Cutler Capital Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ABBVIE	COM	00287Y109	192	3,100	SH		SOLE		0	0	3,100
ALLERGAN	PFD	G0177J116	7,017	8,418	SH		SOLE		2,350	0	6,068
AMERICAN RLTY	DEB	02917TAA2	2,536	2,567,000	PRN		SOLE		0	0	2,567,000
APPLE INC	COM	037833100	4,577	47,879	SH		SOLE		36,000	0	11,879
ARES CAPITAL	DEB	04010LAJ2	2,689	2,600,000	PRN		SOLE		0	0	2,600,000
ASCENT CAPITAL	DEB	043632AA6	738	1,300,000	PRN		SOLE		1,300,000	0	0
ASHFORD HOSPTY	COM	044103109	1,031	192,000	SH		SOLE		18,000	0	174,000
ATLAS AIR WW	DEB	049164BH8	1,313	1,355,000	PRN		SOLE		300,000	0	1,055,000
BANK OF AMERICA	COM	060505104	371	28,000	SH		SOLE		0	0	28,000
BB&T CORP	COM	054937107	641	18,000	SH		SOLE		0	0	18,000
CARRIAGE SERVICE	DEB	143905AM9	4,762	4,055,000	PRN		SOLE		1,605,000	0	2,450,000
CHART IND	DEB	16115QAC4	595	640,000	PRN		SOLE		0	0	640,000
CHESAPEAKE FINL	COM	16417A109	267	13,853	SH		SOLE		12,595	0	1,258
CHEVRON	COM	166764100	141	1,350	SH		SOLE		0	0	1,350
COWEN GROUP	DEB	223622AB7	2,533	2,823,000	PRN		SOLE		460,000	0	2,363,000
COMMUNITY WEST	COM	204157101	681	92,600	SH		SOLE		15,000	0	77,600
CROWN CASTLE	PFD	22822V200	6,765	55,912	SH		SOLE		10,600	0	45,312
ENSCO PLC	COM	G3157S106	184	19,000	SH		SOLE		0	0	19,000
ENVESTNET	DEB	29404KAA4	988	1,095,000	PRN		SOLE		350,000	0	745,000
EPR PROPERTIES	PFD	26884U208	5,483	178,552	SH		SOLE		178,552	0	0
EATON CORP	COM	G29183103	478	8,000	SH		SOLE		0	0	8,000
EXELIXIS	DEB	30161QAC8	5,074	3,424,000	PRN		SOLE		1,000,000	0	2,424,000
EXELON CORP	PFD	30161N127	852	17,267	SH		SOLE		1,000	0	16,267
FIDELITY SOUTHERN	COM	316394105	2,852	182,019	SH		SOLE		42,000	0	140,019
FIFTH THIRD BANK	COM	316773100	439	25,000	SH		SOLE		0	0	25,000
FIRST GUARANTY	COM	32043P106	1,398	87,400	SH		SOLE		55,000	0	32,400
F&M BANCORP	COM	30237P106	115	5,000	SH		SOLE		5,000	0	0
FORD MOTOR	COM	345370860	4,232	336,673	SH		SOLE		152,500	0	184,173
GAMESTOP	COM	36467W109	372	14,000	SH		SOLE		0	0	14,000
GENERAL MOTORS	COM	30745V100	5,687	200,972	SH		SOLE		54,312	0	146,660
GOODYEAR TIRE	COM	382550101	467	18,227	SH		SOLE		0	0	18,227
HARLEY DAVIDSON	COM	412822108	181	4,000	SH		SOLE		0	0	4,000
HCI GROUP	DEB	40416EAB9	6,554	7,496,000	PRN		SOLE		306,000	0	7,190,000
HCI GROUP	COM	40416E103	5,611	205,706	SH		SOLE		136,000	0	69,706
HEARTLAND FINL	COM	42234Q102	353	10,000	SH		SOLE		0	0	10,000
INTL PAPER	COM	460146103	296	7,000	SH		SOLE		0	0	7,000
INVESCO LTD	COM	G491BT108	255	10,000	SH		SOLE		0	0	10,000
INVESCO TR INVT	COM	46131M106	974	65,565	SH		SOLE		0	0	65,565
J2 GLOBAL	DEB	48123VAC6	605	540,000	PRN		SOLE		50,000	0	490,000
JEFFERIES GROUP	DEB	472319AG7	1,215	1,200,000	PRN		SOLE		0	0	1,200,000
JOHNSON CONTROL	COM	478366107	332	7,500	SH		SOLE		0	0	7,500
JP MORGAN CHASE	COM	46625H100	155	2,500	SH		SOLE		0	0	2,500
KOHLS GROUP	COM	500255104	220	5,800	SH		SOLE		0	0	5,800
LEDYARD FINANCIAL	COM	523338101	2,702	57,190	SH		SOLE		35,500	0	21,690
