0001413042-21-000110.txt : 20210212 0001413042-21-000110.hdr.sgml : 20210212 20210211192155 ACCESSION NUMBER: 0001413042-21-000110 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20201130 FILED AS OF DATE: 20210212 DATE AS OF CHANGE: 20210211 EFFECTIVENESS DATE: 20210212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PFS FUNDS CENTRAL INDEX KEY: 0001103243 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-09781 FILM NUMBER: 21621802 BUSINESS ADDRESS: STREET 1: 1939 FRIENDSHIP DRIVE STREET 2: STE C CITY: EL CAJON STATE: CA ZIP: 92020 BUSINESS PHONE: 6185889700 MAIL ADDRESS: STREET 1: 1939 FRIENDSHIP DRIVE STREET 2: STE C CITY: EL CAJON STATE: CA ZIP: 92020 FORMER COMPANY: FORMER CONFORMED NAME: PREMIER FUNDS TRUST DATE OF NAME CHANGE: 20100119 FORMER COMPANY: FORMER CONFORMED NAME: WIRELESS FUND DATE OF NAME CHANGE: 20000113 0001103243 S000035172 Christopher Weil & Company Core Investment Fund C000108201 Christopher Weil & Company Core Investment Fund CWCFX 0001103243 S000055970 Taylor Frigon Core Growth Fund C000176264 Taylor Frigon Core Growth Fund TFCGX N-CEN 1 primary_doc.xml X0303 N-CEN LIVE 0001103243 XXXXXXXX N-1A S000035172 C000108201 S000055970 C000176264 PFS FUNDS 811-09781 0001103243 549300QPH5FGDXI8HN15 1939 FRIENDSHIP DRIVE, STE C El Cajon 92020 US-CA US 619-588-9700 PFS Funds 1939 Friendship Drive, Suite C El Cajon 92020 619-588-9700 All accounts, books and documents required to be maintained by the Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 thereunder are maintained at the office of the Registrant except all those relating to the activities of the Fund's Custodian, Transfer Agent and Shareholder Servicing Agent. Mutual Shareholder Services, LLC 8000 Town Centre Drive, Suite 400 Broadview Heights 44147 440-922-0066 All accounts, books and documents required to be maintained by the Transfer Agent, Fund Accounting Agent and Shareholder Servicing Agent pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 US Bank, N.A 425 Walnut Street Cincinnati 45202 513-632-4140 All accounts, books and documents all those relating to the activities of the Fund's Custodian. Christopher Weil & Company 11236 El Camino Real, Suite 200 San Diego 92130 858-724-6040 Maintains records relating to its function as the investment adviser to the Christopher Weil & Company Core Investment Fund. Taylor Frigon Capital Management LLC 656 Santa Rosa, Suite 3B San Luis Obispo 93401 805-226-0280 Maintains records relating to its function as the investment adviser to the Taylor Frigon Core Growth Fund. N N N N-1A 13 Y JEFFREY R. PROVENCE N/A Y THOMAS H. ADDIS, III N/A N ALLEN C. BROWN N/A N GEORGE COSSOLIAS N/A N JULIAN G. WINTERS N/A 105 CANDLEWOOD ROAD, SUITE C ROCKY MOUNT 27804 XXXXXX N N N N N N N RAFFERTY CAPITAL MARKETS, LLC 008-40605 000023682 N/A N N COHEN & COMPANY, LTD 925 N/A N N N N N N N Christopher Weil & Company Core Investment Fund S000035172 5493007D8NX4Y8M4N827 N 1 0 0 N/A Y N Y N N/A 0.00 0.00 Rule 32a-4 (17 CFR 270.32a-4) Y Y N N CHRISTOPHER WEIL & COMPANY, INC. 801-42757 000022090 N/A N MUTUAL SHAREHOLDER SERVICES, LLC 084-05821 549300TSNG2XMCUGTB05 N N N FIS N/A N N U.S. BANK, NA 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N MUTUAL SHAREHOLDER SERVICES, LLC 549300TSNG2XMCUGTB05 N N N PREMIER FUND SOLUTIONS, INC. N/A N N N Dash Financial Technologies LLC 008-52503 000104031 549300VYG4AYVBIDN394 14497 Tradition Securities and Derivatives Inc. 008-43559 000028269 WRYEFMSVQCH0EMD08461 33388 Convergex Group Execution Services LLC 008-67167 000035693 N/A 4420 Empire Asset Management Company 008-67520 000143007 N/A 2157 Livermore Trading Group, Inc. 008-45248 000032968 N/A 6382 Elevation LLC 008-67306 000140341 549300BC5VSPZG47RP47 343 LOOP CAPITAL MARKETS LLC 008-50140 000043098 254900FPPM2WN90D4786 1018 62205 0 N 44795135 N N N N TAYLOR FRIGON CORE GROWTH FUND S000055970 5493008KSY48E37EMT39 N 1 0 0 N/A N N Y N N/A 0.00 0.00 Rule 32a-4 (17 CFR 270.32a-4) N N N N TAYLOR FRIGON CAPITAL MANAGEMENT, LLC 801-67498 000142617 N/A N MUTUAL SHAREHOLDER SERVICES, LLC 084-05821 549300TSNG2XMCUGTB05 N N N FIS N/A N N U.S. BANK, NA 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N MUTUAL SHAREHOLDER SERVICES, LLC 549300TSNG2XMCUGTB05 N N N PREMIER FUND SOLUTIONS, INC. N/A N N N William Blair 008-02698 000001252 549300J0P7XYE8BMZ775 12487 Needham & Company LLC 008-33772 000016360 254900J2GFQ4J4NK1J89 1097 CRAIG HALLUM CAPITAL GROUP LLC 008-65407 000121395 549300YWNPUXBR9XZW77 13275 OPPENHEIMER & CO. INC. 008-04077 000000249 254900VH02JQR2L8XD64 4474 CANACCORD GENUITY LLC 008-03271 000001020 WTX5X269IUOQ9YMI7R44 2869 LAKE STREET CAPITAL MARKETS, LLC 008-69101 000164447 254900F3EIYAEL5PI265 1052 THINKEQUITY LLC 008-50602 000044274 N/A 818 36072 0 N 28579094 N N N N false false true false false false INTERNAL CONTROL RPT 2 icweil.htm Christopher Weil & Company Core Investment Fund


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Shareholders of Christopher Weil & Company Core Investment Fund and

Board of Trustees of PFS Funds


In planning and performing our audit of the financial statements of Christopher Weil & Company Core Investment Fund (the “Fund”), a series of PFS Funds, as of and for the year ended November 30, 2020, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.  Accordingly, we express no such opinion.


The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP).  A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.  


Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.


A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.


Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States).  However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of November 30, 2020.


This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.


/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

January 21, 2021





 INTERNAL CONTROL RPT 3 tayloric.htm Taylor Frigon Core Growth Fund


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Shareholders of Taylor Frigon Core Growth Fund and

Board of Trustees of PFS Funds


In planning and performing our audit of the financial statements of Taylor Frigon Core Growth Fund (the “Fund”), a series of PFS Funds, as of and for the year ended November 30, 2020, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.  Accordingly, we express no such opinion.


The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP).  A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.  


Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.


A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.


Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States).  However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of November 30, 2020.


This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.


/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

January 21, 2021