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Form NPORT-P PFS FUNDS For: Mar 31

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May 24, 2022 11:09 AM EDT 

  
    NPORT-P
    false
    
      
      
        
          0001103243
          XXXXXXXX
        
      
      
      
      
        S000062392
        C000202401
      
      
      
    
  
  
    
      PFS FUNDS
      811-09781
      0001103243
      549300QPH5FGDXI8HN15
      1939 FRIENDSHIP DRIVE STE C
      EL CAJON
      
      92020
      619-588-9700
      Cargile Fund
      S000062392
      549300DBZNEXVZ7EXT45
      2022-06-30
      2022-03-31
      N
    
    
      29731510.90
      39757.54
      29691753.36
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      N
      
        
          
        
        
        
        
      
      
      
      
      
    
    
      
        Fidelity Colchester Street Trust
        549300SHPEJB1OPRCV46
        Fidelity Investments Money Market Government Portfolio Class I
        316175108
        
          
        
        5936902.99
        NS
        USD
        5936902.99
        20.00
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ProShares Trust - ProShares UltraShort S&P 500
        1X5PN4N7IS336EIQEE06
        ProShares Ultra S&P500 ETF
        74347R107
        
          
        
        100000.00
        NS
        USD
        6561000.00
        22.10
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vanguard Index Funds
        4YTZF0ORPPJYNRF7I418
        Vanguard 500 Index Fund ETF
        922908363
        
          
        
        41500.00
        NS
        USD
        17229555.00
        58.03
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-05-20
      PFS Funds
      /s/ Jeffrey R. Provence
      Jeffrey R. Provence
      Secretary and Treasurer
    
  
  XXXX

 

 Cargile Fund 
     Schedule of Investments
  March 31, 2022 (Unaudited)
 Shares             Fair Value    % of Net Assets
                 
 EXCHANGE TRADED FUNDS               
 Equity                 
        100,000  ProShares Ultra S&P500®           $   6,561,000    
         41,500  Vanguard 500 Index Fund ETF *             17,229,555    
 Total for Exchange Traded Funds (Cost - $23,994,640)            23,790,555   80.12%
                 
 MONEY MARKET FUNDS               
     5,936,903  Fidelity® Investments Money Market Government            5,936,903    
    Portfolio - Class I 0.12% **              
                 
 Total for Money Market Funds (Cost - $5,936,903)              5,936,903   20.00%
                 
   Total Investments (Cost - $29,931,543)           29,727,458   100.12%
                 
   Liabilities in Excess of Other Assets                 (35,705)   -0.12%
                   
   Net Assets           $  29,691,753   100.00%
                 
                 
 * Additional Information, including current Prospectus and Annual Reports, is available at:
https://investor.vanguard.com/etf/profile/VOO. 
 ** The rate shown represents the 7-day yield at March 31, 2022.     
                 
                 
 1. SECURITY TRANSACTIONS               
                 
For Federal income tax purposes, the cost of securities owned at March 31, 2022, was $23,931,543. At March 31, 2022, the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) of investments was as follows:
                 
    Unrealized Appreciation    $      217,413    
    Unrealized Depreciation           (421,498)    
    Unrealized Depreciation    $     (204,085)    
                 
2. SECURITIES VALUATIONS              
                 
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
                 
Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
                 
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
                 
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.
                 
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
                 
FAIR VALUE MEASUREMENTS              
                 
A description of the valuation techniques applied to the Fund’s major categories of assets measured at fair value on a recurring basis follows.
                 
Equity securities (exchange traded funds). Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a level 2 security. When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted securities are being valued, such securities are valued as determined in good faith by the Adviser, subject to review of the Board of Trustees (the “Trustees” or the “Board”) and are categorized in level 2 or level 3, when appropriate.
                 
Money market funds. Money market funds are valued at net asset value provided by the funds and are classified in level 1 of the fair value hierarchy.
                 
In accordance with the Trust’s good faith pricing guidelines, the Adviser is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. There is no single standard for determining fair value, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Adviser would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods.
                 
The following table summarizes the inputs used to value the Fund’s assets measured at fair value as of March 31, 2022:
                 
Valuation of Inputs and Assets Level 1   Level 2   Level 3   Total
Exchange Traded Funds  $  23,790,555    $                 -    $                 -    $      23,790,555
Money Market Funds       5,936,903                      -                      -              5,936,903
Total     $  29,727,458    $                 -    $                 -    $      29,727,458
                 
Refer to the Fund's Schedule of Investments for a listing of securities by industry. The Fund did not hold any Level 3 assets or liabilities during the fiscal quarter ended March 31, 2022.

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