<PAGE>
ANNUAL REPORT JUNE 30, 1999
- ------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
CUTLER EQUITY INCOME FUND Cutler & Company, LLC Forum Shareholder
CUTLER VALUE FUND 503 Airport Road Services, LLC
Medford, Oregon 97504 Two Portland Square
Portland, Maine 04101
</TABLE>
- --------------------------------------------------------------------------------
To The Cutler Trust Shareholders:
We are pleased to present our Annual Report for the fiscal year ended June 30,
1999. This has been another extraordinary year for the markets, much like last
year with newly-issued stocks trading wildly, the broad range of smaller issues
just treading water, and a mere handful of large, dominant issues leading the
market higher. The S&P 500 Index of common stocks increased 22.76%. On page 3,
our life-of-fund data are compared with this index.
We are pleased to tell you that Mr. John A. Nyheim, our Chief Investment
Strategist, will join Mr. Kenneth R. Cutler as co-manager of the Cutler Equity
Income Fund in the October quarter. This team will be assisted by Mr. Michael A.
Kijesky, Senior Equity Analyst and Portfolio Manager. On January 1, 2000, Mr.
Cutler will retire from active portfolio management but will remain as Chairman
of the Cutler Trust.
During the quarter just ended, the Cutler "Approved List Fund" was renamed
"Value Fund" and the former criteria were removed. Portfolio Manager Robert W.
Lamberti, CFA, has used this new flexibility very constructively.
We continue to believe that in times of rapidly changing markets investors will
be rewarded by conservative stock selection and close attention to fundamental
economic and market shifts. As always, if you have any questions, please let us
help.
Sincerely,
<TABLE>
<S> <C>
/s/ Kenneth R. Cutler /s/ Brooke R. Ashland
Kenneth R. Cutler Brooke R. Ashland
Chairman of the Board Chief Executive Officer
The Cutler Trust Cutler & Company, LLC
</TABLE>
1
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
INVESTMENT ADVISER'S REPORT JUNE 30, 1999
- --------------------------------------------------------------------------------
Last year we stated: "For the moment, America seems to be enjoying the best of
all worlds. Any literate and willing worker can find a job, companies make
increasing profits just by intelligently holding out their hand, and
miraculously prices don't go up (except on things you buy). We are dealing with
a worldwide flow of financial transactions of such size, and traveling at such
speed, as to be only vaguely comprehensible. It is easy to see why irrational
exuberance can dance around the margins." This year we cautiously continue those
observations except to note that values continue to exist amidst the confusion.
Over many years we have discussed the relationship of the Dow Jones Industrial
Average (the "Dow") to the Gross Domestic Product ("GDP"). This seems to have
served as a "rationality ratio", with the Dow related to the GDP expressed in
billions. For the past five fiscal years this ratio has been 70%, 75%, 97%, 107%
and 127%, respectively. The historic parameters seem to be between 60% in
depressed times and 140% during prosperous times. By this measure, however
imperfect, both the market and the economy appear worthy of increasingly close
scrutiny and research.
ECONOMIC OUTLOOK
The US economy continues to shake off external shocks as it records quarter
after quarter of real growth. We expect this solid performance to carry through
as the housing market remains strong, inventories remain in check, and strong
business investment continues. We would generally agree with consensus GDP
growth estimates, which are in the 3% range. Our US inflation expectation is for
a slight uptick, from the sub 2% level, due to the strength of the dollar and
the potential for real price increases in select commodities.
There are, however, potential imbalances that need to be watched as the year
progresses, which include the very low to non-existent consumer savings rate,
potentially inflation-triggering unemployment levels, a large foreign trade
imbalance, and the continued government surplus at the federal as well as local
levels.
Corporate profits should also continue higher as free cash flow is strong
allowing for continued capital investment and renewed share repurchase programs.
The recent surge in corporate debt refinancing will also aid the bottom line
going forward. Additionally, the corporate sector should grow faster than GDP as
government spending is flat and the non-corporate private sector is held back by
no-growth areas like agriculture. Finally, evidence is mounting that the global
economic decline has ended and is moving forward again providing lift for the
multinational corporate profit outlook.
EQUITY INCOME FUND
This fund historically has been criteria-based and discipline-driven. Typically,
we concentrate in the top quartile of our Approved List (the "List") as arrayed
to assist our selection of those issues most likely to reflect our current
strategy, which is total return. Since this is a concentrated strategy, we may
hold some temporary cash reserves pending redeployment. At June 30, 1999, we
held 13.4% of the portfolio in U.S. Treasury Bills, vs. 11.6% last year. During
the coming year, we expect to expand the List, update the criteria, and add to
focused analysis of issues.
VALUE FUND
During the past quarter this fund has converted from automatically holding 90%
or more of issues on the Approved List to selectively holding those issues
believed to represent the best values available in the broad spectrum of
high-quality investments. This will be continued and expanded during the coming
year.
2
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
JUNE 30, 1999
- --------------------------------------------------------------------------------
These charts reflect a comparison of changes in value of a $10,000 investment in
the Cutler Equity Income Fund and Cutler Value Fund since inception, including
reinvestment of all dividends and distributions, and the performance of the
Standard & Poor's 500 Index ("S&P 500 Index"). The S&P 500 Index is a market
weighted index composed of 500 large capitalization companies and reflects the
reinvestment of dividends. The S&P 500 Index does not reflect expenses, which
have been deducted from each Fund's return. Individuals cannot invest in an
index.
Past performance is not predictive of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than original cost. Total return for the funds would have been lower had
certain fees and expenses not been voluntarily waived and/or reimbursed.
