<PAGE> PAGE 1
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007 C020300 CUTLER GOVERNMENT FUND
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008 D01AA01 MEDFORD
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010 A00AA01 FORUM FINANCIAL SERVICES, INC.
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011 A00AA01 FORUM FINANCIAL SERVICES, INC.
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<PAGE> PAGE 2
012 C03AA01 04101
013 A00AA01 DELOITTE & TOUCHE
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10048
014 A00AA01 FORUM FINANCIAL SERVICES, INC.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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SIGNATURE MICHAEL MARTINS
TITLE ASST. TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CUTLER
APPROVED LIST EQUITY FUND DATED 12/30/95 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 020
<NAME> CUTLER APPROVED LIST EQUITY FUND
<S> <C>
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<SHARES-COMMON-STOCK> 2,044,946
<SHARES-COMMON-PRIOR> 1,869,065
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<ACCUMULATED-NET-GAINS> (17,797)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 27,200,667
<DIVIDEND-INCOME> 349,390
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<EXPENSES-NET> 124,841
<NET-INVESTMENT-INCOME> 236,244
<REALIZED-GAINS-CURRENT> 212,206
<APPREC-INCREASE-CURRENT> 3,012,689
<NET-CHANGE-FROM-OPS> 3,461,139
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,772,232
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<SHARES-REINVESTED> 333,438
<NET-CHANGE-IN-ASSETS> 5,310,797
<ACCUMULATED-NII-PRIOR> 367,432
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CUTLER
EQUITY INCOME FUND DATED 12/30/95 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 010
<NAME> CUTLER EQUITY INCOME FUND
<S> <C>
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<OTHER-ITEMS-LIABILITIES> 91,064
<TOTAL-LIABILITIES> 91,064
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<SHARES-COMMON-STOCK> 3,814,422
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 212,990
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 47,472,469
<DIVIDEND-INCOME> 870,857
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<NET-INVESTMENT-INCOME> 688,711
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<NUMBER-OF-SHARES-SOLD> 2,393,378
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<SHARES-REINVESTED> 1,530,954
<NET-CHANGE-IN-ASSETS> 6,002,892
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<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 216,796
<AVERAGE-NET-ASSETS> 43,471,524
<PER-SHARE-NAV-BEGIN> 10.96
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CUTLER
GOVERNMENT DATED 12/30/95 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 030
<NAME> CUTLER GOVERNMENT FUND
<S> <C>
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<PERIOD-END> DEC-30-1995
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<REALIZED-GAINS-CURRENT> (54,618)
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<NET-CHANGE-FROM-OPS> 315,697
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<PER-SHARE-NAV-BEGIN> 10.10
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</TABLE>
