▇▇▇▇▇▇ ▇▇▇▇▇▇▇ SELECT EQUITY TRUST
SELECT S & P INDUSTRIAL PORTFOLIO 2001-2
REFERENCE TRUST AGREEMENT
This Reference Trust Agreement dated , 2001 between ▇▇▇▇▇▇
▇▇▇▇▇▇▇ ▇▇ INC., as Depositor, and The Chase Manhattan Bank, as Trustee, sets
forth certain provisions in full and incorporates other provisions by reference
to the document entitled "Sears Equity Investment Trust, Trust Indenture and
Agreement" dated January 22, 1991, as amended on March 16, 1993, July 18, 1995
and December 30, 1997 (the "Basic Agreement"). Such provisions as are
incorporated by reference constitute a single instrument (the "Indenture").
WITNESSETH THAT:
In consideration of the premises and of the mutual agreements herein
contained, the Depositor and the Trustee agree as follows:
I.
STANDARD TERMS AND CONDITIONS OF TRUST
Subject to the provisions of Part II hereof, all the provisions
contained in the Basic Agreement are herein incorporated by reference in their
entirety and shall be deemed to be a part of this instrument as fully and to the
same extent as though said provisions had been set forth in full in this
instrument except that the Basic Agreement is hereby amended in the following
manner:
A. Article I, Section 1.01, paragraph (29) defining "Trustee" shall
be amended as follows:
"'Trustee' shall mean The Chase Manhattan Bank, or any successor trustee
appointed as hereinafter provided."
B. Reference to United States Trust Company of New York in its
capacity as Trustee is replaced by The Chase Manhattan Bank throughout the
Basic Agreement.
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C. Reference to "▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Select Equity Trust" is
replaced by "▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Select Equity Trust".
D. Section 3.01 is amended to substitute the following:
SECTION 3.01. INITIAL COST The costs of organizing the Trust and
sale of the Trust Units shall, to the extent of the expenses
reimbursable to the Depositor provided below, be borne by the Unit
Holders, PROVIDED, HOWEVER, that, to the extent all of such costs are
not borne by Unit Holders, the amount of such costs not borne by Unit
Holders shall be borne by the Depositor and, PROVIDED FURTHER,
HOWEVER, that the liability on the part of the Depositor under this
section shall not include any fees or other expenses incurred in
connection with the administration of the Trust subsequent to the
deposit referred to in Section 2.01. Upon notification from the
Depositor that the primary offering period is concluded, the Trustee
shall withdraw from the Account or Accounts specified in the
Prospectus or, if no Account is therein specified, from the Principal
Account, and pay to the Depositor the Depositor's reimbursable
expenses of organizing the Trust and sale of the Trust Units in an
amount certified to the Trustee by the Depositor. If the balance of
the Principal Account is insufficient to make such withdrawal, the
Trustee shall, as directed by the Depositor, sell Securities
identified by the Depositor, or distribute to the Depositor Securities
having a value, as determined under Section 4.01 as of the date of
distribution, sufficient for such reimbursement. The reimbursement
provided for in this section shall be for the account of the
Unitholders of record at the conclusion of the primary offering period
and shall not be reflected in the computation of the Unit Value prior
thereto. As used herein, the Depositor's reimbursable expenses of
organizing the Trust and sale of the Trust Units shall include the
cost of the initial preparation and typesetting of the registration
statement, prospectuses (including preliminary prospectuses), the
indenture, and other documents relating to the Trust, SEC and state
blue sky registration fees, the cost of the ini-
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tial valuation of the portfolio and audit of the Trust, the initial
fees and expenses of the Trustee, and legal and other out-of-pocket
expenses related thereto, but not including the expenses incurred in
the printing of preliminary prospectuses and prospectuses, expenses
incurred in the preparation and printing of brochures and other
advertising materials and any other selling expenses. Any cash which
the Depositor has identified as to be used for reimbursement of
expenses pursuant to this Section shall be reserved by the Trustee for
such purpose and shall not be subject to distribution or, unless the
Depositor otherwise directs, used for payment of redemptions in excess
of the per-Unit amount allocable to Units tendered for redemption.
E. Reference to "▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Inc." is replaced by "▇▇▇▇▇▇
▇▇▇▇▇▇▇ ▇▇ Inc."
F. Section 2.03 is amended to add the following to the end of the
first paragraph thereof. The number of Units may be increased through a
split of the Units or decreased through a reverse split thereof, as
directed by the Depositor, which revised number of Units shall be recorded
by Trustee on its books.
II.
SPECIAL TERMS AND CONDITIONS OF TRUST
The following special terms and conditions are hereby agreed to:
A. The Trust is denominated ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Select Equity Trust
Select S & P Industrial Portfolio 2001-2 (the "S & P Industrial Trust").
B. The publicly traded stocks listed in Schedule A hereto are those
which, subject to the terms of this Indenture, have been or are to be
deposited in trust under this Indenture.
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C. The term, "Depositor" shall mean ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ Inc.
D. The aggregate number of Units referred to in Sections 2.03 and
9.01 of the Basic Agreement is for the S & P Industrial Trust.
E. A Unit is hereby declared initially equal to 1/ th for the
Strategic Growth Trust.
F. The term "In-Kind Distribution Date" shall mean , 2002.
G. The term "Record Dates" shall mean , 2002, ,
2002, , 2002 and such other date as the Depositor may direct.
H. The term "Distribution Dates" shall mean , 2002, ,
2002, , 2002 and such other date as the Depositor may direct.
I. The term "Termination Date" shall mean , 2002.
J. The Depositor's Annual Portfolio Supervision Fee shall be a
maximum of $ per 100 Units.
K. The Trustee's annual fee as defined in Section 6.04 of the
Indenture shall be $ per 100 Units if the greatest number of Units
outstanding during the period is 10,000,000 or more; $ per 100 Units if
the greatest number of Units outstanding during the period is between
5,000,000 and 9,999,999; and $ per 100 Units if the greatest number of
Units outstanding during the period is 4,999,999 or less.
L. For a Unit Holder to receive an "in--kind" distribution during
the life of the Trust, such Unit Holder must tender at least 25,000 Units
for redemption. There is no minimum amount of Units that a Unit Holder must
tender in order to receive an "in-kind" distribution on the In-Kind Date or
in connection with a rollover.
M. Paragraph (b)(ii) of Section 9.03 is amended to provide that the
period during which the Trustee shall liquidate the Trust Securities shall
not exceed 14 business days commencing on the first business day following
the In-Kind Date.
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(Signatures and acknowledgments on separate pages)
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The Schedule of Portfolio Securities in the prospectus included in
this Registration Statement is hereby incorporated by reference herein as
Schedule A hereto.