OMB APPROVAL
|
OMB Number: 3235-0578
Expires: March 31, 2019
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)
|
(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)
|
Registrant's telephone number, including area code:
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(541) 770-9000
|
Date of fiscal year end:
|
June 30
|
|
Date of reporting period:
|
March 31, 2016
|
Item 1. | Schedule of Investments. |
COMMON STOCKS - 96.7%
|
Shares
|
Value
|
||||||
Consumer Discretionary - 16.2%
|
||||||||
Hotels, Restaurants & Leisure - 4.0%
|
||||||||
McDonald's Corporation
|
39,655
|
$
|
4,983,840
|
|||||
Media - 3.9%
|
||||||||
Walt Disney Company (The)
|
48,992
|
4,865,396
|
||||||
Multiline Retail - 3.9%
|
||||||||
Target Corporation
|
57,650
|
4,743,442
|
||||||
Specialty Retail - 4.4%
|
||||||||
Home Depot, Inc. (The)
|
40,700
|
5,430,601
|
||||||
Consumer Staples - 10.8%
|
||||||||
Beverages - 3.0%
|
||||||||
PepsiCo, Inc.
|
35,495
|
3,637,528
|
||||||
Food & Staples Retailing - 5.0%
|
||||||||
Sysco Corporation
|
60,595
|
2,831,604
|
||||||
Wal-Mart Stores, Inc.
|
48,677
|
3,333,888
|
||||||
6,165,492
|
||||||||
Household Products - 2.8%
|
||||||||
Procter & Gamble Company (The)
|
42,630
|
3,508,875
|
||||||
Energy - 8.3%
|
||||||||
Energy Equipment & Services - 1.6%
|
||||||||
Schlumberger Ltd.
|
27,000
|
1,991,250
|
||||||
Oil, Gas & Consumable Fuels - 6.7%
|
||||||||
Chevron Corporation
|
43,820
|
4,180,428
|
||||||
Exxon Mobil Corporation
|
49,563
|
4,142,971
|
||||||
8,323,399
|
||||||||
Financials - 8.1%
|
||||||||
Banks - 2.5%
|
||||||||
M&T Bank Corporation
|
28,340
|
3,145,740
|
||||||
Capital Markets - 3.2%
|
||||||||
BlackRock, Inc.
|
11,484
|
3,911,106
|
COMMON STOCKS - 96.7% (Continued)
|
Shares
|
Value
|
||||||
Financials - 8.1% (Continued)
|
||||||||
Consumer Finance - 2.4%
|
||||||||
American Express Company
|
47,395
|
$
|
2,910,053
|
|||||
Health Care - 12.9%
|
||||||||
Health Care Equipment & Supplies - 3.4%
|
||||||||
Becton, Dickinson & Company
|
27,525
|
4,178,846
|
||||||
Pharmaceuticals - 9.5%
|
||||||||
Bristol-Myers Squibb Company
|
71,490
|
4,566,781
|
||||||
Johnson & Johnson
|
37,170
|
4,021,794
|
||||||
Merck & Company, Inc.
|
60,290
|
3,189,944
|
||||||
11,778,519
|
||||||||
Industrials - 11.4%
|
||||||||
Aerospace & Defense - 2.6%
|
||||||||
United Technologies Corporation
|
32,010
|
3,204,201
|
||||||
Air Freight & Logistics - 3.2%
|
||||||||
United Parcel Service, Inc. - Class B
|
37,950
|
4,002,586
|
||||||
Machinery - 5.6%
|
||||||||
Caterpillar, Inc.
|
44,280
|
3,389,191
|
||||||
Deere & Company
|
45,944
|
3,537,229
|
||||||
6,926,420
|
||||||||
Information Technology - 12.2%
|
||||||||
Communications Equipment - 2.2%
|
||||||||
QUALCOMM, Inc.
|
51,924
|
2,655,393
|
||||||
Semiconductors & Semiconductor Equipment - 6.4%
|
||||||||
Intel Corporation
|
104,965
|
3,395,618
|
||||||
Texas Instruments, Inc.
