THE CUTLER TRUST

                                CUTLER CORE FUND
                                CUTLER VALUE FUND

                       Supplement Dated April 15, 2002 to
                        Prospectus Dated October 30, 2001


THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS AND SHOULD BE READ IN CONJUNCTION WITH SUCH PROSPECTUS.

In the section captioned  "MANAGEMENT," under the sub-heading "THE ADVISER," the
following is added after the second paragraph.

Brooke  Cutler  Ashland and Stephen  Frank  Brennan each owned  interests in the
Adviser through Airport Plaza, a California limited  partnership.  Airport Plaza
owned 92% of the Adviser.

In a recent  amendment to the Adviser's  Form ADV, a disclosure  form filed with
the U.S. Securities and Exchange  Commission,  the Adviser reported that Airport
Plaza's  partnership  agreement  expired  on  December  31,  2001,  and that the
partnership  is in  the  process  of  being  dissolved  and  having  its  assets
distributed.  The  dissolution and  distribution  proceedings and the respective
ownership interests of Ms. Ashland and Mr. Brennan, the sole partners in Airport
Plaza, are in dispute and may not be resolved for some time.

Resolution  of the  ownership  dispute may result in a change in the  percentage
ownership of the Adviser by each of Ms.  Ashland and Mr. Brennan that gives rise
to a change of "control" of the Adviser as defined in the Investment Company Act
of 1940.

The Board of Trustees of the Trust has requested  detailed  information from the
Adviser regarding the ownership dispute and will consider what measures, if any,
are appropriate in response to that information and future developments.

               PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE