THE CUTLER TRUST

                            CUTLER EQUITY INCOME FUND
                        CUTLER APPROVED LIST EQUITY FUND

                        Supplement Dated April 5, 1999 to
                        Prospectus Dated October 30, 1998

1. On April 26,  1999,  a special  meeting  of the  shareholders  of the  Cutler
Approved List Equity Fund (the "Fund") will be held to vote on the following two
proposals. Only shareholders of record on March 15, 1999 are entitled to vote.

Proposal 1. It is 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."  If  this  proposal  is
approved,  the Fund will seek to meet its  objective  by  investing  in  "value"
stocks -- stocks whose price/earnings  ratios are lower relative to the S&P 500.
The Fund  would no longer be  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 will no longer be required to purchase  companies that
paid dividends continuously for at least 20 years, but it 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  commercial paper rated
Prime-1 and senior debt rated in the three  highest  rating  categories  will be
eliminated.  If this  proposal is  approved,  the Fund's name will be changed to
"Cutler Value Fund."

Proposal 2. It is proposed that the Fund's fundamental investment restriction on
purchasing  foreign  investments be removed.  If this proposal is approved,  the
Fund would be 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 will enable the Fund
also to make these investments in the future.

2. Following is a description of the Portfolio  Manager of Cutler  Approved List
Equity Fund (see page 7 of the Prospectus):

"Mr. Robert W. Lamberti,  CFA,  Portfolio  Manager for the Cutler  Approved List
Equity Fund,  received his B.S. from Purdue University and his M.B.A. in Finance
from Temple  University in 1995. From 1993 to 1995, Mr. Lamberti was an Economic
Analyst and Treasury  Analyst for the Rohm and Haas Company.  From 1995 to 1997,
Mr. Lamberti was a Senior Financial Analyst in the Emulsion Polymers Division at
Air  Products  and  Chemicals,  Inc.  From 1997 to April  1998,  he was a Senior
Analyst at Valuation Research Corporation. Mr. Lamberti joined Cutler & Company,
LLC as an  assistant  Portfolio  Manager  in  April,  1998 and was  promoted  to
Portfolio Manager in December, 1998."