EXHIBIT 13
Pacific Financial Asset Management Corporation
000 Xxxxxxx Xxxxxx Xxxxx
Xxxxxxx Xxxxx, Xxxxxxxxxx 00000
INITIAL CAPITAL AGREEMENT
October 26, 1990
PFAMCo Fund
000 Xxxxxxx Xxxxxx Xxxxx
Xxxxxxx Xxxxx, Xxxxxxxxxx 00000
Dear Sirs:
It is our understanding that PFAMCo Fund (the "Fund") proposes to sell shares
of beneficial interest (the "Shares") of the various investment portfolios (the
"Portfolios") of the Fund pursuant to a registration statement on Form N1-A
filed with the Securities and Exchange Commission. In order to provide the Fund
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
--------- ------------- ---------------
Money Market Portfolio 99,200 $ 1.00
Managed Bond and Income Portfolio 10 $10.00
Equity Income Portfolio 10 $10.00
Diversified Low P/E Portfolio 10 $10.00
Index Plus Portfolio 10 $10.00
Capital Appreciation Portfolio 10 $10.00
Low Cap Portfolio 10 $10.00
Small Cap Portfolio 10 $10.00
International Equity Portfolio 10 $10.00
We represent and warrant to the Fund 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. We
hereby agree that any redemption of these Shares will be reduced by a pro rata
portion of any then unamortized organization expenses of the Fund. This
proration will be calculated by dividing the number of Shares to be redeemed by
the aggregate number of Shares held which represent the Initial Capital of the
Fund.
Please confirm that the foregoing correctly sets forth our agreement with the
Fund.
Very truly yours,
PACIFIC FINANCIAL ASSET
MANAGEMENT CORPORATION
By:
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Name:
Title:
By:
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Name:
Title:
Confirmed, as of the date
first above mentioned
PFAMCo FUND
By:
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Name:
Title:
