RAM Funds N-PX Annual report of proxy voting record

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number         811-22162               

RAM Funds

(Exact name of registrant as specified in charter)

2331 Far Hills Avenue, Suite 200     Dayton, Ohio	45419
(Address of principal executive offices)	(Zip code)

Frank L. Newbauer, Esq.

Ultimus Fund Solutions, LLC       225 Pictoria Drive, Suite 450       Cincinnati, Ohio 45246

(Name and address of agent for service)

Registrant's telephone number, including area code:            (513) 587-3451                     

Date of fiscal year end:           November 30                              

Date of reporting period:         July 1, 2010 - June 30, 2011         

Form N-PX is to be used by a registered management investment company, other than a small business investment company registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than August 31 of each year, containing the registrant's proxy voting record for the most recent twelve-month period ended June 30, pursuant to section 30 of the Investment Company Act of 1940 and rule 30b1-4 thereunder (17 CFR 270.30b1-4). The Commission may use the information provided on Form N-PX in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-PX, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-PX unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. PROXY VOTING RECORD.

Disclose the following information for each matter relating to a portfolio security considered at any shareholder meeting held during the period covered by the report and with respect to which the registrant was entitled to vote:

(a) The name of the issuer of the portfolio security;

(b) The exchange ticker symbol of the portfolio security;

(c) The Council on Uniform Securities Identification Procedures ("CUSIP") number for the portfolio security;

(d) The shareholder meeting date;

(e) A brief identification of the matter voted on;

(f) Whether the matter was proposed by the issuer or by a security holder;

(g) Whether the registrant cast its vote on the matter;

(h) How the registrant cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors); and

(i) Whether the registrant cast its vote for or against management.

SIGNATURES

[See General Instruction F]

Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)           RAM Funds                                           

By (Signature and Title)*		/s/ John C. Riazzi
		John C. Riazzi, President
Date	August 5, 2011

* Print the name and title of each signing officer under his or her signature.

