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 IN WITNESS  WHEREOF,  the  undersigned,  constituting a Majority of the
Trustees, have hereunto set their hands and the seal of the Trust, all as of the
18 day of February, 1997.                                                      

                                            /s/ DAVID D. ALGER
----------------------------------                   ---------------------------
FRED M. ALGER                                        DAVID D. ALGER            

/s/ NATHAN E. SAINT-AMAND                            /s/ STEPHEN E. O'NEIL     
----------------------------------                   ---------------------------
NATHAN E. SAINT-AMAND                                STEPHEN E. O'NEIL         

/s/ ARTHUR M. DUBOW                                  /s/ JOHN T. SARGENT       
----------------------------------                   ---------------------------
ARTHUR M. DUBOW                                      JOHN T. SARGENT  SPECTRA FUND

TABLE OF CONTENTS

PROVISION                                                                   PAGE

RECITALS .................................................................... 1

ARTICLE 1      THE TRUST .................................................... 1

     1.1      Name ......................................................... 1
     1.2      Location ..................................................... 2
     1.3      Nature of Trust .............................................. 2
     1.4      Definitions .................................................. 2
     1.5      Real Property to be Converted into Personal Property ......... 5

ARTICLE 2      PURPOSE OF THE TRUST ......................................... 5

ARTICLE 3      POWERS OF THE TRUSTEES ....................................... 5

     3.1      Powers in General ............................................ 5
              (a)      Investments ......................................... 6
              (b)      Disposition of Assets ............................... 6
              (c)      Ownership Powers..................................... 6
              (d)      Form of Holding ..................................... 7
              (e)      Reorganization, etc. ................................ 7
              (f)      Voting Trusts, etc. ................................. 7
              (g)      Contracts, etc. ..................................... 7
              (h)      Guarantees, etc. .................................... 7
              (i)      Partnerships, etc. .................................. 7
              (j)      Insurance ........................................... 7
              (k)      Pensions, etc. ...................................... 8
              (1)      Power of Collection and Litigation .................. 8
              (m)      Issuance and Repurchase of Shares ................... 8
              (n)      Offices ............................................. 8
              (o)      Expenses ............................................ 8
              (p)      Agents, etc ......................................... 8
              (q)      Accounts ............................................ 8
              (r)      Valuation ........................................... 8
              (s)      Indemnification ..................................... 8
              (t)      General ............................................. 9

     3.2      Borrowings; Financings, Issuance of Securities ............... 9
     3.3      Deposits ..................................................... 9
     3.4      Allocations .................................................. 9
     3.5      Further Powers; Limitations .................................. 9

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PROVISION                                                                   PAGE

ARTICLE 4      TRUSTEES AND OFFICERS ........................................ 10

      4.1      Number, Designation, Election, Term, etc. .................... 10

(a)      [Intentionally omitted]                 
               (b)      Number .............................................. 10
               (c)      Election and Term ................................... 10
               (d)      Resignation and Retirement .......................... 10
               (e)      Removal ............................................. 10
               (f)      Vacancies ........................................... 11
               (g)      Acceptance of Trusts ................................ 11
               (h)      Effect of Death, Resignation, etc. .................. 11
               (i)      Conveyance .......................................... 11
               (j)      No Accounting ....................................... 11

      4.2      Trustees' Meetings; Participation by Telephone, etc. ......... 11
      4.3      Committees, Delegation ....................................... 12
      4.4      Officers ..................................................... 12
      4.5      Compensation of Trustees and Officers ........................ 12
      4.6      Ownership of Shares and Securities of the Trust .............. 12
4.7      Right of Trustees and Officers to Own Property and to     
Engage in Business; Authority of Trustees
                    to Permit Others to Do Likewise ......................... 12
      4.8      Reliance on Experts .......................................... 13
      4.9      Surety Bonds.................................................. 13
      4.10     Apparent Authority of Trustees and Officers .................. 13
      4.11     Other Relationships Not Prohibited ........................... 13
      4.12     Payment of Trust Expenses .................................... 14
      4.13     Ownership of the Trust Property .............................. 14

ARTICLE 5      DELEGATION OF MANAGERIAL RESPONSIBILITIES .................... 14

      5.1      Appointment; Action by Less than All Trustees ................ 14
      5.2      Certain Contracts ............................................ 14

               (a)      Advisory ............................................ 15
               (b)      Administration ...................................... 15
               (c)      Distribution ........................................ 15
               (d)      Custodian ........................................... 15
               (e)      Transfer and Dividend Disbursing Agency ............. 16
               (f)      Shareholder Servicing ............................... 16
               (g)      Accounting .......................................... 16

ARTICLE 6      PORTFOLIOS AND SHARES ........................................ 16

      6.1      Description of Portfolios and Shares ......................... 16

               (a)      Shares; Portfolios; Series and Classes of Shares .... 16
    (b)      Establishment, etc. of Additional Portfolios;
                           Authorization of Shares ...........................17

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PROVISION                                                                   PAGE

               (c)      Character of Separate Portfolios and Shares Thereof . 17
               (d)      Consideration for Shares ............................ 17

6.2      Establishment and Designation of the Spectra Portfolio    
          and the Shares Thereof; General Provisions
                        for All Portfolios .................................. 17

               (a)      Assets Belonging to Portfolios ...................... 18
               (b)      Liabilities of Portfolios ........................... 18
               (c)      Dividends ........................................... 18
               (d)      Liquidation ......................................... 19
               (e)      Voting .............................................. 19
               (f)      Redemption by Shareholder ........................... 19
               (g)      Redemption at the Option of the Trust ............... 20
               (h)      Net Asset Value ..................................... 20
               (i)      Transfer ............................................ 20
               (j)      Equality ............................................ 20
               (k)      Rights of Fractional Shares ......................... 21
               (1)      Conversion Rights ................................... 21

      6.3      Ownership of Shares .......................................... 21
      6.4      Investments in the Trust ..................................... 21
      6.5      No Preemptive Rights ......................................... 21
      6.6      Status of Shares ............................................. 21

ARTICLE 7      SHAREHOLDERS' VOTING POWERS AND MEETINGS ..................... 22

      7.1      Voting Powers ................................................ 22
      7.2      Number of Votes and Manner of Voting; Proxies ................ 22
      7.3      Meetings ..................................................... 22
      7.4      Record Dates ................................................. 23
      7.5      Quorum and Required Vote ..................................... 23
      7.6      Action by Written Consent .................................... 23
      7.7      Inspection of Records ........................................ 23
      7.8      Additional Provisions ........................................ 23

ARTICLE 8      LIMITATION OF LIABILITY; INDEMNIFICATION ..................... 24

      8.1      Trustees, Shareholders, etc. Not Personally Liable; Notice ... 24
      8.2      Trustees' Good Faith Action; Expert Advice; No Bond or Surety. 24
      8.3      Indemnification of Shareholders .............................. 24
      8.4      Indemnification of Trustees, Officers, etc. .................. 25
      8.5      Compromise Payment ........................................... 25
      8.6      Indemnification Not Exclusive, etc. .......................... 26
      8.7      Liability of Third Persons Dealing with Trustees ............. 26

ARTICLE 9      DURATION; REORGANIZATION; AMENDMENTS ......................... 26

      9.1      Duration and Termination of Trust ............................ 26
      9.2      Reorganization ............................................... 26

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PROVISION                                                                   PAGE

     9.3      Amendments; etc.. ........................................... 27
     9.4      Filing of Copies of Declaration and Amendments .............. 27

ARTICLE 10     MISCELLANEOUS ............................................... 27

     10.1     Governing Law ............................................... 27
     10.2     Counterparts ................................................ 28
     10.3     Reliance by Third Parties ................................... 28
     10.4     References; Headings ........................................ 28
     10.5     Use of the Name "Spectra" ................................... 28

SIGNATURES ................................................................. 28

ACKNOWLEDGMENT ............................................................. 29

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AMENDED AND RESTATED
AGREEMENT AND DECLARATION OF TRUST
OF
SPECTRA FUND

Dated _____________ __, 199__

         This AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST, dated the
___ day of ______ 199                                                          

WITNESSETH THAT:

         WHEREAS,  Spectra Fund, a trust with transferable shares under the laws
of Massachusetts  (the "TRUST"),  was established on July 5, 1995 pursuant to an
Agreement and  Declaration  of Trust of that date (referred to in these Recitals
as the "DECLARATION"); and                                                     

         WHEREAS,  the Declaration provides that the assets held by the Trustees
be divided  into  separate  portfolios,  each with its own  separate  investment
assets,  investment  objectives,  policies and purposes, and that the beneficial
interest in each such  portfolio  shall be divided into  transferable  Shares of
Beneficial  Interest,  a separate  Series of Shares for each  portfolio,  all in
accordance with the provisions hereinafter set forth; and                      

         WHEREAS,  the  Declaration  provides  that  the  Trust be  managed  and
operated as a trust with transferable shares under the laws of Massachusetts, of
the type commonly known as and referred to as a Massachusetts business trust, in
accordance with the provisions hereinafter set forth, and                      

         WHEREAS,   the  Declaration  provides  that  the  Declaration  and  all
amendments  thereto  may be  restated  as a single  instrument  if executed by a
Majority of the Trustees; and                                                  

         WHEREAS, the Declaration has been amended in certain respects,  and the
Trustees of the Trust desire to effect such a restatement,                     

         NOW,  THEREFORE,  the Trustees  hereby  declare that they will hold all
money and  property  of every  type and  description  which they now hold or may
hereafter in any way acquire in their capacity as such  Trustees.  together with
the income therefrom and the proceeds thereof, IN TRUST NEVERTHELESS,  to manage
and dispose of the same for the benefit of the holders  from time to time of the
Shares of  Beneficial  Interest  of the several  Series  issued and to be issued
hereunder and in the manner and subject to the provisions hereof, to wit:      

ARTICLE 1

THE TRUST


SECTION 1.1 NAME. The name of the Trust shall be

"SPECTRA FUND"

and so far  as  may be  practicable  the  Trustees  Shall  conduct  the  Trust's
activities,  execute all documents and  Declaration  of Trust,  except where the
context  otherwise  requires)  shall refer to the Trustees in their  capacity as
trustees,  and not  individually  or  personally,  and  shall  not  refer to the
officers,  agents  or  employees  of the  Trust or of such  Trustees,  or to the
holders of the Shares of Beneficial Interest of the Trust, of any Series or    

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Class. If the Trustees  determine that the use of such name is not  practicable,
legal or  convenient  at any  time or in any  jurisdiction,  or if the  Trust is
required to  discontinue  the use of such name  pursuant to Section 10.5 hereof,
then subject to that Section,  the Trustees may use such other  designation,  or
they may adopt such other name for the Trust as they deem proper,  and the Trust
may hold property and conduct its activities under such designation or name.   

         SECTION  1.2  LOCATION.  The Trust  shall  have an  office  in  Boston,
Massachusetts,   unless   changed  by  the  Trustees  to  another   location  in
Massachusetts  or  elsewhere,  but such office need not be the sole or principal
office of the Trust. The Trust may have such other offices or places of business
as the Trustees may from time to time determine to be necessary or expedient.  

         SECTION  1.3  NATURE  OF  TRUST.  The  Trust  shall  be  a  trust  with
transferable shares under the laws of The Commonwealth of Massachusetts,  of the
type referred to in Section 1 of Chapter 182 of the  Massachusetts  General Laws
and commonly termed a Massachusetts  business trust The Trust is not intended to
be,  shall  not be  deemed  to be,  and  shall  not be  treated  as,  a  general
partnership,  limited  partnership,  joint  venture,  corporation or joint stock
company.  The Shareholders  shall be beneficiaries and their relationship to the
Trustees  shall be  solely  in that  capacity  in  accordance  with  the  rights
conferred upon them hereunder.                                                 

         SECTION 1.4  DEFINITIONS As used in this  Agreement and  Declaration of
Trust,  the  following  terms shall have the meanings set forth below unless the
context thereof otherwise requires:                                            

         "ACCOUNTING  AGENT" shall have the meaning designated in Section 5.2(g)
hereof,                                                                        

         "ADMINISTRATOR"  shall have the meaning  designated  in Section  5.2(b)
hereof.                                                                        

         "AFFILIATED  PERSON" shall have the meaning  assigned to it in the 1940
Act.                                                                           

         "BYLAWS"  shall mean the Bylaws of the Trust,  as amended  from time to
time.                                                                          

         "CERTIFICATE  OF  DESIGNATION"  shall have the  meaning  designated  in
Section 6.1 hereof.                                                            

         "CERTIFICATE  OF  TERMINATION"  shall have the  meaning  designated  in
Section 6.1 hereof.                                                            

         "CLASS" or "CLASSES" shall mean, with respect to any Series, any Shares
of such Series in respect of which the Trustees  shall from time to time fix and
determine  any  special  provisions  relating  to sales  charges,  any rights of
redemption and the price,  terms and manner of redemption,  special and relative
rights as to dividends and other  distributions  and on liquidation,  sinking or
purchase fund  provisions,  conversion  rights,  and conditions  under which the
Shareholders  of such  Class  shall  have  separate  voting  rights or no voting
rights.                                                                        

"COMMISSION" shall have the same meaning as in the 1940 Act. 

         "CONTRACTING  PARTY" shall have the meaning  designated in the preamble
to Section 5.2 hereof.                                                         

         "COVERED  PERSON"  shall have the  meaning  designated  in Section  8.4
hereof.                                                                        

         "CUSTODIAN" shall have the meaning designated in Section 5.2(d) hereof.

         "DECLARATION"  and "DECLARATION OF TRUST" shall mean this Agreement and
Declaration of Trust and all amendments or modifications thereof as from time to
time in effect. References in this Agreement and                               

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Declaration of Trust to 9'hereof',  "HEREIN" and "HEREUNDER"  shall be deemed to
refer to the  Declaration  of Trust  generally,  and shall not be limited to the
particular text, Article or Section in which such words appear.                

         "DISABLING  CONDUCT"  shall have the meaning  designated in Section 8.4
hereof.                                                                        

         "DISTRIBUTOR"  shall have the  meaning  designated  in  Section  5.2(c)
hereof.                                                                        

         "DIVIDEND  DISBURSING  AGENT"  shall  have the  meaning  designated  in
Section 5.2(e) hereof.                                                         

         "GENERAL  ITEMS"  shall have the  meaning  defined  in  Section  6.2(a)
hereof.                                                                        

         "INTERNAL REVENUE CODE shall mean the Internal Revenue Code of 1986, as
from time to time amended and in effect, or any substituted statute dealing with
the same  general  subject  matter as the Internal  Revenue Code of 1986,  as in
effect on June 27, 1995, and in either case the rules and regulations thereunder
as from time to time interpreted and applied by applicable case law thereunder.

         "INVESTMENT  ADVISER"  shall have the meaning  stated in Section 5.2(a)
hereof.                                                                        

         "MAJORITY  OF THE  TRUSTEES"  shall mean a majority of the  Trustees in
office at the time in question. At any time at which there shall be only one (1)
Trustee in office, such term shall mean such Trustee.                          

