INVESTMENT LETTER
XXXXXXXX INVESTMENT GRADE FIXED INCOME FUND, INC.
Xxxxxxxx Investment Grade Fixed Income Fund, 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 1,400 shares each of Class A,
Class B, Class C and Class D Capital Stock (par value $.001) of the Fund
and 8,406 shares of Class I Capital Stock (par value $.001) at a price of
$7.14 per share (the "Shares") as of the close of business on August 21,
2001. 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 21st day
of August, 2001 ("Purchase Date").
XXXXXXXX INVESTMENT GRADE
FIXED INCOME FUND, INC.
By: /s/ Xxxxxxxx X. Xxxxx
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Name: Xxxxxxxx X. Xxxxx
Title: Vice President and Treasurer
XXXXXXXX ADVISORS, INC.
By: /s/ Xxxxxxx X. Xxxxxxx
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Name: Xxxxxxx X. Xxxxxxx
Title: President
