OMB APPROVAL
|
OMB Number: 3235-0578
Expires: January 31, 2016
Estimated average burden hours per response: 10.5
|
Investment Company Act file number
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811-07242
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The Cutler Trust
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(Exact name of registrant as specified in charter)
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525 Bigham Knoll Jacksonville, Oregon
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97530
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(Address of principal executive offices)
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(Zip code)
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Cutler Investment Counsel, LLC 25 Bigham Knoll Jacksonville, Oregon 97530
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(Name and address of agent for service)
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Registrant's telephone number, including area code:
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(541) 770-9000
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Date of fiscal year end:
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June 30
|
|
Date of reporting period:
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September 30, 2015
|
Item 1. | Schedule of Investments. |
CUTLER EQUITY FUND
|
||||||||
SCHEDULE OF INVESTMENTS
|
||||||||
September 30, 2015 (Unaudited)
|
||||||||
COMMON STOCKS - 97.6%
|
Shares
|
Value
|
||||||
Consumer Discretionary - 16.6%
|
||||||||
Hotels, Restaurants & Leisure - 3.5%
|
||||||||
McDonald's Corporation
|
39,655
|
$
|
3,907,207
|
|||||
Media - 4.4%
|
||||||||
Walt Disney Company (The)
|
48,992
|
5,006,983
|
||||||
Multiline Retail - 4.0%
|
||||||||
Target Corporation
|
57,650
|
4,534,749
|
||||||
Specialty Retail - 4.7%
|
||||||||
Home Depot, Inc. (The)
|
46,200
|
5,335,638
|
||||||
Consumer Staples - 10.6%
|
||||||||
Beverages - 3.0%
|
||||||||
PepsiCo, Inc.
|
35,495
|
3,347,179
|
||||||
Food & Staples Retailing - 4.9%
|
||||||||
Sysco Corporation
|
60,595
|
2,361,387
|
||||||
Wal-Mart Stores, Inc.
|
48,677
|
3,156,217
|
||||||
5,517,604
|
||||||||
Household Products - 2.7%
|
||||||||
Procter & Gamble Company (The)
|
42,630
|
3,066,802
|
||||||
Energy – 7.0%
|
||||||||
Energy Equipment & Services - 1.7%
|
||||||||
Schlumberger Ltd.
|
27,000
|
1,862,190
|
||||||
Oil, Gas & Consumable Fuels - 5.3%
|
||||||||
Chevron Corporation
|
43,820
|
3,456,522
|
||||||
Exxon Mobil Corporation
|
33,881
|
2,519,052
|
||||||
5,975,574
|
||||||||
Financials - 9.2%
|
||||||||
Banks - 3.1%
|
||||||||
M&T Bank Corporation
|
28,340
|
3,456,063
|
||||||
Capital Markets - 3.0%
|
||||||||
BlackRock, Inc.
|
11,484
|
3,416,146
|
CUTLER EQUITY FUND
|
||||||||
SCHEDULE OF INVESTMENTS (Continued)
|
||||||||
COMMON STOCKS - 97.6% (Continued)
|
Shares
|
Value
|
||||||
Financials - 9.2% (Continued)
|
||||||||
Consumer Finance - 3.1%
|
||||||||
American Express Company
|
47,395
|
$
|
3,513,391
|
|||||
Health Care - 13.3%
|
||||||||
Health Care Equipment & Supplies - 3.2%
|
||||||||
Becton, Dickinson & Company
|
27,525
|
3,651,466
|
||||||
Pharmaceuticals - 10.1%
|
||||||||
Bristol-Myers Squibb Company
|
78,990
|
4,676,208
|
||||||
Johnson & Johnson
|
37,170
|
3,469,820
|
||||||
Merck & Company, Inc.
|
65,290
|
3,224,673
|
||||||
11,370,701
|
||||||||
Industrials - 11.4%
|
||||||||
Aerospace & Defense - 2.5%
|
||||||||
United Technologies Corporation
|
32,010
|
2,848,570
|
||||||
Air Freight & Logistics - 3.3%
|
||||||||
United Parcel Service, Inc. - Class B
|
37,950
|
3,745,285
|
||||||
Machinery - 5.6%
|
||||||||
Caterpillar, Inc.
