0001398344-12-003405.txt : 20121105 0001398344-12-003405.hdr.sgml : 20121105 20121105144554 ACCESSION NUMBER: 0001398344-12-003405 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20121105 DATE AS OF CHANGE: 20121105 EFFECTIVENESS DATE: 20121105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CUTLER TRUST CENTRAL INDEX KEY: 0000892568 IRS NUMBER: 133693851 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07242 FILM NUMBER: 121179660 BUSINESS ADDRESS: STREET 1: C/O ULTIMUS FUND SOLUTIONS, LLC STREET 2: 225 PICTORIA DRIVE, SUITE 450 CITY: CINCINNATI STATE: OH ZIP: 45246 BUSINESS PHONE: 513-587-3400 MAIL ADDRESS: STREET 1: C/O ULTIMUS FUND SOLUTIONS, LLC STREET 2: 225 PICTORIA DRIVE, SUITE 450 CITY: CINCINNATI STATE: OH ZIP: 45246 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CUTLER TRUST CENTRAL INDEX KEY: 0000892568 IRS NUMBER: 133693851 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-52850 FILM NUMBER: 121179661 BUSINESS ADDRESS: STREET 1: C/O ULTIMUS FUND SOLUTIONS, LLC STREET 2: 225 PICTORIA DRIVE, SUITE 450 CITY: CINCINNATI STATE: OH ZIP: 45246 BUSINESS PHONE: 513-587-3400 MAIL ADDRESS: STREET 1: C/O ULTIMUS FUND SOLUTIONS, LLC STREET 2: 225 PICTORIA DRIVE, SUITE 450 CITY: CINCINNATI STATE: OH ZIP: 45246 0000892568 S000001540 Cutler Equity Fund C000004187 Cutler Equity Fund CALEX 485BPOS 1 fp0005719_485bpos-xbrl.htm fp0005719_485bpos-xbrl.htm
 
AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON NOVEMBER 5, 2012
1933 Act File No. 33-52850
1940 Act File No. 811-07242


U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
  [X]
     
Pre-Effective Amendment No.
[     ]
 
     
     Post-Effective Amendment No.
[ 32 ]
 
     
and/or
     
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[X]
     
Amendment No.
[ 33 ]
 
 
(Check appropriate box or boxes)

THE CUTLER TRUST
(Exact Name of Registrant as Specified in Charter)
525 Bigham Knoll
Jacksonville, Oregon 97530

Registrant's Telephone Number, including Area Code:   (513) 587-3400

Tina H. Bloom
Ultimus Fund Solutions, LLC
225 Pictoria Drive, Suite 450
Cincinnati, Ohio 45246
 (Name and Address of Agent for Service)
 
It is proposed that this filing will become effective (check appropriate box):

/X  /
immediately upon filing pursuant to paragraph (b)
/    /
on (date) pursuant to paragraph (b)
/    /
60 days after filing pursuant to paragraph (a)(1)
/    /
on (date) pursuant to paragraph (a)(1)
/    /
75 days after filing pursuant to paragraph (a)(2)
/    /
on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:
/    /
This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
 
 
 

 
 
EXPLANATORY NOTE
 
This Post-Effective Amendment No. 32 to the Trust's Registration Statement on Form N-1A is filed for the sole purpose of submitting the XBRL exhibits for the risk/return summary first provided in Post-Effective Amendment No. 31 filed October 29, 2012 and incorporates Parts A, B and C from said amendment.
 
 
 

 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and that it has duly caused this Registration Statement to be signed below on its behalf by the undersigned, thereunto duly authorized, in the City of Jacksonville and State of Oregon, on the 5th day of November, 2012.
 
  THE CUTLER TRUST  
       
  By: 
/s/ Erich M. Patten
 
       
  Erich M. Patten, President  

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature
 
Title
 
Date
         
/s/ Erich M. Patten
 
President
 
November 5, 2012
Erich M. Patten
 
(Chief Executive Officer)
   
         
         
/s/ Matthew C. Patten
 
Treasurer (Chief Financial
 
November 5, 2012
Matthew C. Patten
 
Officer) and Trustee
   
         
         
 
 
Trustee
 
/s/ Tina H. Bloom
Mario J. Campagna*
     
Tina H. Bloom
       
Attorney-in-fact*
       
November 5, 2012
 
 
Trustee
   
John P. Cooney*
       
         
         
 
 
Trustee
   
Robert F. Turner*
       
 
 
 

 
 
