Exhibit 23(l)(2)
INVESTMENT LETTER
XXXXXXXX XXXXXXXXXXXXX ETF PORTFOLIOS, INC.
Xxxxxxxx TargetHorizon ETF Portfolios, Inc. (the "Series"), an open-end
management investment company, and the undersigned ("Purchaser"), intending to
be legally bound, hereby agree as follows:
1. In order to provide Xxxxxxxx TargETFund 2045 and Xxxxxxxx TargETFund 2035
(each, a "Fund" of the Series) with initial capital, the Series hereby sells
to Purchaser and Purchaser hereby purchases 2,500 shares of Class A Capital
Stock of each Fund and 1,000 shares of each of Class C, Class D, Class I and
Class R Capital Stock of each Fund (all such shares with a par value $0.001)
at a price of $8.10 per share (the "Shares") as of the close of business on
the date hereof, which amounts to $105,300.00 for the Shares.
2. Purchaser represents and warrants to the Series 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 21/st/
day of September, 2006.
XXXXXXXX TARGETHORIZON
ETFPORTFOLIOS, INC.
By: /s/ Xxxxxxxx X. Xxxxx
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Name: Xxxxxxxx X. Xxxxx
Title: Vice President and Treasurer
XXXXXXXX ADVISORS, INC.
By: /s/ Xxxxxx X. Xxxx
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Name: Xxxxxx X. Xxxx
Title: Senior Vice President
