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.