The Pennsylvania Avenue Event-Driven Fund
A Series of The Pennsylvania Avenue Funds

The Fund is now the Quaker Event Arbitrage Fund (QEAAX). Please call (888) 642-6393 for details.

The Fund has been established recently and was first offered to the public on November 21, 2003.

The Fund seeks to achieve capital growth by engaging in investment strategies related to corporate 'events', such as mergers, reorganizations, bankruptcies or proxy fights. It invests in the securities of companies of any size and uses derivatives both as a substitute for investing in the underlying securities, as well as for hedging purposes.

Under normal market conditions, the Fund invests at least 80% of its assets in the securities of companies which are undergoing a corporate 'event'. The following four particular strategies are exclusive examples of such 'events':

• Merger arbitrage:

  The Fund invests in the securities of companies subject to publicly announced mergers, takeovers, tender offers, and other corporate reorganizations.

• Capital structure arbitrage:

  The Fund invests in different securities issued by the same issuer whose different securities are mispriced relative to each other.
  

• Distressed securities investments:

  The Fund invests in distressed securities, which are securities of companies who are in or near bankruptcy or whose securities are otherwise undergoing extreme financial situations that put the continuation of the issuer as a going concern at risk.
  

• Proxy fight investments:

  The Fund invests in securities of companies which are subject to a proxy fight over control over the company.

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