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2013 Semiannual Report to Shareholders

August 23, 2013

Dear Fellow Shareholders:

The Bretton Fund’s net asset value per share (NAV) as of June 30, 2013, was $21.94. The total return for the fund for the second quarter was 7.39%. Over the same period of time, the total return for the S&P 500 Index was 2.91%, and the total return for the Wilshire 5000 Total Market Index was 2.77%.

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Vanguard Adds Bretton

The fund is now available through Vanguard , joining the E*TRADE and Pershing as the available online platforms for the fund.

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