0001413042-21-000209.txt : 20210309 0001413042-21-000209.hdr.sgml : 20210309 20210309113528 ACCESSION NUMBER: 0001413042-21-000209 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210309 DATE AS OF CHANGE: 20210309 EFFECTIVENESS DATE: 20210309 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: 21724764 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 S000030100 Bretton Fund C000092443 Bretton Fund BRTNX N-CEN 1 primary_doc.xml X0303 N-CEN LIVE 0001103243 XXXXXXXX N-1A S000030100 C000092443 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. BRETTON CAPITAL MANAGEMENT LLC 25 TAYLOR ST SAN FRANCISCO 94102 415-738-7640 Maintains records relating to its function as the investment adviser to the Bretton Fund. N N N N-1A 13 Y JEFFREY R. PROVENCE 002619467 Y THOMAS H. ADDIS, III N/A N ALLEN C. BROWN N/A N GEORGE COSSOLIAS N/A N JULIAN G. WINTERS N/A 3993 Sunset Avenue, SUITE 201 ROCKY MOUNT 27804 XXXXXX 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 Bretton Fund S000030100 5493005U1MJFY8J33W25 N 1 0 0 N/A Y N Y N N/A N/A N/A N/A N N N N BRETTON CAPITAL MANAGEMENT LLC 801-71709 000154344 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 Y N N STATE STREET GLOBAL MARKETS, LLC 008-69862 000285852 549300FDEDF5ORXCMQ56 1939 Tradition Securities and Derivatives Inc. 008-43559 000028269 WRYEFMSVQCH0EMD08461 85 2024 0 N 41634720 N N N N false false true false false false INTERNAL CONTROL RPT 2 ncenbretton.htm Bretton Fund


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Shareholders of Bretton Fund and

Board of Trustees of PFS Funds


In planning and performing our audit of the financial statements of Bretton Fund (the “Fund”), a series of PFS Funds, as of and for the year ended December 31, 2020 in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), 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 PCAOB.  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 December 31, 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

February 16, 2021