Cutler Equity Income Fund
vs. S&P 500 Index
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
EQUITY INCOME FUND
<TABLE>
<CAPTION>
DATE CUTLER EQUITY INCOME FUND S&P 500 INDEX
- ---- ------------------------- -------------
<S> <C> <C>
12/30/92 10,000.00 10,000.00
01/31/93 9,770.00 10,083.53
02/28/93 9,920.00 10,220.91
03/31/93 10,110.00 10,436.55
04/30/93 9,868.57 10,184.30
05/31/93 9,979.22 10,455.93
06/30/93 10,044.61 10,486.46
07/31/93 10,135.47 10,444.28
08/31/93 10,549.37 10,839.75
09/30/93 10,584.70 10,754.18
10/31/93 10,838.41 10,976.46
11/30/93 10,533.96 10,872.31
12/31/93 10,508.59 11,003.80
01/31/94 10,733.04 11,377.55
02/28/94 10,314.74 11,068.99
03/31/94 9,896.44 10,587.05
04/30/94 9,999.31 10,722.92
05/31/94 10,163.91 10,898.44
06/30/94 9,906.72 10,631.54
07/31/94 10,113.98 10,980.39
08/31/94 10,487.03 11,429.80
09/30/94 10,259.05 11,150.80
10/31/94 10,394.73 11,400.49
11/30/94 10,071.20 10,985.85
12/31/94 10,205.31 11,148.47
01/31/95 10,744.10 11,437.35
02/28/95 11,018.77 11,882.65
03/31/95 11,145.55 12,232.73
04/30/95 11,390.39 12,592.70
05/31/95 11,837.49 13,095.01
06/30/95 11,752.32 13,398.95
07/31/95 11,891.72 13,843.04
08/31/95 11,966.78 13,877.71
09/30/95 12,653.05 14,463.05
10/31/95 12,598.98 14,411.41
11/30/95 13,150.52 15,043.42
12/31/95 13,717.76 15,333.18
01/31/96 13,960.16 15,854.44
02/29/96 13,938.13 16,001.83
03/31/96 14,136.45 16,155.93
04/30/96 14,103.14 16,393.88
05/31/96 14,336.34 16,816.00
06/30/96 14,447.39 16,880.09
07/31/96 14,045.76 16,134.66
08/31/96 14,179.64 16,475.49
09/30/96 15,016.36 17,401.97
10/31/96 15,824.42 17,881.76
11/30/96 16,744.70 19,232.21
12/31/96 16,225.62 18,851.22
01/31/97 17,234.33 20,028.29
02/28/97 17,738.69 20,185.52
03/31/97 17,146.99 19,357.71
04/30/97 18,060.51 20,512.34
05/31/97 18,899.96 21,760.37
06/30/97 19,887.55 22,734.73
07/31/97 20,828.68 24,543.17
08/31/97 19,602.74 23,169.24
09/30/97 20,729.61 24,437.39
10/31/97 20,096.17 23,622.16
11/30/97 21,027.70 24,714.75
12/31/97 21,637.48 25,138.88
01/31/98 21,774.25 25,416.64
02/28/98 22,745.34 27,248.75
03/31/98 23,765.66 28,643.01
04/30/98 23,546.37 28,931.07
05/31/98 23,244.85 28,434.33
06/30/98 24,182.31 29,588.42
07/31/98 24,264.75 29,274.19
08/31/98 21,489.28 25,047.00
09/30/98 22,305.44 26,651.68
10/31/98 23,834.72 28,817.64
11/30/98 24,647.58 30,563.50
12/31/98 26,284.03 32,323.59
01/31/99 26,620.55 33,674.75
02/28/99 26,142.34 32,628.47
03/31/99 26,493.03 33,933.55
04/30/99 26,776.94 35,247.66
05/31/99 25,996.17 34,416.52
06/30/99 27,925.03 36,325.02
</TABLE>
AVERAGE ANNUAL TOTAL RETURN
<TABLE>
<CAPTION>
SINCE
INCEPTION VALUE
ONE YEAR FIVE YEAR ON 12/30/92 6/30/99
-------- --------- ----------- -------
<S> <C> <C> <C> <C>
Cutler Equity Income 15.48% 23.03% 17.12% $27,925
S&P 500 Index 22.76% 27.84% 21.96% $36,325
</TABLE>
Cutler Value Fund
vs. S&P 500 Index
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
VALUE FUND
<TABLE>
<CAPTION>
DATE CUTLER VALUE FUND S&P 500 INDEX
- ---- ----------------- -------------
<S> <C> <C>
12/30/92 10,000.00 10,000.00
01/31/93 9,770.00 10,083.53
02/28/93 9,950.00 10,220.91
03/31/93 10,100.00 10,436.55
04/30/93 9,989.45 10,184.30
05/31/93 10,150.25 10,455.93
06/30/93 10,165.32 10,486.46
07/31/93 10,054.50 10,444.28
08/31/93 10,477.64 10,839.75
09/30/93 10,351.70 10,754.18
10/31/93 10,544.15 10,976.46
11/30/93 10,392.22 10,872.31
12/31/93 10,498.57 11,003.80
01/31/94 10,661.34 11,377.55
02/28/94 10,356.15 11,068.99
03/31/94 9,995.01 10,587.05
04/30/94 10,107.54 10,722.92
05/31/94 10,271.23 10,898.44
06/30/94 10,056.39 10,631.54
07/31/94 10,313.45 10,980.39
08/31/94 10,796.74 11,429.80
09/30/94 10,539.67 11,150.80
10/31/94 10,674.13 11,400.49
11/30/94 10,363.84 10,985.85
12/31/94 10,583.63 11,148.47
01/31/95 10,906.24 11,437.35
02/28/95 11,291.29 11,882.65
03/31/95 11,509.83 12,232.73
04/30/95 11,739.82 12,592.70
05/31/95 12,147.52 13,095.01
06/30/95 12,301.72 13,398.95
07/31/95 12,532.83 13,843.04
08/31/95 12,595.87 13,877.71
09/30/95 13,150.02 14,463.05
10/31/95 13,086.70 14,411.41
11/30/95 13,772.69 15,043.42
12/31/95 14,097.22 15,333.18
01/31/96 14,510.60 15,854.44
02/29/96 14,574.20 16,001.83
03/31/96 14,661.64 16,155.93
04/30/96 14,768.04 16,393.88
05/31/96 15,055.31 16,816.00
06/30/96 15,132.45 16,880.09
07/31/96 14,481.48 16,134.66
08/31/96 14,726.93 16,475.49
09/30/96 15,551.32 17,401.97
10/31/96 15,883.34 17,881.76
11/30/96 16,868.68 19,232.21
12/31/96 16,478.01 18,851.22
01/31/97 17,253.95 20,028.29
02/28/97 17,652.70 20,185.52
03/31/97 17,073.97 19,357.71
