0001752724-21-194379.txt : 20210913 0001752724-21-194379.hdr.sgml : 20210913 20210913140018 ACCESSION NUMBER: 0001752724-21-194379 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210913 DATE AS OF CHANGE: 20210913 EFFECTIVENESS DATE: 20210913 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CUTLER TRUST CENTRAL INDEX KEY: 0000892568 IRS NUMBER: 133693851 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-07242 FILM NUMBER: 211249339 BUSINESS ADDRESS: STREET 1: C/O ULTIMUS FUND SOLUTIONS, LLC STREET 2: 225 PICTORIA DRIVE, SUITE 450 CITY: CINCINNATI STATE: OH ZIP: 45246 BUSINESS PHONE: 513-587-3400 MAIL ADDRESS: STREET 1: C/O ULTIMUS FUND SOLUTIONS, LLC STREET 2: 225 PICTORIA DRIVE, SUITE 450 CITY: CINCINNATI STATE: OH ZIP: 45246

0000892568 S000001540 Cutler Equity Fund

C000004187 Cutler Equity Fund CALEX

C000222167 Class II Shares DIVHX

0000892568 S000038409 Cutler Fixed Income Fund

C000118459 Cutler Fixed Income Fund CALFX

0000892568 S000049841 Cutler Emerging Markets Fund

C000157415 Cutler Emerging Markets Fund CUTDX

N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0000892568 XXXXXXXX 811-07242 true false false N-1A true Cutler Trust 811-07242 0000892568 549300KVSOCUTW3E0J66 525 Bigham Knoll Jacksonville 97530 US-OR US 888-288-5374 Cutler Investment Counsel, LLC 525 Bigham Knoll Jacksonville 97530 541-770-9000 Accounts and records required to be maintained under Rule 31a 1 of the 1940 Act are maintained at the offices of Cutler Investment Counsel LLC the investment adviser of the Registrant Ultimus Fund Solutions, LLC 225 Pictoria Drive Suite 450 Cincinnati 45246 513-587-3400 Accounts and records required to be maintained by Section 31a 1 of the 1940 Act and the Rules thereunder are maintained at the offices of Ultimus Fund Solutions LLC The Bank of New York Mellon Corporation 225 Liberty Street New York 10286 212-495-1784 Accounts and records required to be maintained under Rule 31a 1 of the 1940 Act with respect to journals of receipts and deliveries of securities and receipts and disbursements of cash are maintained at the offices of the sub custodian of the Registrant US Bank, N.A. 425 Walnut Street Cincinnati 45202 513-632-4872 Accounts and records required to be maintained under Rule 31a 1 of the 1940 Act with respect to journals of receipts and deliveries of securities and receipts and disbursements of cash are maintained at the offices of the custodian of the Registrant N N N N-1A 1 Y Robert F. Turner N/A N Edward T. Alter, CPA N/A N Matthew C. Patten 002762796 Y John P. Cooney N/A N Brooke C. Ashland 002762853 525 Bigham Knoll Jacksonville 97530 XXXXXX N N N N N N N Ultimus Fund Distributors, LLC 8-52643 000104177 N/A N N Cohen & Company, Ltd. 925 N/A N N N N N N N Cutler Equity Fund S000001540 549300PVCU95CJI0CF50 N 0 1 1 N/A N N N N N/A 0.00000000 0.00000000 N/A Y N Y Y Cutler Investment Counsel, LLC 801-62469 000128483 254900RXV71ETLN76X05 N Ultimus Fund Solutions, LLC 084-05829 N/A N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N US Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Ultimus Fund Solutions, LLC 084-05829 SEC File No. N N N Ultimus Fund Solutions, LLC 084-05829 SEC File No. N N N ACADEMY SECURITIES, INC. 008-35173 000017433 2549000QX6RLQOZ2XC11 2646.87000000 CANTOR FITZGERALD & CO. 008-00201 000000134 5493004J7H4GCPG6OB62 5201.01000000 7847.88000000 0.00000000 N 172666370.69000000 N N N N false false true false false false INTERNAL CONTROL RPT 2 ncencutler.htm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

The Cutler Trust

In planning and performing our audit of the financial statements of The Cutler Trust, comprising of Cutler Equity Fund (the “Fund”) as of and for the year ended June 30, 2021 in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed 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 (GAAP). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of June 30, 2021.

This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 26, 2021