CUTLER EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
March 31, 2023 (Unaudited) | ||||
COMMON STOCKS - 99.8% | Shares | Value | ||
Communications - 4.4% | ||||
Cable & Satellite - 1.3% | ||||
Comcast Corporation - Class A | 62,700 | $ 2,376,957 | ||
Telecommunications - 3.1% | ||||
Verizon Communications, Inc. | 139,686 | 5,432,389 | ||
Consumer Discretionary - 12.5% | ||||
Apparel & Textile Products - 3.4% | ||||
NIKE, Inc. - Class B | 49,750 | 6,101,340 | ||
Leisure Facilities & Services - 4.6% | ||||
McDonald's Corporation | 29,255 | 8,179,991 | ||
Retail - Discretionary - 4.5% | ||||
Home Depot, Inc. (The) | 27,575 | 8,137,934 | ||
Consumer Staples - 12.5% | ||||
Beverages - 3.3% | ||||
PepsiCo, Inc. | 33,095 | 6,033,218 | ||
Household Products - 2.8% | ||||
Procter & Gamble Company (The) | 33,430 | 4,970,707 | ||
Retail - Consumer Staples - 6.4% | ||||
Kroger Company (The) | 106,221 | 5,244,131 | ||
Walmart, Inc. | 42,502 | 6,266,920 | ||
11,511,051 | ||||
Energy - 7.0% | ||||
Oil & Gas Producers - 7.0% | ||||
Chevron Corporation | 34,870 | 5,689,389 | ||
Exxon Mobil Corporation | 63,314 | 6,943,013 | ||
12,632,402 | ||||
Financials - 14.2% | ||||
Asset Management - 7.3% | ||||
BlackRock, Inc. | 10,764 | 7,202,408 | ||
Charles Schwab Corporation (The) | 112,000 | 5,866,560 | ||
13,068,968 | ||||
Banking - 6.9% | ||||
JPMorgan Chase & Company | 26,800 | 3,492,308 | ||
M&T Bank Corporation | 23,890 | 2,856,527 |
CUTLER EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 99.8% (Continued) | Shares | Value | ||
Financials - 14.2% (Continued) | ||||
Banking - 6.9% (Continued) | ||||
Northern Trust Corporation | 31,100 | $ 2,740,843 | ||
PNC Financial Services Group, Inc. (The) | 26,300 | 3,342,730 | ||
12,432,408 | ||||
Health Care - 14.2% | ||||
Biotech & Pharma - 9.1% | ||||
Bristol-Myers Squibb Company | 85,363 | 5,916,510 | ||
Johnson & Johnson | 29,970 | 4,645,350 | ||
Merck & Company, Inc. | 54,990 | 5,850,386 | ||
16,412,246 | ||||
Medical Equipment & Devices - 5.1% | ||||
Becton, Dickinson and Company | 24,025 | 5,947,148 | ||
Medtronic plc | 39,400 | 3,176,428 | ||
9,123,576 | ||||
Industrials - 19.7% | ||||
Aerospace & Defense - 2.0% | ||||
Raytheon Technologies Corporation | 36,260 | 3,550,942 | ||
Commercial Support Services - 3.5% | ||||
Republic Services, Inc. | 46,550 | 6,294,491 | ||
Electrical Equipment - 2.2% | ||||
Carrier Global Corporation | 85,210 | 3,898,357 | ||
Machinery - 10.0% | ||||
Caterpillar, Inc. | 34,930 | 7,993,381 | ||
Deere & Company | 24,394 | 10,071,795 | ||
18,065,176 | ||||
Transportation & Logistics - 2.0% | ||||
Union Pacific Corporation | 17,500 | 3,522,050 | ||
Materials - 2.3% | ||||
Chemicals - 2.3% | ||||
DuPont de Nemours, Inc. | 57,891 | 4,154,837 | ||
Technology - 13.0% | ||||
Semiconductors - 5.7% | ||||
Intel Corporation | 122,965 | 4,017,266 | ||
Texas Instruments, Inc. | 33,965 | 6,317,830 | ||
10,335,096 |
CUTLER EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 99.8% (Continued) | Shares | Value | ||
Technology - 13.0% (Continued) | ||||
Software - 5.6% | ||||
Microsoft Corporation | 34,775 | $ 10,025,633 | ||
Technology Services - 1.7% | ||||
International Business Machines Corporation | 23,000 | 3,015,070 | ||
Total Common Stocks (Cost $93,338,292) | $ 179,274,839 | |||
MONEY MARKET FUNDS - 0.3% | Shares | Value | ||
Invesco Short-Term Investment Trust Government & Agency Portfolio - Institutional Class, 4.73% (a) (Cost $466,653) | 466,653 | $ 466,653 | ||
Total Investments at Value - 100.1% (Cost $93,804,945) | $ 179,741,492 | |||
Liabilities in Excess of Other Assets - (0.1%) | (179,290 ) | |||
Net Assets - 100.0% | $ 179,562,202 | |||
(a) | The rate shown is the 7-day effective yield as of March 31, 2023. |