(null)


  
    NPORT-P
    false
    
      
      
        
          0001103243
          XXXXXXXX
        
      
      
      
      
        S000029372
        C000090233
        C000090234
      
      
      
    
  
  
    
      PFS FUNDS
      811-09781
      0001103243
      549300QPH5FGDXI8HN15
      1939 FRIENDSHIP DRIVE STE C
      EL CAJON
      
      92020
      619-588-9700
      Castle Focus Fund
      S000029372
      549300TSNG2XMCUGTB05
      2022-06-30
      2022-03-31
      N
    
    
      45978941.12
      129250.10
      45849691.02
      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
      
        
          
          
        
        
        
        
      
      
      
      
      
    
    
      
        Agnico Eagle Mines Limited
        YGE0EUBRF7IJOB3QRX76
        Agnico Eagle Mines Limited (Canada)
        008474108
        
          
        
        45500.00
        NS
        USD
        2786420.00
        6.08
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Alleghany Corporation
        549300DCJE6AYX159479
        Alleghany Corporation
        017175100
        
          
        
        1900.00
        NS
        USD
        1609300.00
        3.51
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Barrick Gold Corporation
        0O4KBQCJZX82UKGCBV73
        Barrick Gold Corporation (Canada)
        067901108
        
          
        
        79000.00
        NS
        USD
        1937870.00
        4.23
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Berkshire Hathaway Inc.
        5493000C01ZX7D35SD85
        Berkshire Hathaway Inc. - Class B
        084670702
        
          
        
        12500.00
        NS
        USD
        4411375.00
        9.62
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cisco Systems, Inc.
        8E6NF1YAL0WT6CWXXV93
        Cisco Systems, Inc.
        17275R102
        
          
        
        23000.00
        NS
        USD
        1282480.00
        2.80
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Comcast Corporation
        51M0QTTNCGUN7KFCFZ59
        Comcast Corporation - Class A
        20030N101
        
          
        
        25000.00
        NS
        USD
        1170500.00
        2.55
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Corteva, Inc.
        549300WZN9I2QKLS0O94
        Corteva, Inc.
        22052L104
        
          
        
        28000.00
        NS
        USD
        1609440.00
        3.51
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dominion Energy, Inc.
        ILUL7B6Z54MRYCF6H308
        Dominion Energy, Inc.
        25746U109
        
          
        
        21500.00
        NS
        USD
        1826855.00
        3.98
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DuPont de Nemours, Inc.
        5493004JF0SDFLM8GD76
        DuPont de Nemours, Inc.
        26614N102
        
          
        
        23500.00
        NS
        USD
        1729130.00
        3.77
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EOG Resources, Inc.
        XWTZDRYZPBUHIQBKDB46
        EOG Resources, Inc.
        26875P101
        
          
        
        9000.00
        NS
        USD
        1073070.00
        2.34
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enbridge Inc.
        98TPTUM4IVMFCZBCUR27
        Enbridge Inc. (Canada)
        29250N105
        
          
        
        48000.00
        NS
        USD
        2212320.00
        4.83
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Equity Commonwealth
        549300YPGVU9PR4L0606
        Equity Commonwealth
        294628102
        
          
        
        62000.00
        NS
        USD
        1749020.00
        3.81
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Graham Holdings Co.
        529900BOSCEEEMAFQJ29
        Graham Holdings Company - Class B
        384637104
        
          
        
        950.00
        NS
        USD
        580896.50
        1.27
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Guidewire Software, Inc.
        549300WXSG0J8IXZCK32
        Guidewire Software, Inc.
        40171V100
        
          
        
        7500.00
        NS
        USD
        709650.00
        1.55
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ingredion Incorporated
        PKSTQ48QDN0XSVS7YK88
        Ingredion Incorporated
        457187102
        
          
        
        15500.00
        NS
        USD
        1350825.00
        2.95
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invesco Treasury Portfolio
        549300UJV6OHYATSFU27
        Invesco Treasury Portfolio Institutional Class
        825252406
        
          
        
        7267115.96
        NS
        USD
        7267115.96
        15.85
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jones Lang LaSalle Incorporated
        6SYKCME112RT8TQUO411
        Jones Lang LaSalle Incorporated
        48020Q107
        
          
        
        2100.00
        NS
        USD
        502866.00
        1.10
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Loews Corporation
        R8V1FN4M5ITGZOG7BS19
        Loews Corporation
        540424108
        
          
        
        37000.00
        NS
        USD
        2398340.00
        5.23
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Medtronic PLC
        549300GX3ZBSQWUXY261
        Medtronic PLC (Ireland)
        585055106
        
          
        
        11500.00
        NS
        USD
        1275925.00
        2.78
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        Merck & Co., Inc.
        4YV9Y5M8S0BRK1RP0397
        Merck & Co., Inc.
        58933Y105
        
          
        
