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Exhibit 13
May 5, 1987
SUBSCRIPTION AGREEMENT
XXXX XXXXXXX WORLD TRUST, a business trust organized under the laws of
the Commonwealth of Massachusetts (the "Trust") and consisting of two series
portfolios, namely, Xxxx Xxxxxxx World Trust -- World Bond Portfolio ("World
Bond Portfolio"), and Xxxx Xxxxxxx World Trust -- Pacific Basin Equities
Portfolio, ("Pacific Basin Portfolio") (the "Funds"), and XXXX XXXXXXX ADVISERS,
INC., a Delaware corporation (the "Purchaser"), hereby agree with each other as
follows:
1. Proposed Registration of Shares of Beneficial Interest. The
Trust and the Funds propose to issue and sell to the public shares of beneficial
interest ("Shares") pursuant to a registration statement on Form N-1A (the
"Registration Statement") to be filed with the Securities and Exchange
Commission. In order to provide the Trust with a net worth of at least $100,000
as required by Section 14 of the Investment Company Act of 1940, as amended, and
additional capitalization, the Trust hereby offers the Purchaser at private
placement 20,000 Shares of the Trust representing 10,000 shares each of World
Bond Portfolio and Pacific Basin Portfolio at a price of $10.00 per share for
purchase prior to the effective date of the Registration Statement.
2. Purchase of Shares. The Purchaser agrees to purchase 20,000
Shares two days prior to the effective date of the Registration Statement (or
such earlier date as the parties may agree upon). The Shares will be purchased
at the purchase price of $10.00 per share. The Purchaser will make payment for
the 20,000 Shares to be purchased by it by delivery of a certified or official
bank check payable to the order of the Trust at least two business days prior to
the date specified by the Trust as the proposed effective date of the
Registration Statement in a written notice delivered to the Purchaser by the
Trust no later than three business days prior to such proposed effective date.
3. Purchase for Investment. The Purchaser represents and
warrants to the Trust that the Shares are being acquired by it for investment
and not with a view to the resale or further distribution thereof and that it
has no present intention to redeem the Shares.
4. Execution. This instrument is executed and made on behalf of
the Trust and the Funds by an officer of the Trust and the Funds. The name Xxxx
Xxxxxxx World Trust is the designation of the Trustees under the Declaration of
Trust, dated August 25, 1986, as amended from time to time. The Declaration of
Trust has been filed with the Secretary of State of the Commonwealth of
Massachusetts. The obligations of the Trust are not personally binding upon, nor
shall resort be had to the private property of, any of the Trustees,
shareholders, officers, employees, or agents of the Trust or the Funds, but the
Trust's property only shall be bound.
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5. Assignment. The right of the Purchaser to purchase the
Shares as set forth herein is not assignable without the consent of the Trust.
6. Notices, etc. All notices, requests and other communications
hereunder shall be in writing and shall be deemed to have been sufficiently
given if mailed by first-class mail or telegraphed and addressed as follows:
To the Trust: 000 Xxxxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
To the Funds: 000 Xxxxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
To the Purchaser: 000 Xxxxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
or in any case to such other address as shall have been specified by notice from
the addressee to the sender of such notice, request or other communication.
IN WITNESS WHEREOF, the parties hereto have executed this
agreement as of the date first above written.
XXXX XXXXXXX WORLD TRUST
By: /s/R. Xxxxx Xxxxxx
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Chairman of the Board
and President
XXXX XXXXXXX ADVISERS, INC.
By: /s/R. Xxxxx Xxxxxx
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Vice Chairman of the Board,
President and Chief
Executive Officer
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