Bretton Fund

Bretton Fund 2Q16 Shareholder Letter: Long MEDNAX

Bretton Fund letter to shareholders for the second quarter ended June 30. 2016.

Dear Fellow Shareholders:

The Bretton Fund’s net asset value per share (NAV) as of June 30, 2016, was $24.10. The fund’s total return for the second quarter was 0.58%, while the S&P 500 Index returned 2.46%.

(A) 1 Year, 3 Years, 5 Years and Since Inception returns include . . .

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