<PAGE> PAGE 1
000 A000000 12/31/1999
000 C000000 0000892568
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 THE CUTLER TRUST
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001 C000000 8882885374
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002 B000000 PORTLAND
002 C000000 ME
002 D010000 04101
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 B000000 2
007 C010100 1
007 C020100 CUTLER CORE FUND
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007 C010200 2
007 C020200 CUTLER VALUE FUND
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007 C010400 4
007 C010500 5
007 C010600 6
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007 C010800 8
007 C010900 9
007 C011000 10
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008 B00AA01 A
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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 FUND SERVICES, LLC
011 B00AA01 8-35592
011 C01AA01 PORTLAND
011 C02AA01 ME
011 C03AA01 04101
<PAGE> PAGE 2
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
013 B03AA01 02110
014 A00AA01 FORUM FUND SERVICES, LLC
014 B00AA01 8-35592
015 A00AA01 DEUTSCHE BANK
015 B00AA01 S
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015 C02AA01 NY
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015 E01AA01 X
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020 B000001 13-3356934
020 C000001 33
020 A000002 INSTINET
020 B000002 13-3443395
020 C000002 11
020 A000003 PAINE WEBBER GROUP INC.
020 B000003 13-2638166
020 C000003 9
020 A000004 LJB ASSOCIATES
020 C000004 5
020 A000005 BEAR, STEARNS & COMPANY, INC.
020 B000005 13-3299429
020 C000005 1
020 A000006 SALOMON, SMITH BARNEY
020 B000006 13-2919773
020 C000006 0
020 C000007 0
020 C000008 0
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022 C000001 10009
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022 C000002 9999
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022 A000003 HSBC SECURITIES
<PAGE> PAGE 3
022 B000003 13-2650272
022 C000003 9999
022 D000003 0
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022 B000004 13-3680184
022 C000004 1541
022 D000004 0
022 A000005 JEFFERIES & CO.
022 B000005 95-2622900
022 C000005 351
022 D000005 599
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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 9
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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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<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, 1999
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 010
<NAME> CUTLER CORE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-START> JUL-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 53463948
<INVESTMENTS-AT-VALUE> 74699947
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[AVG-DEBT-OUTSTANDING] 0
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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, 1999
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 020
<NAME> CUTLER VALUE FUND
<S> <C>
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<FISCAL-YEAR-END> JUN-30-2000
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<PERIOD-END> DEC-31-1999
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<OTHER-INCOME> 0
<EXPENSES-NET> -222140
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 13129944
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<PER-SHARE-NII> 0.07
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
EXHIBIT 77C
Submission of Matters to a Vote of Security Holders
A special meeting of shareholders of Cutler Equity
Income Fund (re-named Cutler Core Fund effective
December 20, 1999) (the "Fund") was held on
December 20, 1999 for the following purpose:
1. To approve the modification of the Fund's
investment objective and to effective
corresponding revisions of the Fund's
investment policies.
The proposal was approved by a majority of the voting
Securities of the Fund.
