under the doctrine commonly
referred to as the "business judgment rule," as defined and
developed under Delaware law, to the same
extent that the same actions or omissions of directors of a
Delaware corporation in a substantially similar circumstance
would be evaluated under such doctrine. Notwithstanding the foregoing,
the provisions of this Declaration of Trust and the By-Laws, to the
extent that they restrict or eliminate the duties (including fiduciary
duties) and liabilities relating thereto of a Trustee otherwise applicable
under the foregoing standard or otherwise existing at law or in equity, are
agreed by each Shareholder and the Trust to replace such other duties and
liabilities of such Trustee.
(b) Other Business Interests. The Trustees shall devote to the
affairs of the Trust (including every Series thereof) such time as may
be necessary for the proper performance of their duties hereunder, but
neither the Trustees nor the officers, directors, shareholders, partners
or employees of the Trustees, if any, shall be expected to devote their
full time to the performance of such duties. The Trustees, or any Affiliate,
shareholder, officer, director, partner or employee thereof, or any Person
owning a legal or beneficial interest therein, may engage in, or possess an
interest in, any business or venture other than the Trust or any Series
thereof, of
any nature and description, independently or with or for the account
of others. None of the
Trust, any Series thereof or any Shareholder shall have the right to
participate or share in such other business or venture or any profit
or compensation derived therefrom.
(c) Quorum and Required Vote. At all meetings of the Board of Trustees,
a majority of the Board of Trustees then in office shall be present in person
in order to constitute a quorum for the transaction of business. A meeting
at which a quorum is initially present may continue to transact business
notwithstanding the departure of Trustees from the meeting, if any action
taken is approved by at least a majority of the required quorum for that
meeting. Subject to Article III, Sections 1 and 6 of the By-Laws and
except as otherwise provided herein or required by applicable law, the
vote of not less than a majority of the Trustees present at a meeting
at which a quorum is present shall be the act of the Board of Trustees.
Section 4. Payment of Expenses by the Trust. Subject to the provisions of
Article III, Section 6 hereof, the Trustees or an authorized officer of the
Trust shall pay or cause to be paid out of the principal or income of the
Trust or any particular Series or Class thereof, or partly out of the
principal and partly out of the income of the Trust or any particular
Series or Class thereof, and charge or allocate the same to, between
or among such one or more of the Series or Classes that may be
established or designated pursuant to Article III, Section 6
hereof, as the Trustees or such officer deems fair, all
expenses, fees, charges, taxes and liabilities incurred by or arising in
connection with the maintenance or operation of the Trust or a particular
Series or Class thereof, or in connection with the management thereof,
including, but not limited to, the Trustees' compensation and such
expenses, fees, charges, taxes and liabilities associated with the
services of the Trust's officers, employees, Investment Adviser(s),
Principal Underwriter, auditors, counsel, custodian, sub-custodian,
transfer agent, dividend disbursing agent, shareholder
servicing agent, and such other agents or independent contractors
and such other expenses, fees, charges, taxes and liabilities as
the Board of Trustees may deem necessary or proper to incur.
Section 5. Payment of Expenses by Shareholders. The Board of Trustees
shall have the power, as frequently as it may determine, to cause any
Shareholder to pay directly, in advance or arrears, an amount fixed
from time to time by the Board of Trustees or an officer of the Trust
for charges of the Trust's custodian or transfer, dividend disbursing,
shareholder servicing or similar agent-which are not customarily charged
generally to the Trust, a Series or a Class, where such services are
provided to such Shareholder individually, rather than to all Shareholders
collectively, by setting off such amount due from such Shareholder from
the amount of (i) declared but unpaid dividends or distributions owed
such Shareholder, or (ii) proceeds from the redemption by the Trust
of Shares from such Shareholder pursuant to Article VI hereof.
Section 6. Ownership of Trust Property. Legal title to all of
the Trust Property shall
at all times be vested in the Trust, except that the Board of Trustees
shall have the power to cause legal title to any Trust Property to be
held by or in the name of any Person as nominee, on such terms as the
Board of Trustees may determine, in accordance with applicable law.
No creditor of any Trustee shall have any right to obtain possession,
or otherwise exercise legal or equitable remedies with respect to, any
Trust Property with respect to any claim against, or obligation of,
such Trustee in its individual capacity and not related to the Trust
or any Series or Class of the Trust. No Shareholder shall be deemed
to have a severable ownership in any individual asset of the Trust,
or belonging to any Series, or allocable to any Class thereof, or
any right of partition or
possession thereof, but each Shareholder shall have, except as otherwise
provided for herein, a proportionate undivided beneficial interest in
the Trust or in assets belonging to the Series (or allocable to the
Class) in which the Shareholder holds Shares. The Shares shall be
personal property giving only the rights specifically set forth in
this Declaration of Trust or the DSTA.
Section 7. Service Contracts.
(a) Subject to this Declaration of Trust, the By-Laws and the 1940 Act,
the Board of Trustees may, at any time and from time to time, contract for
exclusive or nonexclusive investment advisory or investment management
services for the Trust or for any Series thereof with any corporation,
trust, association or other organization, including any Affiliate: and
any such contract may contain such other terms as the Board of Trustees
may determine, including without limitation, delegation of authority to
the Investment Adviser to determine from time to time without prior
consultation with the Board of Trustees what securities and other
instruments or property shall be purchased or otherwise acquired,
owned, held, invested or reinvested in,
sold, exchanged, transferred, mortgaged, pledged, assigned, negotiated, or
otherwise dealt with or disposed of, and what portion, if any, of the
Trust Property shall be held uninvested and to make changes in the
Trust's or a particular Series' investments, or to engage in such
other activities, including administrative services, as may specifically be
delegated to such party.
(b) The Board of Trustees may also, at any time and from time to time,
contract with any Person, including any Affiliate, appointing it or them
as the exclusive or nonexclusive placement agent, distributor or Principal
Underwriter for the Shares of the Trust or one or more of the Series or
Classes thereof, or for other securities or financial instruments to be
issued by the Trust, or appointing it or them to act as the administrator,
fund accountant or accounting agent, custodian, transfer agent, dividend
disbursing agent and/or shareholder servicing agent for the Trust or one
or more of the Series or Classes thereof.
(c) The Board of Trustees is further empowered, at any time and from
time to time, to contract with any Persons, including any Affiliates, to
provide such other services to the Trust or one or more of its Series,
as the Board of Trustees determines to be in the best interests of the
Trust, such Series and its Shareholders.
