OMB APPROVAL
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OMB Number: 3235-0578
Expires: April 30, 2013
Estimated average burden hours per response: 5.6
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525 Bigham Knoll Jacksonville, Oregon
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97530
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(Address of principal executive offices)
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(Zip code)
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SCHEDULE OF INVESTMENTS
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September 30, 2012 (Unaudited)
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COMMON STOCKS — 97.5%
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Shares
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Value
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Consumer Discretionary — 14.7%
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Hotels, Restaurants & Leisure — 2.4%
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McDonald's Corporation
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24,405 | $ | 2,239,159 | |||||
Household Durables — 1.7%
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Tupperware Brands Corporation
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30,000 | 1,607,700 | ||||||
Media — 3.4%
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Walt Disney Company (The)
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60,975 | 3,187,773 | ||||||
Multiline Retail — 3.4%
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Nordstrom, Inc.
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56,385 | 3,111,324 | ||||||
Specialty Retail — 3.8%
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Home Depot, Inc. (The)
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58,420 | 3,526,815 | ||||||
Consumer Staples — 6.7%
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Beverages — 1.4%
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PepsiCo, Inc.
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18,745 | 1,326,584 | ||||||
Food & Staples Retailing — 1.2%
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Sysco Corporation
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34,845 | 1,089,603 | ||||||
Food Products — 1.1%
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Archer-Daniels-Midland Company
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37,135 | 1,009,329 | ||||||
Household Products — 3.0%
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Kimberly-Clark Corporation
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17,240 | 1,478,847 | ||||||
Procter & Gamble Company (The)
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18,680 | 1,295,645 | ||||||
2,774,492 | ||||||||
Energy — 14.4%
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Energy Equipment & Services — 3.2%
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Diamond Offshore Drilling, Inc.
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25,000 | 1,645,250 | ||||||
Halliburton Company
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40,000 | 1,347,600 | ||||||
2,992,850 |
CUTLER EQUITY FUND
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||||||||
SCHEDULE OF INVESTMENTS (Continued)
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COMMON STOCKS — 97.5% (Continued)
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Shares
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Value
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Energy — 14.4% (Continued)
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Oil, Gas & Consumable Fuels — 11.2%
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Anadarko Petroleum Corporation
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25,000 | $ | 1,748,000 | |||||
BP plc
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40,000 | 1,694,400 | ||||||
Chevron Corporation
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29,820 | 3,475,819 | ||||||
ConocoPhillips
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24,580 | 1,405,485 | ||||||
Exxon Mobil Corporation
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17,355 | 1,587,115 | ||||||
Phillips 66
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9,930 | 460,454 | ||||||
10,371,273 | ||||||||
Financials — 14.9%
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Capital Markets — 1.2%
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Charles Schwab Corporation (The)
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85,095 | 1,088,365 | ||||||
Commercial Banks — 1.7%
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M&T Bank Corporation
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16,340 | 1,554,915 | ||||||
Consumer Finance — 3.6%
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American Express Company
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59,205 | 3,366,396 | ||||||
Diversified Financial Services — 1.7%
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JPMorgan Chase & Company
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40,000 | 1,619,200 | ||||||
Insurance — 6.7%
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Chubb Corporation (The)
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39,670 | 3,026,028 | ||||||
Hartford Financial Services Group
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100,000 | 1,944,000 | ||||||
Lincoln National Corporation
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50,000 | 1,209,500 | ||||||
6,179,528 | ||||||||
Health Care — 14.7%
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Health Care Equipment & Supplies — 2.6%
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Becton, Dickinson and Company
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30,325 | 2,382,332 | ||||||
Health Care Providers & Services — 1.7%
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Aetna, Inc.
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40,000 | 1,584,000 |
CUTLER EQUITY FUND
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SCHEDULE OF INVESTMENTS (Continued)
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COMMON STOCKS — 97.5% (Continued)
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Shares
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Value
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Health Care — 14.7% (Continued)
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Pharmaceuticals — 10.4%
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Abbott Laboratories
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20,000 | $ | 1,371,200 | |||||
Bristol-Myers Squibb Company
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44,740 | 1,509,975 | ||||||
GlaxoSmithkline plc
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40,000 | 1,849,600 | ||||||
Johnson & Johnson
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21,420 | 1,476,052 | ||||||
Merck & Company, Inc.
