CUTLER TRUST
NSAR-A, 1999-02-26
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<PAGE>      PAGE  1
000 A000000 12/31/98
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, LLC
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 SHAREHOLDER SERVICES, LLC
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     69
020 A000002 WILSON INSTITUTIONAL SECURITIES
020 C000002      9
020 A000003 S&P SECURITIES
020 B000003 13-2671951
020 C000003      2
020 A000004 INSTINET
020 B000004 13-3443395
020 C000004      1
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       82
022 A000001 HSBC SECURITIES
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<PAGE>      PAGE  3
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<PAGE>      PAGE  4
058 A00AA00 N
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060 B00AA00 Y
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080 A00AA00 VIGILANT INSURANCE COMPANY
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085 A00AA00 Y
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024  000100 Y
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025 B000101 13-5674085
025 C000101 E
025 D000101    1001
025 A000102 FORUM DAILY ASSETS CASH INSTITUTIONAL
<PAGE>      PAGE  5
025 B000102 01-0508757
025 C000102 E
025 D000102    1818
025 A000103 FORUM DAILY ASSETS GOVERNMENT FUND
025 B000103 01-0587565
025 C000103 E
025 D000103    1063
025 A000104 DREYFUS GOVERNMENT CASH MANAGEMENT FUND
025 B000104 13-2603136
025 C000104 E
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<PAGE>      PAGE  6
047  000100 Y
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<PAGE>      PAGE  7
063 A000100   0
063 B000100  0.0
066 A000100 Y
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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
071 A000100     21297
071 B000100     30814
071 C000100     60957
071 D000100   35
072 A000100  6
072 B000100      363
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<PAGE>      PAGE  8
072 D000100        0
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072 F000100      282
072 G000100       38
072 H000100        0
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072DD020100        0
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073 A010100   0.0700
073 A020100   0.0000
073 B000100   1.1800
073 C000100   0.0000
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074 B000100        0
074 C000100    11970
074 D000100        0
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074 F000100    63935
074 G000100        0
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074 N000100    81562
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<PAGE>      PAGE  9
074 R010100        0
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074 W000100   0.0000
074 X000100      271
074 Y000100        0
075 A000100        0
075 B000100    74598
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
025 D000207     775
025 D000208       0
028 A010200       263
028 A020200         0
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028 A040200       496
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<PAGE>      PAGE  10
028 B020200         0
028 B030200         0
028 B040200      1688
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028 G010200      2091
028 G020200      8583
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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
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048 B020200 0.000
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<PAGE>      PAGE  11
048 J010200        0
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048 K020200 0.000
049  000200 N
050  000200 N
051  000200 N
052  000200 N
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055 A000200 N
055 B000200 N
056  000200 Y
057  000200 N
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062 B000200   0.0
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066 A000200 Y
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070 A010200 N
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
<PAGE>      PAGE  12
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
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070 P020200 N
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070 Q020200 N
070 R010200 N
070 R020200 N
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<PAGE>      PAGE  13
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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 CUTLER TRUST SEMI-ANNUAL REPORT DATED DECEMBER 31, 1998 AND 
IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000892568
<NAME> CUTLER TRUST
<SERIES>
   <NUMBER> 001
   <NAME> CUTLER EQUITY INCOME FUND                    
       
<S>                             <C>
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</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 CUTLER TRUST SEMI-ANNUAL REPORT DATED DECEMBER 31, 1998 AND 
IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000892568
<NAME> CUTLER TRUST
<SERIES>
   <NUMBER> 002
   <NAME> CUTLER APPROVED LIST EQUITY FUND                    
       
<S>                             <C>
<PERIOD-TYPE>                  6-MOS
<FISCAL-YEAR-END>                          JUN-30-1999
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<EXPENSE-RATIO>                                   1.22
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


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