         "MAJORITY  SHAREHOLDER  VOTE," as used with  respect to the election of
any Trustee at a meeting of  Shareholders,  shall mean the vote for the election
of such Trustee of a plurality of all outstanding  Shares of the Trust,  without
regard to Series or Class,  represented  in person or by proxy and  entitled  to
vote thereon,  provided that a quorum (as determined in accordance  with Section
7.5 hereof) is present, and as used with respect to any other action required or
permitted to be taken by Shareholders,  shall mean the affirmative vote for such
action of the holders of that  number of all  outstanding  Shares  (or,  where a
separate vote of Shares of any  particular  Series or Class is to be taken,  the
affirmative  vote of that  number of the  outstanding  Shares of that  Series or
Class) of the Trust  which  constitutes:  (i) a  majority  of all  Shares (or of
Shares of the particular Series or Class)  represented in person or by proxy and
entitled  to vote on such action at the  meeting of  Shareholders  at which such
action is to be taken,  provided that a quorum (as determined in accordance with
Section 7.5 hereof) is present; or (ii) if such action is to be taken by written
consent  of  Shareholders,  a  majority  of  all  Shares  (or of  Shares  of the
particular  Series or Class) issued and outstanding and entitled to vote on such
action;  PROVIDED,  that (iii) as used with respect to any action  requiring the
affirmative vote of "a majority of the outstanding  voting  securities",  as the
quoted  phrase  is  defined  in the 1940 Act,  of the Trust or of any  Series or
Class,  "MAJORITY  SHAREHOLDER VOTE" means the vote for such action at a meeting
of Shareholders of the smallest majority of all outstanding  Shares of the Trust
(or of Shares of the particular Series or Class) entitled to vote on such action
which satisfies such 1940 Act voting requirement.                              

         "1940 ACT" shall mean the provisions of the  Investment  Company Act of
1940 and the rules and  regulations  thereunder,  both as  amended  from time to
time,  and any  order  or  orders  thereunder  which  may  from  time to time be
applicable to the Trust.                                                       

         "PERSON" shall mean and include  individuals,  as well as corporations,
limited  partnerships,   general  partnerships,  joint  stock  companies,  joint
ventures, associations,  banks, trust companies, land trusts, business trusts or
other  organizations  established under the laws of any jurisdiction  whether or
not considered to be legal entities,  and governments and agencies and political
subdivisions thereof.                                                          

         "PORTFOLIO"  or  "PORTFOLIOS"  shall  mean one or more of the  separate
components of the assets of the Trust which are now or hereafter established and
designated under or in accordance with the provisions of Article 6 hereof.     

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         "PORTFOLIO  ASSETS"  shall have the meaning  defined in Section  6.2(a)
hereof.                                                                        

         "PRINCIPAL  UNDERWRITER"  shall have the meaning  designated in Section
5.2(c) hereof.                                                                 

         "PROSPECTUS,"  as used  with  respect  to any  Portfolio  or  Series of
Shares,  shall mean the  prospectus  relating to such  Portfolio or Series which
constitutes part of the currently effective  Registration Statement of the Trust
under  the  Securities  Act of  1933,  as  such  prospectus  may be  amended  or
supplemented from time to time.                                                

         "SECURITIES" shall mean any and all bills, notes, bonds,  debentures or
other  obligations  or  evidences  of  indebtedness,  certificates  of  deposit,
bankers'  acceptances,  commercial paper,  repurchase  agreements or other money
market  instruments;  stocks,  shares or other equity ownership  interests;  and
warrants,  options or other  instruments  representing  rights to subscribe for,
purchase, receive or otherwise acquire or to sell, transfer, assign or otherwise
dispose of, and scrip,  certificates,  receipts or other instruments  evidencing
any ownership rights or interests in, any of the foregoing and "when issued" and
"delayed delivery" contracts for securities,  issued, guaranteed or sponsored by
any governments, political subdivisions or governmental authorities, agencies or
instrumentalities,   by  any  individuals,   firms,   companies,   corporations,
syndicates,  associations or trusts,  or by any other  organizations or entities
whatsoever,  irrespective  of  their  forms or the  names  by which  they may be
described, whether or not they be organized and operated for profit, and whether
they be domestic or foreign with respect to The Commonwealth of Massachusetts or
the United States of America.                                                  

         "SECURITIES  OF THE  TRUST"  shall  mean any  Securities  issued by the
Trust.                                                                         

         "SERIES"  shall mean one or more of the series of Shares  authorized by
the  Trustees,  each  to  represent  the  beneficial  interests  in  one  of the
Portfolios of the Trust.                                                       

         "SHAREHOLDER"  shall mean as of any particular time any Person shown of
record at such time on the books of the Trust as a holder of outstanding  Shares
of any  Series or Class,  and shall  include a pledgee  into whose name any such
Shares are transferred in pledge.                                              

         "SHAREHOLDER  SERVICING  AGENT"  shall have the meaning  designated  in
Section 5.2(f) hereof.                                                         

         "SHARES"  shall mean the  transferable  units into which the beneficial
interest  in the Trust and each  Portfolio  of the  Trust  (as the  context  may
require) shall be divided from time to time, and includes fractions of Shares as
well  as  whole  Shares.  All  references  herein  to  "Shares"  which  are  not
accompanied by a reference to any particular Series or Portfolio shall be deemed
to apply to outstanding Shares without regard to Series or Class.              

         "SINGLE  CLASS  VOTING" as used with  respect to any matter to be acted
upon at a meeting or by written consent of  Shareholders,  shall mean a style of
voting in which each holder of one or more Shares  shall be entitled to one vote
on the matter in question for each Share  standing in his name on the records of
the Trust,  irrespective of Series or Class,  and all outstanding  Shares of all
Series or Class vote as a single class.                                        

         "STATEMENT  OF  ADDITIONAL  INFORMATION,"  as used with  respect to any
Series or Class of Shares,  shall mean the statement of  additional  information
relating  to such  Series  or Class,  which  constitutes  part of the  currently
effective  Registration Statement of the Trust under the Securities Act of 1933,
as such statement of additional  information may be amended or supplemented from
time to time.                                                                  

         "TRANSFER  AGENT"  shall have the  meaning  defined  in Section  5.2(e)
hereof.                                                                        

         "TRUST" shall have the meaning stated in the first "Whereas" clause set
forth above.                                                                   

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         "TRUST  PROPERTY"  shall mean, as of any  particular  time, any and all
property which shall have been transferred, conveyed or paid to the Trust or the
Trustees,  and all  interest,  dividends,  income,  earnings,  profits and gains
therefrom,  and proceeds thereof,  including any proceeds derived from the sale,
exchange or  liquidation  thereof,  and any hinds or payments  derived  from any
reinvestment  of such  proceeds in  whatever  form the same may be, and which at
such time is owned or held by, or for the account of, the Trust or the Trustees.
without regard to the Portfolio to which such property is allocated.           

         "TRUSTEES" shall mean, collectively, all individuals who at the time in
question  have  been duly  elected  or  appointed  as  Trustees  of the Trust in
accordance  with the  provisions  hereof and who have  qualified and are then in
office. At any time at which there shall be only one (1) Trustee in office, such
term shall mean such single Trustee.                                           

         SECTION  1.5 REAL  PROPERTY TO BE  CONVERTED  INTO  PERSONAL  PROPERTY.
Notwithstanding  any  other  provision  hereof,  any real  property  at any time
forming  part of the  Trust  Property  shall  be  held in  trust  for  sale  and
conversion  into personal  property at such time or times and in such manner and
upon such terms as the Trustees shall approve, but the Trustees shall have power
until the  termination of this Trust to postpone such conversion as long as they
in their  uncontrolled  discretion  shall  think  fit,  and for the  purpose  of
determining  the nature of the interest of the  Shareholders  therein,  all such
real property shall at all times be considered as personal property.           

ARTICLE 2

PURPOSE OF THE TRUST


         The purpose of the Trust shall be to engage in the business of being an
investment  company,  and as such of  subscribing  for,  purchasing or otherwise
acquiring,  holding for investment or trading in, borrowing, lending and selling
short, selling, assigning, negotiating or exchanging and otherwise disposing of,
and turning to account, realizing upon and generally dealing in and with, in any
manner,  (a) Securities of all kinds,  (b) precious  metals and other  minerals,
contracts to purchase and sell, and other interests of every nature and kind in,
such metals or minerals,  and (c) rare coins and other numismatic items, and all
as the Trustees in their discretion  shall determine to be necessary,  desirable
or  appropriate,  and to exercise and perform any and every act,  thing or power
necessary,  suitable or desirable for the  accomplishment  of such purpose,  the
attainment  of any of the  objectives  or the  furtherance  of any of the powers
given  hereby  which are  lawful  purposes,  objects  or powers of a trust  with
transferable shares of the type commonly termed a Massachusetts  business trust;
and to do every other act or acts or thing or things  incidental or  appurtenant
to or growing out of or in connection with the aforesaid objectives, purposes or
powers,  or  any  of  them,  which  a  trust  of  the  type  commonly  termed  a
Massachusetts  business  trust is not now or  hereafter  prohibited  from doing,
exercising or performing.                                                      

ARTICLE 3

POWERS OF THE TRUSTEES


         SECTION 3.1 POWERS IN GENERAL.  The Trustees shall have,  without other
or further  authorization,  full, entire,  exclusive and absolute power, control
and authority  over,  and  management of, the business of the Trust and over the
Trust  Property,  to the same extent as if the Trustees  were the sole owners of
the business and property of the Trust in their own right,  and with such powers
of  delegation  as may be  permitted by this  Declaration,  subject only to such
limitations  as may be  expressly  imposed  by this  Declaration  of Trust or by
applicable law. The enumeration of any specific power or authority  herein shall
not be construed as limiting                                                   

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the aforesaid  power or authority or any specific  power or  authority.  Without
limiting the foregoing, the Trustees may adopt Bylaws not inconsistent with this
Declaration  of Trust  providing  for the conduct of the business and affairs of
the Trust and may amend and repeal  them to the extent  that such  Bylaws do not
reserve that right to the Shareholders;  they may select,  and from time to time
change,  the  fiscal  year of the  Trust;  they may adopt and use a seal for the
Trust, PROVIDED, that unless otherwise required by the Trustees, it shall not be
necessary to place the seal upon,  and its absence shall not impair the validity
of, any  document,  instrument  or other paper  executed and  delivered by or on
behalf  of the  Trust;  they  may  from  time  to time in  accordance  with  the
provisions of Section 6.1 hereof  establish one or more Portfolios to which they
may allocate such of the Trust Property,  subject to such  liabilities,  as they
shall deem appropriate,  each such Portfolio to be operated by the Trustees as a
separate and distinct  investment medium and with separately  defined investment
objectives and policies and distinct investment purposes,  all as established by
the  Trustees,  or from time to time changed by them;  they may as they consider
appropriate  elect and remove  officers  and  appoint and  terminate  agents and
consultants and hire and terminate  employees,  any one or more of the foregoing
of whom may be a Trustee; they may appoint from their own number, and terminate,
any one or more committees consisting of one or more Trustees, including without
implied limitation an Executive Committee,  which may, when the Trustees are not
in session  and subject to the 1940 Act,  exercise  some or all of the power and
authority  of the Trustees as the Trustees may  determine;  in  accordance  with
Section 5.2 they may employ one or more Investment Advisers,  Administrators and
Custodians  and may authorize any Custodian to employ  sub-custodians  or agents
and to deposit  all or any part of such  assets in a system or  systems  for the
central handling of Securities, retain Transfer, Dividend Disbursing, Accounting
or  Shareholder  Servicing  Agents  or any of the  foregoing,  provide  for  the
distribution of Shares by the Trust through one or more Distributors,  Principal
Underwriters or otherwise,  set record dates or times for the  determination  of
Shareholders  entitled to  participate  in,  benefit from or act with respect to
various  matters;  and in general they may delegate to any officer of the Trust,
to any  Committee  of the  Trustees  and to any  employee,  Investment  Adviser,
Administrator,  Distributor,  Custodian,  Transfer  Agent,  Dividend  Disbursing
Agent, or any other agent or consultant of the Trust,  such  authority,  powers,
functions and duties as they consider  desirable or appropriate  for the conduct
of the business and affairs of the Trust,  including without implied  limitation
the power and authority to act in the name of the Trust and of the Trustees,  to
sign documents and to act as attorney-in-fact  for the Trustees Without limiting
the  foregoing  and to the  extent not  inconsistent  with the 1940 Act or other
applicable law, the Trustees shall have power and authority:                   

                  (a)  INVESTMENTS.  To  invest  and  reinvest  cash  and  other
         property;  to buy,  for cash or on margin,  and  otherwise  acquire and
         hold, Securities created or issued by any Persons, including Securities
         maturing after the possible  termination of the Trust;  to make payment
         therefor  in any  lawful  manner  in  exchange  for  any  of the  Trust
         Property;  and to hold cash or other property uninvested without in any
         event  being bound or limited by any present or future law or custom in
regard to investments by trustees;                           

                  (b) DISPOSITION OF ASSETS. To lend, sell, exchange,  mortgage,
         pledge, hypothecate,  grant security interests in, encumber, negotiate,
         convey.  transfer or otherwise dispose of, and to trade in, any and all
         of the Trust  Property,  free and clear of all  trusts,  for cash or on
         terms, with or without advertisement,  and on such terms and conditions
         as to payment,  security or otherwise, all as they shall deem necessary
or expedient;                                                

                  (c) OWNERSHIP  POWERS. To vote or give assent, or exercise any
         and all other rights,  powers and  privileges of ownership with respect
         to. and to perform any and all duties and obligations as owners of, any
         Securities or other property  forming part of the Trust  Property,  the
         same as any  individual  might do; to  exercise  powers  and  rights of
         subscription or otherwise which in any manner arise out of ownership of
         Securities,  and to receive powers of attorney from, and to execute and
         deliver proxies or powers of attorney to, such Person or Persons as the
Trustees shall deem proper, re-                              

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         ceiving  from or  granting  to such  Person or  Persons  such power and
         discretion  with relation to Securities or other property of the Trust,
all as the Trustees shall deem proper;                       

                  (d) FORM OF HOLDING. To hold any Security or other property in
         a form not indicating  any trust,  whether in bearer,  unregistered  or
         other  negotiable form, or in the name of the Trustees or of the Trust,
         or of the Portfolio to which such Securities or property belong,  or in
         the name of a Custodian,  subcustodian or other nominee or nominees, or
         otherwise,  upon such terms, in such manner or with such powers, as the
         Trustees may determine, and with or without indicating any trust or the
interest of the Trustees therein;                            

                  (e)  REORGANIZATION,  ETC. To consent to or participate in any
         plan for the reorganization, consolidation or merger of any corporation
         or  issuer,  any  Security  of which is or was held in the Trust or any
         Portfolio;  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  forming part of the Trust
Property;                                                    

                  (f) VOTING  TRUSTS,  ETC.  To join with  other  holders of any
         Securities in acting through a committee, depository, voting trustee or
         otherwise,  and in that  connection  to deposit any Security  with,  or
         transfer any Security to, any such  committee,  depository  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,  depository or trustee as
the Trustees shall deem proper;                              

