485BPOS

As filed with the Securities and Exchange Commission on November 13, 2012
Securities Act File No. 333-94671
Investment Company Act File No. 811-09781

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	[X]
Pre-Effective Amendment No.	[ ]
Post-Effective Amendment No. 52	[X]
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	[X]
Amendment No. 52	[X]

PFS Funds
(Exact Name of Registrant as Specified in Charter)

1939 Friendship Drive, Suite C, El Cajon, California 92020
(Address of Principal Executive Offices, Zip Code)

Registrant's Telephone Number, including Area Code: (619) 588-9700

CT Corporation
155 Federal St., Suite 700, Boston, MA 02110
(Name and Address of Agent for Service)

With Copies to:

Ross Provence	John H. Lively
PFS Funds	The Law Offices of John H. Lively & Associates, Inc.
1939 Friendship Drive, Suite C	A member firm of the 1940 Act Law GroupTM
El Cajon, California 92020	11300 Tomahawk Creek Parkway, Ste. 310
	Leawood, KS 66211

It is proposed that this filing will become effective: 

[X] immediately upon filing pursuant to paragraph (b); 

[ ] on (date) pursuant to paragraph (b); 

[ ] 60 days after filing pursuant to paragraph (a)(1); 

[ ] on (date) pursuant to paragraph (a)(1); 

[ ] 75 days after filing pursuant to paragraph (a)(2); or 

[ ] on (date) pursuant to paragraph (a)(2) of rule 485. 

If appropriate, check the following box: 

[ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment. 

PFS FUNDS

On Behalf of its Series,

Castle Focus Fund

EXPLANATORY NOTE

This Post-Effective Amendment No. 52 to the Registration Statement of PFS Funds on Form N-1A is filed for the sole purpose of submitting the XBRL exhibits for the risk/return summaries first provided in Post-Effective Amendment No. 51 filed on October 26, 2012 and incorporates Parts A, B and C from said amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment No. 52 pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of El Cajon, State of California, on the 12^th day of November, 2012.

PFS Funds

By: /s/ Ross C. Provence  
Ross C. Provence, President

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 52 to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated below.

Signature	Title	Date
/s/ Ross C. Provence	President and	November 12, 2012
Ross C. Provence	Trustee of the Funds
/s/ Jeffrey R. Provence	Secretary, Treasurer and	November 12, 2012
Jeffrey R. Provence	Trustee of the Funds
Thomas H. Addis III*	Trustee of the Funds	November 12, 2012
Allen C. Brown*	Trustee of the Funds	November 12, 2012
George Cossolias, CPA*	Trustee of the Funds	November 12, 2012

* By: /s/ Jeffrey R. Provence  
Jeffrey R. Provence, Attorney-In-Fact

Date: November 12, 2012

PFS FUNDS
EXHIBIT INDEX
Index No.	Description of Exhibit
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Labels Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Document Type

dei_DocumentType

485BPOS

Document Period End Date

dei_DocumentPeriodEndDate

Jun. 30, 2012

Registrant Name

dei_EntityRegistrantName

PFS Funds

Central Index Key

dei_EntityCentralIndexKey

0001103243

Amendment Flag

dei_AmendmentFlag

false

Document Creation Date

dei_DocumentCreationDate

Oct. 26, 2012

Document Effective Date

dei_DocumentEffectiveDate

Oct. 29, 2012

Prospectus Date

rr_ProspectusDate

Oct. 29, 2012

Castle Focus Fund

Risk/Return:

rr_RiskReturnAbstract

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

• The Castle Focus Fund seeks long-term capital appreciation.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

The following table describes the expenses and fees that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 24.38% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

24.38%

Expense Example [Heading]

rr_ExpenseExampleHeading

Expense Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

The following example is intended to help you compare the cost of investing in Investor Shares and C Shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% annual return each year and that the Fund's operating expenses remain the same each year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example, No Redemption, By Year, Caption [Text]

rr_ExpenseExampleNoRedemptionByYearCaption

You would pay the following fees and expenses if you did not redeem your Class C shares:

Strategy [Heading]

rr_StrategyHeading

The Principal Investment Strategy of the Fund

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

Under normal market conditions, the Fund invests primarily in common stocks of domestic companies and American Depositary Receipts (ADRs) of foreign companies of any size without regard to market capitalization that the Sub-Adviser believes possess a strong competitive position in their peer group and have undervalued assets or growth potential that is not yet reflected in stock price. The Fund may also invest in exchange traded funds (ETFs). The Fund will normally hold a core position of between 20 and 30 common stocks.