EXHIBIT A

INVESTMENT COMPANY REPORT

THE RAM SMALL/MID CAP FUND 6/30/2011

Issuer Name	Ticker Symbol	CUSIP	Shareholder Meeting Date	Brief Identification of the Matter Voted On	Proposed by Issuer or Security Holder?	Did the Fund Vote?	How did the Fund Cast its Vote?  For, Against, Abstain	Did the Fund vote For or Against Management?
Big Lots, Inc	BIG	089302103	05/26/11	Directors	Issuer	yes	For	For
Big Lots, Inc	BIG	089302103	05/26/11	Executive compensation	Issuer	yes	For	For
Big Lots, Inc	BIG	089302103	05/26/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	Against
Big Lots, Inc	BIG	089302103	05/26/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Biomed Realty Trust, Inc	BMR	09063H107	05/25/11	Directors	Issuer	yes	For	For
Biomed Realty Trust, Inc	BMR	09063H107	05/25/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Biomed Realty Trust, Inc	BMR	09063H107	05/25/11	Executive compensation	Issuer	yes	For	For
Biomed Realty Trust, Inc	BMR	09063H107	05/25/11	Advisory vote on executive comp. frequency	Issuer	yes	1Year	Against
Beneficial Mutual Bancorp, Inc	BNCL	08173R104	05/19/11	Directors	Issuer	yes	For	For
Beneficial Mutual Bancorp, Inc	BNCL	08173R104	05/19/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Beneficial Mutual Bancorp, Inc	BNCL	08173R104	05/19/11	Executive compensation	Issuer	yes	For	For
Beneficial Mutual Bancorp, Inc	BNCL	08173R104	05/19/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
Babcock & Wilcock Co	BWC	05615F102	05/12/11	Directors	Issuer	yes	For	For
Babcock & Wilcock Co	BWC	05615F102	05/12/11	Executive compensation	Issuer	yes	For	For
Babcock & Wilcock Co	BWC	05615F102	05/12/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
Babcock & Wilcock Co	BWC	05615F102	05/12/11	Amend 2010 long term incentive compensation plan	Issuer	yes	For	For
Babcock & Wilcock Co	BWC	05615F102	05/12/11	Amend 2010 executive incentive compensation plan	Issuer	yes	For	For
Babcock & Wilcock Co	BWC	05615F102	05/12/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
CMS Energy Corp	CMS	125896100	05/20/11	Directors	Issuer	yes	For	For
CMS Energy Corp	CMS	125896100	05/20/11	Executive compensation	Issuer	yes	For	For
CMS Energy Corp	CMS	125896100	05/20/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
CMS Energy Corp	CMS	125896100	05/20/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
CMS Energy Corp	CMS	125896100	05/20/11	Financial risk on reliance on coal	Holder	yes	Against	For
Complete Production Services, Inc	CPX	20453E109	05/25/11	Directors	Issuer	yes	For	For
Complete Production Services, Inc	CPX	20453E109	05/25/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Complete Production Services, Inc	CPX	20453E109	05/25/11	Executive compensation	Issuer	yes	For	For
Complete Production Services, Inc	CPX	20453E109	05/25/11	Advisory vote on executive comp. frequency	Issuer	yes	1 year	For
Dollar Tree, Inc	DLTR	256746108	06/16/11	Directors	Issuer	yes	For	For
Dollar Tree, Inc	DLTR	256746108	06/16/11	Executive compensation	Issuer	yes	For	For
Dollar Tree, Inc	DLTR	256746108	06/16/11	Advisory vote on executive comp. frequency	Issuer	yes	1Year	Against
Dollar Tree, Inc	DLTR	256746108	06/16/11	Approve omnibus incentive plan	Issuer	yes	For	For
Dollar Tree, Inc	DLTR	256746108	06/16/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Ensco PLC	ESV	29358Q109	05/24/11	Directors	Issuer	yes	For	For
Ensco PLC	ESV	29358Q109	05/24/11	Directors	Issuer	yes	For	For
Ensco PLC	ESV	29358Q109	05/24/11	Directors	Issuer	yes	For	For
Ensco PLC	ESV	29358Q109	05/24/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Ensco PLC	ESV	29358Q109	05/24/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Ensco PLC	ESV	29358Q109	05/24/11	Auditors remuneration	Issuer	yes	For	For
Ensco PLC	ESV	29358Q109	05/24/11	Payment of historical dividend	Issuer	yes	For	For
Ensco PLC	ESV	29358Q109	05/24/11	Shareholder release of historical dividends	Issuer	yes	For	For
Ensco PLC	ESV	29358Q109	05/24/11	Directors release of historical dividend	Issuer	yes	For	For
Ensco PLC	ESV	29358Q109	05/24/11	Executive compensation	Issuer	yes	For	For
Ensco PLC	ESV	29358Q109	05/24/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
Ensco PLC	ESV	29358Q109	05/31/11	Approve Pride merger	Issuer	yes	For	For
First Cash Financial Services, Inc	FCFS	31942D107	06/22/11	Directors	Issuer	yes	For	For
First Cash Financial Services, Inc	FCFS	31942D107	06/22/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
