# EDGAR Filing Document

**Accession Number:** 0001103243
**File Stem:** 0001413042-25-000967
**Filing Date:** 2025-11
**Character Count:** 12916
**Document Hash:** 5f02eaf4da4de65a8e007d2a356a17b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-25-000967.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001413042-25-000967

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09781
- **FILM NUMBER:** 251512555

**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 Tactical Rotation Fund (Series ID: S000068710)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000219680 | Potomac Tactical Rotation Fund | CRTBX           |

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Potomac Tactical Rotation Fund** | **Potomac Tactical Rotation Fund** | **Potomac Tactical Rotation Fund** | **Potomac Tactical Rotation Fund** | **Potomac Tactical Rotation Fund** | **Potomac Tactical Rotation Fund** |
|  |  |  | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
|  | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **Shares** |  |  |  | **Fair Value** | **% of Net Assets** |
| **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** |  |  |  |  |
| **Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60742 | Vanguard Total Stock Market ETF |  |  | $19933702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153686 | WisdomTree Japan Hedged Equity Fund | WisdomTree Japan Hedged Equity Fund |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19676419 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222766 | WisdomTree U.S. Quality Dividend Growth Fund | WisdomTree U.S. Quality Dividend Growth Fund |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19817263 |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59427384 |  |
| **Fixed Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731042 | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36859138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455064 | iShares 0-3 Month Treasury Bond ETF | iShares 0-3 Month Treasury Bond ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45824945 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201975 | SPDR Bloomberg High Yield Bond ETF | SPDR Bloomberg High Yield Bond ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19791530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222390 | SPDR Bloomberg Convertible Securities ETF | SPDR Bloomberg Convertible Securities ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20126295 |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;122601908 |  |
| **Total for Exchange Traded Funds (Cost - $181,496,488)** | **Total for Exchange Traded Funds (Cost - $181,496,488)** | **Total for Exchange Traded Funds (Cost - $181,496,488)** |  | &nbsp;&nbsp;&nbsp;&nbsp;182029292 | 90.53% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10771328 | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10771328 | 5.36% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class - 3.99% + |  |  |  |  |
| **Total for Money Market Funds (Cost - $10,771,328)** | **Total for Money Market Funds (Cost - $10,771,328)** | **Total for Money Market Funds (Cost - $10,771,328)** | **Total for Money Market Funds (Cost - $10,771,328)** |  |  |
|  | **Total Investments (Cost - $192,267,816)** | **Total Investments (Cost - $192,267,816)** | **Total Investments (Cost - $192,267,816)** | &nbsp;&nbsp;&nbsp;&nbsp;192800620 | 95.89% |
|  | **Other Assets in Excess of Liabilities** | **Other Assets in Excess of Liabilities** | **Other Assets in Excess of Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8260976 | 4.11% |
|  | **Net Assets** |  |  | $201061596 | 100.00% |
| + The rate shown represents the 7-day yield at September 30, 2025. | + The rate shown represents the 7-day yield at September 30, 2025. | + The rate shown represents the 7-day yield at September 30, 2025. | + The rate shown represents the 7-day yield at September 30, 2025. |  |  |
| **Potomac Tactical Rotation Fund** | **Potomac Tactical Rotation Fund** | **Potomac Tactical Rotation Fund** | **Potomac Tactical Rotation Fund** | **Potomac Tactical Rotation Fund** | **Potomac Tactical Rotation Fund** |
|  | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** |
|  | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
|  |  |  |  |  | **Unrealized** |
|  |  | **Number of Contracts** | **Expiration** | **Notional** | **Appreciation/** |
| **Description** |  | **Purchased/(Sold)** | **Date** | **Value** | **(Depreciation)** |
| **Index Futures Purchased** | **Index Futures Purchased** |  |  |  |  |
| E-mini Standard & Poor's 400 MidCap Futures \*\* | E-mini Standard & Poor's 400 MidCap Futures \*\* | 302 | 12/19/2025 | $99243240 | $(627840) |
| **Total** |  | 302 |  | $99243240 | $(627840) |
| \*\* Exchange Traded. | \*\* Exchange Traded. |  |  |  |  |

---

## 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 Tactical Rotation Fund

- **b. EDGAR series identifier (if any):** S000068710

- **c. LEI of Series:** 5493004QSZG082ITYI26

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $202026366.34

**Total Liabilities:** $964770.50

**Net Assets:** $201061595.84

**Cash Not Reported:** $8498671.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219680 | 2.41%                | 1.90%                | 0.62%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $397426.72               | $1802165.08                                |
| Month 2  | $6190709.17              | $-3608902.13                               |
| Month 3  | $0.00                    | $414812.03                                 |

**Designated Index Information**

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

- **Index Identifier:** S&P500TR

### Schedule of Portfolio Investments

| Name                                                                 | Title                                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BondBloxx ETF Trust                                                  | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | CUSIP: 09789C788<br>LEI: N/A                  | Long             | EC               | RF                | US        |    731042 | NS      | $36859137.64  | 18.33%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust - Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund Institutional  | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |  10771328 | NS      | $10771328.41  | 5.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                          | E-Mini S&P MidCap 400 Futures December 2025                   | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | N/A              | DE               | CORP              | US        |       302 | NS      | $-627839.88   | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust - SPDR Bloomberg Barclays High Yield Bond ETF      | SPDR Bloomberg Barclays High Yield Bond ETF                   | CUSIP: 78468R622<br>LEI: 549300NCLW2248PN7J24 | Long             | EC               | RF                | US        |    201975 | NS      | $19791530.25  | 9.84%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust - SPDR Bloomberg Convertible Securities ETF        | SPDR Bloomberg Convertible Securities ETF                     | CUSIP: 78464A359<br>LEI: 549300IXKU3G7R6DMX93 | Long             | EC               | RF                | US        |    222390 | NS      | $20126295.00  | 10.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds - Vanguard Total Stock Market Index Fund ETF    | Vanguard Total Stock Market Index Fund ETF                    | CUSIP: 922908769<br>LEI: HJ2RZRUQEVF2A5SPRB21 | Long             | EC               | RF                | US        |     60742 | NS      | $19933702.14  | 9.91%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Trust - WisdomTree Japan Hedged Equity Fund               | WisdomTree Japan Hedged Equity Fund                           | CUSIP: 97717W851<br>LEI: 549300MCUICL7FEQ7B68 | Long             | EC               | RF                | US        |    153686 | NS      | $19676418.58  | 9.79%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Trust - WisdomTree U.S. Quality Dividend Growth Fund      | WisdomTree U.S. Quality Dividend Growth Fund                  | CUSIP: 97717X669<br>LEI: 549300CUR4PM3HKSPL88 | Long             | EC               | RF                | US        |    222766 | NS      | $19817263.36  | 9.86%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares 0-3 Month Treasury Bond ETF                  | iShares 0-3 Month Treasury Bond ETF                           | CUSIP: 46436E718<br>LEI: 549300L2T50TTT4U6186 | Long             | EC               | RF                | US        |    455064 | NS      | $45824944.80  | 22.79%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** PFS Funds

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

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

**Title:** Secretary and Treasurer