04/30/97 17,981.70 20,512.34
05/31/97 18,878.63 21,760.37
06/30/97 19,851.19 22,734.73
07/31/97 21,161.61 24,543.17
08/31/97 19,786.22 23,169.24
09/30/97 20,836.72 24,437.39
10/31/97 20,380.91 23,622.16
11/30/97 21,401.04 24,714.75
12/31/97 21,956.66 25,138.88
01/31/98 22,050.79 25,416.64
02/28/98 23,333.36 27,248.75
03/31/98 24,633.58 28,643.01
04/30/98 24,562.89 28,931.07
05/31/98 24,032.76 28,434.33
06/30/98 24,793.80 29,588.42
07/31/98 24,369.17 29,274.19
08/31/98 21,396.74 25,047.00
09/30/98 22,444.17 26,651.68
10/31/98 24,062.51 28,817.64
11/30/98 25,149.28 30,563.50
12/31/98 25,901.35 32,323.59
01/31/99 25,716.67 33,674.75
02/28/99 25,578.16 32,628.47
03/31/99 26,059.87 33,933.55
04/30/99 28,607.19 35,247.66
05/31/99 28,128.60 34,416.52
06/30/99 29,281.84 36,325.02
</TABLE>
AVERAGE ANNUAL TOTAL RETURN
<TABLE>
<CAPTION>
SINCE
INCEPTION VALUE
ONE YEAR FIVE YEAR ON 12/30/92 6/30/99
-------- --------- ----------- -------
<S> <C> <C> <C> <C>
Cutler Value Fund 18.10% 23.83% 17.98% $29,282
S&P 500 Index 22.76% 27.84% 21.96% $36,325
</TABLE>
3
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
CUTLER EQUITY INCOME FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES SECURITY DESCRIPTION VALUE
<C> <S> <C>
COMMON STOCK (82.2%)
BANKS (1.4%)
7,200 J.P. Morgan & Co., Inc. $ 1,011,600
------------
BUSINESS SERVICES (4.3%)
35,000 Automatic Data Processing, Inc. 1,540,000
30,000 Electronic Data Systems Corp. 1,696,875
------------
3,236,875
------------
CHEMICALS (2.3%)
13,500 Dow Chemical Co. 1,712,812
------------
COMMUNICATIONS EQUIPMENT (6.4%)
50,000 Lucent Technologies, Inc. 3,371,875
15,000 Motorola, Inc. 1,421,250
------------
4,793,125
------------
COMPUTER & OFFICE EQUIPMENT (3.3%)
15,000 Hewlett-Packard Co. 1,507,500
15,000 Pitney Bowes, Inc. 963,750
------------
2,471,250
------------
DRUGS & PHARMACEUTICALS (5.4%)
34,000 Bristol-Myers Squibb Co. 2,394,876
15,000 Pfizer, Inc. 1,646,250
------------
4,041,126
------------
DRUGSTORES (4.3%)
110,000 Walgreen Co. 3,231,250
------------
</TABLE>
See Notes to Financial Statements.
4
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
CUTLER EQUITY INCOME FUND
SCHEDULE OF INVESTMENTS (continued)
JUNE 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES SECURITY DESCRIPTION VALUE
<C> <S> <C>
ELECTRIC MACHINERY (7.9%)
15,000 General Electric Co. $ 1,695,000
26,500 Rockwell International Corp. 1,609,875
18,000 Texas Instruments, Inc. 2,610,000
------------
5,914,875
------------
FABRICATED METAL PRODUCTS (1.7%)
15,000 Illinois Tool Works, Inc. 1,230,000
------------
FOREST PRODUCTS (1.5%)
20,000 Kimberly-Clark Corp. 1,140,000
------------
GENERAL MERCHANDISE TRADE (5.2%)
80,000 Wal-Mart Stores, Inc. 3,860,000
------------
GLASS, OTHER BUILDING MATERIALS (3.3%)
35,000 Corning, Inc. 2,454,375
------------
INSTRUMENTS & RELATED PRODUCTS (4.7%)
16,500 Honeywell, Inc. 1,911,937
27,000 Xerox Corp. 1,594,687
------------
3,506,624
------------
INSURANCE CARRIERS (1.5%)
15,000 Marsh & McLennan Cos., Inc. 1,132,500
------------
NONDEPOSITORY CREDIT INSTITUTIONS (1.6%)
25,000 Household International, Inc. 1,184,375
------------
PRINTING & PUBLISHING (1.2%)
10,000 Tribune Co. 871,250
------------
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
CUTLER EQUITY INCOME FUND
SCHEDULE OF INVESTMENTS (concluded)
JUNE 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES SECURITY DESCRIPTION VALUE
<C> <S> <C>
PROPERTY & CASUALTY INSURANCE (2.4%)
15,000 American International Group, Inc. $ 1,755,937
-----------
RESTAURANTS (3.9%)
70,000 McDonald's Corp. 2,891,876
-----------
SECURITIES, BROKERS, DEALERS & ADVISORS (2.2%)
20,000 Merrill Lynch & Co., Inc. 1,598,751
-----------
SOAPS (3.3%)
25,000 Colgate-Palmolive Co. 2,468,750
-----------
TRANSPORTATION EQUIPMENT (2.1%)
22,000 United Technologies Corp. 1,577,125
-----------
VOICE & DATA TRANSMISSION (12.3%)
45,000 AT&T Corp. 2,511,564
70,000 BellSouth Corp. 3,281,250
57,800 SBC Communications, Inc. 3,352,400
-----------
9,145,214
-----------
TOTAL COMMON STOCK (COST $42,251,655) 61,229,690
-----------
U.S. GOVERNMENT OBLIGATIONS (13.4%)
10,029,000 U.S. Treasury Bills, 3.76% yield, 7/8/99 (cost
$10,021,785) 10,021,785
-----------
SHORT-TERM HOLDINGS (4.4%)
2,626,576 Forum Daily Assets Cash Fund 2,626,576
655,444 Forum Daily Assets Government Obligations Fund 655,444
-----------
TOTAL SHORT-TERM HOLDINGS (COST $3,282,020) 3,282,020
-----------
TOTAL INVESTMENTS (100.0%) (COST $55,555,460) $74,533,495
-----------
-----------
</TABLE>
See Notes to Financial Statements.
