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Exhibit 13(a)
PURCHASE AGREEMENT
XX Xxxxxx Trust Funds (the "Company"), a Massachusetts Business Trust,
and Shearson Xxxxxx Xxxxxx, Inc. ("Shearson") a Delaware Corporation, hereby
agree as follows:
1. The Company hereby offers Shearson and Shearson hereby purchases
20,000 shares in the Company's GW Global Income Money Market Fund, 10,000 shares
in the Company's GW U.S. Government Money Market Fund, 10,000 shares in the
Company's GW California Municipal Money Market Fund, all at $1.00 per share, and
2,000 shares (at $10.00 per share) in each of the Company's GW U.S. Government
Securities Fund, GW California Municipal Income Fund and GW Growth and Income
Fund. Shearson hereby acknowledges receipt of a purchase confirmation reflecting
the purchase of 46,000 shares, and the Company hereby acknowledges receipt from
Shearson of funds in the amount of $100,000 in full payment for the shares.
2. Shearson represents and warrants to the Company that the shares are
being acquired for investment purposes and not with a view to the distribution
thereof.
3. Shearson agrees that if it or any direct or indirect transferee of
any of the shares redeems any of the shares prior to the fifth anniversary of
the date the Company begins its investment activities, Shearson will pay to the
Company an amount equal to the number resulting from multiplying the Company's
total unamortized organizational expenses by a fraction, the numerator of which
is equal to the number of shares redeemed by Shearson or such transferee and the
denominator of which is equal to the number of shares outstanding as of the date
of such redemption, as long as the administrative position of the staff of the
Securities and Exchange Commission requires such reimbursement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the 10th day of July, 1989.
XX XXXXXX TRUST FUNDS
Attest:
/s/ XXXXXXX XXX By: /s/ XXXXX XXX
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(SEAL) SHEARSON XXXXXX XXXXXX, INC.
Attest:
/s/ [SIG] By: /s/ [SIG]
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