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Form NPORT-P PFS FUNDS For: Mar 31

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May 24, 2022 5:27 PM EDT 

  
    NPORT-P
    false
    
      
      
        
          0001103243
          XXXXXXXX
        
      
      
      
      
        S000068709
        C000219679
      
      
      
    
  
  
    
      PFS FUNDS
      811-09781
      0001103243
      549300QPH5FGDXI8HN15
      1939 FRIENDSHIP DRIVE STE C
      EL CAJON
      
      92020
      619-588-9700
      Conquer Risk Tactical Opportunities Fund
      S000068709
      5493000SLMKDUD0NEP61
      2022-06-30
      2022-03-31
      N
    
    
      39089521.26
      142185.43
      38947335.83
      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
      
        
          
        
        
        
        
      
      
      
      
      
    
    
      
        The Select Sector SPDR Trust - The Energy Select Sector SPDR Fund
        54930064FLK0RD4TRU75
        Energy Select Sector SPDR Fund ETF
        81369Y506
        
          
        
        36357.00
        NS
        USD
        2779129.08
        7.14
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First American Funds Inc - Government Obligations Fund
        549300R5MYM6VZF1RM44
        First American Government Obligations Fund Class X
        31846V336
        
          
        
        19554527.23
        NS
        USD
        19554527.23
        50.21
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invesco Actively Managed Exchange-Traded Commodity Fund Trust
        549300J84F1VGX03MG06
        Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF
        46090F100
        
          
        
        155737.00
        NS
        USD
        2747200.68
        7.05
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SPDR Series Trust - SPDR S&P Metals & Mining ETF
        5493008LMBT3IECLIE27
        SPDR S&P Metals & Mining ETF
        78464A755
        
          
        
        45289.00
        NS
        USD
        2775762.81
        7.13
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        iShares Trust - iShares Global Infrastructure ETF
        549300ZC2N3HUK3DTK30
        iShares Global Infrastructure ETF
        464288372
        
          
        
        55775.00
        NS
        USD
        2836716.50
        7.28
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        iShares Trust - iShares Latin America 40 ETF
        549300LU9LZBB8WGN795
        iShares Latin America 40 ETF
        464287390
        
          
        
        93746.00
        NS
        USD
        2848940.94
        7.31
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        iShares Trust - iShares U.S. Aerospace & Defense ETF
        549300BI35CWQ4Q8FM41
        iShares U.S. Aerospace & Defense ETF
        464288760
        
          
        
        25032.00
        NS
        USD
        2773295.28
        7.12
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        iShares Trust - iShares U.S. Healthcare Providers ETF
        5493000J69Q6KCUCL849
        iShares U.S. Healthcare Providers ETF
        464288828
        
          
        
        9778.00
        NS
        USD
        2766098.42
        7.10
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-05-24
      PFS Funds
      /s/ Jeffrey R. Provence
      Jeffrey R. Provence
      Secretary and Treasurer
    
  
  XXXX

 

 Conquer Risk Tactical Opportunities Fund 
           Schedule of Investments
    March 31, 2022 (Unaudited)
 Shares               Fair Value  % of Net Assets
                   
 EXCHANGE TRADED FUNDS               
 Equity                   
      155,737   Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF  $   2,747,201    
        55,775   iShares Global Infrastructure ETF               2,836,717    
        93,746   iShares Latin America 40 ETF               2,848,941    
        25,032   iShares U.S. Aerospace & Defense ETF             2,773,295    
          9,778   iShares U.S. Healthcare Providers ETF             2,766,098    
        45,289   SPDR® S&P® Metals & Mining ETF             2,775,763    
        36,357   The Energy Select Sector SPDR® Fund             2,779,129    
                   
 Total for Exchange Traded Funds (Cost - $19,542,388)            19,527,144   50.14%
                   
 MONEY MARKET FUNDS               
  19,554,527   First American Government Obligations Fund            19,554,527    
      - Class X 0.22% **               
                   
 Total for Money Market Funds (Cost - $19,544,527)            19,554,527   50.20%
                   
     Total Investments (Cost - $39,096,915)           39,081,671   100.34%
                   
     Liabilities in Excess of Other Assets               (134,335)   -0.34%
                     
     Net Assets           $  38,947,336   100.00%
                   
                   
 ** 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 $39,096,915. 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    $        83,061    
      Unrealized Depreciation             (98,305)    
      Unrealized Depreciation    $       (15,244)    
                   
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  $  19,527,144    $                 -    $                 -    $  19,527,144
Money Market Funds     19,554,527                      -                      -       19,554,527
Total       $  39,081,671    $                 -    $                 -    $  39,081,671
                   
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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