The Sub-Adviser's investment selection process generally begins with data from the Value Line Index (an equal-weighted stock index containing approximately 1,700 companies). As part of its investment selection process, the Sub-Adviser may evaluate companies using a value-oriented analysis which examines, among other things, cash flow, price-to-earnings ratios and price-to-book ratios. The Sub-Adviser may also examine a company's financial statements and visit with various levels of a company's management as well as customers and (as relevant) competition. The Sub-Adviser may sell or reduce the Fund's position in a security if it believes there is a significant change in long-term financial prospects.

The Fund is a "non-diversified" fund, which means it can invest in fewer securities at any one time than a diversified fund. From time to time the Fund may invest a significant portion of its assets in a limited number of industry sectors, but will not concentrate in any particular industry. Also, the Fund may hold for extended periods of time all or a portion of its assets in cash or cash-equivalents like money market funds, certificates of deposit, short-term debt obligations, and repurchase agreements, either due to pending investments or when investment opportunities are limited.

Risk [Heading]

rr_RiskHeading

The Principal Risks of Investing in the Fund

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

Risks in General. Domestic economic growth and market conditions, interest rate levels, and political events are among the factors affecting the securities markets of the Fund's investments. There is risk that these and other factors may adversely affect the Fund's performance. The loss of money is a risk of investing in the Fund.

Risks of Investing in Common Stocks. Overall stock market risks may affect the value of the Fund. Factors. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

Risks of Small and Medium Capitalization Companies. The Fund invests in the stocks of small and medium capitalization companies, which may subject the Fund to additional risks. The earnings and prospects of these companies are more volatile than larger companies. Small and medium capitalization companies may have limited product lines and markets, and may experience higher failure rates than do larger companies.

Foreign Risk. To the extent the Fund purchases ADRs, which will give the Fund exposure to foreign companies, the Fund may be subject to risks not usually associated with owning securities of U.S. issuers, including adverse political, social and economic developments and differing auditing and legal standards.

Risks of Exchange Traded Funds. Investment in an exchange traded fund carries specific risk and market risk. Also, if the area of the market representing the underlying index or benchmark does not perform as expected for any reason, the value of the investment in the ETF may decline.

Risk of Non-Diversification. The Fund is a non-diversified portfolio, which means that it has the ability to take larger positions in a smaller number of securities than a portfolio that is "diversified." Non-diversification increases the risk that the value of the Fund could go down because of the poor performance of a single investment.

Sector Risk. Sector risk is the possibility that all stocks within the same group of industries will decline in price due to sector-specific market or economic developments. The Fund may be overweight in certain sectors at various times.

Risk Lose Money [Text]

rr_RiskLoseMoney

When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance History

Performance Availability Phone [Text]

rr_PerformanceAvailabilityPhone

877-743-7820

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.castleim.com

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

Bar Chart [Heading]

rr_BarChartHeading

Annual Total Returns as of 12/31 for Investor Class Shares

Bar Chart Narrative [Text Block]

rr_BarChartNarrativeTextBlock

The bar chart shows performance of the Fund's Investor Class Shares for each full calendar year since the Fund's inception. The returns for Class C Share will differ from those of Investor Class Shares because the expenses of the classes differ. The performance table compares the performance of the Fund's Investor Class Shares and Class C Shares over time to the performance of a broad-based securities market index. The information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1 year, and since inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.castleim.com or by calling 1-877-743-7820.

Annual Return 2011

rr_AnnualReturn2011

7.41%

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

For the period January 1, 2012 through September 30, 2012, the total return for the Fund's Investor Class Shares was 6.42%.

Best Quarter (December 31, 2011) +7.86%         Worst Quarter (September 30, 2011) -4.99%

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

Best Quarter

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Dec. 31, 2011

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

7.86%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

Worst Quarter

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Sep. 30, 2011

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(4.99%)

Performance Table Heading

rr_PerformanceTableHeading

AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED 12/31/11

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Performance Table Closing [Text Block]

rr_PerformanceTableClosingTextBlock

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns are shown only for the Fund’s Investor Class Shares shares; after-tax returns for the Class C Shares will vary.

Castle Focus Fund | - Comparison Index - S&P 500 Index (does not reflect deductions for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

2.11%

Since Inception

rr_AverageAnnualReturnSinceInception

16.54%

^[2]

Castle Focus Fund | Investor

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load)

rr_MaximumCumulativeSalesChargeOverOther

none

Maximum Deferred Sales Charge (Load) (as a percentage of the amount redeemed)

rr_MaximumDeferredSalesChargeOverOther

none

Redemption Fees (on shares sold after holding them for 90 days or less as a percentage of the amount redeemed){neg}

rr_RedemptionFeeOverRedemption

(2.00%)

