CERTIFIED RESOLUTIONS

     I,  Cassandra  W.  Borchers,  Assistant  Secretary of The Cutler Trust (the
"Trust"),  hereby  certify that the  following  resolutions  were adopted by the
Board of Trustees of the Trust, including a majority of the Trustees who are not
"interested  persons" of the Trust,  at a meeting of the Board held on September
14, 2006:

          WHEREAS,  the  Trustees  of the Trust,  including  a  majority  of the
     Independent Trustees,  have reviewed the amount, type, form and coverage of
     the fidelity bond through Federal  Insurance Company (the "Fidelity Bond");
     and

          WHEREAS,  the amount of coverage  under the Fidelity Bond is $350,000,
     being  equivalent to or greater than the minimum amount of bond required by
     Rule 17g-1 promulgated under the Investment Company Act of 1940;

          NOW,  THEREFORE,  BE IT  RESOLVED,  that the  amount,  type,  form and
     coverage of the  Fidelity  Bond as  described  above and  presented  at the
     meeting  are  reasonable  and the  Fidelity  Bond  be,  and it  hereby  is,
     approved; and

          FURTHER RESOLVED,  that the annual premium of $1,399 to be paid by the
     Fund under the Fidelity Bond be, and it hereby is, approved; and

          FURTHER  RESOLVED,  that the  Secretary of the Trust be, and he hereby
     is,  designated  as the  person  who shall  make the  filings  and give the
     notices required by paragraph (g) of Rule 17g-1; and

          FURTHER  RESOLVED,  that the officers of the Trust be, and they hereby
     are,  authorized  to take any and all other  actions  deemed  necessary  or
     appropriate to effectuate these resolutions.


October 13, 2006
                                          /s/ Cassandra W. Borchers
                                        -------------------------------------
                                        Cassandra W. Borchers,
                                        Assistant Secretary