BFS
Equity
Fund
Schedule
of
Investments
August
31,
2023
-
(Unaudited)
COMMON
STOCKS
—
83.28%
Shares
Fair
Value
Aerospace
&
Defense
—
2.41%
Northrop
Grumman
Corp.
2,000
$
866,180
Raytheon
Technologies
Corp.
3,500
301,140
1,167,320
Banking
—
4.21%
Bank
of
America
Corp.
20,000
573,400
JPMorgan
Chase
&
Co.
10,000
1,463,300
2,036,700
Beverages
—
1.47%
PepsiCo,
Inc.
4,000
711,680
Biotech
&
Pharmaceuticals
—
1.18%
Zoetis,
Inc.,
Class
A
3,000
571,530
Cable
&
Satellite
—
1.45%
Comcast
Corp.,
Class
A
15,000
701,400
Chemicals
—
2.44%
Ecolab,
Inc.
2,000
367,620
Sherwin-Williams
Co.
(The)
3,000
815,160
1,182,780
E-Commerce
Discretionary
—
2.56%
Amazon.com,
Inc.
(a)
9,000
1,242,090
Energy
Equipment
&
Services
—
1.22%
Schlumberger
Ltd.
10,000
589,600
Health
Care
Facilities
&
Services
—
5.77%
IQVIA
Holdings,
Inc.
(a)
4,000
890,520
UnitedHealth
Group,
Inc.
4,000
1,906,320
2,796,840
Home
Construction
—
1.23%
D.R.
Horton,
Inc.
5,000
595,100
Insurance
—
2.01%
Marsh
&
McLennan
Cos.,
Inc.
5,000
974,950
Internet
Media
&
Services
—
6.84%
Alphabet,
Inc.,
Class
A
(a)
20,000
2,723,400
Meta
Platforms,
Inc.,
Class
A
(a)
2,000
591,780
3,315,180
Machinery
—
2.70%
Caterpillar,
Inc.
1,000
281,130
Deere
&
Co.
2,500
1,027,350
1,308,480
Medical
Equipment
&
Devices
—
5.66%
Danaher
Corp.
4,000
1,060,000
Stryker
Corp.
2,500
708,875
Thermo
Fisher
Scientific,
Inc.
1,750
974,925
2,743,800
Metals
&
Mining
—
1.99%
Agnico
Eagle
Mines
Ltd.
5,000
242,550
BFS
Equity
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
COMMON
STOCKS
—
83.28%
-
continued
Shares
Fair
Value
Metals
&
Mining
—
1.99%
-
continued
Franco-Nevada
Corp.
5,000
$
719,800
962,350
Oil
&
Gas
Producers
—
3.68%
ConocoPhillips
15,000
1,785,450
Retail
-
Consumer
Staples
—
2.83%
Costco
Wholesale
Corp.
2,500
1,373,200
Retail
-
Discretionary
—
5.10%
Academy
Sports
&
Outdoors,
Inc.
20,000
1,091,400
Lowe's
Companies,
Inc.
6,000
1,382,880
2,474,280
Semiconductors
—
1.58%
Applied
Materials,
Inc.
5,000
763,800
Software
—
11.93%
Adobe,
Inc.
(a)
2,000
1,118,680
Microsoft
Corp.
9,000
2,949,840
Oracle
Corp.
10,000
1,203,900
SS&C
Technologies
Holdings,
Inc.
9,000
516,780
5,789,200
Specialty
Finance
—
0.81%
American
Express
Co.
2,500
394,975
Specialty
Retail
—
2.73%
Home
Depot,
Inc.
(The)
4,000
1,321,200
Technology
Hardware
—
4.85%
Apple,
Inc.
12,500
2,348,375
Technology
Services
—
6.63%
Automatic
Data
Processing,
Inc.
3,000
763,830
Fiserv,
Inc.
(a)
10,000
1,213,900
MasterCard,
Inc.,
Class
A
3,000
1,237,920
3,215,650
Total
Common
Stocks
(Cost $21,090,572)
40,365,930
U.S.
GOVERNMENT
&
AGENCIES
(b)
—
13.18%
Principal
Amount
United
States
Treasury
Bill,
5.18
%
,
9/7/2023
$
1,500,000
1,498,683
United
States
Treasury
Bill,
4.70
%
,
10/5/2023
500,000
497,505
United
States
Treasury
Bill,
5.39
%
,
2/8/2024
4,500,000
4,394,500
Total
U.S.
Government
&
Agencies
(Cost $6,391,619)
6,390,688
MONEY
MARKET
FUNDS
-
3.51%
Shares
Fidelity
Investments
Money
Market
Government
Portfolio,
Institutional
Class,
5.25%
(c)
1,700,786
1,700,786
Total
Money
Market
Funds
(Cost
$1,700,786)
1,700,786
BFS
Equity
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
Fair
Value
Total
Investments
—
99.97%
(Cost
$29,182,977)
$
48,457,404
Other
Assets
in
Excess
of
Liabilities — 0.03%
12,455
NET
ASSETS
—
100.00%
$
48,469,859
(a)
Non-income
producing
security.
(b)
The
rate
shown
represents
effective
yield
at
time
of
purchase.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
August
31,
2023.