Exchange Fee

rr_ExchangeFee

none

Management Fees

rr_ManagementFeesOverAssets

1.00%

Distribution Fees/Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Other Expenses

rr_OtherExpensesOverAssets

0.58%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.04%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.62%

Fee Waiver

rr_FeeWaiverOrReimbursementOverAssets

(0.23%)

^[1]

Total Annual Fund Operating Expenses After Waiver

rr_NetExpensesOverAssets

1.39%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

142

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

489

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

860

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

1,903

1 Year

rr_AverageAnnualReturnYear01

7.41%

Since Inception

rr_AverageAnnualReturnSinceInception

12.40%

^[2]

Castle Focus Fund | Investor | Return After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

7.19%

Since Inception

rr_AverageAnnualReturnSinceInception

12.23%

^[2]

Castle Focus Fund | Investor | Return After Taxes on Distributions and Sale of Fund Shares

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

4.81%

Since Inception

rr_AverageAnnualReturnSinceInception

10.49%

^[2]

Castle Focus Fund | Class C

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load)

rr_MaximumCumulativeSalesChargeOverOther

none

Maximum Deferred Sales Charge (Load) (as a percentage of the amount redeemed)

rr_MaximumDeferredSalesChargeOverOther

1.00%

Redemption Fees (on shares sold after holding them for 90 days or less as a percentage of the amount redeemed){neg}

rr_RedemptionFeeOverRedemption

(2.00%)

Exchange Fee

rr_ExchangeFee

none

Management Fees

rr_ManagementFeesOverAssets

1.00%

Distribution Fees/Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

1.00%

Other Expenses

rr_OtherExpensesOverAssets

0.58%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.04%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

2.62%

Fee Waiver

rr_FeeWaiverOrReimbursementOverAssets

(0.23%)

^[1]

Total Annual Fund Operating Expenses After Waiver

rr_NetExpensesOverAssets

2.39%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

342

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

793

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,370

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

2,937

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

242

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

793

Expense Example, No Redemption, 5 Years

rr_ExpenseExampleNoRedemptionYear05

1,370

Expense Example, No Redemption, 10 Years

rr_ExpenseExampleNoRedemptionYear10

2,937

1 Year

rr_AverageAnnualReturnYear01

6.24%

Since Inception

rr_AverageAnnualReturnSinceInception

11.32%

^[2]

[1] Under the Services Agreement the Adviser receives an additional fee of 0.58% and is obligated to pay the operating expenses of the Fund excluding management fees, brokerage fees and commissions, 12b-1 fees, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), the cost of acquired funds and extraordinary expenses. Effective October 29, 2012 the Adviser has contractually agreed to waive Services Agreement fees by 0.23% of its average daily net assets through October 31, 2013. The Services Agreement fee waiver will automatically terminate on October 31, 2013 unless it is renewed by the Adviser. The Adviser may not terminate the fee waiver before October 31, 2013.

[2] Castle Focus Fund Inception Date was 7/1/2010.

XML

Castle Focus Fund

Investment Objective

• The Castle Focus Fund seeks long-term capital appreciation.

Fees and Expenses of the Fund

The following table describes the expenses and fees that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Castle Focus Fund (USD $)	Investor	Class C
Maximum Sales Charge (Load)	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of the amount redeemed)	none	1.00%
Redemption Fees (on shares sold after holding them for 90 days or less as a percentage of the amount redeemed)	2.00%	2.00%
Exchange Fee	none	none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Castle Focus Fund		Investor	Class C
Management Fees		1.00%	1.00%
Distribution Fees/Service (12b-1) Fees		none	1.00%
Other Expenses		0.58%	0.58%
Acquired Fund Fees and Expenses		0.04%	0.04%
Total Annual Fund Operating Expenses		1.62%	2.62%
Fee Waiver	[1]	(0.23%)	(0.23%)
Total Annual Fund Operating Expenses After Waiver		1.39%	2.39%

Expense Example

The following example is intended to help you compare the cost of investing in Investor Shares and C Shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% annual return each year and that the Fund's operating expenses remain the same each year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example Castle Focus Fund (USD $)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years	Expense Example, with Redemption, 5 Years	Expense Example, with Redemption, 10 Years
Investor	142	489	860	1,903
Class C	342	793	1,370	2,937

You would pay the following fees and expenses if you did not redeem your Class C shares:

Expense Example, No Redemption (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years	Expense Example, No Redemption, 5 Years	Expense Example, No Redemption, 10 Years
Castle Focus Fund Class C	242	793	1,370	2,937

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 24.38% of the average value of its portfolio.

