# EDGAR Filing Document

**Accession Number:** 0001103243
**File Stem:** 0001413042-25-000969
**Filing Date:** 2025-11
**Character Count:** 18971
**Document Hash:** 0af79b2ed7c73c3bb883abd0b024496f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-25-000969.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001413042-25-000969

**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:** 251512966

**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           |

## 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** |
|  | **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** |  |  |  |  |
| **High Yield Bond** | **High Yield Bond** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004960 | BondBloxx BB Rated USD High Yield Corporate Bond ETF # | BondBloxx BB Rated USD High Yield Corporate Bond ETF # | BondBloxx BB Rated USD High Yield Corporate Bond ETF # | $41550071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112025 | BondBloxx CCC Rated USD High Yield Corporate Bond ETF # | BondBloxx CCC Rated USD High Yield Corporate Bond ETF # | BondBloxx CCC Rated USD High Yield Corporate Bond ETF # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43646981 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275943 | iShares iBoxx High Yield Corporate Bond ETF | iShares iBoxx High Yield Corporate Bond ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22403812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247648 | State Street SPDR Bloomberg Convertible Securities ETF | State Street SPDR Bloomberg Convertible Securities ETF | State Street SPDR Bloomberg Convertible Securities ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22412144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805526 | The iShares U.S. Fallen Angels USD Bond ETF | The iShares U.S. Fallen Angels USD Bond ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22377512 |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;152390521 |  |
| **Systematic Trend** | **Systematic Trend** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821763 | iMGP DBi Managed Futures Strategy ETF | iMGP DBi Managed Futures Strategy ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22442348 |  |
| **Total for Exchange Traded Funds (Cost - $173,291,115)** | **Total for Exchange Traded Funds (Cost - $173,291,115)** | **Total for Exchange Traded Funds (Cost - $173,291,115)** |  | &nbsp;&nbsp;&nbsp;&nbsp;174832868 | 96.29% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6431529 | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6431529 | 3.54% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class - 3.99% + |  |  |  |  |
| **Total for Money Market Funds (Cost - $6,431,529)** | **Total for Money Market Funds (Cost - $6,431,529)** | **Total for Money Market Funds (Cost - $6,431,529)** |  |  |  |
|  | **Total Investments (Cost - $179,722,644)** | **Total Investments (Cost - $179,722,644)** |  | &nbsp;&nbsp;&nbsp;&nbsp;181264397 | 99.83% |
|  | **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;296629 | 0.17% |
|  | **Net Assets** |  |  | $181561025 | 100.00% |
| # Affiliated investment due to Fund holding more than 5% of outstanding shares. | # Affiliated investment due to Fund holding more than 5% of outstanding shares. | # Affiliated investment due to Fund holding more than 5% of outstanding shares. | # Affiliated investment due to Fund holding more than 5% of outstanding shares. |  |  |
| + 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. |  |  |
| 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 September 30, 2025, 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 September 30, 2025, 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 September 30, 2025, 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 September 30, 2025, 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 September 30, 2025, 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 September 30, 2025, 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 September 30, 2025, 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 September 30, 2025, 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 September 30, 2025, 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 September 30, 2025, 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 September 30, 2025, 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 September 30, 2025, 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 September 30, 2025, 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 September 30, 2025, 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 September 30, 2025, 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 September 30, 2025, 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 September 30, 2025, 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 September 30, 2025, the Fund had the following transactions with affiliated companies: |
|  |  | BondBloxx BB Rated | BondBloxx BB Rated |  |  |
|  |  | USD High Yield | USD High Yield |  |  |
| Security Name |  | Corporate Bond ETF | Corporate Bond ETF |  |  |
| Value as of June 30, 2025 | Value as of June 30, 2025 |  | $- |  |  |
| Purchases |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41680716 |  |  |
| 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;(130645) |  |  |
| 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 September 30, 2025 | Value as of September 30, 2025 |  | $41550071 |  |  |
| Shares Balance as of September 30, 2025 | Shares Balance as of September 30, 2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004960 |  |  |
| Dividends |  |  | $- |  |  |
| 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 June 30, 2025 | Value as of June 30, 2025 |  | $- |  |  |
| Purchases |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43231023 |  |  |
| 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;415958 |  |  |
| 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 September 30, 2025 | Value as of September 30, 2025 |  | $43646981 |  |  |
| Shares Balance as of September 30, 2025 | Shares Balance as of September 30, 2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112025 |  |  |
| 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:** 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:** 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:** $181902859.36

**Total Liabilities:** $341833.13

**Net Assets:** $181561026.23

**Cash Not Reported:** $1100.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219678 | 0.59%                | 1.08%                | 1.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $526378.83               | $-65600.35                                 |
| Month 2  | $76609.60                | $1224470.85                                |
| Month 3  | $6930554.11              | $-4640795.72                               |

### 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 BB Rated USD High Yield Corporate Bond ETF         | CUSIP: 09789C705<br>LEI: N/A                  | Long             | EC               | RF                | US        |   1004960 | NS      | $41550071.20  | 22.88%            |  |  |  | No            |                  1 | On Loan: No      |
| BondBloxx ETF Trust                                                        | BondBloxx CCC Rated USD High Yield Corporate Bond ETF        | CUSIP: 09789C887<br>LEI: N/A                  | Long             | EC               | RF                | US        |   1112025 | NS      | $43646981.25  | 24.04%            |  |  |  | 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        |   6431529 | NS      | $6431529.12   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Litman Gregory Funds Trust - iMGP Dbi Managed Futures Strategy ETF         | iMGP DBi Managed Futures Strategy ETF                        | CUSIP: 53700T827<br>LEI: 5493001M6OM3MQRFQ366 | Long             | EC               | RF                | US        |    821763 | NS      | $22442347.53  | 12.36%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust - State Street SPDR Bloomberg Convertible Securities ETF | State Street SPDR Bloomberg Convertible Securities ETF       | CUSIP: 78464A359<br>LEI: 549300IXKU3G7R6DMX93 | Long             | EC               | RF                | US        |    247648 | NS      | $22412144.00  | 12.34%            |  |  |  | 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        |    805526 | NS      | $22377512.28  | 12.33%            |  |  |  | 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        |    275943 | NS      | $22403812.17  | 12.34%            |  |  |  | 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