# EDGAR Filing Document

**Accession Number:** 0001103243
**File Stem:** 0001413042-25-001000
**Filing Date:** 2025-11
**Character Count:** 100158
**Document Hash:** b8610aa9859e111ec379d6a1799be661
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-25-001000.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001413042-25-001000

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251126

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09781
- **FILM NUMBER:** 251528832

**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

### Wireless Fund (Series ID: S000004816)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000013035 | Wireless Fund | WIREX           |

?xml version='1.0' encoding='ASCII'? PFS

---

| |
|:---|
| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 |
| **FORM N-CSR** |
| **CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** |
| **INVESTMENT COMPANIES** |
| Investment Company Act file number 811-09781 |
| **<u>PFS Funds</u>** |
| (Exact name of registrant as specified in charter) |
| <u>1939 Friendship Drive, Suite C, El Cajon, CA 92020</u> |
| (Address of principal executive offices) (Zip code) |
| CT Corporation System |
| <u>155 Federal St., Suite 700, Boston, MA 02110</u> |
| (Name and address of agent for service) |
| **Registrant's telephone number, including area code: (619) 588-9700** |
| **Date of fiscal year end: March 31** |
| **Date of reporting period: September 30, 2025** |

---

**Item 1. Reports to Stockholders.**

## Wireless Fund
&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; *TICKER: WIREX* 

### Semi-Annual Shareholder Report

### September 30, 2025
This semi-annual shareholder report contains information about the Wireless Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.wirexfund.com/literature. You can also request this information by contacting us at 1-800-590-0898.

**What were the Fund costs for the last six months?**

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment<sup>\*</sup>**  |
| Wireless Fund | $118 | 1.95% |

---

<sup>\*</sup> Annualized.

**How did the Fund perform since Inception?**

***The Fund's past performance is not a good predictor of the Fund's future performance.*** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

![Ad2 Performance Graph](fp0095895-2_sa51.jpg)

**Average Annual Total Returns**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Years** |
| Wireless Fund | 28.15% | 19.33% | 19.38% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| NASDAQ Composite Index | 25.42% | 16.07% | 18.32% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $11846633 |
| Number of Portfolio Holdings | 21 |
| Portfolio Turnover Rate (%) | 3% |
| Total Advisory Fees Paid ($) | $96689 |

---

**What did the Fund invest in?**

**Top Ten Holdings (% of net assets)**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corporation | 21.16% |
| Microsoft Corporation | 10.89% |
| Alphabet Inc. - Class A | 10.56% |
| Apple, Inc. | 6.93% |
| Broadcom, Inc. | 4.74% |
| Oracle Corporation | 4.73% |
| KLA Corporation | 4.71% |
| Meta Platforms, Inc. - Class A | 4.22% |
| AppLovin Corporation - Class A | 4.12% |
| QUALCOMM Incorporated | 3.74% |

---

**Sectors (% of net assets)**

![Af Image](fp0095895-2_sa52.jpg)

<sup>(A)</sup> Net Cash represents cash equivalents and liabilities in excess of other assets.

**Availability of Additional Information about the Fund**

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit https://www.wirexfund.com/literature.

**Important Notice Regarding Delivery of Shareholder Documents**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-590-0898 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

