▇▇▇▇ ▇▇▇▇▇▇▇ CAPITAL SERIES
▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇▇ Funds, Inc.
▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Ladies and Gentlemen:
Pursuant to Section 14 of the Distribution Agreement dated as of August 1,
1991 between ▇▇▇▇ ▇▇▇▇▇▇▇ Capital Series (the "Trust") and ▇▇▇▇ ▇▇▇▇▇▇▇ Broker
Distribution Services, Inc. (now known as ▇▇▇▇ ▇▇▇▇▇▇▇ Funds, Inc.), please be
advised that the Trust has established two new series of its shares, namely,
▇▇▇▇ ▇▇▇▇▇▇▇ Independence Equity Fund and ▇▇▇▇ ▇▇▇▇▇▇▇ Utilities Fund (the
"Funds"), and please be further advised that the Trust desires to retain ▇▇▇▇
▇▇▇▇▇▇▇ Funds, Inc. to serve as distributor and principal underwriter under the
Distribution Agreement for the Funds.
Please indicate your acceptance of this responsibility by signing this
letter as indicated below.
▇▇▇▇ ▇▇▇▇▇▇▇ FUNDS, INC. ▇▇▇▇ ▇▇▇▇▇▇▇ CAPITAL SERIES
By: /s/▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇. By: /s/▇▇▇▇ ▇. ▇▇▇▇▇▇▇
---------------------------- -----------------------
Chairman, President & CEO President
Dated: August 30, 1996