(d) None of the following facts or circumstances shall affect the
validity of any of the contracts provided for in this Article IV, Section 7,
or disqualify any Shareholder, Trustee, employee or officer of the Trust
from voting upon or executing the same, or create any liability or
accountability to the Trust, any Series thereof or the Shareholders,
provided that the establishment of and performance of each such
contract is permissible under the 1940 Act, and provided further
that such Person is authorized to vote upon such contract under
the 1940 Act:
(i) the fact that any of the Shareholders, Trustees, employees or officers
of the Trust is a shareholder, director, officer, partner, trustee, employee,
manager, Adviser, placement agent, Principal Underwriter, distributor, or
Affiliate or agent of or for any Person, or for any parent or Affiliate of
any Person, with which any type of service contract provided for in this
Article IV, Section 7 may have been or may hereafter be made, or that
any such Person, or any
parent or Affiliate thereof, is a Shareholder or has an interest in the
Trust, or
(ii) the fact that any Person with which any type of service contract
provided for in this Article IV, Section 7 may have been or may hereafter
be made also has such a service contract with one or more other Persons,
or has other business or interests.
(e) Every contract referred to in this Section 7 is required to comply
with this Declaration of Trust, the By-Laws, the 1940 Act, other applicable
law and any stipulation by resolution of the Board of Trustees.
ARTICLE V
SHAREHOLDERS' VOTING POWERS AND MEETINGS
Section 1. Voting Powers. Subject to the provisions of Article III,
Section 6 hereof, the Shareholders shall
have the power to vote only (i) on such matters
required by this Declaration of Trust, the By-Laws, the 1940 Act, other
applicable law and any registration statement of the Trust filed with
the Commission, the registration of which is effective: and (ii) on such
other matters as the Board of Trustees may consider necessary or
desirable. Subject to Article III hereof, the Shareholder of
record (as of the record date established pursuant to Section
4 of this Article V) of each Share shall be entitled to one
vote for each full Share, and a fractional vote for each fractional
Share. Shareholders shall not be entitled to cumulative voting in
the election of Trustees or on any other matter.
Section 2. Quorum and Required Vote.
(a) Forty percent (40%) of the outstanding Shares entitled to vote
at a Shareholders' meeting, which are present in person or represented
by proxy, shall constitute a quorum at the Shareholders' meeting,
except when a larger quorum is required by this Declaration of Trust,
the By-Laws, applicable law or the requirements of any securities
exchange on which Shares are listed for trading, in which case such
quorum shall comply with such requirements. When a separate vote by
one or more Series or Classes is required, forty percent (40%) of the
outstanding Shares of each such Series or Class entitled to vote at a
Shareholders' meeting of such Series or Class, which are present in
person or represented by proxy, shall constitute a quorum at the
Shareholders' meeting of such Series or Class, except when a larger
quorum is required by this Declaration of Trust, the By-Laws, applicable
law or the requirements of any securities exchange on which Shares of
such Series or Class are listed for trading, in
which case such quorum shall comply with such requirements.
(b) Subject to the provisions of Article III, Section 6(d), when
a quorum is present at any meeting, a majority of the votes cast
shall decide any questions and a plurality
shall elect a Trustee, except when a larger vote is required by any
provision of this Declaration of Trust or the By-Laws or by applicable
law. Pursuant to Article III, Section 6(d) hereof, where a separate
vote by Series and, if applicable, by Class is required, the preceding
sentence shall apply to such separate votes by Series and Classes.
(c) Abstentions and broker non-votes will be treated as votes
present at a Shareholders' meeting: abstentions and broker non-votes
will not be treated as votes cast at such meeting. Abstentions and
broker non-votes, therefore (i) will be included for purposes of
-determining whether a quorum is present: and (ii) will have no effect
on proposals that require a plurality for approval, or on proposals
requiring an affirmative vote of a majority of votes cast for approval.
Section 3. Shareholder Action by Written Consent Without a Meeting.
Any action which may be taken at any meeting of Shareholders may be taken
without a meeting if a consent or consents in writing setting forth the
action so taken is or are signed by the holders of a majority of the Shares
entitled to vote on such action (or such different proportion thereof as
shall be required by law, the Declaration of Trust or the By-Laws for
approval of such action) and is or are received by the secretary of the
Trust either: (i) by the date set by resolution of the
Board of Trustees for the shareholder vote on such action: or
(ii) if no date is set by resolution of the Board, within 30
days after the record date for such action as determined by
reference to Article V, Section 4(b) hereof. The written consent
for any such action may be executed in one or more counterparts,
each of which shall be deemed an original, and all of which when
taken together shall constitute one and the same instrument. A
consent transmitted by electronic transmission (as defined in the
DSTA) by a Shareholder or by a Person or Persons authorized to act
for a Shareholder shall be deemed to be written and signed for
purposes of this Section. All such consents shall be filed with
the secretary of the Trust and shall be maintained in the Trust's
records. Any Shareholder that has given a written consent or the
Shareholder's proxyholder or a personal representative of the
Shareholder or its respective proxyholder may revoke the consent
by a writing received by the secretary of the Trust either: (i)
before the date set by resolution of the Board of Trustees for
the shareholder vote on such action: or (ii) if no date is set by
resolution of the Board, within 30 days after the record date for
such action as determined by reference to Article V, Section 4(b) hereof.
Section 4. Record Dates.
(a) For purposes of determining the Shareholders entitled to notice
of, and to vote at, any meeting of Shareholders, the Board of Trustees
may fix a record date, which record date shall not precede the date upon
which the resolution fixing the record date is adopted by the Board of
Trustees, and which record date shall not be more than one hundred and
twenty (120) days nor less than ten (10) days before the date of any
such meeting. A determination of Shareholders of record entitled to
notice of or to vote at a meeting of Shareholders shall apply to any
adjournment of the meeting: provided, however, that the Board of Trustees
may fix a new record date for the adjourned meeting and shall fix a new
record date for any meeting that is adjourned for more than one hundred
and eighty (180) days from the record date set for the original meeting.
For purposes of determining the Shareholders entitled to vote on any action
without a meeting, the Board of Trustees may fix a record date, which record
date shall not precede the date upon which the resolution fixing the record
date is adopted by the Board of Trustees, and which record date shall not be
more than thirty (30) days after the date upon which the resolution fixing
the record date is adopted by the Board of Trustees.
(b) If the Board of Trustees does not so fix a record date:
(i) the record date for determining Shareholders entitled to notice
of, and to vote at, a meeting of Shareholders shall be at the close of
business on the day next preceding the day on which notice is given or,
if notice is waived, at the close of business on the day next preceding
the day on which the meeting is held.
(ii) the record date for determining Shareholders entitled to vote on
any action by consent in writing without a meeting of Shareholders, (1)
when no prior action by the Board of Trustees has been taken, shall be
the day on which the first signed written consent setting forth the
action taken is delivered to the Trust, or
(2) when prior action of the Board of Trustees has been taken, shall
be at the close of business on the day on which the Board of Trustees
adopts the resolution taking such prior action.
(c) For the purpose of determining the Shareholders of the Trust or
any Series or Class thereof who are entitled to receive payment of any
dividend or of any other distribution of assets of the Trust or any
Series or Class thereof (other than in connection with a dissolution
of the Trust or a Series, a merger, consolidation, conversion,
reorganization, or any other transactions, in each case that is
governed by Article VIII of the Declaration of Trust), the Board of
Trustees may:
(i) from time to time fix a record date, which record date shall
not precede the date upon which the resolution fixing the record date
is adopted, and which record date shall not be more than sixty (60) days
before the date for the payment of such dividend and/or such other
distribution:
(ii) adopt standing resolutions fixing record dates and related
payment dates at periodic intervals of any duration for the payment of
such dividend and/or such other distribution: and/or
(iii) delegate to an appropriate officer or officers of the Trust the
determination of such periodic record and/or payments dates with respect
to such dividend and/or such other distribution.