|
44,280
|
2,894,141
|
||||||
Deere & Company
|
45,944
|
3,399,856
|
||||||
6,293,997
|
||||||||
Information Technology - 13.6%
|
||||||||
Communications Equipment - 1.5%
|
||||||||
QUALCOMM, Inc.
|
32,639
|
1,753,693
|
||||||
IT Services - 2.4%
|
||||||||
International Business Machines Corporation
|
18,565
|
2,691,368
|
||||||
Semiconductors & Semiconductor Equipment - 6.5%
|
||||||||
Intel Corporation
|
104,965
|
3,163,645
|
||||||
Texas Instruments, Inc.
|
83,900
|
4,154,728
|
||||||
7,318,373
|
||||||||
Software - 3.2%
|
||||||||
Microsoft Corporation
|
81,425
|
3,603,871
|
||||||
Materials - 4.1%
|
||||||||
Chemicals - 4.1%
|
||||||||
E.I. du Pont de Nemours and Company
|
58,405
|
2,815,121
|
CUTLER EQUITY FUND
|
||||||||
SCHEDULE OF INVESTMENTS (Continued)
|
||||||||
COMMON STOCKS - 97.6% (Continued)
|
Shares
|
Value
|
||||||
Materials - 4.1% (Continued)
|
||||||||
Chemicals - 4.1% (Continued)
|
||||||||
Monsanto Company
|
21,715
|
$
|
1,853,158
|
|||||
4,668,279
|
||||||||
Telecommunication Services - 6.2%
|
||||||||
Diversified Telecommunication Services - 6.2%
|
||||||||
AT&T, Inc.
|
109,403
|
3,564,350
|
||||||
Verizon Communications, Inc.
|
78,286
|
3,406,224
|
||||||
6,970,574
|
||||||||
Utilities - 5.6%
|
||||||||
Gas Utilities - 2.3%
|
||||||||
National Fuel Gas Company
|
52,145
|
2,606,207
|
||||||
Multi-Utilities - 3.3%
|
||||||||
Dominion Resources, Inc.
|
53,243
|
3,747,242
|
||||||
Total Common Stocks (Cost $89,474,932)
|
$
|
110,209,152
|
||||||
MONEY MARKET FUNDS - 2.5%
|
Shares
|
Value
|
||||||
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.08% (a) (Cost $2,758,820)
|
2,758,820
|
$
|
2,758,820
|
|||||
Total Investments at Value - 100.1% (Cost $92,233,752)
|
$
|
112,967,972
|
||||||
Liabilities in Excess of Other Assets - (0.1%)
|
(64,382
|
)
|
||||||
Net Assets - 100.0%
|
$
|
112,903,590
|
(a) | The rate shown is the 7-day effective yield as of September 30, 2015. |
CUTLER FIXED INCOME FUND
|
|||||||||
SCHEDULE OF INVESTMENTS
|
|||||||||
September 30, 2015 (Unaudited)
|
|||||||||
U.S. TREASURY OBLIGATIONS - 10.6%
|
Coupon
|
Maturity
|
Par Value
|
Value
|
|||||
U.S. Treasury Notes
|
1.375
|
%
|
05/31/20
|
$
|
250,000
|
$
|
250,449
|
||
U.S. Treasury Notes
|
1.500
|
%
|
05/31/20
|
450,000
|
453,914
|
||||
U.S. Treasury Notes
|
2.125
|
%
|
05/15/25
|
900,000
|
905,414
|
||||
U.S. Treasury Bonds, Stripped Principal Payment
|
2.500
|
%(a)
|
11/15/44
|
600,000
|
248,491
|
||||
Total U.S. Treasury Obligations (Cost $1,886,518)
|
$
|
1,858,268
|
|||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS - 15.4%
|
Coupon
|
Maturity
|
Par Value
|
Value
|
|||||
