BFS
Equity
Fund
Schedule
of
Investments
February
28,
2022
-
(Unaudited)
COMMON
STOCKS
—
88.52%
Shares
Fair
Value
Aerospace
&
Defense
—
5.95%
Northrop
Grumman
Corp.
2,000
$
884,280
Raytheon
Technologies
Corp.
20,000
2,054,000
2,938,280
Banking
—
2.15%
JPMorgan
Chase
&
Co.
7,500
1,063,500
Beverages
—
1.33%
PepsiCo,
Inc.
4,000
654,960
Biotech
&
Pharmaceuticals
—
1.18%
Zoetis,
Inc.
3,000
580,950
Cable
&
Satellite
—
0.47%
Comcast
Corp.,
Class
A
5,000
233,800
Chemicals
—
4.00%
Ecolab,
Inc.
4,500
793,170
Sherwin-Williams
Co.
(The)
4,500
1,184,085
1,977,255
E-Commerce
Discretionary
—
4.35%
Amazon.com,
Inc.
(a)
700
2,149,882
Electrical
Equipment
—
2.59%
Johnson
Controls
International
PLC
10,000
649,600
Keysight
Technologies,
Inc.
(a)
4,000
629,480
1,279,080
Entertainment
Content
—
1.20%
Walt
Disney
Co.
(The)
(a)
4,000
593,840
Health
Care
Facilities
&
Services
—
6.64%
IQVIA
Holdings,
Inc.
(a)
6,000
1,380,720
UnitedHealth
Group,
Inc.
4,000
1,903,480
3,284,200
Home
Construction
—
2.16%
D.R.
Horton,
Inc.
12,500
1,067,500
Institutional
Financial
Services
—
1.66%
Goldman
Sachs
Group,
Inc.
(The)
2,400
819,096
Insurance
—
2.56%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
1,500
482,175
Marsh
&
McLennan
Cos.,
Inc.
5,000
777,050
1,259,225
Internet
Media
&
Services
—
7.18%
Alphabet,
Inc.,
Class
A
(a)
1,000
2,701,140
Meta
Platforms,
Inc.,
Class
A
(a)
4,000
844,120
3,545,260
Medical
Equipment
&
Devices
—
6.31%
Danaher
Corp.
4,000
1,097,640
Stryker
Corp.
2,500
658,375
Thermo
Fisher
Scientific,
Inc.
2,500
1,360,000
3,116,015
BFS
Equity
Fund
Schedule
of
Investments
(continued)
February
28,
2022
-
(Unaudited)
COMMON
STOCKS
—
88.52%
-
continued
Shares
Fair
Value
Oil
&
Gas
Producers
—
6.01%
ConocoPhillips
25,000
$
2,371,500
Devon
Energy
Corp.
10,000
595,500
2,967,000
Retail
-
Consumer
Staples
—
2.62%
Costco
Wholesale
Corp.
2,500
1,298,125
Retail
-
Discretionary
—
5.90%
Academy
Sports
&
Outdoors,
Inc.
(a)
10,000
323,700
Home
Depot,
Inc.
(The)
4,000
1,263,320
Lowe's
Cos.,
Inc.
6,000
1,326,360
2,913,380
Semiconductors
—
3.48%
QUALCOMM,
Inc.
10,000
1,719,900
Software
—
10.46%
Adobe,
Inc.
(a)
2,000
935,360
Fortinet,
Inc.
(a)
2,500
861,300
Microsoft
Corp.
9,000
2,689,110
SS&C
Technologies
Holdings,
Inc.
9,000
674,730
5,160,500
Specialty
Finance
—
0.98%
American
Express
Co.
2,500
486,350
Technology
Hardware
—
5.01%
Apple,
Inc.
15,000
2,476,800
Technology
Services
—
3.43%
Automatic
Data
Processing,
Inc.
3,000
613,320
MasterCard,
Inc.,
Class
A
3,000
1,082,460
1,695,780
Transportation
&
Logistics
—
0.90%
FedEx
Corp.
2,000
444,540
Total
Common
Stocks
(Cost $25,009,902)
43,725,218
MONEY
MARKET
FUNDS
-
11.53%
Fidelity
Investments
Money
Market
Government
Portfolio,
Institutional
Class,
0.01%
(b)
5,693,457
5,693,457
Total
Money
Market
Funds
(Cost
$5,693,457)
5,693,457
Total
Investments
—
100.05%
(Cost
$30,703,359)
49,418,675
Liabilities
in
Excess
of
Other
Assets — (0.05)%
(24,010)
NET
ASSETS
—
100.00%
$
49,394,665
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
28,
2022.