OPPENHEIMER HIGH YIELD FUND INC
NSAR-A, 1998-02-26
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SIGNATURE   GEORGE C. BOWEN                              
TITLE       TREASURER           
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK>            276195
<NAME>           Oppenheimer High Yield Fund - Class A
       
<S>                                                                     <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK>            276195
<NAME>           Oppenheimer High Yield Fund - Class B
       
<S>                                                                     <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK>            276195
<NAME>           Oppenheimer High Yield Fund - Class C
       
<S>                                                                     <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK>            276195
<NAME>           Oppenheimer High Yield Fund - Class Y
       
<S>                                                                     <C>
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<PER-SHARE-GAIN-APPREC>                                                                        (0.17)
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<PER-SHARE-NAV-END>                                                                            14.34
<EXPENSE-RATIO>                                                                                 1.35
<AVG-DEBT-OUTSTANDING>                                                                          0
<AVG-DEBT-PER-SHARE>                                                                            0.00
        

</TABLE>

                                               AMENDED AND RESTATED

                                               DECLARATION OF TRUST

                                                        OF

                                            OPPENHEIMER HIGH YIELD FUND


         This AMENDED AND  RESTATED  DECLARATION  OF TRUST,  made as of June 24,
1997,  by  and  among  the  individuals  executing  this  Amended  and  Restated
Declaration of Trust as the Trustees.

         WHEREAS,  the  Trustees  established  Oppenheimer  High Yield Fund (the
"Trust") as a trust fund under the laws of the  Commonwealth  of  Massachusetts,
for the  investment  and  reinvestment  of funds  contributed  thereto,  under a
Declaration of Trust dated August 15, 1986, an Amended and Restated  Declaration
of Trust dated April 26, 1993 and an Amended and Restated  Declaration  of Trust
dated October 25, 1995;

         WHEREAS,  pursuant to Section 2 of Article  FOURTH the  Trustees of the
Trust have  authorized  the  issuance of a fourth class of shares which shall be
designated Class Y;

         WHEREAS,  the Trustees desire to make certain permitted changes to said
Amended  and  Restated  Declaration  of Trust  pursuant  to Section 3 of Article
FOURTH; and

         WHEREAS, the Trustees of the Trust have determined to amend and restate
the Trust's Amended and Restated Declaration of Trust pursuant to the provisions
thereof;

         NOW,  THEREFORE,  the  Trustees  declare  that all money  and  property
contributed  to the trust fund  hereunder  shall  henceforth be held and managed
under this  Amended  and  Restated  Declaration  of Trust IN TRUST as herein set
forth below.

FIRST: This Trust shall be known as OPPENHEIMER HIGH YIELD FUND. The
address of Oppenheimer High Yield Fund is 6803 South Tucson Way, Englewood, 
Colorado 80112.  The Registered Agent for Service is Massachusetts Mutual Life 
Insurance Company, 1295 StateStreet, Springfield, Massachusetts 01111,
Attention: Legal Department.

SECOND: Whenever used herein, unless otherwise required by the context or 
specifically provided:

         1. All terms used in this Declaration of Trust (defined below) that are
defined in the 1940 Act (defined below) shall have the meanings given to them in
the 1940 Act.



<PAGE>




2. "Board" or "Board of Trustees" or the "Trustees" means the Board of Trustees
of the Trust.

3. "By-Laws" means the By-Laws of the Trust as amended from time to time.


4. "Class" means a class of a series of Shares of the Trust established and 
designated under or in accordance with the provisions of Article FOURTH.

5. "Commission" means the Securities and Exchange Commission.

6. "Declaration of Trust" shall mean this Amended and Restated Declaration of 
Trust as it may be amended and/or restated from time to time.

7. The "1940 Act" refers to the Investment Company Act of 1940 and the
Rules and Regulations of the Commission thereunder, all as amended from time to
time.

8. "Series" refers to series of Shares of the Trust established and designated 
under or in accordance with the provisions of Article FOURTH.

9. "Shareholder" means a record owner of Shares of the Trust.

10. "Shares" refers to the transferable units of interest into which
the beneficial interest in the Trust or any Series or Class 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.

11. The "Trust" refers to the Massachusetts business trust created by this
Declaration of Trust, as amended or restated from time to time.

12. "Trustees" refers to the individual trustees in their capacity as trustees
 hereunder of the Trust and their successor or successors for the time being in
 office as such trustees.

THIRD: The purpose or purposes for which the Trust is formed and the business 
or objects to be transacted, carried on and promoted by it are as follows:

         1. To hold,  invest or reinvest its funds, and in connection  therewith
to hold part or all of its funds in cash, and to purchase or otherwise  acquire,
hold for investment or otherwise, sell, sell short, assign, negotiate, transfer,
exchange or otherwise dispose of or turn to account or realize upon,  securities
(which term  "securities"  shall for the purposes of this  Declaration of Trust,
without limitation of the generality  thereof,  be deemed to include any stocks,
shares,  bonds,  financial  futures  contracts,   indexes,  debentures,   notes,
mortgages or other  obligations,  and any  certificates,  receipts,  warrants or
other instruments representing rights to receive,  purchase or subscribe for the
same, or evidencing or representing any other rights or interests therein, or in
any property or assets) created


<PAGE>




or issued by any issuer  (which  term  "issuer"  shall for the  purposes of this
Declaration of Trust,  without limitation of the generality thereof be deemed to
include any persons, firms,  associations,  corporations,  syndicates,  business
trusts,  partnerships,   investment  companies,   combinations,   organizations,
governments, or subdivisions thereof) and in financial instruments (whether they
are  considered  as  securities or  commodities);  and to exercise,  as owner or
holder of any  securities  or  financial  instruments,  all  rights,  powers and
privileges  in  respect  thereof;  and to do any and all acts and things for the
preservation,  protection,  improvement  and  enhancement in value of any or all
such securities or financial instruments.

         2. To borrow  money and  pledge  assets in  connection  with any of the
objects  or  purposes  of the  Trust,  and to issue  notes or other  obligations
evidencing such  borrowings,  to the extent permitted by the 1940 Act and by the
Trust's fundamental investment policies under the 1940 Act.


         3. To issue and sell its Shares in such  Series and Classes and amounts
and on such terms and conditions,  for such purposes and for such amount or kind
of  consideration  (including  without  limitation  thereto,  securities) now or
hereafter permitted by the laws of the Commonwealth of Massachusetts and by this
Declaration of Trust, as the Trustees may determine.

         4.  To  purchase  or  otherwise  acquire,  hold,  dispose  of,  resell,
transfer, reissue, redeem or cancel its Shares, or to classify or reclassify any
unissued Shares or any Shares  previously issued and reacquired of any Series or
Class into one or more  Series or  Classes  that may have been  established  and
designated  from  time  to  time,  all  without  the  vote  or  consent  of  the
Shareholders  of the Trust,  in any  manner  and to the extent now or  hereafter
permitted by this Declaration of Trust.

         5. To conduct its  business in all its  branches at one or more offices
in  New  York,  Colorado  and  elsewhere  in any  part  of  the  world,  without
restriction or limit as to extent.

