# EDGAR Filing Document

**Accession Number:** 0000892568
**File Stem:** 0001580642-25-005802
**Filing Date:** 2025-9
**Character Count:** 94018
**Document Hash:** 7d329a5ee969a3a8b96e82bc7939c093
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005802.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001580642-25-005802

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07242
- **FILM NUMBER:** 251295721

**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           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-07242</u>

---

| |
|:---|
| **<u>The Cutler Trust</u>** |
| (Exact name of registrant as specified in charter) |

---

<u>525 Bigham Knoll&nbsp;&nbsp;&nbsp;&nbsp; Jacksonville, Oregon</u> <u>97530</u> <br> (Address of principal executive offices) (Zip code)

Matthew C. Patten

<u>Cutler Investment Counsel, LLC&nbsp;&nbsp;&nbsp;&nbsp; 525 Bigham Knoll&nbsp;&nbsp;&nbsp;&nbsp; Jacksonville, Oregon 97530</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>(541) 770-9000</u>

Date of fiscal year end: <u>June 30</u> <br>Date of reporting period: <u>June 30, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1.** **Reports to Stockholders.**

(a) # Cutler Equity Fund
(DIVHX)

# Annual Shareholder Report - June 30, 2025
![Image](i6497ac930c5a4584c5f3c04b.jpg)

## Fund Overview
This annual shareholder report contains important information about Cutler Equity Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/cutler/** . You can also request this information by contacting us at (800) 228-8537.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cutler Equity Fund | $104 | 0.97% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; In 1949, Benjamin Graham famously wrote the book on value investing. Warren Buffett has called Graham's book, The Intelligent Investor, the "best book on investing ever written." A generation of investors grew up devoted to Graham's style of investing; value investing, where you seek to buy stocks at discounted valuations.

&nbsp;&nbsp;&nbsp;&nbsp; One of the core tenets of Graham's advice was differentiating investing and speculating. Investing involved "safety of principal and an adequate return." In Cutler's view, certain aspects of today's market have speculative attributes. The frenzy over Artificial Intelligence and Cryptocurrency are based on huge potential for gains but offer few comforts of protecting principal. Graham believed that the real worth of a business was based upon fundamentals such as dividends, earnings, assets, and growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graham is also quoted as having said, "In the short-term the market is a voting machine, but in the long-run it is a weighing machine." That is, investors will be rewarded in the long-run for their patience. This past fiscal year, ending June 30th, 2025, patient investors were well-rewarded. The Cutler Equity Fund had a total return of 14.79% for the period, while the S&P<sup>®</sup> 500 Index had a return of 15.16%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These market returns weren't achieved without some volatility. In the 2nd Quarter of 2025, the S&P<sup>®</sup> 500 nearly entered a Bear Market on the heels of aggressive tariff policy. However, by quarter end tax reform helped to boost stocks back near all-time highs. Of note has been the broadening of the Artificial Intelligence rally, as stocks beyond just the Magnificent 7 have contributed to the market rally in 2025. This is a welcome development for value-focused investors like Cutler.

&nbsp;&nbsp;&nbsp;&nbsp; We continue to manage the Cutler Equity Fund with a fundamentals-based philosophy. Cutler remains true to our dividend-focused style, seeking companies that have at least a 10-year track record of consistent payouts. We believe this approach helps investors manage risk, an investment objective Benjamin Graham would most surely support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please find enclosed the Cutler Equity Fund annual report. As always, thank you for your continued trust in Cutler.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i91de163cef81c6904289b131.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Cutler Equity Fund** | **S&P 500<sup>®</sup> Index** | **S&P 500<sup>®</sup> Value Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $10740 | $10399 | $10338 |
| **Jun-2017** | $11811 | $12260 | $11977 |
| **Jun-2018** | $13066 | $14023 | $12885 |
| **Jun-2019** | $14420 | $15483 | $14002 |
| **Jun-2020** | $14476 | $16645 | $13372 |
| **Jun-2021** | $20069 | $23436 | $18659 |
| **Jun-2022** | $19058 | $20948 | $17753 |
| **Jun-2023** | $21189 | $25053 | $21301 |
| **Jun-2024** | $23639 | $31204 | $24559 |
| **Jun-2025** | $27136 | $35936 | $26923 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cutler Equity Fund | 14.79% | 13.39% | 10.50% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |
| S&P 500<sup>®</sup> Value Index | 9.63% | 15.02% | 10.41% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

### **Fund Statistics** 
* Net Assets$202,845,238

* Number of Portfolio Holdings33

* Advisory Fee (net of waivers & recoupments)$1,464,014

* Portfolio Turnover1%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i084fb7d99fe2337ab6d160fa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.1% |
| Money Market Funds | 0.9% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i0a68c43585ec59094f7b96af.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 0.8% |
| Materials | 1.8% |
| Utilities | 2.4% |
| Communications | 3.6% |
| Energy | 5.3% |
| Consumer Discretionary | 9.4% |
| Health Care | 11.7% |
| Consumer Staples | 12.9% |
| Technology | 13.5% |
| Financials | 16.8% |
| Industrials | 21.9% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corporation | 7.3% |
| Caterpillar, Inc. | 5.8% |
| Walmart, Inc. | 5.4% |
| BlackRock, Inc. | 4.8% |
| Republic Services, Inc. | 4.7% |
| Charles Schwab Corporation (The) | 4.6% |
| RTX Corporation | 4.4% |
| Deere & Company | 4.2% |
| Home Depot, Inc. (The) | 4.1% |
| McDonald's Corporation | 3.7% |

---

## Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i4f0f8de93b13afa08ce547b3.jpg)

# Cutler Equity Fund (DIVHX)

# Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
* Additional information is available on the Fund's website (https://funddocs.filepoint.com/cutler/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-DIVHX

(b) Not applicable

**Item 2.** **Code of Ethics.**

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 12(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

**Item 3.** **Audit Committee Financial Expert.**

The registrant's board of trustees has determined that the registrant has an audit committee financial expert serving on its audit committee. The name of the audit committee financial expert is Edward T. Alter. Mr. Alter is "independent" for purposes of this item.

**Item 4.** **Principal Accountant Fees and Services.**

(a) Audit Fees. The aggregate fees billed
 for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or
 for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements
 were $15,500 and $14,500 with respect to the registrant's fiscal years ended June 30, 2025 and June 30, 2024, respectively.

(b) Audit-Related
 Fees. No fees were billed in either of the last two fiscal years for assurance and related services by the principal accountant that are
 reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this Item.

