0000892568 2026-10-27 2026-10-27 0000892568 cutler:S000001540Member 2026-10-27 2026-10-27 0000892568 cutler:S000001540Member cutler:LargeCapCompanyRiskMember 2026-10-27 2026-10-27 0000892568 cutler:S000001540Member cutler:ManagementRiskMember 2026-10-27 2026-10-27 0000892568 cutler:S000001540Member cutler:MidCapCompanyRiskMember 2026-10-27 2026-10-27 0000892568 cutler:S000001540Member cutler:StockMarketRiskMember 2026-10-27 2026-10-27 0000892568 cutler:S000001540Member cutler:SectorRiskMember 2026-10-27 2026-10-27 0000892568 cutler:S000001540Member cutler:SecuritiesLendingRiskMember 2026-10-27 2026-10-27 0000892568 cutler:S000001540Member cutler:C000222167Member 2026-10-27 2026-10-27 0000892568 cutler:S000001540Member cutler:C000222167Member 2016-01-01 2016-12-31 0000892568 cutler:S000001540Member cutler:C000222167Member 2017-01-01 2017-12-31 0000892568 cutler:S000001540Member cutler:C000222167Member 2018-01-01 2018-12-31 0000892568 cutler:S000001540Member cutler:C000222167Member 2019-01-01 2019-12-31 0000892568 cutler:S000001540Member cutler:C000222167Member 2020-01-01 2020-12-31 0000892568 cutler:S000001540Member cutler:C000222167Member 2021-01-01 2021-12-31 0000892568 cutler:S000001540Member cutler:C000222167Member 2022-01-01 2022-12-31 0000892568 cutler:S000001540Member cutler:C000222167Member 2023-01-01 2023-12-31 0000892568 cutler:S000001540Member cutler:C000222167Member 2024-01-01 2024-12-31 0000892568 cutler:S000001540Member cutler:C000222167Member 2025-01-01 2025-12-31 0000892568 cutler:S000001540Member cutler:C000222167Member 2021-01-01 2025-12-31 0000892568 cutler:S000001540Member cutler:C000222167Member 2016-01-01 2025-12-31 0000892568 cutler:S000001540Member cutler:C000222167Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000892568 cutler:S000001540Member cutler:C000222167Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000892568 cutler:S000001540Member cutler:C000222167Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000892568 cutler:S000001540Member cutler:C000222167Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000892568 cutler:S000001540Member cutler:C000222167Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000892568 cutler:S000001540Member cutler:C000222167Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000892568 cutler:S000001540Member cutler:StandardAndPoors500IndexSAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0000892568 cutler:S000001540Member cutler:StandardAndPoors500IndexSAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-01-01 2025-12-31 0000892568 cutler:S000001540Member cutler:StandardAndPoors500IndexSAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2016-01-01 2025-12-31 0000892568 cutler:S000001540Member cutler:StandardAndPoors500ValueIndexSAndP500ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0000892568 cutler:S000001540Member cutler:StandardAndPoors500ValueIndexSAndP500ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-01-01 2025-12-31 0000892568 cutler:S000001540Member cutler:StandardAndPoors500ValueIndexSAndP500ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2016-01-01 2025-12-31 iso4217:USD pure false 485BPOS 2026-06-30 0000892568 2026-10-27 N-1A THE CUTLER TRUST 2026-10-28 2026-10-28 RISK/RETURN SUMMARY CUTLER EQUITY FUND INVESTMENT OBJECTIVE The investment objective of the Fund is to seek current income and long-term capital appreciation. FEES AND EXPENSES The following tables describe the fees and expenses that you will pay if you buy, hold and sell shares of the Equity Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_z5TAFChIMQ8e"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zfJwDwGfdO09" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; display: none"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt"> </td> <td id="xdx_491_20261027__20261027__dei--LegalEntityAxis__custom--S000001540Member__oef--ClassAxis__custom--C000222167Member_zw1aIwnvOb31" style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: right"> </td></tr> <tr id="xdx_40B_eoef--ShareholderFeeOther_dn_z2ndaBpsXdY" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; width: 92%">Shareholder Fees (fees paid directly from your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: right; width: 8%">None</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt"> </td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zPioduJelkq7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zlYyf8q9IKO7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_491_20261027__20261027__dei--LegalEntityAxis__custom--S000001540Member__oef--ClassAxis__custom--C000222167Member_zl3fjuDesIOk" style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt"> </td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zfoCrwnZMVb9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; width: 92%; padding-top: 1pt; padding-bottom: 1pt">Management Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; padding-top: 1pt; padding-bottom: 1pt; text-align: right">0.75%</td></tr> <tr