Nevis Capital Management, LLC, David R. Wilmerding, III and Jon C. Baker

Investment Advisers Act of 1940
Release No. 2230 / April 26, 2004

Admin. Proc. File No. 3-11201

In the Matter of Nevis Capital Management, LLC, David R. Wilmerding, III, and Jon C. Baker Respondents

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NOTICE OF PROPOSED PLAN FOR THE DISTRIBUTION OF DISGORGED FUNDS AND OPPORTUNITY FOR COMMENT

Notice is hereby given, pursuant to Rule 612 of the Rules of Practice of the Securities and Exchange Commission ("Commission"), that the Division of Enforcement has filed with the Commission its proposed plan for the distribution of monies placed into a Fair Fund, pursuant to Section 308(a) of the Sarbanes Oxley Act of 2002 ("Distribution Plan") in the matter of Nevis Capital Management, LLC, ("Nevis Capital"), David R. Wilmerding, III ("Wilmerding"), and Jon C. Baker ("Baker"). The Commission issued an Order Making Findings and Imposing Remedial Sanctions and Cease-and-Desist Order in this matter on February 9, 2004 (Investment Advisers Act of 1940 Release No. 2214).

OPPORTUNITY TO COMMENT

Pursuant to this Notice, all interested parties are advised that the Distribution Plan may be obtained by submitting a written request to Amy J. Greer, United States Securities and Exchange Commission, 701 Market Street, Suite 2000, Philadelphia, PA 19106. Further, all persons desiring to comment on the Distribution Plan may submit their views, in writing, no later than May 26, 2004, to the Office of the Secretary, United States Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549-0609.

THE PROPOSED PLAN OF DISGORGEMENT

The Distribution Plan generally provides for distribution 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 "claimants"). In general, claimants shall include all Nevis Capital clients, except Nevis Capital; the Nevis Fund; Snowdon L.P.; and those clients not eligible to receive allocations of IPOs as the result of some restriction, either by the client's own instruction or by, for example, the NASD Conduct Rules, Rule 2110 (IM-2110-1. "Free Riding and Withholding"). Each claimant shall receive a proportionate share of the funds paid by Nevis Capital, Wilmerding, and Baker, comprised of disgorgement and prejudgment interest in the amount of $10,000.00 each, and civil penalties in the amount of $1,690,000.00 paid by Nevis Capital, and $140,000.00 each, paid by Wilmerding and Baker, for a total distribution fund of $2,000,000.00.

For the Commission, by its Secretary, pursuant to delegated authority.