SUBSCRIPTION AGREEMENT BETWEEN THE TRUST AND THE INVESTOR AVIEMORE FUND A SERIES OF THE AVIEMORE FUNDS LETTER OF INVESTMENT INTENT

SUBSCRIPTION AGREEMENT BETWEEN THE TRUST AND THE INVESTOR

AVIEMORE FUND
A SERIES OF THE
AVIEMORE FUNDS

LETTER OF INVESTMENT INTENT

April  22  , 2004

To the Board of Trustees of the Aviemore Funds

The undersigned (the “Purchaser”) hereby subscribes to purchase a beneficial interest (“Interest”) of the Aviemore Fund, a series of the Aviemore Funds, in the amount of one hundred thousand dollars ($100,000.00) for ten thousand (10,000) shares at net asset value of ten dollars ($10.00) per share, in consideration for which the Purchaser agrees to transfer to you upon demand cash in the amount of one hundred thousand dollars ($100,000.00).

The Purchaser agrees that the Interest is being purchased for investment purposes only and with no present intention of reselling or redeeming said Interest.

	▇▇▇▇ ▇. ▇▇▇▇▇, SEP ▇▇▇
Dated  April  22  , 2004
	/s/ ▇▇▇▇ ▇. ▇▇▇▇▇
	By: ▇▇▇▇ ▇▇▇▇▇