Federal Farm Credit Bank - 5.6%
|
|||||||||
Federal Farm Credit Bank
|
2.250
|
%
|
08/15/22
|
$
|
65,000
|
$
|
64,598
|
||
Federal Farm Credit Bank
|
2.750
|
%
|
06/26/23
|
500,000
|
520,763
|
||||
Federal Farm Credit Bank
|
2.370
|
%
|
05/01/25
|
400,000
|
397,340
|
||||
982,701
|
|||||||||
Federal Home Loan Bank - 2.9%
|
|||||||||
Federal Home Loan Bank
|
1.749
|
%(b)
|
08/28/24
|
500,000
|
500,284
|
||||
Federal National Mortgage Association - 0.4%
|
|||||||||
Federal National Mortgage Association
|
2.200
|
%
|
10/25/22
|
64,000
|
64,006
|
||||
Financing Corporation (FICO) - 3.4%
|
|||||||||
Financing Corporation (FICO)
|
9.800
|
%
|
11/30/17
|
500,000
|
595,036
|
||||
Private Export Funding Corporation - 2.2%
|
|||||||||
Private Export Funding Corporation
|
4.300
|
%
|
12/15/21
|
350,000
|
392,045
|
||||
U.S. Department of Housing and Urban Development – 0.9%
|
|||||||||
U.S. Department of Housing and Urban Development
|
4.130
|
%
|
08/01/25
|
150,000
|
166,377
|
||||
Total U.S. Government Agency Obligations (Cost $2,615,097)
|
$
|
2,700,449
|
|||||||
OTHER GOVERNMENT OBLIGATIONS - 2.0%
|
Coupon
|
Maturity
|
Par Value
|
Value
|
|||||
Province of Manitoba (Cost $352,792)
|
1.300
|
%
|
04/03/17
|
$
|
350,000
|
$
|
353,123
|
CUTLER FIXED INCOME FUND
|
|||||||||
SCHEDULE OF INVESTMENTS (Continued)
|
|||||||||
MORTGAGE-BACKED SECURITIES - 60.3%
|
Coupon
|
Maturity
|
Par Value
|
Value
|
|||||
Commercial - 18.2%
|
|||||||||
Banc of America Commercial Mortgage Trust, IO,
Series 2004-4
|
0.171
|
%(b)(c)
|
07/10/42
|
$
|
9,846,359
|
$
|
10,536
|
||
Bear Stearns Commercial Mortgage Securities Trust,
Series 2005-T20
|
5.173
|
%(b)
|
10/12/42
|
200,000
|
199,306
|
||||
FREMF Mortgage Trust, IO,
Series 2011-K15
|
0.100
|
%(c)
|
08/25/44
|
117,266,163
|
494,863
|
||||
GS Mortgage Securities Trust,
Series 2005-GG4
|
4.939
|
%
|
07/10/39
|
800,000
|
776,022
|
||||
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2005-LDP2
|
4.842
|
%
|
07/15/42
|
149,544
|
149,517
|
||||
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2006-LDP8
|
5.549
|
%
|
05/15/45
|
500,000
|
505,408
|
||||
Merrill Lynch Mortgage Trust,
Series 2005-LC1
|
5.360
|
%(b)
|
01/12/44
|
210,000
|
211,050
|
||||
ML-CFC Commercial Mortgage Trust,
Series 2006-1
|
5.463
|
%(b)
|
02/12/39
|
522,256
|
525,225
|
||||
Morgan Stanley Capital I Trust, IO,
Series 1998-HF2
|
0.943
|
%(b)(c)
|
11/15/30
|
1,521,264
|
35,608
|
||||
Wachovia Bank Commercial Mortgage Trust, IO,
Series 2005-C21
|
0.034
|
%(b)(c)
|
10/15/44
|
546,840,765
|
287,091
|
||||
3,194,626
|
|||||||||
Federal Home Loan Mortgage Corporation - 3.5%
|
|||||||||
FHLMC, IO, Series K717
|
0.514
|
