# EDGAR Filing Document

**Accession Number:** 0001103243
**File Stem:** 0001413042-25-000687
**Filing Date:** 2025-8
**Character Count:** 7123
**Document Hash:** b1550f71686faa42060c40eccc346701
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-25-000687.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001413042-25-000687

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09781
- **FILM NUMBER:** 251255418

**BUSINESS ADDRESS:**
- **STREET 1:** 1939 FRIENDSHIP DRIVE
- **STREET 2:** STE C
- **CITY:** EL CAJON
- **STATE:** CA
- **ZIP:** 92020
- **BUSINESS PHONE:** 6185889700

**MAIL ADDRESS:**
- **STREET 1:** 1939 FRIENDSHIP DRIVE
- **STREET 2:** STE C
- **CITY:** EL CAJON
- **STATE:** CA
- **ZIP:** 92020

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PREMIER FUNDS TRUST
- **DATE OF NAME CHANGE:** 20100119

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WIRELESS FUND
- **DATE OF NAME CHANGE:** 20000113

## Series and Classes Contracts Data

### Potomac Managed Volatility Fund (Series ID: S000068708)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000219678 | Potomac Managed Volatility Fund | CRMVX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** EL CAJON

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 92020

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

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

- **a. Name of Series:** Potomac Managed Volatility Fund

- **b. EDGAR series identifier (if any):** S000068708

- **c. LEI of Series:** 549300XPZMG0C2BFLP55

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

- **a. Date of fiscal year-end:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $159873445.68

**Total Liabilities:** $259879.59

**Net Assets:** $159613566.09

**Cash Not Reported:** $1085.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219678 | -1.91%               | 1.23%                | 2.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4459115.78             | $1205771.94                                |
| Month 2  | $-89707.91               | $1627147.98                                |
| Month 3  | $90204.25                | $3301071.50                                |

### Schedule of Portfolio Investments

| Name                                                                            | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American High-Income Trust                                                      | American High-Income Trust                                   | CUSIP: 026547778<br>LEI: WRWMC5QCF7WNXYIQUK76 | Long             | EC               | RF                | US        |   1986433 | NS      | $19566362.71  | 12.26%            |  |  |  | No            |                  2 | On Loan: No      |
| Blackrock Funds V                                                               | BlackRock High Yield Portfolio Fund - Institutional Shares   | CUSIP: 09260B630<br>LEI: 54930077DSFQPJDWM487 | Long             | EC               | RF                | US        |   2714618 | NS      | $19518105.63  | 12.23%            |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity Summer Street Trust - Fidelity Capital & Income Fund                   | Fidelity Capital & Income Fund                               | CUSIP: 316062108<br>LEI: LU703CW6CEVPXCO7Y179 | Long             | EC               | RF                | US        |   3760377 | NS      | $39333540.06  | 24.64%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Trust - Goldman Sachs Financial Square Government Fund            | Goldman Sachs Financial Square Government Fund Institutional | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |   3127827 | NS      | $3127826.57   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares Fallen Angels USD Bond ETF                              | The iShares U.S. Fallen Angels USD Bond ETF                  | CUSIP: 46435G474<br>LEI: 549300TGAA9LRLT3ZX42 | Long             | EC               | RF                | US        |    722012 | NS      | $19595405.68  | 12.28%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Whitehall Funds - Vanguard Emerging Markets Government Bond Index Fund | Vanguard Emerging Markets Government Bond Index Fund ETF     | CUSIP: 921946885<br>LEI: 549300JYQ3EMXCXKZG97 | Long             | EC               | RF                | US        |    294034 | NS      | $19215121.90  | 12.04%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares J.P. Morgan USD Emerging Markets Bond ETF               | iShares J.P. Morgan USD Emerging Markets Bond ETF            | CUSIP: 464288281<br>LEI: 54930070R8WH6MNUJG74 | Long             | EC               | RF                | US        |    207762 | NS      | $19242916.44  | 12.06%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares iBoxx High Yield Corporate Bond ETF                     | iShares iBoxx High Yield Corporate Bond ETF                  | CUSIP: 464288513<br>LEI: 549300FCCXHK7O37PQ68 | Long             | EC               | RF                | US        |    238380 | NS      | $19225347.00  | 12.04%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-26

**Name of Applicant:** PFS Funds

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

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

**Title:** Secretary and Treasurer