|
78,900
|
4,530,438
|
||||||
7,926,056
|
||||||||
Software - 3.6%
|
||||||||
Microsoft Corporation
|
81,425
|
4,497,103
|
||||||
Materials - 4.5%
|
||||||||
Chemicals - 4.5%
|
||||||||
E.I. du Pont de Nemours and Company
|
58,405
|
3,698,205
|
||||||
Monsanto Company
|
21,715
|
1,905,274
|
||||||
5,603,479
|
COMMON STOCKS - 96.7% (Continued)
|
Shares
|
Value
|
||||||
Telecommunication Services - 6.9%
|
||||||||
Diversified Telecommunication Services - 6.9%
|
||||||||
AT&T, Inc.
|
109,403
|
$
|
4,285,315
|
|||||
Verizon Communications, Inc.
|
78,286
|
4,233,707
|
||||||
8,519,022
|
||||||||
Utilities - 5.4%
|
||||||||
Gas Utilities - 2.1%
|
||||||||
National Fuel Gas Company
|
52,145
|
2,609,857
|
||||||
Multi-Utilities - 3.3%
|
||||||||
Dominion Resources, Inc.
|
53,243
|
3,999,614
|
||||||
Total Common Stocks (Cost $88,304,602)
|
$
|
119,517,818
|
MONEY MARKET FUNDS - 3.4%
|
Shares
|
Value
|
||||||
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.35% (a) (Cost $4,203,509)
|
4,203,509
|
$
|
4,203,509
|
|||||
Total Investments at Value - 100.1% (Cost $92,508,111)
|
$
|
123,721,327
|
||||||
Liabilities in Excess of Other Assets - (0.1%)
|
(132,716
|
)
|
||||||
Net Assets - 100.0%
|
$
|
123,588,611
|
(a)
|
The rate shown is the 7-day effective yield as of March 31, 2016.
|
U.S. TREASURY OBLIGATIONS - 2.8%
|
Coupon
|
Maturity
|
Par Value
|
Value
|
||||||
U.S. Treasury Notes
|
2.125%
|
05/15/25
|
$
|
200,000
|
$
|
206,180
|
||||
U.S. Treasury Bonds, Stripped Principal Payment
|
2.500%(a)
|
11/15/44
|
600,000
|
273,321
|
||||||
Total U.S. Treasury Obligations (Cost $476,517)
|
$
|
479,501
|
U.S. GOVERNMENT AGENCY OBLIGATIONS - 15.0%
|
Coupon
|
Maturity
|
Par Value
|
Value
|
||||||
Federal Farm Credit Bank - 5.9%
|
||||||||||
Federal Farm Credit Bank
|
2.250%
|
08/15/22
|
$
|
65,000
|
$
|
64,058
|
||||
Federal Farm Credit Bank
|
2.750%
|
06/26/23
|
500,000
|
531,525
|
||||||
Federal Farm Credit Bank
|
2.370%
|
05/01/25
|
400,000
|
406,291
|
||||||
1,001,874
|
||||||||||
Federal Home Loan Bank - 5.3%
|
||||||||||
Federal Home Loan Bank
|
2.780%
|
11/04/21
|
500,000
|
534,241
|
||||||
Federal Home Loan Bank
|
2.125%
|
03/10/23
|
350,000
|
358,964
|
||||||
893,205
|
||||||||||
Federal National Mortgage Association - 0.4%
|
||||||||||
Federal National Mortgage Association
|
2.200%
|
10/25/22
|
64,000
|
64,004
|
||||||
Private Export Funding Corporation - 2.4%
|
||||||||||
Private Export Funding Corporation
|
4.300%
|
12/15/21
|
350,000
|
398,285
|
||||||
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
|
166,891
|
||||||
Total U.S. Government Agency Obligations (Cost $2,438,155)
|
$
|
2,524,259
|
MORTGAGE-BACKED SECURITIES - 75.2%
|
Coupon
|
Maturity
|
Par Value
|
Value
|
||||||
Commercial - 20.0%
|
||||||||||
Banc of America Commercial Mortgage Trust, IO, Series 2004-4
|
0.082%(b)
|
07/10/42
|
$
|
2,270,622
|
$
|
1,952
|
||||
Bear Stearns Commercial Mortgage Securities Trust, Series 2005-T20
|
5.141%(b)
|
