# EDGAR Filing Document

**Accession Number:** 0001103243
**File Stem:** 0001103243-26-000083
**Filing Date:** 2026-5
**Character Count:** 16692
**Document Hash:** 27f9de880e30d2c3e5d9deb7fe97e5fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001103243-26-000083.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001103243-26-000083

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**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:** 261035420

**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 | Institutional Class Shares | 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** |  |
|  | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (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;3014000 | iShares S&P 500® ETF |  |  | $1968774940 |  |  |
| **Fixed Income** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5206259 | 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;262031015 |  |  |
| **Total for Exchange Traded Funds (Cost - $2,175,643,105)** | **Total for Exchange Traded Funds (Cost - $2,175,643,105)** | **Total for Exchange Traded Funds (Cost - $2,175,643,105)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2230805955 | 80.23% |  |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237624223 | State Street Institutional U.S. Government Money Market Fund | State Street Institutional U.S. Government Money Market Fund | State Street Institutional U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237624223 | 8.55% |  |
|  | Premier Class - 3.60% + |  |  |  |  |  |
| **Total for Money Market Funds (Cost - $237,624,223)** | **Total for Money Market Funds (Cost - $237,624,223)** | **Total for Money Market Funds (Cost - $237,624,223)** |  |  |  |  |
|  | **Total Investments (Cost - $2,413,267,328)** | **Total Investments (Cost - $2,413,267,328)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2468430179 | 88.78% |  |
|  | **Other Assets in Excess of Liabilities** | **Other Assets in Excess of Liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312217853 | 11.22% |  |
|  | **Net Assets** |  |  | $2780648032 | 100.00% |  |
| \* 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/products/239726/ishares-core-sp-500-etf | https://www.ishares.com/us/products/239726/ishares-core-sp-500-etf | https://www.ishares.com/us/products/239726/ishares-core-sp-500-etf |  |  |  |  |
| # Affiliated investment due to Fund holding more than 5% of outstanding shares. See below. | # Affiliated investment due to Fund holding more than 5% of outstanding shares. See below. | # Affiliated investment due to Fund holding more than 5% of outstanding shares. See below. | # Affiliated investment due to Fund holding more than 5% of outstanding shares. See below. |  |  |  |
| + The rate shown represents the 7-day yield at March 31, 2026. | + The rate shown represents the 7-day yield at March 31, 2026. | + The rate shown represents the 7-day yield at March 31, 2026. |  |  |  |  |
| **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** |  |
|  | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (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 \*\* | 8025 | 6/18/2026 | $2636513438 | $73761788 |  |
| **Total** |  | 8025 |  | $2636513438 | $73761788 |  |
| \*\* 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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026, the Fund had the following transactions with affiliated companies: | Bondbloxx |
|  |  | Bloomberg | Bloomberg |  |  |  |
|  |  | Six Month Target | Six Month Target |  |  |  |
|  |  | Duration US | Duration US |  |  |  |
| Security Name |  | Treasury ETF | Treasury ETF |  |  |  |
| Value as of December 31, 2025 | Value as of December 31, 2025 |  | $349494629 |  |  |  |
| Purchases |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85745879 |  |  |  |
| Sales |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173604205) |  |  |  |
| 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;596490 |  |  |  |
| 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;(201778) |  |  |  |
| Value as of March 31, 2026 | Value as of March 31, 2026 |  | $262031015 |  |  |  |
| Shares Balance as of March 31, 2026 | Shares Balance as of March 31, 2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5206259 |  |  |  |
| Dividends |  |  | $2687216 |  |  |  |
| 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:** 6195889700

**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:** 2026-03-31

**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:** $2781013001.97

**Total Liabilities:** $2483312.69

**Net Assets:** $2778529689.28

**Cash Not Reported:** $224964690.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219677 | 1.27%                | -4.05%               | 4.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9014448.41              | $8593816.40                                |
| Month 2  | $-34364348.57            | $-9706937.15                               |
| Month 3  | $-21637555.38            | $74200423.64                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| State Street Institutional Investment Trust | STATE STREET INST U.S. GOVERNMENT MMKT PREM CLASS             | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        | 243750094 | NS      | $243750093.73  | 8.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                 | E-Mini S&P500 Futures June 2026                               | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | N/A              | DE               | CORP              | US        |      8025 | NC      | $73761787.50   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                               | iShares Core S&P 500 ETF                                      | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             | EC               | RF                | US        |   3014000 | NS      | $1968774940.00 | 70.86%            |  |  |  | No            |                  1 | On Loan: No      |
| BondBloxx ETF Trust                         | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | CUSIP: 09789C788<br>LEI: N/A                  | Long             | EC               | RF                | US        |   5206259 | NS      | $262031015.47  | 9.43%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-28

**Name of Applicant:** PFS Funds

**Signature:** Jeffrey R. Provence

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

**Title:** Secretary and Treasurer