UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-PX
ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number 811-7242
THE CUTLER TRUST
Two Portland Square
Portland, Maine 04101
207-879-1900
Leslie K. Klenk
Forum Administrative Services, LLC
Two Portland Square
Portland, Maine 04101
Date of fiscal year end: June 30
Date of reporting period: July 1, 2003 - June 30, 2004
ANNUAL VOTED TYPE
NAME TICKER CUSIP MEETING DATE ITEM Y/N I/S VOTE
---- ------ ----- ------------ ---- --- --- ----
3M MMM 88579Y101 11-May-04 Election of Directors Y I For With Management
3M MMM 88579Y101 11-May-04 Election of Auditros Y I For With Management
3M MMM 88579Y101 11-May-04 Approv amendment to cert
inc to increase stk Y I For With Management
3M' MMM 88579Y101 11-May-04 Stkhldr prop re separation
of roles CEO and COB Y S Against With Management
Alcoa Inc. AA 013817101 30-Apr-04 Election of Directors Y I For With Management
Alcoa Inc. AA 013817101 30-Apr-04 Approve 2004 stock incentive
plan Y I For With Management
Alcoa Inc. AA 013817101 30-Apr-04 Shrhldr proposal relating to
pay disparity Y S Against With Management
Alcoa Inc. AA 013817101 30-Apr-04 Shrhldr proposal to change
in control severance plan Y S Against With Management
Bank of New York Company BK 064057102 13-Apr-04 Election of Directors Y I For With Management
Bank of New York Company BK 064057102 13-Apr-04 Election of Auditors Y I For With Management
Bank of New York Company BK 064057102 13-Apr-04 Approve amendment 2004 mgmt
incen comp lan Y I For With Management
Bank of New York Company BK 064057102 13-Apr-04 Shrhldr prop re political
contributions Y S Against With Management
Bank of New York Company BK 064057102 13-Apr-04 Shrhldr prop re executive
comp Y S Against With Management
Bank of New York Company BK 064057102 13-Apr-04 Shrhldr prop re comp of risk
committee Y S Against With Management
Bank of New York Company BK 064057102 13-Apr-04 Shrhldr prop re company's
rights plan Y S Against With Management
Bristol-Myers Squibb Co. BMY 110122108 4-May-04 Election of Directors Y I For With Management
Bristol-Myers Squibb Co. BMY 110122108 4-May-04 Election of Auditors Y I For With Management
Bristol-Myers Squibb Co. BMY 110122108 4-May-04 Publication of political
contributions Y S Against With Management
Bristol-Myers Squibb Co. BMY 110122108 4-May-04 Prohibit political
contributions Y S Against With Management
Bristol-Myers Squibb Co. BMY 110122108 4-May-04 Separation of Chairman and
CEO positions Y S For Against Management
Bristol-Myers Squibb Co. BMY 110122108 4-May-04 HIV/AIDS-TB-Malaria Y S Against With Management
Bristol-Myers Squibb Co. BMY 110122108 4-May-04 Director Vote threshold Y S Against With Management
Caterpillar Inc. CAT 149123101 14-Apr-04 Election of Directors Y I For With Management
Caterpillar Inc. CAT 149123101 14-Apr-04 Amend option plan Y I For With Management
Caterpillar Inc. CAT 149123101 14-Apr-04 Ratify Auditors Y I For With Management
Caterpillar Inc. CAT 149123101 14-Apr-04 Stkhldr prop rights plan Y S Against With Management
Caterpillar Inc. CAT 149123101 14-Apr-04 Stkholdr prop sale of equip
to Israel Y S Against With Management
Caterpillar Inc. CAT 149123101 14-Apr-04 Stkhldr prop HIV/AIDS Y S Against With Management
ChevronTexaco Corp CVX 166764100 28-Apr-04 Election of Directors Y I For With Management
ChevronTexaco Corp CVX 166764100 28-Apr-04 Election of Auditors Y I For With Management
ChevronTexaco Corp CVX 177674100 28-Apr-04 Show support stkholdr rights
plan policy Y I For With Management
ChevronTexaco Corp CVX 177674100 28-Apr-04 Approv lt incent plan Y I For With Management
