# EDGAR Filing Document

**Accession Number:** 0000892568
**File Stem:** 0001580642-25-006764
**Filing Date:** 2025-10
**Character Count:** 322580
**Document Hash:** ebaab15f2d2cd8daeea2f38fb77fb26b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-006764.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001580642-25-006764

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 35

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**EFFECTIVENESS DATE**: 20251028

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07242
- **FILM NUMBER:** 251420647

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-52850
- **FILM NUMBER:** 251420646

**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'?

AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON OCTOBER 27, 2025

---

| |
|:---|
| 1933 Act File No. 33-52850 |
| 1940 Act File No. 811-07242 |
| U.S. SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 |
| **FORM N-1A** |

---

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☒

Pre-Effective Amendment No. [&nbsp;&nbsp;&nbsp;&nbsp;] <br> Post-Effective Amendment No. [58]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ☒

Amendment No. [59] <br>

(Check appropriate box or boxes)

**THE CUTLER TRUST**

(Exact Name of Registrant as Specified in Charter)

525 Bigham Knoll

Jacksonville, Oregon 97530

Registrant's Telephone Number, including Area Code: (888) 288-5374

The Corporation Trust Company

Corporation Trust Center

1209 Orange Street

Wilmington, DE 19801

(Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box):

☐ immediately upon filing pursuant to paragraph (b)

☒ on  **<u>October 28, 2025</u>** pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on (date) pursuant to paragraph (a)(1)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

![](pro_001.jpg)

**CUTLER EQUITY FUND Ticker: DIVHX**

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

**Prospectus**

**October 28, 2025**

**The U.S. Securities and Exchange Commission has not approved or disapproved the Fund's shares or determined whether this Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.**

The Prospectus gives you important information about the Cutler Equity Fund (the "Fund" or the "Equity Fund") that you should know before you invest. Please read this Prospectus carefully before investing and use it for future reference.

&nbsp;&nbsp; **Not A Deposit ● Not FDIC Insured ● May Lose Value ● No Bank Guarantee ● Not Insured By Any Government Agency**<br>

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Risk/Return Summary | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cutler Equity Fund | 1 |
| Investment Objective, Principal Investment Strategies and Principal Risks of the Fund | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related Risk | 15 |
| Management | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Managers | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Service Providers | 18 |
| Your Account | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How to Contact the Fund | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Information | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buying Shares | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Procedures | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling Shares | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frequent Purchases and Redemptions of Fund Shares | 31 |
| Other Information | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Taxes | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organization | 35 |
| Financial Highlights | 36 |
| For More Information | back cover |

---

i

**RISK/RETURN SUMMARY**

**CUTLER EQUITY FUND**

**INVESTMENT OBJECTIVE**

The investment objective of the Fund is to seek current income and long-term capital appreciation.

**FEES AND EXPENSES**

The following tables describe the fees and expenses that you will pay if you buy, hold and sell shares of the Equity Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.

**Shareholder Fees** (fees paid directly from your investment)

**Annual Fund Operating Expenses**<br> (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees | 0.75% |
| Service Fees<sup>(1)</sup> | 0.05% |
| Other Expenses | 0.19% |
| Total Annual Fund Operating Expenses<sup>(2)</sup> | 0.99% |

---

<sup>(1)</sup> Effective February 18, 2021, the Fund adopted a Shareholder Service Plan that permits it to pay up to 0.15% of its average daily net assets each year in shareholder service fees. The Board of Trustees (the "Board") of The Cutler Trust (the "Trust") has authorized the Fund to spend not more than 0.05% of the Fund's average daily net assets under the Shareholder Service Plan without further approval from the Board. For the fiscal year ended June 30, 2025, the Fund incurred $75,938 in shareholder service fees, which represents an amount equal to 0.04% of the Fund's average daily net assets.

<sup>(2)</sup> The Fund's investment adviser, Cutler Investment Counsel, LLC (the "Adviser"), has contractually agreed, until October 31, 2026, to reduce its management fees and to pay the Fund's ordinary operating expenses to the extent necessary to limit Annual Fund Operating Expenses to an amount not exceeding 0.99% of the Fund's average daily net assets. Any management fees reduced and ordinary operating expenses paid by the Adviser are subject to repayment by the Fund for a period of 3 years after such fees and expenses were reduced or paid, provided that the repayments do not cause Annual Fund Operating Expenses to exceed the foregoing expense limitation. Annual Fund Operating Expenses exclude brokerage costs, taxes, interest, acquired fund fees and expenses and extraordinary expenses. Prior to October 31, 2026, the expense limitation agreement may be modified or terminated only with approval by the Board of Trustees.

**Example**

This Example is intended to help you compare the cost of investing in the Equity Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Equity Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Equity Fund's operating expenses remain the same and the expense reduction/reimbursement remains in place for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| <u>**1 Year**</u> | <u>**3 Years**</u> | <u>**5 Years**</u> | <u>**10 Years**</u> |
| $101 | $315 | $547 | $1213 |

---

**Portfolio Turnover**

The Equity Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Equity Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Equity Fund's performance. During the most recent fiscal year, the Equity Fund's portfolio turnover rate was 1% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE EQUITY FUND**

In seeking to meet its investment objective, under normal conditions, at least 80% of the Equity Fund's assets will be invested in a diversified portfolio of common stocks according to the investment style of the Adviser. For purposes of this policy, "assets" shall mean net assets plus the amount of any borrowings for investment purposes (although the Equity Fund is not currently authorized by the Board to do so). The Adviser invests primarily in companies domiciled in the United States and chooses investments in common stocks based on its judgment of fundamental value, which emphasizes stocks that the Adviser judges to have favorable dividend yields and growth prospects relative to comparable companies. Factors deemed particularly relevant in determining fundamental value include:

● earnings

● dividend and market price histories

● balance sheet characteristics

● perceived management skills

Changes in economic and political outlooks, as well as corporate developments affecting individual companies, can influence specific security prices. The Equity Fund typically invests in stocks of companies that have a total market capitalization of at least $10 billion and, in the Adviser's opinion, have institutional ownership that is sufficiently broad to provide adequate liquidity suitable to the Fund's holdings.

The Adviser uses both "top-down" and "bottom-up" approaches, and investment selections are made using a fundamental approach. Top-down research involves the study of economic trends in the domestic and global economy, such as the fluctuation in interest or unemployment rates. These factors help to identify industries and sectors with the potential to outperform as a result of major economic developments. Bottom-up research involves detailed analysis of specific companies. Important factors include industry characteristics, profitability, growth dynamics, industry positioning, strength of management, valuation and expected return for the foreseeable future. Particular attention is paid to a company's ability to pay or increase its current dividend.

The Adviser will sell securities for any one of three possible reasons:

● When another company is found by the Adviser to have a higher current dividend yield or better potential for capital appreciation and dividend growth.

● If the industry moves in an unforeseen direction that negatively impacts the positioning of a particular investment or if the company's strategy, execution or industry positioning itself deteriorates. The Adviser develops specific views on how industries are likely to evolve and how individual companies will participate in industry growth and change.

● If the Adviser believes that a company's management is not acting in a forthright manner.

The Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Fund's Board. Loans of portfolio securities will be collateralized by liquid securities and cash. The Fund may invest cash collateral received in securities consistent with its principal investment strategy.

**PRINCIPAL RISKS OF INVESTING IN THE EQUITY FUND**

An investment in the Equity Fund is subject to investment risks; therefore you may lose money by investing in the Fund. There is no assurance that the Equity Fund will achieve its investment objective. The Equity Fund's net asset value and total return will fluctuate based upon changes in the value of its portfolio securities. Upon redemption, an investment in the Equity Fund may be worth less than its original cost. The Equity Fund, by itself, does not provide a complete investment program. The Equity Fund is subject to the following principal risks:

**Large-Cap Company Risk**

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

**Management Risk**

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

**Mid-Cap Company Risk**

The Equity Fund may invest in mid-capitalization ("mid-cap") companies. Mid-cap companies often involve higher risks than large-cap companies because these companies may lack the financial resources, product diversification and competitive strengths of larger companies. In addition, the frequency and volume of the trading of securities of mid-cap companies are substantially less than are typical of larger companies. Therefore, the securities of mid-cap companies may be subject to greater price fluctuations. Mid-cap companies also may not be widely followed by investors, which can lower the demand for their stock.

**Stock Market Risk**

All investments made by the Equity Fund have some risk. Among other things, the market value of any security in which the Equity Fund may invest is based upon the market's perception of value and not necessarily the book value of an issuer or other objective measures of the issuer's worth.

The Equity Fund may be an appropriate investment if you are seeking long-term growth in your investment and are willing to tolerate significant fluctuations in the value of your investment in response to changes in the market value of the stocks the Fund holds. This type of market movement may affect the price of the securities of a single issuer, a segment of the domestic stock market or the entire market. The investment style utilized for the Equity Fund could fall out of favor with the market. In addition, performance of the Equity Fund can be affected by unexpected local, state, regional, national or global events (e.g., significant earnings shortfalls or gains, inflation, recessions, government shutdowns, market closures, trade disputes, tariff arrangements, sanctions, war, political events, cybersecurity attacks, acts of terrorism, the spread of infectious diseases or other public health issues, and natural and environmental disasters) that cause major price changes in individual securities or market sectors.

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

● The stock market goes down;

● The stock market undervalues the stocks in the Equity Fund's portfolio; or

● The Adviser's judgment as to the value of the Equity Fund's stocks proves to be mistaken.

For additional information regarding Stock Market Risk, please refer to "Principal Risks of Investing in the Cutler Equity Fund" found in "Investment Objective, Principal Investment Strategies and Principal Risks of the Fund" in the Fund's prospectus.

**Sector Risk**

The Adviser may allocate more of the Fund's investments to a particular sector or sectors in the market. If the Fund invests a significant portion of its total assets in certain sectors, its investment portfolio will be more susceptible to the financial, economic, business, and political developments that affect those sectors. For additional information regarding Sector Risk, please refer to "Principal Risks of Investing in the Cutler Equity Fund" found in "Investment Objective, Principal Investment Strategies and Principal Risks of the Fund" in the Fund's prospectus.

**Securities Lending Risk**

The Fund may make secured loans of its portfolio securities in an amount not exceeding 33 ⅓% of the value of the Fund's total assets. The risks in lending portfolio securities, as with other extensions of credit, consist of possible delay in recovery of the securities and possible loss of rights in the collateral should the borrower fail financially, including possible impairment of the Fund's ability to vote the securities on loan. If a loan is collateralized by cash, the Fund typically will invest the cash collateral for its own account and may pay a fee to the borrower that normally represents a portion of the Fund's earnings on the collateral. Because the Fund may invest collateral in any investments in accordance with its investment objective, the Fund's securities lending transactions will result in investment leverage. The Fund bears the risk that the value of the investments made with collateral may decline.

**PERFORMANCE SUMMARY**

The bar chart and performance table that follow provide some indication of the risks and variability of investing in the Equity Fund by showing the changes in the Fund's performance from year-to-year for the last ten calendar years, and by showing how the Fund's average annual total returns for 1, 5 and 10 years compare with those of a broad measure of market performance. Prior to October 28, 2020, the Fund offered Class I Shares identified by TICKER: CALEX. On October 28, 2020, all existing Class I Shares of the Fund were converted into the current class of shares of the Fund identified by TICKER: DIVHX (previously named Class II Shares). After October 28, 2020 Class I Shares were no longer offered by the Fund. The bar chart and performance table show changes in the year-to-year performance of shares of the Equity Fund and include the historical performance of Class I Shares. The current share class of the Fund (TICKER: DIVHX) would have substantially similar returns to the Class I Shares because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the classes do not have the same expenses.

The Equity Fund's performance in the past is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current to the most recent month end, is available by calling 1-888-CUTLER4 (1-888-288-5374).

**EQUITY FUND**

**Year-by-year Annual Total Return as of 12/31 each year (%)**

![](pro_002.jpg)

The Equity Fund's 2025 year-to-date total return through September 30, 2025 is 13.01%.

During the periods shown in the bar chart, the highest quarterly return was 14.44% during the quarter ended December 31, 2022 and the lowest quarterly return was -19.42% during the quarter ended March 31, 2020.

**Average Annual Total Returns For Periods Ended December 31, 2024**

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| **Equity Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return Before Taxes | 12.51% | 9.77% | 9.37% |
| &nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 11.06% | 8.34% | 8.11% |
| &nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 8.48% | 7.56% | 7.38% |
| **Standard & Poor's 500 Index (S&P 500<sup>®</sup> Index)<sup>(1)</sup>** <br> (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% |
| **Standard & Poor's 500 Value Index (S&P 500<sup>®</sup> Value Index)<sup>(2)</sup>** (reflects no deduction for fees, expenses or taxes) | 12.29% | 10.49% | 10.01% |

---

(1) The
 S&P 500<sup>®</sup> Index is a market capitalization weighted index of 500 large U.S. companies chosen for market size,
 liquidity and industry group representation and includes reinvested dividends. The index is unmanaged and is widely used as a barometer
 of U.S. stock market performance. An investor cannot invest in an index and its returns are not indicative of the performance of
 any specific investment.

(2) The
 S&P 500<sup>®</sup> Value Index measures value stocks using three factors: the ratios of book value, earnings, and sales
 to price. Constituents are drawn from the S&P 500<sup>®</sup> Index. The index is unmanaged. An investor cannot invest in
 an index and its returns are not indicative of the performance of any specific investment.

**MANAGEMENT OF THE EQUITY FUND**

**Investment Adviser**

Cutler Investment Counsel, LLC

**Portfolio Managers**

Matthew C. Patten and Erich M. Patten are jointly and primarily responsible for the day-to-day management of the portfolio of the Equity Fund. Matthew Patten is Chief Executive Officer and a Portfolio Manager of the Adviser and has been Co-Portfolio Manager of the Equity Fund since March 2003. Erich Patten is President and Chief Investment Officer and a Portfolio Manager of the Adviser and has been Co-Portfolio Manager of the Equity Fund since June 2003.

**PURCHASE AND SALE OF FUND SHARES**

**Minimum Initial Investment**

$2,500 ($2,500 for IRA)

**Minimum Subsequent Investment**

No minimum

**General Information**

You may purchase or redeem (sell) shares of the Equity Fund on each day that the New York Stock Exchange (the "NYSE") is open for business. You may initiate transactions to purchase or redeem (sell) shares of the Equity Fund by written request, by telephone or through your financial intermediary.

**TAX INFORMATION**

The Equity Fund's distributions are generally taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA. If you are investing through a tax-deferred arrangement, you may be taxed later upon withdrawal of monies from such arrangement.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Equity Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Equity Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Equity Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**INVESTMENT OBJECTIVE, PRINCIPAL INVESTMENT STRATEGIES AND PRINCIPAL RISKS OF THE FUND**

**INVESTMENT OBJECTIVE**

The investment objective of the Equity Fund is to seek current income and long-term capital appreciation. The investment objective of the Equity Fund may not be changed without shareholder approval.

**PRINCIPAL INVESTMENT STRATEGIES OF THE CUTLER EQUITY FUND**

In seeking to meet its investment objective, the Equity Fund expects that under normal conditions at least 80% of its assets will be invested in a diversified portfolio of common stocks according to the Adviser's investment style. For purposes of this policy, "assets" shall mean net assets plus the amount of any borrowings for investment purposes (although the Equity Fund is not currently authorized by the Board to do so). The Equity Fund will provide the Fund's shareholders with at least 60 days prior notice of any change by the Board in the Fund's 80% investment policy.

The Adviser chooses investments in common stocks based on its judgment of fundamental value, which emphasizes stocks that the Adviser judges to have favorable dividend yields and growth prospects relative to comparable companies. Factors deemed particularly relevant in determining fundamental value include:

● earnings

● dividend and market price histories

● balance sheet characteristics

● perceived management skills

Changes in economic and political outlooks, as well as corporate developments affecting individual companies, can influence specific security prices. The Equity Fund typically invests in stocks of companies that have a total market capitalization of at least $10 billion and, in the Adviser's opinion, have institutional ownership that is sufficiently broad to provide adequate liquidity suitable to the Fund's holdings.

The Adviser uses both "top-down" and "bottom-up" approaches, and investment selections are made using a rigorous fundamental approach. Top-down research involves the study of economic trends in the domestic and global economy, such as the fluctuation in interest or unemployment rates. These factors help to identify industries and sectors with the potential to outperform as a result of major economic developments. Bottom-up research involves detailed analysis of specific companies. Important factors include industry characteristics, profitability, growth dynamics, industry positioning, strength of management, valuation and expected return for the foreseeable future. Particular attention is paid to a company's ability to pay or increase its current dividend.

The Adviser will sell securities for any one of three possible reasons:

● When another company is found by the Adviser to have a higher current dividend yield or better potential for capital appreciation and dividend growth.

● If the industry moves in an unforeseen direction that negatively impacts the positioning of a particular investment or if the company's strategy, execution or industry positioning itself deteriorates. The Adviser develops specific views on how industries are likely to evolve and how individual companies will participate in industry growth and change.

● If the Adviser believes that a company's management is not acting in a forthright manner.

It is not the Equity Fund's intent to engage in active and frequent trading of its portfolio securities based upon price movements alone. However, the Equity Fund's rate of portfolio turnover will depend upon market and other conditions, and it will not be a limiting factor when portfolio changes are deemed necessary or appropriate by the Adviser. Frequent trading could increase the amount of capital gains realized by the Equity Fund and the Equity Fund's transaction costs, which could reduce the Fund's performance. The Equity Fund may hold cash or cash equivalents such as high quality, short-term money market instruments pending investment to retain flexibility in meeting redemptions and paying expenses.

The Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Fund's Board. Loans of portfolio securities will be collateralized by liquid securities and cash. The Fund may invest cash collateral received in securities consistent with its principal investment strategy.

**PRINCIPAL RISKS OF INVESTING IN THE CUTLER EQUITY FUND**

An investment in the Equity Fund is subject to investment risks; therefore you may lose money by investing in the Fund. There is no assurance that the Equity Fund will achieve its investment objective. The Equity Fund's net asset value and total return will fluctuate based upon changes in the value of its portfolio securities. Upon redemption, an investment in the Equity Fund may be worth less than its original cost. The Equity Fund, by itself, does not provide a complete investment program. The Equity Fund is subject to the following principal risks (presented alphabetically):

**Large-Cap Company Risk**

The Equity Fund may invest in large-cap companies. Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. If valuations of large-cap companies appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium-sized companies.

**Management Risk**

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

**Mid-Cap Company Risk**

The Equity Fund may invest in mid-cap companies. Mid-cap companies often involve higher risks than large cap companies because these companies may lack the financial resources, product diversification and competitive strengths of larger companies. In addition, the frequency and volume of the trading of securities of mid-cap companies are substantially less than are typical of larger companies. Therefore, the securities of mid-cap companies may be subject to greater price fluctuations. Mid-cap companies also may not be widely followed by investors, which can lower the demand for their stock. Mid-cap companies may also require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position; and may have substantial borrowings or may otherwise have a weak financial condition, and may be susceptible to bankruptcy. Transaction costs for these investments are often higher than those of large-cap companies.

Some mid-cap companies also may be relatively new issuers, which carries risks in addition to the risks of other mid-cap companies. New issuers may be more speculative because such companies are relatively unseasoned. These companies will often be involved in the development or marketing of a new product with no established market, which could lead to significant losses.

**Sector Risk**

The Adviser may allocate more of the Fund's investments to a particular sector or sectors in the market. If the Fund invests a significant portion of its total assets in certain sectors, its investment portfolio will be more susceptible to the financial, economic, business, and political developments that affect those sectors. A Fund overweight in its investments in a particular sector may be more impacted by events that impact that sector and may be subject to greater risk of loss than a Fund that has a more diversified portfolio of investments.

***Financial Sector Risk.*** Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets.

**Securities Lending Risk**

The Fund may make secured loans of its portfolio securities in an amount not exceeding 33 ⅓% of the value of the Fund's total assets. The risks in lending portfolio securities, as with other extensions of credit, consist of possible delay in recovery of the securities and possible loss of rights in the collateral should the borrower fail financially, including possible impairment of the Fund's ability to vote the securities on loan. If a loan is collateralized by cash, the Fund typically will invest the cash collateral for its own account and may pay a fee to the borrower that normally represents a portion of the Fund's earnings on the collateral. Because the Fund may invest collateral in any investments in accordance with its investment objective, the Fund's securities lending transactions will result in investment leverage. The Fund bears the risk that the value of the investments made with collateral may decline.

**Stock Market Risk**

All investments made by the Equity Fund have some risk. Among other things, the market value of any security in which the Equity Fund may invest is based upon the market's perception of value and not necessarily the book value of an issuer or other objective measures of the issuer's worth. A security's value may also fall because of factors affecting not just the company but also companies in the same industry or in a number of different industries such as increases in production costs. The Equity Fund's share price can fall because of, among other things, weakness in the broad market, a particular industry or specific holding, or changes in general economic conditions, such as prevailing interest rates or investor sentiment. The market as a whole can decline for many reasons, including disappointing corporate earnings, adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling.

The Equity Fund may be an appropriate investment if you are seeking long-term growth in your investment and are willing to tolerate significant fluctuations in the value of your investment in response to changes in the market value of the stocks the Fund holds. This type of market movement may affect the price of the securities of a single issuer, a segment of the domestic stock market or the entire market. The investment style utilized for the Equity Fund could fall out of favor with the market.

In addition, performance of the Equity Fund can be affected by unexpected local, state, regional, national or global events (e.g., significant earnings shortfalls or gains, inflation, recessions, government shutdowns, market closures, trade disputes, tariff arrangements, sanctions, war, political events, cybersecurity attacks, acts of terrorism, the spread of infectious diseases or other public health issues, and natural and environmental disasters) that cause major price changes in individual securities or market sectors. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes and tsunamis, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and the markets. Economies and financial markets throughout the world have become interconnected which increases the possibility that economic, financial, or political events in one country, sector or region could have potentially adverse effects on global economies or markets. Russia's military invasion of Ukraine, the responses and sanctions by other countries, and the potential for wider conflicts, could continue to have adverse effects on regional and global economies and may further strain global supply chains and negatively affect global growth and inflation. Hamas militants launched a brutal terror attack against southern Israel on October 7, 2023, and, in response, Israel declared war on Hamas and Israeli Defense Forces invaded the Gaza Strip. Actual hostilities, such as the Israel-Hamas war, or the threat of future hostilities

in the broader Middle East region may cause significant volatility and disruption to the securities markets, and adversely affect global energy and financial markets and thus could affect the value of the Fund's investments. Policy changes by the U.S. government and/or Federal Reserve and political events with the U.S. and abroad, such as changes in the U.S. presidential administration and Congress, may affect investor and consumer confidence, and adversely impact the financial markets.

In summary, you could lose money on your investment in the Equity Fund, or the Fund could underperform other investments, if any of the following occurs:

● The stock market goes down;

● The stock market undervalues the stocks in the Equity Fund's portfolio; or

● The Adviser's judgment as to the value of the Equity Fund's stocks proves to be mistaken.

**RELATED RISK**

**Temporary Defensive Position.** In order to respond to adverse market, economic, or other conditions, the Fund may assume a temporary defensive position and invest without limit in cash or prime cash equivalents. As a result, the Fund may be unable to achieve its investment objective.

**MANAGEMENT**

The business of the Fund is managed under the direction of the Board. The Board formulates the general policies of the Fund and meets periodically to review the Fund's performance, monitor investment activities and practices and consider other matters affecting the Fund. Additional information regarding the Board, as well as the executive officers of the Trust, may be found in the Statement of Additional Information (the "SAI").

**THE ADVISER**

Cutler Investment Counsel, LLC (the "Adviser"), 525 Bigham Knoll, Jacksonville, Oregon 97530, serves as investment adviser to the Equity Fund. The Adviser makes investment decisions for the Fund subject to the general oversight of the Board. The Adviser and its affiliated companies have provided investment management services since 1977.

For investment advisory services, the Equity 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.

Effective October 31, 2025, the Fund's Adviser has contractually agreed, until at least October 31, 2026, to reduce its management fees and to pay the Fund's ordinary operating expenses to the extent necessary to limit Annual Fund Operating Expenses to an amount not exceeding 0.99% of the Fund's average daily net assets. Any management fees reduced and ordinary operating expenses paid by the Adviser are subject to repayment by the Fund for a period of 3 years after such fees and expenses were reduced or paid, provided that the repayments do not cause Annual Fund Operating Expenses to exceed the foregoing expense limitation. Annual Fund Operating Expenses exclude brokerage costs, taxes, interest, acquired fund fees and expenses and extraordinary expenses. Prior to October 31, 2026, the expense limitation agreement may be modified or terminated only with approval by the Board.

During the fiscal year ended June 30, 2025, the Adviser received an aggregate fee, net of any fee reductions or payments of ordinary operating expenses pursuant to applicable expense limitations, of 0.75% for investment advisory services performed, expressed as a percentage of average annual net assets of the Equity Fund. During the fiscal year ended June 30, 2025, the Adviser 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 prior years. 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.

The Board approved the continuation of the Investment Advisory Agreement between the Trust and the Adviser for an additional one-year period at a quarterly meeting of the Board held on April 23, 2025. A discussion regarding the factors considered by the Board in its most recent approval of the Fund's investment advisory agreement with the Adviser, including its conclusions with respect thereto, is available in the Fund's annual financial statements for the fiscal year ended June 30, 2025.

**PORTFOLIO MANAGERS**

Matthew C. Patten and Erich M. Patten are the portfolio managers of the Equity Fund and are responsible for the day-to-day investment policy, portfolio management and investment research for the Fund. Matthew Patten is responsible for the macro-economic analysis of the Equity Fund, reviewing sector allocations and industry weightings within the portfolio. Erich Patten analyzes which specific securities should be purchased or sold by the Equity Fund and then reviews these specific securities with Matthew Patten to determine if they are consistent with his macro-economic analysis of the Fund. While Erich Patten executes the timing of all purchase and sell orders, no securities are bought or sold by Erich Patten without the concurrence of Matthew Patten. The business experience and educational backgrounds of Matthew and Erich Patten are described below.

**Mr. Matthew C. Patten**, Co-Portfolio Manager of the Equity Fund, received his B.A. degree from Boston College in Economics and Environmental Geo-Science. He was awarded his MBA from the University of Chicago. Mr. Matthew Patten has been Chairman of the Board of The Cutler Trust since September, 2006. He has been a Member and Portfolio Manager of the Adviser and its affiliates since 2003 and Chief Executive Officer of the Adviser since 2014.

**Mr. Erich M. Patten**, Co-Portfolio Manager of the Equity Fund, received his B.S. in Economics from The Wharton School, University of Pennsylvania. He received his Masters degree in Public Policy from The Harris School, University of Chicago. Mr. Erich Patten has been President of The Cutler Trust since March, 2004. He has been a Member and Portfolio Manager of the Adviser and its affiliates since 2003 and Chief Investment Officer of the Adviser since 2014.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed and ownership of shares of the Equity Fund.

**OTHER SERVICE PROVIDERS**

Ultimus Fund Solutions, LLC ("Ultimus" or the "Transfer Agent"), provides certain administration, portfolio accounting, and transfer agent and shareholder services to the Equity Fund.

US Bank, N.A., provides custody services to the Equity Fund.

Ultimus Fund Distributors, LLC (the "Distributor"), the principal underwriter of the Equity Fund, acts as the Fund's representative in connection with the offering of Fund shares. The Fund may be offered by other broker-dealers as well. The Distributor is affiliated with Ultimus but is not affiliated with the Adviser or its affiliated companies.

**YOUR ACCOUNT**

**HOW TO CONTACT THE FUND**

*Write to us at:*

The Cutler Trust

c/o Ultimus Fund Solutions, LLC

P.O. Box 46707

Cincinnati, Ohio 45246

*Overnight address:*

The Cutler Trust

c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, Ohio 45246

*Telephone us Toll-Free at:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(888) CUTLER4

(888) 288-5374

**GENERAL INFORMATION**

The Equity Fund's shares identified as TICKER: DIVHX are offered in this prospectus. The Equity Fund's shares charge no front-end sales charges, impose no deferred sales charges and are not subject to any distribution (Rule 12b-1) fees. Pursuant to a Shareholder Service Plan, the Fund pays a shareholder service fee in an amount not to exceed 0.15% per annum of the Fund's average daily net assets, and of this amount, the Board has authorized the Fund to incur the actual expenditure of shareholder service fees up to 0.05% per annum of the Fund's average daily net assets. For additional information, please see "Shareholder Service Plan" in this Prospectus.

