0001398344-18-016277.txt : 20181109 0001398344-18-016277.hdr.sgml : 20181109 20181109155916 ACCESSION NUMBER: 0001398344-18-016277 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 19 FILED AS OF DATE: 20181109 DATE AS OF CHANGE: 20181109 EFFECTIVENESS DATE: 20181109 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: 181173013 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: 1940 Act SEC FILE NUMBER: 811-07242 FILM NUMBER: 181173012 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 0000892568 S000038409 Cutler Fixed Income Fund C000118459 Cutler Fixed Income Fund CALFX 0000892568 S000049841 Cutler Emerging Markets Fund C000157415 Cutler Emerging Markets Fund CUTDX 485BPOS 1 fp0036757_485bpos-xbrl.htm

AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON NOVEMBER 9, 2018

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. [48]

 

and/or

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]

 

  Amendment No. [49]

 

(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: (888) 288-5374

 

The Corporation Trust Company

Corporation Trust Center

1209 Orange Street

Wilmington, DE 19801

(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 (November 1, 2016) 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. 48 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 summaries first provided in Post-Effective Amendment No. 47 filed on October 26, 2018 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 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 9th day of November, 2018.

 

  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 9, 2018
Erich M. Patten   (Chief Executive Officer)    
         
/s/ Matthew C. Patten   Treasurer (Chief Financial   November 9, 2018
Matthew C. Patten   Officer and Chief Accounting    
    Officer) and Trustee    
         
*   Trustee   /s/ Tiffany R. Franklin
Edward T. Alter       Tiffany R. Franklin
        Attorney-in-fact*
*   Trustee   November 9, 2018
John P. Cooney      
       
*   Trustee    
Robert F. Turner        

 

 

INDEX TO EXHIBITS

 

Exhibit Number Description
EX-101.ins XBRL Instance Document
EX-101.sch XBRL Taxonomy Extension Schema Document
EX-101.cal XBRL Taxonomy Extension Calculation Linkbase Document
EX-101.lab XBRL Taxonomy Extension Labels Linkbase
EX-101.pre XBRL Taxonomy Extension Presentation Linkbase Document
EX-101.def XBRL Taxonomy Extension Definition Linkbase

 

EX-101.INS 2 cutler-20181026.xml XBRL INSTANCE FILE 0000892568 2018-10-26 2018-10-26 0000892568 cutler:S000001540Member 2018-10-26 2018-10-26 0000892568 cutler:S000001540Member cutler:Index1Member 2018-10-26 2018-10-26 0000892568 cutler:S000001540Member cutler:C000004187Member 2018-10-26 2018-10-26 0000892568 cutler:S000001540Member cutler:C000004187Member rr:AfterTaxesOnDistributionsMember 2018-10-26 2018-10-26 0000892568 cutler:S000001540Member cutler:C000004187Member rr:AfterTaxesOnDistributionsAndSalesMember 2018-10-26 2018-10-26 0000892568 cutler:S000038409Member 2018-10-26 2018-10-26 0000892568 cutler:S000038409Member cutler:Index2Member 2018-10-26 2018-10-26 0000892568 cutler:S000038409Member cutler:C000118459Member 2018-10-26 2018-10-26 0000892568 cutler:S000038409Member cutler:C000118459Member rr:AfterTaxesOnDistributionsMember 2018-10-26 2018-10-26 0000892568 cutler:S000038409Member cutler:C000118459Member rr:AfterTaxesOnDistributionsAndSalesMember 2018-10-26 2018-10-26 0000892568 cutler:S000038409Member cutler:Index3Member 2018-10-26 2018-10-26 0000892568 cutler:S000049841Member 2018-10-26 2018-10-26 0000892568 cutler:S000049841Member cutler:Index4Member 2018-10-26 2018-10-26 0000892568 cutler:S000049841Member cutler:C000157415Member 2018-10-26 2018-10-26 0000892568 cutler:S000049841Member cutler:C000157415Member rr:AfterTaxesOnDistributionsMember 2018-10-26 2018-10-26 0000892568 cutler:S000049841Member cutler:C000157415Member rr:AfterTaxesOnDistributionsAndSalesMember 2018-10-26 2018-10-26 iso4217:USD xbrli:pure 485BPOS 2018-06-30 CUTLER TRUST 0000892568 false 2018-10-26 2018-10-26 2018-10-26 <p style="font: 11pt Times New Roman, Times, Serif; 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An investment in the Fixed Income Fund is subject to investment risks; therefore you may lose money by investing in the Fund. An investment in the Emerging Markets Fund is subject to investment risks; therefore you may lose money by investing in the Fund. The bar chart and performance table that follow provide some indication of the risks and variability of investing in the Equity 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. The bar chart and performance table that follow provide some indication of the risks and variability of investing in the Fixed Income 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. The bar chart and performance table that follow provide some indication of the risks of investing in the Emerging Markets Fund by showing changes in the Fund’s performance from year to year since its inception, and by showing how the Fund’s average annual total returns for the 1-year and since inception periods compare with those of a broad measure of market performance. The Equity Fund’s performance in the past is not necessarily an indication of how the Fund will perform in the future. The Fixed Income Fund’s and the Predecessor Fund’s performance in the past is not necessarily an indication of how the Fund will perform in the future. The Emerging Markets Fund’s performance in the past is not necessarily an indication of how the Fund will perform in the future. 1-888-CUTLER4 (1-888-288-5374) 1-888-CUTLER4 (1-888-288-5374) 1-888-CUTLER4 (1-888-288-5374) 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 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 are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 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The index is unmanaged. An investor cannot invest in an index and its returns are not indicative of the performance of any specific investment. "Total Annual Fund Operating Expenses" will not correlate to the Emerging Markets Fund's ratio of net 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." The Emerging Markets Fund's investment adviser, Cutler Investment Counsel, LLC (the "Adviser"), has contractually agreed, until October 31, 2019, to reduce its management fees and to pay the Fund's ordinary operating expenses to the extent necessary to limit Annual Fund Operating Expenses to an amount not exceeding 1.55% of the Fund's average daily net assets. Any management fees reduced and ordinary operating expenses paid by the Adviser are subject to repayment by the Emerging Markets Fund for a period of 3 years after such fees and expenses were reduced or paid, 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 October 31, 2019, the expense limitation agreement may be modified or terminated only with approval by the Board of Trustees. The Bloomberg Barclays Intermediate U.S. Government/Credit Index and the Bloomberg Barclays Short-Term U.S. Government Index cover intermediate and short-term fixed income securities, respectively, of the U.S government and publicly-issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. The indices are unmanaged. An investor cannot invest in an index and its returns are not indicative of the performance of any specific investment. The S&P 500 Index is a market capitalization weighted index of 500 large U.S. companies chosen for market size, liquidity and industry group representation and includes reinvested dividends. The index is unmanaged and is widely used as a barometer of U.S. stock market performance. An investor cannot invest in an index and its returns are not indicative of the performance of any specific investment. The Equity Fund's investment adviser, Cutler Investment Counsel, LLC (the "Adviser"), has contractually agreed, until October 31, 2019, to reduce its management fees and to pay the Fund's ordinary 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. 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Fund Operating Expenses Fee Waivers and Expense Reimbursements Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements Expense Example, By Year, Column [Text] One Year Three Years Five Years Ten Years Expense Example, No Redemption, By Year, Column [Text] Expense Example, No Redemption, 1 Year Expense Example, No Redemption, 3 Years Expense Example, No Redemption, 5 Years Expense Example, No Redemption, 10 Years Annual Return Caption [Text] Annual Return, Column [Text] Annual Return, Inception Date Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Annual Return 2003 Annual Return 2004 Annual Return 2005 Annual Return 2006 Annual Return 2007 Annual Return 2008 Annual Return 2009 Annual Return 2010 Annual Return 2011 Annual Return 2012 Annual Return 2013 Annual Return 2014 Annual Return 2015 Annual Return 2016 Annual Return 2017 Annual Return 2018 Annual Return 2019 Annual Return 2020 Label 1 Year 5 Years 10 Years Since Inception Inception Date Risk/Return Detail [Table] Fee Waiver or Reimbursement over Assets, Date of Termination Portfolio Turnover, Rate Expense Breakpoint Discounts [Text] Expense Breakpoint, Minimum Investment Required [Amount] Expense Exchange Traded Fund Commissions [Text] Expenses Represent Both Master and Feeder [Text] Expenses Explanation of Nonrecurring Account Fee [Text] Other Expenses, New Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Other Expenses Had Extraordinary Expenses Been Included [Text] Expenses Restated to Reflect Current [Text] Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Strategy Portfolio Concentration [Text] Risk Lose Money [Text] Risk Nondiversified Status [Text] Risk Money Market Fund [Text] Risk Not Insured Depository Institution [Text] Risk Caption Risk Column [Text] Risk [Text] Performance Information Illustrates Variability of Returns [Text] Performance One Year or Less [Text] Performance Additional Market Index [Text] Performance Availability Phone [Text] Performance Availability Website Address [Text] Performance Past Does Not Indicate Future [Text] Bar Chart Does Not Reflect Sales Loads [Text] Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text] Bar Chart, Returns for Class Not Offered in Prospectus [Text] Year to Date Return, Label Bar Chart, Year to Date Return, Date Bar Chart, 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 Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes [Text] Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred Performance Table One Class of after Tax Shown [Text] Performance Table Explanation after Tax Higher Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] Caption Column Money Market Seven Day Yield, Caption [Text] Money Market Seven Day Yield Column [Text] Money Market Seven Day Yield Phone Money Market Seven Day Yield Money Market Seven Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column [Text] Thirty Day Yield Phone Thirty Day Yield Thirty Day Tax Equivalent Yield EX-101.PRE 7 cutler-20181026_pre.xml XBRL PRESENTATION FILE XML 8 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information
Total
Document And Entity Information  
Document Type 485BPOS
Document Period End Date Jun. 30, 2018
Registrant Name CUTLER TRUST
Central Index Key 0000892568
Amendment Flag false
Document Creation Date Oct. 26, 2018
Document Effective Date Oct. 26, 2018
Prospectus Date Oct. 26, 2018
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Cutler Equity Fund
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="text-transform: uppercase"><b>RISK/RETURN SUMMARY</b></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>CUTLER EQUITY FUND</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>INVESTMENT OBJECTIVE</b></p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>FEES AND EXPENSES</b></p>

