Cutler Investment Counsel LLC

Name: CUTLER INVESTMENT COUNSEL LLC 13F holdings, Q1 2024
Creator: CUTLER INVESTMENT COUNSEL LLC
Published: 2024-04-30

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 30, 2024), Cutler Investment Counsel LLC reported 127 stock positions worth $745.5 million. Its top holding was Microsoft (MSFT) at 4.4% of the portfolio, followed by iShares 1-5Y Inv Grade (IGSB, 4.4%) and Vngrd Mrngstr MD-Cap ETF-Usd (VO, 3.8%). Compared with Q4 2023, it opened 8 new positions, sold out of 11, added to 63 and reduced 47. The biggest buy was Nextera Energy (NEE, shares +448%) and the biggest sale Union Pacific (UNP, shares −97%).

Most Recent 13F: Q2 2026
Location: Jacksonville, OR
CIK: 0001285973
Portfolio Value: $745.5M (Q1 2024)
SEC Filing: 0001285973-24-000003 ↗ filed Apr 30, 2024

Holdings Value

Holdings 127 stocks · $745.5M


MSFT Microsoft Corp.	4.38%	77,630	$32.7M	Reduce -0.1%
IGSB iShares 1-5Y Inv Grade Corp.	4.36%	633,528	$32.5M	Add +1.7%
VO Vngrd Mrngstr MD-Cap ETF-Usd	3.76%	112,107	$28.0M	Add +6.3%
CAT Caterpillar Inc.	3.29%	66,899	$24.5M	Reduce -15.4%
SPEM State Street SP PTF Em ETF	3.25%	669,552	$24.2M	Add +4.1%
IEFA iShares Core MSCI Eafe ETF	2.87%	288,422	$21.4M	Add +2.3%
HD Home Depot Inc.	2.79%	54,255	$20.8M	Add +1.1%
IUSG iShares Core S&P U.S. Growth	2.70%	171,820	$20.1M	Add +7.8%
EFAV iShares MSCI Eafe Min Vol Fa	2.51%	263,753	$18.7M	Add +4.6%
RSG Republic Services Inc.	2.26%	88,011	$16.8M	Reduce -0.1%
BLK BlackRock Finance Inc.	2.26%	20,167	$16.8M	Add +0.5%
MCD McDonald's Corp.	2.21%	58,371	$16.5M	Add +0.4%
GOVT iShares US Treasury Bond ETF	2.13%	698,892	$15.9M	Add +3.2%
RPG Invesco S&P 500 Pure Growth	2.13%	431,825	$15.9M	Reduce -26.3%
DE Deere & Co.	2.07%	37,448	$15.4M	Add +0.5%
WMT Walmart Inc.	2.06%	254,109	$15.3M	Add +0.2%
VUG Vanguard Mrngstar GR ETF-Sui	2.05%	44,417	$15.3M	Add +71.1%
SCHW Schwab (charles) Corp.	2.04%	210,708	$15.2M	Add +0.7%
XOM Exxon Mobil Corp.	2.00%	128,380	$14.9M	Reduce -7.1%
MRK Merck & Co. Inc.	1.83%	102,938	$13.7M	Reduce -0.5%
SPAB SS SPDR P Agg Bond ETF	1.73%	511,255	$12.9M	Add +3.3%
