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EXHIBIT 13
SUBSCRIPTION AGREEMENT
Subscription Agreement dated February 10, 1988 between Xxxxx Funds, Inc., a
Maryland corporation (the "Fund"), and Xxxxx & Company, a New York Limited
Partnership ("Cowen").
WHEREAS, the Fund is an investment company registered under the Investment
Company Act of 1940, as amended (the "1940 Act"); and
WHEREAS, the Fund proposes to issue and sell its common stock (the "Common
Stock") to the public pursuant to a Registration Statement on Form N-1A (the
"Registration Statement") filed with the Securities and Exchange Commission; and
WHEREAS, Section 14(a) of the 1940 Act requires registered investment companies
to have a net worth of at least $100,000 before making a public offering of its
securities;
NOW, THEREFORE, the Fund and Cowen agree as follows:
1. The Fund offers to sell to Cowen, and Cowen agrees to purchase from the Fund,
shares of the Common Stock (the "Shares"), consisting of 10,000 Shares of Xxxxx
Opportunity Fund and 1,000 Shares of Cowen Special Value Fund, at a price of
$10.00 per Share on a date, to be specified by the Fund, prior to the effective
date of the Registration Statement.
2. Cowen represents and warrants to the Fund that Cowen is acquiring the Shares
for investment and not with a view to resale or further distribution of the
Shares.
3. Xxxxx'x right under this Subscription Agreement to purchase the Shares
is not assignable.
IN WITNESS WHEREOF, the Fund and Cowen have caused their duly authorized
officers to execute this Subscription Agreement as of the date first above
written.
XXXXX FUNDS, INC.
By: /s/ Xxxxxx X. Xxxxx, Chairman of the Board
XXXXX & COMPANY
By: /s/ Xxxxxx X. Xxxxx, General Partner