Nothing in this Section shall be construed as precluding the Board of
Trustees from setting different record dates for different Series or Classes.
Section 5. Additional Provisions. The By-Laws may include further
provisions for
Shareholders' votes, meetings and related matters.
ARTICLE VI
NET ASSET VALUE: DISTRIBUTIONS: REDEMPTIONS: TRANSFERS
Section 1. Determination of Net Asset Value, Net Income and Distributions.
(a) Subject to Article III, Section 6 hereof, the Board of Trustees shall
have the power to determine from time to time the offering price for
authorized, but unissued, Shares of the Trust or any Series or Class
thereof, respectively, that shall yield to the Trust or such Series
or Class not less than the net asset value thereof, in addition to any
amount of applicable sales charge to be paid to the Principal
Underwriter or the selling broker or dealer in connection with the
sale of such Shares, at which price the Shares of the Trust or such
Series or Class, respectively, shall be offered for sale, subject
to any other requirements or limitations of the
1940 Act.
(b) Subject to Article III, Section 6 hereof, the Board of Trustees
may, subject to the 1940 Act, prescribe (or delegate to any officer of
the Trust or any other Person the right to prescribe) such bases and
time (including any methodology or plan) for determining the net asset
value per Share of the Trust or any Series or Class thereof, or net
income attributable to the Shares of the Trust or any Series or Class
thereof or the declaration and payment of dividends
and distributions on the Shares of the Trust or any Series or
Class thereof, and the method of determining the Shareholders
to whom dividends and distributions are payable, as it may deem
necessary or desirable, and such dividends and distributions may
vary between the Classes to reflect differing allocations of the
expenses of the Trust between such Classes to such extent and for
such purposes as the Trustees may deem appropriate. Without
limiting the generality of the foregoing, but subject to
applicable federal law, including the 1940 Act, any dividend or
distribution may be paid in cash and/or securities or other property,
and the composition of any such distribution shall be determined by the
Trustees (or by any officer of the Trust or any other Person to whom
such authority has been delegated by the Trustees) and may be different
among Shareholders including differences among Shareholders of the same
Series or Class.
(c) The Shareholders of the Trust or any Series or Class, if any,
shall be entitled to receive dividends and distributions, when, if and
as declared by the Board of Trustees with respect thereto, provided that
with respect to Classes, such dividends and distributions shall comply
with the 1940 Act. The right of Shareholders to receive dividends or
other distributions on Shares of any Class may be set forth in a plan
adopted by the Board of Trustees and amended from time to time pursuant
to the 1940 Act. No Share shall have any priority or preference over
any other Share of the Trust with respect to dividends or distributions
paid in the ordinary course of business or distributions upon dissolution
of the Trust made pursuant to Article VIII, Section 1 hereof: provided
however, that
(i) if the Shares of the Trust are divided into Series thereof, no
Share of a particular Series shall have any priority or preference over
any other Share of the same Series with respect to dividends or
distributions paid in the ordinary course of business or
distributions upon dissolution of the Trust or of such Series made
pursuant to Article VIII, Section 1 hereof:
(ii) if the Shares of the Trust are divided into Classes thereof,
no Share of a particular Class shall have any priority or preference
over any other Share of the same Class with respect to dividends or
distributions paid in the ordinary course of business or
distributions upon dissolution of the Trust made pursuant to Article
VIII, Section 1 hereof: and
(iii) if the Shares of a Series are divided into Classes thereof,
no Share of a particular Class of such Series shall have any priority
or preference over any other Share of the same Class of such Series
with respect to dividends or distributions paid in the ordinary
course of business or distributions upon dissolution of such Series
made pursuant to Article VIII, Section 1 hereof.
All dividends and distributions shall be made ratably among all
Shareholders of the Trust, a particular Class of the Trust, a
particular Series, or a particular Class of a Series from the
Trust Property held with respect to the Trust, such Series or
such Class, respectively, according to the number of Shares
of the Trust, such Series or such Class held of record by
such Shareholders on the record date for any dividend or
distribution: provided however, that
(iv) if the Shares of the Trust are divided into Series thereof,
all dividends and distributions from the Trust Property and, if
applicable, held with respect to such Series, shall be distributed
to each Series thereof according to the net asset value computed
for such Series and within such particular Series, shall be distributed
ratably to the Shareholders of such Series according to the number of
Shares of such Series held of record by such Shareholders on the record
date for any dividend or distribution: and
(v) if the Shares of the Trust or of a Series are divided into
Classes thereof, all dividends and distributions from the Trust Property
and, if applicable, held with respect to the Trust or such Series, shall
be distributed to each Class thereof according to the net asset value
computed for such Class and within such particular Class, shall be
distributed ratably to the Shareholders of such Class according to
the number of Shares of such Class held of record by such Shareholders
on the record date for any dividend or distribution.
Dividends and distributions may be paid in cash, in kind or in Shares.
(d) Before payment of any dividend there may be set aside out of any
funds of the Trust, or the applicable Series thereof, available for
dividends such sum or sums as the Board of Trustees may from time to
time, in its absolute discretion, think proper as a reserve fund to
meet contingencies, or for equalizing dividends, or for repairing or
maintaining any property of the Trust, or any Series thereof, or for
such other lawful purpose as the Board of Trustees shall deem to be
in the best interests of the Trust, or the applicable Series, as the
case may be, and the Board of Trustees may abolish any such reserve
in the manner in which the reserve was created.
Section 2. Redemptions at the Option of a Shareholder. Unless
otherwise provided in the prospectus of the Trust relating to the
Shares, as such prospectus may be amended from time to time:
(a) The Trust shall purchase such Shares as are offered by any
Shareholder for redemption upon the presentation of a proper
instrument of transfer together with a request directed to the
Trust or a Person designated by the Trust that the Trust purchase
such Shares and/or in accordance with such other procedures for
redemption as the Board of Trustees may from time to time authorize.
If certificates have been issued to a Shareholder, any request for
redemption by such Shareholder must be accompanied by surrender of
any outstanding
certificate or certificates for such Shares in form for transfer,
together with such proof of the authenticity of signatures as may
reasonably be required on such Shares and accompanied by proper
stock transfer stamps, if applicable.