10/12/42
|
200,000
|
196,246
|
||||||
Credit Suisse First Boston Mortgage Securities Corporation, IO, Series 2004-C1
|
0.955%(b)
|
01/15/37
|
9,033,538
|
155,552
|
MORTGAGE-BACKED SECURITIES - 75.2% (Continued)
|
Coupon
|
Maturity
|
Par Value
|
Value
|
||||||
Commercial - 20.0% (Continued)
|
||||||||||
FREMF Mortgage Trust, IO, Series 2011-K15 (c)
|
0.100%(b)
|
08/25/44
|
$
|
116,405,261
|
$
|
369,936
|
||||
GMAC Commercial Mortgage Securities, Inc., IO, Series 1997-C1
|
1.339%(b)
|
07/15/29
|
9,497,648
|
272,656
|
||||||
GS Mortgage Securities Trust, Series 2005-GG4
|
4.939%(b)
|
07/10/39
|
789,897
|
760,276
|
||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2005-LDP2
|
4.842%(b)
|
07/15/42
|
98,101
|
98,046
|
||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP8
|
5.549%(b)
|
05/15/45
|
500,000
|
497,690
|
||||||
LB Commercial Conduit Mortgage Trust, IO, Series 1999-C2
|
1.215%(b)
|
10/15/32
|
2,254,954
|
2,235
|
||||||
Merrill Lynch Mortgage Trust, IO, Series 2008-C1 (c)
|
0.370%(b)
|
02/12/51
|
119,701,081
|
685,768
|
||||||
Morgan Stanley Capital I Trust, IO, Series 1998-HF2
|
0.757%(b)
|
11/15/30
|
1,422,655
|
20,122
|
||||||
Wachovia Bank Commercial Mortgage Trust, IO, Series 2005-C21 (c)
|
0.045%(b)
|
10/15/44
|
397,838,736
|
318,271
|
||||||
3,378,750
|
||||||||||
Federal Home Loan Mortgage Corporation - 3.3%
|
||||||||||
FHLMC, IO, Series K717
|
0.512%(b)
|
09/25/21
|
19,887,257
|
483,714
|
||||||
FHLMC, Pool #J13584
|
3.500%
|
11/01/25
|
43,988
|
46,803
|
||||||
FHLMC, Series 1963
|
7.500%
|
01/01/27
|
22,186
|
25,516
|
||||||
556,033
|
||||||||||
Federal National Mortgage Association - 46.1%
|
||||||||||
FANNIEMAE-ACES, IO, Series 2013-M1
|
4.556%(b)
|
11/25/16
|
11,893,555
|
103,714
|
||||||
FANNIEMAE-ACES, IO, Series 2012-M14 (c)
|
4.213%(b)
|
02/25/17
|
11,152,596
|
244,287
|
||||||
FANNIEMAE-ACES, IO, Series 2013-M4 (c)
|
3.912%(b)
|
02/25/18
|
9,325,188
|
486,784
|
||||||
FANNIEMAE-ACES, IO, Series 2013-M13
|
0.168%(b)
|
05/25/18
|
152,377,766
|
156,949
|
||||||
FANNIEMAE-ACES, IO, Series 2014-M8
|
4.332%(b)
|
05/25/18
|
9,061,120
|
351,118
|
||||||
FANNIEMAE-ACES, IO, Series 2015-M3 (c)
|
4.367%(b)
|
06/25/18
|
9,369,130
|
504,378
|
||||||
FANNIEMAE-ACES, Series 2006-M1
|
5.385%(b)
|
06/25/19
|
51,288
|
52,510
|
||||||
FANNIEMAE-ACES, IO, Series 2009-M1
|
0.792%(b)
|
07/25/19
|
18,616,798
|
435,754
|
||||||
FANNIEMAE-ACES, IO, Series 2010-M1
|
0.240%(b)
|
09/25/19
|
11,494,550
|
185,434
|
MORTGAGE-BACKED SECURITIES - 75.2% (Continued)
|
Coupon
|
Maturity
|
Par Value
|
Value
|
||||||
Federal National Mortgage Association - 46.1% (Continued)
|
||||||||||
FANNIEMAE-ACES, IO, Series 2010-M4
|
0.736%(b)
|
06/25/20
|
$
|
15,546,634
|
$
|
466,135
|
||||
FANNIEMAE-ACES, IO, Series 2010-M5 (c)
|
0.905%(b)
|
07/25/20
|
12,602,474
|
486,203
|
||||||
FANNIEMAE-ACES, IO, Series 2011-M9 (c)
|
0.093%(b)
|
01/25/21
|
40,738,073
|
305,454
|
||||||
FANNIEMAE-ACES, IO, Series 2012-M1 (c)
|
0.072%(b)
|
