PFS Funds N-CSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-09781

PFS Funds
(Exact name of registrant as specified in charter)

1939 Friendship Drive, Suite C, El Cajon, CA 92020
(Address of principal executive offices) (Zip code)

CT Corporation System
155 Federal St., Suite 700, Boston, MA 02110
(Name and address of agent for service)

Registrant’s telephone number, including area code: (619) 588-9700

Date of fiscal year end: November 30

Date of reporting period: November 30, 2021

Item 1. Report to Stockholders.

Christopher Weil & Company Core Investment Fund

Ticker CWCFX

For Investors Seeking Long-Term Capital Appreciation

ANNUAL REPORT

November 30, 2021                                                                                                                       

 

Table of Contents
CHRISTOPHER WEIL & COMPANY CORE INVESTMENT FUND
Letter to Shareholders	1
Sector Allocation	3
Performance Information	4
Schedule of Investments	5
Schedule of Call Options Written	9
Statement of Assets and Liabilities	10
Statement of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	12
NOTES TO FINANCIAL STATEMENTS	13
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	20
DISCLOSURE OF EXPENSES	21
ADDITIONAL INFORMATION	22
TRUSTEES AND OFFICERS	23

Christopher Weil & Company Core Investment Fund
Management’s Discussion of Fund Performance (Unaudited)

Investment Summary
The Christopher Weil & Company Core Investment Fund ("Fund") returned 33.90% for the fiscal year ended November 30, 2021, compared to 27.92% for the S&P 500® Index (“S&P 500”), the Fund’s benchmark index. Excluding option positions, we started the fiscal year with 74 equity positions and ended the fiscal year with 73 positions. Thirty-four positions were fully liquidated, 23 positions were purchased and sold, while 33 new positions were purchased with the proceeds during the fiscal year. Through the fiscal year, we primarily added and retained new positions in information technology, materials, and industrial, while we reduced positions in healthcare and autos. We purchased multiple puts throughout the fiscal year on indexes and sectors to hedge against market declines. We also bought calls and puts to gain directional exposure on individual equities and wrote calls on equity positions in conjunction with the Fund’s covered call writing strategies. Option trading in the Fund had an overall positive effect on performance. Our index and equity put hedges produced an outright positive return. Our covered calls produced a small negative return. Our non-hedging directional equity exposure trades also had an outright positive return for the Fund.

Though we didn’t experience any negative results from any one sector, our limited exposure to real estate, retail and energy was a drag on overall performance. The Fund's performance was most negatively affected by exposure to Solaredge Technologies (SEDG) in information technology, Groupon Inc. (GRPN) in retail and Yext Inc. (YEXT) in communications.

On the positive side, Alphabet Inc. (GOOGL) in communications, Clearfield Inc. (CLFD) in information technology and Houlihan Lokey Inc. (HLI) in financials were individual outperformers. Exposure to information technology and finance sectors provided the greatest contribution to performance.

Themes From Last Year
I start this year’s “themes” section, the same way as last year except with a different date. 2021 was a year like no other. COVID vaccines were introduced to the general American public, but were very inconsistent in how they reached the rest of the world. The United States started the year with very strong GDP numbers and is ending the year with very strong inflation numbers. We’ve also passed a long awaited and long overdue infrastructure bill. We believe the public –private synergies that develop there could be beneficial to the economy as a whole. The way the market has shifted through sectors, which have gone from leading to lagging seems to suggest to us that the market believes conditions have shifted from “early cycle” to “late cycle” in record pace. Additionally, the market still seems to favor the mega-cap market leaders, and has been very unkind to the high multiple stocks that were the pandemic darlings. Those names more or less topped out in the February/March 2021 time frame when comps became materially harder for them.

As the Federal Reserve begins the process of winding down the massive amount of stimulus injected into the financial system which started following the Great Financial Crisis (GFC), and was continued dramatically in March of 2020 during COVID, one of our biggest concerns will be how the market deals with less liquidity provided in the future. Less liquidity in a system where there are fewer active participants will most likely lead to lower returns and higher volatility.

In addition, we see an environment where the last recession brought on by COVID, did not have the typical deleveraging cycle that it usually does. In fact, we are emerging from the COVID induced recession more indebted than is typical.

Lastly, we might be entering a period where the American consumer looks at Zillow and stops seeing their home prices go up at such a drastic pace. We live in a more “game-ified” world than ever before, where the consumer can look at their Robinhood account, Zillow estimates, private assets, and crypto wallets and have a minute-by-minute valuation estimates of their estates. The markets however are untested in this world if the consumer’s Wealth Effect reverses course.

In light of the above considerations, we are looking more at companies that offer products that people need rather than what they wish to have. We are focused on secular growth stories at reasonable valuations, cyclical companies that have a clear path to deleveraging, potential idiosyncratic turnaround stories and stable companies with deep and wide MOATS whose return on investment exceeds its cost of capital. Considering how much money has gone into passive strategies over the past 5 years, we are also very cognizant that outside of big inflection points

2021 Annual Report 1

like earnings or other material announcements, stocks have a much higher likelihood that they will be caught in the throes of what the marginal buyer or seller of passive strategy decides. In which case, we should prepare for more volatility even in the above types of names.

We try to draw on many different belief systems to come up with our investment strategy. Because of that we find it nearly impossible to discount the wisdom of the crowd over the long term when it comes to forward looking market returns. Whether you’re Vanguard, who has made their name on passive investment strategies or Jeremy Grantham on the entirely other end of the spectrum, most people see a very low return world going forward. I believe, as of this writing, that Vanguard expects low single digits going forward where Grantham is expecting to compound at an outright loss over the next decade in the S&P 500. They expect better returns in overseas markets, and we will invest in such markets as the market dictates and the Fund’s offering documents permit. Either way we believe this shows that a good active manager is important and diversification away from overcrowded markets will be paramount as well.

Investment Strategy and Summary
As in the past, we have targeted a portfolio that typically holds between 40 and 50 names, but recently that number has been higher. We started the year with a high conviction in companies that would be linked to an infrastructure bill and are exiting the year on the same note. We do believe that COVID has shed a light on the vulnerabilities in the “just in time” supply chain and a shift to onshoring some of that supply will occur. We said last year that we probably found more interesting ideas than we did in the prior year and that has waned quite a bit. We still own nearly as many names as we have in the past, but we enter this year with much heavier weightings in our top holdings versus the smaller less developed positions in the portfolio.