         6. To carry out all or any of the  foregoing  objects  and  purposes as
principal  or  agent,  and  alone or with  associates  or to the  extent  now or
hereafter  permitted  by the laws of  Massachusetts,  as a member  of, or as the
owner or holder of any stock of, or share of  interest  in, any  issuer,  and in
connection  therewith  or make or enter  into such deeds or  contracts  with any
issuers and to do such acts and things and to exercise such powers, as a natural
person could lawfully make, enter into, do or exercise.

         7. To do any and all such  further  acts and things and to exercise any
and  all  such  further  powers  as  may  be  necessary,  incidental,  relative,
conducive,  appropriate  or desirable  for the  accomplishment,  carrying out or
attainment of all or any of the foregoing purposes or objects.

                  The foregoing objects and purposes shall,  except as otherwise
expressly  provided,  be in no way limited or  restricted  by  reference  to, or
inference  from,  the terms of any other clause of this or any other  Article of
this  Declaration  of Trust,  and shall  each be  regarded  as  independent  and
construed  as powers as well as objects and  purposes,  and the  enumeration  of
specific purposes,


<PAGE>




objects and powers shall not be construed to limit or restrict in any manner the
meaning of general  terms or the  general  powers of the Trust now or  hereafter
conferred  by the  laws of the  Commonwealth  of  Massachusetts  nor  shall  the
expression of one thing be deemed to exclude another,  though it be of a similar
or dissimilar nature, not expressed; provided, however, that the Trust shall not
carry on any business, or exercise any powers, in any state, territory, district
or country  except to the  extent  that the same may  lawfully  be carried on or
exercised under the laws thereof.

         FOURTH:

         1. The  beneficial  interest in the Trust shall be divided into Shares,
all without par value,  but the Trustees  shall have the authority  from time to
time, without obtaining  shareholder  approval,  to create one or more Series of
Shares in addition to the Series specifically established and designated in part
3 of this  Article  FOURTH,  and to divide the shares of any Series  into two or
more  Classes  pursuant  to  Part 2 of this  Article  FOURTH,  all as they  deem
necessary or desirable,  to establish and designate such Series and Classes, and
to fix and  determine  the  relative  rights  and  preferences  as  between  the
different  Series of Shares or Classes as to right of redemption  and the price,
terms and manner of  redemption,  liabilities  and  expenses  to be borne by any
Series  or  Class,  special  and  relative  rights  as to  dividends  and  other
distributions   and  on  liquidation,   sinking  or  purchase  fund  provisions,
conversion on liquidation,  conversion  rights,  and conditions  under which the
several  Series or Classes  shall  have  individual  voting  rights or no voting
rights.  Except as  aforesaid,  all  Shares  of the  different  Series  shall be
identical.

                  (a) The number of  authorized  Shares and the number of Shares
of each Series and each Class of a Series that may be issued is  unlimited,  and
the  Trustees  may issue  Shares of any  Series or Class of any  Series for such
consideration  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.  The Trustees may classify or
reclassify any unissued Shares or any Shares previously issued and reacquired of
any Series into one or more Series or Classes of Series that may be  established
and designated  from time to time. The Trustees may hold as treasury  Shares (of
the same or some other Series), reissue for such consideration and on such terms
as they may determine,  or cancel,  at their  discretion  from time to time, any
Shares of any Series reacquired by the Trust.

                  (b) The  establishment  and  designation  of any Series or any
Class of any Series in addition to that  established and designated in part 3 of
this Article  FOURTH shall be effective  upon the execution by a majority of the
Trustees of an instrument  setting forth such  establishment and designation and
the relative  rights and preferences of such Series or such Class of such Series
or as  otherwise  provided  in such  instrument.  At any time that  there are no
Shares   outstanding  of  any  particular  Series  previously   established  and
designated,  the Trustees may by an  instrument  executed by a majority of their
number abolish that Series and the establishment and designation  thereof.  Each
instrument  referred  to in  this  paragraph  shall  be  an  amendment  to  this
Declaration  of Trust,  and the  Trustees  may make any such  amendment  without
shareholder approval.


<PAGE>




                  (c) Any Trustee,  officer or other 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 of any Series of the Trust to the same
extent as if such  person  were not a  Trustee,  officer  or other  agent of the
Trust;  and the Trust may issue and sell or cause to be issued  and sold and may
purchase Shares of any Series or Class of any Series 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 Class
generally.

         2. The Trustees  shall have the  authority  from time to time,  without
obtaining  shareholder  approval, to divide the Shares of any Series into two or
more Classes as they deem necessary or desirable, and to establish and designate
such Classes. In such event, each Class of a Series shall represent interests in
the designated Series of the Trust and have such voting,  dividend,  liquidation
and other rights as may be established and designated by the Trustees.  Expenses
and  liabilities  related  directly or  indirectly to the Shares of a Class of a
Series  may be  borne  solely  by such  Class  (as  shall be  determined  by the
Trustees)  and,  as  provided  in  Article  FIFTH,  a Class of a Series may have
exclusive  voting rights with respect to matters  relating solely to such Class.
The bearing of expenses and liabilities  solely by a Class of Shares of a Series
shall be appropriately  reflected (in the manner  determined by the Trustees) in
the net asset value, dividend and liquidation rights of the Shares of such Class
of a Series.  The  division of the Shares of a Series into Classes and the terms
and  conditions  pursuant to which the Shares of the Classes of a Series will be
issued must be made in compliance  with the 1940 Act. No division of Shares of a
Series into Classes  shall result in the creation of a Class of Shares  having a
preference as to dividends or  distributions or a preference in the event of any
liquidation,  termination  or  winding up of the  Trust,  to the  extent  such a
preference is prohibited by Section 18 of the 1940 Act as to the Trust.

         The relative  rights and  preferences  of shares of  different  classes
shall be the same in all respects except that, and unless and until the Board of
Trustees shall determine otherwise:  (i) when a vote of Shareholders is required
under this  Declaration of Trust or when a meeting of  Shareholders is called by
the Board of Trustees,  the Shares of a Class shall vote  exclusively on matters
that affect that Class only;  (ii) the  expenses  and  liabilities  related to a
Class shall be borne solely by such Class (as  determined  and allocated to such
Class by the Trustees from time to time in a manner  consistent with parts 2 and
3 of Article  FOURTH);  and (iii) pursuant to paragraph 10 of Article NINTH, the
Shares of each Class  shall have such other  rights and  preferences  as are set
forth from time to time in the then  effective  prospectus  and/or  statement of
additional  information  relating to the Shares.  Dividends and distributions on
one Class may differ from the dividends and  distributions on another class, and
the net asset  value of the  shares of one class may  differ  from the net asset
value of another class.