RTX RTX Corp.	1.67%	127,867	$12.5M	Add +0.9%
CVS CVS Health Corp.	1.62%	151,479	$12.1M	Add +0.4%
BDX Becton Dickinson and Co.	1.56%	46,936	$11.6M	Add +0.5%
TXN Texas Instruments Inc.	1.53%	65,690	$11.4M	Reduce -1.4%
KR Kroger Co.	1.53%	200,220	$11.4M	Add +0.3%
MDT Medtronic PLC	1.53%	130,098	$11.4M	Add +0.4%
PEP Pepsico Inc.	1.51%	64,014	$11.3M	Reduce -6.4%
CVX Chevron Corp.	1.50%	70,706	$11.2M	Reduce -2.0%
VZ Verizon Communications Inc.	1.49%	264,486	$11.1M	Add +1.3%
PG The Procter & Gamble Co.	1.46%	67,279	$10.9M	Reduce -0.6%
JPM JPMorgan Chase & Co.	1.41%	52,435	$10.5M	Add +0.0%
PDN Inv Rafi Dev MKT US SM-Usdin	1.39%	314,905	$10.4M	Add +7.7%
NKE Nike Inc. Class B	1.35%	106,706	$10.1M	Add +0.3%
VTV Vanguard Mrngstr Val ETF-Aui	1.28%	58,661	$9.6M	Reduce -5.0%
CARR Carrier Global Corp.	1.28%	163,973	$9.5M	Add +0.9%
NEE Nextera Energy Inc.	1.24%	144,146	$9.2M	Add +447.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	1.22%	47,790	$9.1M	Reduce -0.5%
JNJ Johnson & Johnson	1.20%	56,505	$8.9M	Add +0.7%
DD Dupont DE Nemours Inc.	1.15%	111,710	$8.6M	Add +0.7%
PNC PNC Financial Services Group	1.11%	51,281	$8.3M	Add +0.8%
EMLC Vaneck JPM Em Local Curr BND	1.00%	304,368	$7.5M	Add +6.2%
IVV iShares Core S&P 500 ETF	0.93%	13,158	$6.9M	Reduce -11.7%
MTB M & T Bank Corp. filed as M & T BK CORP	0.88%	44,976	$6.5M	Add +0.5%
VTI VG Morningstar TS MKT ETF-US	0.83%	23,681	$6.2M	Add +2.3%
IJR iShares Core S&P Small-Cap E	0.77%	51,754	$5.7M	Add +3.5%
NTRS Northern Trust Corp.	0.72%	59,924	$5.4M	Add +0.4%
CMCSA Comcast Corp. Class A	0.70%	119,922	$5.2M	Add +0.2%
AAPL Apple Inc.	0.56%	24,138	$4.1M	Reduce -4.1%
VEA Vanguard Ftse Developed ETF	0.55%	82,213	$4.1M	Add +10.6%
SCHD Schwab US DVD Equity ETF	0.55%	50,668	$4.1M	Add +10.0%
SCHA Schwab US Small-Cap ETF	0.51%	76,475	$3.8M	Add +14.4%
BIV Vanguard Intermediate-Term B	0.50%	49,614	$3.7M	Add +10.3%
SPGI S&P Global Inc.	0.50%	8,694	$3.7M	Add +0.0%
VIG Vanguard Dividend Apprec ETF	0.45%	18,468	$3.4M	Add +1.8%
BND Vanguard Total Bond Market	0.44%	44,831	$3.3M	Add +30.6%
