  A continuous version of the hierarchical spherical model at dimension d=4 is
investigated. Two limit distribution of the block spin variable X^{\gamma},
normalized with exponents \gamma =d+2 and \gamma =d at and above the critical
temperature, are established. These results are proven by solving certain
evolution equations corresponding to the renormalization group (RG)
transformation of the O(N) hierarchical spin model of block size L^{d} in the
limit L to 1 and N to \infty . Starting far away from the stationary Gaussian
fixed point the trajectories of these dynamical system pass through two
different regimes with distinguishable crossover behavior. An interpretation of
this trajectories is given by the geometric theory of functions which describe
precisely the motion of the Lee--Yang zeroes. The large--$N$ limit of RG
transformation with L^{d} fixed equal to 2, at the criticality, has recently
been investigated in both weak and strong (coupling) regimes by Watanabe
\cite{W}. Although our analysis deals only with N=\infty case, it complements
various aspects of that work.
