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2013 Q1 Shareholder Letter

April 22, 2013

Dear Fellow Shareholders:

The Bretton Fund’s net asset value per share (NAV) as of March 31, 2013, was $20.43, and the total return for the fund for the quarter was 8.44%. Over the same period of time, the total return for the S&P 500 Index was 10.61%, and the total return for the Wilshire 5000 Total Market Index was 10.91%.

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