Exhibit l
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 2025, Xxxxxxxx TargETFund 2015
and Xxxxxxxx TargETFund Core, each a fund of the Series, with initial
capital, the Series hereby sells to Purchaser and Purchaser purchases
1,870 shares of Class A Capital Stock of each Fund and 700 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 $.001) at a price of $7.14 per share
(the "Shares") as of the close of business on the date hereof. The
Series hereby acknowledges receipt from Purchaser of funds in the amount
of $100,031.40 in full payment 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 9th day
of September, 2005.
XXXXXXXX XXXXXXXXXXXXX
ETF PORTFOLIOS, 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
