0001413042-11-000022 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • January 31st, 2011 • PFS Funds

The Trust has been organized to engage in the business of an open-end management investment company. You have been selected to act as the sole investment adviser of the Turquoise Select Opportunity Fund (the “Fund”) and to provide certain other services, as more fully set forth below, and you are willing to act as such investment adviser and to perform such services under the terms and conditions hereinafter set forth. Accordingly, the Trust agrees with you as follows effective upon the date of the execution of this Agreement.

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BY-LAWS OF THE TRUST BY-LAWS OF PFS FUNDS As Amended On January 20, 2011
PFS Funds • January 31st, 2011
AGREEMENT AND DECLARATION OF TRUST OF PFS FUNDS
Agreement and Declaration of Trust • January 31st, 2011 • PFS Funds • Massachusetts

AGREEMENT AND DECLARATION OF TRUST made effective at Boston, Massachusetts, on the 13th day of January 2000 and amended this 20th day of January, 2011 by the Trustees hereunder and by the holders of shares of beneficial interest to be issued hereunder as hereinafter provided.

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