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 25 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
Date of reporting period:	March 31, 2015

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, 2015 (Unaudited)
COMMON STOCKS - 97.1%	Shares		Value
Consumer Discretionary - 18.7%
Hotels, Restaurants & Leisure - 3.1%
McDonald's Corporation		39,655	$	3,863,983
Media - 4.1%
Walt Disney Company (The)		48,992		5,138,771
Multiline Retail - 7.3%
Nordstrom, Inc.		54,385		4,368,203
Target Corporation		57,650		4,731,336
				9,099,539
Specialty Retail - 4.2%
Home Depot, Inc. (The)		46,200		5,248,782
Consumer Staples - 7.4%
Beverages - 2.7%
PepsiCo, Inc.		35,495		3,394,032
Food & Staples Retailing - 1.9%
Sysco Corporation		60,595		2,286,249
Household Products - 2.8%
Procter & Gamble Company (The)		42,630		3,493,102
Energy - 8.8%
Energy Equipment & Services - 1.8%
Schlumberger Ltd.		27,000		2,252,880
Oil, Gas & Consumable Fuels - 7.0%
Chevron Corporation		29,820		3,130,503
ConocoPhillips		44,330		2,759,986
Exxon Mobil Corporation		33,881		2,879,885
				8,770,374
Financials - 11.7%
Banks - 2.9%
M&T Bank Corporation		28,340		3,599,180
Capital Markets - 2.7%
BlackRock, Inc. - Class A		9,384		3,433,043

CUTLER EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.1% (Continued)	Shares		Value
Financials - 11.7% (Continued)
Consumer Finance - 3.0%
American Express Company		47,395	$	3,702,497
Insurance - 3.1%
Chubb Corporation (The)		37,670		3,808,437
Health Care - 13.3%
Health Care Equipment & Supplies - 3.2%
Becton, Dickinson & Company		27,525		3,952,315
Pharmaceuticals - 10.1%
Bristol-Myers Squibb Company		78,990		5,094,855
Johnson & Johnson		37,170		3,739,302
Merck & Company, Inc.		65,290		3,752,869
				12,587,026
Industrials - 10.6%
Aerospace & Defense - 3.0%
United Technologies Corporation		32,010		3,751,572
Air Freight & Logistics - 2.4%
United Parcel Service, Inc. - Class B		30,500		2,956,670
Machinery - 5.2%
Caterpillar, Inc.		30,280		2,423,309
Deere & Company		45,944		4,028,829
				6,452,138
Information Technology - 13.4%
Communications Equipment - 1.8%
QUALCOMM, Inc.		32,639		2,263,188
IT Services - 2.4%
International Business Machines Corporation		18,565		2,979,683
Semiconductors & Semiconductor Equipment - 6.5%
Intel Corporation		104,965		3,282,256
Texas Instruments, Inc.		83,900		4,797,821
				8,080,077
Software - 2.7%
Microsoft Corporation		81,425		3,310,333

CUTLER EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.1% (Continued)	Shares		Value
Materials - 5.3%
Chemicals - 5.3%
E.I. du Pont de Nemours and Company		58,405	$	4,174,205
Monsanto Company		21,715		2,443,806
				6,618,011
Telecommunication Services - 5.4%
Diversified Telecommunication Services - 5.4%
AT&T, Inc.		109,403		3,572,008
Verizon Communications, Inc.		64,760		3,149,279
				6,721,287
Utilities - 2.5%
Gas Utilities - 2.5%
National Fuel Gas Company		52,145		3,145,908
Total Common Stocks (Cost $84,495,112)			$	120,909,077
MONEY MARKET FUNDS - 2.8%	Shares		Value
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.04% (a) (Cost $3,419,302)		3,419,302	$	3,419,302
Total Investments at Value - 99.9% (Cost $87,914,414)			$	124,328,379
Other Assets in Excess of Liabilities - 0.1%				170,258
Net Assets - 100.0%			$	124,498,637

^(a) The rate shown is the 7-day effective yield as of March 31, 2015.

See accompanying notes to Schedules of Investments.