(c) Tax
 Fees. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax
 planning were $3,500 and $3,500 with respect to the fiscal years ended June 30, 2025 and June 30, 2024, respectively. The services comprising
 these fees are related to the preparation of the Funds' federal income and excise tax returns.

(d) All
 Other Fees. No fees were billed in either of the last two fiscal years for products and services provided by the principal accountant,
 other than the services reported in paragraphs (a) through (c) of this Item.

(e)(1) The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(e)(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less
 than 50% of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the
 most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent
 employees.

(g) No
 non-audit fees were billed by the registrant's principal accountant in either of the last two fiscal years for services rendered
 to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted
 with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that
 provides ongoing services to the Trust.

(h) The
 principal accountant has not provided any non-audit services to the registrant's investment adviser (not including any sub-adviser
 whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling,
 controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

(i) Not applicable

(j) Not applicable

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable

**Item 6.** **Investments.**

(a) The Registrant's schedule of
 investments is included in the Financial Statements under Item 7 of this form.

(b) Not applicable

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies**

(a) ---

| | |
|:---|:---|
| ![](img_001.jpg) | **The**<br> **Cutler**<br> **Trust** |

---

**CUTLER EQUITY FUND**

ANNUAL FINANCIAL STATEMENTS AND

ADDITIONAL INFORMATION

June 30, 2025

**CUTLER EQUITY FUND**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| Schedule of Investments | 2 |
| Statement of Assets and Liabilities | 5 |
| Statement of Operations | 6 |
| Statements of Changes in Net Assets | 7 |
| Financial Highlights | 8 |
| Notes to Financial Statements | 9 |
| Report of Independent Registered Public Accounting Firm | 16 |
| Federal Tax Information | 17 |
| Additional Information | 18 |

---

**CUTLER EQUITY FUND**

SCHEDULE OF INVESTMENTS

June 30, 2025

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.3%** | **Shares** | **Value** |
| **Communications — 3.6%** |  |  |
| *Cable & Satellite — 1.0%* |  |  |
| Comcast Corporation - Class A | 56006 | $1998854 |
| *Telecommunications — 2.6%* |  |  |
| Verizon Communications, Inc. | 123762 | 5355182 |
| **Consumer Discretionary — 9.4%** |  |  |
| *Apparel & Textile Products — 1.6%* |  |  |
| NIKE, Inc. - Class B | 45411 | 3225997 |
| *Leisure Facilities & Services — 3.7%* |  |  |
| McDonald's Corporation | 25309 | 7394531 |
| *Retail - Discretionary — 4.1%* |  |  |
| Home Depot, Inc. (The) | 22925 | 8405222 |
| **Consumer Staples — 12.9%** |  |  |
| *Beverages — 1.9%* |  |  |
| PepsiCo, Inc. | 29104 | 3842892 |
| *Household Products — 2.4%* |  |  |
| Procter & Gamble Company (The) | 30141 | 4802064 |
| *Retail - Consumer Staples — 8.6%* |  |  |
| Kroger Company (The) | 92488 | 6634164 |
| Walmart, Inc. | 111433 | 10895919 |
|  |  | 17530083 |
| **Energy — 5.3%** |  |  |
| *Oil & Gas Producers — 5.3%* |  |  |
| Chevron Corporation | 31020 | 4441754 |
| Exxon Mobil Corporation | 57719 | 6222108 |
|  |  | 10663862 |
| **Financials — 16.8%** |  |  |
| *Asset Management — 9.4%* |  |  |
| BlackRock, Inc. | 9307 | 9765370 |
| Charles Schwab Corporation (The) | 101850 | 9292794 |
|  |  | 19058164 |

---

**CUTLER EQUITY FUND**

SCHEDULE OF INVESTMENTS (Continued)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.3% (Continued)** | **Shares** | **Value** |
| **Financials — 16.8% (Continued)** |  |  |
| *Banking — 7.4%* |  |  |
| JPMorgan Chase & Company | 23428 | $6792011 |
| M&T Bank Corporation | 20581 | 3992508 |
| PNC Financial Services Group, Inc. (The) | 22928 | 4274238 |
|  |  | 15058757 |
| **Health Care — 11.7%** |  |  |
| *Biotech & Pharma — 4.8%* |  |  |
| Johnson & Johnson | 25738 | 3931480 |
| Merck & Company, Inc. | 46480 | 3679357 |
| Pfizer, Inc. | 88106 | 2135689 |
|  |  | 9746526 |
| *Health Care Facilities & Services — 2.3%* |  |  |
| CVS Health Corporation | 68120 | 4698918 |
| *Medical Equipment & Devices — 4.6%* |  |  |
| Becton, Dickinson and Company | 22715 | 3912659 |
| Medtronic plc | 62608 | 5457539 |
|  |  | 9370198 |
| **Industrials — 21.9%** |  |  |
| *Aerospace & Defense — 4.4%* |  |  |
| RTX Corporation | 60455 | 8827639 |
| *Commercial Support Services — 4.7%* |  |  |
| Republic Services, Inc. | 38950 | 9605460 |
| *Electrical Equipment — 2.8%* |  |  |
| Carrier Global Corporation | 78143 | 5719286 |
| *Machinery — 10.0%* |  |  |
| Caterpillar, Inc. | 30519 | 11847781 |
| Deere & Company | 16553 | 8417035 |
|  |  | 20264816 |
| **Materials — 1.8%** |  |  |
| *Chemicals — 1.8%* |  |  |
| DuPont de Nemours, Inc. | 51770 | 3550904 |
| **Technology — 13.5%** |  |  |
| *Semiconductors — 3.1%* |  |  |
| Texas Instruments, Inc. | 29797 | 6186453 |
| *Software — 7.3%* |  |  |
| Microsoft Corporation | 29830 | 14837740 |

---

**CUTLER EQUITY FUND**

SCHEDULE OF INVESTMENTS (Continued)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.3% (Continued)** | **Shares** | **Value** |
| **Technology — 13.5% (Continued)** |  |  |
| *Technology Services — 3.1%* |  |  |
| International Business Machines Corporation | 21337 | $6289721 |
| **Utilities — 2.4%** |  |  |
| *Electric Utilities — 2.4%* |  |  |
| NextEra Energy, Inc. | 70808 | 4915492 |
| **Total Common Stocks** (Cost $89,098,299) |  | $201348761 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 0.8%** | **Shares** | **Value** |
| Invesco Short-Term Investment Trust Government & Agency Portfolio - Institutional Class, 4.24%<sup>(a)</sup> (Cost $1,741,422) | 1741422 | $1741422 |
| **Total Investments at Value — 100.1%** (Cost $90,839,721) |  | $203090183 |
| **Liabilities in Excess of Other Assets — (0.1%)** |  | (244945) |
| **Net Assets — 100.0%** |  | $202845238 |

---

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

See accompanying notes to financial statements.

