N-Q

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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                                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, 2011                                       

Date of reporting period:       September 30, 2010                              

Form N-Q is to be used by management investment companies other than small business investment companies registered on Form N-5 (§§ 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. § 3507.

Item 1. Schedule of Investments.

CUTLER EQUITY FUND
SCHEDULE OF INVESTMENTS
September 30, 2010 (Unaudited)
Shares	COMMON STOCKS — 98.9%	Value
	Consumer Discretionary — 5.7%
	Multiline Retail — 3.2%
29,380	Nordstrom, Inc.	$	1,092,936
	Specialty Retail — 2.5%
27,480	Home Depot, Inc. (The)		870,567
	Consumer Staples — 11.1%
	Beverages — 3.2%
16,430	PepsiCo, Inc.		1,091,609
	Food & Staples Retailing — 2.4%
28,770	Sysco Corp.		820,520
	Food Products — 3.0%
32,960	Archer-Daniels-Midland Co.		1,052,083
	Household Products — 2.5%
13,440	Kimberly-Clark Corp.		874,272
	Energy — 12.8%
	Energy Equipment & Services — 3.6%
37,520	Halliburton Co.		1,240,786
	Oil, Gas & Consumable Fuels — 9.2%
16,340	Chevron Corp.		1,324,357
16,900	ConocoPhillips		970,567
14,365	Exxon Mobil Corp.		887,613
			3,182,537
	Financials — 9.7%
	Consumer Finance — 3.7%
30,565	American Express Co.		1,284,647
	Insurance — 3.4%
20,440	Chubb Corp. (The)		1,164,876
	Thrifts & Mortgage Finance — 2.6%
71,460	Hudson City Bancorp, Inc.		876,100

CUTLER EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
Shares	COMMON STOCKS — 98.9% (Continued)	Value
	Health Care — 11.7%
	Health Care Equipment & Supplies — 2.7%
12,220	Becton, Dickinson and Co.	$	905,502
	Pharmaceuticals — 9.0%
36,790	Bristol-Myers Squibb Co.		997,377
17,100	Johnson & Johnson		1,059,516
28,550	Merck & Co., Inc.		1,050,926
			3,107,819
	Industrials — 16.8%
	Aerospace & Defense — 6.0%
19,200	Honeywell International, Inc.		843,648
17,100	United Technologies Corp.		1,218,033
			2,061,681
	Electrical Equipment — 3.2%
21,000	Emerson Electric Co.		1,105,860
	Machinery — 4.1%
17,890	Caterpillar, Inc.		1,407,585
	Road & Rail — 3.5%
14,900	Union Pacific Corp.		1,218,820
	Information Technology — 10.3%
	IT Services — 4.1%
10,650	International Business Machines Corp.		1,428,591
	Semiconductors & Semiconductor Equipment — 6.2%
45,930	Intel Corp.		883,234
45,800	Texas Instruments, Inc.		1,243,012
			2,126,246
	Materials — 7.6%
	Chemicals — 5.4%
31,170	E.I. du Pont de Nemours and Co.		1,390,805
10,130	Monsanto Co.		485,531
			1,876,336
	Metals & Mining — 2.2%
19,625	Nucor Corp.		749,675
	Telecommunication Services — 5.7%
	Diversified Telecommunication Services — 5.7%
31,770	AT&T, Inc.		908,622
32,175	Verizon Communications, Inc.		1,048,583
			1,957,205

CUTLER EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
Shares	COMMON STOCKS — 98.9% (Continued)	Value
	Utilities — 7.5%
	Gas Utilities — 3.8%
25,290	National Fuel Gas Co.	$	1,310,275
	Multi-Utilities — 3.7%
26,400	Consolidated Edison, Inc.		1,273,008
	Total Common Stocks (Cost $26,508,056)	$	34,079,536
Shares	MONEY MARKET FUNDS — 0.9%	Value
327,211	Fidelity Institutional Money Market Portfolio - Select Class, 0.20% (a)
	(Cost $327,211)	$	327,211
	Total Investments at Value — 99.8% (Cost $26,835,267)	$	34,406,747
	Other Assets in Excess of Liabilities — 0.2%		54,638
	Net Assets — 100.0%	$	34,461,385

(a) Variable rate security.  The rate shown is the 7-day effective yield as of September 30, 2010.

See accompanying notes to Schedule of Investments.

CUTLER EQUITY FUND

NOTES TO SCHEDULE OF INVESTMENTS

September 30, 2010 (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. Fair valued securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

Accounting principles generally accepted in the United States (“GAAP”) establish a single authoritative definition of fair value, set out a framework for measuring fair value and require 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:

· Level 1 – quoted prices in active markets for identical securities

· Level 2 – other significant observable inputs

· Level 3 – significant unobservable inputs

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

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2010 by security type:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	34,079,536	$	-	$	-	$	34,079,536
Money Market Funds		327,211		-		-		327,211
Total	$	34,406,747	$	-	$	-	$	34,406,747

See the Fund’s Schedule of Investments for a listing of the common stocks valued using Level 1 inputs by industry type. During the quarter ended September 30, 2010, the Fund did not have any significant transfers in and out of Level 1 or Level 2. There were no Level 3 securities or derivative instruments held in the Fund during the quarter ended or as of September 30, 2010.

2.  Investment Transactions

Investment transactions are accounted for on trade date. Gains and losses on securities sold are determined on a specific identification basis.

CUTLER EQUITY FUND

NOTES TO SCHEDULE OF INVESTMENTS (Continued)

3.  Federal Income Tax

The following information is computed on a tax basis for each item as of September 30, 2010:

Cost of portfolio investments	$	26,847,547
Gross unrealized appreciation	$	8,997,147
Gross unrealized depreciation		(1,437,947	)
Net unrealized appreciation	$	7,559,200

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 GAAP. These “book/tax” differences are temporary in nature and are 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	November 3, 2010

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	November 3, 2010
By (Signature and Title)*		/s/ Matthew C. Patten
		Matthew C. Patten, Treasurer
Date	November 3, 2010

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

EX-99.CERT

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 end 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:  November 3, 2010	/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 end 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: November 3, 2010	/s/ Matthew C. Patten
	Matthew C. Patten, Treasurer