id="xdx_40F_eoef--DistributionAndService12b1FeesOverAssets_dpn_zIi53UYXJzpe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt">Service Fees(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: right">0.05%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dpn_zCGmRAnLUC94" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt">Other Expenses</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: right">0.19%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dpn_zqAtCgjisB51" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt">Total Annual Fund Operating Expenses(2)</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: right">0.99%</td></tr> </table> <div style="margin-top: 0pt; margin-bottom: 3pt; width: 15%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(1)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Effective February 18, 2021, the Fund adopted a Shareholder Service Plan that permits it to pay up to 0.15% of its average daily net assets each year in shareholder service fees. The Board of Trustees (the “Board”) of The Cutler Trust (the “Trust”) has authorized the Fund to spend not more than 0.05% of the Fund’s average daily net assets under the Shareholder Service Plan without further approval from the Board. For the fiscal year ended June 30, 2026, the Fund incurred $106,662 in shareholder service fees, which represents an amount equal to 0.05% of the Fund’s average daily net assets.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(2)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Fund’s investment adviser, Cutler Investment Counsel, LLC (the “Adviser”), has contractually agreed, until October 31, 2027, to reduce its management fees and to pay the Fund’s ordinary operating expenses to the extent necessary to limit Annual Fund Operating Expenses to an amount not exceeding 0.99% of the Fund’s average daily net assets. Any management fees reduced and ordinary operating expenses paid by the Adviser are subject to repayment by the Fund for a period of 3 years after such fees and expenses were reduced or paid, provided that the repayments do not cause Annual Fund Operating Expenses to exceed the foregoing expense limitation. Annual Fund Operating Expenses exclude brokerage costs, taxes, interest, acquired fund fees and expenses and extraordinary expenses. Prior to October 31, 2027, the expense limitation agreement may be modified or terminated only with approval by the Board of Trustees.</td></tr></table> 0.0075 0.0005 0.0019 0.0099 October 31, 2027 Example This Example is intended to help you compare the cost of investing in the Equity Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Equity Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Equity Fund’s operating expenses remain the same and the expense reduction/reimbursement remains in place for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zGqewpjQZdZb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_z4vL7zN0pxi6" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="display: none; width: 0%"> </td> <td id="xdx_482_eoef--ExpenseExampleYear01_zCZzTh58AX66" style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 1pt; padding-bottom: 1pt; text-align: center">1 Year</td> <td id="xdx_480_eoef--ExpenseExampleYear03_zelvAJgp5xs7" style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 1pt; padding-bottom: 1pt; text-align: center">3 Years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_zBZX0Fik7BFd" style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 1pt; padding-bottom: 1pt; text-align: center">5 Years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_zJ7NYxvBAnJ3" style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 1pt; padding-bottom: 1pt; text-align: center">10 Years</td></tr> <tr id="xdx_41F_20261027__20261027__dei--LegalEntityAxis__custom--S000001540Member__oef--ClassAxis__custom--C000222167Member_zXQ8wZGjT8F1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="display: none"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center">$101 </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center">$315 </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center">$547 </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center">$1,213</td></tr> </table> 101 315 547 1213 Portfolio Turnover The Equity Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Equity Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Equity Fund’s performance. During the most recent fiscal year, the Equity Fund’s portfolio turnover rate was 7% of the average value of its portfolio. 