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

Shareholder Fees
Cutler Equity Fund
Cutler Equity Fund Shares
Shareholder Fees (fees paid directly from your investment) None
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses</b><br /> (expenses that you pay each year as a percentage of the value of your investment)</p>
Annual Fund Operating Expenses
Cutler Equity Fund
Cutler Equity Fund Shares
Management Fees 0.75%
Service Fees 0.15%
Other Expenses 0.26%
Total Annual Fund Operating Expenses 1.16%
Fee Waivers and Expense Reimbursements (0.01%) [1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 1.15% [1]
[1] The Equity Fund's investment adviser, Cutler Investment Counsel, LLC (the "Adviser"), has contractually agreed, until October 31, 2019, to reduce its management fees and to pay the Fund's ordinary 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. Any management fees reduced and ordinary operating expenses paid by the Adviser are subject to repayment by the Equity Fund for a period of 3 years after such fees and expenses were reduced or paid, 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 October 31, 2019, the expense limitation agreement may be modified or terminated only with approval by the Board of Trustees.
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example</b></p>

This Example is intended to help you compare the cost of investing in the Equity Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Equity 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, that the Equity Fund’s operating expenses remain the same and that the expense limitation will expire after one year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example
One Year
Three Years
Five Years
Ten Years
Cutler Equity Fund | Cutler Equity Fund Shares | USD ($) 117 367 637 1,408
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p>

The Equity 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 Equity 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 Equity Fund’s performance. During the most recent fiscal year, the Equity Fund’s portfolio turnover rate was 10% of the average value of its portfolio.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>PRINCIPAL INVESTMENT STRATEGIES OF THE EQUITY FUND</b></p>

In seeking to meet its investment objective, under normal conditions, at least 80% of the Equity Fund’s assets will be invested in a diversified portfolio of common stocks according to the investment style of the Fund’s Adviser. For purposes of this policy, “assets” shall mean net assets plus the amount of any borrowings for investment purposes (although the Equity Fund is not currently authorized by the Board of Trustees 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 Equity 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 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.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>PRINCIPAL RISKS OF INVESTING IN THE EQUITY FUND</b></p>

An investment in the Equity Fund is subject to investment risks; therefore you may lose money by investing in the Fund. There is no assurance that the Equity Fund will achieve its investment objective. The Equity 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 Equity Fund may be worth less than its original cost. The Equity Fund, by itself, does not provide a complete investment program. The Equity Fund is subject to the following principal risks (presented alphabetically):

 

Large-Cap Company Risk

 

The Equity Fund may invest in large-capitalization (“large-cap”) companies. Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

 

Management Risk

 

Because the Equity Fund is actively managed, it is subject to the risk that the investment strategies, techniques and risk analyses employed by the Adviser may not produce the desired results. Poor security selection could cause the Equity Fund’s return to be lower than anticipated. Current income may be significant or very little, depending upon the Adviser’s portfolio selections for the Equity Fund.

 

Mid-Cap Company Risk

 

The Equity 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.

 

Stock Market Risk

 

All investments made by the Equity Fund have some risk. Among other things, the market value of any security in which the Equity 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 Equity 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 Equity Fund could fall out of favor with the market.

 

In summary, but not inclusive of all possible risks, you could lose money on your investment in the Equity 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 Equity Fund’s portfolio

 

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>PERFORMANCE SUMMARY</b></p>

The bar chart and performance table that follow provide some indication of the risks and variability of investing in the Equity 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. The Equity Fund’s performance 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 style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>EQUITY FUND</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year-by-year Annual Total Return as of 12/31 each year (%)</b></p>
Bar Chart

The Equity Fund’s 2018 year-to-date total return through September 30, 2018 is 2.83%.

 

During the periods shown in the bar chart, the highest quarterly return was 14.31% during the quarter ended September 30, 2009 and the lowest quarterly return was -18.66% during the quarter ended December 31, 2008.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Returns For Periods Ended December 31, 2017</b></p>

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 17.82% 13.34% 8.21%
Cutler Equity Fund Shares | After Taxes on Distributions 17.07% 12.45% 7.64%
Cutler Equity Fund Shares | After Taxes on Distributions and Sales 10.65% 10.54% 6.60%
Standard & Poor’s 500 Index (S&P 500 Index) (reflects no deduction for fees, expenses or taxes) [1] 21.83% 15.79% 8.50%
[1] The S&P 500 Index is a market capitalization weighted index of 500 large U.S. companies chosen for market size, liquidity and industry group representation and includes reinvested dividends. The index is unmanaged and is widely used as a barometer of U.S. stock market performance. An investor cannot invest in an index and its returns are not indicative of the performance of any specific investment.

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Cutler Fixed Income Fund
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="text-transform: uppercase"><b>RISK/RETURN SUMMARY</b></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>CUTLER FIXED INCOME FUND</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>INVESTMENT OBJECTIVE</b></p>

The investment objective of the Cutler Fixed Income Fund (the “Fixed Income Fund”) is to seek to achieve high income over the long-term.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>FEES AND EXPENSES</b></p>

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

Shareholder Fees
Cutler Fixed Income Fund
Cutler Fixed Income Fund Shares
Shareholder Fees (fees paid directly from your investment) None
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses</b><br /> (expenses that you pay each year as a percentage of the value of your investment)</p>
Annual Fund Operating Expenses
Cutler Fixed Income Fund
Cutler Fixed Income Fund Shares
Management Fees 0.50%
Service Fees none
Other Expenses 1.15%
Total Annual Fund Operating Expenses 1.65%
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example</b></p>

This Example is intended to help you compare the cost of investing in the Fixed Income Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fixed Income 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 and that the Fixed Income Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example
One Year
Three Years
Five Years
Ten Years
Cutler Fixed Income Fund | Cutler Fixed Income Fund Shares | USD ($) 168 520 897 1,955
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p>

The Fixed Income 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 Fixed Income 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 Fixed Income Fund’s performance. During the most recent fiscal year, the Fixed Income Fund’s portfolio turnover rate was 36% of the average value of its portfolio.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>PRINCIPAL INVESTMENT STRATEGIES OF THE FIXED INCOME FUND</b></p>

The Fixed Income Fund invests principally in a diversified portfolio of investment grade fixed income securities that are believed to generate a high level of current income. The Fixed Income Fund normally invests in investment grade fixed income securities consisting primarily of obligations issued by the U.S. Government, agencies of the U.S. Government, instruments related to U.S. Government securities, mortgage-backed and other asset-backed securities and U.S. corporate debt securities. The Adviser considers these types of securities to be the Fixed Income Fund’s core holdings. In seeking to meet its investment objective, under normal conditions, at least 80% of the Fixed Income Fund’s assets will be invested in fixed income securities. For purposes of this policy, “assets” shall mean net assets plus the amount of any borrowings for investment purposes (although the Fixed Income Fund is not currently authorized by the Board of Trustees to do so).

 

An investment grade security is one which is rated investment grade by either Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) or Fitch Ratings Ltd. (“Fitch”), or an unrated security that the Adviser believes to be of comparable quality. The Fixed Income Fund may invest in:

 

• United States Treasury obligations, including T-bills, notes, bonds, inflation-indexed bonds and other debt obligations issued by the U.S. Treasury, and obligations of U.S. Government Agencies that are backed by the full faith and credit of the U.S. Government. U.S. Government Agencies include the Private Export Funding Corporation, Overseas Private Investment Corporation, Small Business Administration, Government National Mortgage Association (GNMA), Department of Housing and Urban Development and U.S. Maritime Administration.

 

• Securities issued or guaranteed by agencies and instrumentalities of the U.S. Government, but not explicitly backed by the full faith and credit of the U.S. Government. These include the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Federal Farm Credit Banks, Tennessee Valley Authority, and Federal Home Loan Bank.

