| CUTLER EQUITY FUND |
| SCHEDULE OF INVESTMENTS |
| March 31, 2026 (Unaudited) |
| |
|
|
| COMMON STOCKS - 100.0% |
Shares |
Value |
| Communications - 2.8% |
|
|
| Telecommunications - 2.8% |
|
|
| Verizon Communications, Inc. |
120,434 |
$ 6,045,787 |
| |
|
|
|
|
| Consumer Discretionary - 9.4% |
|
|
| Apparel & Textile Products - 1.5% |
|
|
| NIKE, Inc. - Class B |
58,858 |
3,108,879 |
| |
|
|
|
|
| Home Construction - 0.9% |
|
|
| Lennar Corporation - Class A |
22,682 |
1,969,705 |
| |
|
|
|
|
| Leisure Facilities & Services - 3.6% |
|
|
| McDonald's Corporation |
24,470 |
7,605,031 |
| |
|
|
|
|
| Retail - Discretionary - 3.4% |
|
|
| Home Depot, Inc. (The) |
22,212 |
7,305,305 |
| |
|
|
|
|
| Consumer Staples - 13.4% |
|
|
| Beverages - 2.1% |
|
|
| PepsiCo, Inc. |
28,132 |
4,368,618 |
| |
|
|
|
|
| Household Products - 2.0% |
|
|
| Procter & Gamble Company (The) |
29,135 |
4,208,260 |
| |
|
|
|
|
| Retail - Consumer Staples - 9.3% |
|
|
| Kroger Company (The) |
89,843 |
6,501,039 |
| Walmart, Inc. |
107,978 |
13,419,506 |
| |
|
|
|
19,920,545 |
| Energy - 9.1% |
|
|
| Oil & Gas Producers - 9.1% |
|
|
| Chevron Corporation |
29,825 |
6,170,793 |
| Exxon Mobil Corporation |
55,578 |
9,429,363 |
| Phillips 66 |
20,644 |
3,760,924 |
| |
|
|
|
19,361,080 |
| Financials - 15.4% |
|
|
| Asset Management - 8.3% |
|
|
| BlackRock, Inc. |
8,975 |
8,631,347 |
| Charles Schwab Corporation (The) |
96,259 |
9,046,421 |
| |
|
|
|
17,677,768 |
| Banking - 7.1% |
|
|
| JPMorgan Chase & Company |
22,044 |
6,484,463 |
| CUTLER EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
|
|
| COMMON STOCKS - 100.0% (Continued) |
Shares |
Value |
| Financials - 15.4% (Continued) |
|
|
| Banking - 7.1% (Continued) |
|
|
| M&T Bank Corporation |
19,947 |
$ 4,123,444 |
| PNC Financial Services Group, Inc. (The) |
22,066 |
4,591,714 |
| |
|
|
|
15,199,621 |
| Health Care - 13.2% |
|
|
| Biotech & Pharma - 6.5% |
|
|
| Johnson & Johnson |
24,932 |
6,094,378 |
| Merck & Company, Inc. |
43,950 |
5,286,746 |
| Pfizer, Inc. |
86,288 |
2,422,967 |
| |
|
|
|
13,804,091 |
| Health Care Facilities & Services - 2.7% |
|
|
| CVS Health Corporation |
78,838 |
5,662,145 |
| |
|
|
|
|
| Medical Equipment & Devices - 4.0% |
|
|
| Becton, Dickinson and Company |
21,519 |
3,383,432 |
| Medtronic plc |
60,083 |
5,206,192 |
| |
|
|
|
8,589,624 |
| Industrials - 21.5% |
|
|
| Aerospace & Defense - 5.3% |
|
|
| RTX Corporation |
58,394 |
11,264,203 |
| |
|
|
|
|
| Commercial Support Services - 3.8% |
|
|
| Republic Services, Inc. |
37,611 |
8,237,561 |
| |
|
|
|
|
| Electrical Equipment - 2.0% |
|
|
| Carrier Global Corporation |
74,983 |
4,222,293 |
| |
|
|
|
|
| Machinery - 10.4% |
|
|
| Caterpillar, Inc. |
18,575 |
13,159,644 |
| Deere & Company |
16,045 |
9,038,149 |
| |
|
|
|
22,197,793 |
| Materials - 0.9% |
|
|
| Chemicals - 0.9% |
|
|
| DuPont de Nemours, Inc. |
41,270 |
1,890,166 |
| |
|
|
|
|
| Technology - 11.3% |
|
|
| Semiconductors - 3.9% |
|
|
| Qnity Electronics, Inc. |
24,437 |
2,819,541 |
| Texas Instruments, Inc. |
28,488 |
5,530,660 |
| |
|
|
|
8,350,201 |
| CUTLER EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
|
|
| COMMON STOCKS - 100.0% (Continued) |
Shares |
Value |
| Technology - 11.3% (Continued) |
|
|
| Software - 5.1% |
|
|
| Microsoft Corporation |
29,130 |
$ 10,783,052 |
| |
|
|
|
|
| Technology Services - 2.3% |
|
|
| International Business Machines Corporation |
20,694 |
5,016,019 |
| |
|
|
|
|
| Utilities - 3.0% |
|
|
| Electric Utilities - 3.0% |
|
|
| NextEra Energy, Inc. |
68,647 |
6,375,933 |
| |
|
|
|
|
| Total Common Stocks (Cost $89,824,441) |
$ 213,163,680 |
| |
|
|
|
|
| |
|
|
|
|
| MONEY MARKET FUNDS - 0.3% |
Shares |
Value |
| Invesco Short-Term Investment Trust Government & Agency Portfolio - Institutional Class, 3.58% (a) (Cost $667,964) |
667,964 |
$ 667,964 |
| |
|
|
|
|
| Total Investments at Value - 100.3% (Cost $90,492,405) |
$ 213,831,644 |
| |
|
|
|
| Liabilities in Excess of Other Assets - (0.3%) |
(648,421) |
| |
|
|
|
| Net Assets - 100.0% |
$ 213,183,223 |
| |