CUTLER EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
September 30, 2022 (Unaudited) | ||||
COMMON STOCKS - 96.9% | Shares | Value | ||
Communications - 4.3% | ||||
Cable & Satellite - 1.1% | ||||
Comcast Corporation - Class A | 62,700 | $ 1,838,991 | ||
Telecommunications - 3.2% | ||||
Verizon Communications, Inc. | 139,686 | 5,303,878 | ||
Consumer Discretionary - 8.8% | ||||
Leisure Facilities & Services - 4.1% | ||||
McDonald's Corporation | 29,255 | 6,750,299 | ||
Retail - Discretionary - 4.7% | ||||
Home Depot, Inc. (The) | 28,575 | 7,884,985 | ||
Consumer Staples - 12.0% | ||||
Beverages - 3.2% | ||||
PepsiCo, Inc. | 33,095 | 5,403,090 | ||
Household Products - 2.6% | ||||
Procter & Gamble Company (The) | 34,930 | 4,409,912 | ||
Retail - Consumer Staples - 6.2% | ||||
Kroger Company (The) | 106,221 | 4,647,169 | ||
Walmart, Inc. | 43,502 | 5,642,209 | ||
10,289,378 | ||||
Energy - 6.3% | ||||
Oil & Gas Producers - 6.3% | ||||
Chevron Corporation | 34,870 | 5,009,773 | ||
Exxon Mobil Corporation | 63,314 | 5,527,945 | ||
10,537,718 | ||||
Financials - 19.9% | ||||
Asset Management - 8.4% | ||||
BlackRock, Inc. | 10,764 | 5,923,214 | ||
Charles Schwab Corporation (The) | 114,000 | 8,193,180 | ||
14,116,394 | ||||
Banking - 8.2% | ||||
JPMorgan Chase & Company | 27,800 | 2,905,100 | ||
M&T Bank Corporation | 23,890 | 4,212,285 | ||
Northern Trust Corporation | 31,100 | 2,660,916 | ||
PNC Financial Services Group, Inc. (The) | 26,300 | 3,929,746 | ||
13,708,047 |
CUTLER EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 96.9% (Continued) | Shares | Value | ||
Financials - 19.9% (Continued) | ||||
Insurance - 3.3% | ||||
Marsh & McLennan Companies, Inc. | 36,400 | $ 5,434,156 | ||
Health Care - 14.5% | ||||
Biotech & Pharma - 9.4% | ||||
Bristol-Myers Squibb Company | 85,363 | 6,068,456 | ||
Johnson & Johnson | 29,970 | 4,895,899 | ||
Merck & Company, Inc. | 54,990 | 4,735,739 | ||
15,700,094 | ||||
Medical Equipment & Devices - 5.1% | ||||
Becton, Dickinson and Company | 24,025 | 5,353,491 | ||
Medtronic plc | 39,400 | 3,181,550 | ||
8,535,041 | ||||
Industrials - 17.7% | ||||
Aerospace & Defense - 1.2% | ||||
Raytheon Technologies Corporation | 24,010 | 1,965,459 | ||
Commercial Support Services - 3.8% | ||||
Republic Services, Inc. | 46,550 | 6,332,662 | ||
Electrical Equipment - 1.8% | ||||
Carrier Global Corporation | 85,210 | 3,030,068 | ||
Machinery - 8.9% | ||||
Caterpillar, Inc. | 35,930 | 5,895,394 | ||
Deere & Company | 26,644 | 8,896,165 | ||
14,791,559 | ||||
Transportation & Logistics - 2.0% | ||||
Union Pacific Corporation | 17,500 | 3,409,350 | ||
Materials - 1.7% | ||||
Chemicals - 1.7% | ||||
DuPont de Nemours, Inc. | 57,891 | 2,917,706 | ||
Technology - 11.7% | ||||
Semiconductors - 5.1% | ||||
Intel Corporation | 127,965 | 3,297,658 | ||
Texas Instruments, Inc. | 33,965 | 5,257,103 | ||
8,554,761 |
CUTLER EQUITY FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 96.9% (Continued) | Shares | Value | ||
Technology - 11.7% (Continued) | ||||
Software - 5.0% | ||||
Microsoft Corporation | 35,775 | $ 8,331,997 | ||
Technology Services - 1.6% | ||||
International Business Machines Corporation | 23,000 | 2,732,630 | ||
Total Common Stocks (Cost $91,210,314) | $ 161,978,175 | |||
MONEY MARKET FUNDS - 3.2% | Shares | Value | ||
Invesco Short-Term Investment Trust Government & Agency Portfolio - Institutional Class, 2.95% (a) (Cost $5,396,188) | 5,396,188 | $ 5,396,188 | ||
Total Investments at Value - 100.1% (Cost $96,606,502) | $ 167,374,363 | |||
Liabilities in Excess of Other Assets - (0.1%) | (173,643 ) | |||
Net Assets - 100.0% | $ 167,200,720 | |||
(a) | The rate shown is the 7-day effective yield as of September 30, 2022. |