 

• Mortgage-Backed and Other Asset-Backed Securities. Mortgage-backed securities are obligations representing an undivided interest in, or collateralized by, pools of mortgages. These obligations, in effect, “pass-through” the monthly interest and principal payments (including prepayments) made by the individual borrowers on the pooled mortgage loans to the holders of the securities. U.S. Government agency mortgage-backed issues include securities issued by GNMA, Fannie Mae and Freddie Mac. GNMA securities are guaranteed as to payment of principal and interest (but not as to price and yield) by the U.S. Government, while Fannie Mae and Freddie Mac securities are guaranteed only by the issuing agency. Stripped Mortgage-Backed Securities (“SMBS”) are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). The Fixed Income Fund may also invest in corporate mortgage-backed securities or other asset-backed securities that have an investment grade rating. Asset-backed securities represent a group of assets that are combined or pooled for sale to investors and may be backed by receivables such as credit card, auto and student loans. The Fixed Income Fund may also invest in corporate mortgage-backed securities or other asset-backed securities that have an investment grade rating. Asset-backed securities represent a group of assets that are combined or pooled for sale to investors and may be backed by receivables such as credit card, auto and student loans.

 

• U.S. corporate debt securities (obligations of a corporation to pay interest and repay principal). These include commercial paper, notes, bonds and debentures.

 

The Adviser’s primary focus is on individual security selection, rather than attempting to anticipate major interest rate moves. The Adviser uses a value-oriented buy discipline to identify securities that are believed to offer a yield advantage over others of similar quality or to exhibit stable or improving credit quality that may be unrecognized by other investors. Portfolio securities may be sold when price appreciation causes a security to lose its yield advantage, or when credit quality begins to deteriorate. In the event the rating of a fixed income security held by the Fixed Income Fund is reduced below investment grade, the Adviser is not required to sell the security, but will consider this event in its determination of whether the Fund should continue to hold such security.

 

To increase the Fixed Income Fund’s income potential, the Adviser may invest any amount it deems desirable in each of the various types of fixed income securities, and adjust the investment ratios from time to time, so long as the Fund remains diversified. There is no set average maturity for the portfolio. The Fixed Income Fund allocates its assets among different types of securities and maturities based upon the Adviser’s view of the relative value of each security or maturity. The Adviser may respond to changing market and other conditions by adjusting the type of securities held by the Fixed Income Fund and its average portfolio maturity. The Fixed Income Fund may invest in either fixed rate or variable rate debt securities.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>PRINCIPAL RISKS OF INVESTING IN THE FIXED INCOME FUND</b></p>

An investment in the Fixed Income Fund is subject to investment risks; therefore you may lose money by investing in the Fund. There is no assurance that the Fixed Income Fund will achieve its investment objective. The Fixed Income 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 Fixed Income Fund may be worth less than its original cost. The Fixed Income Fund, by itself, does not provide a complete investment program. The Fixed Income Fund is subject to the following principal risks (presented alphabetically):

 

Fixed Income Securities Risk

 

Asset-Backed Securities Risk. Asset-backed securities are fixed-income securities backed by other assets such as credit card, automobile or consumer loan receivables, retail installment loans, or participations in pools of leases. The values of these securities are sensitive to changes in the credit quality of the underlying collateral, the credit strength of any credit enhancement feature, changes in interest rates, and, at times, the financial condition of the issuer.

 

Call Risk. Call risk for corporate bonds is the possibility that borrowers will prepay their debt prior to the scheduled maturity date, resulting in the probability of reinvesting the proceeds in bonds with lower yields. If interest rates decline when the Fixed Income Fund is emphasizing longer maturing securities, you are exposed to greater call risk because issuers of callable bonds are more likely to pay off their bonds before the maturity date. This may cause a reduction of income to the Fixed Income Fund.

 

Corporate Debt Securities Risk. Investment grade U.S. corporate debt securities are generally considered to carry greater credit and call risk than U.S. Government obligations. The credit risk of corporate debt obligations varies widely among issuers and may be affected by factors such as adverse economic changes and changes in interest rates. The Adviser relies, in part, on the quality ratings assigned by S&P, Moody’s, Fitch and other rating services. There is risk associated with such reliance. Rating agencies evaluate the credit risk—the safety of principal and interest payments—but not market value, which is affected by interest rate trends, economic conditions and other factors, including those unique to an issuer or industry. Rating agencies may fail to move quickly enough to change ratings in response to changing circumstances and a rating may not reflect the fine shadings of risks within a given quality grade. For example, two bonds with the same rating are not likely to be precisely the same in quality. The Adviser performs independent analyses in an attempt to identify issuers within a given quality grade that, because of improving fundamentals or other factors, are likely to result in improving quality, greater market value and lower risk.

 

Credit Risk. Credit risk is associated with a borrower’s ability to pay interest and principal when due. A borrower’s inability to make its payment obligations could result in a significant loss of income, causing the Fixed Income Fund’s price to decline. Credit risk increases as overall portfolio quality decreases. Thus, when the Fixed Income Fund invests in lower-quality securities, you are exposed to increased credit risk.

 

Interest Rate Risk. When interest rates rise, bond prices generally fall and when interest rates fall, bond prices generally rise. In an environment of relatively low interest rates, the risk that fixed income prices may fall is potentially greater. Interest rate risk increases as average maturity increases. Interest rate increases can cause the price of a fixed income security to decline, resulting in a price decline for the Fixed Income Fund. Thus, when the Fixed Income Fund emphasizes securities with longer maturities, you are exposed to greater interest rate risk. The interest earned on the Fixed Income Fund’s investments in fixed income securities may decline when prevailing interest rates fall. All income-oriented securities, even those of highest quality, are subject to some degree of interest rate risk.

 

Liquidity Risk. Liquidity risk is the risk that a bond could not be sold at an advantageous time or price due to limited market demand. If a bond is downgraded or drops in price, or if adverse conditions exist within the bond market, the demand for a bond may be limited, making that bond difficult to sell.

 

Mortgage-Backed Securities Risk. Mortgage-backed securities are subject to greater call/prepayment risk than many fixed income securities, especially when interest rates decline. Prepayment risk could reduce yield and market value and cause the Fixed Income Fund to reinvest its assets at a lower prevailing interest rate. These securities are also subject to extension risk, or the risk of a security lengthening in duration due to the deceleration of prepayments. Extension risk is mainly the result of rising interest rates. As interest rates rise, the likelihood of prepayment decreases and if this occurs, the Fixed Income Fund may be unable to capitalize on other investments that have higher interest rates. Mortgage-backed securities may be subject to risks unique to the housing industry, including mortgage lending practices, defaults and foreclosures, changes in real estate values and housing inventories, mortgage securitization practices and rating assignments by credit rating agencies. Stripped mortgage-backed securities, particularly IOs, are more volatile and sensitive to the rate of prepayments than other types of mortgage-backed securities, and their value can fall dramatically in response to rapid or unexpected changes in the mortgage, interest rate or economic environment.

 

Management Risk

 

Because the Fixed Income Fund is actively managed, it is subject to the risk that the investment strategies, techniques and risk analyses employed by the Adviser may not produce the desired results. Poor security selection and/or investments that have unfavorable portfolio maturities could cause the Fixed Income Fund’s return to be lower than anticipated. Current income may be significant or very little, depending upon the Adviser’s portfolio selections for the Fixed Income Fund.

 

In summary, but not inclusive of all possible risks, you could lose money on your investment in the Fixed Income Fund, or the Fund could underperform other investments, if any of the following occurs:

 

• Interest rates rise

 

• A borrower is unable to pay interest or principal when due

 

• The fixed income market becomes illiquid

 

• The stock market goes down

 

• The Adviser’s judgment as to the direction of interest rates or the attributes of the Fixed Income Fund’s securities proves to be mistaken

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>PERFORMANCE SUMMARY</b></p>

The bar chart and performance table that follow provide some indication of the risks and variability of investing in the Fixed Income 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. The Fixed Income Fund is the successor to The Elite Income Fund (the “Predecessor Fund”), a mutual fund which had substantially similar investment objectives, strategies and policies. The performance provided in the bar chart and performance table that follow includes that of the Predecessor Fund for periods prior to September 28, 2012. For certain periods, performance has been positively impacted by expense reimbursements made by the investment adviser of the Predecessor Fund. The Fixed Income Fund’s and the Predecessor Fund’s performance 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 style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FIXED INCOME FUND</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year-by-year Annual Total Return as of 12/31 each year (%)</b></p>
Bar Chart

The Fixed Income Fund’s 2018 year-to-date total return through September 30, 2018 is -3.03%.

