# EDGAR Filing Document

**Accession Number:** 0001103243
**File Stem:** 0001103243-26-000085
**Filing Date:** 2026-5
**Character Count:** 19266
**Document Hash:** d3eb519b75820d2a344b1a6b51be505d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001103243-26-000085.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001103243-26-000085

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**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:** 261035422

**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 | Institutional Class Shares | CRMVX           |

## Nport-Ex

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Potomac Managed Volatility Fund** | **Potomac Managed Volatility Fund** | **Potomac Managed Volatility Fund** | **Potomac Managed Volatility Fund** | **Potomac Managed Volatility Fund** | **Potomac Managed Volatility Fund** |  |
|  |  |  | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |  |
|  | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |  |
| **Shares** |  |  |  | **Fair Value** | **% of Net Assets** |  |
| **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** |  |  |  |  |  |
| **Commodities Broad Basket** | **Commodities Broad Basket** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682529 | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | $29141402 |  |  |
| **Systematic Trend** | **Systematic Trend** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945021 | iMGP DBi Managed Futures Strategy ETF | iMGP DBi Managed Futures Strategy ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28492383 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995402 | KraneShares Mount Lucas Managed Futures Index Strategy ETF # | KraneShares Mount Lucas Managed Futures Index Strategy ETF # | KraneShares Mount Lucas Managed Futures Index Strategy ETF # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28070336 |  |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56562719 |  |  |
| **Trading Miscellaneous** | **Trading Miscellaneous** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007882 | Invesco DB US Dollar Index Bullish Fund | Invesco DB US Dollar Index Bullish Fund |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27998962 |  |  |
| **Total for Exchange Traded Funds (Cost - $111,736,864)** | **Total for Exchange Traded Funds (Cost - $111,736,864)** | **Total for Exchange Traded Funds (Cost - $111,736,864)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113703083 | 49.83% |  |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |  |  |
| 113352188 | State Street Institutional U.S. Government Money Market Fund | State Street Institutional U.S. Government Money Market Fund | State Street Institutional U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113352188 | 49.67% |  |
|  | Premier Class - 3.60% + |  |  |  |  |  |
| **Total for Money Market Funds (Cost - $113,352,188)** | **Total for Money Market Funds (Cost - $113,352,188)** | **Total for Money Market Funds (Cost - $113,352,188)** |  |  |  |  |
|  | **Total Investments (Cost - $225,089,052)** | **Total Investments (Cost - $225,089,052)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227055271 | 99.50% |  |
|  | **Other Assets in Excess of Liabilities** | **Other Assets in Excess of Liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131179 | 0.50% |  |
|  | **Net Assets** |  |  | $228186450 | 100.00% |  |
| # Affiliated investment due to Fund holding more than 5% of outstanding shares. See below. | # Affiliated investment due to Fund holding more than 5% of outstanding shares. See below. | # Affiliated investment due to Fund holding more than 5% of outstanding shares. See below. | # Affiliated investment due to Fund holding more than 5% of outstanding shares. See below. | # Affiliated investment due to Fund holding more than 5% of outstanding shares. See below. |  |  |
| + The rate shown represents the 7-day yield at March 31, 2026. | + The rate shown represents the 7-day yield at March 31, 2026. | + The rate shown represents the 7-day yield at March 31, 2026. |  |  |  |  |
| 1.) AFFILIATED ISSUER TRANSACTIONS | 1.) AFFILIATED ISSUER TRANSACTIONS |  |  |  |  |  |
| When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended March 31, 2026, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended March 31, 2026, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended March 31, 2026, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended March 31, 2026, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended March 31, 2026, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended March 31, 2026, the Fund had the following transactions with affiliated companies: |  |
| When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended March 31, 2026, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended March 31, 2026, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended March 31, 2026, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended March 31, 2026, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended March 31, 2026, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended March 31, 2026, the Fund had the following transactions with affiliated companies: |  |
| When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended March 31, 2026, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended March 31, 2026, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended March 31, 2026, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended March 31, 2026, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended March 31, 2026, the Fund had the following transactions with affiliated companies: | When a Fund holds more than 5% of the outstanding shares of an investment, that investment is consider to be an affiliated investment of the Fund. During the quarter ended March 31, 2026, the Fund had the following transactions with affiliated companies: | BondBloxx BB Rated |
|  |  | USD High Yield | USD High Yield |  |  |  |
| Security Name |  | Corporate Bond ETF | Corporate Bond ETF |  |  |  |
| Value as of December 31, 2025 | Value as of December 31, 2025 |  | $48316157 |  |  |  |
| Purchases |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104947082 |  |  |  |
| Sales |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152366537) |  |  |  |
| Change in Unrealized Gain (Loss) | Change in Unrealized Gain (Loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163531) |  |  |  |
| Realized Gain (Loss) | Realized Gain (Loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(733171) |  |  |  |
| Value as of March 31, 2026 | Value as of March 31, 2026 |  | $- |  |  |  |
| Shares Balance as of March 31, 2026 | Shares Balance as of March 31, 2026 |  | &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;- |  |  |  |
| Dividends |  |  | $673270 |  |  |  |
| Capital Gain Distributions | Capital Gain Distributions |  | $- |  |  |  |
|  |  | BondBloxx CCC Rated | BondBloxx CCC Rated |  |  |  |
|  |  | USD High Yield | USD High Yield |  |  |  |
| Security Name |  | Corporate Bond ETF | Corporate Bond ETF |  |  |  |
| Value as of December 31, 2025 | Value as of December 31, 2025 |  | $48087860 |  |  |  |
| Purchases |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104998272 |  |  |  |
| Sales |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151564558) |  |  |  |
| Change in Unrealized Gain (Loss) | Change in Unrealized Gain (Loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94797) |  |  |  |
| Realized Gain (Loss) | Realized Gain (Loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1426777) |  |  |  |
| Value as of March 31, 2026 | Value as of March 31, 2026 |  | $- |  |  |  |
| Shares Balance as of March 31, 2026 | Shares Balance as of March 31, 2026 |  | &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;- |  |  |  |
| Dividends |  |  | $1169452 |  |  |  |
| Capital Gain Distributions | Capital Gain Distributions |  | $- |  |  |  |
|  |  | KraneShares Mount Lucas | KraneShares Mount Lucas |  |  |  |
|  |  | Managed Futures | Managed Futures |  |  |  |
| Security Name |  | Index Strategy ETF | Index Strategy ETF |  |  |  |
| Value as of December 31, 2025 | Value as of December 31, 2025 |  | $- |  |  |  |
| Purchases |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27288946 |  |  |  |
| Sales |  |  | &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;- |  |  |  |
| Change in Unrealized Gain (Loss) | Change in Unrealized Gain (Loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781390 |  |  |  |
| Realized Gain (Loss) | Realized Gain (Loss) |  | &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;- |  |  |  |
| Value as of March 31, 2026 | Value as of March 31, 2026 |  | $28070336 |  |  |  |
| Shares Balance as of March 31, 2026 | Shares Balance as of March 31, 2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995402 |  |  |  |
| Dividends |  |  | $- |  |  |  |
| Capital Gain Distributions | Capital Gain Distributions |  | $- |  |  |  |