%(b)
|
09/25/21
|
19,941,682
|
531,845
|
||||
FHLMC, Pool #J13584
|
3.500
|
%
|
11/01/25
|
48,897
|
51,858
|
||||
FHLMC, Series 1963
|
7.500
|
%
|
01/01/27
|
24,304
|
27,993
|
||||
611,696
|
|||||||||
Federal National Mortgage Association - 32.3%
|
|||||||||
FANNIEMAE-ACES, IO, Series 2012-M14
|
4.206
|
%(b)(c)
|
02/25/17
|
12,398,589
|
551,179
|
||||
FANNIEMAE-ACES, IO, Series 2013-M13
|
0.000
|
%(b)(c)
|
05/25/18
|
160,264,870
|
327,742
|
||||
FANNIEMAE-ACES, Series 2006-M1
|
5.385
|
%
|
06/25/19
|
230,000
|
231,627
|
||||
FANNIEMAE-ACES, IO, Series 2009-M1
|
0.628
|
%(b)(c)
|
07/25/19
|
18,963,615
|
482,776
|
||||
FANNIEMAE-ACES, IO, Series 2010-M1
|
0.406
|
%(b)(c)
|
09/25/19
|
12,095,100
|
232,746
|
||||
FANNIEMAE-ACES, IO, Series 2010-M4
|
0.741
|
%(b)
|
06/25/20
|
16,027,223
|
558,549
|
||||
FANNIEMAE-ACES, IO, Series 2011-M9
|
0.096
|
%(b)(c)
|
01/25/21
|
42,022,218
|
438,586
|
||||
FANNIEMAE-ACES, IO, Series 2012-M1
|
0.076
|
%(b)(c)
|
10/25/21
|
92,314,994
|
1,041,682
|
||||
FANNIEMAE-ACES, IO, Series 2013-M5
|
2.340
|
%(b)(c)
|
01/25/22
|
6,734,655
|
669,452
|
||||
FANNIEMAE-ACES, IO, Series 2012-M4
|
0.639
|
%(b)(c)
|
04/25/22
|
13,530,736
|
498,161
|
||||
FANNIEMAE-ACES, IO, Series 2012-M14
|
0.517
|
%(b)
|
09/25/22
|
3,573,135
|
95,485
|
||||
FANNIEMAE-ACES, IO, Series 2014-M3
|
0.127
|
%(b)(c)
|
01/25/24
|
38,527,140
|
452,193
|
||||
FNMA, Series 2003-3
|
5.000
|
%
|
02/01/18
|
10,708
|
11,036
|
||||
FNMA, Pool #899237
|
5.000
|
%
|
03/01/22
|
11,662
|
12,620
|
CUTLER FIXED INCOME FUND
|
|||||||||
SCHEDULE OF INVESTMENTS (Continued)
|
|||||||||
MORTGAGE-BACKED SECURITIES - 60.3% (Continued)
|
Coupon
|
Maturity
|
Par Value
|
Value
|
|||||
Federal National Mortgage Association - 32.3% (Continued)
|
|||||||||
FNMA, Series 2002-93
|
6.500
|
%
|
03/01/32
|
$
|
48,788
|
$
|
55,330
|
||
5,659,164
|
|||||||||
Government National Mortgage Association - 6.3%
|
|||||||||
GNMA, Pool #577742
|
5.500
|
%
|
09/01/17
|
2,309
|
2,520
|
||||
GNMA, IO, Series 2011-121
|
5.891
|
%(b)
|
03/16/43
|
1,710,802
|
355,967
|
||||
GNMA, IO, Series 2010-100
|
0.166
|
%(b)(c)
|
07/16/50
|
15,279,111
|
407,708
|
||||
GNMA, IO, Series 2012-114
|
0.915
|
%(b)(c)
|
01/16/53
|
4,288,193
|
328,857
|
||||
1,095,052
|
|||||||||
Total Mortgage-Backed Securities (Cost $10,873,845)
|
$
|
10,560,538
|
|||||||
ASSET-BACKED SECURITIES - 0.2%
|
Coupon
|
Maturity
|
Par Value
|
Value
|
|||||
RSB Bond Company, LLC,
|
|||||||||
Series 2007-A (Cost $35,562)
|
5.720
|
%
|
04/01/16
|
$
|
35,045
|
$
|
35,072
|
||
CORPORATE BONDS - 5.8%
|
Coupon
|
Maturity
|
Par Value
|
Value
|
|||||
Energy - 1.2%
|
|||||||||
Buckeye Partners, L.P.