0.07 PRINCIPAL INVESTMENT STRATEGIES OF THE EQUITY FUND In seeking to meet its investment objective, under normal conditions, at least 80% of the Equity Fund’s assets will be invested in a diversified portfolio of common stocks according to the investment style of the Adviser. For purposes of this policy, “assets” shall mean net assets plus the amount of any borrowings for investment purposes (although the Equity Fund is not currently authorized by the Board to do so). The Adviser invests primarily in companies domiciled in the United States and chooses investments in common stocks based on its judgment of fundamental value, which emphasizes stocks that the Adviser judges to have favorable dividend yields and growth prospects relative to comparable companies. Factors deemed particularly relevant in determining fundamental value include: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">earnings</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">dividend and market price histories</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">balance sheet characteristics</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">perceived management skills</td></tr></table> Changes in economic and political outlooks, as well as corporate developments affecting individual companies, can influence specific security prices. The Equity Fund typically invests in stocks of companies that have a total market capitalization of at least $10 billion and, in the Adviser’s opinion, have institutional ownership that is sufficiently broad to provide adequate liquidity suitable to the Fund’s holdings. The Adviser uses both “top-down” and “bottom-up” approaches, and investment selections are made using a fundamental approach. Top-down research involves the study of economic trends in the domestic and global economy, such as the fluctuation in interest or unemployment rates. These factors help to identify industries and sectors with the potential to outperform as a result of major economic developments. Bottom-up research involves detailed analysis of specific companies. Important factors include industry characteristics, profitability, growth dynamics, industry positioning, strength of management, valuation and expected return for the foreseeable future. Particular attention is paid to a company’s ability to pay or increase its current dividend. The Adviser will sell securities for any one of three possible reasons: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">When another company is found by the Adviser to have a higher current dividend yield or better potential for capital appreciation and dividend growth.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">If the industry moves in an unforeseen direction that negatively impacts the positioning of a particular investment or if the company’s strategy, execution or industry positioning itself deteriorates. The Adviser develops specific views on how industries are likely to evolve and how individual companies will participate in industry growth and change.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">If the Adviser believes that a company’s management is not acting in a forthright manner.</td></tr></table> The Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Fund’s Board. Loans of portfolio securities will be collateralized by liquid securities and cash. The Fund may invest cash collateral received in securities consistent with its principal investment strategy. An investment in the Equity Fund is subject to investment risks; therefore you may lose money by investing in the Fund. There is no assurance that the Equity Fund will achieve its investment objective. The Equity Fund’s net asset value and total return will fluctuate based upon changes in the value of its portfolio securities. Upon redemption, an investment in the Equity Fund may be worth less than its original cost. The Equity Fund, by itself, does not provide a complete investment program. The Equity Fund is subject to the following principal risks: Large-Cap Company Risk The Equity Fund may invest in large-capitalization (“large-cap”) companies. Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Management Risk Because the Equity Fund is actively managed, it is subject to the risk that the investment strategies, techniques and risk analyses employed by the Adviser may not produce the desired results. Poor security selection could cause the Equity Fund’s return to be lower than anticipated. Current income may be significant or very little, depending upon the Adviser’s portfolio selections for the Equity Fund. Mid-Cap Company Risk The Equity Fund may invest in mid-capitalization (“mid-cap”) companies. Mid-cap companies often involve higher risks than large-cap companies because these companies may lack the financial resources, product diversification and competitive strengths of larger companies. In addition, the frequency and volume of the trading of securities of mid-cap companies are substantially less than are typical of larger companies. Therefore, the securities of mid-cap companies may be subject to greater price fluctuations. Mid-cap companies also may not be widely followed by investors, which can lower the demand for their stock. Stock Market Risk All investments made by the Equity Fund have some risk. Among other things, the market value of any security in which the Equity Fund may invest is based upon the market’s perception of value and not necessarily the book value of an issuer or other objective measures of the