**CUTLER EQUITY FUND**

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2025

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $90839721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $203090183 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 32499 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 133954 |
| &nbsp;&nbsp;&nbsp;Other assets | 17750 |
| Total assets | 203274386 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 7655 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 251983 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 3) | 122557 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 3) | 16300 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 30653 |
| Total liabilities | 429148 |
| **NET ASSETS** | $202845238 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $83755964 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | 119089274 |
| **NET ASSETS** | $202845238 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 7175387 |
| Net asset value, offering price and redemption price per share (Note 2) | $28.27 |

---

See accompanying notes to financial statements.

**CUTLER EQUITY FUND**

STATEMENT OF OPERATIONS

For the Year Ended June 30, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $4737889 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 3) | 1490029 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 3) | 202164 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 4) | 75938 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 33414 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 3) | 31616 |
| &nbsp;&nbsp;&nbsp;Legal fees | 24960 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 23352 |
| &nbsp;&nbsp;&nbsp;Custody and bank service fees | 21726 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 19432 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 14049 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 12572 |
| &nbsp;&nbsp;&nbsp;Other expenses | 16818 |
| Total expenses | 1966070 |
| &nbsp;&nbsp;&nbsp;Volutary Adviser refund of past investment advisory fees (Note 3) | (26787) |
| &nbsp;&nbsp;&nbsp;Previous investment advisory fee reductions recouped by the Adviser (Note 3) | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET EXPENSES | 1940055 |
| **NET INVESTMENT INCOME** | 2797834 |
| **REALIZED AND UNREALIZED GAINS ON INVESTMENTS** |  |
| Net realized gains from investment transactions | 10360982 |
| Net change in unrealized appreciation (depreciation) on investments | 14490985 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS** | 24851967 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $27649801 |

---

See accompanying notes to financial statements.

**CUTLER EQUITY FUND**

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2797834 | $2875948 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 10360982 | 9441851 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 14490985 | 7973431 |
| Net increase in net assets from operations | 27649801 | 20291230 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (10881855) | (12929439) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 13372241 | 12674768 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 10851895 | 12889634 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (30943430) | (22241217) |
| Net increase (decrease) in net assets from capital share transactions | (6719294) | 3323185 |
| **TOTAL INCREASE IN NET ASSETS** | 10048652 | 10684976 |
| **NET ASSETS** |  |  |
| Beginning of year | 192796586 | 182111610 |
| End of year | $202845238 | $192796586 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 494775 | 503748 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 396784 | 522817 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1132016) | (889854) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (240457) | 136711 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of year | 7415844 | 7279133 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of year | 7175387 | 7415844 |

---

See accompanying notes to financial statements.

**CUTLER EQUITY FUND**

FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| | **2025** | **2024** | **2023** | **2022** | **2021<sup>(a)</sup>** |
| Net asset value at beginning of year | $26.00 | $25.02 | $22.89 | $26.11 | $19.90 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.39 | 0.39 | 0.37 | 0.33 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 3.39 | 2.38 | 2.16 | (1.46) | 7.17 |
| Total from investment operations | 3.78 | 2.77 | 2.53 | (1.13) | 7.49 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.39) | (0.39) | (0.37) | (0.32) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.12) | (1.40) | (0.03) | (1.77) | (0.96) |
| Total distributions | (1.51) | (1.79) | (0.40) | (2.09) | (1.28) |
| Net asset value at end of year | $28.27 | $26.00 | $25.02 | $22.89 | $26.11 |
| Total return<sup>(b)</sup> | 14.79% | 11.57% | 11.18% | (5.04%) | 38.64% |
| Net assets at end of year (000's) | $202845 | $192797 | $182112 | $175816 | $193953 |
| Ratios/supplementary data: |  |  |  |  |  |
| Ratio of total expenses to average net assets | 0.99% | 0.99% | 0.99% | 0.99% | 1.02% |
| Ratio of net expenses to average net assets<sup>(c)</sup> | 0.99 %<sup>(d)</sup> | 0.99 %<sup>(e)</sup> | 0.99% | 0.99% | 1.04% |
| Ratio of net investment income to average net assets<sup>(c)</sup> | 1.39 %<sup>(d)</sup> | 1.52 %<sup>(e)</sup> | 1.53% | 1.26% | 1.36% |
| Portfolio turnover rate | 1% | 6% | 7% | 1% | 7% |

---

<sup>(a)</sup> Effective October 28, 2020, all existing shares of the Fund converted from Class II shares (Note 1).

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. The total returns would have been lower if the Adviser had not reduced advisory fees for the year ended June 30, 2024 and would have been higher for the years ended June 30, 2025, and 2021 had the Adviser not recouped prior year fee reductions (Note 3).

<sup>(c)</sup> Ratio was determined after investment advisory fee reductions and/or recoupments of previous investment advisory fee reductions for the years ended June 30, 2025, 2024, 2023, 2022 and 2021 (Note 3).

<sup>(d)</sup> Ratio excludes the voluntary refund from the Adviser in the amount of $26,787, otherwise the net expenses and net investment income to average net assets would have been 0.97% and 1.41%, respectively (Note 3).

<sup>(e)</sup> Ratio excludes the voluntary refund from the Adviser in the amount of $54,075, otherwise the net expenses and the net investment income to average net assets ratios would have been 0.96% and 1.55%, respectively (Note 3).

See accompanying notes to financial statements.

**CUTLER EQUITY FUND**

NOTES TO FINANCIAL STATEMENTS

June 30, 2025

**1. Organization**

The Cutler Equity Fund (the "Fund") is a diversified series of The Cutler Trust (the "Trust"). The Trust is a Delaware statutory trust that is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is authorized to issue an unlimited number of Fund shares of beneficial interest without par value.

The Fund seeks current income and long-term capital appreciation.

The Fund currently offers one class of shares, which prior to October 28, 2021 were known as Class II Shares. The current shares are sold without any sales loads but are subject to a shareholder service plan fee of up to 0.15% of the Fund's average daily net assets.

The Fund has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is Cutler Investment Counsel, LLC ("the Adviser"). The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

The following summarizes the significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services – Investment Companies."

