Exhibit 13
Initial Capitalization Agreement
INITIAL CAPITAL AGREEMENT
February 29, 1996
Phoenix Duff & Xxxxxx Institutional Mutual Funds
000 Xxxxxx Xxxxxx
Xxxxxxxxxx, Xxxxxxxxxxxxx 00000
Dear Sirs:
Phoenix Duff & Xxxxxx Institutional Mutual Funds (the "Trust") proposes
to issue and sell shares of beneficial interest of its Portfolios (the "Shares")
pursuant to a registration statement on Form N-1A (the "Registration Statement")
filed with the Securities and Exchange Commission. The undersigned hereby offers
to purchase such number of Shares contemporaneous with the effective date of the
Registration Statement (or such earlier date as may be agreed upon) required in
order to provide the Trust with a net worth of at least $100,000 as required by
Section 14 of the Investment Company Act of 1940, as amended.
The undersigned represents and warrants to the Trust that the Shares are
being acquired by us for investment and not with a view to the resale or further
distribution thereof and that we have no present intention to redeem the Shares.
Please confirm that the foregoing correctly sets forth our agreement
with the Trust.
Very truly yours,
Phoenix Investment Counsel, Inc.
By: _______________________________
Xxxxxxx X. Xxxxxx, President
Confirmed, as of the date
first above mentioned.
Phoenix Duff & Xxxxxx Institutional Mutual Fund
By:____________________________
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