(b) The Trust shall pay for such Shares the net asset value thereof as
determined by the Trustees (or by such Person to whom such determination
has been delegated) (excluding any applicable redemption fee or sales load),
in accordance with this Declaration of Trust, the By-Laws, the 1940 Act and
other applicable law. Payments for Shares so redeemed by the Trust shall be
made in cash, except payment for such Shares may, at the option of the Board
of Trustees, or such officer or officers as it may duly authorize in its
complete discretion, be made in kind or partially in cash and partially in
kind. In case of any payment in kind, the Board of Trustees, or its
authorized officers, shall have absolute discretion as to what security
or securities of the Trust or the applicable Series shall be distributed
in kind and the amount of the same: and the securities shall be valued
for purposes of distribution at the value at which they were appraised
in computing the then current net asset value of the Shares, provided
that any Shareholder who cannot legally acquire securities so distributed
in kind shall receive cash to the extent permitted by the 1940 Act.
Shareholders shall bear the expenses of in-kind transactions, including,
but not limited to, transfer agency fees, custodian fees and costs of
disposition of such securities.
(c) Payment by the Trust for such redemption of Shares shall be made by
the Trust to the Shareholder within seven days after the date on which the
redemption request is received in proper form and/or such other procedures
authorized by the Board of Trustees are complied with: provided, however,
that if payment shall be made other than exclusively in cash, any securities
to be delivered as part of such payment shall be delivered as promptly as
any necessary transfers of such securities on the books of the several
corporations or other Person whose securities are to be delivered
practicably can be made, which may not necessarily occur within such
seven-day period. In no case shall the Trust be liable for any delay
of any corporation or other Person in transferring securities selected
for delivery as all or part of any payment in kind.
(d) The obligations of the Trust set forth in this Section 2 are subject
to the provision that such obligations may be suspended or postponed by the
Board of Trustees (1) during any time the New York Stock Exchange (the
"Exchange") is closed for other than weekends or holidays: (2) if
permitted by the rules of the Commission, during periods when trading
on the Exchange is restricted: or (3) during any National Financial
Emergency. The Board of Trustees may, in its discretion, declare
that the suspension relating to a National Financial Emergency
shall terminate, as the case may be, on the first business day
on which the Exchange shall have reopened or the period specified
above shall have expired (as to which, in the absence of an official
ruling by the Commission, the determination of the Board of Trustees
shall be conclusive). In the case of a suspension of the right of
redemption as provided herein, a Shareholder may either withdraw
the request for redemption or receive payment based on the net
asset value per Share next determined after the termination of
such suspension, less any fees imposed on such redemption.
(e) The right of any Shareholder of the Trust or any Series or Class
thereof to receive dividends or other distributions on Shares redeemed and
all other rights of such Shareholder with respect to the Shares so redeemed,
except the right of such Shareholder to receive payment for such Shares,
shall cease at the time the purchase price of such Shares shall have been
fixed, as provided above.
Section 3. Redemptions at the Option of the Trust. At the option
of the Board of
Trustees the Trust may, from time to time, without the vote
of the Shareholders, but subject to
the 1940 Act, redeem Shares or authorize the closing of any
Shareholder account, subject to such conditions and for such
reasons as may be established from time to time by the Board of
Trustees, including, without limitation, (i) the determination of the
Trustees that direct or indirect ownership of Shares of the Trust or
any Series has or may become concentrated in such Shareholder to an
extent that would disqualify any Series as a regulated investment
company under the Code (or any successor statute thereto), (ii) the
failure of a Shareholder to supply a tax identification number if
required to do so, or to have the minimum investment required (which
may vary by Series or Class), (iii) if the Share activity of the account
or ownership of Shares by a particular Shareholder is deemed by the
Trustees either to affect adversely the management of
the Trust or any Series or Class or not to be in the best interests of
the remaining Shareholders of the Trust or any Series or Class or (iv)
the failure of a Shareholder to pay when due for the purchase of Shares
issued to him. Any such redemption shall be effected at the redemption
price and in the manner provided in this Article VI.
Section 4. Transfer of Shares. Shares shall be transferable in
accordance with the provisions of the By-Laws.
ARTICLE VII
LIMITATION OF LIABILITY AND INDEMNIFICATION OF AGENT
Section 1. Limitation of Liability.
(a) For the purpose of this Article, "Agent" means any Person who is or
was a Trustee, officer, employee or other agent of the Trust or is or was
serving at the request of the Trust as a trustee, director, officer,
employee or other agent of another foreign or domestic corporation,
partnership, joint venture, trust or other enterprise: "Proceeding"
means any threatened, pending or completed action or proceeding, whether
civil, criminal, administrative or investigative: and "Expenses" include
without limitation attorneys' fees and any expenses of establishing a
right to indemnification under this Article.
(b) An Agent shall be liable to the Trust and to any Shareholder for any
act or omission that constitutes a bad faith violation of the implied
contractual covenant of good faith and fair dealing, for such Agent's
own willful misfeasance, bad faith, gross negligence or reckless
disregard of the duties involved in the conduct of such Agent (such
conduct referred to herein as "Disqualifying Conduct"), and for nothing else.
(c) Subject to subsection (b) of this Section 1 and to the fullest
extent that limitations on the liability of Agents are permitted by the
DSTA, the Agents shall not be responsible or liable in any event for
any act or omission of any other Agent of the Trust or any Investment
Adviser or Principal Underwriter of the Trust.
(d) No Agent, when acting in its respective capacity as such, shall be
personally liable to any Person, other than the Trust or a Shareholder to
the extent provided in subsections (b) and (c) of this Section 1, for any
act, omission or obligation of the Trust or any Trustee thereof.
(e) Each Trustee, officer and employee of the Trust shall, in the
performance of his or her duties, be fully and completely justified
and protected with regard to any act or any failure to act resulting
from reliance in good faith upon the books of account or other records
of the Trust, upon an opinion of counsel, or upon reports made to the
Trust by any of its officers or employees or by the Investment Adviser,
the Principal Underwriter, any other Agent, selected dealers,
accountants, appraisers or other experts or consultants, regardless
of whether such counsel or expert may also be a Trustee, as to matters
the Trustee, officer or employee of the Trust reasonably believes are
within such Person's professional or expert competence. The officers
and Trustees may obtain the advice of counsel or other experts with
respect to the meaning and operation of this Declaration of Trust,
the By-Laws, applicable law and their respective duties as officers
or Trustees. No such officer or Trustee shall be liable for any act
or omission in accordance with such advice, records and/or reports
and no inference concerning liability shall arise from a failure to
follow such advice, records and/or reports. The officers and Trustees
shall not be required to give any bond hereunder, nor any surety if a
bond is required by applicable law.
(f) The failure to make timely collection of dividends or interest,
or to take timely action with respect to entitlements, on the Trust's
securities issued in emerging countries, shall not be deemed to be
negligence or other fault on the part of any Agent, and no Agent
shall have any liability for such failure or for any loss or damage
resulting from the imposition by any government of exchange control
restrictions which might affect the liquidity of the Trust's assets
or from any war or political act of any foreign government to which
such assets might be exposed, except, in the case of a Trustee or
officer, for liability resulting from such Trustee's or officer's
Disqualifying Conduct.
(g) The limitation on liability contained in this Article applies to
events occurring at the time a Person serves as an Agent whether or not
such Person is an Agent at the time of any Proceeding in which liability
is asserted.
(h) No amendment or repeal of this Article shall adversely affect any
right or protection of an Agent that exists at the time of such amendment
or repeal.
Section 2. Indemnification.
(a) Indemnification by Trust. The Trust shall indemnify, out of Trust
Property, to the fullest extent permitted under applicable law, any Person
who was or is a party, potential party or non-party witness or is threatened
to be made a party, potential party or non- party witness to any Proceeding
by reason of the fact that such Person is or was an Agent of the Trust,
against Expenses, judgments, fines, settlements and other amounts actually
and reasonably incurred in connection with such Proceeding if such Person
acted in good faith or in the case of a criminal proceeding, had no
reasonable cause to believe the conduct of such Person was
unlawful. The termination of any Proceeding by judgment, order,
settlement, conviction or plea of nolo contendere or its equivalent
shall not of itself create a presumption that the Person did not act
in good faith or that the Person had reasonable cause to believe that
the Person's conduct was unlawful.
(b) Exclusion of Indemnification. Notwithstanding any provision to the
contrary contained herein, there shall be no right to indemnification for
any liability arising by reason of the Agent's Disqualifying Conduct. In
respect of any claim, issue or matter as to which that Person shall have
been adjudged to be liable in the performance of that Person's duty
to the Trust or the Shareholders, indemnification shall be made only
to the extent that the court in which that action was brought shall
determine, upon application or otherwise, that in view of all the
circumstances of the case, that Person was not liable by reason
of that Person's Disqualifying Conduct.
(c) Required Approval. Any indemnification under this Article shall
be made by the Trust if authorized in the specific case on a determination
that indemnification of the Agent is proper in the circumstances by (i)
a final decision on the merits by a court or other body before whom the
proceeding was brought that the Agent was not liable by reason of
Disqualifying Conduct (including, but not limited to, dismissal
of either a court action or an administrative proceeding against
the Agent for insufficiency of evidence of any Disqualifying Conduct)
or, (ii) in the absence of such a decision, a reasonable determination,
based upon a review of the facts, that the Agent was not liable by
reason of Disqualifying Conduct, by (1) the
vote of a majority of a quorum of the Trustees who are not (x)
"interested persons" of the Trust as defined in Section 2(a)(19)
of the 1940 Act, (y) parties to the proceeding, or (z) parties who
have any economic or other interest in connection with such specific
case (the "disinterested, non-party Trustees"): or (2) by independent
legal counsel in a written opinion.
(d) Advancement of Expenses. Expenses incurred by an Agent in defending
any Proceeding may be advanced by the Trust before the final disposition of
the Proceeding on receipt of an undertaking by or on behalf of the Agent to
repay the amount of the advance if it shall be determined ultimately that the
Agent is not entitled to be indemnified as authorized in this Article:
provided, that at least one of the following conditions for the advancement
of expenses is met: (i) the Agent shall provide a security for his
undertaking, (ii) the Trust shall be insured against losses arising
by reason of any lawful advances, or (iii) a majority of a quorum of
the disinterested, non-party Trustees of the Trust, or an independent
legal counsel in a written opinion, shall determine, based on a review
of readily available facts (as opposed to a full trial- type inquiry),
that there is reason to believe that the Agent ultimately will be found
entitled to indemnification.
(e) Other Contractual Rights. Nothing contained in this Article
shall affect
any right to indemnification to which Persons other than Trustees and
officers of the Trust or any subsidiary thereof may be entitled by
contract or otherwise.
(f) Fiduciaries of Employee Benefit Plan. This Article does not
apply to any Proceeding against any trustee, investment manager or other
fiduciary of an employee benefit plan in that Person's capacity as such,
even though that Person may also be an Agent of the Trust as defined in
Section 1 of this Article. Nothing contained in this Article shall
limit any right to indemnification to which such a trustee,
investment manager, or other fiduciary may be entitled by
contract or otherwise which shall be enforceable to the extent
permitted by applicable law other than this Article.
(g) Joint and Several Obligations. Notwithstanding any other
provision in this Declaration of Trust to the contrary, any amount
of indemnification and any advancement of expenses that any Agent is
entitled to be paid under Section 2 shall be deemed to be joint and
several obligations of the Trust and each Series, and the assets of
the Trust and each Series shall be subject to the claims of any Agent
therefor under this Article VII: provided that any such liability,
expense or obligation may be allocated and charged by the Board of
Trustees between
or among the Trust and/or any one or more Series (and Classes) in
such manner as the Board of
Trustees in its sole discretion deem fair and equitable.
Section 3. Insurance. To the fullest extent permitted by applicable law,
the Board of Trustees shall have the authority to purchase with Trust
Property, insurance for liability and for all Expenses reasonably
incurred or paid or expected to be paid by an Agent in connection
with any Proceeding in which such Agent becomes involved by virtue
of such Agent's actions, or omissions to act, in its capacity or
former capacity with the Trust, whether or not the Trust would
have the power to indemnify such Agent against such liability.
Section 4. Derivative Actions. In addition to the requirements set
forth in Section
3816 of the DSTA, a Shareholder or Shareholders may bring a derivative
action on behalf of the
Trust only if the following conditions are met:
(a) The Shareholder or Shareholders must make a pre-suit demand upon
the Board of Trustees to bring the subject action unless an effort to
cause the Board of Trustees to bring such an action is not likely to
succeed. For purposes of this Section 4, a demand on the Board of
Trustees shall only be deemed not likely to succeed and therefore
excused if a majority of the Board of Trustees, or a majority of
any committee established to consider the merits of such action,
is composed of Trustees who are not "independent trustees" (as
such term is defined in the DSTA).
(b) Unless a demand is not required under paragraph (a) of
this Section 4, Shareholders eligible to bring such derivative
action under the DSTA who hold at least 10% of the outstanding
Shares of the Trust, or 10% of the outstanding Shares of the
Series or Class to which such action relates, shall join in
the request for the Board of Trustees to commence such action: and
(c) Unless a demand is not required under paragraph (a) of this
Section 4, the Board of Trustees must be afforded a reasonable amount
of time to consider such Shareholder request and to investigate the
basis of such claim. The Board of Trustees shall be entitled to retain
counsel or other advisors in considering the merits of the request and
shall require an undertaking by the Shareholders making such request to
reimburse the Trust for the expense of any such advisors in the event
that the Board of Trustees determine not to bring such action.
For purposes of this Section 4, the Board of Trustees may designate a
committee of one Trustee to consider a Shareholder demand if necessary
to create a committee with a majority of Trustees who are "independent
trustees" (as such term is defined in the DSTA).
In addition to all suits, claims or other actions (collectively, "claims")
that under applicable law must be brought as derivative claims, each
Shareholder of the Trust or any Series or Class thereof agrees that
any claim that affects all Shareholders of a Series or Class equally,
that is, proportionately based on their number of Shares in such Series
or Class, must be brought as a derivative claim subject to this Section
4 irrespective of whether such claim involves a violation of the
Shareholders' rights under this Declaration of Trust or any other
alleged violation of contractual or individual rights that might
otherwise give rise to a direct claim.
