Exhibit L(1)
PURCHASE AGREEMENT
Counsellors Fixed Income Fund (the "Fund"), a business trust
organized under the laws of the Commonwealth of Massachusetts, and X. X.
Xxxxxxx, Xxxxxx & Co., Inc. ("EMW") hereby agree as follows:
1. The Fund offers EMW and EMW hereby purchase share of
beneficial interest of the Fund, par value $.001 per share (the "Shares"),
consisting of 9,990 Shares of the Fund at the price of $10.00 per Share. These
Shares are the "Fund Purchased Shares". EMW also has purchased 10 shares at
$10.00 per share from the Settlor of the Fund ("Settlor Shares"; together with
the Fund Purchased Shares, the "Initial Share").
2. EMW represents and warrants to the Fund that the Shares are
being acquired for investment purposes and not for the purpose of distributing
them.
3. In the event of a redemption of any Shares purchased by
EMW, the first Shares so redeemed shall be the Initial Shares. EMW agrees that
if any holder of the Initial Shares redeems any Initial Shares in the Fund
before five years after the date upon which the Fund commences its investment
activities, the redemption proceeds will be reduced by the amount of unamortized
organizational expenses, in the same proportion as the number of Initial Shares
being redeemed bears to the number of Initial Shares outstanding at the time of
redemption. The parties hereby acknowledge that any Shares acquired by EMW
pursuant to this Agreement other than the Initial Shares have not been acquired
to fulfill the requirements of Section 14 of the Investment Company Act of 1940
and, if redeemed, their redemption proceeds will not be subject to reduction
based on the unamortized organizational expenses of the Fund.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the 10th day of July 1987.
COUNSELLORS FIXED INCOME FUND
By: Signature illegible
ATTEST:
/s/Xxxxx X. Xxxxxxx
X.X. XXXXXXX, XXXXXX & CO., INC.
By: /s/Xxxxxx Xxxxxxxx
ATTEST:
/s/Xxxxx X. Xxxxxxx