You pay no sales charge to purchase or sell (redeem) shares of the Equity Fund. Shares are purchased and redeemed at the net asset value per share ("NAV") next calculated after the Transfer Agent receives your request in proper form. If the Transfer Agent receives your purchase or redemption request in proper form on a business day prior to 4:00 p.m., Eastern time, your transaction will be priced at that day's NAV. If the Transfer Agent receives your purchase or redemption request after 4:00 p.m. on a business day or on a non-business day, your transaction will be priced at the next business day's NAV. The Fund will not accept orders that request a particular day or price for the transaction or any other special conditions.

The Fund does not issue share certificates.

You will receive quarterly statements and a confirmation of each transaction. You should verify the accuracy of all transactions in your account as soon as you receive your confirmation.

The Fund may temporarily suspend the offering of shares during unusual market conditions or discontinue any shareholder service or privilege.

**When and How NAV is Determined.** The Equity Fund calculates its NAV as of the close of the NYSE (normally 4:00 p.m., Eastern time) on each weekday, except on days when the NYSE is closed. The time at which the NAV is calculated may be changed in case of an emergency or if the NYSE closes early.

The Equity Fund's NAV is determined by taking the market value of all securities owned by the Fund (plus all other assets such as cash), subtracting all liabilities and then dividing the result (net assets) by the total number of shares outstanding. To the extent any assets of the Fund are invested in other open-end management investment companies that are registered under the Investment Company Act of 1940 (the "1940 Act"), the Fund's NAV with respect to those assets is calculated based upon the net asset values of the registered open-end management investment companies in which it invests, and the prospectuses for those companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

The Equity Fund values securities for which market quotations are readily available at current market value. The Equity Fund values securities at fair value pursuant to procedures adopted by the Board 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 a Fund's securities primarily trade but before the time as of which the Fund calculates its NAV (for example, if the exchange on which a portfolio security is principally traded closes early or if trading in a particular portfolio security was halted during the day and did not resume prior to the Fund's NAV calculation). When fair value pricing is employed by the Fund, the prices of the securities used by the Fund to calculate its NAV may differ from quoted or published prices of the same securities.

**Transactions Through Third Parties.** If you invest through a broker or other financial institution, the policies and fees charged by that institution may be different than those of the Equity Fund. Banks, brokers, retirement plans and financial advisers may charge transaction fees and may set different minimum investments or limitations on buying or selling shares. The Adviser may compensate certain financial institutions or broker-dealers in connection with the sale or expected sale of Fund shares. Consult a representative of your financial institution or retirement plan for further information.

**Anti-Money Laundering Program.** Customer identification and verification are part of the Fund's overall obligation to deter money laundering under federal law. When you open an account, the Fund will ask for your name, address, date of birth, social security number or taxpayer identification number, and other information that will allow the Fund to identify you. The Fund may also ask to see your driver's license or other identifying documents. The Fund has adopted an Anti-Money Laundering Compliance Program designed to prevent the Fund from being used for money laundering or the financing of terrorist activities. In this regard, the Fund reserves the right, to the extent permitted by law, to (i) refuse, cancel or rescind any purchase order, (ii) freeze any account and/or suspend account services or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity involving your investment in the Fund. These actions will be taken when, at the sole discretion of the Fund's management, they are deemed to be in the best interest of the Fund or in cases when the Fund is requested or compelled to do so by governmental or law enforcement authorities. Any account closed by the Fund will be valued at the NAV as of the close of the NYSE on the day the account is closed, and redemption proceeds may be worth more or less than the original investment. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if the Fund is required to withhold such proceeds and, in some circumstances, the law may not permit the Fund to inform the shareholder that it has taken the actions described above.

**BUYING SHARES**

**How to Make Payments.** All investments must be made by check or bank wire. All checks must be payable in U.S. dollars and drawn on a U.S. financial institution. The Equity Fund does not accept cash equivalents, for example, cash, cashier's checks, bank official checks, certified checks, bank money orders, third party checks (except for properly endorsed IRA transfer and rollover checks), counter checks, starter checks, traveler's checks, money orders, credit card checks, and checks drawn on non-U.S. financial institutions.

**Checks.** Checks should be made payable to the Equity Fund or to The Cutler Trust. By sending your check to us, please be aware that you are authorizing the Fund to make a one-time electronic debit from your account at the financial institution indicated on your check. Your bank account will be debited as early as the same day we receive your payment in the amount of your check; no additional amount will be added to the total. The transaction will appear on your bank statement. Your original check will be destroyed once processed, and you will not receive your cancelled check back. If we cannot post the transaction electronically, you authorize us to present an image copy of your check for payment.

**Bank Wires.** Instruct your financial institution with whom you have an account to make a federal funds wire payment to the Fund. Your financial institution may charge you a fee for this service. The Fund requires advance notification of all wire purchases in order to ensure that the wire is received in proper form and that your account is subsequently credited in a timely fashion for a given trade date. Failure to notify the Transfer Agent prior to the transmittal of the bank wire may result in a delay in purchasing shares of the Fund. An order is considered received when the Fund receives payment by wire in proper form. However, the completed and signed account application must be mailed to the Transfer Agent on the same day the wire payment is made.

**Through Your Broker or Financial Institution.** Shares of the Equity Fund may be purchased through certain brokerage firms and financial institutions that are authorized to accept orders on behalf of the Fund and such organizations may be authorized to designate intermediaries to accept orders on behalf of the Fund. Orders will be deemed to have been received by the Equity Fund when the authorized broker, or broker-authorized designee, receives the purchase order and orders will be priced at the NAV next determined after your order is received by such organization, or its authorized designee, in proper form. These organizations may charge you transaction fees on purchases of Fund shares and may impose other charges or restrictions or account options that differ from those applicable to shareholders who purchase shares directly through the Fund. These organizations may be the shareholder of record of your shares. The Fund is not responsible for ensuring that these organizations carry out their obligations to their customers. Shareholders investing in this manner should look to the organization through which they invest for specific instructions on how to purchase and redeem shares.

**Retirement Accounts.** The Equity Fund offers IRA accounts, including traditional and Roth IRAs. Fund shares may also be an appropriate investment for other retirement plans. Before investing in any IRA or other retirement plan, you should consult your tax advisor. Whenever making an investment in an IRA, be sure to indicate the year for which the contribution is made.

**Minimum Investments.** The Equity Fund accepts payment in the following minimum amounts:

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| | | |
|:---|:---|:---|
|  | **Minimum Initial<br> Investment** | **Minimum Additional<br> Investment** |
| Standard Account | $2500 |  |
| Traditional and Roth IRA Accounts | $2500 |  |
| Accounts with Automatic Investment Plans | $2500 |  |

---

The Adviser may, at its discretion, waive the above investment minimums.

**Account Requirements**

● The custodian must sign instructions in a manner indicating custodial capacity

**INVESTMENT PROCEDURES**

 *By Automated Clearing House (ACH)* **  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ●&nbsp;&nbsp;&nbsp;&nbsp; Complete the ACH Authorization section of the account application &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ●&nbsp;&nbsp;&nbsp;&nbsp; Attach a voided check to your application, if applicable &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ●&nbsp;&nbsp;&nbsp;&nbsp; Mail us the completed application and the voided check &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ●&nbsp;&nbsp;&nbsp;&nbsp; We will electronically debit the purchase amount from the financial institution account identified in your account application

**Automatic Investment Plan.** You may invest in the Fund through an Automatic Investment Plan, which allows for regular, periodic investments in the Fund. These payments are taken from your account at your designated financial institution by ACH payment. ACH refers to the "Automated Clearing House" System maintained by the Federal Reserve Bank, which allows banks to process checks, transfer funds and perform other tasks. Only bank accounts maintained at U.S. financial institutions that are ACH members may be used. You may change or terminate the amount or frequency of your monthly purchase at any time by contacting the Transfer Agent. If an Automatic Investment Plan purchase is rejected by your bank, your shareholder account will be charged a fee of $25 to defray bank charges. The Fund reserves the right to suspend or discontinue the Automatic Investment Plan at any time.

**Limitations on Purchases.** The Fund reserves the right to refuse any purchase request, particularly requests that could adversely affect the Fund or its operations. If the Fund refuses a purchase request, it will inform the investor of such rejection generally within one business day but may take up to three business days. This includes those from any individual or group who, in the Fund's view, are likely to engage in excessive trading as described in "Frequent Purchases and Redemptions of Fund Shares" below.

**Canceled or Failed Payments.** The Fund accepts checks and ACH transfers at full value subject to collection. If the Fund does not receive your payment for shares or you pay with a check or ACH transfer that does not clear, your purchase will be canceled. You will be responsible for any losses or expenses incurred by the Fund or the Transfer Agent, including a fee of $25 to defray bank charges, and the Fund may redeem other shares you own in the account as reimbursement. The Fund and their agents have the right to reject or cancel any purchase or redemption due to nonpayment.

**SELLING SHARES**

The Equity Fund processes redemption orders promptly. The length of time the Fund typically expects to pay redemption proceeds is similar regardless of whether the payment is made by check, wire, or ACH. The Fund typically expects to pay redemption proceeds for shares redeemed within the following days after receipt by the Transfer Agent of a redemption request in proper form:

● For payment by check, the Fund typically expects to mail the check within one to three business days;

● For payment by wire or ACH, the Fund typically expects to process the payment within one to three business days.

Payment of redemption proceeds may take longer than the time the Fund typically expects and may take up to seven days, as permitted under the 1940 Act. Under

unusual circumstances as permitted by the U.S. Securities and Exchange Commission (the "SEC"), the Fund may suspend the right of redemption or delay payment of redemption proceeds for more than seven days. When shares are purchased by check or through ACH, the proceeds from the redemption of those shares will not be paid until the purchase check or ACH transfer has been converted to federal funds, which could take up to fifteen calendar days.

**How To Sell Shares From Your Account**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *By Mail*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Prepare a written request including:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Your name(s) and signature(s)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Your account number<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; The Fund name<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; The dollar amount or number of shares you want to sell<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; How and where to send your proceeds<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Obtain a signature guarantee (if required)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Obtain other documentation (if required)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Mail us your request and documentation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *By Telephone*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Call us with your request (unless you declined telephone authorization privileges on your account application)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Provide the following information:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Your account number<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Exact name(s) in which the account is registered<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Additional forms of identification<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Redemption proceeds will be:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Mailed to your address on record or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Wired to you (unless you declined wire redemption privileges on your account application) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *By Bank Wire*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Wire redemptions are only available if your redemption is for $10,000 or more and you did not decline wire redemption privileges on your account application<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Call us with your request (unless you declined telephone redemption privileges on your account application) or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Mail us your request | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Through Broker or Financial Institutions*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Contact your broker or financial institution<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Request must be in proper form<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Third party may charge you additional transaction/redemption fees |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Systematically*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Complete the systematic withdrawal section of the application<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Attach a voided check to your application<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Mail us your completed application<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Redemption proceeds will be electronically credited to your account at the financial institution identified on your account application |  |

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**Redemptions By Mail.** You may redeem shares by mailing a written request to The Cutler Trust, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, Ohio 45246. Requests sent by overnight mail may be directed to The Cutler Trust, c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246. Written requests must state the shareholder's name, the name of the Fund, the account number and the shares or dollar amount to be redeemed and be signed exactly as the shares are registered and may require a signature guarantee as discussed below.

If you own an IRA or other retirement plan, you must indicate on your redemption request whether the Fund should withhold federal income tax. Unless you elect in your redemption request that you do not want to have federal tax withheld, the redemption will be subject to withholding. Please consult your tax adviser for any tax related IRA distribution questions.

**Telephone and Bank Wire Redemption Privileges.** The telephone redemption privilege is automatically available to all new accounts, unless you indicate otherwise in the appropriate area on your account application. You may redeem Fund shares having a value of $50,000 or less by telephone unless you declined telephone redemption privileges on your account application. Telephone redemptions may be requested only if the proceeds are to be sent to the shareholder of record and mailed to the address on record with the Fund. Upon request, redemption proceeds of may be transferred electronically from an account you maintain with a financial institution by ACH payment, and proceeds of $10,000 or more may be transferred by wire, in either case to the account stated on the account application. Shareholders will be charged a fee of $15 by the Fund's custodian for outgoing wires. Account designations may be changed by sending the Transfer Agent a written request with all signatures guaranteed as described below.

IRA distributions may also be made by telephone. Shareholders who redeem shares held in an IRA will be asked to designate whether or not to withhold federal income taxes from the distribution. If no such instruction is provided, IRA redemptions will be subject to federal tax withholding. Please consult your tax adviser for any tax related IRA distribution questions.

The Transfer Agent requires personal identification before accepting any redemption request by telephone. Telephone redemption instructions may be recorded. The Fund or the Transfer Agent, or both, will employ reasonable procedures to determine that telephone instructions are genuine. These procedures may include, among others, requiring forms of personal identification prior to acting upon telephone instructions, providing written confirmation of the transactions and/or recording telephone instructions. If reasonable procedures are followed by the Transfer Agent

to verify that the order is genuine, neither the Transfer Agent nor the Fund will be liable for losses due to unauthorized or fraudulent telephone instructions. The Fund reserves the right to suspend the telephone redemption privileges with respect to your account if the name(s), the address, or bank account information was changed within the previous 30 days. In the event of drastic economic or market changes, a shareholder may experience difficulty in redeeming shares by telephone. If such an event should occur, redemption by mail should be considered.

During periods of high market activity, you may encounter higher than usual wait times for telephone transactions. Please allow sufficient time to ensure that you will be able to complete your telephone transaction prior to market close. Neither the Fund nor its transfer agent will be held liable if you are unable to place your trade due to high call volume.

**Systematic Withdrawal Plan.** If you own shares of the Equity Fund with an aggregate value of at least $10,000, you may request a specified amount of money be withdrawn from your account on a periodic basis. These payments are sent from your account to a designated bank account by ACH payment. To establish a systematic withdrawal plan, please complete the appropriate form or contact the Transfer Agent.

**Through Your Broker or Financial Institution.** You may also redeem shares through a brokerage firm or financial institution that has been authorized to accept orders on behalf of the Equity Fund at the NAV next determined after your order is received by such organization in proper form. NAV is normally determined as of 4:00 p.m., Eastern time. Your brokerage firm or financial institution may require a redemption request to be received at an earlier time during the day in order for your redemption to be effective as of the day the order is received. These organizations may be authorized to designate other intermediaries to act in this capacity. In addition, orders will be deemed to have been received by the Fund when the authorized broker, or broker-authorized designee, receives the redemption order. Such an organization may charge you transaction fees on redemptions of Fund shares and may impose other charges or restrictions or account options that differ from those applicable to shareholders who redeem shares directly through the Transfer Agent.

**Signature Guarantee Requirements.** To protect you and the Equity Fund against fraud, certain requests require a signature guarantee. A signature guarantee verifies the authenticity of your signature. You will need to have your signature guaranteed in certain situations, such as:

● If the shares redeemed have a value greater than $50,000

● If you are changing a shareholder's name of record

● If the payment of the proceeds of a redemption of any amount are to be sent to any person, address or bank account not on record

● If the redemption of any amount is to occur where the name(s) or the address on your account has changed within the previous 30 days

● If you are transferring redemption proceeds to another account with a different registration (name/ownership) from yours

The Equity Fund will accept signatures guaranteed by a domestic bank or trust company, broker, dealer, clearing agency, savings association, or other financial institution which participates in the STAMP Medallion signature guarantee program sponsored by the Securities Transfer Association. Signature guarantees from financial institutions which do not participate in the STAMP Medallion program will not be accepted. A notary public cannot provide a signature guarantee. Members of the STAMP Medallion program are subject to dollar limitation which must be considered when requesting their guarantee. The Fund may reject any signature guarantee if it believes the transaction would otherwise be improper.

The Fund and its Transfer Agent reserve the right to require signature guarantees on all redemptions. The Fund and its Transfer Agent reserve the right to amend these standards at any time without notice.

Redemption requests by corporate and fiduciary shareholders must be accompanied by appropriate documentation establishing the authority of the person seeking to act on behalf of the account. Forms of resolutions and other documentation to assist in compliance with the Transfer Agent's procedures may be obtained by calling the Transfer Agent.

**Minimum Account Balance.** If the value of your Fund account falls below $2,500 (not including IRAs), the Fund may ask you to increase your balance. If the account value is still below $2,500 after 60 days, the Fund may close your account and send you the proceeds. The Fund will not close your account if the value of your account falls below $2,500 solely as a result of a reduction in your account's market value.

**Redemption Requests.** The Fund typically expects that it will take up to three business days following receipt of your redemption request to pay out redemption proceeds by check or electronic transfer. The Fund typically expects to pay redemptions from cash, cash equivalents, proceeds from the sale of Fund shares, any lines of credit, and then from the sale of portfolio securities. These redemption payment methods will be used in regular and stressed market conditions. On a less regular basis, and if the Adviser believes it is in the best interest of the Fund and its shareholders not to sell portfolio assets, the Fund may satisfy redemption requests by using short-term borrowing from the Fund's custodian. In addition to paying redemption proceeds in cash, the Fund reserves the right to make payment for a redemption in securities rather than cash, which is known as a "redemption in kind." Redemptions in kind will be made only under extraordinary circumstances and if the Fund deems it advisable for the benefit of all shareholders, such as a very large redemption that could affect Fund

operations (for example, more than 1% of the Fund's net assets). A redemption in kind will consist of securities equal in market value to the Fund shares being redeemed, using the same valuation procedures that the Fund uses to compute its NAV. Pursuant to procedures adopted by the Board, redemption in kind transactions will typically be made by delivering readily marketable securities to the redeeming shareholder within seven days after the Fund's receipt of the redemption order in proper form. Readily marketable securities may include illiquid securities, which may take a while for the redeeming shareholder to sell. If the Fund redeems your shares in kind, it will value the securities pursuant to the policies and procedures adopted by the Board. If the Adviser has no pecuniary interest influencing the selection of securities, then the Adviser has discretion with respect to the Fund's redemptions in-kind, subject to its fiduciary duties, as long as such redemptions in-kind are made in accordance with the Fund's procedures. If the Adviser has a pecuniary interest influencing the selection of securities, then the Adviser will (i) submit for the Board's approval a proposed distribution method in accordance with the Fund's procedures, or (ii) distribute each security held by the Fund on a pro rata basis, excluding certain types of securities such as those that are unregistered, not publicly traded, or for which market quotations are not readily available, among others pursuant to the Fund's procedures. You will bear the market risks associated with maintaining or selling the securities that are transferred as redemption proceeds. In addition, when you sell these securities, you will pay taxes and brokerage charges associated with selling the securities.

**Uncashed checks/Automatic Dividend and Capital Gains Reinvestment.** For non-retirement and non-educational accounts, any dividend and capital gain distributions sent by check which are not cashed within 180 days will be reinvested into your account at the current day's NAV. When reinvested, those amounts are subject to market risk like any other investment. Your distribution option will automatically be converted to having all dividends and capital gain distributions reinvested into your account as additional shares if any of the following occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Postal or other delivery service is unable to deliver mail or checks to the address of record thereby designating your account as "lost";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Dividends and capital gain distributions checks are not cashed within 180 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Bank account of record is no longer valid.

For non-retirement and non-educational accounts, redemption proceeds sent by check which are not cashed within 180 days will be reinvested into your account at the current day's NAV. When reinvested, redemption proceeds are subject to market risk like any other investment.

**Lost Shareholders, Inactive Accounts and Unclaimed Property.** Unclaimed property laws may require the Fund or its transfer agent to transfer the assets of accounts that are considered abandoned, inactive, or lost (due to returned mail) to the appropriate state authority. An account may be deemed unclaimed if the shareholder has not initiated any contact or transaction within a time period specified by applicable state law.

Before any transfer to the state is made, the Fund or its transfer agent will send a due diligence notice to the shareholder, if legislatively required.

In some cases, this process is referred to as escheatment, and shareholders may be required to reclaim the assets from the applicable state's unclaimed property office. Some states may also require the liquidation of shares prior to escheatment, and shareholders may only be entitled to receive the cash value at the time of sale.

For retirement accounts, such escheatment may be treated as a taxable distribution, and federal and/or state income tax withholding may apply.

To help avoid escheatment, shareholders should maintain current contact information and periodically initiate contact with the Fund or its transfer agent. Examples of shareholder-initiated contact include written correspondence, telephone inquiries, or initiating a transaction in the account.

In accordance with Texas law, residents of the state of Texas may designate a representative to receive legislatively required unclaimed property due diligence notifications. A Texas Designation of Representative Form is available for making such an election.

**Verification of Shareholder Transaction Statements.** You must contact the Fund in writing regarding any errors or discrepancies within 60 days after the date of the statement confirming a transaction. The Fund may deny your ability to refute a transaction if it does not hear from you within 60 days after the confirmation statement date.

**FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES**

The Equity Fund has been designed as a long-term investment and not as a frequent or short-term trading ("market timing") option. The Fund discourages frequent purchases and redemptions. Accordingly, the Board has adopted policies and procedures in an effort to detect and prevent market timing in the Fund. The Fund, through its service providers, monitor shareholder trading activity to ensure it complies with the Fund's policies. The Fund prepares reports illustrating

purchase and redemption activity to detect market timing activity. These actions, in the Board's opinion, should help reduce the risk of abusive trading in the Fund. In addition, the Fund also reserves the right to reject any purchase request that it believes to be market timing or potentially disruptive in nature. The Fund may also modify any terms or conditions relating to the purchase of shares or withdraw all or any part of the offering made by this Prospectus.

The Fund believes that market timing activity is not in the best interest of shareholders. Market timing can be disruptive to the portfolio management process and may adversely impact the ability of the Adviser to implement the Fund's investment strategies. In addition to being disruptive, the risks to the Fund presented by market timing are higher expenses through increased trading and transaction costs; forced and unplanned portfolio turnover; large asset swings that decrease the Fund's ability to maximize investment return; and potentially diluting the value of the Fund's shares. These risks can have an adverse effect on the Fund's performance.

When financial intermediaries establish omnibus accounts in the Equity Fund for their clients, the Fund cannot monitor the individual clients' trading activity. However, the Fund's service providers, along with the Fund's Chief Compliance Officer, review trading activity at the omnibus account level and look for activity that may indicate potential frequent trading or market timing. If the Fund detects suspicious trading activity, the Fund will seek the assistance of the intermediary to investigate that trading activity and take appropriate action, including prohibiting additional purchases of Fund shares by the intermediary and/or its client. Each intermediary that offers the Fund's shares through an omnibus account has entered into an information sharing agreement with the Fund designed to assist the Fund in stopping future disruptive trading. Intermediaries may apply frequent trading policies that differ from those described in this Prospectus. If you invest through an intermediary, please read that firm's program materials carefully to learn of any rules or fees that apply.

Although the Fund has taken these steps to discourage frequent purchases and redemptions of shares, the Fund cannot guarantee that such trading will not occur.

**SHAREHOLDER SERVICE PLAN**

The Fund has adopted a Shareholder Service Plan (the "Plan") permitting the Fund to compensate broker-dealers and financial institutions for providing shareholder services, including but not limited to, (i) establishing and maintaining accounts and records; (ii) answering shareholder inquiries regarding the manner in which purchases, exchanges and redemptions of shares may be effected and other matters pertaining to the Trust's services; (iii) providing necessary personnel and facilities to establish and maintain

shareholder accounts and records; (iv) assisting shareholders in arranging for processing purchase, exchange and redemption transactions; (v) arranging for the wiring of funds; (vi) guaranteeing shareholder signatures in connection with redemption orders and transfers and changes in shareholder-designated accounts; (vii) responding to customer inquiries and requests regarding statements of additional information, shareholder reports, notices, proxies and proxy statements and other Fund documents, or integrating periodic statements with other shareholder transactions; and (viii) providing such other related services as the shareholder may request. The maximum amount that may be incurred under the Plan is 0.15% per annum of the Fund's average daily net assets. The Board has authorized the Fund to spend not more than 0.05% of the Fund's average net assets under the Plan without further approval from the Board. During the fiscal year ended June 30, 2025, the Fund incurred $75,938 of shareholder services fees pursuant to this Plan.

**OTHER INFORMATION**

**DISTRIBUTIONS**

The Equity Fund declares dividends, if any, from net investment income and pays those dividends quarterly. Any net capital gains realized by the Fund will be distributed at least annually.

All distributions are reinvested in additional shares, unless you elect to receive distributions in cash. For federal income tax purposes, distributions are treated the same whether they are received in cash or reinvested in additional shares. Shares become entitled to receive distributions on the day after the shares are issued.

**FEDERAL TAXES**

The following information is meant as a general summary for U.S. taxpayers. Additional information appears in the SAI. Shareholders should rely on their own tax advisors for advice about the particular federal, state and local tax consequences of investing in the Fund.

The Fund intends to operate in a manner such that it will not be liable for federal income or excise taxes.

You will generally be taxed on the Fund's distributions, regardless of whether you reinvest them or receive them in cash. Distributions of net investment income (including short-term capital gains) are generally taxable to you as ordinary income. A portion of the dividends paid by the Fund may be eligible for the dividends-received deduction for corporate shareholders. Distributions of long-term capital gains are taxable to you as long-term capital gains, regardless of how long you have held your shares. Distributions may also be subject to certain state and local taxes.

A portion of the Fund's distributions may be treated as "qualified dividend income," taxable to individuals at a maximum federal income tax rate of 20%. A distribution is treated as qualified dividend income to the extent that the Fund receives dividend income from taxable domestic corporations and certain qualified foreign corporations, provided that holding periods and other requirements are met.

Distributions of capital gains and net investment income reduce the NAV of the Fund's shares by the amount of the distribution. If you purchase shares prior to these distributions, you are taxed on the distribution even though the distribution represents a return of your investment.

The sale of Fund shares is a taxable transaction for federal income tax purposes. You will recognize a gain or loss on such transaction equal to the difference, if any, between the amount of your net sales proceeds and your tax basis in the Fund

shares. Such gain or loss will be a capital gain or loss if you held your Fund shares as capital assets. Any capital gain or loss will be treated as a long-term capital gain or loss if you held your Fund shares for more than one year at the time of the sale.

The Fund may be required to withhold federal income tax at the required federal backup withholding rate (currently 24%) on all taxable distributions payable to you if you fail to provide the Fund with your correct taxpayer identification number or to make required certifications, or if you have been notified by the Internal Revenue Service (the "IRS") that you are subject to backup withholding. Backup withholding is not an additional tax. Any amounts withheld may be credited against your federal income tax liability.

The Fund is required to report to the IRS, and furnish to shareholders, on Form 1099-B the basis, holding period and gross proceeds received with respect to any sale of Fund shares acquired after January 1, 2012 ("Covered Shares"). The Fund has selected Average Cost, which is the mutual fund industry standard, as the Fund's default basis calculation method. If a shareholder determines that another IRS-approved basis calculation method is more beneficial, the shareholder may be able to elect such other method by contacting the Fund at the time of or in advance of the redemption of Covered Shares. IRS regulations do not permit the change of a basis election on previously executed trades. All Covered Shares purchased in non-retirement accounts are subject to these basis reporting requirements. Basis information will not be reported to the IRS or shareholder upon the redemption of any non-covered shares. Non-covered shares will be treated as having been redeemed before any covered shares, unless otherwise specified. You should consult your tax or financial advisor about the application of the basis reporting rules to you, especially whether you should elect a method other than Average Cost.

All Covered Shares purchased in non-retirement accounts are subject to the cost basis reporting legislation. Non-covered shares are mutual fund shares that were acquired prior to the effective date of January 1, 2012. Cost basis information will not be reported to the IRS or shareholder upon the sale of any non-covered mutual fund shares. Non-covered shares will be redeemed first unless otherwise specified.

The Equity Fund will mail a statement to you annually containing information about the income tax status of distributions paid during the year.

**ORGANIZATION**

The Cutler Trust (the "Trust") is a Delaware statutory trust registered with the SEC as an open-end management investment company, or mutual fund. The Equity Fund is a series of the Trust. It is not intended that meetings of shareholders be held except when required by federal or Delaware law. Shareholders of the Equity Fund are entitled to vote at shareholders' meetings for such things as approval of an investment advisory agreement.

