-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QvE9D9A+adhDukxt9GJ/sUSSFgrOXp/HICtZBVgk86uo7MJkoGi8bdXWYd0HavV+ QT6WqTgVOlnbAYI7Oh0oQA== 0001111830-09-000507.txt : 20090505 0001111830-09-000507.hdr.sgml : 20090505 20090505142719 ACCESSION NUMBER: 0001111830-09-000507 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090331 FILED AS OF DATE: 20090505 DATE AS OF CHANGE: 20090505 EFFECTIVENESS DATE: 20090505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CUTLER TRUST CENTRAL INDEX KEY: 0000892568 IRS NUMBER: 133693851 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07242 FILM NUMBER: 09796966 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 0000892568 S000001540 Cutler Equity Fund C000004187 Cutler Equity Fund CALEX N-Q 1 nq-0309.txt THE CUTLER TRUST - FORM N-Q ------------------------- OMB APPROVAL ------------------------- OMB Number: 3235-0578 Expires: April 30, 2010 Estimated average burden hours per response: 10.5 ------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-07242 --------------------------------------------- The Cutler Trust - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 525 Bigham Knoll, Suite 100 Jacksonville, Oregon 97530 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Erich M. Patten Cutler Investment Counsel, LLC 525 Bigham Knoll Jacksonville, Oregon 97530 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (541) 770-9000 ---------------------------- Date of fiscal year end: June 30, 2009 -------------------------- Date of reporting period: March 31, 2009 -------------------------- Form N-Q is to be used by management investment companies other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS. CUTLER EQUITY FUND SCHEDULE OF INVESTMENTS MARCH 31, 2009 (UNAUDITED) ================================================================================ SHARES COMMON STOCKS -- 98.9% VALUE - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE -- 5.5% 18,000 Honeywell International, Inc. $ 501,480 19,800 United Technologies Corp. 851,004 ------------ 1,352,484 ------------ BEVERAGES -- 4.1% 19,430 PepsiCo, Inc. 1,000,256 ------------ CHEMICALS -- 3.1% 33,470 E.I. du Pont de Nemours & Co. 747,385 ------------ COMMERCIAL BANKS -- 2.0% 35,100 Wells Fargo & Co. 499,824 ------------ COMPUTERS & PERIPHERALS -- 5.0% 12,500 International Business Machines Corp. 1,211,125 ------------ CONSTRUCTION MATERIALS -- 3.2% 17,820 Vulcan Materials Co. 789,248 ------------ CONSUMER FINANCE -- 1.8% 32,465 American Express Co. 442,498 ------------ DIVERSIFIED FINANCIAL SERVICES -- 2.9% 26,500 JPMorgan Chase & Co. 704,370 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES -- 6.5% 32,770 AT&T, Inc. 825,804 25,450 Verizon Communications, Inc. 768,590 ------------ 1,594,394 ------------ ELECTRICAL EQUIPMENT -- 2.5% 21,800 Emerson Electric Co. 623,044 ------------ ENERGY EQUIPMENT & SERVICES -- 2.6% 40,570 Halliburton Co. 627,618 ------------ FOOD & STAPLES RETAILING -- 3.4% 36,520 Sysco Corp. 832,656 ------------ FOOD PRODUCTS -- 4.0% 34,960 Archer-Daniels-Midland Co. 971,189 ------------ CUTLER EQUITY FUND SCHEDULE OF INVESTMENTS (CONTINUED) ================================================================================ SHARES COMMON STOCKS -- 98.9% (CONTINUED) VALUE - -------------------------------------------------------------------------------- GAS UTILITIES -- 3.3% 26,290 National Fuel Gas Co. $ 806,314 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 3.1% 11,120 Becton, Dickinson & Co. 747,709 ------------ HOUSEHOLD PRODUCTS -- 3.4% 18,190 Kimberly-Clark Corp. 838,741 ------------ MACHINERY -- 2.2% 18,890 Caterpillar, Inc. 528,164 ------------ MEDIA -- 2.1% 22,060 McGraw-Hill Cos., Inc. (The) 504,512 ------------ METALS & MINING -- 3.2% 20,325 Nucor Corp. 775,805 ------------ MULTI-LINE RETAIL -- 2.1% 30,530 Nordstrom, Inc. 511,377 ------------ MULTI-UTILITIES -- 4.5% 28,000 Consolidated Edison, Inc. 1,109,080 ------------ OIL, GAS & CONSUMABLE FUELS -- 11.5% 16,540 Chevron Corp. 1,112,150 16,180 ConocoPhillips 633,609 15,565 Exxon Mobil Corp. 1,059,976 ------------ 2,805,735 ------------ PHARMACEUTICALS -- 5.7% 22,500 Bristol-Myers Squibb Co. 493,200 17,200 Johnson & Johnson 904,720 ------------ 1,397,920 ------------ ROAD & RAIL -- 2.4% 14,000 Union Pacific Corp. 575,540 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 6.0% 44,530 Intel Corp. 670,177 48,450 Texas Instruments, Inc. 799,910 ------------ 1,470,087 ------------ SPECIALTY RETAIL -- 2.8% 29,280 Home Depot, Inc. (The) 689,837 ------------ TOTAL COMMON STOCKS (Cost $27,538,522) $ 24,156,912 ------------ CUTLER EQUITY FUND SCHEDULE OF INVESTMENTS (CONTINUED) ================================================================================ SHARES MONEY MARKET FUNDS -- 0.7% VALUE - -------------------------------------------------------------------------------- 