INVESTMENT LETTER
▇▇▇▇▇▇▇▇ MUNICIPAL SERIES TRUST
▇▇▇▇▇▇▇▇ Municipal Series Trust (the "Trust"), an open-end, non-diversified
management investment company, and the undersigned ("Purchaser"), intending to
be legally bound, hereby agree as follows:
1. The Trust hereby sells to Purchaser and Purchaser purchases 1 Class C share
of beneficial interest (par value $.001) of each of ▇▇▇▇▇▇▇▇ California
Municipal High-Yield Series, ▇▇▇▇▇▇▇▇ California Municipal Quality Series,
▇▇▇▇▇▇▇▇ Florida Municipal Series and ▇▇▇▇▇▇▇▇ North Carolina Municipal
Series, each a series of the Trust, (the "Shares") each at a price
equivalent to the net asset value of one Class D share of the same Series
as of the close of business on May 27, 1999. The Trust hereby acknowledges
receipt from the Purchaser of funds in such amount in full payment for the
Shares.
2. Purchaser represents and warrants to the Trust that the Shares are being
acquired for investment and not with a view to distribution thereof, and
that Purchaser has no present intention to redeem or dispose of the Shares.
IN WITNESS WHEREOF, the parties have executed this agreement as of the 28th
day of May, 1999.
▇▇▇▇▇▇▇▇ MUNICIPAL SERIES TRUST
By:
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Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Vice President
▇. & ▇. ▇▇▇▇▇▇▇▇ & CO. INCORPORATED
By:
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Name: ▇▇▇▇▇ ▇. ▇▇▇▇
Title: President