VWO Vanguard Ftse Emerging Marke	0.37%	66,178	$2.8M	Add +9.4%
NOBL Proshares S&P 500 Dividend A	0.36%	26,414	$2.7M	Add +2.0%
AVO Mission Produce Inc.	0.34%	212,750	$2.5M	No change
BRK.B Berkshire Hathaway Inc. Class B	0.32%	5,672	$2.4M	Reduce -1.3%
AMZN Amazon.com Inc.	0.32%	13,045	$2.4M	Reduce -2.4%
VNQI Vanguard GLBL Ex-US Real Est	0.31%	54,125	$2.3M	Add +1.3%
COST Costco Wholesale Corp.	0.26%	2,666	$2.0M	Reduce -0.6%
FNDC Schwab Fndmnt Intl SM Eq ETF	0.24%	50,733	$1.8M	Add +8.1%
VNQ Vanguard Real Estate ETF	0.22%	19,038	$1.6M	Add +12.3%
FNDA Schwab Fndmntl US SM Co. ETF	0.22%	28,700	$1.6M	Add +0.6%
FNDF Schwab Fndmn Intl LRG Co. ETF	0.19%	40,434	$1.4M	Add +8.2%
VT Vanguard Tot World STK ETF	0.19%	12,771	$1.4M	Add +10.9%
SPY SS SPDR S&P 500 ETF Trust-US	0.16%	2,296	$1.2M	Reduce -3.2%
MINT PIMCO Enhanced Short Maturit	0.15%	11,212	$1.1M	Add +34.3%
BNDX Vanguard Total Intl Bond ETF	0.15%	22,716	$1.1M	Add +37.4%
VGT Vanguard Info Tech ETF	0.15%	2,105	$1.1M	Reduce -4.9%
SCHX Schwab US Large-Cap ETF	0.15%	17,680	$1.1M	Add +0.2%
GOOG Alphabet Inc. Class C	0.15%	7,109	$1.1M	Reduce -4.7%
SBUX Starbucks Corp.	0.14%	11,162	$1.0M	Reduce -13.1%
BSV Vanguard Short-Term Bond ETF	0.11%	10,951	$840K	Reduce -37.9%
FNDE Schwab Fndmntl Em MRK Eq ETF	0.11%	28,586	$794K	Add +13.5%
LOW Lowe's Cos Inc.	0.10%	3,058	$779K	Reduce -0.3%
SCHZ Schwab US Aggregate Bond ETF	0.10%	16,723	$769K	Reduce -26.7%
VOO Vanguard S&P 500 ETF	0.10%	1,580	$760K	New
QQQ Invesco QQQ Trust Series 1	0.10%	1,604	$713K	Reduce -1.5%
VCSH Vanguard S/T Corp. Bond ETF	0.09%	8,968	$693K	Add +0.7%
DTD Wisdomtree US Total Dividend	0.09%	9,682	$685K	Add +2.9%
VUSB Vanguard Ultra Short Bond Et	0.09%	13,766	$682K	No change
ABBV Abbvie Inc.	0.08%	3,412	$621K	Reduce -16.4%
COR Cencora Inc.	0.08%	2,440	$593K	Reduce -0.4%
VMBS Vanguard Mortgage-Backed Sec	0.08%	12,720	$580K	Reduce -22.3%
GOOGL Alphabet Inc. Class A	0.07%	3,700	$558K	Add +1.4%
IHI iShares U.S. Medical Devices	0.07%	9,303	$545K	Reduce -2.6%
IJH iShares Core S&P Midcap ETF	0.07%	8,675	$527K	Reduce -32.1%