**New Accounting Pronouncement** — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**CUTLER EQUITY FUND**

NOTES TO FINANCIAL STATEMENTS (Continued)

**Securities Valuation** — The Fund records investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Portfolio securities are valued as of the close of regular trading on the New York Stock Exchange ("NYSE") (normally, 4:00 p.m., Eastern time) on each day the NYSE is open. Exchange traded securities are valued using the last reported sales price on the exchanges on which they are primarily traded. When using the last sales price and when the market is considered to be active, the security will be classified within Level 1 of the fair value hierarchy (see below). In the absence of a sale, such securities are valued at the mean of the last bid and asked price. Securities which are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. Investments in shares of other open-end investment companies, including money market funds, are valued at their net asset value ("NAV") as reported by such companies.

The Fund values securities at fair value as determined by the Adviser, as the Fund's valuation designee, in accordance with procedures adopted by the Trust's Board of Trustees (the "Board") pursuant to Rule 2a-5 under the 1940 Act if (1) market quotations are insufficient or not readily available or (2) the Adviser believes that the prices or values available are unreliable due to, among other things, the occurrence of events after the close of the securities markets on which the Fund's securities primarily trade but before the time as of which the Fund calculates its NAV. In instances where the Adviser believes that the prices received from the independent pricing service are unreliable, proprietary valuation models may be used that consider benchmark yield curves, estimated default rates, coupon rates, anticipated timing of principal repayments and other unique security features to estimate the relevant cash flows, which are discounted to calculate the fair values. Fair valued securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

The Board approves the independent pricing services used by the Fund.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires disclosures about fair value measurements.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.

● Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which all significant inputs and significant value drivers are observable. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.

**CUTLER EQUITY FUND**

NOTES TO FINANCIAL STATEMENTS (Continued)

● Level 3 – model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund's own assumptions that market participants would use to price the asset or liability based on the best available information.

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The following is a summary of the Fund's investments based on the inputs used to value the investments as of June 30, 2025 by security type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $201348761 | $— | $— | $201348761 |
| Money Market Funds | 1741422 |  |  | 1741422 |
| Total | $203090183 | $— | $— | $203090183 |

---

Refer to the Fund's Schedule of Investments for a listing of securities by sector and industry type. There were no derivatives or Level 3 securities held by the Fund as of or during the year ended June 30, 2025.

**Share Valuation** — The NAV per share of the Fund is calculated daily by dividing the total value of its assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of the Fund is equal to its NAV per share.

**Estimates** — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Investment Transactions, Investment Income and Realized Gains and Losses** — Investment transactions are accounted for on trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, if any, is recorded as earned. Realized gains and losses on investments sold are determined on a specific identification basis. Withholding taxes on foreign dividends have been recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates.

**CUTLER EQUITY FUND**

NOTES TO FINANCIAL STATEMENTS (Continued)

**Distributions to Shareholders** — Dividends from net investment income, if any, are declared and paid quarterly to shareholders of the Fund. Capital gain distributions, if any, are distributed to shareholders annually. Distributions are based on amounts calculated in accordance with applicable federal income tax regulations, which may differ from GAAP. These differences are due primarily to differing treatments of income and gains on various investment securities held by the Fund, timing differences and differing characterizations of distributions made by the Fund. Dividends and distributions are recorded on the ex-dividend date. The tax character of distributions paid by the Fund during the years ended June 30, 2025 and 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended** | **Ordinary<br> Income** | **Long-term<br> Capital Gains** | **Total<br> Distributions\*** |
| 6/30/2025 | $2804880 | $8074836 | $10879716 |
| 6/30/2024 | $2868828 | $10062153 | $12930981 |

---

\* Total Distributions may not tie to the amounts listed on the Statements of Changes in Net Assets due to distribution payables and reclassifications of the character of the distributions as a result of permanent differences between financial statements and income tax reporting.

**Federal Income Tax** — The Fund has qualified and intends to continue to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). By so qualifying, the Fund will not be subject to federal income taxes to the extent that 100% of its net investment income and net realized capital gains are distributed in accordance with the Code.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The following information is computed on a tax basis for each item as of June 30, 2025:

---

| | |
|:---|:---|
| Tax cost of investments | $90839721 |
| Gross unrealized appreciation | $115205770 |
| Gross unrealized depreciation | (2955308) |
| Net unrealized appreciation on investments | 112250462 |
| Undistributed ordinary income | 54933 |
| Undistributed long-term gains | 6791534 |
| Distributions payable | (7655) |
| Distributable earnings | $119089274 |

---

**CUTLER EQUITY FUND**

NOTES TO FINANCIAL STATEMENTS (Continued)

Additionally, GAAP requires certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. For the year ended June 30, 2025, no such reclassifications were made.

The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is "more-likely-than-not" to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken on Federal income tax returns for all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. Therefore, no tax expense (including interest and penalties) was recorded in the current year and no adjustments were made to prior periods.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year ended June 30, 2025, the Fund did not incur any interest or penalties.

**3. Transactions with Related Parties**

**Investment Adviser** — Pursuant to an Investment Advisory Agreement, the Fund pays the Adviser a fee, which is accrued daily and paid monthly, at an annual rate of 0.75% of the Fund's average daily net assets.

In connection with the execution of the Investment Advisory Agreement, the Adviser has entered into an Expense Limitation Agreement under which it has contractually agreed, until October 31, 2025, to reduce its advisory fees and to pay the ordinary operating expenses to at least the extent necessary to limit annual ordinary operating expenses to 0.99% of the Fund's average daily net assets. Ordinary operating expenses exclude brokerage costs, taxes, interest, acquired fund fees and expenses and extraordinary expenses. Any such fee reductions by the Adviser, or payments by the Adviser of expenses which are the Fund's obligation, are subject to repayment by the Fund, provided that the repayment does not cause the ordinary operating expenses to exceed the foregoing expense limitation or any expense limitation in place at the time of repayment and provided further that the fees and expenses which are the subject of the repayment were incurred within three years of the repayment. During the year ended June 30, 2025, the Advisor recouped $772 of prior years' management fee reductions and expense reimbursements. In response to changes concerning the corporate ownership structure of the Adviser, the Adviser previously agreed to refund a portion of the investment advisory fees paid by the Fund. For the years ended June 30, 2025 and 2024 the Adviser repaid $26,787 and $54,075, respectively. These amounts cannot be recovered by the Adviser.

Certain officers of the Trust are also officers of the Adviser.

