Exhibit (l): Initial Stock Subscription Agreement
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SUBSCRIPTION LETTER
Board of Trustees
Xxxxxxxx Investment Trust
000 Xxxxx Xxxxxxxxxx Xxxxxx
Xxxxx Xxxxx, Xxxxx Xxxxxxxx 00000-0000
Gentlemen:
This letter will serve to advise you that Xxxxxxxx Capital Management, Inc.
("SCM") hereby subscribes for the purchase of the initial organizational shares
of the SCM Strategic Growth Fund (the "Fund") in the amount of $10.00 per share,
for an aggregate investment of $100,000, and agrees to advance all registration
and organization costs of the Fund to the Trust upon the Trust's demand. In
connection with its subscription for shares of the Fund, SCM acknowledges that
the shares have not been registered under federal or state securities laws an
that the transfer of such shares is restricted. SCM further represents that it
is acquiring such shares for investment purposes and without any intention to
redeem or dispose of such shares. Payment for such shares shall be made in cash
prior to the effective date of the Trust's Registration Statement with the SEC
with respect to the Fund. As initial subscriber for shares, SCM hereby approves
the actions of the Trust in the organization of the Fund, including the approval
of the Investment Advisory Agreement, Fund Accounting and Compliance
Administration Agreement, Dividend Disbursing and Transfer Agent Agreement, and
Distribution Agreement.
If the terms and conditions as stated herein are acceptable to the Board of
Trustees, please so signify by having an authorized officer or trustee sign a
copy of this letter.
Very truly yours,
Date: April 8, 1998 XXXXXXXX CAPITAL MANAGEMENT, INC.
By: /S/ Xxx X. Xxxxxxxx
________________________________
Title: President
______________________________
Accepted this 8th day of April, 1998.
XXXXXXXX INVESTMENT TRUST
By: /s/ Xxx X. Xxxxxxxx
_________________________________
Title: Chairman
______________________________