EXHIBIT INDEX

Exhibit No.
Exhibit
EX-101.INS
XBRL Instance Document
EX-101.SCH
XBRL Taxonomy Extension Schema Document
EX-101.DEF
XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB
XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE
XBRL Taxonomy Extension Presentation Linkbase
EX-101.INS 2 cutlerequity-20121101.xml XBRL INSTANCE DOCUMENT 0000892568 2012-11-01 2012-11-01 0000892568 cutlerequity:S000001540Member 2012-11-01 2012-11-01 0000892568 cutlerequity:S000001540Member cutlerequity:C000004187Member 2012-11-01 2012-11-01 0000892568 cutlerequity:S000001540Member cutlerequity:C000004187Member rr:AfterTaxesOnDistributionsMember 2012-11-01 2012-11-01 0000892568 cutlerequity:S000001540Member cutlerequity:C000004187Member rr:AfterTaxesOnDistributionsAndSalesMember 2012-11-01 2012-11-01 0000892568 cutlerequity:S000001540Member cutlerequity:snp500Member 2012-11-01 2012-11-01 iso4217:USD pure shares iso4217:USD shares 0000892568 CUTLER TRUST 485BPOS false <p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>RISK/RETURN SUMMARY</b></p><hr size="2" style="color: Black; width: 100%"/> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>INVESTMENT OBJECTIVE</B></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The investment objective of the Cutler Equity Fund (the &ldquo;Fund&rdquo;) is current income and long-term capital appreciation.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>FEES AND EXPENSES</B></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The following tables describe the fees and expenses that you will pay if you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Shareholder Fees</b><br>(fees paid directly from your investment)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Annual Fund Operating Expenses</b><br>(expenses that you pay each year as a percentage of the value of your investment)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:center"><b>Annual Total Returns</b></p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact cutlerequity_S000001540Member ~ </div> 0 0.00 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact cutlerequity_S000001540Member ~ </div> 0.0075 0.0005 0.0047 0.0001 0.0128 -0.0012 0.0116 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Example</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund&rsquo;s operating expenses remain the same and the contractual agreement to limit expenses remains in effect until November 1, 2013. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact cutlerequity_S000001540Member ~ </div> 118 394 691 1535 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 9% of the average value of its portfolio.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>PRINCIPAL INVESTMENT STRATEGIES OF THE FUND</B></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">In seeking to meet its investment objective, the Fund expects that under normal conditions at least 80% of its assets will be invested in a diversified portfolio of common stocks according to the Adviser&rsquo;s investment style. For purposes of this policy, &ldquo;assets&rdquo; shall mean net assets plus the amount of any borrowings for investment purposes (although the Fund is not currently permitted to do so). The Adviser chooses investments in common stocks based on its judgment of fundamental value, which emphasizes stocks that the Adviser judges to have favorable dividend yields and growth prospects relative to comparable companies. Factors deemed particularly relevant in determining fundamental value include:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; earnings</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; dividend and market price histories</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; balance sheet characteristics</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; perceived management skills</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Changes in economic and political outlooks, as well as corporate developments affecting individual companies, can influence specific security prices. The Fund typically invests in stocks of companies that have a total market capitalization of at least $10 billion and, in the Adviser&rsquo;s opinion, have institutional ownership that is sufficiently broad to provide adequate liquidity suitable to the Fund&rsquo;s holdings.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Adviser uses both &ldquo;top-down&rdquo; and &ldquo;bottom-up&rdquo; approaches, and investment selections are made using a rigorous fundamental approach. Top-down research involves the study of economic trends in the domestic and global economy, such as the fluctuation in interest or unemployment rates. These factors help to identify industries and sectors with the potential to outperform as a result of major economic developments. Bottom-up research involves detailed analysis of specific companies. Important factors include industry characteristics, profitability, growth dynamics, industry positioning, strength of management, valuation and expected return for the foreseeable future. Particular attention is paid to a company&rsquo;s ability to pay or increase its current dividend.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Adviser will sell securities for any one of three possible reasons:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; When another company is found by the Adviser to have a higher current dividend yield or better potential for capital appreciation and dividend growth.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; If the industry moves in an unforeseen direction that negatively impacts the positioning of a particular investment or if the company&rsquo;s strategy, execution or industry positioning itself deteriorates. The Adviser develops specific views on how industries are likely to evolve and how individual companies will participate in industry growth and change.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; If the Adviser believes that a company&rsquo;s management is not acting in a forthright manner.