OTHER REQUIRED INFO

C.20.a.iv.1 Name of fund	                SEC File numbers
Franklin California Tax Free Income Fund	811-02790
Franklin California Tax Free Trust		811-04356
Franklin Custodian Funds			811-00537
Franklin Federal Tax Free Income Fund		811-03395
Franklin Floating Rate Master Trust		811-09869
Franklin Fund Allocator Series			811-07851
Franklin Global Trust				811-10157
Franklin Gold and Precious Metals Fund		811-01700
Franklin High Income Trust			811-01608
Franklin Investors Securities Trust		811-04986
Franklin Managed Trust				811-04894
Franklin Municipal Securities Trust		811-06418
Franklin Mutual Series Funds			811-05387
Franklin New York Tax Free Income Fund		811-03479
Franklin New York Tax Free Trust		811-04787
Franklin Real Estate Securities Trust		811-08034
Franklin Strategic Mortgage Portfolio		811-07288
Franklin Strategic Series			811-06243
Franklin Tax Free Trust				811-04149
Franklin Templeton Global Trust			811-04450
Franklin Templeton International Trust		811-06336
Franklin Templeton Variable Insurance
Products Trust					811-05583
Franklin Value Investors Trust			811-05878
Templeton China World Fund			811-07876
Templeton Developing Markets Trust		811-06378
Templeton Funds					811-02781
Templeton Global Investment Trust		811-08226
Templeton Global Opportunities Trust		811-05914
Templeton Global Smaller Companies Fund		811-03143
Templeton Growth Fund Inc			811-04892
Templeton Income Trust				811-04706
Templeton Institutional Funds			811-06134

INTERNAL CONTROL RPT

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Franklin Custodian Funds
In planning and performing our audit of the financial statements of
Franklin US Government Securities Fund, Franklin Growth Fund,
Franklin Utilities Fund, Franklin Dynatech Fund, Franklin
Income Fund, and Franklin Focused Growth Fund
(collectively the "Funds") as of and for the year ended
September 30, 2018, in accordance with the standards of
the Public Company Accounting Oversight Board (United States)
 ("PCAOB"), we considered the Funds' internal control over
financial reporting, including controls over safeguarding
securities, as a basis for designing our auditing procedures
 for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-CEN,
 but not for the purpose of expressing an opinion on the
effectiveness of the Funds' internal control over financial
 reporting.  Accordingly, we do not express an opinion on
the effectiveness of the Funds' internal control over
 financial reporting.
The management of the Funds is responsible for establishing
 and maintaining effective internal control over financial reporting.
  In fulfilling this responsibility, estimates and judgments by
 management are required to assess the expected benefits and related
costs of controls.  A company's internal control over financial
 reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation
 of financial statements for external purposes in accordance with
 generally accepted accounting principles.  A company's internal
control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that,
 in reasonable detail, accurately and fairly reflect the transactions
 and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary
 to permit preparation of financial statements in accordance with
 generally accepted accounting principles, and that receipts and
 expenditures of the company are being made only in accordance with
 authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely
 detection of unauthorized acquisition, use or disposition of
a company's assets that could have a material effect on the
 financial statements.
Because of its inherent limitations, internal control over
 financial reporting may not prevent or detect misstatements.
  Also, projections of any evaluation of effectiveness to future
 periods are subject to the risk that controls may become inadequate
 because of changes in conditions, or that the degree of compliance
 with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow management
 or employees, in the normal course of performing their assigned
 functions, to prevent or detect misstatements on a timely basis.
  A material weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting,
 such that there is a reasonable possibility that a material
 misstatement of the company's annual or interim financial
statements will not be prevented or detected on a timely basis.
Our consideration of the Funds' internal control over financial
 reporting was for the limited purpose described in the first
 paragraph and would not necessarily disclose all deficiencies
 in internal control over financial reporting that might be
material weaknesses under standards established by the PCAOB.
  However, we noted no deficiencies in the Funds' internal
 control over financial reporting and its operation, including
 controls over safeguarding securities, that we consider to be
 a material weakness as defined above as of September 30, 2018.
This report is intended solely for the information and use of
 the Board of Trustees of Franklin Custodian Funds and the
Securities and Exchange Commission and is not intended to be
 and should not be used by anyone other than these specified parties.

/s/PricewaterhouseCoopers LLP
San Francisco, California
November 29, 2018

INST DEFINING RIGHTS

NAME OF REGISTRANT:
FRANKLIN CUSTODIAN FUNDS
File No. 811-00537

EXHIBIT ITEM: Terms of new or amended securities
GOF P10 06/18
SUPPLEMENT DATED JUNE 8, 2018
TO THE CURRENTLY EFFECTIVE PROSPECTUS
OF EACH OF THE FUNDS LISTED BELOW

Franklin Custodian Funds
Franklin Dynatech Fund
Franklin Focused Growth Fund
Franklin Growth Fund
Franklin Income Fund
Franklin U.S. Government Securities Fund
Franklin Utilities Fund
Notice of Automatic Conversion of Class C Shares to Class A Shares
 after 10-Year Holding Period

