Exhibit 13
December 20, 1996
Board of Trustees
▇▇▇▇▇▇ ▇▇▇▇ Mutual Funds
▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇
Re: Subscription Agreement for Shares of
▇▇▇▇▇▇ ▇▇▇▇ Mutual Funds (the "Fund")
Dear Trustees:
▇▇▇▇▇▇ ▇▇▇▇ Life Insurance Company offers to purchase from the Fund 4,000
shares of beneficial interest in each portfolio of the Fund: the Small Cap
Growth Fund, the International Equity Fund and The Socially Responsible Fund; at
$10.00 per share for an aggregate purchase price of $120,000 in cash, all such
shares to be validly issued, fully paid and non-assessable upon issuance of such
shares and receipt by the Fund of said payment.
These shares are not being purchased with any present intent of
distributing or reselling the same to the public and will be held for the
investment of ▇▇▇▇▇▇ ▇▇▇▇ Life Insurance Company.
Sincerely,
▇▇▇▇▇▇ ▇▇▇▇ LIFE INSURANCE COMPANY
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Accepted and agreed to this
20th day of December, 1996.
▇▇▇▇▇▇ ▇▇▇▇ MUTUAL FUNDS
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇
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