<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:iso="http://www.sec.gov/edgar/iso_statecodes" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001103243</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000055970</seriesId>
        <classId>C000176264</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>PFS FUNDS</regName>
      <regFileNumber>811-09781</regFileNumber>
      <regCik>0001103243</regCik>
      <regLei>549300QPH5FGDXI8HN15</regLei>
      <regStreet1>1939 FRIENDSHIP DRIVE STE C</regStreet1>
      <regCity>EL CAJON</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>92020</regZipOrPostalCode>
      <regPhone>619-588-9700</regPhone>
      <seriesName>Taylor Frigon Core Growth Fund</seriesName>
      <seriesId>S000055970</seriesId>
      <seriesLei>5493008KSY48E37EMT39</seriesLei>
      <repPdEnd>2022-11-30</repPdEnd>
      <repPdDate>2022-02-28</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>46712640.89</totAssets>
      <totLiabs>59530.76</totLiabs>
      <netAssets>46653110.13</netAssets>
      <assetsAttrMiscSec>0.00</assetsAttrMiscSec>
      <assetsInvested>0.00</assetsInvested>
      <amtPayOneYrBanksBorr>0.00</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00</amtPayAftOneYrOther>
      <delayDeliv>0.00</delayDeliv>
      <standByCommit>0.00</standByCommit>
      <liquidPref>0.00</liquidPref>
      <cshNotRptdInCorD>1730816.38</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000176264" rtn1="-3.72" rtn2="-17.42" rtn3="-4.30"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="-26488.41" netUnrealizedAppr="-2136211.91"/>
        <othMon2 netRealizedGain="0.00" netUnrealizedAppr="-10108641.57"/>
        <othMon3 netRealizedGain="1150137.28" netUnrealizedAppr="-3218861.27"/>
      </returnInfo>
      <mon1Flow redemption="824303.71" reinvestment="5473354.38" sales="326749.62"/>
      <mon2Flow redemption="228401.28" reinvestment="0.00" sales="1047600.84"/>
      <mon3Flow redemption="339223.26" reinvestment="0.00" sales="370963.59"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Airgain, Inc.</name>
        <lei>549300LL8ZO53X8A5U98</lei>
        <title>Airgain, Inc.</title>
        <cusip>00938A104</cusip>
        <identifiers>
          <isin value="US00938A1043"/>
        </identifiers>
        <balance>47698.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>433574.82</valUSD>
        <pctVal>0.93</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Akoustis Technologies, Inc.</name>
        <lei>549300DLBFV9XWL6J142</lei>
        <title>Akoustics Technologies, Inc.</title>
        <cusip>00973N102</cusip>
        <identifiers>
          <isin value="US00973N1028"/>
        </identifiers>
        <balance>105838.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>666779.40</valUSD>
        <pctVal>1.43</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alteryx, Inc.</name>
        <lei>549300XWZG0JHL7I0827</lei>
        <title>Alteryx, Inc. - Class A</title>
        <cusip>02156B103</cusip>
        <identifiers>
          <isin value="US02156B1035"/>
        </identifiers>
        <balance>15865.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>988389.50</valUSD>
        <pctVal>2.12</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Apyx Medical Corporation</name>
        <lei>5299009QZVYUYO082S45</lei>
        <title>Apyx Medical Corporation</title>
        <cusip>03837C106</cusip>
        <identifiers>
          <isin value="US03837C1062"/>
        </identifiers>
        <balance>123214.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1246925.68</valUSD>
        <pctVal>2.67</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AudioCodes Ltd.</name>
        <lei>529900TA48138NEVR854</lei>
        <title>AudioCodes Ltd. (Israel)</title>
        <cusip>M15342104</cusip>
        <identifiers>
          <isin value="IL0010829658"/>
        </identifiers>
        <balance>30189.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>855556.26</valUSD>
        <pctVal>1.83</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bill.com Holdings Inc</name>
        <lei>549300IBF9VZZIGOZW63</lei>
        <title>Bill.com Holdings, Inc.</title>
        <cusip>090043100</cusip>
        <identifiers>
          <isin value="US0900431000"/>
        </identifiers>
        <balance>5243.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1247204.84</valUSD>
