THE BERKSHIRE FUNDS Berkshire Focus Fund (BFOCX) 475 Milan Drive, Suite #103 San Jose, California 95134-2453 (877) 526-0707 STATEMENT OF ADDITIONAL INFORMATION May 1, 2014 This Statement of Additional Information ("SAI") is not a Prospectus. It should be read in conjunction with the Prospectus for the Berkshire Focus Fund dated May 1, 2014 (the "Prospectus"). A copy of the Prospectus can be obtained by writing to The Berkshire Funds, c/o Mutual Shareholder Services, LLC, 8000 Town Centre Drive, Suite 400, Broadview Heights, OH 44147, or by calling The Berkshire Funds toll-free at 1-877-526-0707. The Fund's Annual Report to Shareholders, as filed with the Securities and Exchange Commission on March 7, 2014, has been incorporated by reference into this SAI. The annual report is available, without charge and upon request by writing or calling the Fund at the address or phone number referenced above. TABLE OF CONTENTS THE FUND CAPITAL STRUCTURE CONCENTRATION AND NON-DIVERSIFICATION POLICY TAX STATUS INVESTMENT RESTRICTIONS OTHER INVESTMENTS INVESTMENT ADVISER INVESTMENT ADVISORY AND ADMINISTRATION AGREEMENTS PORTFOLIO MANAGER MANAGEMENT OF THE FUND TRUSTEES AND OFFICERS COMMITTEES BOARD INTEREST IN THE FUND COMPENSATION CONTROL PERSONS AND PRINCIPAL SECURITY HOLDERS REDEMPTION OF SHARES PURCHASES AND SALES THROUGH BROKER DEALERS PERFORMANCE INFORMATION NET ASSET VALUE PORTFOLIO TRANSACTIONS AND BROKERAGE CUSTODIAN TRANSFER AGENT AND MANAGEMENT-RELATED SERVICES INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM CODE OF ETHICS ANTI-MONEY LAUNDERING PROGRAM PROXY VOTING PROCEDURES DISCLOSURE OF CURRENT PORTFOLIO HOLDINGS FINANCIAL STATEMENTS 1 1 1 1 3 4 6 7 8 8 8 10 11 11 11 12 12 12 13 14 15 15 15 15 15 15 16 17
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