CUTLER TRUST
NSAR-B, 1998-08-27
Previous: CIGNA INSTITUTIONAL FUNDS GROUP, NSAR-A, 1998-08-27
Next: PIPER INSTITUTIONAL FUNDS INC, N-30D, 1998-08-27



<PAGE>      PAGE  1
000 B000000 06/30/98
000 C000000 0000892568
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
000 J000000 A
001 A000000 THE CUTLER TRUST
001 B000000 811-7242
001 C000000 8882885374
002 A000000 TWO PORTLAND SQUARE
002 B000000 PORTLAND
002 C000000 ME
002 D010000 04101
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 CUTLER EQUITY INCOME FUND
007 C030100 N
007 C010200  2
007 C020200 CUTLER APPROVED LIST EQUITY FUND
007 C030200 N
008 A00AA01 CUTLER & COMPANY
008 B00AA01 A
008 C00AA01 801-13527
008 D01AA01 MEDFORD
008 D02AA01 OR
008 D03AA01 97504
010 A00AA01 FORUM ADMINISTRATIVE SERVICES, LLC
010 C01AA01 PORTLAND
010 C02AA01 ME
010 C03AA01 04101
011 A00AA01 FORUM FINANCIAL SERVICES, INC.
011 B00AA01 8-35592
011 C01AA01 PORTLAND
011 C02AA01 ME
011 C03AA01 04101
012 A00AA01 FORUM FINANCIAL CORP.
012 B00AA01 84-01612
012 C01AA01 PORTLAND
012 C02AA01 ME
012 C03AA01 04101
013 A00AA01 DELOITTE & TOUCHE
013 B01AA01 BOSTON
013 B02AA01 MA
<PAGE>      PAGE  2
013 B03AA01 02110
014 A00AA01 FORUM FINANCIAL SERVICES, INC.
014 B00AA01 8-35592
015 A00AA01 BANKBOSTON
015 B00AA01 C
015 C01AA01 CANTON
015 C02AA01 MA
015 C03AA01 02021
015 E01AA01 X
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
020 A000001 LYNCH, JONES, & RYAN
020 B000001 13-3356934
020 C000001    140
020 A000002 S&P SECURITIES
020 B000002 13-2671951
020 C000002     18
020 A000003 WILSON
020 C000003      2
020 A000004 ANVIL INSTITUTIONAL SERVICES
020 B000004 94-3160698
020 C000004      2
020 A000005 MERRILL LYNCH & CO.
020 B000005 13-5674085
020 C000005      1
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000      163
022 A000001 LYNCH, JONES, & RYAN
022 B000001 13-3356934
022 C000001     19406
022 D000001         0
022 A000002 HSBC SECURITIES
022 C000002     13849
022 D000002         0
022 A000003 MERRILL LYNCH & CO.
022 B000003 13-5674085
022 C000003      1985
022 D000003      1995
022 C000004         0
022 D000004         0
022 C000005         0
022 D000005         0
022 C000006         0
022 D000006         0
022 C000007         0
022 D000007         0
<PAGE>      PAGE  3
022 C000008         0
022 D000008         0
022 C000009         0
022 D000009         0
022 C000010         0
022 D000010         0
023 C000000      94322
023 D000000      53883
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
029  00AA00 N
030 A00AA00      0
030 B00AA00  0.00
030 C00AA00  0.00
031 A00AA00      0
031 B00AA00      0
032  00AA00      0
033  00AA00      0
034  00AA00 N
035  00AA00      0
036 B00AA00      0
042 A00AA00   0
042 B00AA00   0
042 C00AA00   0
042 D00AA00   0
042 E00AA00   0
042 F00AA00   0
042 G00AA00   0
042 H00AA00   0
043  00AA00      0
044  00AA00      0
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
<PAGE>      PAGE  4
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061  00AA00    25000
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
080 A00AA00 VIGILANT INSURANCE COMPANY
080 B00AA00 NONE
080 C00AA00      525
081 A00AA00 N
081 B00AA00   0
082 A00AA00 N
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
<PAGE>      PAGE  5
086 F020000      0
024  000100 Y
025 A000101 MERRILL LYNCH & CO., INC.
025 B000101 13-5674085
025 C000101 E
025 D000101    2768
025 A000102 FORUM DAILY ASSETS CASH INSTITUTIONAL
025 B000102 01-0508757
025 C000102 E
025 D000102     952
025 A000103 FORUM DAILY ASSETS TREASURY FUND
025 B000103 01-0468165
025 C000103 E
025 D000103     419
025 A000104 STATE STREET CORP.
025 B000104 04-1867445
025 C000104 E
025 D000104    3128
025 D000105       0
025 D000106       0
025 D000107       0
025 D000108       0
028 A010100      1292
028 A020100         0
028 A030100         0
028 A040100      1124
028 B010100       379
028 B020100         0
028 B030100         0
028 B040100       352
028 C010100      2794
028 C020100         0
028 C030100         0
028 C040100      2454
028 D010100       443
028 D020100       156
028 D030100         0
028 D040100       448
028 E010100       949
028 E020100         0
028 E030100         0
028 E040100      1894
028 F010100       417
028 F020100       185
028 F030100         0
028 F040100      1277
028 G010100      6274
028 G020100       341
028 G030100         0