**FINANCIAL HIGHLIGHTS**

The financial highlights tables on the following pages are intended to help you understand the Equity Fund's financial performance for the past five years. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned or lost on an investment in the Fund (assuming the reinvestment of all dividends and distributions). The annual financial statements have been audited by Cohen & Company, Ltd., independent registered public accounting firm, whose report, along with the Fund's financial statements, is included in the Fund's Form N-CSR filing and is available upon request.

Please turn to the back cover of this Prospectus to find out how you can obtain a copy of these reports without charge.

**CUTLER EQUITY FUND**

**FINANCIAL HIGHLIGHTS**

Per Share Data for a Share Outstanding Throughout Each Year

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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% |

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(a) Effective October 28, 2020, all existing shares of the Fund converted from Class II shares.

(b) 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.

(c) 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.

(d) 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.

(e) 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.

Rev. August 2010<br>**PRIVACY NOTICE**<br>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES THE CUTLER TRUST DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DOES THE CUTLER TRUST DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DOES THE CUTLER TRUST DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp; The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>■&nbsp;&nbsp;&nbsp;&nbsp; Social Security number<br>■&nbsp;&nbsp;&nbsp;&nbsp; Assets <br>■&nbsp;&nbsp;&nbsp;&nbsp; Retirement Assets<br>■&nbsp;&nbsp;&nbsp;&nbsp; Transaction History<br>■&nbsp;&nbsp;&nbsp;&nbsp; Checking Account Information<br>■&nbsp;&nbsp;&nbsp;&nbsp; Purchase History<br>■&nbsp;&nbsp;&nbsp;&nbsp; Account Balances<br>■&nbsp;&nbsp;&nbsp;&nbsp; Account Transactions<br>■&nbsp;&nbsp;&nbsp;&nbsp; Wire Transfer Instructions<br>When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp; The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>■&nbsp;&nbsp;&nbsp;&nbsp; Social Security number<br>■&nbsp;&nbsp;&nbsp;&nbsp; Assets <br>■&nbsp;&nbsp;&nbsp;&nbsp; Retirement Assets<br>■&nbsp;&nbsp;&nbsp;&nbsp; Transaction History<br>■&nbsp;&nbsp;&nbsp;&nbsp; Checking Account Information<br>■&nbsp;&nbsp;&nbsp;&nbsp; Purchase History<br>■&nbsp;&nbsp;&nbsp;&nbsp; Account Balances<br>■&nbsp;&nbsp;&nbsp;&nbsp; Account Transactions<br>■&nbsp;&nbsp;&nbsp;&nbsp; Wire Transfer Instructions<br>When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp; The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>■&nbsp;&nbsp;&nbsp;&nbsp; Social Security number<br>■&nbsp;&nbsp;&nbsp;&nbsp; Assets <br>■&nbsp;&nbsp;&nbsp;&nbsp; Retirement Assets<br>■&nbsp;&nbsp;&nbsp;&nbsp; Transaction History<br>■&nbsp;&nbsp;&nbsp;&nbsp; Checking Account Information<br>■&nbsp;&nbsp;&nbsp;&nbsp; Purchase History<br>■&nbsp;&nbsp;&nbsp;&nbsp; Account Balances<br>■&nbsp;&nbsp;&nbsp;&nbsp; Account Transactions<br>■&nbsp;&nbsp;&nbsp;&nbsp; Wire Transfer Instructions<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons The Cutler Trust chooses to share; and whether you can limit this sharing. | &nbsp;&nbsp;All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons The Cutler Trust chooses to share; and whether you can limit this sharing. | &nbsp;&nbsp;All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons The Cutler Trust chooses to share; and whether you can limit this sharing. |
| &nbsp;&nbsp;**Reasons we can share your personal information** | &nbsp;&nbsp;**Reasons we can share your personal information** | &nbsp;&nbsp;**Does The<br> Cutler Trust<br> share?** | &nbsp;&nbsp;**Can you limit<br> this sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes –**<br> Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | &nbsp;&nbsp;**For our everyday business purposes –**<br> Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**For our marketing purposes –** <br> to offer our products and services to you | &nbsp;&nbsp;**For our marketing purposes –** <br> to offer our products and services to you | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes –** <br> information about your transactions and experiences | &nbsp;&nbsp;**For our affiliates' everyday business purposes –** <br> information about your transactions and experiences | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes –** <br> information about your creditworthiness | &nbsp;&nbsp;**For our affiliates' everyday business purposes –** <br> information about your creditworthiness | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For nonaffiliates to market to you** | &nbsp;&nbsp;**For nonaffiliates to market to you** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**Questions** **?** | &nbsp;&nbsp;Call 1-888-288-5374 | &nbsp;&nbsp;Call 1-888-288-5374 | &nbsp;&nbsp;Call 1-888-288-5374 |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Who we are** | &nbsp;&nbsp;**Who we are** |
| &nbsp;&nbsp;**Who is providing this notice?** | &nbsp;&nbsp; The Cutler Trust<br> Ultimus Fund Distributors, LLC (Distributor)<br> Ultimus Fund Solutions, LLC (Administrator) |
| &nbsp;&nbsp;**What we do** | &nbsp;&nbsp;**What we do** |
| &nbsp;&nbsp;**How does The Cutler Trust protect my personal information?** | &nbsp;&nbsp; To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| &nbsp;&nbsp;**How does The Cutler Trust collect my personal information?** | &nbsp;&nbsp; We collect your personal information, for example, when you<br>■&nbsp;&nbsp;&nbsp;&nbsp; Open an account<br>■&nbsp;&nbsp;&nbsp;&nbsp; Provide account information<br>■&nbsp;&nbsp;&nbsp;&nbsp; Give us your contact information<br>■&nbsp;&nbsp;&nbsp;&nbsp; Make deposits or withdrawals from your account<br>■&nbsp;&nbsp;&nbsp;&nbsp; Make a wire transfer<br>■&nbsp;&nbsp;&nbsp;&nbsp; Tell us where to send the money<br>■&nbsp;&nbsp;&nbsp;&nbsp; Tell us who receives the money<br>■&nbsp;&nbsp;&nbsp;&nbsp; Show your government-issued ID<br>■&nbsp;&nbsp;&nbsp;&nbsp; Show your driver's license<br>We also collect your personal information from other companies. |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp; Federal law gives you the right to limit only<br>■&nbsp;&nbsp;&nbsp;&nbsp; Sharing for affiliates' everyday business purposes – information about your creditworthiness<br>■&nbsp;&nbsp;&nbsp;&nbsp; Affiliates from using your information to market to you<br>■&nbsp;&nbsp;&nbsp;&nbsp; Sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp; Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>■&nbsp;&nbsp;&nbsp;&nbsp; *Cutler Investment Counsel, LLC, the investment adviser to The Cutler Trust, could be deemed to be an affiliate.* |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp; Companies not related by common ownership or control. They can be financial and nonfinancial companies<br>■&nbsp;&nbsp;&nbsp;&nbsp; *The Cutler Trust does not share with nonaffiliates so they can market to you.* |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp; A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>■&nbsp;&nbsp;&nbsp;&nbsp; *The Cutler Trust does not jointly market.* |

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**FOR MORE INFORMATION**

**Annual/Semi-Annual Reports and Financial Statements**

Additional information about the Equity Fund's investments is available in the Fund's annual and semi-annual financial statements. In the Fund's annual and semi-annual reports, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during the last fiscal year.

**Statement of Additional Information ("SAI")**

The SAI provides more detailed information about the Equity Fund and is incorporated by reference into, and is legally part of, this Prospectus. A description of the Fund's policies and procedures with respect to the disclosure of its portfolio holdings is available in the SAI. This Prospectus and the SAI provide information concerning the Fund that you should consider in determining whether to purchase shares of the Fund. The Fund may make changes to this information from time to time. Neither this Prospectus nor the SAI is intended to give rise to any contract rights or other rights in any shareholder, other than any rights conferred explicitly by federal or state securities laws. The Fund enters into contractual arrangements with various parties, including, among others, the Adviser, who provide services to the Fund. Shareholders are not parties to, or third-party beneficiaries of those contractual arrangements, and those contractual arrangements cannot be enforced by shareholders.

**Contacting the Equity Fund**

You can get free copies of the Fund's annual/semi-annual report, financial statements, SAI, request other information or make inquiries about the Fund by contacting your broker, or by calling or writing the Fund at:

Ultimus Fund Solutions, LLC

P.O. Box 46707

Cincinnati, Ohio 45246

(888) CUTLER4

(888) 288-5374

The Fund's Prospectus, SAI and annual/semi-annual reports are also available on the Fund's website at https://mutualfunds.cutler.com/services/dividend-investing/cutler-equity-fund/.

**U.S. Securities and Exchange Commission Information**

You can also review the Fund's annual/semi-annual reports and financial statements, SAI and other information about the Fund by requesting copies of this information, for a fee, by e-mailing or by writing to:

Public Reference Room

U.S. Securities and Exchange Commission

Washington, D.C. 20549-1520

E-mail address: publicinfo@sec.gov

Fund information, including copies of the annual/semi-annual reports and SAI, are available on the SEC's website at www.sec.gov.

Investment Company Act File No. 811-07242

![(CUTLER LOGO)](sai_001.jpg)

**Statement of Additional Information**

October 28, 2025

**Cutler Equity Fund**

Ticker: DIVHX

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| | |
|:---|:---|
| &nbsp;&nbsp; **Fund Information:**<br>The Cutler Trust<br> c/o Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, Ohio 45246<br> 1-888-CUTLER4<br> https://mutualfunds.cutler.com/services/dividend-investing/cutler-equity-fund<br>| &nbsp;&nbsp; **Investment Adviser:**<br>Cutler Investment Counsel, LLC<br> 525 Bigham Knoll<br> Jacksonville, Oregon 97530<br> (541) 770-9000<br> (800) 228-8537 |
| &nbsp;&nbsp; **Account Information**<br> **and Shareholder Services:**<br>The Cutler Trust<br> c/o Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, Ohio 45246<br> Toll free 1-888-CUTLER4 |  |

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This Statement of Additional Information, or SAI, supplements the Prospectus dated October 28, 2025, as amended from time to time, offering shares of the Cutler Equity Fund (the "Fund" or the "Equity Fund"), a series of The Cutler Trust (the "Trust"). This SAI is not a prospectus and should only be read in conjunction with the Prospectus. The Prospectus may be obtained by an investor without charge by contacting Ultimus Fund Solutions, LLC at the address or telephone number listed above.

Financial statements for the Fund for the fiscal year ended June 30, 2025 are included in the [Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000892568/000158064225005802/cutler_ncsr.htm) filing and are incorporated into this SAI by reference. Additional copies of the Annual Report or financial statements may be obtained, without charge, upon request by contacting Ultimus Fund Solutions, LLC at the address or telephone number listed above.

**Table of Contents**

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| | |
|:---|:---|
| Glossary | 1 |
| General Information | 2 |
| Investment Policies and Risks | 2 |
| Investment Limitations | 7 |
| Management | 9 |
| Portfolio Transactions | 16 |
| Policy Regarding Selective Disclosure of Portfolio Holdings | 19 |
| Additional Purchase and Redemption Information | 20 |
| Taxation | 22 |
| Calculation of Performance Data | 26 |
| Other Matters | 27 |
| Appendix A: Description of Securities Ratings | A-1 |
| Appendix B: Proxy Voting Policies and Procedures | B-1 |

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**Glossary**

"Administrator" means Ultimus Fund Solutions, LLC, the Trust's administrator.

"ADR" means American Depositary Receipt.

"Adviser" means Cutler Investment Counsel, LLC, the Fund's investment adviser.

"Board" means the Board of Trustees of the Trust.

"CFTC" means Commodity Futures Trading Commission.

"Code" means the Internal Revenue Code of 1986, as amended, the rules promulgated therewith, IRS interpretations and any private letter ruling or similar ruling upon which the Funds may rely.

"Custodian" means US Bank, N.A, the Trust's custodian.

"Distributor" means Ultimus Fund Distributors, LLC, the Trust's principal underwriter.

"Dodd-Frank Act" means Dodd-Frank Wall Street Reform and Consumer Protection Act.

"FATCA" means Foreign Account Tax Compliance Act.

"FDIC" means Federal Deposit Insurance Corporation

"Fitch" means Fitch Ratings.

"Fund" means the Cutler Equity Fund.

"Independent Trustee" means a Trustee who is not an interested person of the Trust as that term is defined in Section 2(a)(19) of the 1940 Act.

"IRS" means Internal Revenue Service.

"Moody's" means Moody's Investors Service, Inc.

"NAV" means net asset value.

"NRSRO" means a nationally recognized statistical rating organization.

"NYSE" means New York Stock Exchange.

"SAI" means this Statement of Additional Information.

"SEC" means the U.S. Securities and Exchange Commission.

"S&P" means Standard & Poor's Ratings Services.

"Transfer Agent" means Ultimus Fund Solutions, LLC.

"Trust" means The Cutler Trust.

"1933 Act" means the Securities Act of 1933, as amended, the rules promulgated thereunder, and any interpretations of or exemptive letters related thereto, upon which the Fund may rely.

"1940 Act" means the Investment Company Act of 1940, as amended, the rules promulgated thereunder, and any interpretations of or exemptive letters related thereto, upon which the Fund may rely.

**General Information**

The Cutler Trust was organized as a business trust under the laws of the State of Delaware on October 2, 1992. The Trust has operated under that name and as an investment company since that date.

The Trust is registered as an open-end, management investment company under the 1940 Act. The Trust offers one series of shares of beneficial interest, the Cutler Equity Fund. The Fund is diversified as that term is defined by the 1940 Act. The Fund offers one class of shares identified by Ticker: DIVHX (previously named the Class II Shares) as discussed in this SAI and the corresponding Prospectus dated October 28, 2024. Prior to October 28, 2020, the Fund offered Class I Shares identified by TICKER: CALEX. On October 28, 2020, all existing Class I Shares of the Fund were converted into the current class of shares of the Fund identified by TICKER: DIVHX (previously named Class II Shares). After October 28, 2020 Class I Shares were no longer offered by the Fund. The Trust has an unlimited number of authorized shares of beneficial interest. The Board may, without shareholder approval, divide the authorized shares into an unlimited number of separate series and may divide series into classes of shares; the costs of doing so will be borne by the Trust.

The Trust will continue indefinitely until terminated.

**Investment Policies and Risks**

The following discussion supplements the disclosure in the Prospectus about the Fund's investment techniques, strategies and risks. The Fund is designed for investment of that portion of an investor's assets that can appropriately bear the special risks associated with certain types of investments (e.g., investments in equity securities or investments in fixed income securities).

Under normal conditions, at least 80% of the Fund's assets will be invested in a diversified portfolio of common stocks according to the Adviser's investment style. For purposes of the Fund's 80% investment policy, "assets" shall mean net assets plus the amount of any borrowings for investment purposes (although the Fund is not currently permitted to do so).

**Fixed Income Securities**

The Fund may invest a portion of its assets in fixed income securities. The Fund's investments in fixed income securities are subject to credit risks relating to the financial condition of the issuers of the securities that the Fund holds. To the extent that the Fund invests in fixed income securities, the Fund will invest primarily in "investment grade" securities. "Investment grade" means rated in the top four long-term rating categories or top two short-term rating categories by an NRSRO or, if unrated, determined by the Adviser to be of comparable quality. The lowest long-term ratings that are investment grade for corporate bonds, including convertible bonds, are "Baa" in the case of Moody's and "BBB" in the case of S&P and Fitch; for preferred stocks are "Baa" in the case of Moody's and "BBB" in the case of S&P and Fitch; and for short-term debt, including commercial paper, are "P-2" in the case of Moody's, "A-2" in the case of S&P and "F-2" in the case of Fitch.

Unrated securities may not be as actively traded as rated securities. The Fund may retain a security whose rating has been lowered below the lowest permissible rating category (or that is unrated and determined by the Adviser to be of comparable quality to a security whose rating has been lowered below the lowest permissible rating category) if the Adviser determines that retaining such security is in the best interests of the Fund. Because a downgrade often results in a reduction in the market price of the security, the sale of a downgraded security may result in a loss.

Moody's, S&P, Fitch and other NRSROs are private services that provide ratings of the credit quality of debt obligations, including convertible securities. A description of the range of ratings assigned to various types of bonds and other securities by Moody's, S&P and Fitch is included in Appendix A to this SAI. The Fund may use these ratings to determine whether to purchase, sell or hold a security. Ratings are general and are not absolute standards of quality. Securities with the same maturity, interest rate and rating may have different market prices. If an issuer of securities ceases to be rated or if its rating is reduced after it is purchased by the Fund (neither event requiring the sale of such security by the Fund), the Adviser will determine whether the Fund should continue to hold the obligation. To the extent that the ratings given by a NRSRO may change as a result of changes in such organizations or their rating systems, the Adviser will attempt to substitute comparable ratings. Credit ratings attempt to evaluate the safety of principal and interest payments and do not evaluate the risks of fluctuations in market value. Also, rating agencies may fail to move quickly enough to change ratings in response to changing circumstances and may not reflect the fine shadings of risks with a given quality grade. An issuer's current financial condition may be better or worse than a rating indicates. The Adviser performs independent analysis in an attempt to identify issuers within a given quality grade that, because of improving fundamental or other factors, are likely to result in improving quality, greater market value and lower risk.

**Convertible Securities**

The Fund may invest in convertible securities, which include convertible debt, convertible preferred stock and other securities exchangeable under certain circumstances for shares of common stock, are fixed income securities or preferred stock which generally may be converted at a stated price within a specific amount of time into a specified number of shares of common stock. A convertible security entitles the holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted, or exchanged. Before conversion, convertible securities have characteristics similar to nonconvertible debt securities or preferred equity in that they ordinarily provide a stream of income with generally higher yields than do those of common stocks of the same or similar issuers. These securities are usually senior to common stock in a company's capital structure, but usually are subordinated to non-convertible debt securities.

Convertible securities have unique investment characteristics in that they generally have higher yields than common stocks, but lower yields than comparable non-convertible securities. Convertible securities are less subject to fluctuation in value than the underlying stock since they have fixed income characteristics; and they provide the potential for capital appreciation if the market price of the underlying common stock increases.

A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party.

Investment in convertible securities generally entails less risk than investment in an issuer's common stock. The extent to which such risk is reduced, however, depends in large measure upon the degree to which the convertible security sells above its value as a fixed income security.

The value of a convertible security is a function of its "investment value" and its "conversion value." The investment value of a convertible security is determined by comparing its yield with the yields of other securities of comparable maturity and quality that do not have a conversion privilege. The conversion value is the security's worth, at market value, if converted into the underlying common stock. The investment value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline.

The credit standing of the issuer and other factors also may affect the convertible security's investment value. The conversion value of a convertible security is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible security is governed principally by its investment value and generally the conversion value decreases as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. In addition, a convertible security generally will sell at a premium over its conversion value determined by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed income security.

**Foreign Issuers and ADRs**

The Fund may invest in securities of foreign issuers. The Trust considers "foreign issuers" to be those issuers whose securities are traded only on foreign markets. ADRs traded on the NYSE are not considered foreign securities by the Fund for the purpose of this limitation. ADRs are receipts, typically issued by a U.S. bank or trust company, which evidence ownership of underlying securities issued by a foreign corporation or other entity. Generally, ADRs in registered form are designed for trading in U.S. securities markets. The underlying securities are not always denominated in the same currency as the ADRs. Although investment in the form of ADRs facilitates trading in foreign securities, it does not mitigate all the risks associated with investing in foreign securities.

ADRs are available through facilities which may be either "sponsored" or "unsponsored." Only sponsored ADRs may be listed on the NYSE. If sponsored, the foreign issuer establishes the facility, pays some or all of the depository's fees, and usually agrees to provide shareholder communications. If unsponsored, the foreign issuer is not involved, and the ADR holders pay the fees of the depository. Sponsored ADRs are generally more advantageous to the ADR holders and the issuer than unsponsored arrangements. More and higher fees are generally charged in an unsponsored arrangement compared to a sponsored arrangement. Unsponsored ADRs are generally considered riskier due to: (a) the additional costs involved; (b) the relative illiquidity of the issue in U.S. markets; and (c) the possibility of higher trading costs associated with trading in the over-the-counter market. Unsponsored ADRs are considered foreign securities by the Fund for the purpose of calculating the limitation on investments in foreign securities.

Investments in the securities of foreign issuers may involve risks in addition to those normally associated with investments in the securities of U.S. issuers. All foreign investments are subject to risks of: (1) foreign political and economic instability; (2) adverse movements in foreign exchange rates; (3) the imposition or tightening of exchange controls or other limitations

on repatriation of foreign capital; and (4) changes in foreign governmental attitudes towards private investment, including potential nationalization, increased taxation or confiscation of the Fund's assets.

In addition, dividends payable on foreign securities may be subject to foreign withholding taxes, thereby reducing the income available for distribution. Some foreign brokerage commissions and custody fees are higher than those in the United States. Foreign accounting, auditing and financial reporting standards differ from those in the United States and therefore, less information may be available about foreign companies than is available about comparable U.S. companies. Foreign securities also may trade less frequently and with lower volume and may exhibit greater price volatility than U.S. securities.

Changes in foreign exchange rates will affect the U.S. dollar value of all foreign currency-denominated securities held by the Fund. Exchange rates are influenced generally by the forces of supply and demand in the foreign currency markets and by numerous other political and economic events occurring outside the United States, many of which may be difficult, if not impossible, to predict.

Income from foreign securities will be received and realized in foreign currencies and the Funds are required to compute and distribute income in U.S. dollars. Accordingly, a decline in the value of a particular foreign currency against the U.S. dollar after a Fund's income has been earned and computed in U.S. dollars may require the Fund to liquidate portfolio securities to acquire sufficient U.S. dollars to make a distribution. Similarly, if the exchange rate declines between the time a Fund incurs expenses in U.S. dollars and the time such expenses are paid, the Fund may be required to liquidate additional foreign securities to purchase the U.S. dollars required to meet such expenses.

**Bank Debt Instruments**

The Fund may invest in bank debt instruments, which may consist of certificates of deposit, bankers' acceptances and time deposits issued by national banks and state banks, trust companies and mutual savings banks, or by banks or institutions the accounts of which are insured by the FDIC. Certificates of deposit are negotiable certificates evidencing the indebtedness of a commercial bank to repay funds deposited with it for a definite period of time (usually from fourteen days to one year) at a stated or variable interest rate. Bankers' acceptances are credit instruments evidencing the obligation of a bank to pay a draft which has been drawn on it by a customer, which instruments reflect the obligation both of the bank and of the drawer to pay the face amount of the instrument upon maturity. Time deposits are non-negotiable deposits maintained in a banking institution for a specified period of time at a stated interest rate.

These bank debt instruments are generally not insured by the FDIC or any other government agency, except that certificates of deposit may be insured for up to $250,000. The profitability of the banking industry depends largely upon the availability and cost of funds for the purpose of financing lending operations under prevailing money market conditions. New government regulations, a downturn in general economic conditions or exposure to credit losses arising from possible financial difficulties of borrowers may impact the value of bank debt instruments.

**Cybersecurity Risk**

The Fund and its service providers may be prone to operational and information security risks resulting from cyberattacks. Cyberattacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cybersecurity breaches. Cyberattacks affecting the Fund, the Adviser, Custodian, Administrator, Transfer Agent, Distributor, intermediaries and other third-party service providers may adversely impact the Fund. For instance, cyberattacks may interfere with the processing of shareholder transactions, impact the ability to calculate the Fund's share price, cause the release of private shareholder information or confidential business information, impede trading, subject the Fund to regulatory fines, financial losses, additional compliance costs associated with corrective measures and/or cause reputational damage. Similar types of cybersecurity risks are also present for securities in which the Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund's investment in such companies to lose value. There is no guarantee that efforts designed to reduce the risks associated with cybersecurity will succeed, especially since there are inherent limitations in the efforts, including that certain risks have not been identified. Moreover, because the Fund does not directly control the cybersecurity systems of issuers or third-party service providers, there is no guarantee that their efforts will be successful.

**Illiquid Securities**

An illiquid security is any investment that may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the conversion to cash significantly changing the market value of the investment. The Fund is prohibited from acquiring any illiquid security if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid securities. If through a change in values, net assets, or other circumstances, the Fund were in a position where more than 15% of its net assets were invested in illiquid securities, it

would seek to take appropriate steps to protect liquidity pursuant to the Trust's liquidity risk management program. The sale of some illiquid and other types of securities may be subject to legal restrictions. It may be difficult to sell restricted securities at prices representing their fair market value. If registration of restricted securities is necessary, a considerable period of time may elapse between the decision to sell and the effective date of the registration statement. During that time, the price of the securities to be sold may be affected by adverse market conditions.

**Investment Company Securities**

Investment company securities are securities of other open-end or closed-end investment companies. Except for a so-called fund-of-funds, the 1940 Act generally prohibits a fund from acquiring more than 3% of the outstanding voting shares of an investment company and limits such investments to no more than 5% of a fund's total assets in any investment company and no more than 10% in any combination of unaffiliated investment companies. The 1940 Act further prohibits a fund from acquiring in the aggregate more than 10% of the outstanding voting shares of any registered closed-end investment company. Under certain conditions, the Fund may invest in other investment companies, including money market funds, in excess of these limitations. The SEC has granted orders for exemptive relief to certain ETFs that permit investments in those ETFs by other investment companies (such as the Fund) in excess of these limits. Investments by the Fund in shares of other investment companies will result in duplication of advisory, administrative and distribution fees. An investment in securities of an investment company is not insured or guaranteed by the FDIC or any other government agency.

**Exchange Traded Funds ("ETFs")**

Shares of ETFs and other similar instruments may be purchased by the Fund. An ETF is an investment company that may be registered under the 1940 Act that holds a portfolio of common stocks designed to track the performance of a particular index or sector of an index. ETFs sell and redeem their shares at NAV, are listed for trading on national securities exchanges and can be purchased and sold in the secondary market like ordinary stocks in lots of any size at any time during the trading day. An investment in an ETF generally presents the same primary risks as an investment in its underlying stocks or the sectors the ETF is designed to track, in addition to the following risks: (1) the market price of ETF shares may trade at a discount to their NAV; (2) an active trading market for ETF shares may not develop or be maintained; (3) trading of ETF shares may be halted if deemed appropriate by the listing exchange; and (4) ETF shares may be delisted from their trading exchange, or their trading may be temporarily halted. Because ETFs and pools that issue similar instruments bear various fees and expenses, the Fund would pay a proportionate share of these expenses, as well as transaction costs, such as brokerage commissions.

**Exchange Traded Notes ("ETNs")**

ETNs are a type of senior, unsecured, unsubordinated debt security issued by financial institutions that combines aspects of both bonds and ETFs. An ETN's returns are based on the performance of a market index or other reference asset minus fees and expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an ETF, an ETN can be held until the ETN's maturity, at which time the issuer will pay a return linked to the performance of the market index or other reference asset to which the ETN is linked minus certain fees. Unlike regular bonds, ETNs typically do not make periodic interest payments and principal typically is not protected.

ETNs also incur certain expenses not incurred by their applicable index. The market value of an ETN is determined by supply and demand, the current performance of the index or other reference asset, and the credit rating of the ETN issuer. The market value of ETN shares may differ from their intraday indicative value. The value of an ETN may also change due to a change in the issuer's credit rating. As a result, there may be times when an ETN's share trades at a premium or discount to its NAV. Some ETNs that use leverage in an effort to amplify the returns of an underlying index or other reference asset can, at times, be relatively illiquid and, thus, they may be difficult to purchase or sell at a fair price. Leveraged ETNs may offer the potential for greater return, but the potential for loss and speed at which losses can be realized also are greater.

**Securities Loans**

Subject to certain conditions described in the Prospectus and below, the Fund may make secured loans of its portfolio securities to brokers, dealers and other financial institutions. The risks in lending portfolio securities, as with other extensions of credit, include possible delay in recovery of the securities or possible loss of rights in the collateral should the borrowers (which typically include broker-dealers and other financial services companies) fail financially. However, such loans will be made only to borrowers that are believed by the Adviser to be of satisfactory credit standing. Securities loans are made to borrowers pursuant to agreements requiring that loans be continuously secured by collateral consisting of U.S. Government securities, cash or cash equivalents (negotiable certificates of deposit, bankers' acceptances or letters of credit)

maintained on a daily mark-to-market basis in an amount at least equal at all times to the market value of the securities lent. The borrower pays to the lending Fund an amount equal to any dividends or interest received on the securities lent.