6
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
CUTLER VALUE FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES SECURITY DESCRIPTION VALUE
<C> <S> <C>
COMMON STOCK (97.6%)
BANKS (16.3%)
25,200 Bank of America Corp. $ 1,847,475
28,150 Bank One Corp. 1,676,684
30,200 First Union Corp. 1,419,400
37,600 Wells Fargo Co. 1,607,400
-----------
6,550,959
-----------
BUSINESS SERVICES (0.6%)
4,000 Electronic Data Systems Corp. 226,251
-----------
CHEMICALS (4.3%)
10,300 E.I. Du Pont de Nemours & Co. 703,618
24,300 Rohm & Haas Co. 1,041,862
-----------
1,745,480
-----------
COMPUTER & OFFICE EQUIPMENT (7.7%)
22,000 Apple Computer, Inc.* 1,018,875
20,500 Hewlett-Packard Co. 2,060,250
-----------
3,079,125
-----------
DRUGS & PHARMACEUTICALS (2.8%)
24,400 Abbott Laboratories 1,110,200
-----------
DURABLE GOODS-WHOLESALE (0.4%)
3,000 W.W. Grainger, Inc. 161,438
-----------
</TABLE>
See Notes to Financial Statements.
7
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
CUTLER VALUE FUND
SCHEDULE OF INVESTMENTS (continued)
JUNE 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES SECURITY DESCRIPTION VALUE
<C> <S> <C>
ELECTRIC MACHINERY (2.5%)
11,900 Emerson Electric Co. $ 748,212
4,000 Rockwell International Corp. 243,000
-----------
991,212
-----------
ELECTRIC, GAS & UTILITY COMPANIES (5.8%)
8,800 CMS Energy Corp. 368,500
6,500 Consolidated Natural Gas Co. 394,875
22,000 Duke Energy Corp. 1,196,250
8,500 Peco Energy Co. 355,938
-----------
2,315,563
-----------
FABRICATED METAL PRODUCTS (2.9%)
14,500 Cooper Industries, Inc. 754,000
5,000 Illinois Tool Works, Inc. 410,000
-----------
1,164,000
-----------
FOOD & SOFT DRINKS (17.2%)
9,000 Archer Daniels Midland Co. 138,939
14,200 Bestfoods, Inc. 702,900
69,800 ConAgra, Inc. 1,858,425
20,300 General Mills, Inc. 1,631,612
14,900 H.J. Heinz Co. 746,862
5,000 Hershey Foods Corp. 296,875
67,100 Sara Lee Corp. 1,522,331
-----------
6,897,944
-----------
FOREST PRODUCTS (1.1%)
6,300 Weyerhaeuser Co. 433,125
-----------
GENERAL MERCHANDISE TRADE (0.4%)
4,500 May Department Stores Co. 183,938
-----------
</TABLE>
See Notes to Financial Statements.
8
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
CUTLER VALUE FUND
SCHEDULE OF INVESTMENTS (continued)
JUNE 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES SECURITY DESCRIPTION VALUE
<C> <S> <C>
GROCERY STORES (5.1%)
39,400 Albertson's, Inc. $ 2,031,562
-----------
INDUSTRIAL & COMMERCIAL MACHINERY (0.6%)
7,000 Dover Corp. 245,000
-----------
INSTRUMENTS & RELATED PRODUCTS (2.9%)
10,200 Honeywell, Inc. 1,181,925
-----------
INSURANCE AGENTS, BROKERS & SERVICES (0.6%)
3,000 Marsh & McLennan Cos., Inc. 226,500
-----------
NONDEPOSITORY CREDIT INSTITUTIONS (0.5%)
4,000 Household International, Inc. 189,501
-----------
PETROLEUM PRODUCTS (3.8%)
8,900 Atlantic Richfield Co. 743,706
8,050 Chevron Corp. 766,259
-----------
1,509,965
-----------
PRINTING & PUBLISHING (5.0%)
2,000 Dow Jones & Co., Inc. 106,125
3,000 Gannett Co., Inc. 214,125
16,600 Knight-Ridder, Inc. 911,962
11,000 McGraw-Hill Cos., Inc. 593,313
5,000 R.R. Donnelley & Sons Co. 185,313
-----------
2,010,838
-----------
PROPERTY & CASUALTY INSURANCE (1.5%)
21,500 Ace, Ltd. 607,375
-----------
</TABLE>
See Notes to Financial Statements.
