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
Estimated average burden
hours per response:		23.8

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
ADVANCED MICRO	DEB	007903107	138	130,000	PRN		SOLE		0	0	130,000
AGNICO EAGLE	COM	008474108	4,986	96,155	SH		SOLE		28,000	0	68,155
ALBERTSONS	COM	013091103	3,866	124,200	SH		SOLE		0	0	124,200
AMERICAN INTL	COM	026874784	1,756	32,000	SH		SOLE		32,000	0	0
AMERIS BANCORP	COM	03076K108	2,307	44,475	SH		SOLE		0	0	44,475
ANHEUSIER BUSH	COM	03524A108	116	2,066	SH		SOLE		0	0	2,066
APOLLO COML	DEB	03762UAB1	5,062	5,040,000	PRN		SOLE		500,000	0	4,540,000
ARES CAPITAL	DEB	04010LAW3	1,928	1,745,000	PRN		SOLE		0	0	1,745,000
ATLAS AIR WW	DEB	049164BJ4	3,902	2,690,000	PRN		SOLE		250,000	0	2,440,000
AT&T INC	COM	00206R102	3,776	139,783	SH		SOLE		48,000	0	91,783
BANK BOTETOURT	COM	063907208	2,647	87,500	SH		SOLE		70,000	0	17,500
BARCLAYS	COM	06746P621	299	10,750	SH		SOLE		0	0	10,750
BARON INVT	COM	068278803	255	5,919	SH		SOLE		0	0	5,919
BARON SELECT	COM	06828M876	218	11,697	SH		SOLE		0	0	11,697
BENCHMARK BANK	COM	08160E207	3,020	131,000	SH		SOLE		105,000	0	26,000
BERKSHIRE HATH	COM	084670702	117	430	SH		SOLE		0	0	430
BLACKSTONE GRP	DEB	09257WAC4	1,190	1,170,000	PRN		SOLE		0	0	1,170,000
BLACKSTONE MTG	DEB	09257WAB6	702	694,000	PRN		SOLE		0	0	694,000
BLUE RIDGE BANK	COM	095825105	3,351	190,500	SH		SOLE		168,000	0	22,500
BRITISH AMERICAN	COM	110448107	252	7,134	SH		SOLE		0	0	7,134
BUNGE LIMITED	COM	G16962105	4,155	51,100	SH		SOLE		26,000	0	25,100
BUNGE LIMITED	PFD	G16962204	2,388	19,905	SH		SOLE		0	0	19,905
CAMBRIDGE BANC	COM	132152109	2,156	24,500	SH		SOLE		24,500	0	0
CENTERPOINT ENGY	PFD	15189T503	8,325	338,406	SH		SOLE		80,000	0	258,406
CHESAPEAKE FINL	COM	16517A109	5,100	170,000	SH		SOLE		105,000	0	65,000
CHOICEONE FINL	COM	170386106	1,114	45,000	SH		SOLE		45,000	0	0
CITIZENS BANC	COM	17316V104	536	19,600	SH		SOLE		19,600	0	0
COLLORTIVE	COM	194231672	146	5,088	SH		SOLE		0	0	5,088
COMMUNITY WEST	COM	204157101	4,083	313,038	SH		SOLE		171,000	0	142,038
COWEN GROUP	PFD	223622507	2,723	2,000	SH		SOLE		2,000	0	0
CROWN CASTLE	COM	22822V101	2,478	14,300	SH		SOLE		0	0	14,300
CSB BANCORP	COM	12628R107	2,551	65,000	SH		SOLE		65,000	0	0
DERMIRA	DEB	24983LAB0	222	220	PRN		SOLE		0	0	220
DIGITALBRIDGE	DEB	19624RAA4	163	160	PRN		SOLE		0	0	160
DOMINION ENGY	PFD	25746U133	2,695	27,750	SH		SOLE		10,000	0	17,750
