# EDGAR Filing Document

**Accession Number:** 0000892568
**File Stem:** 0000910472-26-008399
**Filing Date:** 2026-5
**Character Count:** 21689
**Document Hash:** 2846663bd586bf492d3ea6509a15056e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-008399.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0000910472-26-008399

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CUTLER TRUST
- **CENTRAL INDEX KEY:** 0000892568

**ORGANIZATION NAME:**
- **EIN:** 133693851
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07242
- **FILM NUMBER:** 261042648

**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

## Series and Classes Contracts Data

### Cutler Equity Fund (Series ID: S000001540)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000222167 | Cutler Equity Fund | DIVHX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **CUTLER EQUITY FUND** | **CUTLER EQUITY FUND** | **CUTLER EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 100.0%** | **Shares** | **Value** |
| **Communications - 2.8%** |  |  |
| *Telecommunications - 2.8%* |  |  |
| Verizon Communications, Inc. | &nbsp;&nbsp;120434 | &nbsp;&nbsp;$6045787 |
| **Consumer Discretionary - 9.4%** |  |  |
| *Apparel & Textile Products - 1.5%* |  |  |
| NIKE, Inc. - Class B | &nbsp;&nbsp;58858 | &nbsp;&nbsp;3108879 |
| *Home Construction - 0.9%* |  |  |
| Lennar Corporation - Class A | &nbsp;&nbsp;22682 | &nbsp;&nbsp;1969705 |
| *Leisure Facilities & Services - 3.6%* |  |  |
| McDonald's Corporation | &nbsp;&nbsp;24470 | &nbsp;&nbsp;7605031 |
| *Retail - Discretionary - 3.4%* |  |  |
| Home Depot, Inc. (The) | &nbsp;&nbsp;22212 | &nbsp;&nbsp;7305305 |
| **Consumer Staples - 13.4%** |  |  |
| *Beverages - 2.1%* |  |  |
| PepsiCo, Inc. | &nbsp;&nbsp;28132 | &nbsp;&nbsp;4368618 |
| *Household Products - 2.0%* |  |  |
| Procter & Gamble Company (The) | &nbsp;&nbsp;29135 | &nbsp;&nbsp;4208260 |
| *Retail - Consumer Staples - 9.3%* |  |  |
| Kroger Company (The) | &nbsp;&nbsp;89843 | &nbsp;&nbsp;6501039 |
| Walmart, Inc. | &nbsp;&nbsp;107978 | &nbsp;&nbsp;13419506 |
|  |  | &nbsp;&nbsp;19920545 |
| **Energy - 9.1%** |  |  |
| *Oil & Gas Producers - 9.1%* |  |  |
| Chevron Corporation | &nbsp;&nbsp;29825 | &nbsp;&nbsp;6170793 |
| Exxon Mobil Corporation | &nbsp;&nbsp;55578 | &nbsp;&nbsp;9429363 |
| Phillips 66 | &nbsp;&nbsp;20644 | &nbsp;&nbsp;3760924 |
|  |  | &nbsp;&nbsp;19361080 |
| **Financials - 15.4%** |  |  |
| *Asset Management - 8.3%* |  |  |
| BlackRock, Inc. | &nbsp;&nbsp;8975 | &nbsp;&nbsp;8631347 |
| Charles Schwab Corporation (The) | &nbsp;&nbsp;96259 | &nbsp;&nbsp;9046421 |
|  |  | &nbsp;&nbsp;17677768 |
| *Banking - 7.1%* |  |  |
| JPMorgan Chase & Company | &nbsp;&nbsp;22044 | &nbsp;&nbsp;6484463 |