10/25/21
|
88,968,083
|
809,610
|
||||||
FANNIEMAE-ACES, IO, Series 2013-M5
|
2.328%(b)
|
01/25/22
|
6,535,944
|
600,368
|
||||||
FANNIEMAE-ACES, IO, Series 2012-M4
|
0.780%(b)
|
04/25/22
|
13,408,037
|
390,797
|
||||||
FANNIEMAE-ACES, IO, Series 2015-M4 (c)
|
0.577%(b)
|
07/25/22
|
15,194,188
|
436,240
|
||||||
FANNIEMAE-ACES, IO, Series 2012-M14
|
0.516%(b)
|
09/25/22
|
3,525,254
|
86,924
|
||||||
FANNIEMAE-ACES, IO, Series 2014-M3 (c)
|
0.123%(b)
|
01/25/24
|
38,340,373
|
411,354
|
||||||
FANNIEMAE-ACES, IO, Series 2015-M1
|
0.561%(b)
|
09/25/24
|
30,655,345
|
1,207,474
|
||||||
FNMA, Series 2003-3
|
5.000%
|
02/01/18
|
7,389
|
7,566
|
||||||
FNMA, Pool #899237
|
5.000%
|
03/01/22
|
9,464
|
10,149
|
||||||
FNMA, Series 2002-93
|
6.500%
|
03/01/32
|
43,495
|
49,729
|
||||||
7,788,931
|
||||||||||
Government National Mortgage Association - 5.8%
|
||||||||||
GNMA, Pool #577742
|
5.500%
|
09/01/17
|
1,506
|
1,654
|
||||||
GNMA, IO, Series 2011-121
|
5.675%(b)
|
03/16/43
|
1,481,920
|
288,222
|
||||||
GNMA, IO, Series 2010-100
|
0.151%(b)
|
07/16/50
|
11,214,239
|
254,300
|
||||||
GNMA, IO, Series 2012-4
|
0.905%(b)
|
05/16/52
|
4,033,819
|
163,512
|
||||||
GNMA, IO, Series 2012-114
|
0.905%(b)
|
01/16/53
|
4,035,585
|
280,322
|
||||||
988,010
|
||||||||||
Total Mortgage-Backed Securities (Cost $12,993,511)
|
$
|
12,711,724
|
ASSET-BACKED SECURITIES - 0.0% (d)
|
Coupon
|
Maturity
|
Par Value
|
Value
|
||||||
RSB Bond Company, LLC,
|
||||||||||
Series 2007-A (Cost $841)
|
5.720%
|
04/01/16
|
$
|
841
|
$
|
841
|
CORPORATE BONDS - 3.5%
|
Coupon
|
Maturity
|
Par Value
|
Value
|
||||||
Energy - 1.2%
|
||||||||||
Buckeye Partners, L.P.
|
4.875%
|
02/01/21
|
$
|
200,000
|
$
|
201,985
|
||||
Financials - 1.8%
|
||||||||||
Finial Holdings, Inc.
|
7.125%
|
10/15/23
|
250,000
|
299,903
|
||||||
Industrials - 0.5%
|
||||||||||
Kinross Gold Corporation
|
5.125%
|
09/01/21
|
100,000
|
92,500
|
||||||
Total Corporate Bonds (Cost $596,042)
|
$
|
594,388
|
MONEY MARKET FUNDS - 1.1%
|
Shares
|
Value
|
||||||
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.35% (e) (Cost $188,322)
|
188,322
|
$
|
188,322
|
|||||
Total Investments at Value - 97.6% (Cost $16,693,388)
|
$
|
16,499,035
|
||||||
Other Assets in Excess of Liabilities - 2.4%
|
397,787
|
|||||||
Net Assets - 100.0%
|
$
|
16,896,822
|
(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 March 31, 2016. |
(c) | Fair value priced (Note 1). Fair valued securities totaled $5,058,285 at March 31, 2016, representing 29.9% of net assets. |
(d) | Percentage rounds to less than 0.1%. |
(e) | The rate shown is the 7-day effective yield as of March 31, 2016. |
COMMON STOCKS - 83.3%
|
Shares
|
Value
|
||||||
Brazil - 3.8%
|
||||||||
Embraer S.A. - ADR
|
4,895
|
$
|
129,032
|
|||||
Itau Unibanco Holding S.A. - ADR
|
15,019
|
129,013
|
||||||
258,045
|
||||||||
Chile - 3.3%
|
||||||||
Empresa Nacional de Telecomunicaciones S.A. (a)
|
10,630
|
94,153
|
||||||
Viña Concha Y Toro S.A.