ChevronTexaco Corp CVX 17767410 28-Apr-04 HIV/AIDS, TB & Malaria Y S Against With Management
ChevronTexaco Corp CVX 17767410 28-Apr-04 Political disclosure Y S Against With Management
ChevronTexaco Corp CVX 17767410 28-Apr-04 Diretor election vote
threshold Y S Against With Management
ChevronTexaco Corp CVX 17767410 28-Apr-04 Report on Ecuador Y S Against With Management
ChevronTexaco Corp CVX 17767410 28-Apr-04 Renewable energy Y S Against With Management
Citigroup Inc. C 172967101 20-Apr-04 Election of Directors Y I For With Management
Page 1
ANNUAL VOTED TYPE
NAME TICKER CUSIP MEETING DATE ITEM Y/N I/S VOTE
---- ------ ----- ------------ ---- --- --- ----
Citigroup Inc. C 172967101 20-Apr-04 Election of Auditors Y I For With Management
Citigroup Inc. C 172967101 20-Apr-04 Shrhldr prop re curb exec
pay Y S Against With Management
Citigroup Inc. C 172967101 20-Apr-04 Shrhldr prop re rpt on
politial contrib Y S Against With Management
Citigroup Inc. C 172967101 20-Apr-04 Shrhldr prop discont rts,
opts, sever pay top 5 Y S Against With Management
Citigroup Inc. C 172967101 20-Apr-04 Shrhldr prop re chairman hv
no mgmt duties Y S Against With Management
Conagra, Inc. CAG 205887102 25-Sep-03 Election of Directors Y I For With Management
Conagra, Inc. CAG 205887102 25-Sep-03 Election of Audtiors Y I For With Management
Conagra, Inc. CAG 205887102 25-Sep-03 Stockholder Proposal
Genetically Engineered Food Y S Against With Management
Conagra, Inc. CAG 205887102 25-Sep-03 Stockholder Proposal Stock
Option Plan Changes Y S Against With Management
Conagra, Inc. CAG 205887102 25-Sep-03 Stockholder Proposal
Stocckholder Rights Plan Y S Against With Management
ConocoPhillips COP 20825C104 5-May-04 Election of Directors Y I For With Management
ConocoPhillips COP 20825C104 5-May-04 Election of Auditors Y I For With Management
ConocoPhillips COP 20825C104 5-May-04 Authorize 2004 omnibus stk
& perf incen plan Y I For With Management
ConocoPhillips COP 20825C104 5-May-04 Officer & Director comp Y S Against With Management
ConocoPhillips COP 20825C104 5-May-04 Commonsense exec comp Y S Against With Management
ConocoPhillips COP 20825C104 5-May-04 ANWR Drilling Y S Against With Management
Consolidated Edison, Inc. ED 209115104 17-May-04 Election of Directors Y I For With Management
Consolidated Edison, Inc. ED 209115104 17-May-04 Election of Auditors Y I For With Management
Consolidated Edison, Inc. ED 209115104 17-May-04 Approval of stk purchase
plan Y I For With Management
Consolidated Edison, Inc. ED 209115104 17-May-04 Additional comp info Y S Against With Management
Dow Chemical Co. DOW 260543103 13-May-04 Election of Directors Y I For With Management
Dow Chemical Co. DOW 260543103 13-May-04 Election of Auditors Y I For With Management
Dow Chemical Co. DOW 260543103 13-May-04 Amend restated cert inc for
annual elec directors Y I For With Management
Dow Chemical Co. DOW 260543103 13-May-04 Shrhldr prop on bhopal Y S Against With Management
Du Pont (E.I.) De Nemours DD 263534109 28-Apr-04 Election of Directors Y I For With Management
Du Pont (E.I.) De Nemours DD 263534109 28-Apr-04 Election of Auditors Y I For With Management
Du Pont (E.I.) De Nemours DD 263534109 28-Apr-04 Shrhldr prop govt srvs Y S Against With Management
Du Pont (E.I.) De Nemours DD 263534109 28-Apr-04 Shrhldr prop internatl
workplace standards Y S Against With Management
Du Pont (E.I.) De Nemours DD 263534109 18-Apr-04 Shrhldr prop exec comp Y S Against With Management
Emerson Electric Co. EMR 291011104 3-Feb-04 Election of Directors Y I For With Management
Emerson Electric Co. EMR 291011104 3-Feb-04 Approval perf measures
under incentive plan Y I For With Management
