Reimbursement Agreement
The Pennsylvania Avenue Funds will reimburse officers and
trustees not affiliated with the Investment Adviser to
compensate for travel expenses and telecommunication costs,
as applicable, associated with performance of their duties.
Trustees not affiliated with the Investment Adviser will
also receive the sum of $99 for each meeting attended in
person. As the Fund grows in total assets, the Board of
Trustees may place them on salaries commensurate with their
duties.
The Fund has no plans to compensate officers, employees and
trustees who are affiliated with the Investment Adviser
except indirectly through payment of the management fee.