We generally aim for most holdings to have a weighting of between 2% and 8% of the net asset value of the Fund. As the economic and investment climate changes, we may increase or decrease our target number of positions. In recent months, we have found more interesting ideas than we have in prior years. Some of these warrant smaller allocations and some larger. We have overweighted companies in various sectors that have demonstrated strong earnings or revenue growth, strong free cash flow yields and strong balance sheets. Our technical analysis helps in choosing entry and exit points. The companies held by the Fund represent most major industry sectors, but we have, in practice, generally, overweighted information technology and consumer discretionary while underweighting financials, energy, utilities, materials, and telecoms. This past year, we trimmed many of the consumer discretionary names and found some more interesting opportunities in healthcare.

While we look to macro trends for guidance, note that our investment strategy is fundamentally bottoms up. We rigorously screen the investable universe for stocks that have strong balance sheets and income statements along with positive track records and likely potential for growth. The search for good value remains a top priority as we believe that even a great company can trade for too high a price and a mediocre one can trade well below its intrinsic value. We look for stocks that will outperform over the next few years, but more importantly ones that are creating real long-term value. We mostly stay small in short term plays, maintaining a mix of stocks of varied sectors, market capitalization, and anticipated volatility. We continue to believe that well managed companies will lead their industries, take market share, and grow earnings. Therefore, investors in well run companies should continue to profit over the longer term. We continue to buy companies we hope will deliver outsized positive returns, reserving the option to employ hedging strategies to weather more volatile times.

John Wells, President/CEO & Mike Hubbert, Portfolio Manager
Christopher Weil & Company, Inc., Investment Advisor

Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling toll free 1-888-550-9266. Investors should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. You may obtain a prospectus on our website www.cweil.com or by calling toll free 1-888-550-9266. The Fund’s Distributor is Rafferty Capital Markets, LLC.

2021 Annual Report 2

Christopher Weil & Company Core Investment Fund (Unaudited)                  

CHRISTOPHER WEIL & COMPANY CORE INVESTMENT FUND
Sector Allocation (Unaudited)
(As a Percentage of Net Assets)
November 30, 2021

*      Net Cash represents cash equivalents and other assets in excess of liabilities (which include Options Purchased and Options Written).

2021 Annual Report 3

Christopher Weil & Company Core Investment Fund (Unaudited)                                               

PERFORMANCE INFORMATION

November 30, 2021 NAV $21.12

Average Annual Total Returns for the Periods ended November 30, 2021.

			Since
	1 Year(A)	5 Year(A)	Inception(A)
Christopher Weil & Company Core Investment Fund	33.90%	19.17%	14.48%
S&P 500® Index (B)	27.92%	17.90%	16.28%

Total Annual Fund Operating Expense Ratio (from Prospectus dated 3/29/2021): Gross – 1.52%; Net – 1.20%

The Total Annual Fund Operating Expense Ratio reported above may not correlate to the expense ratio in the Fund’s financial highlights because (a) of the application of waivers as described in Note 4, and (b) the financial highlights include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in acquired funds.

^(A) 1 Year, 5 Year and Since Inception returns include change in share prices and in each case includes reinvestment of any dividends and capital gain distributions. The inception date of the Christopher Weil & Company Core Investment Fund was December 21, 2011.

^(B) The S&P 500® Index is a widely recognized unmanaged index of equity prices and is representative of a broader market and range of securities than is found in the Fund’s portfolio. The Index is an unmanaged benchmark that assumes reinvestment of all distributions and excludes the effect of taxes and fees. Individuals cannot invest directly in this Index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. TO OBTAIN PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, PLEASE CALL 1-888-550-9266 OR VISIT OUR WEBSITE AT www.cweil.com. THE FUND'S DISTRIBUTOR IS RAFFERTY CAPITAL MARKETS, LLC.

2021 Annual Report 4

 

Christopher Weil & Company Core Investment Fund
			Schedule of Investments
			November 30, 2021
Shares			Fair Value	%of Net Assets
COMMON STOCKS
COMMUNICATIONS
Services - Computer Programming, Data Processing, Etc.
950	Alphabet Inc. Class A *	$	2,696,052
2,372	Magnite, Inc. *		41,818
			2,737,870
Services - Prepackaged Software
1,096	Roblox Corporation Class A *		138,206
Total for Communications			2,876,076	3.77	%
CONSUMER DISCRETIONARY
Cable & Other PayTelevision Services
16,290	The Walt Disney Co.		2,360,421
Household Audio & Video Equipment
13,218	Sonos, Inc. *		418,350
Motor Vehicles & Passenger Car Bodies
3,757	Lucid Group, Inc. *		199,046
Photographic Equipment & Supplies
11,650	GoPro, Inc. Class A *		116,500
Retail - VarietyStores
2,232	Target Corporation		544,251
Services - Advertising Agencies
12,927	Criteo S.A. * **		485,538
20,300	Groupon, Inc. *		419,398
			904,936
Services - Educational Services
67,078	Stride, Inc. *		2,289,372
55,653	Universal Technical Institute, Inc. *		467,485
			2,756,857
Total for Consumer Discretionary			7,300,361	9.57	%
CONSUMER STAPLES
Food and Kindred Products
38,048	The Hain Celestial Group, Inc. *		1,500,233
Malt Beverages
4,142	Molson Coors Beverage Company - Class B		184,070
Total for Consumer Staples			1,684,303	2.21	%
FINANCIALS
Finance Services
6,826	Sofi Technologies Inc. *		117,407
Fire, Marine & CasualtyInsurance
11,316	Berkshire Hathaway Inc. Class B *		3,131,024
Investment Advice
17,583	Houlihan Lokey, Inc. Class A		1,908,459
National Commercial Banks
39,999	Bank of America Corporation		1,778,755
7,320	JPMorgan Chase & Co.		1,162,636
			2,941,391
State Commercial Banks
21,650	The Bank of New York Mellon Corporation		1,186,203
629	Silvergate Capital Corporation Class A *		128,618
			1,314,821
Total for Financials			9,413,102	12.34	%

* Non-Income Producing Securities.
** ADR - American Depositary Receipt.

The accompanying notes are an integral part of these
financial statements.

2021 Annual Report 5

 

Christopher Weil & Company Core Investment Fund
			Schedule of Investments
			November 30, 2021
Shares			Fair Value	% of Net Assets
COMMON STOCKS - Continued
HEALTH CARE
Agricultural Production-Crops
33,022	Verano Holdings Corp. Class A (Canada) *	$	360,600
Pharmaceutical Preparations
30,756	Paratek Pharmaceuticals, Inc. *		129,790
19,666	United Therapeutics Corporation *		3,726,707
			3,856,497
Orthopedic, Prosthetic & Surgical Appliances & Supplies
20,099	CollPlant Biotechnologies Ltd. * **		346,105
Retail - Drug Stores and ProprietaryStores
36,137	CVS Health Corporation		3,218,361
Services - Business Services, NEC
12,810	Akamai Technologies, Inc. *		1,443,687
Total for Health Care			9,225,250	12.10	%
INDUSTRIALS
Construction Machinery& Equipment
16,380	Gencor Industries, Inc. *		193,939
Engines & Turbines
3,250	BWX Technologies, Inc.		155,025
Fabricated Structural Metal Products
7,325	Valmont Industries, Inc.		1,750,895
FarmMachinery& Equipment
4,276	Deere & Company		1,477,529
HeavyConstruction Other Than Building Construction - Contractors
38,380	Fluor Corporation		848,582
Measuring & Controlling Devices, NEC
4,788	Rockwell Automation, Inc.		1,609,726
Miscellaneous Transportation Equipment
3,600	ChargePoint Holdings, Inc. Class A *		91,872
Services - Auto Rental & Leasing (No Drivers)
1,596	AMERCO		1,124,478
Services - Business Services, NEC
7,800	Uber Technologies, Inc.		296,400
Services - Miscellaneous Business Services
6,675	Johnson Controls International PLC (Ireland)		499,023
Water, Sewer, Pipeline, Communication & Power Line Construction
4,123	MasTec, Inc. *		380,017
Wholesale - Durable Goods
3,489	W.W. Grainger, Inc.		1,679,639
Total for Industrials			10,107,125	13.25	%

* Non-Income Producing Securities.
** ADR - American Depositary Receipt.

The accompanying notes are an integral part of these
financial statements.

2021 Annual Report 6

Christopher Weil & Company Core Investment Fund
			Schedule of Investments
			November 30, 2021
Shares			Fair Value	% of Net Assets
COMMON STOCKS - Continued
INFORMATION TECHNOLOGY
Auto Controls for Regulating Residential & Commercial Environments
1,000,000	Telkonet, Inc. *	$	23,000
Computer Communications Equipment
12,436	Arista Networks, Inc. * +		1,542,810
Computer Peripheral Equipment, NEC
3,541	Palo Alto Networks, Inc. *		1,936,715
5,436	Stratasys Ltd. (Israel) *		146,718
			2,083,433
Measuring & Controlling Devices, NEC
33,533	Trimble Inc. *		2,879,479
Optical Instruments & Lenses
3,098	II-VI Incorporated *		193,718
Radio & TV Broadcasting & Communications Equipment
990	Ubiquiti Networks, Inc.		296,297
Semiconductors & Related Devices
3,036	Ambarella, Inc. *		545,023
24,882	MaxLinear, Inc. Class A *		1,675,305
6,000	Micron Technology, Inc.		504,000
5,112	Rambus Inc. *		137,513��
1,229	Silicon Laboratories Inc. *		241,216
5,096	Skyworks Solutions, Inc.		772,859
20,433	Ultra Clean Holdings, Inc. *		1,119,933
			4,995,849
Services - Business Services, NEC
9,500	GreenSky, Inc. Class A *		107,730
Services - Computer Processing & Data Preparation
216	Kyndryl Holdings, Inc. *		3,419
22,270	Yext, Inc. *		215,128
			218,547
Services - Computer Programming Services
17,715	Amdocs Limited (Island of Guernsey)		1,236,861
Services - Prepackaged Software
40,700	3D Systems Corporation *		927,146
1,620	AppFolio, Inc. Class A*		195,194
10,379	BlackBerry Limited (Canada)		98,808
94,966	Box, Inc. Class A *		2,223,154
39,000	NortonLifeLock Inc.		969,150
13,006	PTC Inc. *		1,425,197
			5,838,649
Telephone & Telegraph Apparatus
24,281	Akoustis Technologies, Inc. *		168,510
15,995	Clearfield, Inc. *		1,035,516
			1,204,026
Total for Information Technology			20,620,399	27.04	%

* Non-Income Producing Securities.
+ Portion or all of the security is pledged as collateral for call options written.

The accompanying notes are an integral part of these
financial statements.

2021 Annual Report 7

Christopher Weil & Company Core Investment Fund
			Schedule of Investments
			November 30, 2021
Shares		Fair Value		% of Net Assets
COMMON STOCKS - Continued
MATERIALS
Industrial Organic Chemicals
2,715	International Flavors & Fragrances Inc.	$	385,992
Metal Mining
61,714	Cleveland-Cliffs Inc. *		1,255,880
39,309	Freeport-McMoRan Inc.		1,457,578
			2,713,458
Mining & Quarrying of Nonmetallic Minerals (No Fuels)
6,476	Vulcan Materials Company		1,241,061
Total for Materials			4,340,511	5.69	%
Total for Common Stocks (Cost $45,903,368)			65,567,127	85.97	%
EXCHANGE TRADED FUNDS - Equity
38,020	ETFMG Prime Junior Silver ETF		494,640
18,122	VanEck Vectors® Gold Miners ETF		576,280
	(Cost - $1,329,401)		1,070,920	1.40	%
MONEY MARKET FUNDS
7,639,759	Invesco Short-Term Investments Trust Treasury Portfolio
	Institutional Class 0.01% ***		7,639,759	10.02	%
	(Cost $7,639,759)
REAL ESTATE INVESTMENT TRUSTS
10,958	Invitation Homes		443,141	0.58	%
	(Cost - $359,334)

CALL OPTIONS PURCHASED			Notional
Expiration Date/Exercise Price	Contracts		Amount		Fair Value	%of Net Assets
Stride, Inc. * ****	150	$	511,950		750
December 17, 2021 Calls @ $45.00
Total for Call Options Purchased (Premiums Paid - $10,061)		$	511,950		750	0.00	%
Total Investment Securities					74,721,697	97.97	%
(Cost $55,241,923)
Other Assets in Excess of Liabilities					1,546,280	2.03	%
Net Assets				$	76,267,977	100.00	%

* Non-Income Producing Securities.
*** The rate shown was the 7-day yield at November 30, 2021.
**** Level 2 Security.

The accompanying notes are an integral part of these
financial statements.