**Other Service Providers** — Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting and transfer agency services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for such services. In addition, the Fund pays out of-pocket

**CUTLER EQUITY FUND**

NOTES TO FINANCIAL STATEMENTS (Continued)

expenses including, but not limited to, postage, supplies and certain costs related to the pricing of the Fund's portfolio securities. Certain officers of the Trust are also officers of Ultimus, or of Ultimus Fund Distributors, LLC (the "Distributor"), the principal underwriter of the Fund. The Distributor is a wholly-owned subsidiary of Ultimus.

**Compensation of Trustees** — Trustees and officers affiliated with the Adviser or Ultimus are not compensated by the Trust for their services. Each Trustee who is not an affiliated person of the Adviser or Ultimus receives from the Trust an annual retainer of $7,500, payable quarterly, plus a fee of $1,250 for attendance at each meeting of the Board, in addition to reimbursement of travel and other expenses incurred in attending the meetings. Additionally, the Chairman of the Audit Committee receives from the Trust an additional annual retainer of $5,000.

**4. Shareholder Service Plan**

The Fund may pay shareholder servicing fees not to exceed 0.15% per annum of the Fund's average daily net assets, and of this amount, the Board has authorized the actual expenditure of shareholder servicing fees up to 0.05% per annum of the Fund's average daily net assets. These fees may be paid to compensate intermediaries and other entities for the performance of administrative, non-distribution related shareholder services. During the year ended June 30, 2025, the Fund incurred $75,938 of shareholder services fees.

**5. Securities Transactions**

During the year ended June 30, 2025, cost of purchases and proceeds from sales and maturities of investment securities, other than short-term investments and U.S. government securities, totaled $2,669,816 and $18,957,201, respectively.

**6. Contingencies and Commitments**

The Fund indemnifies the Trust's officers and Trustees for certain liabilities that might arise from their performance of their duties to the Fund. Additionally, in the normal course of business the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.

**CUTLER EQUITY FUND**

NOTES TO FINANCIAL STATEMENTS (Continued)

**7. Subsequent Events**

The Fund is required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.

**CUTLER EQUITY FUND**

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Cutler Equity Fund and

Board of Trustees of The Cutler Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Cutler Equity Fund (the "Fund"), a series of The Cutler Trust, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2017.

![](img_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 27, 2025

**CUTLER EQUITY FUND**

FEDERAL TAX INFORMATION (Unaudited)

For the fiscal year ended June 30, 2025, the Fund designated $8,074,836 as long-term capital gain distribution.

**Qualified Dividend Income** – For the fiscal year ended June 30, 2025, the Fund designated 100% of ordinary income distributions, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for a reduced tax rate.

**Dividends Received Deduction** – Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividends that qualify under tax law. For the fiscal year ended June 30, 2025, 100% of ordinary income dividends paid by the Fund qualifies for the corporate dividends received deduction.

**CUTLER EQUITY FUND**

ADDITIONAL INFORMATION (Unaudited)

**Changes in and/or Disagreements with Accountants**

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

At a meeting of the Board of Trustees (the "Board") of The Cutler Trust (the "Trust") held on April 23, 2025, the Trustees, including those Trustees who are not parties to the investment advisory agreement or "interested persons" (as defined by the Investment Company Act of 1940 Act, as amended, the "1940 Act") of any such party (the "Independent Trustees") voting separately, reviewed and approved the continuance of the Investment Advisory Agreement (the "Advisory Agreement") with Cutler Investment Counsel, LLC ("Cutler" or the "Adviser") on behalf of the Cutler Equity Fund (the "Fund") for an additional one year period. Approval of the Advisory Agreement took place at a meeting held in person at the offices of the Adviser located at 10655 NE 4th Street, Suite 800, Bellevue, Washington, at which time all of the Trustees, including all Independent Trustees, were present.

The Independent Trustees were advised by their counsel of their fiduciary obligations in approving the Advisory Agreement, which included a review of applicable case law, recent SEC pronouncements and the legal framework set forth in *Gartenberg v. Merrill Lynch Asset Management*. In connection with the approval, the Independent Trustees requested such information from the Adviser as they deemed reasonably necessary to evaluate the terms of the Advisory Agreement and to determine whether the Advisory Agreement continues to be in the best interests of the Fund and its shareholders. The Independent Trustees' review included, but was not limited to: (1) the nature, extent and quality of the services provided by the Adviser; (2) the investment performance of the Fund and the Adviser; (3) the costs of the services provided and profits realized by the Adviser and its affiliates from their relationship with the Fund; (4) the extent to which economies of scale would be realized as the Fund grows; (5) whether fee levels reflect these economies of scale for the benefit of Fund investors; (6) whether and how the Board relied on comparisons of services to be rendered to and fees to be paid by the Fund with the services provided by and the fees paid to other investment advisers or the services provided to and the fees paid by other clients of the Adviser; and (7) any benefits derived or to be derived by the Adviser from its relationship with the Fund, such as soft dollar arrangements by which brokers provide research to the Fund or the Adviser in return for allocating brokerage.

**CUTLER EQUITY FUND**

ADDITIONAL INFORMATION (Unaudited) (Continued)

The Board noted that under the terms of the Advisory Agreement, Cutler is entitled to receive an annual fee from the Fund equal to 0.75% of the Fund's average daily net assets. For such compensation, Cutler, at its expense, pays the salaries, expenses and fees of the officers, Trustees and employees of the Trust who are officers, directors, members or employees of Cutler. Additionally, Cutler continuously furnishes an investment program for the Fund, makes investment decisions on behalf of the Fund, and places all orders for the purchase and sale of portfolio securities, subject to the Fund's investment objectives, policies, and restrictions and such policies as the Trustees may determine. The Board also noted that Cutler has contractually agreed to reduce its fees and/or waive expenses of the Fund, until at least October 31, 2025, so that the total annual operating expenses (exclusive of brokerage fees and commissions, taxes, interest, acquired fund fees and expenses and extraordinary expenses) of the Fund do not exceed 0.99% of the Fund's average daily net assets. Any waiver or reimbursement by Cutler is subject to possible recoupment from the Fund in future years, within the three years after the fees have been waived or reimbursed, if such recoupment can be achieved within the lesser of: (1) the expense cap limitation at time of waiver; or (2) the expense cap limitation at the time of recoupment.

The Adviser provided the Board members with information to assist them in their deliberations, which included responses and supporting materials pursuant to the request for information in connection with the approval of the Advisory Agreement between the Trust and the Adviser in accordance with Section 15(c) of the 1940 Act. The Board also noted its ongoing review of various materials provided by the Adviser on a quarterly basis. The Independent Trustees, in consultation with their counsel, concluded that the materials presented by the Adviser were sufficient to make an informed decision about the approval of the continuance of the Advisory Agreement.

