0001199131-03-000002 Sample Contracts

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AGREEMENT AND DECLARATION OF TRUST OF THE PENNSYLVANIA AVENUE FUNDS
Agreement and Declaration • January 28th, 2003 • Pennsylvania Avenue Funds • Delaware
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...
Reimbursement Agreement • January 28th, 2003 • Pennsylvania Avenue Funds

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.

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