October 30, 2002


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
(the "1940 Act") (File No. 811-7242), and Post-Effective Amendment No. 14 to the
Trust's  registration  statement  relating to the shares of beneficial  interest
(the  "Shares")  of Cutler Core Fund and Cutler Value Fund (the  "Funds")  being
filed  under  the  Securities  Act of  1933,  as  amended  (File  No.  33-52850)
("Post-Effective Amendment No. 14"). 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 Funds 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. 14.


Very truly yours,



/s/Dechert
Dechert