The Fund may invest the cash collateral received or receive a fee from the borrower. In the case of cash collateral, a Fund typically pays a rebate to the borrower (in addition to payments to its securities lending agent, as described below). Cash collateral that a Fund receives may be invested in overnight time deposits, repurchase agreements, interest-bearing or discounted commercial paper (including U.S. dollar-denominated commercial paper of non-U.S. issuers) and/or other short-term money market instruments (generally with remaining maturities of 397 days or less), either directly through joint accounts along with securities lending cash collateral of other Funds or indirectly through investments in affiliated or unaffiliated money market funds. Any investment of cash collateral through such joint accounts is subject to conditions established by the SEC staff. Under the terms of a securities lending agency agreement, the investment of cash collateral is at the sole risk of the Fund in most cases. Any income or gains and losses from investing and reinvesting any cash collateral delivered by a borrower pursuant to a loan are at the Fund's risk (except as provided below), and to the extent any such losses reduce the amount of cash below the amount required to be returned to the borrower upon the termination of any loan, the Fund may be required by the securities lending agent to pay or cause to be paid to such borrower an amount equal to such shortfall in cash. A portion of any income earned through investment of cash collateral and a portion of any fees received from borrowers may be retained by the Fund's securities lending agent. Notwithstanding the foregoing, to the extent such shortfall is with respect to amounts owed to a borrower as a cash collateral fee, the securities lending agency agreement provides that the securities lending agent and the Fund share the difference between the income generated on the investment of cash collateral with respect to a loan and the amount to be paid to the borrower as a cash collateral fee.

Investments of cash collateral may lose value and/or become illiquid, although the Fund would remain obligated to return the collateral amount to the borrower upon termination or maturity of the securities loan and may realize losses on the collateral investments and/or be required to liquidate other portfolio assets in order to satisfy its obligations. Due to continuing adverse conditions in the mortgage and credit markets, liquidity and related problems in the broader markets for commercial paper and other factors, any investments of securities lending collateral by the Funds, including investments in asset-backed commercial paper and notes issued by structured investment vehicles, may present increased credit and liquidity risks. See "Mortgage-Related and Asset- Backed Securities" below for more information. To the extent the Fund invests collateral in instruments that become illiquid, efforts to recall securities and return collateral may force the Fund to liquidate other portfolio holdings in an effort to generate cash.

Any securities lending income would be disclosed as such in the "Statement of Operations" in the Fund's annual report for the applicable fiscal period. The Fund may pay reasonable finders' administration and custodial fees in connection with a loan of securities and may share the interest earned on the collateral with the borrower.

The Fund may lend portfolio securities up to the maximum percentage set forth under Investment Limitations in this SAI.

Although control over, and voting rights or rights to consent with respect to, the loaned securities pass to the borrower, the Fund, as the lender, retains the right to call the loans and obtain the return of the securities loaned at any time on reasonable notice.

The Fund may call such loans in order to sell the securities involved or, if the holders of the securities are asked to vote upon or consent to matters that the Adviser believes materially affect the investment, in order to vote the securities. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. These delays and costs could be greater for non-U.S. securities. When engaged in securities lending, the Fund's performance will continue to reflect changes in the value of the securities loaned and will also reflect the receipt of either interest, through investment of cash collateral by the Fund in permissible investments, or a fee, if the collateral is U.S. Government securities.

As of the date of this SAI, the Trust has not entered into a Securities Lending Agreement ("SLA") with any financial or other institution. Typically, under the terms of an SLA, the Fund may make secured loans of its portfolio securities in an amount not exceeding 33 1/3% of the value of the Fund's total assets (as permitted by the 1940 Act) to certain broker-dealers and banks in exchange for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked to market daily. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and letters of credit. The cash collateral is invested as noted in the lending Fund's respective Schedule of Investments. The market value of the loaned securities is determined daily at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund continues to benefit from interest or dividends on the securities loaned and may also earn a return from the collateral. The Fund pays various fees in connection with the investment of cash collateral. The Fund may pay fees based on the investment income received from securities lending activities. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. The Fund does not have the right to vote securities on loan, but could terminate the loan and

regain the right to vote if that were considered important with respect to the investment. As of the date of the SAI, the Fund did not have any securities on loan.

**Temporary Defensive Position**

The Fund may assume a temporary defensive position and may invest without limit in commercial paper and other money market instruments that are of prime quality. When the Fund assumes a temporary defensive position, it may not achieve its investment objective. Prime quality instruments are those instruments that are rated in one of the two highest rating categories by an NRSRO or, if unrated, determined by the Adviser to be of comparable quality.

Money market instruments usually have maturities of one year or less and fixed rates of return. The money market instruments in which the Fund may invest include short-term U.S. Government securities, interest-bearing savings deposits and certificates of deposit of domestic commercial banks and money market mutual funds. The Fund will only invest in money market mutual funds to the extent permitted by the 1940 Act*.*

The money market instruments in which the Fund may invest may have variable or floating rates of interest. These obligations include master demand notes that permit investment of fluctuating amounts at varying rates of interest pursuant to direct arrangements with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days' notice. These obligations generally are not traded, nor generally is there an established secondary market for these obligations. To the extent a demand note does not have a seven-day or shorter demand feature and there is no readily available market for the obligation, it is treated as an illiquid security.

**Investment Limitations**

Except as required by the 1940 Act as to borrowing or otherwise, if a percentage restriction on investment or utilization of assets is adhered to at the time an investment is made, a later change in percentage resulting from a change in the market value of the Fund's assets or a change in status of a security or purchases and redemptions of Fund shares will not be considered a violation of the limitation.

A fundamental policy of the Fund cannot be changed without the affirmative vote of the lesser of: (1) 50% of the outstanding shares of the Fund; or (2) 67% of the shares of the Fund present or represented at a shareholders meeting at which the holders of more than 50% of the outstanding shares of the Fund are present or represented. The Board may change a non-fundamental policy of the Fund without shareholder approval.

**Fundamental Limitations**

The Fund's investment objective is considered fundamental. In addition, the Fund has adopted the following investment limitations, which are fundamental policies of the Fund. The Equity Fund may not:

● **Diversification** 

With respect to 75% of its assets, purchase a security other than an obligation issued or guaranteed as to principal and interest by the United States Government, its agencies or instrumentalities ("U.S. Government Securities") if, as a result, more than 5% of the Equity Fund's total assets would be invested in the securities of a single issuer.

● **Concentration** 

Purchase a security other than a U.S. Government Security if, immediately after the purchase, more than 25% of the value of the Equity Fund's total assets would be invested in the securities of issuers having their principal business activities in the same industry.

● **Underwriting Activities** 

Underwrite securities of other issuers, except to the extent that the Equity Fund may be considered to be acting as an underwriter in connection with the disposition of portfolio securities.

● **Purchases and Sales of Real Estate** 

Purchase or sell real estate or any interest therein, except that the Equity Fund may invest in debt obligations secured by real estate or interests therein or issued by companies that invest in real estate or interests therein.

● **Purchases and Sales of Commodities and Options; Borrowing; Margin Purchases and Short Sales** 

Purchase or sell physical commodities or contracts relating to physical commodities; borrow money; purchase or write options or invest in futures contracts; or purchase securities on margin or make short sales of securities, except for the use of short-term credit necessary for the clearance of purchases and sales of portfolio securities.

● **Issuance of Senior Securities** 

Issue senior securities except as appropriate to evidence indebtedness that the Equity Fund may be permitted to incur, and provided that the Equity Fund may issue shares of additional series or classes that the Board may establish.

● **Repurchase Agreements; Making Loans** 

Enter into repurchase agreements or otherwise make loans; except through the purchase of debt securities that may be purchased by the Equity Fund and except for the purpose of the lending of the Fund's portfolio securities.

For purposes of the fundamental limitation regarding loans, the Fund may lend securities and acquire debt obligations as permitted under the 1940 Act.

**Non-Fundamental Limitations**

The Fund has adopted the following non-fundamental investment limitations that may be changed by the Board without shareholder approval. The Fund may not:

● Invest in securities (other than fully-collateralized debt obligations) issued by companies that have conducted continuous operations for less than three years, including the operations of predecessors (unless guaranteed as to principal and interest by an issuer in whose securities the Equity Fund could invest) if, as a result, more than 5% of the value of the Fund's total assets would be so invested.

● Invest in oil, gas or other mineral exploration or development programs, or leases, or in real estate limited partnerships; provided that the Fund may invest in securities issued by companies engaged in such activities.

● Under normal conditions, invest less than 80% of its net assets, plus the amount of any borrowings for investment purposes, in a diversified portfolio of common stocks.

**Management**

**Trustees and Executive Officers**

The business and affairs of the Trust are managed under the direction of the Board in compliance with the laws of the State of Delaware. Among its duties, the Board generally meets and reviews on a quarterly basis the operations of the Fund as conducted by the Fund's service providers. The Trustees' management of the Trust also includes a periodic review of the service providers' agreements and fees charged to the Fund. The names of the Trustees and executive officers of the Trust, each person's position with the Trust and length of time served, address, date of birth and principal occupation(s) during the past five years are set forth below. For each Trustee, information concerning the number of portfolios overseen by the Trustee and other directorships held by the Trustee has also been included. Interested and Independent Trustees have been identified.

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|:---|:---|:---|:---|:---|:---|
| **<br> **Name,<br> Date of Birth and<br> Address**  | **Position**<br> **with the**<br> **Trust**  | **<br> **Length of**<br> **Time**<br> **Served<sup>(1)</sup>**  | **<br> **Principal Occupation(s)**<br> **During the Past Five Years**  | **<br> **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustee**  | **Other <br> Directorships of <br> Public <br> Companies<br> Held by Trustee <br> During the Past <br> Five Years**  |
| **Interested Trustee:** | **Interested Trustee:** | **Interested Trustee:** | **Interested Trustee:** | **Interested Trustee:** | |
| Matthew C. Patten<sup>(2)(3)</sup><br> Year of Birth: 1975<br> 525 Bigham Knoll<br> Jacksonville, OR 97530 | Chairman/ Trustee/<br> Treasurer | Treasurer Since March 2004<br>Trustee Since September 2006 | Chief Executive Officer and Partner of Cutler Investment Counsel, LLC (since 2014); Portfolio Manager of Cutler Investment Counsel, LLC (since 2003); President of Cutler Investment Counsel, LLC (2004-2014). | 1 |  |

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| **Name,<br> Date of Birth and<br> Address**  | **Position**<br> **with the**<br> **Trust**  | **Length of**<br> **Time**<br> **Served<sup>(1)</sup>**  | **Principal Occupation(s)**<br> **During the Past Five Years**  | **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustee**  | **Other <br> Directorships of <br> Public <br> Companies<br> Held by Trustee <br> During the Past <br> Five Years**  |
| **Independent Trustees:** | **Independent Trustees:** | **Independent Trustees:** | **Independent Trustees:** | **Independent Trustees:** | **Independent Trustees:** |
| Robert F. Turner<br> Year of Birth: 1946<br> 525 Bigham Knoll<br> Jacksonville, OR 97530 | Lead Independent Trustee | Since September 2012 | Retired | 1 |  |
| Michael E. Burrill Jr.<br> Year of Birth: 1969<br> 525 Bigham Knoll<br> Jacksonville, OR 97530 | Trustee | Since August 2023 | President of Burrill Resources, a real estate holding company since 2005. Board member of Mercy Flights, Inc., a medical transportation company since 2021 and from 2008 to 2020, Chair of Mercy Flights, Inc. from February 2013 until 2019 and Chief Executive Officer of Mercy Flights, Inc. during 2020. Mr. Burrill is a Board member of Jacksonville Boosters Foundation (since 2021), a charitable non-profit foundation. He also served as a board member of Britt Festival, a non-profit performing arts festival, from 2010 until 2019, and served as Chair from 2015 until 2017. | 1 |  |

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| | | | |
|:---|:---|:---|:---|
| **Name,**<br> **Date of Birth and<br> Address**  | **Position**<br> **with the**<br> **Trust**  | **Length of**<br> **Time**<br> **Served<sup>(1)</sup>**  | **Principal Occupation(s)**<br> **During the Past Five Years**  |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Erich M. Patten<sup>(3)</sup><br> Year of Birth: 1977<br> 525 Bigham Knoll<br> Jacksonville, OR 97530 | President | Since March<br> 2004 | Portfolio Manager, Chief Investment Officer and Partner of Cutler Investment Counsel, LLC (since 2003). |
| Brooke C. Ashland<sup>(3)</sup><br> Year of Birth: 1951<br> 525 Bigham Knoll<br> Jacksonville, OR 97530 | Vice President and Chief Compliance Officer | Since<br> June<br> 2002 | Chief Compliance Officer of Cutler Investment Counsel, LLC (since 2003); Chair of Cutler Investment Counsel, LLC (2014 to 2021); Chief Executive Officer of Cutler Investment Counsel, LLC (2003 to 2014). |
| Jennifer L. Merchant<br> Year of Birth: 1975<br> 225 Pictoria Drive<br> Suite 450<br> Cincinnati, OH 45246 | Secretary | Since August <br> 2022 | Assistant Vice President, Legal Administration, Ultimus Fund Solutions, LLC (since February 2022); Legal Services Director (October 2021 to February 2022) and Legal Counsel (September 2019 to October 2021), Washington State Treasurer; Investment Officer, Washington State Investment Board (October 2010 to August 2019). |
| Stephen L. Preston<br> Year of Birth: 1966<br> 225 Pictoria Drive<br> Suite 450<br> Cincinnati, OH 45246 | Anti-Money Laundering Officer and AVP | Since November 2016 | Chief Compliance Officer, Ultimus Fund Distributors, LLC (since June 2011); Chief Compliance Officer, Ultimus Fund Solutions, LLC (June 2011 to August 2019). |

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<sup>(1)</sup> Each Trustee holds office until he resigns or is removed. Officers are elected annually.

<sup>(2)</sup> Matthew C. Patten is an Interested Trustee because of the positions he holds with the Adviser and its affiliates.

<sup>(3)</sup> Matthew C. Patten and Erich M. Patten are brothers and the sons of Brooke C. Ashland.

**Leadership Structure and Qualifications of Trustees**

The Board consists of three Trustees, two of whom are Independent Trustees. The Board is responsible for the oversight of the Trust. The Board is responsible for overseeing the investment adviser and the Trust's other service providers in the operations of the Fund in accordance with the 1940 Act, other applicable federal and state laws, and the Trust Instrument.

The Board meets in person or by telephone at regularly scheduled meetings four times throughout the year. In addition, the Trustees may meet in person or by telephone at special meetings or on an informal basis at other times. The Independent

Trustees also meet at least quarterly without the presence of any representatives of management. The Board has established four standing committees and may also establish ad hoc committees or working groups from time to time to assist the Board in fulfilling its oversight responsibilities. The Independent Trustees have also engaged independent legal counsel, and may from time to time engage consultants and other advisors to assist them in performing their oversight responsibilities.

The Board is led by its Chairman, Matthew C. Patten. Mr. Matthew Patten is affiliated with the Trust's investment adviser and is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because he is the President of the Adviser. As Chairman, Mr. Matthew Patten has primary responsibility for setting the agenda for each Board meeting, presiding at each Board meeting and acting as the Board's liaison with the various service providers.

Robert F. Turner serves as the Lead Independent Trustee. He presides at all Executive Sessions of the Independent Trustees and has the authority to preside at meetings of the Board at which the Chairman of the Board is not present. In his role as Lead Independent Trustee, Mr. Robert Turner facilitates communication and coordination between the Independent Trustees and Trust management. He also reviews meeting agendas for the Board and the information provided by management to the Independent Trustees as needed.

The Board reviews its structure regularly and believes that its leadership structure, including having a majority of Independent Trustees, coupled with the responsibilities undertaken by Mr. Matthew Patten as Chairman and Mr. Robert Turner as Lead Independent Trustee, is appropriate and in the best interests of the Trust, given its specific characteristics such as the Board's size (three Trustees), the size of the fund complex (currently one Fund) and the Fund's investment style (publicly traded, primarily large-cap equity securities). The Board also believes its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from Trust management.

**Board Committees.** The Board has established an Audit Committee, a Nominating Committee and a Qualified Legal Compliance Committee ("QLCC"). The Board has determined that its committees help ensure that the Fund has effective and independent governance and oversight. The members of the Audit and Nominating Committees and the QLCC are the two Independent Trustees: Michael E. Burrill Jr. and Robert F. Turner. Mr. Burrill serves as the Chairman of the Nominating Committee, QLCC and Audit Committee. Each Committee Chairman has primary responsibility for setting the agendas and presides at all meetings of the Committee for which he serves as Chairman. Each Committee Chairman facilitates communications and coordination between the Independent Trustees and Trust management with respect to the matters overseen by that Committee.

*Audit Committee*. The Audit Committee assists the Board in fulfilling its responsibility for oversight of the quality and integrity of the accounting, auditing and financial reporting practices of the Trust. It also selects the Trust's independent registered public accounting firm, reviews the methods, scope, and result of the audits, approves the fees charged for audit and non-audit services, and reviews the Trust's internal accounting procedures and controls. The Audit Committee met twice during the fiscal year ended June 30, 2025.

*Nominating Committee*. The Nominating Committee is charged with the duty of nominating all Independent Trustees and committee members, and presenting these nominations to the Board. The Nominating Committee does not currently consider shareholder nominations. The Nominating Committee, which meets when necessary, did not meet during the fiscal year ended June 30, 2025.

*Qualified Legal Compliance Committee*. The Qualified Legal Compliance Committee is responsible for receiving and investigating reports from attorneys representing the Trust of material violations of securities laws, a material breach of fiduciary duty or a similar material violation. The Qualified Legal Compliance Committee did not meet during the fiscal year ended June 30, 2025 because no such reports were made during that period.

**Valuation Designee and Adviser's Pricing Committee***.* The Adviser serves as the Fund's Valuation Designee. The Valuation Designee shall determine, in good faith, the fair value of securities and other assets of a Fund for which market quotations are not readily available (or for which market quotations are deemed unreliable) at a Valuation Time. To carry out the responsibility to determine the fair value of any securities or other assets for which market quotations are not readily available, the Board has approved the Valuation Designee's use of the Adviser's Pricing Committee to assist in making fair value determinations. The members of the Pricing Committee are Brooke C. Ashland, Erich M. Patten and Matthew C. Patten. The Pricing Committee did not meet during the fiscal year ended June 30, 2025.

**Qualifications of the Trustees.** The Nominating Committee reviews the experience, qualifications, attributes and skills of potential candidates for nomination or election by the Board. In evaluating a candidate for nomination or election as a Trustee, the Committee takes into account the contribution that the candidate would be expected to make to the diverse mix of experience, qualifications, attributes and skills that the Committee believes contribute to good governance for the Trust. The Board has concluded, based on each Trustee's experience, qualifications, attributes or skills on an individual basis and in combination with the other Trustees, that each Trustee is qualified to serve on the Board. The Board believes that the Trustees' ability to review critically, evaluate, question and discuss information provided to them; to interact effectively

with the Adviser, other service providers, legal counsel and independent public accountants; and to exercise effective business judgment in the performance of their duties as Trustees, support this conclusion. In determining that a particular Trustee is and will continue to be qualified to serve as a Trustee, the Board considers a variety of criteria, none of which, in isolation, is controlling.

● Matthew Patten has served as a Portfolio Manager of the Adviser and its affiliates since 2003, President of the Adviser from 2004-2014 and Chief Executive Officer since 2014. He holds a B.A. degree in Economics and Environmental Geo-Science from Boston College and was awarded his M.B.A. from the University of Chicago. Mr. Matthew Patten has served as a Trustee since 2004. The Board has concluded that Mr. Matthew is suitable to serve as a Trustee because of his past service and experience as a Trustee of the Trust, his professional investment and business experience, and his academic background.

● Robert F. Turner retired in February 2012 as Chairman of Jeld-Wen, Inc., a manufacturing company. He previously had served as Executive Vice President and Chief Operating Officer of Jeld-Wen, Inc. from 1999 to 2010. Mr. Turner holds a B.S. degree in Business from the University of Oregon. Mr. Turner has served on the Boards of several nonprofit organizations, including the University of Oregon Foundation and Jeld-Wen Foundation. The Board has concluded that Mr. Turner is suitable to serve as a Trustee because of his business experience, his academic background and his service on other boards.

**●** Michael Burrill Jr. is the President of Burrill Resources in Medford, Oregon. His primary focus is development and management of commercial real estate. He also currently serves on the Board of Directors for Mercy Flights, Jackson County's non-profit ground and air ambulance provider. Mike's past non-profit experience includes the Board of Directors and Board Chair for Britt Festivals as well as service on the Board of Directors for the Special Olympics of Oregon and Community Works. Mr. Burrill holds a B.B.A. degree from Southern Oregon University. He has served as a Trustee of the Trust since 2023. The Board has concluded that Mr. Burrill is suitable to serve as a Trustee because of his leadership, business, and community experience.

**Risk Oversight**. An integral part of the Board's overall responsibility for overseeing the management and operations of the Trust is the Board's oversight of the risk management of the Trust's investment programs and business affairs. The Fund is subject to a number of risks, such as investment risk, credit risk, valuation risk, operational risk, and legal, compliance and regulatory risk. The Trust, the Adviser and the other service providers have implemented various processes, procedures and controls to identify risks to the Fund, to lessen the probability of their occurrence and to mitigate any adverse effect should they occur. Different processes, procedures and controls are employed with respect to different types of risks. These systems include those that are embedded in the conduct of the regular operations of the Board and in the regular responsibilities of the officers of the Trust and the other service providers.

The Board exercises oversight of the risk management process through the Board itself and through its various committees. In addition to adopting, and periodically reviewing, policies and procedures designed to address risks to the Fund, the Board requires management of the Adviser and the Trust, including the Trust's Chief Compliance Officer, to report to the Board and the committees on a variety of matters, including matters relating to risk management, at regular and special meetings. The Board and the committees receive regular reports from the Trust's independent registered public accounting firm on internal control and financial reporting matters. On at least an annual basis, the Independent Trustees meet separately with the Trust's Chief Compliance Officer, outside the presence of management, to discuss issues related to compliance. Furthermore, the Board receives an annual report from the Trust's Chief Compliance Officer regarding the operation of the compliance policies and procedures of the Trust and its primary service providers.

The Board also receives quarterly reports from the Adviser on the investments and securities trading of the Fund, including the investment performance of the Fund, as well as reports regarding the valuation of the Fund's securities. In addition, in its annual review of the Fund's investment advisory agreement, the Board reviews information provided by the Adviser relating to its operational capabilities, financial condition and resources. The Board also conducts an annual self-evaluation that includes a review of its effectiveness in overseeing, among other things, the number of funds in the Trust and the effectiveness of its committee structure.

Although the risk management policies of the Adviser and the Trust's other service providers are designed to be effective, those policies and their implementation vary among service providers and over time, and there is no guarantee that they will be effective. Not all risks that may affect the Trust can be identified or processes and controls developed to eliminate or mitigate their occurrence or effects, and some risks are simply beyond the control of the Trust, the Adviser or its affiliates, or other service providers to the Trust. The Board may at any time, and in its sole discretion, change the manner in which it conducts its risk oversight role.

**Trustee Ownership of Fund Shares**

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| | |
|:---|:---|
| **Trustee\*** | **Dollar Range of Beneficial Ownership in the<br> Fund as of December 31, 2024**  |
| **Interested Trustee** | **Interested Trustee** |
| &nbsp;&nbsp;&nbsp;Matthew C. Patten | Over $100,000 |
| **Independent Trustees** | **Independent Trustees** |
| &nbsp;&nbsp;&nbsp;Michael E. Burrill Jr. | Over $100,000 |
| &nbsp;&nbsp;&nbsp;Robert F. Turner | $10001 - $50000 |

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**Ownership of Securities of the Adviser and Principal Underwriter**

As of December 31, 2024, no Independent Trustee or any of his immediate family members owned beneficially or of record securities of the Fund's investment adviser or principal underwriter, or any person directly or indirectly, controlling, controlled by or under common control with the Fund's investment adviser or principal underwriter.

**Compensation of Trustees and Officers**

For his service to the Trust, each Independent Trustee of the Trust is paid an annual retainer fee of $7,500, plus a fee of $1,250 per Board meeting attended. In addition, the Audit Committee Chair receives annual compensation of $5,000. The Trustees are also reimbursed for travel and related expenses incurred in attending Board meetings. Mr. Matthew Patten receives no compensation (other than reimbursement for travel and related expenses) for his service as a Trustee of the Trust. No officer or employee of the Trust is compensated by the Trust but officers are reimbursed for travel and related expenses incurred in attending Board meetings. The following table sets forth the fees paid to each current Trustee by the Trust and the Fund Complex during the fiscal year ended June 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Trustee** | **Aggregate**<br> **Compensation<br> from the Fund** | **Pension or** <br> **Retirement** <br> **Benefits Accrued** | **Estimated Annual**<br> **Benefits upon**<br> **Retirement** | **Total Compensation**<br> **from Trust and**<br> **Fund Complex** |
| Matthew C. Patten<sup>(1)</sup> | $0 | $0 | $0 | $0 |
| Robert F. Turner | $12500 | $0 | $0 | $12500 |
| Michael E. Burrill Jr. | $17500 | $0 | $0 | $17500 |

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<sup>(1)</sup> Mr. Patten is an Interested Trustee because of the positions he holds with the Adviser and its affiliates.

**Investment Adviser**

**Services of Adviser**

The Adviser serves as investment adviser to the Fund pursuant to an investment advisory agreement (the "Advisory Agreement") with the Trust. Under the Advisory Agreement, the Adviser furnishes at its own expense all services, facilities and personnel necessary in connection with managing the Fund's investments and effecting portfolio transactions for the Fund.

**Ownership of Adviser/Affiliations**

Brooke C. Ashland, Vice President of the Trust, is mother to both Erich Patten and Matthew Patten, who control the Adviser. The Adviser is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940. The Trustees or executive officers of the Trust who are employed by the Adviser (or affiliates of the Adviser) are Brooke C. Ashland, Matthew C. Patten and Erich M. Patten. The titles for each as they relate to the Trust, the Adviser and affiliates of the Adviser are located in the table in this section under the caption "Trustees and Executive Officers."

**Fees Paid to the Adviser**

The Adviser's advisory fee is calculated as a percentage of the Fund's average net assets. The advisory fee for the Fund, which is accrued daily and paid monthly, is equal to 0.75% per annum of the average daily net assets of the Fund.

Effective October 31, 2025, the Fund's Adviser has contractually agreed, until at least October 31, 2026, to reduce its management fees and to pay the Fund's ordinary operating expenses to the extent necessary to limit Annual Fund Operating Expenses to an amount not exceeding 0.99% of the Fund's average daily net assets. Any management fees reduced and ordinary operating expenses paid by the Adviser are subject to repayment by the Fund for a period of 3 years after such fees and expenses were reduced or paid, provided that the repayments do not cause Annual Fund Operating Expenses to exceed the foregoing expense limitation. Annual Fund Operating Expenses exclude brokerage costs, taxes, interest, acquired fund fees and expenses and extraordinary expenses. Prior to October 31, 2026, the expense limitation agreement may be modified or terminated only with approval by the Board.

During the fiscal year ended June 30, 2025, the Adviser 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.

The following table provides compensation payable to the Adviser by the Fund, advisory fee reductions (if any), advisory fees recouped (if any) and advisory fees received by the Adviser during each of the last three fiscal years, as applicable.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Advisory Fees<br> Accrued by the<br> Fund** | **Advisory Fee<br> Reductions and/or<br> Expense Payments** | **Advisory Fees and/or<br> Expense Payments<br> Recouped** | **Adviser Refund of<br> Past Advisory Fees** | **Advisory Fees<br> Received by the<br> Adviser** |
| June 30, 2025 | $1490029 | $0 | $772 | $(26787) | $1464014 |
| June 30, 2024 | $1394672 | $(772) | $0 | $(54075) | $1339825 |
| June 30, 2023 | $1362475 | $0 | $0 |  | $1362475 |

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**Other Provisions of the Advisory Agreement**

Unless sooner terminated, the current Investment Advisory Agreement shall continue in effect for an initial term of two years and thereafter from year to year with respect to the Fund so long as it is approved after the initial term and at least annually by the Board or by vote of the Fund's shareholders, and in either case by a majority of the Independent Trustees by vote cast in person at a meeting called for the purpose of voting on such approval. The Board approved the continuation of the Investment Advisory Agreement between the Trust and the Adviser for an additional one-year period at a quarterly meeting of the Board held on April 23, 2025.

