BFS
Equity
Fund
Schedule
of
Investments
August
31,
2021
-
(Unaudited)
COMMON
STOCKS
—
91.68%
Shares
Fair
Value
Aerospace
&
Defense
—
1.85%
Northrop
Grumman
Corp.
2,000
$
735,400
Raytheon
Technologies
Corp.
3,500
296,660
1,032,060
Banking
—
2.15%
JPMorgan
Chase
&
Co.
7,500
1,199,625
Beverages
—
1.12%
PepsiCo,
Inc.
4,000
625,560
Biotech
&
Pharmaceuticals
—
2.76%
Johnson
&
Johnson
3,000
519,390
Zoetis,
Inc.
5,000
1,022,800
1,542,190
Cable
&
Satellite
—
2.17%
Comcast
Corp.,
Class
A
20,000
1,213,600
Chemicals
—
4.27%
Ecolab,
Inc.
4,500
1,014,120
Sherwin-Williams
Co.
(The)
4,500
1,366,515
2,380,635
E-Commerce
Discretionary
—
4.98%
Amazon.com,
Inc.
(a)
800
2,776,632
Electrical
Equipment
—
1.29%
Keysight
Technologies,
Inc.
(a)
4,000
717,520
Entertainment
Content
—
1.30%
Walt
Disney
Co.
(The)
4,000
725,200
Food
—
1.11%
Mondelez
International,
Inc.,
Class
A
10,000
620,700
Health
Care
Facilities
&
Services
—
3.63%
IQVIA
Holdings,
Inc.
(a)
3,000
779,190
UnitedHealth
Group,
Inc.
3,000
1,248,810
2,028,000
Home
Construction
—
2.14%
D.R.
Horton,
Inc.
12,500
1,195,250
Institutional
Financial
Services
—
1.78%
Goldman
Sachs
Group,
Inc.
(The)
2,400
992,424
Insurance
—
2.95%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
3,000
857,310
Marsh
&
McLennan
Cos.,
Inc.
5,000
786,000
1,643,310
Internet
Media
&
Services
—
8.59%
Alphabet,
Inc.,
Class
A
(a)
1,000
2,893,950
Facebook,
Inc.,
Class
A
(a)
5,000
1,896,900
4,790,850
Leisure
Facilities
&
Services
—
0.53%
Starbucks
Corp.
2,500
293,725
BFS
Equity
Fund
Schedule
of
Investments
(continued)
August
31,
2021
-
(Unaudited)
COMMON
STOCKS
—
91.68%
-
continued
Shares
Fair
Value
Medical
Equipment
&
Devices
—
6.80%
Danaher
Corp.
4,000
$
1,296,640
Stryker
Corp.
4,000
1,108,400
Thermo
Fisher
Scientific,
Inc.
2,500
1,387,375
3,792,415
Metals
&
Mining
—
2.06%
Agnico
Eagle
Mines
Ltd.
20,000
1,150,400
Oil
&
Gas
Producers
—
2.49%
ConocoPhillips
25,000
1,388,250
Retail
-
Consumer
Staples
—
2.86%
Costco
Wholesale
Corp.
3,500
1,594,215
Retail
-
Discretionary
—
7.80%
Dick's
Sporting
Goods,
Inc.
13,000
1,830,530
Home
Depot,
Inc.
(The)
4,000
1,304,720
Lowe's
Cos.,
Inc.
6,000
1,223,340
4,358,590
Semiconductors
—
1.07%
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
-
ADR
5,000
595,050
Software
—
14.86%
Adobe
Systems,
Inc.
(a)
2,000
1,327,400
Fortinet,
Inc.
(a)
5,000
1,575,700
Microsoft
Corp.
9,000
2,716,920
Oracle
Corp.
7,500
668,475
salesforce.com,
Inc.
(a)
5,000
1,326,350
SS&C
Technologies
Holdings,
Inc.
9,000
680,940
8,295,785
Specialty
Finance
—
0.74%
American
Express
Co.
2,500
414,900
Technology
Hardware
—
4.07%
Apple,
Inc.
15,000
2,277,450
Technology
Services
—
3.93%
Automatic
Data
Processing,
Inc.
3,000
627,120
Fiserv,
Inc.
(a)
5,000
588,950
MasterCard,
Inc.,
Class
A
1,500
519,345
Visa,
Inc.,
Class
A
2,000
458,200
2,193,615
Transportation
&
Logistics
—
2.38%
FedEx
Corp.
5,000
1,328,450
Total
Common
Stocks
(Cost $28,393,123)
51,166,401
MONEY
MARKET
FUNDS
-
4.66%
Fidelity
Investments
Money
Market
Government
Portfolio,
Institutional
Class,
0.01%
(b)
2,598,026
2,598,026
Total
Money
Market
Funds
(Cost
$2,598,026)
2,598,026
BFS
Equity
Fund
Schedule
of
Investments
(continued)
August
31,
2021
-
(Unaudited)
Total
Investments
—
96.34%
(Cost
$30,991,149)
$
53,764,427
Other
Assets
in
Excess
of
Liabilities — 3.66%
2,041,843
NET
ASSETS
—
100.00%
$
55,806,270
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
August
31,
2021.
ADR
-
American
Depositary
Receipt