Section 5. Jurisdiction and Waiver of Jury Trial. In accordance with
Section 3804(e) of the DSTA any suit, action or proceeding brought by or
in the right of any Shareholder or any person claiming any interest in
any Shares seeking to enforce any provision of, or based on any matter
arising out of, or in connection with, this Declaration of Trust or the
Trust, any Series or Class or any Shares, including any claim of any
nature against the Trust, any Series or Class, the Trustees or officers
of the Trust, shall be brought exclusively in the Court of Chancery of
the State of Delaware to the extent there is subject matter jurisdiction
in such court for the claims asserted or, if not, then in the Superior
Court of the State of Delaware, and all Shareholders and other such
Persons hereby irrevocably consent to the jurisdiction of such courts
(and the appropriate appellate courts therefrom) in any such suit,
action or proceeding and irrevocably
waive, to the fullest extent permitted by law, any objection
they may make now or hereafter have to the laying of the venue
of any such suit, action or proceeding in such court or that any
such suit, action or proceeding brought in any such court has
been brought in an inconvenient forum and further, in connection
with any such suit, action, or proceeding brought in the Superior
Court in the State of Delaware, all Shareholders and all other such
Persons irrevocably waive the right to a trial by jury to the fullest
extent permitted by law. All Shareholders and other such Persons agree
that service of summons, complaint or other process in connection with
any proceedings may be made by registered or certified mail or by
overnight courier addressed to such Person at the address shown on
the books and records of the Trust for such Person or at the address
of the Person shown on the books and records of the Trust with respect
to the Shares that such Person claims an interest in. Service of process
in any such suit, action or proceeding against the Trust or any Trustee or
officer of the Trust may be made at the address of the Trust's registered
agent
in the State of Delaware. Any service so made shall be effective
as if personally made in the
State of Delaware.
ARTICLE VIII CERTAIN TRANSACTIONS
Section 1. Dissolution of Trust or Series. The Trust and each Series
shall have
perpetual existence, except that the Trust (or a particular Series)
shall be dissolved:
(a) With respect to the Trust, (i) upon the vote of the holders of not less
than a majority of the Shares of the Trust cast, or (ii) at the discretion of
the Board of Trustees either
(A) at any time there are no Shares outstanding of the Trust, or (B) upon
prior written notice to the Shareholders of the Trust: or
(b) With respect to a particular Series, (i) upon the vote of the
holders of not less than a majority of the Shares of such Series cast,
or (ii) at the discretion of the Board of Trustees either (A) at any
time there are no Shares outstanding of such Series, or (B) upon
prior written notice to the Shareholders of such Series: or
(c) With respect to the Trust (or a particular Series), upon
the occurrence of a dissolution or termination event pursuant to
any other provision of this Declaration of Trust (including Article
VIII, Section 2) or the DSTA: or
the Trust.
(d) With respect to any Series, upon any event that causes the dissolution of
Upon dissolution of the Trust (or a particular Series, as the case may be),
the Board of Trustees shall (in accordance with Section 3808 of the DSTA)
pay or make reasonable provision to pay all claims and obligations of the
Trust and/or each Series (or the particular Series, as the case may be),
including, without limitation, all contingent, conditional or unmatured
claims and obligations known to the Trust, and all claims and obligations
which are known to the Trust, but for which the identity of the claimant
is unknown. If there are sufficient assets held with respect to the
Trust and/or each Series of the Trust (or the particular Series, as
the case may be), such claims and obligations shall be paid in full
and any such provisions for payment shall be made in
full. If there are insufficient assets held with respect to the
Trust and/or each Series of the Trust (or the particular Series,
as the case may be), such claims and obligations shall be paid or
provided for according to their priority and, among claims and
obligations of equal priority, ratably to the extent of assets
available therefor. Any remaining assets (including, without
limitation, cash, securities or any combination thereof) held
with respect to the Trust and/or each Series of the Trust (or
the particular Series, as the case may be) shall be distributed
to the Shareholders of the Trust and/or each Series of the Trust
(or the particular Series, as the case
may be) ratably according to the number of Shares of the Trust
and/or such Series thereof (or the particular Series, as the
case may be) held of record by the several Shareholders on
the date for such dissolution distribution: provided, however,
that if the Shares of the Trust or a Series are divided into
Classes thereof, any remaining assets (including, without limitation,
cash, securities or any combination thereof) held with respect to the
Trust or such Series, as applicable, shall be distributed to each Class
of the Trust or such Series according to the net asset value computed
for such Class and within such particular Class, shall be distributed
ratably to the Shareholders of such Class according to the number of
Shares of such Class held of record by the several Shareholders on
the date for such dissolution distribution. Upon the winding up of
the Trust in accordance with Section 3808 of the DSTA and its
termination, any one (1) Trustee shall
execute, and cause to be filed, a certificate of cancellation,
with the office of the Secretary of
State of the State of Delaware in accordance with the provisions of
Section 3810 of the DSTA.
In connection with the dissolution and liquidation of the Trust or the
termination of any Series or any Class, the Trustees may provide for
the establishment and utilization of a liquidating trust or similar vehicle.
Section 2. Merger or Consolidation: Conversion: Reorganization.
(a) Merger or Consolidation. Pursuant to an agreement of merger or
consolidation, the Board of Trustees, by vote of a majority of the
Trustees, may cause the Trust to merge or consolidate with or into
one or more statutory trusts or "other business entities" (as defined
in Section 3801 of the DSTA) formed or organized or existing under the
laws of the State of Delaware or any other state of the United States
or any foreign country or other foreign jurisdiction. Any such merger
or consolidation shall not require the vote of the Shareholders unless
such vote is required by the 1940 Act: provided however, that the Board
of Trustees shall provide at least thirty (30) days' prior written
notice to the Shareholders of such merger or consolidation. By
reference to Section 3815(f) of the DSTA, any agreement of
merger or consolidation approved in accordance with this
Section 2(a) may, without a Shareholder vote unless required by
the 1940 Act or the requirements of any securities exchange on which Shares
are listed for trading, effect any amendment to this Declaration of Trust
or the By-Laws or effect the adoption of a new governing instrument if
the Trust is the surviving or resulting statutory trust in the merger
or consolidation, which amendment or new governing instrument shall be
effective at the effective time or date of the merger or consolidation.
In all respects not governed by the DSTA, the 1940 Act, other applicable
law or the requirements of any securities exchange on which Shares are
listed for trading, the Board of Trustees shall have the power to
prescribe additional procedures necessary or appropriate to accomplish a
merger or consolidation,
including the power to create one or more separate statutory trusts to
which all or any part of the assets, liabilities, profits or losses of
the Trust may be transferred and to provide for the conversion of Shares
into beneficial interests in such separate statutory trust or trusts.
In connection with any merger or consolidation, if the Trust is the
surviving or resulting statutory
trust, any one (1) Trustee shall execute, and cause to be filed, a
certificate of merger or consolidation in accordance with Section
3815 of the DSTA.