issuer’s worth. The Equity Fund may be an appropriate investment if you are seeking long-term growth in your investment and are willing to tolerate significant fluctuations in the value of your investment in response to changes in the market value of the stocks the Fund holds. This type of market movement may affect the price of the securities of a single issuer, a segment of the domestic stock market or the entire market. The investment style utilized for the Equity Fund could fall out of favor with the market. In addition, performance of the Equity Fund can be affected by unexpected local, state, regional, national or global events (e.g., significant earnings shortfalls or gains, inflation, recessions, government shutdowns, market closures, trade disputes, tariff arrangements, sanctions, war, political events, cybersecurity attacks, acts of terrorism, the spread of infectious diseases or other public health issues, and natural and environmental disasters) that cause major price changes in individual securities or market sectors. In summary, but not inclusive of all possible risks, you could lose money on your investment in the Equity Fund, or the Fund could underperform other investments, if any of the following occurs: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The stock market goes down;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The stock market undervalues the stocks in the Equity Fund’s portfolio; or</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Adviser’s judgment as to the value of the Equity Fund’s stocks proves to be mistaken.</td></tr></table> For additional information regarding Stock Market Risk, please refer to “Principal Risks of Investing in the Cutler Equity Fund” found in “Investment Objective, Principal Investment Strategies and Principal Risks of the Fund” in the Fund’s prospectus. Sector Risk The Adviser may allocate more of the Fund’s investments to a particular sector or sectors in the market. If the Fund invests a significant portion of its total assets in certain sectors, its investment portfolio will be more susceptible to the financial, economic, business, and political developments that affect those sectors. For additional information regarding Sector Risk, please refer to “Principal Risks of Investing in the Cutler Equity Fund” found in “Investment Objective, Principal Investment Strategies and Principal Risks of the Fund” in the Fund’s prospectus. Securities Lending Risk The Fund may make secured loans of its portfolio securities in an amount not exceeding 33 ⅓% of the value of the Fund’s total assets. The risks in lending portfolio securities, as with other extensions of credit, consist of possible delay in recovery of the securities and possible loss of rights in the collateral should the borrower fail financially, including possible impairment of the Fund’s ability to vote the securities on loan. If a loan is collateralized by cash, the Fund typically will invest the cash collateral for its own account and may pay a fee to the borrower that normally represents a portion of the Fund’s earnings on the collateral. Because the Fund may invest collateral in any investments in accordance with its investment objective, the Fund’s securities lending transactions will result in investment leverage. The Fund bears the risk that the value of the investments made with collateral may decline. Large-Cap Company Risk<div id="xdx_C00_gRBRTB-MPQY_zT6nWcLPz0j1"> </div> <div id="xdx_C0A_gRBRTB-MPQY_zJGl37ziG7Gh">The Equity Fund may invest in large-capitalization (“large-cap”) companies. Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</div> <div id="xdx_C07_gRBRTB-MPQY_z6tZJwMhmTCl"> </div> Management Risk<div id="xdx_C09_gRBRTB-MPQY_znFR9LdbjHI9"> </div> <div id="xdx_C0D_gRBRTB-MPQY_z0cBX26iQKVl">Because the Equity Fund is actively managed, it is subject to the risk that the investment strategies, techniques and risk analyses employed by the Adviser may not produce the desired results. Poor security selection could cause the Equity Fund’s return to be lower than anticipated. Current income may be significant or very little, depending upon the Adviser’s portfolio selections for the Equity Fund.</div> <div id="xdx_C0D_gRBRTB-MPQY_ztcSRD6jKgE2"> </div> Mid-Cap Company Risk<div id="xdx_C0A_gRBRTB-MPQY_zxb1NipXBUF2"> </div> <div id="xdx_C0A_gRBRTB-MPQY_zQPW7tvfdcB">The Equity Fund may invest in mid-capitalization (“mid-cap”) companies. Mid-cap companies often involve higher risks than large-cap companies because these companies may lack the financial resources, product diversification and competitive strengths of larger companies. In addition, the frequency and volume of the trading of securities of mid-cap companies are substantially less than are typical of larger companies. Therefore, the securities of mid-cap companies may be subject to greater price fluctuations. Mid-cap companies also may not be widely followed by investors, which can lower the demand for their stock.