EXHIBIT 99.23(L)
INVESTMENT LETTER
XXXXXXXX VALUE FUND SERIES, INC.
Xxxxxxxx Value Fund Series, Inc. (the "Fund"), an open-end 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
of Capital Stock (par value $.001) of the Xxxxxxxx Large-Cap Value Series
of the Fund (the "Large-Cap Value Series") at a price equivalent to the net
asset value of one Class D share of the Large-Cap Value Series as of the
close of business on May 27, 1999 and 1 Class C share of Capital Stock (par
value $.001) of the Xxxxxxxx Small-Cap Value Series of the Fund (the
"Small-Cap Value Series") at a price equivalent to the net asset value of
one Class D share of the Small-Cap Value Series as of the close of business
on May 27, 1999 (collectively, the "Shares"). 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 28th day
of May, 1999 ("Purchase Date").
XXXXXXXX VALUE 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: Xxxxx X. Xxxx
Title: President
