Exhibit L
INVESTMENT LETTER
▇▇▇▇▇▇▇▇ TIME HORIZON/HARVESTER SERIES, INC.
▇▇▇▇▇▇▇▇ Time Horizon/Harvester Series, Inc. (the "Series"), an open-end
diversified management investment company, and the undersigned ("Purchaser"),
intending to be legally bound, hereby agree as follows:
1. In order to provide the Series with its initial capital, the Series hereby
sells to Purchaser and Purchaser purchases 3,502 shares of Class A Capital
Stock (par value $.001) of ▇▇▇▇▇▇▇▇ Time Horizon 30 Fund, 3,502 shares of
Class A Capital Stock (par value $.001) of ▇▇▇▇▇▇▇▇ Time Horizon 20 Fund,
3,502 shares of Class A Capital Stock (par value $.001) of ▇▇▇▇▇▇▇▇ Time
Horizon 10 Fund and 3,502 shares of Class A Capital Stock (par value $.001)
of ▇▇▇▇▇▇▇▇ Harvester Fund, in each case at a price of $7.14 per share (the
"Shares") as of the close of business on December 14, 1999. The Series
hereby acknowledges receipt from Purchaser of funds in the amount of
$100,017.12 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 14th day
of December, 1999 ("Purchase Date").
▇▇▇▇▇▇▇▇ TIME HORIZON/HARVESTER SERIES, INC.
By: /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Vice President
▇▇▇▇▇▇▇▇ ADVISORS, INC.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Title: President