|
74,900
|
130,572
|
||||||
224,725
|
||||||||
China - 6.5%
|
||||||||
Huaneng Power International, Inc. - ADR
|
3,931
|
139,786
|
||||||
PetroChina Company Ltd. - ADR
|
1,651
|
109,461
|
||||||
Sinopec Shanghi Petrochemical Company Ltd. - ADR (b)
|
3,704
|
186,756
|
||||||
436,003
|
||||||||
Colombia - 1.9%
|
||||||||
Grupo de Inversiones Suramericana
|
9,700
|
127,223
|
||||||
Hong Kong - 12.6%
|
||||||||
China Overseas Land & Investment Ltd. (a)
|
47,000
|
148,857
|
||||||
China Overseas Property Holdings Ltd. (a) (b)
|
15,666
|
2,290
|
||||||
China Resources Beer Holdings Company Ltd. (a)
|
64,000
|
119,209
|
||||||
China Resources Land Ltd. (a)
|
58,000
|
148,804
|
||||||
CITIC Ltd. (a)
|
60,000
|
91,289
|
||||||
COSCO Pacific Ltd. (a)
|
12,000
|
15,731
|
||||||
Lenovo Group Ltd. - ADR
|
7,116
|
110,583
|
||||||
Shanghi Industrial Holdings Ltd. (a)
|
50,000
|
117,919
|
||||||
Tingyi (Cayman Islands) Holding Corporation (a)
|
80,000
|
89,384
|
||||||
844,066
|
||||||||
India - 6.0%
|
||||||||
Dr. Reddy's Laboratories Ltd. - ADR
|
2,326
|
105,112
|
||||||
ICICI Bank Ltd. - ADR
|
19,310
|
138,260
|
||||||
Infosys Ltd. - ADR
|
8,288
|
157,638
|
||||||
401,010
|
||||||||
Indonesia - 2.3%
|
||||||||
Telekomunikasi Indonesia Tbk PT- ADR
|
3,062
|
155,703
|
||||||
Korea (Republic of) - 13.5%
|
||||||||
AMOREPACIFIC Group (a)
|
560
|
71,968
|
||||||
Dongbu Insurance Company Ltd. (a)
|
1,453
|
96,963
|
||||||
Korea Gas Corporation (a)
|
3,660
|
123,318
|
||||||
KT Corporation - ADR
|
9,456
|
126,899
|
COMMON STOCKS – 83.3% (Continued)
|
Shares
|
Value
|
||||||
Korea (Republic of) - 13.5% (Continued)
|
||||||||
LG Corporation (a)
|
2,160
|
$
|
129,841
|
|||||
POSCO - ADR
|
1,501
|
71,042
|
||||||
Samsung Electronics Company Ltd. (a)
|
173
|
199,207
|
||||||
Samsung Fire & Marine Insurance Company Ltd. (a)
|
345
|
89,403
|
||||||
908,641
|
||||||||
Malaysia - 6.9%
|
||||||||
CIMB Group Holdings Berhad (a)
|
101,643
|
126,763
|
||||||
Genting Berhad (a)
|
68,400
|
172,420
|
||||||
Malayan Banking Berhad (a)
|
69,632
|
161,473
|
||||||
460,656
|
||||||||
Mexico - 4.7%
|
||||||||
América Móvil S.A.B. de C.V. - Series L - ADR
|
12,103
|
187,959
|
||||||
Coca-Cola Femsa S.A.B. de C.V. - Series L
|
15,550
|
129,263
|
||||||
317,222
|
||||||||
Philippines - 0.9%
|
||||||||
Universal Robina Corporation (a)
|
13,520
|
63,790
|
||||||
South Africa - 7.9%
|
||||||||
Liberty Holdings Ltd. (a)
|
14,465
|
141,686
|
||||||
Naspers Ltd. - ADR
|
8,910
|
124,918
|
||||||
Sasol Ltd. - ADR
|
3,802
|
112,311
|
||||||
Shoprite Holdings Ltd. (a)
|
4,350
|
51,064
|
||||||
Shoprite Holdings Ltd. - ADR
|
8,803
|
104,316
|
||||||
534,295
|
||||||||
Taiwan Province of China - 11.2%
|
||||||||
Cheng Shin Rubber Industry Company Ltd. (a)
|
33,000
|
66,411
|
||||||
Compal Electronics, Inc. (a)
|
102,000
|
64,079
|
||||||
CTCI Corporation (a)
|
132,000