First Cash Financial Services, Inc	FCFS	31942D107	06/22/11	Long term incentive plan	Issuer	yes	For	For
First Cash Financial Services, Inc	FCFS	31942D107	06/22/11	Executive compensation	Issuer	yes	For	For
First Cash Financial Services, Inc	FCFS	31942D107	06/22/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	Against
FTI Consulting, Inc	FCN	302941109	06/01/11	Directors	Issuer	yes	For	For
FTI Consulting, Inc	FCN	302941109	06/01/11	Declassify the Board of Directors	Issuer	yes	For	For
FTI Consulting, Inc	FCN	302941109	06/01/11	2011 FTI incentive compensation plan	Issuer	yes	For	For
FTI Consulting, Inc	FCN	302941109	06/01/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
FTI Consulting, Inc	FCN	302941109	06/01/11	Executive compensation	Issuer	yes	For	For
FTI Consulting, Inc	FCN	302941109	06/01/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	Against
Fiserv, Inc	FISV	337738108	05/25/11	Directors	Issuer	yes	For	For
Fiserv, Inc	FISV	337738108	05/25/11	Executive compensation	Issuer	yes	For	For
Fiserv, Inc	FISV	337738108	05/25/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
Fiserv, Inc	FISV	337738108	05/25/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Hanesbrands Inc.	HBI	410345102	04/26/11	Directors	Issuer	yes	For	For
Hanesbrands Inc.	HBI	410345102	04/26/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Hanesbrands Inc.	HBI	410345102	04/26/11	Executive compensation	Issuer	yes	For	For
Hanesbrands Inc.	HBI	410345102	04/26/11	Advisory vote on executive comp. frequency	Issuer	yes	1Year	For
HCC Insurance Holdings, Co.	HCC	404132102	05/26/11	Directors	Issuer	yes	For	For
HCC Insurance Holdings, Co.	HCC	404132102	05/26/11	Executive compensation	Issuer	yes	For	For
HCC Insurance Holdings, Co.	HCC	404132102	05/26/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
HCC Insurance Holdings, Co.	HCC	404132102	05/26/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Petrohawk Energy Corp	HK	716495106	05/18/11	Directors	Issuer	yes	For	For
Petrohawk Energy Corp	HK	716495106	05/18/11	Executive compensation	Issuer	yes	For	For
Petrohawk Energy Corp	HK	716495106	05/18/11	Advisory vote on executive comp. frequency	Issuer	yes	1Year	For
Petrohawk Energy Corp	HK	716495106	05/18/11	2004 employee incentive plan	Issuer	yes	For	For
Petrohawk Energy Corp	HK	716495106	05/18/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Helix Energy Solutions Group, Inc	HLX	42330P107	05/11/11	Directors	Issuer	yes	For	For
Helix Energy Solutions Group, Inc	HLX	42330P107	05/11/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Helix Energy Solutions Group, Inc	HLX	42330P107	05/11/11	Executive compensation	Issuer	yes	For	For
Helix Energy Solutions Group, Inc	HLX	42330P107	05/11/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	Against
Icon PLC	ICON	451055107	07/19/10	Receive accounts and reports	Issuer	yes	For	For
Icon PLC	ICON	451055107	07/19/10	Director Given	Issuer	yes	For	For
Icon PLC	ICON	451055107	07/19/10	Director Lynch	Issuer	yes	For	For
Icon PLC	ICON	451055107	07/19/10	Director McKeon	Issuer	yes	For	For
Icon PLC	ICON	451055107	07/19/10	Fixing of auditors remuneration	Issuer	yes	For	For
Icon PLC	ICON	451055107	07/19/10	Authorize the company to allot shares	Issuer	yes	For	For
Icon PLC	ICON	451055107	07/19/10	Disapply the statutory pre-emption rights	Issuer	yes	For	For
Icon PLC	ICON	451055107	07/19/10	Authorise the company to make market purchases of shares	Issuer	yes	For	For
Icon PLC	ICON	451055107	07/19/10	Amend articles of associations	Issuer	yes	For	For
Icon PLC	ICON	451055107	07/19/10	Allow calling of special meeting with 14 days notice	Issuer	yes	For	For
International Coal Group, Inc	ICO	45928H106	05/18/11	Directors	Issuer	yes	For	For
International Coal Group, Inc	ICO	45928H107	05/18/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
International Coal Group, Inc	ICO	45928H108	05/18/11	Executive compensation	Issuer	yes	For	For
International Coal Group, Inc	ICO	45928H109	05/18/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
International Coal Group, Inc	ICO	45928H110	05/18/11	Stockholder proposal regarding pollution reduction	Holder	yes	Against	For
International Coal Group, Inc	ICO	45928H111	05/18/11	Other business	Issuer	yes	For	For
ICU Medical, Inc.	ICUI	44930G107	05/13/11	Directors	Issuer	yes	For	For
ICU Medical, Inc.	ICUI	44930G107	05/13/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
ICU Medical, Inc.	ICUI	44930G107	05/13/11	Executive compensation	Issuer	yes	For	For
