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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, 2012                         

Date of reporting period:       March 31, 2012                      

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

March 31, 2012 (Unaudited)

Shares		COMMON STOCKS — 96.6%	Value
		Consumer Discretionary — 13.4%
		Hotels, Restaurants & Leisure — 3.4%
	17,300	McDonald's Corp.	$	1,697,130
		Media — 3.1%
	34,770	Walt Disney Co. (The)		1,522,231
		Multiline Retail — 3.6%
	31,950	Nordstrom, Inc.		1,780,254
		Specialty Retail — 3.3%
	32,980	Home Depot, Inc. (The)		1,659,224
		Consumer Staples — 11.1%
		Beverages — 2.3%
	17,640	PepsiCo, Inc.		1,170,414
		Food & Staples Retailing — 1.9%
	31,850	Sysco Corp.		951,041
		Food Products — 2.3%
	35,875	Archer-Daniels-Midland Co.		1,135,802
		Household Products — 4.6%
	14,740	Kimberly-Clark Corp.		1,089,139
	17,575	Procter & Gamble Co. (The)		1,181,216
				2,270,355
		Energy — 9.3%
		Oil, Gas & Consumable Fuels — 9.3%
	16,575	Chevron Corp.		1,777,503
	19,150	ConocoPhillips		1,455,591
	16,155	Exxon Mobil Corp.		1,401,123
				4,634,217
		Financials — 12.1%
		Capital Markets — 2.4%
	81,765	Charles Schwab Corp. (The)		1,174,963
		Commercial Banks — 2.7%
	15,500	M&T Bank Corp.		1,346,640
		Consumer Finance — 3.9%
	33,265	American Express Co.		1,924,713
		Insurance — 3.1%
	22,290	Chubb Corp. (The)		1,540,462

CUTLER EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Shares		COMMON STOCKS — 96.6% (Continued)	Value
		Health Care — 10.5%
		Health Care Equipment & Supplies — 2.3%
	14,740	Becton, Dickinson and Co.	$	1,144,561
		Pharmaceuticals — 8.2%
	44,490	Bristol-Myers Squibb Co.		1,501,538
	18,650	Johnson & Johnson		1,230,154
	35,330	Merck & Co., Inc.		1,356,672
				4,088,364
		Industrials — 14.2%
		Aerospace & Defense — 5.7%
	20,920	Honeywell International, Inc.		1,277,166
	18,650	United Technologies Corp.		1,546,831
				2,823,997
		Electrical Equipment — 2.4%
	22,850	Emerson Electric Co.		1,192,313
		Machinery — 2.9%
	13,400	Caterpillar, Inc.		1,427,368
		Road & Rail — 3.2%
	14,830	Union Pacific Corp.		1,593,928
		Information Technology — 11.0%
		IT Services — 4.6%
	11,000	International Business Machines Corp.		2,295,150
		Semiconductors & Semiconductor Equipment — 6.4%
	60,000	Intel Corp.		1,686,600
	45,130	Texas Instruments, Inc.		1,516,819
				3,203,419
		Materials — 7.7%
		Chemicals — 5.8%
	31,720	E.I. du Pont de Nemours and Co.		1,677,988
	14,880	Monsanto Co.		1,186,829
				2,864,817
		Metals & Mining — 1.9%
	21,835	Nucor Corp.		937,813
		Telecommunication Services — 5.3%
		Diversified Telecommunication Services — 5.3%
	41,205	AT&T, Inc.		1,286,832
	35,205	Verizon Communications, Inc.		1,345,887
				2,632,719

CUTLER EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Shares		COMMON STOCKS — 96.6% (Continued)	Value
		Utilities — 2.0%
		Gas Utilities — 2.0%
	21,130	National Fuel Gas Co.	$	1,016,776
		Total Common Stocks (Cost $33,956,367)	$	48,028,671

Shares		MONEY MARKET FUNDS — 3.3%	Value
	1,653,133	Fidelity Institutional Money Market Portfolio - Select Class, 0.17% (a)
		(Cost $1,653,133)	$	1,653,133
		Total Investments at Value — 99.9% (Cost $35,609,500)	$	49,681,804
		Other Assets in Excess of Liabilities — 0.1%		45,159
		Net Assets — 100.0%	$	49,726,963

(a) Variable rate security.  The rate shown is the 7-day effective yield as of March 31, 2012.

See accompanying notes to Schedule of Investments.

CUTLER EQUITY FUND

NOTES TO SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)

1.   Securities Valuation

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 (see below) within the fair value hierarchy, depending on the inputs used.  Investments in money market funds have been valued at amortized cost, which approximates fair value absent unusual circumstances.

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 March 31, 2012 by security type:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	48,028,671	$	-	$	-	$	48,028,671
Money Market Funds		1,653,133		-		-		1,653,133
Total	$	49,681,804	$	-	$	-	$	49,681,804

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 March 31, 2012, the Fund did not have any significant transfers in and out of any Level.  There were no Level 3 securities or derivative instruments held in the Fund during the quarter ended or as of March 31, 2012.  It is the Fund’s policy to recognize transfers into and out of any Level at the end of the reporting period.

CUTLER EQUITY FUND

NOTES TO SCHEDULE OF INVESTMENTS (Continued)

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, 2012:

Cost of portfolio investments	$	35,629,199
Gross unrealized appreciation	$	14,325,789
Gross unrealized depreciation		(273,184	)
Net unrealized appreciation	$	14,052,605

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	April 26, 2012

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	April 26, 2012
By (Signature and Title)*		/s/ Matthew C. Patten
		Matthew C. Patten, Treasurer
Date	April 26, 2012

* 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:  April 26, 2012 /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: April 26, 2012 /s/ Matthew C. Patten                                            Matthew C. Patten, Treasurer