         3. Without  limiting the  authority of the Trustees set forth in part 1
of this Article  FOURTH to  establish  and  designate  any further  Series,  the
Trustees  hereby  establish  one  Series of Shares  having  the same name as the
Trust,  and said  Shares  shall be divided  into four  Classes,  which  shall be
designated Class A, Class B, Class C and Class Y, as follows.  The Shares of the
Class  outstanding  since  the  inception  of the  Trust  have  previously  been
designated Class A Shares, the


<PAGE>




Shares of the Class  initially  issued upon the  division of the Shares into two
Classes have previously been designated Class B Shares,  the Shares of the Class
initially  issued  upon the  division  of the  Shares  into three  classes  have
previously been designated  Class C Shares and the shares of the Class initially
issued  upon the  division  of the Shares  into four  classes  pursuant  to this
Declaration of Trust are hereby  designated  Class Y shares.  The Shares of that
Series and any  Shares of any  further  Series or Classes  that may from time to
time be  established  and  designated by the Trustees shall (unless the Trustees
otherwise  determine  with respect to some further Series or Classes at the time
of establishing and designating the same) have the following relative rights and
preferences:

                  (a) Assets Belonging to Series. All consideration  received by
the Trust for the issue or sale of Shares of a particular Series,  together with
all assets in which such  consideration  is invested or reinvested,  all income,
earnings, profits, and proceeds thereof, including any proceeds derived from the
sale,  exchange or liquidation of such assets, and any funds or payments derived
from any  reinvestment  of such proceeds in whatever form the same may be, shall
irrevocably  belong to that Series for all purposes,  subject only to the rights
of  creditors,  and shall be so recorded upon the books of account of the Trust.
Such consideration,  assets,  income,  earnings,  profits, and proceeds thereof,
including any proceeds  derived from the sale,  exchange or  liquidation of such
assets,  and any  funds  or  payments  derived  from  any  reinvestment  of such
proceeds,  in whatever  form the same may be,  together  with any General  Items
allocated  to that  Series as  provided in the  following  sentence,  are herein
referred to as "assets  belonging  to" that Series.  In the event that there are
any assets, income, earnings,  profits, and proceeds thereof, funds, or payments
which  are not  readily  identifiable  as  belonging  to any  particular  Series
(collectively  "General Items"),  the Trustees shall allocate such General Items
to and among any one or more of the Series  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  Series
shall  belong to that Series.  Each such  allocation  by the  Trustees  shall be
conclusive and binding upon the shareholders of all Series for all purposes.

                  (b) (1)  Liabilities  Belonging  to Series.  The  liabilities,
expenses,  costs,  charges and  reserves  attributable  to each Series  shall be
charged and allocated to the assets  belonging to each  particular  Series.  Any
general  liabilities,  expenses,  costs, charges and reserves of the Trust which
are not  identifiable  as belonging to any particular  Series shall be allocated
and  charged  by the  Trustees  to and  among  any  one or  more  of the  Series
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 liabilities,
expenses,  costs,  charges and reserves  allocated and so charged to each Series
are  herein  referred  to  as  "liabilities  belonging  to"  that  Series.  Each
allocation of liabilities, expenses, costs, charges and reserves by the Trustees
shall be  conclusive  and binding  upon the  shareholders  of all Series for all
purposes.

(2) Liabilities Belonging to a Class. If a Series is divided into more than
one Class, the liabilities,  expenses,  costs, charges and reserves attributable
to a  Class  shall  be  charged  and  allocated  to  the  Class  to  which  such
liabilities,  expenses, costs, charges or reserves are attributable. Any general
liabilities, expenses, costs, charges or reserves belonging to the Series


<PAGE>




which  are not  identifiable  as  belonging  to any  particular  Class  shall be
allocated  and  charged  by the  Trustees  to and  among  any one or more of the
Classes  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
liabilities,  expenses,  costs, charges and reserves allocated and so charged to
each Class are herein referred to as "liabilities belonging to" that Class. Each
allocation of liabilities, expenses, costs, charges and reserves by the Trustees
shall  be  conclusive  and  binding  upon the  holders  of all  Classes  for all
purposes.

                  (c)  Dividends.  Dividends  and  distributions  on Shares of a
particular  Series or Class may be paid to the  holders of Shares of that Series
or Class, 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,  from such of the income,
capital  gains  accrued or realized,  and capital and  surplus,  from the assets
belonging to that Series,  as the Trustees may  determine,  after  providing for
actual and accrued liabilities  belonging to such Series or Class. All dividends
and distributions on Shares of a particular Series or Class shall be distributed
pro rata to the Shareholders of such Series or Class in proportion to the number
of Shares of such Series or Class held by such Shareholders at the date and time
of record established for the payment of such dividends or distributions, except
that in connection  with any dividend or  distribution  program or procedure the
Trustees  may  determine  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.  Such dividends and  distributions may be made in cash or Shares 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  paragraph 13 of
Article SEVENTH.


                  (d)   Liquidation.   In  the  event  of  the   liquidation  or
dissolution  of the Trust,  the  Shareholders  of each Series and all Classes of
each  Series  that have been  established  and  designated  shall be entitled to
receive, as a Series or Class, when and as declared by the Trustees,  the excess
of the assets  belonging to that Series over the  liabilities  belonging to that
Series  or  Class.  The  assets  so  distributable  to the  Shareholders  of any
particular  Class and Series shall be  distributed  among such  Shareholders  in
proportion to the number of Shares of such Class of that Series held by them and
recorded on the books of the Trust.

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



<PAGE>




                  (f) Equality.  Each Share of a Series shall represent an equal
proportionate  interest in the assets  belonging to that Series  (subject to the
liabilities  belonging  to such  Series or any Class of that  Series),  and each
Share of any particular Series shall be equal to each other Share of that Series
and shares of each Class of a Series  shall be equal to each other Share of such
Class;  but the provisions of this sentence shall not restrict any  distinctions
permissible  under this Article  FOURTH that may exist with respect to Shares of
the different Classes of a Series.  The Trustees may from time to time divide or
combine  the Shares of any  particular  Class or Series into a greater or lesser
number  of  Shares  of  that  Class  or  Series  without  thereby  changing  the
proportionate  beneficial  interest  in the assets  belonging  to that Series or
allocable to that Class in any way  affecting  the rights of Shares of any other
Class or Series.

                  (g) Fractions.  Any fractional  Share of any Class and Series,
if any such fractional Share is outstanding, shall carry proportionately all the
rights and  obligations  of a whole  Share of that Class and  Series,  including
those rights and  obligations  with respect to voting,  receipt of dividends and
distributions, redemption of Shares, and liquidation of the Trust.

                  (h)  Conversion   Rights.   Subject  to  compliance  with  the
requirements  of the 1940 Act, the Trustees  shall have the authority to provide
that (i) holders of Shares of any Series  shall have the right to exchange  said
Shares into Shares of one or more other Series of Shares, (ii) holders of shares
of any Class shall have the right to exchange  said Shares into Shares of one or
more other  Classes of the same or a different  Series,  and/or  (iii) the Trust
shall have the right to carry out exchanges of the aforesaid  kind, in each case
in accordance with such requirements and procedures as may be established by the
Trustees.

                  (i)  Ownership  of Shares.  The  ownership  of Shares shall be
recorded  on the books of the Trust or of a transfer  or  similar  agent for the
Trust,  which books shall be maintained  separately for the Shares of each Class
and Series that has been established and designated. No certification certifying
the  ownership of Shares need be issued  except as the  Trustees  may  otherwise
determine  from time to time.  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 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 Class and Series held from time to time by each such Shareholder.

                  (j)  Investments  in  the  Trust.   The  Trustees  may  accept
investments  in 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 or sale of Shares that conform to such authorized  terms
and to reject any purchase or sale orders for Shares  whether or not  conforming
to such authorized terms.

