EXHIBIT 13
FORM OF PURCHASE AGREEMENT
The Portland Mutual Funds (the "Trust"), an unincorporated business trust
organized under the laws of the State of Delaware and Union Bond & Trust Company
("UBT"), hereby agree as follows:
1. The Trust hereby offers UBT and UBT hereby purchases _______ shares of
beneficial interest of the Trust, no par value (the "Shares"), consisting of
________ Class B Shares in the Portland Stable Investment Fund (the "Fund"), a
series of the Trust, at a price of $1.00 per Share. UBT hereby acknowledges
receipt of the Shares acquired in the Fund and the Trust hereby acknowledges
receipt from UBT of $100,000 in full payment for the Shares.
2. UBT represents and warrants to the Trust that the Shares are being
acquired for investment purposes and not for the purpose of distribution.
3. UBT agrees that if it redeems the Shares in the Fund before five years
after the date of this Agreement, it will pay to the Trust an amount that is
equal to the number resulting from multiplying the Trust's total unamortized
organizational expenses allocable to the Fund involved by a fraction, the
numerator of which is equal to the number of Shares of the Fund redeemed and the
denominator of which is equal to the aggregate number of Shares of the Fund
outstanding at the time of such redemption.
4. The Trust represents that a copy of its Certificate of Trust, dated
September 24, 1997, together with all amendments thereto, is on file in the
office of the Secretary of the State of Delaware.
5. This Agreement has been executed on behalf of the Trust by the
undersigned officer of the Trust in his capacity as an officer of the Trust.
The obligations of this Agreement shall be binding upon the assets and property
of the Trust only and shall not be binding upon any Trustee, officer or
shareholder of the Trust individually.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the ________ , 1997.
THE PORTLAND MUTUAL FUNDS
By:
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ATTEST: Title:
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UNION BOND & TRUST COMPANY
By:
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ATTEST: Title:
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