|
173,592
|
||||||
Delta Electronics, Inc. (a)
|
36,100
|
159,332
|
||||||
Giant Manufacturing Company Ltd. (a)
|
15,000
|
86,796
|
||||||
President Chain Store Corporation (a)
|
28,000
|
204,164
|
||||||
754,374
|
||||||||
United States - 1.8%
|
||||||||
Southern Copper Corporation
|
4,290
|
118,876
|
||||||
Total Common Stocks (Cost $5,487,990)
|
$
|
5,604,629
|
EXCHANGE-TRADED NOTES - 2.8%
|
Shares
|
Value
|
||||||
iPath MSCI India Index ETN (b) (Cost $199,934)
|
3,035
|
$
|
190,568
|
EXCHANGE-TRADED FUNDS - 7.4%
|
Shares
|
Value
|
||||||
iShares Currency Hedged MSCI Eurozone ETF
|
6,738
|
$
|
164,070
|
|||||
iShares MSCI Malaysia ETF
|
652
|
5,810
|
||||||
iShares MSCI Taiwan ETF
|
8,858
|
122,772
|
||||||
Market Vectors Poland ETF
|
8,506
|
129,621
|
||||||
WisdomTree Japan Hedged Equity Fund
|
1,687
|
73,739
|
||||||
Total Exchange-Traded Funds (Cost $525,690)
|
$
|
496,012
|
MONEY MARKET FUNDS - 10.5%
|
Shares
|
Value
|
||||||
Invesco STIT-STIC Prime Portfolio (The) - Institutional Class, 0.35% (c) (Cost $702,918)
|
702,918
|
$
|
702,918
|
|||||
Total Investments at Value - 104.0% (Cost $6,916,532)
|
$
|
6,994,127
|
||||||
Liabilities in Excess of Other Assets - (4.0%)
|
(270,352
|
)
|
||||||
Net Assets - 100.0%
|
$
|
6,723,775
|
(a) | Fair value priced (Note 1). Fair valued securities totaled $3,009,906 at March 31, 2016, representing 44.8% of net assets. |
(b) | Non-income producing security. |
(c) | The rate shown is the 7-day effective yield as of March 31, 2016. |
See accompanying notes to Schedules of Investments.
|
Sector/Industry
|
Value
|
|
Consumer Discretionary - 6.7%
|
||
Auto Components
|
1.0%
|
|
Hotels, Restaurants & Leisure
|
2.6%
|
|
Leisure Products
|
1.3%
|
|
Media
|
1.8%
|
|
Consumer Staples - 14.3%
|
||
Beverages
|
3.8%
|
|
Food & Staples Retailing
|
7.1%
|
|
Food Products
|
2.3%
|
|
Personal Products
|
1.1%
|
|
Energy - 3.3%
|
||
Oil, Gas & Consumable Fuels
|
3.3%
|
|
Financials - 19.4%
|
||
Banks
|
10.4%
|
|
Diversified Financial Services
|
1.9%
|
|
Insurance
|
4.9%
|
|
Real Estate Management & Development
|
2.2%
|
|
Health Care - 1.6%
|
||
Pharmaceuticals
|
1.6%
|
|
Industrials - 9.8%
|
||
Aerospace & Defense
|
1.9%
|
|
Construction & Engineering
|
2.6%
|
|
Industrial Conglomerates
|
5.1%
|
|
Transportation Infrastructure
|
0.2%
|
|
Information Technology - 10.3%
|
||
Electronic Equipment, Instruments & Components
|
2.4%
|
|
IT Services
|
2.3%
|
|
Technology Hardware, Storage & Peripherals
|
5.6%
|
|
Materials - 5.6%
|
||
Chemicals
|
2.8%
|
|
Metals & Mining
|
2.8%
|
|
Telecommunication Services - 8.4%
|
||
Diversified Telecommunication Services
|
4.2%
|
|
Wireless Telecommunication Services
|
4.2%
|
|
Utilities - 3.9%
|
||
Gas Utilities
|
1.8%
|
|
Independent Power Producers & Energy Traders
|
2.1%
|
|
83.3%
|
·
|
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
|
$
|