CUTLER FIXED INCOME FUND

SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

U.S. TREASURY OBLIGATIONS - 11.9%	Coupon			Maturity	Par Value		Value
U.S. Treasury Notes		1.375	%	05/31/20	$	1,000,000	$	998,203
U.S. Treasury Notes		2.500	%	05/15/24		750,000		787,852
U.S. Treasury Bonds, Stripped Principal Payment		2.500	%(a)	11/15/44		300,000		138,515
U.S. Treasury Bonds, Stripped Principal Payment		2.375	%(a)	11/15/44		300,000		135,516
Total U.S. Treasury Obligations (Cost $2,019,579)							$	2,063,086
U.S. GOVERNMENT AGENCY OBLIGATIONS - 34.7%	Coupon			Maturity	Par Value		Value
Federal Agricultural Mortgage Corporation - 9.1%
Farmer Mac		2.800	%	09/09/20	$	1,500,000	$	1,584,186
Federal Farm Credit Bank - 9.1%
Federal Farm Credit Bank		0.190	%	06/04/15		100,000		100,011
Federal Farm Credit Bank		2.680	%	07/09/21		500,000		502,154
Federal Farm Credit Bank		2.250	%	08/15/22		65,000		64,270
Federal Farm Credit Bank		2.750	%	06/26/23		500,000		519,833
Federal Farm Credit Bank		2.370	%	05/01/25		400,000		398,496
								1,584,764
Federal Home Loan Bank - 3.5%
Federal Home Loan Bank		1.250	%(b)	08/28/24		500,000		499,176
Federal Home Loan Bank		1.750	%(b)	08/28/24		100,000		99,676
								598,852
Federal Home Loan Mortgage Corporation - 2.9%
Federal Home Loan Mortgage Corporation		1.500	%	06/24/20		500,000		493,725
Federal National Mortgage Association - 3.3%
Federal National Mortgage Association		1.250	%(b)	01/30/20		500,000		499,415
Federal National Mortgage Association		2.200	%	10/25/22		64,000		63,782
								563,197
Financing Corporation (FICO) - 3.5%
Financing Corporation (FICO)		9.800	%	11/30/17		500,000		614,083
Private Export Funding Corporation - 2.3%
Private Export Funding Corporation		4.300	%	12/15/21		350,000		398,072

CUTLER FIXED INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

U.S. GOVERNMENT AGENCY OBLIGATIONS - 34.7% (Continued)	Coupon			Maturity	Par Value		Value
U.S. Department of Housing and Urban Development - 1.0%
U.S. Department of Housing and Urban Development		4.130	%	08/01/25	$	150,000	$	167,380
Total U.S. Government Agency Obligations (Cost $5,837,860)							$	6,004,259
OTHER GOVERNMENT OBLIGATIONS - 2.0%	Coupon			Maturity	Par Value		Value
Province of Manitoba (Cost $353,712)		1.300	%	04/03/17	$	350,000	$	353,313
MORTGAGE-BACKED SECURITIES - 11.7%	Coupon			Maturity	Par Value		Value
Federal Home Loan Mortgage Corporation - 3.9%
FHLMC, Series K717, IO		0.640	%(b)	09/01/21	$	19,988,779	$	579,874
FHLMC, Pool #J13584		3.500	%	11/01/25		55,096		58,897
FHLMC, Series 1963		7.500	%	01/01/27		26,093		30,168
								668,939
Federal National Mortgage Association - 7.8%
FNMA, Series 2003-3		5.000	%	02/01/18		14,791		15,408
FNMA, Pool #899237		5.000	%	03/01/22		13,766		14,899
FNMA, Series 2002-93		6.500	%	03/01/32		50,124		56,959
FNMA Multifamily REMIC Trust, Series 2013-M11, IO		6.500	%(b)	01/25/18		14,395,113		1,016,655
FNMA Multifamily REMIC Trust, Series 2006-M1		5.390	%(b)	06/01/19		236,864		244,893
								1,348,814
Government National Mortgage Association - 0.0% (c)
GNMA, Pool #577742		5.500	%	09/01/17		3,969		4,348
Total Mortgage-Backed Securities (Cost $2,036,135)							$	2,022,101

CUTLER FIXED INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

ASSET-BACKED SECURITIES - 15.7%	Coupon			Maturity	Par Value		Value
Banc of America Commercial Mortgage Trust,
Series 2004-4, IO		0.260	%(b)	07/01/42	$	10,005,824	$	23,173
Bear Stearns Commercial Mortgage Securities Trust,
Series 2005-T20		5.290	%(b)	10/12/42		200,000		195,304
FPL Recovery Funding,
Series 2007-A		5.127	%	08/01/17		27,486		27,900
FREMF Mortgage Trust,
Series 2011-K15, IO		0.100	%	08/01/44		121,066,684		621,435
GCCFC Commercial Mortgage Trust,
Series 2005-GG5		5.220	%(b)	04/01/37		425,841		428,983
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2005-LDP2		4.842	%(b)	07/01/42		525,000		527,585
Merrill Lynch Mortgage Trust,
Series 2005-LC1		5.550	%(b)	01/12/44		210,000		215,769
Morgan Stanley Capital I Trust,
Series 1998-HF2, IO		1.120	%(b)	11/01/30		1,616,018		35,244
RSB Bond Company, LLC,
Series 2007-A		5.720	%	04/01/16		68,576		69,493
Wachovia Bank Commercial Mortgage Trust,
Series 2005-C21, IO		0.020	%(a)	10/01/44		1,769,023,587		566,088
Total Asset-Backed Securities (Cost $2,781,808)							$	2,710,974
CORPORATE BONDS - 16.6%	Coupon			Maturity	Par Value		Value
Consumer Discretionary - 1.9%
Fortune Brands, Inc.		5.375	%	01/15/16	$	321,000	$	331,667
Energy - 1.2%
Buckeye Partners, L.P.		4.875	%	02/01/21		200,000		212,026
Financials - 8.0%
Bank of America Corporation		5.625	%	07/01/20		500,000		576,438
Finial Holdings, Inc.		7.125	%	10/15/23		250,000		303,960
International Finance Corporation		1.125	%(b)	03/15/19		500,000		499,127
								1,379,525
Industrials - 1.8%
Domtar Corporation		10.750	%	06/01/17		120,000		140,656