The Principal Investment Strategy of the Fund

Under normal market conditions, the Fund invests primarily in common stocks of domestic companies and American Depositary Receipts (ADRs) of foreign companies of any size without regard to market capitalization that the Sub-Adviser believes possess a strong competitive position in their peer group and have undervalued assets or growth potential that is not yet reflected in stock price. The Fund may also invest in exchange traded funds (ETFs). The Fund will normally hold a core position of between 20 and 30 common stocks.

The Sub-Adviser's investment selection process generally begins with data from the Value Line Index (an equal-weighted stock index containing approximately 1,700 companies). As part of its investment selection process, the Sub-Adviser may evaluate companies using a value-oriented analysis which examines, among other things, cash flow, price-to-earnings ratios and price-to-book ratios. The Sub-Adviser may also examine a company's financial statements and visit with various levels of a company's management as well as customers and (as relevant) competition. The Sub-Adviser may sell or reduce the Fund's position in a security if it believes there is a significant change in long-term financial prospects.

The Fund is a "non-diversified" fund, which means it can invest in fewer securities at any one time than a diversified fund. From time to time the Fund may invest a significant portion of its assets in a limited number of industry sectors, but will not concentrate in any particular industry. Also, the Fund may hold for extended periods of time all or a portion of its assets in cash or cash-equivalents like money market funds, certificates of deposit, short-term debt obligations, and repurchase agreements, either due to pending investments or when investment opportunities are limited.

The Principal Risks of Investing in the Fund

Risks in General. Domestic economic growth and market conditions, interest rate levels, and political events are among the factors affecting the securities markets of the Fund's investments. There is risk that these and other factors may adversely affect the Fund's performance. The loss of money is a risk of investing in the Fund.

Risks of Investing in Common Stocks. Overall stock market risks may affect the value of the Fund. Factors. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

Risks of Small and Medium Capitalization Companies. The Fund invests in the stocks of small and medium capitalization companies, which may subject the Fund to additional risks. The earnings and prospects of these companies are more volatile than larger companies. Small and medium capitalization companies may have limited product lines and markets, and may experience higher failure rates than do larger companies.

Foreign Risk. To the extent the Fund purchases ADRs, which will give the Fund exposure to foreign companies, the Fund may be subject to risks not usually associated with owning securities of U.S. issuers, including adverse political, social and economic developments and differing auditing and legal standards.

Risks of Exchange Traded Funds. Investment in an exchange traded fund carries specific risk and market risk. Also, if the area of the market representing the underlying index or benchmark does not perform as expected for any reason, the value of the investment in the ETF may decline.

Risk of Non-Diversification. The Fund is a non-diversified portfolio, which means that it has the ability to take larger positions in a smaller number of securities than a portfolio that is "diversified." Non-diversification increases the risk that the value of the Fund could go down because of the poor performance of a single investment.

Sector Risk. Sector risk is the possibility that all stocks within the same group of industries will decline in price due to sector-specific market or economic developments. The Fund may be overweight in certain sectors at various times.

Performance History

The bar chart shows performance of the Fund's Investor Class Shares for each full calendar year since the Fund's inception. The returns for Class C Share will differ from those of Investor Class Shares because the expenses of the classes differ. The performance table compares the performance of the Fund's Investor Class Shares and Class C Shares over time to the performance of a broad-based securities market index. The information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1 year, and since inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.castleim.com or by calling 1-877-743-7820.

Annual Total Returns as of 12/31 for Investor Class Shares

For the period January 1, 2012 through September 30, 2012, the total return for the Fund's Investor Class Shares was 6.42%.

Best Quarter (December 31, 2011) +7.86%         Worst Quarter (September 30, 2011) -4.99%

AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED 12/31/11

Average Annual Total Returns Castle Focus Fund	1 Year	Since Inception
- Comparison Index - S&P 500 Index (does not reflect deductions for fees, expenses or taxes)	2.11%	16.54%	[1]
Investor	7.41%	12.40%	[1]
Investor Return After Taxes on Distributions	7.19%	12.23%	[1]
Investor Return After Taxes on Distributions and Sale of Fund Shares	4.81%	10.49%	[1]
Class C	6.24%	11.32%	[1]

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns are shown only for the Fund’s Investor Class Shares shares; after-tax returns for the Class C Shares will vary.

[1] Under the Services Agreement the Adviser receives an additional fee of 0.58% and is obligated to pay the operating expenses of the Fund excluding management fees, brokerage fees and commissions, 12b-1 fees, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), the cost of acquired funds and extraordinary expenses. Effective October 29, 2012 the Adviser has contractually agreed to waive Services Agreement fees by 0.23% of its average daily net assets through October 31, 2013. The Services Agreement fee waiver will automatically terminate on October 31, 2013 unless it is renewed by the Adviser. The Adviser may not terminate the fee waiver before October 31, 2013.

[1] Castle Focus Fund Inception Date was 7/1/2010.