OMB APPROVAL
|
OMB Number: 3235-0578
Expires: January 31, 2016
Estimated average burden hours per response: 10.5
|
525 Bigham Knoll Jacksonville, Oregon
|
97530
|
(Address of principal executive offices)
|
(Zip code)
|
CUTLER EQUITY FUND
|
||||||||
SCHEDULE OF INVESTMENTS
|
||||||||
March 31, 2014 (Unaudited)
|
||||||||
COMMON STOCKS - 96.6%
|
Shares
|
Value
|
||||||
Consumer Discretionary - 14.3%
|
||||||||
Hotels, Restaurants & Leisure - 2.6%
|
||||||||
McDonald's Corporation
|
30,655 | $ | 3,005,110 | |||||
Media - 3.4%
|
||||||||
Walt Disney Company (The)
|
48,992 | 3,922,789 | ||||||
Multiline Retail - 5.2%
|
||||||||
Nordstrom, Inc.
|
54,385 | 3,396,343 | ||||||
Target Corporation
|
44,650 | 2,701,772 | ||||||
6,098,115 | ||||||||
Specialty Retail - 3.1%
|
||||||||
Home Depot, Inc. (The)
|
46,200 | 3,655,806 | ||||||
Consumer Staples - 9.2%
|
||||||||
Beverages - 2.5%
|
||||||||
PepsiCo, Inc.
|
35,495 | 2,963,833 | ||||||
Food & Staples Retailing - 1.9%
|
||||||||
Sysco Corporation
|
60,595 | 2,189,297 | ||||||
Food Products - 2.3%
|
||||||||
Archer-Daniels-Midland Company
|
62,135 | 2,696,038 | ||||||
Household Products - 2.5%
|
||||||||
Procter & Gamble Company (The)
|
36,130 | 2,912,078 | ||||||
Energy - 8.4%
|
||||||||
Oil, Gas & Consumable Fuels - 8.4%
|
||||||||
Chevron Corporation
|
29,820 | 3,545,896 | ||||||
ConocoPhillips
|
41,830 | 2,942,741 | ||||||
Exxon Mobil Corporation
|
33,881 | 3,309,496 | ||||||
9,798,133 | ||||||||
Financials - 14.9%
|
||||||||
Capital Markets - 5.3%
|
||||||||
BlackRock, Inc. - Class A
|
7,184 | 2,259,224 | ||||||
Charles Schwab Corporation (The)
|
145,095 | 3,965,447 | ||||||
6,224,671 |
CUTLER EQUITY FUND
|
||||||||
SCHEDULE OF INVESTMENTS (Continued)
|
||||||||
COMMON STOCKS - 96.6% (Continued)
|
Shares
|
Value
|
||||||
Financials - 14.9% (Continued)
|
||||||||
Commercial Banks - 3.0%
|
||||||||
M&T Bank Corporation
|
28,340 | $ | 3,437,642 | |||||
Consumer Finance - 3.7%
|
||||||||
American Express Company
|
47,395 | 4,266,972 | ||||||
Insurance - 2.9%
|
||||||||
Chubb Corporation (The)
|
37,670 | 3,363,931 | ||||||
Health Care - 12.2%
|
||||||||
Health Care Equipment & Supplies - 2.8%
|
||||||||
Becton, Dickinson & Company
|
27,525 | 3,222,627 | ||||||
Pharmaceuticals - 9.4%
|
||||||||
Bristol-Myers Squibb Company
|
72,240 | 3,752,868 | ||||||
Johnson & Johnson
|
37,170 | 3,651,209 | ||||||
Merck & Company, Inc.
|
62,790 | 3,564,588 | ||||||
10,968,665 | ||||||||
Industrials - 10.5%
|
||||||||
Aerospace & Defense - 3.2%
|
||||||||
United Technologies Corporation
|
32,010 | 3,740,048 | ||||||
Electrical Equipment - 2.3%
|
||||||||
Emerson Electric Company
|
38,735 | 2,587,498 | ||||||
Machinery - 5.0%
|
||||||||
Caterpillar, Inc.
|
30,280 | 3,008,924 | ||||||
Deere & Company
|
31,244 | 2,836,955 | ||||||
5,845,879 | ||||||||
Information Technology - 13.8%
|
||||||||
Communications Equipment - 2.2%
|
||||||||
QUALCOMM, Inc.
|
32,639 | 2,573,911 | ||||||
IT Services - 3.1%
|
||||||||
International Business Machines Corporation
|
18,565 | 3,573,577 | ||||||
Semiconductors & Semiconductor Equipment - 5.7%
|
||||||||
Intel Corporation
|
104,965 | 2,709,147 | ||||||
Texas Instruments, Inc.
