THE CUTLER TRUST

                                CUTLER CORE FUND
                                CUTLER VALUE FUND

                        Supplement Dated July 31, 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.

1.   In the section captioned "MANAGEMENT," under the sub-heading "THE ADVISER",
     the following is added to the supplement dated April 1, 2002.

Pursuant to an agreement  dated June 14, 2002,  the  ownership  dispute  between
Brooke Cutler Ashland and Stephen Frank Brennan has been resolved.  According to
the terms of that  agreement,  Brooke Cutler  Ashland will retain control of the
Adviser.  Thus,  there  will not be a change of  "control"  of the  Adviser,  as
defined in the Investment Company Act of 1940.

2.   In the section  captioned  "Management",  under the sub-heading  "PORTFOLIO
     MANAGERS", the following replaces the second and third paragraphs.


KELLY R. KO, CFA,  Co-Portfolio  Manager  for Cutler  Value Fund and Cutler Core
Fund, received his B.S. from the University of Southern California and an M.B.A.
in Finance from Duke  University  in 1986.  From May 2000 to May 2002,  he was a
portfolio  manager  for  Nicholas  Applegate  Capital  Management  in San Diego,
California.  From 1992 to May 2000,  he was a portfolio  manager and analyst for
Hughes Investment Management Company in Los Angeles, California.

JOSEPH GAGNON, CFA,  Co-Portfolio  Manager for Cutler Value Fund and Cutler Core
Fund, received his B.A. from the University of California,  Los Angeles in 1985.
From  September  2001 to May 2002,  he was an  investment  analyst for  Nicholas
Applegate  Capital  Management  in San  Diego,  California.  From  June  2000 to
September 2001 he was an independent registered investment adviser. From 1991 to
June 2000, he was a portfolio manager for Hughes Investment  Management  Company
in Los Angeles, California.




               PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE