INVESTMENT LETTER
XXXXXXXX HIGH INCOME FUND SERIES
Xxxxxxxx High Income Fund Series (the "Trust"), an open-end 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 C share
of Beneficial Interest (par value $.001) of the Xxxxxxxx High-Yield Bond
Series of the Trust (the "High-Yield Series") at a price equivalent to the
net asset value of one Class D share of the High-Yield Series as of the
close of business on May 27, 1999 and 1 Class C share of Beneficial
Interest (par value $.001) of the Seligman U.S. Government Securities
Series of the Trust (the "U.S. Government Securities Series") at a price
equivalent to the net asset value of one Class D share of the U.S.
Government Securities Series as of the close of business on May 27, 1999
(the "Shares"). 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 the Shares.
IN WITNESS WHEREOF, the parties have executed this agreement as of the 28th
day of May, 1999 ("Purchase Date").
XXXXXXXX HIGH INCOME FUND SERIES
By:______________________________
Name: Xxxxxxxx X. Xxxxx
Title: Vice President
X. & X. XXXXXXXX & CO. INCORPORATED
By:______________________________
Name: Xxxxx X. Xxxx
Title: President