DOMINION ENGY	COM	25746U109	1,860	25,476	SH		SOLE		4,000	0	21,476
ENABLE MIDSTREAM	COM	292480100	2,006	247,100	SH		SOLE		0	0	247,100
ENERGIZER	PFD	29272W208	5,231	61,805	SH		SOLE		20,000	0	41,805
EPR PROPERTIES	PFD	26884U208	1,187	45,448	SH		SOLE		44,488	0	1,000
EQUITY CMNWLTH	COM	294628102	1,531	58,940	SH		SOLE		20,000	0	38,940
EUROPAC	COM	46141Q196	104	10,281	SH		SOLE		0	0	10,281
EXCHANGE BANK	COM	301227203	10,442	68,474	SH		SOLE		21,500	0	46,974
FINANCIAL INST	COM	317585404	996	32,500	SH		SOLE		32,500	0	0
FINWARD	COM	31812F109	3,571	87,000	SH		SOLE		55,000	0	32,000
MANDIANT	DEB	31816QAD3	160	160,000	SH		SOLE		0	0	160,000
FIRST BUSINESS	COM	319390100	3,646	127,000	SH		SOLE		90,000	0	37,000
FIRST COMMUNITY	COM	319835104	1,544	78,000	SH		SOLE		58,000	0	20,000
FIRST HORIZON	COM	320517105	1,808	111,000	SH		SOLE		71,000	0	40,000
FIRST LONG ISLAND	COM	320734106	1,035	50,254	SH		SOLE		4,259	0	45,725
FIRST NATL AK	COM	32112J106	2,990	13,000	SH		SOLE		9,500	0	3,500
FIRST NATIONAL	COM	302578109	2,016	244,970	SH		SOLE		85,000	0	159,970
FIRST NATIONAL	COM	32106V107	4,094	178,000	SH		SOLE		127,000	0	51,000
FIRST SOUTHERN	COM	33650R104	1,651	179,492	SH		SOLE		179,492	0	0
FIRST TRUST	COM	33736Q104	220	3,910	SH		SOLE		0	0	3,910
F&M BANCORP	COM	30237P106	2,611	91,613	SH		SOLE		20,000	0	71,613
F&M BANCORP	PFD	30237P205	1,276	40,000	SH		SOLE		40,000	0	0
FORTIVE CORP	COM	34959J109	6,395	90,614	SH		SOLE		32,000	0	58,614
FRANKLIN FINL	COM	353525108	1,072	33,742	SH		SOLE		0	0	37,742
GERMAN AMERICAN	COM	373865104	1,777	46,000	SH		SOLE		46,000	0	0
GLAXOSMITHKLINE	COM	37733W105	120	3,151	SH		SOLE		0	0	3,151
GLOBAL PARTNERS	COM	37946R109	246	11,600	SH		SOLE		0	0	11,600
GOLDMAN SACHS	DEB	38147UAB3	1,984	1,955,000	PRN		SOLE		0	0	1,955,000
HANCOCK WHITNEY	COM	410120109	471	10,000	SH		SOLE		0	0	10,000
HCI GROUP	DEB	40416EAD5	7,809	4,282,000	PRN		SOLE		849,000	0	3,433,000
INTL FLAVORS	COM	459506101	6,765	50,594	SH		SOLE		9,596	0	40,998
INVESCO TR INVT	COM	46131M106	1,169	85,407	SH		SOLE		0	0	85,407
JPMORGAN	COM	46625H100	164	1,000	SH		SOLE		0	0	1,000
KEYCORP	COM	493267108	357	16,490	SH		SOLE		0	0	16,490
LAKELAND BANCORP	COM	511637100	1,640	93,000	SH		SOLE		93,000	0	0
LEGAND PHARMA	DEB	53220KAF5	135	135,000	SH		SOLE		0	0	135,000
LEXINGTON RTLY	COM	529043101	6,766	530,675	SH		SOLE		95,000	0	435,675
