<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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SIGNATURE JOHN E. DENNEEN
TITLE SECRETARY
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000709364
<NAME> THE ROYCE FUND
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<NUMBER> 5
<NAME> ROYCE MICRO-CAP FUND
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000709364
<NAME> THE ROYCE FUND
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<NUMBER> 6
<NAME> ROYCE PREMIER FUND
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000709364
<NAME> THE ROYCE FUND
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<NUMBER> 7
<NAME> ROYCE LOW-PRICED STOCK FUND
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000709364
<NAME> THE ROYCE FUND
<SERIES>
<NUMBER> 8
<NAME> ROYCE TOTAL RETURN FUND
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000709364
<NAME> THE ROYCE FUND
<SERIES>
<NUMBER> 9
<NAME> THE REVEST GROWTH & INCOME FUND
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000709364
<NAME> THE ROYCE FUND
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<NUMBER> 10
<NAME> ROYCE GLOBAL SERVICES FUND
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000709364
<NAME> THE ROYCE FUND
<SERIES>
<NUMBER> 11
<NAME> ROYCE GIFTSHARES FUND
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000709364
<NAME> THE ROYCE FUND
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<NAME> PENNSYLVANIA MUTUAL FUND
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000709364
<NAME> THE ROYCE FUND
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<NAME> PMF II
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<PER-SHARE-GAIN-APPREC> .26
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.26
<EXPENSE-RATIO> .97
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Report of Independent Accountants
To the Board of Trustees of The Royce Fund and the
Shareholders of Pennsylvania Mutual Fund, PMF II, Royce
Value Fund and Royce GiftShares Fund:
We have audited the accompanying statements of assets
and liabilities of Pennsylvania Mutual Fund, PMF II, Royce
Value Fund and Royce GiftShares Fund, including the
schedules of investments accompanying the Annual Report, as
of December 31, 1996, the related statements of operations
for the year or period then ended, the statements of changes
in nets assets for each of the two years in the periods then
ended for Pennsylvania Mutual Fund and Royce Value Fund and
for the year ended December 31, 1996, and for the period
ended December 27, 1995 (commencement of operations) to
December 31, 1995 for Royce GiftShares Fund and for the
period November 19, 1996 (commencement of operations) to
December 31, 1996 for PMF II, and the financial highlights
for each of the periods indicated therein. These financial
statements and financial highlights are the responsibility
of the Fund's management. Our responsibility is to express
an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audits to obtain reasonable
assurance about whether the financial statements and
financial highlights are free of material misstatement. An
audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of
securities owned as of December 31, 1996 by correspondence
with the custodian and brokers. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of Pennsylvania Mutual
Fund, PMF II, Royce Value Fund, and Royce GiftShares Fund as
of December 31, 1996, the results of their operations for
the year or period then ended, the changes in their net
assets for the periods reported therein, and the financial
highlights for the periods indicated therein, in conformity
with generally accepted accounting principles.
COOPERS & LYBRAND
Boston, Massachusetts
February 14, 1997
<PAGE>
Report of Independent Accountants
To the Board of Trustees of The Royce Fund
and Shareholders of Royce Low-Priced Stock Fund, Royce Total
Return Fund, Royce Global Services Fund and Royce Equity
Income Fund:
We have audited the accompanying statements of assets
and liabilities of Royce Low-Priced Stock Fund, Royce Total
Return Fund, Royce Global Services Fund and Royce Equity
Income Fund, including the schedules of investments,
accompanying the Annual Report, as of December 31, 1996, the
related statements of operations for the year then ended,
the statements of changes in net assets for each of the two
years in the period then ended, and the financial highlights
for each of the periods indicated therein. These financial
statements and financial highlights are the responsibility
of the Funds' management. Our responsibility is to express
an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial
highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned as of
December 31, 1996 by correspondence with the custodians and
brokers. An audit also includes assessing the accounting
principles used and significant estimates made by
managements, as well as evaluating the overall financial
statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of Royce Low-Priced Stock
Fund, Royce Total Return Fund, Royce Global Services Fund
and Royce Equity Income Fund, as of December 31, 1996, the
results of their operations for the year then ended, the
changes in their net assets for each of the two years in the
period then ended, and the financial highlights for the
periods indicated therein, in conformity with generally
accepted accounting principles.
COOPERS & LYBRAND
Boston, Massachusetts
February 14, 1997
<PAGE>
Report of Independent Accountants
To the Board of Trustees of The Royce Fund
and Shareholders of Royce Premier Fund, Royce and Royce
Micro-Cap Fund:
We have audited the accompanying statements of assets
and liabilities of Royce Premier Fund and Royce Micro-Cap
Fund, including the schedules of investments, accompanying
the Annual Report, as of December 31, 1996, the related
statements of operations for the year then ended, the
statements of changes in net assets for each of the two
years in the period then ended, and the financial highlights
for each of the five years in the period then ended. These
financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility
is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial
highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned as of
December 31, 1996 by correspondence with the custodians and
brokers. An audit also includes assessing the accounting
principles used and significant estimates made by
managements, as well as evaluating the overall financial
statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of Royce Premier Fund and
Royce Micro-Cap Fund, as of December 31, 1996, the results
of their operations for the year then ended, the changes in
their net assets for each of the two years in the period
then ended, and the financial highlights for each of the
five years in the period then ended, in conformity with
generally accepted accounting principles.
COOPERS & LYBRAND
Boston, Massachusetts
February 14, 1997
<PAGE>
Report of Independent Accountants
To the Board of Trustees of The Royce Fund and Shareholders
of The REvest Growth & Income Fund:
We have audited the accompanying statement of assets
and liabilities of The REvest Growth & Income Fund,
including the schedule of investments as of December 31,
1996, the related statement of operations for the year then
ended, the statement of changes in net assets for each of
the two years in the period then ended, and the financial
highlights for each of the two years in the period then
ended and for the period from August 1, 1994 (commencement
of operations) to December 31, 1994. These financial
statements and financial highlights are the responsibility
of the Fund's management. Our responsibility is to express
an opinion on these financial statements and financial
highlights based on our audits.
We have conducted our audits in accordance with
generally accepted auditing standards. Those standards
require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements. Our procedures include confirmation of
securities owned as of December 31, 1996, by correspondence
with the custodian and brokers. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of The REvest Growth &
Income Fund as of December 31, 1996, the results of its
operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended,
and the financial highlights for each of the two years in
the period then ended and for the period from August 1, 1994
(commencement of operations) to December 31, 1994 in
conformity with generally accepted accounting principles.
COOPERS & LYBRAND
Boston, Massachusetts
February 7, 1997
<PAGE>
THE ROYCE FUND
Trust Instrument
This TRUST INSTRUMENT is made as of April 12, 1996, by the
Trustees, to establish a business trust for the investment and
reinvestment of funds and other property invested in the Trust's
series by the series' shareholder/investors. The Trustees
declare that all money and property invested in the Trust's
series shall be held and managed in trust pursuant to this Trust
Instrument. The name of the Trust created by this Trust
Instrument is The Royce Fund.