119,517,818
|
$
|
-
|
$
|
-
|
$
|
119,517,818
|
||||||||
Money Market Funds
|
4,203,509
|
-
|
-
|
4,203,509
|
||||||||||||
Total
|
$
|
123,721,327
|
$
|
-
|
$
|
-
|
$
|
123,721,327
|
Cutler Fixed Income Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
U.S. Treasury Obligations
|
$
|
-
|
$
|
479,501
|
$
|
-
|
$
|
479,501
|
||||||||
U.S. Government Agency Obligations
|
-
|
2,524,259
|
-
|
2,524,259
|
||||||||||||
Mortgage-Backed Securities
|
-
|
7,653,439
|
5,058,285
|
12,711,724
|
||||||||||||
Asset-Backed Securities
|
-
|
841
|
-
|
841
|
||||||||||||
Corporate Bonds
|
-
|
594,388
|
-
|
594,388
|
||||||||||||
Money Market Funds
|
188,322
|
-
|
-
|
188,322
|
||||||||||||
Total
|
$
|
188,322
|
$
|
11,252,428
|
$
|
5,058,285
|
$
|
16,499,035
|
Cutler Emerging Markets Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$
|
2,594,723
|
$
|
3,009,906
|
$
|
-
|
$
|
5,604,629
|
||||||||
Exchange-Traded Notes
|
190,568
|
-
|
-
|
190,568
|
||||||||||||
Exchange-Traded Funds
|
496,012
|
-
|
-
|
496,012
|
||||||||||||
Money Market Funds
|
702,918
|
-
|
-
|
702,918
|
||||||||||||
Total
|
$
|
3,984,221
|
$
|
3,009,906
|
$
|
-
|
$
|
6,994,127
|
Cutler Fixed
|
||||
Income Fund
|
||||
Balance as of June 30, 2015
|
$
|
3,670,488
|
||
Transfers into and/or out of Level 3
|
15,626
|
|||
Purchases
|
4,352,761
|
|||
Sales
|
(1,187,601
|
)
|
||
Realized gains
|
130,052
|
|||
Amortization
|
(2,072,848
|
)
|
||
Net change in unrealized appreciation (depreciation)
|
149,806
|
|||
Balance as of March 31, 2016
|
$
|
5,058,284
|
Fair Value at March 31, 2016
|
Valuation Technique
|
Unobservable
Input
|
Range
|
Weighted Average of Unobservable Inputs
|
||||||||
Mortgage-Backed Securities
|
$
|
5,058,285
|
Comprehensive pricing model with emphasis on discounted cash flows
|
Constant prepayment rate
|
0 - 100
|
37.64
|
Cutler
|
||||||||||||
Cutler
|
Cutler
|
Emerging
|
||||||||||
Equity
|
Fixed Income
|
Markets
|
||||||||||
Fund
|
Fund
|
Fund
|
||||||||||
Cost of portfolio investments
|
$
|
92,526,606
|
$
|
16,759,383
|
$
|
6,922,589
|
||||||
Gross unrealized appreciation
|
$
|
34,116,845
|
$
|
837,957
|
$
|
462,161
|
||||||
Gross unrealized depreciation
|
(2,922,124
|
)
|
(1,098,305
|
)
|
(390,623
|
)
|
||||||
Net unrealized appreciation (depreciation)
|
$
|
31,194,721
|
$
|
(260,348
|
)
|
$
|
71,538
|
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
|
May 19, 2016
|
||
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 19, 2016
|
||
By (Signature and Title)*
|
/s/ Matthew C. Patten
|
||
Matthew C. Patten, Treasurer and Principal Financial Officer
|
|||
Date
|
May 19, 2016
|
* | Print the name and title of each signing officer under his or her signature. |
Date: May 19, 2016
|
/s/ Erich M. Patten
|
|
Erich M. Patten, President
|
Date: May 19, 2016
|
/s/ Matthew C. Patten
|
|
Matthew C. Patten, Treasurer and Principal Financial Officer
|