INITIAL CAPITAL AGREEMENT
March 13, 2008
Board of Trustees of
The RAM Funds
000 Xxxxxxxx Xxxxx
Xxxxx 000
Xxxxxxxxxx, Xxxx 00000
Ladies and Gentlemen:
The undersigned hereby subscribes for 10,000 Shares of Beneficial
Interest, no par value, of The RAM Capital Appreciation Fund, a series of The
RAM Funds, an Ohio business trust, at $10.00 per share for an aggregate purchase
price of $100,000. My payment in full is confirmed.
The undersigned represents and agrees that he is purchasing these Shares
for investment purposes, for his own account and risk and not with a view to any
sale, division or other distribution thereof within the meaning of the
Securities Act of 1933, nor with any present intention of distributing or
selling such shares.
Very truly yours,
/s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
Confirmed and Accepted:
The RAM Funds
By: /s/ Xxxx X. Xxxxxx
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Its: President
