NOTES TO FINANCIAL STATEMENTS
December 31, 2008 (Unaudited)
The Cutler Equity Fund (the "Fund") is a diversified series of The Cutler Trust (the "Trust"). The Trust is a
Delaware statutory trust that is registered as an open-end management investment company under the Investment
Company Act of 1940. The Fund is the only series of the Trust. Under its Trust Instrument, the Trust is
authorized to issue an unlimited number of Fund shares of beneficial interest without par value. The Fund
commenced operations on October 2, 1992.
The Fund seeks current income and long-term capital appreciation.
2. SIGNIFICANT ACCOUNTING POLICIES
The following summarizes the significant accounting policies of the Fund:
SECURITIES VALUATION -- Portfolio securities are valued as of the close of business of the regular session
of the principal exchange where the security is traded. Exchange traded securities for which market quotations
are readily available are valued using the last reported sales price provided by independent pricing services as of
the close of trading on the New York Stock Exchange (normally 4:00 p.m. Eastern time), on each Fund business
day. In the absence of a sale, such securities are valued at the mean of the last bid and asked price. Securities
which are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. Non-exchange traded
securities for which over-the-counter quotations are available are generally valued at the mean between the
closing bid and asked prices. Money market instruments that mature in sixty days or less may be valued at
amortized cost unless the Fund's investment adviser believes another valuation is more appropriate.
The Fund values securities at fair value pursuant to procedures adopted by the Board of Trustees if (1) market
quotations are insufficient or not readily available or (2) the Fund's investment adviser believes that the prices or
values available are unreliable due to, among other things, the occurrence of events after the close