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>PRINCIPAL RISKS OF INVESTING IN THE FUND</B></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">There is no assurance that the Fund will achieve its investment objective. The Fund&rsquo;s net asset value and total return will fluctuate based upon changes in the value of its portfolio securities. Upon redemption, an investment in the Fund may be worth less than its original cost. The Fund, by itself, does not provide a complete investment program.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">All investments made by the Fund have some risk. Among other things, the market value of any security in which the Fund may invest is based upon the market&rsquo;s perception of value and not necessarily the book value of an issuer or other objective measures of the issuer&rsquo;s worth.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund may be an appropriate investment if you are seeking long-term growth in your investment and are willing to tolerate significant fluctuations in the value of your investment in response to changes in the market value of the stocks the Fund holds. This type of market movement may affect the price of the securities of a single issuer, a segment of the domestic stock market or the entire market. The investment style utilized for the Fund could fall out of favor with the market.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund may invest in mid-capitalization (&ldquo;mid-cap&rdquo;) companies. Mid-cap companies often involve higher risks than large cap companies because these companies may lack the financial resources, product diversification and competitive strengths of larger companies. In addition, the frequency and volume of the trading of securities of mid-cap companies is substantially less than is typical of larger companies. Therefore, the securities of mid-cap companies may be subject to greater price fluctuations. Mid-cap companies also may not be widely followed by investors, which can lower the demand for their stock.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">In summary, you could lose money on your investment in the Fund, or the Fund could underperform other investments, if any of the following occurs:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; The stock market goes down</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; The stock market undervalues the stocks in the Fund&rsquo;s portfolio</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; The Adviser&rsquo;s judgment as to the value of the Fund&rsquo;s stocks proves to be mistaken</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>PERFORMANCE SUMMARY</B></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The bar chart and performance table that follow provide some indication of the risks and variability of investing in the Fund by showing the changes in the Fund&rsquo;s performance from year to year for the last ten calendar years, and by showing how the Fund&rsquo;s average annual total returns for 1, 5 and 10 years compare with those of a broad measure of market performance. How the Fund has performed in the past is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current to the most recent month end, is available by calling 1-888-CUTLER4 (1-888-288-5374).</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact cutlerequity_S000001540Member ~ </div> -0.226 0.2467 0.0734 0.0346 0.1733 0.0515 -0.2867 0.1956 0.1711 0.0764 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund&rsquo;s 2012 year-to-date total return through September 30, 2012 is 10.29%.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">During the periods shown in the bar chart, the highest quarterly return was 15.58% during the quarter ended June 30, 2003 and the lowest quarterly return was -21.75% during the quarter ended September 30, 2002.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Average Annual Total Returns For Periods Ended December 31, 2011</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&rsquo;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact cutlerequity_S000001540Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0764 0.0248 0.0358 0.0738 0.0221 0.0326 0.0531 0.0208 0.0299 0.0211 -0.0025 0.0292 CALEX (1) Total Annual Fund Operating Expenses will not correlate to the Fund&rsquo;s ratio of expenses to average net assets in the Fund&rsquo;s Financial Highlights, which reflects the operating expenses of the Fund but does not include &ldquo;Acquired Fund Fees and Expenses.&rdquo; 2013-11-01 0.09 In summary, you could lose money on your investment in the Fund, or the Fund could underperform other investments, if any of the following occurs: The bar chart and performance table that follow provide some indication of the risks and variability of investing in the Fund by showing the changes in the Fund&rsquo;s performance from year to year for the last ten calendar years, and by showing how the Fund&rsquo;s average annual total returns for 1, 5 and 10 years compare with those of a broad measure of market performance. 1-888-CUTLER4 (1-888-288-5374) How the Fund has performed in the past is not necessarily an indication of how the Fund will perform in the future. year-to-date total return 2012-09-30 0.1029 highest quarterly return 2003-06-30 0.1558 lowest quarterly return 2002-09-30 -0.2175 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs). 2012-11-01 2012-10-29 2012-11-01 2012-06-30 Total Annual Fund Operating Expenses will not correlate to the Fund's ratio of expenses to average net assets in the Fund's Financial Highlights, which reflects the operating expenses of the Fund but does not include "Acquired Fund Fees and Expenses." Annual Fund Operating Expenses have been restated to reflect that the Fund's investment adviser, Cutler Investment Counsel, LLC (the "Adviser"), has contractually agreed, until November 1, 2013, to waive its management fees and to pay the Fund's operating expenses to the extent necessary to limit Annual Fund Operating Expenses to an amount not exceeding 1.15% of the Fund's average daily net assets. Management fee waivers and operating expenses paid by the Adviser are subject to repayment by the Fund for a period of 3 years after such fees and expenses were incurred, provided that the repayments do not cause Annual Fund Operating Expenses to exceed the foregoing expense limitation. Annual Fund Operating Expenses exclude brokerage costs, taxes, interest, Acquired Fund Fees and Expenses and extraordinary expenses. Prior to November 1, 2013, the expense limitation agreement may be modified or terminated only with approval by the Board of Trustees. EX-101.SCH 3 cutlerequity-20121101.