9
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
CUTLER VALUE FUND
SCHEDULE OF INVESTMENTS (concluded)
JUNE 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES SECURITY DESCRIPTION VALUE
<C> <S> <C>
RESTAURANTS (1.7%)
17,000 McDonald's Corp. $ 702,313
-----------
SECURITIES, BROKERS, DEALERS & ADVISORS (1.2%)
6,000 Merrill Lynch & Co., Inc. 479,626
-----------
TRANSPORTATION EQUIPMENT (0.4%)
4,000 Boeing Co. 176,750
-----------
VOICE & DATA TRANSMISSION (11.0%)
18,500 AT&T Corp. 1,032,531
26,500 GTE Corp. 2,007,375
12,000 SBC Communications, Inc. 696,000
7,700 Telecomunicacoes Brasileiras S.A., ADR 694,443
-----------
4,430,349
-----------
WHOLESALE TRADE-NONDURABLE GOODS (1.3%)
17,500 Sysco Corp. 521,718
-----------
TOTAL COMMON STOCK (COST $34,282,426) 39,172,657
-----------
SHORT-TERM HOLDINGS (2.4%)
966,975 Forum Daily Assets Cash Fund (cost $966,975) 966,975
-----------
TOTAL INVESTMENTS (100.0%) (COST $35,249,401) $40,139,632
-----------
-----------
</TABLE>
- ------------------------
*Non-income producing security.
ADR--American Depository Receipt
See Notes to Financial Statements.
10
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
STATEMENTS OF ASSETS & LIABILITIES
JUNE 30, 1999
<TABLE>
<CAPTION>
CUTLER
EQUITY CUTLER
INCOME VALUE
FUND FUND
---------- ----------
<S> <C> <C>
ASSETS
Investments (Note 2)
Investments at cost $55,555,460 $35,249,401
Net unrealized appreciation 18,978,035 4,890,231
---------- ----------
Total investments at value 74,533,495 40,139,632
Interest, dividends and other receivables 75,774 67,677
Receivable for Fund shares sold 17,923 16,629
Other assets 6,503 3,377
---------- ----------
Total Assets 74,633,695 40,227,315
---------- ----------
LIABILITIES
Dividends payable 2,358 11,717
Payable for Fund shares redeemed 19,052 21,401
Payable to administrator (Note 3) 5,837 3,233
Payable to investment adviser (Note 3) 43,777 24,245
Payable to other related parties (Note 3) 707 140
Accrued expenses and other liabilities 62,865 41,613
---------- ----------
Total Liabilities 134,596 102,349
---------- ----------
NET ASSETS $74,499,099 $40,124,966
---------- ----------
---------- ----------
COMPONENTS OF NET ASSETS
Paid-in capital $51,244,402 $22,105,840
Undistributed (distributions in excess of) net investment income 247 (1,049)
Net unrealized appreciation on investments 18,978,035 4,890,231
Accumulated net realized gain on investments 4,276,415 13,129,944
---------- ----------
NET ASSETS $74,499,099 $40,124,966
---------- ----------
---------- ----------
Shares of Beneficial Interest, No Par Value 4,743,653 2,119,470
NET ASSET VALUE, offering price and redemption price per share $15.71 $18.93
</TABLE>
See Notes to Financial Statements.
11
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CUTLER
EQUITY CUTLER
INCOME VALUE
FUND FUND
---------------- ----------------
<S> <C> <C>
INVESTMENT INCOME
Dividend income $671,657 $679,859
Interest income 699,543 83,295
---------------- ----------------
Total Investment Income 1,371,200 763,154
---------------- ----------------
EXPENSES
Investment advisory (Note 3) 560,854 285,783
Management (Note 3) 74,781 38,104
Transfer agent (Note 3) 17,138 15,272
Shareholder services 9,834 731
Custodian 21,655 17,710
Accounting (Note 3) 38,000 40,000
Legal 10,332 5,229
Registration 15,454 15,585
Audit 18,194 17,206
Trustees 16,347 8,294
Miscellaneous 16,826 14,722
---------------- ----------------
Total Expenses 799,415 458,636
---------------- ----------------
NET INVESTMENT INCOME 571,785 304,518
---------------- ----------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain from investments 5,346,419 15,455,769
Net change in unrealized appreciation (depreciation) of
investments 4,912,910 (9,430,329)
---------------- ----------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS 10,259,329 6,025,440
---------------- ----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $10,831,114 $6,329,958
---------------- ----------------
---------------- ----------------
</TABLE>
See Notes to Financial Statements.
