# EDGAR Filing Document

**Accession Number:** 0001103243
**File Stem:** 0001413042-23-000059
**Filing Date:** 2023-1
**Character Count:** 31748
**Document Hash:** f61866aa09abc0c52c6857675f1f5d64
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-23-000059.hdr.sgml**: 20230120

**ACCESSION NUMBER**: 0001413042-23-000059

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230120

**DATE AS OF CHANGE**: 20230120

**PERIOD START**: 20221130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PFS FUNDS
- **CENTRAL INDEX KEY:** 0001103243
- **IRS NUMBER:** 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:** 23540315

**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

### Christopher Weil & Company Core Investment Fund (Series ID: S000035172)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000108201 | Christopher Weil & Company Core Investment Fund | CWCFX           |

## 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:** Christopher Weil and Company Core Investment Fund

- **b. EDGAR series identifier (if any):** S000035172

- **c. LEI of Series:** 5493007D8NX4Y8M4N827

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

- **a. Date of fiscal year-end:** 2022-11-30

- **b. Date as of which information is reported:** 2022-11-30

**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:** $87958869.55

**Total Liabilities:** $81648.24

**Net Assets:** $87877221.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000108201 | -6.77%               | 6.62%                | 9.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $268029.22               | $-5051784.30                               |
| Month 2  | $-302995.47              | $4678391.09                                |
| Month 3  | $-41442.46               | $7536326.78                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 3D Systems Corporation                                         | 3D Systems Corporation                                 | CUSIP: 88554D205<br>LEI: 5493003HHDOCCW4OP744 | Long             | EC               | CORP              | US        |     30113 | NS      | $305345.82    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERCO                                                         | AMERCO                                                 | CUSIP: 023586100<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |      1297 | NS      | $82100.10     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited                                  | Alibaba Group Holding Ltd. ADR                         | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      3136 | NS      | $274588.16    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                                  | Alphabet Inc. Class A                                  | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     23483 | NS      | $2371548.17   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambarella, Inc.                                                | Ambarella, Inc.                                        | CUSIP: G037AX101<br>LEI: 254900XN7F4DG0CEKC02 | Long             | EC               | CORP              | KY        |      3596 | NS      | $266823.20    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Limited                                                 | Amdocs Limited (Island of Guernsey)                    | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |     16439 | NS      | $1460769.54   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Amerco                                                         | AMERCO Series N                                        | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |     11673 | NS      | $737383.41    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust, Inc.                                    | American Assets Trust, Inc.                            | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10655 | NS      | $312084.95    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks, Inc.                                          | Arista Networks, Inc.                                  | CUSIP: 040413106<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      1665 | NS      | $231934.50    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.                                        | Berkshire Hathaway Inc. Class B                        | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     14511 | NS      | $4623204.60   | 5.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Box, Inc.                                                      | Box, Inc. Class A                                      | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |    130270 | NS      | $3575911.50   | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Corporation                          | Brookfield Infrastructure Corporation Class A (Canada) | CUSIP: 11275Q107<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      4623 | NS      | $216726.24    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Renewable Corp                                      | Brookfield Renewable Corporation Class A (Canada)      | CUSIP: 11284V105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      6310 | NS      | $205769.10    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corporation                                         | CVS Health Corporation                                 | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     18395 | NS      | $1874082.60   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries, Inc.                                       | ChargePoint Holdings, Inc. Class A                     | CUSIP: 15961R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12719 | NS      | $157969.98    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc.                                          | Cleveland-Cliffs Inc.                                  | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |    157263 | NS      | $2434431.24   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CollPlant Biotechnologies Ltd.                                 | CollPlant Biotechnologies Ltd. ADR                     | CUSIP: 19516R107<br>LEI: 549300F58K8B25RUFV24 | Long             | EC               | CORP              | IL        |      9099 | NS      | $45804.37     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Criteo S.A.                                                    | Criteo S.A. ADR                                        | CUSIP: 226718104<br>LEI: 969500EELFB4RDMFHA76 | Long             | EC               | CORP              | FR        |     45032 | NS      | $1218565.92   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                                                | Deere & Company                                        | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      3057 | NS      | $1348137.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Direxion Shares ETF Trust - Direxion Daily TSLA Bear 1X Shares | Direxion Daily TSLA Bear 1X Shares                     | CUSIP: 25460G260<br>LEI: 549300F4MZ5R7YBAE082 | Long             | EC               | CORP              | US        |     11330 | NS      | $386013.10    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmland Partners Inc.                                         | Farmland Partners Inc.                                 | CUSIP: 31154R109<br>LEI: 549300LB188CHPZ4IL37 | Long             | EC               | CORP              | US        |     11600 | NS      | $154048.