FIFTH: The following provisions are hereby adopted with respect to voting 
Shares of the Trust and certain other rights:


<PAGE>




         1. The  Shareholders  shall have the power to vote (a) for the election
of  Trustees  when that  issue is  submitted  to them,  (b) with  respect to the
amendment  of this  Declaration  of Trust  except  where the  Trustees are given
authority to amend the Declaration of Trust without shareholder approval, (c) to
the same extent as the shareholders of a Massachusetts business corporation,  as
to  whether  or not a court  action,  proceeding  or claim  should be brought or
maintained  derivatively  or as a class  action  on  behalf  of the Trust or the
Shareholders, and (d) with respect to those matters relating to the Trust as may
be required by the 1940 Act or required by law, by this Declaration of Trust, or
the By-Laws of the Trust or any  registration  statement of the Trust filed with
the Commission or any State, or as the Trustees may consider desirable.

         2. The Trust will not hold shareholder  meetings unless required by the
1940 Act, the provisions of this  Declaration of Trust, or any other  applicable
law. The Trustees may call a meeting of shareholders from time to time.

         3.  Except  as  herein   otherwise   provided,   at  all   meetings  of
Shareholders,  each  Shareholder  shall be  entitled  to one vote on each matter
submitted to a vote of the  Shareholders  of the affected  Series for each Share
standing in his name on the books of the Trust on the date,  fixed in accordance
with the By-Laws,  for  determination  of  Shareholders  of the affected  Series
entitled to vote at such meeting (except, if the Board so determines, for Shares
redeemed  prior to the  meeting),  and each such  Series  shall vote  separately
("Individual  Series  Voting");  a Series shall be deemed to be affected  when a
vote of the  holders  of that  Series on a matter is  required  by the 1940 Act;
provided,  however,  that  as to any  matter  with  respect  to  which a vote of
Shareholders  is required by the 1940 Act or by any  applicable law that must be
complied with, such  requirements  as to a vote by  Shareholders  shall apply in
lieu of Individual  Series Voting as described  above. If the shares of a Series
shall be divided into Classes as provided in Article FOURTH,  the shares of each
Class shall have  identical  voting rights  except that the  Trustees,  in their
discretion,  may provide a Class of a Series with  exclusive  voting rights with
respect to matters  which relate  solely to such  Classes.  If the Shares of any
Series shall be divided into Classes with a Class having exclusive voting rights
with respect to certain matters,  the quorum and voting  requirements  described
below  with  respect to action to be taken by the  Shareholders  of the Class of
such  Series on such  matters  shall be  applicable  only to the  Shares of such
Class.  Any  fractional  Share shall carry  proportionately  all the rights of a
whole Share, including the right to vote and the right to receive dividends. The
presence in person or by proxy of the holders of one-third of the Shares,  or of
the Shares of any Series or Class of any  Series,  outstanding  and  entitled to
vote thereat shall  constitute a quorum at any meeting of the Shareholders or of
that Series or Class,  respectively;  provided however, that if any action to be
taken by the  Shareholders  or by a Series  or Class at a  meeting  requires  an
affirmative  vote  of a  majority,  or  more  than a  majority,  of  the  shares
outstanding  and entitled to vote,  then in such event the presence in person or
by proxy of the holders of a majority of the shares  outstanding and entitled to
vote at such a meeting shall constitute a quorum for all purposes.  At a meeting
at which is a quorum is  present,  a vote of a majority  of the quorum  shall be
sufficient to transact all business at the meeting, except as otherwise provided
in Article NINTH. If at any meeting of the Shareholders there shall be less than
a quorum present,  the Shareholders or the Trustees present at such meeting may,
without further notice, adjourn the same from time to time until a quorum shall


<PAGE>




attend, but no business shall be transacted at any such adjourned meeting except
such as might have been lawfully transacted had the meeting not been adjourned.

         4.  Each  Shareholder,  upon  request  to  the  Trust  in  proper  form
determined  by the Trust,  shall be entitled to require the Trust to redeem from
the net assets of that Series all or part of the Shares of such Series and Class
standing in the name of such Shareholder. The method of computing such net asset
value,  the time at which such net asset value  shall be  computed  and the time
within  which the Trust shall make  payment  therefor,  shall be  determined  as
hereinafter   provided  in  Article  SEVENTH  of  this   Declaration  of  Trust.
Notwithstanding the foregoing, the Trustees, when permitted or required to do so
by the 1940 Act, may suspend the right of the  Shareholders to require the Trust
to redeem Shares.

         5. No Shareholder shall, as such holder,  have any right to purchase or
subscribe  for any  Shares of the Trust  which it may issue or sell,  other than
such right, if any, as the Trustees, in their discretion, may determine.

6. All persons who shall acquire Shares shall acquire the same subject to the
 provisions of the Declaration of Trust.

7. Cumulative voting for the election of Trustees shall not be allowed.

         SIXTH:

         1. The  persons  who  shall  act as  initial  Trustees  until the first
meeting or until  their  successors  are duly chosen and qualify are the initial
trustees  executing the original  Declaration  of Trust dated August 15, 1986 or
any counterpart thereof. However, the By-Laws of the Trust may fix the number of
Trustees at a number  greater or lesser than the number of initial  Trustees and
may  authorize  the Trustees to increase or decrease the number of Trustees,  to
fill any  vacancies  on the Board which may occur for any reason  including  any
vacancies  created by any such  increase in the number of  Trustees,  to set and
alter the terms of office of the  Trustees  and to lengthen or lessen  their own
terms of  office or make  their  terms of office  of  indefinite  duration,  all
subject to the 1940 Act. Unless otherwise  provided by the By-Laws of the Trust,
the Trustees need not be Shareholders.

         2. A Trustee at any time may be removed either with or without cause by
resolution duly adopted by the affirmative  vote of the holders of two-thirds of
the  outstanding  Shares,  present  in  person  or by  proxy at any  meeting  of
Shareholders  called  for such  purpose;  such a meeting  shall be called by the
Trustees  when  requested in writing to do so by the record  holders of not less
than ten per centum of the outstanding  Shares. A Trustee may also be removed by
the Board of Trustees as provided in the By-Laws of the Trust.

         3. The Trustees  shall make  available a list of names and addresses of
all  Shareholders  as  recorded on the books of the Trust,  upon  receipt of the
request  in  writing  signed  by not less than ten  Shareholders  (who have been
shareholders for at least six months) holding in the aggregate


<PAGE>




shares of the Trust  valued at not less than $25,000 at current  offering  price
(as defined in the then  effective  Prospectus  and\or  Statement of  Additional
Information  relating to the Shares under the Securities Act of 1933, as amended
from time to time) or holding not less than 1% in amount of the entire amount of
Shares issued and  outstanding;  such request must state that such  Shareholders
wish to communicate with other Shareholders with a view to obtaining  signatures
to a request  for a meeting to take action  pursuant  to part 2 of this  Article
SIXTH and be accompanied by a form of  communication  to the  Shareholders.  The
Trustees may, in their discretion, satisfy their obligation under this part 3 by
either  making  available  the  Shareholder  list  to such  Shareholders  at the
principal offices of the Trust, or at the offices of the Trust's transfer agent,
during regular  business hours, or by mailing a copy of such  communication  and
form of request,  at the expense of such requesting  Shareholders,  to all other
Shareholders,  and the  Trustees  may also  take  such  other  action  as may be
permitted under Section 16(c) of the 1940 Act.


