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.
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1. Name and address of issuer:
The Cutler Trust
Two Portland Square
Portland, Maine 04101
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2. Name of each series or class of funds for which this notice is filed:
Cutler Approved List Equity Fund
Cutler Equity Income Fund
Cutler Government Securities Fund
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3. Investment Company Act File Number: 811-7242
Securities Act File Number: 33-52850
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4. Last day of fiscal year for which this notice is filed:
June 30, 1997
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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:
[ ]
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6. Date of termination of issuer's declaration under Rule 24f-2(a)(1), if
applicable (see Instruction A.6):
N/A
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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:
0 (zero) Shares
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8. Number and amount of securities registered during the fiscal year other than
pursuant to Rule 24f-2:
0 (zero) Shares
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9. Number and aggregate sale price of securities sold during the fiscal year:
DOLLARS SHARES
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Cutler Approved List Equity Fund $ 3,116,411 191,954
Cutler Equity Income Fund $ 10,855,935 782,734
Cutler Government Securities Fund $ 337,536 34,403
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$ 14,309,882 1,009,091
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10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to Rule 24f-2:
DOLLARS SHARES
------- ------
Cutler Approved List Equity Fund $ 3,116,411 191,954
Cutler Equity Income Fund $ 10,855,935 782,734
Cutler Government Securities Fund $ 337,536 34,403
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$ 14,309,882 1,009,091
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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.
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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): $14,309,882
(ii) Aggregate price of shares issued in
connection with dividend reinvestment
plans (from Item 11, if applicable): 0*
(iii) Aggregate price of shares redeemed or
repurchased during the fiscal year
(if applicable): $19,329,509
(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), $0
less line (iii), plus line (iv)] (if applicable): -------------------
(vi) Multiplier prescribed by Section 6(b) of the
Securities Act of 1933 or other applicable
law or regulation (see Instruction C.6): 1/3300
(vii) Fee due [line (i) or line (v) multiplied by
line (vi)]: $ -
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* 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.
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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).
[ ]
Date of mailing or wire transfer of filing fees to the Commission's lockbox
depository:
N/A
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SIGNATURES
This report has been singed by the following persons on behalf of the issuer and
in the capacities an on the dates indicated.
By (Signature and Title)* /S/ Max Berueffy, Vice President And Secretary
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Max Berueffy, Vice President and Secretary
Date August 26, 1997
* Please print the name and title of the signing officer below the signature.
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LAW OFFICES OF
DECHERT PRICE & RHOADS
30 Rockefeller Plaza
New York, NY 10112
Telephone: (212) 698-3500
Fax: (212) 698-3599
August 26, 1997
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 30, 1997, 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 June 30, 1997, 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.
Our opinion above stated is expressed as members of the bar of the State of
New York.
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, 1997.
Very truly yours,
/s/ Dechert Price & Rhoads