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corporation                                              | Fluor Corporation                                      | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |     60052 | NS      | $2018347.72   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Templeton ETF Trust - Franklin FTSE South Korea ETF   | Franklin FTSE South Korea ETF                          | CUSIP: 35473P710<br>LEI: 549300CQX72NL1HVMO40 | Long             | EC               | RF                | US        |     70605 | NS      | $1495413.90   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                                          | Freeport-McMoRan Inc.                                  | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     49609 | NS      | $1974438.20   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO Logistics, Inc.                                            | GXO Logistics Inc.                                     | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |     12288 | NS      | $575815.68    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| NortonLifeLock Inc.                                            | Gen Digital Inc.                                       | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |     34950 | NS      | $802452.00    | 0.91%             |  |  |  | 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        |     28882 | NS      | $826314.02    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Groupon, Inc.                                                  | Groupon, Inc.                                          | CUSIP: 399473107<br>LEI: 5299005W5W1R5POQJL03 | Long             | EC               | CORP              | US        |     62704 | NS      | $522324.32    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                         | Groupon, Inc., January 19, 2024, Call @ $10.00         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       250 | NC      | $55000.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Harley-Davidson, Inc.                                          | Harley-Davidson, Inc.                                  | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | EC               | CORP              | US        |      6607 | NS      | $311387.91    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey, Inc.                                           | Houlihan Lokey, Inc. Class A                           | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |      8273 | NS      | $813649.55    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina, Inc.                                                 | Illumina, Inc.                                         | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |      3290 | NS      | $717483.20    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corporation                    | International Business Machines Corporation            | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      2168 | NS      | $322815.20    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Short-Term Investments Trust                                   | Invesco Treasury Portfolio Institutional Class         | CUSIP: 825252406<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |   8419642 | NS      | $8419642.40   | 9.58%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                           | JPMorgan Chase & Co.                                   | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     13757 | NS      | $1900942.26   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Krane Shares Trust - KraneShares CSI China Internet ETF        | KraneShares CSI China Internet ETF                     | CUSIP: 500767306<br>LEI: 549300URDNVSGEWBN526 | Long             | EC               | RF                | US        |     35800 | NS      | $1017078.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec, Inc.                                                   | MasTec, Inc.                                           | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |      8585 | NS      | $779775.55    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| MaxLinear, Inc.                                                | MaxLinear, Inc.                                        | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |     38082 | NS      | $1393801.20   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                                           | Meta Platforms, Inc. Class A                           | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      7384 | NS      | $872050.40    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology, Inc.                                        | Micron Technology, Inc.                                | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     19701 | NS      | $1135762.65   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Materials Inc                                           | Origin Materials, Inc. - Class A                       | CUSIP: 68622D106<br>LEI: 549300VMLEEM8BI4DD65 | Long             | EC               | CORP              | US        |     40361 | NS      | $224810.77    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                                                        | PTC Inc.                                               | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |     15432 | NS      | $1963104.72   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc.                                     | Palantir Technologies, Inc. Class A                    | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     21310 | NS      | $159825.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest, Inc.                                                | Pinterest, Inc. Class A                                | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18277 | NS      | $464601.34    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares Trust - ProShares Short S&P500                       | ProShares Short S&P500                                 | CUSIP: 74347B425<br>LEI: XSY494HNCRZV64FNKS70 | Long             | EC               | CORP              | US        |     56148 | NS      | $847834.80    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualcomm Incorporated                                          | Qualcomm Inc                                           | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      1012 | NS      | $128007.88    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ranpak Holdings Corp                                           | Ranpak Holdings Corp. Class A                          | CUSIP: 75321W103<br>LEI: 5493000Z9EZR9DCYOO86 | Long             | EC               | CORP              | US        |      9954 | NS      | $53851.14     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation, Inc.                                      | Rockwell Automation, Inc.                              | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      6047 | NS      | $1597738.34   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce, Inc.                                               | Salesforce, Inc.                                       | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      1892 | NS      | $303193.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SeaChange International, Inc.                                  | SeaChange International Inc.                           | CUSIP: 811699107<br>LEI: 5299000DNT7FHOUI6489 | Long             | EC               | CORP              | US        |     40000 | NS      | $18060.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Laboratories Inc.                                      | Silicon Laboratories Inc.                              | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |      4143 | NS      | $602557.92    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Singular Genomics Systems, Inc.                                | Singular Genomics Systems, Inc.                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     51696 | NS      | $105459.84    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyline Champion Corporation                                   | Skyline Champion Corporation                           | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4352 | NS      | $226260.48    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions, Inc.                                       | Skyworks Solutions, Inc.                               | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     10039 | NS      | $959929.18    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SolarEdge Technologies, Inc.                                   | SolarEdge Technologies Inc. ADR                        | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | IL        |      1110 | NS      | $331734.60    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Stratasys Ltd.                                                 | Stratasys Ltd. (Israel)                                | CUSIP: M85548101<br>LEI: 52990032X0M6S6SS6W61 | Long             | EC               | CORP              | IL        |     19076 | NS      | $267636.28    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc.                                                    | Stride, Inc.                                           | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |     28618 | NS      | $1013363.38   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corporation                                             | Target Corporation                                     | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |       550 | NS      | $91888.50     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Telkonet, Inc.                                                 | Telkonet, Inc.                                         | CUSIP: 879604106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1000000 | NS      | $37100.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corporation                        | The Bank of New York Mellon Corporation                | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      5256 | NS      | $241250.40    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| The Walt Disney Co.                                            | The Walt Disney Co.                                    | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     16310 | NS      | $1596259.70   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc.                                                   | Trimble Inc.                                           | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |     41256 | NS      | $2465046.00   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies, Inc.                                        | Uber Technologies Inc.                                 | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     29648 | NS      | $863942.72    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultra Clean Holdings, Inc.                                     | Ultra Clean Holdings, Inc.                             | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |     53244 | NS      | $1897083.72   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corporation                                | United Therapeutics Corporation                        | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |     38526 | NS      | $10783042.14  | 12.27%            |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute, Inc.                            | Universal Technical Institute, Inc.                    | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |     75153 | NS      | $544107.72    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale S.A.                                                      | Vale SA ADR                                            | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     22008 | NS      | $363132.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries, Inc.                                       | Valmont Industries, Inc.                               | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |      5558 | NS      | $1882272.28   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck ETF Trust - VanEck Gold Miners ETF                      | VanEck Gold Miners ETF                                 | CUSIP: 92189F106<br>LEI: 54930031TORTKAM9TJ98 | Long             | EC               | RF                | US        |    134175 | NS      | $3897783.75   | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Verano Holdings Corp.                                          | Verano Holdings Corp. Class A (Canada)                 | CUSIP: 92338D101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     20022 | NS      | $104715.06    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| W. W. Grainger, Inc.                                           | W.W. Grainger, Inc.                                    | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      2157 | NS      | $1300800.42   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Yext, Inc.                                                     | Yext, Inc.                                             | CUSIP: 98585N106<br>LEI: 5299008ZQSBBVH7K0589 | Long             | EC               | CORP              | US        |     56202 | NS      | $299556.66    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares China Large-Cap ETF                    | iShares China Large-Cap ETF                            | CUSIP: 464287184<br>LEI: 5493001YVWPO25CNKN94 | Long             | EC               | RF                | US        |     51641 | NS      | $1454210.56   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares, Inc. - iShares MSCI Brazil ETF                        | iShares MSCI Brazil ETF                                | CUSIP: 464286400<br>LEI: 5493006D2L7KY3ZDF809 | Long             | EC               | RF                | US        |     11699 | NS      | $368284.52    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Emerging Markets ETF                              | iShares MSCI Emerging Markets ETF                      | CUSIP: 464287234<br>LEI: 549300618VTFQAPNYJ60 | Long             | EC               | RF                | US        |      9905 | NS      | $391445.60    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Japan ETF                                         | iShares MSCI Japan ETF                                 | CUSIP: 46434G822<br>LEI: 5493008I6YRUC6I0S051 | Long             | EC               | RF                | US        |     24659 | NS      | $1375972.20   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-20

**Name of Applicant:** PFS Funds

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

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

**Title:** Secretary and Treasurer