X0101 EFFECT 33 LIVE 2012-08-29 15:30:00

N-14

0000892568 CUTLER TRUST 333-182898 0000892568 CUTLER TRUST S000001540 Cutler Equity Fund C000004187 Cutler Equity Fund 0000799196 ELITE GROUP OF MUTUAL FUNDS S000009262 Elite Growth & Income Fund C000025315 Elite Growth & Income Fund