Emerson Electric Co. EMR 291011104 3-Feb-04 Election of Auditors Y I For With Management
Exelon Corporation EXC 30161n101 27-Apr-04 Election of Directors Y I For With Management
Exelon Corporation EXC 30161n101 27-Apr-04 Election of Auditors Y I For With Management
Exelon Corporation EXC 30161n101 27-Apr-04 Approval annual incentive
plan Y I For With Management
Exxon Mobil Corp XOM 30231G102 26-May-04 Election of Directors Y I For With Management
Exxon Mobil Corp XOM 30231G102 26-May-04 Election of Auditors Y I For With Management
Exxon Mobil Corp XOM 30231G102 26-May-04 Apprv 2004 non-emp direc
restr stk plan Y I For With Management
Page 2
ANNUAL VOTED TYPE
NAME TICKER CUSIP MEETING DATE ITEM Y/N I/S VOTE
---- ------ ----- ------------ ---- --- --- ----
Exxon Mobil Corp XOM 30231G102 26-May-04 Political contributions Y S Against With Management
Exxon Mobil Corp XOM 30231G102 26-May-04 Political contributions
report Y S Against With Management
Exxon Mobil Corp XOM 30231G102 26-May-04 Media response on Equatorial
Guinea Pig Y S Against With Management
Exxon Mobil Corp XOM 30231G102 26-May-04 Board Chairman and CEO Y S Against With Management
Exxon Mobil Corp XOM 30231G102 26-May-04 Executive comp Y S Against With Management
Exxon Mobil Corp XOM 30231G102 26-May-04 Equity comp report Y S Against With Management
Exxon Mobil Corp XOM 30231G102 26-May-04 Amend EEO policy Y S Against With Management
Exxon Mobil Corp XOM 30231G102 26-May-04 Climate science report Y S Against With Management
General Electric Co. GE 369604103 1-Mar-04 Election of Directors Y I For With Management
General Electric Co. GE 369604103 1-Mar-04 Election of Auditors Y I For With Management
General Electric Co. GE 369604103 1-Mar-04 Rev Measurement to exec ofcr
perf goals Y I For With Management
General Electric Co. GE 369604103 1-Mar-04 Cumulative Voting Y S Against With Management
General Electric Co. GE 369604103 1-Mar-04 Animal Testing Y S Against With Management
General Electric Co. GE 369604103 1-Mar-04 Nuclear Risk Y S Against With Management
General Electric Co. GE 369604103 1-Mar-04 Report on PCB cleanup costs Y S Against With Management
General Electric Co. GE 369604103 1-Mar-04 Offshore Sourcing Y S Against With Management
General Electric Co. GE 369604103 1-Mar-04 Sustainability Index Y S Against With Management
General Electric Co. GE 369604103 1-Mar-04 Comp Committee Independence Y S Against With Management
General Electric Co. GE 369604103 1-Mar-04 Pay disparity Y S Against With Management
General Electric Co. GE 369604103 1-Mar-04 End Stk Opt and Bonuses Y S Against With Management
General Electric Co. GE 369604103 1-Mar-04 Limit Outside Directorships Y S Against With Management
General Electric Co. GE 369604103 1-Mar-04 Independent Board Chairman Y S Against With Management
General Electric Co. GE 369604103 1-Mar-04 Explore Sale of Company Y S Against With Management
General Electric Co. GE 369604103 1-Mar-04 Holding Stock from Stock
Options Y S Against With Management
General Electric Co. GE 369604103 1-Mar-04 Board Independence Y S Against With Management
General Electric Co. GE 369604103 1-Mar-04 Political Contributions Y S Against With Management
General Mills, Inc. GIS 370334104 22-Sep-03 Election of Directors Y I For With Management
General Mills, Inc. GIS 370334104 22-Sep-03 Election of Auditors Y I For With Management
General Mills, Inc. GIS 370334104 22-Sep-03 Adoption 2003 stock comp
plan Y S For With Management
General Motors Corp. GM 370442105 2-Jun-04 Election of Directors Y I For With Management
General Motors Corp. GM 370442105 2-Jun-04 Election of Auditors Y I For With Management