028 G040100      7549
028 H000100         0
<PAGE>      PAGE  6
037  000100 N
038  000100      0
039  000100 Y
040  000100 N
041  000100 N
045  000100 Y
046  000100 N
047  000100 Y
048  000100  0.750
048 A010100        0
048 A020100 0.000
048 B010100        0
048 B020100 0.000
048 C010100        0
048 C020100 0.000
048 D010100        0
048 D020100 0.000
048 E010100        0
048 E020100 0.000
048 F010100        0
048 F020100 0.000
048 G010100        0
048 G020100 0.000
048 H010100        0
048 H020100 0.000
048 I010100        0
048 I020100 0.000
048 J010100        0
048 J020100 0.000
048 K010100        0
048 K020100 0.000
049  000100 N
050  000100 N
051  000100 N
052  000100 N
053 A000100 N
055 A000100 N
055 B000100 N
056  000100 Y
057  000100 N
062 A000100 N
062 B000100   0.0
062 C000100   0.0
062 D000100   0.0
062 E000100   0.0
062 F000100   0.0
062 G000100   0.0
062 H000100   0.0
062 I000100   0.0
062 J000100   0.0
062 K000100   0.0
<PAGE>      PAGE  7
062 L000100   0.0
062 M000100   0.0
062 N000100   0.0
062 O000100   0.0
062 P000100   0.0
062 Q000100   0.0
062 R000100   0.0
063 A000100   0
063 B000100  0.0
066 A000100 Y
066 E000100 Y
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
070 A010100 N
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 Y
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
<PAGE>      PAGE  8
071 A000100     72302
071 B000100     74036
071 C000100     60969
071 D000100  119
072 A000100 12
072 B000100      516
072 C000100     1036
072 D000100        0
072 E000100        0
072 F000100      521
072 G000100       69
072 H000100        0
072 I000100       19
072 J000100       21
072 K000100        0
072 L000100        0
072 M000100       16
072 N000100        0
072 O000100        0
072 P000100        0
072 Q000100       39
072 R000100       18
072 S000100        7
072 T000100        0
072 U000100        0
072 V000100        0
072 W000100       54
072 X000100      764
072 Y000100        0
072 Z000100      788
072AA000100    19654
072BB000100        0
072CC010100        0
072CC020100     6745
072DD010100      803
072DD020100        0
072EE000100     5707
073 A010100   0.1900
073 A020100   0.0000
073 B000100   1.5100
073 C000100   0.0000
074 A000100        0
074 B000100        0
074 C000100     1370
074 D000100        0
074 E000100        0
074 F000100    67333
074 G000100        0
074 H000100        0
074 I000100     8991
074 J000100      519
<PAGE>      PAGE  9
074 K000100        0
074 L000100       83
074 M000100        0
074 N000100    78296
074 O000100      695
074 P000100       54
074 Q000100        0
074 R010100        0
074 R020100        0
074 R030100        0
074 R040100       65
074 S000100        0
074 T000100    77482
074 U010100     4401
074 U020100        0
074 V010100    17.60
074 V020100     0.00
074 W000100   0.0000
074 X000100      258
074 Y000100        0
075 A000100        0
075 B000100    69417
076  000100     0.00
024  000200 Y
025 A000201 JP MORGAN & CO., INC.
025 B000201 13-3224016
025 C000201 E
025 D000201     199
025 A000202 NORWEST CORP.
025 B000202 41-1508325
025 C000202 E
025 D000202     374
025 A000203 STATE STREET CORP.
025 B000203 04-1867445
025 C000203 E
025 D000203     695
025 A000204 DREYFUS GOVERNMENT CASH MANAGEMENT FUND
025 B000204 13-2603136
025 C000204 E
025 D000204      96
025 A000205 FORUM DAILY ASSETS CASH FUND
025 B000205 01-0508757
025 C000205 E
025 D000205     954
025 A000206 FORUM DAILY ASSETS GOVERNMENT FUND
025 B000206 01-0587565
025 C000206 E
025 D000206     561
025 A000207 MERRILL LYNCH & CO., INC.
025 B000207 13-5674085
025 C000207 E
<PAGE>      PAGE  10
025 D000207     775
025 D000208       0
028 A010200       340
028 A020200         0
028 A030200         0
028 A040200        91
028 B010200       132
028 B020200         0
028 B030200         0
028 B040200       340
028 C010200      1179
028 C020200         0
028 C030200         0
028 C040200       768
028 D010200       283
028 D020200        44
028 D030200         0
028 D040200       211
028 E010200       347
028 E020200         0
028 E030200         0
028 E040200       113
028 F010200       256
028 F020200        46
028 F030200         0
028 F040200       294
028 G010200      2537
028 G020200        90
028 G030200         0
028 G040200      1817
028 H000200         0
037  000200 N
038  000200      0
039  000200 Y