The Advisory Agreement may be terminated with respect to the Fund without penalty by the Trust on 60 days written notice when authorized either by vote of the holders of a majority of the Fund's outstanding securities or by a vote of a majority of the Board on 60 days written notice to the Adviser, or by the Adviser on 60 days written notice to the Trust. The Advisory Agreement terminates automatically in the event of its assignment, as defined by the 1940 Act.

Under the Advisory Agreement, the Adviser is not liable for any error of judgment or mistake of law, except that the Advisory Agreement does not protect the Adviser against any liability by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of reckless disregard of its obligations and duties under the Advisory Agreement.

**Portfolio Managers**

In addition to the Funds, the portfolio managers are responsible for the day-to-day management of certain other accounts. The table below shows the number of, and total assets in, such other accounts as of June 30, 2025.

**Other Accounts Managed** (as of June 30, 2025)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of <br> Portfolio<br> Manager** | **Type of Accounts** | **Total<br> Number of<br> Other<br> Accounts**<br> **Managed** | **Total<br> Assets of<br> Other<br> Accounts<br> Managed** | **Number of<br> Accounts<br> Managed<br> with<br> Advisory Fee<br> Based on<br> Performance** | **Total Assets<br> of Accounts<br> with<br> Advisory**<br> **Fee Based on<br> Performance** |
| Matthew C. Patten | Other Registered Investment Companies: | 0 | $0 | 0 | $0 |
| Matthew C. Patten | Other Pooled Investment Vehicles: | 0 | $0 | 0 | $0 |
| Matthew C. Patten | Other Accounts: | 1764 | $1223729800 | 0 | $0 |
| Erich M. Patten | Other Registered Investment Companies: | 0 | $0 | 0 | $0 |
| Erich M. Patten | Other Pooled Investment Vehicles: | 0 | $0 | 0 | $0 |
| Erich M. Patten | Other Accounts: | 1764 | $1223729800 | 0 | $0 |

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**Potential Conflicts of Interest**

The Adviser does not believe there are any material conflicts of interest in connection with the portfolio managers' management of the Fund's investments and the investments of other accounts listed above. However, potential conflicts of interest may arise where the Fund and other accounts managed by the Portfolio Managers follow the same investment strategy and the Adviser is purchasing the same securities for the Fund and its other clients or where a portfolio manager is trading personally in the same securities.

In the event that more than one account managed by the Adviser is trading the same security, the Adviser has adopted policies and procedures designed to allocate trades on a pro rata basis across all accounts managed by the Adviser. These policies are designed to ensure equitable treatment of all accounts and to protect the Fund from disparate treatment due to any conflicts of interest. In addition, procedures are in place to monitor personal trading by the portfolio managers to ensure that the interests of the Adviser's clients, including the Fund, come first.

**Compensation**

Each portfolio manager is an equity owner of the Adviser and his compensation, consisting of a fixed annual salary plus the potential for a discretionary bonus, varies with the general success of the Adviser as a firm. The portfolio managers' compensation is not directly linked to any specific factors, such as the Fund's performance or asset levels, but these factors may nevertheless affect the performance and profitability of the Adviser and may, as a result, affect the portfolio managers' compensation.

**Ownership of Fund Shares**

The following table indicates the dollar value of shares of the Fund beneficially owned by the portfolio managers as of June 30, 2025.

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| | |
|:---|:---|
| **Name of** <br> **Portfolio Manager**  | **Dollar Value of** <br> **Cutler Equity Fund Shares** <br> **Beneficially Owned**  |
| Erich M. Patten | Over $100,000 |
| Matthew C. Patten | Over $100,000 |

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**Distributor**

The principal underwriter of the shares of the Fund is Ultimus Fund Distributors, LLC (the "Distributor"), located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246. The Distributor is a subsidiary of Ultimus Fund Solutions, LLC, the Trust's administrator. Stephen L. Preston is an officer of the Trust and an officer of the Distributor. The Distributor serves as principal underwriter for the Trust pursuant to a Distribution Agreement. Shares of the Fund are sold on a continuous basis by the Distributor. The Distributor has agreed to use its best efforts to solicit orders for the sale of the Fund's shares, but it is not obliged to sell any particular amount of shares.

The Distribution Agreement provides that, unless sooner terminated, it will continue in effect from year to year so long as such continuance is approved. The Distribution Agreement must be approved at least annually by the Board or by vote of

the shareholders, and in either case by a majority of the Independent Trustees by vote cast in person at a meeting called for the purpose of voting on such approval.

The Distribution Agreement is terminable without penalty by the Trust on 60 days written notice when authorized either by vote of a majority of the Fund's outstanding securities or by a vote of a majority of the Board on 60 days written notice to the Distributor, or by the Distributor on 60 days written notice to the Trust. The Distribution Agreement terminates automatically in the event of its assignment, as defined by the 1940 Act.

**Other Service Providers to the Fund**

**Administrator, Accountant and Transfer Agent**

The Trust retains Ultimus Fund Solutions, LLC (the "Administrator"), located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, to provide the Fund with administrative, pricing, accounting, dividend disbursing, shareholder servicing and transfer agent services. The Administrator maintains the records of each shareholder's account, answers shareholders' inquiries concerning their accounts, processes purchases and redemptions of the Fund's shares, acts as dividend and distribution disbursing agent and performs other shareholder service functions. The Administrator also provides accounting and pricing services to the Fund and supplies non-investment related statistical and research data, internal regulatory compliance services and executive and administrative services. The Administrator supervises the preparation of tax returns, reports to shareholders of the Fund, reports to and filings with the SEC and state securities commissions, and materials for meetings of the Board.

For the performance of these services the Administrator receives a monthly fee from the Fund based on its average daily net assets (subject to a minimum fee per month), plus out-of-pocket expenses. The following table indicates the fees paid by the Fund to the Administrator for the fiscal years ended June 30, 2025, 2024 and 2023.

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| | |
|:---|:---|
| **Fiscal Year Ended**  | **Fees Paid to the<br> Administrator by the<br> Cutler Equity Fund**  |
| June 30, 2025 | $202164 |
| June 30, 2024 | $186135 |
| June 30, 2023 | $181634 |

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**Custodian**

The Fund's custodian is US Bank, N.A. (the "Custodian"), located at 425 Walnut Street, Cincinnati, Ohio 45202. The Custodian, pursuant to an agreement with the Trust, safeguards and controls the Fund's cash and securities and collects income on the Fund's investments. The Custodian may employ subcustodians to provide custody of the Fund's assets.

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd., 1350 Euclid Ave., Suite 800, Cleveland, OH 44115, serves as the independent registered public accounting firm for the Fund. Its services include auditing the Fund's financial statements. Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., provides tax services as requested.

**Portfolio Transactions**

**How Securities are Purchased and Sold**

Purchases and sales of portfolio securities that are fixed income securities (for instance, money market instruments and bonds, notes and bills) usually are principal transactions. In a principal transaction, the party from whom the Fund purchases or to whom the Fund sells is acting on its own behalf (and not as the agent of some other party such as its customers). These securities normally are purchased directly from the issuer or from an underwriter or market maker for the securities. There usually are no brokerage commissions paid for these securities.

Purchases and sales of portfolio securities that are equity securities (for instance common stock and preferred stock) are generally effected: (1) if the security is traded on an exchange, through brokers who charge commissions; and (2) if the security is traded in the "over-the-counter" markets, in a principal transaction directly from a market maker. In transactions on stock exchanges, commissions are negotiated. When transactions are executed in an over-the-counter market, the Adviser will seek to deal with the primary market makers; but when necessary, in order to obtain best execution, the Adviser will utilize the services of others.

Purchases of securities from underwriters of the securities include a disclosed fixed commission or concession paid by the issuer to the underwriter, and purchases from dealers serving as market makers include the spread between the bid and asked price.

In the case of fixed income and equity securities traded in the over-the-counter markets, there is generally no stated commission, but the price usually includes an undisclosed commission or markup.

**Commissions Paid**

The following table shows the aggregate brokerage commissions paid by the Fund during each of the past three fiscal years.

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| | |
|:---|:---|
| **Fiscal Year Ended**  | **Aggregate<br> Brokerage Commissions<br> Paid by the Fund** |
| June 30, 2025 | $4354 |
| June 30, 2024 | $5674 |
| June 30, 2023 | $9682 |

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**Adviser Responsibility for Purchases and Sales**

Subject to any applicable policies adopted by the Trust, the Adviser places orders for the purchase and sale of securities with brokers and dealers selected by the Adviser in its discretion. The Fund does not have any obligation to deal with any specific broker or dealer in the execution of portfolio transactions. Allocations of transactions to brokers and dealers and the frequency of transactions are determined by the Adviser in its best judgment and in a manner deemed to be in the best interest of the Fund rather than by any formula.

The Adviser seeks "best execution" for all portfolio transactions. This means that the Adviser seeks the most favorable price and execution available. The Adviser's primary consideration in placing trades for the Fund is prompt execution of orders in an effective manner and at the most favorable price available.

**Choosing Broker-Dealers**

The Fund may not always pay the lowest commission or spread available. Rather, in determining the amount of commissions (including certain dealer spreads) paid in connection with securities transactions, the Adviser takes into account factors such as size of the order, difficulty of execution, efficiency of the executing broker's facilities (including the research services described below) and any risk assumed by the executing broker.

**Obtaining Research from Brokers**

The Adviser may give consideration to research services furnished by brokers to the Adviser for its use and may cause the Fund to pay these brokers a higher commission than may be charged by other brokers. This research is designed to augment the Adviser's own internal research and investment strategy capabilities. This research may be used by the Adviser in connection with services to clients other than the Fund, and not all research services may be used by the Adviser in connection with the Fund. The Adviser's fees are not reduced by reason of the Adviser's receipt of research services.

Subject to applicable regulations and the Adviser's fiduciary duties, the Adviser has full brokerage discretion. It evaluates the range of quality of a broker's services in placing trades including securing best price, confidentiality, clearance and settlement capabilities, promptness of execution and the financial stability of the broker-dealer. Under certain circumstances, the value of research provided by a broker-dealer may be a factor in the selection of a broker. This research would include reports that are common in the industry. Typically, the research will be used to service all of the Adviser's accounts although a particular client may not benefit from all the research received on each occasion. The nature of the services purchased for clients include industry research reports and periodicals, quotation systems and formal databases.

Occasionally, the Adviser may place an order with a broker and pay a slightly higher commission than another broker might charge. If this is done it will be because of the Adviser's need for specific research, for specific expertise a firm may have in a particular type of transaction (due to factors such as size or difficulty), or for speed/efficiency in execution. Since most of the Adviser's brokerage commissions for research are for economic research on specific companies or industries and, since the Adviser follows a limited number of securities, most of the commission dollars spent for industry and stock research directly benefit the Adviser's clients, including the Fund.

There are occasions on which portfolio transactions may be executed as part of concurrent authorizations to purchase or sell the same securities for more than one account served by the Adviser. Although such concurrent authorizations potentially could be either advantageous or disadvantageous to any one or more particular accounts, they will be effected only when the Adviser believes that to do so will be in the best interest of the affected accounts. When such concurrent authorizations occur, the objective will be to allocate the execution in a manner that is deemed equitable to the accounts involved. Clients are typically allocated securities with prices averaged on a per-share or per-bond basis.

**Transactions through Affiliates**

The Adviser does not effect brokerage transactions through affiliates of the Adviser (or affiliates of those persons). The Board has not adopted procedures to allow such transactions.

**Other Accounts of the Adviser**

Investment decisions for the Fund are made independently from those for any other account or investment company that is or may in the future become managed by the Adviser or its affiliates. Investment decisions are the product of many factors, including basic suitability for the particular client involved. Thus, a particular security may be bought or sold for certain clients even though it could have been bought or sold for other clients at the same time. Likewise, a particular security may be bought for one or more clients when one or more clients are selling the security. In some instances, one client may sell a particular security to another client. It also sometimes happens that two or more clients simultaneously purchase or sell the same security. In that event, each day's transactions in such security are, insofar as is possible, averaged as to price and allocated between such clients in a manner which, in the Adviser's opinion, is equitable to each and in accordance with the amount being purchased or sold by each. There may be circumstances when purchases or sales of a portfolio security for one client could have an adverse effect on another client that has a position in that security. In addition, when purchases or sales of the same security for the Fund and other client accounts managed by the Adviser occurs contemporaneously, the purchase or sale orders may be aggregated in order to obtain any price advantages available to large denomination purchases or sales.

**Portfolio Turnover**

The frequency of portfolio transactions of the Fund (the portfolio turnover rate) will vary from year to year depending on many factors. From time to time the Fund may engage in active short-term trading to take advantage of price movements affecting individual issues, groups of issues or markets. The Fund expects normal turnover of less than 50%, although there can be periods of greater or lesser turnover based upon market and corporate earnings activity. An annual portfolio turnover rate of 100% would occur if all of the securities in the Fund were replaced once in a period of one year. Higher portfolio turnover rates may result in increased brokerage costs to the Fund and a possible increase in short-term capital gains.

During the last two fiscal years the portfolio turnover rates of the Fund were:

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| | |
|:---|:---|
| **Fiscal Year Ended** | **Portfolio<br> Turnover Rate<br> of the Fund** |
| June 30, 2025 | 1% |
| June 30, 2024 | 6% |

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**Securities of Regular Broker-Dealers**

From time to time the Fund may acquire and hold securities issued by its "regular brokers and dealers" or the parents of those brokers and dealers. For this purpose, regular brokers and dealers means the 10 brokers or dealers that: (1) received the greatest amount of brokerage commissions during the Fund's last fiscal year; (2) engaged in the largest amount of principal transactions for portfolio transactions of the Fund during the Fund's last fiscal year; or (3) sold the largest amount of the Fund's shares during the Fund's last fiscal year. As of the fiscal year ended June 30, 2024, the Fund did not own securities of regular broker/dealers.

**Policy Regarding Selective Disclosure of Portfolio Holdings**

The Board has adopted the Policy Regarding Selective Disclosure of Portfolio Holdings set forth below to govern the circumstances under which disclosure regarding portfolio securities held by the Fund, and disclosure of purchases and sales of such securities, may be made to shareholders of the Fund or other persons. The Board has delegated to the Trust's Chief Compliance Officer the responsibility for ongoing monitoring and supervision of the policy to ensure compliance. The Board provides ongoing oversight of compliance with the policy and, as part of this oversight function, the Board receives from the Trust's Chief Compliance Officer reports on any material violations of or exceptions to this policy. Although no material conflicts of interest are believed to exist that could disadvantage the Fund or the Fund's shareholders, various safeguards have been implemented to protect the Fund and the Fund's shareholders from conflicts of interest, including: the adoption of Codes of Ethics pursuant to Rule 17j-1 under the 1940 Act designed to prevent fraudulent, deceptive or manipulative acts by officers and employees of the Trust, its investment adviser and its principal underwriter in connection with their personal securities transactions; the adoption by the Fund's investment adviser and principal underwriter of insider trading policies and procedures designed to prevent their employees' misuse of material non-public information; and the adoption by the Trust of a Code of Ethics for principal officers of the Trust that requires such officers to avoid conflicts of interest and to report to the Chief Compliance Officer any affiliations or other relationships that could potentially create a conflict of interest with the Fund.

● Public disclosure regarding the portfolio securities held by the Fund is made quarterly in the Annual Report and Semi-Annual Report to shareholders and in monthly holdings reports on Form NPORT ("Official Reports"). Except for such Official Reports and as otherwise expressly permitted herein, shareholders and other persons may not be provided with information regarding portfolio securities held, purchased or sold by the Fund.

● Information regarding portfolio securities, and other information regarding the investment activities of the Fund, may be disclosed to rating and ranking organizations for use in connection with their rating or ranking of the Fund, but only if such disclosure has been approved by the Chief Compliance Officer.

● This policy relating to disclosure of the Fund's holdings of portfolio securities does not prohibit: (i) disclosure of information to the Fund's investment adviser or to other service providers, including but not limited to, the Trust's administrator, distributor, custodian, legal counsel and auditors, or to brokers and dealers through whom the Fund purchases and sells portfolio securities; and (ii) disclosure of holdings of, or transactions in, portfolio securities by the Fund that is made on the same basis to all shareholders of the Fund.

● The Chief Compliance Officer may approve other arrangements, not described herein, under which information relating to portfolio securities held by the Fund, or purchased or sold by the Fund (other than information contained in Official Reports), is disclosed to any shareholder or other person. The Chief Compliance Officer shall approve such an arrangement only if she concludes (based on a consideration of the information to be disclosed, the timing of the disclosure, the intended use of the information and other relevant factors) that the arrangement is reasonably necessary to aid in conducting the ongoing business of the Fund and is unlikely to affect adversely the Fund or any shareholder of the Fund. The Chief Compliance Officer shall inform the Board of any such arrangements that are approved, and the rationale supporting approval, at the next regular quarterly meeting of the Board following such approval. The Chief Compliance Officer shall also inform the Board at least quarterly of any violations of this policy.

● Neither the Adviser nor the Trust (nor any affiliated person, employee, officer, trustee or director of the Adviser or the Trust) may receive any direct or indirect compensation in consideration of the disclosure of information relating to portfolio securities held, purchased or sold by the Fund.

Below is a table that lists each service provider and other entity receiving non-public portfolio information along with information regarding the frequency of access, lag time for disclosure of portfolio information, and limitations on use (including a prohibition on trading on non-public information) of portfolio information.

---

| | | | |
|:---|:---|:---|:---|
| **Type of Service Provider**  | **Frequency of Access to<br> Portfolio Information** | **Restrictions on Use**  | **Lag Time**  |
| Adviser | Daily | Contractual and Ethical | None |
| Administrator and Distributor | Daily | Contractual and Ethical | None |
| Custodian | Daily | Contractual and Ethical | None |
| Auditor | During annual audit,<br> or as needed | Ethical | None |

---

---

| | | | |
|:---|:---|:---|:---|
| **Type of Service Provider**  | **Frequency of Access to<br> Portfolio Information** | **Restrictions on Use**  | **Lag Time**  |
| Legal counsel | Regulatory filings, board meetings, and if a legal issue regarding the portfolio requires counsel's review | Ethical |  |
| Printers/Typesetters | Twice a year – printing of semi-annual and annual reports | No formal restrictions in place |  |
| Broker/dealers through which the Fund purchases and sells portfolio securities | Daily access to the relevant purchase and/or sale – no broker/dealer has access to the Fund's entire portfolios | Contractual and Ethical |  |
| Independent Rating or Ranking Agencies:<br> Morningstar Inc., Lipper, Bloomberg L.P., and FactSet | Monthly | No formal restrictions | At least 30 days |

---

The Board has determined that the Fund and the Fund's shareholders are adequately protected by the restrictions on use in those instances listed above, including those where contractual obligations between the Trust and the party do not exist. There can be no assurance, however, that the Fund's Policy Regarding Selective Disclosure of Portfolio Holdings will prevent the misuse of such information by firms or individuals that receive such information.

**Additional Purchase and Redemption Information**

**General Information**

You may effect purchases or redemptions or request any shareholder privilege in person at the Transfer Agent's offices located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

The Fund accepts orders for the purchase or redemption of shares on any weekday except days when the NYSE is closed.

The Fund may not be available for sale in the state in which you reside. Please check with your investment professional to determine the Fund's availability.

**Additional Purchase Information**

Shares of the Fund are sold on a continuous basis by the Distributor at the next calculated NAV per share, without any sales charge. Accordingly, the offering price per share is the same as the NAV.

The Fund reserves the right to refuse any purchase request in excess of 1% of the Fund's total assets. The Fund also reserves the right to refuse any purchase request, particularly requests that could adversely affect the Fund or the Fund's operations. This includes those from any individual or group who, in the Fund's view, is likely to engage in excessive trading as described in the Prospectus.

The Fund's shares are normally issued for cash only. At the Adviser's discretion, however, the Fund may accept portfolio securities that meet the investment objective and policies of the Fund as payment for Fund shares. The Fund will only accept securities that: (1) are not restricted as to transfer by law and are not illiquid; and (2) have a value that is readily ascertainable (and not established only by fair valuation procedures).

**Individual Retirement Accounts (IRAs)**

All contributions into an IRA through the automatic investing plan are treated as IRA contributions made during the year the investment is received.

**UGMAs/UTMAs**

If the trustee's name is not in the account registration of a uniform gift or transfer to minor ("UGMA/UTMA") account, the investor must provide a copy of the trust document.

**Purchases Through Financial Institutions**

You may purchase and redeem shares through certain broker-dealers, banks and other financial institutions. Financial institutions may charge their customers a fee for their services and are responsible for promptly transmitting purchase, redemption and other requests to the Fund.

If you purchase shares through a financial institution, you will be subject to the institution's procedures, which may include charges, limitations, investment minimums, cutoff times and restrictions in addition to, or different from, those applicable when you invest in the Fund directly. When you purchase the Fund's shares through a financial institution, you may or may not be the shareholder of record and, subject to your institution's procedures, you may have the Fund's shares transferred into your name. There is typically a three-day settlement period for purchases and redemptions through broker-dealers. Certain financial institutions may also enter purchase orders with payment to follow.

You may not be eligible for certain shareholder services when you purchase shares through a financial institution. Contact your institution for further information. If you hold shares through a financial institution, the Fund may confirm purchases and redemptions to the financial institution, which will provide you with confirmations and periodic statements. The Fund is not responsible for the failure of any financial institution to carry out its obligations to its customers.

Investors purchasing shares of the Fund through a financial institution should read any materials and information provided by the financial institution to acquaint themselves with its procedures and any fees that the institution may charge.

**Additional Redemption Information**

The Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to transactions in Fund shares effected for the benefit of a shareholder, as provided in the Prospectus.

**Suspension of Right of Redemption**

The Fund may suspend the right of redemption when: (1) the NYSE is closed (other than customary weekend and holiday closings) or during which the SEC determines that trading thereon is restricted; (2) an emergency (as determined by the SEC) exists as a result of which disposal by the Fund of its securities is not reasonably practicable or as a result of which it is not reasonably practicable for the Fund to fairly determine the value of its net assets; or (3) the SEC by order has permitted a suspension for the protection of the shareholders of the Fund.

**Redemptions In-Kind**

Redemption proceeds normally are paid in cash. However, payments may be made wholly or partly in portfolio securities if management of the Trust determines conditions exist which would make payment in cash detrimental to the best interests of the Fund. If redemption proceeds are paid wholly or partly in portfolio securities, brokerage costs may be incurred by the shareholder in converting the securities to cash. In addition, the shareholder will bear the risk of any market fluctuation in the price of a security from the time of valuation by the Fund to the time of transfer to the shareholder. Accordingly, the redeeming shareholder, when selling a security received in-kind, may receive cash of a lesser or greater amount than the total value of the portfolio securities received in redemption of Fund shares. The Fund will endeavor to transfer the security to the shareholder as quickly as practicable, subject to the shareholder's timely provision of information pertaining to the custodial account to which such securities will be transferred. The shareholder will bear all costs associated with the in-kind distribution of portfolio securities. The Fund has filed an election with the SEC pursuant to which the Fund may effect a redemption in portfolio securities if the particular shareholder is redeeming more than $250,000 or 1% of the Fund's total net assets, whichever is less, during any 90-day period. In the opinion of management of the Trust, however, the amount of a redemption request would have to be significantly greater than $250,000 or 1% of total net assets before a redemption wholly or partly in portfolio securities would be made. In connection with a redemption in-kind, the shareholder has the option to receive in cash the lesser of $250,000 or 1% of the Fund's net assets. The shareholder may waive this right.

**NAV Determination**

The price of the Fund's shares on any given day is its NAV per share. NAV is calculated for the Fund on each day that the NYSE is open for trading. In determining the Fund's NAV per share, securities for which market quotations are readily available are valued at current market value using the last reported sales price provided by independent pricing services as of the close of trading on the NYSE (normally 4:00 p.m., Eastern Time). If no sale price is reported, the mean of the last bid and ask price is used. Non-exchange traded securities for which over-the-counter quotations are available are generally valued at the closing bid price. Money market instruments that mature within sixty days or less may be valued at amortized cost unless the Adviser, which is the Board's valuation designee, believes another valuation is more appropriate. Investments in other open-end regulated investment companies are valued at NAV per share.

The Fund values securities at fair value pursuant to procedures adopted by the Board 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.

**Distributions**

Unless a shareholder has elected to receive distributions in cash, distributions of net investment income will be reinvested at the Fund's NAV per share calculated on the payment date. Distributions of capital gains will also be reinvested at the NAV per share of the Fund calculated on the payment date for the distribution.

A distribution will be treated as paid to you on December 31 of the current calendar year if it is declared by the Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year.

**Taxation**

The tax information set forth in the Prospectus and the information in this section relates solely to U.S. Federal income tax law and assumes that the Fund qualifies as a regulated investment company (as discussed below). Such information is only a summary of certain key Federal income tax considerations affecting the Fund and the Fund's shareholders that are not described in the Prospectus. No attempt has been made to present a complete explanation of the Federal tax treatment of the Fund or the tax implications for shareholders. The discussions here and in the Prospectus are not intended as substitutes for careful tax planning.

This "Taxation" section is based on the Code and applicable regulations in effect on the date hereof. Future legislative or administrative changes or court decisions may significantly change the tax rules applicable to the Fund and the Fund's shareholders. Any of these changes or court decisions may have a retroactive effect.

*All investors should consult their own tax advisor as to the Federal, state, local and foreign tax provisions applicable to them.*

**Qualification as a Regulated Investment Company**

The Fund intends to qualify each tax year as a "regulated investment company" under the Code. This qualification does not involve governmental supervision of management or investment practices or policies of the Fund.

The tax year of the Fund ends on June 30 (the same as the Fund's fiscal year end).

**Meaning of Qualification**

As a regulated investment company, the Fund generally will not be subject to Federal income tax on the portion of its investment company taxable income (i.e., taxable interest, dividends and other taxable ordinary income, net of expenses, and the excess of short-term capital gains over long-term capital losses) and net capital gains (i.e., the excess of long-term capital gains over short-term capital losses) that it distributes to shareholders. In order to qualify as a regulated investment company the Fund must satisfy the following requirements:

● The Fund must distribute at least 90% of its investment company taxable income for the tax year. (Certain distributions made by the Fund after the close of its tax year are considered distributions attributable to the previous tax year for purposes of satisfying this requirement.)

● The Fund must derive at least 90% of its gross income each year from dividends, interest, payments with respect to securities loans and gains from the sale or other disposition of securities, or other income (including gains from options and futures contracts) derived from its business of investing in securities.

● The Fund must satisfy the following asset diversification test at the close of each quarter of the Fund's tax year: (1) at least 50% of the value of the Fund's total assets must consist of cash and cash items, U.S. government securities, securities of other regulated investment companies, and securities of other issuers (as to which the Fund has not invested more than 5% of the value of the Fund's total assets in securities of the issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of the issuer); and (2) no more than 25% of the value of the Fund's total assets may be invested in the securities of any one issuer (other than U.S. Government securities and securities of other regulated investment companies), or in two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses.

**Failure to Qualify**

If for any tax year the Fund does not qualify as a regulated investment company, all of its taxable income (including its net capital gains) will be subject to tax at regular corporate rates without any deduction for dividends to shareholders, and the dividends will be taxable to the shareholders as ordinary income to the extent of the Fund's current and accumulated earnings and profits. A portion of these distributions generally may be eligible for the dividends-received deduction in the case of corporate shareholders.

Failure to qualify as a regulated investment company would thus have a negative impact on the Fund's income and performance. It is possible that the Fund will not qualify as a regulated investment company in any given tax year.

Based on the Regulated Investment Company Modernization Act of 2010 (the "Modernization Act"), there is a remedy for failure of the Subchapter M asset diversification test, if the failure was due to reasonable cause and not willful neglect, subject to certain divestiture and procedural requirements and the payment of a tax. The Modernization Act also sets forth a de minimis exception to a potential failure of the Subchapter M asset diversification test, which would require corrective action but no tax. In addition, the Modernization Act allows for the remedy of a failure of the source-of-income requirement, if the failure was due to reasonable cause and not willful neglect, subject to certain procedural requirements and the payment of a tax.