         4.  The  Trust  may at any  time or from  time  to  time  apply  to the
Commission for one or more  exemptions from all or part of said Section 16(c) of
the 1940 Act, and, if an exemptive order or orders are issued by the Commission,
such order or orders shall be deemed part of said Section 16(c) for the purposes
of parts 2 and 3 of this Article SIXTH.

SEVENTH: The following provisions are hereby adopted for the purpose of
 defining, limiting and regulating the powers of the Trust, the Trustees and
 the Shareholders.

         1. As soon as any Trustee is duly  elected by the  Shareholders  or the
Trustees and shall have accepted this Trust,  the Trust estate shall vest in the
new Trustee or Trustees,  together  with the  continuing  Trustees,  without any
further act or conveyance, and he or she shall be deemed a Trustee hereunder.

         2.  The  death,  declination,   resignation,  retirement,  removal,  or
incapacity  of the Trustees,  or any one of them,  shall not operate to annul or
terminate  the Trust but the  Trust  shall  continue  in full  force and  effect
pursuant to the terms of this Declaration of Trust.

         3. The assets of the Trust  shall be held  separate  and apart from any
assets now or hereafter held in any capacity other than as Trustee  hereunder by
the Trustees or any successor Trustees.  All of the assets of the Trust shall at
all times be considered as vested in the Trustees. No Shareholder shall have, as
a holder of  beneficial  interest in the Trust,  any  authority,  power or right
whatsoever to transact  business for or on behalf of the Trust,  or on behalf of
the Trustees,  in connection with the property or assets of the Trust, or in any
part thereof.


         4. The Trustees in all instances  shall act as principals,  and are and
shall be free from the control of the Shareholders. The Trustees shall have full
power  and  authority  to do any and all acts and to make  and  execute,  and to
authorize the officers and agents of the Trust to make and execute,  any and all
contracts and  instruments  that they may consider  necessary or  appropriate in
connection


<PAGE>




with the management of the Trust.  The Trustees shall not in any way be bound or
limited by present or future laws or customs in regard to Trust investments, but
shall have full authority and power to make any and all investments  which they,
in their uncontrolled discretion, shall deem proper to accomplish the purpose of
this Trust. Subject to any applicable limitation in this Declaration of Trust or
by the By-Laws of the Trust, the Trustees shall have power and authority:

                  (a) to adopt By-Laws not inconsistent with this Declaration of
Trust  providing  for the conduct of the  business of the Trust and to amend and
repeal  them  to  the  extent  that  they  do  not  reserve  that  right  to the
Shareholders;

                  (b)  to  elect  and  remove  such  officers  and  appoint  and
terminate such officers as they consider  appropriate with or without cause, and
to appoint and designate from among the Trustees such committees as the Trustees
may determine, and to terminate any such committee and remove any member of such
committee;

                  (c) to employ as  custodian  of any assets of the Trust a bank
or  trust  company  or any  other  entity  qualified  and  eligible  to act as a
custodian,  subject to any conditions set forth in this  Declaration of Trust or
in the By-Laws;

(d) to retain a transfer agent and shareholder servicing agent, or both;

(e) to provide for the distribution of Shares either through a principal 
underwriter or the Trust itself or both;

(f) to set record dates in the manner provided for in the By-Laws of the Trust;

(g) to delegate such authority as they consider desirable to any officers of the
Trust and to any agent, custodian or underwriter;

                  (h) to  vote  or  give  assent,  or  exercise  any  rights  of
ownership,  with respect to stock or other  securities or property held in Trust
hereunder;  and to execute  and  deliver  powers of  attorney  to such person or
persons as the Trustees  shall deem  proper,  granting to such person or persons
such power and  discretion  with  relation  to  securities  or  property  as the
Trustees shall deem proper;

(i) to exercise powers and rights of subscription or otherwise which in any
manner arise out of ownership of securities held in trust hereunder;

                  (j) to hold any security or property in a form not  indicating
any trust,  whether in bearer,  unregistered or other negotiable form, either in
its own name or in the name of a custodian or a nominee or nominees,  subject in
either  case  to  proper   safeguards   according  to  the  usual   practice  of
Massachusetts business trusts or investment companies;



<PAGE>




                  (k)  to  consent  to  or  participate  in  any  plan  for  the
reorganization,  consolidation  or merger of any  corporation  or  concern,  any
security  of which is held in the  Trust;  to consent  to any  contract,  lease,
mortgage,  purchase,  or sale of property by such corporation or concern, and to
pay calls or subscriptions with respect to any security held in the Trust;

(l) to compromise, arbitrate, or otherwise adjust claims in favor of or against
 the Trust or any matter in controversy including, but not limited to, claims
for taxes;

(m) to make, in the manner provided in the By-Laws, distributions of income and
of capital gains to Shareholders;

(n) to borrow money to the extent and in the manner permitted by the 1940 Act
and the Trust's fundamental policy thereunder as to borrowing;

(o) to enter into investment advisory or management contracts,
subject to the 1940 Act, with any one or more corporations, partnerships,
trusts, associations or other persons;

(p) to change the name of the Trust or any Class or Series of the Trust as they
consider appropriate without prior shareholder approval; and

(q) to establish officers' and Trustees' fees or compensation
and fees or compensation for committees of the Trustees to be paid by the Trust
or each Series thereof in such manner and amount as the Trustees may determine.

(r) to engage, employ or appoint any person or entities to perform any act for 
the Trust or the Trustees and to authorize their compensation.

         5. No one dealing with the Trustees  shall be under any  obligation  to
make any inquiry  concerning  the  authority of the  Trustees,  or to see to the
application of any payments made or property transferred to the Trustees or upon
their order.

         6.  (a) The  Trustees  shall  have no  power  to bind  any  Shareholder
personally or to call upon any  Shareholder  for the payment of any sum of money
or  assessment  whatsoever  other than such as the  Shareholder  may at any time
personally agree to pay by way of subscription to any Shares or otherwise.  This
paragraph shall not limit the right of the Trustees to assert claims against any
shareholder  based upon the acts or  omissions  of such  shareholder  or for any
other  reason.  There is hereby  expressly  disclaimed  shareholder  and Trustee
liability for the acts and obligations of the Trust. Every note, bond,  contract
or other  undertaking  issued  by or on  behalf  of the  Trust  or the  Trustees
relating  to the  Trust  shall  include  a notice  and  provision  limiting  the
obligation  represented thereby to the Trust and its assets (but the omission of
such  notice  and  provision  shall not  operate  to  impose  any  liability  or
obligation on any Shareholder).



<PAGE>




                  (b) Whenever  this  Declaration  of Trust calls for or permits
any action to be taken by the  Trustees  hereunder,  such action shall mean that
taken by the Board of Trustees  by vote of the  majority of a quorum of Trustees
as set forth from time to time in the By-Laws of the Trust or as required by the
1940 Act.

                  (c) The Trustees  shall  possess and exercise any and all such
additional  powers as are  reasonably  implied from the powers herein  contained
such as may be  necessary  or  convenient  in the  conduct  of any  business  or
enterprise of the Trust,  to do and perform  anything  necessary,  suitable,  or
proper for the  accomplishment of any of the purposes,  or the attainment of any
one or more of the objects, herein enumerated, or which shall at any time appear
conducive to or expedient for the protection or benefit of the Trust,  and to do
and perform all other acts and things  necessary or  incidental  to the purposes
herein before set forth, or that may be deemed necessary by the Trustees.