</div> <div id="xdx_C06_gRBRTB-MPQY_zJSKdzVnUG1i"> </div> Stock Market Risk<div id="xdx_C0F_gRBRTB-MPQY_zS0HmuzaGyP9"> </div> <div id="xdx_C0D_gRBRTB-MPQY_zyvvTI5Zwps5">All investments made by the Equity Fund have some risk. Among other things, the market value of any security in which the Equity Fund may invest is based upon the market’s perception of value and not necessarily the book value of an issuer or other objective measures of the issuer’s worth.</div> <div id="xdx_C0D_gRBRTB-MPQY_zoGkMVg4tWXb">The Equity Fund may be an appropriate investment if you are seeking long-term growth in your investment and are willing to tolerate significant fluctuations in the value of your investment in response to changes in the market value of the stocks the Fund holds. This type of market movement may affect the price of the securities of a single issuer, a segment of the domestic stock market or the entire market. The investment style utilized for the Equity Fund could fall out of favor with the market. In addition, performance of the Equity Fund can be affected by unexpected local, state, regional, national or global events (e.g., significant earnings shortfalls or gains, inflation, recessions, government shutdowns, market closures, trade disputes, tariff arrangements, sanctions, war, political events, cybersecurity attacks, acts of terrorism, the spread of infectious diseases or other public health issues, and natural and environmental disasters) that cause major price changes in individual securities or market sectors.</div><div id="xdx_C0F_gRBRTB-MPQY_zwRIxfu7EV5e"> </div><div id="xdx_C03_gRBRTB-MPQY_zgCGQpcpg5Yl">In summary, but not inclusive of all possible risks, you could lose money on your investment in the Equity Fund, or the Fund could underperform other investments, if any of the following occurs:</div><div id="xdx_C01_gRBRTB-MPQY_z4nqRuDrrlqk"> </div><div id="xdx_C06_gRBRTB-MPQY_zv5NlKSZFkFl"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The stock market goes down;</td></tr></table></div><div id="xdx_C0A_gRBRTB-MPQY_z2rSb25Vl8w5"> </div><div id="xdx_C09_gRBRTB-MPQY_zKHwWhoPVEia"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The stock market undervalues the stocks in the Equity Fund’s portfolio; or</td></tr></table></div><div id="xdx_C0E_gRBRTB-MPQY_zQ9Y2nrwO71i"> </div><div id="xdx_C01_gRBRTB-MPQY_zYVeIXQ1FcZi"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Adviser’s judgment as to the value of the Equity Fund’s stocks proves to be mistaken.</td></tr></table></div><div id="xdx_C0A_gRBRTB-MPQY_zTLARsZDNcoj"> </div><div id="xdx_C0A_gRBRTB-MPQY_zp0Z4muOFkt7">For additional information regarding Stock Market Risk, please refer to “Principal Risks of Investing in the Cutler Equity Fund” found in “Investment Objective, Principal Investment Strategies and Principal Risks of the Fund” in the Fund’s prospectus.</div> Sector Risk<div id="xdx_C0F_gRBRTB-MPQY_zAVPVjHlqiGf"> </div> <div id="xdx_C0F_gRBRTB-MPQY_zT6k9Q8Wzdol">The Adviser may allocate more of the Fund’s investments to a particular sector or sectors in the market. If the Fund invests a significant portion of its total assets in certain sectors, its investment portfolio will be more susceptible to the financial, economic, business, and political developments that affect those sectors. For additional information regarding Sector Risk, please refer to “Principal Risks of Investing in the Cutler Equity Fund” found in “Investment Objective, Principal Investment Strategies and Principal Risks of the Fund” in the Fund’s prospectus.</div> <div id="xdx_C03_gRBRTB-MPQY_z7fR0nLllu93"> </div> Securities Lending Risk<div id="xdx_C08_gRBRTB-MPQY_zhv7nmXhOlVb"> </div> <div id="xdx_C03_gRBRTB-MPQY_zsVqMXZCwnu2">The Fund may make secured loans of its portfolio securities in an amount not exceeding 33 ⅓% of the value of the Fund’s total assets. The risks in lending portfolio securities, as with other extensions of credit, consist of possible delay in recovery of the securities and possible loss of rights in the collateral should the borrower fail financially, including possible impairment of the Fund’s ability to vote the securities on loan. If a loan is collateralized by cash, the Fund typically will invest the cash collateral for its own account and may pay a fee to the borrower that normally represents a portion of the Fund’s earnings on the collateral. Because the Fund may invest collateral in any investments in accordance with its investment objective, the Fund’s securities lending transactions will result in investment leverage. The Fund bears the risk that the value of the investments made with collateral may decline.