THE PENNSYLVANIA AVENUE FUNDS

NAV: $11.65 4:00pm EST on 10 Jun 2004 Overview Investment Strategy   How To Invest Net Asset Values Policies Voting Record Press Room What's New?

How To Obtain Daily Fund Prices The price of the Fund shares is based on the Fund's current net asset value next determined as of the close of regular trading on the NYSE. This is done by dividing the Fund's assets, minus its liabilities, by the number of shares outstanding. The net asset value of the Fund's shares is determined as of the close of regular trading on the NYSE. This is normally 4:00 p.m., Eastern Time. Fund shares will not be priced on days that the NYSE is closed for trading (including certain U.S. holidays). There are several ways to obtain the daily fund price: On The Internet Visit the website of the Pennsylvania Avenue Funds at www.PennAveFunds.com. The Fund price is displayed to the left of the screen. Via Toll-Free Telephone Call us on 1 (888) 642 6393. On Your Wireless Device Point your WAP-compliant cell phone or PDA to http://wap.PennAveFunds.com Unfortunately, wireless technology is still evolving and most phones are not fully compatible. Therefore, our site may not work with your device. Please contact us if you experience any problem.   The Pennsylvania Avenue Event-Driven Fund is offered only by prospectus. The prospectus contains more complete information about the Fund, including fees, expenses and risk factors. You should read it carefully before investing or sending money. The Fund is not available to residents of certain jurisdictions or countries. Click here to get a prospectus ©2003-2004 The Pennsylvania Avenue Funds. All rights reserved. Sunday 13th of June 2004 08:20:33 AM

Read Our 2003 Annual Report Read the annual report here Updated Prospectus is now available Read the prospectus here