                  (d) The  Trustees  shall  have the  power,  to the  extent not
inconsistent  with the 1940 Act, to determine  conclusively  whether any moneys,
securities,  or other  properties  of the Trust are,  for the  purposes  of this
Trust,  to be considered as capital or income and in what manner any expenses or
disbursements  are to be borne as between  capital and income  whether or not in
the absence of this provision such moneys, securities, or other properties would
be  regarded  as  capital or income  and  whether or not in the  absence of this
provision such expenses or disbursements  would ordinarily be charged to capital
or to income.

         7. The By-Laws of the Trust may divide the  Trustees  into  classes and
prescribe the tenure of office of the several  classes,  but no class of Trustee
shall be elected for a period  shorter  than that from the time of the  election
following the division into classes until the next meeting and  thereafter for a
period  shorter than the interval  between  meetings or for a period longer than
five years, and the term of office of at least one class shall expire each year.

         8. The  Shareholders  shall  have the  right to  inspect  the  records,
documents, accounts and books of the Trust, subject to reasonable regulations of
the  Trustees,  not  contrary  to  Massachusetts  law, as to whether and to what
extent, and at what times and places, and under what conditions and regulations,
such right shall be exercised.

         9.  Any  officer  elected  or  appointed  by  the  Trustees  or by  the
Shareholders or otherwise, may be removed at any time, with or without cause, in
such lawful manner as may be provided in the By-Laws of the Trust.

         10. The Trustees  shall have power to hold their  meetings,  to have an
office or offices and,  subject to the provisions of the laws of  Massachusetts,
to keep the books of the Trust  outside of said  Commonwealth  at such places as
may from time to time be designated by them. Action may be taken by the Trustees
without a meeting by unanimous written consent or by telephone or similar method
of communication.



<PAGE>




         11.  Securities  held by the Trust shall be voted in person or by proxy
by the President or a  Vice-President,  or such officer or officers of the Trust
as the  Trustees  shall  designate  for the  purpose,  or by a proxy or  proxies
thereunto duly authorized by the Trustees,  except as otherwise  ordered by vote
of the holders of a majority of the Shares  outstanding  and entitled to vote in
respect thereto.

         12. (a) Subject to the provisions of the 1940 Act, any Trustee, officer
or employee,  individually,  or any partnership of which any Trustee, officer or
employee  may be a  member,  or any  corporation  or  association  of which  any
Trustee,  officer or employee  may be an officer,  partner,  director,  trustee,
employee or stockholder,  or otherwise may have an interest,  may be a party to,
or may be pecuniarily or otherwise interested in, any contract or transaction of
the Trust, and in the absence of fraud no contract or other transaction shall be
thereby affected or invalidated;  provided that in such case a Trustee,  officer
or employee or a  partnership,  corporation  or  association of which a Trustee,
officer  or  employee  is a member,  officer,  director,  trustee,  employee  or
stockholder  is so  interested,  such fact shall be disclosed or shall have been
known to the Trustees including those Trustees who are not so interested and who
are neither  "interested" nor "affiliated" persons as those terms are defined in
the 1940 Act, or a majority  thereof;  and any Trustee who is so interested,  or
who is also a director,  officer,  partner,  trustee, employee or stockholder of
such other  corporation or a member of such partnership or association  which is
so interested,  may be counted in  determining  the existence of a quorum at any
meeting of the Trustees which shall  authorize any such contract or transaction,
and may vote thereat to authorize  any such contract or  transaction,  with like
force and effect as if he were not so interested.

                  (b) Specifically, but without limitation of the foregoing, the
Trust  may  enter  into  a  management  or  investment   advisory   contract  or
underwriting  contract and other  contracts  with, and may otherwise do business
with  any  manager  or  investment   adviser  for  the  Trust  and/or  principal
underwriter  of the Shares of the Trust or any  subsidiary  or  affiliate of any
such manager or investment  adviser and/or principal  underwriter and may permit
any such firm or corporation  to enter into any contracts or other  arrangements
with any other firm or corporation  relating to the Trust  notwithstanding  that
the  Trustees  of the  Trust may be  composed  in part of  partners,  directors,
officers or employees of any such firm or corporation, and officers of the Trust
may have been or may be or become partners,  directors, officers or employees of
any such firm or corporation, and in the absence of fraud the Trust and any such
firm or  corporation  may deal freely with each other,  and no such  contract or
transaction  between  the  Trust  and any  such  firm or  corporation  shall  be
invalidated or in any way affected thereby,  nor shall any Trustee or officer of
the Trust be liable to the Trust or to any Shareholder or creditor thereof or to
any other  person  for any loss  incurred  by it or him  solely  because  of the
existence of any such  contract or  transaction;  provided  that nothing  herein
shall  protect any director or officer of the Trust against any liability to the
trust or to its  security  holders  to which he would  otherwise  be  subject by
reason of willful misfeasance, bad faith, gross negligence or reckless disregard
of the duties involved in the conduct of his office.

(c) As used in this paragraph the following terms shall have the meanings set
forth below:


<PAGE>




(i) the term "indemnitee" shall mean any present or former Trustee,
officer or  employee  of the Trust,  any  present  or former  Trustee,  partner,
Director or officer of another  trust,  partnership,  corporation or association
whose  securities are or were owned by the Trust or of which the Trust is or was
a  creditor  and who  served or serves in such  capacity  at the  request of the
Trust, and the heirs, executors,  administrators,  successors and assigns of any
of the foregoing; however, whenever conduct by an indemnitee is referred to, the
conduct shall be that of the original  indemnitee  rather than that of the heir,
executor, administrator, successor or assignee;

(ii) the term "covered proceeding" shall mean any threatened, pending
or completed action, suit or proceeding, whether civil, criminal, administrative
or  investigative,  to which an indemnitee is or was a party or is threatened to
be made a party  by  reason  of the  fact or  facts  under  which he or it is an
indemnitee as defined above;

(iii) the term "disabling conduct" shall mean willful misfeasance, bad
faith, gross negligence or reckless disregard of the duties involved in the
 conduct of the office in question;

(iv) the term "covered expenses" shall mean expenses (including
attorney's fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred by an indemnitee in connection with a covered proceeding;
and

(v) the term "adjudication of liability" shall mean, as to any covered
proceeding and as to any indemnitee, an adverse determination as to the
indemnitee whether by judgment, order, settlement,  conviction or upon a plea of
nolo contendere or its equivalent.

                  (d) The  Trust  shall not  indemnify  any  indemnitee  for any
covered expenses in any covered  proceeding if there has been an adjudication of
liability  against  such  indemnitee  expressly  based on a finding of disabling
conduct.

                  (e)  Except as set forth in  paragraph  (d)  above,  the Trust
shall indemnify any indemnitee for covered  expenses in any covered  proceeding,
whether or not there is an adjudication of liability as to such indemnitee, if a
determination  has been made  that the  indemnitee  was not  liable by reason of
disabling  conduct by (i) a final  decision  on the merits of the court or other
body before which the covered proceeding was brought;  or (ii) in the absence of
such decision,  a reasonable  determination,  based on a review of the facts, by
either  (a) the vote of a  majority  of a quorum  of  Trustees  who are  neither
"interested  persons,"  as  defined in the 1940 Act nor  parties to the  covered
proceedings,  or (b) an independent legal counsel in a written opinion; provided
that such Trustees or counsel, in reaching such determination,  may but need not
presume the absence of disabling conduct on the part of the indemnitee by reason
of the manner in which the covered proceeding was terminated.

