Exhibit (l)

                               PEARL MUTUAL FUNDS

                             Subscription Agreement


     1.   Shares Subscription. The undersigned agrees to purchase from Pearl
Mutual Funds (the "Trust") the number of shares (the "Shares") of the series
designated Pearl Aggressive Growth Fund (the "Fund"), without par value, set
forth at the end of this Agreement on the terms and conditions set forth herein
and in the Preliminary Prospectus ("Preliminary Prospectus") described below,
and hereby tenders the amount of the price required to purchase these Shares at
the price set forth at the end of this Agreement.

          The undersigned understands that the Trust has prepared a registration
statement or an amendment thereto for filing with the Securities and Exchange
Commission on Form N-1A, which contains the Preliminary Prospectus which
describes the Trust, the Fund and the Shares. By its signature hereto, the
undersigned hereby acknowledges receipt of a copy of the Preliminary Prospectus.
The undersigned recognizes that the Trust will not be fully operational until
such time as the it commences the public offering of the Fund's shares.
Accordingly, a number of features of the Fund described in the Preliminary
Prospectus, including, without limitation, the declaration and payment of
dividends, and redemption of shares upon request of shareholders, are not, in
fact, in existence at the present time and will not be instituted until the
Trust's registration under the Securities Act of 1933 is made effective.

     2.   Representations and Warranties. The undersigned hereby represents and
warrants as follows:

     (a)  It is aware that no Federal or state agency has made any findings or
          determination as to the fairness for investment, nor any
          recommendation or endorsement, of the Shares;

     (b)  It has such knowledge and experience of financial and business matters
          as will enable it to utilize the information made available to it in
          connection with the offering of the Shares, to evaluate the merits and
          risks of the prospective investment and to make an informed investment
          decision;

     (c)  It recognizes that the Trust has no financial or operating history
          and, further, that investment in the Trust involves certain risks, and
          it has taken full cognizance of and understands all of the risks
          related to the purchase of the Shares, and it acknowledges that it has
          suitable financial resources and anticipated income to bear the
          economic risk of such an investment;

     (d)  It is purchasing the Shares for its own account, for investment, and
          not with any present intention of redemption, distribution, or resale
          of the Shares, either in whole or in part;

     (e)  It will not sell the Shares purchased by it without registration of
          the Shares under the Securities Act of 1933 or exemption therefrom;

     (f)  This Agreement and the Preliminary Prospectus and such material
          documents relating to the Fund as it has requested have been provided
          to it by the Trust and have been reviewed carefully by it; and

     (g)  It has also had the opportunity to ask questions of, and receive
          answers from, representatives of the Trust concerning the Fund and the
          terms of the offering.



     3.   The undersigned recognizes that the Trust reserves the unrestricted
right to reject or limit any subscription and to close the offer at any time.

     4.   The undersigned certifies under penalties of perjury that the number
shown on this agreement is the correct taxpayer identification number and that
it is not subject to backup withholding as a result of failure to report all
interest and dividend income to the Internal Revenue Service.

     Number of Shares of the series designated Pearl Aggressive Growth Fund:
10,000 at a subscription price of $10.00 per share, for an aggregate price of
$100,000.

     IN WITNESS WHEREOF, the undersigned have executed this instrument this
7th day of May, 2001.

                                       42-1190366
                                       ______________________________
                                       Taxpayer Identification Number



                                       INVESTOR PROTECTION, INC.

                                       By: /s/ I. Maurene Failor
                                           __________________________________
                                           I. Maurene Failor, General Partner

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