GLD SPDR Gold Shares	0.07%	2,507	$516K	Add +1.2%
VBR Vngrd Mrngst SL-CP Val ETF-U	0.07%	2,657	$510K	Reduce -1.1%
EMB iShares JP Morgan Usd Emergi	0.07%	5,593	$502K	Add +2.8%
VYM Vanguard High DVD Yield ETF	0.07%	4,127	$499K	No change
UPS United Parcel Service Class B	0.07%	3,279	$487K	Reduce -10.2%
WFC Wells Fargo & Co.	0.06%	8,136	$472K	Reduce -9.2%
SCZ iShares MSCI Eafe Small-Cap	0.06%	7,101	$450K	Add +30.0%
XLU St Sr Utl SL SE SPDR ETF-Usd	0.06%	6,519	$428K	No change
PFF iShares Preferred & Income S	0.06%	13,156	$424K	Reduce -8.4%
NVDA Nvidia Corp.	0.06%	468	$423K	Reduce -28.1%
HDG Proshares Hedge Replicat ETF	0.06%	8,520	$420K	Reduce -0.5%
EMR Emerson Electric Co.	0.05%	3,550	$403K	Reduce -71.7%
ALK Alaska Air Group Inc.	0.05%	9,195	$395K	Reduce -3.0%
DFAC Dimensional US Core Equity 2	0.05%	11,925	$381K	Reduce -2.8%
TSLA Tesla Inc.	0.05%	2,160	$380K	Reduce -15.3%
VXF Vanguard Extended Market ETF	0.05%	2,122	$372K	No change
CMI Cummins Inc.	0.05%	1,202	$354K	Reduce -22.9%
VBK Van Morst SML-Cap Gro-Usd Inc.	0.04%	1,284	$335K	Reduce -4.1%
VTEB Vanguard Tax-Exempt Bond ETF	0.04%	6,361	$322K	New
SGOL Abrdn Physical Gold Shares	0.04%	15,000	$319K	No change
VSGX Vanguard ESG Intl Stock ETF	0.04%	5,487	$315K	Add +0.9%
CSCO Cisco Systems Inc.	0.04%	6,042	$302K	Reduce -0.2%
BA The Boeing Co.	0.04%	1,532	$296K	Add +4.9%
V Visa Inc. Class A	0.04%	1,046	$292K	Add +0.2%
NSC Norfolk Southern Corp.	0.03%	1,000	$255K	No change
REET iShares Global REIT ETF	0.03%	10,727	$254K	New
SLV iShares Silver Trust	0.03%	11,025	$251K	No change
RY Royal Bank of Canada	0.03%	2,482	$250K	Reduce -23.5%
UNP Union Pacific Corp.	0.03%	1,011	$249K	Reduce -97.1%
PEG Public Service Enterprise GP	0.03%	3,628	$242K	Reduce -1.4%
LMT Lockheed Martin Corp.	0.03%	530	$241K	Reduce -32.3%
GBTC Grayscale Bitcoin Trust ETF	0.03%	3,400	$215K	New
KO The Coca-Cola Co.	0.03%	3,435	$212K	New
SPDW Ste STR SPDR PT DW Eu ETF	0.03%	5,840	$209K	New
AEP American Electric Power	0.03%	2,417	$208K	New
BP BP PLC-Spons ADR	0.03%	5,370	$202K	New
XNEAX Nuveen Amt-FR QLTY Muni Inc.	0.02%	10,745	$119K	No change