                  (g) CONTRACTS,  ETC. To enter into,  make and perform all such
         obligations,  contracts,  agreements and undertakings of every kind and
         description, with any Person or Persons, as the Trustees shall in their
         discretion  deem expedient in the conduct of the business of the Trust,
         for such terms as they shall see fit,  whether or not extending  beyond
         the term of office of the Trustees,  or beyond the possible  expiration
         of the Trust, to amend, extend, release or cancel any such obligations,
         contracts,  agreements or understandings,  and to execute, acknowledge,
         deliver  and  record  all  written  instruments  which  they  may  deem
necessary or expedient in the exercise of their powers;      

                  (h)  GUARANTEES,  ETC. 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;  and to  mortgage  and pledge the Trust  Property  or any part
thereof to secure any of or all such obligations;            

                  (i) PARTNERSHIPS,  ETC. To enter into joint ventures,  general
     or limited partnerships and any other combinations or associations;

                  (j)  INSURANCE.  To purchase and pay for entirely out of Trust
         Property such insurance as they may deem  necessary or appropriate  for
         the conduct of the business,  including, without limitation,  insurance
         policies  insuring the assets of the Trust and payment of distributions
         and principal on its  portfolio  investments,  and  insurance  policies
         insuring  the  Shareholders,  Trustees,  officers,  employees,  agents,
         consultants,    Investment    Advisers,    managers,    Administrators,
         Distributors, Principal Underwriters, or other independent contractors,
         or any  thereof  (or any  Person  connected  therewith),  of the Trust,
         individually,  against  all  claims  and  liabilities  of every  nature
         arising by reason of  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 in any such  capacity.  including any action
         taken or  omitted  that may be  determined  to  constitute  negligence,
         whether or not the Trust would have the power to indemnify  such Person
against such liability;                                      

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                  (k) PENSIONS,  ETC. To pay pensions for faithful  service,  as
         deemed appropriate by the Trustees,  and 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;                                                       

                  (1) POWER OF COLLECTION AND  LITIGATION.  To collect,  sue for
         and  receive  all sums of money  coming  due to the  Trust,  to  employ
         counsel,  and to commence,  engage in,  prosecute,  intervene in, join,
         defend,  compound,  compromise,  adjust or abandon,  in the name of the
         Trust,  any and all  actions,  suits,  proceedings,  disputes,  claims,
         controversies,   demands  or  other  litigation  or  legal  proceedings
         relating to the Trust,  the business of the Trust,  the Trust Property,
         or the  Trustees,  officers,  employees,  agents and other  independent
         contractors  of the  Trust,  in their  capacity  as such,  at law or in
         equity,  or before any other bodies or  tribunals,  and to  compromise,
         arbitrate or  otherwise  adjust any dispute to which the Trust may be a
         party,  whether or not any suit is  commenced  or any claim  shall have
been made or asserted;                                       

                  (m)  ISSUANCE  AND  REPURCHASE  OF  SHARES.  To  issue,  sell,
         repurchase,  redeem,  retire, cancel,  acquire, hold, resell,  reissue,
         dispose of, transfer,  and otherwise deal in Shares of any Series, and,
         subject  to  Article  6  hereof;  to  apply  to  any  such  repurchase,
         redemption,  retirement,  cancellation  or acquisition of Shares of any
         Series, any of the Portfolio Assets belonging to the Portfolio to which
         such  Series  relates,  whether  constituting  capital  or  surplus  or
         otherwise,  to the full extent now or hereafter permitted by applicable
         law;  PROVIDED,  that any Shares  belonging  to the Trust  shall not be
voted, directly or indirectly;                               

                  (n) OFFICES. To have one or more offices,  and to carry on all
         or any of the  operations  and  business  of the  Trust,  in any of the
         States,  Districts or Territories of the United States,  and in any and
         all foreign  countries,  subject to the laws of such  State,  District,
Territory or country;                                        

                  (o)  EXPENSES.  To incur and pay any and all such expenses and
         charges  as they  may' deem  advisable  (including  without  limitation
         appropriate  fees to themselves as Trustees),  and to pay all such sums
         of money for which they may be held liable by way of damages,  penalty,
fine or otherwise;                                           

                  (p)  AGENTS,  ETC.  To  retain  and  employ  any and all  such
         servants, agents, employees,  attorneys,  brokers, investment advisers,
         accountants,    architects,   engineers,   builders,   escrow   agents,
         depositories,  consultants,  ancillary trustees, custodians, agents for
         collection,  insurers,  banks and officers,  as they think best for the
         business of the Trust or any  Portfolio,  to  supervise  and direct the
         acts of any of the  same,  and to fix and pay  their  compensation  and
define their duties;                                         

                  (q) ACCOUNTS. To determine,  and from time to time change, the
  method or form in which the accounts of the Trust shall be kept;

                  (r) VALUATION. Subject to the requirements of the 1940 Act, to
         determine  from  time to time the value of all or any part of the Trust
         Property  and  of  any  services,   Securities,   property,   or  other
        consideration  to be furnished  to or acquired by the Trust,  and from
         time to time to  revalue  all or any  part  of the  Trust  Property  in
         accordance  with such  appraisals  or other  information  as is, in the
Trustees' sole judgment, necessary and satisfactory;         

                  (s)   INDEMNIFICATION.    In   addition   to   the   mandatory
         indemnification  provided  for in  Article 8 hereof  and to the  extent
  permitted by law, to indemnify or enter into agreements with re-

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         spect to  indemnification  with any  Person  with whom  this  Trust has
         dealings, including, without limitation, any independent contractor, to
such extent as the Trustees shall determine; and             

                  (t)  GENERAL.  To do all such  other  acts and  things  and to
         conduct,  operate,  carry on and engage in such other lawful businesses
         or  business  activities  as they  shall  in their  sole  and  absolute
         discretion  consider to be  incidental  to the business of the Trust or
         any  Portfolio  as an  investment  company,  and to exercise all powers
         which  they shall in their  discretion  consider  necessary,  useful or
         appropriate to carry on the business of the Trust or any Portfolio,  to
         promote any of the purposes  for which the Trust is formed,  whether or
         not such things are specifically  mentioned herein, in order to protect
         or promote the interests of the Trust or any Portfolio, or otherwise to
carry out the provisions of this Declaration.                

         SECTION 3.2 BORROWINGS; FINANCINGS; ISSUANCE OF SECURITIES The Trustees
shall  have  power to borrow or in any other  manner  raise  such sum or sums of
money, and to incur such other indebtedness for goods or services,  or for or in
connection  with the purchase or other  acquisition  of property,  as they shall
deem  advisable  for the purposes of the Trust,  in any manner and on any terms,
and to evidence the same by negotiable or  non-negotiable  Securities  which may
mature at any time or times, even beyond the possible date of termination of the
Trust;  to issue  Securities  of any type for such cash,  property,  services or
other considerations, and at such time or times and upon such terms, as they may
deem advisable; and to reacquire any such Securities. Any such Securities of the
Trust may, at the discretion of the Trustees, be made convertible into Shares of
any Series,  or may evidence the right to purchase,  subscribe  for or otherwise
acquire  Shares of any Series,  at such times and on such terms as the  Trustees
may prescribe.                                                                 

         SECTION 3.3 DEPOSITS.  Subject to the requirements of the 1940 Act, the
Trustees  shall have power to deposit any moneys or  Securities  included in the
Trust  Property  with any one or more banks,  trust  companies or other  banking
institutions,  whether or not such deposits will draw interest Such deposits are
to be subject to  withdrawal in such manner as the Trustees may  determine,  and
the Trustees shall have no responsibility for any loss which may occur by reason
of the failure of the bank.  trust company or other balancing  institution  with
which any such moneys or Securities  have been  deposited,  other than liability
based on their gross negligence or willful fault.                              

         SECTION 3.4  ALLOCATIONS.  The  Trustees  shall have power to determine
whether  moneys or other  assets  received  by the  Trust  shall be  charged  or
credited  to income  or  capital,  or  allocated  between  income  and  capital,
including  the  power to  amortize  or fail to  amortize  any part or all of any
premium or discount,  to treat any part or all of the profit  resulting from the
maturity or sale of any asset,  whether purchased at a premium or at a discount,
as income or  capital,  or to  apportion  the same been income and  capital,  to
apportion  the sale  price of any  asset  between  income  and  capital,  and to
determine  in what  manner  any  expenses  or  disbursements  are to be borne as
between  income  and  capital,  whether  or not in the  absence of the power and
authority  conferred by this Section 3.4 such assets would be regarded as income
or as capital or such expense or  disbursement  would be charged to income or to
capital, to treat any dividend or other distribution on any investment as income
or capital,  or to apportion the same between income and capital;  to provide or
fail to provide reserves,  including reserves for depreciation,  amortization or
obsolescence  in  respect  of any Trust  Property  in such  amounts  and by such
methods as they shall determine,  to allocate less than all of the consideration
paid for Shares of any Series to the shares of  beneficial  interest  account of
the Portfolio to which such Shares relate and to allocate the balance thereof to
paid-in capital of that  Portfolio,  and to reallocate such amounts from time to
time; all as the Trustees may reasonably deem proper.                          

         SECTION 3.5 FURTHER POWERS; LIMITATIONS.  The Trustees shall have power
to do all such other matters and things, and to execute all such instruments, as
they deem  necessary,  proper or  desirable  in order to carry  out,  promote or
advance the  interests  of the Trust,  although  such  matters or things are not
herein specifically mentioned.  Any determination as to what is in the interests
of the Trust made by the Trustees in                                           

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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 Trustees.
The  Trustees  shall not be  required to obtain any court order to deal with the
Trust  Property.  The  Trustees  may limit their right to exercise  any of their
powers through express restrictive  provisions in the instruments  evidencing or
providing  the terms  for any  Securities  of the Trust or in other  contractual
instruments adopted on behalf of the Trust.                                    

ARTICLE 4

TRUSTEES AND OFFICERS


SECTION 4.1 NUMBER, DESIGNATION, ELECTION, TERM, ETC.        

[Subsection (a) of this Section 4.1 is intentionally omitted.].

                  (b) NUMBER.  The Trustees serving as such, whether named below
        or hereafter becoming Trustees, may, by a written instrument signed by a
        Majority of the Trustees (or by an officer of the Trust  pursuant to the
        vote of a Majority of the Trustees),  increase or decrease the number of
        Trustees to a number other than the number  theretofore  determined.  No
        decrease in the number of Trustees shall have the effect of removing any
        Trustee from office prior to the  expiration of his term, but the number
        of  Trustees  may be  decreased  in  conjunction  with the  removal of a
Trustee pursuant to subsection (e) of this Section 4.1.        

                  (c)  ELECTION AND TERM.  The Trustees  shall be elected by the
        Shareholders   of  the  Trust  at  the  first  meeting  of  Shareholders
        immediately prior to the initial public offering of Shares of the Trust,
        and the term of office of any  Trustees in office  before such  election
        shall  terminate at the time of such election.  Subject to Section 16(a)
        of the 1940 Act and to the preceding  sentence of this  subsection  (c),
        the  Trustees  shall have the power to set and alter the terms of office
        of the Trustees,  and at any time to lengthen or shorten their own terms
        or make their terms of unlimited duration, to elect their own successors
        and,  pursuant to subsection (f) of this Section 4.1 to appoint Trustees
        to fill  vacancies;  PROVIDED,  that  Trustees  shall  be  elected  by a
        Majority  Shareholder  Vote at any such  time or  times as the  Trustees
        shall  determine that such action is required under Section 16(a) of the
        1940 Act or, if not so  required,  that such  action is  advisable;  and
        PROVIDED,   that,   after  the  initial  election  of  Trustees  by  the
        Shareholders, the term of office of any incumbent Trustee shall continue
        until the  termination of this Trust or his earlier death,  resignation,
        retirement,  bankruptcy, adjudicated incompetency or other incapacity or
        removal,  or if not so terminated,  until the election of such Trustee's
        successor  in  office  has  become  effective  in  accordance  with this
subsection (c).                                                

                  (d)  RESIGNATION  AND  RETIREMENT.  Any Trustee may resign his
        trust or retire as a Trustee,  by a written instrument signed by him and
        delivered to the other Trustees or to any officer of the Trust, and such
        resignation  or retirement  shall take effect upon such delivery or upon
such later date as is specified in such instrument.            

                  (e) REMOVAL.  Any Trustee may be removed with or without cause
        at any time: (i) by written  instrument,  signed by at least  two-thirds
        (2/3) of the number of Trustees  prior to such removal,  specifying  the
        date upon which such removal shall become effective;  or (ii) by vote of
        Shareholders  holding  not less than  two-thirds  (2/3) of the Shares of
        each Series then outstanding,  cast in person or by proxy at any meeting
        called  for the  purpose;  or (iii) by a written  declaration  signed by
        Shareholders  holding  not less than  two-thirds  (2/3) of the Shares of
  each Series then outstanding and filed with the Trust's Custodian.

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                  (f) VACANCIES.  Any vacancy or anticipated  vacancy  resulting
         from any reason,  including an increase in the number of Trustees,  may
         (but need not unless  required by the 1940 Act) be filled by a Majority
         of the Trustees, subject to the provisions of Section 16(a) of the 1940
         Act,  through the  appointment  in writing of such other  individual as
         such remaining Trustees in their discretion shall determine;  PROVIDED,
         that if there shall be no Trustees in office, such vacancy or vacancies
         shall be filled by vote of the  Shareholders.  Any such  appointment or
         election shall be effective upon such individual's  written  acceptance
         of his  appointment  as a Trustee and his  agreement to be bound by the
         provisions  of  this  Declaration  of  Trust,   except  that  any  such
         appointment  in  anticipation  of a  vacancy  to  occur  by  reason  of
         retirement,  resignation  or  increase  in the number of Trustees to be
         effective at a later date shall become  effective  only at or after the
         effective  date of said  retirement,  resignation  or  increase  in the
number of Trustees.                                          

                  (g)  ACCEPTANCE  OF  TRUSTS.  Any  individual  appointed  as a
         Trustee under  subsection (f), and any individual  elected as a Trustee
         under  subsection  (c), of this  Section  4.1 who was not,  immediately
         prior  to  such  election,  acting  as a  Trustee,  shall  accept  such
         appointment  or  election  in writing  and agree in such  writing to be
         bound by the provisions hereof; and whenever such individual shall have
         executed  such  writing  and  any  conditions  to such  appointment  or
         election  shall have been  satisfied,  such  individual  shall become a
         Trustee and the Trust Property shall vest in the new Trustee,  together
      with the continuing Trustees, without any further act or conveyance.

                  (h) EFFECT OF DEATH,  RESIGNATION,  ETC. No  vacancy,  whether
         resulting  from  the  death,   resignation,   retirement,   removal  or
         incapacity  of any  Trustee,  an  increase in the number of Trustees or
         otherwise,  shall operate to annul or terminate the Trust  hereunder or
         to revoke or  terminate  any  existing  agency or  contract  created or
         entered into pursuant to the terms of this Declaration of Trust.  Until
         such vacancy is filled as provided in this Section 4.1, the Trustees in
         office (if any),  regardless of their number, shall have all the powers
         granted to the Trustees and shall discharge all the duties imposed upon
         the Trustees by this Declaration.  A written instrument  certifying the
         existence of such vacancy signed by a Majority of the Trustees shall be
conclusive evidence of the existence of such vacancy.        

