Rocky Peak Small Cap Value Fund to liquidate

http://www.sec.gov/Archives/edgar/data/1103243/000141304213000418/rockypeak497cls.htm

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PFS Funds

Rocky Peak Small Cap Value Fund

Supplement dated December 13, 2013
to the Prospectus dated August 1, 2013

The Board of Trustees of the PFS Funds (the “Trust”) has approved a Plan of Liquidation (the “Plan”) relating to the Rocky Peak Small Cap Value Fund (the “Fund”), effective December 13, 2013. Rocky Peak Capital Management, LLC’s, the Fund’s investment adviser (the “Adviser”), recommendation to the Board to approve the Plan was based on the inability to market the Fund and the Adviser’s indication that it does not desire to continue to support the Fund. As a result, the Board of Trustees has concluded that it is in the best interest of the shareholders to liquidate the Fund.

In connection with the proposed liquidation and dissolution of the Fund, the Board has directed the Trust’s principal underwriter to cease offering shares of the Fund. Shareholders may continue to reinvest dividends and distributions in the Fund or redeem their shares until the liquidation.

It is anticipated that the Fund will liquidate on or about December 30, 2013. Any remaining shareholders on the date of liquidation will receive a distribution in liquidation of the Fund. If you have questions or need assistance, please contact your financial advisor directly or the Fund toll-free at 1-888-505-0865 or the Fund’s adviser, Rocky Peak Capital Management, LLC at 1-310-963-8009.

IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS

If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of any redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.

This Supplement, and the existing Prospectus dated August 1, 2013, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated August 1, 2013 have been filed with the Securities and Exchange Commission, are incorporated by reference, and can be obtained without charge by calling the Fund toll-free at 1-888-505-0865.