MACQUARIE	DEB	55608BAB1	119	120,000	SH		SOLE		0	0	120,000
MAIN STREET BANC	COM	56064Y100	1,200	50,000	SH		SOLE		0	0	50,000
MCHENRY BANCORP	COM	580683100	909	7,000,000	SH		SOLE		7,000,000	0	0
MEDICAL PRTY	COM	58436J304	4,156	207,075	SH		SOLE		0	0	207,075
MERCHANTS FINAN	COM	588538108	1,643	22,500	SH		SOLE		22,500	0	0
MERCK	COM	58933Y105	6,884	91,650	SH		SOLE		22,500	0	69,150
METLIFE	COM	59156R108	10,090	163,459	SH		SOLE		54,000	0	109,459
MICROSOFT	COM	594918104	169	600	SH		SOLE		0	0	600
MPB BHC	COM	55317L105	3,344	202,712	SH		SOLE		98,000	0	104,712
NEWELL RUBBERMAID	DEB	651229BB1	121	110,000	PRN		SOLE		0	0	110,000
NY COMM BANC	PFD	64944P307	4,446	83,411	SH		SOLE		0	0	83,411
ORRSTOWN FINL	COM	687380105	2,293	98,000	SH		SOLE		98,000	0	0
PARKE BANCORP	COM	700885106	5,922	270,423	SH		SOLE		104,000	0	166,423
PEOPLES UNITED	COM	712704105	397	22,743	SH		SOLE		0	0	22,743
PFIZER	COM	717081103	6,597	153,375	SH		SOLE		40,400	0	112,975
POTOMAC BANCSH	COM	737643106	2,313	134,501	SH		SOLE		113,501	0	21,000
PRA GROUP	DEB	69354NAB2	1,216	1,100,000	PRN		SOLE		0	0	1,100,000
RADIUS HEALTH	DEB	750469AA6	1,807	1,990,000	PRN		SOLE		575,000	0	1,415,000
RPT REALTY	PFD	74971D200	2,602	43,645	SH		SOLE		26,939	0	16,706
SEACOAST BANK	COM	811707801	338	10,000	SH		SOLE		0	0	10,000
SB FINANCIAL	COM	78408D105	6,788	373,334	SH		SOLE		124,000	0	249,334
SFL CORP	DEB	824689AG8	2,885	2,865,000	PRN		SOLE		0	0	2,865,000
SOLVAY BANK	COM	83441Q105	2,306	60,846	SH		SOLE		49,200	0	11,646
SOUTH JERSEY	COM	838518108	3,442	161,880	SH		SOLE		26,000	0	135,880
SOUTH STATE	COM	840441109	340	5,355	SH		SOLE		0	0	5,355
SPDR S&P 500	COM	78462F103	369	859	SH		SOLE		0	0	859
SPDR SER TR	COM	78464A359	118	1,379	SH		SOLE		0	0	1,379
STARWOOD PRPTY	DEB	85571BHA8	126	120,000	SH		SOLE		0	0	120,000
TIMBERLAND BANK	COM	887098101	8,008	277,106	SH		SOLE		87,000	0	190,106
TYSON FOODS	COM	902494301	6,034	76,439	SH		SOLE		18,000	0	58,439
VANECK VECTORS	COM	92189H862	227	9,100	SH		SOLE		0	0	9,100
VANECK VECTORS	COM	92189F122	124	3,225	SH		SOLE		0	0	3,225
VANECK VECTORS	COM	92189F106	195	6,610	SH		SOLE		0	0	6,610
VANECK VECTORS	COM	92189H854	241	9,600	SH		SOLE		0	0	9,600
VANECK VECTORS	COM	92189F643	183	2,495	SH		SOLE		0	0	2,495
VERIZON	COM	92343V104	2,483	45,964	SH		SOLE		0	0	45,964
VIATRIS INC	COM	92556V106	1,606	118,522	SH		SOLE		0	0	118,522
WEYERHAEUSER	COM	962166104	7,203	202,491	SH		SOLE		45,000	0	157,491