INVESTMENT LETTER
XXXXXXXX MUNICIPAL FUND SERIES, INC.
Xxxxxxxx Municipal Fund Series, Inc. (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
of Capital Stock (par value $.001) of each of Xxxxxxxx National Municipal
Series, Xxxxxxxx Colorado Municipal Series, Xxxxxxxx Georgia Municipal
Series, Xxxxxxxx Louisiana Municipal Series, Xxxxxxxx Maryland Municipal
Series, Xxxxxxxx Massachusetts Municipal Series, Xxxxxxxx Michigan
Municipal Series, Seligman Minnesota Municipal Series, Xxxxxxxx Missouri
Municipal Series, Xxxxxxxx New York Municipal Series, Xxxxxxxx Ohio
Municipal Series, Xxxxxxxx Oregon Municipal Series, and Xxxxxxxx South
Carolina Municipal Series, each a series of the Fund, (the "Shares") each
at a price equivalent to the net asset value of one Class D share of the
same Series as of the close of business on May 27, 1999. 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
28tfhday of May, 1999.
XXXXXXXX MUNICIPAL FUND SERIES, INC.
By: ________________________________
Name: Xxxxxxxx X. Xxxxx
Title: Vice President
X. & X. XXXXXXXX & CO. INCORPORATED
By: ________________________________
Name: Xxxxx X. Xxxx
Title: President