General Motors Corp. GM 370442105 2-Jun-04 Eliminate awarding repricing
or renewing stk options Y S Against With Management
General Motors Corp. GM 370442105 2-Jun-04 Require independ chair from
chief exec ofc Y S Against With Management
General Motors Corp. GM 370442105 2-Jun-04 Appt Independ directors to
key board committees Y S Against With Management
General Motors Corp. GM 370442105 2-Jun-04 Report on greenhouse gas
emissions Y S Against With Management
General Motors Corp. GM 370442105 2-Jun-04 Approve "golden parachutes" Y S For Against Management
General Motors Corp. GM 370442105 2-Jun-04 Require sr exec & direc
retain stk obtained exer
opts Y S Against With Management
General Motors Corp. GM 370442105 Special10/3/03 First GM Charter Amendment Y I For With Management
Page 3
ANNUAL VOTED TYPE
NAME TICKER CUSIP MEETING DATE ITEM Y/N I/S VOTE
---- ------ ----- ------------ ---- --- --- ----
General Motors Corp. GM 370442105 Special10/3/03 Ratify Hughes Cert of Inc. Y I For With Management
General Motors Corp. GM 370442105 Special10/3/03 Ratify Hughes Split-off Y I For With Management
General Motors Corp. GM 370442105 Special10/3/03 Ratify GM/News Stock sale Y I For With Management
General Motors Corp. GM 370442105 Special10/3/03 Ratify News Stock
Acquisition Y I For With Management
General Motors Corp. GM 370442105 Special10/3/03 Second GM Charter Amendment Y I For With Management
Hewlett-Packard Company HPQ 428236103 17-Mar-04 Election of Directors Y I For With Management
Hewlett-Packard Company HPQ 428236103 17-Mar-04 Election of Auditors Y I For With Management
Hewlett-Packard Company HPQ 428236103 17-Mar-04 Approve stk incentive plan Y I For With Management
Hewlett-Packard Company HPQ 428236103 17-Mar-04 Shrhldr prop re stk opt
expending proposal Y S Against With Management
J.P. Morgan Chase & Co. JPM 46625H100 25-May-04 Election of Directors Y I For With Management
J.P. Morgan Chase & Co. JPM 46625H100 25-May-04 Election of Auditors Y I For With Management
J.P. Morgan Chase & Co. JPM 46625H100 25-May-04 Merger proposal Y I For With Management
J.P. Morgan Chase & Co. JPM 46625H100 25-May-04 Re-apprvl key exec perf plan Y I For With Management
J.P. Morgan Chase & Co. JPM 46625H100 25-May-04 Adjournment to solicit addtl
proxies Y I For With Management
J.P. Morgan Chase & Co. JPM 46625H100 25-May-04 Director Term Limit Y S Against With Management
J.P. Morgan Chase & Co. JPM 46625H100 25-May-04 Charitable contributions Y S Against With Management
J.P. Morgan Chase & Co. JPM 46625H100 25-May-04 Separation of Chairman and
CEO positions Y S Against With Management
J.P. Morgan Chase & Co. JPM 46625H100 25-May-04 Derivative disclosure Y S Against With Management
J.P. Morgan Chase & Co. JPM 46625H100 25-May-04 Auditor independence Y S Against With Management
J.P. Morgan Chase & Co. JPM 46625H100 25-May-04 Political contributions Y S Against With Management
J.P. Morgan Chase & Co. JPM 46625H100 25-May-04 Director Comp Y S Against With Management
J.P. Morgan Chase & Co. JPM 46625H100 25-May-04 Pay disparity Y S Against With Management
Johnson & Johnson JNJ 478160104 22-Apr-04 Election of Directors Y I For With Management
Johnson & Johnson JNJ 478160104 22-Apr-04 Election of Auditors Y I For With Management
Johnson & Johnson JNJ 478160104 22-Apr-04 Proposal on Charitable
Contributions Y S Against With Management
Kerr McGee Corp KMG 492386107 11-May-04 Election of Directors Y I For With Management
Kerr McGee Corp KMG 492386107 11-May-04 Election of Auditors Y I For With Management
Kerr McGee Corp KMG 492386107 11-May-04 Shrhldr prop re office of
the board of directors Y S Against With Management
Kerr McGee Corp KMG 492386107 25-Jun-04 Approv issuance KMG stk
w/Merger Westport Rscrs Y I For With Management
Kimberly-Clark Corp. KMB 494368103 29-Apr-04 Election of Directors Y I For With Management
Kimberly-Clark Corp. KMB 494368103 29-Apr-04 Election of Auditors Y I For With Management
Kimberly-Clark Corp. KMB 494368103 29-Apr-04 Approval amendments to 2001
eq part plan Y I For With Management
Kimberly-Clark Corp. KMB 494368103 29-Apr-04 Shrhldr prop re corp amended
& restate rts agree Y S For Against Management
Lincoln National Corp. LNC 534187109 13-May-04 Election of Directors Y I For With Management
Lincoln National Corp. LNC 534187109 13-May-04 Apporv deferred comp plan
non-emp directors Y I For With Management
Merck & Company, Inc. MRK 589331107 27-Apr-04 Election of Directors Y I For With Management
Merck & Company, Inc. MRK 589331107 27-Apr-04 Election of Auditors Y I For With Management
Merck & Company, Inc. MRK 589331107 27-Apr-04 Amend restated cert inc
declass board directors Y I For With Management
Page 4
ANNUAL VOTED TYPE
NAME TICKER CUSIP MEETING DATE ITEM Y/N I/S VOTE
---- ------ ----- ------------ ---- --- --- ----
Merck & Company, Inc. MRK 589331107 27-Apr-04 Shrhldr prop re management
comp Y S Against With Management
Merck & Company, Inc. MRK 589331107 27-Apr-04 Shrhldr prop re ext
prescription drug patents Y S Against With Management
Merck & Company, Inc. MRK 589331107 27-Apr-04 shrhldr prop re ethical &
social perf of company Y S Against With Management
Merck & Company, Inc. MRK 589331107 27-Apr-04 Shrhldr prop re shrhldr
resources for political
purpose Y S Against With Management
Merck & Company, Inc. MRK 589331107 27-Apr-04 Shrhldr prop re rpt related
to global hiv/aids pandemic Y S Against With Management
National Fuel Gas NFG 636180101 19-Feb-04 Election of Directors Y I For With Management
National Fuel Gas NFG 636180101 19-Feb-04 Election of Auditors Y I For With Management
National Fuel Gas NFG 636180101 19-Feb-04 Shrhldr prop adoption if
presented Y S Against With Management
People's Energy Corp PGL 711030106 27-Feb-04 Election of Directors Y I For With Management
People's Energy Corp PGL 711030106 27-Feb-04 Approv incent comp plan Y I For With Management
Pfizer Inc. PFE 717081103 22-Apr-04 Election of Directors Y I For With Management
Pfizer Inc. PFE 717081103 22-Apr-04 Election of Auditors Y I For With Management
Pfizer Inc. PFE 717081103 22-Apr-04 Approve 2004 stk plan Y I For With Management
Pfizer Inc. PFE 717081103 22-Apr-04 Shrhldr prop review effects
hiv/aids tb malaria Y S Against With Management
Pfizer Inc. PFE 717081103 22-Apr-04 Shrhldr prop re political
contributions Y S Against With Management
Pfizer Inc. PFE 717081103 22-Apr-04 Shrhldr prop re annual rpt
corp resources for political Y S Against With Management
Pfizer Inc. PFE 717081103 22-Apr-04 Shrhldr prop term lmts
directors Y S Against With Management
Pfizer Inc. PFE 717081103 22-Apr-04 Shrhldr prop rpt increasing
access pfizer products Y S Against With Management
Pfizer Inc. PFE 717081103 22-Apr-04 Shrhldr prop stk options Y S Against With Management
Pfizer Inc. PFE 717081103 22-Apr-04 Shrhldr prop in vitro
testing Y S Against With Management
Pitney Bowes PBI 724479100 10-Jun-04 Election of Directors Y I For With Management
Pitney Bowes PBI 724479100 10-Jun-04 Election of Auditors Y I For With Management
Pitney Bowes PBI 724479100 10-Jun-04 Stkhldr prop re political
contr Y S Against With Management
Procter & Gamble Co. PG 742718109 14-Oct-03 Election of Directors Y I For With Management
Procter & Gamble Co. PG 742718109 14-Oct-03 Election of Auditors Y I For With Management