        21000.00
        NS
        USD
        1723050.00
        3.76
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Starbucks Corporation
        OQSJ1DU9TAOC51A47K68
        Starbucks Corporation
        855244109
        
          
        
        7000.00
        NS
        USD
        636790.00
        1.39
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        The TJX Companies, Inc.
        V167QI9I69W364E2DY52
        The TJX Companies, Inc.
        872540109
        
          
        
        8250.00
        NS
        USD
        499785.00
        1.09
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        The Travelers Companies, Inc.
        549300Y650407RU8B149
        The Travelers Companies, Inc.
        89417E109
        
          
        
        10000.00
        NS
        USD
        1827300.00
        3.99
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Unilever PLC
        549300MKFYEKVRWML317
        Unilever PLC
        904767704
        
          
        
        35000.00
        NS
        USD
        1594950.00
        3.48
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Verizon Communications Inc.
        2S72QS2UO2OESLG6Y829
        Verizon Communications Inc.
        92343V104
        
          
        
        36000.00
        NS
        USD
        1833840.00
        4.00
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-05-19
      PFS Funds
      /s/ Jeffrey R. Provence
      Jeffrey R. Provence
      Secretary and Treasurer
    
  
  XXXX

Castle Focus Fund
			Schedule of Investments
			March 31, 2022 (Unaudited)
Shares					Fair Value	% of Net Assets

COMMON STOCKS

Agricultural Production-Crops
28,000	Corteva, Inc.				$ 1,609,440	3.51%

Cable & Other Pay Television Services
25,000	Comcast Corporation - Class A				1,170,500	2.55%

Communications Equipment
23,000	Cisco Systems, Inc.				1,282,480	2.80%

Crude Petroleum & Natural Gas
9,000	EOG Resources, Inc.				1,073,070	2.34%

Electric Services
21,500	Dominion Energy, Inc.				1,826,855	3.98%

Electromedical & Electrotherapeutic Apparatus
11,500	Medtronic PLC (Ireland)				1,275,925	2.78%

Fire, Marine & Casualty Insurance
1,900	Alleghany Corporation *				1,609,300
12,500	Berkshire Hathaway Inc. - Class B *				4,411,375
37,000	Loews Corporation				2,398,340
10,000	The Travelers Companies, Inc.				1,827,300
					10,246,315	22.34%

Gold and Silver Ores
45,500	Agnico Eagle Mines Limited (Canada)				2,786,420
79,000	Barrick Gold Corporation (Canada)				1,937,870
					4,724,290	10.30%

Grain Mill Products
15,500	Ingredion Incorporated				1,350,825	2.95%

Pharmaceutical Preparations
21,000	Merck & Co., Inc.				1,723,050	3.76%

Pipe Lines (No Natural Gas)
48,000	Enbridge Inc. (Canada)				2,212,320	4.83%

Plastic Materials, Synth Resins & Nonvulcan Elastomers
23,500	DuPont de Nemours, Inc.				1,729,130	3.77%

Real Estate Agents & Managers (For Others)
2,100	Jones Lang LaSalle Incorporated *				502,866	1.10%

Retail - Eating & Drinking Places
7,000	Starbucks Corporation				636,790	1.39%

Retail - Family Clothing Stores
8,250	The TJX Companies, Inc.				499,785	1.09%

Services - Education Services
950	Graham Holdings Company - Class B				580,896	1.27%

Services - Prepackaged Software
7,500	Guidewire Software, Inc. *				709,650	1.55%

Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics
35,000	Unilever PLC **				1,594,950	3.48%

Telephone Communications (No Radiotelephone)
36,000	Verizon Communications Inc.				1,833,840	4.00%

Total for Common Stocks (Cost - $24,959,603)					36,582,977	79.79%

REAL ESTATE INVESTMENT TRUSTS
62,000	Equity Commonwealth *				1,749,020	3.81%
	(Cost - $1,768,069)

MONEY MARKET FUNDS
7,267,116	Invesco Short-Term Investments Trust Treasury Portfolio
	Institutional Class 0.16% ***				7,267,116	15.85%
	(Cost - $7,267,116)

	Total Investments				45,599,113	99.45%
	(Cost - $33,994,788)

	Other Assets in Excess of Liabilities				250,578	0.55%

	Net Assets				$ 45,849,691	100.00%


* Non-Income Producing Security.
** ADR - American Depositary Receipt.
*** The Yield 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 $33,994,788. 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				$ 11,940,108
	Unrealized Depreciation				(335,783)
	Unrealized Appreciation				$ 11,604,325

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 (common stocks, including ADRs and REITs). 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
Common Stocks		$ 36,582,977		$ -	$ -	$ 36,582,977
Real Estate Investment Trusts		1,749,020		-	-	1,749,020
Money Market Funds		7,267,116		-	-	7,267,116
Total		$ 45,599,113		$ -	$ -	$ 45,599,113

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.