|
4.875
|
%
|
02/01/21
|
$
|
200,000
|
$
|
204,273
|
||
Financials - 1.7%
|
|||||||||
Finial Holdings, Inc.
|
7.125
|
%
|
10/15/23
|
250,000
|
300,129
|
||||
Industrials - 1.1%
|
|||||||||
Domtar Corporation
|
10.750
|
%
|
06/01/17
|
27,000
|
30,751
|
||||
Iron Mountain, Inc.
|
8.375
|
%
|
08/15/21
|
21,000
|
21,599
|
||||
Kinross Gold Corporation
|
5.125
|
%
|
09/01/21
|
100,000
|
87,269
|
||||
Valmont Industries, Inc.
|
6.625
|
%
|
04/20/20
|
51,000
|
58,537
|
||||
198,156
|
|||||||||
Telecommunication Services - 1.8%
|
|||||||||
Scripps Networks Interactive, Inc.
|
2.700
|
%
|
12/15/16
|
300,000
|
304,488
|
||||
Total Corporate Bonds (Cost $1,004,957)
|
$
|
1,007,046
|
CUTLER FIXED INCOME FUND
|
||||||||||
SCHEDULE OF INVESTMENTS (Continued)
|
||||||||||
MONEY MARKET FUNDS - 7.3%
|
Shares
|
Value
|
||||||||
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.08% (d) (Cost $1,269,876)
|
1,269,876
|
$
|
1,269,876
|
|||||||
Total Investments at Value - 101.6% (Cost $18,038,647)
|
$
|
17,784,372
|
||||||||
Liabilities in Excess of Other Assets - (1.6%)
|
(276,960
|
)
|
||||||||
Net Assets - 100.0%
|
$
|
17,507,412
|
(a) | Rate shown is the annualized yield at the time of purchase, not a coupon rate. |
(b) | Variable rate security. The rate shown is the effective interest rate as of September 30, 2015. |
(c) | Fair value priced (Note 1). Fair valued securities totaled $6,259,180 at September 30, 2015, representing 35.8% of net assets. |
(d) | The rate shown is the 7-day effective yield as of September 30, 2015. |
CUTLER EMERGING MARKETS FUND
|
||||||||
SCHEDULE OF INVESTMENTS
|
||||||||
September 30, 2015 (Unaudited)
|
||||||||
COMMON STOCKS - 79.8%
|
Shares
|
Value
|
||||||
Brazil - 4.7%
|
||||||||
Embraer SA - ADR
|
4,545
|
$
|
116,261
|
|||||
Itau Unibanco Holding SA - ADR
|
15,019
|
99,426
|
||||||
Vale SA - ADR
|
11,707
|
49,169
|
||||||
264,856
|
||||||||
Chile - 2.9%
|
||||||||
Empresa Nacional de Telecomunicaciones SA
|
8,590
|
81,026
|
||||||
Viña Concha Y Toro SA
|
49,300
|
81,644
|
||||||
162,670
|
||||||||
China - 5.1%
|
||||||||
Huaneng Power International, Inc. - ADR
|
3,931
|
166,281
|
||||||
Sinopec Shanghi Petrochemical Company Ltd. – ADR (a)
|
3,254
|
125,995
|
||||||
292,276
|
||||||||
Hong Kong - 14.1%
|
||||||||
China Overseas Land & Investment Ltd. (b)
|
47,000
|
142,898
|
||||||
China Resources Enterprise Ltd. (b)
|
36,000
|
66,981
|
||||||
China Resources Land Ltd. (b)
|
56,000
|
132,233
|
||||||
CITIC Ltd. (b)
|
60,000
|
109,543
|
||||||
COSCO Pacific Ltd.
