# EDGAR Filing Document

**Accession Number:** 0000892568
**File Stem:** 0001580642-26-001695
**Filing Date:** 2026-3
**Character Count:** 55845
**Document Hash:** 843cae00c8b5515e3d516369bdfd125c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001695.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001580642-26-001695

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260310

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07242
- **FILM NUMBER:** 26737547

**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>December 31, 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)

# Semi-Annual Shareholder Report - December 31, 2025
![Image](ifa9e4d925fea81c82e340d12.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Cutler Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $51 | 0.99% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; This past year was one of transformation. Perhaps the biggest change occurred in the political realm, with President Trump pursuing a policy agenda unlike any in the past century. Tariffs dominated headlines, until they didn't. The government shutdown dominated headlines, until it did not. Investors able to be comfortable being uncomfortable were the most successful this past year, as persistence ultimately ruled the day and markets again had a banner year.

&nbsp;&nbsp;&nbsp;&nbsp; Much of the change in our society is being driven by Artificial Intelligence ("AI"). Since 2022, AI has contributed an estimated $250 billion to US GDP. Certain estimates of capital investment through 2027 are as high as $2.1 trillion of spending! This rapid buildout compares in scale to historical technological transformations of the past such as the railroad or telecom buildouts. The US economy has remade itself time and time again, and we are in the midst of decidedly doing so again.

&nbsp;&nbsp;&nbsp;&nbsp; With the rapid pace of societal change, investors cannot be blamed for feeling uneasy. And yet, as of December 31, 2025, the major indexes had finished markedly higher. The S&P<sup>®</sup> 500 Index finished the year up 17.88%. The Cutler Equity Fund posted a 14.36% return during 2025. Other than the down market in 2022, the S&P<sup>®</sup> 500 Index's 17.88% return represented the lowest year since 2019. A new dynamic, one not dominated by the Magnificent 7 stocks, began to emerge. While growth stocks still outperformed value stocks, the gap narrowed significantly. We are optimistic for this trend to continue, as the economic benefits of AI begin to spread to companies in other sectors beyond technology. We believe that the Cutler Equity Fund, with an emphasis on dividend paying equities, would benefit from a continuation of this underlying trend. While we remain positive on the equity markets at these levels, our view is that investors should continue to manage risk.

&nbsp;&nbsp;&nbsp;&nbsp; Thank you for your continued support. Please contact Cutler should you have any questions about your investment in the Fund.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5ddc8a8313efdefd6ab5364b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Cutler Equity Fund** | **S&P 500<sup>®</sup> Index** | **S&P 500<sup>®</sup> Value Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $11493 | $11196 | $11740 |
| **Dec-2017** | $13542 | $13640 | $13543 |
| **Dec-2018** | $12674 | $13042 | $12331 |
| **Dec-2019** | $15804 | $17149 | $16268 |
| **Dec-2020** | $17318 | $20304 | $16489 |
| **Dec-2021** | $21599 | $26132 | $20594 |
| **Dec-2022** | $20887 | $21399 | $19519 |
| **Dec-2023** | $22381 | $27025 | $23858 |
| **Dec-2024** | $25181 | $33786 | $26790 |
| **Dec-2025** | $28796 | $39827 | $30323 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cutler Equity Fund | 14.36% | 10.71% | 11.16% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| S&P 500<sup>®</sup> Value Index | 13.19% | 12.96% | 11.73% |

---

***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$205,030,287

* Number of Portfolio Holdings34

* Advisory Fee $789,249

* Portfolio Turnover2%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i96b5805ed63ef6ba0512902d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.9% |
| Money Market Funds | 0.1% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i7b08a9a635afd8cee48cf5ac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.1% |
| Materials | 0.8% |
| Communications | 2.4% |
| Utilities | 2.7% |
| Energy | 5.5% |
| Consumer Discretionary | 10.4% |
| Technology | 13.3% |
| Consumer Staples | 12.6% |
| Health Care | 13.8% |
| Financials | 17.1% |
| Industrials | 21.3% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corporation | 6.9% |
| Caterpillar, Inc. | 6.5% |
| Walmart, Inc. | 5.9% |
| RTX Corporation | 5.3% |
| BlackRock, Inc. | 4.7% |
| Charles Schwab Corporation (The) | 4.7% |
| Republic Services, Inc. | 3.9% |
| Home Depot, Inc. (The) | 3.7% |
| McDonald's Corporation | 3.7% |
| Deere & Company | 3.6% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i67f536a8cdd2d27824b9380b.jpg)

# Cutler Equity Fund (DIVHX)

# Semi-Annual Shareholder Report - December 31, 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-SAR 123125-DIVHX

(b) Not applicable

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

Not required.