2021 Annual Report 8

Christopher Weil & Company Core Investment Fund
			Schedule of Call Options Written
			November 30, 2021
Call Options Written			Notional		Fair Value
Expiration Date/Exercise Price	Contracts		Amount
Arista Networks, Inc. * ****
March 18, 2022 Calls @ $130.00	28	$	347,368		24,640
Total (Premiums Received $30,076)		$	347,368	$	24,640

* Non-Income Producing Securities.
**** Level 2 Security.

The accompanying notes are an integral part of these
financial statements.

2021 Annual Report 9

Christopher Weil & Company Core Investment Fund
Statement of Assets and Liabilities
November 30, 2021
Assets:
Investment Securities at Fair Value	$	74,721,697
(Cost $55,241,923)
Dividends Receivable		26,294
Receivable for Securities Sold		1,650,915
Total Assets		76,398,906
Liabilities:
Call Options Written at Fair Value (Premiums Received $30,076)		24,640
Payable for Management Fees		48,854
Payable for Services Fees		21,708
Payable for Securities Purchased		14,709
Payable for Shareholder Redemptions		21,018
Total Liabilities		130,929
Net Assets	$	76,267,977
Net Assets Consist of:
Paid In Capital	$	41,567,145
Total Distributable Earnings		34,700,832
Net Assets, for 3,610,342 Shares Outstanding	$	76,267,977
(Unlimited number of shares authorized without par value)
Net Asset Value, Redemption Price and Offering Price	$	21.12
Per Share ($76,267,977/3,610,342 shares)
Statement of Operations
For the fiscal year ended November 30, 2021
Investment Income:
Dividends (Net of Foreign Withholding Taxes of $1,609)	$	535,560
Interest		12
Total Investment Income		535,572
Expenses:
Management Fees		724,108
Services Fees		362,053
Total Expenses		1,086,161
Less: Management Fees Waived (Note 4)		(181,027	)
Less: Services Fees Waived (Note 4)		(112,232	)
Net Expenses		792,902
Net Investment Income (Loss)		(257,330	)
Net Realized and Unrealized Gain (Loss) on Investments, Options Purchased and Options Written:
Net Realized Gain (Loss) on Investments		15,546,905
Net Realized Gain (Loss) on Options Purchased		627,761
Net Realized Gain (Loss) on Options Written		400,390
Net Change in Unrealized Appreciation (Depreciation) on Investments		2,500,420
Net Change in Unrealized Appreciation (Depreciation) on Options Purchased		(65,562	)
Net Change in Unrealized Appreciation (Depreciation) on Options Written		439,526
Net Realized and Unrealized Gain (Loss) on Investments, Options Purchased and
Options Written		19,449,440
Net Increase (Decrease) in Net Assets from Operations	$	19,192,110

The accompanying notes are an integral part of these
financial statements.

2021 Annual Report 10

Christopher Weil & Company Core Investment Fund
Statements of Changes in Net Assets
		12/1/2020			12/1/2019
		to			to
		11/30/2021			11/30/2020
From Operations:
Net Investment Income (Loss)	$	(257,330	)	$	27,326
Capital Gain Distributions from Investments		-			58
Net Realized Gain (Loss) on Investments, Options Purchased
and Options Written		16,575,056			3,464,035
Net Change in Unrealized Appreciation (Depreciation) on
Investments, Options Purchased and Options Written		2,874,384			7,660,436
Net Increase (Decrease) in Net Assets from Operations		19,192,110			11,151,855
From Distributions to Shareholders:		(3,665,638	)		(4,633,052	)
From Capital Share Transactions:
Proceeds From Sale of Shares		5,928,614			9,387,123
Proceeds from Redemption Fees *		-			1,035
Shares Issued on Reinvestment of Dividends		3,665,638			4,633,052
Cost of Shares Redeemed		(6,187,226	)		(4,660,153	)
Net Increase (Decrease) from Shareholder Activity		3,407,026			9,361,057
Net Increase (Decrease) in Net Assets		18,933,498			15,879,860
Net Assets at Beginning of Year		57,334,479			41,454,619
Net Assets at End of Year	$	76,267,977		$	57,334,479
Share Transactions:
Issued		289,526			703,132
Reinvested		218,193			331,880
Redeemed		(311,420	)		(346,866	)
Net Increase (Decrease) in Shares		196,299			688,146
Shares Outstanding Beginning of Year		3,414,043			2,725,897
Shares Outstanding End of Year		3,610,342			3,414,043

* Prior to November 5, 2020, the Fund was subject to a redemption fee of 2% if redeemed within 90
days or less of purchase.

The accompanying notes are an integral part of these
financial statements.

2021 Annual Report 11

 

Christopher Weil & Company Core Investment Fund
Financial Highlights
Selected data for a share outstanding throughout the period:		12/1/2020			12/1/2019				12/1/2018			12/1/2017			12/1/2016
		to			to				to			to			to
		11/30/2021			11/30/2020				11/30/2019			11/30/2018			11/30/2017
Net Asset Value - Beginning of Year	$	16.79		$	15.21			$	15.47		$	15.71		$	13.17
Net Investment Income (Loss) (a)		(0.07	)		0.01				0.03			(0.03	)		(0.04	)
Net Gains (Loss) on Investments (Realized and Unrealized)		5.48			3.27				1.41			1.10			2.66
Total from Investment Operations (b)		5.41			3.28				1.44			1.07			2.62
Distributions (From Net Investment Income)		(0.01	)		(0.03	)			-			-			-
Distributions (From Capital Gains)		(1.07	)		(1.67	)			(1.70	)		(1.31	)		(0.08	)
Total Distributions		(1.08	)		(1.70	)			(1.70	)		(1.31	)		(0.08	)
Proceeds from Redemption Fee (Note 2) (e)		-			-		+		-			-			-		+
Net Asset Value - End of Period	$	21.12		$	16.79			$	15.21		$	15.47		$	15.71
Total Return (c)		33.90	%		23.86	%			12.46	%		7.38	%		20.01	%
Ratios/Supplemental Data
Net Assets - End of Year (Thousands)	$	76,268		$	57,334			$	41,455		$	38,771		$	37,974
Before Waiver
Ratio of Expenses to Average Net Assets		1.50	%		1.50	%			1.50	%		1.50	%		1.50	%
Ratio of Net Investment Income (Loss) to Average
Net Assets		-0.76	%		-0.26	%			-0.05	%		-0.45	%		-0.57	%
After Waiver
Ratio of Expenses to Average Net Assets (d)		1.10	%		1.18	%			1.22	%		1.22	%		1.24	%
Ratio of Net Investment Income (Loss) to Average
Net Assets (d)		-0.36	%		0.06	%			0.23	%		-0.17	%		-0.31	%
Portfolio Turnover Rate		66.34	%		75.80	%			49.35	%		50.30	%		49.43	%

+ Amount less than $0.005 per share.
(a) Per share amount calculated using the average shares method.
(b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the
change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statements of
Operations due to share transactions for the period.
(c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming
reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or
redemption of Fund shares.
(d) Effective April 1, 2015, the Advisor has contractually agreed to waive a portion of its Management and Service Fees.
(Note 4)
(e) Prior to November 5, 2020, the Fund was subject to a redemption fee of 2% if redeemed within 90 days or less of pur-
chase.