|
12,000
|
15,530
|
||||||
Lenovo Group Ltd. - ADR
|
7,116
|
119,691
|
||||||
Shanghi Industrial Holdings Ltd. (b)
|
45,000
|
99,832
|
||||||
Tingyi (Cayman Islands) Holding Corporation (b)
|
70,000
|
111,816
|
||||||
798,524
|
||||||||
India - 6.3%
|
||||||||
Dr. Reddy's Laboratories Ltd. - ADR
|
1,826
|
116,700
|
||||||
ICICI Bank Ltd. - ADR
|
13,210
|
110,700
|
||||||
Infosys Ltd. - ADR
|
6,788
|
129,583
|
||||||
356,983
|
||||||||
Indonesia - 1.8%
|
||||||||
Telekomunikasi Indonesia Persero Tbk PT - ADR
|
2,922
|
104,169
|
||||||
Korea (Republic of) - 13.4%
|
||||||||
AMOREPACIFIC Group (b)
|
560
|
77,353
|
||||||
Dongbu Insurance Company Ltd. (b)
|
1,178
|
61,106
|
||||||
Korea Gas Corporation (b)
|
3,360
|
112,863
|
||||||
KT Corporation – ADR (a)
|
9,456
|
123,590
|
||||||
LG Corporation (b)
|
2,160
|
111,227
|
||||||
POSCO - ADR
|
1,501
|
52,565
|
||||||
Samsung Electronics Company Ltd. (b)
|
173
|
166,013
|
||||||
Samsung Fire & Marine Insurance Company Ltd. (b)
|
225
|
53,141
|
||||||
705,293
|
CUTLER EMERGING MARKETS FUND
|
||||||||
SCHEDULE OF INVESTMENTS (Continued)
|
||||||||
COMMON STOCKS - 79.8% (Continued)
|
Shares
|
Value
|
||||||
Malaysia - 5.6%
|
||||||||
CIMB Group Holdings Berhad (b)
|
97,800
|
$
|
99,314
|
|||||
Genting Berhad (b)
|
68,400
|
113,240
|
||||||
Malayan Banking Berhad (b)
|
53,700
|
104,743
|
||||||
317,297
|
||||||||
Mexico - 4.8%
|
||||||||
America Movil SAB de C.V. - Class L - ADR
|
9,767
|
161,644
|
||||||
Coca-Cola Femsa SAB de C.V. - Series L
|
15,550
|
108,026
|
||||||
269,670
|
||||||||
Philippines - 1.0%
|
||||||||
Universal Robina Corporation (b)
|
13,520
|
55,599
|
||||||
South Africa - 7.5%
|
||||||||
Liberty Holdings Ltd. (b)
|
11,165
|
102,015
|
||||||
Naspers Ltd. - ADR
|
891
|
111,375
|
||||||
Sasol Ltd. - ADR
|
3,802
|
105,772
|
||||||
Shoprite Holdings Ltd. (b)
|
350
|
3,975
|
||||||
Shoprite Holdings Ltd. - ADR
|
8,803
|
99,756
|
||||||
422,893
|
||||||||
Taiwan - 10.6%
|
||||||||
Cheng Shin Rubber Industry Company Ltd. (b)
|
33,000
|
54,170
|
||||||
CTCI Corporation (b)
|
104,000
|
124,426
|
||||||
Delta Electronics, Inc. (b)
|
35,000
|
164,799
|
||||||
Giant Manufacturing Company Ltd. (b)
|
15,000
|
109,184
|
||||||
President Chain Store Corporation (b)
|
24,000
|
149,419
|
||||||
601,998
|
||||||||
United States - 2.0%
|
||||||||
Southern Copper Corporation
|
4,290
|
114,629
|
||||||
Total Common Stocks (Cost $4,719,332)
|
$
|
4,519,422
|
||||||
EXCHANGE-TRADED NOTES - 3.1%
|
Shares
|
Value
|
||||||
iPath MSCI India Index ETN (a) (Cost $175,822)
|
2,635
|
$
|
174,384
|
CUTLER EMERGING MARKETS FUND
|
||||||||
SCHEDULE OF INVESTMENTS (Continued)
|
||||||||
EXCHANGE-TRADED FUNDS - 9.9%
|
Shares
|
Value
|
||||||
Global X MSCI Colombia ETF
|
6,906
|
$
|
56,975
|
|||||
iShares China Large-Cap ETF
|
542
|
19,225
|
||||||
iShares Currency Hedged MSCI Eurozone ETF
|
6,738
|
167,102
|
||||||
iShares MSCI Malaysia ETF