Options reported separately and not counted above: COST calls ($220K).

Portfolio Sells Q4 2023 → Q1 2024


UNP Union Pacific Corp.	Reduce -97.1%	0.03%	−1.18
RPG Invesco S&P 500 Pure Growth	Reduce -26.3%	2.13%	−0.57
PEP Pepsico Inc.	Reduce -6.4%	1.51%	−0.16
AAPL Apple Inc.	Reduce -4.1%	0.56%	−0.14
EMR Emerson Electric Co.	Reduce -71.7%	0.05%	−0.12
ALL Allstate Corp.	Sold out	0.00%	−0.10
CL Colgate-Palmolive Co.	Sold out	0.00%	−0.10
IVV iShares Core S&P 500 ETF	Reduce -11.7%	0.93%	−0.09
TXN Texas Instruments Inc.	Reduce -1.4%	1.53%	−0.09
DFS Discover Financial Services	Sold out	0.00%	−0.08
BSV Vanguard Short-Term Bond ETF	Reduce -37.9%	0.11%	−0.08
WAFD Wafd Inc.	Sold out	0.00%	−0.07
T AT&T Inc.	Sold out	0.00%	−0.06
ABT Abbott Laboratories	Sold out	0.00%	−0.05
CAT Caterpillar Inc.	Reduce -15.4%	3.29%	−0.05
SCHZ Schwab US Aggregate Bond ETF	Reduce -26.7%	0.10%	−0.05
CVX Chevron Corp.	Reduce -2.0%	1.50%	−0.04
TSLA Tesla Inc.	Reduce -15.3%	0.05%	−0.04
SBUX Starbucks Corp.	Reduce -13.1%	0.14%	−0.04
VTV Vanguard Mrngstr Val ETF-Aui	Reduce -5.0%	1.28%	−0.04
OGE Oge Energy Corp.	Sold out	0.00%	−0.04
DBP Invesco DB Precious Metals F	Sold out	0.00%	−0.04
VMBS Vanguard Mortgage-Backed Sec	Reduce -22.3%	0.08%	−0.03
IJH iShares Core S&P Midcap ETF	Reduce -32.1%	0.07%	−0.03
MMM 3M Co.	Sold out	0.00%	−0.03
IAGG iShares Intl Aggregate Bond	Sold out	0.00%	−0.03
LMT Lockheed Martin Corp.	Reduce -32.3%	0.03%	−0.02
UPS United Parcel Service Class B	Reduce -10.2%	0.07%	−0.02
RY Royal Bank of Canada	Reduce -23.5%	0.03%	−0.01
PFF iShares Preferred & Income S	Reduce -8.4%	0.06%	−0.01
ABBV Abbvie Inc.	Reduce -16.4%	0.08%	−0.01
CMI Cummins Inc.	Reduce -22.9%	0.05%	−0.01
GCV Gabelli Convert & Inc. Sec	Sold out	0.00%	−0.01
GOOG Alphabet Inc. Class C	Reduce -4.7%	0.15%	−0.01
VGT Vanguard Info Tech ETF	Reduce -4.9%	0.15%	−0.01
CSCO Cisco Systems Inc.	Reduce -0.2%	0.04%	−0.00
HDG Proshares Hedge Replicat ETF	Reduce -0.5%	0.06%	−0.00
VBK Van Morst SML-Cap Gro-Usd Inc.	Reduce -4.1%	0.04%	−0.00
VBR Vngrd Mrngst SL-CP Val ETF-U	Reduce -1.1%	0.07%	−0.00
IHI iShares U.S. Medical Devices	Reduce -2.6%	0.07%	−0.00
DFAC Dimensional US Core Equity 2	Reduce -2.8%	0.05%	−0.00
SPY SS SPDR S&P 500 ETF Trust-US	Reduce -3.2%	0.16%	−0.00
ALK Alaska Air Group Inc.	Reduce -3.0%	0.05%	+0.00
WFC Wells Fargo & Co.	Reduce -9.2%	0.06%	+0.00
QQQ Invesco QQQ Trust Series 1	Reduce -1.5%	0.10%	+0.00
PEG Public Service Enterprise GP	Reduce -1.4%	0.03%	+0.00
LOW Lowe's Cos Inc.	Reduce -0.3%	0.10%	+0.01
COR Cencora Inc.	Reduce -0.4%	0.08%	+0.01
COST Costco Wholesale Corp.	Reduce -0.6%	0.26%	+0.01
NVDA Nvidia Corp.	Reduce -28.1%	0.06%	+0.01

