NOTES TO FINANCIAL STATEMENTS
June 30, 2000 (unaudited)
4. Related Party Transactions, Investment Advisory and Administrative Fees
Certain officers and directors of the Trust are also officers and directors of Berkshire Capital Holdings, Inc.
("Berkshire Capital").
Each Fund has an Investment Advisory Agreement and a separate Administration Agreement with Berkshire
Capital. Under the terms of the Investment Advisory Agreement, Berkshire Capital will receive a fee accrued
each calendar day (including weekends and holidays) at a rate of 1.5% per annum of the daily net assets of each
Fund. Under the Administration Agreement, Berkshire Capital receives a fee as compensation for services
rendered, facilities furnished and expenses assumed at the annual rate of 0.50% of each Fund's average daily net
assets up to $50 million, 0.45% of average net assets from $50 million to $200 million, 0.40% of average net
assets from $200 million to $500 million, 0.35% of average net assets from $500 million to $1 billion, and 0.30%
of average net assets in excess of $1 billion. Such fee is computed as a percentage of each Fund's daily net assets
and are accrued each calendar day (including weekends and holidays). For the six months ended June 30, 2000,
Berkshire Capital was paid an investment advisory fee of $688,800 and an administration fee of $218,690 from
the Focus Fund. The Technology Fund paid an investment advisory fee of $53,919 and an administration fee of
$17,973.
*
35
*
36
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37
This report is provided for the general information of the shareholders of the Berkshire Funds. This report is not
intended for distribution to prospective investors in the Funds, unless preceded or accompanied by an effective
prospectus. For more information regarding the Funds, including charges and expenses, visit our web site at
www.BerkshireFunds.com or call toll-free 1-877-526-0707 for a free prospectus. Please read it carefully before
you invest or send money.
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THE BERKSHIRE FUNDS