|
83,900 | 3,955,885 | ||||||
6,665,032 |
CUTLER EQUITY FUND
|
||||||||
SCHEDULE OF INVESTMENTS (Continued)
|
||||||||
COMMON STOCKS - 96.6% (Continued)
|
Shares
|
Value
|
||||||
Information Technology - 13.8% (Continued)
|
||||||||
Software - 2.8%
|
||||||||
Microsoft Corporation
|
80,425 | $ | 3,296,621 | |||||
Materials - 5.4%
|
||||||||
Chemicals - 5.4%
|
||||||||
E.I. du Pont de Nemours and Company
|
55,905 | 3,751,225 | ||||||
Monsanto Company
|
21,715 | 2,470,516 | ||||||
6,221,741 | ||||||||
Telecommunication Services - 4.8%
|
||||||||
Diversified Telecommunication Services - 4.8%
|
||||||||
AT&T, Inc.
|
80,461 | 2,821,767 | ||||||
Verizon Communications, Inc.
|
58,960 | 2,804,727 | ||||||
5,626,494 | ||||||||
Utilities - 3.1%
|
||||||||
Gas Utilities - 3.1%
|
||||||||
National Fuel Gas Company
|
52,145 | 3,652,236 | ||||||
Total Common Stocks (Cost $77,402,775)
|
$ | 112,508,744 |
MONEY MARKET FUNDS - 4.2%
|
Shares
|
Value
|
||||||
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.03% (a) (Cost $4,927,152)
|
4,927,152 | $ | 4,927,152 | |||||
Total Investments at Value - 100.8% (Cost $82,329,927)
|
$ | 117,435,896 | ||||||
Liabilities in Excess of Other Assets - (0.8%)
|
(925,779 | ) | ||||||
Net Assets - 100.0%
|
$ | 116,510,117 |
(a)
|
The rate shown is the 7-day effective yield as of March 31, 2014.
|
CUTLER FIXED INCOME FUND
|
|||||||||||||
SCHEDULE OF INVESTMENTS
|
|||||||||||||
March 31, 2014 (Unaudited)
|
|||||||||||||
U.S. TREASURY OBLIGATIONS - 14.2%
|
Coupon
|
Maturity
|
Par Value
|
Value
|
|||||||||
U.S. Treasury Notes
|
1.500 | % |
02/28/19
|
$ | 700,000 | $ | 693,000 | ||||||
U.S. Treasury Notes
|
1.375 | % |
05/31/20
|
1,000,000 | 957,812 | ||||||||
U.S. Treasury Notes
|
2.750 | % |
02/15/24
|
400,000 | 400,875 | ||||||||
Total U.S. Treasury Obligations (Cost $2,063,669)
|
$ | 2,051,687 |
U.S. GOVERNMENT AGENCY OBLIGATIONS - 57.7%
|
Coupon
|
Maturity
|
Par Value
|
Value
|
|||||||||
Federal Agricultural Mortgage Corporation - 10.6%
|
|||||||||||||
Federal Agricultural Mortgage Corporation
|
2.800 | % |
09/09/20
|
$ | 1,500,000 | $ | 1,525,305 | ||||||
Federal Farm Credit Bank - 3.8%
|
|||||||||||||
Federal Farm Credit Bank
|
1.550 | % |
01/24/20
|
500,000 | 483,039 | ||||||||
Federal Farm Credit Bank
|
2.250 | % |
08/15/22
|
65,000 | 61,409 | ||||||||
544,448 | |||||||||||||
Federal Home Loan Bank - 20.4%
|
|||||||||||||
Federal Home Loan Bank
|
1.460 | % |
12/13/19
|
500,000 | 477,992 | ||||||||
Federal Home Loan Bank
|
1.000 | %(a) |
05/28/20
|
400,000 | 386,770 | ||||||||
Federal Home Loan Bank
|
1.250 | %(a) |
02/14/23
|
500,000 | 485,720 | ||||||||
Federal Home Loan Bank
|
1.125 | %(a) |
03/27/23
|
500,000 | 489,695 | ||||||||
Federal Home Loan Bank
|
1.000 | %(a) |
06/20/23
|
550,000 | 545,162 | ||||||||
Federal Home Loan Bank
|
1.250 | %(a) |
08/28/24
|
500,000 | 468,454 | ||||||||
Federal Home Loan Bank
|
1.750 | %(a) |
08/28/24
|
100,000 | 94,471 | ||||||||
2,948,264 | |||||||||||||
Federal Home Loan Mortgage Corporation - 3.7%
|
|||||||||||||
Federal Home Loan Mortgage Corporation
|
1.250 | % |
11/30/17
|
65,000 | 64,712 | ||||||||
Federal Home Loan Mortgage Corporation
|
1.500 | % |
06/24/20
|
500,000 | 474,555 | ||||||||
539,267 | |||||||||||||
Federal National Mortgage Association - 10.9%
|
|||||||||||||
Federal National Mortgage Association