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

Not required.

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

Not required.

**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**

SEMI-ANNUAL FINANCIAL STATEMENTS AND

ADDITIONAL INFORMATION

December 31, 2025

(Unaudited)

**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 |
| Additional Information | 15 |

---

**CUTLER EQUITY FUND**

SCHEDULE OF INVESTMENTS

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.9%** | **Shares** | **Value** |
| **Communications — 2.4%** |  |  |
| Telecommunications — 2.4% |  |  |
| Verizon Communications, Inc. | 120884 | $4923605 |
| **Consumer Discretionary — 10.4%** |  |  |
| Apparel & Textile Products — 1.9% |  |  |
| NIKE, Inc. - Class B | 59658 | 3800811 |
| Home Construction — 1.1% |  |  |
| Lennar Corporation - Class A | 22682 | 2331710 |
| Leisure Facilities & Services — 3.7% |  |  |
| McDonald's Corporation | 24620 | 7524611 |
| Retail - Discretionary — 3.7% |  |  |
| Home Depot, Inc. (The) | 22212 | 7643149 |
| **Consumer Staples — 12.6%** |  |  |
| Beverages — 2.0% |  |  |
| PepsiCo, Inc. | 28332 | 4066209 |
| Household Products — 2.0% |  |  |
| Procter & Gamble Company (The) | 29135 | 4175337 |
| Retail - Consumer Staples — 8.6% |  |  |
| Kroger Company (The) | 90343 | 5644631 |
| Walmart, Inc. | 108428 | 12079963 |
|  |  | 17724594 |
| **Energy — 5.5%** |  |  |
| Oil & Gas Producers — 5.5% |  |  |
| Chevron Corporation | 29825 | 4545628 |
| Exxon Mobil Corporation | 55578 | 6688257 |
|  |  | 11233885 |
| **Financials — 17.1%** |  |  |
| Asset Management — 9.4% |  |  |
| BlackRock, Inc. | 9130 | 9772204 |
| Charles Schwab Corporation (The) | 96259 | 9617237 |
|  |  | 19389441 |
| Banking — 7.7% |  |  |
| JPMorgan Chase & Company | 22044 | 7103018 |
| M&T Bank Corporation | 20047 | 4039069 |
| PNC Financial Services Group, Inc. (The) | 22066 | 4605836 |
|  |  | 15747923 |

---

**CUTLER EQUITY FUND**

SCHEDULE OF INVESTMENTS (Continued)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.9% (Continued)** | **Shares** | **Value** |
| **Health Care — 13.8%** |  |  |
| Biotech & Pharma — 5.8% |  |  |
| Johnson & Johnson | 24932 | $5159677 |
| Merck & Company, Inc. | 43950 | 4626177 |
| Pfizer, Inc. | 86288 | 2148571 |
|  |  | 11934425 |
| Health Care Facilities & Services — 3.1% |  |  |
| CVS Health Corporation | 78838 | 6256584 |
| Medical Equipment & Devices — 4.9% |  |  |
| Becton, Dickinson and Company | 21669 | 4205303 |
| Medtronic plc | 61083 | 5867633 |
|  |  | 10072936 |
| **Industrials — 21.3%** |  |  |
| Aerospace & Defense — 5.3% |  |  |
| RTX Corporation | 58744 | 10773649 |
| Commercial Support Services — 3.9% |  |  |
| Republic Services, Inc. | 37861 | 8023882 |
| Electrical Equipment — 2.0% |  |  |
| Carrier Global Corporation | 76383 | 4036078 |
| Machinery — 10.1% |  |  |
| Caterpillar, Inc. | 23219 | 13301469 |
| Deere & Company | 16095 | 7493349 |
|  |  | 20794818 |
| **Materials — 0.8%** |  |  |
| Chemicals — 0.8% |  |  |
| DuPont de Nemours, Inc. | 41270 | 1659054 |
| **Technology — 13.3%** |  |  |
| Semiconductors — 3.4% |  |  |
| Qnity Electronics, Inc. | 24437 | 1995281 |
| Texas Instruments, Inc. | 28488 | 4942383 |
|  |  | 6937664 |
| Software — 6.9% |  |  |
| Microsoft Corporation | 29230 | 14136212 |
| Technology Services — 3.0% |  |  |
| International Business Machines Corporation | 20694 | 6129770 |