**Fund Distributions**

The Fund anticipates distributing substantially all of its investment company taxable income for each tax year. These distributions are taxable to shareholders as ordinary income. A portion of these distributions may qualify for the 50% dividends-received deduction for corporate shareholders.

A portion of the Fund's distributions may be treated as "qualified dividend income," taxable to individuals at a maximum Federal tax rate of 20%. A distribution is treated as qualified dividend income to the extent that the Fund receives dividend income from taxable domestic corporations and certain qualified foreign corporations, provided that certain holding period and other requirements are met. To the extent a Fund's distributions are attributable to other sources, such as interest or capital gains, the distributions generally are not treated as qualified dividend income.

The Fund anticipates distributing substantially all of its net capital gains for each tax year. These distributions generally are made only once a year, usually in December, but the Fund may make additional distributions of net capital gains at any time during the year. These distributions are taxable to shareholders as long-term capital gains, regardless of how long a shareholder has held shares.

The Fund's net realized capital gains from securities transactions will be distributed only after reducing such gains by the amount of any available capital loss carryforwards. Capital losses generally may be carried forward indefinitely to offset net realized capital, if any, prior to distributing such gains to shareholders.

Distributions by the Fund that does not constitute ordinary income dividends or capital gains distributions will be treated as a return of capital. Return of capital distributions reduce the shareholder's tax basis in the shares and are treated as gain from the sale of the shares to the extent the shareholder's basis would be reduced below zero.

All distributions by the Fund will be treated in the manner described above regardless of whether the distribution is paid in cash or reinvested in additional shares of the Fund. Shareholders receiving a distribution in the form of additional shares will be treated as receiving a distribution in an amount equal to the fair market value of the shares received, determined as of the reinvestment date.

A shareholder may purchase shares at a time when the Fund's NAV reflects undistributed net investment income or realized capital gains, or unrealized appreciation in the value of the assets of the Fund. Distributions of these amounts are taxable to the shareholder in the manner described above, although the distribution economically constitutes a return of capital to the shareholder.

If a shareholder holds shares for six months or less and redeems shares at a loss after receiving a capital gains distribution, the loss will be treated as a long-term capital loss to the extent of the distribution.

Ordinarily, shareholders are required to take distributions by the Fund into account in the year in which they are made. A distribution declared in October, November or December of any year and payable to shareholders of record on a specified date in those months, however, is deemed to be received by the shareholders (and made by the Funds) on December 31 of that calendar year if the distribution is actually paid in January of the following year.

Shareholders will be advised annually as to the U.S. Federal income tax consequences of distributions made (or deemed made) to them during the year.

Certain U.S. shareholders, including individuals and estates and trusts, are subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends from the Fund and net gains from the disposition of Fund shares. U.S. shareholders are urged to consult their own tax advisors regarding the implications of the additional Medicare tax resulting from an investment in the Fund.

**Certain Tax Rules Applicable to the Fund's Transactions**

Under the Code, gains or losses attributable to fluctuations in exchange rates which occur between the time a Fund accrues interest or other receivables or accrues expenses or other liabilities denominated in a foreign currency and the time the Fund

actually collects such receivables or pays such liabilities are treated as ordinary income or ordinary loss. Similarly, gains or losses from the disposition of foreign currencies, from the disposition of debt securities denominated in a foreign currency, or from the disposition of a forward contract denominated in a foreign currency which are attributable to fluctuations in the value of the foreign currency between the date of acquisition of the asset and the date of disposition also are treated as ordinary income or loss. These gains or losses, referred to under the Code as "Section 988" gains or losses, increase or decrease the amount of the Fund's investment company taxable income available to be distributed to its shareholders as ordinary income, rather than increasing or decreasing the amount of the Fund's net capital gains.

If the Fund owns shares in a foreign corporation that constitutes a "passive foreign investment company" (a "PFIC") for Federal income tax purposes and the Fund does not elect to treat the foreign corporation as a "qualified electing fund" within the meaning of the Code, a Fund may be subject to U.S. Federal income taxation on a portion of any "excess distribution" it receives from the PFIC or any gain it derives from the disposition of such shares, even if such income is distributed as a taxable dividend by the Fund to its shareholders. The Fund may also be subject to additional interest charges in respect of deferred taxes arising from such distributions or gains. Any tax paid by the Fund as a result of its ownership of shares in a PFIC will not give rise to any deduction or credit to the Fund or to any shareholder. A PFIC means any foreign corporation if, for the taxable year involved, either (1) it derives at least 75% of its gross income from "passive income" (including, but not limited to, interest, dividends, royalties, rents and annuities) or (2) on average, at least 50% of the value (or adjusted tax basis, if elected) of the assets held by the corporation produce "passive income." The Fund could elect to "mark-to market" stock in a PFIC. Under such an election, the Fund would include in income each year an amount equal to the excess, if any, of the fair market value of the PFIC stock as of the close of the taxable year over the Fund's adjusted basis in the PFIC stock. The Fund would be allowed a deduction for the excess, if any, of the adjusted basis of the PFIC stock over the fair market value of the PFIC stock as of the close of the taxable year, but only to the extent of any net mark-to-market gains included by the Fund for prior taxable years. The Fund's adjusted basis in the PFIC stock would be adjusted to reflect the amounts included in, or deducted from, income under this election. Amounts included in income pursuant to this election, as well as gain realized on the sale or other disposition of the PFIC stock, would be treated as ordinary income. The deductible portion of any mark-to-market loss, as well as loss realized on the sale or other disposition of the PFIC stock to the extent that such loss does not exceed the net mark-to-market gains previously included by the Fund, would be treated as ordinary loss. The Fund generally would not be subject to the deferred tax and interest charge provisions discussed above with respect to PFIC stock for which a mark-to-market election has been made. If the Fund purchases shares in a PFIC and the Fund does elect to treat the foreign corporation as a "qualified electing fund" under the Code, the Fund may be required to include in its income each year a portion of the ordinary income and net capital gains of the foreign corporation, even if this income is not distributed to the Fund. Any such income would be subject to the 90% distribution requirement described above and the excise tax distribution requirement described below. However, because it is not always possible to identify a foreign corporation as a PFIC in advance of acquiring shares in the corporation, the Fund may incur the tax and interest charges described above in some instances.

**Federal Excise Tax**

A 4% non-deductible excise tax is imposed on a regulated investment company that fails to distribute in each calendar year an amount equal to: (1) 98% of its ordinary taxable income for the calendar year; (2) 98.2% of its capital gain net income for the one-year period ended on October 31 of the calendar year; and (3) the balance of any undistributed amounts from prior years. The Fund will be treated as having distributed any amount on which it is subject to income tax for any tax year ending in a calendar year.

For purposes of calculating the excise tax, the Fund may: (1) reduce its capital gain net income (but not below its net capital gains) by the amount of any net ordinary loss for the calendar year and (2) exclude foreign currency gains and losses incurred after October 31 of any year in determining the amount of ordinary taxable income for the current calendar year. The Fund will include foreign currency gains and losses incurred after October 31 in determining ordinary taxable income for the succeeding calendar year.

The Fund intends to make sufficient distributions of ordinary taxable income and capital gain net income prior to the end of each calendar year to avoid liability for the excise tax. Investors should note, however, that the Fund might in certain circumstances be required to liquidate portfolio investments to make sufficient distributions to avoid excise tax liability.

**Sale or Redemption of Shares**

In general, a shareholder will recognize gain or loss on the sale or redemption of shares of the Fund in an amount equal to the difference between the proceeds of the sale or redemption and the shareholder's adjusted tax basis in the shares. All or a portion of any loss so recognized may be disallowed if the shareholder purchases other shares of the Fund within 30 days before or after the sale or redemption (a so-called "wash sale"). In general, any gain or loss arising from the sale or redemption of shares of a Fund will be considered capital gain or loss and will be long-term capital gain or loss if the shares were held for longer than one year. Any capital loss arising from the sale or redemption of shares held for six months or less, however, is

treated as a long-term capital loss to the extent of the amount of capital gains distributions received on such shares. For this purpose, the special holding period rules of Code Section 246(c)(3) and (4) generally will apply in determining the holding period of shares. Capital losses in any year are deductible only to the extent of capital gains plus, in the case of a non-corporate taxpayer, $3,000 of ordinary income. A corporate taxpayer may carryback excess capital losses to each of its three preceding tax years and may carry forward an excess capital loss for five years, and a non-corporate taxpayer may carry forward an excess capital loss indefinitely.

**Backup Withholding Tax**

The Fund will be required in certain cases to withhold and remit to the U.S. Treasury 24% of distributions and the proceeds of redemptions of shares paid to any shareholder: (1) who has failed to provide its correct taxpayer identification number; (2) who is subject to backup withholding by the IRS for failure to report the receipt of interest or dividend income properly; or (3) who has failed to certify to the Fund that it is not subject to backup withholding or that it is a corporation or other "exempt recipient."

**Foreign Shareholders**

Taxation of a shareholder who under the Code is a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership ("foreign shareholder"), depends on whether the income from the Fund is "effectively connected" with a U.S. trade or business carried on by the foreign shareholder.

If the income from the Fund is not effectively connected with a U.S. trade or business carried on by a foreign shareholder, ordinary income distributions paid to a foreign shareholder will be subject to U.S. withholding tax at the rate of 30% (or lower applicable treaty rate) upon the gross amount of the distribution. The foreign shareholder generally would be exempt from U.S. Federal income tax on gain realized on the sale of Fund shares, capital gains distributions from the Fund and amounts retained by a Fund that are designated as undistributed capital gains.

If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income distributions, capital gains distributions and any gain realized upon the sale of Fund shares will be subject to U.S. Federal income tax at the rates applicable to U.S. citizens or U.S. corporations. A foreign corporate shareholder would also be subject to a branch profits tax.

In the case of a non-corporate foreign shareholder, the Fund may be required to withhold U.S. Federal income tax at a rate of 30% on distributions that are otherwise exempt from withholding (or taxable at a reduced treaty rate), unless the shareholder furnishes the Funds with proper notification of its foreign status.

The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty might be different from those described herein.

The tax rules of other countries with respect to distributions from the Fund can differ from the rules for U.S. Federal income taxation described above. These foreign rules are not discussed herein. Foreign shareholders are urged to consult their own tax advisors as to the consequences of foreign tax rules with respect to an investment in the Fund, distributions from the Fund, the applicability of foreign taxes and related matters.

**FATCA Reporting Requirements**

FATCA generally requires the Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA. If a shareholder fails to provide this information or otherwise fails to comply with FATCA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on dividends, including capital gain dividends, and the proceeds of the sale, redemption or other disposition of Fund shares. If a payment by the Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above (e.g., capital gain dividends and short-term capital gain and interest-related dividends).

Each shareholder is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the shareholder's own situation, including investments through an intermediary.

**State and Local Taxes**

The tax rules of the various states of the U.S. and their local jurisdictions with respect to distributions from a Fund can differ from the rules for U.S. Federal income taxation described above. These state and local rules are not discussed herein. Shareholders are urged to consult their tax advisors as to the consequences of state and local tax rules with respect to an investment in the Fund, distributions from the Fund, the applicability of state and local taxes and related matters.

**Calculation of Performance Data**

The Fund may, from time to time, advertise certain total return information. The average annual total returns of the Fund are computed by finding the average compounded rates of return over the 1-, 5-, and 10-year periods (or for the period of the Fund's operations) that would equate the initial amount invested to the ending redeemable value (after adjusting for the reinvestment of any income dividends and capital gain distributions). In particular, the average annual total returns of the Fund ("T") is computed by using the redeemable value at the end of a specified period of time ("ERV") of a hypothetical initial investment of $1,000 ("P") over a period of time ("n") according to the formula P (l+T)<sup>n</sup> = ERV.

Average annual total returns may also be calculated (i) after taxes on distributions and (ii) after taxes on distributions and redemption of the Fund's shares at the end of the period. The calculations assume deduction of all taxes due on such Fund distributions. The ending redeemable value is determined by assuming a complete redemption at the end of the period covered by the computation and, in the case of returns after taxes on distributions and redemption of a Fund's shares, includes the deduction of capital gains taxes resulting from the redemption or, if appropriate, an adjustment to take into account the tax benefit from any capital losses that may have resulted from the redemption. After-tax returns are calculated using the highest applicable individual federal marginal tax rate in effect on the reinvestment date of a distribution. The tax rates used correspond to the tax character of each component of the distributions (that is, the ordinary income tax rate for ordinary income distributions and the long-term capital gains rate for capital gains distributions). The tax rates may vary over the course of the measurement period. State and local tax liabilities are disregarded, as are the effect of phaseouts of certain exemptions, deductions and credits at various income levels and the impact of the federal alternative minimum income tax. Actual after-tax returns will depend on an investor's tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

The table below shows the Fund's average annual total returns for periods ended June 30, 2025.

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| | |
|:---|:---|
| | **Average Annual Total Returns<br> of the Fund for the**<br> **Period Ended June 30, 2025**  |
| 1 Year | 14.79% |
| 5 Years | 13.39% |
| 10 Years | 10.50% |

---

In addition, the Fund may advertise other total return performance data ("Nonstandardized Return"). Nonstandardized Return shows as a percentage rate of return encompassing all elements of return (i.e., income and capital appreciation or depreciation) and it assumes reinvestment of all dividends and capital gain distributions. Nonstandardized Return may consist of a cumulative percentage of return, actual year-by-year rates or any combination thereof.

From time to time, the Fund may advertise its yield. A yield quotation is based on a 30-day (or one month) period and is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period, according to the following formula:

Yield = 2[(a-b/cd + 1)<sup>6</sup> – 1]

Where:

a = dividends and interest earned during the period

b = expenses accrued for the period (net of reimbursements)

c = the average daily number of shares outstanding during the period that were entitled to receive dividends

d = the maximum offering price per share on the last day of the period

Solely for the purpose of computing yield, dividend income is recognized by accruing 1/360 of the stated dividend rate of the security each day that the Fund owns the security. Generally, interest earned (for the purpose of "a" above) on debt obligations is computed by reference to the yield to maturity of each obligation held based on the market value of the obligation (including actual accrued interest) at the close of business on the last business day prior to the start of the 30-day (or one month) period for which yield is being calculated, or, with respect to obligations purchased during the month, the purchase price (plus actual accrued interest). The Fund's yield for the 30 days ended June 30, 2025 was 1.37%.

The Fund's performance may be compared in advertisements, sales literature and other communications to the performance of other mutual funds having similar objectives or to standardized indices or other measures of investment performance. In particular, the Fund may compare its performance to the S&P 500<sup>®</sup> Index, which is generally considered to be representative

of the performance of unmanaged common stocks that are publicly traded in the United States securities markets. Comparative performance may also be expressed by reference to rankings or broad groups of mutual funds, as prepared or tracked and published by mutual fund monitoring services, such as Lipper or Morningstar, Inc., or by one or more newspapers, newsletters or financial periodicals. Performance comparisons may be useful to investors who wish to compare a Fund's past performance to that of other mutual funds and investment products. Of course, past performance is not a guarantee of future results.

● **Lipper** ranks funds in various fund categories by making comparative calculations using total return. Total return assumes the reinvestment of all capital gains distributions and income dividends and takes into account any change in NAV over a specific period of time.

● **Morningstar, Inc.** rates mutual funds of all types, according to their risk-adjusted returns. The maximum rating is five stars, and ratings are effective for one month.

Investors may use such indices and averages in addition to the Fund's Prospectus to obtain a more complete view of a Fund's performance before investing. Of course, when comparing the Fund's performance to any index, factors such as composition of the index and prevailing market conditions should be considered in assessing the significance of such comparisons. When comparing funds using reporting services or total return, investors should take into consideration any relevant differences in funds such as permitted portfolio compositions and methods used to value portfolio securities and compute offering price. Advertisements and other sales literature for the Fund may quote total returns that are calculated on non-standardized base periods. The total returns represent the historic change in the value of an investment in the Fund assuming reinvestment of dividends and distributions over a specified period of time.

From time to time the Fund may include in advertisements and other communications information, charts, and illustrations relating to inflation and the effects of inflation on the dollar, including the purchasing power of the dollar at various rates of inflation. The Fund may also disclose from time to time information about portfolio allocation and holdings at a particular date (including ratings of securities assigned by independent rating services such as S&P and Moody's). The Fund may also depict the historical performance of the securities in which the Fund may invest over periods reflecting a variety of market or economic conditions either alone or in comparison with alternative investments, performance indices of those investments, or economic indicators. The Fund may also present performance and other investment characteristics, such as volatility or a temporary defensive posture, in light of the Adviser's view of current or past market conditions or historical trends. The Fund may also include in advertisements and in materials furnished to present and prospective shareholders statements or illustrations relating to the appropriateness of types of securities and/or mutual funds that may be employed to meet specific financial goals, such as saving for retirement, children's education, or other future needs.

**Other Matters**

**Shareholder Voting and Other Rights**

Each share of the Fund has equal dividend, distribution, liquidation and voting rights, and fractional shares have those rights proportionately. Delaware law does not require the Fund to hold annual meetings of shareholders, and it is anticipated that shareholder meetings will be held only when specifically required by Federal or state law. There are no conversion or preemptive rights in connection with shares of the Fund.

All shares, when issued in accordance with the terms of this offering, will be fully paid and nonassessable.

A shareholder in the Fund is entitled to the shareholder's pro rata share of all distributions arising from the Fund's assets and, upon redeeming shares, will receive the portion of the Fund's net assets represented by the redeemed shares.

Shareholders owning 25% or more of the Fund's outstanding shares may, as set forth in the Trust Instrument, call meetings of the Fund for any purpose related to the Fund, including, in the case of a meeting of the Fund, the purpose of voting on removal of one or more Trustees.

**Certain Reorganization Transactions** 

The Fund may be terminated upon the sale of its assets to, or merger with, another open-end, management investment company or series thereof, or upon liquidation and distribution of its assets. Generally such terminations must be approved by the vote of the holders of a majority of the outstanding shares of the Fund. However, the Trustees may, without prior shareholder approval, change the form of organization of the Fund by merger, consolidation or incorporation.

**Codes of Ethics**

The Trust, the Adviser and the Distributor have adopted Codes of Ethics pursuant to Rule 17j-1 under the 1940 Act. These Codes of Ethics permit personnel subject to the Codes to invest in securities, including securities that may be purchased or held by the Fund.

**Proxy Voting Policies**

The Trust and the Adviser have adopted Proxy Voting Policies and Procedures that describe how the Fund intends to vote proxies relating to portfolio securities. The Proxy Voting Policies and Procedures of the Trust and the Adviser are attached to this SAI as Appendix B. Information regarding how the Fund voted proxies relating to its portfolio securities during the most recent 12-month period ended June 30 is available without charge upon request by calling (888) CUTLER4, by sending an email request to <u>Fulfillment@ultimusfundsolutions.com</u>, by visiting the Fund's website at https://mutualfunds.cutler.com/services/dividend-investing/cutler-equity-fund/, or on the SEC's website at <u>http://www.sec.gov</u>.

**Ownership of Fund Shares**

As of October 6, 2025, the officers and Trustees of the Trust as a group owned of record and beneficially less than 1% of the outstanding shares of the Equity Fund. On the same date, the following shareholders owned of record 5% or more of the outstanding shares of the Fund:

**Cutler Equity Fund:**

---

| | | |
|:---|:---|:---|
| **Name and Address**<br> **of Record Owner** | **Amount**<br> **of Ownership** | **Percentage**<br> **Ownership** |
| Charles Schwab & Co Inc.<br> Special Custody<br> Account For Exclusive Benefit of Customers<br> Attn: Mutual Fund Operations<br> 211 Main Street<br> San Francisco, CA 94105 | 3,861,526.0400 shares | 53.94% |

---

A shareholder owning of record or beneficially more than 25% of the Fund's outstanding shares may be considered a controlling person. That shareholder's vote could have a more significant effect on matters presented at a shareholders' meeting than the vote of other shareholders.

**Limitations on Liability of Shareholders, Trustees and Officers**

Delaware law provides that the Fund's shareholders are entitled to the same limitations of personal liability extended to stockholders of private corporations for profit.

The Bylaws of the Trust provide that the Trustees and officers shall be indemnified to the fullest extent permitted by applicable laws. However, any Trustee or officer will not be protected against liability to the Fund or the Fund's shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.

**Registration Statement**

This SAI and the Prospectus do not contain all the information included in the Trust's registration statement filed with the SEC under the 1933 Act with respect to the securities offered hereby. The registration statement, including the exhibits filed therewith, may be examined at the office of the SEC in Washington, D.C. or obtained on the SEC's website at <u>http://www.sec.gov</u>.

Statements contained in this Statement of Additional Information and in the Prospectus as to the contents of any contract or other documents are not necessarily complete and, in each instance, are qualified by, and reference is made to the copy of such contract or other documents filed as exhibits to the registration statement.

**Financial Statements**

The Fund's financial statements for the year ended June 30, 2025 included in the [Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000892568/000158064225005802/cutler_ncsr.htm) filing of the Fund, which have been audited by Cohen & Company, Ltd., the Fund's independent registered public accounting firm, are incorporated herein by reference.

**Appendix A: Description of Securities Ratings**

<u>Commercial Paper Ratings</u>

A Standard & Poor's commercial paper rating is a current assessment of the likelihood of timely payment of debt having an original maturity of no more than 365 days. The following summarizes the rating categories used by Standard & Poor's for commercial paper in which the Fund may invest:

"A-1" - Issue's degree of safety regarding timely payment is strong. Those issues determined to possess extremely strong safety characteristics are denoted "A-1+."

"A-2" - Issue's capacity for timely payment is satisfactory. However, the relative degree of safety is not as high as for issues designated "A-1."

Moody's commercial paper ratings are opinions of the ability of issuers to repay punctually promissory obligations not having an original maturity in excess of 9 months. The following summarizes the rating categories used by Moody's for commercial paper in which the Fund may invest:

"Prime-1" - Issuer or related supporting institutions are considered to have a superior capacity for repayment of short-term promissory obligations. Prime-1 repayment capacity will normally be evidenced by the following capacities: leading market positions in well-established industries; high rates of return on funds employed; conservative capitalization structures with moderate reliance on debt and ample asset protection; broad margins in earning coverage of fixed financial charges and high internal cash generation; and well-established access to a range of financial markets and assured sources of alternate liquidity.

"Prime-2" - Issuer or related supporting institutions are considered to have a strong capacity for repayment of short-term promissory obligations. This will normally be evidenced by many of the characteristics cited above but to a lesser degree. Earnings trends and coverage ratios, while sound, will be more subject to variation. Capitalization characteristics, while still appropriate, may be more affected by external conditions. Ample alternative liquidity is maintained.

Fitch short-term ratings apply to debt obligations that are payable on demand or have original maturities of up to three years. The highest rating category of Fitch for short-term obligations is "F-1." Fitch employs two designations, "F-1+" and "F-1," within the highest category. The following summarizes the rating categories used by Fitch for short-term obligations in which the Fund may invest:

"F-1+" - Securities possess exceptionally strong credit quality. Issues assigned this rating are regarded as having the strongest degree of assurance for timely payment.

"F-1" - Securities possess very strong credit quality. Issues assigned this rating reflect an assurance of timely payment only slightly less in degree than issues rated "F-1+."

Fitch may also use the symbol "LOC" with its short-term ratings to indicate that the rating is based upon a letter of credit issued by a commercial bank.

Thomson BankWatch short-term ratings assess the likelihood of an untimely or incomplete payment of principal or interest of unsubordinated instruments having a maturity of one year or less which are issued by a bank holding company or an entity within the holding company structure. The following summarizes the ratings used by Thomson BankWatch in which the Fund may invest:

"TBW-1" - This designation represents Thomson BankWatch's highest rating category and indicates a very high degree of likelihood that principal and interest will be paid on a timely basis.

"TBW-2" - this designation indicates that while the degree of safety regarding timely payment of principal and interest is strong, the relative degree of safety is not as high as for issues rated "TBW-1."

IBCA assesses the investment quality of unsecured debt with an original maturity of less than one year which is issued by bank holding companies and their principal bank subsidiaries. The following summarizes the rating categories used by IBCA for short-term debt ratings in which the Fund may invest:

"A1" - Obligations are supported by the highest capacity for timely repayment. Where issues possess a particularly strong credit feature, a rating of A1+ is assigned.

"A2" - Obligations are supported by a good capacity for timely repayment.

<u>Corporate Long-Term Investment Grade Debt Ratings</u>

***Standard & Poor's Debt Ratings***

A Standard & Poor's corporate or municipal debt rating is a current assessment of the creditworthiness of an obligor with respect to a specific obligation. This assessment may take into consideration obligors such as guarantors, insurers, or lessees. The debt rating is not a recommendation to purchase, sell, or hold a security, inasmuch as it does not comment as to market price or suitability for a particular investor.

The ratings are based on current information furnished by the issuer or obtained by S&P from other sources it considers reliable. S&P does not perform an audit in connection with any rating and may, on occasion, rely on unaudited financial information. The ratings may be changed, suspended, or withdrawn as a result of changes in, or unavailability of, such information, or for other circumstances.

The ratings are based, in varying degrees, on the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;1. Likelihood of default - capacity and willingness of the obligor as to the timely payment of interest and repayment of principal in accordance with the terms of the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;2. Nature of and provisions of the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;3. Protection afforded by, and relative position of, the obligation in the event of bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

AAA - Debt rated 'AAA' has the highest rating assigned by Standard & Poor's. Capacity to pay interest and repay principal is extremely strong.

AA - Debt rated 'AA' has a very strong capacity to pay interest and repay principal and differs from the highest rated issues only in small degree.

A - Debt rated 'A' has a strong capacity to pay interest and repay principal although it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.

BBB - Debt rated 'BBB' is regarded as having an adequate capacity to pay interest and repay principal. Whereas it normally exhibits adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for debt in this category than in higher rated categories.

**BB, B, CCC, CC and C:**

Obligations rated 'BB', 'B', 'CCC' 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB:** - An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B:** - An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC:** - An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC:** - An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

**C:** - An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D:** - An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer.

***Long-Term Debt Ratings***

**Aaa:** - Bonds which are rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as "gilt edged." Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

**Aa:** - Bonds which are rated 'Aa' are judged to be of high quality by all standards. Together with the Aaa group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risk appear somewhat larger than in Aaa securities.

**A:** - Bonds which are rated 'A' possess many favorable investment attributes and are to be considered as upper-medium grade obligations. Factors giving security to principal and interest are considered adequate, but elements may be present which suggest a susceptibility to impairment sometime in the future.

**Baa:** - Bonds which are rated 'Baa' are considered as medium-grade obligations (*i.e*, they are neither highly protected nor poorly secured). Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

**Ba:** - Obligations rated 'Ba' are judged to be speculative and are subject to substantial credit risk.

**B:** - Obligations rated 'B' are considered speculative and are subject to high credit risk.

**Caa:** - Obligations rated 'Caa' are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca:** - Obligations rated 'Ca' are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C:** - Obligations rated 'C' are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

***Fitch Investors Service, Inc. Ratings***

Fitch investment grade bond ratings provide a guide to investors in determining the credit risk associated with a particular security. The ratings represent Fitch's assessment of the issuer's ability to meet the obligations of a specific debt issue or class of debt in a timely manner.

The rating takes into consideration special features of the issue, its relationship to other obligations of the issuer, the current and prospective financial condition and operating performance of the issuer and any guarantor, as well as the economic and political environment that might affect the issuer's future financial strength and credit quality.

Fitch ratings do not reflect any credit enhancement that may be provided by insurance policies or financial guaranties unless otherwise indicated.

Bonds that have the same rating are of similar but not necessarily identical credit quality since the rating categories do not fully reflect small differences in the degrees of credit risk.

Fitch ratings are not recommendations to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature of taxability of payments made in respect of any security.

Fitch ratings are based on information obtained from issuers, other obligors, underwriters, their experts, and other sources Fitch believes to be reliable. Fitch does not audit or verify the truth or accuracy of such information. Ratings may be changed, suspended, or withdrawn as a result of changes in, or the unavailability of, information or for other reasons.

AAA Bonds considered to be investment grade and of the highest credit quality. The obligor has an exceptionally strong ability to pay interest and repay principal, which is unlikely to be affected by reasonably foreseeable events.

