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. In order to provide the Fund with its initial capital, the Fund hereby
sells to Purchaser and Purchaser purchases 7,003 shares of Class A Capital
Stock (par value $.001) of Xxxxxxxx Large-Cap Value Fund and 7,003 shares
of Class A Capital Stock (par value $.001) of Xxxxxxxx Small-Cap Value
Fund, in each case at a price of $7.14 per share (the "Shares") as of the
close of business on April 4, 1997. The Fund hereby acknowledges receipt
from Purchaser of funds in the amount of $100,002.84 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 4th day
of April, 1997 ("Purchase Date").
XXXXXXXX VALUE FUND SERIES, INC.
By: /s/ Xxxxxxxx X. Xxxxx
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Name: Xxxxxxxx X. Xxxxx
Title: Vice President
XXXXXXXX FINANCIAL SERVICES, INC.
By: /s/ Xxxxxxx X. Xxxxxxx
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Name: Xxxxxxx X. Xxxxxxx
Title: President
