THE CUTLER TRUST
CUTLER EQUITY INCOME FUND
CUTLER VALUE FUND
Supplement Dated December 1, 1999 to
Prospectus Dated October 30, 1999
On Monday, December 20, 1999, a special meeting of the shareholders of the
Cutler Equity Income Fund (the "Fund") will be held to vote on the following
proposal. Only shareholders of record on November 19, 1999 are entitled to vote.
Proposal. It is proposed that the Fund's investment objective and policies be
changed from to seek current income and long-term capital appreciation by
investing within Cutler & Company, LLC's "Approved List" to to seek income and
long-term capital appreciation by investing in stocks that it considers
undervalued with respect to their growth prospects relative to the general
market. The Fund has been required to hold 20-30 of the stocks on the Approved
List and to invest at least 65% of its total assets in the income-producing
equity securities of the Approved List. If the proposed modifications are
approved, these policies will no longer apply. The Fund will continue to only
purchase companies that, in Cutler & Company, LLC's opinion, are leaders in
their industry and have wide ownership among major institutional investors and
very liquid markets, as well as have annual sales, assets and market value of at
least $1 billion. The Fund, however, will now be able to purchase companies that
are listed on exchanges other than the New York Stock Exchange as long as they
are subject to regulation by the U.S. Securities and Exchange Commission. The
Fund will no longer be required to purchase companies that paid dividends
continuously for at least 20 years, without any reduction in the rate. The Fund
will now be able to invest in companies that have senior debt rated "investment
grade". Investment grade is generally defined as a bond with a rating of at
least BBB or Baa by the relevant rating organization. The Fund's portfolio will,
under normal conditions, be comprised of at least 25, stocks of which at least
75% will be dividend paying. If the shareholders approve this proposal, the name
of the Fund will be changed to the "Cutler Core Fund".
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