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT EX-101.DEF 4 cutlerequity-20121101_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 5 cutlerequity-20121101_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE Share Class [Axis] Performance Measure [Axis] Prospectus [Table] All Classes Average Annual Return, Column Name Series [Axis] All Series All Prospectus Prospectus [Axis] Creation Date Effective Date Period End Date Trading Symbol Expense Example, 1 YEAR Expense Example, No Redemption, 1 YEAR Expense Example, 3 YEARS Expense Example, No Redemption, 3 YEARS Expense Example, 5 YEARS Expense Example, No Redemption, 5 YEARS Expense Example, 10 YEARS Expense Example, No Redemption, 10 YEARS 1 Year 1 Year 3 Years 3 Years 5 Years 5 Years 10 Years 10 Years CIK Registrant Name Document Type Amendment Am.Description Prospectus Date Cutler Equity Fund Cutler Equity Fund Shares Risk/Return: Risk/Return Investment objective: Investment objective Secondary objectives Fees and expenses of the fund: Fees and expenses of the fund, narrative Shareholder fees, caption Shareholder fees, table Maximum sales charge (load) imposed on purchases (as a percentage of offering price) Maximum Cumulative Sales Charge / Other Sales Charge (Load) Imposed on Purchases Maximum deferred sales charge (load) (as a percentage of the offering price) Maximum deferred sales charge (as a percentage of the amount redeemed) Maximum sales charge (load) imposed on reinvested dividends Redemption Fee (on shares redeemed within 90 days of purchase) Redemption Fee {neg} Redemption Fees Redemption Fee Exchange Fee (as a percentage of net assets) Exchange Fee Maximum Account Fee (as a percentage of net assets) Maximum annual account fee Other Fees (as a percentage of net assets) Annual fund operating expenses, heading Annual fund operating expenses, table Management Fees Service Fees Distribution or similar (non 12b-1) Fees (as a percentage of net assets) Other Expenses, Component 1 (as a percentage of net assets) Other Expenses, Component 2 (as a percentage of net assets) Other Expenses, Component 3 (as a percentage of net assets) Other Expenses Acquired Fund Fees and Expenses Total Annual Fund Operating Expenses Less: Fee Waivers Total Annual Fund Operating Expenses After Fee Waivers Portfolio turnover, heading Portfolio turnover, narrative Portfolio Turnover Rate Expense Footnotes Deferred Charges, Narrative Range of Exchange Fees, Narrative Expense Breakpoint Discounts Expense Breakpoint, Minimum Investment Required Expense Exchange Traded Fund Commissions Expenses Represent Both Master and Feeder Expenses Explanation of Nonrecurring Account Fee Other Expenses, New Fund, Based on Estimates Acquired Fund Fees and Expenses, Based on Estimates Expenses Other Expenses Had Extraordinary Expenses Been Included Expenses Restated to Reflect Current Expenses Not Correlated to Ratio Due to Acquired Fund Fees Example, heading Expense Example, with Redemption, heading Expense Example, Narrative Expense Example, with Redemption, Caption Expense Example, with Redemption, table Expense Example, Column Name Expense Example, No Redemption, Narrative Expense Example, No Redemption, Caption Expense Example, No Redemption, table Expense Example, No Redemption, Column Name Expense Example Footnotes Expense Example Closing Strategy, Heading Strategy, Narrative Portfolio Concentration Risk, Heading Risk, Narrative Risk Footnotes Risk Closing May Lose Money Date Of Termination Risk, Nondiversified Risk, Money Market Fund Not Insured Depository Institution Risk Caption Risk Column Name Risk Bar Chart and Performance Table, Heading Performance, Narrative Performance, Information Illustrates Variability of Returns Performance, One Year or Less Performance, Additional Market Index Performance, Availability by Phone Performance, Availability at Web Site Address Performance, Past Does Not Indicate Future Bar Chart, Heading Bar Chart, Narrative Bar Chart, Does Not Reflect Sales Loads Bar Chart Annual Return, Caption Annual Return, Inception Date 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Bar Chart, Footnotes Bar Chart, Closing Bar Chart, Reason Selected Class Different from Immediately Preceding Period Bar Chart, Returns for Class Not Offered in Prospectus Year to Date Return, Label Year to Date Return, Date Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return Date Lowest Quarterly Return Performance Table: Performance Table Narrative Average Annual Return Caption Performance Table 1 Year 5 Years 10 Years Since Inception Inception Date Before taxes - After Taxes on Distributions - After Taxes on Distributions and Sale of Fund Shares Market Index Performance Standard & Poor's 500 Index (reflects no deduction for fees, expenses or taxes) Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period Performance Table Footnotes Performance Table Closing Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred One Class of After-Tax Shown Performance Table Explains why after Tax Higher Money Market, Seven Day Yield Caption Money Market, Seven Day Yield Column Name 7-Day Yield Phone 7-Day Yield 7-Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column Name 30-Day Yield Phone 30-Day Yield 30-Day Tax Equivalent Yield Risk/Return Detail Table Text Block EX-101.PRE 6 cutlerequity-20121101_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 7 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; 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XML 11 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Period End Date dei_DocumentPeriodEndDate Jun. 30, 2012
Registrant Name dei_EntityRegistrantName CUTLER TRUST
CIK dei_EntityCentralIndexKey 0000892568
Amendment dei_AmendmentFlag false
Creation Date dei_DocumentCreationDate Oct. 29, 2012
Effective Date dei_DocumentEffectiveDate Nov. 01, 2012
Prospectus Date rr_ProspectusDate Nov. 01, 2012
Cutler Equity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

