Exhibit 13
INITIAL CAPITAL AGREEMENT
June ___, 1998
The Nevis Fund, Inc.
0000 Xx. Xxxx Xxxxxx
Xxxxxxxxx, Xxxxxxxx 00000
Gentlemen:
The Nevis Fund, Inc. (the "Fund"), a newly-organized open-end management
investment company registered under the Investment Company Act of 1940, as
amended (the "1940 Act"), proposes to issue and sell to the public its shares
pursuant to a registration statement on Form N-1A (File No. 333-47467), as from
time to time amended (the "Registration Statement"), filed with the Securities
and Exchange Commission. In order to provide the Fund with a net worth
sufficient to commence operations and to meet the requirements of Section 14 of
the 1940 Act, we agree to purchase shares of the Fund in accordance the terms
and conditions set forth below.
We hereby agree to purchase from the Fund ___________ shares (the "Shares")
of the Fund for an aggregate purchase price of $100,000. We shall deliver
payment for the Shares in immediately available funds to the Fund's custodian
bank at least two business days prior to the date specified by the Fund as the
effective date of the Registration Statement.
We represent and warrant that we are acquiring the Shares for our own
account for investment and not with a view to the resale or further distribution
thereof, and that we have no present plan or intention to sell, redeem or
otherwise dispose of the Shares or any part thereof. We acknowledge and agree
that in the event that any of the Shares are redeemed prior to complete
amortization of the deferred organizational expenses of the Fund, the proceeds
of redemption of such Shares shall be reduced by the pro rata share (based on
the number of Shares redeemed and the total number of Shares then outstanding)
of the unamortized organizational expenses as of the date of such redemption.
If the foregoing is in accordance with your understanding of our agreement,
please so indicate by signing in the space provided below, whereupon this letter
will become a binding agreement between us in accordance with its terms.
Very truly yours,
NEVIS CAPITAL MANAGEMENT, INC.
By:
-----------------------------------
Xxxxx X. Xxxxxxxxxx, III
President
The foregoing Initial Capital Agreement
is hereby confirmed and accepted as of
the date first written above.
THE NEVIS FUND, INC.
By:
-----------------------------
Xxxxx X. Xxxxxxxxxx, III
President
-2-
