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2012 Q3 Shareholder Letter

October 23, 2012

Dear Fellow Shareholders:

The Bretton Fund’s net asset value per share (NAV) as of September 30, 2012, was $19.85, and the total return for the fund for the quarter was 3.44%. Over the same period of time, the total return for the S&P 500 Index was 6.35%, and the total return for the Wilshire 5000 Total Market Index was 6.15%.

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