Procter & Gamble Co. PG 742718109 14-Oct-03 Approve 2003 non-emp
directors stk plan Y I For With Management
Procter & Gamble Co. PG 742718109 14-Oct-03 Shareholder Proposal Board
Directors Terms Y S Against With Management
Procter & Gamble Co. PG 742718109 14-Oct-03 Shareholder Proposal label
Genetically eng. Food Y S Against With Management
SBC Communications, Inc. SBC 78387G103 30-Apr-04 Election of Directors Y I For With Management
SBC Communications, Inc. SBC 78387G103 30-Apr-04 Election of Auditors Y I For With Management
SBC Communications, Inc. SBC 78387G103 30-Apr-04 Approve amendment to bylaws Y I For With Management
SBC Communications, Inc. SBC 78387G103 30-Apr-04 Shrhldr prop political
contributions Y S Against With Management
SBC Communications, Inc. SBC 78387G103 30-Apr-04 Shrhldr prop reduce board
director seats Y S Against With Management
U.S. Bancorp USB 902973304 20-Apr-04 Election of Directors Y I For With Management
U.S. Bancorp USB 902973304 20-Apr-04 Election of Auditors Y I For With Management
U.S. Bancorp USB 902973304 20-Apr-04 Shrhldr prop comp sys sr
execs Y S Against With Management
U.S. Bancorp USB 902973304 20-Apr-04 Shrhldr prop simple maj vote Y S Against With Management
United Technologies Corp. UTX 913017109 14-Apr-04 Election of Directors Y I For With Management
Page 5
ANNUAL VOTED TYPE
NAME TICKER CUSIP MEETING DATE ITEM Y/N I/S VOTE
---- ------ ----- ------------ ---- --- --- ----
United Technologies Corp. UTX 913017109 14-Apr-04 Election of Auditors Y I For With Management
United Technologies Corp. UTX 913017109 14-Apr-04 Shrhldr prop re disclosure
exec comp Y S Against With Management
United Technologies Corp. UTX 913017109 14-Apr-04 Shrhldr prop re ethical
criteria for military
contracts Y S Against With Management
United Technologies Corp. UTX 913017109 14-Apr-04 Shrhldr prop re perf based
sr mgmt stk options Y S Against With Management
United Technologies Corp. UTX 913017109 14-Apr-04 Shrhldr prop re independent
chairman of board Y S Against With Management
Wells Fargo & Co. WFC 949746101 27-Apr-04 Election of Directors Y I For With Management
Wells Fargo & Co. WFC 949746101 27-Apr-04 Election of Auditors Y I For With Management
Wells Fargo & Co. WFC 949746101 27-Apr-04 Approv company's
supplemental 401K plan Y I For With Management
Wells Fargo & Co. WFC 949746101 27-Apr-04 Shrhldr prop re expensing
stock options Y S Against With Management
Wells Fargo & Co. WFC 949746101 27-Apr-04 Shrhldr prop re restricted
stk Y S Against With Management
Wells Fargo & Co. WFC 949746101 27-Apr-04 Shrhldr prop re political
contributions Y S Against With Management
Weyerhaeuser Co. WY 962166104 13-Apr-04 Election of Directors Y I For With Management
Weyerhaeuser Co. WY 962166104 13-Apr-04 Approve 2004 LT incent plan Y I For With Management
Weyerhaeuser Co. WY 962166104 13-Apr-04 Prop amend articles inc for
annual elect board direc Y S For Against Management
Weyerhaeuser Co. WY 962166104 13-Apr-04 Shrhldr prop re accounting
for stk opts Y S Against With Management
Weyerhaeuser Co. WY 962166104 13-Apr-04 Shrhldr prop re equity comp Y S Against With Management
Weyerhaeuser Co. WY 962166104 13-Apr-04 Shrhldr prop re
environmental reporting Y S Against With Management
Weyerhaeuser Co. WY 962166104 13-Apr-04 Shrhldr prop re old growth
& endangered forests Y S Against With Management
Weyerhaeuser Co. WY 962166104 13-Apr-04 Election of Auditors Y I For With Management
Page 6
SIGNATURES
Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
THE CUTLER TRUST
By: /s/ Erich M. Patten
___________________________
Erich M. Patten, President
Date: August 24, 2004
__________________________