RISK/RETURN SUMMARY


Investment objective: rr_ObjectiveHeading

INVESTMENT OBJECTIVE

Investment objective rr_ObjectivePrimaryTextBlock

The investment objective of the Cutler Equity Fund (the “Fund”) is current income and long-term capital appreciation.

Fees and expenses of the fund: rr_ExpenseHeading

FEES AND EXPENSES

Fees and expenses of the fund, narrative rr_ExpenseNarrativeTextBlock

The following tables describe the fees and expenses that you will pay if you buy and hold shares of the Fund.

Shareholder fees, caption rr_ShareholderFeesCaption

Shareholder Fees
(fees paid directly from your investment)

Annual fund operating expenses, heading rr_OperatingExpensesCaption

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Date Of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-11-01
Portfolio turnover, heading rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio turnover, narrative rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 9% of the average value of its portfolio.

Portfolio Turnover Rate rr_PortfolioTurnoverRate 9.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees (1) Total Annual Fund Operating Expenses will not correlate to the Fund’s ratio of expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.”
Example, heading rr_ExpenseExampleHeading

Example

Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund’s operating expenses remain the same and the contractual agreement to limit expenses remains in effect until November 1, 2013. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy, Heading rr_StrategyHeading

PRINCIPAL INVESTMENT STRATEGIES OF THE FUND

Strategy, Narrative rr_StrategyNarrativeTextBlock

In seeking to meet its investment objective, the Fund expects that under normal conditions at least 80% of its assets will be invested in a diversified portfolio of common stocks according to the Adviser’s investment style. For purposes of this policy, “assets” shall mean net assets plus the amount of any borrowings for investment purposes (although the Fund is not currently permitted to do so). The Adviser chooses investments in common stocks based on its judgment of fundamental value, which emphasizes stocks that the Adviser judges to have favorable dividend yields and growth prospects relative to comparable companies. Factors deemed particularly relevant in determining fundamental value include:

 

• earnings

 

• dividend and market price histories

 

• balance sheet characteristics

 

• perceived management skills

 

Changes in economic and political outlooks, as well as corporate developments affecting individual companies, can influence specific security prices. The Fund typically invests in stocks of companies that have a total market capitalization of at least $10 billion and, in the Adviser’s opinion, have institutional ownership that is sufficiently broad to provide adequate liquidity suitable to the Fund’s holdings.

 

The Adviser uses both “top-down” and “bottom-up” approaches, and investment selections are made using a rigorous fundamental approach. Top-down research involves the study of economic trends in the domestic and global economy, such as the fluctuation in interest or unemployment rates. These factors help to identify industries and sectors with the potential to outperform as a result of major economic developments. Bottom-up research involves detailed analysis of specific companies. Important factors include industry characteristics, profitability, growth dynamics, industry positioning, strength of management, valuation and expected return for the foreseeable future. Particular attention is paid to a company’s ability to pay or increase its current dividend.

 

The Adviser will sell securities for any one of three possible reasons:

 

• When another company is found by the Adviser to have a higher current dividend yield or better potential for capital appreciation and dividend growth.

 

• If the industry moves in an unforeseen direction that negatively impacts the positioning of a particular investment or if the company’s strategy, execution or industry positioning itself deteriorates. The Adviser develops specific views on how industries are likely to evolve and how individual companies will participate in industry growth and change.

 

• If the Adviser believes that a company’s management is not acting in a forthright manner.

