BFS

Equity

Fund

Schedule

of

Investments

February

28,

2023

-

(Unaudited)

COMMON

STOCKS

—

77.62%

Shares

Fair

Value

Aerospace

&

Defense

—

5.05%

Lockheed

Martin

Corp.

1,000‌

$

474,260‌

Northrop

Grumman

Corp.

2,000‌

928,220‌

Raytheon

Technologies

Corp.

8,500‌

833,765‌

2,236,245‌

Banking

—

4.29%

JPMorgan

Chase

&

Co.

10,000‌

1,433,500‌

Wells

Fargo

&

Co.

10,000‌

467,700‌

1,901,200‌

Beverages

—

1.57%

PepsiCo,

Inc.

4,000‌

694,120‌

Biotech

&

Pharmaceuticals

—

1.13%

Zoetis,

Inc.,

Class

A

3,000‌

501,000‌

Cable

&

Satellite

—

1.26%

Comcast

Corp.,

Class

A

15,000‌

557,550‌

Chemicals

—

2.22%

Ecolab,

Inc.

2,000‌

318,740‌

Sherwin-Williams

Co.

(The)

3,000‌

664,050‌

982,790‌

E-Commerce

Discretionary

—

1.91%

Amazon.com,

Inc.

(a)

9,000‌

848,070‌

Energy

Equipment

&

Services

—

1.20%

Schlumberger

Ltd.

10,000‌

532,100‌

Health

Care

Facilities

&

Services

—

7.12%

IQVIA

Holdings,

Inc.

(a)

6,000‌

1,250,820‌

UnitedHealth

Group,

Inc.

4,000‌

1,903,760‌

3,154,580‌

Home

Construction

—

1.04%

D.R.

Horton,

Inc.

5,000‌

462,400‌

Insurance

—

1.83%

Marsh

&

McLennan

Cos.,

Inc.

5,000‌

810,700‌

Internet

Media

&

Services

—

4.06%

Alphabet,

Inc.,

Class

A

(a)

20,000‌

1,801,200‌

Machinery

—

4.93%

Caterpillar,

Inc.

3,000‌

718,650‌

Deere

&

Co.

3,500‌

1,467,340‌

2,185,990‌

Medical

Equipment

&

Devices

—

6.77%

Danaher

Corp.

4,000‌

990,120‌

Stryker

Corp.

2,500‌

657,200‌

Thermo

Fisher

Scientific,

Inc.

2,500‌

1,354,400‌

3,001,720‌

Metals

&

Mining

—

2.73%

Agnico

Eagle

Mines

Ltd.

12,500‌

575,375‌

BFS

Equity

Fund

Schedule

of

Investments

(continued)

February

28,

2023

-

(Unaudited)

COMMON

STOCKS

—

77.62%

-

continued

Shares

Fair

Value

Metals

&

Mining

—

2.73%

-

continued

Franco-Nevada

Corp.

5,000‌

$

637,850‌

1,213,225‌

Oil

&

Gas

Producers

—

3.49%

ConocoPhillips

15,000‌

1,550,250‌

Oil

&

Gas

Services

&

Equipment

—

1.23%

Halliburton

Co.

15,000‌

543,450‌

Retail

-

Consumer

Staples

—

2.73%

Costco

Wholesale

Corp.

2,500‌

1,210,450‌

Retail

-

Discretionary

—

2.79%

Lowe's

Cos.,

Inc.

6,000‌

1,234,500‌

Software

—

7.73%

Adobe,

Inc.

(a)

2,000‌

647,900‌

Microsoft

Corp.

9,000‌

2,244,780‌

SS&C

Technologies

Holdings,

Inc.

9,000‌

528,300‌

3,420,980‌

Specialty

Finance

—

0.98%

American

Express

Co.

2,500‌

434,975‌

Specialty

Retail

—

2.68%

Home

Depot,

Inc.

(The)

4,000‌

1,186,160‌

Technology

Hardware

—

4.99%

Apple,

Inc.

15,000‌

2,211,150‌

Technology

Services

—

3.89%

Automatic

Data

Processing,

Inc.

3,000‌

659,460‌

MasterCard,

Inc.,

Class

A

3,000‌

1,065,870‌

1,725,330‌

Total

Common

Stocks

(Cost $20,261,691)

34,400,135‌

U.S.

GOVERNMENT

&

AGENCIES

(b)

—

21.25%

Principal

Amount

United

States

Treasury

Bill,

3.48

%

,

3/9/2023

$

1,500,000‌

1,498,508‌

United

States

Treasury

Bill,

3.97

%

,

4/6/2023

2,000,000‌

1,991,165‌

United

States

Treasury

Bill,

4.45

%

,

5/11/2023

5,000,000‌

4,954,120‌

United

States

Treasury

Note,

0.13

%

,

8/31/2023

1,000,000‌

975,844‌

Total

U.S.

Government

&

Agencies

(Cost $9,428,908)

9,419

,637‌

MONEY

MARKET

FUNDS

-

1.15%

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

4.50%

(c)

508,270‌

508,270‌

Total

Money

Market

Funds

(Cost

$508,270)

508,270‌

Total

Investments

—

100.02%

    (Cost

$30,198,869)

44,328,042‌

BFS

Equity

Fund

Schedule

of

Investments

(continued)

February

28,

2023

-

(Unaudited)

Liabilities

in

Excess

of

Other

Assets — (0.02)%

$

(8,208‌)

NET

ASSETS

—

100.00%

$

44,319,834‌

(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

February

28,

2023.