Firm Description Cargile Investment Management, Inc. ("Cargile Investment Management", "we," "our," and "us") is a registered investment adviser based in Midland, Texas. We are organized as a corporation under the laws of Texas. Mickey Cargile, President and Chief Compliance Officer is 100% shareholder of the firm. Mr. Cargile founded the firm in 1984, which has formerly operated under the entities Cargile Investments, Cargile Parker Investments, and WNB Private Client Services, LLP. The following paragraphs describe our services and fees. Refer to the description of each investment advisory service listed below for information on how we tailor our advisory services to the Client’s ("you," "your," and "client") individual needs. Portfolio Management Services The investment advice provided under our portfolio management services is tailored to our clients' needs and investment objectives. During the initial client onboarding the Client will select an investment policy from one of the following five categories: 1. Income 2. Growth 3. Moderate Growth 4. Income with Growth; or 5. Aggressive Growth Each investment policy will implement tactical and strategic asset allocation using no-load and/or load- waived mutual funds, exchange traded funds, and other liquid securities with the goal of compensating clients for the risks being taken. Refer to Item 8 of this brochure, Methods of Analysis, Investment Strategies and Risk of Loss, for additional disclosures on this topic. If you participate in our portfolio management services, we require you to grant our firm discretionary authority to manage your account. Discretionary authorization will allow us to determine the specific securities, and the amount of securities, to be purchased or sold for your account without your approval prior to each transaction. Discretionary authority is granted by the investment advisory agreement you sign with our firm and/or the appropriate trading authorization forms. You may limit our discretionary authority (for example, limiting the types of securities that can be purchased or sold for your account) by providing our firm with

your restrictions and guidelines in writing. Types of Investments We primarily offer advice on Mutual Funds and ETFs. Refer to the Methods of Analysis, Investment Strategies and Risk of Loss below for additional disclosures on this topic. Additionally, we may advise you on various types of investments based on your needs. We may also provide advice on any type of investment held in your portfolio at the inception of our advisory relationship. Funds Cargile Investment Management serves as the investment adviser to the Cargile Fund, (the "Mutual Fund") a non-diversified series of PFS Funds (the "Trust"). Mutual Fund The Trust is an open-end investment company established under the laws of Massachusetts. Cargile Investment Management has responsibility for the management of the Mutual Fund's affairs, under the supervision of the Trust's Board of Trustees. The Mutual Fund seeks to generate long-term capital appreciation under normal market conditions. The Mutual Fund invests primarily in exchange traded funds ("ETFs") and/or cash and cash equivalents. The prospectus for the Mutual Fund contains a complete description of the Mutual Fund, its strategies, objectives, costs, and risks. Before investing clients in the Mutual Fund, Cargile Investment Management will make a good faith determination about whether an investment would reasonably be appropriate by considering factors that may include but are not limited to the following: (1) the client's investment objectives; (2) the total amount of client assets currently being managed by Registrant; (3) the amount of anticipated future contributions that the client will make to the account(s) being managed by the Registrant; (4) the cost and efficiency of managing the client's assets including and excluding an investment in the Mutual Fund; and (5) the combined management fees and expense ratios of other non-affiliated mutual funds. Assets Under Management As of December 31, 2023, Cargile Investment Management had approximately $ 288,624,560 in discretionary assets under management for 162 clients and $ 2,090,160 in 401K Plan assets under advisement.