The Independent Trustees were advised by their counsel throughout the process. It was reported that no single factor was considered in isolation or considered to be determinative to the decision of the Independent Trustees to approve the continuance of the Advisory Agreement. Instead, the Independent Trustees concluded, in light of a weighing and balancing of all factors considered, that it would be in the best interests of not only the Fund, but also its shareholders, to approve the continuance of the Advisory Agreement for an additional one-year period. The following is a summary of the Board's discussion and views regarding the factors it considered in evaluating the approval of the Advisory Agreement.

*Nature, Extent and Quality of the Services Provided by the Adviser.* The Independent Trustees reviewed the services being provided to the Fund by the Adviser and considered such services with respect to the responsibilities and compensation of the Adviser under the Advisory Agreement. The Independent Trustees reviewed the background and experience of the Adviser's key investment and operations personnel, noting the collective experience and longevity of such personnel. They noted that the Adviser has had no significant turnover and continues to provide experienced professionals to effectively manage the investments and operations of the Fund and the Adviser. The Independent Trustees reviewed the services provided by the Adviser to the Fund which include: (1) investing the Fund's assets in accordance with the Fund's investment objective and investment policies; (2)

**CUTLER EQUITY FUND**

ADDITIONAL INFORMATION (Unaudited) (Continued)

determining the portfolio securities to be purchased, sold or otherwise disposed of and the timing of such transactions; (3) overseeing the voting of all proxies with respect to the Fund's portfolio securities; (4) maintaining the required books and records for transactions that the Adviser effects on behalf of the Fund; and (5) selecting broker-dealers to execute orders on behalf of the Fund. The Independent Trustees also discussed and considered the quality of administrative and other services provided by the Adviser to the Fund, the Adviser's and the Trust's compliance programs, and the Adviser's role in coordinating such services and programs. Additionally, the Independent Trustees made note of the Adviser's distribution and marketing services provided at the Fund level, as well as the investment in additional personnel resources to promote the Fund's growth. The Trustees reviewed the Adviser's E&O insurance coverage and determined that such coverage was appropriate. The Trustees considered the Adviser's balance sheet, income statement and growth in assets under management across the Adviser's various business offerings, noting no concerns. The Trustees noted no changes in control of the Adviser since the last approval of the Advisory Agreement. After reviewing and discussing the foregoing information, the Independent Trustees concluded that the quality, extent, and nature of the services provided by the Adviser to the Fund are a benefit to the Fund and its shareholders.

*Fund and Adviser Investment Performance.* The Independent Trustees noted the review, analysis and discussion which took place during the Board Meeting regarding both Adviser and Fund performance. The Independent Trustees stated that their review had encompassed the Fund's performance over various time periods compared to its benchmark index and an Equity Fund Peer Group and had considered management's discussion of the Fund's performance as well as the Fund's investment strategies. After further review and consideration of the information provided to them, the Independent Trustees determined that the Fund's overall performance had been satisfactory and compared favorably in relation to the returns of the relevant securities index and other similarly situated mutual funds. The Independent Trustees considered the consistency of the Adviser's investment strategy and management of the Fund with the Fund's investment objective and policies and recent outperformance.

*Costs of the Services Provided and Profits Realized by the Adviser.* The Independent Trustees evaluated the Adviser's staffing, personnel, and operations; the financial condition of the Adviser and the level of commitment to the Fund by the principals of the Adviser; the asset levels of the Fund; and the overall fees and expenses of the Fund. The Independent Trustees considered the profitability of the Adviser with respect to its Fund management. The Independent Trustees concluded that the Adviser's profitability was reasonable given the quality and scope of services that the Adviser had provided and the overall Fund investment performance. After a full discussion and review of the information offered, the Independent Trustees determined that the advisory fee payable under the Advisory Agreement was fair, reasonable, and not excessive when considered in light of all relevant factors, including the services provided to the Fund by the Adviser and other services provided by the Adviser to the Fund's shareholders. The Independent Trustees reviewed the financial information of the Adviser, noting no concerns. They also considered the Adviser's representation that no material changes have occurred to the Adviser's financial condition or control since the date of the financial statements. The Independent Trustees concluded that the Adviser has adequate financial resources, across various business lines, to

**CUTLER EQUITY FUND**

ADDITIONAL INFORMATION (Unaudited) (Continued)

continue serving as the Fund's investment adviser. The Independent Trustees considered the "fallout benefits" to the Adviser, including the additional exposure the Adviser has received from managing the Fund and any other benefits reported on the 15(c) response, noting no concerns. After a full discussion and consideration of the foregoing, the Independent Trustees concluded that the fees paid by the Fund to the Adviser continue to be reasonable in view of the quality of the services received by the Fund from the Adviser.

*Economies of Scale.* The Independent Trustees also concluded that, based on the Fund's current asset level, the extent to which economies of scale would be realized as the Fund grew is premature and not relevant to their consideration whether to approve the continuance of the Advisory Agreement with the Adviser. After further discussion, it was the determination of the Independent Trustees there are not sufficient economies of scale to require fee breakpoints at the present time.

*Other Benefits.* Regarding this factor, the Independent Trustees noted that the Trust did not have any soft dollar arrangements with broker-dealers that would otherwise benefit the Adviser. The Independent Trustees also considered other benefits the Adviser may have received from its management of the Fund and determined that the Adviser would not receive additional material financial benefits from services rendered to the Fund.

*Conclusion.* Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of Counsel, the Board continued the Advisory Agreement, concluding that (1) based on the Fund's performance, risk characteristics and effectiveness in achieving its stated objective, the Advisor had provided quality advisory services; (2) the Advisor has the financial resources and personnel to continue to provide quality advisory services to the Trust; (3) the advisory fees and the total expenses of the Fund are reasonable; (4) the continuance of the Advisory Agreement is in the best interests of the Fund and its shareholders.

**Proxy Voting Information**

A description of the policies and procedures that the Fund use to determine how to vote proxies relating to securities held in the Fund's portfolios is available without charge, upon request, by calling 1-800-228-8537 or on the SEC's website at www.sec.gov.

(b) Included in (a)

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable [filed under item 7]

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable [included under Item 7 if applicable]

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**Item 16.** **Controls and Procedures.**

(a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
 under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant's principal
 executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed
 and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries,
 is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that
 the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19.** **Exhibits.**

(a)(1) [Code of Ethics is filed herewith](cutler_ex99codeeth.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principle executive officer and principle financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CRF 270.30a-2(a)): [Attached hereto](cutler_ex99cert.htm).