At Board meetings held on February 26 and 27, 2018, the Board
of Trustees approved an automatic conversion feature for the Fund's
 Class C shares (which includes Class C1 shares as applicable)
that will automatically convert shareholders' Class C shares into
 Class A shares of the same Fund after they have been held for
 10 years. After conversion, your new shares will be subject to
 Class A shares' lower Rule 12b-1 fees.  The conversion feature
 will become effective on or about October 5, 2018.  Later that
month Class C shares of the Fund that have been outstanding for
 10 years or more will automatically convert to Class A shares
of such Fund on the basis of the relative net asset values of
the two classes. Thereafter, Class C shares of the Fund will
convert automatically to Class A shares of such Fund on a monthly
 basis in the month of, or the month following, the 10-year
anniversary of the Class C shares' purchase date. Class C shares of
 the Fund acquired through automatic reinvestment of dividends or
distributions will convert to Class A shares of the Fund on the
conversion date pro rata with the converting Class C shares of
the Fund that were not acquired through reinvestment of dividends
 or distributions.
Shareholders will not pay a sales charge, including a contingent
 deferred sales charge, upon the conversion of their Class C
shares to Class A shares pursuant to this conversion feature.
The automatic conversion of the Fund's Class C shares into Class
 A shares after the 10-year holding period is not expected to be
 a taxable event for federal income tax purposes. Shareholders
should consult with their tax advisor regarding the state and
local tax consequences of such conversions.
Class C shares held through a financial intermediary in an omnibus
 account will be converted into Class A shares only if the
intermediary can document that the shareholder has met the
required holding period. In certain circumstances, when shares
 are invested through retirement plans, omnibus accounts, and
 in certain other instances, the Fund and its agents may not have
 transparency into how long a shareholder has held Class C shares
 for purposes of determining whether such Class C shares are eligible
 for automatic conversion into Class A shares and the financial
intermediary may not have the ability to track purchases to credit
 individual shareholders' holding periods.  This primarily occurs
when shares are invested through certain record keepers for group
retirement plans, where the intermediary cannot track share aging
at the participant level.  In these circumstances, the Fund will
 not be able to automatically convert Class C shares into Class A
 shares as described above. In order to determine eligibility for
 conversion in these circumstances, it is the responsibility of
the shareholder or their financial intermediary to notify the Fund
 that the shareholder is eligible for the conversion of Class C
shares to Class A shares, and the shareholder or their financial
 intermediary may be required to maintain and provide the Fund with
 records that substantiate the holding period of Class C shares.
 It is the financial intermediary's (and not the Fund's)
responsibility to keep records and to ensure that the shareholder
 is credited with the proper holding period. Please consult with
 your financial intermediary about your shares' eligibility for
this conversion feature.
Also effective October 5, 2018, new accounts or plans may not be
eligible to purchase Class C shares of the Fund if it is determined
 that the intermediary cannot track shareholder holding periods to
determine whether a shareholder's Class C shares are eligible for
 conversion to Class A shares.  Accounts or plans (and their
successor, related and affiliated plans) that have Class C shares
 of the Fund available to participants on or before October 5, 2018,
 may continue to open accounts for new participants in such share
class and purchase additional shares in existing participant
 accounts.  The Fund has no responsibility for overseeing, monitoring
 or implementing a financial intermediary's process for determining
 whether a shareholder meets the required holding period for
 conversion.
A financial intermediary may sponsor and/or control accounts,
programs or platforms that impose a different conversion schedule
 or different eligibility requirements for the conversion of Class C
shares into Class A shares. In these cases, Class C shareholders may
 convert to Class A shares under the policies of the financial
intermediary and the conversion may be structured as an exchange of
 Class C shares for Class A shares of the same Fund. Financial
intermediaries will be responsible for making such exchanges in those
 circumstances. Please consult with your financial intermediary
if you have any questions regarding your shares' conversion from
 Class C shares to Class A shares.

MATERIAL AMENDMENTS

NAME OF REGISTRANT:
FRANKLIN CUSTODIAN FUNDS
File No. 811-00537

EXHIBIT ITEM: Copies of any
 material amendments to the registrant's charter or by-laws
AMENDED AND RESTATED
AGREEMENT AND DECLARATION OF TRUST
of
FRANKLIN CUSTODIAN FUNDS
a Delaware Statutory Trust

(Original Agreement and Declaration of Trust was adopted
 October 18, 2006;
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
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," "Templeton," "Fiduciary Trust,"
 and/or "Institutional Fiduciary Trust"	36



AMENDED AND RESTATED
AGREEMENT AND DECLARATION OF TRUST
OF
FRANKLIN CUSTODIAN FUNDS
AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST made as of
 this 18th day of May, 2018, by the Trustees hereunder.
WITNESSETH:
WHEREAS Franklin Custodian Funds (the "Trust") was formed on
October 18, 2006 under the name "Franklin Custodian 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
October 18, 2006 (the "Original Declaration of Trust"), and
the name of the Trust was changed to "Franklin Custodian Funds"
 pursuant to the filing of a Certificate of Amendment to
the Certificate of Trust with the Office of the Secretary of
State of the State of Delaware on January 4, 2007;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
"Franklin Custodian Funds" 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;
(l)	"Interested Person" shall have the meaning given that
term in the 1940 Act;
(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;
(p)	"Principal Underwriter" shall have the meaning given
that term in the 1940 Act;
(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;
(s)	"Shareholder" shall mean a record owner of Shares pursuant
to the By-Laws;
(t)	"Trust" shall mean Franklin Custodian Funds, 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.
	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.
	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.
	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.
	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.
	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 provision
s 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 s
uch 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:
	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
	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:
	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.
	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:
	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;
	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
	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
	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;
	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
	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
	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
	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
(d)	With respect to any Series, upon any event that
 causes the dissolution of the Trust.
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," "Templeton," "Fiduciary
 Trust," and/or "Institutional Fiduciary Trust".  The Board of
Trustees expressly agrees and acknowledges that the names "Franklin,
" "Templeton," "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," "Templeton," "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", "Templeton," "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 Custodian Funds
named below do hereby make and enter into this Declaration of Trust
as of the date first written above.
/s/ Harris J. Ashton
Harris J. Ashton, Trustee
/s/ Mary C. Choksi
Mary C. Choksi, Trustee
/s/ Gregory E. Johnson
Gregory E. Johnson, Trustee
/s/ J. Michael Luttig
J. Michael Luttig, Trustee	/s/ Terrence J. Checki
Terrence J. Checki, Trustee
/s/ Edith E. Holiday
Edith E. Holiday, Trustee
/s/ Rupert H. Johnson, Jr.
Rupert H. Johnson, Jr., Trustee
/s/ Larry D. Thompson
Larry D. Thompson, Trustee
/s/ John B. Wilson
John B. Wilson, Trustee