ARTICLE I
Definitions
Unless otherwise provided or required by the context:
(a) "Bylaws" means the Bylaws of the Trust adopted by the
Trustees, as amended from time to time;
(b) "Class" means the class of Shares of the Trust or of a
Series established pursuant to Article IV;
(c) "Commission," "Interested Person," and "Principal
Underwriter" have the meanings provided in the Investment Company
Act of 1940, as amended ("1940 Act");
(d) "Covered Person" means a person so defined in Article
IX, Section 2;
(e) "Delaware Act" means Chapter 38 of Title 12 of the
Delaware Code entitled "Treatment of Delaware Business Trusts,"
as amended from time to time;
(f) "Majority Shareholder Vote" means "the vote of a
majority of the outstanding voting securities" as defined in the
1940 Act;
(g) "Net Asset Value" means the net asset value of the
Trust or of each Series of the Trust, determined as provided in
Article V, Section 3;
(h) "Outstanding Shares" means Shares shown in the books of
the Trust or its transfer agent as then issued and outstanding,
but does not include Shares which have been redeemed by the Trust
or which have been repurchased by the Trust and are held in its
treasury;
(i) "Series" means a series of Shares established pursuant
to Article IV;
(j) "Shareholder" means a record owner of outstanding
Shares;
<PAGE>
(k) "Shares" means the equal proportionate transferable
units of interest into which the beneficial interest of the
Trust, each Series or Class is divided from time to time
(including whole Shares and fractions of Shares);
(l) "Trust" means The Royce Fund established hereby, and
reference to the Trust, when applicable to one or more Series,
refers to that Series;
(m) "Trustees" means the persons who have signed this Trust
Instrument, so long as they shall continue in office in
accordance with the terms of this Instrument, and all other
persons who may from time to time be duly qualified and serving
as Trustees in accordance with Article II, in all cases in their
capacities as Trustees under this Instrument;
(n) "Trust Property" means any and all property, real or
personal, tangible or intangible, which is owned or held by or
for the Trust or any Series or the Trustees on behalf of the
Trust or any Series;
(o) The "1940 Act" means the Investment Company Act of
1940, as amended from time to time.
ARTICLE II
The Trustees
Section 1. Management of the Trust. The business and
affairs of the Trust shall be managed by or under the direction
of the Trustees, and they shall have all powers necessary or
desirable to carry out that responsibility. The Trustees may
execute all instruments and take all action they deem necessary
or desirable to promote the interests of the Trust. Any
determination made by the Trustees in good faith as to what is in
the interests of the Trust shall be conclusive.
Section 2. Initial Trustees; Election and Number of
Trustees. The initial Trustees shall be the persons initially
signing this Trust Instrument. The number of Trustees (other
than the initial Trustees) shall be fixed from time to time by a
majority of the Trustees; provided that there shall be at least
two (2) Trustees. The Shareholders shall elect the Trustees
(other than the initial Trustees) on such dates as the Trustees
may fix from time to time.
Section 3. Term of Office of Trustees. Each Trustee shall
hold office for life or until his or her successor is elected or
the Trust terminates; except that (a) any Trustee may resign by
delivering to the other Trustees or to any Trust officer a
written resignation effective upon such delivery or a later date
specified therein; (b) any Trustee may be removed with or without
<PAGE>
cause at any time by a written instrument signed by at least two-
thirds of the other Trustees, specifying the effective date of
removal; c any Trustee who requests to be retired, or who has
become physically or mentally incapacitated or is otherwise
unable to serve, may be retired by a written instrument signed by
a majority of the other Trustees, specifying the effective date
of retirement; and (d) any Trustee may be removed at any meeting
of the Shareholders by a vote of at least two-thirds of the
Outstanding Shares.
Section 4. Vacancies; Appointment of Trustees. Whenever a
vacancy shall exist in the Board of Trustees, regardless of the
reason for such vacancy, the remaining Trustees shall appoint any
person as they determine in their sole discretion to fill that
vacancy, consistent with the limitations under the 1940 Act.
Such appointment shall be made by a written instrument signed by
a majority of the remaining Trustees or by a resolution of the
remaining Trustees, duly adopted and recorded in the records of
the Trust, specifying the effective date of the appointment. The
remaining Trustees may appoint a new Trustee as provided above in
anticipation of a vacancy expected to occur because of the
retirement, resignation or removal of a Trustee or an increase in
number of Trustees, provided that such appointment shall become
effective only at or after the expected vacancy occurs. As soon
as any such Trustee has accepted his or her appointment in
writing, the trust estate shall vest in the new Trustee, together
with the continuing Trustees, without any further act or
conveyance, and he shall be deemed a Trustee hereunder. The
power of appointment is subject to Section 16(a) of the 1940 Act.
Section 5. Temporary Vacancy or Absence. Whenever a
vacancy in the Board of Trustees shall occur, until such vacancy
is filled, or while any Trustee is absent from his or her
domicile (unless that Trustee has made arrangements to be
informed about, and to participate in, the affairs of the Trust
during such absence), or is physically or mentally incapacitated,
the remaining Trustees shall have all the powers hereunder and
their certificate as to such vacancy, absence or incapacity shall
be conclusive. Any Trustee may, by power of attorney, delegate
his or her powers as Trustee for a period not exceeding six (6)
months at any one time to any other Trustee or Trustees.
Section 6. Chairman. The Trustees may appoint one of their
number to be Chairman of the Board of Trustees. The Chairman or,
if there is no Chairman, the President of the Trust shall preside
at all meetings of the Trustees, shall be responsible for the
execution of policies established by the Trustees and the
administration of the Trust, and may be the chief executive,
financial and/or accounting officer of the Trust.
Section 7. Action by the Trustees. The Trustees shall act
by majority vote at a meeting duly called (including at a
telephonic meeting, unless the 1940 Act requires that a
particular action be taken only at a meeting of Trustees in
person) at which a quorum is present or by written consent of a
<PAGE>
majority of Trustees (or such greater number as may be required
by applicable law) without a meeting. A majority of the Trustees
shall constitute a quorum at any meeting. Meetings of the
Trustees may be called orally or in writing by the Chairman of
the Board of Trustees, if any, by the President of the Trust or
by any two Trustees. Notice of the time, date and place of all
Trustees' meetings shall be given to each Trustee by telephone,
facsimile or other electronic mechanism sent to his or her home
or business address at least forty-eight hours in advance of the
meeting or by written notice mailed to his or her home or
business address at least four days in advance of the meeting.
Notice need not be given to any Trustee who attends the meeting
without objecting to the lack of notice or who signs a waiver of
notice either before or after the meeting. Subject to the
requirements of the 1940 Act, the Trustees by majority vote may
delegate to any Trustee or Trustees authority to approve
particular matters or take particular actions on behalf of the
Trust. Any written consent or waiver may be provided and
delivered to the Trust by facsimile or other similar electronic
mechanism.
Section 8. Ownership of Trust Property. The Trust Property
of the Trust and of each Series shall be held separate and apart
from any assets now or hereafter held in any capacity other than
as Trustee hereunder by the Trustees or any successor Trustees.