                  (i) CONVEYANCE.  In the event of the resignation or removal of
         a Trustee or his otherwise ceasing to be a Trustee, such former Trustee
         or his legal  representative  shall,  upon  request  of the  continuing
         Trustees, execute and deliver such documents as may be required for the
         purpose of  consummating  or evidencing  the conveyance to the Trust or
         the  remaining  Trustees  of any  Trust  Property  held in such  former
         Trustee's  name, but the execution and delivery of such documents shall
         not be requisite  to the vesting of title to the Trust  Property in the
         remaining  Trustees,  as provided in subsection (g) of this Section 4.1
and in Section 4.13 hereof.                                  

                  (j) NO ACCOUNTING.  Except to the extent  required by the 1940
         Act or under  circumstances  which would justify his removal for cause,
         no Person  ceasing to be a Trustee  (nor the estate of any such Person)
         shall  be  required  to  make  an  accounting  to the  Shareholders  or
remaining Trustees upon such cessation.                      

         SECTION 4.2 TRUSTEES'  MEETINGS;  PARTICIPATION  BY TELEPHONE,  ETC. An
annual  meeting  of  Trustees  shall be held not later  than the last day of the
fourth month after the end of each fiscal year of the Trust and special meetings
may be held from time to time,  in each case,  upon the call of such officers as
may be thereunto authorized by the Bylaws or vote of the Trustees, or by any two
(2)  Trustees,  or  pursuant  to a  vote  of  the  Trustees  adopted  at a  duly
constituted  meeting of the Trustees,  and upon such notice as shall be provided
in the Bylaws.  The  Trustees  may act with or without a meeting,  and a written
consent to any matter, signed by a Majority of the Trustees, shall be equivalent
to action duly taken at a meeting of the Trustees.  duly called and held. Except
as otherwise provided by the 1940 Act or other applicable law, or by this Decla-

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ration of Trust or the  Bylaws,  any action to be taken by the  Trustees  may be
taken by a majority of the Trustees  present at a meeting of Trustees (a quorum,
consisting of at least a Majority of the  Trustees,  being  present),  within or
without  Massachusetts.  If  authorized  by the  Bylaws,  all or any one or more
Trustees may  participate in a meeting of the Trustees or any Committee  thereof
by means of conference  telephone or similar means of  communication by means of
which  all  Persons  participating  in the  meeting  can hear  each  other,  and
participation  in a  meeting  pursuant  to such  means  of  communication  shall
constitute  presence in person at such meeting.  The minutes of any meeting thus
held shall be prepared in the same manner as a meeting at which all participants
were present in person.                                                        

         SECTION 4.3  COMMITTEES;  DELEGATION.  The  Trustees  shall have power,
consistent  with their ultimate  responsibility  to supervise the affairs of the
Trust,  to delegate from time to time to an Executive  Committee,  and to one or
more other  Committees,  or to any single Trustee,  the doing of such things and
the  execution  of such  deeds or other  instruments,  either in the name of the
Trust or the names of the Trustees or as their attorney or attorneys in fact, or
otherwise  as the  Trustees  may  from  time to  time  deem  expedient,  and any
agreement,  deed, mortgage, lease or other instrument or writing executed by the
Trustee or Trustees or other  Person to whom such  delegation  was made shall be
valid and binding upon the Trustees and upon the Trust.                        

         SECTION 4.4 OFFICERS.  The Trustees  shall annually elect such officers
or  agents,  who shall have such  powers,  duties  and  responsibilities  as the
Trustees may deem to be advisable, and as they shall specify by resolution or in
the Bylaws.  Except as may be provided in the Bylaws, any officer elected by the
Trustees may be removed at any time with or without  cause.  Any two (2) or more
offices may be held by the same individual.                                    

         SECTION 4.5  COMPENSATION OF TRUSTEES AND OFFICERS.  The Trustees shall
fix  the  compensation  of all  officers  and  Trustees.  Without  limiting  the
generality of any of the  provisions  hereof,  the Trustees shall be entitled to
receive  reasonable  compensation for their general services as such, and to fix
the amount of such  compensation,  and to pay  themselves  or any one or more of
themselves such compensation for special services,  including legal, accounting,
or other professional  services,  as they in good faith may deem reasonable.  No
Trustee or officer  resigning and (except where a right to receive  compensation
for a definite future period shall be expressly  provided in a written agreement
with the Trust,  duly  approved by the  Trustees) no Trustee or officer  removed
shall have any right to any  compensation  as such  Trustee  or officer  for any
period following his resignation or removal,  or any right to damages on account
of his  removal,  whether  his  compensation  be by the  month,  by the  year or
otherwise.                                                                     

         SECTION  4.6  OWNERSHIP  OF SHARES AND  SECURITIES  OF THE  TRUST.  Any
Trustee,  and any officer,  employee or agent of the Trust, and any organization
in which any such Person is  interested,  may acquire,  own, hold and dispose of
Shares of any Series or Class,  and other Securities of the Trust for his or its
individual  account,  and may  exercise all rights of a holder of such Shares or
Securities  to the same extent and in the same manner as if such Person were not
such a Trustee, officer, employee or agent of the Trust; subject, in the case of
Trustees and officers,  to the same limitations as directors or officers (as die
case may be) of a Massachusetts  business  corporation;  and the Trust may issue
and sell or cause to be  issued  and sold and may  purchase  any such  Shares or
other Securities from any such Person or any such organization,  subject only to
the general limitations, restrictions or other provisions applicable to the sale
or purchase of Shares of such Series or other Securities of the Trust generally.

         SECTION  4.7 RIGHT OF TRUSTEES  AND  OFFICERS  TO OWN  PROPERTY  AND TO
ENGAGE IN BUSINESS;  AUTHORITY OF TRUSTEES TO PERMIT OTHERS TO DO LIKEWISE.  The
Trustees,  in their  capacity as Trustees,  and (unless  otherwise  specifically
directed by vote of the Trustees) the officers of the Trust in their capacity as
such,  shall not be required to devote  their  entire time to the  business  and
affairs of the Trust. Except as otherwise  specifically  provided by vote of the
Trustees,  or by agreement in any particular case, any Trustee or officer of the
Trust may acquire, own, hold and dispose of; for his own individual account any
property, and acquire, own,                                                    

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hold, any on and dispose of, for his own individual account, any business entity
or business activity,  whether similar or dissimilar to any property or business
entity or business  activity invested in or carried on by the Trust, and without
first  offering  the same as an  investment  opportunity  to the Trust,  and may
exercise all rights in respect thereof as if he were not a Trustee or officer of
the Trust.  The Trustees shall also have power,  generally or in specific cases,
to permit  employees  or agents of the Trust to have the same  rights (or lesser
rights) to acquire,  hold, own and dispose of property and businesses,  to carry
on businesses,  and to accept investment  opportunities without offering them to
the Trust, as the Trustees have by virtue of this Section 4.7.                 

         SECTION 4.8 RELIANCE ON EXPERTS.  The Trustees and officers may consult
with  counsel,  engineers,   brokers,  appraisers,   auctioneers,   accountants,
investment bankers,  securities analysts or other Persons (any of which may be a
firm in which one or more of the  Trustees  or  officers  is or are  members  or
otherwise  interested)  whose  profession gives authority to a statement made by
them on the subject in question,  and who are reasonably  deemed by the Trustees
or  officers  in  question  to be  competent,  and the advice or opinion of such
Persons shall be fit and complete personal protection to all of the Trustees and
officers in respect of any action taken or suffered by them in good faith and in
reliance on or m accordance  with such advice or opinion.  In discharging  their
duties,  Trustees  and  officers,  when  acting  in good  faith,  may rely  upon
financial  statements  of the Trust  represented  to them to be  correct  by any
officer  of the Trust  having  charge of its  books of  account,  or stated in a
written report by an independent  certified public  accountant fairly to present
the  financial  position of the Trust.  The Trustees and officers may rely,  and
shall be personally  protected in acting,  upon any instrument or other document
believed by them to be genuine.                                                

         SECTION 4.9 SURETY BONDS. No Trustee, officer, employee or agent of the
Trust shall,  as such, be obligated to give any bond or surety or other security
for the  performance of any of his duties,  unless required by applicable law or
regulation,  or unless the Trustees shall otherwise  determine in any particular
case.                                                                          

         SECTION 4.10 APPARENT AUTHORITY OF TRUSTEES AND OFFICERS. No purchaser,
lender,  transfer agent or other Person dealing with the Trustees or any officer
of the Trust shall be bound to make any inquiry  concerning  the validity of any
transaction purporting to be made by the Trustees or by such officer, or to make
inquiry  concerning or be liable for the  application of money or property paid,
loaned or delivered to or on the order of the Trustees or of such officer.     

  SECTION 4.11  OTHER RELATIONSHIPS NOT PROHIBITED. The fact that:

                  (i) any of the Shareholders, Trustees or officers of the Trust
        is a  shareholder,  director,  officer,  partner,  trustee,  employee,
         manager,  adviser,  principal underwriter or distributor or agent of or
         for any Contracting Party (as defined in Section 5.2 hereof),  or of or
         for any  parent or  affiliate  of any  Contracting  Party,  or that the
         Contracting  Party or any parent or affiliate  thereof is a Shareholder
or has an interest in the Trust or any Portfolio, or that    

                  (ii) any Contracting  Party may have a contract  providing for
         the   rendering   of  any  similar   services  to  one  or  more  other
         corporations, trusts, associations,  partnerships, limited partnerships
or other organizations, or have other business or interests, 

shall not affect the validity of any contract for the performance and assumption
of  services,  duties and  responsibilities  to, for or of the Trust  and/or the
Trustees or  disqualify  any  Shareholder,  Trustee or officer of the Trust from
voting upon or executing the same or create any liability or  accountability  to
the Trust or to the holders of Shares of any Series; PROVIDED, that, in the case
of any  relationship or interest  referred to in the preceding clause (i) on the
part of any Trustee or officer of the Trust, either (x) the material facts as to
such  relationship  or  interest  have  been  disclosed  to or are  known by the
Trustees not having any such  relationship or interest and the contract involved
is approved in good faith by a majority of such Trustees not having any        

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such  relationship  or interest  (even though such  unrelated  or  disinterested
Trustees are less than a quorum of all of the Trustees),  (y) the material facts
as to such  relationship  or interest and as to the contract have been disclosed
to or are known by the  Shareholders  entitled to vote  thereon and the contract
involved is specifically approved in good faith by vote of the Shareholders,  or
(z) the  specific  contract  involved  is fair to the Trust as of the time it is
authorized, approved or ratified by the Trustees or by the Shareholders.       

         SECTION 4.12 PAYMENT OF TRUST EXPENSES.  The Trustees are authorized to
pay or to cause to be paid out of the  principal  or  income  of the  Trust,  or
partly  out  of  principal  and  partly  Out of  income,  and  according  to any
allocation to  particular  Portfolios  made by them  pursuant to Section  6.2(b)
hereof, all expenses,  fees, charges,  taxes and liabilities incurred or arising
in connection  with the business and affairs of the Trust or in connection  with
the  management   thereof;   including,   but  not  limited  to,  the  Trustees'
compensation  and such  expenses  and  charges  for the  services of the Trust's
officers, employees, Investment Adviser, Administrator,  Distributor,  Principal
Underwriter,  auditor, counsel,  Custodian,  Transfer Agent, Dividend Disbursing
Agent,  Accounting  Agent,  Shareholder  Servicing Agent, and such other agents,
consultants,  and independent contractors and such other expenses and charges as
the Trustees may deem necessary or proper to incur.                            

         SECTION 4.13  OWNERSHIP OF THE TRUST  PROPERTY.  Legal title to all the
Trust Property shall be vested in the Trustees as joint tenants, except that the
Trustees  shall have power to cause legal title to any Trust Property to be held
by or in the name of one or more of the  Trustees,  or in the name of the Trust,
or of any particular  Portfolio,  or in the name of any other Person as nominee,
on such terms as the Trustees may  determine;  PROVIDED that the interest of the
Trust and of the respective  Portfolio therein is appropriately  protected.  The
right,  title and  interest  of the  Trustees in the Trust  Property  shall vest
automatically  in each  Person  who may  hereafter  become  a  Trustee  Upon the
termination  of the term of office of a Trustee as provided  in Section  4.1(c),
(d) or (e) hereof;  such Trustee  shall  automatically  cease to have any right,
title or  interest  in any of the  Trust  Property,  and the  right,  title  and
interest of such Trustee in the Trust Property shall vest  automatically  in the
remaining  Trustees.  Such  vesting and  cessation  of title shall be  effective
whether or not conveyancing  documents have been executed and delivered pursuant
to Section 4.1(i) hereof.                                                      

ARTICLE 5

DELEGATION OF MANAGERIAL RESPONSIBILITIES


         SECTION 5.1 APPOINTMENT; ACTION BY LESS THAN ALL TRUSTEES. The Trustees
shall be responsible for the general  operating  policy of the Trust and for the
general supervision of the business of the Trust conducted by officers,  agents,
employees  or  advisers  of the  Trust or by  independent  contractors,  but the
Trustees  shall not be required  personally  to conduct all the  business of the
Trust and,  consistent with their ultimate  responsibility as stated herein, the
Trustees may appoint,  employ or contract with one or more  officers,  employees
and agents to conduct,  manage and/or supervise the operations of the Trust, and
may grant or delegate such authority to such officers,  employees  and/or agents
as the  Trustees  may,  in  their  sole  discretion,  deem  to be  necessary  or
desirable,  without  regard to whether  such  authority  is normally  granted or
delegated  by  trustees.  With  respect to those  matters of the  operation  and
business of the Trust which they shall  elect to conduct  themselves,  except as
otherwise  provided by this Declaration or the Bylaws,  if any, the Trustees may
authorize  any single  Trustee or defined  group of Trustees,  or any  committee
consisting  of a number of Trustees  less than the whole number of Trustees then
in office  without  specification  of the  particular  Trustees  required  to be
included  therein,  to act for and to bind the Trust,  to the same extent as the
whole number of Trustees could do, either with respect to one or more particular
matters or classes of matters, or generally.                                   