The accompanying notes are an integral part of these
financial statements.

2021 Annual Report 12

NOTES TO FINANCIAL STATEMENTS
CHRISTOPHER WEIL & COMPANY CORE INVESTMENT FUND
November 30, 2021

1.) ORGANIZATION
Christopher Weil & Company Core Investment Fund (the “Fund”) was organized as a series of the PFS Funds (the “Trust”) on December 16, 2011. The Fund is non-diversified. The Trust was established under the laws of Massachusetts by an Agreement and Declaration of Trust dated January 13, 2000, which was amended and restated as of January 20, 2011. The Trust is registered as an open-end investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust may offer an unlimited number of shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. As of November 30, 2021, there were thirteen series authorized by the Trust. The investment advisor to the Fund is Christopher Weil & Company, Inc. (the “Advisor”). The Fund commenced operations on December 21, 2011. The Fund’s investment objective is to seek long-term capital appreciation.

2.) SIGNIFICANT ACCOUNTING POLICIES
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund follows the significant accounting policies described in this section.

SECURITY VALUATION: All investments in securities are recorded at their estimated fair value, as described in Note 3.

SHARE VALUATION: The net asset value (the “NAV”) is generally calculated as of the close of trading on the New York Stock Exchange (“Exchange”) (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV for the Fund is calculated by taking the total value of the Fund’s assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share are equal to the net asset value per share. Prior to November 5, 2020, the Fund was subject to a redemption fee of 2% if redeemed within 90 days or less of purchase.

OPTIONS: The purchase and writing of options requires additional skills and techniques beyond normal portfolio management, and involves certain risks. The purchase of options limits a fund’s potential loss to the amount of the premium paid and can afford a fund the opportunity to profit from favorable movements in the price of the underlying security to a greater extent than if the transaction were effected directly. When a fund writes an option, an amount equal to the premium received by the fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by a fund on the expiration date as realized gains on options written. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether a fund has realized a gain or a loss. If a written put option is exercised, the premium reduces the cost basis of the securities purchased by the fund. A fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

FEDERAL INCOME TAXES: The Fund’s policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Fund’s policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Fund’s policy to distribute annually, after the end of the fiscal year, net realized capital gains.

The Fund recognizes the tax benefits of certain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Fund identifies its major tax jurisdictions as U.S. Federal tax authorities; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits

2021 Annual Report 13

Notes to Financial Statements - continued

will change materially in the next twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the fiscal year ended November 30, 2021, the Fund did not incur any interest or penalties.

USE OF ESTIMATES: The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

DISTRIBUTIONS TO SHAREHOLDERS: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of the Fund. The Fund may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividend paid deduction.

EXPENSES: Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual fund based on each fund’s relative net assets or another appropriate basis.

OTHER: The Fund records security transactions based on a trade date for financial statement purposes. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. Discounts and premiums on fixed income securities purchased are accreted or amortized over the life of the respective securities using the effective interest method. The Fund uses the specific identification method in computing gain or loss on the sale of investment securities. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.

The Fund may invest in real estate investment trusts (“REITs”) that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs’ taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. Additionally, the Fund may hold investments in master limited partnerships (“MLPs”). It is common for distributions from MLPs to exceed taxable earnings and profits resulting in the excess portion of such dividends to be designated as return of capital. Annually, income or loss from MLPs is reclassified upon receipt of the MLPs K-1. For financial reporting purposes, management does not estimate the tax character of MLP distributions for which actual information has not been reported.

3.) SECURITY 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 on 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 assets or liabilities, 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

2021 Annual Report 14

Notes to Financial Statements - continued

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). Equity securities are valued by a pricing service when the Advisor 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 Advisor 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 Advisor, subject to review of the Board of Trustees (the “Trustees” or the “Board”) and are categorized in level 2 or level 3, when appropriate.

Fixed income securities (including treasury bills). Fixed income securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Advisor believes such prices accurately reflect the fair value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. When prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Advisor, subject to review of the Trustees. Short-term investments in fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation. Generally, fixed income securities are categorized as level 2.

Money market funds. Money market funds are valued at net asset value provided by the fund and are classified in level 1 of the fair value hierarchy.

Options. Option positions that are traded on any exchange or on the NASDAQ over-the-counter market are valued at the last quoted sale price. To the extent these option positions are actively traded and valuation adjustments are not applied, they are classified in level 1 of the fair value hierarchy. Lacking a last sale price, a purchased option position is valued at its last bid price except when, in the Advisor’s opinion, the last bid price does not accurately reflect the fair value of the option position. Lacking a last sale price, a written option position is valued at its last ask price except when, in the Advisor’s opinion, the last ask price does not accurately reflect the fair value of the option position. When such bid or ask prices are used for valuation or when the security is not actively traded, those securities are generally categorized in level 2 of the fair value hierarchy.

In accordance with the Trust’s good faith pricing guidelines, the Advisor 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 Advisor 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 and liabilities measured at fair value as of November 30, 2021:

2021 Annual Report 15

Notes to Financial Statements - continued
Valuation Inputs of Assets	Level 1	Level 2	Level 3	Total
Common Stocks (including ADRs)	$65,567,127	$   0	$0	$65,567,127
Exchange Traded Funds	1,070,920	0	0	1,070,920
Money Market Funds	7,639,759	0	0	7,639,759
Real Estate Investment Trusts	443,141	0	0	443,141
Call Options Purchased	0	750	0	750
Total	$74,720,947	$750	$0	$74,721,697
Valuation Inputs of Liabilities	Level 1	Level 2	Level 3	Total
Call Options Written	$0	$24,640	$0	$24,640
Total	$0	$24,640	$0	$24,640

The Fund did not hold any level 3 assets, other than an immaterial Contingent Value Right held for a portion of the year, or liabilities during the fiscal year ended November 30, 2021.

4.) INVESTMENT ADVISORY AGREEMENTS AND SERVICES AGREEMENTS
The Fund has an investment advisory agreement (the “Management Agreement”) with the Advisor. Under the Management Agreement, the Advisor, at its own expense and without reimbursement from the Fund, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Fund. For its services the Advisor receives a Management Fee equal to 1.00% of the average daily net assets of the Fund. Since April 1, 2015, the Advisor has contractually agreed to waive a portion of its Management Fee such that it will be equal to 0.75% of the Fund’s average daily net assets. This waiver will automatically terminate on March 31, 2022 unless it is renewed by the Advisor. The Advisor may not terminate the waiver prior to March 31, 2022.

As a result of the above calculation, for the fiscal year ended November 30, 2021, the Advisor earned management fees totaling $724,108. At November 30, 2021, the Fund owed $48,854 to the Advisor. A total of $181,027 of management fees was waived with no recoupment provisions by the Fund for the fiscal year ended November 30, 2021.

Additionally, the Fund has a Services Agreement with the Advisor (the “Services Agreement”). Under the Services Agreement the Advisor receives an additional fee of 0.50% of the average daily net assets of the Fund and is obligated to pay the operating expenses of the Fund excluding, as applicable, management fees and sub-advisory fees, brokerage fees and commissions, 12b-1 fees, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), ADR fees, the cost of acquired funds and extraordinary expenses. Effective April 1, 2015, the Advisor has contractually agreed to waive a portion of its Services Fee to 0.20% of the Fund’s average daily net assets greater than $35 million. This waiver will automatically terminate on March 31, 2022 unless it is renewed by the Advisor. The Advisor may not terminate this waiver prior to March 31, 2022.

For the fiscal year ended November 30, 2021, the Advisor earned services fees of $362,053. At November 30, 2021, the Fund owed the Advisor services fees of $21,708. A total of $112,232 of services fees was waived with no recoupment provisions by the Fund for the fiscal year ended November 30, 2021.

5.) OPTION TRANSACTIONS
As of November 30, 2021, portfolio securities valued at $347,368 were held by the Fund as collateral for options written by the Fund. For the fiscal year ended November 30, 2021, the total amount of options written, as presented in the table below, is representative of the volume of activity for these derivative types during the period:

	Number of			Premiums
	Contracts			Received
Options outstanding at November 30, 2020	257		$	523,130
Options written	560			419,586
Options terminated in closing purchase transactions	(499	)		(663,996	)
Options expired	0			0
Options exercised	(290	)		(248,644	)
Options outstanding at November 30, 2021	28			$30,076

For the fiscal year ended November 30, 2021, the total amount of options purchased, as presented in the table below, is representative of the volume of activity for these derivative types during the period:

2021 Annual Report 16

Notes to Financial Statements - continued
	Number of		Premiums
	Contracts		Paid
Options outstanding at November 30, 2020	233		$224,214
Options purchased	8,965		759,882
Options terminated in closing sale transactions	(4,628	)	(520,034	)
Options expired	(4,220	)	(424,488	)
Options exercised	(200	)	(29,513	)
Options outstanding at November 30, 2021	150		$10,061

The locations on the Statement of Assets and Liabilities of the Fund’s derivative positions, which are not accounted for as hedging instruments under GAAP, are as follows:

	Asset		Liability
	Derivatives		Derivatives
Options purchased:		Options Written
Included In Investment	$750	at Fair Value	($24,640)
Securities at Fair Value

Realized and unrealized gains and losses on derivatives contracts entered into during the fiscal year ended November 30, 2021 by the Fund are recorded in the following locations in the Statement of Operations:

		Realized		Unrealized
Equity Contracts	Location	Gain (Loss)	Location	Gain (Loss)
Options	Net Realized		Net Change In Unrealized
Purchased	Gain (Loss) on	$627,761	Appreciation (Depreciation)	($65,562)
	Options Purchased		on Options Purchased
Options	Net Realized		Net Change In Unrealized
Written	Gain (Loss) on	$400,390	Appreciation (Depreciation)	$439,526
	Options Written		on Options Written

The Fund engages in option transactions involving individual securities and stock indexes. An option involves either: (a) the right or the obligation to buy or sell a specific instrument at a specific price until the expiration date of the option; or (b) the right to receive payments or the obligation to make payments representing the difference between the closing price of a stock index and the exercise price of the option expressed in dollars times a specified multiple until the expiration date of the option. The Fund may purchase and write options. Options are sold (written) on securities and stock indexes. The purchaser of an option on a security pays the seller (the writer) a premium for the right granted but is not obligated to buy or sell the underlying security. The purchaser of an option on a stock index pays the seller a premium for the right granted, and in return the seller of such an option is obligated to make the payment. A writer of an option may terminate the obligation prior to expiration of the option by making an offsetting purchase of an identical option. Options are traded on organized exchanges and in the over-the-counter market. To cover the potential obligations involved in writing options, a Fund will either: (a) own the underlying security, or in the case of an option on a market index, will hold a portfolio of stocks substantially replicating the movement of the index; or (b) the Fund will segregate with the custodian high grade liquid assets sufficient to purchase the underlying security or equal to the market value of the stock index option, marked to market daily.

The purchase of options limits a Fund’s potential loss to the amount of the premium paid and can afford the Fund the opportunity to profit from favorable movements in the price of an underlying security to a greater extent than if transactions were effected in the security directly. However, the purchase of an option could result in the Fund losing a greater percentage of its investment than if the transaction were effected directly. When the Fund writes a call option, it will receive a premium, but it will give up the opportunity to profit from a price increase in the underlying security above the exercise price as long as its obligation as a writer continues, and it will retain the risk of loss should the price of the security decline. When the Fund writes a put option, it will assume the risk that the price of the underlying security or instrument will fall below the exercise price, in which case the Fund may be required to purchase the security or instrument at a higher price than the market price of the security or instrument. In addition, there can be no assurance that the Fund can effect a closing transaction on a particular option it has written. Further, the total premium paid for any option may be lost if the Fund does not exercise the option.