 

During the periods shown in the bar chart, the highest quarterly return was 7.20% during the quarter ended June 30, 2009 and the lowest quarterly return was -3.65% during the quarter ended December 31, 2015.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Returns For Periods Ended December 31, 2017</b></p>

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 Fixed Income Fund
1 Year
5 Years
10 Years
Cutler Fixed Income Fund Shares (0.40%) 0.38% 3.13%
Cutler Fixed Income Fund Shares | After Taxes on Distributions (0.82%) (1.33%) 1.50%
Cutler Fixed Income Fund Shares | After Taxes on Distributions and Sales (0.23%) (0.45%) 1.81%
Bloomberg Barclays Intermediate U.S. Government/Credit Index (reflects no deduction for fees, expenses or taxes) [1] 2.14% 1.50% 3.32%
Bloomberg Barclays Short-Term U.S. Government Index (reflects no deduction for taxes) [1] 0.45% 0.58% 3.32%
[1] The Bloomberg Barclays Intermediate U.S. Government/Credit Index and the Bloomberg Barclays Short-Term U.S. Government Index cover intermediate and short-term fixed income securities, respectively, of the U.S government and publicly-issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. The indices are unmanaged. An investor cannot invest in an index and its returns are not indicative of the performance of any specific investment.
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Cutler Emerging Markets Fund
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="text-transform: uppercase"><b>RISK/RETURN SUMMARY</b></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>CUTLER EMERGING MARKETS FUND</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>INVESTMENT OBJECTIVE</b></p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>FEES AND EXPENSES</b></p>

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

Shareholder Fees
Cutler Emerging Markets Fund
Cutler Emerging Markets Fund Shares
Shareholder Fees (fees paid directly from your investment) None
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses</b><br /> (expenses that you pay each year as a percentage of the value of your investment)</p>
Annual Fund Operating Expenses
Cutler Emerging Markets Fund
Cutler Emerging Markets Fund Shares
Management Fees 0.85%
Service Fees none
Other Expenses 1.22%
Acquired Fund Fees and Expenses 0.13%
Total Annual Fund Operating Expenses 2.20% [1]
Fee Waivers and Expense Reimbursements (0.52%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 1.68% [1],[2]
[1] "Total Annual Fund Operating Expenses" will not correlate to the Emerging Markets Fund's ratio of net 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] The Emerging Markets Fund's investment adviser, Cutler Investment Counsel, LLC (the "Adviser"), has contractually agreed, until October 31, 2019, to reduce its management fees and to pay the Fund's ordinary operating expenses to the extent necessary to limit Annual Fund Operating Expenses to an amount not exceeding 1.55% of the Fund's average daily net assets. Any management fees reduced and ordinary operating expenses paid by the Adviser are subject to repayment by the Emerging Markets Fund for a period of 3 years after such fees and expenses were reduced or paid, 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 October 31, 2019, the expense limitation agreement may be modified or terminated only with approval by the Board of Trustees.
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example</b></p>

This Example is intended to help you compare the cost of investing in the Emerging Markets 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, that the Emerging Markets Fund’s operating expenses remain the same and that the expense limitation will expire after one year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example
One Year
Three Years
Five Years
Ten Years
Cutler Emerging Markets Fund | Cutler Emerging Markets Fund Shares | USD ($) 171 638 1,132 2,493
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p>

The Emerging Markets 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 Emerging Markets 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 Emerging Markets Fund’s performance. During the most recent fiscal year, the Emerging Markets Fund’s portfolio turnover rate was 2% of the average value of its portfolio.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>PRINCIPAL INVESTMENT STRATEGIES OF THE EMERGING MARKETS FUND</b></p>

In seeking to meet its investment objective, under normal conditions, at least 80% of the Emerging Markets Fund’s assets will be invested in a diversified portfolio of securities of issuers whose principal activities are in, or economically tied to, emerging markets countries selected in accordance with the Adviser’s long standing dividend focused investment philosophy. 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 authorized by the Board of Trustees to do so). Securities in which the Emerging Markets Fund may invest include common stocks, preferred stocks, American Depositary Receipts (“ADRs”) and exchange-traded funds (“ETFs”). The Fund considers “emerging markets” generally to include any country defined or classified currently or in the future as an emerging market by the Morgan Stanley Capital International (“MSCI”) Emerging Markets Index but may include other countries in the discretion of the Adviser.

 

The Adviser will manage the Emerging Markets Fund in accordance with the Adviser’s dividend focused investment philosophy with appropriate adjustments for emerging market economies, sectors and securities. The Adviser chooses investments based on its judgment of fundamental value, which emphasizes companies 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

 

In selecting investments for the Emerging Markets Fund, the Fund’s portfolio managers, based upon their experience with and analysis of emerging markets economies, sectors and securities, will take into account the various opportunities presented by companies in rapidly growing emerging markets and the correlative risks presented by emerging markets securities.

 

The Emerging Markets Fund typically invests in stocks of companies that have a total market capitalization of at least $5 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 Emerging Markets Fund normally expects that its assets will be invested in multiple emerging market countries, industries and market sectors.

 

The Adviser uses both “top-down” and “bottom-up” approaches, and investment selections are made using a fundamental approach. Top-down research involves the study of economic trends in emerging market economies, such as the fluctuation in interest or unemployment rates. These factors help to identify countries, 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 Emerging Markets Fund may use ETFs in certain situations to gain access to a broader exposure to a specific emerging stock market without purchasing a large number of individual securities. The Emerging Markets Fund may invest in ETFs that have a total market capitalization and which invest in securities with a market capitalization of any size. The Emerging Markets Fund may invest both in ADRs, which are listed on domestic stock exchanges, as well as directly in common stock traded on foreign exchanges. The Emerging Markets Fund may invest in securities of both U.S. and non-U.S. issuers, which can be both U.S. dollar-based and non-U.S. dollar-based.

 

The Emerging Markets Fund may, but is not required to, hedge against currency risk through the use of forward foreign currency contracts which are entered into directly with dealers.

 

The Adviser will sell securities for any one of four 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.

 

• If the Adviser believes that a country’s significant geopolitical concerns raise cause for concern for a particular issuer.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>PRINCIPAL RISKS OF INVESTING IN THE EMERGING MARKETS FUND</b></p>

An investment in the Emerging Markets Fund is subject to investment risks; therefore you may lose money by investing in the Fund. There is no assurance that the Emerging Markets Fund will achieve its investment objective. The Emerging Markets 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 Emerging Markets Fund may be worth less than its original cost. The Emerging Markets Fund, by itself, does not provide a complete investment program. The Emerging Markets Fund is subject to the following principal risks (presented alphabetically):

 

Currency Risk

 

Because the Emerging Markets Fund holds securities valued in foreign currencies and holds foreign currencies when it purchases and sells foreign securities, changes in exchange rates will impact the value of the Fund’s assets. Thus, investments in foreign securities involve currency risk, which is the risk that the values of the foreign securities and other assets denominated in foreign currencies will decrease due to adverse changes in the value of the U.S. dollar relative to the value of foreign currencies.

 

Emerging Markets Risk

 

The economies of emerging market countries may be more dependent on relatively few industries that may be highly vulnerable to local and global changes. The governments of emerging market countries may be less stable than the governments of more developed countries. Countries in the emerging markets generally have less developed securities markets or exchanges, and less developed legal and accounting systems, reduced availability of public information, and lack of uniform financial reporting and regulatory practices, which in turn may adversely impact the Emerging Markets Fund’s ability to calculate accurately the intrinsic value of the securities. Securities of emerging market companies may be less liquid and more volatile than securities in countries with more mature markets. The value of emerging market currencies may fluctuate more than the currencies of countries with more mature markets. Investments in emerging market countries may be subject to greater risks of government restrictions, including confiscatory taxation, expropriation or nationalization of a company’s assets, restrictions on foreign ownership of local companies and restrictions on withdrawing assets from the country. Investments in securities of issuers in emerging market countries may be considered speculative and higher risk.

 

ETF Risk

 

An investment in an ETF generally presents the same primary risks as an investment in a conventional investment company, including the risk that the general level of security prices owned by the ETF may decline, thereby affecting the value of the shares of the ETF. In addition, ETFs are subject to certain risks that do not apply to conventional open-end mutual funds, including the risk that the market price of an ETF’s shares may trade at a discount to its net asset value, or that an active trading market for an ETF’s shares may not be developed or maintained. An ETF is also subject to the risks of the underlying securities it holds or sectors that the ETF is designed to track. When the Emerging Markets Fund invests in an ETF, the Fund’s shareholders will indirectly pay a proportionate share of the management fee and operating expenses of the ETF, in addition to the Fund’s direct fees and expenses.

 

Foreign Investment Risk

 

Investments in foreign securities involve different risks than U.S. investments, including fluctuations in currency exchange rates, potentially unstable political and economic structures, less efficient trade settlement practices, reduced availability of public information, and lack of uniform financial reporting and regulatory practices similar to those that apply to U.S. issuers. Foreign stock markets may also be less liquid and more volatile than U.S. stock markets.

 

Forward Foreign Currency Contracts Risk

 

The Emerging Markets Fund may use forward foreign currency contracts to hedge against currency risk. Forward foreign currency contracts involve the risk of loss due to the imposition of exchange controls by a foreign government, the delivery failure or default by the other party to the transaction, or the inability of the Emerging Markets Fund to close out a position if the trading market becomes illiquid. There can be no assurance that any currency hedging transactions will be successful, and the Emerging Markets Fund may suffer losses from these transactions.

