UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of Issuer:
PRUDENT SPECULATOR FUND (THE)
4023 W. 6TH STREET
LOS ANGELES, CA 90020
2. Name of each series or class of funds for which this notice
is filed:
THE PRUDENT SPECULATOR FUND
3. Investment Company Act File Number: 811-5020
Securities Act File Number: 33-11636
4. Last day of fiscal year for which this notice is filed:
OCTOBER 31, 1995
5. Check box if this notice is being filed more than 180 days
after the close of the issuer's fiscal year for purposes of
reporting securities sold after the close of the fiscal year
but before termination of the issuer's 24f-2 declaration:
N/A
6. Date of termination of issuer's declaration under rule 24f-
2(a)(1), if applicable: N/A
7. Number and amount of securities of the same class or series
which had been registered under the Securities Act of 1933
other than pursuant to rule 24f-2 in a prior fiscal year,
but which remained unsold at the beginning of the fiscal
year: N/A
8. Number and amount of securities registered during the
fiscal year other than pursuant to rule 24f-2: N/A
9. Number and aggregate sale price of securities sold during
the fiscal year:
81,726 SHARES $640,641
10. Number and aggregate sale price of securities sold during
the fiscal year in reliance upon registration pursuant to
rule 24f-2:
81,726 SHARES $640,641
11. Number and aggregate sale price of securities issued during
the fiscal year in connection with dividend reinvestment
plans, if applicable: N/A
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the
fiscal year in reliance on rule 24f-2 (from Item 10):
$640,641
(ii) Aggregate price of shares issued in connection with
dividend reinvestment plans (from Item 11, if
applicable):
+ 0
(iii)Aggregate price of shares redeemd or repurchased during
the fiscal year (if applicable):
- $640,641
(iv) Aggregate price of shares redeemed or repurchased and
previously applied as a reduction to filing fees
pursuant to rule 24e-2 (if applicable):
+ 0
(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on rule 24f-2 [line
(i), plus line (ii), less line (iii), plus line (iv)]
(if applicable):
0
(vi) Multiplier prescribed by Section 6(b) of the Securities
Act of 1933 or other applicable law or regulation:
N/A
(vii)Fee due [line (i) or line (v) multiplied by line (vi)]:
0
13. Check box if fees are being remitted to the Commission's
lockbox depository as described in section 3a of the
Commission's Rules of Informal and Other Procedures
(17 CFR 202.3a). N/A
Date of mailing or wire transfer of filing fees to the
Commission's lockbox depository: N/A
SIGNATURES
This report has been signed below by the following persons on
behalf of the issuer and in the capacities and on the dates
indicated.
By (Signature and Title) /S/ PATRICIA L. STEPHAN
PATRICIA L. STEPHAN, V P, SECRETARY
Date: DECEMBER 26, 1995
BAKER & DANIELS
300 North Meridian Street
Suite 2700
Indianapolis, Indiana 46402-1782
December 26, 1995
The Prudent Speculator Fund,
4023 West Sixth Street,
Los Angeles, California 90020.
Re: Opinion Pursuant to Rule 24f-2(b)(1)
Under the Investment Company Act of 1940
Ladies and Gentlemen:
You have requested our opinion in connection with the
notice which you propose to file pursuant to Rule 24f-2 under the
Investment Company Act of 1940, as amended, with respect to
81,726 shares of beneficial interest, without par value
("Shares"), of your PATHFINDER FUND series of Shares. As your
counsel, we are familiar with your organization and status as a
Massachusetts business trust and the validity of your Shares.
In connection therewith, we have examined such
certificates and other documents, and such questions of law, as
we have deemed necessary or appropriate for the purposes of this
opinion. Upon the basis of such examination, we advise you that,
in our opinion, the foregoing Shares were legally and validly
issued and are fully paid and nonassessable.
We are admitted to practice only in the State of
Indiana, and this opinion is limited to matters governed by the
federal laws of the United States and the business trust law of
the State of Massachusetts as set forth in Chapter 182 of the
Massachusetts General Laws and the reported decisions of the
Supreme Judicial Court of Massachusetts.
We consent to the filing of this opinion with the
Securities and Exchange Commission in connection with the notice
referred to above. In giving such consent, we do not thereby
admit that we come within the category of persons whose consent
is required under Section 7 of the Securities Act of 1933, as
amended.
Very truly yours,
/S/ BAKER & DANIELS