All of the Trust Property and legal title thereto shall at all
times be considered as vested in the Trustees on behalf of the
Trust, except that legal title to any Trust Property may be held
by or in the name of the Trust or in the name of any person
designated by the Trustees as nominee. No Shareholder shall be
deemed to have a severable ownership in any individual asset of
the Trust or of any Series or any right of partition or
possession thereof, but each Shareholder shall have, as provided
in Article IV, a proportionate undivided beneficial interest in
the Trust or Series represented by Shares.
Section 9. Effect of Trustees Not Serving. The death,
resignation, retirement, removal, incapacity, inability or
refusal to serve of the Trustees, or any one of them, shall not
operate to annul the Trust or to revoke any existing agency
created pursuant to the terms of this Trust Instrument.
Section 10. Trustees, etc. as Shareholders. Subject to any
restrictions in the Bylaws, any Trustee, officer, agent or
independent contractor of the Trust may acquire, own and dispose
of Shares to the same extent as any other Shareholder; the
Trustees may issue and sell Shares to and buy Shares from any
such person or any firm or company in which such person is
interested, subject only to any general limitations herein.
ARTICLE III
Powers of the Trustees
<PAGE>
Section 1. Powers. The Trustees in all instances shall act
as principals, free of the control of the Shareholders. The
Trustees shall have full power and authority to take or refrain
from taking any action and to execute any contracts and
instruments that they may consider necessary or desirable in the
management of the Trust. The Trustees shall not in any way be
bound or limited by current or future laws or customs applicable
to trust investments, but shall have full power and authority to
make any investments which they, in their sole discretion, deem
proper to accomplish the purposes of the Trust. The Trustees may
exercise all of their powers without recourse to any court or
other authority. Subject to any applicable limitation herein or
in the Bylaws or resolutions of the Trustees, the Trustees shall
have power and authority, without limitation:
(a) To invest and reinvest cash and other property, and to
hold cash or other property uninvested, without in any event
being bound or limited by any current or future law or custom
concerning investments by trustees, and to sell, exchange, lend,
pledge, mortgage, hypothecate, write options on and lease any or
all of the Trust Property; to invest in obligations and
securities of any kind, and without regard to whether they may
mature before the possible termination of the Trust; and without
limitation to invest all or any part of its cash and other
property in securities issued by a registered investment company
or series thereof, subject to the provisions of the 1940 Act;
(b) To operate as and carry on the business of a registered
investment company, and exercise all the powers necessary and
proper to conduct such a business;
(c) To adopt Bylaws not inconsistent with this Trust
Instrument providing for the conduct of the business of the Trust
and to amend and repeal them to the extent such right is not
expressly reserved to the Shareholders;
(d) To elect and remove such officers and appoint and
terminate such agents as they deem appropriate;
(e) To employ as custodian of any assets of the Trust,
subject to any provisions herein or in the Bylaws, one or more
banks, trust companies or companies that are members of a
national securities exchange, or other entities permitted by the
Commission to serve as such;
(f) To retain one or more transfer agents and Shareholder
servicing agents, or both;
(g) To provide for the distribution of Shares either
through a Principal Underwriter as provided herein or by the
Trust itself, or both, or pursuant to a distribution plan of any
kind;
<PAGE>
(h) To set record dates in the manner provided for herein
or in the Bylaws;
(i) To delegate such authority as they consider desirable
to any officers of the Trust and to any agent, independent
contractor, manager, investment adviser, custodian or
underwriter;
(j) To sell or exchange any or all of the assets of the
Trust, subject to Article X, Section 4;
(k) To vote or give assent, or exercise any rights of
ownership, with respect to other securities or property; and to
execute and deliver powers of attorney delegating such power to
other persons;
(l) To exercise powers and rights of subscription or
otherwise which in any manner arise out of ownership of
securities;
(m) To hold any security or other property (I) in a form
not indicating any trust, whether in bearer, book entry,
unregistered or other negotiable form, or (ii) either in the
Trust's or Trustees' own names or in the name of a custodian or a
nominee or nominees, subject to safeguards according to the usual
practice of business trusts or investment companies;
(n) To establish separate and distinct Series with
separately defined investment objectives and policies and
distinct investment purposes, and with separate Shares
representing beneficial interests in such Series, and to
establish separate Classes, all in accordance with the provisions
of Article IV;
(o) To the full extent permitted by Section 3804 of the
Delaware Act, to allocate assets, liabilities and expenses of the
Trust to a particular Series and liabilities and expenses to a
particular Class or to apportion the same between or among two or
more Series or Classes, provided that any liabilities or expenses
incurred by a particular Series or Class shall be payable solely
out of the assets belonging to that Series or Class as provided
for in Article IV, Section 4;
(p) To consent to or participate in any plan for the
reorganization, consolidation or merger of any corporation or
other entity whose securities are held by the Trust; to consent
to any contract, lease, mortgage, purchase or sale of property by
such corporation or other entity; and to pay calls or
subscriptions with respect to any security held in the Trust;
(q) 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;
(r) To make distributions of income and of capital gains to
Shareholders in the manner hereinafter provided for;
<PAGE>
(s) To borrow money;
(t) To establish, from time to time, a minimum total
investment for Shareholders, and to require the redemption of the
Shares of any Shareholders whose investment is less than such
minimum upon giving notice to such Shareholders;
(u) To establish committees for such purposes, with such
membership, and with such responsibilities as the Trustees may
consider proper, including a committee consisting of fewer than
all of the Trustees then in office, which may act for and bind
the Trustees and the Trust with respect to the institution,
prosecution, dismissal, settlement, review or investigation of
any legal action, suit or proceeding, pending or threatened;
(v) To issue, sell, repurchase, redeem, cancel, retire,
acquire, hold, resell, reissue, dispose of and otherwise deal in
Shares; to establish terms and conditions regarding the issuance,
sale, repurchase, redemption, cancellation, retirement,
acquisition, holding, resale, reissuance, disposition of or
dealing in Shares; and, subject to Articles IV and V, to apply to
any such repurchase, redemption, retirement, cancellation or
acquisition of Shares any funds or property of the Trust or of
the particular Series with respect to which such Shares are
issued; and
(w) To carry on any other business in connection with or
incidental to any of the foregoing powers, to do everything
necessary or desirable to accomplish any purpose or to further
any of the foregoing powers and to take every other action
incidental to the foregoing business or purposes, objects or
powers.
The clauses above shall be construed as objects and
powers, and the enumeration of specific powers shall not limit in
any way the general powers of the Trustees. Any action by one or
more of the Trustees in their capacity as such hereunder shall be
deemed an action on behalf of the Trust or the applicable Series,
and not an action in an individual capacity. No one dealing with
the Trustees shall be under any obligation to make any inquiry
concerning the authority of the Trustees, or to see to the
application of any payments made or property transferred to the
Trustees or upon their order. In construing this Trust
Instrument, the presumption shall be in favor of a grant of power
to the Trustees.
Section 2. Certain Transactions. Except as prohibited by
applicable law, the Trustees may, on behalf of the Trust, buy any
securities from or sell any securities to, or lend any assets of
the Trust to, any Trustee or officer of the Trust or any entity
of which any such Trustee or officer is a member acting as
principal, or have any such dealings with any investment adviser,
administrator, distributor or transfer agent for the Trust or
with any interested person of such person. The Trust may employ
any such person or entity in which such person is an interested
person, as broker, legal counsel, investment adviser,
<PAGE>
administrator, distributor, transfer agent, dividend disbursing
agent, custodian or in any other capacity upon customary terms.