</div> PERFORMANCE SUMMARY The bar chart and performance table that follow provide some indication of the risks and variability of investing in the Equity Fund by showing the changes in the Fund’s performance from year-to-year for the last ten calendar years, and by showing how the Fund’s average annual total returns for 1, 5 and 10 years compare with those of a broad measure of market performance. Prior to October 28, 2020, the Fund offered Class I Shares identified by TICKER: CALEX. On October 28, 2020, all existing Class I Shares of the Fund were converted into the current class of shares of the Fund identified by TICKER: DIVHX (previously named Class II Shares). After October 28, 2020 Class I Shares were no longer offered by the Fund. The bar chart and performance table show changes in the year-to-year performance of shares of the Equity Fund and include the historical performance of Class I Shares. The current share class of the Fund (TICKER: DIVHX) would have substantially similar returns to the Class I Shares because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the classes do not have the same expenses. The Equity Fund’s performance in the past is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current to the most recent month end, is available by calling 1-888-CUTLER4 (1-888-288-5374). The bar chart and performance table that follow provide some indication of the risks and variability of investing in the Equity Fund by showing the changes in the Fund’s performance from year-to-year for the last ten calendar years, and by showing how the Fund’s average annual total returns for 1, 5 and 10 years compare with those of a broad measure of market performance. 1-888-CUTLER4 (1-888-288-5374) EQUITY FUND Year-by-year Annual Total Return as of 12/31 each year (%) <div id="xdx_A83_eoef--BarChartTableTextBlock_zndaTlRH3nBi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zWVDO2VbXmb4" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"> </td> <td id="xdx_498_20160101__20161231_ztCEpGsLcvIf" style="text-align: center; width: 9%">2016</td> <td id="xdx_493_20170101__20171231_zqj4ISsXsdbd" style="text-align: center; width: 9%">2017</td> <td id="xdx_492_20180101__20181231_zpvHX8PLTQx2" style="text-align: center; width: 9%">2018</td> <td id="xdx_495_20190101__20191231_zgiRc2lxUAOb" style="text-align: center; width: 9%">2019</td> <td id="xdx_493_20200101__20201231_ziya5tjzpMzc" style="text-align: center; width: 9%">2020</td> <td id="xdx_49F_20210101__20211231_zHCArB9XxBBa" style="text-align: center; width: 9%">2021</td> <td id="xdx_494_20220101__20221231_zggnG3VkDiZ3" style="text-align: center; width: 9%">2022</td> <td id="xdx_49D_20230101__20231231_zeEfAGRV0Ig" style="text-align: center; width: 9%">2023</td> <td id="xdx_491_20240101__20241231_zd3JfwHmpWhb" style="text-align: center; width: 9%">2024</td> <td id="xdx_491_20250101__20251231_zCrPJLWVpmak" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_401_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001540Member__oef--ClassAxis__custom--C000222167Member_zQ7RE1G1D9e3" style="vertical-align: top; text-align: center"> <td> </td> <td>14.93%</td> <td>17.82%</td> <td>-6.40%</td> <td>24.69%</td> <td>9.58%</td> <td>24.72%</td> <td>-3.30%</td> <td>7.15%</td> <td>12.51%</td> <td>14.36%</td></tr> </table> <img alt="(BAR GRAPH)" src="cu002_v1.jpg"/> <div style="display: none"></div> 0.1493 0.1782 -0.0640 0.2469 0.0958 0.2472 -0.0330 0.0715 0.1251 0.1436 The Equity Fund’s 2026 year-to-date total return through September 30, 2026 is 9.49%. During the periods shown in the bar chart, the highest quarterly return was 14.44% during the quarter ended December 31, 2022 and the lowest quarterly return was -19.42% during the quarter ended March 31, 2020. The Equity Fund’s 2026 year-to-date total return 2026-09-30 0.0949 the highest quarterly return 0.1444 2022-12-31 the lowest quarterly return -0.1942 2020-03-31 Average Annual Total Returns For Periods Ended December 31, 2025 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares. <div id="xdx_A88_eoef--PerformanceTableTextBlock_z1S0uqkVG27i"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zV9K48FhNKz8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%"> </td> <td id="xdx_491_20250101__20251231_zCG1pphcZXjc" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">1 Year</td> <td id="xdx_494_20210101__20251231_zb2KWdQFKHXf" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">5 Years</td> <td id="xdx_496_20160101__20251231_zGI63ZklM72d" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">10 Years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt">Equity Fund</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001540Member__oef--ClassAxis__custom--C000222167Member_zTUza2DSb2Kd" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; padding-left: 8.1pt">Return Before Taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: center">14.36%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: center">10.71%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: center">11.16%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001540Member__oef--ClassAxis__custom--C000222167Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z9DPtllnOLPc" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; padding-left: 8.1pt">Return After Taxes on Distributions</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: center">12.93%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: center">9.29%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: center">9.90%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001540Member__oef--ClassAxis__custom--C000222167Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zeFIQWLYfLka" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; padding-left: 8.1pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: center">9.52%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: center">8.31%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: center">8.95%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001540Member__oef--PerformanceMeasureAxis__custom--StandardAndPoors500IndexSAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zCnKDFINfVn" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1pt; padding-bottom: 1pt">Standard & Poor’s 500 Index (S&P 500® Index)(1) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: center">17.88%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: center">14.42%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: center">14.82%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001540Member__oef--PerformanceMeasureAxis__custom--StandardAndPoors500ValueIndexSAndP500ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z3xTiwSHnsXc" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1pt; padding-bottom: 1pt">Standard & Poor’s 500 Value Index (S&P 500® Value Index)(2) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: center">13.19%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: center">12.96%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt; text-align: center">11.73%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 17.3pt; text-align: left">(1)</td><td style="text-align: justify">The S&P 500® Index is a market capitalization weighted index of 500 large U.S. companies chosen for market size, liquidity and industry group representation and includes reinvested dividends. The index is unmanaged and is widely used as a barometer of U.S. stock market performance. An investor cannot invest in an index and its returns are not indicative of the performance of any specific investment.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 17.3pt; text-align: left">(2)</td><td style="text-align: justify">The S&P 500® Value Index measures value stocks using three factors: the ratios of book value, earnings, and sales to price. Constituents are drawn from the S&P 500® Index. The index is unmanaged. An investor cannot invest in an index and its returns are not indicative of the performance of any specific investment.</td> </tr></table> Return Before Taxes 0.1436 0.1071 0.1116 0.1293 0.0929 0.0990 0.0952 0.0831 0.0895 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1482 reflects no deduction for fees, expenses or taxes 0.1319 0.1296 0.1173 Effective February 18, 2021, the Fund adopted a Shareholder Service Plan that permits it to pay up to 0.15% of its average daily net assets each year in shareholder service fees. The Board of Trustees (the “Board”) of The Cutler Trust (the “Trust”) has authorized the Fund to spend not more than 0.05% of the Fund’s average daily net assets under the Shareholder Service Plan without further approval from the Board. For the fiscal year ended June 30, 2026, the Fund incurred $106,662 in shareholder service fees, which represents an amount equal to 0.05% of the Fund’s average daily net assets. The Fund’s investment adviser, Cutler Investment Counsel, LLC (the “Adviser”), has contractually agreed, until October 31, 2027, to reduce its management fees and to pay the Fund’s ordinary operating expenses to the extent necessary to limit Annual Fund Operating Expenses to an amount not exceeding 0.99% of the Fund’s average daily net assets. Any management fees reduced and ordinary operating expenses paid by the Adviser are subject to repayment by the Fund for a period of 3 years after such fees and expenses were reduced or paid, provided that the repayments do not cause Annual Fund Operating Expenses to exceed the foregoing expense limitation. Annual Fund Operating Expenses exclude brokerage costs, taxes, interest, acquired fund fees and expenses and extraordinary expenses. Prior to October 31, 2027, the expense limitation agreement may be modified or terminated only with approval by the Board of Trustees. The S&P 500® Index is a market capitalization weighted index of 500 large U.S. companies chosen for market size, liquidity and industry group representation and includes reinvested dividends. The index is unmanaged and is widely used as a barometer of U.S. stock market performance. An investor cannot invest in an index and its returns are not indicative of the performance of any specific investment. The S&P 500® Value Index measures value stocks using three factors: the ratios of book value, earnings, and sales to price. Constituents are drawn from the S&P 500® Index. The index is unmanaged. An investor cannot invest in an index and its returns are not indicative of the performance of any specific investment.