Exhibit 13 Initial Share Purchase Agreement - Government Short Duration, Short
Duration Plus, Intermediate Duration, Diversified Municipal and New York
Municipal Portfolios
XXXXXXX X. XXXXXXXXX FUND, INC.
SHARE PURCHASE AGREEMENT
XXXXXXX X. XXXXXXXXX FUND, INC., an open-end, management investment company
organized as a corporation under the laws of the State of Maryland (the "Fund")
on behalf of its separate, designated portfolios, Xxxxxxxxx Government Short
Duration Portfolio, Xxxxxxxxx Short Duration Plus Portfolio, Xxxxxxxxx New York
Municipal Portfolio, Bernstein Diversified Municipal Portfolio and Bernstein
Intermediate Duration Portfolio (each a "Portfolio," collectively the
"Portfolios"), and Xxxxxxx X. Xxxxxxxxx & Co., Inc., a New York corporation
("Purchaser"), hereby agree as follows:
1. In order to provide the Fund with its initial capital, the Fund hereby sells
to the Purchaser and the Purchaser hereby purchases from the Fund two thousand
(2,000) shares (the "Shares") of common stock, $.001 par value, of each
Portfolio at a purchase price of $12.50 per Share. The Fund on behalf of the
Portfolios hereby acknowledges receipt from the Purchaser of funds in the
amount of $125,000.00 (of which $25,000 shall be allocated to each Portfolio)
in full payment for the Shares.
2. The Purchaser represents and warrants to the Fund that the Shares are being
acquired for investment and not with a view to distribution thereof and that
the Purchaser has no present intention to dispose of the Shares.
3. The Purchaser hereby agrees that if any of the Shares are redeemed by the
Purchaser during the sixty (60) months after the Fund commences operations, the
Fund on behalf of the Portfolios will be reimbursed for any unamortized
organization or initial offering expenses in the same proportion as the number
of Shares being redeemed bears to the number of Shares outstanding at the time
of redemption.
4. This Agreement is made by the Fund pursuant to authority granted by the
Board of Directors, and the obligations created hereby are not binding on any
of the Directors or shareholders of the Fund individually, but bind only the
property of the Fund.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
12th day of October, 1988.
XXXXXXX X. XXXXXXXXX FUND, INC.
By: Xxxxxx X. Xxxxxx, Senior Vice President
XXXXXXX X. XXXXXXXXX & CO., INC.
By: Xxxxx X. Xxxxxxx, President
