INVESTMENT LETTER
XXXXXXXX TAX-EXEMPT SERIES TRUST
Xxxxxxxx Tax-Exempt Series Trust (the "Trust"), an open-end, non-diversified
management investment company, and the undersigned ("Purchaser"), intending to
be legally bound, hereby agree as follows:
1. The Trust hereby sells to Purchaser and Purchaser purchases 1 Class D share
each (the "Shares") of beneficial interest (each par value $.001) of the
Xxxxxxxx California Tax-Exempt Quality Series, Xxxxxxxx California
Tax-Exempt High-Yield Series, Xxxxxxxx Florida Tax-Exempt Series and
Xxxxxxxx North Carolina Tax-Exempt Series (collectively, the "Series"),
series of the Trust 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
Trust hereby acknowledges receipt from the Purchaser of funds in such
amount in full payment for the Shares.
2. Purchaser represents and warrants to the Trust 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 each Share.
IN WITNESS WHEREOF, the parties have executed this agreement as of the 31st day
of January, 1994.
XXXXXXXX TAX-EXEMPT SERIES TRUST
By:
---------------------------------------------
Name: Xxxxxxxx X. Xxxxx
Title: Vice President
X. & X. XXXXXXXX & CO. INCORPORATED
By:
---------------------------------------------
Name: Xxxxxxxx X. Xxxxx
Title: Senior Vice President
