The Company Cutler is a privately-held Massachusetts limited liability company that has been registered with the SEC since 2000 and has provided investment advisory services since 2003. The principal owners of Cutler are Melvin S. Cutler and Geoffrey Dancey.
Advisory Services Cutler provides discretionary investment management services to both separately managed accounts ("Separately Managed Accounts") and to private investment funds organized as pooled investment vehicles (the "Private Investment Funds").
Types of Investments Cutler specializes in convertible securities, financials sector investments including community banks, and real estate investment trusts ("REITs"). Cutler may also invest in exchange-traded funds ("ETFs") and mutual funds on behalf of separate account clients.
Convertible securities, which are commonly known as "convertibles," are securities that can be converted into another security, typically common stock. Convertibles are hybrid securities; in other words, they combine the characteristics of two different types of investment instruments. Convertibles are found in two basic forms: convertible bonds and convertible preferred stock. These convertible bonds and convertible preferred stock can be exchanged for (or, converted to) a specified number of the issuing company's common stock shares at the option of the convertible holder.
Cutler invests in convertibles issued as bonds or preferred securities that can be converted to common stock. Both types of convertibles provide a stream of income, like bonds, but also have the potential for growth, like stocks, based on the performance of their underlying common stock.
Cutler's investments in the financial sector are primarily focused on community banks. Community banks often offer a relatively high dividend yield as compared to other common stocks. They also offer the potential for capital appreciation as a result of rising book value, rising earnings, rising dividends, rising valuation multiples and the potential for mergers and acquisitions. We believe that they possess an attractive risk / reward profile that benefits from the often under-researched nature of the market.
Separately Managed Accounts Separately Managed Accounts will be designed, based on a client's financial goals, tolerance for risk and investing timeline. The portfolios of Separately Managed Accounts are primarily invested in the types of investments described above. Cutler uses the following approach to build and manage portfolios for Separately Managed Accounts:
•Build positions with convertibles offering reliable current income, growth potential, and attractive downside risk characteristics;
•Allocate the portfolio to convertible securities, dividend-paying stocks (including community bank stocks), and publicly-traded REITs; and
•Diversify holdings across industry sectors and market capitalizations. Note that the above serve as only guidelines and each portfolio is managed to client goals, needs, and risk tolerance.
4 Cutler may employ a convertible exchange-traded fund ("ETF") strategy for Separately Managed Accounts. Leveraging our broad experience in convertible securities, Cutler constructs portfolios with a convertible ETF, as well as equity and fixed income ETFs. By incorporating the convertible ETF, Cutler seeks to improve the portfolio's risk / reward profile in comparison to conventional equity and bond-only ETF strategies.
Private Investment Funds At present, Cutler acts as general partner and investment manager of the following Private Investment Funds: Cutler Investment Fund, L.P. and Cutler Financial Fund, L.P.
The Private Investment Funds invest in accordance with the offering documents of the individual fund. The terms and conditions for participation in any such private fund, including management and performance fees, conflicts of interest, and risk factors, are set forth in each Private Investment Fund's offering documents, which each prospective investor shall receive, and be required to complete and submit certain portions to Cutler in order to demonstrate qualification for investment in a Private Investment

Fund.
See the "Investment Strategies" section below for additional information regarding the investment objectives, types of investments and risk exposures of each Private Investment Fund managed by Cutler.
Financial Planning Services We offer financial planning services which typically involve providing a variety of advisory services to clients regarding the management of their financial resources based upon an analysis of their individual needs. These services can range from broad-based financial planning to consultative or single subject planning. If you retain our firm for financial planning services, we will meet with you to gather information about your financial circumstances and objectives. We may also use financial planning software to determine your current financial position and to define and quantify your long-term goals and objectives. Once we specify those long-term objectives (both financial and non-financial), we will develop shorter-term, targeted objectives. Once we review and analyze the information you provide to our firm and the data derived from our financial planning software, we will typically deliver a written plan to you, designed to help you achieve your stated financial goals and objectives.
Financial plans are based on your financial situation at the time we present the plan to you, and on the financial information you provide to us. You must promptly notify our firm if your financial situation, goals, objectives, or needs change.
You are under no obligation to act on our financial planning recommendations. Should you choose to act on any of our recommendations, you are not obligated to implement the financial plan through any of our other investment advisory services. Moreover, you may act on our recommendations by placing securities transactions with any brokerage firm.
Client Tailored Services and Client Imposed Restrictions Separately Managed Accounts Cutler's investment advisory services are tailored to meet the specific needs of each client. To provide appropriately individualized services, Cutler will work with each client to obtain information regarding the client's investment objectives, risk profile, and other relevant information regarding the client's financial and investment needs.
5 Cutler may periodically review with clients their financial circumstances, investment objectives, and risk profile. In order for Cutler to provide effective advisory services, it is critical that clients provide accurate and complete information to Cutler and inform Cutler any time such information needs to be updated or any time there is a change in their financial circumstances, investment objectives, or risk profile.
Clients are permitted to impose reasonable restrictions on investing in certain securities or types of securities in their advisory accounts, provided, however, that some restrictions may not be accommodated when utilizing ETFs, mutual funds or with respect to certain third-party products or services made available through Cutler. In addition, a restriction request may not be honored if it is fundamentally inconsistent with Cutler's investment philosophy, runs counter to the client's stated investment objectives, or would prevent Cutler from properly servicing such client's account.
Private Investment Funds Due to the pooled nature of the Private Investment Funds managed by Cutler, investors may not impose restrictions on investments in certain securities or types of securities.
Wrap Fee Programs Cutler does not provide portfolio management services under a wrap fee program. Under a wrap fee program, advisory services (which may include portfolio management or advice concerning the selection of other investment advisers) and transaction services (e.g., execution of trades) are provided for one fee. This is different than investment management programs where services are provided for a fee, but transaction services are billed separately on a per-transaction basis.
Assets Under Management As of December 31, 2023, the total amount of assets managed by Cutler is $315,574,322. All assets are managed on a discretionary basis.