 

Large-Cap Company Risk

 

The Emerging Markets Fund may invest in large-cap companies. Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

 

Management Risk

 

Because the Emerging Markets Fund is actively managed, it is subject to the risk that the investment strategies, techniques and risk analyses employed by the Adviser and may not produce the desired results. Poor security selection could cause the Emerging Markets Fund’s return to be lower than anticipated.

 

Mid-Cap Company Risk

 

The Emerging Markets Fund may invest in 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.

 

Stock Market Risk

 

Among other things, the market value of any security in which the Emerging Markets 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 Emerging Markets 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 foreign stock markets or the entire market. The investment style utilized for the Emerging Markets Fund could fall out of favor with the market.

 

In summary, but not inclusive of all possible risks, you could lose money on your investment in the Emerging Markets 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 Emerging Markets Fund’s portfolio

 

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>PERFORMANCE SUMMARY</b></p>

The bar chart and performance table that follow provide some indication of the risks of investing in the Emerging Markets Fund by showing changes in the Fund’s performance from year to year since its inception, and by showing how the Fund’s average annual total returns for the 1-year and since inception periods compare with those of a broad measure of market performance. The Emerging Markets Fund’s performance 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 style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>EMERGING MARKETS FUND</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Annual Total Return as of 12/31 (%)</b></p>
Bar Chart

The Emerging Markets Fund’s 2018 year-to-date total return through September 30, 2018 is -7.65%.

 

During the period shown in the bar chart, the highest quarterly return was 10.62% during the quarter ended March 31, 2017 and the lowest quarterly return was -5.50% during the quarter ended December 31, 2016.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Returns For Periods Ended December 31, 2017</b></p>

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 Emerging Markets Fund
1 Year
Since Inception
Inception Date
Cutler Emerging Markets Fund Shares 25.62% 2.27% Jul. 02, 2015
Cutler Emerging Markets Fund Shares | After Taxes on Distributions 25.37% 2.00% Jul. 02, 2015
Cutler Emerging Markets Fund Shares | After Taxes on Distributions and Sales 14.68% 1.67% Jul. 02, 2015
MSCI Emerging Markets Index (MSCI EM Index) (reflects no deduction for fees, expenses or taxes) [1] 37.28% 9.74% Jul. 02, 2015
[1] The MSCI EM Index captures large and mid-cap representation across 24 emerging markets: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index is unmanaged. An investor cannot invest in an index and its returns are not indicative of the performance of any specific investment.
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Document Period End Date dei_DocumentPeriodEndDate Jun. 30, 2018
Registrant Name dei_EntityRegistrantName CUTLER TRUST
Central Index Key dei_EntityCentralIndexKey 0000892568
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Oct. 26, 2018
Document Effective Date dei_DocumentEffectiveDate Oct. 26, 2018
Prospectus Date rr_ProspectusDate Oct. 26, 2018
Cutler Equity Fund  
Risk Return Abstract rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="text-transform: uppercase"><b>RISK/RETURN SUMMARY</b></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>CUTLER EQUITY FUND</b></p>
Objective [Heading] rr_ObjectiveHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>INVESTMENT OBJECTIVE</b></p>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

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

Expense [Heading] rr_ExpenseHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>FEES AND EXPENSES</b></p>
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

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

Operating Expenses Caption [Text] rr_OperatingExpensesCaption <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses</b><br /> (expenses that you pay each year as a percentage of the value of your investment)</p>
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination October 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p>
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Equity 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 Equity 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 Equity Fund’s performance. During the most recent fiscal year, the Equity Fund’s portfolio turnover rate was 10% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 10.00%
Expense Example [Heading] rr_ExpenseExampleHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example</b></p>
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Equity Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Equity 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, that the Equity Fund’s operating expenses remain the same and that the expense limitation will expire after one year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>PRINCIPAL INVESTMENT STRATEGIES OF THE EQUITY FUND</b></p>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

In seeking to meet its investment objective, under normal conditions, at least 80% of the Equity Fund’s assets will be invested in a diversified portfolio of common stocks according to the investment style of the Fund’s Adviser. For purposes of this policy, “assets” shall mean net assets plus the amount of any borrowings for investment purposes (although the Equity Fund is not currently authorized by the Board of Trustees 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 Equity 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 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 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>PRINCIPAL RISKS OF INVESTING IN THE EQUITY FUND</b></p>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

An investment in the Equity Fund is subject to investment risks; therefore you may lose money by investing in the Fund. There is no assurance that the Equity Fund will achieve its investment objective. The Equity 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 Equity Fund may be worth less than its original cost. The Equity Fund, by itself, does not provide a complete investment program. The Equity Fund is subject to the following principal risks (presented alphabetically):

 

Large-Cap Company Risk

 

The Equity Fund may invest in large-capitalization (“large-cap”) companies. Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

 

Management Risk

 

Because the Equity Fund is actively managed, it is subject to the risk that the investment strategies, techniques and risk analyses employed by the Adviser may not produce the desired results. Poor security selection could cause the Equity Fund’s return to be lower than anticipated. Current income may be significant or very little, depending upon the Adviser’s portfolio selections for the Equity Fund.

 

Mid-Cap Company Risk

 

The Equity 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.

 

Stock Market Risk

 

All investments made by the Equity Fund have some risk. Among other things, the market value of any security in which the Equity 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 Equity 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 Equity Fund could fall out of favor with the market.

 

In summary, but not inclusive of all possible risks, you could lose money on your investment in the Equity 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 Equity Fund’s portfolio

 

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

Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Equity Fund is subject to investment risks; therefore you may lose money by investing in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>PERFORMANCE SUMMARY</b></p>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and performance table that follow provide some indication of the risks and variability of investing in the Equity 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. The Equity Fund’s performance 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 [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table that follow provide some indication of the risks and variability of investing in the Equity 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 Phone [Text] rr_PerformanceAvailabilityPhone 1-888-CUTLER4 (1-888-288-5374)
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Equity Fund’s performance in the past is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>EQUITY FUND</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year-by-year Annual Total Return as of 12/31 each year (%)</b></p>
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

The Equity Fund’s 2018 year-to-date total return through September 30, 2018 is 2.83%.

 

During the periods shown in the bar chart, the highest quarterly return was 14.31% during the quarter ended September 30, 2009 and the lowest quarterly return was -18.66% during the quarter ended December 31, 2008.

Performance Table Heading rr_PerformanceTableHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Returns For Periods Ended December 31, 2017</b></p>
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 | Cutler Equity Fund Shares  
Risk Return Abstract rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol CALEX
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeesColumnName None
Management Fees rr_ManagementFeesOverAssets 0.75%
Service Fees rr_DistributionAndService12b1FeesOverAssets 0.15%
Other Expenses rr_OtherExpensesOverAssets 0.26%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.16%
Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.01%) [1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 1.15% [1]
One Year rr_ExpenseExampleYear01 $ 117
Three Years rr_ExpenseExampleYear03 367
Five Years rr_ExpenseExampleYear05 637
Ten Years rr_ExpenseExampleYear10 $ 1,408
Annual Return 2008 rr_AnnualReturn2008 (28.67%)
Annual Return 2009 rr_AnnualReturn2009 19.56%
Annual Return 2010 rr_AnnualReturn2010 17.11%
Annual Return 2011 rr_AnnualReturn2011 7.64%
Annual Return 2012 rr_AnnualReturn2012 9.44%
Annual Return 2013 rr_AnnualReturn2013 29.48%
Annual Return 2014 rr_AnnualReturn2014 9.66%
Annual Return 2015 rr_AnnualReturn2015 (2.73%)
Annual Return 2016 rr_AnnualReturn2016 14.93%
Annual Return 2017 rr_AnnualReturn2017 17.82%
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 2.83%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest quarterly return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 14.31%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (18.66%)
1 Year rr_AverageAnnualReturnYear01 17.82%
5 Years rr_AverageAnnualReturnYear05 13.34%
10 Years rr_AverageAnnualReturnYear10 8.21%
Cutler Equity Fund | After Taxes on Distributions | Cutler Equity Fund Shares  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 17.07%
5 Years rr_AverageAnnualReturnYear05 12.45%
10 Years rr_AverageAnnualReturnYear10 7.64%
Cutler Equity Fund | After Taxes on Distributions and Sales | Cutler Equity Fund Shares  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 10.65%
5 Years rr_AverageAnnualReturnYear05 10.54%
10 Years rr_AverageAnnualReturnYear10 6.60%
Cutler Equity Fund | Standard & Poor’s 500 Index (S&P 500 Index) (reflects no deduction for fees, expenses or taxes)  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 21.83% [2]
5 Years rr_AverageAnnualReturnYear05 15.79% [2]
10 Years rr_AverageAnnualReturnYear10 8.50% [2]
Cutler Fixed Income Fund  
Risk Return Abstract rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="text-transform: uppercase"><b>RISK/RETURN SUMMARY</b></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>CUTLER FIXED INCOME FUND</b></p>
Objective [Heading] rr_ObjectiveHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>INVESTMENT OBJECTIVE</b></p>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The investment objective of the Cutler Fixed Income Fund (the “Fixed Income Fund”) is to seek to achieve high income over the long-term.

