<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 24F-2
ANNUAL NOTICE OF SECURITIES SOLD
PURSUANT TO RULE 24f-2
READ INSTRUCTIONS AT END OF FORM BEFORE PREPARING FORM.
PLEASE PRINT OR TYPE.
______________________________________________________________________________
1. Name and address of issuer:
The Cutler Trust
Two Portland Square
Portland, Maine 04101
______________________________________________________________________________
2. Name of each series or class of funds for which this notice is filed:
Cutler Income Equity Fund
Cutler Approved List Equity Fund
Cutler Government Securities Fund
______________________________________________________________________________
3. Investment Company Act File Number: 33-52850
Securities Act File Number: 811-7242
______________________________________________________________________________
4. Last day of fiscal year for which this notice is filed:
June 30, 1996
______________________________________________________________________________
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:
/ /
______________________________________________________________________________
6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable (see instruction A.6):
______________________________________________________________________________
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:
Zero (0) Shares
______________________________________________________________________________
<PAGE>
______________________________________________________________________________
8. Number and amount of securities registered during the fiscal year other
than pursuant to rule 24f-2:
Zero (0) Shares
______________________________________________________________________________
9. Number and aggregate sale price of securities sold during the fiscal
year:
Shares Dollars
------ -------
Cutler Equity Income Fund 598,123 $7,297,188
Cutler Approved List Equity Fund 499,181 6,317,254
Cutler Government Securities Fund 139,190 1,401,142
--------- -----------
TOTAL 1,236,494 $15,015,584
_____________________________________________________________________________
______________________________________________________________________________
10. Number and aggregate sale price of securities sold during the fiscal
year in reliance upon registration pursuant to rule 24f-2.
Shares Dollars
------ -------
Cutler Equity Income Fund 598,123 $7,297,188
Cutler Approved List Equity Fund 499,181 6,317,254
Cutler Government Securities Fund 139,190 1,401,142
--------- -----------
TOTAL 1,236,494 $15,015,584
______________________________________________________________________________
11. Number and aggregate sale price of securities issued during the fiscal
year in connection with dividend reinvestment plans, if applicable (see
instruction B.7):
Securities issued during the fiscal year in connection with dividend
reinvestment plans are included in the securities reported in Item 9.
______________________________________________________________________________
-2-
<PAGE>
______________________________________________________________________________
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during + 15,015,584
the fiscal year in reliance on rule 24f-2 ___________________
(from Item 10):
(ii) Aggregate price of shares issued in connection + 0*
with dividend reinvestment plans (from Item 11, ___________________
if applicable):
(iii) Aggregate price of shares redeemed or repurchased - 14,572,608
during the fiscal year (if applicable): ___________________
(iv) Aggregate price of shares redeemed or repurchased + 0
and previously applied as a reduction to filing ___________________
fees pursuant to rule 24e-2 (if applicable):
(v) Net aggregate price of securities sold and issued 442,976
during the fiscal year in reliance on rule 24f-2 ___________________
line (i), plus line (ii), less line (iii), plus
line (iv) (if applicable):
(vi) Multiplier prescribed by Section 8(b) of the x 1/2900
Securities Act of 1933 or other applicable law or ___________________
regulation (see instruction C.8):
(vii) Fee due (line (i) or line (v) multiplied by $ 152.75
line (vi)): ___________________
* Shares issued in connection with dividend reinvestment
plans are included in the securities reported in Item 9.
INSTRUCTION: ISSUERS SHOULD COMPLETE LINES (ii), (iii), (iv), AND (v) ONLY IF
THE FORM IS BEING FILED WITHIN 60 DAYS AFTER THE CLOSE OF THE
ISSUER'S FISCAL YEAR. See Instruction C.3.
_______________________________________________________________________________
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).
/X/
Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository:
August 27, 1996
_______________________________________________________________________________
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/ Max Berueffy, Vice President and Secretary
_______________________________________________
Max Berueffy, Vice President and Secretary
_______________________________________________
Date August 27, 1996
________________________
*Please print the name and title of the signing officer below the signature.
_______________________________________________________________________________
-3-
<PAGE>
U.S. Securities and Exchange Commission
Washington, D.C. 20549
RULE 24F-2 NOTICE
THE CUTLER TRUST
Two Portland Square
Portland, Maine 04101
File Nos. 33-52850; 811-7242
SIGNATURE
Pursuant to the requirements of Rule 24f-2 under the Investment Company Act
of 1940, The Cutler Trust has duly caused this Rule 24f-2 Notice to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of
Portland, and State of Maine, on this 27 day of August, 1996.
The Cutler Trust
By: /s/ John Y. Keffer
------------------
John Y. Keffer
President
-4-
<PAGE>
LAW OFFICES OF
DECHERT PRICE & RHOADS
477 Madison Avenue
New York, NY 10022-5891
TELEPHONE: (212) 326-3500
FAX: (212) 308-2041
August 27, 1996
The Cutler Trust
Two Portland Square
Portland, Maine 04101
Dear Sirs:
As counsel for The Cutler Trust (the "Fund"), a Delaware business trust,
during the fiscal year ended June, 1996, we are familiar with the Fund's
registration under the Investment Company Act of 1940 and with the registration
statement relating to its shares of beneficial interest (the "Shares") under the
Securities Act of 1933 (File No. 33-52850) (the "Registration Statement"). We
have also examined such other corporate records, agreements, documents and
instruments as we deemed appropriate.
Based upon the foregoing, it is our opinion with respect to the Shares the
registration of which is being made definite by the Notice pursuant to Rule 24f-
2 under the Investment Company Act of 1940 ("Notice") being filed by the Fund
for its fiscal year ended by June 30, 1996, assuming such Shares were sold at
the public offering price and delivered by the Fund against receipt of the net
asset value of the Shares in compliance with the terms of the Registration
Statement and the requirements of applicable law, that such Shares were, when
sold, duly and validly authorized, legally and validly issued, and fully paid
and non-assessable.
We consent to the filing of this opinion in connection with the Notice of
Form 24f-2 to be filed by the Fund with the Securities and Exchange Commission
for the Fund's fiscal year ended June 30, 1996.
Very truly yours,
/s/ Dechert Price & Rhoads