---

---

| | | |
|:---|:---|:---|
| **CUTLER EQUITY FUND** | **CUTLER EQUITY FUND** | **CUTLER EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 100.0% (Continued)** | **Shares** | **Value** |
| **Financials - 15.4% (Continued)** |  |  |
| *Banking - 7.1% (Continued)* |  |  |
| M&T Bank Corporation | &nbsp;&nbsp;19947 | &nbsp;&nbsp;$4123444 |
| PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;22066 | &nbsp;&nbsp;4591714 |
|  |  | &nbsp;&nbsp;15199621 |
| **Health Care - 13.2%** |  |  |
| *Biotech & Pharma - 6.5%* |  |  |
| Johnson & Johnson | &nbsp;&nbsp;24932 | &nbsp;&nbsp;6094378 |
| Merck & Company, Inc. | &nbsp;&nbsp;43950 | &nbsp;&nbsp;5286746 |
| Pfizer, Inc. | &nbsp;&nbsp;86288 | &nbsp;&nbsp;2422967 |
|  |  | &nbsp;&nbsp;13804091 |
| *Health Care Facilities & Services - 2.7%* |  |  |
| CVS Health Corporation | &nbsp;&nbsp;78838 | &nbsp;&nbsp;5662145 |
| *Medical Equipment & Devices - 4.0%* |  |  |
| Becton, Dickinson and Company | &nbsp;&nbsp;21519 | &nbsp;&nbsp;3383432 |
| Medtronic plc | &nbsp;&nbsp;60083 | &nbsp;&nbsp;5206192 |
|  |  | &nbsp;&nbsp;8589624 |
| **Industrials - 21.5%** |  |  |
| *Aerospace & Defense - 5.3%* |  |  |
| RTX Corporation | &nbsp;&nbsp;58394 | &nbsp;&nbsp;11264203 |
| *Commercial Support Services - 3.8%* |  |  |
| Republic Services, Inc. | &nbsp;&nbsp;37611 | &nbsp;&nbsp;8237561 |
| *Electrical Equipment - 2.0%* |  |  |
| Carrier Global Corporation | &nbsp;&nbsp;74983 | &nbsp;&nbsp;4222293 |
| *Machinery - 10.4%* |  |  |
| Caterpillar, Inc. | &nbsp;&nbsp;18575 | &nbsp;&nbsp;13159644 |
| Deere & Company | &nbsp;&nbsp;16045 | &nbsp;&nbsp;9038149 |
|  |  | &nbsp;&nbsp;22197793 |
| **Materials - 0.9%** |  |  |
| *Chemicals - 0.9%* |  |  |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;41270 | &nbsp;&nbsp;1890166 |
| **Technology - 11.3%** |  |  |
| *Semiconductors - 3.9%* |  |  |
| Qnity Electronics, Inc. | &nbsp;&nbsp;24437 | &nbsp;&nbsp;2819541 |
| Texas Instruments, Inc. | &nbsp;&nbsp;28488 | &nbsp;&nbsp;5530660 |
|  |  | &nbsp;&nbsp;8350201 |

---

---

| | | |
|:---|:---|:---|
| **CUTLER EQUITY FUND** | **CUTLER EQUITY FUND** | **CUTLER EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 100.0% (Continued)** | **Shares** | **Value** |
| **Technology - 11.3% (Continued)** |  |  |
| *Software - 5.1%* |  |  |
| Microsoft Corporation | &nbsp;&nbsp;29130 | &nbsp;&nbsp;$10783052 |
| *Technology Services - 2.3%* |  |  |
| International Business Machines Corporation | &nbsp;&nbsp;20694 | &nbsp;&nbsp;5016019 |
| **Utilities - 3.0%** |  |  |
| *Electric Utilities - 3.0%* |  |  |
| NextEra Energy, Inc. | &nbsp;&nbsp;68647 | &nbsp;&nbsp;6375933 |
| **Total Common Stocks** (Cost $89,824,441) | **Total Common Stocks** (Cost $89,824,441) | &nbsp;&nbsp;$213163680 |
| **MONEY MARKET FUNDS - 0.3%** | **Shares** | **Value** |
| Invesco Short-Term Investment Trust Government & Agency Portfolio - Institutional Class, 3.58% <sup>(a)</sup> (Cost $667,964) | &nbsp;&nbsp;667964 | &nbsp;&nbsp;$667964 |
| **Total Investments at Value - 100.3%** (Cost $90,492,405) | **Total Investments at Value - 100.3%** (Cost $90,492,405) | &nbsp;&nbsp;$213831644 |
| **Liabilities in Excess of Other Assets - (0.3%)** | **Liabilities in Excess of Other Assets - (0.3%)** | &nbsp;&nbsp; (648421) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$213183223 |