Expense [Heading] rr_ExpenseHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>FEES AND EXPENSES</b></p>
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

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

Operating Expenses Caption [Text] rr_OperatingExpensesCaption <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses</b><br /> (expenses that you pay each year as a percentage of the value of your investment)</p>
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p>
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fixed Income 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 Fixed Income 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 Fixed Income Fund’s performance. During the most recent fiscal year, the Fixed Income Fund’s portfolio turnover rate was 36% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 36.00%
Expense Example [Heading] rr_ExpenseExampleHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example</b></p>
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fixed Income Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fixed Income 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 and that the Fixed Income Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>PRINCIPAL INVESTMENT STRATEGIES OF THE FIXED INCOME FUND</b></p>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fixed Income Fund invests principally in a diversified portfolio of investment grade fixed income securities that are believed to generate a high level of current income. The Fixed Income Fund normally invests in investment grade fixed income securities consisting primarily of obligations issued by the U.S. Government, agencies of the U.S. Government, instruments related to U.S. Government securities, mortgage-backed and other asset-backed securities and U.S. corporate debt securities. The Adviser considers these types of securities to be the Fixed Income Fund’s core holdings. In seeking to meet its investment objective, under normal conditions, at least 80% of the Fixed Income Fund’s assets will be invested in fixed income securities. For purposes of this policy, “assets” shall mean net assets plus the amount of any borrowings for investment purposes (although the Fixed Income Fund is not currently authorized by the Board of Trustees to do so).

 

An investment grade security is one which is rated investment grade by either Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) or Fitch Ratings Ltd. (“Fitch”), or an unrated security that the Adviser believes to be of comparable quality. The Fixed Income Fund may invest in:

 

• United States Treasury obligations, including T-bills, notes, bonds, inflation-indexed bonds and other debt obligations issued by the U.S. Treasury, and obligations of U.S. Government Agencies that are backed by the full faith and credit of the U.S. Government. U.S. Government Agencies include the Private Export Funding Corporation, Overseas Private Investment Corporation, Small Business Administration, Government National Mortgage Association (GNMA), Department of Housing and Urban Development and U.S. Maritime Administration.

 

• Securities issued or guaranteed by agencies and instrumentalities of the U.S. Government, but not explicitly backed by the full faith and credit of the U.S. Government. These include the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Federal Farm Credit Banks, Tennessee Valley Authority, and Federal Home Loan Bank.

 

• Mortgage-Backed and Other Asset-Backed Securities. Mortgage-backed securities are obligations representing an undivided interest in, or collateralized by, pools of mortgages. These obligations, in effect, “pass-through” the monthly interest and principal payments (including prepayments) made by the individual borrowers on the pooled mortgage loans to the holders of the securities. U.S. Government agency mortgage-backed issues include securities issued by GNMA, Fannie Mae and Freddie Mac. GNMA securities are guaranteed as to payment of principal and interest (but not as to price and yield) by the U.S. Government, while Fannie Mae and Freddie Mac securities are guaranteed only by the issuing agency. Stripped Mortgage-Backed Securities (“SMBS”) are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). The Fixed Income Fund may also invest in corporate mortgage-backed securities or other asset-backed securities that have an investment grade rating. Asset-backed securities represent a group of assets that are combined or pooled for sale to investors and may be backed by receivables such as credit card, auto and student loans. The Fixed Income Fund may also invest in corporate mortgage-backed securities or other asset-backed securities that have an investment grade rating. Asset-backed securities represent a group of assets that are combined or pooled for sale to investors and may be backed by receivables such as credit card, auto and student loans.

 

• U.S. corporate debt securities (obligations of a corporation to pay interest and repay principal). These include commercial paper, notes, bonds and debentures.

 

The Adviser’s primary focus is on individual security selection, rather than attempting to anticipate major interest rate moves. The Adviser uses a value-oriented buy discipline to identify securities that are believed to offer a yield advantage over others of similar quality or to exhibit stable or improving credit quality that may be unrecognized by other investors. Portfolio securities may be sold when price appreciation causes a security to lose its yield advantage, or when credit quality begins to deteriorate. In the event the rating of a fixed income security held by the Fixed Income Fund is reduced below investment grade, the Adviser is not required to sell the security, but will consider this event in its determination of whether the Fund should continue to hold such security.

 

To increase the Fixed Income Fund’s income potential, the Adviser may invest any amount it deems desirable in each of the various types of fixed income securities, and adjust the investment ratios from time to time, so long as the Fund remains diversified. There is no set average maturity for the portfolio. The Fixed Income Fund allocates its assets among different types of securities and maturities based upon the Adviser’s view of the relative value of each security or maturity. The Adviser may respond to changing market and other conditions by adjusting the type of securities held by the Fixed Income Fund and its average portfolio maturity. The Fixed Income Fund may invest in either fixed rate or variable rate debt securities.

Risk [Heading] rr_RiskHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>PRINCIPAL RISKS OF INVESTING IN THE FIXED INCOME FUND</b></p>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

An investment in the Fixed Income Fund is subject to investment risks; therefore you may lose money by investing in the Fund. There is no assurance that the Fixed Income Fund will achieve its investment objective. The Fixed Income 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 Fixed Income Fund may be worth less than its original cost. The Fixed Income Fund, by itself, does not provide a complete investment program. The Fixed Income Fund is subject to the following principal risks (presented alphabetically):

 

Fixed Income Securities Risk

 

Asset-Backed Securities Risk. Asset-backed securities are fixed-income securities backed by other assets such as credit card, automobile or consumer loan receivables, retail installment loans, or participations in pools of leases. The values of these securities are sensitive to changes in the credit quality of the underlying collateral, the credit strength of any credit enhancement feature, changes in interest rates, and, at times, the financial condition of the issuer.

 

Call Risk. Call risk for corporate bonds is the possibility that borrowers will prepay their debt prior to the scheduled maturity date, resulting in the probability of reinvesting the proceeds in bonds with lower yields. If interest rates decline when the Fixed Income Fund is emphasizing longer maturing securities, you are exposed to greater call risk because issuers of callable bonds are more likely to pay off their bonds before the maturity date. This may cause a reduction of income to the Fixed Income Fund.

 

Corporate Debt Securities Risk. Investment grade U.S. corporate debt securities are generally considered to carry greater credit and call risk than U.S. Government obligations. The credit risk of corporate debt obligations varies widely among issuers and may be affected by factors such as adverse economic changes and changes in interest rates. The Adviser relies, in part, on the quality ratings assigned by S&P, Moody’s, Fitch and other rating services. There is risk associated with such reliance. Rating agencies evaluate the credit risk—the safety of principal and interest payments—but not market value, which is affected by interest rate trends, economic conditions and other factors, including those unique to an issuer or industry. Rating agencies may fail to move quickly enough to change ratings in response to changing circumstances and a rating may not reflect the fine shadings of risks within a given quality grade. For example, two bonds with the same rating are not likely to be precisely the same in quality. The Adviser performs independent analyses in an attempt to identify issuers within a given quality grade that, because of improving fundamentals or other factors, are likely to result in improving quality, greater market value and lower risk.

 

Credit Risk. Credit risk is associated with a borrower’s ability to pay interest and principal when due. A borrower’s inability to make its payment obligations could result in a significant loss of income, causing the Fixed Income Fund’s price to decline. Credit risk increases as overall portfolio quality decreases. Thus, when the Fixed Income Fund invests in lower-quality securities, you are exposed to increased credit risk.

 

Interest Rate Risk. When interest rates rise, bond prices generally fall and when interest rates fall, bond prices generally rise. In an environment of relatively low interest rates, the risk that fixed income prices may fall is potentially greater. Interest rate risk increases as average maturity increases. Interest rate increases can cause the price of a fixed income security to decline, resulting in a price decline for the Fixed Income Fund. Thus, when the Fixed Income Fund emphasizes securities with longer maturities, you are exposed to greater interest rate risk. The interest earned on the Fixed Income Fund’s investments in fixed income securities may decline when prevailing interest rates fall. All income-oriented securities, even those of highest quality, are subject to some degree of interest rate risk.

 

Liquidity Risk. Liquidity risk is the risk that a bond could not be sold at an advantageous time or price due to limited market demand. If a bond is downgraded or drops in price, or if adverse conditions exist within the bond market, the demand for a bond may be limited, making that bond difficult to sell.

 

Mortgage-Backed Securities Risk. Mortgage-backed securities are subject to greater call/prepayment risk than many fixed income securities, especially when interest rates decline. Prepayment risk could reduce yield and market value and cause the Fixed Income Fund to reinvest its assets at a lower prevailing interest rate. These securities are also subject to extension risk, or the risk of a security lengthening in duration due to the deceleration of prepayments. Extension risk is mainly the result of rising interest rates. As interest rates rise, the likelihood of prepayment decreases and if this occurs, the Fixed Income Fund may be unable to capitalize on other investments that have higher interest rates. Mortgage-backed securities may be subject to risks unique to the housing industry, including mortgage lending practices, defaults and foreclosures, changes in real estate values and housing inventories, mortgage securitization practices and rating assignments by credit rating agencies. Stripped mortgage-backed securities, particularly IOs, are more volatile and sensitive to the rate of prepayments than other types of mortgage-backed securities, and their value can fall dramatically in response to rapid or unexpected changes in the mortgage, interest rate or economic environment.