---

| |
|:---|
| **Item 2. Code of Ethics.** |
| Not applicable. |
| **Item 3. Audit Committee Financial Expert.** |
| Not applicable. |
| **Item 4. Principal Accountant Fees and Services.** |
| Not applicable. |
| **Item 5. Audit Committee of Listed Companies.** |
| Not applicable. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Item 6. Investments.** | **Item 6. Investments.** |  |  |  |
| **Wireless Fund** | **Wireless Fund** | | | |
|  |  | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **Shares** |  |  | **Fair Value** | **% of Net Assets** |
| **COMMON STOCKS** | **COMMON STOCKS** |  |  |  |
| **Computer Communications Equipment** | **Computer Communications Equipment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2725 | Cisco Systems, Inc. |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186444 | 1.57% |
| **Electronic Computers** | **Electronic Computers** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3225 | Apple Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 821182 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500 | Super Micro Computer, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71910 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 893092 | 7.54% |
| **Optical Instruments & Lenses** | **Optical Instruments & Lenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520 | KLA Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560872 | 4.74% |
| **Radio & TV Broadcasting & Communications Equipment** | **Radio & TV Broadcasting & Communications Equipment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955 | Motorola Solutions, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436712 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2660 | QUALCOMM Incorporated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11540 | Telefonaktiebolaget LM Ericsson \*\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95436 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 974666 | 8.23% |
| **Radio Telephone Communications** | **Radio Telephone Communications** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1550 | T-Mobile US, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371039 | 3.13% |
| **Semiconductors & Related Devices** | **Semiconductors & Related Devices** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1580 | Advanced Micro Devices, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1965 | Applied Materials, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1702 | Broadcom Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561507 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13435 | NVIDIA Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506702 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3726151 | 31.45% |
| **Services - Business Services, NEC** | **Services - Business Services, NEC** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3870 | PayPal Holdings, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259522 | 2.19% |
| **Services - Computer Programming, Data Processing, Etc.** | **Services - Computer Programming, Data Processing, Etc.** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5145 | Alphabet Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680 | AppLovin Corporation - Class A \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680 | Meta Platforms, Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499378 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238735 | 18.90% |
| **Services - Prepackaged Software** | **Services - Prepackaged Software** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | Adobe Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105825 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2490 | Microsoft Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1985 | Oracle Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558261 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953782 | 16.49% |
| **Special Industry Machinery, NEC** | **Special Industry Machinery, NEC** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | Lam Research Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267800 | 2.26% |
| **Total Common Stocks (Cost $3,399,690)** | **Total Common Stocks (Cost $3,399,690)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 11432103 | 96.50% |
| **Money Market Funds** | **Money Market Funds** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 430954 | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class - 3.99% \*\*\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430954 | 3.64% |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost - $430,954)** |  |  |  |
|  | **Total Investments** |  | &nbsp;&nbsp;&nbsp;&nbsp; 11863057 | 100.14% |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost - $3,830,644)** |  |  |  |
|  | Liabilities in Excess of Other Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16424) | -0.14% |
|  | **Net Assets** |  | $&nbsp;&nbsp;&nbsp;&nbsp;11846633 | 100.00% |
| \* Non-Income producing securities. | \* Non-Income producing securities. |  |  |  |
| \*\* ADR - American Depositary Receipt. | \*\* ADR - American Depositary Receipt. |  |  |  |
| \*\*\* The rate shown was the 7-day yield at September 30, 2025. | \*\*\* The rate shown was the 7-day yield at September 30, 2025. |  |  |  |
| The accompanying notes are an integral part of the financial statements. | The accompanying notes are an integral part of the financial statements. | The accompanying notes are an integral part of the financial statements. |  |  |

---

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
| **Wireless Fund** | |
| **Statement of Assets and Liabilities (Unaudited)** |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025** |  |
| Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at Fair Value | $11863057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost - $3,830,644) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;11866895 |
| Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20262 |
| Net Assets | $11846633 |
| Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid In Capital | $3457798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Deficit) | &nbsp;&nbsp;&nbsp;&nbsp; 8388835 |
| Net Assets, for 498,258 Shares Outstanding | $11846633 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Unlimited number of shares authorized without par value) |  |
| Net Asset Value and Offering Price |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Per Share ($11,846,633/498,258 shares) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.78 |
| Minimum Redemption Price Per Share \* ($18.92x0.98) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.30 |
| **Statement of Operations (Unaudited)** |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; For the six month period ended September 30, 2025** |  |
| Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (Net of foreign withholding tax of $379) | $&nbsp;&nbsp;&nbsp;&nbsp; 34962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34962 |
| Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96689 |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61727) |
| Net Realized and Unrealized Gain (Loss) on Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp; 3493375 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp; 3578631 |
| Net Increase (Decrease) in Net Assets from Operations | $3516904 |
| \* Reflects a 2% redemption fee if shares are redeemed within 90 days of purchase. | \* Reflects a 2% redemption fee if shares are redeemed within 90 days of purchase. |
| The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | |
|:---|:---|:---|
| **Wireless Fund** | **Wireless Fund** | **Wireless Fund** |
| **Statements of Changes in Net Assets** | (Unaudited) |  |
|  | 4/1/2025 | 4/1/2024 |
|  | to | to |
|  | 9/30/2025 | 3/31/2025 |
| From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $&nbsp;&nbsp;&nbsp;&nbsp; (61727) | $&nbsp;&nbsp;&nbsp;&nbsp;(111342) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 3493375 | &nbsp;&nbsp;&nbsp;&nbsp; (181905) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets from Operations | &nbsp;&nbsp;&nbsp;&nbsp; 3516904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185174 |
| From Distributions to Shareholders: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (192366) |
| From Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612560 | &nbsp;&nbsp;&nbsp;&nbsp; 2128568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds From Redemption Fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (665740) | &nbsp;&nbsp;&nbsp;&nbsp;(1992292) |
| Net Increase (Decrease) from Shareholder Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331557 |
| Net Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; 3469561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324365 |
| Net Assets at Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 8377072 | &nbsp;&nbsp;&nbsp;&nbsp; 8052707 |
| Net Assets at End of Period | $11846633 | $8377072 |
| Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | &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;9984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35943) | &nbsp;&nbsp;&nbsp;&nbsp; (107247) |
| Net Increase (Decrease) in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16845 |
| Shares Outstanding, Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484642 |
| Shares Outstanding, End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501487 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Wireless Fund** | **Wireless Fund** | **Wireless Fund** | **Wireless Fund** | **Wireless Fund** | **Wireless Fund** | **Wireless Fund** | **Wireless Fund** |
| **Financial Highlights** | (Unaudited) |  |  |  |  |  |  |
| Selected data for a share outstanding | 4/1/2025 |  | 4/1/2024 | 4/1/2023 | 4/1/2022 | 4/1/2021 | 4/1/2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;throughout the period: | to |  | to | to | to | to | to |
|  | 9/30/2025 |  | 3/31/2025 | 3/31/2024 | 3/31/2023 | 3/31/2022 | 3/31/2021 |
| Net Asset Value - |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period | $16.70 |  | $16.62 | $10.87 | $13.07 | $14.27 | $10.02 |
| Net Investment Income (Loss) <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.12) |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) |
| Net Realized and Unrealized Gain (Loss) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;on Investments <sup>(b)</sup> | 7.19 |  | 0.66 | 5.96 | (1.49) | 1.44 | 6.02 |
| Total from Investment Operations | 7.07 |  | 0.44 | 5.81 | (1.59) | 1.24 | 5.83 |
| Proceeds from Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.01 |  | &nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &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; 0.01 |
| Distributions (From Net Investment Income) | &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;&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; - |
| Distributions (From Realized Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.61) | &nbsp;&nbsp;&nbsp;&nbsp; (2.44) | &nbsp;&nbsp;&nbsp;&nbsp; (1.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.61) | &nbsp;&nbsp;&nbsp;&nbsp; (2.44) | &nbsp;&nbsp;&nbsp;&nbsp; (1.59) |
| Net Asset Value - |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Period | $23.78 |  | $16.70 | $16.62 | $10.87 | $13.07 | $14.27 |
| Total Return <sup>(c)</sup> | 42.40% | \*\* | 2.45% | 53.58% | (11.25)% | 7.13% | 58.58% |
| Ratios/Supplemental Data |  |  |  |  |  |  |  |
| Net Assets - End of Period (Thousands) | $11847 |  | $8377 | $8053 | $5356 | $6444 | $8180 |
| Ratio of Expenses to Average Net Assets | 1.95% | \*\*\* | 1.95% | 1.95% | 1.95% | 1.95% | 1.95% |
| Ratio of Net Investment Income (Loss) to |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average Net Assets | -1.25% | \*\*\* | -1.17% | -1.12% | -0.92% | -1.34% | -1.44% |
| Portfolio Turnover Rate | 2.60% | \*\* | 18.13% | 6.79% | 12.40% | 74.51% | 140.42% |
| \* Less than +/- $0.005 per share. |  |  |  |  |  |  |  |
| \*\* Not Annualized. |  |  |  |  |  |  |  |
| \*\*\* Annualized. |  |  |  |  |  |  |  |
| (a) Per Share amounts calculated using Average Shares Outstanding method. | (a) Per Share amounts calculated using Average Shares Outstanding method. | (a) Per Share amounts calculated using Average Shares Outstanding method. | (a) Per Share amounts calculated using Average Shares Outstanding method. | (a) Per Share amounts calculated using Average Shares Outstanding method. |  |  |  |
| (b) Realized and unrealized gains and losses per share in this caption are balancing amounts | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts |  |  |
| necessary to reconcile the change in net asset value per share for the period, and may not | necessary to reconcile the change in net asset value per share for the period, and may not | necessary to reconcile the change in net asset value per share for the period, and may not | necessary to reconcile the change in net asset value per share for the period, and may not | necessary to reconcile the change in net asset value per share for the period, and may not | necessary to reconcile the change in net asset value per share for the period, and may not |  |  |
| reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions | reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions | reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions | reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions | reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions | reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions | reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions |  |
| for the period. |  |  |  |  |  |  |  |
| (c) Total returns represent the rate that the investor would have earned or lost on an investment in the | (c) Total returns represent the rate that the investor would have earned or lost on an investment in the | (c) Total returns represent the rate that the investor would have earned or lost on an investment in the | (c) Total returns represent the rate that the investor would have earned or lost on an investment in the | (c) Total returns represent the rate that the investor would have earned or lost on an investment in the | (c) Total returns represent the rate that the investor would have earned or lost on an investment in the | (c) Total returns represent the rate that the investor would have earned or lost on an investment in the |  |
| Fund assuming reinvestment. Total return calculation does not reflect redemption fee. | Fund assuming reinvestment. Total return calculation does not reflect redemption fee. | Fund assuming reinvestment. Total return calculation does not reflect redemption fee. | Fund assuming reinvestment. Total return calculation does not reflect redemption fee. | Fund assuming reinvestment. Total return calculation does not reflect redemption fee. | Fund assuming reinvestment. Total return calculation does not reflect redemption fee. | Fund assuming reinvestment. Total return calculation does not reflect redemption fee. | Fund assuming reinvestment. Total return calculation does not reflect redemption fee. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |  |  |

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| | | |
|:---|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | **NOTES TO THE FINANCIAL STATEMENTS** | **NOTES TO THE FINANCIAL STATEMENTS** |
| **WIRELESS FUND** | **WIRELESS FUND** | **WIRELESS FUND** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| 1.) ORGANIZATION |  |  |
| Wireless Fund (the "Fund") is a non-diversified series of the PFS Funds (the "Trust"), an open-end investment company under the Investment Company Act of 1940 (the "1940 Act"), as amended. Prior to March 5, 2010, the Trust was named Wireless Fund. The Trust was organized in Massachusetts as a business trust on January 13, 2000, and may offer shares of beneficial interest in a number of separate series; each series representing a distinct fund with its own investment objectives and policies. The Fund, under normal market conditions, invests at least 80% of its assets in the securities of companies engaged in the development, production, or distribution of wireless related products or services. As of September 30, 2025, there were ten series operating in the Trust. The Fund's primary investment objective is to seek long-term growth of capital. | Wireless Fund (the "Fund") is a non-diversified series of the PFS Funds (the "Trust"), an open-end investment company under the Investment Company Act of 1940 (the "1940 Act"), as amended. Prior to March 5, 2010, the Trust was named Wireless Fund. The Trust was organized in Massachusetts as a business trust on January 13, 2000, and may offer shares of beneficial interest in a number of separate series; each series representing a distinct fund with its own investment objectives and policies. The Fund, under normal market conditions, invests at least 80% of its assets in the securities of companies engaged in the development, production, or distribution of wireless related products or services. As of September 30, 2025, there were ten series operating in the Trust. The Fund's primary investment objective is to seek long-term growth of capital. | Wireless Fund (the "Fund") is a non-diversified series of the PFS Funds (the "Trust"), an open-end investment company under the Investment Company Act of 1940 (the "1940 Act"), as amended. Prior to March 5, 2010, the Trust was named Wireless Fund. The Trust was organized in Massachusetts as a business trust on January 13, 2000, and may offer shares of beneficial interest in a number of separate series; each series representing a distinct fund with its own investment objectives and policies. The Fund, under normal market conditions, invests at least 80% of its assets in the securities of companies engaged in the development, production, or distribution of wireless related products or services. As of September 30, 2025, there were ten series operating in the Trust. The Fund's primary investment objective is to seek long-term growth of capital. |
| 2.) SIGNIFICANT ACCOUNTING POLICIES | 2.) SIGNIFICANT ACCOUNTING POLICIES |  |
| The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). |
| The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and their role, the Chief Investment Officer at the Adviser is deemed to be the Chief Operating Decision Maker. | The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and their role, the Chief Investment Officer at the Adviser is deemed to be the Chief Operating Decision Maker. | The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and their role, the Chief Investment Officer at the Adviser is deemed to be the Chief Operating Decision Maker. |
| The Fund follows the significant accounting policies described in this section. | The Fund follows the significant accounting policies described in this section. | The Fund follows the significant accounting policies described in this section. |
| *SECURITY VALUATION* |  |  |
| All investments in securities are recorded at their estimated fair value, as described in Note 3. | All investments in securities are recorded at their estimated fair value, as described in Note 3. | All investments in securities are recorded at their estimated fair value, as described in Note 3. |
| *SHARE VALUATION* |  |  |
| The net asset value per share (the "NAV") is generally calculated as of the close of trading on the New York Stock Exchange (the "Exchange") (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share is equal to the net asset value per share, except that shares of the Fund are subject to a redemption fee of 2% if redeemed within 90 days of purchase. During the six month period ended September 30, 2025, proceeds from redemption fees were $5,837. | The net asset value per share (the "NAV") is generally calculated as of the close of trading on the New York Stock Exchange (the "Exchange") (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share is equal to the net asset value per share, except that shares of the Fund are subject to a redemption fee of 2% if redeemed within 90 days of purchase. During the six month period ended September 30, 2025, proceeds from redemption fees were $5,837. | The net asset value per share (the "NAV") is generally calculated as of the close of trading on the New York Stock Exchange (the "Exchange") (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share is equal to the net asset value per share, except that shares of the Fund are subject to a redemption fee of 2% if redeemed within 90 days of purchase. During the six month period ended September 30, 2025, proceeds from redemption fees were $5,837. |
| *DISTRIBUTIONS TO SHAREHOLDERS* | *DISTRIBUTIONS TO SHAREHOLDERS* |  |
| Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Fund may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense, or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Fund. | Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Fund may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense, or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Fund. | Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Fund may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense, or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Fund. |
| *FEDERAL INCOME TAXES* |  |  |
| The Fund's policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Fund's policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Fund's policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | The Fund's policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Fund's policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Fund's policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | The Fund's policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Fund's policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Fund's policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. |
| The Fund recognizes the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Fund identifies its major tax jurisdictions as U.S. Federal and State tax authorities; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the six month period ended September 30, 2025, the Fund did not incur any interest or penalties. | The Fund recognizes the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Fund identifies its major tax jurisdictions as U.S. Federal and State tax authorities; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the six month period ended September 30, 2025, the Fund did not incur any interest or penalties. | The Fund recognizes the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Fund identifies its major tax jurisdictions as U.S. Federal and State tax authorities; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the six month period ended September 30, 2025, the Fund did not incur any interest or penalties. |
| *USE OF ESTIMATES* |  |  |
| The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. |
| *OTHER* |  |  |
| The Fund records security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Fund uses the specific identification method in computing gain or loss on the sale of investment securities. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. | The Fund records security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Fund uses the specific identification method in computing gain or loss on the sale of investment securities. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. | The Fund records security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Fund uses the specific identification method in computing gain or loss on the sale of investment securities. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. |