MATERIAL AMENDMENTS

NAME OF REGISTRANT:
FRANKLIN CUSTODIAN FUNDS
File No. 811-00537

EXHIBIT ITEM: Copies of any material amendments
to the registrant's charter or by-laws
AMENDED AND RESTATED
BY-LAWS
OF
FRANKLIN CUSTODIAN FUNDS
A DELAWARE STATUTORY TRUST
(Effective as of May 18, 2018)
These Amended and Restated By-Laws may contain any provision
 not inconsistent with applicable law or the Declaration of Trust,
 relating to the governance of the Trust.  Unless otherwise specified
 in these By-Laws, capitalized terms used in these By-Laws shall have
 the meanings assigned to them in the Declaration of Trust.
 Every Shareholder by virtue of having become a Shareholder
shall be bound by these By-Laws.
ARTICLE I
DEFINITIONS
Section 1.	Whenever used herein the following terms shall have
the following meanings:
(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)	"BOARD OF TRUSTEES" OR "BOARD" 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 of
the Declaration of Trust, having the powers and duties
set forth therein;
(c)	"BY-LAWS" shall mean these Amended and Restated By-Laws
 of the Trust, as amended, restated or supplemented from time to time
 in accordance with Article VIII hereof.  These By-Laws may contain
 any provision not inconsistent with applicable law or
the Declaration of Trust, relating to the governance of the Trust;
(d)	"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;
(e)	"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 of
the Declaration of Trust;
(f)	"CODE" shall mean the Internal Revenue Code of 1986
and the rules and regulations thereunder, all as adopted or
amended from time to time;
(g)	"COMMISSION" shall have the meaning given that term
 in the 1940 Act;
(h)	"DSTA" shall mean the Delaware Statutory Trust Act
 (12 Del. C. 3801, et seq.), as amended from time to time;
(i)	"DECLARATION OF TRUST" shall mean the Amended and
Restated Agreement and Declaration of Trust, as amended,
 restated or supplemented from time to time;
(j)	"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) of the Declaration of Trust;
(k)	"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;
(l)	"SERIES" shall mean each Series of Shares established
and designated under and in accordance with the provisions of
Article III of the Declaration of Trust;
(m)	"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;
(n)	"SHAREHOLDER" shall mean a record owner of Shares pursuant
 to these By-Laws;
(o)	"TRUST" shall mean Franklin Custodian Funds, 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 the Declaration of Trust;
(p)	"TRUSTEE" or "TRUSTEES" shall mean each Person who signs
the 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 Declaration of Trust, so long as such signatory
 or other Person continues in office in accordance with the terms
 hereof and the Declaration of Trust.  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 Declaration of Trust.
ARTICLE II
MEETINGS OF SHAREHOLDERS
Section 1.	PLACE OF MEETINGS.  Meetings of Shareholders shall be
 held at any place within or outside the State of Delaware designated
 by the Board.  In the absence of any such designation by the Board,
 Shareholders' meetings shall be held at the offices of the Trust.
Section 2.	MEETINGS.  Any meeting of Shareholders may be called
 at any time by the Board, by the chairperson of the Board or by
the president of the Trust for the purpose of taking action upon
any matter deemed by the Board to be necessary or desirable.
To the extent permitted by the 1940 Act, a meeting of
the Shareholders for the purpose of electing Trustees may also
 be called by the chairperson of the Board.  There shall be
no annual meetings of the Shareholders for the election of Trustees
 or the transaction of any other business except as required by
the 1940 Act or other applicable federal law.  In the event
any annual meeting of the Shareholders is to be held, it shall be
 held at the principal executive office of the Trust or as otherwise
 determined by the Board of Trustees. Special meetings of
the Shareholders shall be held as provided herein or in
the Declaration of Trust or as otherwise required by
 the 1940 Act or other applicable federal law. Except as required
by federal law, including the 1940 Act, the Shareholders shall not
 be entitled to call, or to have the Secretary call, meetings of
the Shareholders. To the extent required by federal law, including
the 1940 Act, special meetings of the Shareholders shall be called
 by the Secretary upon the request of the Shareholders owning Shares
 representing at least the percentage of the total combined votes
of all Shares of the Trust issued and outstanding required by
federal law, including the 1940 Act, provided that (a) such request
 shall state the purposes of such meeting and the matters proposed
to be acted on, and (b) the Shareholders requesting such meeting
shall have paid to the Trust the reasonably estimated cost of
preparing and mailing the notice thereof, which an authorized officer
 of the Trust shall determine and specify to such Shareholders.
 No meeting shall be called upon the request of Shareholders to
 consider any matter which is substantially the same as a matter
 voted upon at any meeting of the Shareholders held during the
 preceding twelve (12) months, unless requested by the holders
 of a majority of all Shares entitled to be voted at such meeting.
Section 3.	NOTICE OF SHAREHOLDERS' MEETING.  Notice of
any meeting of Shareholders shall be given to each Shareholder
 entitled to vote at such meeting in accordance with Section 4
 of this Article II not less than ten (10) nor more than
one hundred and twenty (120) days before the date of the meeting.
  The notice shall specify (i) the place, date and hour of
the meeting, and (ii) the general nature of the business to be
 transacted and to the extent required by the 1940 Act,
 the purpose or purposes thereof.
Section 4.	MANNER OF GIVING NOTICE.  Notice of any meeting
of Shareholders shall be given either personally or by
United States mail, courier, cablegram, telegram, facsimile
or electronic mail, or other form of communication permitted
by then current law, charges prepaid, addressed to the Shareholder
 or to the group of Shareholders at the same address as may be
 permitted pursuant to applicable laws, or as Shareholders may
 otherwise consent, at the address of that Shareholder appearing
 on the books of the Trust or its transfer or other duly authorized
 agent or provided in writing by the Shareholder to the Trust for
the purpose of notice.  Notice shall be deemed to be given
when delivered personally, deposited in the United States mail
or with a courier, or sent by cablegram, telegram, facsimile or
 electronic mail.  If no address of a Shareholder appears on
the Trust's books or has been provided in writing by a Shareholder,
 notice shall be deemed to have been duly given without a mailing,
 or substantial equivalent thereof, if such notice shall be available
 to the Shareholder on written demand of the Shareholder at
the offices of the Trust.
If any notice addressed to a Shareholder at the address of
that Shareholder appearing on the books of the Trust or
that has been provided in writing by that Shareholder to
the Trust for the purpose of notice, is returned to the Trust
 marked to indicate that the notice to the Shareholder cannot
 be delivered at that address, all future notices or reports
shall be deemed to have been duly given without further mailing,
 or substantial equivalent thereof, if such notices shall be
