# EDGAR Filing Document

**Accession Number:** 0000892568
**File Stem:** 0000910472-25-004145
**Filing Date:** 2025-11
**Character Count:** 20856
**Document Hash:** 3a37d43caef887dc026baaf3dd394106
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004145.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004145

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**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:** 251524240

**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** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.7%** | **Shares** | **Value** |
| **Communications - 2.6%** |  |  |
| *Telecommunications - 2.6%* |  |  |
| Verizon Communications, Inc. | &nbsp;&nbsp;123762 | &nbsp;&nbsp;$5439340 |
| **Consumer Discretionary - 10.4%** |  |  |
| *Apparel & Textile Products - 1.5%* |  |  |
| NIKE, Inc. - Class B | &nbsp;&nbsp;45411 | &nbsp;&nbsp;3166509 |
| *Home Construction - 0.8%* |  |  |
| Lennar Corporation - Class A | &nbsp;&nbsp;14109 | &nbsp;&nbsp;1778298 |
| *Leisure Facilities & Services - 3.7%* |  |  |
| McDonald's Corporation | &nbsp;&nbsp;25309 | &nbsp;&nbsp;7691152 |
| *Retail - Discretionary - 4.4%* |  |  |
| Home Depot, Inc. (The) | &nbsp;&nbsp;22925 | &nbsp;&nbsp;9288981 |
| **Consumer Staples - 12.5%** |  |  |
| *Beverages - 1.9%* |  |  |
| PepsiCo, Inc. | &nbsp;&nbsp;29104 | &nbsp;&nbsp;4087366 |
| *Household Products - 2.2%* |  |  |
| Procter & Gamble Company (The) | &nbsp;&nbsp;30141 | &nbsp;&nbsp;4631164 |
| *Retail - Consumer Staples - 8.4%* |  |  |
| Kroger Company (The) | &nbsp;&nbsp;92488 | &nbsp;&nbsp;6234616 |
| Walmart, Inc. | &nbsp;&nbsp;111433 | &nbsp;&nbsp;11484285 |
|  |  | &nbsp;&nbsp;17718901 |
| **Energy - 5.4%** |  |  |
| *Oil & Gas Producers - 5.4%* |  |  |
| Chevron Corporation | &nbsp;&nbsp;31020 | &nbsp;&nbsp;4817096 |
| Exxon Mobil Corporation | &nbsp;&nbsp;57719 | &nbsp;&nbsp;6507817 |
|  |  | &nbsp;&nbsp;11324913 |
| **Financials - 17.4%** |  |  |
| *Asset Management - 9.8%* |  |  |
| BlackRock, Inc. | &nbsp;&nbsp;9307 | &nbsp;&nbsp;10850752 |
| Charles Schwab Corporation (The) | &nbsp;&nbsp;101850 | &nbsp;&nbsp;9723620 |
|  |  | &nbsp;&nbsp;20574372 |
| *Banking - 7.6%* |  |  |
| JPMorgan Chase & Company | &nbsp;&nbsp;23428 | &nbsp;&nbsp;7389894 |
| M&T Bank Corporation | &nbsp;&nbsp;20581 | &nbsp;&nbsp;4067217 |

---

---

| | | |
|:---|:---|:---|
| **CUTLER EQUITY FUND** | **CUTLER EQUITY FUND** | **CUTLER EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 99.7% (Continued)** | **Shares** | **Value** |
| **Financials - 17.4% (Continued)** |  |  |
| *Banking - 7.6% (Continued)* |  |  |
| PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;22928 | &nbsp;&nbsp;$4606923 |
|  |  | &nbsp;&nbsp;16064034 |
| **Health Care - 12.5%** |  |  |
| *Biotech & Pharma - 5.2%* |  |  |
| Johnson & Johnson | &nbsp;&nbsp;25738 | &nbsp;&nbsp;4772340 |
| Merck & Company, Inc. | &nbsp;&nbsp;46480 | &nbsp;&nbsp;3901066 |
| Pfizer, Inc. | &nbsp;&nbsp;88106 | &nbsp;&nbsp;2244941 |
|  |  | &nbsp;&nbsp;10918347 |
| *Health Care Facilities & Services - 2.4%* |  |  |
| CVS Health Corporation | &nbsp;&nbsp;68120 | &nbsp;&nbsp;5135567 |
| *Medical Equipment & Devices - 4.9%* |  |  |
| Becton, Dickinson and Company | &nbsp;&nbsp;22715 | &nbsp;&nbsp;4251567 |
| Medtronic plc | &nbsp;&nbsp;62608 | &nbsp;&nbsp;5962786 |
|  |  | &nbsp;&nbsp;10214353 |
| **Industrials - 21.7%** |  |  |
| *Aerospace & Defense - 4.8%* |  |  |
| RTX Corporation | &nbsp;&nbsp;60455 | &nbsp;&nbsp;10115935 |
| *Commercial Support Services - 4.2%* |  |  |
| Republic Services, Inc. | &nbsp;&nbsp;38950 | &nbsp;&nbsp;8938246 |
| *Electrical Equipment - 2.2%* |  |  |
| Carrier Global Corporation | &nbsp;&nbsp;78143 | &nbsp;&nbsp;4665137 |
| *Machinery - 10.5%* |  |  |
| Caterpillar, Inc. | &nbsp;&nbsp;30519 | &nbsp;&nbsp;14562141 |
| Deere & Company | &nbsp;&nbsp;16553 | &nbsp;&nbsp;7569025 |
|  |  | &nbsp;&nbsp;22131166 |
| **Materials - 1.9%** |  |  |
| *Chemicals - 1.9%* |  |  |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;51770 | &nbsp;&nbsp;4032883 |
| **Technology - 12.8%** |  |  |
| *Semiconductors - 2.6%* |  |  |
| Texas Instruments, Inc. | &nbsp;&nbsp;29797 | &nbsp;&nbsp;5474603 |
| *Software - 7.3%* |  |  |
| Microsoft Corporation | &nbsp;&nbsp;29830 | &nbsp;&nbsp;15450448 |

---

---

| | | |
|:---|:---|:---|
| **CUTLER EQUITY FUND** | **CUTLER EQUITY FUND** | **CUTLER EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 99.7% (Continued)** | **Shares** | **Value** |
| **Technology - 12.8% (Continued)** |  |  |
| *Technology Services - 2.9%* |  |  |
| International Business Machines Corporation | &nbsp;&nbsp;21337 | &nbsp;&nbsp;$6020448 |
| **Utilities - 2.5%** |  |  |
| *Electric Utilities - 2.5%* |  |  |
| NextEra Energy, Inc. | &nbsp;&nbsp;70808 | &nbsp;&nbsp;5345296 |
| **Total Common Stocks** (Cost $88,186,451) | **Total Common Stocks** (Cost $88,186,451) | &nbsp;&nbsp;$210207459 |
| **MONEY MARKET FUNDS - 0.7%** | **Shares** | **Value** |
| Invesco Short-Term Investment Trust Government & Agency Portfolio - Institutional Class, 4.06% <sup>(a)</sup> (Cost $1,446,996) | &nbsp;&nbsp;1446996 | &nbsp;&nbsp;$1446996 |
| **Total Investments at Value - 100.4%** (Cost $89,633,447) | **Total Investments at Value - 100.4%** (Cost $89,633,447) | &nbsp;&nbsp;$211654455 |
| **Liabilities in Excess of Other Assets - (0.4%)** | **Liabilities in Excess of Other Assets - (0.4%)** | &nbsp;&nbsp; (730650) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$210923805 |

---

<sup>(a)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

## 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:** 2025-09-30

**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:** $211807443.40

**Total Liabilities:** $883638.44

**Net Assets:** $210923804.96

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000222167 | 1.59%                | 1.81%                | 1.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $2984671.12                                |
| Month 2  | $-917171.06              | $4407524.71                                |
| Month 3  | $0.00                    | $2378350.00                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| RTX Corp.                             | RTX Corporation                                                | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     60455 | NS      | $10115935.15  | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                           | Pfizer, Inc.                                                   | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     88106 | NS      | $2244940.88   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| The Kroger Co.                        | Kroger Company (The)                                           | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |     92488 | NS      | $6234616.08   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                           | Walmart, Inc.                                                  | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    111433 | NS      | $11484284.98  | 5.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Nike, Inc.                            | NIKE, Inc. Class B                                             | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     45411 | NS      | $3166509.03   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton, Dickinson and Company         | Becton, Dickinson and Company                                  | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     22715 | NS      | $4251566.55   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                      | Merck & Company, Inc.                                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     46480 | NS      | $3901066.40   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                      | McDonald's Corporation                                         | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     25309 | NS      | $7691152.01   | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation        | Charles Schwab Corporation (The)                               | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    101850 | NS      | $9723619.50   | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                     | Johnson & Johnson                                              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     25738 | NS      | $4772339.96   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc.                | Texas Instruments, Inc.                                        | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     29797 | NS      | $5474602.81   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                         | Medtronic plc                                                  | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | US        |     62608 | NS      | $5962785.92   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc.                        | BlackRock, Inc.                                                | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      9307 | NS      | $10850752.09  | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                    | NextEra Energy, Inc.                                           | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     70808 | NS      | $5345295.92   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                     | Exxon Mobil Corporation                                        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     57719 | NS      | $6507817.25   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                       | Home Depot, Inc. (The)                                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     22925 | NS      | $9288980.75   | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.               | Republic Services, Inc.                                        | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     38950 | NS      | $8938246.00   | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                       | Deere & Company                                                | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     16553 | NS      | $7569024.78   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                  | JPMorgan Chase & Company                                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     23428 | NS      | $7389894.04   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Dupont De Nemours Inc                 | DuPont de Nemours, Inc.                                        | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     51770 | NS      | $4032883.00   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp.                          | Lennar Corporation Class A                                     | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     14109 | NS      | $1778298.36   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp. | International Business Machines Corporation                    | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     21337 | NS      | $6020447.92   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.              | Procter & Gamble Company (The)                                 | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     30141 | NS      | $4631164.65   | 2.20%             |  |  |  | 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        |   1446996 | PA      | $1446995.90   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corporation            | Carrier Global Corporation                                     | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |     78143 | NS      | $4665137.10   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                         | Chevron Corporation                                            | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31020 | NS      | $4817095.80   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                       | Caterpillar, Inc.                                              | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     30519 | NS      | $14562140.85  | 6.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                       | CVS Health Corporation                                         | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     68120 | NS      | $5135566.80   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                       | Microsoft Corporation                                          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     29830 | NS      | $15450448.50  | 7.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.           | Verizon Communications, Inc.                                   | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    123762 | NS      | $5439339.90   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                  | M&T Bank Corporation                                           | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     20581 | NS      | $4067217.22   | 1.93%             |  |  |  | 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        |     22928 | NS      | $4606923.04   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                           | PepsiCo, Inc.                                                  | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     29104 | NS      | $4087365.76   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Cutler Equity Fund

**Signature:** Daniel D. Bauer

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

**Title:** VP, Fund Accounting