040  000200 N
041  000200 N
045  000200 Y
046  000200 N
047  000200 Y
048  000200  0.750
048 A010200        0
048 A020200 0.000
048 B010200        0
048 B020200 0.000
048 C010200        0
048 C020200 0.000
048 D010200        0
048 D020200 0.000
048 E010200        0
048 E020200 0.000
048 F010200        0
<PAGE>      PAGE  11
048 F020200 0.000
048 G010200        0
048 G020200 0.000
048 H010200        0
048 H020200 0.000
048 I010200        0
048 I020200 0.000
048 J010200        0
048 J020200 0.000
048 K010200        0
048 K020200 0.000
049  000200 N
050  000200 N
051  000200 N
052  000200 N
053 A000200 N
055 A000200 N
055 B000200 N
056  000200 Y
057  000200 N
062 A000200 N
062 B000200   0.0
062 C000200   0.0
062 D000200   0.0
062 E000200   0.0
062 F000200   0.0
062 G000200   0.0
062 H000200   0.0
062 I000200   0.0
062 J000200   0.0
062 K000200   0.0
062 L000200   0.0
062 M000200   0.0
062 N000200   0.0
062 O000200   0.0
062 P000200   0.0
062 Q000200   0.0
062 R000200   0.0
063 A000200   0
063 B000200  0.0
066 A000200 Y
066 E000200 Y
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 N
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
<PAGE>      PAGE  12
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 N
070 L020200 N
070 M010200 Y
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200     17773
071 B000200     20052
071 C000200     35826
071 D000200   50
072 A000200 12
072 B000200       61
072 C000200      644
072 D000200        0
072 E000200        0
072 F000200      280
072 G000200       37
072 H000200        0
072 I000200       15
072 J000200       18
072 K000200        0
072 L000200        0
072 M000200        9
072 N000200        0
072 O000200        0
072 P000200        0
<PAGE>      PAGE  13
072 Q000200       39
072 R000200       17
072 S000200        4
072 T000200        0
072 U000200        0
072 V000200        0
072 W000200       42
072 X000200      461
072 Y000200        0
072 Z000200      244
072AA000200     8668
072BB000200        0
072CC010200        0
072CC020200      675
072DD010200      246
072DD020200        0
072EE000200     2695
073 A010200   0.1300
073 A020200   0.0000
073 B000200   1.5000
073 C000200   0.0000
074 A000200        0
074 B000200        0
074 C000200     1611
074 D000200        0
074 E000200        0
074 F000200    39453
074 G000200        0
074 H000200        0
074 I000200        0
074 J000200      159
074 K000200        0
074 L000200       60
074 M000200        0
074 N000200    41283
074 O000200      131
074 P000200       28
074 Q000200        0
074 R010200        0
074 R020200        0
074 R030200        0
074 R040200       39
074 S000200        0
074 T000200    41085
074 U010200     1954
074 U020200        0
074 V010200    21.02
074 V020200     0.00
074 W000200   0.0000
074 X000200      185
074 Y000200        0
<PAGE>      PAGE  14
075 A000200        0
075 B000200    37301
076  000200     0.00
SIGNATURE   DAVID GOLDSTEIN                              
TITLE       SECRETARY           
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE NORWEST
ADVANTAGE ANNUAL REPORT DATED JUNE 30, 1998 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000892568
<NAME> THE CUTLER TRUST
<SERIES>
   <NUMBER>010
   <NAME>CUTLER EQUITY INCOME FUND
       
<S>                             <C>
<PERIOD-TYPE>                   			YEAR
<FISCAL-YEAR-END>                         JUNE-30-1998
<PERIOD-START>                             JULY-1-1997
<PERIOD-END>                              JUNE-30-1998
<INVESTMENTS-AT-COST>                       63,628,819
<INVESTMENTS-AT-VALUE>                      77,693,944
<RECEIVABLES>                                  601,911
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              78,295,855
<PAYABLE-FOR-SECURITIES>                       695,226
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      118,302
<TOTAL-LIABILITIES>                            813,528
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    47,707,003
<SHARES-COMMON-STOCK>                        4,401,364
<SHARES-COMMON-PRIOR>                        3,893,863
<ACCUMULATED-NII-CURRENT>                          731
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>               	  15,709,468
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    14,065,125
<NET-ASSETS>                                77,482,327