        <pctVal>2.67</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Boot Barn Holdings, Inc.</name>
        <lei>529900QE1BFMYA3N4E71</lei>
        <title>Boot Barn Holdings, Inc.</title>
        <cusip>099406100</cusip>
        <identifiers>
          <isin value="US0994061002"/>
        </identifiers>
        <balance>13034.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1134218.68</valUSD>
        <pctVal>2.43</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brainsway Ltd.</name>
        <lei>N/A</lei>
        <title>Brainsway Ltd. ADR</title>
        <cusip>10501L106</cusip>
        <identifiers>
          <isin value="US10501L1061"/>
        </identifiers>
        <balance>27569.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>214348.98</valUSD>
        <pctVal>0.46</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CarLotz, Inc.</name>
        <lei>N/A</lei>
        <title>CarLotz, Inc. - Class A</title>
        <cusip>142552108</cusip>
        <identifiers>
          <isin value="US1425521085"/>
        </identifiers>
        <balance>193266.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>390397.32</valUSD>
        <pctVal>0.84</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Carvana Co.</name>
        <lei>5493003WEAK2PJ5WS063</lei>
        <title>Carvana Co. - Class A</title>
        <cusip>146869102</cusip>
        <identifiers>
          <isin value="US1468691027"/>
        </identifiers>
        <balance>8905.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1339935.35</valUSD>
        <pctVal>2.87</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ClearPoint Neuro, Inc.</name>
        <lei>N/A</lei>
        <title>ClearPoint Neuro, Inc.</title>
        <cusip>18507C103</cusip>
        <identifiers>
          <isin value="US18507C1036"/>
        </identifiers>
        <balance>37078.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>324432.50</valUSD>
        <pctVal>0.70</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Codexis, Inc.</name>
        <lei>549300KGLM6CDPTVSE20</lei>
        <title>Codexis, Inc.</title>
        <cusip>192005106</cusip>
        <identifiers>
          <isin value="US1920051067"/>
        </identifiers>
        <balance>52621.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1048736.53</valUSD>
        <pctVal>2.25</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coinbase Global, Inc.</name>
        <lei>5493004G3J2SC154DU06</lei>
        <title>Coinbase Global, Inc. - Class A</title>
        <cusip>19260Q107</cusip>
        <identifiers>
          <isin value="US19260Q1076"/>
        </identifiers>
        <balance>4316.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>823363.32</valUSD>
        <pctVal>1.76</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Compugen Ltd.</name>
        <lei>N/A</lei>
        <title>Compugen Ltd. (Israel)</title>
        <cusip>M25722105</cusip>
        <identifiers>
          <isin value="IL0010852080"/>
        </identifiers>
        <balance>134375.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>415218.75</valUSD>
        <pctVal>0.89</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coupa Software Incorporated</name>
        <lei>549300Q95ICR2GFL2K37</lei>
        <title>Coupa Software Incorporated</title>
        <cusip>22266L106</cusip>
        <identifiers>
          <isin value="US22266L1061"/>
        </identifiers>
        <balance>7176.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>868367.76</valUSD>
        <pctVal>1.86</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CyberArk Software Ltd.</name>
        <lei>529900YEXNDM894PWS93</lei>
        <title>CyberArk Software Ltd. (Israel)</title>
        <cusip>M2682V108</cusip>
        <identifiers>
          <isin value="IL0011334468"/>
        </identifiers>
        <balance>8104.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1378814.56</valUSD>
        <pctVal>2.96</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EPAM Systems, Inc.</name>
        <lei>549300XCR4R530HJP604</lei>
        <title>EPAM Systems, Inc.</title>
        <cusip>29414B104</cusip>
        <identifiers>
          <isin value="US29414B1044"/>
        </identifiers>
        <balance>2605.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>541188.75</valUSD>
        <pctVal>1.16</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ebix, Inc.</name>
        <lei>549300DHXVZR5SW5QR44</lei>
        <title>Ebix, Inc.</title>
