0001103243 2025-08-01 2026-07-31 0001103243 pfs:C000214257Member 2025-08-01 2026-07-31 0001103243 pfs:C000214257Member 2019-12-31 2019-12-31 0001103243 pfs:AlphaFiduciaryQuantitativeStrategyFundAlphaFiduciaryQuantitativeStrategyFundSampP500sup174supIndexMember 2019-12-31 2019-12-31 0001103243 pfs:C000214257Member 2020-01-01 2020-07-31 0001103243 pfs:AlphaFiduciaryQuantitativeStrategyFundAlphaFiduciaryQuantitativeStrategyFundSampP500sup174supIndexMember 2020-01-01 2020-07-31 0001103243 pfs:C000214257Member 2020-01-01 2021-07-31 0001103243 pfs:AlphaFiduciaryQuantitativeStrategyFundAlphaFiduciaryQuantitativeStrategyFundSampP500sup174supIndexMember 2020-01-01 2021-07-31 0001103243 pfs:C000214257Member 2020-01-01 2022-07-31 0001103243 pfs:AlphaFiduciaryQuantitativeStrategyFundAlphaFiduciaryQuantitativeStrategyFundSampP500sup174supIndexMember 2020-01-01 2022-07-31 0001103243 pfs:C000214257Member 2020-01-01 2023-07-31 0001103243 pfs:AlphaFiduciaryQuantitativeStrategyFundAlphaFiduciaryQuantitativeStrategyFundSampP500sup174supIndexMember 2020-01-01 2023-07-31 0001103243 pfs:C000214257Member 2020-01-01 2024-07-31 0001103243 pfs:AlphaFiduciaryQuantitativeStrategyFundAlphaFiduciaryQuantitativeStrategyFundSampP500sup174supIndexMember 2020-01-01 2024-07-31 0001103243 pfs:C000214257Member 2020-01-01 2025-07-31 0001103243 pfs:AlphaFiduciaryQuantitativeStrategyFundAlphaFiduciaryQuantitativeStrategyFundSampP500sup174supIndexMember 2020-01-01 2025-07-31 0001103243 pfs:C000214257Member 2020-01-01 2026-07-31 0001103243 pfs:AlphaFiduciaryQuantitativeStrategyFundAlphaFiduciaryQuantitativeStrategyFundSampP500sup174supIndexMember 2020-01-01 2026-07-31 0001103243 pfs:C000214257Member 2021-08-01 2026-07-31 0001103243 pfs:C000214257Member 2019-12-31 2026-07-31 0001103243 pfs:AlphaFiduciaryQuantitativeStrategyFundAlphaFiduciaryQuantitativeStrategyFundSampP500sup174supIndexMember 2025-08-01 2026-07-31 0001103243 pfs:AlphaFiduciaryQuantitativeStrategyFundAlphaFiduciaryQuantitativeStrategyFundSampP500sup174supIndexMember 2021-08-01 2026-07-31 0001103243 pfs:AlphaFiduciaryQuantitativeStrategyFundAlphaFiduciaryQuantitativeStrategyFundSampP500sup174supIndexMember 2019-12-31 2026-07-31 0001103243 pfs:C000214257Member 2026-07-31 0001103243 pfs:ISharesCoreSampP500ETFMember pfs:C000214257Member 2026-07-31 0001103243 pfs:GoldmanSachsFinancialSquareTreasuryInstrumentInstitutionalClassMember pfs:C000214257Member 2026-07-31 0001103243 pfs:C000214257Member us-gaap:ExchangeTradedFundsMember 2026-07-31 0001103243 pfs:C000214257Member pfs:NetCashsupAsupMember 2026-07-31 0001103243 pfs:C000214257Member us-gaap:MoneyMarketFundsMember 2026-07-31 iso4217:USD shares pure false PFS FUNDS N-1A N-CSR 0001103243 Alpha Fiduciary Quantitative Strategy Fund Alpha Fiduciary Quantitative Strategy Fund AFQSX This <span id="xdx_909_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731_zJ3SxdDItjSj">annual shareholder report</span> contains important information about Alpha Fiduciary Quantitative Strategy Fund (the "Fund") for the period of August 1, 2025 to <span id="xdx_909_edei--DocumentPeriodEndDate_c20250801__20260731_zaCwq1rJZmb6">July 31, 2026</span>. annual shareholder report 2026-07-31 You can find additional information about the Fund at <span id="xdx_907_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000214257Member_zT6oUHMtam1y"><span class="NoBreak">https://www.afqsx.com/literature</span></span>. You can also request this information by contacting us at <span id="xdx_900_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000214257Member_zChT5kbTtuOO"><span class="NoBreak">1-888-266-3996</span></span>. https://www.afqsx.com/literature 1-888-266-3996 <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important; font-weight: bold"><strong><em>(based on a hypothetical $10,000 investment)</em></strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Fund</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Alpha Fiduciary Quantitative Strategy Fund</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpensesPaidAmt_pp2d_c20250801__20260731__oef--ClassAxis__custom--C000214257Member_zHrAGcheFp6L">$189</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--ExpenseRatioPct_c20250801__20260731__oef--ClassAxis__custom--C000214257Member_zsi4CSxeo5pP">1.70%</span></td> </tr></table></div> 189 0.0170 <div class="section-header"><strong>Management's Discussion of Fund Performance</strong></div> <div class="section-subheader" style="margin-bottom: 8px; text-align: justify"></div> <div class="section-body" style="margin-bottom: 8px; text-align: justify"><p style="text-align: left">Alpha Fiduciary Quantitative Strategy Fund (the "Fund" or "AFQSX") is a Quantitative Trend Following fund, as such from August 1, 2025, to July 31, 2026 the following narrative discussion of key factors which affected the Fund's performance are presented:</p><p style="text-align: left">From August 1, 2025 through March 9, 2026, the Fund's model maintained a market weight exposure with the exception of two very brief periods when the model went to 0% exposure. These exposures caused the Fund to overall perform in line with the S&amp;P 500 from August 1, 2025 through March 9, 2026.</p><p style="text-align: left">The Fund's model indicated a 0% exposure from March 10, 2026, thru March 19, 2026, a period in which the S&amp;P 500 fell. The Fund's model went to a market weight exposure on March 19, 2026, and had maintained a market weight exposure until June 15, 2026, when it again went to a 0% exposure until June 25, 2026, when it went to a market weight exposure.</p><p style="text-align: left">These brief periods when the Fund's model indicated no exposure while the S&amp;P 500 experienced market declines have caused the Fund to outperform the S&amp;P 500 by several percentage points in both the Fund's fiscal year from August 1, 2025 through July 31, 2026, and calendar year to date in 2026 thru its fiscal year ended July 31, 2026.</p></div> The Fund's past performance is not a good predictor of the Fund's future performance. <em>The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</em> 10000 10000 6330 10238 9800 13970 9150 13322 8930 15056 9680 18390 8860 21394 10800 25579 <img alt="Ad2 Performance Graph" src="fp0100322-3_ar51.jpg" style="width: 348px; height: 290px"/> <div class="section-header"><strong>Average Annual Total Returns</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>One Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Five Years</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Inception</strong><br/> (<span id="xdx_90F_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000214257Member_ztTCoTBDazsC">12/31/2019</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_905_eoef--LineGraphAndTableMeasureName_c20250801__20260731__oef--ClassAxis__custom--C000214257Member_zbC7pgFeSswO">Alpha Fiduciary Quantitative Strategy Fund</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_c20250801__20260731__oef--ClassAxis__custom--C000214257Member_zQvMxErhkn8n">21.90%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_c20210801__20260731__oef--ClassAxis__custom--C000214257Member_zloXJZAsRa3I">1.96%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20191231__20260731__oef--ClassAxis__custom--C000214257Member_zydP5kGoc6C5">1.18%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_908_eoef--LineGraphAndTableMeasureName_c20250801__20260731__oef--BroadBasedIndexAxis__custom--AlphaFiduciaryQuantitativeStrategyFundAlphaFiduciaryQuantitativeStrategyFundSampP500sup174supIndexMember_zAfHNgOjjaln">S&amp;P 