Pennsylvania Avenue Advisers Plans `Event-Driven'

*Distressed securities investments: companies who are in or near bankruptcy or whose securities are otherwise distressed);

*Proxy fight investment: companies which are subject to a proxy fight over control over the company.

Based in Washington D.C., Pennsylvania Avenue Advisers has no history of advising a fund. Thomas F. Kirchner CFA, founder and president of the adviser, will manage the fund.

Kirchner also works for Fannie Mae (FNM) as a financial engineer, a position he has held since 1999 . From 1996 to 1999 he was a bond trader and financial engineer for Banque Nationale de Paris S.A.

Both Advisor class and Investor class shares on the fund will carry a 1.00% management fee. Total operating expenses, following a fee reduction/expense reimbursement are 1.50% for Advisor class, and 1.75% for the Investor class shares. The fund requires a $1,000 minimum initial investment.