AA Bonds considered to be investment grade and of very high credit quality. The obligor's ability to pay interest and repay principal is very strong, although not quite as strong as bonds rated 'AAA.= Because bonds rated in the 'AAA' and 'AA' categories are not significantly vulnerable to foreseeable future developments, short-term debt of the issuers is generally rated 'F-1+.'

A Bonds considered to be investment grade and of high credit quality. The obligor's ability to pay interest and repay principal is considered to be strong, but may be more vulnerable to adverse changes in economic conditions and circumstances than bonds with higher ratings.

BBB Bonds considered to be investment grade and of satisfactory credit quality. The obligor's ability to pay interest and repay principal is considered to be adequate. Adverse changes in economic conditions and circumstances, however, are more likely to have adverse impact on these bonds, and therefore impair timely payment. The likelihood that the ratings of these bonds will fall below investment grade is higher than for bonds with higher ratings.

BB: Speculative. 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.

B: Highly speculative. 'B' ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

CCC: Substantial credit risk. Default is a real possibility.

CC: Very high levels of credit risk. Default of some kind appears probable.

C: Near default. A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a 'C' category rating for an issuer include:

&nbsp;&nbsp;&nbsp;&nbsp;a. the issuer has entered into a grace or cure period following non-payment of a material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;b. the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; or

&nbsp;&nbsp;&nbsp;&nbsp;c. the formal announcement by the issuer or their agent of a distressed debt exchange;

&nbsp;&nbsp;&nbsp;&nbsp;d. a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent

RD: Restricted default. 'RD' ratings indicate an issuer that in Fitch's opinion has experienced:

&nbsp;&nbsp;&nbsp;&nbsp;a. an uncured payment default on a bond, loan or other material financial obligation, but

&nbsp;&nbsp;&nbsp;&nbsp;b. has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and

&nbsp;&nbsp;&nbsp;&nbsp;c. has not otherwise ceased operating.

This would include:

&nbsp;&nbsp;&nbsp;&nbsp;i. the selective payment default on a specific class or currency of debt;

&nbsp;&nbsp;&nbsp;&nbsp;ii. the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;iii. the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; ordinary execution of a distressed debt exchange on one or more material financial obligations.

D: Default. 'D' ratings indicate an issuer that in Fitch Ratings' opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or which has otherwise ceased business.

Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

The rating takes into consideration special features of the issue, its relationship to other obligations of the issuer, the current and prospective financial condition and operating performance of the issuer and any guarantor, as well as the economic and political environment that might affect the issuer's future financial strength.

Bonds that have the same rating are of similar but not necessarily identical credit quality since the rating categories cannot fully reflect the differences in the degrees of credit risk. Moreover, the character of the risk factor varies from industry to industry and between corporate, health care and municipal obligations.

**Appendix B: Proxy Voting Policies and Procedures**

**CUTLER INVESTMENT COUNSEL, LLC** 

**PROXY VOTING POLICIES & PROCEDURES**

Established August 20, 2003

Amended March 10, 2006

Amended May 20, 2008

Amended December 29, 2009

Amended April 2, 2015

Amended August 9, 2018

SEC rule 206(4)-6 requires each investment adviser that votes proxies for its clients to have Proxy Voting Policies and Procedures. The Department of Labor requires that an investment adviser vote proxies for ERISA plan securities, unless the voting right has been expressly reserved to the plan trustees or other plan fiduciary. Cutler Investment Counsel, LLC ("Cutler") votes proxies for all of our clients unless the client relieves us of that responsibility in writing. Specific treatment of client proxy votes may also be described in the client contract. Accordingly, we advise the custodian to forward all proxies to us. When designated, we retain final authority and fiduciary responsibility for proxy voting.

The rule requires that we describe how we address material conflicts between our interests and those of our clients with respect to proxy voting. Cutler votes securities based on a pre-determined policy assuming the decision involves little or no discretion. We recognize, however, that under certain circumstances we may have a conflict of interest in voting proxies on behalf of a fund or other client. A "conflict of interest," means any circumstance when Cutler, a fund advised by us, the principal underwriter of the fund, or one or more of their affiliates (including officers, directors and employees) knowingly does business with, receives compensation from, or sits on the board of, a particular issuer or closely affiliated entity, and, therefore, may appear to have a conflict of interest between its own interests and the interests of fund shareholders in how proxies of that issuer are voted.

In the event of such a conflict of interest, we will vote proxies relating to such issuers in accordance with the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Routine Matters Consistent with Policies</u>. Cutler may vote proxies for routine matters in accordance with these policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Immaterial Conflicts</u>. Cutler may vote proxies in accordance with these Policies if it is determined that the conflict of interest is not material. A conflict of interest will be considered material to the extent that it is determined that such conflict has the potential to influence Cutler's decision-making in voting a proxy. Materiality determinations will be based upon an assessment of the particular facts and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Material Conflicts and Non-Routine Matters</u>. If, with respect to any proxy to be voted on behalf of a series of the Cutler Trust (the "Trust") (a "Fund"), Cutler believes that (A) it has a material conflict and (B) that the issue to be voted upon is non-routine or is not covered by these policies, then —

Cutler shall contact the proxy administrator for review and determination. In the event that the proxy administrator determines that he/she has a conflict of interest, the proxy administrator shall submit the matter for determination to a member of the Board of Trustees of the Trust (the "Board") who is not an "interested person" of the Trust, as defined in the Investment Company Act of 1940, as amended. In making a determination, the proxy administrator or the Board member will consider the best interests of Fund shareholders and may consider the recommendations of independent third parties that evaluate proxy proposals.

If, with respect to any proxy to be voted on behalf of any other clients, Cutler believes that (A) it has a material conflict and (B) that the issue to be voted upon is non-routine or is not covered by these policies, then we would suggest the client engage a third party to vote their proxies.

The rule also requires us to disclose information to our client about our procedures and policies, and how the client may obtain information on how we voted their proxies. This disclosure is provided annually to clients as part of their ADV offering. We will send to our clients upon verbal or written request a copy of our policies and procedures or any request on how we voted their proxies.

Cutler uses Broadridge Proxy Voting Services to vote our proxies electronically. Broadridge receives all ballots and votes on the issues according to our pre-set voting policies. If there are any unusual or controversial issues that do not fall within our voting policies, Broadridge notifies the Proxy administrator who then consults with the Portfolio Managers and votes the issue manually. Any comments by the investment manager are noted on the proxy material. A permanent record of all votes is retained.

The proxy administrator is responsible for overseeing the proxy voting process to ensure that proxies are voted in accordance with the guidelines provided in these proxy voting policies and procedures. The proxy administrator also will, from to time, periodically review these policies and industry trends in comparable proxy voting policies and procedures. The proxy administrator may recommend, as appropriate, revisions to update these policies.

As described further below, after an initial review, we will generally vote with management on routine matters related to the operation of the company and not expected to have a significant economic impact on the company or shareholders. We review and analyze on a case-by-case basis, non-routine proposals that are more likely to affect the structure and operation of the issuer and to have a greater impact on the value of the investment. We review and consider corporate governance issues related to proxy matters and generally support proposals that foster good corporate governance practices.

Regarding special interest issues, we may consider the following factors when developing a position: (i) the long-term benefit to shareholders of promoting corporate accountability and responsibility on social issues; (ii) management's responsibility with respect to special interest issues; (iii) any economic costs and restrictions on management; and (iv) the responsibility to vote proxies for the greatest long-term shareholder value.

Since the quality and depth of management is a primary factor considered when investing in an issuer, the recommendation of the issuer's management on any issue will be given substantial weight. However, the position of the issuer's management will not be supported in any situation where it is determined not to be in the best interests of the Fund's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Routine Matters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Election of Directors</u>. Proxies should be voted for a management-proposed slate of directors unless there is a contested election of directors or there are other compelling corporate governance reasons for withholding votes for such directors. Management proposals to limit director liability consistent with state laws and director indemnification provisions should be supported because it is important for companies to be able to attract qualified candidates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Appointment of Auditors</u>. Management recommendations will generally be supported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Changes in State of Incorporation or Capital Structure</u>. Management recommendations about reincorporation should be supported unless the new jurisdiction in which the issuer is reincorporating has laws that would materially dilute the rights of shareholders of the issuer. Proposals to increase authorized common stock should be examined on a case-by-case basis. If the new shares will be used to implement a poison pill or another form of anti-takeover device, or if the issuance of new shares could excessively dilute the value of outstanding shares upon issuance, then such proposals should be evaluated to determine whether they are in the best interest of the Fund's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Non-routine Matters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Corporate Restructurings, Mergers and Acquisitions</u>. These proposals should be examined on a case-by-case basis because they are an extension of an investment decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Proposals Affecting Shareholder Rights</u>. Proposals that seek to limit shareholder rights, such as the creation of dual classes of stock, generally should not be supported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Anti-takeover Issues</u>. Measures that impede takeovers or entrench management will be evaluated on a case-by-case basis taking into account the rights of shareholders and the potential effect on the value of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Executive Compensation</u>. Although management recommendations should be given substantial weight, proposals relating to executive compensation plans, including stock option plans, should be examined on a case-by-case basis to ensure that the long-term interests of management and shareholders are properly aligned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Social and Political Issues</u>. These types of proposals should generally not be supported if they are not supported by management unless they would have a readily- determinable, positive financial effect on shareholder value and would not be burdensome or impose unnecessary or excessive costs on the issuer.

Proxy ballots sometimes contain a proposal granting the board authority to "transact such other business as may properly come before the meeting." We may consider the following factors when developing a position on this issue: (i) the board is limited to what actions it may legally take with such authority; and (ii) our responsibility to consider actions before supporting them.

There are many other issues that may be on a company's proxy. Whatever those issues are, we act prudently, solely in the interest of the client. Furthermore, to act prudently in the voting of proxies we must consider those factors which would affect the value of the plan's investment.

As stated in SEC books and records rule 204-2, we retain the following:

● Copy of proxy voting policies and procedures

● A copy of each proxy voting statement received regarding client securities

● A record of each vote cast on behalf of a client

● A copy of each written client request for voting information and a copy of any written response to a client request.

Two years of the above records are kept in the office of the adviser. Five years are kept either in the office or off site at a storage unit. Form N-PX shall be filed with the SEC in a timely manner.

Any client accounts managed by sub-advisor relationships will be voted by Cutler and in accordance with the sub-advisor's proxy policies and procedures. In the circumstance of securities owned by both sub-advisor and Cutler managed accounts, the proxies should be voted in accordance with Cutler's policy, with exceptions determined by the appropriate proxy administrator.

THE CUTLER TRUST

PART C. OTHER INFORMATION

Item 28. Exhibits

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|:---|:---|
| (a) | [(1) Trust Instrument of Registrant dated October 2, 1992 (Exhibit incorporated herein by reference to Post-Effective Amendment No. 4 filed via EDGAR on March 8, 1996, accession number 0000912057-96-004156).](http://www.sec.gov/Archives/edgar/data/892568/000091205796004156/0000912057-96-004156.txt) |
|  | [(2) Certificate of Amendment to Certificate of Trust dated November 20, 2015 (Exhibit incorporated herein by reference to Post-Effective Amendment No. 42 filed via EDGAR on December 9, 2015, accession number 0001111830-15-000956).](http://www.sec.gov/Archives/edgar/data/892568/000111183015000956/ex28a2.htm) |
|  | [(3) Agreement and Declaration of Trust Dated December 21, 2023, Amending and Restating Trust Instrument Dated October 2, 1992 (Exhibit incorporated herein by reference to Post-Effective Amendment No. 57 filed via EDGAR on October 25, 2024, accession number 0001580642-24-006362).](https://www.sec.gov/Archives/edgar/data/892568/000158064224006362/ex99a3.htm) |
| (b) | [By-Laws of Registrant as Amended and Restated on December 21, 2023 (Exhibit incorporated herein by reference to Post-Effective Amendment No. 57 filed via EDGAR on October 25, 2024, accession number 0001580642-24-006362).](https://www.sec.gov/Archives/edgar/data/892568/000158064224006362/ex99b.htm) |
| (c) | [Incorporated herein by reference to Trust Instrument of Registrant (in Post-Effective Amendment No. 4 filed via EDGAR on March 8, 1996, accession number 0000912057-96-004156).](http://www.sec.gov/Archives/edgar/data/892568/0000912057-96-004156.txt) |
| (d) | [(1) Investment Advisory Agreement between Registrant and Cutler Investment Counsel, LLC, on behalf of the Cutler Equity Fund (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 22 via EDGAR on October 29, 2007, accession number 0001144204-07-056648).](http://www.sec.gov/Archives/edgar/data/892568/000114420407056648/v090528_ex99-23d.txt) |
|  | [(2) Schedule A to the Investment Advisory Agreement between Registrant and Cutler Investment Counsel, LLC, on behalf of the Cutler Fixed Income Fund (formerly the Cutler Income Fund) (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 31 via EDGAR on October 29, 2012, accession number 0001111830-12-000776).](http://www.sec.gov/Archives/edgar/data/892568/000111183012000776/fp0005694_ex9928d2.htm) |
|  | [(3) Schedule A to the Investment Advisory Agreement between Registrant and Cutler Investment Counsel, LLC, on behalf of the Cutler Emerging Markets Fund – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 40 via EDGAR on October 23, 2015, accession number 0001111830-15-000809).](http://www.sec.gov/Archives/edgar/data/892568/000111183015000809/fp0016402_ex9928d3.htm) |

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| | |
|:---|:---|
|  | [(4) New Investment Advisory Agreement between Registrant and Cutler Investment Counsel, LLC, on behalf of the Cutler Equity Fund dated December 21, 2023 (Exhibit incorporated herein by reference to Post-Effective Amendment No. 57 filed via EDGAR on October 25, 2024, accession number 0001580642-24-006362).](https://www.sec.gov/Archives/edgar/data/892568/000158064224006362/ex99d4.htm) |
| (e) | [(1) Distribution Agreement between Registrant, Cutler Investment Counsel, LLC, and Ultimus Fund Distributors, LLC dated July 1, 2025 – filed herewith.](ex99e1.htm) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable

(g) [Custody Agreement between Registrant and US Bank, N.A. – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 37 via EDGAR on October 28, 2014, accession number 0001111830-14-000783).](http://www.sec.gov/Archives/edgar/data/892568/000111183014000783/fp0011979_ex9928g.htm)

(h) [(1) Mutual Fund Services Agreement between Registrant and Ultimus Fund Solutions, LLC (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 31 via EDGAR on October 29, 2012, accession number 0001111830-12-000776).](http://www.sec.gov/Archives/edgar/data/892568/000111183012000776/fp0005694_ex9928h1.htm)

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| |
|:---|
| [(2) Schedule A to the Mutual Fund Services Agreement between Registrant and Ultimus Fund Solutions, LLC, on behalf of the Cutler Emerging Markets Fund (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 40 via EDGAR on October 23, 2015, accession number 0001111830-15-000809).](http://www.sec.gov/Archives/edgar/data/892568/000111183015000809/fp0016402_ex9928h1i.htm) |
| [(3) Shareholder Service Plan adopted by Registrant (Exhibit incorporated by reference to Post-Effective Amendment No. 20 filed via EDGAR on October 27, 2006, accession number 0001111830-06-000782).](http://www.sec.gov/Archives/edgar/data/892568/000111183006000782/ex23h.txt) |
| [(4) Expense Limitation Agreement between the Registrant and Cutler Investment Counsel, LLC dated November 1, 2011 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 31 via EDGAR on October 29, 2012, accession number 0001111830-12-000776).](http://www.sec.gov/Archives/edgar/data/892568/000111183012000776/fp0005694_ex9928h4.htm) |
| [(5) Expense Limitation Agreement between the Registrant and Cutler Investment Counsel, LLC dated October 29, 2012 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 31 via EDGAR on October 29, 2012, accession number 0001111830-12-000776).](http://www.sec.gov/Archives/edgar/data/892568/000111183012000776/fp0005694_ex9928h5.htm) |
| [(6) Expense Limitation Agreement between the Registrant and Cutler Investment Counsel, LLC dated June 30, 2015 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 40 via EDGAR on October 23, 2015, accession number 0001111830-15-000809).](http://www.sec.gov/Archives/edgar/data/892568/000111183015000809/fp0016402_ex9928h6.htm) |
| [(7) Expense Limitation Agreement between the Registrant and Cutler Investment Counsel, LLC on behalf of the Cutler Equity Fund and Cutler Emerging Markets Fund dated August 22, 2018 and effective October 30, 2018 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 47 filed via EDGAR on October 26, 2018, accession number 0001398344-18-015408).](http://www.sec.gov/Archives/edgar/data/892568/000139834418015408/fp0036684_ex9928h8.htm) |
| [(8) Amendment to Mutual Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated April 12, 2018 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 47 filed via EDGAR on October 26, 2018, accession number 0001398344-18-015408).](http://www.sec.gov/Archives/edgar/data/892568/000139834418015408/fp0036684_ex9928h9.htm) |
| [(9) Expense Limitation Agreement between the Registrant and Cutler Investment Counsel, LLC on behalf of the Cutler Equity Fund and Cutler Emerging Markets Fund dated August 21, 2019, and effective October 31, 2019 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 49 via EDGAR on October 28, 2019, accession number 0001398344-19-018641).](https://www.sec.gov/Archives/edgar/data/892568/000139834419018641/fp0046551_ex9928h10.htm) |
| [(10) Amendment to Mutual Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated April 30, 2019 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 49 via EDGAR on October 28, 2019, accession number 0001398344-19-018641).](https://www.sec.gov/Archives/edgar/data/892568/000139834419018641/fp0046551_ex9928h11.htm) |
| [(11) Expense Limitation Agreement between the Registrant and Cutler Investment Counsel, LLC on behalf of the Cutler Equity Fund's Class II Shares dated September 15, 2020 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 52 via EDGAR on September 15, 2020, accession number 0001398344-20-018580).](https://www.sec.gov/Archives/edgar/data/892568/000139834420018580/fp0057709_ex9928h11.htm) |

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| |
|:---|
| [(12) Amendment to Mutual Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated January 1, 2020 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 52 via EDGAR on September 15, 2020, accession number 0001398344-20-018580).](https://www.sec.gov/Archives/edgar/data/892568/000139834420018580/fp0057709_ex9928h12.htm) |
| [(13) Amendment to the Mutual Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated February 1, 2020 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 52 via EDGAR on September 15, 2020, accession number 0001398344-20-018580).](https://www.sec.gov/Archives/edgar/data/892568/000139834420018580/fp0057709_ex9928h13.htm) |
| [(14) Expense Limitation Agreement between the Registrant and Cutler Investment Counsel, LLC on behalf of the Cutler Equity Fund dated October 28, 2021 – (Exhibit incorporated by referenced as filed in Post-Effective Amendment No. 54 via EDGAR on October 28, 2021, accession number 0001580642-21-005065.)](https://www.sec.gov/Archives/edgar/data/892568/000158064221005065/ex99h14.htm) |
| [(15) Expense Limitation Agreement between the Registrant and Cutler Investment Counsel, LLC on behalf of the Cutler Equity Fund dated October 31, 2022 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 55 via EDGAR on October 28, 2022, accession number 0001580642-22-005412.)](https://www.sec.gov/Archives/edgar/data/892568/000158064222005412/ex99h15.htm) |
| [(16) Expense Limitation Agreement between the Registrant and Cutler Investment Counsel, LLC on behalf of the Cutler Equity Fund dated October 31, 2023 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 56 via EDGAR on October 27, 2023, accession number 0001580642-23-005788.)](https://www.sec.gov/Archives/edgar/data/892568/000158064223005788/ex99h16.htm) |

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[(17) Expense Limitation Agreement between the Registrant and Cutler Investment Counsel, LLC on behalf of the Cutler Equity Fund dated December 21, 2023 (Exhibit incorporated herein by reference to Post-Effective Amendment No. 57 filed via EDGAR on October 25, 2024, accession number 0001580642-24-006362).](https://www.sec.gov/Archives/edgar/data/892568/000158064224006362/ex99h17.htm)

[(18) Tailored Shareholder Report Services Addendum dated April 4, 2024 to the Mutual Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated April 18, 2005 (Exhibit incorporated herein by reference to Post-Effective Amendment No. 57 filed via EDGAR on October 25, 2024, accession number 0001580642-24-006362).](https://www.sec.gov/Archives/edgar/data/892568/000158064224006362/ex99h18.htm)

[(19) Expense Limitation Agreement between the Registrant and Cutler Investment Counsel, LLC on behalf of the Cutler Equity Fund dated October 31, 2025 – filed herewith](ex99h19.htm).

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| | |
|:---|:---|
| (i) | [(1) Opinion of Counsel with respect to the Cutler Equity Fund (formerly the Cutler Value Fund) (Exhibit incorporated herein by reference to Post-Effective Amendment No. 18 filed via EDGAR on October 29, 2004, accession number 0001275235-04-000366).](http://www.sec.gov/Archives/edgar/data/892568/000127512504000366/opinion.txt) |
|  | [(2) Opinion of Counsel with respect to the Cutler Fixed Income Fund (formerly the Cutler Income Fund) (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 29 via EDGAR on September 28, 2012, accession number 0001111830-12-000729).](http://www.sec.gov/Archives/edgar/data/892568/000111183012000729/fp0005570_ex9928i2.htm) |
|  | [(3) Opinion of Counsel with respect to Federal Income Tax Consequences of the Reorganization of The Elite Income Fund into the Cutler Fixed Income Fund (formerly the Cutler Income Fund) (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 29 via EDGAR on September 28, 2012, accession number 0001111830-12-000729).](http://www.sec.gov/Archives/edgar/data/892568/000111183012000729/fp0005570_ex9928i3.htm) |
|  | [(4) Opinion of Counsel with respect to the Cutler Equity Fund (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 29 via EDGAR on September 28, 2012, accession number 0001111830-12-000729).](http://www.sec.gov/Archives/edgar/data/892568/000111183012000729/fp0005570_ex9928i4.htm) |
|  | [(5) Opinion of Counsel with respect to the Cutler Emerging Markets Fund – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 40 via EDGAR on October 23, 2015, accession number 0001111830-15-000809).](http://www.sec.gov/Archives/edgar/data/892568/000111183015000809/fp0016402_ex9928i5.htm) |
|  | [(6) Opinion of Counsel with respect to the Cutler Equity Fund's Class II Shares – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 52 via EDGAR on September 15, 2020, accession number 0001398344-20-018580).](https://www.sec.gov/Archives/edgar/data/892568/000139834420018580/fp0057709_ex9928i6.htm) |
|  | [(7) Consent of Thompson Hine - (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 56 via EDGAR on October 27, 2023, accession number 0001580642-23-005788.)](https://www.sec.gov/Archives/edgar/data/892568/000158064223005788/ex99i7.htm) |
|  | [(8) Consent of Squire Patton Boggs (US), LLP – filed herewith.](ex99i8.htm) |

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| | |
|:---|:---|
| (j) | [Consent of Independent Registered Public Accounting Firm – filed herewith.](ex99j.htm) |
| (k) | Not applicable |
| (l) | [Investment Representation letter (Exhibit incorporated by reference to Post-Effective Amendment No. 4 filed via EDGAR on March 8, 1996, accession number 0000912057-96-004156).](http://www.sec.gov/Archives/edgar/data/892568/0000912057-96-004156.txt) |
| (m) | Not applicable |
| (n) | [(1) Rule 18f-3 Plan for the Cutler Equity Fund – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 52 via EDGAR on September 15, 2020, accession number 0001398344-20-018580).](https://www.sec.gov/Archives/edgar/data/892568/000139834420018580/fp0057709_ex9928n1.htm) |
| (o) | Reserved |
| (p) | [(1) Code of Ethics of Registrant updated July 28, 2017 – (Exhibit incorporated herein by reference to Post-Effective Amendment No. 45 filed via EDGAR on October 30, 2017, accession number 0001398344-17-013898).](http://www.sec.gov/Archives/edgar/data/892568/000139834417013898/fp0028800_ex99p4.htm) |
|  | [(2) Code of Ethics of Ultimus Fund Distributors, LLC dated June 20, 2023 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 56 via EDGAR on October 27, 2023, accession number 0001580642-23-005788.)](https://www.sec.gov/Archives/edgar/data/892568/000158064223005788/ex99p2.htm) |

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| | |
|:---|:---|
|  | [(3) Code of Ethics of Cutler Investment Counsel, LLC revised April 27, 2018 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 47 filed via EDGAR on October 26, 2018, accession number 0001398344-18-015408).](http://www.sec.gov/Archives/edgar/data/892568/000139834418015408/fp0036684_ex9928p7.htm) |
| (Other Exhibits) | (Other Exhibits) |
| (q) | [(1) Power of Attorney for John P. Cooney – (Exhibit incorporated by reference to Post-Effective Amendment No. 26 filed via EDGAR on October 28, 2011, accession number 0001111830-11-00690).](http://www.sec.gov/Archives/edgar/data/892568/000111183011000690/fp0003552_ex99poa.htm) |
|  | [(2) Power of Attorney for Robert F. Turner – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 31 via EDGAR on October 29, 2012, accession number 0001111830-12-000776).](http://www.sec.gov/Archives/edgar/data/892568/000111183012000776/fp0005694_ex99poa.htm) |
|  | [(3) Power of Attorney for Edward T. Alter – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 35 via EDGAR on October 28, 2013, accession number 0001111830-13-000704).](http://www.sec.gov/Archives/edgar/data/892568/000111183013000704/fp0008518_ex99.htm) |
|  | [(4) Power of Attorney for John P. Cooney dated April 25, 2018 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 47 filed via EDGAR on October 26, 2018, accession number 0001398344-18-015408).](http://www.sec.gov/Archives/edgar/data/892568/000139834418015408/fp0036684_ex9928q4.htm) |
|  | [(5) Power of Attorney for Robert F. Turner dated April 25, 2018 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 47 filed via EDGAR on October 26, 2018, accession number 0001398344-18-015408).](http://www.sec.gov/Archives/edgar/data/892568/000139834418015408/fp0036684_ex9928q5.htm) |
|  | [(6) Power of Attorney for Edward T. Alter dated April 25, 2018 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 47 filed via EDGAR on October 26, 2018, accession number 0001398344-18-015408).](http://www.sec.gov/Archives/edgar/data/892568/000139834418015408/fp0036684_ex9928q6.htm) |
|  | [(7) Power of Attorney for Robert F. Turner dated August 10, 2023 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 56 via EDGAR on October 27, 2023, accession number 0001580642-23-005788.)](https://www.sec.gov/Archives/edgar/data/892568/000158064223005788/ex99q7.htm) |
|  | [(8) Power of Attorney for Michael Burrill Jr. dated August 10, 2023 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 56 via EDGAR on October 27, 2023, accession number 0001580642-23-005788.)](https://www.sec.gov/Archives/edgar/data/892568/000158064223005788/ex99q8.htm) |
|  | [(9) Power of Attorney for Matthew C. Patten dated August 10, 2023 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 56 via EDGAR on October 27, 2023, accession number 0001580642-23-005788.)](https://www.sec.gov/Archives/edgar/data/892568/000158064223005788/ex99q9.htm) |
|  | [(10) Power of Attorney for Edward T. Alter dated August 10, 2023 – (Exhibit incorporated by reference as filed in Post-Effective Amendment No. 56 via EDGAR on October 27, 2023, accession number 0001580642-23-005788.)](https://www.sec.gov/Archives/edgar/data/892568/000158064223005788/ex99q10.htm) |

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Item 29. Persons Controlled by or Under Common Control with Registrant.

No person is directly or indirectly controlled by or under common control with the Registrant.

Item 30. Indemnification

The general effect of Section 10.02 of the Registrant's Trust Instrument is to indemnify existing or former trustees and officers of the Registrant to the fullest extent permitted by law against liability and expenses. There is no indemnification if, among other things, any such person is adjudicated liable to the Registrant or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office. This description is modified in its entirety by the provisions of Section 10.02 of the Registrant's Trust Instrument.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 31. Business and Other Connections of Investment Adviser

The description of Cutler Investment Counsel, LLC under the caption "Management" in both the Prospectus and the Statement of Additional Information, constituting Parts A and B, respectively, of this Registration Statement, is incorporated by reference herein.