         SECTION  5.2  CERTAIN   CONTRACTS.   Subject  to  compliance  with  the
provisions of the 1940 Act, but  notwithstanding  any limitations of present and
future law or custom in regard to  delegation  of powers by trustees  generally,
the  Trustees  may,  at any time and from time to time in their  discretion  and
without limiting                                                               

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the generality of their powers and authority  otherwise set forth herein,  enter
into  one  or  more  contracts  with  any  one  or  more  corporations,  trusts,
associations,   partnerships,   limited   partnerships   or   other   types   of
organizations,   or  individuals  ("CONTRACTING  PARTY"),  to  provide  for  the
performance and assumption of some or all of the following services,  duties and
responsibilities to, for or on behalf of the Trust and/or any Portfolio,  and/or
the Trustees,  and to provide for the  performance  and assumption of such other
services,  duties and  responsibilities in addition to those set forth below, as
the Trustees may deem appropriate:                                             

                  (a) ADVISORY.  An investment advisory or management  agreement
         whereby the  In-vestment  Adviser shall  undertake to furnish the Trust
         such management,  investment  advisory or supervisory,  administrative,
         accounting,  legal,  statistical and research  facilities and services,
         and such other  facilities and services,  if any, as the Trustees shall
         from  time  to  time  consider  desirable,  all  upon  such  terms  and
         conditions as the Trustees may in their discretion  determine to be not
         inconsistent  with this Declaration,  the applicable  provisions of the
         1940 Act or any applicable  provisions of the Bylaws. Any such advisory
         or management  agreement and any amendment  thereto shall be subject to
         approval  by  a  Majority   Shareholder   Vote  at  a  meeting  of  the
         Shareholders  of the  Trust.  Notwithstanding  any  provisions  of this
         Declaration, the Trustees may authorize the Investment Adviser (subject
         to such general or specific  instructions as the Trustees may from time
         to time  adopt) to  effect  purchases,  sales,  loans or  exchanges  of
         portfolio  securities  of the Trust on behalf  of the  Trustees  or may
         authorize any officer or employee of the Trust or any Trustee to effect
         such purchases,  sales,  loans or exchanges pursuant to recommendations
         of the  Investment  Adviser  (and all  without  further  action  by the
         Trustees).  Any such  purchases,  sales,  loans and exchanges  shall be
         deemed to have been  authorized  by all of the  Trustees.  The Trustees
         may, in their sole discretion,  call a meeting of Shareholders in order
         to submit to a vote of  Shareholders  at such  meeting the  approval of
         continuance of any such investment advisory or management agreement. If
        the  Shareholders  of any  Portfolio  should  fail to approve any such
         investment advisory or management agreement, the Investment Adviser may
         nonetheless  serve as  Investment  Adviser  with  respect  to any other
Portfolio whose Shareholders shall have approved such contract.

                  (b) ADMINISTRATION. An agreement whereby the agent, subject to
         the general  supervision  of the  Trustees and in  conformity  with any
         policies of the Trustees  with respect to the  operations  of the Trust
         and each Portfolio, will supervise all or any part of the operations of
         the Trust and each  Portfolio,  and will provide all or any part of the
         administrative  and  clerical   personnel,   office  space  and  office
         equipment and services appropriate for the efficient administration and
         operations of the Trust and each Portfolio (any such agent being herein
referred to as an "ADMINISTRATOR").                          

                  (c)  DISTRIBUTION.  An  agreement  providing  for the  sale of
         Shares of any one or more Series,  or Classes of any Series, to net the
         Trust  not less than the net asset  value  per Share (as  described  in
         Section  6.2(h) hereof) and pursuant to which the Trust may appoint the
         other party to such  agreement as its  principal  underwriter  or sales
         agent for the distribution of such Shares.  The agreement shall contain
         such  terms  and  conditions  as the  Trustees  may m their  discretion
         determine to be not inconsistent with this Declaration,  the applicable
         provisions of the 1940 Act and any applicable  provisions of the Bylaws
         (any such  agent  being  herein  referred  to as a  "DISTRIBUTOR"  or a
"PRINCIPAL UNDERWRITER", as the case may be).                

                  (d)  CUSTODIAN.  The  appointment  of a bank or trust  company
         having an aggregate capital, surplus and undivided profits (as shown in
         its last published report) of at least two million dollars ($2,000,000)
         as  custodian  of the  Securities  and  cash of the  Trust  and of each
         Portfolio and of the  accounting  records in connection  therewith (any
such agent being herein referred to as a "CUSTODIAN").       

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                  (e) TRANSFER AND DIVIDEND DISBURSING AGENCY. An agreement with
         an agent to maintain records of the ownership of outstanding Shares and
         the issuance and  redemption  and the transfer  thereof (any such agent
         being herein  referred to as a "TRANSFER  AGENT"),  and to disburse any
         dividends  declared by the Trustees and in accordance with the policies
         of the Trustees and/or the  instructions of any particular  Shareholder
         to reinvest any such dividends (any such agent being herein referred to
as a "DIVIDEND DISBURSING AGENT").                           

                  (f)  SHAREHOLDER  SERVICING.  An  agreement  with an  agent to
         provide  service with respect to the  relationship of the Trust and its
         Shareholders,  records with respect to  Shareholders  and their Shares,
         and  similar  matters  (any such agent  being  herein  referred to as a
"Shareholder SERVICING Agent").                              

                  (g)  ACCOUNTING.  An agreement  with an agent to handle all or
         any part of the  accounting  responsibilities,  whether with respect to
         the Trust's properties, Shareholders or otherwise (any such agent being
herein referred to as an "ACCOUNTING AGENT").                

The same Person may be the  Contracting  Party for some or all of the  services,
duties and  responsibilities  to, for and of the Trust and/or the Trustees,  and
the contracts with respect thereto may contain such terms  interpretive of or in
addition  to  the  delineation  of the  services,  duties  and  responsibilities
provided for,  including  provisions that are not inconsistent with the 1940 Act
relating  to the  standard of duty of and the rights to  indemnification  of the
Contracting Party and others, as the Trustees may determine Nothing herein shall
preclude,  prevent or limit the Trust or a Contracting  Party from entering into
sub-contractual  arrangements  relative  to any of the  matters  referred  to in
subsections (a) through (g) of this Section 5.2.                               

ARTICLE 6

PORTFOLIOS AND SHARES


SECTION 6.1   DESCRIPTION OF PORTFOLIOS AND SHARES.          

         (a) SHARES;  PORTFOLIOS;  SERIES AND CLASSES OF SHARES.  The beneficial
interest in the Trust shall be divided into Shares having a nominal or par value
of one mil ($.001) per Share,  of which an unlimited  number may be issued.  The
Trustees  shall  have the  power  and  authority  (without  any  requirement  of
Shareholder  approval)  from time to time to establish and designate one or more
separate,  distinct  and  independent  Portfolios,  in  addition  to the Spectra
Portfolio  established  and  designated  by Section 6.2  hereof,  into which the
assets of the Trust shall be divided,  to authorize a separate  Series of Shares
for each such  additional  Portfolio  (each of which Series,  including  without
limitation the Spectra Series authorized in Section 6.2 hereof,  shall represent
beneficial interests only in the Portfolio with respect to which such Series was
authorized), and to authorize two or more separate Classes of Shares of any such
Series,  as they  deem  necessary  or  desirable  and to fix and  determine  the
relative rights and  preferences as between the shares of the respective  Series
as to rights of  redemption  and the  price,  terms  and  manner of  redemption,
special and  relative  rights as to  dividends  and other  distributions  and on
liquidation,  sinking  or  purchase  fund  provisions,  conversion  rights.  and
conditions  under  which the  Shareholders  of the  several  Series  shall  have
separate voting rights or no voting rights. The Trustees shall have the power to
classify or reclassify any unissued  Shares of any Series,  or any Shares of any
Series  previously  issued and reacquired by the Trust (including in either case
any Shares of the Spectra  Portfolio  established  and designated by Section 6.2
hereof)  into any number of  additional  Classes of such  Series by from time to
time setting or changing in one or more respects  provisions  applicable to such
Class or Classes  relating to sales  charges,  any rights of redemption  and the
price,  terms and  manner  of  redemption,  special  and  relative  rights as to
dividends and other  distributions and on liquidation,  sinking or purchase fund
provisions  and  conversion  rights,  and  (subject  to  Article 7  hereof)  the
conditions  under  which the  Shareholders  of the  several  Classes  shall have
separate voting rights or no voting rights. Except                             

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as otherwise provided as to a particular Portfolio herein, or in the Certificate
of Designation therefor,  the Trustees shall have all the rights and powers, and
be  subject  to all the  duties  and  obligations,  with  respect  to each  such
Portfolio and the assets and affairs thereof as they have under this Declaration
with respect to the Trust and the Trust Property in general.                   

         (b)  ESTABLISHMENT,  ETC. OF PORTFOLIOS;  AUTHORIZATION OF SHARES.  The
establishment  and  designation  of any  Portfolio  (in  addition to the Spectra
Portfolio   established   and   designated   in  Section  6.2  hereof)  and  the
authorization  of the Shares  thereof shall be effective upon the execution by a
Majority of the Trustees (or by an officer of the Trust  pursuant to the vote of
a Majority of the  Trustees) of an instrument  setting forth such  establishment
and  designation  and the relative  rights and  preferences of the Shares of the
Series representing the beneficial interests in such Portfolio and the manner in
which  the same may be  amended  (a  "CERTIFICATE  OF  DESIGNATION"),  which may
provide  that  the  number  of  Shares  of such  Series  that may be  issued  is
unlimited,  or may limit the number issuable.  At any time (a) that there are no
Shares outstanding of the Series that represents the beneficial interests in any
Portfolio  previously  established and designated,  including the Spectra Series
established  and  designated  by  Section  6.2  hereof,  or (b) any  shares of a
particular Class previously established and designated for any Series, and also,
in the case of any Class of a Series of which there are outstanding no Shares of
any  other  Class of such  Series  which  are  convertible  into  Shares  of the
particular  Class,  the Trustees may by an instrument  executed by a Majority of
the Trustees  (or by an officer of the Trust  pursuant to the vote of a Majority
of the  Trustees)  terminate  such  Portfolio  and the Series  representing  the
beneficial  interests  therein,  or such  Class,  as the  case  may be,  and the
establishment  and designation  thereof and the  authorization  of its Shares (a
"CERTIFICATE OF Termination").  Each Certificate of Designation,  Certificate of
Termination and any instrument  amending a Certificate of Designation shall have
the status of an amendment to this  Declaration of Trust,  and shall be filed as
provided m Section 9.4 hereof,  but such filing shall not be a  prerequisite  to
the effectiveness thereof.                                                     

         (c) CHARACTER OF SEPARATE PORTFOLIOS AND SHARES THEREOF. Each Portfolio
established  hereunder shall be a separate component of the assets of the Trust,
and the holders of Shares of the Series representing the beneficial interests in
that Portfolio  shall be considered  Shareholders  of such  Portfolio,  but such
Shareholders shall also be considered  Shareholders of the Trust for purposes of
receiving reports and notices and, except as otherwise provided herein or in the
Certificate of Designation of a particular Portfolio as to such Portfolio, or as
required by the 1940 Act or other applicable law, the right to vote, all without
distinction by Series.                                                         

         (d)  CONSIDERATION  FOR SHARES.  The  Trustees  may issue Shares of any
Series  for such  consideration  (which  may  include  property  subject  to, or
acquired in connection with the assumption of, liabilities) and on such terms as
they may determine (or for no  consideration  if pursuant to a Share dividend or
split-up),  all without action or approval of the Shareholders.  All Shares when
so  issued on the  terms  determined  by the  Trustees  shall be fully  paid and
non-assessable  may be subject to  mandatory  contribution  back to the Trust as
provided in Section 6.2) hereof).  The Trustees may classify or  reclassify  any
unissued Shares, or any Shares of any Series previously issued and reacquired by
the Trust,  into Shares of one or more other  Portfolios that may be established
and designated from time to time.                                              

         SECTION 6.2  ESTABLISHMENT AND DESIGNATION OF THE SPECTRA PORTFOLIO AND
OF THE SHARES THEREOF GENERAL  PROVISIONS FOR ALL PORTFOLIOS.  Without  limiting
the  authority  of the  Trustees set forth in Section 6.1(a) hereof to establish
and designate further  Portfolios,  there are hereby  established and designated
the  Spectra  Portfolio  and the  Shares  thereof,  which  shall be known as the
Spectra Series; an unlimited number of Shares of such Series may be issued.  The
Shares  of the  Spectra  Series,  and the  Shares  representing  the  beneficial
interest in any further Portfolios that may from time to time be established and
designated by the Trustees shall (unless the Trustees  otherwise  determine with
respect to some further  Portfolio at the time of  establishing  and designating
the same) have the following relative rights and preferences:                  

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                  (a) ASSETS  BELONGING TO PORTFOLIOS.  Any portion of the Trust
         Property  allocated to a particular  Portfolio,  and all  consideration
         received  by the  Trust  for  the  issue  or  sale  of  Shares  of such
         Portfolio,  together  with all  assets in which such  consideration  is
         invested or  reinvested,  all interest,  dividends,  income,  earnings,
         profits  and gains  therefrom,  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 by the
         Trustees  in trust for the  benefit  of the  holders  of Shares of that
         Portfolio  and  shall  irrevocably  belong  to that  Portfolio  for all
         purposes,  and shall be so  recorded  upon the books of  account of the
         Trust, and the Shareholders of such Portfolio shall not have, and shall
         be conclusively  deemed to have waived, any claims to the assets of any
         Portfolio  of which  they  are not  Shareholders.  Such  consideration,
         assets,  interest,  dividends,  income,  earnings,  profits,  gains and
         proceeds,  together with any General Items  allocated to that Portfolio
         as  provided  in  the  following  sentence,   arc  herein  referred  to
         collectively  as "PORTFOLIO  ASSETS" of such  Portfolio,  and as assets
         "BELONGING TO" that Portfolio.  In the event that there are any assets,
         income,  earnings,  profits,  and proceeds thereof,  funds, or payments
         which are not  readily  identifiable  as  belonging  to any  particular
         Portfolio  (collectively  "GENERAL Items"), the Trustees shall allocate
         such  General  Items  to and  among  any one or more of the  Portfolios
         established and designated from time to time in such manner and on such
         basis as they, in their sole discretion,  deem fair and equitable;  and
         any General Items so allocated to a particular  Portfolio  shall belong
         to and be part of the  Portfolio  Assets of that  Portfolio.  Each such
         allocation  by the Trustees  shall be  conclusive  and binding upon the
Shareholders of all Portfolios for all purposes.             

                  (b)  LIABILITIES OF PORTFOLIOS.  The assets  belonging to each
         particular  Portfolio  shall be charged with the liabilities in respect
         of that  Portfolio  and  all  expenses,  costs,  charges  and  reserves
         attributable to that Portfolio, and any general liabilities,  expenses,
         costs,  charges  or  reserves  of  the  Trust  which  are  not  readily
         identifiable  as  pertaining  to  any  particular  Portfolio  shall  be
         allocated  and charged by the  Trustees to and among any one or more of
         the Portfolios  established  and  designated  from time to time in such
         manner and on such basis as the Trustees in their sole  discretion deem
         fair and equitable.  The  indebtedness,  expenses,  costs,  charges and
         reserves allocated and so charged to a particular  Portfolio are herein
         referred to as  "LIABILITIES  OF' that  Portfolio.  Each  allocation of
         liabilities,  expenses,  costs,  charges and  reserves by the  Trustees
         shall be conclusive and binding upon the Shareholders of all Portfolios
         for all  purposes.  Any creditor of any  Portfolio may look only to the
         assets of that  Portfolio  to satisfy  such  creditor's  debt,  and the
         creditors  of a  particular  Class of a Portfolio  may look only to the
         share of that Class in the assets of the Portfolio to which it pertains
to satisfy their claims.                                     