 available to the Shareholder on written demand of the Shareholder
 at the offices of the Trust. In the absence of fraud,
any irregularities in the notice of any meeting or the nonreceipt
 of any such notice by any of the Shareholders shall not invalidate
 any action otherwise properly taken at any such meeting.
Section 5.	POSTPONED AND ADJOURNED MEETING; NOTICE.
Prior to the date upon which any meeting of Shareholders is
 to be held, the Board of Trustees may postpone such meeting
one or more times for any reason by giving notice to each Shareholder
 entitled to vote at the meeting so postponed of the place,
date and hour at which such meeting will be held.  Such notice shall
be given not fewer than two (2) days before the date of such meeting
and otherwise in accordance with this Article II.  Any Shareholders'
 meeting, whether or not a quorum is present, may be adjourned from
time to time for any reason whatsoever by vote of the holders of
 Shares entitled to vote holding not less than a majority of
 the Shares present in person or by proxy at the meeting,
 or by the chairperson of the Board, the president of the Trust,
 in the absence of the chairperson of the Board, or any vice president
 or other authorized officer of the Trust, in the absence of
the president.  Any adjournment may be made with respect to
any business which might have
been transacted at such meeting and any adjournment will not delay
or otherwise
affect the effectiveness and validity of any business transacted at
 the Shareholders' meeting prior to adjournment.
When any Shareholders' meeting is adjourned to another time or place,
 written notice need not be given of the adjourned meeting if
the time and place thereof are announced at the meeting at which
 the adjournment is taken, unless after the adjournment,
a new record date is fixed for the adjourned meeting,
or unless the adjournment is for more than one hundred and
eighty (180) days from the record date set for the original meeting,
 in which case, the Board of Trustees shall set a new record date
 as provided in Article V of the Declaration of Trust and give
written notice to each Shareholder of record entitled to vote at
 the adjourned meeting in accordance with the provisions of
Sections 3 and 4 of this Article II.  At any postponed or
adjourned meeting, any business may be transacted that might
have been transacted at the original meeting.
Section 6.	VOTING.
(a)	The Shareholders entitled to vote at any meeting of
Shareholders and the Shareholder vote required to take action
shall be determined in accordance with the provisions of
the Declaration of Trust.  Unless determined by the inspector
 of the meeting to be advisable, the vote on any question need
 not be by written ballot.
(b)	Unless otherwise determined by the Board at the
time it approves an action to be submitted to the Shareholders
for approval, Shareholder approval of an action shall remain
in effect until such time as the approved action is implemented
 or the Shareholders vote to the contrary.  Notwithstanding
the foregoing, an agreement of merger, consolidation, conversion
 or reorganization may be terminated or amended notwithstanding
prior approval if so authorized by such agreement of merger,
consolidation, conversion or reorganization pursuant to
Section 3815 of the DSTA and/or pursuant to the Declaration of Trust,
 these By-Laws and Section 3806 of the DSTA.
Section 7.	WAIVER OF NOTICE BY CONSENT OF ABSENT SHAREHOLDERS
..  Attendance by a Shareholder, in person or by proxy, at a meeting
 shall constitute a waiver of notice of that meeting with respect
 to that Shareholder, except when the Shareholder attends
the meeting for the express purpose of objecting, at the beginning
 of the meeting, to the transaction of any business because
the meeting is not lawfully called or convened.  Whenever notice
 of a Shareholders' meeting is required to be given to a Shareholder
 under the Declaration of Trust or these By-Laws, a written waiver
 thereof, executed before or after the time notice is required to
 be given, by such Shareholder or his or her attorney thereunto
authorized, shall be deemed equivalent to such notice.
The waiver of notice need not specify the purpose of, or
the business to be transacted at, the meeting.
Section 8.	PROXIES.  Every Shareholder entitled to vote
 for Trustees or on any other matter that may properly come
before the meeting shall have the right to do so either in person
 or by one or more agents authorized by a written proxy executed
by the Shareholder and filed with the secretary of the Trust
before being voted; provided, that an alternative to the execution
 of a written proxy may be permitted as described in the next paragraph
 of this Section 8.  A proxy shall be deemed executed if
 the Shareholder's name is placed on the proxy (whether by manual
 signature, typewriting, telegraphic or electronic transmission
(as defined in Section 3806 of the DSTA) or otherwise) by
the Shareholder or the Shareholder's attorney-in-fact.
 A valid proxy that does not state that it is irrevocable shall
continue in full force and effect unless (i) revoked by the person
 executing it before the vote pursuant to that proxy is taken
(a) by a writing delivered to the Trust stating that the proxy
is revoked, (b) by a subsequent proxy executed by such person,
(c) attendance at the meeting and voting in person by the person
 executing that proxy, or (d) revocation by such person using any
 electronic, telephonic, computerized or other alternative means
 authorized by the Trustees for authorizing the proxy to act; or
(ii) written notice of the death or incapacity of the maker of that
 proxy is received by the Trust before the vote pursuant to that
proxy is counted; provided, however, that no proxy shall be valid
 after the expiration of eleven (11) months from the date of the
proxy unless otherwise expressly provided in the proxy.
 The revocability of a proxy that states on its face that it is
irrevocable shall be governed by the provisions of the General
 Corporation Law of the State of Delaware. Unless revoked,
 any proxy given in connection with a postponed or adjourned
 meeting for which a new record date is fixed shall continue
to be valid so long as the Shareholder giving such proxy is
a Shareholder of record on such new such record
date.
With respect to any Shareholders' meeting, the Board, or,
in case the Board does not act, the president, any vice president
 or the secretary, may permit proxies by electronic transmission
(as defined in Section 3806 of the DSTA), telephonic, computerized,
 telecommunications or other reasonable alternative to the execution
 of a written instrument authorizing the holder of the proxy to act.
  A proxy with respect to Shares held in the name of two or
more Persons shall be valid if executed, or a permitted alternative
 to execution is used, by any one of them unless, at or prior to
the exercise of the proxy, the secretary of the Trust receives
a specific written notice to the contrary from any one of them.
  A proxy purporting to be by or on behalf of a Shareholder shall
 be deemed valid unless challenged at or prior to its exercise and
 the burden of proving invalidity shall rest with the challenger.
 Unless otherwise specifically limited by their terms, proxies
shall entitle the Shareholder to vote at any adjournmen
t or postponement of a Shareholder meeting.
Subject to the provisions of the DSTA, the Declaration of Trust