(f) Covered expenses incurred by an indemnitee in connection with a covered
proceeding shall be advanced by the Trust to an indemnitee prior to the final 
disposition of a covered


<PAGE>




proceeding  upon  the  request  of the  indemnitee  for  such  advance  and  the
undertaking  by or on behalf of the indemnitee to repay the advance unless it is
ultimately  determined  that  the  indemnitee  is  entitled  to  indemnification
hereunder,  but  only if one or  more  of the  following  is the  case:  (i) the
indemnitee shall provide a security for such  undertaking;  (ii) the Trust shall
be insured  against  losses arising out of any lawful  advances;  or (iii) there
shall  have been a  determination,  based on a review of the  readily  available
facts  (as  opposed  to a full  trial-type  inquiry)  that  there is a reason to
believe that the indemnitee ultimately will be found entitled to indemnification
by either  independent  legal  counsel in a written  opinion or by the vote of a
majority of a quorum of trustees who are neither "interested persons" as defined
in the 1940 Act nor parties to the covered proceeding.

                  (g) Nothing  herein shall be deemed to affect the right of the
Trust and/or any indemnitee to acquire and pay for any insurance covering any or
all  indemnitees to the extent  permitted by the 1940 Act or to affect any other
indemnification  rights to which any  indemnitee  may be  entitled to the extent
permitted by the 1940 Act.

         13. The  Trustees  are  empowered,  in their  absolute  discretion,  to
establish bases or times, or both, for determining the net asset value per Share
of any Class and Series in  accordance  with the 1940 Act and to  authorize  the
voluntary purchase by any Class and Series, either directly or through an agent,
of Shares of any Class and Series  upon such terms and  conditions  and for such
consideration  as the Trustees shall deem advisable in accordance  with the 1940
Act.

         14.  Payment  of the net asset  value per Share of any Class and Series
properly  surrendered  to it for  redemption  shall be made by the Trust  within
seven days, or as specified in any applicable law or regulation, after tender of
such stock or request for redemption to the Trust for such purpose together with
any additional documentation that may be reasonably required by the Trust or its
transfer  agent to evidence the  authority of the tenderor to make such request,
plus any period of time  during  which the right of the holders of the shares of
such Class of that  Series to require  the Trust to redeem  such shares has been
suspended. Any such payment may be made in portfolio securities of such Class of
that  Series  and/or in cash,  as the  Trustees  shall  deem  advisable,  and no
Shareholder  shall have a right,  other than as determined  by the Trustees,  to
have Shares redeemed in kind.

         15.  The Trust  shall  have the right,  at any time and  without  prior
notice to the Shareholder, to redeem Shares of the Class and Series held by such
Shareholder  held in any account  registered in the name of such Shareholder for
its  current  net asset  value,  if and to the extent  that such  redemption  is
necessary  to  reimburse  either  that  Series  or  Class  of the  Trust  or the
distributor (i.e.,  principal underwriter) of the Shares for any loss either has
sustained by reason of the failure of such  Shareholder  to make timely and good
payment for Shares purchased or subscribed for by such  Shareholder,  regardless
of whether such  Shareholder  was a Shareholder  at the time of such purchase or
subscription,  subject to and upon such terms and conditions as the Trustees may
from time to time prescribe.

EIGHTH: The name "Oppenheimer" included in the name of the Trust and of any 
Series shall be used pursuant to a royalty-free, non-exclusive license from
 OppenheimerFunds, Inc. ("OFI"),


<PAGE>




incidental to and as part of any one or more advisory, management or supervisory
contracts  which may be entered into by the Trust with OFI.  Such license  shall
allow OFI to inspect  and  subject to the  control of the Board of  Trustees  to
control the nature and quality of services offered by the Trust under such name.
The  license  may be  terminated  by OFI  upon  termination  of  such  advisory,
management  or  supervisory  contracts  or without  cause upon 60 days'  written
notice,  in which case  neither the Trust nor any Series or Class shall have any
further  right to use the name  "Oppenheimer"  in its name or otherwise  and the
Trust,  the  Shareholders  and its  officers and Trustees  shall  promptly  take
whatever  action may be necessary to change its name and the names of any Series
or Classes accordingly.

         NINTH:

         1. In case any  Shareholder or former  Shareholder  shall be held to be
personally liable solely by reason of his being or having been a Shareholder and
not because of his acts or omissions or for some other reason,  the  Shareholder
or former Shareholder (or the Shareholders, heirs, executors,  administrators or
other legal representatives or in the case of a corporation or other entity, its
corporate or other general  successor) shall be entitled out of the Trust estate
to be held harmless from and  indemnified  against all loss and expense  arising
from such liability.  The Trust shall,  upon request by the Shareholder,  assume
the  defense of any such  claim  made  against  any  Shareholder  for any act or
obligation of the Trust and satisfy any judgment thereon.

         2. It is hereby  expressly  declared that a trust and not a partnership
is created hereby. No individual  Trustee hereunder shall have any power to bind
the Trust, the Trust's officers or any Shareholder. All persons extending credit
to, doing  business  with,  contracting  with or having or  asserting  any claim
against the Trust or the Trustees shall look only to the assets of the Trust for
payment under any such credit,  transaction,  contract or claim; and neither the
Shareholders nor the Trustees, nor any of their agents, whether past, present or
future, shall be personally liable therefor;  notice of such disclaimer shall be
given in each  agreement,  obligation or instrument  entered into or executed by
the Trust or the Trustees.  Nothing in this Declaration of Trust shall protect a
Trustee  against any liability to which such Trustee would  otherwise be subject
by reason of  willful  misfeasance,  bad faith,  gross  negligence  or  reckless
disregard  of the  duties  involved  in the  conduct  of the  office of  Trustee
hereunder.


         3.  The  exercise  by the  Trustees  of  their  powers  and  discretion
hereunder in good faith and with  reasonable care under the  circumstances  then
prevailing, shall be binding upon everyone interested. Subject to the provisions
of  paragraph 2 of this  Article  NINTH,  the  Trustees  shall not be liable for
errors of judgment or mistakes of fact or law.  The  Trustees may take advice of
counsel or other  experts  with  respect to the meaning and  operations  of this
Declaration of Trust, applicable laws, contracts,  obligations,  transactions or
any other  business the Trust may enter into,  and subject to the  provisions of
paragraph 2 of this Article  NINTH,  shall be under no liability  for any act or
omission in  accordance  with such advice or for failing to follow such  advice.
The Trustees shall not be required to give any bond as such, nor any surety if a
bond is required.


<PAGE>




4. This Trust shall continue without limitation of time but subject to the
 provisions of sub-sections (a), (b), (c) and (d) of this paragraph 4.

                  (a) The Trustees,  with the favorable vote of the holders of a
majority of the outstanding  voting  securities,  as defined in the 1940 Act, of
any one or more Series  entitled to vote, may sell and convey the assets of that
Series  (which sale may be subject to the retention of assets for the payment of
liabilities and expenses) to another issuer for a consideration  which may be or
include  securities  of such issuer.  Upon making  provision  for the payment of
liabilities,  by  assumption  by such issuer or  otherwise,  the Trustees  shall
distribute the remaining  proceeds  ratably among the holders of the outstanding
Shares of the Series the assets of which have been so transferred.

