A Delaware Statutory Trust (DST) is a legal entity in which each beneficiary has a “beneficial interest” and for Federal income tax purposes is treated as owning an undivided fractional interest in the property held by the trust. Delaware statutory trusts are formed as private governing agreements under which either (1) property (real, tangible and intangible) is held, managed, administered, invested and/or operated; or (2) business or professional activities for profit are carried on by one or more individuals who act as trustees for the benefit of a party who is entitled to a beneficial interest in the trust property.