or these By-Laws, the General Corporation Law of the State of
Delaware relating to proxies, and judicial interpretations
thereunder, shall govern all matters concerning the giving,
 voting or validity of proxies, as if the Trust were
a Delaware corporation and the Shareholders were stockholders
of a Delaware corporation.
Section 9.	INSPECTORS.  Before any meeting of Shareholders,
 the chairperson of the Board, or in the absence of the chairperson
 of the Board, the president of the Trust, or in the absence of
the president, any vice president or other authorized officer of
the Trust, may appoint any person other than nominees for office
to act as inspector at the meeting or any adjournment.
 If any person appointed as inspector fails to appear or fails
or refuses to act, the chairperson of the Board, or in the absence
 of the chairperson of the Board, the president of the Trust, or
in the absence of the president, any vice president or other
authorized officer of the Trust, shall appoint a person to fill
 the vacancy.  Such appointments may be made by such officers
in person or by telephone.
The inspector shall:
(a)	determine the number of Shares and the voting power of each,
 the Shares represented at the meeting, the existence of a quorum
and the authenticity, validity and effect of proxies;
(b)	receive votes or ballots;
(c)	hear and determine all challenges and questions in any way
 arising in connection with the right to vote;
(d)	count and tabulate all votes;
(e)	determine when the polls shall close;
(f)	determine the result of voting; and
(g)	do any other acts that may be proper to conduct the election
 or vote with fairness to all Shareholders.
ARTICLE III
TRUSTEES
Section 1.	VACANCIES.
(a)	Whenever a vacancy in the Board shall occur (by reason of death,
 resignation, removal, retirement, an increase in the authorized
number of Trustees or other cause), until such vacancy is filled as
 provided herein or the number of authorized Trustees constituting
 the Board of Trustees is decreased pursuant to Article IV,
Section 1 of the Declaration of Trust, the Trustee(s) then
in office, regardless of the number and even if less than
a quorum, shall have all the powers granted to the Board and
 shall discharge all the duties imposed upon the Board by
the Declaration of Trust and these By-Laws as though such number
 constitutes the entire Board.
(b)	Vacancies in the Board of Trustees may be filled by
not less than a majority vote of the Trustee(s) then in office,
 regardless of the number and even if less than a quorum and
a meeting of Shareholders shall be called for the purpose of
electing Trustees if required by the 1940 Act.  Notwithstanding
 the above, whenever and for so long as the Trust is a participant
 in or otherwise has in effect a plan under which the Trust may
be deemed to bear expenses of distributing its Shares as that
practice is described in Rule 12b-1 under the 1940 Act, then
the selection and nomination of each of the Trustees who is
not an "interested person" (as that term is defined in the 1940 Act )
 of the Trust, any Adviser or the principal underwriter of
the Trust (such Trustees are referred to herein as
"disinterested Trustees"), shall be, and is, committed
to the discretion of the disinterested Trustees remaining
 in office.  In the event that all Trustee offices become vacant,
an authorized officer of the Investment Adviser shall serve as
the sole remaining Trustee effective upon the vacancy in the
 office of the last Trustee.  In such case, an authorized officer
 of the Investment Adviser, as the sole remaining Trustee, shall,
 as soon as practicable, fill all of the vacancies on the Board;
 provided, however, that the percentage of Trustees who are
disinterested Trustees shall be no less than that permitted
by the 1940 Act.  Upon the qualification of such Trustees,
the authorized officer of the Investment Adviser shall resign
 as Trustee and a meeting of the Shareholders shall be called,
 as required by the 1940 Act, for the election of Trustees.
  An appointment of a Trustee may be made by the Trustees
then in office in anticipation of a vacancy to occur by reason
of retirement, resignation, or removal of a Trustee, or an
 increase in number of Trustees effective at a later date,
provided that said appointment shall become effective only
at the time or after the expected vacancy occurs.
Section 2.	PLACE OF MEETINGS AND MEETINGS BY TELEPHONE;
 PROXIES.  All meetings of the Board may be held at any place
 within or outside the State of Delaware that is designated
from time to time by the Board, the chairperson of the Board,
 or in the absence of the chairperson of the Board, the president
 of the Trust, or in the absence of the president, any vice president
 or other authorized officer of the Trust.  In the absence of such
a designation, regular meetings shall be held at the offices of
 the Trust.  Any meeting, regular or special, may be held,
with respect to one or more participating Trustees, by conference
 telephone or similar communication equipment, so long as all
Trustees participating in the meeting can hear one another,
and all such Trustees shall be deemed to be present in person
at such meeting.  At all meetings of the Trustees, every Trustee
 shall be entitled to vote by proxy, provided that such proxy shall,
 before or after such meeting, be delivered to the secretary or
 other person responsible for recording the proceedings of
such meeting.  To the extent permitted by the 1940 Act,
 a Trustee may provide any proxy through written, electronic,
 telephonic, computerized, facsimile, telecommunications, telex
 or by any other form of communication.
Section 3.	REGULAR MEETINGS.  Regular meetings of the Board shall
be held at such time and place as shall from time to time be fixed by
the Board, the chairperson of the Board, or in the absence of the
chairperson of the Board, the president of the Trust, or in
the absence of the president, any vice president or other authorized
 officer of the Trust.  Regular meetings may be held without notice.
Section 4.	SPECIAL MEETINGS.  Special meetings of the Board for
 any purpose or purposes may be called at any time by any Trustee,
the chairperson of the Board, or in the absence of the chairperson
 of the Board, the president of the Trust, or in the absence of
the president, any vice president or other authorized officer of
the Trust.
Notice of the purpose, time and place of special meetings
(or of the time and place for each regular meeting for which notice
 is given) shall be given personally, sent by first-class mail,
 courier, cablegram or telegram, charges prepaid, or by facsimile
 or electronic mail, addressed to each Trustee at that Trustee's
address as has been provided to the Trust for purposes of notice;
 PROVIDED, that, in case of a national, regional or local emergency
 or disaster, which prevents such notice, such notice may be given
 by any means available or need not be given if no means are
available.  In case the notice is mailed, it shall be deemed to
 be duly given if deposited in the United States mail at least
seven (7) days before the time the meeting is to be held.
In case the notice is given personally or is given by courier,
 cablegram, telegram, facsimile or electronic mail, it shall be
 deemed to be duly given if delivered at least twenty-four (24) hours
 before the time of the holding of the meeting.  The notice need not
 specify the place of the meeting if the meeting is to be held
at the offices of the Trust.