500^® Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20250801__20260731__oef--BroadBasedIndexAxis__custom--AlphaFiduciaryQuantitativeStrategyFundAlphaFiduciaryQuantitativeStrategyFundSampP500sup174supIndexMember_zJH0wEbYf761">19.56%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_c20210801__20260731__oef--BroadBasedIndexAxis__custom--AlphaFiduciaryQuantitativeStrategyFundAlphaFiduciaryQuantitativeStrategyFundSampP500sup174supIndexMember_zfjTHA6Iod73">12.86%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20191231__20260731__oef--BroadBasedIndexAxis__custom--AlphaFiduciaryQuantitativeStrategyFundAlphaFiduciaryQuantitativeStrategyFundSampP500sup174supIndexMember_zqJwEQqn9jEL">15.34%</span></td></tr></table></div> 2019-12-31 Alpha Fiduciary Quantitative Strategy Fund 0.2190 0.0196 0.0118 S&P 500® Index 0.1956 0.1286 0.1534 <div class="section-header"><strong>Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--AssetsNet_iI_uUSD_c20260731__oef--ClassAxis__custom--C000214257Member_zfQUUmo83NDM">$23,740,702</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eoef--HoldingsCount_iI_uShares_c20260731__oef--ClassAxis__custom--C000214257Member_zNt3WSylOdpU">2</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250801__20260731__oef--ClassAxis__custom--C000214257Member_zQC49k2ZQVWb">0%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90E_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000214257Member_zr3MmFsZhtHn">$214,842</span></td> </tr> </table> </div> 23740702 2 0 214842 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98F_eoef--LargestHoldingsTableTextBlock_c20250801__20260731__oef--ClassAxis__custom--C000214257Member_zFjZVrOCrykO"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares Core S&amp;P 500 ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000214257Member__us-gaap--InvestmentTypeAxis__custom--ISharesCoreSampP500ETFMember_zYAAFVc5HatB">77.43%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Goldman Sachs Financial Square Treasury Instrument Institutional Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000214257Member__us-gaap--InvestmentTypeAxis__custom--GoldmanSachsFinancialSquareTreasuryInstrumentInstitutionalClassMember_zxZGEoJB16Wi">8.09%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Sectors (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000214257Member__oef--IndustrySectorAxis__custom--ExchangeTradedFundsMember_zXkF4OUA6t2Z">77.43%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Net Cash ^(A) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000214257Member__oef--IndustrySectorAxis__custom--NetCashsupAsupMember_zxgvOtoPpLYH">14.48%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000214257Member__oef--IndustrySectorAxis__custom--MoneyMarketFundsMember_zVDqhD5AnFEU">8.09%</span></td> </tr> </table><img alt="Af Image" src="fp0100322-3_ar52.jpg" style="width: 348px; height: 200px"/></div> <div class="section-body" style="margin-bottom: 8px"><table class="k-table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"><tr><td style="width: 29px"></td><td></td></tr><tr style="height: 25.97px"><td><p style="text-align: left">^(A)</p></td><td><p style="text-align: left">Net Cash represents cash and other assets in excess of liabilities, including futures contracts.</p></td></tr></table></div> </div> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares Core S&amp;P 500 ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000214257Member__us-gaap--InvestmentTypeAxis__custom--ISharesCoreSampP500ETFMember_zYAAFVc5HatB">77.43%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Goldman Sachs Financial Square Treasury Instrument Institutional Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000214257Member__us-gaap--InvestmentTypeAxis__custom--GoldmanSachsFinancialSquareTreasuryInstrumentInstitutionalClassMember_zxZGEoJB16Wi">8.09%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.7743 0.0809 0.7743 0.1448 0.0809