INVESTMENT LETTER
XXXXXXXX PENNSYLVANIA MUNICIPAL FUND SERIES
Xxxxxxxx Pennsylvania Municipal Fund Series (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 C share
(the "Share") of beneficial interest (par value $.001) of the Fund at a
price equivalent to the net asset value of one Class D share of the Fund as
of the close of business on May 27, 1999. The Fund hereby acknowledges
receipt from Purchaser of funds in such amount in full payment for the
Share.
2. Purchaser represents and warrants to the Fund that the Share is 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 Share.
IN WITNESS WHEREOF, the parties have executed this agreement as of the 28th
day of May, 1999.
XXXXXXXX PENNSYLVANIA MUNICIPAL FUND SERIES
By:
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Name: Xxxxxxxx X. Xxxxx
Title: Vice President
X. & X. XXXXXXXX & CO. INCORPORATED
By:
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Name: Xxxxx X. Xxxx
Title: President