 

Management Risk

 

Because the Fixed Income Fund is actively managed, it is subject to the risk that the investment strategies, techniques and risk analyses employed by the Adviser may not produce the desired results. Poor security selection and/or investments that have unfavorable portfolio maturities could cause the Fixed Income Fund’s return to be lower than anticipated. Current income may be significant or very little, depending upon the Adviser’s portfolio selections for the Fixed Income Fund.

 

In summary, but not inclusive of all possible risks, you could lose money on your investment in the Fixed Income Fund, or the Fund could underperform other investments, if any of the following occurs:

 

• Interest rates rise

 

• A borrower is unable to pay interest or principal when due

 

• The fixed income market becomes illiquid

 

• The stock market goes down

 

• The Adviser’s judgment as to the direction of interest rates or the attributes of the Fixed Income Fund’s securities proves to be mistaken

Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fixed Income Fund is subject to investment risks; therefore you may lose money by investing in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>PERFORMANCE SUMMARY</b></p>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and performance table that follow provide some indication of the risks and variability of investing in the Fixed Income 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. The Fixed Income Fund is the successor to The Elite Income Fund (the “Predecessor Fund”), a mutual fund which had substantially similar investment objectives, strategies and policies. The performance provided in the bar chart and performance table that follow includes that of the Predecessor Fund for periods prior to September 28, 2012. For certain periods, performance has been positively impacted by expense reimbursements made by the investment adviser of the Predecessor Fund. The Fixed Income Fund’s and the Predecessor Fund’s performance 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 [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table that follow provide some indication of the risks and variability of investing in the Fixed Income 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 Phone [Text] rr_PerformanceAvailabilityPhone 1-888-CUTLER4 (1-888-288-5374)
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fixed Income Fund’s and the Predecessor Fund’s performance in the past is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FIXED INCOME FUND</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year-by-year Annual Total Return as of 12/31 each year (%)</b></p>
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

The Fixed Income Fund’s 2018 year-to-date total return through September 30, 2018 is -3.03%.

 

During the periods shown in the bar chart, the highest quarterly return was 7.20% during the quarter ended June 30, 2009 and the lowest quarterly return was -3.65% during the quarter ended December 31, 2015.

Performance Table Heading rr_PerformanceTableHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Returns For Periods Ended December 31, 2017</b></p>
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 Fixed Income Fund | Cutler Fixed Income Fund Shares  
Risk Return Abstract rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol CALFX
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeesColumnName None
Management Fees rr_ManagementFeesOverAssets 0.50%
Service Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.15%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.65%
One Year rr_ExpenseExampleYear01 $ 168
Three Years rr_ExpenseExampleYear03 520
Five Years rr_ExpenseExampleYear05 897
Ten Years rr_ExpenseExampleYear10 $ 1,955
Annual Return 2008 rr_AnnualReturn2008 (0.86%)
Annual Return 2009 rr_AnnualReturn2009 17.21%
Annual Return 2010 rr_AnnualReturn2010 6.73%
Annual Return 2011 rr_AnnualReturn2011 4.84%
Annual Return 2012 rr_AnnualReturn2012 2.66%
Annual Return 2013 rr_AnnualReturn2013 (2.60%)
Annual Return 2014 rr_AnnualReturn2014 3.50%
Annual Return 2015 rr_AnnualReturn2015 (0.52%)
Annual Return 2016 rr_AnnualReturn2016 2.02%
Annual Return 2017 rr_AnnualReturn2017 (0.40%)
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn (3.03%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest quarterly return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.20%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.65%)
1 Year rr_AverageAnnualReturnYear01 (0.40%)
5 Years rr_AverageAnnualReturnYear05 0.38%
10 Years rr_AverageAnnualReturnYear10 3.13%
Cutler Fixed Income Fund | After Taxes on Distributions | Cutler Fixed Income Fund Shares  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.82%)
5 Years rr_AverageAnnualReturnYear05 (1.33%)
10 Years rr_AverageAnnualReturnYear10 1.50%
Cutler Fixed Income Fund | After Taxes on Distributions and Sales | Cutler Fixed Income Fund Shares  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.23%)
5 Years rr_AverageAnnualReturnYear05 (0.45%)
10 Years rr_AverageAnnualReturnYear10 1.81%
Cutler Fixed Income Fund | Bloomberg Barclays Intermediate U.S. Government/Credit Index (reflects no deduction for fees, expenses or taxes)  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.14% [3]
5 Years rr_AverageAnnualReturnYear05 1.50% [3]
10 Years rr_AverageAnnualReturnYear10 3.32% [3]
Cutler Fixed Income Fund | Bloomberg Barclays Short-Term U.S. Government Index (reflects no deduction for taxes)  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.45% [3]
5 Years rr_AverageAnnualReturnYear05 0.58% [3]
10 Years rr_AverageAnnualReturnYear10 3.32% [3]
Cutler Emerging Markets Fund  
Risk Return Abstract rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="text-transform: uppercase"><b>RISK/RETURN SUMMARY</b></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>CUTLER EMERGING MARKETS FUND</b></p>
Objective [Heading] rr_ObjectiveHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>INVESTMENT OBJECTIVE</b></p>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

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

Expense [Heading] rr_ExpenseHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>FEES AND EXPENSES</b></p>
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

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

Operating Expenses Caption [Text] rr_OperatingExpensesCaption <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses</b><br /> (expenses that you pay each year as a percentage of the value of your investment)</p>
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination October 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p>
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Emerging Markets 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 Emerging Markets 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 Emerging Markets Fund’s performance. During the most recent fiscal year, the Emerging Markets Fund’s portfolio turnover rate was 2% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 2.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees <p>“Total Annual Fund Operating Expenses” will not correlate to the Emerging Markets Fund’s ratio of net 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.”</p>
Expense Example [Heading] rr_ExpenseExampleHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example</b></p>
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Emerging Markets 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, that the Emerging Markets Fund’s operating expenses remain the same and that the expense limitation will expire after one year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>PRINCIPAL INVESTMENT STRATEGIES OF THE EMERGING MARKETS FUND</b></p>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

In seeking to meet its investment objective, under normal conditions, at least 80% of the Emerging Markets Fund’s assets will be invested in a diversified portfolio of securities of issuers whose principal activities are in, or economically tied to, emerging markets countries selected in accordance with the Adviser’s long standing dividend focused investment philosophy. 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 authorized by the Board of Trustees to do so). Securities in which the Emerging Markets Fund may invest include common stocks, preferred stocks, American Depositary Receipts (“ADRs”) and exchange-traded funds (“ETFs”). The Fund considers “emerging markets” generally to include any country defined or classified currently or in the future as an emerging market by the Morgan Stanley Capital International (“MSCI”) Emerging Markets Index but may include other countries in the discretion of the Adviser.

 

The Adviser will manage the Emerging Markets Fund in accordance with the Adviser’s dividend focused investment philosophy with appropriate adjustments for emerging market economies, sectors and securities. The Adviser chooses investments based on its judgment of fundamental value, which emphasizes companies 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

 

In selecting investments for the Emerging Markets Fund, the Fund’s portfolio managers, based upon their experience with and analysis of emerging markets economies, sectors and securities, will take into account the various opportunities presented by companies in rapidly growing emerging markets and the correlative risks presented by emerging markets securities.

 

The Emerging Markets Fund typically invests in stocks of companies that have a total market capitalization of at least $5 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 Emerging Markets Fund normally expects that its assets will be invested in multiple emerging market countries, industries and market sectors.

 

The Adviser uses both “top-down” and “bottom-up” approaches, and investment selections are made using a fundamental approach. Top-down research involves the study of economic trends in emerging market economies, such as the fluctuation in interest or unemployment rates. These factors help to identify countries, 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 Emerging Markets Fund may use ETFs in certain situations to gain access to a broader exposure to a specific emerging stock market without purchasing a large number of individual securities. The Emerging Markets Fund may invest in ETFs that have a total market capitalization and which invest in securities with a market capitalization of any size. The Emerging Markets Fund may invest both in ADRs, which are listed on domestic stock exchanges, as well as directly in common stock traded on foreign exchanges. The Emerging Markets Fund may invest in securities of both U.S. and non-U.S. issuers, which can be both U.S. dollar-based and non-U.S. dollar-based.

 

The Emerging Markets Fund may, but is not required to, hedge against currency risk through the use of forward foreign currency contracts which are entered into directly with dealers.

 

The Adviser will sell securities for any one of four 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.

 

• If the Adviser believes that a country’s significant geopolitical concerns raise cause for concern for a particular issuer.

