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 B
share (the "Share") of Capital Stock (each par value $.001) of the
Seligman U.S. Government Securities Series (the "Series"), a series of the
Trust, at a price equivalent to the net asset value of one share of the
series as of the close of business on December 20, 1996. The Trust hereby
acknowledges receipt from the Purchaser of funds in such amount in full
payment for the Share.
2. Purchaser represents and warrants to the Trust that the Share is 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 Share.
IN WITNESS WHEREOF, the parties have executed this agreement as of the 20th day
of December, 1996 ("Purchase Date").
XXXXXXXX HIGH INCOME FUND SERIES
By: /S/ XXXXXXXX X. XXXXX
------------------------------
Name: Xxxxxxxx X. Xxxxx
Title: Vice President
X. & X. XXXXXXXX & CO. INCORPORATED
By: /S/ XXXXXXXX X. XXXXX
------------------------------
Name: Xxxxxxxx X. Xxxxx
Title: Senior Vice President