        <cusip>278715206</cusip>
        <identifiers>
          <isin value="US2787152063"/>
        </identifiers>
        <balance>43727.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1290383.77</valUSD>
        <pctVal>2.77</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Edwards Lifesciences Corporation</name>
        <lei>YA13X31F3V31L8TMPR58</lei>
        <title>Edwards Lifesciences Corporation</title>
        <cusip>28176E108</cusip>
        <identifiers>
          <isin value="US28176E1082"/>
        </identifiers>
        <balance>5796.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>651296.52</valUSD>
        <pctVal>1.40</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fiverr International Ltd.</name>
        <lei>549300Z8OREY6THCPF67</lei>
        <title>Fiverr International Ltd. (Israel)</title>
        <cusip>M4R82T106</cusip>
        <identifiers>
          <isin value="IL0011582033"/>
        </identifiers>
        <balance>11622.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>917092.02</valUSD>
        <pctVal>1.97</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Glaukos Corporation</name>
        <lei>5299004JA1LHE21M6T14</lei>
        <title>Glaukos Corporation</title>
        <cusip>377322102</cusip>
        <identifiers>
          <isin value="US3773221029"/>
        </identifiers>
        <balance>24172.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1336953.32</valUSD>
        <pctVal>2.87</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Green Dot Corporation</name>
        <lei>N/A</lei>
        <title>Green Dot Corporation - Class A</title>
        <cusip>39304D102</cusip>
        <identifiers>
          <isin value="US39304D1028"/>
        </identifiers>
        <balance>15445.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>442499.25</valUSD>
        <pctVal>0.95</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grid Dynamics Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Grid Dynamics Holdings Inc. - Class A</title>
        <cusip>39813G109</cusip>
        <identifiers>
          <isin value="US39813G1094"/>
        </identifiers>
        <balance>76132.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>925003.80</valUSD>
        <pctVal>1.98</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IDEXX Laboratories, Inc.</name>
        <lei>OGMTXK0LUU1HKV2P0J84</lei>
        <title>IDEXX Laboratories, Inc.</title>
        <cusip>45168D104</cusip>
        <identifiers>
          <isin value="US45168D1046"/>
        </identifiers>
        <balance>1593.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>848033.55</valUSD>
        <pctVal>1.82</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Impinj, Inc.</name>
        <lei>549300M26VGKSMMWWN17</lei>
        <title>Impinj, Inc.</title>
        <cusip>453204109</cusip>
        <identifiers>
          <isin value="US4532041096"/>
        </identifiers>
        <balance>25081.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1724318.75</valUSD>
        <pctVal>3.70</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>InMode Ltd.</name>
        <lei>N/A</lei>
        <title>InMode Ltd. (Israel)</title>
        <cusip>M5425M103</cusip>
        <identifiers>
          <isin value="IL0011595993"/>
        </identifiers>
        <balance>24332.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1038733.08</valUSD>
        <pctVal>2.23</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kornit Digital Ltd.</name>
        <lei>5299006DPCQWP3VTFK34</lei>
        <title>Kornit Digital Ltd. (Israel)</title>
        <cusip>M6372Q113</cusip>
        <identifiers>
          <isin value="IL0011216723"/>
        </identifiers>
        <balance>15525.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1472235.75</valUSD>
        <pctVal>3.16</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Monolithic Power Systems, Inc.</name>
        <lei>529900TB7O85LSZ1XU31</lei>
        <title>Monolithic Power Systems, Inc.</title>
        <cusip>609839105</cusip>
        <identifiers>
          <isin value="US6098391054"/>
        </identifiers>
        <balance>2653.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1216931.10</valUSD>
        <pctVal>2.61</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vapotherm, Inc.</name>
        <lei>254900YTY4EF5Z4W0A51</lei>
        <title>NICE Ltd. ADR</title>
        <cusip>653656108</cusip>