Section 5.	WAIVER OF NOTICE.  Whenever notice is required to
 be given to a Trustee under this Article, a written waiver of notice
 signed by the Trustee, whether before or after the time notice is
 required to be given, shall be deemed equivalent to notice.
The waiver of notice need not specify the purpose of, or the business
 to be transacted at, the meeting.  All such waivers shall be filed
with the records of the Trust or made a part of the minutes of
the meeting.  Attendance of a Trustee at a meeting shall constitute
 a waiver of notice of such meeting, except when the Trustee attends
 the meeting for the express purpose of objecting at the beginning
of the meeting to the transaction of any business because the meeting
 is not lawfully called or convened.
Section 6.	ADJOURNMENT.  A majority of the Trustees present
at a meeting of the Board, whether or not a quorum is present,
 may adjourn such meeting to another time and place.  Any adjournment
 will not delay or otherwise affect the effectiveness and validity
of any business transacted at the meeting prior to adjournment.
At any adjourned meeting at which a quorum is present, any business
 may be transacted which might have been transacted at the meeting
as originally called.
Section 7.	NOTICE OF ADJOURNMENT.  Notice of the time and place
 of an adjourned meeting need not be given if the time and place
thereof are announced at the meeting at which the adjournment is
taken.  If the adjournment is for more than thirty (30) days after
 the date of the original meeting, notice of the adjourned meeting
 shall be given to each Trustee.
Section 8.	COMPENSATION OF TRUSTEES.  Trustees may receive from
 the Trust reasonable compensation for their services and
reimbursement of reasonable expenses as may be determined by
the Board.  This Section 8 shall not be construed to preclude
any Trustee from serving the Trust in any other capacity as
an officer, agent, employee, or otherwise and receiving compensation
 and reimbursement of expenses for those services.
Section 9.	CHAIRPERSON OF THE BOARD.  The Board of Trustees may
elect a Chairperson for the purpose of presiding at meetings of
the Board of Trustees (the "Chairperson").  The Chairperson shall
 exercise and perform such other powers and duties as may be from
 time to time assigned to the Chairperson by the Board of Trustees
 or prescribed by these By-Laws.  The Chairperson may delegate
their powers and duties to the trustees or officers of the Trust
 that the Chairperson deems appropriate, provided that such
delegation is consistent with applicable legal and regulatory
requirements.
ARTICLE IV
COMMITTEES
Section 1.	COMMITTEES OF TRUSTEES.  The Board may, by majority vote,
 designate one or more committees of the Board, each consisting of two
 (2) or more Trustees (or one (1) Trustee in the case of a committee
formed to consider a Shareholder demand pursuant to Article VII,
Section 4 of the Declaration of Trust), to serve at the pleasure
of the Board.  The Board may, by majority vote, designate one or
more Trustees as alternate members of any such committee who may
replace any absent member at any meeting of the committee.
Any such committee, to the extent provided by the Board, shall
have such authority as delegated to it by the Board from time to
time, except with respect to:
(a)	the approval of any action which under the Declaration of Trust,
 these By-Laws or applicable law also requires Shareholder approval or
 requires approval by a majority of the entire Board or certain members
of the Board;
(b)	the filling of vacancies on the Board or on any committee
 thereof; provided however, that such committee may nominate Trustees
 to fill such vacancies, subject to the Trust's compliance with
the 1940 Act and the rules thereunder;
(c)	the amendment, restatement or repeal of the Declaration of
 Trust or these By-Laws or the adoption of a new Declaration of Trust
 or new By-Laws;
(d)	the amendment or repeal of any resolution of the Board; or
(e)	the designation of any other committee of the Board or
the members of such committee.
Section 2.	MEETINGS AND ACTION OF BOARD COMMITTEES.
Meetings and actions of any committee of the Board shall,
to the extent applicable, be held and taken in the manner provided
 in Article IV of the Declaration of Trust and Article III of these
 By-Laws, with such changes in the context thereof as are necessary
 to substitute the committee and its members for the Board and its
 members, except that the time of regular meetings of any committee
 may be determined either by the Board or by the committee.
Special meetings of any committee may also be called by resolution
 of the Board or such committee, and notice of special meetings of
 any committee shall also be given to all alternate members who shall
 have the right to attend all meetings of the committee.
The Board may from time to time adopt other rules for the governance
 of any committee.
Section 3.	ADVISORY COMMITTEES.  The Board may appoint one or
 more advisory committees comprised of such number of individuals
appointed by the Board who may meet at such time, place and upon
such notice, if any, as determined by the Board.  Such advisory
committees shall have no power to require the Trust to take any
specific action.
ARTICLE V
OFFICERS
Section 1.	OFFICERS.  The officers of the Trust shall be
a Chief Executive Officer - Investment Management,
 a Chief Executive Officer - Finance and Administration,
 a President, a Secretary, a Chief Financial Officer and
Chief Accounting Officer, and a Treasurer.  The Trust may
also have, at the discretion of the Board, one or more
 vice presidents, one or more assistant vice presidents,
one or more assistant secretaries, one or more assistant treasurers,
 and such other officers, who shall have such authority and perform
 such duties as are provided in the Declaration of Trust, these
By-Laws or as the Board, or to the extent permitted by the Board,
 as the president, may from time to time determine.  Any number of
 offices may be held by the same person, except the offices of
president and vice president.
Section 2.	APPOINTMENT OF OFFICERS.  The officers of the
Trust sha
ll be appointed by the Board, or to the extent permitted by
the Board, by the president, and each shall serve at the pleasure
of the Board, or to the extent permitted by the Board, at
the pleasure of the president, subject to the rights, if any,
of an officer under any contract of employment.
Section 3.	REMOVAL AND RESIGNATION OF OFFICERS.  Subject
to the rights, if any, of an officer under any contract of employment,
 any officer may be removed, either with or without cause, by
the Board or, to the extent permitted by the Board, by the president.
Any officer may resign at any time by giving written notice to
 the Trust.  Such resignation shall take effect upon receipt unless
 specified to be effective at some later time and unless otherwise
 specified in such notice, the acceptance of the resignation shall
 not be necessary to make it effective.  Any resignation is without
 prejudice to the rights, if any, of the Trust under any contract
to which the officer is a party.
Section 4.	VACANCIES IN OFFICES.  A vacancy in any office because
 of death, resignation, removal, incapacity or other cause shall be
filled in the manner prescribed in these By-Laws for regular
appointment to that office.
Section 5.	PRESIDENT.  Subject to such supervisory powers,
 if any, as may be given by the Board of Trustees to the chairperson
