# EDGAR Filing Document

**Accession Number:** 0001103243
**File Stem:** 0001413042-25-000971
**Filing Date:** 2025-11
**Character Count:** 21230
**Document Hash:** 061b6ceca0df22b35ca9efe596c0b1e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-25-000971.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001413042-25-000971

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PFS FUNDS
- **CENTRAL INDEX KEY:** 0001103243

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09781
- **FILM NUMBER:** 251513054

**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

## Series and Classes Contracts Data

### Potomac Defensive Bull Fund (Series ID: S000068707)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000219677 | Potomac Defensive Bull Fund | CRDBX           |

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Potomac Defensive Bull Fund** | **Potomac Defensive Bull Fund** | **Potomac Defensive Bull Fund** | **Potomac Defensive Bull Fund** | **Potomac Defensive Bull Fund** | **Potomac Defensive Bull Fund** |
|  |  |  | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
|  | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **Shares** |  |  |  | **Fair Value** | **% of Net Assets** |
| **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** |  |  |  |  |
| **Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105270 | Direxion Daily S&P 500 3X Bull Shares # | Direxion Daily S&P 500 3X Bull Shares # |  | $234206713 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095597 | ProShares UltraPro S&P 500 ETF # | ProShares UltraPro S&P 500 ETF # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233638110 |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467844823 |  |
| **Fixed Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7527697 | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF # | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF # | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379546483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8556843 | iShares 0-3 Month Treasury Bond ETF \* | iShares 0-3 Month Treasury Bond ETF \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861674090 |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1241220573 |  |
| **Total for Exchange Traded Funds (Cost - $1,702,953,176)** | **Total for Exchange Traded Funds (Cost - $1,702,953,176)** | **Total for Exchange Traded Funds (Cost - $1,702,953,176)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1709065395 | 81.62% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223486603 | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223486603 | 10.67% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class - 3.99% + |  |  |  |  |
| **Total for Money Market Funds (Cost - $223,486,603)** | **Total for Money Market Funds (Cost - $223,486,603)** | **Total for Money Market Funds (Cost - $223,486,603)** |  |  |  |
|  | **Total Investments (Cost - $1,926,439,779)** | **Total Investments (Cost - $1,926,439,779)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1932551998 | 92.29% |
|  | **Other Assets in Excess of Liabilities** | **Other Assets in Excess of Liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161274339 | 7.71% |
|  | **Net Assets** |  |  | $2093826337 | 100.00% |
| # Affiliated investment due to Fund holding more than 5% of outstanding shares during the quarter. See below. | # Affiliated investment due to Fund holding more than 5% of outstanding shares during the quarter. See below. | # Affiliated investment due to Fund holding more than 5% of outstanding shares during the quarter. See below. | # Affiliated investment due to Fund holding more than 5% of outstanding shares during the quarter. See below. | # Affiliated investment due to Fund holding more than 5% of outstanding shares during the quarter. See below. | # Affiliated investment due to Fund holding more than 5% of outstanding shares during the quarter. See below. |
| \* Additional Information, including current Prospectus and Annual Reports, is available at | \* Additional Information, including current Prospectus and Annual Reports, is available at | \* Additional Information, including current Prospectus and Annual Reports, is available at | \* Additional Information, including current Prospectus and Annual Reports, is available at | \* Additional Information, including current Prospectus and Annual Reports, is available at | \* Additional Information, including current Prospectus and Annual Reports, is available at |
| https://www.ishares.com/us/library. | https://www.ishares.com/us/library. |  |  |  |  |
| + The rate shown represents the 7-day yield at September 30, 2025. | + The rate shown represents the 7-day yield at September 30, 2025. | + The rate shown represents the 7-day yield at September 30, 2025. | + The rate shown represents the 7-day yield at September 30, 2025. | + The rate shown represents the 7-day yield at September 30, 2025. | + The rate shown represents the 7-day yield at September 30, 2025. |
| **Potomac Defensive Bull Fund** | **Potomac Defensive Bull Fund** | **Potomac Defensive Bull Fund** | **Potomac Defensive Bull Fund** | **Potomac Defensive Bull Fund** | **Potomac Defensive Bull Fund** |
|  | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** |
|  | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
|  |  |  |  |  | **Unrealized** |
|  |  | **Number of Contracts** | **Expiration** | **Notional** | **Appreciation/** |
| **Description** |  | **Purchased/(Sold)** | **Date** | **Value** | **(Depreciation)** |
| **Index Futures Purchased** | **Index Futures Purchased** |  |  |  |  |
| E-mini Standard & Poor's 500 Futures \*\* | E-mini Standard & Poor's 500 Futures \*\* | 5945 | 12/19/2025 | $2003093438 | $7010136 |
| **Total** |  | 5945 |  | $2003093438 | $7010136 |
| \*\* Exchange Traded. | \*\* Exchange Traded. |  |  |  |  |
| 1.) AFFILIATED ISSUER TRANSACTIONS | 1.) AFFILIATED ISSUER TRANSACTIONS |  |  |  |  |
| When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended September, 2025, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended September, 2025, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended September, 2025, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended September, 2025, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended September, 2025, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended September, 2025, the Fund had the following transactions with affiliated companies: |
| When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended September, 2025, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended September, 2025, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended September, 2025, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended September, 2025, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended September, 2025, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended September, 2025, the Fund had the following transactions with affiliated companies: |
| When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended September, 2025, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended September, 2025, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended September, 2025, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended September, 2025, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended September, 2025, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended September, 2025, the Fund had the following transactions with affiliated companies: |
|  |  | Bondbloxx | Bondbloxx |  |  |
|  |  | Bloomberg | Bloomberg |  |  |
|  |  | Six Month Target | Six Month Target |  |  |
|  |  | Duration US | Duration US |  |  |
| Security Name |  | Treasury ETF | Treasury ETF |  |  |
| Value as of June 30, 2025 | Value as of June 30, 2025 |  | $217199682 |  |  |
| Purchases |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161723018 |  |  |
| Sales |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |  |
| Change in Unrealized Gain (Loss) | Change in Unrealized Gain (Loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623782 |  |  |
| Realized Gain (Loss) | Realized Gain (Loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |  |
| Value as of September 30, 2025 | Value as of September 30, 2025 |  | $379546482 |  |  |
| Shares Balance as of September 30, 2025 | Shares Balance as of September 30, 2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7527697 |  |  |
| Dividends |  |  | $2896442 |  |  |
| Capital Gain Distributions | Capital Gain Distributions |  | $- |  |  |
|  |  | Direxion Daily S&P | Direxion Daily S&P |  |  |
|  |  | 500 3X Bull Shares | 500 3X Bull Shares |  |  |
| Security Name |  | ETF | ETF |  |  |
| Value as of June 30, 2025 | Value as of June 30, 2025 |  | $291385850 |  |  |
| Purchases |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779883715 |  |  |
| Sales |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(871012330) |  |  |
| Change in Unrealized Gain (Loss) | Change in Unrealized Gain (Loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12110233) |  |  |
| Realized Gain (Loss) | Realized Gain (Loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46059711 |  |  |
| Value as of September 30, 2025 | Value as of September 30, 2025 |  | $234206713 |  |  |
| Shares Balance as of September 30, 2025 | Shares Balance as of September 30, 2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105270 |  |  |
| Dividends |  |  | $- |  |  |
| Capital Gain Distributions | Capital Gain Distributions |  | $- |  |  |
|  |  | ProShares UltraPro | ProShares UltraPro |  |  |
| Security Name |  | S&P 500 ETF | S&P 500 ETF |  |  |
| Value as of June 30, 2025 | Value as of June 30, 2025 |  | $291330766 |  |  |
| Purchases |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780096248 |  |  |
| Sales |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(870722923) |  |  |
| Change in Unrealized Gain (Loss) | Change in Unrealized Gain (Loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12454187) |  |  |
| Realized Gain (Loss) | Realized Gain (Loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45388205 |  |  |
| Value as of September 30, 2025 | Value as of September 30, 2025 |  | $233638110 |  |  |
| Shares Balance as of September 30, 2025 | Shares Balance as of September 30, 2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095597 |  |  |
| Dividends |  |  | $451656 |  |  |
| Capital Gain Distributions | Capital Gain Distributions |  | $- |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** PFS FUNDS