Risk, Heading rr_RiskHeading

PRINCIPAL RISKS OF INVESTING IN THE FUND

Risk, Narrative rr_RiskNarrativeTextBlock

There is no assurance that the Fund will achieve its investment objective. The Fund’s net asset value and total return will fluctuate based upon changes in the value of its portfolio securities. Upon redemption, an investment in the Fund may be worth less than its original cost. The Fund, by itself, does not provide a complete investment program.

 

All investments made by the Fund have some risk. Among other things, the market value of any security in which the Fund may invest is based upon the market’s perception of value and not necessarily the book value of an issuer or other objective measures of the issuer’s worth.

 

The Fund may be an appropriate investment if you are seeking long-term growth in your investment and are willing to tolerate significant fluctuations in the value of your investment in response to changes in the market value of the stocks the Fund holds. This type of market movement may affect the price of the securities of a single issuer, a segment of the domestic stock market or the entire market. The investment style utilized for the Fund could fall out of favor with the market.

 

The Fund may invest in mid-capitalization (“mid-cap”) companies. Mid-cap companies often involve higher risks than large cap companies because these companies may lack the financial resources, product diversification and competitive strengths of larger companies. In addition, the frequency and volume of the trading of securities of mid-cap companies is substantially less than is typical of larger companies. Therefore, the securities of mid-cap companies may be subject to greater price fluctuations. Mid-cap companies also may not be widely followed by investors, which can lower the demand for their stock.

 

In summary, you could lose money on your investment in the Fund, or the Fund could underperform other investments, if any of the following occurs:

 

• The stock market goes down

 

• The stock market undervalues the stocks in the Fund’s portfolio

 

• The Adviser’s judgment as to the value of the Fund’s stocks proves to be mistaken

May Lose Money rr_RiskLoseMoney In summary, you could lose money on your investment in the Fund, or the Fund could underperform other investments, if any of the following occurs:
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading

PERFORMANCE SUMMARY

Performance, Narrative rr_PerformanceNarrativeTextBlock

The bar chart and performance table that follow provide some indication of the risks and variability of investing in the Fund by showing the changes in the Fund’s performance from year to year for the last ten calendar years, and by showing how the Fund’s average annual total returns for 1, 5 and 10 years compare with those of a broad measure of market performance. How the Fund has performed in the past is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current to the most recent month end, is available by calling 1-888-CUTLER4 (1-888-288-5374).

Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table that follow provide some indication of the risks and variability of investing in the Fund by showing the changes in the Fund’s performance from year to year for the last ten calendar years, and by showing how the Fund’s average annual total returns for 1, 5 and 10 years compare with those of a broad measure of market performance.
Performance, Availability by Phone rr_PerformanceAvailabilityPhone 1-888-CUTLER4 (1-888-288-5374)
Performance, Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture How the Fund has performed in the past is not necessarily an indication of how the Fund will perform in the future.
Bar Chart, Heading rr_BarChartHeading

Annual Total Returns

Bar Chart, Closing rr_BarChartClosingTextBlock

The Fund’s 2012 year-to-date total return through September 30, 2012 is 10.29%.

 

During the periods shown in the bar chart, the highest quarterly return was 15.58% during the quarter ended June 30, 2003 and the lowest quarterly return was -21.75% during the quarter ended September 30, 2002.

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Year to Date Return rr_BarChartYearToDateReturn 10.29%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest quarterly return
Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 15.58%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return
Lowest Quarterly Return Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2002
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (21.75%)
Performance Table: rr_PerformanceTableHeading

Average Annual Total Returns For Periods Ended December 31, 2011

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).

