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<PAGE> PAGE 2
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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 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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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 NORWEST ADVANTAGE ANNUAL REPORT DATED JUNE 30, 1999
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
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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, 1999
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000892568
<NAME> THE CUTLER TRUST
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<NUMBER>020
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</TABLE>
EXHIBIT 77C
Submission of Matters to a Vote of Security
Holders
A special meeting of shareholders of the Cutler
Approved List Equity Fund (the Fund) was held
on April 26, 1999 for the following purposes:
1. To authorize the modification of the
Funds investment objective and to effect the
corresponding revisions of the Funds investment
policies;
2. To authorize the removal of the Funds
fundamental investment limitation regarding foreign
investments; and
3. To authorize the change of name of the
Fund from Approved List Equity Fund to Cutler
Value Fund.
The proposals were approved by a majority of the
voting securities of the Fund.
INDEPENDENT AUDITORS REPORT
To the Board of Trustees and Shareholders of
Cutler Trust:
In planning and performing our audit of the financial
statements of Cutler Trust (the Trust) including Cutler
Equity Income Fund and Cutler Value Fund Portfolios for the
year ended June 30, 1999 (on which we have issued our
reports dated August 6, 1999), we considered its internal
control, including control activities for safeguarding securities,
in order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and to
comply with the requirements of Form NSAR, and not to
provide assurance on the Trusts internal control.
The management of the Trust is responsible for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entitys objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control
misstatements, errors or fraud may occur and not be detected.
Also, projections of any evaluation of internal control to future
periods are subject to the risk that the internal control may
become inadequate because of changes in conditions or that
the degree of compliance with policies or procedures
deteriorate.
Our consideration of the Trusts internal control would not
necessarily disclose all matters in internal control that might
be material weaknesses under standards established by the
American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements, errors, or fraud in amounts that would be
material in relation to the financial statements being audited
may occur and not be detected within a timely period by
employees in the normal course of performing their assigned
functions. However, we noted no matters involving the
Trusts internal control and its operation, including controls
for safeguarding securities, that we consider to be material
weaknesses as defined above as of June 30, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees of Cutler Trust, and the
Securities and Exchange Commission and is not intended to
be and should not be used by anyone other than these specified
parties.
Deloitte & Touche
August 6, 1999
