Penn Avenue Event-Driven Inv  PAEDX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Small Value Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
   Small
   Blend
  
  
As of 2009-06-30
Day Change
$ 0.01
  
NAV (2009-11-20)
$ 11.95
  
YTD Return % (2009-11-20)
29.47%
  
Total Assets ($ mil)
3
View Data Definitions
  Performance    
Growth of $10,000 Fund: Penn Avenue Event-Driven Inv
(from 2003-11-21 to 2009-10-31) Category: Small Value
Index: S&P 500 TR
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 2003-11-21 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-20
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 29.47 37.99 0.08 4.51 --- 7.80
+/- Category 10.28 26.77 7.80 3.49 --- ---
+/- S&P 500 TR 5.95 -10.81 5.98 3.83 --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 28.06 12.79 0.55 6.32 --- 7.93
Month-End (as of 2009-10-31) 27.95 23.15 -0.38 4.84 --- 7.80
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 23.15 -1.81 3.02 --- ---
On Distribution & Sale of Shares --- 15.05 -1.00 3.21 --- ---
Morningstar Rating --- --- --- ---
# of compared funds covered (3 yrs : out of 317 funds), (5 yrs : out of 242 funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is 2.00%.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
Information 48.24
Software 11.54
Hardware 13.77
Media 6.32
Telecommunications 16.61
Service 35.37
Healthcare 12.22
Consumer Services 4.67
Business Services 1.02
Financial Services 17.46
Manufacturing 16.39
Consumer Goods 7.08
Industrial Materials 6.18
Energy 3.12
Utilities 0.01
Asset Allocation
% of Net Assets
Cash 29.9
Stocks 56.9
Bonds 8.6
Other 4.6
Foreign Stocks 3.4
(as a % of Assets)
Data through 2009-06-30 Data through 2009-06-30
 
Holding Status
Total Number of Stock Holdings 51 Turnover % 225
Total Number of Bond Holdings 4 30 Day SEC Yield % ---
% of Assets in Top 10 Holdings 37.98 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Sector P/E YTD
Return %		 % of Net
Assets
Wilshire Enterprises, Inc. --- 64.65 5.76
Embarq Corporation --- --- 5.21
Beazer Homes Usa 6.875% --- --- --- 4.88
Schering-Plough Corporation --- --- 4.61
Vignette Corporation --- --- 3.48
Rouse 5.375% --- --- 3.36
Bel Fuse, Inc. B --- -14.10 2.95
CKX, Inc. 18.35 64.85 2.63
SunPower Corporation 27.93 -38.90 2.56
SumTotal Systems, Inc. --- --- 2.54
Data through 2009-06-30
YTD Return through 2009-11-20
  Other Information
Fund Inception: 2003-11-21
Portfolio Manager  (Start Date)
Thomas F Kirchner  (2003-11-21)
Kirchner is the founder and manager of the Pennsylvania Avenue Advisers LLC. From 1996 to 1999 he worked as a bond trader and financial engineer for Banque Nationale de Paris S.A. From 1999 to 2004 he was retained by Fannie Mae, a mortgage firm, as a financial engineer. Kirchner holds the Chartered Financial Analyst designation.
Sales Charge %
(taken from prospectus dated 2009-05-01)
Front: None
Deferred: None
Expense Ratio % 1.50
based on net assets
(taken from annual report dated 2008-12-31)
Correspondence Information

260 Water Street #3c
Brooklyn,  NY  11201-1290
USA
Telephone:
888-642-6393
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.