---

**CUTLER EQUITY FUND**

SCHEDULE OF INVESTMENTS (Continued)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.9% (Continued)** | **Shares** | **Value** |
| **Utilities — 2.7%** |  |  |
| *Electric Utilities — 2.7%* |  |  |
| NextEra Energy, Inc. | 68647 | $5510981 |
| **Total Common Stocks (Cost $88,009,651)** |  | $204827328 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 0.1%** | **Shares** | **Value** |
| Invesco Short-Term Investment Trust Government & Agency Portfolio - Institutional Class, 3.68% <sup>(a)</sup> (Cost $164,130) | 164130 | $164130 |
| **Total Investments at Value — 100.0% (Cost $88,173,781)** |  | $204991458 |
| **Other Assets in Excess of Liabilities — 0.0% <sup>(b)</sup>** |  | 38829 |
| **Net Assets — 100.0%** |  | $205030287 |

---

<sup>(a)</sup> The rate shown is the 7-day effective yield as of December 31, 2025.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

**CUTLER EQUITY FUND**

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $88173781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $204991458 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 144994 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 201874 |
| &nbsp;&nbsp;&nbsp;Other assets | 31246 |
| Total assets | 205369572 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 150359 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 3) | 133600 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 3) | 17900 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 37426 |
| Total liabilities | 339285 |
| **CONTIGENCIES AND COMMITMENTS (NOTE 6)** |  |
| **NET ASSETS** | $205030287 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $83839482 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 121190805 |
| **NET ASSETS** | $205030287 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 7179014 |
| Net asset value, offering price and redemption price per share (Note 2) | $28.56 |

---

See accompanying notes to financial statements.

**CUTLER EQUITY FUND**

STATEMENT OF OPERATIONS

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $2368932 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 3) | 789249 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 3) | 107380 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 4) | 52617 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 17633 |
| &nbsp;&nbsp;&nbsp;Trustees' fees (Note 3) | 15000 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 11649 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 9882 |
| &nbsp;&nbsp;&nbsp;Legal fees | 9704 |
| &nbsp;&nbsp;&nbsp;Custody and bank service fees | 9335 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 7297 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 5871 |
| &nbsp;&nbsp;&nbsp;Other expenses | 6194 |
| Total expenses | 1041811 |
| **NET INVESTMENT INCOME** | 1327121 |
| **REALIZED AND UNREALIZED GAINS ON INVESTMENTS** |  |
| Net realized gains from investment transactions | 6160737 |
| Net change in unrealized appreciation (depreciation) on investments | 4567215 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS** | 10727952 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $12055073 |

---

See accompanying notes to financial statements.

**CUTLER EQUITY FUND**

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1327121 | $2797834 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 6160737 | 10360982 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 4567215 | 14490985 |
| Net increase in net assets from operations | 12055073 | 27649801 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (9953542) | (10881855) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 4641879 | 13372241 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 9911997 | 10851895 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (14470358) | (30943430) |
| Net increase (decrease) in net assets from capital share transactions | 83518 | (6719294) |
| **TOTAL INCREASE IN NET ASSETS** | 2185049 | 10048652 |
| **NET ASSETS** |  |  |
| Beginning of period | 202845238 | 192796586 |
| End of period | $205030287 | $202845238 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 158971 | 494775 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 341719 | 396784 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (497063) | (1132016) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | 3627 | (240457) |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | 7175387 | 7415844 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 7179014 | 7175387 |

---

See accompanying notes to financial statements.