ARTICLE IV
Series; Classes; Shares
Section 1. Establishment of Series or Class. The Trust may
consist of one or more Series, and the Trustees may hereafter
establish the assets, liabilities, operations and Shares of the
Trust as then constituted as the initial Series. Such Series and
each additional Series shall be established by the adoption of a
resolution of the Trustees and without Shareholder approval. The
Trustees may designate the relative rights and preferences of the
Shares of each Series and may divide the Shares of the Trust
and/or of any Series into Classes. In such case, each Class of
the Trust and/or of a Series shall represent interests in the
assets of that Series and have identical voting, dividend,
liquidation and other rights and the same terms and conditions,
except that expenses allocated to a Class may be borne solely by
such Class as determined by the Trustees and a Class may have
exclusive voting rights with respect to matters affecting only
that Class. The Trust shall maintain separate and distinct
records for each Series and hold and account for the assets
thereof separately from the other assets of the Trust or of any
other Series. A Series may issue any number of Shares and need
not issue Shares. Each Share of a Series shall represent an
equal beneficial interest in the net assets of such Series. Each
holder of Shares of a Series shall be entitled to received his or
her pro rata share of all distributions made with respect to such
Series. Upon redemption of his or her Shares, such Shareholder
shall be paid solely out of the funds and property of such
Series. The Trustees may change the name of the Trust or of any
Series or Class.
Section 2. Shares. The beneficial interest in the Trust
may be divided into Shares of one or more separate and distinct
Series or Classes established by the Trustees. The number of
Shares of the Trust and of each Series and Class shall be
unlimited, and each Share shall have a par value of $0.001 per
Share. All Shares issued hereunder shall be fully paid and non-
assessable. Shareholders shall have no preemptive or other right
to subscribe to any additional Shares or other securities issued
by the Trust. The Trustees shall have full power and authority,
in their sole discretion and without obtaining Shareholder
approval: to issue original or additional Shares at such times
and on such terms and conditions as they deem appropriate; to
issue fractional Shares and Shares held in the treasury; to
establish and to change in any manner Shares of the Trust or of
any Series or Classes with such preferences, terms of conversion,
voting powers, rights and privileges as the Trustees may
determine (but the Trustees may not change Outstanding Shares in
a manner materially adverse to the Shareholders of such Shares);
to divide or combine the Shares of the Trust or of any Series or
<PAGE>
Classes into a greater or lesser number; to classify or
reclassify any unissued Shares of the Trust or of any Series or
Classes into one or more Series or Classes of Shares; to abolish
any one or more Series or Classes of Shares; to issue Shares to
acquire other assets (including assets subject to, and in
connection with, the assumption of liabilities) and businesses;
and to take such other action with respect to the Shares as the
Trustees may deem desirable. Shares held in the treasury shall
not confer any voting rights on the Trustees and shall not be
entitled to any dividends or other distributions declared with
respect to the Shares.
Section 3. Investment in the Trust. The Trustees shall
accept investments in the Trust or in any Series from such
persons and on such terms as they may from time to time
authorize. At the Trustees' discretion, such investments,
subject to applicable law, may be in the form of cash or
securities in which the Trust or that Series is authorized to
invest, valued as provided in Article V, Section 3. Investments
in the Trust or in a Series shall be credited to each
Shareholder's account in the form of full Shares at the Net Asset
Value per Share next determined after the investment is received
or accepted as may be determined by the Trustees; provided,
however, that the Trustees may, in their sole discretion, (a)
impose a sales charge upon investments in the Trust or in any
Series or Class, (b) issue fractional Shares or c determine the
Net Asset Value per Share of the initial capital contribution.
The Trustees shall have the right to refuse to accept investments
in the Trust or in any Series or Class at any time without any
cause or reason therefor whatsoever.
Section 4. Assets and Liabilities of 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 (including 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 be held and
accounted for separately from the other assets of the Trust and
every other Series and are referred to as "assets belonging to"
that Series. The assets belonging to a Series shall belong only
to that Series for all purposes, and to no other Series, subject
only to the rights of creditors of that Series. Any assets,
income, earnings, profits and proceeds thereof, funds or payments
which are not readily identifiable as belonging to any particular
Series, shall be allocated by the Trustees between and among one
or more Series as the Trustees deem fair and equitable. Each
such allocation shall be conclusive and binding upon the
Shareholders of all Series for all purposes, and such assets,
earnings, income, profits or funds, or payments and proceeds
thereof, shall be referred to as assets belonging to that Series.
The assets belonging to a Series shall be so recorded upon the
books of the Trust, and shall be held by the Trustees in trust
for the benefit of the Shareholders of that Series. The assets
<PAGE>
belonging to a Series shall be charged with the liabilities of
that Series and all expenses, costs, charges and reserves
attributable to that Series, except that liabilities and expenses
allocated solely to a particular Class shall be borne by that
Class. Any general liabilities, expenses, costs, charges or
reserves of the Trust which are not readily identifiable as
belonging to any particular Series or Class shall be allocated
and charged by the Trustees between or among any one or more of
the Series or Classes in such manner as the Trustees deem fair
and equitable. Each such allocation shall be conclusive and
binding upon the Shareholders of all Series or Classes for all
purposes.
Without limiting the foregoing, but subject to the
right of the Trustees to allocate general liabilities, expenses,
costs, charges or reserves as herein provided, the debts,
liabilities, obligations and expenses incurred, contracted for or
otherwise existing with respect to a particular Series shall be
enforceable against the assets of such Series only, and not
against the assets of the Trust generally or of any other Series.
Notice of this contractual limitation on liabilities among Series
may, in the Trustees' discretion, be set forth in the certificate
of trust of the Trust (whether originally or by amendment) as
filed or to be filed in the Office of the Secretary of State of
the State of Delaware pursuant to the Delaware Act, and upon the
giving of such notice in the certificate of trust, the statutory
provisions of Section 3804 of the Delaware Act relating to
limitations on liabilities 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. Any person extending credit to, contracting with or
having any claim against any Series may look only to the assets
of that Series to satisfy or enforce any debt with respect to
that Series. No Shareholder or former Shareholder of the Trust
or of any Series shall have a claim on or any right to any assets
allocated or belonging to any other Series.
Section 5. Ownership and Transfer of Shares. The Trust
shall maintain a register containing the names and addresses of
the Shareholders of the Trust or of each Series and Class
thereof, the number of Shares of the Trust or of each Series and
Class held by such Shareholders and a record of all Share
transfers. The register shall be conclusive as to the identity
of Shareholders of record and the number of Shares held by them
from time to time. The Trustees may authorize the issuance of
certificates representing Shares and adopt rules governing their
use. The Trustees may make rules governing the transfer of
Shares, whether or not represented by certificates.
Section 6. Status of Shares: Limitation of Shareholder
Liability. Shares shall be deemed to be personal property giving
Shareholders only the rights provided in this Trust Instrument.
Every Shareholder, by virtue of having acquired a Share, shall be
held expressly to have assented to and agreed to be bound by the
<PAGE>
terms of this Trust Instrument and to have become a party hereto.