---

## 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:** 6195889700

**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:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**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:** $228124678.65

**Total Liabilities:** $253343.50

**Net Assets:** $227871335.15

**Cash Not Reported:** $221.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219678 | 0.50%                | 0.20%                | 0.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $806976.13               | $425931.77                                 |
| Month 2  | $-1340176.88             | $783580.68                                 |
| Month 3  | $-1806941.97             | $955556.70                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Invesco DB US Dollar Index Trust                              | Invesco DB US Dollar Index Bullish Fund                             | CUSIP: 46141D203<br>LEI: 549300QQBOFDEGGI5W06 | Long             | EC               | RF                | US        |   1007882 | NS      | $27998961.96  | 12.29%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street Institutional Investment Trust                   | STATE STREET INST U.S. GOVERNMENT MMKT PREM CLASS                   | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        | 113674537 | NS      | $113674537.26 | 49.89%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Actively Managed Exchange-Traded Commodity Fund Trust | Invesco Optimum Yield Diversification Commodity Strategy No K-1 ETF | CUSIP: 46090F100<br>LEI: 549300FMDZNC0BEIYQ10 | Long             | EC               | RF                | US        |   1682529 | NS      | $29141402.28  | 12.79%            |  |  |  | No            |                  1 | On Loan: No      |
| Litman Gregory Funds Trust                                    | iMGP DBi Managed Futures Strategy ETF                               | CUSIP: 53700T827<br>LEI: 5493001M6OM3MQRFQ366 | Long             | EC               | RF                | US        |    945021 | NS      | $28492383.15  | 12.50%            |  |  |  | No            |                  1 | On Loan: No      |
| Krane Shares Trust                                            | KraneShares Mount Lucas Managed Futures Index Strategy ETF          | CUSIP: 500767652<br>LEI: 549300PX8VC0XNHU3M82 | Long             | EC               | RF                | US        |    995402 | NS      | $28070336.40  | 12.32%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-28

**Name of Applicant:** PFS Funds

**Signature:** Jeffrey R. Provence

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

**Title:** Secretary and Treasurer