2011 Q3 Shareholder Letter

October 19, 2011 Dear Fellow Shareholders: The Bretton Fund’s net asset value per share (NAV) as of September 30, 2011, was $14.76, and the total return for the fund for the quarter was a decline…


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2011 Semiannual Report to Shareholders

This shareholder letter is part of the Bretton Fund 2011 Semiannual Report. Here's the full report (pdf). August 11, 2011 Dear Fellow Shareholders: The Bretton Fund’s net asset value per share (NAV)…


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2011 Q1 Shareholder Letter

April 19, 2011 Dear Fellow Shareholders: The Bretton Fund’s net asset value per share (NAV) as of March 31, 2011, was $16.45, and the total return for the fund for the quarter was 3.33%. Over the…


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2010 Annual Report to Shareholders

This letter is an excerpt from the Bretton Fund 2010 Annual Report. Here's the full report (pdf). February 24, 2011 Dear Fellow Shareholders: The Bretton Fund's net asset value per share (NAV) as of…


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