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Exhibit 13
PURCHASE AGREEMENT
Salomon Brothers Institutional Series Funds Inc (the
"Company"), a Maryland corporation, and Salomon Brothers Asset Management Inc
("SBAM"), a Delaware corporation, hereby agree as follows:
1. The Company hereby offers SBAM and SBAM hereby
purchases the following shares of capital stock of the Company (par value $.001
per share): 3,333 shares of each of "High Yield Bond Fund Series" and
"Emerging Market Debt Fund Series" and 3,334 shares of "Asia Growth Fund
Series" for consideration of $10.00 per share (collectively, the "Shares").
SBAM hereby acknowledges receipt of a purchase confirmation reflecting the
purchase of the Shares, and the Company hereby acknowledges receipt from SBAM
of funds in the amount of $100,000.00 in full payment for the Shares.
2. SBAM represents and warrants to the Company that
the Shares are being acquired for investment purposes and not with a view to
the distribution thereof.
3. SBAM agrees that if it or any direct or indirect
transferee of any of the Shares redeems any of the Shares prior to the fifth
anniversary of the date the Company begins its investment activities, SBAM will
pay to the Company an amount equal to the number resulting from multiplying the
Company's total unamortized organizational expenses by a fraction, the
numerator of which is equal to the number of Shares redeemed by SBAM 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 administration
position of the staff of the Securities Exchange Commission requires such
reimbursement.
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IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the 21st day of March, 1996.
SALOMON BROTHERS INSTITUTIONAL SERIES
FUNDS INC
Attest:
/s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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President
(SEAL)
SALOMON BROTHERS ASSET MANAGEMENT INC
Attest:
/s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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President