Initial Capital Agreement
Exhibit
23L
June
7,
2006
Board
of
Trustees of
The
Blue
Fund Group
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Ladies
and Gentlemen:
The
undersigned hereby subscribes for 13,000 Shares of Beneficial Interest, no
par
value, of The Blue Fund, a series of The Blue Fund Group, a Massachusetts
business trust, at $10.00 per share for an aggregate purchase price of $130,000
Our payment in full is confirmed.
The
undersigned represents and agrees that it is purchasing these Shares for
investment purposes, for its 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.
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Very
truly yours,
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Blue
Investment Management, LLC
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By:
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Chief
Executive Officer
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Confirmed
and Accepted:
The
Blue
Fund Group
By:
/s/
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Trustee