| The Fund may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. | The Fund may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. | The Fund may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. |
| *EXPENSES* |  |  |
| Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund's relative net assets or another appropriate basis. | Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund's relative net assets or another appropriate basis. | Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund's relative net assets or another appropriate basis. |
| 3.) SECURITIES VALUATIONS |  |  |
| The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: |
| Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
| Level 2 - Observable inputs other than quoted prices in active markets included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | Level 2 - Observable inputs other than quoted prices in active markets included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | Level 2 - Observable inputs other than quoted prices in active markets included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
| The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. | The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. | The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. |
| The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. |
| *VALUATION OF FUND ASSETS* |  |  |
| A description of the valuation techniques applied to the Fund's major categories of assets measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Fund's major categories of assets measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Fund's major categories of assets measured at fair value on a recurring basis follows. |
| *Equity securities (common stocks, including ADRs).* Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Valuation Designee believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid price, it is generally categorized as a level 2 security. When market quotations are not readily available, when the Valuation Designee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted securities are being valued, such securities are valued as determined in good faith by the Valuation Committee, which includes the Valuation Designee, subject to review of the Board and are categorized in level 2 or level 3, when appropriate. | *Equity securities (common stocks, including ADRs).* Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Valuation Designee believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid price, it is generally categorized as a level 2 security. When market quotations are not readily available, when the Valuation Designee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted securities are being valued, such securities are valued as determined in good faith by the Valuation Committee, which includes the Valuation Designee, subject to review of the Board and are categorized in level 2 or level 3, when appropriate. | *Equity securities (common stocks, including ADRs).* Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Valuation Designee believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid price, it is generally categorized as a level 2 security. When market quotations are not readily available, when the Valuation Designee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted securities are being valued, such securities are valued as determined in good faith by the Valuation Committee, which includes the Valuation Designee, subject to review of the Board and are categorized in level 2 or level 3, when appropriate. |
| *Money market funds.* Shares of money market funds are valued at net asset value provided by the fund and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Shares of money market funds are valued at net asset value provided by the fund and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Shares of money market funds are valued at net asset value provided by the fund and are classified in level 1 of the fair value hierarchy. |
| In accordance with the Trust's good faith pricing guidelines, the Valuation Designee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. There is no single standard procedure for determining fair value, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Valuation Designee would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. The Board maintains responsibilities for the fair value determinations under Rule 2a-5 under the 1940 Act and oversees the Valuation Designee. | In accordance with the Trust's good faith pricing guidelines, the Valuation Designee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. There is no single standard procedure for determining fair value, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Valuation Designee would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. The Board maintains responsibilities for the fair value determinations under Rule 2a-5 under the 1940 Act and oversees the Valuation Designee. | In accordance with the Trust's good faith pricing guidelines, the Valuation Designee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. There is no single standard procedure for determining fair value, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Valuation Designee would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. The Board maintains responsibilities for the fair value determinations under Rule 2a-5 under the 1940 Act and oversees the Valuation Designee. |
| The following table summarizes the inputs used to value the Fund's assets measured at fair value as of September 30, 2025: | The following table summarizes the inputs used to value the Fund's assets measured at fair value as of September 30, 2025: | The following table summarizes the inputs used to value the Fund's assets measured at fair value as of September 30, 2025: |
| <u>Valuation Input of Assets</u> | Level 1 | Level 3 |
| Common Stock | $11432103 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Total | $11863057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Refer to the Fund's Schedule of Investments for a listing of securities by industry. The Fund did not hold any level 3 assets during the six month period ended September 30, 2025. | Refer to the Fund's Schedule of Investments for a listing of securities by industry. The Fund did not hold any level 3 assets during the six month period ended September 30, 2025. | Refer to the Fund's Schedule of Investments for a listing of securities by industry. The Fund did not hold any level 3 assets during the six month period ended September 30, 2025. |
| The Fund did not invest in any derivative instruments during the six month period ended September 30, 2025. | The Fund did not invest in any derivative instruments during the six month period ended September 30, 2025. | The Fund did not invest in any derivative instruments during the six month period ended September 30, 2025. |
| 4.) INVESTMENT ADVISORY AGREEMENT | 4.) INVESTMENT ADVISORY AGREEMENT |  |