                  (c)  DIVIDENDS.  Dividends  and  distributions  on Shares of a
         particular  Series may be paid with such  frequency as the Trustees may
         determine,  which  may be daily or  otherwise  pursuant  to a  standing
         resolution or  resolutions  adopted only once or with such frequency as
         the Trustees may determine,  to the  Shareholders of that Series,  from
         such of the income, accrued or realized, and capital gains, realized or
         unrealized,  and out of the assets  belonging to the Portfolio to which
         such Series  pertains,  as the Trustees may determine,  after providing
         for actual and accrued liabilities of that Portfolio. All dividends and
         distributions  on Shares of a Series without  separate Classes shall be
         distributed  pro  rata to the  holders  of  Shares  of that  Series  in
         proportion  to the number of such  Shares  held by such  holders at the
         date and time of record  established  for the payment of such dividends
         or  distributions.  Dividends  and  distributions  on the  Shares  of a
         Portfolio  having separate Classes of Shares shall be in such amount as
         may be declared from time to time by the Trustees,  and such  dividends
         and distributions may vary as between such Classes to reflect differing
         allocations  among such Classes of the  liabilities,  expenses,  costs.
         charges and reserves of such Portfolio,  and any resultant  differences
         between the net asset value of such several Classes, to such extent and
         for such purposes as the Trustees may deem  appropriate,  but dividends
         and  distributions  on  the  Shares  of a  particular  Class  shall  be
         distributed pro rata to the Shareholders of that Class in proportion to
the                                                          

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         number  of such  Shares  held by such  holders  at the date and time of
         record established for the payment of such dividends and distributions.
         Notwithstanding  the last two  preceding  sentences,  the  Trustees may
         determine,  in connection with any dividend or distribution  program or
         procedure,  that no dividend or distribution shall be payable on Shares
         as to which the  Shareholder's  purchase  order and/or payment have not
         been received by the time or times  established  by the Trustees  under
         such program or procedure,  or that dividends or distributions shall be
         payable on Shares  which have been  tendered by the holder  thereof for
         redemption or repurchase,  but the redemption or repurchase proceeds of
         which  have  not  yet  been  paid to such  Shareholder.  Dividends  and
         distributions  on the  Shares of a Series may be made in cash or Shares
         of any Class of that Series or a  combination  thereof as determined by
         the Trustees,  or pursuant to any program that the Trustees may have in
         effect at the time for the election by each  Shareholder of the mode of
         the making of such dividend or  distribution to that  Shareholder.  Any
         such  dividend or  distribution  paid in Shares will be paid at the net
         asset value thereof as determined in  accordance with subsection (h) of
this Section 6.2.                                            

                  (d)   LIQUIDATION.   In  the  event  of  the   liquidation  or
         dissolution of the Trust,  the  Shareholders of each Portfolio of which
         Shares  are  outstanding  shall be  entitled  to  receive,  when and as
         declared by the Trustees,  the excess of the Portfolio  Assets over the
         liabilities  of such  Portfolio.  The  assets so  distributable  to the
         Shareholders  of any  particular  Series  without  separate  Classes of
         Shares shall be distributed  among such  Shareholders  in proportion to
         the number of Shares of that  Series  held by them and  recorded on the
         books of the Trust.  The assets so distributable to the Shareholders of
         any  Portfolio  having  separate  Classes of Shares  shall be allocated
         among such Classes in proportion to the respective  aggregate net asset
         value of the outstanding  Shares  thereof,  and shall be distributed to
         the  Shareholders  of each such  Class in  proportion  to the number of
         Shares  of that  Class  held by them and  recorded  on the books of the
         Trust The liquidation of any Portfolio,  or any Class of any Portfolio,
         may be authorized by vote of a Majority of the Trustees, subject to the
         affirmative vote of "a majority of the outstanding  voting  securities"
         of the Series representing the beneficial  interests in that Portfolio,
         or in that Class of such Series, as the quoted phrase is defined in the
         1940 Act.  determined in accordance with clause (iii) of the definition
of "MAJORITY SHAREHOLDER VOTE" in Section 1.4 hereof.        

                  (e) VOTING.  The Shareholders shall have the voting rights set
forth in or determined under Article 7 hereof.               

                  (f)  REDEMPTION  BY  SHAREHOLDER.  Each  holder of Shares of a
         particular Series or Class shall have the right at such times as may be
         permitted by the Trust,  but no less frequently than once each week, to
         require  the  Trust  to  redeem  all or any  part of such  Shares  at a
         redemption  price equal to the net asset value per Share of that Series
         or Class next  determined in  accordance  with  subsection  (h) of this
         Section  6.2 after the Shares are  properly  tendered  for  redemption;
         PROVIDED, that the Trustees may from time to time, in their discretion,
         determine and impose a fee for such redemption, and the proceeds of the
         redemption  of Shares  (including a fractional  Share) of any Series or
         Class  shall be  reduced  by the  amount of any  applicable  contingent
         deferred sales charge payable on such redemption  pursuant to the terms
         of the  initial  issuance of the Shares of such Series or Class (to the
         extent  consistent  with  the  1940 Act or  regulations  or  exemptions
         thereunder).  The  redemption  price  of  Shares  redeemed  under  this
         subsection (e) shall be paid in cash;  PROVIDED,  HOWEVER,  that if the
         Trustees  determine,  which  determination  shall be  conclusive,  that
         conditions  exist with respect to any Series or Shares,  or one or more
         Classes of any  Series,  which make  payment  wholly in cash  unwise or
         undesirable,  the Trust may make payment wholly or partly in Securities
         or other  assets  belonging  to the  Portfolio  to which such Series or
         Class pertains,  at the value of such Securities or assets used in such
         determination of net asset value.  Notwithstanding  the foregoing,  the
         Trust may postpone  payment of the redemption price and may suspend the
right of the holders of Shares of any Series                 

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         or Class to require the Trust to redeem  such Shares  during any period
       or at any time when and to the extent permissible under the 1940 Act.

                  (g)  REDEMPTION AT THE OPTION OF THE TRUST.  Each Share of any
         Portfolio  shall be subject to redemption at the option of the Trust at
         the redemption  price which would be applicable if such Share were then
         being redeemed by  the  Shareholder  pursuant to subsection (f) of this
         Section 6.2 (i) at any time,  if the  Trustees  determine in their sole
         discretion  that  failure  to so  redeem  may have  materially  adverse
         consequences  to the  holders  of the  Shares  of the  Trust  or of any
         Portfolio,   or  (ii)  upon  such  other  conditions  with  respect  to
         maintenance  of  Shareholder  accounts of a minimum  amount as may from
         time to time be  determined  by the  Trustees and set forth in the then
         current Prospectus of such Portfolio.  Upon such redemption the holders
         of the Shares so  redeemed  shall have no  further  right with  respect
thereto other than to receive payment of such redemption price.

                  (h) NET ASSET  VALUE.  Subject  to the  provisions  of the two
         sentences immediately  following,  the net asset value per Share of any
         Series  without  Classes,  or of any Class of a Series having  separate
         Classes,  at any time shall be the  quotient  obtained by dividing  the
         value of the net assets of the  Portfolio to which such Series or Class
         pertains, at such time (being the current value of the assets belonging
         to such  Portfolio,  or the share of such Class therein,  less the then
         existing  liabilities or such Portfolio,  or the share of such Class in
         such liabilities) by the total number of Shares of that Series or Class
         then  outstanding,  all  determined in accordance  with the methods and
         procedures,   including  without   limitation  those  with  respect  to
         rounding,  established by the Trustees from time to time. The aggregate
         net asset value of the several  Classes of a Portfolio  having separate
         Classes of Shares shall be separately  computed,  and may vary from one
         another.  The Trustees shall establish procedures for the allocation of
         investment  income or capital gains and expenses and  liabilities  of a
         Portfolio  having separate  Classes of Shares among the several Classes
         of such Portfolio, in order to reflect the varying net asset values of,
         and the liabilities  and expenses  attributable  to, such Classes.  The
         Trustees may determine to maintain the net asset value per Share of any
         Portfolio  at a designated  constant  dollar  amount and in  connection
         therewith may adopt procedures not  inconsistent  with the 1940 Act for
         the continuing  declaration of income attributable to that Portfolio as
         dividends  payable  in  additional  Shares  of  that  Portfolio  at the
         designated  constant  dollar  amount and for the handling of any losses
         attributable to that Portfolio. Such procedures may provide that in the
         event of any loss each Shareholder  shall be deemed to have contributed
         to the shares of beneficial  interest account of that Portfolio his pro
         rata portion of the total  number of Shares  required to be canceled in
         order to permit the net asset value per Share of that  Portfolio  to be
         maintained,  after  reflecting  such loss, at the  designated  constant
         dollar  amount.  Each  Shareholder of the Trust shall be deemed to have
         expressly  agreed,  by investing in any Portfolio with respect to which
         the  Trustees  shall  have  adopted  any  such  procedure,  to make the
         contribution  referred to in the preceding sentence in the event of any
such loss.                                                   

                  (i) TRANSFER.  All Shares of the Trust shall be  transferable,
         but transfers of Shares of a particular  Portfolio  will be recorded on
         the Share  transfer  records of the Trust  applicable to that Portfolio
         only at such times as Shareholders  shall have the right to require the
         Trust to redeem Shares of that Portfolio and at such other times as may
be permitted by the Trustees.                                

                  (j) EQUALITY.  All Shares of each Series without Classes shall
         represent an equal  proportionate  interest in the assets  belonging to
         the Portfolio to which such Series pertains (subject to the liabilities
         of that Portfolio), and each Share of any such Portfolio shall be equal
         to each other  Share thereof. All Shares of each Class of Shares of any
         Series  having  separate  Classes of Shares  shall  represent  an equal
         proportionate  interest  in the  share  of  such  Class  in the  assets
         belonging to the Portfolio to which such Series pertains,  subject to a
         like  share of the  liabilities  of such  Portfolio,  adjusted  for any
         liabilities specifically allocable to that Class, and each Share of any
such Class shall                                             

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         be equal to each other Share thereof but the interests  represented  by
         the Shares of the different Classes of a Series having separate Classes
         of Shares shall reflect any  distinctions  among the several Classes of
         such Series  existing under this Section 6.2  or Section 7.1 hereof, or
         under the  Certificate of  Designation  for the Portfolio to which such
         Series  pertains.  The Trustees may from time to time divide or combine
         the Shares of any Series, or any Class of any Series, into a greater or
         lesser  number  of  Shares  of that  Series  or Class  without  thereby
         changing the proportionate  beneficial interest in the assets belonging
         to the Portfolio to which such Series pertains, or in any way affecting
   the rights of the holders of Shares of any other Series or Class.

                  (k) RIGHTS OF FRACTIONAL  SHARES.  Any fractional Share of any
         Series or Class of Shares  shall carry  proportionately  all the rights
         and  obligations  of a whole Share of that  Series or Class,  including
         rights and obligations with respect to voting, receipt of dividends and
         distributions, redemption of Shares, and liquidation of the Trust or of
the Portfolio to which they pertain.                         

                  (1)  CONVERSION   RIGHTS.   Subject  to  compliance  with  the
         requirements  of the 1940 Act, the Trustees shall have the authority to
         provide  that  holders of Shares of any Series  shall have the right to
         convert  said  Shares  into  Shares  of one or  more  other  Series  in
         accordance  with such  requirements  and procedures as the Trustees may
establish.                                                   

         SECTION 6.3  OWNERSHIP  OF SHARES.  The  ownership  of Shares  shall be
recorded on the books of the Trust or of a Transfer  Agent or similar  agent for
the Trust,  which books shall be  maintained  separately  for the Shares of each
Series and Class that has been authorized. Certificates evidencing the ownership
of Shares need not be issued except as the Trustees may otherwise determine from
time to time,  and the  Trustees  shall  have  power to call  outstanding  Share
certificates  and to replace them with book entries.  The Trustees may make such
rules as they consider  appropriate for the issuance of Share certificates,  the
use of facsimile  signatures,  the transfer of Shares and similar  matters.  The
record books of the Trust as kept by the Trust or any Transfer  Agent or similar
agent,  as the case may be, shall be conclusive  as to who are the  Shareholders
and as to the  number of Shares of each  Series  and/or  Class held from time to
time by each such Shareholder.                                                 

         The holders of Shares of each Portfolio  shall upon demand  disclose to
the  Trustees  in writing  such  information  with  respect to their  direct and
indirect ownership of Shares of such Portfolio as the Trustees deem necessary to
comply with the  provisions of the Internal  Revenue Code, or to comply with the
requirements of any other authority.                                           

         SECTION  6.4  INVESTMENTS  IN  THE  TRUST.   The  Trustees  may  accept
investments  in any  Portfolio  of the Trust from such Persons and on such terms
and for such  consideration,  not  inconsistent  with the provisions of the 1940
Act,  as they  from time to time  authorize.  The  Trustees  may  authorize  any
Distributor, Principal Underwriter, Custodian, Transfer Agent or other Person to
accept orders for the purchase of Shares that conform to such  authorized  terms
and to reject any purchase orders for Shares,  whether or not conforming to such
authorized terms.                                                              

         SECTION 6.5 NO PREEMPTIVE RIGHTS. No Shareholder,  by virtue of holding
Shares of any  Portfolio,  shall have any preemptive or other right to subscribe
to any  additional  Shares  of that  Portfolio,  or to any  shares  of any other
Portfolio, or any other Securities issued by the Trust.                        