No Shareholder shall be personally liable for the debts,
liabilities, obligations and expenses incurred by, contracted for
or otherwise existing with respect to, the Trust or any Series.
Neither the Trust nor the Trustees shall have any power to bind
any Shareholder personally or to demand payment from any
Shareholder for anything, other than as agreed by the
Shareholder. Shareholders shall have the same limitation of
personal liability as is extended to shareholders of a private
corporation for profit incorporated in the State of Delaware.
Every written obligation of the Trust or any Series shall contain
a statement to the effect that such obligation may only be
enforced against the assets of the Trust or such Series; however,
the omission of such statement shall not operate to bind or
create personal liability for any Shareholder or Trustee.
ARTICLE V
Distributions Redemptions
Section 1. Distributions. The Trustees may declare and pay
dividends and other distributions, including dividends on Shares
of a particular Series and other distributions from the assets
belonging to that Series. The amount and payment of dividends or
distributions and their form, whether they are in cash, Shares or
other Trust Property, shall be determined by the Trustees.
Dividends and other distributions may be paid pursuant to a
standing resolution adopted once or more often as the Trustees
determine. All dividends and other distributions on Shares of
the Trust or of a particular Series shall be distributed pro rata
to the Shareholders of the Trust or of that Series in proportion
to the number of Shares of the Trust or of that Series they held
on the record date established for such payment, except that such
dividends and distributions shall appropriately reflect expenses
allocated to a particular Class of the Trust or of such Series.
The Trustees may adopt and offer to Shareholders such dividend
reinvestment plans, cash dividend payout plans or similar plans
as the Trustees deem appropriate.
Section 2. Redemptions. Each Shareholder of the Trust or
of a Series shall have the right at such times as may be
permitted by the Trustees to require the Trust or Series to
redeem all or any part of his or her Shares at a redemption price
per Share equal to the Net Asset Value per Share at such time as
the Trustees shall have prescribed by resolution. In the absence
of such resolution, the redemption price per Share shall be the
Net Asset Value next determined after receipt by the Trust or
Series of a request for redemption in proper form less such
charges as are determined by the Trustees and described in the
Trust's Registration Statement for the Trust or that Series under
the Securities Act of 1933. The Trustees may specify conditions,
prices and places of redemption, and may specify binding
requirements for the proper form or forms of requests for
<PAGE>
redemption. Payment of the redemption price may be wholly or
partly in securities or other assets at the value of such
securities or assets used in such determination of Net Asset
Value or may be in cash. Upon redemption, Shares may be reissued
from time to time. The Trustees may require Shareholders to
redeem Shares for any reason under terms set by the Trustees,
including the failure of a Shareholder to supply a personal
identification number if required to do so, or to have the
minimum investment required, or to pay when due for the purchase
of Shares issued to him. To the extent permitted by law, the
Trustees may retain the proceeds of any redemption of Shares
required by them for payment of amounts due and owing by a
Shareholder to the Trust or any Series or Class. Notwithstanding
the foregoing, the Trustees may postpone payment of the
redemption price and may suspend the right of the Shareholders to
require the Trust or any Series or Class to redeem Shares during
any period of time when and to the extent permissible under the
1940 Act.
Section 3. Determination of Net Asset Value. The Trustees
shall cause the Net Asset Value of Shares of the Trust or each
Series or Class to be determined from time to time in a manner
consistent with applicable laws and regulations. The Trustees
may delegate the power and duty to determine Net Asset Value per
Share to one or more Trustees or officers of the Trust or to a
custodian, depository or other agent appointed for such purpose.
The Net Asset Value of Shares shall be determined separately for
each Series or Class at such times as may be prescribed by the
Trustees or, in the absence of action by the Trustees, as of the
close of regular trading on the New York Stock Exchange on each
day for all or part of which such Exchange is open for
unrestricted trading.
Section 4. Suspension of Right of Redemption. If, as
referred to in Section 2 of this Article, the Trustees postpone
payment of the redemption price and suspend the right of
Shareholders to redeem their Shares, such suspension shall take
effect at the time the Trustees shall specify, but not later than
the close of business on the business day next following the
declaration of suspension. Thereafter Shareholders shall have no
right of redemption or payment until the Trustees declare the end
of the suspension. If the right of redemption is suspended, a
Shareholder may either withdraw his or her request for redemption
or receive payment based on the Net Asset Value per Share next
determined after the suspension terminates.
Section 5. Redemptions Necessary for Qualification as
Regulated Investment Company. If the Trustees shall determine
that direct or indirect ownership of Shares of the Trust or of
any Series has or may become concentrated in any person to an
extent which would disqualify the Trust or any Series as a
regulated investment company under the Internal Revenue Code,
then the Trustees shall have the power (but not the obligation)
by lot or other means they deem equitable to (a) call for
redemption by any such person of a number, or principal amount,
<PAGE>
of Shares sufficient to maintain or bring the direct or indirect
ownership of Shares into conformity with the requirements for
such qualification and (b) refuse to transfer or issue Shares to
any person whose acquisition of Shares in question would, in the
Trustees' judgment, result in such disqualification. Any such
redemption shall be effected at the redemption price and in the
manner provided in this Article. Shareholders shall upon demand
disclose to the Trustees in writing such information concerning
direct and indirect ownership of Shares as the Trustees deem
necessary to comply with the requirements of the Internal Revenue
Code or any other taxing authority.
ARTICLE VI
Shareholders' Voting Powers and Meetings
Section 1. Voting Powers. The Shareholders shall have
power to vote only with respect to (a) the election of Trustees
as provided in Section 2 of this Article; (b) the removal of
Trustees as provided in Article II, Section 3(d); c any
investment advisory or management contract as provided in Article
VII, Section I; (d) any termination of the Trust as provided in
Article X, Section 4; (e) the amendment of this Trust Instrument
to the extent and as provided in Article X, Section 8; and (f)
such additional matters relating to the Trust as may be required
by law, this Trust Instrument, the Bylaws or any registration of
the Trust with the Commission or any State, or as the Trustees
may consider desirable.
On any matter submitted to a vote of the Shareholders,
if the Trust has more than one Series or more than one Class of
Shares, all Shares shall be voted by individual Series or Class,
except (a) when required by the 1940 Act, Shares shall be voted
in the aggregate and not by individual Series or Class, and (b)
when the Trustees have determined that the matter affects the
interests of more than one Series or Class, then the Shareholders
of all such Series or Classes shall be entitled to vote thereon.
Each whole Share shall be entitled to one vote as to any matter
on which it is entitled to vote, and each fractional Share shall
be entitled to a proportionate fractional vote. There shall be
no cumulative voting in the election of Trustees. Shares may be
voted in person or by proxy or in any manner provided for in the
Bylaws. The Bylaws may provide that proxies may be given by any
electronic or telecommunications device or in any other manner,
but if a proposal by anyone other than the officers or Trustees
is submitted to a vote of the Shareholders of the Trust or of any
Series or Class, or if there is a proxy contest or proxy
solicitation or proposal in opposition to any proposal by the
officers or Trustees, Shares may be voted only in person or by
written proxy. Until Shares of the Trust or of a Series are
issued, as to the Trust or that Series the Trustees may exercise
all rights of Shareholders and may take any action required or
permitted to be taken by Shareholders by law, this Trust
Instrument or the Bylaws.