| Value Trend Capital Management, LP (the "Adviser"), manages the investment portfolio of the Fund, subject to policies adopted by the Trust's Trustees. Under the Management Agreement, the Adviser, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the Fund. The Adviser also pays the salaries and fees of all officers and trustees of the Trust who are also officers, partners, or employees of the Adviser. The Adviser pays all operating expenses of the Fund, with the exception of taxes, borrowing expenses (such as (a) interest and (b) dividend expenses on securities sold short), brokerage commissions and extraordinary expenses and any indirect expenses, such as expenses incurred by other investment companies in which the Fund invests. For its services, the Adviser receives a fee of 1.95% per year of the average daily net assets of the Fund. As a result of the above calculation, for the six month period ended September 30, 2025, the Adviser received management fees totaling $96,689. At September 30, 2025, the Fund owed $18,262 to the Adviser. | Value Trend Capital Management, LP (the "Adviser"), manages the investment portfolio of the Fund, subject to policies adopted by the Trust's Trustees. Under the Management Agreement, the Adviser, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the Fund. The Adviser also pays the salaries and fees of all officers and trustees of the Trust who are also officers, partners, or employees of the Adviser. The Adviser pays all operating expenses of the Fund, with the exception of taxes, borrowing expenses (such as (a) interest and (b) dividend expenses on securities sold short), brokerage commissions and extraordinary expenses and any indirect expenses, such as expenses incurred by other investment companies in which the Fund invests. For its services, the Adviser receives a fee of 1.95% per year of the average daily net assets of the Fund. As a result of the above calculation, for the six month period ended September 30, 2025, the Adviser received management fees totaling $96,689. At September 30, 2025, the Fund owed $18,262 to the Adviser. | Value Trend Capital Management, LP (the "Adviser"), manages the investment portfolio of the Fund, subject to policies adopted by the Trust's Trustees. Under the Management Agreement, the Adviser, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the Fund. The Adviser also pays the salaries and fees of all officers and trustees of the Trust who are also officers, partners, or employees of the Adviser. The Adviser pays all operating expenses of the Fund, with the exception of taxes, borrowing expenses (such as (a) interest and (b) dividend expenses on securities sold short), brokerage commissions and extraordinary expenses and any indirect expenses, such as expenses incurred by other investment companies in which the Fund invests. For its services, the Adviser receives a fee of 1.95% per year of the average daily net assets of the Fund. As a result of the above calculation, for the six month period ended September 30, 2025, the Adviser received management fees totaling $96,689. At September 30, 2025, the Fund owed $18,262 to the Adviser. |
| 5.) RELATED PARTY TRANSACTIONS | 5.) RELATED PARTY TRANSACTIONS |  |
| Certain officers and a Trustee of the Trust are also officers of Premier Fund Solutions (the "Administrator"). Additionally, a control person of the Adviser serves as a trustee and officer of the Trust. These individuals receive benefits from the Adviser resulting from management fees paid to the Adviser of the Fund. | Certain officers and a Trustee of the Trust are also officers of Premier Fund Solutions (the "Administrator"). Additionally, a control person of the Adviser serves as a trustee and officer of the Trust. These individuals receive benefits from the Adviser resulting from management fees paid to the Adviser of the Fund. | Certain officers and a Trustee of the Trust are also officers of Premier Fund Solutions (the "Administrator"). Additionally, a control person of the Adviser serves as a trustee and officer of the Trust. These individuals receive benefits from the Adviser resulting from management fees paid to the Adviser of the Fund. |
| For the six month period ended September 30, 2025, the Trustees who are not interested persons of the Fund, each received $1,000, for a total of $3,000, plus travel and related expenses from the Adviser of the Fund. Under the Management Agreement, the Adviser pays these fees. | For the six month period ended September 30, 2025, the Trustees who are not interested persons of the Fund, each received $1,000, for a total of $3,000, plus travel and related expenses from the Adviser of the Fund. Under the Management Agreement, the Adviser pays these fees. | For the six month period ended September 30, 2025, the Trustees who are not interested persons of the Fund, each received $1,000, for a total of $3,000, plus travel and related expenses from the Adviser of the Fund. Under the Management Agreement, the Adviser pays these fees. |
| 6.) PURCHASES AND SALES OF SECURITIES | 6.) PURCHASES AND SALES OF SECURITIES |  |
| For the six month period ended September 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments aggregated $253,035 and $637,119, respectively. Purchases and sales of U.S. Government obligations aggregated $0 and $0, respectively. | For the six month period ended September 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments aggregated $253,035 and $637,119, respectively. Purchases and sales of U.S. Government obligations aggregated $0 and $0, respectively. | For the six month period ended September 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments aggregated $253,035 and $637,119, respectively. Purchases and sales of U.S. Government obligations aggregated $0 and $0, respectively. |
| 7.) TAX MATTERS |  |  |
| For federal income tax purposes, the cost of investments owned at September 30, 2025, was $3,830,644. At September 30, 2025, the composition of unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) on a tax basis was as follows: | For federal income tax purposes, the cost of investments owned at September 30, 2025, was $3,830,644. At September 30, 2025, the composition of unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) on a tax basis was as follows: | For federal income tax purposes, the cost of investments owned at September 30, 2025, was $3,830,644. At September 30, 2025, the composition of unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) on a tax basis was as follows: |
| <u>Appreciation</u> | <u>(Depreciation)</u> | <u>Net Appreciation (Depreciation)</u> |
| $8101219 | ($68806) | $8032413 |
| As of September 30, 2025, there were no differences between book basis and tax basis unrealized appreciation. | As of September 30, 2025, there were no differences between book basis and tax basis unrealized appreciation. | As of September 30, 2025, there were no differences between book basis and tax basis unrealized appreciation. |
| The tax character of distributions was as follows: | The tax character of distributions was as follows: | The tax character of distributions was as follows: |
|  | Six months ended | Year ended |
|  | September 30, 2025 | March 31, 2025 |
| Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 192366 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;192366 |
| 8.) CONCENTRATION OF SECTOR RISK | 8.) CONCENTRATION OF SECTOR RISK |  |
| If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of September 30, 2025, the Fund had 31.45% of the value of its net assets invested in stocks within the Semiconductors & Related Devices Sector. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of September 30, 2025, the Fund had 31.45% of the value of its net assets invested in stocks within the Semiconductors & Related Devices Sector. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of September 30, 2025, the Fund had 31.45% of the value of its net assets invested in stocks within the Semiconductors & Related Devices Sector. |
| 9.) CONTROL OWNERSHIP |  |  |
| The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of September 30, 2025, Charles Schwab & Co., Inc., held, for the benefit of its customers, in the aggregate, 45.53% of Fund shares. The Trust does not know whether any underlying accounts of Charles Schwab & Co., Inc. owned or controlled 25% or more of the voting securities of the Fund. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of September 30, 2025, Charles Schwab & Co., Inc., held, for the benefit of its customers, in the aggregate, 45.53% of Fund shares. The Trust does not know whether any underlying accounts of Charles Schwab & Co., Inc. owned or controlled 25% or more of the voting securities of the Fund. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of September 30, 2025, Charles Schwab & Co., Inc., held, for the benefit of its customers, in the aggregate, 45.53% of Fund shares. The Trust does not know whether any underlying accounts of Charles Schwab & Co., Inc. owned or controlled 25% or more of the voting securities of the Fund. |
| 10.) SUBSEQUENT EVENTS |  |  |
| Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. |