        <identifiers>
          <isin value="US6536561086"/>
        </identifiers>
        <balance>4773.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1079891.25</valUSD>
        <pctVal>2.31</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NV5 Global, Inc.</name>
        <lei>N/A</lei>
        <title>NV5 Global, Inc.</title>
        <cusip>62945V109</cusip>
        <identifiers>
          <isin value="US62945V1098"/>
        </identifiers>
        <balance>14281.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1531637.25</valUSD>
        <pctVal>3.28</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nano Dimension Ltd.</name>
        <lei>529900VO8AZA0A4ZUM77</lei>
        <title>Nano Dimension Ltd. ADR</title>
        <cusip>63008G203</cusip>
        <identifiers>
          <isin value="US63008G2030"/>
        </identifiers>
        <balance>215903.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>764296.62</valUSD>
        <pctVal>1.64</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nano-X Imaging Ltd</name>
        <lei>N/A</lei>
        <title>Nano-X Imaging Ltd. (Israel)</title>
        <cusip>M70700105</cusip>
        <identifiers>
          <isin value="IL0011681371"/>
        </identifiers>
        <balance>31053.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>315187.95</valUSD>
        <pctVal>0.68</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Napco Security Technologies, Inc.</name>
        <lei>529900KV21J4YY9YST76</lei>
        <title>Napco Security Technologies, Inc.</title>
        <cusip>630402105</cusip>
        <identifiers>
          <isin value="US6304021057"/>
        </identifiers>
        <balance>67662.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1379628.18</valUSD>
        <pctVal>2.96</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NovoCure Limited</name>
        <lei>213800YPP55UMHWA4826</lei>
        <title>NovoCure Limited (Jersey)</title>
        <cusip>G6674U108</cusip>
        <identifiers>
          <isin value="JE00BYSS4X48"/>
        </identifiers>
        <balance>15257.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1248938.02</valUSD>
        <pctVal>2.68</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Procore Technologies, Inc.</name>
        <lei>N/A</lei>
        <title>Procore Technologies, Inc.</title>
        <cusip>74275K108</cusip>
        <identifiers>
          <isin value="US74275K1088"/>
        </identifiers>
        <balance>14687.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>957445.53</valUSD>
        <pctVal>2.05</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pure Storage, Inc.</name>
        <lei>549300NPDB0BZTK3WO90</lei>
        <title>Pure Storage, Inc. - Class A</title>
        <cusip>74624M102</cusip>
        <identifiers>
          <isin value="US74624M1027"/>
        </identifiers>
        <balance>41581.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1078611.14</valUSD>
        <pctVal>2.31</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QuickLogic Corporation</name>
        <lei>529900V52LUN2EHHCH56</lei>
        <title>QuickLogic Corporation</title>
        <cusip>74837P405</cusip>
        <identifiers>
          <isin value="US74837P4054"/>
        </identifiers>
        <balance>169289.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>863373.90</valUSD>
        <pctVal>1.85</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Radcom Ltd.</name>
        <lei>529900YOUOKNMG7QW685</lei>
        <title>Radcom Ltd. (Israel)</title>
        <cusip>M81865111</cusip>
        <identifiers>
          <isin value="IL0010826688"/>
        </identifiers>
        <balance>43981.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>510619.41</valUSD>
        <pctVal>1.09</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Real Good Food Company, Inc.</name>
        <lei>N/A</lei>
        <title>Real Good Food Company, Inc. Class A</title>
        <cusip>75601G109</cusip>
        <identifiers>
          <isin value="US75601G1094"/>
        </identifiers>
        <balance>93707.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>560367.86</valUSD>
        <pctVal>1.20</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Repay Holdings Corporation</name>
        <lei>N/A</lei>
        <title>Repay Holdings Corporation - Class A</title>
        <cusip>76029L100</cusip>
        <identifiers>