2021 Annual Report 17

Notes to Financial Statements - continued

The Fund engages in option transactions involving securities and stock indices in order to gain exposure to particular securities or markets, in connection with hedging transactions, or to try to enhance returns. Options require additional skills and techniques beyond normal portfolio management. The Fund’s use of options involves risk that such instruments may not work as intended due to unanticipated developments, especially in abnormal market conditions, or if the Advisor makes an error in judgment, or other causes. The use of options may magnify the increase or decrease in the performance of the Fund, and may also subject the Fund to higher price volatility.

The premiums paid for the options represent the cost of the investment. The Fund recognizes a realized gain or loss when the option is sold or expires. Option holdings within the Fund, which may include put options and call options, are subject to loss of value with the passage of time, and may experience a total loss of value upon expiration. With options, there is minimal counterparty risk to the Fund since they are exchange traded.

During the fiscal year ended November 30, 2021, the Fund was not subject to any master netting arrangements.

6.) RELATED PARTY TRANSACTIONS
Jeffrey R. Provence of Premier Fund Solutions, Inc. (the “Administrator”) also serves as trustee/officer of the Fund. This individual receives benefits from the Administrator resulting from administration fees paid to the Administrator of the Fund by the Advisor.

The Trustees who are not interested persons of the Fund were each paid $1,500, for a total of $4,500, in Trustees’ fees for their services to the Fund for the fiscal year ended November 30, 2021. These fees were paid by the Advisor.

7.) INVESTMENTS
For the fiscal year ended November 30, 2021, purchases and sales of investment securities other than short-term investments and U.S. Government obligations aggregated $44,561,351 and $51,793,490, respectively.

8.) CONTROL OWNERSHIP
The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under section 2(a)(9) of the 1940 Act. At November 30, 2021, National Financial Services, LLC, located at 200 Liberty Street, New York, New York 10281, held for the benefit of its customers, in aggregate, 98.36% of Fund shares. The Trust does not know whether any underlying accounts of National Financial Services, LLC, owned or controlled 25% or more of the voting securities of the Fund.

9.) TAX MATTERS
For Federal income tax purposes, the cost of investments owned at November 30, 2021 was $55,458,790, and premiums received from options written was $30,076.

At November 30, 2021, the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) of investments (including open positions in options written) on a tax basis was as follows:

Appreciation	(Depreciation)	Net Appreciation (Depreciation)
$20,732,799	($1,464,456)	$19,268,343

The tax character of distributions was as follows:

	Fiscal Year Ended	Fiscal Year Ended
	November 30, 2021	November 30, 2020
Ordinary Income	$       33,188	$      87,922
Long-term Capital Gain	3,632,450	4,545,130
	$  3,665,638	$  4,633,052

Subsequent to November 30, 2021, the Fund paid a distribution of $3.489480 per share from long-term capital gains and $0.792741 per share from short-term capital gains on December 29, 2021 to the shareholders of record on December 28, 2021.

2021 Annual Report 18

Notes to Financial Statements - continued

As of November 30, 2021, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Accumulated undistributed ordinary income	$2,873,172
Accumulated undistributed realized gains	12,647,100
Other accumulated losses	(87,783	)
Unrealized appreciation on investment securities - net	19,268,343
	$34,700,832

As of November 30, 2021, the primary differences between book basis and tax basis unrealized appreciation are attributable to the tax deferral of losses on wash sales. As of November 30, 2021, other accumulated losses are attributable to losses on straddles from options of $87,783.

For the tax year ended November 30, 2021, the following permanent adjustment was recorded. The adjustment was primarily attributed to the use of equalization for tax purposes:

Paid In Capital	$541,718
Total Distributable Earnings	($541,718	)

10.) CONCENTRATION OF SECTOR RISK
If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund’s portfolio will be adversely affected. As of November 30, 2021, the Fund had 27.04% of the value of its net assets invested in stocks within the Information Technology sector.

11.) COVID-19 RISKS
Unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen. An outbreak of infectious respiratory illness known as COVID-19, which is caused by a novel coronavirus (SARS-CoV-2), was first detected in China in December 2019 and subsequently spread globally. This coronavirus has resulted in, among other things, travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, significant disruptions to business operations, market closures, cancellations and restrictions, supply chain disruptions, lower consumer demand, and significant volatility and declines in global financial markets, as well as general concern and uncertainty. The impact of COVID-19 has adversely affected, and other infectious illness outbreaks that may arise in the future could adversely affect, the economies of many nations and the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

12.) SUBSEQUENT EVENTS
Management has evaluated subsequent events through the date of issuance of these financial statements and has noted no such events except for the December 29, 2021 distributions reported in Note 9 herein.

2021 Annual Report 19

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Christopher Weil & Company Core Investment Fund and
Board of Trustees of PFS Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedules of investments and call options written, of Christopher Weil & Company Core Investment Fund (the “Fund”), a series of PFS Funds, as of November 30, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2021, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund’s auditor since 2012.

COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
January 25, 2022

2021 Annual Report 20

DISCLOSURE OF EXPENSES
(Unaudited)

Shareholders of this Fund incur ongoing costs consisting of management and service fees. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by Mutual Shareholder Services, LLC, the Fund’s transfer agent. IRA accounts will be charged an $8.00 annual maintenance fee. Additionally, your account will be indirectly subject to the expenses of any underlying funds. The following example is intended to help you understand your ongoing costs of investing in the Fund and to compare these costs with similar costs of investing in other mutual funds. The example is based on an investment of $1,000 invested in the Fund on June 1, 2021 and held through November 30, 2021.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or IRA maintenance fees described above or the expenses of the underlying funds. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative cost of owning different funds. In addition, if these transactional costs were included, your cost could have been higher.

			Expenses Paid
	Beginning	Ending	During the Period*
	Account Value	Account Value	June 1, 2021 to
	June 1, 2021	November 30, 2021	November 30, 2021
Actual	$1,000.00	$1,010.04	$5.49
Hypothetical	$1,000.00	$1,019.55	$5.52
(5% annual return
before expenses)

*      Expenses are equal to the Fund’s annualized expense ratio of 1.09%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

2021 Annual Report 21

ADDITIONAL INFORMATION
November 30, 2021
(Unaudited)

AVAILABILITY OF QUARTERLY SCHEDULE OF INVESTMENTS

The Fund publicly files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at http://www.sec.gov.

PROXY VOTING GUIDELINES

Christopher Weil & Company, Inc., the Fund’s Advisor, is responsible for exercising the voting rights associated with the securities held by the Fund. A description of the policies and procedures used by the Advisor in fulfilling this responsibility is available without charge on the Fund’s website at www.cweil.com. It is also included in the Fund’s Statement of Additional Information, which is available on the SEC’s website at http://www.sec.gov.

