PFS Investments Portfolio holdings

AUM $6.12B

2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4

This Quarter Return

+0.8%

1 Year Return

+12.74%

3 Year Return

+36.33%

5 Year Return

+56.57%

10 Year Return

–

AUM

$2.33B

AUM Growth

+$118M (+5.4%)

Cap. Flow

+$114M

Cap. Flow % of AUM

4.91%

Top 10 Holdings % Top 10 Hldgs %

32.82%

Holding

214

New

Increased

148

Reduced

Closed

Top Buys

1	Invesco RAFI Strategic US ETF IUS	$115M
2	ISDX Invesco Exchange-Traded Self-Indexed Fund Trust Invesco RAFI Strategic Developed ex-US ETF ISDX	$88.2M
3	iShares MSCI USA Min Vol Factor ETF USMV	$72.5M
4	Invesco Investment Grade Defensive ETF IIGD	$54.1M
5	iShares Core S&P Small-Cap ETF IJR	$45.5M

Top Sells

1	iShares China Large-Cap ETF FXI	$102M
2	Invesco FTSE RAFI US 1000 ETF PRF	$97.6M
3	Invesco FTSE RAFI Developed Markets ex-US ETF PXF	$80.4M
4	Invesco Fundamental Investment Grade Corporate Bond ETF PFIG	$76.8M
5	iShares MSCI USA Momentum Factor ETF MTUM	$56M

Sector Composition

1	Healthcare	1.5%
2	Technology	1.35%
3	Financials	1.32%
4	Communication Services	0.95%
5	Energy	0.78%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
201	201 Invesco Fundamental Investment Grade Corporate Bond ETF PFIG $87.2M	–	–	-2,964,736	Closed	-$76.8M
202	202 Invesco Fundamental High Yield Corporate Bond ETF PHB $352M	–	–	-17,598	Closed	-$3.34M
203	203 Invesco FTSE RAFI US 1000 ETF PRF $8.06B	–	–	-4,125,620	Closed	-$97.6M
204	204 Invesco FTSE RAFI US 1500 Small-Mid ETF PRFZ $2.52B	–	–	-605,230	Closed	-$15.6M
205	205 Invesco FTSE RAFI Developed Markets ex-US ETF PXF $2.09B	–	–	-1,967,497	Closed	-$80.4M
206	206 Invesco FTSE RAFI Emerging Markets ETF PXH $1.57B	–	–	-713,776	Closed	-$15.5M
207	207 Qualcomm QCOM $170B	–	–	-18,756	Closed	-$1.44M
208	208 SPDR Blackstone Senior Loan ETF SRLN $6.96B	–	–	-97,890	Closed	-$4.51M
209	209 iShares MSCI USA Value Factor ETF VLUE $7.04B	–	–	-121,722	Closed	-$9.98M
210	210 Materials Select Sector SPDR Fund XLB $5.46B	–	–	-93,193	Closed	-$5.49M
211	APC 211 DELISTED Anadarko Petroleum APC	–	–	-24,715	Closed	-$1.76M
212	LLL 212 DELISTED L3 Technologies, Inc. LLL	–	–	-4,495	Closed	-$801K