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| |
|:---|
| **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment<br> Companies.** |
| None. |
| **Item 9. Proxy Disclosures for Open-End Management Investment Companies.** |
| Not applicable. |
| **Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management<br> Investment Companies.** |
| See Item 7. The registrant paid the Chief Compliance Officer $0 for the six month period ended September 30, 2025. |
| **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** |
| Not applicable. |
| **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
| Not applicable. |
| **Item 13. Portfolio Managers of Closed-End Management Investment Companies.** |
| Not applicable. |
| **Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
| Not applicable. |
| **Item 15. Submission of Matters to a Vote of Security Holders.** |
| There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. |
| **Item 16. Controls and Procedures.** |
| (a) The registrant's principal executive and principal financial officers have concluded, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. |
| (b) There were no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |

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| |
|:---|
| **Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment<br> Companies.** |
| Not applicable. |
| **Item 18. Recovery of Erroneously Awarded Compensation.** |
| Not applicable. |
| **Item 19. Exhibits.** |
| (a)(1) Not applicable. |
| (a)(2) Not applicable. |
| (a)(3) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. [Filed herewith.](ex99cert.htm) |
| (b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. [Filed herewith.](ex906cert.htm) |

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| |
|:---|
| **SIGNATURES** |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
| &nbsp;&nbsp;&nbsp;&nbsp;PFS Funds |
| By: <u>/s/ James Craft</u> |
| James Craft |
| President |
| Date: <u>11/26/2025</u> |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By: <u>/s/ James Craft</u> |
| James Craft |
| President (Principal Executive Officer) |
| Date: <u>11/26/2025</u> |
| By: <u>/s/ Jeffrey R. Provence</u> |
| Jeffrey R. Provence |
| Chief Financial Officer (Principal Financial Officer) |
| Date: <u>11/26/2025</u> |