- **b. Investment Company Act file number:** 811-09781

- **c. CIK number of Registrant:** 0001103243

- **d. LEI of Registrant:** 549300QPH5FGDXI8HN15

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1939 FRIENDSHIP DRIVE STE C

  - **City:** EL CAJON

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 92020

  - **Telephone number:** 619-588-9700

**Item A.2. Information about the Series.**

- **a. Name of Series:** Potomac Defensive Bull Fund

- **b. EDGAR series identifier (if any):** S000068707

- **c. LEI of Series:** 549300L3P3MK4DLWP178

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2097015494.32

**Total Liabilities:** $3189157.63

**Net Assets:** $2093826336.69

**Cash Not Reported:** $149973842.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219677 | 4.82%                | 1.00%                | 1.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $49237638.04             | $-448447.44                                |
| Month 2  | $36572799.47             | $-25426438.08                              |
| Month 3  | $5637479.11              | $2311543.01                                |

**Designated Index Information**

- **Index Name:** S&P 500 (TR)

- **Index Identifier:** S&P500TR

### Schedule of Portfolio Investments

| Name                                                                 | Title                                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BondBloxx ETF Trust                                                  | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | CUSIP: 09789C788<br>LEI: N/A                  | Long             | EC               | RF                | US        |   7527697 | NS      | $379546482.74 | 18.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Direxion Shares ETF Trust - Direxion Daily S&P 500 Bull 3X Shares    | Direxion Daily S&P 500 Bull 3X Shares ETF                     | CUSIP: 25459W862<br>LEI: WJRYIWB43R3GOXOHLG28 | Long             | EC               | RF                | US        |   1105270 | NS      | $234206713.00 | 11.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust - Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund Institutional  | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        | 223486603 | NS      | $223486602.52 | 10.67%            |  |  |  | No            |                  1 | On Loan: No      |
| ProShares Trust - ProShares UltraPro S&P500 ETF                      | ProShares UltraPro S&P500 ETF                                 | CUSIP: 74347X864<br>LEI: GFX121535M001RJL0037 | Long             | EC               | RF                | US        |   2095597 | NS      | $233638109.53 | 11.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                          | S&P 500 E-Mini Futures December 2025                          | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | N/A              | DE               | CORP              | US        |      5945 | NS      | $7010135.92   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares 0-3 Month Treasury Bond ETF                  | iShares 0-3 Month Treasury Bond ETF                           | CUSIP: 46436E718<br>LEI: 549300L2T50TTT4U6186 | Long             | EC               | RF                | US        |   8556843 | NS      | $861674090.10 | 41.15%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** PFS Funds

**Signature:** /s/ Jeffrey R. Provence

**Name of Signer:** Jeffrey R. Provence

**Title:** Secretary and Treasurer