Portfolio Buys Q4 2023 → Q1 2024


NEE Nextera Energy Inc.	Add +447.8%	1.24%	+1.01
VUG Vanguard Mrngstar GR ETF-Sui	Add +71.1%	2.05%	+0.90
IUSG iShares Core S&P U.S. Growth	Add +7.8%	2.70%	+0.33
VO Vngrd Mrngstr MD-Cap ETF-Usd	Add +6.3%	3.76%	+0.25
KR Kroger Co.	Add +0.3%	1.53%	+0.23
RTX RTX Corp.	Add +0.9%	1.67%	+0.15
WMT Walmart Inc.	Add +0.2%	2.06%	+0.15
HD Home Depot Inc.	Add +1.1%	2.79%	+0.14
JPM JPMorgan Chase & Co.	Add +0.0%	1.41%	+0.13
VOO Vanguard S&P 500 ETF	New	0.10%	+0.10
VZ Verizon Communications Inc.	Add +1.3%	1.49%	+0.08
BND Vanguard Total Bond Market	Add +30.6%	0.44%	+0.08
SCHA Schwab US Small-Cap ETF	Add +14.4%	0.51%	+0.05
SCHD Schwab US DVD Equity ETF	Add +10.0%	0.55%	+0.05
VEA Vanguard Ftse Developed ETF	Add +10.6%	0.55%	+0.04
VTEB Vanguard Tax-Exempt Bond ETF	New	0.04%	+0.04
VTI VG Morningstar TS MKT ETF-US	Add +2.3%	0.83%	+0.04
IEFA iShares Core MSCI Eafe ETF	Add +2.3%	2.87%	+0.04
REET iShares Global REIT ETF	New	0.03%	+0.03
BNDX Vanguard Total Intl Bond ETF	Add +37.4%	0.15%	+0.03
MINT PIMCO Enhanced Short Maturit	Add +34.3%	0.15%	+0.03
PDN Inv Rafi Dev MKT US SM-Usdin	Add +7.7%	1.39%	+0.03
GBTC Grayscale Bitcoin Trust ETF	New	0.03%	+0.03
KO The Coca-Cola Co.	New	0.03%	+0.03
SPDW Ste STR SPDR PT DW Eu ETF	New	0.03%	+0.03
AEP American Electric Power	New	0.03%	+0.03
BP BP PLC-Spons ADR	New	0.03%	+0.03
VT Vanguard Tot World STK ETF	Add +10.9%	0.19%	+0.02
VWO Vanguard Ftse Emerging Marke	Add +9.4%	0.37%	+0.02
FNDF Schwab Fndmn Intl LRG Co. ETF	Add +8.2%	0.19%	+0.01
SCZ iShares MSCI Eafe Small-Cap	Add +30.0%	0.06%	+0.01
BIV Vanguard Intermediate-Term B	Add +10.3%	0.50%	+0.01
VIG Vanguard Dividend Apprec ETF	Add +1.8%	0.45%	+0.01
FNDE Schwab Fndmntl Em MRK Eq ETF	Add +13.5%	0.11%	+0.01
EFAV iShares MSCI Eafe Min Vol Fa	Add +4.6%	2.51%	+0.01
FNDC Schwab Fndmnt Intl SM Eq ETF	Add +8.1%	0.24%	+0.01
NOBL Proshares S&P 500 Dividend A	Add +2.0%	0.36%	+0.01
VNQ Vanguard Real Estate ETF	Add +12.3%	0.22%	+0.01
SCHX Schwab US Large-Cap ETF	Add +0.2%	0.15%	+0.01
DTD Wisdomtree US Total Dividend	Add +2.9%	0.09%	+0.00
GOOGL Alphabet Inc. Class A	Add +1.4%	0.07%	+0.00
GLD SPDR Gold Shares	Add +1.2%	0.07%	+0.00
MTB M & T Bank Corp.	Add +0.5%	0.88%	+0.00
V Visa Inc. Class A	Add +0.2%	0.04%	+0.00
VSGX Vanguard ESG Intl Stock ETF	Add +0.9%	0.04%	−0.00
EMB iShares JP Morgan Usd Emergi	Add +2.8%	0.07%	−0.00
SPEM State Street SP PTF Em ETF	Add +4.1%	3.25%	−0.00
NTRS Northern Trust Corp.	Add +0.4%	0.72%	−0.01
MDT Medtronic PLC	Add +0.4%	1.53%	−0.01
VCSH Vanguard S/T Corp. Bond ETF	Add +0.7%	0.09%	−0.01

Options Activity Q4 2023 → Q1 2024


COST Costco Wholesale Corp.	call	New	300	$220K
QQQ Invesco QQQ Trust Series 1	put	Sold out	500	$205Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	157	$1.1B	VO, IEFA, IGSB, SPEM, JIRE
Q1 2026	146	$971.1M	VO, IGSB, IEFA, SPEM, JIRE
Q4 2025	143	$961.2M	VO, IEFA, IGSB, SPEM, JIRE
Q3 2025	140	$953.8M	VO, IGSB, IEFA, SPEM, MSFT
Q2 2025	138	$898.7M	VO, IGSB, IEFA, MSFT, SPEM
Q1 2025	132	$832.3M	IGSB, VO, IEFA, SPEM, MSFT
Q4 2024	128	$803.8M	IGSB, VO, MSFT, IEFA, SPEM
Q3 2024	127	$792.7M	IGSB, VO, MSFT, SPEM, IEFA
Q2 2024	128	$734.9M	MSFT, IGSB, VO, SPEM, CAT
Q1 2024	127	$745.5M	MSFT, IGSB, VO, CAT, SPEM