Exhibit (l)
PURCHASE AGREEMENT
Xxx Xxxxx Research Funds (the "Trust"), a Delaware statutory trust, on behalf
of The Xxx Xxxxx Research Asset Allocation Fund (the "Fund"), and Gabelli
Asset Management Inc. (the "Buyer") hereby agree as follows:
1. The Trust hereby offers the Buyer and the Buyer hereby purchases
ten thousand (10,000) shares the Fund's Class AAA Shares, and one hundred
(100) of each of the Fund's Class A Shares, Class B Shares, Class C Shares and
Class I Shares (the "Shares") at a price of $10.00 per share. The Shares are
the "initial shares" of the Fund. The Buyer hereby acknowledges receipt of a
purchase confirmation reflecting the purchase of the Shares, and the Fund
hereby acknowledges receipt from the Buyer of funds in the aggregate amount of
$105,000 in full payment for the Shares.
2. The Buyer represents and warrants to the Trust that the Shares
purchased by the Buyer are being acquired for investment purposes and not for
the purpose of distribution.
3. This Agreement has been executed on behalf of the Trust by the
undersigned officer of the Trust in his or her capacity as an officer of the
Trust.
4. This Agreement may be executed in counterparts, each of which
shall be deemed to be an original, but such counterparts shall, together,
constitute only one instrument.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the 25th day of March, 2003.
Attest: XXX XXXXX REASEARCH FUNDS
By: /s/ XXX XXXXXXXXXX By: /s/ XXXXX X. XXXXXX
Xxxxx X. Xxxxxx
President
Attest: GABELLI ASSET MANAGEMENT INC.
By: /s/ XXXXXX XXXXXXXX By: /s/ XXXXXX XXXXXXX
Name: Xxxxxx Xxxxxxx
Title: Chief Financial Officer
