EXHIBIT 23(l)
Investment Letter
INVESTMENT LETTER
▇▇▇▇▇▇▇▇ CAPITAL FUND, INC.
▇▇▇▇▇▇▇▇ Capital Fund, Inc. (the "Fund"), an open-end diversified management
investment company, and the undersigned ("Purchaser"), intending to be legally
bound, hereby agree as follows:
1. The Fund hereby sells to Purchaser and Purchaser purchases such number of
Class I shares (the "Shares") of Capital Stock (par value $1.00) of the
Fund corresponding to a $1,000.00 investment, at a price per share
equivalent to the net asset value of one Class A share of the Fund as of
the close of business on November 30, 2001 (the "Purchase Date"). The Fund
hereby acknowledges receipt from Purchaser of funds in the amount of
$1,000.00 in full payment for the Shares.
2. Purchaser represents and warrants to the Fund that the Shares are being
acquired for investment and not with a view to distribution thereof, and
that Purchaser has no present intention to redeem or dispose of the Shares.
IN WITNESS WHEREOF, the parties have executed this agreement as of the Purchase
Date.
▇▇▇▇▇▇▇▇ CAPITAL FUND, INC.
By: /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Vice President
▇▇▇▇▇▇▇▇ ADVISORS, INC.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Title: President