THE CUTLER TRUST
CUTLER EQUITY INCOME FUND
CUTLER VALUE FUND
Supplement Dated June 8, 1999 to
Prospectus Dated October 30, 1998
1. Effective April 26, 1999, the investment objective for Cutler Approved List
Equity Fund (the "Fund") was changed to read "to seek current income and
long-term capital appreciation." 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. Contemporaneously, the Fund's name was changed to
"Cutler Value Fund."
The Fund may invest a portion of its assets in foreign issuers through
American Depositary Receipts. The Fund has no current intention of investing
directly in the securities of foreign issuers or purchasing securities on a
foreign market.
2. Following is a description of the Portfolio Manager of Cutler Value Fund (see
page 7 of the Prospectus):
"Mr. Robert W. Lamberti, CFA, Portfolio Manager for the Cutler Value 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."
3. The wire instructions for shareholder purchases has been changed. Please
direct all wires to the Funds at the following (which replaces the account
information on Page 10):
Bankers Trust Company
New York, New York
ABA #021001033
For Credit to: Forum Shareholder Services, LLC
Account # 01-465-547
The Cutler Trust (Name of Fund)
(Your Name)
(Your Account Number)
(Your Social Security number or tax identification number)
