CUTLER TRUST, 497, 1997-09-15

CUTLER TRUST
497, 1997-09-15

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                                THE CUTLER TRUST

                            CUTLER EQUITY INCOME FUND
                        CUTLER APPROVED LIST EQUITY FUND

                       Supplement Dated September 15, 1997
                     to Prospectus Dated September 15, 1997

Shares of the Cutler  Approved  List Equity Fund  currently  are not offered for
sale in Alabama,  Arkansas,  Connecticut,  Delaware, Idaho, Iowa, Kansas, Maine,
Maryland,  Mississippi,  Missouri, Nebraska, Nevada, New Mexico, New York, North
Dakota,  Rhode Island,  South  Carolina,  South  Dakota,  Texas,  Vermont,  West
Virginia and Wisconsin.