EXHIBIT 23(L)(3)
SUBSCRIPTION AGREEMENT
February 2, 2005
Emerald Mutual Funds
0000 Xxxxxx Xxxx
Xxxxx 000
Xxxxxxxxx, XX 00000
Gentlemen:
The HomeState Group hereby agrees to purchase one share of
each of class of each series of the Emerald Mutual Funds (the "Trust") set forth
on Schedule A of hereto, which shares shall be fully paid, nonassessable shares
of beneficial interest in the Trust at $1.00 per share for an aggregate of
$6.00. The Trust, by its acknowledgment below, acknowledges receipt of funds in
the amount of $6.00 in full payment of the shares.
The HomeState Group further advises that in making this purchase, which
represents the initial capital of Emerald Mutual Funds, such purchase is for
investment purposes only and without any present intention of further
distributing such shares or presenting them for redemption or repurchase, and
solely to facilitate the reorganization transaction between the Trust and The
HomeState Group as contemplated by the Plan of Reorganization.
Sincerely,
The HomeState Group
By:
-----------------------------------
Name: Xxxxxx X. Xxxxx, XX
Title: President
Attest:
Emerald Mutual Funds
By:______________________________
Name: Xxxxxx X. Xxxxx, XX
Title: President
Schedule A
Schedule of Series and Classes
of
Emerald Mutual Funds
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SERIES CLASS OF SHARES
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The Emerald Growth Fund Class A
Class C
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The Emerald Select Banking and Finance Fund Class A
Class C
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The Emerald Select Technology Fund Class A
Class C
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