Risk [Heading] rr_RiskHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>PRINCIPAL RISKS OF INVESTING IN THE EMERGING MARKETS FUND</b></p>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

An investment in the Emerging Markets Fund is subject to investment risks; therefore you may lose money by investing in the Fund. There is no assurance that the Emerging Markets Fund will achieve its investment objective. The Emerging Markets 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 Emerging Markets Fund may be worth less than its original cost. The Emerging Markets Fund, by itself, does not provide a complete investment program. The Emerging Markets Fund is subject to the following principal risks (presented alphabetically):

 

Currency Risk

 

Because the Emerging Markets Fund holds securities valued in foreign currencies and holds foreign currencies when it purchases and sells foreign securities, changes in exchange rates will impact the value of the Fund’s assets. Thus, investments in foreign securities involve currency risk, which is the risk that the values of the foreign securities and other assets denominated in foreign currencies will decrease due to adverse changes in the value of the U.S. dollar relative to the value of foreign currencies.

 

Emerging Markets Risk

 

The economies of emerging market countries may be more dependent on relatively few industries that may be highly vulnerable to local and global changes. The governments of emerging market countries may be less stable than the governments of more developed countries. Countries in the emerging markets generally have less developed securities markets or exchanges, and less developed legal and accounting systems, reduced availability of public information, and lack of uniform financial reporting and regulatory practices, which in turn may adversely impact the Emerging Markets Fund’s ability to calculate accurately the intrinsic value of the securities. Securities of emerging market companies may be less liquid and more volatile than securities in countries with more mature markets. The value of emerging market currencies may fluctuate more than the currencies of countries with more mature markets. Investments in emerging market countries may be subject to greater risks of government restrictions, including confiscatory taxation, expropriation or nationalization of a company’s assets, restrictions on foreign ownership of local companies and restrictions on withdrawing assets from the country. Investments in securities of issuers in emerging market countries may be considered speculative and higher risk.

 

ETF Risk

 

An investment in an ETF generally presents the same primary risks as an investment in a conventional investment company, including the risk that the general level of security prices owned by the ETF may decline, thereby affecting the value of the shares of the ETF. In addition, ETFs are subject to certain risks that do not apply to conventional open-end mutual funds, including the risk that the market price of an ETF’s shares may trade at a discount to its net asset value, or that an active trading market for an ETF’s shares may not be developed or maintained. An ETF is also subject to the risks of the underlying securities it holds or sectors that the ETF is designed to track. When the Emerging Markets Fund invests in an ETF, the Fund’s shareholders will indirectly pay a proportionate share of the management fee and operating expenses of the ETF, in addition to the Fund’s direct fees and expenses.

 

Foreign Investment Risk

 

Investments in foreign securities involve different risks than U.S. investments, including fluctuations in currency exchange rates, potentially unstable political and economic structures, less efficient trade settlement practices, reduced availability of public information, and lack of uniform financial reporting and regulatory practices similar to those that apply to U.S. issuers. Foreign stock markets may also be less liquid and more volatile than U.S. stock markets.

 

Forward Foreign Currency Contracts Risk

 

The Emerging Markets Fund may use forward foreign currency contracts to hedge against currency risk. Forward foreign currency contracts involve the risk of loss due to the imposition of exchange controls by a foreign government, the delivery failure or default by the other party to the transaction, or the inability of the Emerging Markets Fund to close out a position if the trading market becomes illiquid. There can be no assurance that any currency hedging transactions will be successful, and the Emerging Markets Fund may suffer losses from these transactions.

 

Large-Cap Company Risk

 

The Emerging Markets Fund may invest in large-cap companies. Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

 

Management Risk

 

Because the Emerging Markets Fund is actively managed, it is subject to the risk that the investment strategies, techniques and risk analyses employed by the Adviser and may not produce the desired results. Poor security selection could cause the Emerging Markets Fund’s return to be lower than anticipated.

 

Mid-Cap Company Risk

 

The Emerging Markets Fund may invest in 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.

 

Stock Market Risk

 

Among other things, the market value of any security in which the Emerging Markets 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 Emerging Markets 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 foreign stock markets or the entire market. The investment style utilized for the Emerging Markets Fund could fall out of favor with the market.

 

In summary, but not inclusive of all possible risks, you could lose money on your investment in the Emerging Markets 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 Emerging Markets Fund’s portfolio

 

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

Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Emerging Markets Fund is subject to investment risks; therefore you may lose money by investing in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>PERFORMANCE SUMMARY</b></p>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and performance table that follow provide some indication of the risks of investing in the Emerging Markets Fund by showing changes in the Fund’s performance from year to year since its inception, and by showing how the Fund’s average annual total returns for the 1-year and since inception periods compare with those of a broad measure of market performance. The Emerging Markets Fund’s performance 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 [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table that follow provide some indication of the risks of investing in the Emerging Markets Fund by showing changes in the Fund’s performance from year to year since its inception, and by showing how the Fund’s average annual total returns for the 1-year and since inception periods compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-888-CUTLER4 (1-888-288-5374)
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Emerging Markets Fund’s performance in the past is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>EMERGING MARKETS FUND</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Annual Total Return as of 12/31 (%)</b></p>
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

The Emerging Markets Fund’s 2018 year-to-date total return through September 30, 2018 is -7.65%.

 

During the period shown in the bar chart, the highest quarterly return was 10.62% during the quarter ended March 31, 2017 and the lowest quarterly return was -5.50% during the quarter ended December 31, 2016.

Performance Table Heading rr_PerformanceTableHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Returns For Periods Ended December 31, 2017</b></p>
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 Emerging Markets Fund | Cutler Emerging Markets Fund Shares  
Risk Return Abstract rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol CUTDX
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeesColumnName None
Management Fees rr_ManagementFeesOverAssets 0.85%
Service Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.22%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.13%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.20% [4]
Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.52%) [5]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 1.68% [4],[5]
One Year rr_ExpenseExampleYear01 $ 171
Three Years rr_ExpenseExampleYear03 638
Five Years rr_ExpenseExampleYear05 1,132
Ten Years rr_ExpenseExampleYear10 $ 2,493
Annual Return 2016 rr_AnnualReturn2016 3.27%
Annual Return 2017 rr_AnnualReturn2017 25.62%
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn (7.65%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest quarterly return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 10.62%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2016
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (5.50%)
1 Year rr_AverageAnnualReturnYear01 25.62%
Since Inception rr_AverageAnnualReturnSinceInception 2.27%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 02, 2015
Cutler Emerging Markets Fund | After Taxes on Distributions | Cutler Emerging Markets Fund Shares  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 25.37%
Since Inception rr_AverageAnnualReturnSinceInception 2.00%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 02, 2015
Cutler Emerging Markets Fund | After Taxes on Distributions and Sales | Cutler Emerging Markets Fund Shares  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 14.68%
Since Inception rr_AverageAnnualReturnSinceInception 1.67%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 02, 2015
Cutler Emerging Markets Fund | MSCI Emerging Markets Index (MSCI EM Index) (reflects no deduction for fees, expenses or taxes)  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 37.28% [6]
Since Inception rr_AverageAnnualReturnSinceInception 9.74% [6]
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 02, 2015 [6]
[1] The Equity Fund's investment adviser, Cutler Investment Counsel, LLC (the "Adviser"), has contractually agreed, until October 31, 2019, to reduce its management fees and to pay the Fund's ordinary 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. Any management fees reduced and ordinary operating expenses paid by the Adviser are subject to repayment by the Equity Fund for a period of 3 years after such fees and expenses were reduced or paid, 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 October 31, 2019, the expense limitation agreement may be modified or terminated only with approval by the Board of Trustees.
[2] The S&P 500 Index is a market capitalization weighted index of 500 large U.S. companies chosen for market size, liquidity and industry group representation and includes reinvested dividends. The index is unmanaged and is widely used as a barometer of U.S. stock market performance. An investor cannot invest in an index and its returns are not indicative of the performance of any specific investment.
[3] The Bloomberg Barclays Intermediate U.S. Government/Credit Index and the Bloomberg Barclays Short-Term U.S. Government Index cover intermediate and short-term fixed income securities, respectively, of the U.S government and publicly-issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. The indices are unmanaged. An investor cannot invest in an index and its returns are not indicative of the performance of any specific investment.
[4] "Total Annual Fund Operating Expenses" will not correlate to the Emerging Markets Fund's ratio of net 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."
[5] The Emerging Markets Fund's investment adviser, Cutler Investment Counsel, LLC (the "Adviser"), has contractually agreed, until October 31, 2019, to reduce its management fees and to pay the Fund's ordinary operating expenses to the extent necessary to limit Annual Fund Operating Expenses to an amount not exceeding 1.55% of the Fund's average daily net assets. Any management fees reduced and ordinary operating expenses paid by the Adviser are subject to repayment by the Emerging Markets Fund for a period of 3 years after such fees and expenses were reduced or paid, 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 October 31, 2019, the expense limitation agreement may be modified or terminated only with approval by the Board of Trustees.
[6] The MSCI EM Index captures large and mid-cap representation across 24 emerging markets: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index is unmanaged. An investor cannot invest in an index and its returns are not indicative of the performance of any specific investment.
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