         SECTION 6.6 STATUS OF SHARES.  Every  Shareholder,  by virtue of having
become a Shareholder, shall be held to have expressly assented and agreed to the
terms  hereof and to have become a party  hereto.  Shares  shall be deemed to be
personal property,  giving only the rights provided herein.  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
partners.  The death of a Shareholder  during the continuance of the Trust shall
not operate to                                                                 

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terminate  the Trust or any  Portfolio,  nor entitle the  representative  of any
deceased  Shareholder  to an  accounting  or to take  any  action  in  court  or
elsewhere  against  the Trust or the  Trustees,  but only to the  rights of said
decedent under this Declaration of Trust.                                      

ARTICLE 7

SHAREHOLDERS VOTING POWERS AND MEETINGS

         SECTION 7.1 VOTING POWERS.  The  Shareholders  shall have power to vote
only (i) for the election or removal of Trustees as provided in Sections  4.1(c)
and (e) hereof;  (ii) with respect to the approval or  termination in accordance
with  the 1940 Act of any  contract  with a  Contracting  Party as  provided  in
Section 5.2 hereof as to which Shareholder approval is required by the 1940 Act,
(iii) with  respect to any  termination  or  reorganization  of the Trust or any
Portfolio  to the extent and as provided in  Sections  9.1 and 9.2 hereof;  (iv)
with respect to any amendment of this  Declaration of Trust to the extent and as
provided in Section 9.3 hereof,  (v) to the same extent as the stockholders of a
Massachusetts  business  corporation  as  to  whether  or  not a  court  action,
proceeding or claim should or should not be brought or  maintained  derivatively
or as a  class  action  on  behalf  of  the  Trust  or  any  Portfolio,  or  the
Shareholders  of  any  of  them  (PROVIDED  HOWEVER,  that  a  Shareholder  of a
particular Portfolio shall not in any event be entitled to maintain a derivative
or class action on behalf of any other Portfolio or the  Shareholders  thereof),
and (vi) with respect to such additional matters relating to the Trust as may be
required  by the  1940  Act,  this  Declaration  of  Trust,  the  Bylaws  or any
registration  of the Trust with the Commission (or any successor  agency) or any
State,  or as the Trustees may consider  necessary or  desirable.  If and to the
extent that the Trustees shall  determine that such action is required by law or
by this  Declaration,  they shall cause each matter  required or permitted to be
voted upon at a meeting or by written consent of Shareholders to be submitted to
a separate vote of the  outstanding  Shares of each  Portfolio  entitled to vote
thereon;  PROVIDED, that (i) when expressly required by the 1940 Act or by other
law,  actions  of  Shareholders  shall be taken by  Single  Class  Voting of all
outstanding  Shares of each Series and Class whose  holders are entitled to vote
thereon; and (ii) when the Trustees determine that any matter to be submitted to
a vote of  Shareholders  affects only the rights or interests of Shareholders of
one or more but not all  Series,  or one or more but not all Classes of a single
Series  (including  without  limitation any  distribution  plan pursuant to Rule
12b-1  under the 1940 Act  applicable  to such  Series or Class),  then only the
Shareholders  of the Series or Classes so  affected  shall be  entitled  to vote
thereon.  Without  limiting  the  generality  of the  foregoing,  and  except as
required by the 1940 Act or other law, the Shareholders of each Class shall have
exclusive voting rights with respect to the provisions of any distribution  plan
adopted  by  the  Trustees  pursuant to Rule 12b-1 under the 1940 Act (a "Plan")
applicable to such Class.                                                      

         SECTION  7.2  NUMBER OF VOTES AND  MANNER OF  VOTING;  PROXIES  On each
matter  submitted  to a vote of the  Shareholders,  each holder of Shares of any
Series  shall be  entitled to a number of votes equal to the number of Shares of
such Series  standing  in his name on the books of the Trust.  There shall be no
cumulative  voting in the election of Trustees. Shares may be voted in person or
by proxy.  A proxy with  respect  to Shares  held in the name of two (2) or more
Persons  shall be valid if  executed  by any one of them  unless  at or prior to
exercise  of the proxy the  Trust  receives  a  specific  written  notice to the
contrary from any one of them. A proxy purporting to be executed 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 on the  challenger.
Until Shares are issued,  the  Trustees may exercise all rights of  Shareholders
and may take any action required by law, this Declaration of Trust or the Bylaws
to be taken by Shareholders.                                                   

         SECTION 7.3  MEETINGS.  Meetings of  Shareholders  may be called by the
Trustees  from time to time for the  purpose  of taking  action  upon any matter
requiring the vote or authority of the Shareholders as herein provided,  or upon
any other matter  deemed by the Trustees to be necessary or  desirable.  Written
notice of any  meeting of  Shareholders  shall be given or caused to be given by
the Trustees by mailing such notice at least seven (7) days before such meeting,
postage prepaid, stating the time, place and purpose of the                    

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meeting,  to each Shareholder at the Shareholder's  address as it appears on the
records of the Trust.  The  Trustees  shall  promptly  call and give notice of a
meeting of Shareholders for the purpose of voting upon removal of any Trustee of
the Trust when  requested to do so in writing by  Shareholders  holding not less
than ten percent  (10%) of the Shares then  outstanding.  If the Trustees  shall
fail to call or give  notice  of any  meeting  of  Shareholders  for a period of
thirty (30) days after written application by Shareholders  holding at least ten
percent (10%) of the Shares then outstanding requesting that a meeting be called
for any other purpose requiring action by the Shareholders as provided herein or
in the  Bylaws,  then  Shareholders  holding at least ten  percent  (10%) of the
Shares then outstanding may call and give notice of such meeting,  and thereupon
the  meeting  shall be held in the  manner  provided  for herein in case of call
thereof by the Trustees.                                                       

         SECTION 7.4  RECORD  DATES.   For  the  purpose  of   determining   the
Shareholders  who are entitled to vote or act at any meeting or any  adjournment
thereof, or who are entitled to participate in any dividend or distribution,  or
for the purpose of any other  action,  the  Trustees may from time to time close
the transfer books for such period, not exceeding thirty (30) days (except at or
in connection with the termination of the Trust), as the Trustees may determine,
or without  closing the transfer  books the Trustees may fix a date and time not
more than sixty (60) days prior to the date of any  meeting of  Shareholders  or
other  action  as  the  date  and  time  of  record  for  the  determination  of
Shareholders  entitled to vote at such meeting or any adjournment  thereof or to
be treated as Shareholders of record for purposes of such other action,  and any
Shareholder  who was a  Shareholder  at the  date  and  time so  fixed  shall be
entitled to vote at such meeting or any adjournment  thereof or to be treated as
a Shareholder  of record for purposes of such other  action,  even though he has
since that date and time  disposed of his Shares,  and no  Shareholder  becoming
such after that date and time shall be so  entitled  to vote at such  meeting or
any adjournment thereof or to be treated as a Shareholder of record for purposes
of such other action.                                                          

         SECTION 7.5 QUORUM AND REQUIRED VOTE. A majority of the Shares entitled
to vote on a matter  shall be a quorum  for the  transaction  of  business  with
respect to such matter at a Shareholders'  meeting,  but any lesser number shall
be sufficient for  adjournments.  Any adjourned  session or sessions may be held
within a reasonable time after the date set for the original meeting without the
necessity of further notice. A Majority Shareholder Vote at a meeting of which a
quorum is present  shall decide any  question,  except when a different  vote is
required or permitted by any provision of the 1940 Act or other  applicable  law
or by this  Declaration  of Trust or the By-Laws,  or when the Trustees shall in
their  discretion  require  a larger  vote or the vote of a  majority  or larger
fraction of the Shares of one or more particular Series or Class.              

         SECTION 7.6 ACTION BY WRITTEN CONSENT. Subject to the provisions of the
1940 Act and other applicable law, any action taken by Shareholders may be taken
without a meeting if a majority of  Shareholders  entitled to vote on the matter
(or such larger proportion  thereof or of the Shares of any particular Series as
shall  be  required  by the  1940  Act  or by  any  express  provision  of  this
Declaration  of Trust or the Bylaws or as shall be  permitted  by the  Trustees)
consent to the action in writing and if the  writings  in which such  consent is
given are filed with the records of the  meetings of  Shareholders,  to the same
extent  and  for  the  same  period  as  proxies  given  in  connection  with  a
Shareholders'  meeting. Such consent shall be treated for all purposes as a vote
taken at a meeting of Shareholders.                                            

         SECTION 7.7  INSPECTION  OF RECORDS.  The records of the Trust shall be
open  to  inspection  by  Shareholders  to  the  same  extent  as  is  permitted
stockholders of a Massachusetts  business  corporation  under the  Massachusetts
Business Corporation Law.                                                      

         SECTION  7.8  ADDITIONAL  PROVISIONS.  The Bylaws may  include  further
provisions  for  Shareholders'  votes  and  meetings  and  related  matters  not
inconsistent with the provisions hereof.                                       

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ARTICLE 8

LIMITATION OF LIABILITY; INDEMNIFICATION


         SECTION 8.1 TRUSTEES, SHAREHOLDERS, ETC. NOT PERSONALLY LIABLE; NOTICE.
The Trustees and officers of the Trust,  in incurring any debts,  liabilities or
obligations,  or in taking or omitting  any other  actions for or in  connection
with the Trust,  are or shall be deemed to be acting as  Trustees or officers of
the Trust and not in their own  capacities.  No Shareholder  shall be subject to
any personal  liability  whatsoever in tort,  contract or otherwise to any other
Person or Persons in  connection  with the assets or the affairs of the Trust or
of any  Portfolio,  and  subject to Section 8.4  hereof,  no  Trustee,  officer,
employee  or agent of the  Trust  shall be  subject  to any  personal  liability
whatsoever in tort,  contract,  or otherwise,  to any other Person or Persons in
connection  with the assets or affairs  of the Trust or of any  Portfolio,  save
only that arising from his own willful misfeasance,  bad faith, gross negligence
or reckless disregard of the duties involved in the conduct of his office or the
discharge  of his  functions.  The Trust  (or if the  matter  relates  only to a
particular  Portfolio,  that  Portfolio)  shall be solely liable for any and all
debts, claims, demands,  judgments,  decrees,  liabilities or obligations of any
and every kind,  against or with respect to the Trust or such Portfolio in tort,
contract or otherwise in connection  with the assets or the affairs of the Trust
or such Portfolio, and all Persons dealing with the Trust or any Portfolio shall
be deemed to have agreed that resort  shall be had solely to the Trust  Property
of the Trust or the Portfolio Assets of such Portfolio,  as the case may be, for
the payment or performance thereof.                                            

         The  Trustees  shall use their best  efforts to ensure that every note,
bond,  contract,  instrument,  certificate or undertaking  made or issued by the
Trustees or by any officers or officer  shall give notice that this  Declaration
of Trust is on file with the Secretary of The Commonwealth of Massachusetts  and
shall recite to the effect that the same was executed or made by or on behalf of
the Trust or by them as Trustees  or Trustee or as officers or officer,  and not
individually,  and that the  obligations of such instrument are not binding upon
any of them or the  Shareholders  individually  but are  binding  only  upon the
assets and property of the Trust,  or the particular  Portfolio in question,  as
the case may be, but the omission thereof shall not operate to bind any Trustees
or Trustee or officers or officer or Shareholders  or Shareholder  individually,
or to subject the Portfolio  Assets of any Portfolio to the  obligations  of any
other Portfolio.                                                               

         SECTION 8.2 TRUSTEES'  GOOD FAITH  ACTION:  EXPERT  ADVICE;  NO BOND OR
SURETY.  The exercise by the Trustees of their powers and  discretion  hereunder
shall be binding  upon  everyone  interested.  Subject to Section 8.4 hereof,  a
Trustee  shall be liable  for his own  willful  misfeasance,  bad  faith,  gross
negligence  or reckless  disregard of the duties  involved in the conduct of the
office of Trustee,  and for nothing else,  and shall not be liable for errors of
judgment or mistakes of fact or law. Subject to the foregoing,  (i) the Trustees
shall not be responsible or liable in any event for any neglect or wrongdoing of
any officer,  agent, employee,  consultant,  Investment Adviser,  Administrator,
Distributor  or Principal  Underwriter,  Custodian or Transfer  Agent,  Dividend
Disbursing Agent,  Shareholder Servicing Agent or Accounting Agent of the Trust,
nor  shall any  Trustee  be  responsible  for the act or  omission  of any other
Trustee,  (ii) the  Trustees  may take advice of counsel or other  experts  with
respect to the  meaning and  operation  of this  Declaration  of Trust and their
duties as Trustees,  and shall be under no  liability  for any act or omission m
accordance  with such advice or for failing to follow such advice;  and (iii) in
discharging  their  duties,  the Trustees,  when acting in good faith,  shall be
entitled to rely upon the books of account of the Trust and upon written reports
made to the Trustees by any officer  appointed by them, any  independent  public
accountant,  and (with respect to the subject  matter of the contract  involved)
any officer, partner or responsible employee of a Contracting Party appointed by
the Trustees  pursuant to Section 5.2 hereof.  The Trustees as such shall not be
required to give any bond or surety or any other security for the performance of
their duties.                                                                  

         SECTION 8.3  INDEMNIFICATION  OF  SHAREHOLDERS.  If any Shareholder (or
former  Shareholder)  of the Trust  shall be  charged  or held to be  personally
liable for any obligation or liability of the Trust solely by                  

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reason  of  being  or  having  been  a  Shareholder  and  not  because  of  such
Shareholder's acts or omissions or for some other reason, the Trust (upon proper
and timely  request by the  Shareholder)  shall assume the defense  against such
charge  and  satisfy  any  judgment  thereon,  and  the  Shareholder  or  former
Shareholder   (or  the  heirs,   executors,   administrators   or  other   legal
representatives  thereof,  or in the case of a corporation or other entity,  its
corporate or other general  successor)  shall be entitled (but solely out of the
assets of the Portfolio of which such  Shareholder  or former  Shareholder is or
was the holder of Shares) to be held harmless from and  indemnified  against all
loss and expense arising from such liability.                                  

         SECTION 8.4 INDEMNIFICATION OF TRUSTEES,  OFFICERS. ETC. Subject to the
limitations set forth hereinafter in this Section 8.4, the Trust shall indemnify
(from the assets of the Portfolio or Portfolios to which the conduct in question
relates) each of its Trustees and officers  (including  Persons who serve at the
Trust's  request as directors,  officers or trustees of another  organization in
which  the  Trust has any  interest  as a  shareholder,  creditor  or  otherwise
[hereinafter,  together with such Person's heirs,  executors,  administrators or
personal  representative,  referred  to  as a  "COVERED  PERSON"))  against  all
liabilities,  including  but not  limited to  amounts  paid in  satisfaction  of
judgments,  in compromise  or as fines and  penalties,  and expenses,  including
reasonable  accountants'  and counsel  fees,  incurred by any Covered  Person in
connection  with  the  defense  or  disposition  of any  action,  suit or  other
proceeding,  whether civil or criminal,  before any court or  administrative  or
legislative  body, in which such Covered Person may be or may have been involved
as a party or  otherwise  or with which such  Covered  Person may be or may have
been  threatened,  while in office or  thereafter,  by reason of being or having
been such a Trustee or officer,  director or trustee, except with respect to any
matter as to which it has been  determined  that such Covered Person (i) did not
act in good faith in the reasonable belief that such Covered Person's action was
in or not  opposed  to the best  interests  of the Trust or (ii) had acted  with
willful  misfeasance,  bad faith,  gross negligence or reckless disregard of the
duties involved in the conduct of such Covered  Person's office (either and both
of the conduct described in clauses (i) and (ii) of this sentence being referred
to hereafter as "DISABLING  CONDUCT") A determination that the Covered Person is
entitled to indemnification may be made by (i) a final decision on the merits by
a court or other body before whom the  proceeding  was brought  that the Covered
Person to be  indemnified  was not liable by reason of Disabling  Conduct,  (ii)
dismissal of a court action or an  administrative  proceeding  against a Covered
Person for insufficiency of evidence of Disabling Conduct, or (iii) a reasonable
determination,  based upon a review of the facts,  that the  indemnitee  was not
liable by reason of Disabling Conduct by (a) a vote of a majority of a quorum of
Trustees who are neither "interested persons" of the Trust as defined in Section
2(a)( 19) of the 1940 Act nor  parties to the  proceeding, or (b) an independent
legal counsel in a written opinion.  Expenses including accountants' and counsel
fees so  incurred by any such  Covered  Person (but  excluding  amounts  paid in
satisfaction of judgments, in compromise or as fines or penalties),  may be paid
from  time to time by the  Portfolio  or  Portfolios  to which  the  conduct  in
question related in advance of the final disposition of any such action, suit or
proceeding, PROVIDED, that the Covered Person shall have undertaken to repay the
amounts so paid to such  Portfolio or Portfolios if it is ultimately  determined
that indemnification of such expenses is not authorized under this Article 8 and
(i) the Covered Person shall have provided security for such  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  Trustees, or an
independent legal counsel in a written opinion, shall have determined,  based on
a review of readily  available facts (as opposed to a full trial-type  inquiry),
that there is reason to believe that the Covered Person ultimately will be found
entitled to indemnification.                                                   

