UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

Investment Advisers Act of 1940
Release No. 2246 / June 4, 2004

Administrative Proceeding
File No. 3-11201

On April 26, 2004, the Commission published notice of the Plan of Disgorgement Fund Distribution ("Plan") proposed by the Division of Enforcement ("Division") in this proceeding (Release No. IA-2230). The Plan proposed that the $2 million paid by Nevis Capital Management, LLC, David R. Wilmerding, III, and Jon C. Baker, comprised of disgorgement and prejudgment interest in the amount of $10,000.00 each, and civil penalties in the amounts of $1,690,000.00, $140,000.00, and $140,000.00, respectively, be distributed, on a pro rata basis, to clients of Nevis Capital as of December 1, 1998, who were otherwise eligible but were not given the opportunity to participate in IPO investments.

The Commission received no comments in response to the publication of the Division's proposed Plan.

The Division proposes in its Plan that Amy J. Greer, Senior Trial Counsel, Philadelphia District Office, be designated as Administrator of the Plan. The Division has requested that the Commission approve the Plan and appoint Amy J. Greer as Administrator of the Plan.