LEXINGTON PTY	COM	529043101	17,250	1,706,284	SH		SOLE		477,500	0	1,228,784
LEXINGTON PTY	PFD	529043309	5,609	111,208	SH		SOLE		9,585	0	101,623
MACQUARIE INFRA	DEB	55608BAA3	331	290,000	PRN		SOLE		0	0	290,000
MERCK	COM	58933Y105	6,896	119,705	SH		SOLE		31,000	0	88,705
METLIFE	COM	59156R108	6,751	169,505	SH		SOLE		50,000	0	119,505
NATIONAL HEALTH	DEB	63633DAE4	10,861	9,840,000	PRN		SOLE		2,900,000	0	6,940,000
NAVIENT CORP	COM	63938C108	311	26,000	SH		SOLE		0	0	26,000
NOBLE CORP.	COM	G65431101	132	16,000	SH		SOLE		0	0	16,000
NORTHERN STATES	COM	665751103	134	22,000	SH		SOLE		0	0	22,000
NORTHWEST IN BANC	COM	667516108	290	10,000	SH		SOLE		3,600	0	6,400
NORTHWAY FINL	COM	667270201	342	16,153	SH		SOLE		0	0	16,153
NY COMM BANC	COM	649445103	877	58,500	SH		SOLE		0	0	58,500
NY COMM BANC	PFD	64944P307	8,535	169,149	SH		SOLE		29,503	0	139,646
OXBRIDGE	COM	G6856M106	603	120,000	SH		SOLE		120,000	0	0
PFIZER	COM	717081103	1,197	34,000	SH		SOLE		0	0	34,000
PROSHARES	COM	74743B201	253	8,000	SH		SOLE		0	0	8,000
PRUDENTIAL FINL	COM	744320102	571	8,000	SH		SOLE		0	0	8,000
PSB HOLDINGS	COM	69360N105	67	1,500	SH		SOLE		1,500	0	0
RAMCO GERSHNSN	PFD	751452608	10,699	151,716	SH		SOLE		94,227	0	57,489
RIDGESTONE FINL	COM	76610V103	914	34,500	SH		SOLE		23,500	0	11,000
ROYAL GOLD	DEB	780287AA6	2,328	2,176,000	PRN		SOLE		325,000	0	1,851,000
SANOFI SPONSOR	COM	80105N105	6,675	159,500	SH		SOLE		57,000	0	102,500
SEAGATE TECH	COM	G7945M107	195	8,000	SH		SOLE		0	0	8,000
SHIP FINANCE	DEB	G81075AE6	9,280	8,802,000	PRN		SOLE		3,380,000	0	5,422,000
SHIP FINANCE	COM	G81075106	224	15,200	SH		SOLE		0	0	15,200
SHUTTERFLY	DEB	82568PAB2	3,539	3,573,000	PRN		SOLE		675,000	0	2,898,000
SPIRIT REALTY	DEB	84860WAB8	654	585,000	PRN		SOLE		0	0	585,000
SPIRIT REALTY	DEB	84860WAA0	11,497	10,658,000	PRN		SOLE		3,500,000	0	7,158,000
SUMMIT STATE	COM	866264203	224	16,313	SH		SOLE		6,313	0	10,000
SWISS HELVETIA	COM	870875101	1,257	121,460	SH		SOLE		0	0	121,460
TIMBERLAND BANK	COM	887098101	696	46,400	SH		SOLE		30,800	0	15,600
TOLL BROS	DEB	88947EAM2	386	395,000	PRN		SOLE		0	0	395,000
TTM TECH	DEB	87305RAD1	10,895	10,991,000	PRN		SOLE		2,875,000	0	8,116,000
TYSON FOODS	PFD	902494301	4,038	54,659	SH		SOLE		15,500	0	39,159
VALLEY COMMUNITY	COM	919518100	144,000	9,000	SH		SOLE		0	0	9,000
VEREIT INC	COM	92339V100	902	89,000	SH		SOLE		0	0	89,000
WELLS FARGO	COM	949746101	573	12,100	SH		SOLE		0	0	12,100
WELLTOWER	PFD	95040Q203	2,129	31,396	SH		SOLE		31,396	0	0
WEYERHAEUSER	PFD	962166872	186	3,700	SH		SOLE		1,000	0	2,700
WEYERHAEUSER	COM	962166104	302	10,150	SH		SOLE		2,000	0	8,150
WESTERN UNION	COM	959802109	326	17,000	SH		SOLE		0	0	17,000
CAPITAL ONE	WTS	14040H139	753	31,600	SH		SOLE		31,600	0	0
GENERAL MOTORS	WTS	37045V126	628	60,000	SH		SOLE		60,000	0	0
JPMORGAN CHASE	WTS	46634E114	810	40,000	SH		SOLE		40,000	0	0
XEROX CORP	COM	984121103	256	27,000	SH		SOLE		0	0	27,000