THE PENNSYLVANIA AVENUE FUNDS

PAEDX $14.07 4:00pm EST on 03 July 2007 Overview Investment Strategy   How To Invest Net Asset Values Policies Voting Record Press Room What's New? About Us

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: From Third-Party Data Vendors We report daily NAVs to the following data vendors, some of whom may restrict access to paid subscribers. Bloomberg  PAEDX US Lipper  PENN AVE:EVENT-DRIVN;INV Morningstar  Penn Avenue Event-Driven Inv PAEDX Vertical Management Systems, Inc.  Contact VMS 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 ©2003-2006 The Pennsylvania Avenue Funds. All rights reserved. Thursday 05th 2007f July 2007 12:08:34 AM

Current Prospectus Click here to read the current prospectus 2006 Annual Report Click here to read the most recent annual report 2006 Semi-Annual Report Click here to read the most recent semi-annual report 2005 Annual Report Click here to read the most recent annual report 2005 Semi-Annual Report Click here to read the 2005 semi-annual report 2004 Annual Report Click here to read the 2004 annual report 2004 Semi-Annual Report Click here to read the most recent semi-annual report 2003 Annual Report Click here to read the 2003 annual report     Watchguard (WGRD) lawsuit Anti-trust, Insider Trading and Breach of Fiduciary Duty Claims