(b) Conversion. The Board of Trustees, by vote of a majority
of the Trustees, may cause (i) the Trust to convert to an "other
business entity" (as defined in Section 3801 of the DSTA) formed
or organized under the laws of the State of Delaware as permitted
pursuant to Section 3821 of the DSTA: (ii) the Shares of the Trust
or any Series or Class to be converted into beneficial interests in
another statutory trust (or series or class thereof) created pursuant
to this Section 2 of this Article VIII, or (iii) the Shares to be
exchanged under or pursuant to any state or federal statute to the
extent permitted by law. Any such statutory conversion, Share conversion
or Share exchange shall not require the vote of the Shareholders unless
such vote is required by the 1940 Act: provided however, that the Board
of Trustees shall provide at least thirty (30) days' prior written notice
to the Shareholders of the Trust of any conversion of Shares of the
Trust pursuant to Subsections (b)(i) or (b)(ii) of this Section 2
or exchange of Shares of the Trust pursuant to Subsection (b)(iii)
of this Section 2, and at least thirty (30) days' prior written
notice to the Shareholders of a particular Series or Class of
any conversion of Shares of such Series or Class pursuant to
Subsection (b)(ii) of this Section 2 or exchange of Shares of
such Series or Class pursuant to Subsection (b)(iii) of this
Section 2. In all respects not governed by the DSTA, the
1940 Act, other applicable law or the requirements of any
securities exchange on which Shares are listed for trading,
the Board of Trustees shall have the power to prescribe
additional procedures necessary or appropriate to accomplish a
statutory conversion, Share conversion or Share exchange, including
the power to create one or more separate statutory trusts to which
all or any part of the assets, liabilities, profits or losses of the
Trust may be transferred and to
provide for the conversion of Shares of the Trust or any Series or
Class thereof into beneficial interests in such separate statutory
trust or trusts (or series or class thereof).
(c) Reorganization. The Board of Trustees, by vote of a majority of
the Trustees, may cause the Trust to sell, convey and transfer all or
substantially all of the assets of the Trust ("sale of Trust assets")
or all or substantially all of the assets associated with any one or
more Series ("sale of such Series' assets") or any one or more Classes
("sale of such Class's assets"), to another trust, statutory trust,
partnership, limited partnership, limited liability company, corporation
or other association organized under the laws of any state, or to one or
more separate series or class thereof, or to the Trust to be held as
assets associated with one or more other Series or Classes of the Trust,
in exchange for cash, shares or other securities (including, without
limitation, in the case of a transfer to another Series or Class of
the Trust, Shares of such other Series or Class) with such sale,
conveyance and transfer either (a) being made subject to, or with
the assumption by the transferee of, the liabilities associated
with the Trust or the liabilities associated with the Series or
Class the assets of which are so transferred,
as applicable, or (b) not being made subject to, or not with
the assumption of, such liabilities.
Any such sale, conveyance and transfer shall not require the
vote of the Shareholders unless such vote is required by the
1940 Act: provided however, that the Board of Trustees shall
provide at least thirty (30) days' prior written notice to
the Shareholders of the Trust of any such sale of Trust
assets, at least thirty (30) days' prior written notice
to the Shareholders of a particular
Series of any sale of such Series' assets, and at least thirty
(30) days' prior written notice to the Shareholders of a particular
Class of any sale of such Class's assets. Following such sale of
Trust assets, the Board of Trustees shall distribute such cash,
shares or other securities ratably among the Shareholders of the
Trust (giving due effect to the assets and liabilities associated
with and any other differences among the various Series the assets
associated with which have been so sold, conveyed and transferred,
and due effect to the differences among the various Classes within
each such Series). Following a sale of such Series' assets, the
Board of Trustees shall distribute such cash, shares or other
securities ratably among the Shareholders of such Series (giving
due effect to the differences among the various Classes within
each such Series).
Following a sale of such Class's assets, the Board of Trustees
shall distribute such cash, shares or other securities ratably
among the Shareholders of such Class. If all of the assets of
the Trust have been so sold, conveyed and transferred, the Trust
shall be dissolved: and if all of the assets of a Series or Class
have been so sold, conveyed and transferred, such Series and the
Classes thereof, or such Class, shall be dissolved. In all respects
not governed by the DSTA, the 1940
Act or other applicable law, the Board of Trustees shall have the
power to prescribe additional procedures necessary or appropriate
to accomplish such sale, conveyance and transfer, including the
power to create one or more separate statutory trusts to which
all or any part of the assets, liabilities, profits or losses
of the Trust may be transferred and to provide for the
conversion of Shares into beneficial interests in such
separate statutory trust or trusts.
Section 3. Master Feeder Structure. If permitted by the 1940 Act,
the Board of Trustees, by vote of a majority of the Trustees, and without
a Shareholder vote, may cause the Trust or any one or more Series to
convert to a master feeder structure (a structure in which a feeder
fund invests all of its assets in a master fund, rather than making
investments in securities directly) and thereby cause existing Series
of the Trust to either become feeders in a master fund, or to become
master funds in which other funds are feeders.
Section 4. Absence of Appraisal or Dissenters' Rights. No
Shareholder shall be entitled, as a matter of right, to relief
as a dissenting Shareholder in respect of any proposal or action
involving the Trust or any Series or any Class thereof.
ARTICLE IX AMENDMENTS
Section 1. Amendments Generally. This Declaration of Trust
may be restated and/or
amended at any time by an instrument in writing signed by not less
than a majority of the Board of Trustees and, to the extent required
by the 1940 Act or the requirements of any securities exchange on which
Shares are listed for trading, by approval of such amendment by the
Shareholders in accordance with Article III, Section 6 hereof and
Article V hereof. Any such restatement and/or amendment hereto shall
be effective immediately upon execution and approval or upon such future
date and time as may be stated therein. The Certificate of Trust shall
be restated and/or amended at any time by the Board of Trustees, without
Shareholder approval, to correct any inaccuracy contained therein. Any
such restatement and/or amendment of the Certificate of Trust shall be
executed by at least one (1) Trustee and shall be effective immediately
upon its filing with the office of the Secretary of State of the State
of Delaware or upon such future date as may be stated therein.
ARTICLE X MISCELLANEOUS
Section 1. References: Headings: Counterparts. In this
Declaration of Trust and in
any restatement hereof and/or amendment hereto, references to this
instrument, and all expressions of similar effect to "herein,"
"hereof" and "hereunder," shall be deemed to refer to this
instrument as so restated and/or amended. Headings are placed
herein for convenience of reference only and shall not be taken
as a part hereof or control or affect the meaning, construction
or effect of this instrument. Whenever the singular number is
used herein, the same shall include the plural: and the neuter,
masculine and feminine genders shall include each other, as
applicable. Any references herein to specific sections of the
DSTA, the Code or the 1940 Act shall refer to such sections as
amended from time to time or any successor sections thereof.