         SECTION  8.5  COMPROMISE  PAYMENT.  As to any matter  disposed  of by a
compromise payment by any such Covered Person referred to in Section 8.4 hereof.
pursuant to a consent decree or otherwise,  no such  indemnification  either for
said  payment  or  for  any  other  expenses  shall  be  provided   unless  such
indemnification  shall  be  approved  (i)  by a  majority  of a  quorum  of  the
disinterested  Trustees  or (ii) by an  independent  legal  counsel in a written
opinion. Approval by the Trustees pursuant to clause (i) or by independent legal
counsel  pursuant to clause (ii) shall not prevent the recovery from any Covered
Person of any amount paid to such Covered  Person in  accordance  with either of
such  clauses  as   indemnification  if  such  Covered  Person  is  subsequently
adjudicated by a court of competent jurisdiction not to have acted in good faith
in the rea-                                                                    

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sonable  belief that such Covered  Person's  action was in or not opposed to the
best  interests  of the  Trust  or to  have  been  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 such  Covered
Person's office.                                                               

         SECTION  8.6   INDEMNIFICATION   NOT  EXCLUSIVE,   ETC.  The  right  of
indemnification  provided by this  Article 8 shall not be exclusive of or affect
any other  rights to which any such Covered  Person may be entitled.  As used in
this  Article  8, a  'DISINTERESTED"  Person  is one  against  whom  none of the
actions,  suits or other proceedings in question,  and no other action,  suit or
other  proceeding on the same or similar  grounds is then or has been pending or
threatened.  Nothing  contained  in this  Article 8 shall  affect  any rights to
indemnification  to which  personnel  of the  Trust,  other  than  Trustees  and
officers,  and other Persons may be entitled by contract or otherwise under law,
nor the power of the Trust to  purchase  and  maintain  liability  insurance  on
behalf of any such Person.                                                     

         SECTION 8.7 LIABILITY OF THIRD PERSONS DEALING WITH TRUSTEES. No person
dealing  with the  Trustees  shall be bound to make any inquiry  concerning  the
validity of any transaction  made or to be made by the Trustees or to see to the
application  of any payments made or property  transferred  to the Trust or upon
its order.                                                                     

ARTICLE 9

DURATION; REORGANIZATION; AMENDMENTS


         SECTION 9.1 DURATION AND  TERMINATION  OF TRUST.  Unless  terminated as
provided  herein,  the Trust  shall  continue  without  limitation  of time and,
without  limiting the  generality  of the  foregoing,  no change,  alteration or
modification  with respect to any Portfolio or Series of Shares shall operate to
terminate  the Trust.  The Trust may be  terminated at any time by a Majority of
the Trustees,  subject to the  favorable  vote of the holders of not less than a
majority of the Shares outstanding and entitled to vote of each Portfolio of the
Trust,  or by an  instrument  or  instruments  in  writing  without  a  meeting,
consented  to by the holders of not less than a majority of such  Shares,  or by
such  greater  or  different  vote  of  Shareholders  of  any  Series  as may be
established  by  the  Certificate  of  Designation  by  which  such  Series  was
authorized.  Upon  termination,  after  paying or  otherwise  providing  for all
charges, taxes, expenses and liabilities,  whether due or accrued or anticipated
as may be determined by the  Trustees,  the Trust shall in accordance  with such
procedures as the Trustees consider  appropriate  reduce the remaining assets to
distributable  form in cash,  Securities or other  property,  or any combination
thereof, and distribute the proceeds to the Shareholders, in conformity with the
provisions of Section 6.2(d) hereof.                                           

         SECTION 9.2  REORGANIZATION. The Trustees may sell, convey and transfer
all or substantially  all of the assets of the Trust, or the assets belonging to
any one or more  Portfolios,  to  another  trust,  partnership,  association  or
corporation  organized under the laws of any state of the United States,  or may
transfer  such assets to another  Portfolio of the Trust,  in exchange for cash,
Shares or other  Securities  (including,  in the case of a  transfer  to another
Portfolio  of the  Trust  Shares  of such  other  Portfolio),  or to the  extent
permitted  by law then in  effect  may  merge or  consolidate  the  Trust or any
Portfolio with any other Trust or any corporation,  partnership,  or association
organized under the laws of any state of the United States,  all upon such terms
and  conditions  and for such  consideration  when and as  authorized by vote or
written  consent of a Majority of the Trustees  and approved by the  affirmative
vote of the  holders of not less than a majority of the Shares  outstanding  and
entitled  to  vote  of  each  Portfolio   whose  assets  are  affected  by  such
transaction,  or by an instrument or instruments  in writing  without a meeting,
consented to by the holders of not less than a majority of such  Shares,  and/or
by such other vote of any Series as may be  established  by the  Certificate  of
Designation with respect to such Series.  Following such transfer,  the Trustees
shall  distribute the cash,  Shares or other  Securities or other  consideration
received in such  transaction  (giving due effect to the assets belonging to and
indebtedness  of, and any other  differences  among,  the various  Portfolios of
which the assets have                                                          

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so been transferred) among the Shareholders of the Portfolio of which the assets
have been so  transferred;  and if all of the  assets of the Trust  have been so
transferred,  the Trust shall be terminated Nothing in this Section 9.2 shall be
construed as requiring  approval of Shareholders for the Trustees to organize or
assist  in  organizing   one  or  more   corporations,   trusts,   partnerships,
associations or other  organizations,  and to sell, convey or transfer less than
substantially all of the Trust Property or the assets belonging to any Portfolio
to such organizations or entities.                                             

         SECTION 9.3  AMENDMENTS;  ETC. All rights  granted to the  Shareholders
under this  Declaration of Trust are granted  subject to the  reservation of the
right to amend this  Declaration  of Trust as herein  provided,  except  that no
amendment shall repeal the limitations on personal  liability of any Shareholder
or Trustee or the  prohibition of assessment  upon the  Shareholders  (otherwise
than as  permitted  under  Section 6.2(h)) without the  express  consent of each
Shareholder or Trustee  involved.  Subject to the  foregoing,  the provisions of
this Declaration of Trust (whether or not related to the rights of Shareholders)
may be amended at any time, so long as such amendment does not adversely  affect
the  rights of any  Shareholder  with  respect  to which  such  amendment  is or
purports to be applicable and so long as such amendment is not in  contravention
of applicable law, including the 1940 Act, by an instrument in writing signed by
a Majority of the Trustees  (or by an officer of the Trust  pursuant to the vote
of a Majority of the Trustees).  Any amendment to this Declaration of Trust that
adversely  affects the rights of all  Shareholders may be adopted at any time by
an instrument in writing  signed by a Majority of the Trustees (or by an officer
of the Trust pursuant to a vote of a Majority of the Trustees)  when  authorized
to do so by the vote in  accordance  with  Section  7.1 hereof  of  Shareholders
holding a majority of all the Shares  outstanding and entitled to vote,  without
regard to  Series,  or if said  amendment  adversely  affects  the rights of the
Shareholders of less than all of the Series,  or of less than all of the Classes
of Shares of any  Series,  by the vote of the  holders of a majority  of all the
Shares  entitled  to vote of each  Series or Class so  affected.  Subject to the
foregoing,  any such amendment shall be effective when the instrument containing
the terms thereof and a certificate  (which may be a part of such instrument) to
the effect that such  amendment  has been duly  adopted,  and setting  forth the
circumstances thereof, shall have been executed and acknowledged by a Trustee or
officer of the Trust. Such certificate shall be filed as provided in Section 9.4
hereof, but such filing shall not be a prerequisite to the effectiveness of such
amendment.                                                                     

         SECTION  9.4  FILING OF  COPIES  OF  DECLARATION  AND  AMENDMENTS.  The
original or a copy of this Declaration and of each amendment  hereto  (including
each Certificate of Designation and Certificate of  Termination),  shall be kept
at the office of the Trust where it may be inspected by any Shareholder, and one
copy  of  each  such  instrument  shall  be  filed  with  the  Secretary  of The
Commonwealth of  Massachusetts,  as well as with any other  governmental  office
where  such   filing  may  from  time  to  time  be  required  by  the  laws  of
Massachusetts,  but such filing shall not be a prerequisite to the effectiveness
of this Declaration or any such amendment.  A restated Declaration,  integrating
into a single  instrument  all of the provisions of this  Declaration  which are
then in effect and operative, may be executed from time to time by a Majority of
the Trustees and shall,  upon filing with the Secretary of The  Commonwealth  of
Massachusetts,  be conclusive  evidence of all amendments  contained therein and
may  thereafter  be  referred  to in lieu of the  original  Declaration  and the
various amendments thereto.                                                    

ARTICLE 10

MISCELLANEOUS


         SECTION 10.1 GOVERNING  LAW. This  Declaration of Trust is executed and
delivered in The  Commonwealth of  Massachusetts  and with reference to the laws
thereof,  and the rights of all parties and the construction and effect of every
provision hereof shall be subject to and construed according to the laws of said
Commonwealth.                                                                  

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         SECTION 10.2 COUNTERPARTS.  This Declaration of Trust and any amendment
thereto may be simultaneously executed in several counterparts, each of which so
executed  shall be deemed to be an original,  and such  counterparts,  together,
shall  constitute but one and the same  instrument,  which shall be sufficiently
evidenced by any such original counterpart.                                    

         SECTION 10.3 RELIANCE BY THIRD PARTIES.  Any certificate executed by an
individual  who,  according to the records in the office of the Secretary of The
Commonwealth of Massachusetts appears to be a Trustee hereunder,  certifying to:
(a)  the  number  or  identity  of  Trustees  or   Shareholders,   (b)  the  due
authorization of the execution of any instrument or writing, (c) the form of any
vote  passed as a meeting of  Trustees  or  Shareholders,  (d) the fact that the
number of  Trustees or  Shareholders  present at any  meeting or  executing  any
written instrument  satisfies the requirements of this Declaration of Trust, (e)
the form of any Bylaw adopted,  or the identity of any officers elected,  by the
Trustees,  or (I) the existence or  non-existence  of any fact or facts which in
any manner relate to the affairs of the Trust,  shall be conclusive  evidence as
to the matters so certified in favor of any Person dealing with the Trustees, or
any of them, and the successors of such Person.                                

         SECTION 10.4 REFERENCES;  HEADINGS.  The masculine gender shall include
the feminine and neuter  genders.  Headings are placed herein for convenience of
reference  only and shall not be taken as a part of this  Declaration or control
or affect the meaning, construction or effect hereof.                          

         SECTION 10.5 USE OF THE NAME "SPECTRA". Fred Alger Management Co., Inc.
("Alger")  has  consented  to the  use  by the  Trust  of the  identifying  name
"Spectra,"  which is a property right of Alger. The Trust will only use the name
'Spectra"  as a  component  of its name and for no other  purpose,  and will not
purport to grant to any third party the right to use the name  "Spectra" for any
purpose.  Alger or any  corporate  affiliate of Alger may use or grant to others
the right to use the name  "Spectra,"  as all or a  portion  of a  corporate  or
business name or for any commercial purpose,  including a grant of such right to
any other investment  company. At the request of Alger, the Trust will take such
action as may be  required  to  provide  its  consent to the use of such name by
Alger, or any corporate affiliate of Alger, or by any Person to whom Alger or an
affiliate  of  Alger  shall  have  granted  the  right  to the  use of the  name
"Spectra."  Upon  the  termination  of any  investment  advisory  or  management
agreement  into  which  Alger and the Trust may  enter,  the Trust  shall,  upon
request by Alger,  cease to use the name  "Spectra"  as a component of its name,
and shall not use such name or  initials  as a part of its name or for any other
commercial  purpose.  and shall cause its  officers and Trustees to take any and
all actions  which Alger may request to effect the  foregoing and to reconvey to
Alger or such corporate affiliate any and all rights to such name.             

         IN WITNESS  WHEREOF,  the  undersigned,  constituting a Majority of the
Trustees, have hereunto set their hands and the seal of the Trust, all as of the
18 day of February, 1997.                                                      

                                            /s/ DAVID D. ALGER
----------------------------------                   ---------------------------
FRED M. ALGER                                        DAVID D. ALGER            

/s/ NATHAN E. SAINT-AMAND                            /s/ STEPHEN E. O'NEIL     
----------------------------------                   ---------------------------
NATHAN E. SAINT-AMAND                                STEPHEN E. O'NEIL         

/s/ ARTHUR M. DUBOW                                  /s/ JOHN T. SARGENT       
----------------------------------                   ---------------------------
ARTHUR M. DUBOW                                      JOHN T. SARGENT           

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ACKNOWLEDGMENT

STATE OF New York )                                      
:ss.                 
COUNTY OF New York)                                      

                                                                       2/18/1997

         Then personally appeared the above-named  Trustees and acknowledged the
foregoing instrument to be his/her free act and deed.                          

Before me,                                                                     
              /s/ Dolores M. Costa
                     ---------------------------
       Notary Public

                       My commission expires 8/15/98

[NOTARIAL SEAL]                             DOLORES M. COSTA                   
                          NOTARY PUBLIC, State of New York
                      No. 31-4941104
                      Qualified in New York County
                    Commission Expires 8/15/98
Dates Referenced Herein   and   Documents Incorporated By Reference Referenced-On Page This 485BPOS Filing     Date   First     Last         Other Filings 6/27/95 8 7/5/95 6 2/18/97 1 Filed On / Filed As Of / Effective As Of 2/27/98   Top List All Filings
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Oil, Gas and Consumable Fuels

Deep Creek Oil & Gas, Inc. SnapshotPeople

Company Overview Deep Creek Oil & Gas, Inc. engages in the acquisition, exploration, and development of oil and gas properties in Western Canada. The company was founded in 2007 and is based in Kelowna, Canada. As of March 1, 2011, Deep Creek Oil & Gas, Inc. operates as a subsidiary of Petro Viking Energy Inc.

2402 Highway 97 North

Suite 202

Kelowna, BC V1X 4J1

Canada

Founded in 2007 
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ACKNOWLEDGMENT

STATE OF New York )                                      
:ss.                 
COUNTY OF New York)                                      

                                                                       2/18/1997

         Then personally appeared the above-named  Trustees and acknowledged the
foregoing instrument to be his/her free act and deed.                          

Before me,                                                                     
              /s/ Dolores M. Costa
                     ---------------------------
       Notary Public

                       My commission expires 8/15/98

[NOTARIAL SEAL]                             DOLORES M. COSTA                   
                          NOTARY PUBLIC, State of New York
                      No. 31-4941104
                      Qualified in New York County
                    Commission Expires 8/15/98
Dates Referenced Herein   and   Documents Incorporated By Reference Referenced-On Page This 485BPOS Filing     Date   First     Last        

Other Filings 6/27/95 8 7/5/95 6 2/18/97 1 Filed On / Filed As Of / Effective As Of 2/27/98   Top List All Filing

Picture