|
1.000 | % |
12/27/18
|
500,000 | 479,133 | ||||||||
Federal National Mortgage Association
|
1.200 | % |
04/25/19
|
500,000 | 484,062 | ||||||||
Federal National Mortgage Association
|
1.000 | %(a) |
01/30/20
|
500,000 | 484,409 | ||||||||
Federal National Mortgage Association
|
2.000 | % |
03/27/20
|
60,000 | 59,188 | ||||||||
Federal National Mortgage Association
|
2.200 | % |
10/25/22
|
64,000 | 59,628 | ||||||||
1,566,420 | |||||||||||||
Financing Corporation (FICO) - 4.5%
|
|||||||||||||
Financing Corporation (FICO)
|
9.800 | % |
11/30/17
|
500,000 | 651,263 |
CUTLER FIXED INCOME FUND
|
|||||||||||||
SCHEDULE OF INVESTMENTS (Continued)
|
|||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS - 57.7% (Continued)
|
Coupon
|
Maturity
|
Par Value
|
Value
|
|||||||||
Private Export Funding Corporation - 2.7%
|
|||||||||||||
Private Export Funding Corporation
|
4.300 | % |
12/15/21
|
$ | 350,000 | $ | 388,546 | ||||||
U.S. Department of Housing and Urban Development - 1.1%
|
|||||||||||||
U.S. Department of Housing and Urban Development
|
4.130 | % |
08/01/25
|
150,000 | 157,555 | ||||||||
Total U.S. Government Agency Obligations (Cost $8,428,527)
|
$ | 8,321,068 |
OTHER GOVERNMENT OBLIGATIONS - 2.4%
|
Coupon
|
Maturity
|
Par Value
|
Value
|
|||||||||
Province of Manitoba (Cost $355,542)
|
1.300 | % |
04/03/17
|
$ | 350,000 | $ | 352,279 |
MORTGAGE-BACKED SECURITIES - 3.5%
|
Coupon
|
Maturity
|
Par Value
|
Value
|
|||||||||
Federal Home Loan Mortgage Corporation - 0.8%
|
|||||||||||||
FHLMC, Pool #J13584
|
3.500 | % |
11/01/25
|
$ | 68,095 | $ | 71,458 | ||||||
FHLMC, Series 1963-Z
|
7.500 | % |
01/01/27
|
31,625 | 36,440 | ||||||||
107,898 | |||||||||||||
Federal National Mortgage Association - 2.6%
|
|||||||||||||
FNMA, Series 2003-3-HJ
|
5.000 | % |
02/01/18
|
24,412 | 25,822 | ||||||||
FNMA, Pool #899237
|
5.000 | % |
03/01/22
|
18,048 | 19,467 | ||||||||
FNMA, Series 2002-93-A1
|
6.500 | % |
03/01/32
|
59,581 | 65,715 | ||||||||
Multifamily REMIC Trust, Series 2006-M1-D
|
5.385 | %(a) |
06/01/19
|
250,000 | 270,573 | ||||||||
381,577 | |||||||||||||
Government National Mortgage Association - 0.1%
|
|||||||||||||
GNMA, Pool #577742
|
5.500 | % |
09/01/17
|
7,794 | 8,305 | ||||||||
Total Mortgage-Backed Securities (Cost $484,545)
|
$ | 497,780 |
CUTLER FIXED INCOME FUND
|
|||||||||||||
SCHEDULE OF INVESTMENTS (Continued)
|
|||||||||||||
ASSET-BACKED SECURITIES - 2.8%
|
Coupon
|
Maturity
|
Par Value
|
Value
|
|||||||||
Ford Credit Auto Owner Trust,
|
|||||||||||||
Series 2012-A-A3
|
0.840 | % |
04/15/15
|
$ | 103,083 | $ | 103,302 | ||||||
FPL Recovery Funding LLC,
|
|||||||||||||
Series 2007-A-A3
|
5.127 | % |
08/01/17
|
152,222 | 157,396 | ||||||||
RSB Bond Company, LLC,
|
|||||||||||||
Series 2007-A-A2
|
5.720 | % |
04/01/16
|
132,596 | 138,051 | ||||||||
Total Asset-Backed Securities (Cost $406,625)
|
$ | 398,749 |
CORPORATE BONDS - 17.8%
|
Coupon
|
Maturity
|
Par Value
|
Value
|
|||||||||
Consumer Discretionary - 2.4%
|
|||||||||||||
Fortune Brands, Inc.
|
5.375 | % |
01/15/16
|
$ | 321,000 | $ | 343,211 | ||||||
Energy - 1.4%
|
|||||||||||||
Buckeye Partners, L.P.
|
4.875 | % |
02/01/21
|
200,000 | 210,668 | ||||||||
Financials - 6.0%
|
|||||||||||||
Bank of America Corporation
|
5.625 | % |
07/01/20
|
500,000 | 568,974 | ||||||||
Finial Holdings, Inc.