169,896 Fidelity Institutional Money Market Portfolio - Select Class, 0.93% (a) (Cost $169,896) $ 169,896 ------------ TOTAL INVESTMENTS AT VALUE -- 99.6% (Cost $27,708,418) $ 24,326,808 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.4% 98,823 ------------ NET ASSETS -- 100.0% $ 24,425,631 ============ (a) Variable rate security. The rate shown is the 7-day effective yield as of March 31, 2009. See accompanying notes to schedule of investments. CUTLER EQUITY FUND NOTES TO SCHEDULE OF INVESTMENTS MARCH 31, 2009 (UNAUDITED) ================================================================================ 1. SECURITIES VALUATION The Cutler Equity Fund's (the "Fund") portfolio securities are valued as of the close of business of the regular session of the principal exchange where the security is traded. Exchange traded securities for which market quotations are readily available are valued using the last reported sales price provided by independent pricing services as of the close of trading on the New York Stock Exchange (normally 4:00 p.m. Eastern time), on each Fund business day. In the absence of a sale, such securities are valued at the mean of the last bid and asked price. Securities which are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. Non-exchange traded securities for which over-the-counter quotations are available are generally valued at the mean between the closing bid and asked prices. Money market instruments that mature in sixty days or less may be valued at amortized cost unless the Fund's investment adviser believes another valuation is more appropriate. The Fund values securities at fair value pursuant to procedures adopted by the Board of Trustees if (1) market quotations are insufficient or not readily available or (2) the Fund's investment 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 net asset value. The Financial Accounting Standards Board's Statement on Financial Accounting Standards No. 157 "Fair Value Measurements" establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below: o Level 1 - quoted prices in active markets for identical securities o Level 2 - other significant observable inputs o Level 3 - significant unobservable inputs The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. As of March 31, 2009, all of the inputs used to value the Fund's investments were Level 1. 2. INVESTMENT TRANSACTIONS Investment transactions are accounted for on trade date. Gains and losses on securities sold are determined on a specific identification basis. 3. FEDERAL INCOME TAX The following information is computed on a tax basis for each item as of March 31, 2009: Cost of portfolio investments $ 27,745,487 ============ Gross unrealized appreciation $ 1,778,217 Gross unrealized depreciation (5,196,896) ------------ Net unrealized depreciation $ (3,418,679) ============ The difference between the federal income tax cost of portfolio investments and the schedule of investments cost is due to certain timing differences in the recognition of capital gains and losses under income tax regulations and accounting principles generally accepted in the United States of America. These "book/tax" differences are temporary in nature and are primarily due to losses deferred due to wash sales. ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant's principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that such information is recorded, processed, summarized, and reported on a timely basis. (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) The Cutler Trust ------------------------------------------------------------------- By (Signature and Title)* /s/ Erich M. Patten -------------------------------------------------- Erich M. Patten, President Date May 4, 2009 -------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Erich M. Patten -------------------------------------------------- Erich M. Patten, President Date May 4, 2009 -------------------------- By (Signature and Title)* /s/ Matthew C. Patten -------------------------------------------------- Matthew C. Patten, Treasurer Date May 4, 2009 -------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 ex99cert.txt CERTIFICATIONS REQUIRED BY RULE 30A-2(A) EX-99.CERT CERTIFICATIONS -------------- I, Erich M. Patten, certify that: 1. I have reviewed this report on Form N-Q of The Cutler Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 4, 2009 /s/ Erich M. Patten -------------------------------------------- Erich M. Patten, President CERTIFICATIONS -------------- I, Matthew C. Patten, certify that: 1. I have reviewed this report on Form N-Q of The Cutler Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 4, 2009 /s/ Matthew C. Patten -------------------------------------------- Matthew C. Patten, Treasurer -----END PRIVACY-ENHANCED MESSAGE-----