Information regarding how the Fund voted proxies, Form N-PX, relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling our toll free number(1-888-550-9266). This information is also available on the SEC’s website at http://www.sec.gov.

ADDITIONAL INFORMATION

You will find more information about the Fund at www.cweil.com. For shareholder inquiries, please call toll-free in the U.S. at 1-888-550-9266.

2021 Annual Report 22

Trustees and Officers
(Unaudited)

The Board of Trustees supervises the business activities of the Trust. The names of the Trustees and executive officers of the Trust are shown below. For more information regarding the Trustees, please refer to the Statement of Additional Information, which is available upon request by calling 1-888-550-9266. Each Trustee serves until the Trustee sooner dies, resigns, retires, or is removed.

The Trustees and Officers of the Trust and their principal business activities during the past five years are:

Interested Trustees and Officers
				Number of
			Principal	Portfolios In	Other
Name,	Position(s)	Term of Office	Occupation(s)	Fund	Directorships
Address(1),	Held With	and Length of	During	Complex	Held By
and Year of Birth	the Trust	Time Served	Past 5 Years	Overseen By	Trustee
				Trustee
Ross C. Provence,	President	Indefinite Term;	General Partner and Portfolio	N/A	N/A
Year of Birth: 1938		Since 2000	Manager for Value Trend Capital
			Management, LP (1995 to current).
			Estate planning attorney (1963 to
current).
Jeffrey R. Provence(2),	Trustee,	Indefinite Term;	CEO, Premier Fund Solutions, Inc.	13	Blue Chip
Year of Birth: 1969	Secretary	Since 2000	(2001 to current). General Partner		Investor Funds,
	and		and Portfolio Manager for Value		Meeder Funds
	Treasurer		Trend Capital Management, LP
			(1995 to current).
Julian G. Winters,	Chief	Indefinite Term;	Managing Member, Watermark	N/A	N/A
Year of Birth: 1968	Compliance	Since 2010	Solutions LLC (investment compli-
	Officer		ance and consulting) (2007 to cur-
rent).

⁽¹⁾ The address of each trustee and officer is c/o PFS Funds, 1939 Friendship Drive, Suite C, El Cajon, California 92020.

⁽²⁾ Jeffrey R. Provence is considered an "interested person" as defined in Section 2(a)(19) of the Investment Company Act of 1940 by virtue of his position with the Trust.

Independent Trustees

				Number of
			Principal	Portfolios In	Other
Name,	Position	Term of Office	Occupation(s)	Fund	Directorships
Address(1),	Held With	and Length of	During	Complex	Held By
and Year of Birth	the Trust	Time Served	Past 5 Years	Overseen By	Trustee
				Trustee
Thomas H. Addis III,	Independent	Indefinite Term;	Executive Director/CEO, Southern	13	None
Year of Birth: 1945	Trustee	Since 2000	California PGA (2006 to current).
Allen C. Brown,	Independent	Indefinite Term;	Law Office of Allen C. Brown, estate	13	Blue Chip
Year of Birth: 1943	Trustee	Since 2010	planning and business attorney		Investor Funds
			(1970 to current).
George Cossolias, CPA,	Independent	Indefinite Term;	Partner of CWDL, CPAs (February 1,	13	Blue Chip
Year of Birth: 1935	Trustee	Since 2000	2014 to current). Owner of George		Investor Funds,
			Cossolias & Company, CPAs (1972		Neiman Funds
			to January 31, 2014). President of
			Lubrication Specialists, Inc. (1996 to
current).

⁽¹⁾ The address of each trustee and officer is c/o PFS Funds, 1939 Friendship Drive, Suite C, El Cajon, California 92020.

2021 Annual Report 23

Investment Advisor
Christopher Weil & Company, Inc.

Custodian
US Bank, N.A.

Distributor
Rafferty Capital Markets, LLC

Fund Administrator
Premier Fund Solutions, Inc.

Independent Registered
Public Accounting Firm
Cohen & Company, Ltd.

Legal Counsel
Practus, LLP

Transfer Agent
Mutual Shareholder Services, LLC

This report is provided for the general information of the shareholders of the Christopher

Weil & Company Core Investment Fund. This report is not intended for distribution to

prospective investors in the Fund, unless preceded or accompanied by an effective

prospectus.

Christopher Weil & Company Funds     
11236 El Camino Real, Suite 200
San Diego, California 92130
1-888-550-9266 OR 1-800-355-9345
www.cweil.com

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and the principal financial officer. The registrant has not made any amendments to its code of ethics during the covered period. The registrant has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of the registrant’s Code of Ethics is filed herewith.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that George Cossolias is an audit committee finical expert. Mr. Cossolias is independent for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a-d) The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant to the registrant. The principal accountant has provided no services to the adviser or any entity controlled by, or under common control with the adviser that provides ongoing services to the registrant.

	FYE 11/30/2021	FYE 11/30/2020
Audit Fees	$13,750	$13,750
Audit-Related Fees	$0	$0
Tax Fees	$4,500	$6,000
All Other Fees	$750	$750

Nature of Tax Fees: preparation of Excise Tax Statement, 1120 RIC, and review of year end dividend calculation.
All Other Fees: Semi-Annual Report Review and Equalization

(e) (1) The audit committee approves all audit and non-audit related services and, therefore, has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(e) (2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the aggregate non-audit fees billed by the registrant’s principal accountant for services to the registrant , the registrant’s investment adviser (not sub-adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for the last two years.

Non-Audit Fees	FYE 11/30/2021	FYE 11/30/2020
Registrant	$5,250	$6,750
Registrant’s Investment Adviser	$0	$0

(h) The principal accountant provided no services to the investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Item 5. Audit Committee of Listed Companies. Not applicable.

Item 6. Investments.

(a) Not applicable. Schedule filed with Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable.

Item 8. Portfolio Managers of Closed End Management Investment Companies. Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers. Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a) The Registrant’s president and chief financial officer concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a -3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a -3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a -15(b) or 240.15d -15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a -3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Code of Ethics. Filed herewith.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PFS Funds

By: /s/Ross C. Provence
Ross C. Provence
President

Date: 2/2/2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/Ross C. Provence
Ross C. Provence
President

Date: 2/2/2022

By: /s/Jeffrey R. Provence
Jeffrey R. Provence
Chief Financial Officer

          Date: 2/2/2022