INVESTMENT LETTER
XXXXXXXX TAX-EXEMPT FUND SERIES, INC.
Xxxxxxxx Tax-Exempt Fund Series, Inc. (the "Fund"), an open-end, non-diversified
management investment company, and the undersigned ("Purchaser"), intending to
be legally bound, hereby agree as follows:
1. The Fund hereby sells to Purchaser and Purchaser purchases 1 Class D share
each (the "Shares") of Capital Stock (each par value $.001) of the Xxxxxxxx
National Tax-Exempt Series, Xxxxxxxx Colorado Tax-Exempt Series, Xxxxxxxx
Georgia Tax-Exempt Series, Xxxxxxxx Louisiana Tax-Exempt Series, Xxxxxxxx
Maryland Tax-Exempt Series, Xxxxxxxx Massachusetts Tax-Exempt Series,
Xxxxxxxx Michigan Tax-Exempt Series, Seligman Minnesota Tax-Exempt Series,
Xxxxxxxx Missouri Tax-Exempt Series, Xxxxxxxx New York Tax-Exempt Series,
Xxxxxxxx Ohio Tax-Exempt Series, Xxxxxxxx Oregon Tax-Exempt Series, and
Xxxxxxxx South Carolina Tax-Exempt Series (collectively, the "Series"),
series of the Fund at a price equivalent to the net asset value of one
share of each Series as of the close of business on January 31, 1994. The
Fund hereby acknowledges receipt from the Purchaser of funds in such amount
in full payment for the Shares.
2. Purchaser represents and warrants to the Fund 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 31st day
of January, 1994.
XXXXXXXX TAX-EXEMPT FUND SERIES, INC.
By:
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Name: Xxxxxxxx X. Xxxxx
Title: Vice President
X. & X. XXXXXXXX & CO. INCORPORATED
By:
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Name: Xxxxxxxx X. Xxxxx
Title: Senior Vice President
