PIMCO Advisors L.P.
000 Xxxxxxx Xxxxxx Xxxxx
Xxxxxxx Xxxxx, Xxxxxxxxxx 00000
INITIAL CAPITAL AGREEMENT
March 15, 2000
Fixed Income SHares
c/o PIMCO Advisory Services
1345 Avenue of the Americas
Xxx Xxxx, Xxx Xxxx 00000
Dear Sirs:
It is our understanding that Fixed Income SHares ("FISH") proposes to sell
shares of beneficial interest (the "Shares") of the various investment
portfolios (the "Portfolios") of FISH pursuant to a registration statement on
Form N-1A filed with the Securities and Exchange Commission. In order to provide
FISH with a net worth of at least $100,000 as required by Section 14 of the
Investment Company Act of 1940, as amended, we hereby offer to purchase the
number of Shares of each Portfolio as indicated below at the price per share
indicated ("Initial Capital").
Portfolio No. of Shares Price Per Share
--------- ------------- ---------------
FISH: Series C 5,000 $ 10
FISH: Series M 5,000 $ 10
We represent and warrant to FISH 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 or dispose of any Shares.
Please confirm that the foregoing correctly sets forth our agreement with FISH.
Very truly yours,
PIMCO ADVISORS L.P.
By: /s/ XXXXX X. XXXXXX
---------------------------
Name: Xxxxx X. Xxxxxx
Title: President
Confirmed, as of the date first above mentioned
FIXED INCOME SHARES
By: /s/ XXXXX X. XXXXXXXX
-------------------------
Name: Xxxxx X. Xxxxxxxx
Title: Treasurer
-2-
