The Bretton Fund made a short-term capital-gain distribution of $0.1933 per share and a $0.0028 per share return-of-capital distribution to shareholders on December 22, 2011. There were no other distributions for the year.
| Per Share Short-Term Capital Gains | Per Share Long-Term Capital Gains | Per Share Return of Capital | Record Date | Pay Date | Reinvest NAV |
| $0.1933 | None | $0.0028 | 12/21/11 | 12/22/11 | $16.78 |
What’s a Distribution?
Certain portfolio transactions by mutual funds over the course of the year incur taxes, which then must be distributed to shareholders by the end of the year. Tax liabilities are created from 1) short-term capital gains from selling securities held for less than a year; 2) long-term capital gains from selling securities held longer than a year; 3) income from stock dividends; and 4) interest income from bonds.
For standard, taxable accounts, shareholders can choose to receive their distributions in cash or in the form of reinvested shares, and this election is made at the time of the account’s creation. Most shareholders opt to reinvest. In years the fund makes a taxable distribution, tax forms are mailed out near the end of the coming January.
Since IRA accounts are tax-exempt, distributions are always reinvested. There is no economic impact of a distribution for IRA accounts; the NAV is reduced the day of the distribution and shareholders receive more shares that offset the lower NAV.
As always, if you have questions, you can call the customer service center at 800.231.2901 or email us at info@brettonfund.com.