Exhibit (13)(e)
PURCHASE AGREEMENT
The Galaxy Fund (the "Trust"), a Massachusetts business trust, and 440
Financial Distributors, Inc. ("440 Financial"), a Massachusetts corporation,
hereby agree as follows:
1. The Trust hereby offers 440 Financial and 440 Financial hereby
purchases one (1) share of Class T - Series 1 and one (1) share of Class T -
Series 2, at $10.00 per share, in the Trust's Corporate Bond Fund (the "Fund").
The shares are the "initial shares" of the Fund. 440 Financial hereby
acknowledges receipt of a purchase confirmation reflecting the purchase of two
shares, and the Trust hereby acknowledges receipt from 440 Financial of funds in
the amount of $20.00 in full payment for the shares.
2. 440 Financial represents and warrants to the Trust that the share
are being acquired for investment purposes and not for the purpose of
distribution.
3. 440 Financial agrees that if it or any direct or indirect
transferee of the shares redeems the shares prior to the fifth anniversary of
the date of the Fund begins investment activities, 440 Financial will pay to the
Trust an amount equal to the number resulting from multiplying the Fund's total
unamortized organizational expenses by a fraction, the numerator of which is
equal to the number of shares redeemed by 440 Financial 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.
4. The Trust represents that a copy of its Declaration of Trust,
dated March 31, 1986, together with all amendments thereto, is on file in the
Office of the Secretary of the Commonwealth of Massachusetts.
5. The names "The Galaxy Fund" and "Trustees of The Galaxy Fund"
refer respectively to the Trust created and the Trustees, as trustees but not
individually or personally, acting from time to time under a Declaration of
Trust dated March 31, 1986 which is hereby referred to and a copy of which is on
file at the office of the State Secretary of the Commonwealth of Massachusetts
and at the principal office of the Trust. The obligations of "The Galaxy Fund"
entered into in the name or on behalf thereof by any of the Trustees,
representatives or agents are made not individually, but in such capacities, and
are not binding upon any of the Trustees, shareholders, or representatives of
the Trust personally, but bind only the Trust Property, and all persons dealing
with any clasp of shares of the Trust must look solely to the Trust Property
belonging to such class for the enforcement of any claims against the Trust.
IN WITNESS WHEREOF the parties hereto have executed this Agreement as
of the 19th day of May, 1994.
Attest: THE GALAXY FUND
/s/W. Xxxxx XxXxxxxx, III By:/s/Xxxx X. X'Xxxxx
------------------------- --------------------------
Secretary Xxxx X. X'Xxxxx
(SEAL) President
Attest: 440 FINANCIAL DISTRIBUTORS, INC.
/s/illegible By:/s/illegible
------------------------- --------------------------
Secretary President
(SEAL)
-2-