CUTLER FIXED INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

CORPORATE BONDS - 16.6% (Continued)	Coupon			Maturity	Par Value		Value
Industrials - 1.8% (Continued)
Iron Mountain, Inc.		8.375	%	08/15/21	$	21,000	$	21,866
Kinross Gold Corporation		5.125	%	09/01/21		100,000		95,648
Valmont Industries, Inc.		6.625	%	04/20/20		51,000		59,994
								318,164
Telecommunication Services - 2.9%
Scripps Networks Interactive, Inc.		2.700	%	12/15/16		300,000		308,851
Verizon Communications, Inc.		2.000	%	11/01/16		185,000		187,702
								496,553
Utilities - 0.8%
Sempra Energy		6.500	%	06/01/16		125,000		132,984
Total Corporate Bonds (Cost $2,816,395)							$	2,870,919
MONEY MARKET FUNDS - 6.9%					Shares		Value
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.04% (d) (Cost $1,201,822)						1,201,822	$	1,201,822
Total Investments at Value - 99.5% (Cost $17,047,311)							$	17,226,474
Other Assets in Excess of Liabilities - 0.5%								92,980
Net Assets - 100.0%							$	17,319,454

IO - Interest only strip.

(a)	The rate shown is the annualized yield at time of purchase, not a coupon rate.
(b)	Variable rate security.  The rate shown is the effective interest rate as of March 31, 2015.
(b)	Percentage rounds to less than 0.1%.
(c)	The rate shown is the 7-day effective yield as of March 31, 2015.

See accompanying notes to Schedules of Investments.

THE CUTLER FUNDS

NOTES TO SCHEDULES OF INVESTMENTS

March 31, 2015 (Unaudited)

1. Securities Valuation

Portfolio securities of Cutler Equity Fund and Cutler Fixed Income Fund (the “Funds”) 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 closing bid price. Investments in shares of other open-end investment companies are valued at net asset value per share.

The Funds value 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 Funds’ 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 Funds’ securities primarily trade but before the time as of which the Funds calculate their net asset values. Fair valued securities will be classified as Level 2 or 3 within the fair value hierarchy (see below), 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 Funds’ 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

Fixed income securities held by Cutler Fixed Income Fund are classified as Level 2 since the values for the fixed income securities are based on prices provided by an independent pricing service that utilizes various “other significant observable inputs” including bid and ask quotations, prices of similar securities and interest rates, among other factors.

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 each Fund’s investments as of March 31, 2015 by security type:

Cutler Equity Fund	Level 1		Level 2		Level 3		Total
Common Stocks	$	120,909,077	$	-	$	-	$	120,909,077
Money Market Funds		3,419,302		-		-		3,419,302
Total	$	124,328,379	$	-	$	-	$	124,328,379

THE CUTLER FUNDS

NOTES TO SCHEDULE OF INVESTMENTS (Continued)

Cutler Fixed Income Fund	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligations	$	-	$	2,063,086	$	-	$	2,063,086
U.S. Government Agency Obligations		-		6,004,259		-		6,004,259
Other Government Obligations		-		353,313		-		353,313
Mortgage-Backed Securities		-		2,022,101		-		2,022,101
Asset-Backed Securities		-		2,710,974		-		2,710,974
Corporate Bonds		-		2,870,919		-		2,870,919
Money Market Funds		1,201,822		-		-		1,201,822
Total	$	1,201,822	$	16,024,652	$	-	$	17,226,474

Refer to each Fund’s Schedule of Investments for a listing of the securities by security type and sector or industry type. As of March 31, 2015, the Funds did not have any transfers into and out of any Level. There were no Level 3 securities or derivative instruments held by the Funds as of March 31, 2015. It is the Funds’ policy to recognize transfers into and out of any Level at the end of the reporting period.

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, 2015:

	Cutler			Cutler
	Equity			Fixed Income
	Fund			Fund
Cost of portfolio investments	$	87,932,909		$	17,047,311
Gross unrealized appreciation	$	38,145,970		$	305,195
Gross unrealized depreciation		(1,750,500	)		(126,032	)
Net unrealized appreciation	$	36,395,470		$	179,163

The difference between the federal income tax cost of portfolio investments and the Schedule of Investments cost for Cutler Equity Fund 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 the tax deferral of losses on 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 26, 2015
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 26, 2015
By (Signature and Title)*		/s/ Matthew C. Patten
		Matthew C. Patten, Treasurer
Date	May 26, 2015

^* 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: May 26, 2015	/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: May 26, 2015	/s/ Matthew C. Patten
	Matthew C. Patten, Treasurer