Capstone Church Bond Fund
EXHIBIT (P)
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Houston, TX 77057
September 23, 2005
Capstone Asset Management Company
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Dear Sirs:
Capstone Church Bond Fund ("Fund") hereby accepts your offer to purchase 4,000 shares of the Fund at a price of $25.00 per share for an aggregate purchase price of $100,000. This agreement is subject to the understanding that you have no present intention of selling or redeeming the shares so acquired.
Any redemption of these shares by you will be reduced by a pro rata portion of any then unamortized organization expenses of the Fund. This proration will be calculated by dividing the number of shares to be redeemed by the aggregate number of shares held which represent the initial capital of the Fund.
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Sincerely, |
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President |
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Accepted: Capstone Asset Management Company |
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President |