# EDGAR Filing Document

**Accession Number:** 0001103243
**File Stem:** 0001413042-25-000965
**Filing Date:** 2025-11
**Character Count:** 13901
**Document Hash:** d79f7b79be4b5330a95680a8273949b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-25-000965.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001413042-25-000965

**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:** 251512530

**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 Opportunities Fund (Series ID: S000068709)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000219679 | Potomac Tactical Opportunities Fund | CRTOX           |

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Potomac Tactical Opportunities Fund** | **Potomac Tactical Opportunities Fund** | **Potomac Tactical Opportunities Fund** | **Potomac Tactical Opportunities Fund** | **Potomac Tactical Opportunities Fund** | **Potomac Tactical Opportunities 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;144891 | ARK Innovation ETF \* |  |  | $12504093 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504970 | Global X SuperDividend ETF |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12109181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416975 | iShares Latin America 40 ETF |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12046408 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58686 | iShares U.S. Aerospace & Defense ETF | iShares U.S. Aerospace & Defense ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12280632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132123 | SPDR S&P Metals & Mining ETF | SPDR S&P Metals & Mining ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12312542 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175358 | The Global X Silvers Miners ETF |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12560894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37627 | VanEck Semiconductor ETF |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12279948 |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86093698 |  |
| **Fixed Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632120 | 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;31871491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342162 | iShares 0-3 Month Treasury Bond ETF | iShares 0-3 Month Treasury Bond ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34455713 |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66327204 |  |
| **Total for Exchange Traded Funds (Cost - $150,852,209)** | **Total for Exchange Traded Funds (Cost - $150,852,209)** | **Total for Exchange Traded Funds (Cost - $150,852,209)** |  | &nbsp;&nbsp;&nbsp;&nbsp;152420902 | 85.91% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;14309012 | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14309012 | 8.06% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class - 3.99% + |  |  |  |  |
| **Total for Money Market Funds (Cost - $14,309,012)** | **Total for Money Market Funds (Cost - $14,309,012)** | **Total for Money Market Funds (Cost - $14,309,012)** |  |  |  |
|  | **Total Investments (Cost - $165,161,221)** | **Total Investments (Cost - $165,161,221)** |  | &nbsp;&nbsp;&nbsp;&nbsp;166729914 | 93.97% |
|  | **Other Assets in Excess of Liabilities** | **Other Assets in Excess of Liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10696491 | 6.03% |
|  | **Net Assets** |  |  | $177426405 | 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 Opportunities Fund** | **Potomac Tactical Opportunities Fund** | **Potomac Tactical Opportunities Fund** | **Potomac Tactical Opportunities Fund** | **Potomac Tactical Opportunities Fund** | **Potomac Tactical Opportunities 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 Nasdaq 100 Futures \*\* | E-mini Nasdaq 100 Futures \*\* | 263 | 12/19/2025 | $130983205 | $1480100 |
| **Total** |  | 263 |  | $130983205 | $1480100 |
| \*\* 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 Opportunities Fund

- **b. EDGAR series identifier (if any):** S000068709

- **c. LEI of Series:** 5493000SLMKDUD0NEP61

**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:** $177740302.87

**Total Liabilities:** $313898.14

**Net Assets:** $177426404.73

**Cash Not Reported:** $8930277.85

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219679 | 2.11%                | 6.11%                | 2.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2819926.58              | $-825939.26                                |
| Month 2  | $3467643.38              | $-391351.78                                |
| Month 3  | $1374457.95              | $1017034.98                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ARK ETF Trust - ARK Innovation ETF                                   | ARK Innovation ETF                                            | CUSIP: 00214Q104<br>LEI: 254900636IK9WKHH6949 | Long             | EC               | RF                | US        |    144891 | NS      | $12504093.30  | 7.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BondBloxx ETF Trust                                                  | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | CUSIP: 09789C788<br>LEI: N/A                  | Long             | EC               | RF                | US        |    632120 | NS      | $31871490.40  | 17.96%            |  |  |  | No            |                  1 | On Loan: No      |
| Global X Funds - Global X SuperDividend ETF                          | Global X SuperDividend ETF                                    | CUSIP: 37960A669<br>LEI: 549300WHBWBK1U3N4G54 | Long             | EC               | RF                | US        |    504970 | NS      | $12109180.60  | 6.82%             |  |  |  | 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        |  14309012 | NS      | $14309012.19  | 8.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                          | E-Mini Nasdaq 100 Futures December 2025                       | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | N/A              | DE               | CORP              | US        |       263 | NS      | $1480099.83   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust - SPDR S&P Metals & Mining ETF                     | SPDR S&P Metals & Mining ETF                                  | CUSIP: 78464A755<br>LEI: 5493008LMBT3IECLIE27 | Long             | EC               | RF                | US        |    132123 | NS      | $12312542.37  | 6.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Global X Funds - Global X Silver Miners ETF                          | Global X Silver Miners ETF                                    | CUSIP: 37954Y848<br>LEI: 549300W0XPL6JJ7JYT05 | Long             | EC               | RF                | US        |    175358 | NS      | $12560893.54  | 7.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck ETF Trust - VanEck Semiconductor ETF                          | VanEck Semiconductor ETF                                      | CUSIP: 92189F676<br>LEI: 549300MJTG2N9QRH7I02 | Long             | EC               | RF                | US        |     37627 | NS      | $12279947.72  | 6.92%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares 0-3 Month Treasury Bond ETF                  | iShares 0-3 Month Treasury Bond ETF Shares                    | CUSIP: 46436E718<br>LEI: 549300L2T50TTT4U6186 | Long             | EC               | RF                | US        |    342162 | NS      | $34455713.40  | 19.42%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares Latin America 40 ETF                         | iShares Latin America 40 ETF                                  | CUSIP: 464287390<br>LEI: 549300LU9LZBB8WGN795 | Long             | EC               | RF                | US        |    416975 | NS      | $12046407.75  | 6.79%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares U.S. Aerospace & Defense ETF                 | iShares U.S. Aerospace & Defense ETF                          | CUSIP: 464288760<br>LEI: 549300BI35CWQ4Q8FM41 | Long             | EC               | RF                | US        |     58686 | NS      | $12280632.36  | 6.92%             |  |  |  | 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