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SALOMON BROTHERS INSTITUTIONAL INVESTMENT SERIES
7 World Trade Center
New York, New York 10048
(800) SALOMON
(800) 725-6666
SUPPLEMENT DATED DECEMBER 1, 1997 TO PROSPECTUS DATED
APRIL 29, 1997
The following information supplements and should be read in conjunction with the
caption "Investment Manager" and the caption "Distributor" under the heading of
the current Prospectus for Salomon Brothers Institutional Investment Series (the
"Institutional Series") entitled "Management:"
"On November 28, 1997, Salomon Inc ("Salomon"), the ultimate parent company
of Salomon Brothers Asset Management Inc ("SBAM"), Salomon Brothers Asset
Management Asia Pacific Limited ("SBAM AP"), and Salomon Brothers Inc ("Salomon
Brothers"), the Institutional Series Funds' distributor, merged with and into
Smith Barney Holdings Inc., a subsidiary of Travelers Group Inc. ("Travelers"),
to form a new company called Salomon Smith Barney Holdings Inc. (the
"Transaction"). Upon consummation of the Transaction, Travelers became the
ultimate parent of SBAM, SBAM AP and Salomon Brothers, which continue to serve
as the investment adviser, subadvisers and distributor, respectively, to the
Institutional Series. Travelers is a diversified financial services company
engaged in investment services, asset management, consumer finance and life and
property casualty insurance services.
Under certain interpretations, the Transaction might be deemed to create an
"assignment," as defined in the Investment Company Act of 1940, as amended, of:
(i) the Management Contracts with SBAM; (ii) the Subadvisory Agreements between
SBAM and SBAM AP, with regard to certain of the Funds; and (iii) the
Distribution Agreements with Salomon Brothers, which, if so interpreted, would
have resulted in the termination of such contracts and agreements. Accordingly,
the Board approved new management contracts, subadvisory agreements and
distribution agreements for the Funds identical in all material respects to the
existing contracts and agreements, which became effective on November 28, 1997.
The new management and subadvisory agreements will be presented to stockholders
for approval at Special Meetings of Stockholders scheduled to held on January
14, 1998."
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SALOMON BROTHERS INSTITUTIONAL INVESTMENT SERIES
7 World Trade Center
New York, New York 10048
(800) SALOMON
(800) 725-6666
SUPPLEMENT DATED DECEMBER 1, 1997 TO
STATEMENT OF ADDITIONAL INFORMATION DATED
APRIL 29, 1997
The following information supplements and should be read in conjunction with the
captions "Investment Manager" and "Distributor" contained under the heading of
the current Statement of Additional Information for Salomon Brothers
Institutional Investment Series (the "Institutional Series") entitled
"Investment Management:"
"On November 28, 1997, Salomon Inc ("Salomon"), the ultimate parent company
of Salomon Brothers Asset Management Inc ("SBAM"), Salomon Brothers Asset
Management Asia Pacific Limited ("SBAM AP"), and Salomon Brothers Inc ("Salomon
Brothers"), the Institutional Series Funds' distributor, merged with and into
Smith Barney Holdings Inc., a subsidiary of Travelers Group Inc. ("Travelers"),
to form a new company called Salomon Smith Barney Holdings Inc. (the
"Transaction"). Upon consummation of the Transaction, Travelers became the
ultimate parent of SBAM, SBAM AP and Salomon Brothers, which continue to serve
as the investment adviser, subadvisers and distributor, respectively, to the
Series. Travelers is a diversified financial services company engaged in
investment services, asset management, consumer finance and life and property
casualty insurance services.
Under certain interpretations, the Transaction might be deemed to create an
"assignment," as defined in the Investment Company Act of 1940, as amended, of:
(i) the Management Contracts with SBAM; (ii) the Subadvisory Agreements between
SBAM AP, with regard to certain of the Funds; and (iii) the Distribution
Agreements with Salomon Brothers, which, if so interpreted, would have resulted
in the termination of such contracts and agreements. Accordingly, the Board
approved new management contracts, subadvisory agreements and distribution
agreements for the Funds identical in all material respects to the existing
contracts and agreements, which became effective on November 28, 1997. The new
management and subadvisory agreements will be presented to stockholders for
approval at Special Meetings of Stockholders scheduled to held on January 14,
1998."
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