SUBSCRIPTION AGREEMENT
ROCHDALE INVESTMENT TRUST (the "Trust") , a registered open-end
management investment company, and Rochdale Investment Management Inc., (the
"Purchaser"), intending to be legally bound, hereby agree as follows:
1. In order to provide the Trust with its initial capital, the Trust hereby
sells to the Purchaser, and the Purchaser hereby purchases 4,000 shares of
beneficial interest, $.01 par value of the Trust (the "Shares"), at a price
of $25.00 per share. The Trust hereby acknowledges receipt from the Purchaser
of funds in the amount of $100,000 in full payment for the shares.
2. The Purchaser represents and warrants to the Trust that the Shares are
bding acquired for investment and not with a view to distribution thereof and
that the Purchaser has no present intention to redeem or dispose of any of the
Shares.
3. The Purchaser hereby agrees that it will not offer for sale or sell or
tender for redemption any of the Shares prior to the time that the Trust has
completed the amortization of its organizational expenses. In the event that the
Trust liquidates before the deferred organizational expenses are fully
amortized, then the Shares shall bear their proporationate share of such
unamortized organization expenses.
IN WITNESS WHEREOF, the parties have executed this agreement as of the 25th
day of June, 1998.
ROCHDALE INVESTMENT TRUST
By_______________________________
ROCHDALE INVESTMENT MANAGEMENT INC.
By__________________________________