---

<sup>(a)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** The Cutler Trust

- **b. Investment Company Act file number:** 811-07242

- **c. CIK number of Registrant:** 0000892568

- **d. LEI of Registrant:** 549300KVSOCUTW3E0J66

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 525 Bigham Knoll

  - **City:** Jacksonville

  - **State:** OR

  - **Foreign country:** US

  - **Zip / Postal Code:** 97530

  - **Telephone number:** 514-770-9000

**Item A.2. Information about the Series.**

- **a. Name of Series:** CUTLER EQUITY FUND

- **b. EDGAR series identifier (if any):** S000001540

- **c. LEI of Series:** 549300PVCU95CJI0CF50

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $214012186.93

**Total Liabilities:** $828964.00

**Net Assets:** $213183222.93

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000222167 | 6.16%                | 3.79%                | -4.51%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2752575.41              | $9647423.46                                |
| Month 2  | $256673.74               | $7729675.10                                |
| Month 3  | $498600.96               | $-10855536.81                              |

### Schedule of Portfolio Investments

| Name                                  | Title                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Becton, Dickinson and Company         | Becton Dickinson & Company                                     | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     21519 | NS      | $3383432.37   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc.                        | Blackrock, Inc.                                                | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      8975 | NS      | $8631347.25   | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                       | CVS Health Corporation                                         | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     78838 | NS      | $5662145.16   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corporation            | Carrier Global Corporation                                     | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |     74983 | NS      | $4222292.73   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                       | Caterpillar, Inc.                                              | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     18575 | NS      | $13159644.50  | 6.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                         | Chevron Corporation                                            | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29825 | NS      | $6170792.50   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                       | Deere & Company                                                | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     16045 | NS      | $9038148.50   | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Dupont De Nemours Inc                 | DuPont de Nemours, Inc.                                        | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     41270 | NS      | $1890166.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                     | Exxon Mobil Corporation                                        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     55578 | NS      | $9429363.48   | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                       | Home Depot, Inc. (The)                                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     22212 | NS      | $7305304.68   | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp. | International Business Machines Corporation                    | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     20694 | NS      | $5016018.66   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                  | JPMorgan Chase & Company                                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     22044 | NS      | $6484463.04   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                     | Johnson & Johnson                                              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     24932 | NS      | $6094378.08   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| The Kroger Co.                        | Kroger Company (The)                                           | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |     89843 | NS      | $6501039.48   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp.                          | Lennar Corporation Class A                                     | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     22682 | NS      | $1969704.88   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                  | M&T Bank Corporation                                           | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     19947 | NS      | $4123443.84   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                      | McDonald's Corporation                                         | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     24470 | NS      | $7605031.30   | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                      | Merck & Company, Inc.                                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     43950 | NS      | $5286745.50   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                       | Microsoft Corporation                                          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     29130 | NS      | $10783052.10  | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                    | NextEra Energy, Inc.                                           | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     68647 | NS      | $6375933.36   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Nike, Inc.                            | NIKE, Inc. Class B                                             | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     58858 | NS      | $3108879.56   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc.     | PNC Financial Services Group, Inc. (The)                       | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     22066 | NS      | $4591713.94   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                           | PepsiCo, Inc.                                                  | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     28132 | NS      | $4368618.28   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                           | Pfizer, Inc.                                                   | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     86288 | NS      | $2422967.04   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                           | Phillips 66                                                    | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |     20644 | NS      | $3760923.92   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.              | Procter & Gamble Company (The)                                 | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     29135 | NS      | $4208259.40   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Qnity Electronics Inc.                | Qnity Electonics, Inc.                                         | CUSIP: 74743L100<br>LEI: 254900RSUG4J9TFFZX53 | Long             | EC               | CORP              | US        |     24437 | NS      | $2819541.06   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                             | RTX Corporation                                                | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     58394 | NS      | $11264202.60  | 5.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.               | Republic Services, Inc.                                        | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     37611 | NS      | $8237561.22   | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation        | Charles Schwab Corporation (The)                               | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     96259 | NS      | $9046420.82   | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Short-Term Invts T                    | InvesCo STIT Government & Agency Portfolio INSTITUTIONAL CLASS | CUSIP: 825252885<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |    667964 | PA      | $667963.76    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc.                | Texas Instruments, Inc.                                        | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     28488 | NS      | $5530660.32   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.           | Verizon Communications, Inc.                                   | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    120434 | NS      | $6045786.80   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                           | Walmart, Inc.                                                  | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    107978 | NS      | $13419505.84  | 6.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                         | Medtronic plc                                                  | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     60083 | NS      | $5206191.95   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

**Name of Applicant:** Cutler Equity Fund

**Signature:** Daniel D. Bauer

**Name of Signer:** Daniel D. Bauer

**Title:** VP, Fund Accounting