|
652
|
6,461
|
||||||
iShares MSCI Taiwan ETF
|
8,858
|
116,571
|
||||||
Market Vectors Poland ETF
|
7,206
|
112,990
|
||||||
WisdomTree Japan Hedged Equity Fund
|
1,687
|
82,090
|
||||||
Total Exchange-Traded Funds (Cost $588,918)
|
$
|
561,414
|
||||||
MONEY MARKET FUNDS - 5.9%
|
Shares
|
Value
|
||||||
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.08% (c) (Cost $335,135)
|
335,135
|
$
|
335,135
|
|||||
Total Investments at Value - 98.7% (Cost $5,819,207)
|
$
|
5,590,355
|
||||||
Other Assets in Excess of Liabilities - 1.3%
|
71,131
|
|||||||
Net Assets - 100.0%
|
$
|
5,661,486
|
(a) | Non-income producing security. |
(b) | Fair value priced (Note 1). Fair valued securities totaled $2,325,890 at September 30, 2015, representing 41.1% of net assets. |
(c) | The rate shown is the 7-day effective yield as of September 30, 2015. |
CUTLER EMERGING MARKETS FUND
|
||||
SUMMARY OF COMMON STOCKS BY SECTOR AND INDUSTRY
|
||||
September 30, 2015 (Unaudited)
|
||||
Sector/Industry
|
% of Net Assets
|
|||
Consumer Discretionary - 6.9%
|
||||
Auto Components
|
1.0
|
%
|
||
Hotels, Restaurants & Leisure
|
2.0
|
%
|
||
Leisure Products
|
1.9
|
%
|
||
Media
|
2.0
|
%
|
||
Consumer Staples - 13.7%
|
||||
Beverages
|
1.9
|
%
|
||
Food & Staples Retailing
|
7.4
|
%
|
||
Food Products
|
3.0
|
%
|
||
Personal Products
|
1.4
|
%
|
||
Energy - 1.9%
|
||||
Oil, Gas & Consumable Fuels
|
1.9
|
%
|
||
Financials – 9.3%
|
||||
Banks
|
7.3
|
%
|
||
Insurance
|
2.0
|
%
|
||
Health Care - 2.1%
|
||||
Pharmaceuticals
|
2.1
|
%
|
||
Industrials – 17.9%
|
||||
Aerospace & Defense
|
2.0
|
%
|
||
Construction & Engineering
|
2.2
|
%
|
||
Industrial Conglomerates
|
13.4
|
%
|
||
Transportation Infrastructure
|
0.3
|
%
|
||
Information Technology - 10.2%
|
||||
Electronic Equipment, Instruments & Components
|
2.9
|
%
|
||
IT Services
|
2.3
|
%
|
||
Technology Hardware, Storage & Peripherals
|
5.0
|
%
|
||
Materials - 6.0%
|
||||
Chemicals
|
2.2
|
%
|
||
Metals & Mining
|
3.8
|
%
|
||
Telecommunication Services – 6.9%
|
||||
Diversified Telecommunication Services
|
4.0
|
%
|
||
Wireless Telecommunication Services
|
2.9
|
%
|
||
Utilities - 4.9%
|
||||
Gas Utilities
|
2.0
|
%
|
||
Independent Power and Renewable Electricity Producers
|
2.9
|
%
|
||
79.8
|
%
|
· | Level 1 – quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement. |
· | Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which all significant inputs and significant value drivers are observable. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers. |
· | Level 3 – model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund’s own assumptions that market participants would use to price the asset or liability based on the best available information. |
Cutler Equity Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$
|
110,209,152
|
$
|
-
|
$
|
-
|
$
|
110,209,152
|
||||||||
Money Market Funds
|
2,758,820
|
-