<PAGE>
Section 2. Meetings of Shareholders. The first
Shareholders' meeting shall be held to elect Trustees at such
time and place as the Trustees designate. Special meetings of
the Shareholders of the Trust or of any Series or Class may be
called by the Trustees and shall be called by the Trustees upon
the written request of Shareholders owning at least ten percent
of the Outstanding Shares of the Trust or of such Series or Class
entitled to vote. Shareholders shall be entitled to at least ten
days' notice of any meeting, given as determined by the Trustees.
Section 3. Quorum; Required Vote. A majority of the
Outstanding Shares of each Series or Class, or a majority of the
Outstanding Shares of the Trust, entitled to vote in person or by
proxy shall be a quorum for purposes of transacting business at a
Shareholders' meeting with respect to such Series or Class, or
with respect to the entire Trust, respectively. Any lesser
number shall be sufficient for adjournments. Any adjourned
session of a meeting of Shareholders may be held within a
reasonable time without further notice. Except when a larger
vote is required by law, this Trust Instrument or the Bylaws, a
Majority Shareholder Vote voted in person or by proxy shall
decide any matters to be voted upon with respect to the entire
Trust and a plurality of the Outstanding Shares so voted shall
elect a Trustee; provided that if this Trust Instrument or
applicable law permits or requires that Shares be voted on any
matter by individual Series or Classes, then a majority of the
Outstanding Shares of that Series or Class (or, if permitted or
required by law, a Majority Shareholder Vote of that Series or
Class) voted in person or by proxy on the matter shall decide
that matter insofar as that Series or Class is concerned.
Shareholders may act as to the Trust or any Series or Class by
the written consent of a majority (or such greater amount as may
be required by applicable law) of the Outstanding Shares of the
Trust or of such Series or Class, as the case may be.
ARTICLE VII
Contracts with Service Providers
Section 1. Investment Adviser. Subject to a Majority
Shareholder Vote, the Trustees may enter into one or more
investment advisory contracts on behalf of the Trust or any
Series, providing for investment advisory services, statistical
and research facilities and services and other facilities and
services to be furnished to the Trust or Series on terms and
conditions acceptable to the Trustees. Any such contract may
provide for the investment adviser to effect purchases, sales or
exchanges of portfolio securities or other Trust Property on
behalf of the Trustees or the Trust or may authorize any officer
or agent of the Trust to effect such purchases, sales or
exchanges pursuant to recommendations of the investment adviser.
The Trustees may authorize the investment adviser to employ one
or more sub-advisers.
<PAGE>
Section 2. Principal Underwriter. The Trustees may enter
into contracts on behalf of the Trust or any Series or Class,
providing for the distribution and sale of Shares by the other
party, either directly or as sales agent, on terms and conditions
acceptable to the Trustees. The Trustees may adopt a plan or
plans of distribution with respect to Shares of the Trust or of
any Series or Class and enter into any related agreements,
whereby the Trust or the Series or Class finances directly or
indirectly any activity that is primarily intended to result in
sales of its Shares, subject to the requirements of Section 12 of
the 1940 Act, Rule 12b-1 thereunder and other applicable rules
and regulations.
Section 3. Transfer Agency Shareholder Services and
Administration Agreements. The Trustees, on behalf of the Trust
or any Series or Class, may enter into transfer agency
agreements, Shareholder service agreements and administration and
management agreements with any party or parties on terms and
conditions acceptable to the Trustees.
Section 4. Custodian. The Trustees shall at all times
place and maintain the securities and similar investments of the
Trust and of each Series in custody meeting the requirements of
Section 17(f) of the 1940 Act and the rules thereunder. The
Trustees, on behalf of the Trust or any Series, may enter into an
agreement with a custodian on terms and conditions acceptable to
the Trustees, providing for the custodian, among other things, to
(a) hold the securities owned by the Trust or any Series and
deliver the same upon written order or oral order confirmed in
writing, (b) to receive and receipt for any moneys due to the
Trust or any Series and deposit the same in its own banking
department or elsewhere, c to disburse such funds upon orders or
vouchers and (d) to employ one or more sub-custodians.
Section 5. Parties to Contracts with Service Providers.
The Trustees may enter into any contract referred to in this
Article with any entity, although one more of the Trustees or
officers of the Trust may be an officer, director, trustee,
partner, shareholder or member of such entity, and no such
contract shall be invalidated or rendered void or voidable
because of such relationship. No person having such a
relationship shall be (a) disqualified from voting on or
executing a contract in his or her capacity as an officer of the
Trust, Trustee and/or Shareholder, (b) liable merely by reason of
such relationship for any loss or expense to the Trust with
respect to such a contract or c except to the extent required by
the 1940 Act or any other applicable law, accountable for any
profit realized directly or indirectly therefrom; provided that
the contract was not inconsistent with this Trust Instrument or
the Bylaws.
Any contract referred to in Sections 1 and 2 of this
Article shall be consistent with and subject to the applicable
requirements of Section 15 of the 1940 Act and the rules
thereunder with respect to its continuance in effect, its
termination and the method of authorization and approval of such
<PAGE>
contract or renewal. No amendment to a contract referred to in
Section 1 of this Article shall be effective unless assented to
in a manner consistent with the requirements of Section 15 of the
1940 Act and the rules thereunder.
ARTICLE VIII
Expenses of the Trust and Series
Subject to Article IV, Section
4, the Trust or a particular Series shall pay, or shall reimburse
the Trustees from the assets of the Trust or the assets of the
particular Series, for their operating and other costs and
expenses, including, but not limited to, interest charges, taxes,
brokerage fees and commissions; expenses of issue, repurchase and
redemption of Shares; certain insurance premiums; applicable
fees, interest charges and expenses of third parties, including
the Trust's investment advisers, managers, administrators,
distributors, custodians, transfer agents and accountants; fees
of pricing, interest, dividend, credit and other reporting
services; costs of membership in trade associations;
telecommunications expenses; funds transmission expenses;
auditing, legal and compliance expenses; costs of forming the
Trust and its Series and maintaining their existence; costs of
preparing and printing the prospectuses of the Trust and each
Series, statements of additional information and Shareholder
reports and delivering them to Shareholders; expenses of meetings
of Shareholders and proxy solicitations therefor; costs of
maintaining books and accounts; costs of reproduction, stationery
and supplies; fees and expenses of the Trustees; compensation of
the Trust's officers and employees and costs of other personnel
performing services for the Trust or any Series; costs of the
Trust's office space and facilities; costs of Trustee meetings;
Commission registration fees and related expenses; state or
foreign securities laws registration fees and related expenses;
and for such nonrecurring items as may arise, including
litigation to which the Trust or a Series (or a Trustee or
officer of the Trust acting as such) is a party, and for all
losses and liabilities incurred by them in administering the
Trust. The Trustees shall have a lien on the assets of the Trust
or belonging to the appropriate Series, or in the case of an
expense allocable to more than one Series, on the assets of each
such Series, prior to any rights or interests of the Shareholders
thereto, for the reimbursement to them of such costs, expenses,
losses and liabilities.