This instrument may be executed in any number of counterparts,
each of which shall be deemed an original.
Section 2. Applicable Law. This Declaration of Trust is created
under and is to be governed by and construed and administered according
to the laws of the State of Delaware and the applicable provisions of
the 1940 Act and the Code: provided, that, all matters relating to or
in connection with the conduct of Shareholders' and Trustees'
meetings (excluding, however, the Shareholders' right to vote),
including, without limitation, matters relating to or in connection
with record dates, notices to Shareholders or Trustees, nominations
and elections of Trustees, voting by, and the validity of, Shareholder
proxies, quorum requirements, meeting adjournments, meeting postponements
and inspectors, which are not specifically addressed in this Declaration
of Trust, in the By-Laws or in the DSTA (other than DSTA Section 3809),
or as to which an ambiguity exists, shall be governed by the Delaware
General Corporation Law, and judicial interpretations thereunder, as
if the Trust were a Delaware corporation, the Shareholders were
shareholders of such Delaware corporation and the Trustees were
directors of such Delaware corporation: provided, further, however,
that there shall not be applicable to the Trust, the Trustees, the
Shareholders or any other Person or to this Declaration of Trust or
the By-Laws (a) the provisions of Sections 3533, 3540 and 3583(a) of
Title 12 of the Delaware Code or (b) any provisions of the laws
(statutory or common) of the State of Delaware (other than the DSTA)
pertaining to trusts which relate to or regulate (i) the filing with
any court or governmental body or agency of trustee accounts or
schedules of trustee fees and charges, (ii) affirmative requirements
to post bonds for trustees, officers, agents or employees of a trust,
(iii) the necessity for obtaining court or other governmental approval
concerning the acquisition, holding or disposition of real or personal
property, (iv) fees or other sums payable to trustees, officers,
agents or employees of a trust, (v) the allocation of receipts and
expenditures to income or principal, (vi) restrictions or limitations
on the permissible nature, amount or concentration of trust investments
or requirements relating to the titling, storage or other manner of holding
trust assets, or (vii) the establishment of fiduciary or other standards or
responsibilities or limitations on the indemnification, acts or powers of
trustees or other Persons, which are inconsistent with the limitations of
liabilities or authorities and powers of the Trustees or officers of the
Trust set forth or referenced in this Declaration of Trust or the By-Laws.
The Trust shall be a Delaware statutory trust pursuant to the DSTA, and
without limiting the provisions hereof, the Trust may exercise all powers
which are ordinarily exercised by such a statutory trust.
Section 3. Provisions in Conflict with Law or Regulations.
(a) The provisions of this Declaration of Trust are severable, and if
the Board of Trustees shall determine, with the advice of counsel, that
any of such provisions is in conflict with the 1940 Act, the Code, the
DSTA, or with other applicable laws and regulations, the conflicting
provision shall be deemed not to have constituted a part of this Declaration
of Trust from the time when such provisions became inconsistent with such
laws or regulations: provided, however, that such determination shall not
affect any of the remaining provisions of this Declaration of Trust or
render invalid or improper any action taken or omitted prior to such
determination.
(b) If any provision of this Declaration of Trust shall be held
invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall attach only to such provision in such jurisdiction
and shall not in any manner affect such provision in any other jurisdiction
or any other provision of this Declaration of Trust in any jurisdiction.
Section 4. Statutory Trust Only. It is the intention of the Trustees
to create hereby a statutory trust pursuant to the DSTA, and thereby to
create the relationship of trustee and beneficial owners within the meaning
of the DSTA between, respectively, the Trustees and each Shareholder. It is
not the intention of the Trustees to create a general or limited
partnership, limited liability company, joint stock association,
corporation, bailment, or any form of legal relationship other
than a statutory trust pursuant to the DSTA. Nothing in this
Declaration of Trust shall be construed to make the Shareholders,
either by themselves or with the Trustees, partners or members of
a joint stock association.
Section 5. Use of the Names "Franklin," "Xxxxxxxxx," "Fiduciary Trust,"
and/or "Institutional Fiduciary Trust". The Board of Trustees expressly
agrees and acknowledges that the names "Xxxxxxxx," "Xxxxxxxxx," "Fiduciary
Trust," and "Institutional Fiduciary Trust" are the sole property of Franklin
Resources, Inc. ("FRI"). FRI has granted to the Trust a non- exclusive
license to use such names as part of the name of the Trust now and in
the future. The Board of Trustees further expressly agrees and
acknowledges that the non-exclusive license granted herein may
be terminated by FRI if the Trust ceases to use FRI or one of its
Affiliates as Investment Adviser or to use other Affiliates or
successors of FRI for such purposes. In such event, the
non-exclusive license may be revoked by FRI and the Trust
shall cease using the names "Franklin," "Xxxxxxxxx," "Fiduciary Trust,"
"Institutional Fiduciary Trust" or any name misleadingly implying a
continuing relationship between the Trust and FRI or any of its
Affiliates, as part of its name unless otherwise consented to by
FRI or any successor to its interests in such names.
The Board of Trustees further understands and agrees that so
long as FRI and/or any future advisory Affiliate of FRI shall
continue to serve as the Trust's Investment Adviser, other
registered open- or closed-end investment companies ("funds")
as may be sponsored or advised by FRI or its Affiliates shall
have the right permanently to adopt and to use the names
"Franklin", "Xxxxxxxxx," "Fiduciary Trust" and/or "Institutional
Fiduciary Trust" in their names and in the names of any series
or Class of shares of such funds.
IN WITNESS WHEREOF, the Trustees of Franklin Xxxxxxxxx Global
Trust named below do hereby make and enter into this Declaration
of Trust as of the date first written above.
/s/ Harris J. Xxxxxx
Xxxxxx X. Xxxxxx, Trustee
/s/ Xxxx X. Xxxxxx
Xxxx X. Xxxxxx, Xxxxxxx
/s/ Xxxxxxx X. Xxxxxxx
Xxxxxxx X. Xxxxxxx, Trustee
/s/ X. Xxxxxxx Xxxxxx
X. Xxxxxxx Xxxxxx, Trustee /s/ Xxx Xxxxx Xxxxx
Xxx Xxxxx Xxxxx, Trustee
/s/ Xxxxx X. Xxxxxxx
Xxxxx X. Xxxxxxx, Xxxxxxx
/s/ Xxxxxx X. Xxxxxxx
Xxxxxx X. Xxxxxxx, Xx., Trustee
/s/ Xxxxx X. Xxxxxxx
Xxxxx X. Xxxxxxx, Trustee
/s/ Xxxxx X. Xxxxxxxx
Xxxxx X. Xxxxxxxx, Trustee
/s/ Xxxxxx X. Xxxx
Xxxxxx X. Xxxx, Trustee
/s/ Xxxxxxxxxxx X. Xxxxxxxxxxxxx
Xxxxxxxxxxx X. Xxxxxxxxxxxxx, Trustee
37
Franklin Xxxxxxxxx Global Tmst
# 3254757 V, I
