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    <registrantInfo>
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      <investmentCompFileNo>811-07242</investmentCompFileNo>
      <registrantCik>0000892568</registrantCik>
      <registrantLei>549300KVSOCUTW3E0J66</registrantLei>
      <registrantstreet1>525 Bigham Knoll</registrantstreet1>
      <registrantcity>Jacksonville</registrantcity>
      <registrantzipCode>97530</registrantzipCode>
      <registrantstate>US-OR</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>888-288-5374</registrantphoneNumber>
      <websites>
        <website webpage="http://www.cutler.com/"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>Cutler Investment Counsel, LLC</officeName>
          <officeAddress1>525 Bigham Knoll</officeAddress1>
          <officeCity>Jacksonville</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-OR"/>
          <officeRecordsZipCode>97530</officeRecordsZipCode>
          <officePhone>541-770-9000</officePhone>
          <booksRecordsDesc>Accounts and records required to be maintained under Rule 31a 1b 5 6 and 9 are maintained at the offices of Cutler Investment Counsel LLC the Registrants investment adviser.</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Ultimus Fund Solutions, LLC</officeName>
          <officeAddress1>225 Pictoria Drive</officeAddress1>
          <officeAddress2>Suite 450</officeAddress2>
          <officeCity>Cincinnati</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-OH"/>
          <officeRecordsZipCode>45246</officeRecordsZipCode>
          <officePhone>513-587-3400</officePhone>
          <booksRecordsDesc>Accounts and records required to be maintained by Section 31a of the Investment Company Act of 1940 and the Rules thereunder are maintained at the offices of Ultimus Fund Solutions LLC</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>US Bank, N.A.</officeName>
          <officeAddress1>425 Walnut Street</officeAddress1>
          <officeCity>Cincinnati</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-OH"/>
          <officeRecordsZipCode>45202</officeRecordsZipCode>
          <officePhone>513-632-4872</officePhone>
          <booksRecordsDesc>Accounts and records required to be maintained under Rule 31a 1 with respect to journals of receipts and deliveries of securities and receipts and disbursements of cash are maintained at the offices of the Registrants custodian.</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>The Bank of New York Mellon Corporation</officeName>
          <officeAddress1>225 Liberty Street</officeAddress1>
          <officeCity>New York</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-NY"/>
          <officeRecordsZipCode>10286</officeRecordsZipCode>
          <officePhone>1 212 495 1784</officePhone>
          <booksRecordsDesc>Accounts and records required to be maintained under Rule 31a 1 b 1 with respect to journals of receipts and deliveries of securities and receipts and disbursements of cash are maintained at the offices of the Registrants sub-custodian.</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <isRegistrantFamilyInvComp>N</isRegistrantFamilyInvComp>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>1</totalSeries>
      <terminatedSeries>
        <terminatedSeriesInfo seriesName="Cutler Fixed Income Fund" seriesId="S000038409" terminationDate="05/2020"/>
        <terminatedSeriesInfo seriesName="Cutler Emerging Markets Fund" seriesId="S000049841" terminationDate="05/2020"/>
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      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
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          <directorName>John P. Cooney</directorName>
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          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
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        <director>
          <directorName>Matthew C. Patten</directorName>
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        </director>
        <director>
          <directorName>Edward T. Alter, CPA</directorName>
          <crdNumber>N/A</crdNumber>
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        <director>
          <directorName>Robert F. Turner</directorName>
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      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Brooke C. Ashland</ccoName>
          <crdNumber>002762853</crdNumber>
          <ccoStreet1>525 Bigham Knoll</ccoStreet1>
          <ccoCity>Jacksonville</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-OR"/>
          <ccoZipCode>97530</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <securityMatterSeriesInfo isRegistrantSubmittedMatter="Y">
        <seriesInfo seriesName="Cutler Emerging Markets Fund" seriesId="S000049841"/>
        <seriesInfo seriesName="Cutler Fixed Income Fund" seriesId="S000038409"/>
      </securityMatterSeriesInfo>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <isExemptionFromAct>N</isExemptionFromAct>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>Ultimus Fund Distributors, LLC</principalUnderwriterName>
          <principalUnderwriterFileNumber>8-52643</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000104177</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterCountry="US" principalUnderWriterState="US-OH"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>N</isPrincipalUnderwriterAffiliatedWithRegistrant>
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      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
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        <publicAccountant>
          <publicAccountantName>Cohen &amp; Company, Ltd.</publicAccountantName>
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          <publicAccountantLei>N/A</publicAccountantLei>
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      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <isPaymentDividend>N</isPaymentDividend>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
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        <mgmtInvFundName>Cutler Equity Fund</mgmtInvFundName>
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        <isFirstFilingByFund>N</isFirstFilingByFund>
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        <sharesOutstandings>
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        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
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        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Cutler Investment Counsel, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-62469</investmentAdviserFileNo>
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        <transferAgents>
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            <transferAgentName>Ultimus Fund Solutions, LLC</transferAgentName>
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            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
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        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
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          <broker>
            <brokerName>CANTOR FITZGERALD &amp; CO.</brokerName>
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            <brokerName>ACADEMY SECURITIES, INC.</brokerName>
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        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>155120723.11000001</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <attachmentsTab>
      <isLegalProceedings>false</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>false</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
    </attachmentsTab>
    <signature registrantSignedName="Cutler Trust" signedDate="2020-09-11" signature="Linda J. Hoard" title="Secretary"/>
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