12
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CUTLER VALUE
CUTLER EQUITY FUND
INCOME FUND ----------------------------
----------------------------- Year Ended
Year Ended Year Ended Year Ended June 30,
June 30, 1999 June 30, 1998 June 30, 1999 1998
------------- ------------- ------------- ------------
<S> <C> <C> <C> <C>
NET ASSETS -- BEGINNING OF PERIOD $ 77,482,327 $ 62,522,934 $ 41,085,239 $35,277,381
------------- ------------- ------------- ------------
OPERATIONS
Net investment income 571,785 788,340 304,518 244,029
Net realized gain from
investments 5,346,419 19,653,954 15,455,769 8,668,411
Net change in unrealized
appreciation (depreciation) of
investments 4,912,910 (6,744,979) (9,430,329) (674,549)
------------- ------------- ------------- ------------
Net increase in net assets
resulting from operations 10,831,114 13,697,315 6,329,958 8,237,891
------------- ------------- ------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS
FROM
Net investment income (572,269) (802,587) (305,165) (246,131)
In excess of net investment
income -- -- (1,049) --
Net realized capital gain from
investments (16,779,472) (5,707,467) (9,097,766) (2,695,053)
------------- ------------- ------------- ------------
Total distributions to
shareholders (17,351,741) (6,510,054) (9,403,980) (2,941,184)
------------- ------------- ------------- ------------
CAPITAL SHARE TRANSACTIONS
Sale of shares 9,146,759 14,469,495 5,658,822 3,823,631
Reinvestment of distributions 16,703,765 6,390,831 8,745,547 2,857,295
Redemption of shares (22,313,125) (13,088,194) (12,290,620) (6,169,775)
------------- ------------- ------------- ------------
Net increase from capital share
transactions 3,537,399 7,772,132 2,113,749 511,151
------------- ------------- ------------- ------------
Net increase (decrease) in net
assets (2,983,228) 14,959,393 (960,273) 5,807,858
------------- ------------- ------------- ------------
NET ASSETS -- END OF PERIOD
(Including line (A)) $ 74,499,099 $ 77,482,327 $ 40,124,966 $41,085,239
------------- ------------- ------------- ------------
------------- ------------- ------------- ------------
(A) Accumulated undistributed
(distributions in excess of) net
investment income $ 247 $ 731 $ (1,049) $ 647
------------- ------------- ------------- ------------
------------- ------------- ------------- ------------
SHARE ACTIVITY
Sale of shares 587,072 882,203 313,236 193,037
Reinvestment of distributions 1,196,788 406,537 544,005 155,031
Redemption of shares (1,441,571) (781,239) (692,130) (318,283)
------------- ------------- ------------- ------------
Net increase in shares 342,289 507,501 165,111 29,785
------------- ------------- ------------- ------------
------------- ------------- ------------- ------------
</TABLE>
See Notes to Financial Statements.
13
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION
The Cutler Trust (the "Trust") was organized on October 2, 1992, as an
open-end management investment company under the Investment Company Act of
1940. The Trust currently has two diversified investment portfolios
(individually, a "Fund" and, collectively, the "Funds"). The Cutler Equity
Income Fund and Cutler Value Fund each commenced operations on December 30,
1992. On April 26, 1999, Cutler Approved List Equity Fund was renamed Cutler
Value Fund.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with generally accepted
accounting principles, which require management to make estimates and
assumptions that affect the reported amounts of assets and liabilities,
disclosure of contingent assets and liabilities at the date of the financial
statements, and the reported amounts of increase and decrease in net assets
from operations during the fiscal period. Actual results could differ from
those estimates.
The following summarizes the significant accounting policies of the Funds:
SECURITY VALUATION -- The Trust determines the net asset value per share of
each Fund as of the close of regular trading on the New York Stock Exchange
(currently 4:00 P.M., Eastern time) on each Fund Business Day, as defined in
the Funds' prospectus. Securities with a maturity of 60 days or less are
valued at amortized cost. Securities for which market quotations are readily
available are valued using the last reported sales price provided by
independent pricing services. If no sale is reported, the mean of the last bid
and ask price is used. If no mean price is available, the last bid price is
used. In the absence of readily available market quotations, securities are
valued at fair value using procedures approved by the Trust's Board of
Trustees.
SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Dividend income is recorded on
the ex-dividend date. Interest income is recorded as earned. Security
transactions are recorded on a trade date basis. Realized gain and loss on
investments sold is recorded on the basis of identified cost.
DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net investment income, if any,
are declared and paid quarterly on the Funds. Capital gain distributions, if
any, are distributed to shareholders at least annually. Distributions are
based on amounts calculated in accordance with applicable federal income tax
regulations, which may differ from generally accepted accounting principles.
These differences are due primarily to differing treatments of income and gain
on various investment securities held by the Fund, timing differences and
differing characterizations of distributions made by the Fund.
14
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
FEDERAL TAXES -- The Funds intend to qualify each year as regulated investment
companies and distribute all their taxable income. In addition, by
distributing in each calendar year substantially all their net investment
income, capital gain and certain other amounts, if any, the Funds will not be
subject to a federal excise tax. Therefore, no federal income or excise tax
provision is required.
EXPENSE ALLOCATION -- The Trust accounts separately for the assets and
liabilities and operations of each Fund. Expenses that are directly
attributable to more than one Fund are allocated among the respective Funds.
NOTE 3. INVESTMENT ADVISORY AND OTHER SERVICES
INVESTMENT ADVISER -- The investment adviser to the Funds is Cutler & Company,
LLC ("Adviser"). Pursuant to an Investment Advisory Agreement, the Adviser
receives an advisory fee from Cutler Equity Income Fund and Cutler Value Fund
at an annual rate of 0.75% of each Fund's average daily net assets.
MANAGER -- The Trust has entered into a Management Agreement with Forum
Administrative Services, LLC ("FAdS"). For its services, FAdS is entitled to
receive compensation at an annual rate of 0.10% of each Fund's average daily
net assets.
TRANSFER AGENT AND DIVIDEND DISBURSING AGENT -- Forum Shareholder Services,
LLC ("FSS"), an affiliate of FAdS, provides services as the Funds' transfer
agent and dividend disbursing agent pursuant to a separate agreement. For
these services, FSS receives a fee of $1,000 per month, per Fund, plus certain
other fees and expenses. Prior to September 28, 1998, Forum Financial Corp.
served as the Funds' transfer agent and dividend disbursing agent for which it
received the same compensation as FSS.
OTHER SERVICE PROVIDERS -- Forum Accounting Services, LLC ("FAcS"), an
affiliate of FAdS, serves as the fund accountant for the Trust. FAcS is paid a
fee for its portfolio accounting services of $36,000 per year for each Fund,
subject to adjustments for the number and type of portfolio transactions.