          <isin value="US76029L1008"/>
        </identifiers>
        <balance>42752.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>738327.04</valUSD>
        <pctVal>1.58</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Silicom Ltd.</name>
        <lei>529900711TW6GY85XW07</lei>
        <title>Silicom Ltd. (Israel)</title>
        <cusip>M84116108</cusip>
        <identifiers>
          <isin value="IL0010826928"/>
        </identifiers>
        <balance>10219.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>429708.95</valUSD>
        <pctVal>0.92</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Silvergate Capital Corporation</name>
        <lei>BPE6FTXDZEBNAGIT2T19</lei>
        <title>Silvergate Capital Corporation Class A</title>
        <cusip>82837P408</cusip>
        <identifiers>
          <isin value="US82837P4081"/>
        </identifiers>
        <balance>8420.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1078433.60</valUSD>
        <pctVal>2.31</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Splunk Inc.</name>
        <lei>549300XGDSGBP6UEI867</lei>
        <title>Splunk Inc.</title>
        <cusip>848637104</cusip>
        <identifiers>
          <isin value="US8486371045"/>
        </identifiers>
        <balance>9317.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1100337.70</valUSD>
        <pctVal>2.36</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TTEC Holdings, Inc.</name>
        <lei>GTJS1N8S8I28A7L4WG97</lei>
        <title>TTEC Holdings, Inc.</title>
        <cusip>89854H102</cusip>
        <identifiers>
          <isin value="US89854H1023"/>
        </identifiers>
        <balance>12438.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>988821.00</valUSD>
        <pctVal>2.12</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Twilio Inc.</name>
        <lei>5493004W8TRGD63APX93</lei>
        <title>Twilio Inc. - Class A</title>
        <cusip>90138F102</cusip>
        <identifiers>
          <isin value="US90138F1021"/>
        </identifiers>
        <balance>4757.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>831523.60</valUSD>
        <pctVal>1.78</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vapotherm, Inc.</name>
        <lei>549300A6KMUMDX27EQ68</lei>
        <title>Vapotherm, Inc.</title>
        <cusip>922107107</cusip>
        <identifiers>
          <isin value="US9221071072"/>
        </identifiers>
        <balance>36575.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>555574.25</valUSD>
        <pctVal>1.19</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vapotherm, Inc.</name>
        <lei>N/A</lei>
        <title>Velo3D, Inc.</title>
        <cusip>92259N104</cusip>
        <identifiers>
          <isin value="US92259N1046"/>
        </identifiers>
        <balance>70406.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>572400.78</valUSD>
        <pctVal>1.23</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vuzix Corporation</name>
        <lei>549300EWPW64TZQXJG66</lei>
        <title>Vuzix Corporation</title>
        <cusip>92921W300</cusip>
        <identifiers>
          <isin value="US92921W3007"/>
        </identifiers>
        <balance>71155.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>402737.30</valUSD>
        <pctVal>0.86</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wix.com Ltd.</name>
        <lei>5493008P6N29Q1AG9464</lei>
        <title>Wix.com Ltd. (Israel)</title>
        <cusip>M98068105</cusip>
        <identifiers>
          <isin value="IL0011301780"/>
        </identifiers>
        <balance>11836.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1083940.88</valUSD>
        <pctVal>2.32</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zuora, Inc.</name>
        <lei>549300ISVGC1YZWQJ420</lei>
        <title>Zuora, Inc. - Class A</title>
        <cusip>98983V106</cusip>
        <identifiers>
          <isin value="US98983V1061"/>
        </identifiers>
        <balance>74016.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1123562.88</valUSD>
        <pctVal>2.41</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-04-18</ncom:dateSigned>
      <ncom:nameOfApplicant>PFS Funds</ncom:nameOfApplicant>
      <ncom:signature>/s/ Jeffrey R. Provence</ncom:signature>
      <ncom:signerName>Jeffrey R. Provence</ncom:signerName>
      <ncom:title>Secretary and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
