SUBSCRIPTION AGREEMENT
January ___, 1996
PRAGMA INVESTMENT TRUST
0000 Xxxxxxxxxx Xxxxxx
Xxxxx 000 - LB 000
Xxxxxx, Xxxxx
Ladies and Gentlemen:
PRAGMA Investment Trust (the "Trust") proposes to issue and
sell to the public its shares of beneficial interest without par value
(the "Shares") pursuant to a registration statement on Form N-1A (the
"Registration Statement") filed with the Securities and Exchange
Commission. The Trust currently issues a single series of shares, the
PRAGMA Providence Fund (the "Fund"). In order to provide the Trust
with a net worth of at least $100,000 as required by Section 14 of the
Investment Company Act of 1940, as amended, I hereby offer to purchase
10,000 Shares of the Fund at a price of $10.00 per Share prior to the
effective date of the Registration Statement (on such date as may be
mutually agreed upon).
I will make payment for the Shares by delivery of a certified
or official bank check in the amount of $100,000 payable to the order
of the Trust or by wire transfer.
I represent and warrant to the Trust that the Shares are being
acquired by me for investment and not with a view to the resale or
further distribution thereof and that I have no present intention to
redeem the Shares.
I hereby agree that, in the event that any of the Shares
referred to above are redeemed prior to the amortization in full of
the Trust's organizational expenses, the proceeds of such redemption
will be reduced by the pro rata portion of any unamortized
organizational expenses in the same proportion as the number of such
Shares redeemed bears to the number of such Shares held at the time of
redemption and that, to the extent that the proceeds of any such
redemption are less than such pro rata portion of any then-unamortized
organizational expenses, I will reimburse the Trust promptly for such
unamortized organizational expenses.
PAGE
Please confirm that the foregoing correctly sets forth the
agreement with the Trust.
Very truly yours,
_____________________
Xxxx X. Xxxxx, xx.
Confirmed, as of the date first above written.
PRAGMA INVESTMENT TRUST
By____________________________
President