|
7.125 | % |
10/15/23
|
250,000 | 292,698 | ||||||||
861,672 | |||||||||||||
Industrials - 3.5%
|
|||||||||||||
Domtar Corporation
|
10.750 | % |
06/01/17
|
120,000 | 150,659 | ||||||||
Iron Mountain, Inc.
|
8.375 | % |
08/15/21
|
83,000 | 87,980 | ||||||||
Kinross Gold Corporation
|
5.125 | % |
09/01/21
|
100,000 | 99,089 | ||||||||
Valmont Industries, Inc.
|
6.625 | % |
04/20/20
|
150,000 | 174,179 | ||||||||
511,907 | |||||||||||||
Telecommunication Services - 3.5%
|
|||||||||||||
Scripps Networks Interactive, Inc.
|
2.700 | % |
12/15/16
|
300,000 | 311,348 | ||||||||
Verizon Communications, Inc.
|
2.000 | % |
11/01/16
|
185,000 | 189,267 | ||||||||
500,615 | |||||||||||||
Utilities - 1.0%
|
|||||||||||||
Sempra Energy
|
6.500 | % |
06/01/16
|
125,000 | 139,146 | ||||||||
Total Corporate Bonds (Cost $2,528,665)
|
$ | 2,567,219 |
CUTLER FIXED INCOME FUND
|
||||||||
SCHEDULE OF INVESTMENTS (Continued)
|
||||||||
MONEY MARKET FUNDS - 1.2%
|
Shares
|
Value
|
||||||
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.03% (b) (Cost $178,718)
|
178,718 | $ | 178,718 | |||||
Total Investments at Value - 99.6% (Cost $14,446,291)
|
$ | 14,367,500 | ||||||
Other Assets in Excess of Liabilities - 0.4%
|
54,039 | |||||||
Net Assets - 100.0%
|
$ | 14,421,539 |
(a)
|
Variable rate security. The rate shown is the effective interest rate as of March 31, 2014.
|
(b)
|
The rate shown is the 7-day effective yield as of March 31, 2014.
|
|
·
|
Level 1 – quoted prices in active markets for identical securities
|
|
·
|
Level 2 – other significant observable inputs
|
|
·
|
Level 3 – significant unobservable inputs
|
Cutler Equity Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$ | 112,508,744 | $ | - | $ | - | $ | 112,508,744 | ||||||||
Money Market Funds
|
4,927,152 | - | - | 4,927,152 | ||||||||||||
Total
|
$ | 117,435,896 | $ | - | $ | - | $ | 117,435,896 |
Cutler Fixed Income Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
U.S. Treasury Obligations
|
$ | - | $ | 2,051,687 | $ | - | $ | 2,051,687 | ||||||||
U.S. Government Agency Obligations
|
- | 8,321,068 | - | 8,321,068 | ||||||||||||
Other Government Obligations
|
- | 352,279 | - | 352,279 | ||||||||||||
Mortgage-Backed Securities
|
- | 497,780 | - | 497,780 | ||||||||||||
Asset-Backed Securities
|
- | 398,749 | - | 398,749 | ||||||||||||
Corporate Bonds
|
- | 2,567,219 | - | 2,567,219 | ||||||||||||
Money Market Funds
|
178,718 | - | - | 178,718 | ||||||||||||
Total
|
$ | 178,718 | $ | 14,188,782 | $ | - | $ | 14,367,500 |
Cutler
|
Cutler
|
|||||||
Equity
|
Fixed Income
|
|||||||
Fund
|
Fund
|
|||||||
Cost of portfolio investments
|
$ | 82,349,626 | $ | 14,446,291 | ||||
Gross unrealized appreciation
|
$ | 35,379,388 | $ | 121,412 | ||||
Gross unrealized depreciation
|
(293,118 | ) | (200,203 | ) | ||||
Net unrealized appreciation (depreciation)
|
$ | 35,086,270 | $ | (78,791 | ) |
By (Signature and Title)*
|
/s/ Erich M. Patten
|
||
Erich M. Patten, President
|
|||
Date
|
May 21, 2014
|
By (Signature and Title)*
|
/s/ Erich M. Patten
|
||
Erich M. Patten, President
|
|||
Date
|
May 21, 2014
|
||
By (Signature and Title)*
|
/s/ Matthew C. Patten
|
||
Matthew C. Patten, Treasurer
|
|||
Date
|
May 21, 2014
|
*
|
Print the name and title of each signing officer under his or her signature.
|
Date: May 21, 2014
|
/s/ Erich M. Patten
|
|
|
Erich M. Patten, President
|
Date: May 21, 2014
|
/s/ Matthew C. Patten
|
|
|
Matthew C. Patten, Treasurer
|