ARTICLE IX
Limitation of Liability and Indemnification
Section 1. Limitation of Liability. All persons
contracting with or having any claim against the Trust or a
<PAGE>
particular Series shall look only to the assets of the Trust or
such Series for payment under such contract or claim; and neither
the Trustees nor any of the Trust's officers, employees or
agents, whether past, present or future, shall be personally
liable therefor. Every written instrument or obligation on
behalf of the Trust or any Series shall contain a statement to
the foregoing effect, but the absence of such statement shall not
operate to make any Trustee or officer of the Trust liable
thereunder. None of the Trustees or officers of the Trust shall
be responsible or liable for any act or omission or for neglect
or wrongdoing by him or by any agent, employee, investment
adviser or independent contractor of the Trust, but nothing
contained in this Trust Instrument or in the Delaware Act shall
protect any Trustee or officer of the Trust against liability to
the Trust or to Shareholders to which he would otherwise be
subject by reason of willful misfeasance, bad faith, gross
negligence or reckless disregard of the duties involved in the
conduct of his or her office.
Section 2. Indemnification. (a) Subject to the exceptions
and limitations contained in subsection (b) below:
(i) every person who is, or has been, a Trustee or an
officer, employee or agent of the Trust ("Covered Person") shall
be indemnified by the Trust or the appropriate Series to the
fullest extent permitted by law against liability and against all
expenses reasonably incurred or paid by him in connection with
any claim, action, suit or proceeding in which he becomes
involved as a party or otherwise by virtue of his or her being or
having been a Covered Person and against amounts paid or incurred
by him in the settlement thereof;
(ii) as used in this Instrument, the words "claim,"
"action," "suit," or "proceeding" shall apply to all claims,
actions, suits or proceedings (civil, criminal or other,
including appeals), actual or threatened, and the words
"liability" and "expenses" shall include, without limitation,
attorneys' fees, costs, judgments, amounts paid in settlement,
fines, penalties and other liabilities.
(b) No indemnification shall be provided under this
Instrument to a Covered Person:
(i) who shall, in respect of the matter involved, have been
adjudicated by a court or body before which the proceeding was
brought to be liable to the Trust or its Shareholders by reason
of willful misfeasance, bad faith, gross negligence or reckless
disregard of the duties involved in the conduct of his or her
office; or
(ii) in the event of a settlement, unless there has been a
determination that such Covered Person did not engage in willful
<PAGE>
misfeasance, bad faith, gross negligence or reckless disregard of
the duties involved in the conduct of his or her office, (A) by
the court or other body approving the settlement, (B) by at least
a majority of those Trustees who are neither Interested Persons
of the Trust nor are parties to the matter based upon a review of
readily available facts (as opposed to a full trial-type inquiry)
or c by written opinion of independent legal counsel based upon a
review of readily available facts (as opposed to a full trial-
type inquiry).
(c) The rights of indemnification herein provided may be
insured against by policies maintained by the Trust, shall be
severable, shall not be exclusive of or affect any other rights
to which any Covered Person may now or hereafter be entitled and
shall inure to the benefit of the heirs, executors and
administrators of a Covered Person.
(d) To the maximum extent permitted by applicable law,
expenses in connection with the preparation and presentation of a
defense to any claim, action, suit or proceeding of the character
described in subsection (a) of this Section may be paid by the
Trust or applicable Series from time to time prior to final
disposition thereof upon receipt of an undertaking by or on
behalf of such Covered Person that such amount will be paid over
by him to the Trust or applicable Series if it is ultimately
determined that he is not entitled to indemnification under this
Section; provided, however, that either (I) such Covered Person
shall have provided appropriate security for such undertaking,
(ii) the Trust is insured against losses arising out of any such
advance payments, or (iii) either a majority of a quorum of the
Trustees who are neither Interested Persons of the Trust nor
parties to the matter, or independent legal counsel in a written
opinion shall have determined, based upon a review of readily
available facts (as opposed to a full trial-type inquiry) that
there is reason to believe that such Covered Person will not be
disqualified from indemnification under this Section.
(e) Any repeal or modification of this Article IX by the
Shareholders of the Trust, or adoption or modification of any
other provision of the Trust Instrument or Bylaws inconsistent
with this Article, shall be prospective only, to the extent that
such repeal or modification would, if applied retrospectively,
adversely affect any limitation on the liability of any Covered
Person or indemnification available to any Covered Person with
respect to any act or omission which occurred prior to such
repeal, modification or adoption.
Section 3. Indemnification of Shareholders. If any
Shareholder or former Shareholder of the Trust or of any Series
shall be held personally liable solely by reason of his or her
being or having been a Shareholder and not because of his or her
acts or omissions or for some other reason, the Shareholder or
<PAGE>
former Shareholder (or his or her heirs, executors,
administrators or other legal representatives or, in the case of
any entity, its general successor) shall be entitled out of the
assets of the Trust or belonging to the applicable Series to be
held harmless from and indemnified against all loss and expense
arising from such liability. The Trust, for itself or on behalf
of the affected Series, shall, upon request by such Shareholder,
assume the defense of any claim made against such Shareholder for
any act or obligation of the Trust or the Series and satisfy any
judgment thereon from the assets of the Trust or the Series.
ARTICLE X
Miscellaneous
Section 1. Trust Not a Partnership. This Trust Instrument
creates a trust and not a partnership. No Trustee shall have any
power to bind personally either the Trust's Trustees or officers
or any Shareholder.
Section 2. Trustee Action; Expert Advice; No Bond or
Surety. The exercise by the Trustees of their powers and
discretion hereunder in good faith shall be binding upon everyone
interested. Subject to the provisions of Article IX, the
Trustees shall not be liable for negligent acts or omissions,
errors of judgment or mistakes of fact or law. The Trustees may
take advice of counsel or other experts with respect to the
meaning and operation of this Trust Instrument, and, subject to
the provisions of Article IX, shall not be liable for any act or
omission in accordance with such advice or for failing to follow
such advice. The Trustees shall not be required to give any bond
as such, nor any surety if a bond is obtained.
Section 3. Record Dates. The Trustees may fix in advance a
date up to ninety (90) days before the date of any meeting of
Shareholders, or the date for the payment of any dividends or
other distributions, or the date for the allotment of rights or
the date when any change or conversion or exchange of Shares
shall go into effect as a record date for the determination of
the Shareholders entitled to notice of, and to vote at, any such
meeting, or entitled to receive payment of such dividend or other
distribution, or to receive any such allotment of rights or to
exercise such rights in respect of any such change, conversion or
exchange of Shares.
Section 4. Termination of the Trust. (a) This Trust shall
have perpetual existence. Subject to a Majority Shareholder Vote
of the Trust or of each Series to be affected, the Trustees may
(i) sell and convey all or substantially all of the assets
of the Trust or any affected Series to another Series or to
<PAGE>
another entity which is an open-end investment company as defined
in the 1940 Act, or is a series thereof, for adequate
consideration, which may include the assumption of all
outstanding obligations, taxes and other liabilities, accrued or
contingent, of the Trust or any affected Series, and which may
include shares of or interests in such Series, entity or series
thereof; or
(ii) at any time sell and convert into money all or
substantially all of the assets of the Trust or any affected
Series.