ICU Medical, Inc.	ICUI	44930G107	05/13/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	Against
ICU Medical, Inc.	ICUI	44930G107	05/13/11	2011 stock incentive plan	Issuer	yes	For	For
Jarden Corp	JAH	471109108	06/16/11	Directors	Issuer	yes	For	For
Jarden Corp	JAH	471109108	06/16/11	Increase authorized common shares	Issuer	yes	For	For
Jarden Corp	JAH	471109108	06/16/11	Increase number of directors on the board	Issuer	yes	For	For
Jarden Corp	JAH	471109108	06/16/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Jarden Corp	JAH	471109108	06/16/11	Executive compensation	Issuer	yes	For	For
Jarden Corp	JAH	471109108	06/16/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
John Wiley & Sons, Inc	JWA	968223206	09/16/10	Directors	Issuer	yes	For	For
John Wiley & Sons, Inc	JWA	968223206	09/16/10	Appointment of Accountant/Auditor	Issuer	yes	For	For
KBR, Inc	KBR	48242W106	05/19/11	Directors	Issuer	yes	For	For
KBR, Inc	KBR	48242W106	05/19/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
KBR, Inc	KBR	48242W106	05/19/11	Executive compensation	Issuer	yes	For	For
KBR, Inc	KBR	48242W106	05/19/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
KBR, Inc	KBR	48242W106	05/19/11	Amend equal opportunity employment policy	Issuer	yes	Against	For
Leapfrog Enterprises, Inc.	LF	52186N106	06/02/11	Directors	Issuer	yes	For	For
Leapfrog Enterprises, Inc.	LF	52186N106	06/02/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Leapfrog Enterprises, Inc.	LF	52186N106	06/02/11	Executive compensation	Issuer	yes	For	For
Leapfrog Enterprises, Inc.	LF	52186N106	06/02/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	Against
Leapfrog Enterprises, Inc.	LF	52186N106	06/02/11	2011 equity incentive plan	Issuer	yes	For	For
LKQ Corp	LKQX	501889208	05/02/11	Directors	Issuer	yes	For	For
LKQ Corp	LKQX	501889208	05/02/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
LKQ Corp	LKQX	501889208	05/02/11	Management incentive plan	Issuer	yes	For	For
LKQ Corp	LKQX	501889208	05/02/11	Long term incentive plan	Issuer	yes	For	For
LKQ Corp	LKQX	501889208	05/02/11	1998 equity incentive plan	Issuer	yes	For	For
LKQ Corp	LKQX	501889208	05/02/11	Executive compensation	Issuer	yes	For	For
LKQ Corp	LKQX	501889208	05/02/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
Lender Processing Services, Inc	LPS	52602E102	05/19/11	Directors	Issuer	yes	For	For
Lender Processing Services, Inc	LPS	52602E102	05/19/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Lender Processing Services, Inc	LPS	52602E102	05/19/11	Executive compensation	Issuer	yes	For	For
Lender Processing Services, Inc	LPS	52602E102	05/19/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
Lender Processing Services, Inc	LPS	52602E102	05/19/11	2008 omnibus incentive plan	Issuer	yes	For	For
LTC Properties, Inc.	LTC	502175102	06/01/11	Directors	Issuer	yes	For	For
LTC Properties, Inc.	LTC	502175102	06/01/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
LTC Properties, Inc.	LTC	502175102	06/01/11	Executive compensation	Issuer	yes	For	For
LTC Properties, Inc.	LTC	502175102	06/01/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	Against
McDermott International, Inc	MDR	580037109	05/06/11	Directors	Issuer	yes	For	For
McDermott International, Inc	MDR	580037109	05/06/11	Executive compensation	Issuer	yes	For	For
McDermott International, Inc	MDR	580037109	05/06/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
McDermott International, Inc	MDR	580037109	05/06/11	Executive incentive compensation plan	Issuer	yes	For	For
McDermott International, Inc	MDR	580037109	05/06/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Annaly Capital Management, Inc	NLY	035710409	05/26/11	Director Farrell	Issuer	yes	For	For
Annaly Capital Management, Inc	NLY	035710409	05/26/11	Director Green	Issuer	yes	For	For
Annaly Capital Management, Inc	NLY	035710409	05/26/11	Director Lambiase	Issuer	yes	For	For
Annaly Capital Management, Inc	NLY	035710409	05/26/11	Increase authorized shares	Issuer	yes	For	For
Annaly Capital Management, Inc	NLY	035710409	05/26/11	Executive compensation	Issuer	yes	For	For
Annaly Capital Management, Inc	NLY	035710409	05/26/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	Against
Annaly Capital Management, Inc	NLY	035710409	05/26/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Omega Healthcare Investors, Inc	OHI	681936100	06/02/11	Directors	Issuer	yes	For	For
Omega Healthcare Investors, Inc	OHI	681936100	06/02/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Omega Healthcare Investors, Inc	OHI	681936100	06/02/11	Executive compensation	Issuer	yes	For	For
Omega Healthcare Investors, Inc	OHI	681936100	06/02/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	Against
Quanta Services, Inc	PWR	74762E102	05/19/11	Director Ball	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	Director Colson	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	Director Conaway	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	Director Disibio	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	Director Fried	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	Director Golm	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	Director Jackman	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	Director O'Niel	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	Director Ranck	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	Director Wood	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	Share increase amendment	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	Reclassification amendment to certificate	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	Removal for cause amendment	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	Adopt indemnification clarification amendment	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	Adopt the quarum requirement amendment	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	Adopt the preferred stock amendment	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	2011 omnibus equity incentive plan	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	Executive compensation	Issuer	yes	For	For
Quanta Services, Inc	PWR	74762E102	05/19/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	Against
Rent-A-Center, Inc	RCII	76009N100	05/12/11	Director Speese	Issuer	yes	For	For
Rent-A-Center, Inc	RCII	76009N100	05/12/11	Director Jackson	Issuer	yes	For	For
Rent-A-Center, Inc	RCII	76009N100	05/12/11	Director Roberts	Issuer	yes	For	For
Rent-A-Center, Inc	RCII	76009N100	05/12/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Rent-A-Center, Inc	RCII	76009N100	05/12/11	Executive compensation	Issuer	yes	For	For
Rent-A-Center, Inc	RCII	76009N100	05/12/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
Republic Services, Inc	RSG	760759100	05/12/11	Director Crownover	Issuer	yes	For	For
Republic Services, Inc	RSG	760759100	05/12/11	Director Croghan	Issuer	yes	For	For
Republic Services, Inc	RSG	760759100	05/12/11	Director Flynn	Issuer	yes	For	For
Republic Services, Inc	RSG	760759100	05/12/11	Director Larson	Issuer	yes	For	For
Republic Services, Inc	RSG	760759100	05/12/11	Director Lehmann	Issuer	yes	For	For
Republic Services, Inc	RSG	760759100	05/12/11	Director Nutter	Issuer	yes	For	For
Republic Services, Inc	RSG	760759100	05/12/11	Director Rodriguez	Issuer	yes	For	For
Republic Services, Inc	RSG	760759100	05/12/11	Director Slager	Issuer	yes	For	For
Republic Services, Inc	RSG	760759100	05/12/11	Director Sorensen	Issuer	yes	For	For
Republic Services, Inc	RSG	760759100	05/12/11	Director Trani	Issuer	yes	For	For
Republic Services, Inc	RSG	760759100	05/12/11	Director Wickham	Issuer	yes	For	For
Republic Services, Inc	RSG	760759100	05/12/11	Executive compensation	Issuer	yes	For	For
Republic Services, Inc	RSG	760759100	05/12/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	Against
Republic Services, Inc	RSG	760759100	05/12/11	2007 stock incentive plan	Issuer	yes	For	For
Republic Services, Inc	RSG	760759100	05/12/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Republic Services, Inc	RSG	760759100	05/12/11	Stockholder proposal regarding death of executive	Holder	yes	Against	For
Sandridge Energy, Inc	SD	80007P307	06/03/11	Directors	Issuer	yes	For	For
Sandridge Energy, Inc	SD	80007P307	06/03/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Sandridge Energy, Inc	SD	80007P307	06/03/11	2009 incentive plan share increase	Issuer	yes	For	For
Sandridge Energy, Inc	SD	80007P307	06/03/11	Executive compensation	Issuer	yes	For	For
Sandridge Energy, Inc	SD	80007P307	06/03/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	Against
Swift Energy Company	SFY	870738101	05/10/11	Directors	Issuer	yes	For	For
Swift Energy Company	SFY	870738101	05/10/11	Increase shares of 2005 stock comp plan	Issuer	yes	For	For
Swift Energy Company	SFY	870738101	05/10/11	Increase authorized common stock	Issuer	yes	For	For
Swift Energy Company	SFY	870738101	05/10/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Swift Energy Company	SFY	870738101	05/10/11	Executive compensation	Issuer	yes	For	For
Swift Energy Company	SFY	870738101	05/10/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
Superior Energy Services, Inc	SPN	868157108	05/20/11	Director	Issuer	yes	For	For
Superior Energy Services, Inc	SPN	868157108	05/20/11	Executive compensation	Issuer	yes	For	For
Superior Energy Services, Inc	SPN	868157108	05/20/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
Superior Energy Services, Inc	SPN	868157108	05/20/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Superior Energy Services, Inc	SPN	868157108	05/20/11	2011 stock incentive plan	Issuer	yes	For	For
UIL Holdings Corp	UIL	902748102	05/10/11	Directors	Issuer	yes	For	For
UIL Holdings Corp	UIL	902748102	05/10/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
UIL Holdings Corp	UIL	902748102	05/10/11	Executive compensation	Issuer	yes	For	For
UIL Holdings Corp	UIL	902748102	05/10/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
UIL Holdings Corp	UIL	902748102	05/10/11	Increase authorized number of shares	Issuer	yes	For	For
Valmont Industries, Inc.	VMI	920253101	04/26/11	Directors	Issuer	yes	For	For
Valmont Industries, Inc.	VMI	920253101	04/26/11	Executive compensation	Issuer	yes	For	For
Valmont Industries, Inc.	VMI	920253101	04/26/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
Valmont Industries, Inc.	VMI	920253101	04/26/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Verisign, Inc	VRSN	92343E102	05/26/11	Director Bidzos	Issuer	yes	For	For
Verisign, Inc	VRSN	92343E102	05/26/11	Director Chenevich	Issuer	yes	For	For
Verisign, Inc	VRSN	92343E102	05/26/11	Director Cote	Issuer	yes	For	For
Verisign, Inc	VRSN	92343E102	05/26/11	Director Mclaughlin	Issuer	yes	For	For
Verisign, Inc	VRSN	92343E102	05/26/11	Director Morre	Issuer	yes	For	For
Verisign, Inc	VRSN	92343E102	05/26/11	Director Roach	Issuer	yes	For	For
Verisign, Inc	VRSN	92343E102	05/26/11	Director Simpson	Issuer	yes	For	For
Verisign, Inc	VRSN	92343E102	05/26/11	Director Tomlinson	Issuer	yes	For	For
Verisign, Inc	VRSN	92343E102	05/26/11	Executive compensation	Issuer	yes	For	For
Verisign, Inc	VRSN	92343E102	05/26/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
Verisign, Inc	VRSN	92343E102	05/26/11	2006 equity incentive plan	Issuer	yes	For	For
Verisign, Inc	VRSN	92343E102	05/26/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Warner Chilcott Public Limited Company	WCRX	G94368100	05/17/11	Director Abbrecht	Issuer	yes	For	For
Warner Chilcott Public Limited Company	WCRX	G94368100	05/17/11	Director Fitzgerald	Issuer	yes	For	For
Warner Chilcott Public Limited Company	WCRX	G94368100	05/17/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Warner Chilcott Public Limited Company	WCRX	G94368100	05/17/11	Executive compensation	Issuer	yes	For	For
Warner Chilcott Public Limited Company	WCRX	G94368100	05/17/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
Windstream Corp	WIN	97381W104	05/04/11	Director Armitage	Issuer	yes	For	For
Windstream Corp	WIN	97381W104	05/04/11	Director Beall	Issuer	yes	For	For
Windstream Corp	WIN	97381W104	05/04/11	Director Foster	Issuer	yes	For	For
Windstream Corp	WIN	97381W104	05/04/11	Director Frantz	Issuer	yes	For	For
Windstream Corp	WIN	97381W104	05/04/11	Director Gardner	Issuer	yes	For	For
Windstream Corp	WIN	97381W104	05/04/11	Director Hinson	Issuer	yes	For	For
Windstream Corp	WIN	97381W104	05/04/11	Director Jones	Issuer	yes	For	For
Windstream Corp	WIN	97381W104	05/04/11	Director Montgomery	Issuer	yes	For	For
Windstream Corp	WIN	97381W104	05/04/11	Director Wells	Issuer	yes	For	For
Windstream Corp	WIN	97381W104	05/04/11	Executive compensation	Issuer	yes	For	For
Windstream Corp	WIN	97381W104	05/04/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
Windstream Corp	WIN	97381W104	05/04/11	Appointment of Accountant/Auditor	Issuer	yes	For	For
Windstream Corp	WIN	97381W104	05/04/11	Stockholder proposal on cumulative voting	Holder	yes	Against	For
Windstream Corp	WIN	97381W104	05/04/11	Stockholder proposal political activities	Holder	yes	Against	For
Wright Express Corp	WXS	98233Q105	05/20/11	Director	Issuer	yes	For	For
Wright Express Corp	WXS	98233Q105	05/20/11	Executive compensation	Issuer	yes	For	For
Wright Express Corp	WXS	98233Q105	05/20/11	Advisory vote on executive comp. frequency	Issuer	yes	1 Year	For
Wright Express Corp	WXS	98233Q105	05/20/11	Appointment of Accountant/Auditor	Issuer	yes	For	For