The following are the members and officers of Cutler Investment Counsel, LLC, including their business connections that are of a substantial nature. The address of Cutler Investment Counsel, LLC is 525 Bigham Knoll, Jacksonville, Oregon 97530 and, unless otherwise indicated below, that address is the principal business address of any company with which the members and officers are connected.

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| | | |
|:---|:---|:---|
| **Name** | **Title** | **Other Business Connections** |
| Brooke Cutler Ashland | Chief Compliance Officer | Member, Ashland Partners International, LLP (consulting); Member, Bigham Knoll, LLC (property management); Member, Moon and Back, LLC (real estate) |
| Carol S. Fischer | Director of Client Relations | Board member, Pacific Retirement Services (retirement home management company) |
| Erich M. Patten | Member, President, Chief Investment Officer and Portfolio Manager | Member, Moon and Back, LLC (real estate) and 26x26, LLC (consulting and investment holdings) |
| Matthew C. Patten | Member, Chief Executive Officer and Portfolio Manager | Member, Bigham Knoll, LLC (property management), Ashland Partners International, LLP; 26x26, LLC (consulting and investment holdings) |
| Brook Anderson | Chief Operating Officer |  |
| Jenny LeRoy | Member, Director of Institutional Services |  |
| Susan Niedwick | Member, Senior Wealth Advisor |  |

---

Item 32. Principal Underwriters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Ultimus Fund Distributors, LLC (the "Distributor"), 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, also acts as the principal underwriter for the following registered investment companies:

---

| | |
|:---|:---|
| Axxes Private Markets Fund<br> Axxes Opportunistic Credit Fund<br> Beacon Pointe Multi-Alternative Fund<br> Booster Income Opportunities Fund<br> Bruce Fund, Inc.<br> CM Advisors Family of Funds<br> Caldwell & Orkin Funds, Inc.<br> Cantor Select Portfolios Trust<br> Cantor Fitzgerald Infrastructure Fund<br> Capitol Series Trust<br> CAZ Strategic Opportunities Fund<br> Centaur Mutual Funds Trust<br> Chesapeake Investment Trust<br> Commonwealth International Series Trust<br> Conestoga Funds<br> Connors Funds<br> Dynamic Alternatives Fund<br> Eubel Brady & Suttman Mutual Fund Trust<br> Exchange Place Advisors Trust<br> Fairway Private Equity & Venture Capital Opportunities Fund<br> Fairway Private Markets Fund<br> Flat Rock Enhanced Income Fund<br> HC Capital Trust<br> Hussman Investment Trust<br> James Advantage Funds<br> Johnson Mutual Funds | Lind Capital Partners Municipal Credit Income Fund<br> MidBridge Private Markets Fund<br> MSS Series Trust<br> New Age Alpha Funds Trust<br> New Age Alpha Variable Funds Trust<br> Oak Associates Funds<br> OneAscent Capital Opportunities Fund<br> OneFund Trust<br> Papp Investment Trust<br> Peachtree Alternative Strategies Fund<br> Plumb Funds<br> Private Debt & Income Fund<br> RM Opportunity Trust<br> Schwartz Investment Trust<br> Segall Bryant & Hamill Trust<br> The Cutler Trust<br> The Investment House Funds<br> Williamsburg Investment Trust<br> Ultimus Managers Trust<br> Unified Series Trust<br> Valued Advisers Trust<br> VELA Funds<br> Volumetric Fund<br> Waycross Independent Trust<br> XD Fund Trust<br> Yorktown Funds<br> 83 Investment Group Income Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following list sets forth the directors and executive officers of the Distributor. The address of the persons named below is 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

---

| | | |
|:---|:---|:---|
| **Name** | **Position with Distributor** | **Position with Registrant** |
| Kevin Guerette | President | None |
| Stephen L. Preston | Vice President, Financial Operations Principal, Chief Compliance Officer and Anti-Money Laundering Compliance Officer | Anti-Money Laundering Officer |
| Douglas K. Jones | Vice President | None |
| Melvin Van Cleave | Chief Information Security Officer | None |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Inapplicable

Item 33. Location of Accounts and Records

Accounts and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules thereunder, are maintained at the offices of Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246. Accounts and records required to be maintained under Rule 31a-1(b)(1) with respect to journals of receipts and deliveries of securities and receipts and disbursements of cash are maintained at the offices of the Registrant's custodian. Accounts and records required to be maintained under Rule 31a-1(b)(5), (6) and (9) are maintained at the offices of Cutler Investment Counsel, LLC, the Registrant's investment adviser.

Item 34. Management Services Not Discussed in Parts A or B

Not applicable

Item 35. Undertakings

Not applicable

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed below on its behalf by the undersigned, thereunto duly authorized, in the City of Bellevue and State of Washington, on the 27<sup>th</sup> day of October, 2025.

---

| | |
|:---|:---|
| THE CUTLER TRUST | THE CUTLER TRUST |
| By: | /s/ Erich M. Patten |
|  | Erich M. Patten, President |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Erich M. Patten | President | October 27, 2025 |
| Erich M. Patten | (Chief Executive Officer) |  |
| /s/ Erich M. Patten | Treasurer (Chief Financial | October 27, 2025 |
| Matthew C. Patten | Officer and Chief Accounting |  |
|  | Officer) and Trustee |  |

---

---

| | | |
|:---|:---|:---|
| \* | Trustee | /s/ Tiffany R. Franklin |
| Robert F. Turner |  | Tiffany R. Franklin |
|  |  | Attorney-in-fact\* |
| \* | Trustee | October 27, 2025 |
| Michael Burrill Jr. |  |  |

---

INDEX TO EXHIBITS

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [(e)(1)](ex99e1.htm) | [Distribution Agreement between Registrant, Cutler Investment Counsel, LLC, and Ultimus Fund Distributors, LLC dated July 1, 2025](ex99e1.htm) |
| [(h)(19)](ex99h19.htm) | [Expense Limitation Agreement between the Registrant and Cutler Investment Counsel, LLC on behalf of the Cutler Equity Fund dated October 31, 2025](ex99h19.htm) |
| (i)(8) | [Consent of Squire Patton Boggs (US), LLP](ex99i8.htm) |
| (j) | [Consent of Independent Registered Public Accounting Firm](ex99j.htm) |

---

## Ex-99.E

**<u>DISTRIBUTION AGREEMENT</u>**

This Agreement made as of July 1, 2025 by and among Cutler Trust (the "Trust"), a Delaware business trust, Cutler Investment Counsel, LLC, an Oregon limited liability company, and Ultimus Fund Distributors, LLC, an Ohio limited liability company ("Distributor").

WHEREAS, the Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "Act"); and

WHEREAS, Distributor is a broker-dealer registered with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority ("FINRA"); and

WHEREAS, the Trust and Distributor are desirous of entering into an agreement providing for the distribution by Distributor of shares of beneficial interest (the "Shares") of each series of shares of the Trust listed on Schedule A attached hereto (the "Series"), as such Schedule A may be amended from time to time;

NOW, THEREFORE, in consideration of the premises and agreements of the parties contained herein, the parties agree as follows:

1. <u>Appointment</u>.

The Trust hereby appoints Distributor as its exclusive agent for the distribution of the Shares, and Distributor hereby accepts such appointment under the terms of this Agreement. While this Agreement is in force, the Trust shall not sell any Shares except on the terms set forth in this Agreement. Notwithstanding any other provision hereof, the Trust may terminate, suspend or withdraw the offering of Shares whenever, in its sole discretion, it deems such action to be desirable.

2. <u>Sale and Repurchase of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Distributor will have the right, as agent for the Trust, to enter into
dealer agreements with responsible investment dealers, and to sell Shares to such investment dealers against orders therefor at the public
offering price (as defined in subparagraph 2(d) hereof) stated in the Trust's effective Registration Statement on Form N-1A under the
Act and the Securities Act of 1933, as amended, including the then current prospectus and statement of additional information (the "Registration
Statement"). Upon receipt of an order to purchase Shares from a dealer with whom Distributor has a dealer agreement, Distributor
will promptly cause such order to be filled by the Trust. All dealer agreements shall be in such form as has been approved by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributor will also have the right, as agent for the Trust, to sell
such Shares to the public against orders therefor at the public offering price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributor will also have the right to take, as agent for the Trust,
all actions which, in Distributor's reasonable judgment, are necessary to carry into effect the distribution of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The public offering price for the Shares of each Series shall be the respective
net asset value of the Shares of that Series then in effect, plus any applicable sales charge determined in the manner set forth in the
Registration Statement or as permitted by the Act and the rules and regulations of the Securities and Exchange Commission promulgated
thereunder. In no event shall any applicable sales charge exceed the maximum sales charge permitted by the Rules of the FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The net asset value of the Shares of each Series shall be determined in
the manner provided in

the Registration Statement, and when determined shall be applicable to transactions as provided for in the Registration Statement. The net asset value of the Shares of each Series shall be calculated by the Trust or by another entity on behalf of the Trust. Distributor shall have no duty to inquire into or liability for the accuracy of the net asset value per Share as calculated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On every sale, the Trust shall receive the applicable net asset value
of the Shares promptly, but in no event later than the third business day following the date on which Distributor shall have received
an order for the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon receipt of purchase instructions, Distributor will transmit such
instructions to the Trust or its transfer agent for the issuance and registration of the Shares purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Nothing in this Agreement shall prevent Distributor or any affiliated
person (as defined in the Act) of Distributor from acting as distributor for any other person, firm or corporation (including other investment
companies) or in any way limit or restrict Distributor or any such affiliated person from buying, selling or trading any securities for
its or their own account or for the accounts of others from whom it or they may be acting; provided, however, that Distributor expressly
represents that it will undertake no activities which, in its reasonable judgment, will adversely affect the performance of its obligations
to the Trust under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Distributor, as agent of and for the account of the Trust, may repurchase
the Shares at such prices and upon such terms and conditions as shall be specified in the Registration Statement.

3. <u>Sale of Shares by the Trust</u>.

The Trust reserves the right to issue any Shares at any time directly to the holders of Shares ("Shareholders"), to sell Shares to its Shareholders or to other persons at not less than net asset value and to issue Shares in exchange for substantially all the assets of any corporation or trust or for the shares of any corporation or trust.

4. <u>Basis of Sale of Shares</u>.

Distributor does not agree to sell any specific number of Shares. Distributor, as agent for the Trust, undertakes to sell Shares on a best efforts basis only against orders therefor.

5. <u>Rules of FINRA, etc.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In providing services hereunder, Distributor will comply with the Rules
of FINRA, the federal securities laws and the rules thereunder and the securities laws and regulations of each state and other jurisdiction
in which it sells, directly or indirectly, any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributor will require each dealer with whom Distributor has a dealer
agreement to conform to the applicable provisions hereof and the Registration Statement with respect to the public offering price of the
Shares, and neither Distributor nor any such dealers shall withhold the placing of purchase orders so as to make a profit thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributor agrees to furnish to the Trust sufficient copies of any agreements,
plans or other materials it intends to use in connection with any sales of Shares in reasonably adequate time for the Trust to file and
clear them with the proper authorities before they are put in use, and not to use them until so filed and cleared. At the request of the
Trust, Distributor will assume responsibility for the review and clearance of all advertisements and sales literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributor, at its own expense, will qualify as dealer or broker, or
otherwise, under all applicable state or federal laws required in order that Shares may be sold in such States as may be mutually agreed
upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Distributor shall not make, or permit any representative, broker or dealer
to make, in connection with any sale or solicitation of a sale of the Shares, any representations concerning the Shares except those contained
in the then current prospectus and statement of additional information covering the Shares and in printed information approved by the
Trust as information supplemental to such prospectus and statement of additional information. Copies of the then effective prospectus
and statement of additional information and any such printed supplemental information will be supplied by the Trust to Distributor in
reasonable quantities upon request.

6. <u>Records to be supplied by Trust</u>.

The Trust shall furnish to Distributor copies of all information, financial statements and other papers which Distributor may reasonably request for use in connection with the distribution of the Shares, and this shall include, but shall not be limited to, one certified copy, upon request by Distributor, of all financial statements prepared for the Trust by independent public accountants.

7. <u>Fees and Expenses</u>.

For performing its services under this Agreement, Distributor will receive a fee from the Trust or the Adviser in accordance with agreements between them as permitted by applicable laws, including the Act and rules and regulations promulgated thereunder. The fee is $[REDACTED] per annum, and shall be paid on a monthly basis. The Trust or its investment adviser shall promptly reimburse Distributor for any expenses that are to be paid by the Trust in accordance with the following paragraph.

In the performance of its obligations under this Agreement, Distributor will pay only the costs incurred in qualifying as a broker or dealer under state and federal laws and in establishing and maintaining its relationships with the dealers selling the Shares. All other costs in connection with the offering of the Shares will be paid by the Trust or the Adviser in accordance with agreements between them as permitted by applicable laws, including the Act and rules and regulations promulgated thereunder. These costs include, but are not limited to, licensing fees, filing fees (including FINRA), travel and such other expenses as may be incurred by Distributor on behalf of the Trust.

Notwithstanding the foregoing, Distributor agrees that it shall not be entitled to receive any fee from the Trust or to be reimbursed by the Trust for any distribution or offering related costs unless and until the Trust has adopted a plan of distribution pursuant to Rule 12b-l which permits the payment of such fee or the reimbursement of such costs.

8. <u>Indemnification of Trust</u>.

Distributor agrees to indemnify and hold harmless the Trust and each person who has been, is, or may hereafter be a Trustee, officer, employee, shareholder or control person of the Trust against any loss, damage or expense (including the reasonable costs of investigation and reasonable attorneys' fees) reasonably incurred by any of them in connection with any claim or in connection with any action, suit or proceeding to which any of them may be a party, which arises out of or is alleged to arise out of or is based upon (i) any untrue statement or alleged untrue statement of a material fact, or the omission or alleged omission to state a material fact necessary to make the

statements not misleading, on the part of Distributor or any agent or employee of Distributor or any other person for whose acts Distributor is responsible, unless such statement or omission was made in reliance upon written information furnished by the Trust; (ii) Distributor's failure to exercise reasonable care and diligence with respect to its services, if any, rendered in connection with investment, reinvestment, automatic withdrawal and other plans for Shares; and (iii) Distributor's failure to comply with applicable laws and the Rules of the FINRA. The Distributor will advance attorneys' fees or other expenses incurred by any such person in defending a proceeding, upon the undertaking by or on behalf of such person to repay the advance if it is ultimately determined that such person is not entitled to indemnification. The term "expenses" for purposes of this and the next paragraph includes amounts paid in satisfaction of judgments or in settlements which are made with Distributor's consent. The foregoing rights of indemnification shall be in addition to any other rights to which the Trust or each such person may be entitled as a matter of law.

9. <u>Indemnification of Distributor</u>.

The Trust agrees to indemnify and hold harmless Distributor and each person who has been, is, or may hereafter be a director, officer, employee, shareholder or control person of Distributor against any loss, damage or expense (including the reasonable costs of investigation and reasonable attorneys' fees) reasonably incurred by any of them in connection with the matters to which this Agreement relates, except a loss resulting from the failure of Distributor or any such other person to comply with applicable law or the terms of this Agreement, or from willful misfeasance, bad faith or negligence, including clerical errors and mechanical failures, on the part of any of such persons in the performance of Distributor's duties or from the reckless disregard by any of such persons of Distributor's obligations and duties under this Agreement, for all of which exceptions Distributor shall be liable to the Trust. The Trust will advance attorneys' fees or other expenses incurred by any such person in defending a proceeding, upon the undertaking by or on behalf of such person to repay the advance if it is ultimately determined that such person is not entitled to indemnification.

In order that the indemnification provisions contained in this Paragraph 9 shall apply, it is understood that if in any case the Trust may be asked to indemnify Distributor or any other person or hold Distributor or any other person harmless, the Trust shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that Distributor will use all reasonable care to identify and notify the Trust promptly concerning any situation which presents or appears likely to present the probability of such a claim for indemnification against the Trust. The Trust shall have the option to defend Distributor and any such person against any claim which may be the subject of this indemnification, and in the event that the Trust so elects it will so notify Distributor, and thereupon the Trust shall take over complete defense of the claim, and neither Distributor nor any such person shall in such situation initiate further legal or other expenses for which it shall seek indemnification under this Paragraph 9. Distributor shall in no case confess any claim or make any compromise in any case in which the Trust will be asked to indemnify Distributor or any such person except with the Trust's written consent.

Notwithstanding any other provision of this Agreement, Distributor shall be entitled to receive and act upon advice of counsel (who may be counsel for the Trust or its own counsel) and shall be without liability for any action reasonably taken or thing reasonably done pursuant to such advice, provided that such action is not in violation of applicable federal or state laws or regulations.

10. <u>Representations of the Parties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust certifies to Distributor that: (1) as of the date of the execution
of this Agreement, each Series that is in existence as of such date has an unlimited number of authorized shares, and (2) this Agreement
has been duly authorized by the Trust and, when executed and

delivered by the Trust, will constitute a legal, valid and binding obligation of the Trust, enforceable against the Trust in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributor represents and warrants that: (1) the various procedures and
systems which Distributor has implemented with regard to safeguarding from loss or damage attributable to fire, theft, or any other cause
the records and other data of the Trust and Distributor's records, data, equipment facilities and other property used in the performance
of its obligations hereunder are adequate and that it will make such changes therein from time to time as are required for the secure
performance of its obligations hereunder, and (2) this Agreement has been duly authorized by Distributor and, when executed and delivered
by Distributor, will constitute a legal, valid and binding obligation of Distributor, enforceable against Distributor in accordance with
its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and
remedies of creditors and secured parties.

11. <u>Termination and Amendment of this Agreement</u>.

This Agreement shall automatically terminate, without the payment of any penalty, in the event of its assignment by Distributor. This Agreement may be amended only if such amendment is approved (i) by Distributor and (ii) by the Board of Trustees of the Trust, including the approval of a majority of the Trustees of the Trust who are not interested persons of the Trust or of Distributor by vote cast in person at a meeting called for the purpose of voting on such approval.

Either the Trust or Distributor may at any time terminate this Agreement on sixty (60) days' written notice delivered or mailed by registered mail, postage prepaid, to the other party.

12. <u>Effective Period of this Agreement</u>.

This Agreement shall take effect upon its execution and shall remain in full force and effect for an initial term of two (2) years from the date of its execution (unless terminated as set forth in Section 11), and shall continue in effect from year to year thereafter, subject to annual approval of such continuance by the Board of Trustees of the Trust, including the approval of majority of the Trustees of the Trust who are not interested persons of the Trust or of Distributor by vote cast in person at a meeting called for the purpose of voting on such approval.

13. <u>Successor Investment Company</u>.

Unless this Agreement has been terminated in accordance with Paragraph 11, the terms and provisions of this Agreement shall become automatically applicable to any investment company which is a successor to the Trust as a result of reorganization, recapitalization or change of domicile.

14. <u>Limitation of Liability</u>.

It is expressly agreed that the obligations of the Trust hereunder shall not be binding upon any of the Trustees, shareholders, nominees, officers, agents or employees of the Trust, personally, but bind only the trust property of the Trust. The execution and delivery of this Agreement have been authorized by the Trustees of the Trust and signed by an officer of the Trust, acting as such, and neither such authorization by such Trustees nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the trust property of the Trust. If a matter relates only to a particular series of the Trust, that series shall be solely responsible for all liabilities in connection with such

matter, and the Distributor agrees that resort shall be had solely to the assets of such series for the payment or performance thereof.

15. <u>Severability</u>.

In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

16. <u>Questions of Interpretation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by the laws of the State of Ohio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any question of interpretation of any term or provision of this Agreement
having a counterpart in or otherwise derived from a term or provision of the Act shall be resolved by reference to such term or provision
of the Act and to interpretation thereof, if any, by the United States courts or in the absence of any controlling decision of any such
court, by rules, regulations or orders of the Securities and Exchange Commission issued pursuant to said Act. In addition, where the effect
of a requirement of the Act, reflected in any provision of this Agreement is revised by rule, regulation or order of the Securities and
Exchange Commission, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

17. <u>Notices</u>.

Any notices under this Agreement shall be in writing, addressed and delivered or mailed postage paid to the other party, with a copy to the Trust's counsel, at such address as such other party may designate for the receipt of such notice. Such notice will be effective upon receipt. Until further notice to the other party, it is agreed that the address of the Trust and the Adviser for this purpose shall be 525 Bigham Knoll, Jacksonville, Oregon 97530, Attn.: Matthew C. Patten; and that the address of Distributor for this purpose shall be 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, Attn: Kevin Guerette.

18. <u>Execution</u> 

This Agreement may be executed by one or more counterparts, each of which shall be deemed an original, but all of which together will constitute one in the same instrument.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the Trust and Distributor have each caused this Agreement to be signed in duplicate on their behalf, all as of the day and year first above written.

THE CUTLER TRUST

By: <u>/s/ Erich M. Patten</u>

Name: Erich M. Patten

Its: President

ULTIMUS FUND DISTRIBUTORS, LLC

By: <u>/s/ Kevin Guerette</u>

Name: Kevin Guerette

Its: President

CUTLER INVESTMENT COUNSEL, LLC

By: <u>/s/ Matthew C. Patten</u>

Name: Matthew C. Patten

Its: Chief Executive Officer

SCHEDULE A

TO THE DISTRIBUTION AGREEMENT BETWEEN THE CUTLER TRUST,

CUTLER INVESTMENT COUNSEL, LLC AND

ULTIMUS FUND DISTRIBUTORS, LLC

<u>FUND PORTFOLIOS</u>

Cutler Equity Fund

## Ex-99.H

<u>EXPENSE LIMITATION AGREEMENT</u>

CUTLER INVESTMENT COUNSEL, LLC

525 Bigham Knoll

Jacksonville, OR 97530

October 31, 2025

The Cutler Trust

525 Bigham Knoll

Jacksonville, Oregon 97530

Dear Sirs:

Cutler Investment Counsel, LLC confirms our agreement with you as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You are an open-end management investment company registered under the Investment Company Act of 1940 (the "Act") and are authorized to issue shares of separate series (funds), with each fund having its own investment objective, policies and restrictions. You are engaged in the business of investing and reinvesting the assets of the Cutler Equity Fund (the "Fund") in accordance with applicable limitations. Pursuant to an Investment Advisory Agreement dated as of December 21, 2023 (the "Advisory Agreement"), you have employed us to manage the investment and reinvestment of the Fund's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. We hereby agree that, notwithstanding any provision to the contrary contained in the Advisory Agreement, we shall limit as provided herein the aggregate ordinary operating expenses incurred by the Fund, including but not limited to the fees ("Advisory Fees") payable to us under the Advisory Agreement ("Limitation"). Under the Limitation, we agree that the aggregate ordinary operating expenses of the Fund shall not exceed a percentage ("Percentage Expense Limitation") of the average daily net assets equal to 0.99% of the shares of the Fund on an annualized basis. To determine our liability for the Fund's expenses in excess of the applicable Percentage Expense Limitation, the amount of allowable fiscal-year-to-date expenses of the Fund shall be computed daily by prorating the applicable Percentage Expense Limitation based on the number of days elapsed within the fiscal year of the Fund, or limitation period, if shorter ("Prorated Limitation"). The applicable Prorated Limitation of the Fund shall be compared to the expenses of such Fund recorded through the current day in order to produce the allowable expenses to be

recorded for the current day ("Allowable Expenses"). Allowable Expenses include all of the Fund's ordinary operating expenses, excluding brokerage costs, taxes, interest, acquired fund fees and expenses and extraordinary expenses. If Advisory Fees and other expenses of the Fund for the current day exceed the applicable Allowable Expenses for the Fund, Advisory Fees for the Fund for the current day shall be reduced by such excess ("Unaccrued Fees"). In the event such excess exceeds the amount due as Advisory Fees with respect to the Fund, we shall be responsible to the Fund to pay or absorb the additional excess ("Other Expenses Exceeding Limit"). If there are cumulative Unaccrued Fees or cumulative Other Expenses Exceeding Limit for the Fund, these amounts shall be paid to us by the Fund subject to the following conditions: (1) no such payment shall be made to us with respect to Unaccrued Fees or Other Expenses Exceeding Limit that arose more than three years prior to the proposed date of payment, (2) such payment shall be made only to the extent that it does not cause the shares of the Fund's aggregate ordinary operating expenses, on an annualized basis, to exceed the applicable Percentage Expense Limitation; and (3) any such payment is subject to approval or ratification by the Cutler Trust's Board of Trustees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Nothing in this Agreement shall be construed as preventing us from voluntarily limiting, waiving or reimbursing the Fund's expenses outside the contours of this Agreement, nor shall anything herein be construed as requiring that we limit, waive or reimburse any of the Fund's expenses incurred after the Limitation period, or, except as expressly set forth herein, prior to such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement shall become effective on October 31, 2025 and supersedes any expense limitation agreement previously entered into with respect to the Fund and shall continue in effect until October 31, 2026 and from year to year thereafter provided each such continuance in regard to the Fund is specifically approved by a majority of the Trustees of the Trust who (i) are not "interested persons" of the Trust or any other party to this Agreement, as defined in the 1940 Act, and (ii) have no direct or indirect financial interest in the operation of this Agreement. Nevertheless, this Agreement may be terminated by either party hereto upon not less than 60 days' prior written notice to the other party, provided, however, that (1) we may not terminate this Agreement without the approval of your Board of Trustees, and (2) this Agreement will terminate automatically in regard to the Fund if, as and when we cease to serve as investment adviser of such Fund. Upon the termination or expiration hereof, we shall have no claim against you for any amounts not previously reimbursed to us pursuant to the provisions of paragraph 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Agreement shall be construed in accordance with the laws of the State of Delaware, provided, however, that nothing herein shall be construed as being inconsistent with the Act.

If the foregoing is in accordance with your understanding, will you kindly so indicate by signing and returning to us the enclosed copy hereof.

Very truly yours,

CUTLER INVESTMENT COUNSEL, LLC

By: <u>/s/ Matthew Patten</u> 

Its: <u>Chief Executive Officer</u> 

Agreed to and accepted as of the date first set forth above.

THE CUTLER TRUST

By: <u>/s/ Erich Patten</u> 

Its: <u>President</u>

## Ex-99.I

![](image_002.jpg)

October 25, 2025

The Cutler Trust

c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, Ohio 45246

**<u>Re: The Cutler Trust, File Nos. 33-52850 and 811-07242</u>**

Dear Sir/Madam:

This letter is in response to your request for our opinion in connection with the filing of Post Effective 485(b) Amendment No. 58 to the Registration Statement File No. 33-52850 and File No. 811-07242 (the "Registration Statement") of The Cutler Equity Fund (the "Fund"), filed for the purpose of the annual update.

We have examined a copy of the Fund's Amended and Restated Agreement and Declaration of Trust, the Fund's By-Laws, the Fund's record of the various actions by the Trustees thereof, and all such agreements, certificates of public officials, certificates of officers and representatives of the Fund and others, and such other documents, papers, statutes and authorities as we deem necessary to form the basis of the opinion hereinafter expressed. We have assumed the genuineness of the signatures and the conformity to original documents of the copies of such documents supplied to us as copies thereof.

Based upon the foregoing, we are of the opinion that, after the Registration Statement is effective for purposes of applicable federal and state securities laws, all shares of the Fund, if issued in accordance with the then current Prospectus and Statement of Additional Information of the Fund, will be legally issued, fully paid and non-assessable. The opinions expressed herein are limited to matters of Delaware statutory trust law and United States Federal law as such laws exist today; we express no opinion as to the effect of any applicable law of any other jurisdiction. We assume no obligation to update or supplement our opinion to reflect any facts or circumstances that may hereafter come to our attention, or changes in law that may hereafter occur.

We hereby give you our permission to file this opinion with the Securities and Exchange Commission as an exhibit to Post Effective Amendment No. 58 to the Registration Statement, and consent to all references to us in the Registration Statement. This opinion may not be filed with any subsequent amendment, or incorporated by reference into a subsequent amendment, without our prior written consent.

Very truly yours,

*<u>/s/Squire Ptton Boggs (US), LLP</u>*<br> Squire Patton Boggs (US), LLP

## Ex-99.J

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**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated August 27, 2025, relating to the financial statements and financial highlights of Cutler Equity Fund, a series of The Cutler Trust, which are included in Form N-CSR for the year ended June 30, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus and "Management" and "Other Matters" in the Statement of Additional Information.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 24, 2025

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