March 29, 1999 Longboat Trust The Tower at Erieview, 36th Floor 1301 East Ninth Street Cleveland, OH 44114 Re: Purchase Agreement for Initial Capital Gentlemen: We are purchasing from you today 5,000 Class D Shares of OTI Special Opportunities Fund, a...

   
                         Exhibit 13(b)
    


                   XXXXXX X. XXXXX & COMPANY
                    0000 Xxxxx Xxxxx Xxxxxx
                   Xxxxxxxxxx, Xxxxxxxx 00000

   
                                 March 29, 1999


Longboat Trust
The Tower at Erieview, 36th Floor
0000 Xxxx Xxxxx Xxxxxx
Xxxxxxxxx, XX 00000
    
     Re:  Purchase Agreement for Initial Capital

Gentlemen:
   
     We are  purchasing  from you  today  5,000  Class D Shares  of OTI  Special
Opportunities  Fund, a portfolio of Longboat Trust (formerly named "OTI Trust"),
an Ohio business  trust (the  "Trust"),  at a price of $10.00 per share,  for an
aggregate price of $50,000,  to provide the initial capital you require pursuant
to Section 14 of the  Investment  Company  Act of 1940 in order to make a public
offering of shares of the Fund.
    
     We hereby  represent  that we are acquiring  said shares for investment and
not for distribution or resale to the public.

                                   Very truly yours,

                                   XXXXXX X. XXXXX & COMPANY


                                   By:  ______________________________
                                        Xxxxxx X. Xxxxx, President