|
-
|
2,758,820
|
||||||||||||
Total
|
$
|
112,967,972
|
$
|
-
|
$
|
-
|
$
|
112,967,972
|
Cutler Fixed Income Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
U.S. Treasury Obligations
|
$
|
-
|
$
|
1,858,268
|
$
|
-
|
$
|
1,858,268
|
||||||||
U.S. Government Agency Obligations
|
-
|
2,700,449
|
-
|
2,700,449
|
||||||||||||
Other Government Obligations
|
-
|
353,123
|
-
|
353,123
|
||||||||||||
Mortgage-Backed Securities
|
-
|
4,301,358
|
6,259,180
|
10,560,538
|
||||||||||||
Asset-Backed Securities
|
-
|
35,072
|
-
|
35,072
|
||||||||||||
Corporate Bonds
|
-
|
1,007,046
|
-
|
1,007,046
|
||||||||||||
Money Market Funds
|
1,269,876
|
-
|
-
|
1,269,876
|
||||||||||||
Total
|
$
|
1,269,876
|
$
|
10,255,316
|
$
|
6,259,180
|
$
|
17,784,372
|
Cutler Emerging Markets Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$
|
2,178,002
|
$
|
2,341,420
|
$
|
-
|
$
|
4,519,422
|
||||||||
Exchange-Traded Notes
|
174,384
|
-
|
-
|
174,384
|
||||||||||||
Exchange-Traded Funds
|
561,414
|
-
|
-
|
561,414
|
||||||||||||
Money Market Funds
|
335,135
|
-
|
-
|
335,135
|
||||||||||||
Total
|
$
|
3,248,935
|
$
|
2,341,420
|
$
|
-
|
$
|
5,590,355
|
Cutler Fixed
|
||||
Income Fund
|
||||
Balance as of June 30, 2015
|
$
|
3,670,488
|
||
Transfers in and/or out of Level 3
|
1,174,850
|
|||
Purchases
|
3,365,512
|
|||
Sales
|
(1,161,416
|
)
|
||
Realized gains
|
117,824
|
|||
Amortization
|
(828,696
|
)
|
||
Net change in unrealized appreciation (depreciation)
|
(79,382
|
)
|
||
Balance as of September 30, 2015
|
$
|
6,259,180
|
Fair Value at September 30, 2015
|
Valuation Technique
|
Unobservable Input
|
Range
|
Weighted Average of Unobservable Inputs
|
||||||||||
Mortgage-Backed Securities
|
$
|
6,259,180
|
Comprehensive pricing model with emphasis on discounted cash flows
|
Constant prepayment rate
|
0 - 100
|
45.00
|
Equity
|
Fixed Income
|
Markets
|
||||||||||
Fund
|
Fund
|
Fund
|
||||||||||
Cost of portfolio investments
|
$
|
92,252,247
|
$
|
18,038,647
|
$
|
5,825,876
|
||||||
Gross unrealized appreciation
|
$
|
26,092,609
|
$
|
366,784
|
$
|
72,359
|
||||||
Gross unrealized depreciation
|
(5,376,884
|
)
|
(621,059
|
)
|
(307,880
|
)
|
||||||
Net unrealized appreciation (depreciation)
|
$
|
20,715,725
|
$
|
(254,275
|
)
|
$
|
(235,521
|
)
|
Item 2. | Controls and Procedures. |
Item 3. | Exhibits. |
(Registrant)
|
The Cutler Trust
|
||
By (Signature and Title)*
|
/s/ Erich M. Patten
|
||
Erich M. Patten, President
|
|||
Date
|
November 30, 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
|
November 30, 2015
|
||
By (Signature and Title)*
|
/s/ Matthew C. Patten
|
||
Matthew C. Patten, Treasurer
|
|||
Date
|
November 30, 2015
|
* | Print the name and title of each signing officer under his or her signature. |
Date: November 30, 2015
|
/s/ Erich M. Patten
|
|
Erich M. Patten, President
|
Date: November 30, 2015
|
/s/ Matthew C. Patten
|
|
Matthew C. Patten, Treasurer
|