Upon making reasonable provision for the payment of all
known liabilities of the Trust or any affected Series in either
(I) or (ii) by such assumption or otherwise, the Trustees shall
distribute the remaining proceeds or assets (as the case may be)
ratably among the Shareholders of the Trust or any affected
Series; provided, however, that the payment to any particular
Class of such Series may be reduced by any fees, expenses or
charges allocated to that Class.
(b) The Trustees may take any of the actions specified in
subsection (a)(I) and (ii) above without obtaining a Majority
Shareholder Vote of the Trust or any Series if a majority of the
Trustees determines that the continuation of the Trust or Series
is not in the best interests of the Trust, such Series or their
respective Shareholders as a result of factors or events
adversely affecting the ability of the Trust or such Series to
conduct its business and operations in an economically viable
manner. Such factors and events may include the inability of the
Trust or a Series to maintain its assets at an appropriate size,
changes in laws or regulations governing the Trust or the Series
or affecting assets of the type in which the Trust or Series
invests, or economic developments or trends having a significant
adverse impact on the business or operations of the Trust or such
Series.
(c) Upon completion of the distribution of the remaining
proceeds or assets pursuant to subsection (a) the Trust or
affected Series shall terminate and the Trustees and the Trust
shall be discharged of any and all further liabilities and duties
hereunder with respect thereto and the right, title and interest
of all Parties therein shall be canceled and discharged. Upon
termination of the Trust, following completion of winding up of
its business, the Trustees shall cause a certificate of
cancellation of the Trust's certificate of trust to be filed in
accordance with the Delaware Act, which certificate of
cancellation may be signed by any one Trustee.
Section 5. Reorganization. Notwithstanding anything else
in this Instrument, to change the Trust's form of organization
the Trustees may, without Shareholder approval, (a) cause the
Trust to merge or consolidate with or into one or more entities,
<PAGE>
if the surviving or resulting entity is the Trust or another open-
end management investment company under the 1940 Act, or a series
thereof, that will succeed to or assume the Trust's registration
under the 1940 Act, or (b) cause the Trust to incorporate under
the laws of Delaware. Any agreement of merger or consolidation
or certificate of merger may be signed by a majority of Trustees
and facsimile signatures conveyed by electronic or
telecommunication means shall be valid.
Pursuant to and in accordance with the provisions of
Section 3815(f) of the Delaware Act, an agreement of merger or
consolidation approved by the Trustees in accordance with this
Section 5 may effect any amendment to this Trust Instrument or
effect the adoption of a new trust instrument of the Trust if it
is the surviving or resulting trust in the merger or
consolidation.
Section 6. Trust Instrument. The original or a copy of
this Trust Instrument and of each amendment to this Instrument or
any Trust Instrument supplemental to this Instrument shall be
kept at the office of the Trust where it may be inspected by any
Shareholder. Anyone dealing with the Trust may rely on a
certificate by a Trustee or an officer of the Trust as to the
authenticity of the Trust Instrument or any such amendments or
supplements and as to any matters in connection with the Trust.
Headings herein are for convenience only and shall not affect the
construction of this Trust Instrument. This Trust Instrument may
be executed in any number of counterparts, each of which shall be
deemed an original.
Section 7. Applicable Law. This Trust Instrument and the
Trust created under this Instrument are governed by and shall be
construed and administered according to the Delaware Act and the
applicable laws of the State of Delaware; provided, however, that
there shall not be applicable to the Trust, the Trustees or this
Trust Instrument (a) the provisions of Section 3540 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
Delaware Act) pertaining to trusts, including, without
limitation, provisions 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 of trust assets or (vii) the establishment of fiduciary
or other standards of responsibilities or limitations on the acts
or powers of trustees, whether or not such provisions are
inconsistent with the limitations or liabilities or authorities
<PAGE>
and powers of the Trustees set forth or referenced in this Trust
Instrument. The Trust shall be of the type commonly called a
Delaware business trust, and, without limiting the provisions
hereof, the Trust may exercise all powers which are ordinarily
exercised by such a trust under Delaware law. The Trust
specifically reserves the right to exercise any of the powers or
privileges afforded to trusts or actions that may be engaged in
by trusts under the Delaware Act, and the absence of a specific
reference herein to any such power, privilege or action shall not
imply that the Trust may not exercise such power or privilege or
take such actions.
Section 8. Amendments. The Trustees may, without any
Shareholder vote, amend or otherwise supplement this Trust
Instrument by making an amendment, a Trust Instrument
supplemental hereto or an amended and restated trust instrument;
provided that Shareholders shall have the right to vote on any
amendment (a) which would materially and adversely affect the
voting rights of Shareholders granted in Article VI, Section 1,
(b) to this Section 8, c required to be approved by Shareholders
by law or by the Trust's registration statement(s) filed with the
Commission and (d) submitted to them by the Trustees in their
discretion. Any amendment submitted to Shareholders which the
Trustees determine would materially and adversely affect the
Shareholders of any Series shall be authorized by vote of the
Shareholders of such Series and no vote shall be required of
Shareholders of a Series not so affected. Notwithstanding
anything else herein, any amendment to Article IX which would
have the effect of reducing the indemnification and other rights
provided thereby to Trustees, officers, employees and agents of
the Trust or to Shareholders or former Shareholders, and any
repeal or amendment of this sentence, shall each require the
affirmative vote of the holders of two-thirds of the Outstanding
Shares of the Trust entitled to vote thereon.
Section 9. Fiscal Year. The fiscal year of the Trust shall
end on a specified date as set forth in the Bylaws. The Trustees
may change the fiscal year of the Trust without Shareholder
approval.
Section 10. Severability. The provisions of this Trust
Instrument are severable. If the Trustees determine, with the
advice of counsel, that any provision hereof conflicts with the
1940 Act, the regulated investment company provisions of the
Internal Revenue Code or with other applicable laws and
regulations, the conflicting provision shall be deemed never to
have constituted a part of this Trust Instrument; provided,
however, that such determination shall not affect any of the
remaining provisions of this Trust Instrument or render invalid
or improper any action taken or omitted prior to such
determination. If any provision hereof shall be held invalid or
unenforceable in any jurisdiction, such invalidity or
unenforceability shall attach only to such provision only in such
<PAGE>
jurisdiction and shall not affect any other provision of this
Trust Instrument.
<PAGE>
IN WITNESS WHEREOF, the undersigned, being the initial
Trustees, have executed this Trust Instrument effective April 12,
1996.
S/CHARLES M. ROYCE
Charles M. Royce, as Trustee
and not individually
S/THOMAS R. EBRIGHT
Thomas R. Ebright, as Trustee
and not individually
Address: 1414 Avenue of the Americas New
York, New York 10019
STATE OF NEW YORK: COUNTY OF NEW YORK
Before me on this 12th day of April, 1996, personally ap
peared the above-named Charles M. Royce, known to me to be the
person who executed the foregoing instrument and who acknowledged
that they executed the same.
Notary Public
STATE OF NEW YORK: COUNTY OF NEW YORK
Before me on this 12th day of April, 1996, personally appeared
the above-named Thomas R. Ebright, known to me to be the
person who executed the foregoing instrument and who acknowledged
that they executed the same.
Notary Public
