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?

Proxy Voting Record The following table shows how the Fund's proxy votes were cast in corporate actions, such as mergers, election of board members, and other items shareholders are asked to vote on. Votes are listed on this page as soon as practicable. If you have questions about a recent action that has not yet been listed, please contact the fund. You can view our proxy voting policy here. Company Date of Vote Our Vote Proposal Integrity Media June 8, 2004 FOR Merger Integrity Media June 8, 2004 Against Granting blanket proxy for any other business, including adjournement or postponement of the meeting. Titan Corporation June 7, 2004 FOR Merger Home Products June 2, 2004 FOR Election of Directors AT&T Wireless May 19, 2004 FOR Election of Directors AT&T Wireless May 19, 2004 FOR Merger AT&T Wireless May 19, 2004 FOR Appointment of auditors AT&T Wireless May 19, 2004 Abstain Shareholder proposal re: executive compensation program AT&T Wireless May 19, 2004 Abstain Shareholder proposal re: discontinuation of certain executive compensation AT&T Wireless May 19, 2004 FOR Shareholder proposal re: vote requirement for election of directors Gundle/SLT Environmental, Inc. May 11, 2004 FOR Merger Gundle/SLT Environmental, Inc. May 11, 2004 FOR Adjournment of meeting, if necessary to sollicit additional proxies. Unisource Energy May 7, 2004 FOR Election of Directors Imperial Parking April 29, 2004 FOR Merger Troy Group, Inc. March 29, 2004 FOR Election of Directors Unisource Energy March 29, 2004 FOR Merger Garden Fresh Restaurant Corp. March 9, 2004 FOR Merger Garden Fresh Restaurant Corp. March 9, 2004 FOR Adjournment of meeting, if necessary to sollicit additional proxies. MONY Group February 24, 2004 Against Merger MONY Group February 24, 2004 Against Adjournment of meeting, if necessary to sollicit additional proxies. MONY Group February 24, 2004 FOR Shareholder Proposal On-Site Sourcing February 20, 2004 FOR Merger On-Site Sourcing February 20, 2004 FOR Adjournment of meeting, if necessary to sollicit additional proxies. On Technology February 12, 2004 FOR Merger On Technology February 12, 2004 Against Granting blanket proxy for any other business, including adjournement or postponement of the meeting. Petrocorp January 30, 2004 FOR Merger Petrocorp January 30, 2004 Against Granting blanket proxy for any other business, including adjournement or postponement of the meeting. Media Arts Group, Inc. January 29, 2004 FOR Merger Media Arts Group, Inc. January 29, 2004 Against Granting blanket proxy for any other business, including adjournement or postponement of the meeting. United States Exploration January 29, 2004 Proxy not received on time Merger Laser Technology Dec 30, 2003 FOR Merger Laser Technology Dec 30, 2003 Against Granting blanket proxy for any other business, including adjournement or postponement of the meeting. Lexent, Inc Dec 18, 2003 FOR Merger Lexent, Inc Dec 18, 2003 FOR Amendment of Certificate of Incorporation Lexent, Inc Dec 18, 2003 Against Granting blanket proxy for any other business, including adjournement or postponement of the meeting. Good Guys, Inc (The) Dec 18, 2003 FOR Merger with CompUSA Pacer Technology Dec 9, 2003 FOR Merger Cysive, Inc. Nov 28, 2003 FOR Merger Cysive, Inc. Nov 28, 2003 AGAINST Granting blanket proxy for any other business, including adjournement or postponement of the meeting. Edison Schools Inc. Nov 12, 2003 FOR Merger Edison Schools Inc. Nov 12, 2003 AGAINST Granting blanket proxy for an adjournement or postponement of the meeting. Laser-Pacific Media Corporation Oct 30, 2003 FOR Merger with Eastman Kodak Company Prime Retail, Inc. Oct 30, 2003 FOR Merger with Prime Outlets Acquisition Company, LLC T/R Systems, Inc Oct 29, 2003 FOR Merger with Electronics for Imaging Some dates shown in the table may be future dates; this is because we have already given instruction how to cast the vote, but the shareholder meeting has not yet taken place. 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 08:31:53 AM

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