485BPOS 2012-06-30 false PFS Funds 0001103243 2012-10-29 <div style="display:none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact fil_S000029372Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact fil_S000029372Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0 0 0 0.0100 0 0 -0.0200 -0.0200 <div style="display:none">~ http://xbrl.sec.gov/rr/role/RiskReturnDetailData row dei_DocumentInformationDocumentAxis compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 0.0100 0.0100 0.0000 0.0100 0.0058 0.0058 0.0004 0.0004 0.0162 0.0262 -0.0023 -0.0023 0.0139 0.0239 <div style="display:none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact fil_S000029372Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fil_S000029372Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact fil_S000029372Member row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact fil_S000029372Member row primary compact * row rr_PerformanceMeasureAxis compact * ~</div> 142 489 860 1903 342 793 1370 2937 242 793 1370 2937 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * row dei_LegalEntityAxis compact fil_S000029372Member row primary compact * ~</div> 0.0741 0.0741 0.1240 0.0719 0.1223 0.0481 0.1049 0.0624 0.1132 0.0211 0.1654 <p><b><font style="font-size:10.0pt; font-family:Arial">Investment Objective</font></b><font style="font-size:10.0pt; font-family:Arial"></font></p> <p><font style="font-size:10.0pt; font-family:Arial">&#8226; The Castle Focus Fund seeks long-term capital appreciation.</font></p> <p><b><font style="font-size:10.0pt; font-family:Arial">Fees and Expenses of the Fund</font></b><font style="font-size:10.0pt; font-family:Arial"></font></p> <font style="font-size:10.0pt; font-family:Arial">The following table describes the expenses and fees that you may pay if you buy and hold shares of the Fund.</font> <p><b><font style="font-size:10.0pt; font-family:Arial">Shareholder Fees </font></b><font style="font-size:10.0pt; font-family:Arial">(fees paid directly from your investment)</font></p> <p><b><font style="font-size:10.0pt; font-family:Arial">Annual Fund Operating Expenses </font></b><font style="font-size:10.0pt; font-family:Arial">(expenses that you pay each year as a percentage of the value of your investment)</font></p> <p><b><font style="font-size:10.0pt; font-family:Arial">Expense Example</font></b><font style="font-size:10.0pt; font-family:Arial"></font></p> <p><font style="font-size:10.0pt; font-family:Arial">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:</font></p> <p><font style="font-size:10.0pt; font-family:Arial">You would pay the following fees and expenses if you did not redeem your Class C shares:</font></p> <p><b><font style="font-size:10.0pt; font-family:Arial">Portfolio Turnover</font></b><font style="font-size:10.0pt; font-family:Arial"></font></p> <p><font style="font-size:10.0pt; font-family:Arial">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &quot;turns over&quot; 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.</font></p> <p><b><font style="font-size:10.0pt; font-family:Arial">The Principal Investment Strategy of the Fund</font></b><font style="font-size:10.0pt; font-family:Arial"></font></p> <p><font style="font-size:10.0pt; font-family:Arial">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.</font></p> <p><font style="font-size:10.0pt; font-family:Arial">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.</font></p> <p><font style="font-size:10.0pt; font-family:Arial">The Fund is a &quot;non-diversified&quot; 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.</font></p> <p><b><font style="font-size:10.0pt; font-family:Arial">The Principal Risks of Investing in the Fund</font></b><font style="font-size:10.0pt; font-family:Arial"></font></p> <p><b><i><font style="font-size:10.0pt; font-family:Arial">Risks in General. </font></i></b><font style="font-size:10.0pt; font-family:Arial">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.</font></p> <p><b><i><font style="font-size:10.0pt; font-family:Arial">Risks of Investing in Common Stocks. </font></i></b><font style="font-size:10.0pt; font-family:Arial">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.</font></p> <p><b><i><font style="font-size:10.0pt; font-family:Arial">Risks of Small and Medium Capitalization Companies. </font></i></b><font style="font-size:10.0pt; font-family:Arial">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.</font></p> <p><b><i><font style="font-size:10.0pt; font-family:Arial">Foreign Risk. </font></i></b><font style="font-size:10.0pt; font-family:Arial">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.</font></p> <p><b><i><font style="font-size:10.0pt; font-family:Arial">Risks of Exchange Traded Funds. </font></i></b><font style="font-size:10.0pt; font-family:Arial">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.</font></p> <p><b><i><font style="font-size:10.0pt; font-family:Arial">Risk of Non-Diversification. </font></i></b><font style="font-size:10.0pt; font-family:Arial">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 &quot;diversified.&quot; Non-diversification increases the risk that the value of the Fund could go down because of the poor performance of a single investment.</font></p> <p><b><i><font style="font-size:10.0pt; font-family:Arial">Sector Risk. </font></i></b><font style="font-size:10.0pt; font-family:Arial">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.</font></p> <p><b><font style="font-size:10.0pt; font-family:Arial">Performance History</font></b><font style="font-size:10.0pt; font-family:Arial"></font></p> <p style="margin:0in; margin-bottom:.0001pt"><font style="font-size:10.0pt; font-family:Arial">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.</font></p> <p style="margin:0in; margin-bottom:.0001pt"><b><font style="font-size:10.0pt; font-family:Arial">Annual Total Returns as of 12/31 for Investor Class Shares</font></b></p> <p><font style="font-size:10.0pt; font-family:Arial">For the period January 1, 2012 through September 30, 2012, the total return for the Fund's Investor Class Shares was 6.42%.</font></p> <p><font style="font-size:10.0pt; font-family:Arial">Best Quarter (December 31, 2011) +7.86%&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Worst Quarter (September 30, 2011) -4.99%</font></p> <p><b><font style="font-size:10.0pt; font-family:Arial">AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED 12/31/11</font></b></p> <p><font style="font-size:10.0pt; font-family:Arial">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&#8217;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&#8217;s Investor Class Shares shares; after-tax returns for the Class C Shares will vary.</font></p> .2438 <p><font style="font-size:10.0pt; font-family:Arial">When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.</font></p> <font style="font-size:10.0pt; font-family:Arial">The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font> <font style="font-size:10.0pt; font-family:Arial">www.castleim.com </font> <font style="font-size:10.0pt; font-family:Arial">877-743-7820</font> <font style="font-size:10.0pt; font-family:Arial">Best Quarter </font> 2011-12-31 .0786 <font style="font-size:10.0pt; font-family:Arial">Worst Quarter </font> 2011-09-30 -.0499 <font style="font-size:10.0pt; font-family:Arial">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.</font> <font style="font-size:10.0pt; font-family:Arial">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.</font> 2012-10-26 2012-10-29 0001103243 2012-10-29 2012-10-29 0001103243 fil:S000029372Member 2012-10-29 2012-10-29 0001103243 fil:S000029372Memberfil:C000090233Member 2012-10-29 2012-10-29 0001103243 fil:S000029372Memberfil:C000090234Member 2012-10-29 2012-10-29 0001103243 fil:S000029372Memberfil:C000090233Memberrr:AfterTaxesOnDistributionsMember 2012-10-29 2012-10-29 0001103243 fil:S000029372Memberfil:C000090233Memberrr:AfterTaxesOnDistributionsAndSalesMember 2012-10-29 2012-10-29 0001103243 fil:S000029372Memberfil:SMember 2012-10-29 2012-10-29 pure iso4217:USD 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. Castle Focus Fund Inception Date was 7/1/2010.