EXHIBIT ITEM 23(l)
Purchase Agreement
INVESTMENT LETTER
▇▇▇▇▇▇▇▇ VALUE FUND SERIES, INC.
▇▇▇▇▇▇▇▇ Value Fund Series, Inc. (the "Fund"), an open-end diversified
management investment company, and the undersigned (the "Purchaser"), intending
to be legally bound, hereby agree to the following:
1. The Fund hereby sells to Purchaser and Purchaser purchases such number of
Class I shares of Capital Stock (par value $.001) of the ▇▇▇▇▇▇▇▇ Large-Cap
Value Series of the Fund (the "Large-Cap Value Series") corresponding to a
$1,000.00 investment, at a price per share equivalent to the net asset
value of one Class A share of the Large-Cap Value Series as of the close of
business on November 30, 2001 and such number of Class I shares of Capital
Stock (par value $.001) of the ▇▇▇▇▇▇▇▇ Small-Cap Value Series of the Fund
(the "Small-Cap Value Series") corresponding to a $1,000.00 investment, at
a price per share equivalent to the net asset value of one Class A share of
the Small-Cap Value Series as of the close of business on November 30, 2001
(the "Purchase Date") (collectively, the "Shares"). The Fund hereby
acknowledges receipt from the Purchaser of funds in the amount of
$2,000.00 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 Purchase
Date.
▇▇▇▇▇▇▇▇ VALUE FUND SERIES, INC.
By: /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Vice President
▇▇▇▇▇▇▇▇ ADVISORS, INC.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Title: President