**CUTLER EQUITY FUND**

FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| | **Six Months Ended Dec. 31<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021<sup>(a)</sup>** |
| Net asset value at beginning of period | $28.27 | $26.00 | $25.02 | $22.89 | $26.11 | $19.90 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.19 | 0.39 | 0.39 | 0.37 | 0.33 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.51 | 3.39 | 2.38 | 2.16 | (1.46) | 7.17 |
| Total from investment operations | 1.70 | 3.78 | 2.77 | 2.53 | (1.13) | 7.49 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.39) | (0.39) | (0.37) | (0.32) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.22) | (1.12) | (1.40) | (0.03) | (1.77) | (0.96) |
| Total distributions | (1.41) | (1.51) | (1.79) | (0.40) | (2.09) | (1.28) |
| Net asset value at end of period | $28.56 | $28.27 | $26.00 | $25.02 | $22.89 | $26.11 |
| Total return<sup>(b)</sup> | 5.95 %<sup>(c)</sup> | 14.79% | 11.57% | 11.18% | (5.04%) | 38.64% |
| Net assets at end of period (000's) | $205030 | $202845 | $192797 | $182112 | $175816 | $193953 |
| Ratios/supplementary data: |  |  |  |  |  |  |
| Ratio of total expenses to average net assets | 0.99 %<sup>(d)</sup> | 0.99% | 0.99% | 0.99% | 0.99% | 1.02% |
| Ratio of net expenses to average net assets<sup>(e)</sup> | 0.99 %<sup>(d)</sup> | 0.99 %<sup>(f)</sup> | 0.99 %<sup>(g)</sup> | 0.99% | 0.99% | 1.04% |
| Ratio of net investment income to average net assets<sup>(e)</sup> | 1.26 %<sup>(d)</sup> | 1.39 %<sup>(f)</sup> | 1.52 %<sup>(g)</sup> | 1.53% | 1.26% | 1.36% |
| Portfolio turnover rate | 2 %<sup>(c)</sup> | 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> Not Annualized.

<sup>(d)</sup> Annualized.

<sup>(e)</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>(f)</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 0.98% and 1.41%, respectively (Note 3).

<sup>(g)</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.

See accompanying notes to financial statements.

**CUTLER EQUITY FUND**

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2025 (UNAUDITED)

**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.

**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 Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services – Investment Companies."

**Segment Reporting** — The management team of Cutler Investment Counsel, LLC (the "Adviser") acts as the Fund's chief operating decision maker ("CODM"). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Adviser. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

**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 concludes that there is no impact on the Fund's financial statements.

**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

**CUTLER EQUITY FUND**

NOTES TO FINANCIAL STATEMENTS (Continued)

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.

● 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.

**CUTLER EQUITY FUND**

NOTES TO FINANCIAL STATEMENTS (Continued)

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 December 31, 2025 by security type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $204827328 | $— | $— | $204827328 |
| Money Market Funds | 164130 |  |  | 164130 |
| Total | $204991458 | $— | $— | $204991458 |

---

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 six months ended December 31, 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.

**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

**CUTLER EQUITY FUND**

NOTES TO FINANCIAL STATEMENTS (Continued)

Fund. Dividends and distributions are recorded on the ex-dividend date. The tax character of distributions paid by the Fund during the periods ended December 31, 2025 and June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Period Ended** | **Ordinary<br> Income** | **Long-term<br> Capital Gains** | **Total<br> Distributions\*** |
| 12/31/2025 | $1374995 | $8578547 | $9953542 |
| 6/30/2025 | $2804880 | $8074836 | $10879716 |

---

\* 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 December 31, 2025:

---

| | |
|:---|:---|
| Tax cost of investments | $88173781 |
| Gross unrealized appreciation | $119555021 |
| Gross unrealized depreciation | (2737344) |
| Net unrealized appreciation on investments | 116817677 |
| Accumulated ordinary income | 14 |
| Other gains | 4373114 |
| Accumulated earnings | $121190805 |

---

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 the current and 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.

**CUTLER EQUITY FUND**

NOTES TO FINANCIAL STATEMENTS (Continued)

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the six months ended December 31, 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, 2026, 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 six months ended December 31, 2025, the Fund incurred $789,249 of investment advisory fees. 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 year ended June 30, 2025 the Adviser repaid $26,787. This 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 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.

**CUTLER EQUITY FUND**

NOTES TO FINANCIAL STATEMENTS (Continued)

**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 six months ended December 31, 2025, the Fund incurred $52,617 of shareholder servicing fees.

**5. Securities Transactions**

During the six months ended December 31, 2025, cost of purchases and proceeds from sales and maturities of investment securities, other than short-term investments and U.S. government securities, totaled $5,036,120 and $12,285,504, 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.

**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**

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**

Not applicable

**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

**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

**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.**

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Not required

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 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.CERT [Certifications required by Rule 30a-2(a) under the Act](cutler_ex99cert.htm) <br>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 | March 10, 2026 |  |
| 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 | March 10, 2026 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Matthew C. Patten |
|  |  | Matthew C. Patten, Treasurer and Principal Financial Officer |
| Date | March 10, 2026 |  |

---

\* 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: March 10, 2026 | /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: March 10, 2026 | /s/ Matthew C. Patten |
|  | Matthew C. Patten, Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906 CERT**

**<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 December 31, 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, Treasurer and Principal Financial Officer |
| Date: March 10, 2026 | Date: March 10, 2026 |

---

***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.