CUTLER EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
September 30, 2021 (Unaudited) | ||||
COMMON STOCKS - 97.6% | Shares | Value | ||
Communications - 3.8% | ||||
Cable & Satellite - 1.9% | ||||
Comcast Corporation - Class A | 62,700 | $ 3,506,811 | ||
Telecommunications - 1.9% | ||||
Verizon Communications, Inc. | 66,086 | 3,569,305 | ||
Consumer Discretionary - 8.9% | ||||
Leisure Facilities & Services - 3.8% | ||||
McDonald's Corporation | 29,255 | 7,053,673 | ||
Retail - Discretionary - 5.1% | ||||
Home Depot, Inc. (The) | 28,575 | 9,380,030 | ||
Consumer Staples - 10.9% | ||||
Beverages - 2.7% | ||||
PepsiCo, Inc. | 33,095 | 4,977,819 | ||
Household Products - 2.6% | ||||
Procter & Gamble Company (The) | 34,930 | 4,883,214 | ||
Retail - Consumer Staples - 5.6% | ||||
Kroger Company (The) | 106,221 | 4,294,515 | ||
Walmart, Inc. | 43,502 | 6,063,309 | ||
10,357,824 | ||||
Energy - 3.9% | ||||
Oil & Gas Producers - 3.9% | ||||
Chevron Corporation | 34,870 | 3,537,562 | ||
Exxon Mobil Corporation | 63,314 | 3,724,129 | ||
7,261,691 | ||||
Financials - 23.3% | ||||
Asset Management - 9.5% | ||||
BlackRock, Inc. | 10,764 | 9,027,336 | ||
Charles Schwab Corporation (The) | 118,000 | 8,595,120 | ||
17,622,456 | ||||
Banking - 9.0% | ||||
JPMorgan Chase & Company | 27,800 | 4,550,582 | ||
M&T Bank Corporation | 23,890 | 3,567,733 | ||
Northern Trust Corporation | 31,100 | 3,352,891 | ||
PNC Financial Services Group, Inc. (The) | 26,300 | 5,145,332 | ||
16,616,538 |
CUTLER EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 97.6% (Continued) | Shares | Value | ||
Financials - 23.3% (Continued) | ||||
Insurance - 4.8% | ||||
Marsh & McLennan Companies, Inc. | 36,400 | $ 5,512,052 | ||
Prudential Financial, Inc. | 32,000 | 3,366,400 | ||
8,878,452 | ||||
Health Care - 13.4% | ||||
Biotech & Pharma - 7.6% | ||||
Bristol-Myers Squibb Company | 85,363 | 5,050,929 | ||
Johnson & Johnson | 29,970 | 4,840,155 | ||
Merck & Company, Inc. | 54,990 | 4,130,299 | ||
14,021,383 | ||||
Medical Equipment & Devices - 5.8% | ||||
Becton, Dickinson and Company | 24,025 | 5,905,825 | ||
Medtronic plc | 39,400 | 4,938,790 | ||
10,844,615 | ||||
Industrials - 16.9% | ||||
Aerospace & Defense - 1.1% | ||||
Raytheon Technologies Corporation | 24,010 | 2,063,900 | ||
Commercial Support Services - 3.0% | ||||
Republic Services, Inc. | 46,550 | 5,588,793 | ||
Electrical Equipment - 2.4% | ||||
Carrier Global Corporation | 85,210 | 4,410,469 | ||
Machinery - 8.5% | ||||
Caterpillar, Inc. | 35,930 | 6,897,482 | ||
Deere & Company | 26,644 | 8,927,605 | ||
15,825,087 | ||||
Transportation & Logistics - 1.9% | ||||
Union Pacific Corporation | 17,500 | 3,430,175 | ||
Materials - 2.1% | ||||
Chemicals - 2.1% | ||||
DuPont de Nemours, Inc. | 57,891 | 3,936,009 | ||
Technology - 14.4% | ||||
Semiconductors - 7.2% | ||||
Intel Corporation | 127,965 | 6,817,975 | ||
Texas Instruments, Inc. | 33,965 | 6,528,413 | ||
13,346,388 |
CUTLER EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 97.6% (Continued) | Shares | Value | ||
Technology - 14.4% (Continued) | ||||
Software - 5.5% | ||||
Microsoft Corporation | 35,775 | $ 10,085,688 | ||
Technology Services - 1.7% | ||||
International Business Machines Corporation | 23,000 | 3,195,390 | ||
Total Common Stocks (Cost $92,170,093) | $ 180,855,710 | |||
MONEY MARKET FUNDS - 2.5% | Shares | Value | ||
Invesco Short-Term Investment Trust Government & Agency Portfolio - Institutional Class, 0.03% (a) (Cost $4,576,357) | 4,576,357 | $ 4,576,357 | ||
Total Investments at Value - 100.1% (Cost $96,746,450) | $ 185,432,067 | |||
Liabilities in Excess of Other Assets - (0.1%) | (229,226) | |||
Net Assets - 100.0% | $ 185,202,841 | |||
(a) | The rate shown is the 7-day effective yield as of September 30, 2021. |