Cutler Equity Fund | Standard & Poor's 500 Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.11%
5 Years rr_AverageAnnualReturnYear05 (0.25%)
10 Years rr_AverageAnnualReturnYear10 2.92%
Cutler Equity Fund | Cutler Equity Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol CALEX
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee rr_RedemptionFee none
Management Fees rr_ManagementFeesOverAssets 0.75%
Service Fees rr_DistributionAndService12b1FeesOverAssets 0.05%
Other Expenses rr_OtherExpensesOverAssets 0.47%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.28% [1]
Less: Fee Waivers rr_FeeWaiverOrReimbursementOverAssets (0.12%) [2]
Total Annual Fund Operating Expenses After Fee Waivers rr_NetExpensesOverAssets 1.16% [2]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 118
Expense Example, 3 YEARS rr_ExpenseExampleYear03 394
Expense Example, 5 YEARS rr_ExpenseExampleYear05 691
Expense Example, 10 YEARS rr_ExpenseExampleYear10 1,535
2002 rr_AnnualReturn2002 (22.60%)
2003 rr_AnnualReturn2003 24.67%
2004 rr_AnnualReturn2004 7.34%
2005 rr_AnnualReturn2005 3.46%
2006 rr_AnnualReturn2006 17.33%
2007 rr_AnnualReturn2007 5.15%
2008 rr_AnnualReturn2008 (28.67%)
2009 rr_AnnualReturn2009 19.56%
2010 rr_AnnualReturn2010 17.11%
2011 rr_AnnualReturn2011 7.64%
1 Year rr_AverageAnnualReturnYear01 7.64%
5 Years rr_AverageAnnualReturnYear05 2.48%
10 Years rr_AverageAnnualReturnYear10 3.58%
Cutler Equity Fund | Cutler Equity Fund Shares | - After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.38%
5 Years rr_AverageAnnualReturnYear05 2.21%
10 Years rr_AverageAnnualReturnYear10 3.26%
Cutler Equity Fund | Cutler Equity Fund Shares | - After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.31%
5 Years rr_AverageAnnualReturnYear05 2.08%
10 Years rr_AverageAnnualReturnYear10 2.99%
[1] Total Annual Fund Operating Expenses will not correlate to the Fund's ratio of expenses to average net assets in the Fund's Financial Highlights, which reflects the operating expenses of the Fund but does not include "Acquired Fund Fees and Expenses."
[2] Annual Fund Operating Expenses have been restated to reflect that the Fund's investment adviser, Cutler Investment Counsel, LLC (the "Adviser"), has contractually agreed, until November 1, 2013, to waive its management fees and to pay the Fund's operating expenses to the extent necessary to limit Annual Fund Operating Expenses to an amount not exceeding 1.15% of the Fund's average daily net assets. Management fee waivers and operating expenses paid by the Adviser are subject to repayment by the Fund for a period of 3 years after such fees and expenses were incurred, provided that the repayments do not cause Annual Fund Operating Expenses to exceed the foregoing expense limitation. Annual Fund Operating Expenses exclude brokerage costs, taxes, interest, Acquired Fund Fees and Expenses and extraordinary expenses. Prior to November 1, 2013, the expense limitation agreement may be modified or terminated only with approval by the Board of Trustees.
XML 12 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Cutler Equity Fund

RISK/RETURN SUMMARY


INVESTMENT OBJECTIVE

The investment objective of the Cutler Equity Fund (the “Fund”) is current income and long-term capital appreciation.

FEES AND EXPENSES

The following tables describe the fees and expenses that you will pay if you buy and hold shares of the Fund.

Shareholder Fees
(fees paid directly from your investment)

Shareholder Fees (USD $)
Cutler Equity Fund
Cutler Equity Fund Shares
Sales Charge (Load) Imposed on Purchases none
Redemption Fee none

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses
Cutler Equity Fund
Cutler Equity Fund Shares
Management Fees 0.75%
Service Fees 0.05%
Other Expenses 0.47%
Acquired Fund Fees and Expenses 0.01%
Total Annual Fund Operating Expenses [1] 1.28%
Less: Fee Waivers [2] (0.12%)
Total Annual Fund Operating Expenses After Fee Waivers [2] 1.16%
[1] Total Annual Fund Operating Expenses will not correlate to the Fund's ratio of expenses to average net assets in the Fund's Financial Highlights, which reflects the operating expenses of the Fund but does not include "Acquired Fund Fees and Expenses."
[2] Annual Fund Operating Expenses have been restated to reflect that the Fund's investment adviser, Cutler Investment Counsel, LLC (the "Adviser"), has contractually agreed, until November 1, 2013, to waive its management fees and to pay the Fund's operating expenses to the extent necessary to limit Annual Fund Operating Expenses to an amount not exceeding 1.15% of the Fund's average daily net assets. Management fee waivers and operating expenses paid by the Adviser are subject to repayment by the Fund for a period of 3 years after such fees and expenses were incurred, provided that the repayments do not cause Annual Fund Operating Expenses to exceed the foregoing expense limitation. Annual Fund Operating Expenses exclude brokerage costs, taxes, interest, Acquired Fund Fees and Expenses and extraordinary expenses. Prior to November 1, 2013, the expense limitation agreement may be modified or terminated only with approval by the Board of Trustees.