(a)(4) Not applicable

(a)(5) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto.](cutler_ex99-906cert.htm)

---

| | |
|:---|:---|
| Exhibit 99.CODE ETH | [Code of Ethics](cutler_ex99codeeth.htm) |
| Exhibit 99.CERT | [Certifications required by Rule 30a-2(a) under the Act](cutler_ex99cert.htm) |
| Exhibit 99.906CERT | [Certifications required by Rule 30a-2(b) under the Act](cutler_ex99-906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| (Registrant) | The Cutler Trust |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Erich M. Patten |
|  |  | Erich M. Patten, President and Principal Executive Officer |
| Date | September 5, 2025 |  |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Erich M. Patten |
|  |  | Erich M. Patten, President and Principal Executive Officer |
| Date | September 5, 2025 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Matthew C. Patten |
|  |  | Matthew C. Patten, Treasurer and Principal Financial Officer |
| Date | September 5, 2025 |  |

---

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATIONS</u>**

I, Erich M. Patten, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of The Cutler Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 5, 2025 | /s/ Erich M. Patten |
|  | Erich M. Patten, President and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Matthew C. Patten, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of The Cutler Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 5, 2025 | /s/ Matthew C. Patten |
|  | Matthew C. Patten, Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**<u>CERTIFICATIONS</u>**

Erich M. Patten,Principal Executive Officer,and Matthew C. Patten, Principal Financial Officer, of The Cutler Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 (the "Form N-CSR") fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| PRINCIPAL EXECUTIVE OFFICER | PRINCIPAL FINANCIAL OFFICER |
| The Cutler Trust | The Cutler Trust |
| /s/ Erich M. Patten | /s/ Matthew C. Patten |
| Erich M. Patten, President and Principal Executive Officer | Matthew C. Patten, Treasure and Principal Financial Officer |
| Date: September 5, 2025 | Date: September 5, 2025 |

---

***A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to The Cutler Trust and will be retained by The Cutler Trust and furnished to the Securities and Exchange Commission or its staff upon request.***

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**EX 99.CODE ETH**

**The Cutler Trust**

**(the "Fund")**

**<u>CODE OF ETHICS UNDER THE SARBANES-OXLEY ACT</u>**

**I.** **Introduction** 

The Board of Trustees of the Fund has established this Code of Ethics (the "Code") in accordance with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. This Code does not supersede or otherwise affect the separate codes of ethics that the Fund and its investment adviser have adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act").

This Code is designed to deter wrongdoing and promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) full, fair, accurate, timely, and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the prompt internal reporting of violations of the Code to an appropriate person or persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) accountability for adherence to the Code.

The Code applies to the Fund's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Fund or a third party (collectively, "Covered Officers," each of whom is set forth in Exhibit A). For the purposes of this Code, the Compliance Officer is Carole S. Fischer.

**II.** **Principles of Honest and Ethical Conduct** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A. General Objectives*

The Fund expects its Covered Officers to adhere to the highest possible standards of honest and ethical conduct. All Covered Officers are expected to handle actual or apparent conflicts of interest between personal and professional relationships in a manner that is above reproach, and to place the interests of the Fund above their own personal interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B. Conflicts of Interest*

All Covered Officer should be scrupulous in avoiding a conflict of interest with regard to the Fund's interests. A conflict of interest occurs when an individual's private interest interferes in a way – or even appears to interfere – with the interests of the Fund. A conflict situation can arise when a Covered Officer takes actions or has interests that may make it difficult to perform his or her work for the Fund objectively and effectively. Conflicts of interest also arise when a Covered Officer, or a member of his or her family, receives improper benefits as a result of his or her position with the Fund, whether such benefits are received from the Fund or a third party. <u>Any conflict of interest that arises in a specific situation or transaction must be disclosed by the Covered Officer to the Compliance Officer and resolved before taking any action</u>.

Conflicts of interest may not always be evident, and Covered Officers should consult with the Compliance Officer or the Fund's legal counsel if they are uncertain about any situation.

Examples of possible conflicts of interest include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Outside Employment or Activities</u>

Covered Officers may not engage in any outside employment or activity that interferes with their performance or responsibilities to the Fund or is otherwise in conflict with or prejudicial to the Fund. A Covered Officer must disclose to the Compliance Officer any outside employment or activity that may constitute a conflict of interest and obtain the Compliance Officer's approval before engaging in any such employment or activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Gifts</u>

Covered Officers may not accept gifts or other items of more than de minimis value from any person or entity that does business with or on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Other Situations</u>

Because other conflicts of interest may arise, it would be impractical to attempt to list all possible situations of this Code. If a proposed transaction or situation raises any questions or doubts, a Covered Officer should consult with the Compliance Officer or the Fund's counsel before engaging in the transaction or activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C. Corporate Opportunities*

Covered Officers may not exploit for their own personal gain, or for the personal gain of their family members or relatives, opportunities that are discovered through the use of Fund property, information, or position, unless the opportunity is first disclosed fully in writing to the Board of Trustees and the Board of Trustees declines to pursue such opportunity.

**III.** **Full, Fair, Accurate, Timely, and Understandable Disclosure in Fund Disclosure and Reporting Documents** 

As a registered investment company, it is of critical importance that the Fund's public communications, reports, and SEC filings contain full, fair, accurate, timely, and understandable disclosure. Accordingly, the Fund's Covered Officers are expected to consider it central to their roles as officers of the Fund to promote full, fair, accurate, timely, and understandable disclosure in the Fund's public communications and reports, and in the documents that the Fund files with, or submits to, the SEC.

Depending on his or her position with the Fund, a Covered Officer may be called upon to provide necessary information to make the Fund's public reports, communications, and SEC filings and submissions complete, fair, and understandable. The Fund expects its Covered Officers to take this responsibility very seriously and to provide prompt and accurate answers to inquiries related to the Fund's public disclosure requirements. Covered Officers may be asked to certify the accuracy of all responses and information provided for inclusion in the Fund's public reports, communications, and SEC filings and submissions.

**IV.** **Compliance With Applicable Governmental Rules and Regulations** 

As a registered investment company, the Fund is subject to regulation by the SEC and must comply with Federal securities laws and regulations, as well as other applicable laws. The Fund insists on strict compliance with the spirit and the letter of these laws and regulations. Each Covered Officer shall cooperate with Fund counsel, the Fund's independent accountants, and the Fund's other service providers with the goal of maintaining the Fund's material compliance with applicable governmental rules and regulations.

