EXHIBIT 13
PURCHASE AGREEMENT
Sierra Asset Management Portfolios (the "Trust"), a Massachusetts Business
Trust, and Sierra Fund Administration Corporation, a California Corporation
("Sierra Administration"), intending to be legally bound, hereby agree as
follow:
1. In order to provide the Trust with its initial capital, the Trust hereby
sells to Sierra Administration and Sierra Administration hereby purchases Class
A and Class B Shares of the Fund's Income, Value, Balanced, Growth and Capital
Growth Portfolios (individually, a "Portfolio" and collectively the
"Portfolios"), with no par value per share, as follows: 1,000 Class A and 1,000
Class B Shares of each Sierra Asset Management Portfolio at $10.00 per share.
The Trust hereby acknowledges receipt from Sierra Administration of $100,000 in
full payment for the shares.
2. Sierra Administration represents and warrants to the Trust that the Class
A and Class B Shares of each Portfolio are being acquired for investment and not
with a view to distribute thereof and that Sierra Administration has no present
intention to redeem or dispose of any of the Class A and Class B Shares.
3. Sierra Administration hereby agrees that it will not redeem any of the
Class A and Class B Shares prior to the time that the Trust has completed the
amortization of its organizational expenses. In the event that the Trust, or a
Portfolio of the Trust, liquidates before the deferred organizational expenses
are fully amortized, then the Class A and Class B Shares shall bear their
proportionate share of such unamortized organizational expenses.
IN WITNESS WHEREOF, the parties have executed this agreement as of the 18th
day of July, 1996.
Sierra Asset Management Portfolios
/s/ F. Xxxxx Xxxxxx
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By: F. Xxxxx Xxxxxx
Title: President
Sierra Fund Administration Corporation
/s/ Xxxxx X. Xxxxxx
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By: Xxxxx X. Xxxxxx
Title: Vice President and Controller
