Exhibit (13)(b)
PURCHASE AGREEMENT
Purchase Agreement dated March 27, 1991 between IBM Mutual Funds, a
business trust organized under the laws of the Commonwealth of Massachusetts
(the "Trust"), and IBM Credit Corporation, a corporation organized under the
laws of Delaware ("IBM Credit").
WHEREAS, the Trust is an investment company registered under the Investment
Company Act of 1940, as amended (the "1940 Act"); and
WHEREAS, the Trust proposes to issue and sell shares of beneficial
interest, par value $.001 per share (the "Shares"), of its IBM Treasury Bond
Index Fund (the "Fund") to the public pursuant to a Registration Statement on
Form N-1A filed with the Securities and Exchange Commission.
NOW THEREFORE, the Trust and IBM Credit agree as follows:
1. The Trust offers to sell to IBM Credit, and IBM Credit agrees to
purchase from the Trust, one (1) Share of the Fund at a price of
$10.00 per Share (the "Trust Purchased Shares") on the date hereof.
2. IBM Credit represents and warrants to the Trust that IBM Credit is
acquiring the Share of the Fund for investment purposes only and that
the Share will be sold only pursuant to a registration statement under
the Securities Act of 1933, as amended, or an applicable exemption
from those registration requirements.
3. IBM Credit's right under this Purchase Agreement to purchase the Share
is not assignable.
IN WITNESS WHEREOF, the Trust and IBM Credit have caused their duly
authorized officers to execute this Purchase Agreement as of the date first
above written.
IBM MUTUAL FUNDS
By: /s/ Xxxx X. Xxxxxx
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Name: Xxxx X. Xxxxxx
Title: Vice President
IBM CREDIT CORPORATION
By: /s/ Xxxxx X. Xxxxxx
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Name: Xxxxx X. Xxxxxx, Xx.
Title: Vice President