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## Ex-99.Cert

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| | | |
|:---|:---|:---|
|  |  | EX.99.CERT |
| **CERTIFICATIONS** | **CERTIFICATIONS** | **CERTIFICATIONS** |
| I, James Craft, certify that: | I, James Craft, certify that: |  |
| 1. | I have reviewed this report on Form N-CSR of PFS Funds; |  |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| (a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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; | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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; |
| (c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
| (d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
| (a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
| (b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
|  | Date: <u>11/26/2025</u> | <u>/s/James Craft</u> |
|  |  | James Craft |
|  |  | President (Principal Executive Officer) |

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| | | |
|:---|:---|:---|
|  |  | EX.99.CERT |
| **CERTIFICATIONS** | **CERTIFICATIONS** | **CERTIFICATIONS** |
| I, Jeffrey R. Provence, certify that: | I, Jeffrey R. Provence, certify that: |  |
| 1. | I have reviewed this report on Form N-CSR of PFS Funds; |  |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| (a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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; | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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; |
| (c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
| (d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
| (a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
| (b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
|  | Date: <u>11/26/2025</u> | <u>/s/Jeffrey R. Provence</u> |
|  |  | Jeffrey R. Provence |
|  |  | Chief Financial Officer (Principal Financial Officer) |

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## Exhibit 99.906

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| | | | |
|:---|:---|:---|:---|
|  |  |  | EX.99.906CERT |
| **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act** | **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act** | **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act** |  |
| James Craft, President, and Jeffrey R. Provence, Chief Financial Officer of PFS Funds (the "Registrant"), each certify to the best of his or her knowledge that: | James Craft, President, and Jeffrey R. Provence, Chief Financial Officer of PFS Funds (the "Registrant"), each certify to the best of his or her knowledge that: | James Craft, President, and Jeffrey R. Provence, Chief Financial Officer of PFS Funds (the "Registrant"), each certify to the best of his or her knowledge that: | James Craft, President, and Jeffrey R. Provence, Chief Financial Officer of PFS Funds (the "Registrant"), each certify to the best of his or her knowledge that: |
| 1. | The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and | The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and | The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and |
| 2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
|  | President (Principal Executive Officer) | Chief Financial Officer (Principal Financial Officer) | Chief Financial Officer (Principal Financial Officer) |
|  | PFS Funds | PFS Funds |  |
|  | <u>/s/James Craft</u> | <u>/s/Jeffrey R. Provence</u> |  |
|  | James Craft | Jeffrey R. Provence |  |
|  | Date: <u>11/26/2025</u> | Date: <u>11/26/2025</u> |  |
| A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to PFS Funds and will be retained by PFS Funds and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. | A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to PFS Funds and will be retained by PFS Funds and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. | A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to PFS Funds and will be retained by PFS Funds and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. | A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to PFS Funds and will be retained by PFS Funds and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. |
| This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. | This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. | This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. | This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. |

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