EXHIBIT (l)
Subscription Agreement of ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
September 19, 2003
Exhibit 99.(l)
SUBSCRIPTION FOR THE PURCHASE OF
SHARES OF BENEFICIAL INTEREST
OF THE ▇▇▇▇▇ BALANCED FUND,
A SERIES OF THE ▇▇▇▇▇ FUNDS
September 19, 2003
TO: The ▇▇▇▇▇ Funds
▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇
▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
Dear Sirs:
The undersigned hereby subscribes to purchase ten thousand shares of
beneficial interest of The ▇▇▇▇▇ Balanced Fund, the initial series of shares of
The ▇▇▇▇▇ Funds, at a price of $10.00 per share, and agrees to pay therefor upon
demand in cash the amount of $100,000. I hereby acknowledge that such shares are
being issued in accordance with Section 14 of the Investment Company Act of 1940
and that my purchase is being made for investment purposes.
Very truly yours,
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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THE ▇▇▇▇▇ FUNDS
▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
September 19, 2003
▇▇. ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
c/o ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ & Co., Inc.
▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
Dear Sir:
The ▇▇▇▇▇ Funds (the "Trust"), on behalf of its initial series of shares,
The ▇▇▇▇▇ Balanced Fund (the "Fund"), hereby accepts your offer to purchase ten
thousand shares of the Fund at a price of $10.00 per share for an aggregate
purchase price of $100,000. You have acknowledged to us in writing that such
shares are being issued to you in accordance with Section 14 of the Investment
Company Act of 1940 and that your purchase is being made for investment
purposes.
Sincerely,
/s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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The ▇▇▇▇▇ Funds
▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Vice President and Secretary
Accepted by: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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