 of the board, if there be such an officer, the president shall,
subject to the control of the Board of Trustees, have general
supervision, direction and control of the business and the officers
 of the Trust.
Section 6.	VICE PRESIDENTS.  In the absence, resignation, removal,
 incapacity or death  of the president, the vice presidents, if any,
 in order of their rank as fixed by the Board or if not ranked,
a vice president designated by the Board, shall exercise all
the powers and perform all the duties of, and be subject to all
 the restrictions upon, the president until the president's return,
 his incapacity ceases or a new president is appointed.  Each vice
president shall have such other powers and perform such other duties
 as from time to time may be prescribed by the Board or
the president, or as provided in the Declaration of Trust or
these By-Laws.
Section 7.	SECRETARY.  The secretary shall keep or cause to be kept
 at the offices of the Trust or such other place as the Board may direct
 a book of minutes of all meetings and actions (including consents) of
 the Board, committees of the Board and Shareholders.  The secretary
shall keep a record of the time and place of such meetings, whether
regular or special, and if special, how authorized, the notice given
, the names of those present at Board meetings or committee meetings,
 the number of Shares present or represented by proxy at Shareholders'
 meetings, and the proceedings.
The secretary shall cause to be kept at the offices of the Trust or
 at the office of the Trust's transfer or other duly authorized
agent, a share register or a duplicate share register showing
 the names of all Shareholders and their addresses, the number,
 Series and Classes (if applicable) of Shares held by each,
the number and date of certificates, if any, issued for
such Shares and the number and date of cancellation of
every certificate surrendered for cancellation.
The secretary shall give or cause to be given notice of
 all meetings of the Shareholders and of the Board required
 by the Declaration of Trust, these By-Laws or by applicable
law to be given and shall have such other powers and perform
 such other duties as may be prescribed by the Board or
the president of the Trust, or as provided in the Declaration
 of Trust or these By-Laws.
Section 8.	TREASURER.  The Treasurer shall be responsible
 for the general supervision over the care and custody of the
funds, securities, and other valuable effects of the Trust and
 shall deposit the same or cause the same to be deposited in
the name of the Trust in such depositories as the Board of
Trustees may designate; shall disburse the funds of the Trust
as may be ordered by the Board of Trustees; shall have supervision
 over the accounts of all receipts and disbursements of the Trust
; disburse the funds of the Trust; shall have the power and authority
 to perform the duties usually incident of his office and those
duties as may be assigned to him from time to time by the Board
or by the Chief Financial Officer and Chief Accounting Officer;
 and shall render to the Chief Financial Officer and Chief Accounting
 Officer and the Board, whenever they request it, an account of
all of his transactions as Treasurer.
Section 9.	CHIEF EXECUTIVE OFFICER - INVESTMENT MANAGEMENT.
  The Chief Executive Officer - Investment Management shall be
the principal executive officer with respect to the portfolio
investments of the Trust, and shall have such other powers and
 duties as may be prescribed by the Board of Trustees or these
 By-Laws.
Section 10.	CHIEF EXECUTIVE OFFICER - FINANCE AND ADMINISTRATION.
  The Chief Executive Officer - Finance and Administration shall be
 the principal executive officer with respect to the financial
accounting and administration of the Trust, and shall have such
other powers and duties as may be prescribed by the Board of
Trustees or these By-Laws.
Section 11.	CHIEF FINANCIAL OFFICER AND CHIEF ACCOUNTING OFFICER.
  The Chief Financial Officer and Chief Accounting Officer shall,
 whenever required by the Board of Trustees, render or cause to be
 rendered financial statements of the Trust; supervise the investment
 of its funds as ordered or authorized by the Board, taking proper
 vouchers therefor; provide assistance to the Audit Committee of
the Board and report to such Committee as necessary; be designated
 as principal accounting officer/principal financial officer for
 purposes of ss. 32 of the 1940 Act, ss. 302 of the Sarbanes Oxley
 Act of 2002 and ss. 6 of the Securities Act of 1933; shall keep
and maintain or cause to be kept and maintained adequate and correct
 books and records of accounts of the properties and business
transactions of the Trust (and every series and class thereof),
 including accounts of assets, liabilities, receipts, disbursements,
 gains, losses, capital retained earnings and shares; shall have
the power and authority to perform the duties usually incident of
 his office and those duties as may be assigned to him from time
 to time by the Board; and shall render to the Chief Executive
Officer -Finance and Administration and the Board, whenever
they request it, an account of all of his transactions as
 Chief Financial Officer and Chief Accounting Officer and of
 the financial condition of the Trust.
ARTICLE VI
RECORDS AND REPORTS
Section 1.	MAINTENANCE AND INSPECTION OF SHARE REGISTER.
  The Trust shall keep at its offices or at the office of its
 transfer or other duly authorized agent, records of its
 Shareholders, that provide the names and addresses of
all Shareholders and the number, Series and Classes, if any,
 of Shares held by each Shareholder.  Such records may be inspected
 during the Trust's regular business hours by any Shareholder,
 or its duly authorized representative, upon reasonable written
 demand to the Trust, for any purpose reasonably related to
such Shareholder's interest as a Shareholder.
Section 2.	MAINTENANCE AND INSPECTION OF DECLARATION OF TRUST AND
BY-LAWS.  The Trust shall keep at its offices the original or a copy
of the Declaration of Trust and these By-Laws, as amended or restated
 from time to time, where they may be inspected during the Trust's
 regular business hours by any Shareholder, or its duly authorized
 representative, upon reasonable written demand to the Trust,
 for any purpose reasonably related to such Shareholder's interest
 as a Shareholder.
Section 3.	MAINTENANCE AND INSPECTION OF OTHER RECORDS.
The accounting books and records and minutes of proceedings of
 the Shareholders, the Board, any committee of the Board or
any advisory committee shall be kept at such place or places
designated by the Board or, in the absence of such designation,
 at the offices of the Trust.  The minutes shall be kept in
written form and the accounting books and records shall be kept
 either in written form or in any other form capable of being
 converted into written form.
If information is requested by a Shareholder, the Board, or,
 in case the Board does not act, the president, any vice president
 or the secretary, shall establish reasonable standards governing,
 without limitation, the information and documents to be furnished
 and the time and the location, if appropriate, of furnishing
such information and documents.  Costs of providing such information
 and documents shall be borne by the requesting Shareholder.
The Trust shall be entitled to reimbursement for its direct,
out-of-pocket expenses incurred in declining unreasonable requests