The Fund expects its Covered Officers to comply with all laws, rules, and regulations applicable to the Fund's operations and business. Covered Officers should seek guidance whenever they are in doubt as to the applicability of any law, rule, or regulation, or regarding any contemplated course of action. Covered Officers should also make use of the various guidelines which the Fund and its service providers have prepared on specific laws and regulations. <u>If in doubt on a course of action, a good guideline is "always ask first, act later" – if you are unsure of what to do in any situation, seek guidance before you act</u>.

Upon obtaining knowledge of any material violation of any applicable law, rule, or regulation by the Fund or a person acting with or on behalf of the Fund, a Covered Officer shall report such violation to the Compliance Officer, the Fund's counsel, or both. (See Section VI of the Code for a discussion of reporting Code violations.) Each Covered Officer shall cooperate or take such steps as may be necessary or appropriate to remedy any such material violation.

**V.** **Confidentiality** 

The Fund's Covered Officers must maintain the confidentiality of information entrusted to them by the Fund, except when disclosure is authorized by the Fund's counsel or required by laws or regulations. Whenever possible, Covered Officers should consult with Fund counsel if they believe they have a legal obligation to disclose confidential information. Confidential information includes all non-public information that might be of use to competitors, or harmful to the Fund or its shareholders, if disclosed. The obligation to preserve confidential information continues even after employment as a Covered Officer ends.

**VI.** **Prompt Internal Reporting of Violations of the Code; Evaluation of Possible Violations; Determination of Sanctions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A. Reporting to Compliance Officer.* The Fund's Covered Officers shall promptly report knowledge of, or information concerning, any material violation of this Code to the Compliance Officer. Any such report shall be in writing, and shall describe in reasonable detail the conduct that such Covered Officer believes to have violated this Code. The Compliance Officer shall also have the authority to draft a report of a suspected material violation of the Code, if no written report is made by a Covered Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B. Evaluation of Reports.* The Compliance Officer shall then consult with the Fund's counsel to the extent necessary to determine whether the reported conduct actually violates the Code. If it is determined that there has been a violation of the Code, the Compliance Officer will determine (in consultation with the Fund's counsel) whether the violation has had or may have, in the reasonable judgment of the Compliance Officer, a material adverse impact upon the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *No Material Adviser Impact on the Fund.* If the Compliance Officer determines that the violation has not caused a material adverse impact upon the Fund, the Compliance Officer shall determine what sanctions, if any, may be appropriate for the violation. (See Section VIII of the Code for a discussion of possible sanctions.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Material Adverse Impact on the Fund.* If the Compliance Officer determines the violation has caused a material adverse impact upon the Fund, the Compliance Officer shall promptly notify the Board of such violation. The Board shall be entitled to consult with independent legal counsel to determine whether the violation actually has had a material adverse impact upon the Fund; to formulate sanctions, if any, appropriate for the violation; or for any other purpose that the Board, in its business judgment, determines to be necessary or advisable. (See Section VIII of the Code for a discussion of possible sanctions.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C. Periodic Reports by Compliance Officer to Board of Trustees.* The Compliance Officer shall report to the Board at each regularly scheduled Board meeting all violations of this Code with respect to the Fund (whether or not they caused a material adverse impact upon the Fund) and all sanctions imposed.

**VII.** **Waivers of Provisions of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *A. Waivers.* A Covered Officer may request a waiver of a provision of this Code if there is a reasonable likelihood that a contemplated action would be a material departure from a provision of the Code. Waivers will not be granted except under extraordinary or special circumstances.

The process of requesting a waiver shall consist of the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Covered Officer shall set forth a request for waiver in writing and submit such request to the Compliance Officer. The request shall describe the conduct, activity, or transaction for which the Covered Officer seeks a waiver, and shall briefly explain the reason for engaging in the conduct, activity, or transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The determination with respect to the waiver shall be made in a timely fashion by the Compliance Officer, in consultation with Fund counsel, and submitted to the Board for ratification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The decision with respect to the waiver request shall be documented and kept in the Fund's records for the appropriate period mandated by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *B. Disclosure of Waivers.* To the extent required by applicable law, waivers (including "implicit waivers") shall be publicly disclosed on a timely basis. An "implicit waiver" is defined as the Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Code that has been made known to an "executive officer" of the Fund. For this purpose, an "executive officer" is the Fund's President or Chief Executive Officer, Vice President (who is in charge of a principal policymaking function), or any other person who performs similar policymaking functions for the Fund. For the purpose of determining whether an "implicit waiver" has occurred, if a material departure from a provision of the Code is known only by the Covered Officer who has caused the material departure, the material departure will not be considered to have been made known to an executive officer of the Fund.

**VIII.** **Accountability for Adherence to the Code** 

The matters covered in this Code are of the utmost importance to the Fund and its shareholders, and are essential to the Fund's ability to conduct its business in accordance with its stated values. The Fund's Covered Officers are expected to adhere to these rules in carrying out their duties for the Fund.

The Fund will, if appropriate, take action against any of its Covered Officers whose actions are found to violate this Code. Sanctions for violations of the Code may include, among other things, a requirement that the violator undergo training related to the violation, a letter of sanction, the imposition of a monetary penalty, and/or suspension or termination of the employment of the violator. Where the Fund has suffered a loss because of violations of this Code or applicable laws, regulations, or rules, it may pursue its remedies against the individuals or entities responsible.

**IX.** **Recordkeeping** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A. General.* The Fund requires accurate recording and reporting of information in order to make responsible business decisions. The Fund's books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect the Fund's transactions, and must conform both to applicable legal requirements and to the Fund's system of internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B. Code of Ethics Records.* A copy of this Code, any amendments hereto, and any reports or other records created in relation to waivers of or amendments to provisions of this Code shall be kept as records of the Fund for six years from the end of the fiscal year in which such document was created. Such records shall be furnished to the SEC or its staff upon request.

**X.** **Amendments to the Code** 

The Covered Officers and the Compliance Officer are encouraged to recommend improvements to this Code to the Board of Trustees. The Fund's Board may amend the Code in its discretion with respect to the Fund. In connection with any amendment to the Code, the Compliance Officer shall prepare a brief description of the amendment, in order that this description may be disclosed in accordance with applicable law and regulations.

Dated: June 10, 2004

**Exhibit A**

**COVERED OFFICERS**

---

| | | |
|:---|:---|:---|
| **Fund** | **Chief Executive Officer** | **Chief Financial Officer** |
| The Cutler Trust | Erich M. Patten | Matthew C. Patten |

---