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund’s operating expenses remain the same and the contractual agreement to limit expenses remains in effect until November 1, 2013. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)
1 Year
3 Years
5 Years
10 Years
Cutler Equity Fund Cutler Equity Fund Shares
118 394 691 1,535

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 9% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES OF THE FUND

In seeking to meet its investment objective, the Fund expects that under normal conditions at least 80% of its assets will be invested in a diversified portfolio of common stocks according to the Adviser’s investment style. For purposes of this policy, “assets” shall mean net assets plus the amount of any borrowings for investment purposes (although the Fund is not currently permitted to do so). The Adviser chooses investments in common stocks based on its judgment of fundamental value, which emphasizes stocks that the Adviser judges to have favorable dividend yields and growth prospects relative to comparable companies. Factors deemed particularly relevant in determining fundamental value include:

 

• earnings

 

• dividend and market price histories

 

• balance sheet characteristics

 

• perceived management skills

 

Changes in economic and political outlooks, as well as corporate developments affecting individual companies, can influence specific security prices. The Fund typically invests in stocks of companies that have a total market capitalization of at least $10 billion and, in the Adviser’s opinion, have institutional ownership that is sufficiently broad to provide adequate liquidity suitable to the Fund’s holdings.

 

The Adviser uses both “top-down” and “bottom-up” approaches, and investment selections are made using a rigorous fundamental approach. Top-down research involves the study of economic trends in the domestic and global economy, such as the fluctuation in interest or unemployment rates. These factors help to identify industries and sectors with the potential to outperform as a result of major economic developments. Bottom-up research involves detailed analysis of specific companies. Important factors include industry characteristics, profitability, growth dynamics, industry positioning, strength of management, valuation and expected return for the foreseeable future. Particular attention is paid to a company’s ability to pay or increase its current dividend.

 

The Adviser will sell securities for any one of three possible reasons:

 

• When another company is found by the Adviser to have a higher current dividend yield or better potential for capital appreciation and dividend growth.

 

• If the industry moves in an unforeseen direction that negatively impacts the positioning of a particular investment or if the company’s strategy, execution or industry positioning itself deteriorates. The Adviser develops specific views on how industries are likely to evolve and how individual companies will participate in industry growth and change.

 

• If the Adviser believes that a company’s management is not acting in a forthright manner.

PRINCIPAL RISKS OF INVESTING IN THE FUND

There is no assurance that the Fund will achieve its investment objective. The Fund’s net asset value and total return will fluctuate based upon changes in the value of its portfolio securities. Upon redemption, an investment in the Fund may be worth less than its original cost. The Fund, by itself, does not provide a complete investment program.

 

All investments made by the Fund have some risk. Among other things, the market value of any security in which the Fund may invest is based upon the market’s perception of value and not necessarily the book value of an issuer or other objective measures of the issuer’s worth.

 

The Fund may be an appropriate investment if you are seeking long-term growth in your investment and are willing to tolerate significant fluctuations in the value of your investment in response to changes in the market value of the stocks the Fund holds. This type of market movement may affect the price of the securities of a single issuer, a segment of the domestic stock market or the entire market. The investment style utilized for the Fund could fall out of favor with the market.

 

The Fund may invest in mid-capitalization (“mid-cap”) companies. Mid-cap companies often involve higher risks than large cap companies because these companies may lack the financial resources, product diversification and competitive strengths of larger companies. In addition, the frequency and volume of the trading of securities of mid-cap companies is substantially less than is typical of larger companies. Therefore, the securities of mid-cap companies may be subject to greater price fluctuations. Mid-cap companies also may not be widely followed by investors, which can lower the demand for their stock.

 

In summary, you could lose money on your investment in the Fund, or the Fund could underperform other investments, if any of the following occurs:

 

• The stock market goes down

 

• The stock market undervalues the stocks in the Fund’s portfolio

 

• The Adviser’s judgment as to the value of the Fund’s stocks proves to be mistaken

PERFORMANCE SUMMARY

The bar chart and performance table that follow provide some indication of the risks and variability of investing in the Fund by showing the changes in the Fund’s performance from year to year for the last ten calendar years, and by showing how the Fund’s average annual total returns for 1, 5 and 10 years compare with those of a broad measure of market performance. How the Fund has performed in the past is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current to the most recent month end, is available by calling 1-888-CUTLER4 (1-888-288-5374).

Annual Total Returns

Bar Chart

The Fund’s 2012 year-to-date total return through September 30, 2012 is 10.29%.

 

During the periods shown in the bar chart, the highest quarterly return was 15.58% during the quarter ended June 30, 2003 and the lowest quarterly return was -21.75% during the quarter ended September 30, 2002.

Average Annual Total Returns For Periods Ended December 31, 2011

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).

Average Annual Total Returns Cutler Equity Fund
1 Year
5 Years
10 Years
Cutler Equity Fund Shares
7.64% 2.48% 3.58%
Cutler Equity Fund Shares - After Taxes on Distributions
7.38% 2.21% 3.26%
Cutler Equity Fund Shares - After Taxes on Distributions and Sale of Fund Shares
5.31% 2.08% 2.99%
Standard & Poor's 500 Index (reflects no deduction for fees, expenses or taxes)
2.11% (0.25%) 2.92%
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