# EDGAR Filing Document

**Accession Number:** 0001103243
**File Stem:** 0001413042-25-001045
**Filing Date:** 2025-12
**Character Count:** 10698
**Document Hash:** 20e950e2387514a8fc883a36b98f98a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-25-001045.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0001413042-25-001045

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251216

**DATE AS OF CHANGE**: 20251216

**PERIOD START**: 20260731

**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:** 251574540

**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

### Alpha Fiduciary Quantitative Strategy Fund (Series ID: S000066397)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000214257 | Alpha Fiduciary Quantitative Strategy Fund | AFQSX           |

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alpha Fiduciary Quantitative Strategy Fund** | **Alpha Fiduciary Quantitative Strategy Fund** | **Alpha Fiduciary Quantitative Strategy Fund** | **Alpha Fiduciary Quantitative Strategy Fund** | **Alpha Fiduciary Quantitative Strategy Fund** | **Alpha Fiduciary Quantitative Strategy Fund** |
|  | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
|  | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 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;&nbsp;&nbsp;&nbsp;&nbsp;24500 | iShares Core S&P 500 ETF \* | iShares Core S&P 500 ETF \* | iShares Core S&P 500 ETF \* | $16788135 |  |
| **Total for Exchange Traded Funds (Cost - $8,630,831)** | **Total for Exchange Traded Funds (Cost - $8,630,831)** | **Total for Exchange Traded Funds (Cost - $8,630,831)** | **Total for Exchange Traded Funds (Cost - $8,630,831)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16788135 | 78.60% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195658 | Goldman Sachs Financial Square Treasury Instrument | Goldman Sachs Financial Square Treasury Instrument | Goldman Sachs Financial Square Treasury Instrument | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195658 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class 3.84% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class 3.84% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class 3.84% \*\* |  |  |
| **Total for Money Market Funds (Cost - $1,195,658)** | **Total for Money Market Funds (Cost - $1,195,658)** | **Total for Money Market Funds (Cost - $1,195,658)** | **Total for Money Market Funds (Cost - $1,195,658)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195658 | 5.60% |
| **Total Investment Securities** | **Total Investment Securities** | **Total Investment Securities** | **Total Investment Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17983793 | 84.20% |
|  | **(Cost - $9,826,489)** |  |  |  |  |
| **Other Assets in Excess of Liabilities** | **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;3375532 | 15.80% |
| **Net Assets** | **Net Assets** | **Net Assets** | **Net Assets** | $21359325 | 100.00% |
| \* Additional information, including the current Prospectus and Annual Reports, is available at | \* Additional information, including the current Prospectus and Annual Reports, is available at | \* Additional information, including the current Prospectus and Annual Reports, is available at | \* Additional information, including the current Prospectus and Annual Reports, is available at | \* Additional information, including the current Prospectus and Annual Reports, is available at | \* Additional information, including the current Prospectus and Annual Reports, is available at |
| https://www.ishares.com/us/products/239726/ | https://www.ishares.com/us/products/239726/ | https://www.ishares.com/us/products/239726/ | https://www.ishares.com/us/products/239726/ | https://www.ishares.com/us/products/239726/ | https://www.ishares.com/us/products/239726/ |
| \*\* The rate shown represents the 7-day yield at October 31, 2025. | \*\* The rate shown represents the 7-day yield at October 31, 2025. | \*\* The rate shown represents the 7-day yield at October 31, 2025. | \*\* The rate shown represents the 7-day yield at October 31, 2025. | \*\* The rate shown represents the 7-day yield at October 31, 2025. | \*\* The rate shown represents the 7-day yield at October 31, 2025. |
| **Alpha Fiduciary Quantitative Strategy Fund** | **Alpha Fiduciary Quantitative Strategy Fund** | **Alpha Fiduciary Quantitative Strategy Fund** | **Alpha Fiduciary Quantitative Strategy Fund** | **Alpha Fiduciary Quantitative Strategy Fund** | **Alpha Fiduciary Quantitative Strategy Fund** |
|  | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** |
|  | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 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 500 Futures | E-mini Standard & Poor's 500 Futures | 14 | 12/19/2025 | $4811800 | $(12250) |
| **Total** |  | 14 |  | $4811800 | $(12250) |

---

## 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:** Alpha Fiduciary Quantitative Strategy Fund

- **b. EDGAR series identifier (if any):** S000066397

- **c. LEI of Series:** 549300XT8OGIPPXSQF89

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $21401066.15

**Total Liabilities:** $41740.57

**Net Assets:** $21359325.58

**Cash Not Reported:** $1000.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000214257 | 2.26%                | 1.21%                | 5.89%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $328790.00                                 |
| Month 2  | $0.00                    | $514010.00                                 |
| Month 3  | $0.00                    | $390285.00                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Chicago Mercantile Exchange                                                                        | E-Mini S&P Futures December 2025                                             | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | N/A              | DE               | CORP              | US        |        14 | NS      | $-12250.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust - Goldman Sachs Financial Square Treasury Instruments Fund Institutional Class | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Class | CUSIP: 38142B500<br>LEI: 549300DAH6N80PM31E83 | Long             | STIV             | RF                | US        |   1195658 | NS      | $1195658.24   | 5.60%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares Core S&P 500 ETF                                                           | iShares Core S&P 500 ETF                                                     | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             | EC               | RF                | US        |     24500 | NS      | $16788135.00  | 78.60%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-16

**Name of Applicant:** PFS Funds

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

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

**Title:** Secretary and Treasurer