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76,790 | 3,463,229 | ||||||
9,670,056 | ||||||||
Industrials — 8.2%
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Aerospace & Defense — 4.3%
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Honeywell International, Inc.
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21,540 | 1,287,015 | ||||||
United Technologies Corporation
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34,010 | 2,662,643 | ||||||
3,949,658 | ||||||||
Electrical Equipment — 1.2%
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Emerson Electric Company
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23,735 | 1,145,689 | ||||||
Machinery — 2.7%
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Caterpillar, Inc.
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28,980 | 2,493,439 | ||||||
Information Technology — 11.4%
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Computers & Peripherals — 1.4%
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Apple, Inc.
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2,000 | 1,334,520 | ||||||
IT Services — 4.1%
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International Business Machines Corporation
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18,565 | 3,851,309 | ||||||
Semiconductors & Semiconductor Equipment — 3.0%
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Intel Corporation
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64,465 | 1,462,066 | ||||||
Texas Instruments, Inc.
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47,400 | 1,305,870 | ||||||
2,767,936 | ||||||||
Software — 2.9%
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Microsoft Corporation
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89,425 | 2,663,077 | ||||||
Materials — 6.1%
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Chemicals — 3.3%
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E.I. du Pont de Nemours and Company
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32,905 | 1,654,134 | ||||||
Monsanto Company
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15,215 | 1,384,869 | ||||||
3,039,003 |
CUTLER EQUITY FUND
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SCHEDULE OF INVESTMENTS (Continued)
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COMMON STOCKS — 97.5% (Continued)
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Shares
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Value
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Materials — 6.1% (Continued)
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Metals & Mining — 2.8%
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Newmont Mining Corporation
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30,000 | $ | 1,680,300 | |||||
Nucor Corporation
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23,620 | 903,701 | ||||||
2,584,001 | ||||||||
Telecommunication Services — 4.7%
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Diversified Telecommunication Services — 4.7%
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AT&T, Inc.
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41,940 | 1,581,138 | ||||||
Verizon Communications, Inc.
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60,960 | 2,777,947 | ||||||
4,359,085 | ||||||||
Utilities — 1.7%
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Gas Utilities — 1.7%
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National Fuel Gas Company
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29,545 | 1,596,612 | ||||||
Total Common Stocks (Cost $72,891,705)
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$ | 90,466,023 | ||||||
MONEY MARKET FUNDS — 1.6%
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Shares
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Value
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AIM STIT - STIC Prime Portfolio - Institutional Class, 0.09% (a)
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1,520,196 | |||||||
(Cost $1,520,196)
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$ | 1,520,196 | ||||||
Total Investments at Value — 99.1% (Cost $74,411,901)
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$ | 91,986,219 | ||||||
Other Assets in Excess of Liabilities — 0.9%
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792,161 | |||||||
Net Assets — 100.0%
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$ | 92,778,380 |
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·
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Level 1 – quoted prices in active markets for identical securities
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·
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Level 2 – other significant observable inputs
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·
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Level 3 – significant unobservable inputs
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Level 1
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Level 2
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Level 3
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Total
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Common Stocks
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$ | 90,466,023 | $ | - | $ | - | $ | 90,466,023 | ||||||||
Money Market Funds
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1,520,196 | - | - | 1,520,196 | ||||||||||||
Total
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$ | 91,986,219 | $ | - | $ | - | $ | 91,986,219 |
Cost of portfolio investments
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$ | 74,431,600 | ||
Gross unrealized appreciation
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$ | 18,682,503 | ||
Gross unrealized depreciation
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(1,127,884 | ) | ||
Net unrealized appreciation
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$ | 17,554,619 |
By (Signature and Title)*
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/s/ Erich M. Patten
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Erich M. Patten, President | |||
Date
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October 30, 2012 |
By (Signature and Title)*
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/s/ Erich M. Patten
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Erich M. Patten, President
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|||
Date
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October 30, 2012 |
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By (Signature and Title)*
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/s/ Matthew C. Patten
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Matthew C. Patten, Treasurer | |||
Date
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October 30, 2012 |
Date: October 30, 2012
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/s/ Erich M. Patten
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Erich M. Patten, President
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Date: October 30, 2012
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/s/ Matthew C. Patten
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Matthew C. Patten, Treasurer
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