THE PENNSYLVANIA AVENUE FUNDS

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

Non-U.S. Investors If you are not a U.S. person for tax purposes, you must return one of the following forms instead of completing the section labelled W9 on the back of the Share Purchase Application. Failure to return these documents may force us to withhold taxes at a higher rate than otherwise necessary. Account Type Form Required Individual W-8BEN Joint W-8BEN for each account owner Corporate W-8BEN (signed by corporate officer/director) Partnership W-8IMY (signed by general partner) + W-8BEN for each partner Limited Liability Company W-8IMY (signed by managing member)+ W-8BEN for each member You can download these forms and instructions on how to complete them directly from the Internal Revenue Service through these links: W-8BEN: Form Instructions W-8IMY: Form Instructions Please consult a qualified adviser with any questions as we can not give tax advice. Nothing herein should be construed as tax advice. 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 10:24:07 PM

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