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Exhibit 23 (l)
Initial Capital Agreement
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C-13
The ▇▇▇▇▇▇▇▇▇▇ Funds III
▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Ladies and Gentlemen:
The undersigned hereby subscribes for the purchase of 10,000 shares of
beneficial interest (the "Shares") of ▇▇▇▇▇▇▇▇▇▇ Variable Series: Growth Fund
(the "Fund"), a separate series of The ▇▇▇▇▇▇▇▇▇▇ Funds III (the "Trust"), at
$10.00 per share for a total investment of $100,000. In connection with said
subscription, the undersigned hereby represents that:
1. There is no present reason to anticipate any change in circumstances
or any other occasion or event which would cause the undersigned to sell or
redeem the Shares shortly after the purchase thereof.
2. There are no agreements or arrangements between the undersigned and
the Trust, or any of its officers, trustees, employees or the investment manager
of the Fund, or any affiliated persons thereof with respect to the resale,
future distribution or redemption of the shares.
3. The sale of the Shares will only be made by redemption to the Fund
and not by a transfer to any third party without the consent of the Trust.
4. The undersigned is aware that in issuing and selling these Shares,
the Fund and the Trust are relying upon the aforementioned representations.
▇▇▇▇▇▇▇▇▇▇ ASSET MANAGEMENT, L.P.
Dated: April 7, 1995 By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇
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Title Vice President
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