<DIVIDEND-INCOME>                            1,036,018
<INTEREST-INCOME>                              516,479
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 764,157
<NET-INVESTMENT-INCOME>                        788,340
<REALIZED-GAINS-CURRENT>                    19,653,954
<APPREC-INCREASE-CURRENT>                   (6,744,979)
<NET-CHANGE-FROM-OPS>                       13,697,315
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      802,587
<DISTRIBUTIONS-OF-GAINS>                     5,707,467
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        882,203
<NUMBER-OF-SHARES-REDEEMED>                    781,239
<SHARES-REINVESTED>                            406,537
<NET-CHANGE-IN-ASSETS>                      14,959,393
<ACCUMULATED-NII-PRIOR>                         14,978
<ACCUMULATED-GAINS-PRIOR>                    1,762,981
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          520,630
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                764,157
<AVERAGE-NET-ASSETS>                        69,417,359
<PER-SHARE-NAV-BEGIN>                            16.06
<PER-SHARE-NII>                                   0.19 
<PER-SHARE-GAIN-APPREC>                           3.05
<PER-SHARE-DIVIDEND>                              0.19
<PER-SHARE-DISTRIBUTIONS>                         1.51
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              17.60
<EXPENSE-RATIO>                                   1.10
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE NORWEST
ADVANTAGE ANNUAL REPORT DATED JUNE 30, 1998 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000892568
<NAME> THE CUTLER TRUST
<SERIES>
   <NUMBER>020
   <NAME>CUTLER APPROVED LIST EQUITY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   			YEAR
<FISCAL-YEAR-END>                         JUNE-30-1998
<PERIOD-START>                             JULY-1-1997
<PERIOD-END>                              JUNE-30-1998
<INVESTMENTS-AT-COST>                       26,743,693
<INVESTMENTS-AT-VALUE>                      41,064,253
<RECEIVABLES>                                  218,282
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              41,282,535
<PAYABLE-FOR-SECURITIES>                       130,715
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       66,581
<TOTAL-LIABILITIES>                            197,296
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    19,992,091
<SHARES-COMMON-STOCK>                        1,954,359
<SHARES-COMMON-PRIOR>                        1,924,574
<ACCUMULATED-NII-CURRENT>                          647
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>               	   6,771,941
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    14,320,560
<NET-ASSETS>                                41,085,239
<DIVIDEND-INCOME>                              644,264
<INTEREST-INCOME>                               61,432
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 461,667
<NET-INVESTMENT-INCOME>                        244,029
<REALIZED-GAINS-CURRENT>                     8,668,411
<APPREC-INCREASE-CURRENT>                     (674,549)
<NET-CHANGE-FROM-OPS>                        8,237,891
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      246,131
<DISTRIBUTIONS-OF-GAINS>                     2,695,053
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        193,037
<NUMBER-OF-SHARES-REDEEMED>                    318,283
<SHARES-REINVESTED>                            155,031
<NET-CHANGE-IN-ASSETS>                       5,807,858
<ACCUMULATED-NII-PRIOR>                          2,749
<ACCUMULATED-GAINS-PRIOR>                      798,583
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          279,760
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                461,667
<AVERAGE-NET-ASSETS>                        37,301,365
<PER-SHARE-NAV-BEGIN>                            18.33
<PER-SHARE-NII>                                   0.13 
<PER-SHARE-GAIN-APPREC>                           4.19
<PER-SHARE-DIVIDEND>                              0.13
<PER-SHARE-DISTRIBUTIONS>                         1.50
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              21.02
<EXPENSE-RATIO>                                   1.24
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission