[Dechert LLP Letterhead]


October 29, 2004

The Cutler Trust
Two Portland Square
Portland, ME 04101

Dear Sirs:

As  counsel  for The  Cutler  Trust  (the  "Trust"),  we are  familiar  with the
registration  of the Trust under the Investment  Company Act of 1940, as amended
(File  No.  811-7242),  and  Post-Effective  Amendment  No.  18 to  the  Trust's
registration  statement  relating  to the  shares of  beneficial  interest  (the
"Shares") of Cutler Value Fund (the "Fund") being filed under the Securities Act
of 1933, as amended (File No. 33-52850)  ("Post-Effective Amendment No. 18"). We
have also examined such other  records of the Trust,  agreements,  documents and
instruments as we deemed appropriate.

Based upon the  foregoing,  it is our  opinion  that the  Shares  have been duly
authorized and, when issued and sold at the public  offering price  contemplated
by the prospectus for the Fund and delivered by the Trust against receipt of the
net asset  value of the Shares,  will be issued as fully paid and  nonassessable
Shares of the Trust.

We  consent  to the  filing of this  opinion  on  behalf  of the Trust  with the
Securities   and  Exchange   Commission  in   connection   with  the  filing  of
Post-Effective Amendment No. 18.


Very truly yours,


/s/Dechert LLP