Forum Financial Services, Inc., a registered broker-dealer, acts as the
Trust's distributor pursuant to a separate Distribution Agreement with the
Trust for which it receives no compensation.
NOTE 4. SECURITIES TRANSACTIONS
The cost of securities purchased and the proceeds from sales of securities
(excluding short-term securities) for the year ended June 30, 1999, were as
follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
------------------ -------------------
<S> <C> <C>
Cutler Equity Income Fund $37,099,931 $53,463,244
Cutler Value Fund 39,798,383 46,104,379
</TABLE>
15
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
NOTES TO FINANCIAL STATEMENTS (concluded)
- --------------------------------------------------------------------------------
For federal income tax purposes, the tax basis of investment securities owned,
the aggregate gross unrealized appreciation and the aggregate gross unrealized
depreciation as of June 30, 1999, were as follows:
<TABLE>
<CAPTION>
Unrealized Unrealized Net
Tax Cost Appreciation Depreciation Appreciation
----------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Cutler Equity Income Fund $55,585,826 $19,226,205 $ 278,536 $18,947,669
Cutler Value Fund 35,339,618 5,749,305 949,291 4,800,014
</TABLE>
NOTE 5. MISCELLANEOUS
Prior to April 26, 1999, the Cutler Value Fund was called the "Cutler Approved
List Equity Fund" (the "Fund"). On April 26, 1999, a special meeting of the
shareholders of the Fund was held to vote on the following two proposals. Only
shareholders of record on March 15, 1999, were entitled to vote. Both
proposals were approved by the shareholders. Correspondingly, the Fund's name
was changed to "Cutler Value Fund."
Proposal 1. It was proposed that the Fund's investment objective be changed
from "to seek current income and long-term capital appreciation by investing
in at least 90% of the common stocks within the Adviser's "Approved List" to
"to seek current income and long-term capital appreciation." The Fund now
seeks to meet its objective by investing in "value" stocks -- stocks whose
price/earnings ratios are lower relative to the S&P 500. The Fund is no longer
required to invest any particular amount of its assets in the common stocks on
the Approved List. The Fund, however, will be able to purchase companies that
are listed on exchanges other than the New York Stock Exchange. The Fund is
also no longer required to purchase companies that have paid dividends
continuously for at least 20 years, but will focus on dividend paying stocks
and will attempt to maintain a yield above the market average. Lastly, the
Fund's restrictions that it only purchase companies that have commercial paper
rated Prime-1 and senior debt rated in the three highest rating categories
were eliminated.
Proposal 2. It was proposed that the Fund's fundamental investment restriction
on purchasing foreign investments be removed. The Fund is now able to invest a
portion of its assets in foreign issuers through American Depositary Receipts.
Although the Fund has no current intention of investing directly in the
securities of foreign issuers or purchasing securities on a foreign market,
removal of this investment limitation enables the Fund to make these
investments in the future.
16
<PAGE>
------------------------------------------------------------------------------
THE CUTLER TRUST
SUPPLEMENTARY INFORMATION (unaudited)
------------------------------------------------------------------------------
FEDERAL TAX STATUS OF DIVIDENDS DECLARED DURING THE FISCAL YEAR
Income Dividends -- All the income and any short term capital gain dividends
paid by each Fund were ordinary income for federal income tax purposes. The
percentage of income dividends that were qualifying dividends for the
corporate dividends received deduction in Cutler Equity Income Fund and Cutler
Value Fund were 100.00% and 32.26%, respectively.
Capital Gain Dividends -- Cutler Equity Income Fund and Cutler Value Fund
declared long term capital gain dividends of $16,779,472 and $9,075,317,
respectively, for the fiscal year ended June 30, 1999.
17
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected per share data and
ratios for a share outstanding
throughout each period.
<TABLE>
<CAPTION>
CUTLER EQUITY INCOME FUND
------------------------------------------------------
Year Ended June 30,
------------------------------------------------------
1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 17.60 $ 16.06 $ 12.95 $ 10.96 $ 9.56
-------- -------- -------- ---------- --------
Investment Operations
Net investment income 0.12 0.19 0.24 0.35 0.36(a)
Net realized and unrealized gain on
investments 2.06 3.05 4.30 2.13 1.40
-------- -------- -------- ---------- --------
Total from Investment Operations 2.18 3.24 4.54 2.48 1.76
-------- -------- -------- ---------- --------
Distributions From
Net investment income (0.12) (0.19) (0.24) (0.35) (0.34)
Net realized gain on investments (3.95) (1.51) (1.19) (0.14) (0.02)
-------- -------- -------- ---------- --------
Total Distributions (4.07) (1.70) (1.43) (0.49) (0.36)
-------- -------- -------- ---------- --------
Net Asset Value, End of Period $ 15.71 $ 17.60 $ 16.06 $ 12.95 $ 10.96
-------- -------- -------- ---------- --------
-------- -------- -------- ---------- --------
Total Return 15.48% 21.60% 37.65% 22.93% 18.63%
Ratio/Supplementary Data
Net assets at the end of year (in
thousands) $74,499 $77,482 $62,523 $46,285 $41,470
Ratios to Average Net Assets:
Expenses including
reimbursement/waiver of fees 1.07% 1.10% 1.17% 0.98% 0.97%
Expenses excluding
reimbursement/waiver of fees 1.07% 1.10% 1.17% 0.98% 0.97%
Net investment income 0.76% 1.14% 1.67% 2.81% 3.49%
Portfolio Turnover Rate 58.94% 118.59% 23.22% 57.08% 43.37%
</TABLE>
(a) Calculated using the weighted average number of shares outstanding.