                  (b) The Trustees,  with the favorable vote of the holders of a
majority of the outstanding  voting  securities,  as defined in the 1940 Act, of
any one or more Series  entitled to vote,  may at any time sell and convert into
money all the assets of that Series.  Upon making  provisions for the payment of
all outstanding obligations, taxes and other liabilities, accrued or contingent,
of

that Series,  the Trustees shall  distribute the remaining assets of that Series
ratably among the holders of the outstanding Shares of that Series.

                  (c) The Trustees,  with the favorable vote of the holders of a
majority of the outstanding  voting  securities,  as defined in the 1940 Act, of
any one or more  Series  entitled  to vote,  may  otherwise  alter,  convert  or
transfer the assets of that Series or those Series.

                  (d)  Upon  completion  of the  distribution  of the  remaining
proceeds or the remaining assets as provided in sub-sections (a) and (b), and in
subsection  (c) where  applicable,  the  Series the assets of which have been so
transferred  shall  terminate,  and if all the  assets of the Trust have been so
transferred,  the Trust shall  terminate and the Trustees shall be discharged of
any and all further  liabilities and duties  hereunder and the right,  title and
interest of all parties shall be cancelled and discharged.

         5.  The  original  or a copy of this  instrument  and of each  restated
declaration  of trust or  instrument  supplemental  hereto  shall be kept at the
office of the Trust where it may be inspected by any Shareholder. A copy of this
instrument and of each  supplemental  or restated  declaration of trust shall be
filed with the Secretary of the  Commonwealth of  Massachusetts,  as well as any
other  governmental  office where such filing may from time to time be required.
Anyone  dealing  with the Trust may rely on a  certificate  by an officer of the
Trust as to whether or not any such  supplemental  or restated  declarations  of
trust  have  been  made and as to any  matters  in  connection  with  the  Trust
hereunder,  and, with the same effect as if it were the original,  may rely on a
copy certified by an officer of the Trust to be a copy of this  instrument or of
any such supplemental or restated declaration of trust. In this instrument or in
any such  supplemental  or restated  declaration  of trust,  references  to this
instrument, and all expressions like "herein", "hereof" and "hereunder" shall be
deemed  to  refer  to  this  instrument  as  amended  or  affected  by any  such
supplemental or restated


<PAGE>




declaration of trust. This instrument may be executed in any number of 
counterparts, each of which shall be deemed an original.

         6. The Trust set forth in this instrument is created under and is to be
governed  by  and  construed  and  administered  according  to the  laws  of the
Commonwealth of Massachusetts.  The Trust shall be of the type commonly called a
Massachusetts  business trust, and without limiting the provisions  hereof,  the
Trust may exercise all powers which are ordinarily exercised by such a trust.

         7. The Board of Trustees is  empowered to cause the  redemption  of the
Shares held in any account if the  aggregate  net asset value of such Shares has
been  reduced to $200 or less upon such notice to the  shareholder  in question,
with such  permission to increase the investment in question and upon such other
terms and conditions as may be fixed by the Board of Trustees in accordance with
the 1940 Act.

         8. In the event that any person advances the organizational expenses of
the Trust, such advances shall become an obligation of the Trust subject to such
terms and  conditions  as may be fixed by, and on a date fixed by, or determined
with criteria  fixed by the Board of Trustees,  to be amortized over a period or
periods to be fixed by the Board.


         9.  Whenever  any  action  is taken  under  this  Declaration  of Trust
including  action  which is required or  permitted  by the 1940 Act or any other
applicable  law, such action shall be deemed to have been properly taken if such
action is in  accordance  with the  construction  of the 1940 Act or such  other
applicable  law then in effect as expressed in "no action"  letters of the staff
of the Commission or any release,  rule,  regulation or order under the 1940 Act
or any decision of a court of competent  jurisdiction,  notwithstanding that any
of the  foregoing  shall later be found to be invalid or  otherwise  reversed or
modified by any of the foregoing.

         10. Any action  which may be taken by the Board of Trustees  under this
Declaration of Trust or its By-Laws may be taken by the  description  thereof in
the  then  effective  prospectus  and/or  statement  of  additional  information
relating  to the  Shares  under  the  Securities  Act of  1933  or in any  proxy
statement of the Trust rather than by formal resolution of the Board.

         11. Whenever under this  Declaration of Trust, the Board of Trustees is
permitted  or required to place a value on assets of the Trust,  such action may
be  delegated  by the Board,  and/or  determined  in  accordance  with a formula
determined by the Board, to the extent permitted by the 1940 Act.

         12.  If  authorized  by  vote  of  the  Trustees  and,  if  a  vote  of
Shareholders is required under this  Declaration of Trust, the favorable vote of
the holders of a "majority" of the outstanding voting securities,  as defined in
the 1940 Act,  entitled to vote,  or by any larger vote which may be required by
applicable  law in any  particular  case,  the  Trustees  may amend or otherwise
supplement  this  instrument,  by making a  Restated  Declaration  of Trust or a
Declaration of Trust  supplemental  hereto,  which  thereafter shall form a part
hereof; any such Supplemental or Restated Declaration of


<PAGE>



Trust may be  executed  by and on behalf  of the  Trust and the  Trustees  by an
officer or officers of the Trust.

         IN WITNESS WHEREOF, the undersigned have executed this instrument as of
the 24th day of June, 1997.

<TABLE>
<CAPTION>


<S>                                                                   <C>

/s/ Robert G. Avis                                                     /s/ Charles Conrad, Jr.
- ------------------                                                     -----------------------
Robert G. Avis, Trustee                                                Charles Conrad, Jr., Trustee
1706 Warson Estates Drive                                              19411 Merion Circle
St. Louis, Missouri 63124                                              Huntington Beach, California 92648

/s/ William A. Baker                                                   /s/ Robert M. Kirchner
William A. Baker, Trustee                                              Robert M. Kirchner, Trustee
197 Desert Lakes Drive                                                 2800 S. University Boulevard
Palm Springs, California 92264                                         Denver, Colorado 80210


/s/ Ned M. Steel                                                       /s/ C. Howard Kast
Ned M. Steel, Trustee                                                  C. Howard Kast, Trustee
3416 South Race Street                                                 2552 East Alameda
Englewood, Colorado 80110                                              Denver, Colorado 80209

/s/ Raymond J. Kalinowski                                              /s/ Jon S. Fossel
Raymond J. Kalinowski, Trustee                                         Jon S. Fossel, Trustee
44 Portland Drive                                                      Box 44 - Mead Street
St. Louis, Missouri 63131                                              Waccabuc, New York 10597

/s/ James C. Swain                                                     /s/ Sam Freedman
James C. Swain, Trustee                                                Sam Freedman
355 Adams Street                                                       4975 Lakeshore Drive
Denver, Colorado 80206                                                 Littleton, Colorado 80123

                                                                       /s/ Bridget A. Macaskill
                                                                       Bridget A. Macaskill
                                                                       160 East 81st Street
                                                                       New York, NY  10028

</TABLE>



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