THE RAM SMALL CAP FUND  7/1/2010 - 10/31/2010 (Date of Fund Closing)

Issuer Name	Ticker Symbol	CUSIP	Shareholder Meeting Date	Brief Identification of the Matter Voted On	Proposed by Issuer or Security Holder?	Did the Fund Vote?	How did the Fund Cast its Vote?  For, Against, Abstain	Did the Fund vote For or Against Management?
Icon PLC	ICON	451055107	07/19/10	Receive accounts and reports	Issuer	yes	For	For
Icon PLC	ICON	451055107	07/19/10	Director Given	Issuer	yes	For	For
Icon PLC	ICON	451055107	07/19/10	Director Lynch	Issuer	yes	For	For
Icon PLC	ICON	451055107	07/19/10	Director McKeon	Issuer	yes	For	For
Icon PLC	ICON	451055107	07/19/10	Fixing of auditors remuneration	Issuer	yes	For	For
Icon PLC	ICON	451055107	07/19/10	Authorize the company to allot shares	Issuer	yes	For	For
Icon PLC	ICON	451055107	07/19/10	Disapply the statutory pre-emption rights	Issuer	yes	For	For
Icon PLC	ICON	451055107	07/19/10	Authorise the company to make market purchases of shares	Issuer	yes	For	For
Icon PLC	ICON	451055107	07/19/10	Amend articles of associations	Issuer	yes	For	For
Icon PLC	ICON	451055107	07/19/10	Allow calling of special meeting with 14 days notice	Issuer	yes	For	For
John Wiley & Sons, Inc	JWA	968223206	09/16/10	Directors	Issuer	yes	For	For
John Wiley & Sons, Inc	JWA	968223206	09/16/10	Appointment of Accountant/Auditor	Issuer	yes	For	For