THE CUTLER TRUST
                            SHAREHOLDER SERVICE PLAN

                                 January 3, 1996
                           Last amended April 3, 2006

     This  Shareholder  Service Plan (the "Plan") is adopted by The Cutler Trust
(the "Trust")  with respect to the shares of  beneficial  interest of the Cutler
Equity Fund (the "Fund").

     SECTION 1. SERVICE AGREEMENTS; PAYMENTS

     (a)   The Fund is  authorized  to enter  into  Shareholder  Service
Agreements (the "Agreements"),  the form of which shall be approved by the Board
of Trustees of the Trust ("the Board"),  with financial  institutions  and other
persons who provide  services for and maintain  shareholder  accounts  ("Service
Providers") as set forth in this Plan.

     (b) Pursuant to the Agreements,  as compensation for the services described
in  Section 2 below,  the Fund may pay the  Service  Provider a fee at an annual
rate  of up to  0.25%  of  its  average  daily  net  assets  represented  by the
shareholder  accounts  for  which  the  Service  Provider  maintains  a  service
relationship.  Notwithstanding  the  foregoing,  the Fund may pay to the Service
Provider a  reasonable  administrative  fee for such periods of time that assets
represented by the shareholder accounts do not surpass contractual minimums.

     Provided,  however,  that the Fund shall not directly or indirectly  pay an
amount,  whether  Payments (as defined in the  Agreements)  or  otherwise,  that
exceeds any  applicable  limits  imposed by law or the National  Association  of
Securities Dealers, Inc.

     (c) Each Agreement shall contain a  representation  by the Service Provider
that any  compensation  payable to the Service  Provider in  connection  with an
investment  in the Fund of the assets of its  customers (i) will be disclosed by
the Service Provider to its customers, (ii) will be authorized by its customers,
and (iii) will not result in an excessive fee to the Service Provider.

     SECTION 2. SERVICE ACTIVITIES

     Service  activities  include (a) establishing and maintaining  accounts and
records  relating to clients of Service  Providers;  (b)  answering  shareholder
inquiries regarding the manner in which purchases,  exchanges and redemptions of
shares of the Trust may be effected and other matters  pertaining to the Trust's
services;  (c) providing  necessary  personnel  and  facilities to establish and
maintain  shareholder  accounts  and  records;  (d)  assisting  shareholders  in
arranging for processing  purchase,  exchange and redemption  transactions;  (e)
arranging for the wiring of funds;  (f) guaranteeing  shareholder  signatures in
connection   with    redemption    orders   and   transfers   and   changes   in
shareholder-designated  accounts; (g) integrating periodic statements with other
shareholder  transactions;  and (h) providing such other related services as the
shareholder may request.

     SECTION 3. TERM

     This Plan shall  continue  in full force and  effect,  subject to  periodic
review by the Board of any and all  payments  made  pursuant to the Plan,  until
otherwise terminated as set forth in Section 4 below.

     SECTION 4. AMENDMENT AND TERMINATION

     (a) Any  material  amendment  to the Plan  shall  be  effective  only  upon
approval  of the  Board,  including  a  majority  of the  Trustees  who  are not
interested persons of the Trust as defined in the Investment Company Act of 1940
(the "Disinterested  Trustees"),  pursuant to a vote cast in person at a meeting
called for the purpose of voting on the amendment to the Plan.

     (b) The Plan may be terminated  without  penalty at any time by a vote of a
majority of the  Disinterested  Trustees or by a vote of shareholders  holding a
majority of the outstanding shares of the Fund.

     SECTION 5. LIMITATION OF SHAREHOLDER AND TRUSTEE LIABILITY; INDEMNIFICATION

     The  Trustees  of the Trust and the  shareholders  of the Fund shall not be
liable for any  obligations of the Trust or of the Fund under the Plan, and each
of the  Trustees  and the  shareholders  are  indemnified  from and  against any
liability  whatsoever  under this Plan to the  extent  such  indemnification  is
provided for in the Trust's Declaration of Trust.