Exhibit 13
PURCHASE AGREEMENT
Purchase Agreement dated November 25, 1998 between Xxxxxx Income Trust,
a business trust organized under the laws of The Commonwealth of Massachusetts
(the "Fund") and Xxxxxxx Xxxxxx Investments, Inc. (the "Investment Manager"), a
corporation organized under the laws of the State of Delaware.
WHEREAS, the Fund is an investment company registered under the
Investment Company Act of 1940, as amended (the "1940 Act");
WHEREAS, the Fund proposes to issue and sell shares of its shares of
beneficial interests, par value $0.01 per share (its "Shares") to the public
pursuant to a Registration Statement on Form N-1A (the "Registration Statement")
filed with the Securities and Exchange Commission; and
WHEREAS, Section 14(a) of the 1940 Act requires each registered
investment company to have a net worth of at least $100,000 before making a
public offering of its Shares;
NOW, THEREFORE, the Fund and the Investment Manager agree as follows:
1. The Fund offers to sell to the Investment Manager, and the Investment
Manager agrees to purchase from the Fund Shares of the Fund for an
aggregate price of $100,000 on a date to be specified by the Fund prior to
the effective date of the Registration Statement.
2. The Investment Manager represents and warrants to the Fund that the
Investment Manager is acquiring the Shares for investment purposes only and
not with a view to resale or further distribution.
3. The Investment Manager's right under this Purchase Agreement to purchase
the Shares is not assignable.
IN WITNESS WHEREOF, the Fund and the Investment Manager have caused their
duly authorized officers to execute this Purchase Agreement as of the date first
above written.
XXXXXX INCOME TRUST XXXXXXX XXXXXX INVESTMENTS, INC.
By: By:
-------------------------- -----------------------
Name: Xxxx X. Xxxxxx Name: Xxxxxxx X. Xxxxxxxx
Title: President Title: Treasurer