18
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
FINANCIAL HIGHLIGHTS (concluded)
- --------------------------------------------------------------------------------
Selected per share data and
ratios for a share outstanding
throughout each period.
<TABLE>
<CAPTION>
CUTLER VALUE FUND
--------------------------------------------------------
Year Ended June 30,
--------------------------------------------------------
1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 21.02 $ 18.33 $ 14.18 $ 11.71 $ 9.78
-------- -------- ---------- -------- ----------
Investment Operations
Net investment income 0.14 0.13 0.18 0.21 0.24(a)
Net realized and unrealized gain on
investments 2.73 4.19 4.20 2.47 1.92
-------- -------- ---------- -------- ----------
Total from Investment Operations 2.87 4.32 4.38 2.68 2.16
-------- -------- ---------- -------- ----------
Distributions From
Net investment income (0.14) (0.13) (0.18) (0.21) (0.23)
In excess of net investment income * -- -- -- --
Net realized gain on investments (4.82) (1.50) (0.05) -- --
-------- -------- ---------- -------- ----------
Total Distributions (4.96) (1.63) (0.23) (0.21) (0.23)
-------- -------- ---------- -------- ----------
Net Asset Value, End of Period $ 18.93 $ 21.02 $ 18.33 $ 14.18 $ 11.71
-------- -------- ---------- -------- ----------
-------- -------- ---------- -------- ----------
Total Return 18.10% 24.90% 31.18% 23.01% 22.33%
Ratio/Supplementary Data
Net assets at the end of year (in
thousands) $ 40,125 $ 41,085 $ 35,277 $ 30,248 $21,890
Ratios to Average Net Assets:
Expenses including
reimbursement/waiver of fees 1.20% 1.24% 1.25% 1.05% 1.00%
Expenses excluding
reimbursement/waiver of fees 1.20% 1.24% 1.25% 1.13% 1.23%
Net investment income 0.80% 0.65% 1.15% 1.65% 2.20%
Portfolio Turnover Rate 110.02% 49.61% 3.86% 8.97% 23.42%
</TABLE>
- ----------------------------------
(a) Calculated using the weighted average number of shares outstanding.
* Per share data was less than $0.01.
19
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
REPORT OF INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------
To the Shareholders and Trustees
The Cutler Trust
We have audited the accompanying statements of assets and liabilities, including
the schedules of investments, of The Cutler Trust (the "Trust"), consisting of
the Cutler Equity Income Fund and Cutler Value Fund (formerly Cutler Approved
List Equity Fund), as of June 30, 1999, the related statements of operations for
the year then ended, and of changes in net assets for each of the two years in
the period then ended and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Trust's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of the securities owned as of
June 30, 1999 by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of each of the
portfolios constituting The Cutler Trust as of June 30, 1999, the results of
their operations, the changes in their net assets, and the financial highlights
for the above stated periods in conformity with generally accepted accounting
principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
August 6, 1999
20
<PAGE>
- --------------------------------------------------------------------------------
THE CUTLER TRUST
TRUSTEES OF THE CUTLER TRUST
JUNE 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<C> <S>
KENNETH R. CUTLER
[PHOTO] Principal portfolio manager of the Equity Income Fund and of institutional
equity portfolios managed separately by Cutler & Company, LLC with objectives
similar to the Funds.
JOHN Y. KEFFER
[PHOTO] Sole shareholder and director of Forum Financial Group, LLC, which owns Forum
Shareholder Services, LLC, Transfer Agent, Forum Financial Services, Inc.,
Distributor and Forum Administrative Services, LLC, Manager for both Funds.
BROOKE R. ASHLAND
[PHOTO] Chief Executive Officer, Cutler & Company, LLC, Investment Adviser to the
trust.
DR. HATTEN S. YODER, JR.
[PHOTO] Chairman Emeritus, Geophysical Laboratory, Carnegie Institute of Washington,
and consultant to the Los Alamos National Laboratory. A member of the National
Academy of Sciences, and many national and international scientific bodies.
ROBERT B. WATTS, JR.
[PHOTO] Attorney in private practice. Formerly a senior level officer, counsel and
corporate secretary with over 25 years of corporate, divisional and board
level experience with two Fortune 100 companies.
</TABLE>
21
<PAGE>
THE CUTLER TRUST
- ------------------------------------------------------------------------
TABLE OF CONTENTS
JUNE 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Page
----
<S> <C>
Chairman's Letter to the Shareholders....... 1
Investment Adviser's Report................. 2
Comparison of Change in Value of $10,000
Investment................................ 3
Cutler Equity Income Fund Portfolio......... 4
Cutler Value Fund Portfolio................. 7
Statements of Assets and Liabilities........ 11
Statements of Operations.................... 12
Statements of Changes in Net Assets......... 13
Notes to Financial Statements............... 14
Supplementary Information (unaudited)....... 17
Financial Highlights (Per Share Data)....... 18
Report of Independent Auditors.............. 20
Trustees of the Cutler Trust................ 21
</TABLE>
Distributor
Forum Financial Services, Inc.
CUTLER & COMPANY, LLC
INVESTMENT MANAGEMENT
INVESTMENT ADVISER TO THE TRUST
503 Airport Road, Medford, OR 97504
(800) 228-8537 - (541) 770-9000
Fax: (541) 779-0006
info @ cutler.com
- ------------------------------------------------
This report is submitted for the general information of the shareholders of the
Funds. It is not authorized for distribution to prospective investors in the
Funds unless preceded or accompanied by an effective prospectus, which includes
information regarding the Funds' objectives and policies, management experience,
and other information.
- -------------------------------------------
CUTLER EQUITY
INCOME FUND
CUTLER VALUE FUND
ANNUAL REPORT
---------------
June 30, 1999