 (in whole or in part) for information or documents.
The Board, or, in case the Board does not act, the president,
any vice president or the secretary, may keep confidential from
 Shareholders for such period of time as the Board or such officer,
 as applicable, deems reasonable any information that the Board or
 such officer, as applicable, reasonably believes to be in the nature
 of trade secrets or other information that the Board or such officer,
 as the case may be, in good faith believes would not be in the best
 interests of the Trust to disclose or that could damage the Trust
or its business or that the Trust is required by law or by agreement
 with a third party to keep confidential.
Section 4.	INSPECTION BY TRUSTEES.  Every Trustee shall have
the absolute right during the Trust's regular business hours to
inspect all books, records, and documents of every kind and the
physical properties of the Trust.  This inspection by a Trustee
may be made in person or by an agent or attorney and the right
of inspection includes the right to copy and make extracts of
documents.
ARTICLE VII
GENERAL MATTERS
Section 1.	CHECKS, DRAFTS, EVIDENCE OF INDEBTEDNESS.
 All checks, drafts, or other orders for payment of money,
notes or other evidences of indebtedness issued in the name of or
payable to the Trust shall be signed or endorsed by such person or
 persons and in such manner as the Board from time to time shall
 determine.
Section 2.	CONTRACTS AND INSTRUMENTS; HOW EXECUTED.
 The Board, except as otherwise provided in the Declaration
 of Trust and these By-Laws, may authorize any officer or officers
 or agent or agents, to enter into any contract or execute any
 instrument in the name of and on behalf of the Trust or any
Series thereof and this authority may be general or confined
to specific instances.
Section 3.	CERTIFICATES FOR SHARES.  No certificate or
certificates for Shares shall be issued to Shareholders and
no Shareholder shall have the right to demand or require that
 a certificate for Shares be issued to it.  The Trust shall adopt
 and use a system of issuance, recordation and transfer of its
shares by electronic or other means.
Section 4.	LOST CERTIFICATES.  No new certificate for Shares
 shall be issued to replace an old certificate that is surrendered
 to the Trust for cancellation.  In case any Share certificate or
certificate for any other security is lost, stolen, or destroyed,
 such certificate shall be cancelled and the ownership of
an uncertificated Share shall be recorded upon the books of
 the Trust, on such terms and conditions as the Board may require,
 including a provision for indemnification of the Board and the
 Trust secured by a bond or other adequate security sufficient
to protect the Trust and the Board against any claim that may be
 made against either, including any expense or liability on account
 of the alleged loss, theft, or destruction of the certificate.
Section 5.	REPRESENTATION OF SHARES OF OTHER ENTITIES HELD
 BY TRUST.  The Trust's president or any vice president or any
other person authorized by the Board or by any of the foregoing
designated officers, is authorized to vote or represent on behalf
of the Trust, or any Series thereof, any and all shares of
any corporation, partnership, trust, or other entity, foreign
or domestic, standing in the name of the Trust or such Series
thereof.  The authority granted may be exercised in person or
by a proxy duly executed by such authorized person.
Section 6.	TRANSFERS OF SHARES.  Shares are transferable,
 if authorized by the Declaration of Trust, only on the record
 books of the Trust by the Person in whose name such Shares are
 registered, or by his or her duly authorized attorney-in-fact
or representative.  Upon receipt of proper transfer instructions
 from the registered owner of certificated Shares, and upon the
 surrender for cancellation of such certificates representing
the number of Shares to be transferred with an assignment and
power of transfer endorsed thereon or attached thereto, duly
executed, with such proof of the authenticity of the signature
 as the Trust or its agents may reasonably require, the Trust
shall cancel the old certificate and record the transaction
and ownership of uncertificated Shares upon the books of the
 Trust.  Upon receipt of proper transfer instructions from
the registered owner of uncertificated Shares, such uncertificated
 Shares shall be transferred on the record books to the Person
entitled thereto.  The Trust, its transfer agent or other duly
authorized agents may refuse any requested transfer of Shares,
 or request additional evidence of authority to safeguard the assets
 or interests of the Trust or of its Shareholders, in  their
sole discretion.  In all cases of transfer by an attorney-in-fact,
 the original power of attorney, or an official copy thereof duly
 certified, shall be deposited and remain with the Trust, its
 transfer agent or other duly authorized agent.  In case of
transfers by executors, administrators, guardians or other
legal representatives, duly authenticated evidence of their
 authority shall be presented to the Trust, its transfer agent
 or other duly authorized agent, and may be required to be
 deposited and remain with the Trust, its transfer agent or
other duly authorized agent.
Section 7.	HOLDERS OF RECORD.  The record books of the
Trust as kept by the Trust, its transfer agent or other duly
 authorized agent, as the case may be, shall be conclusive as
to the identity of the Shareholders of the Trust and as to the
 number, Series and Classes, if any, of Shares held from time
 to time by each such Shareholder.  The Trust shall be entitled
 to treat the holder of record of any Share as the owner thereof
 and, accordingly, shall not be bound to recognize any equitable
 or other claim to or interest in such Share on the part of any
 other Person, whether or not the Trust shall have express or
other notice thereof.
Section 8.	FISCAL YEAR.  The fiscal year of the Trust,
 and each Series thereof, shall be determined by the Board.
Section 9.	HEADINGS; REFERENCES.  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.
Section 10.	PROVISIONS IN CONFLICT WITH LAW OR REGULATIONS.
(a)	The provisions of these By-Laws 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
Declaration of Trust, 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
these By-Laws 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 these By-Laws or render invalid or improper any
 action taken or omitted prior to such determination.
(b)	If any provision of these By-Laws 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 these
By-Laws in any jurisdiction.
ARTICLE VIII
AMENDMENTS
Section 1.	AMENDMENT BY SHAREHOLDERS.  These By-Laws may
be amended, restated or repealed or new By-Laws may be adopted
 by the affirmative vote of a majority of votes cast at a
Shareholders' meeting called for that purpose and where a
quorum of Shareholders of the Trust is present.
Section 2.	AMENDMENT BY TRUSTEES.  These By-Laws may
also be amended, restated or repealed or new By-Laws may
 be adopted by the Board, by a vote of the Board as set
forth in Article IV, Section 3(c) of the Declaration of Trust.
Section 3.	OTHER AMENDMENT.  Subject to the 1940 Act,
these By-Laws may also be amended pursuant to Article VIII,
Section 2(a) of the Declaration of Trust and Section 3815(f)
of the DSTA.

Original By-Laws adopted:  as of October 18, 2006
Amended and Restated By-Laws adopted: as of May 18, 2018