1. GENERAL INFORMATION
The Cutler Trust was organized as a business trust under the laws of the State of Delaware on October 2, 1992.
The Trust has operated under that name and as an investment company since that date.
The Cutler Trust is registered as an open-end, management investment company under the 1940 Act. The Trust
is diversified as that term is defined by the 1940 Act. The Trust offers shares of beneficial interest in its two
series. Cutler Value Fund was formerly known as Cutler Approved List Equity Fund. Cutler Core Fund was
formerly known as Cutler Equity Income Fund.
The Trust has an unlimited number of authorized shares of beneficial interest. The Board may, without
shareholder approval, divide the authorized shares into an unlimited number of separate series and may divide
series into classes of shares; the costs of doing so will be borne by the Trust.
The Trust will continue indefinitely until terminated.
Not all Funds of the Trust may be available for sale in the state in which you reside. Please check with your
investment professional to determine a Fund's availability.
The Adviser, FFS and the Trust have adopted codes of ethics under Rule 17j-1 of the 1940 Act which are
designed to eliminate conflicts of interest between the Funds and the personnel of the Trust, Adviser and FFS. All
three codes will be reviewed by the Board to ensure compliance with the recent amendments to Rule 17j-1at its
next regularly scheduled meeting.
2. SHAREHOLDER VOTING AND OTHER RIGHTS
Each share of the Funds has equal dividend, distribution, liquidation and voting rights, and fractional shares have
those rights proportionately. Delaware law does not require the Funds to hold annual meetings of shareholders,
and it is anticipated that shareholder meetings will be held only when specifically required by federal or state law.
There are no conversion or preemptive rights in connection with shares of the Funds.
All shares, when issued in accordance with the terms of the offering, will be fu