Cutler Investment Counsel LLC

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 30, 2024), Cutler Investment Counsel LLC reported 128 stock positions worth $734.9 million. Its top holding was Microsoft (MSFT) at 4.7% of the portfolio, followed by iShares 1-5Y Inv Grade (IGSB, 4.4%) and Vngrd Mrngstr MD-Cap ETF-Usd (VO, 3.7%). Compared with Q1 2024, it opened 4 new positions, sold out of 3, added to 38 and reduced 65. The biggest buy was Vanguard Mrngstar GR ETF-Sui (VUG, shares +4%) and the biggest sale CVS Health (CVS, shares −0%).

Most Recent 13F
Q2 2026
Location
Jacksonville, OR
CIK
0001285973
Portfolio Value
$734.9M (Q2 2024)
SEC Filing
0001285973-24-000004 ↗ filed Jul 30, 2024

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $745.5M Q1 2024 Q2 2024: $734.9M $734.9M Q2 2024 Q3 2024: $792.7M Q3 2024 Q4 2024: $803.8M Q4 2024 Q1 2025: $832.3M Q1 2025 Q2 2025: $898.7M Q2 2025 Q3 2025: $953.8M Q3 2025 Q4 2025: $961.2M Q4 2025 Q1 2026: $971.1M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 128 stocks · $734.9M
MSFT Microsoft Corp. 4.66% 76,688 $34.3M Reduce -1.2%
IGSB iShares 1-5Y Inv Grade Corp. 4.40% 630,413 $32.3M Reduce -0.5%
VO Vngrd Mrngstr MD-Cap ETF-Usd 3.71% 112,276 $27.3M Add +0.1%
SPEM State Street SP PTF Em ETF 3.48% 679,675 $25.6M Add +1.5%
CAT Caterpillar Inc. 3.00% 66,233 $22.1M Reduce -1.0%
IUSG iShares Core S&P U.S. Growth 2.97% 171,053 $21.8M Reduce -0.5%
IEFA iShares Core MSCI Eafe ETF 2.88% 291,399 $21.2M Add +1.0%
HD Home Depot Inc. 2.52% 53,887 $18.6M Reduce -0.7%
EFAV iShares MSCI Eafe Min Vol Fa 2.49% 263,426 $18.3M Reduce -0.1%
VUG Vanguard Mrngstar GR ETF-Sui 2.36% 46,327 $17.3M Add +4.3%
WMT Walmart Inc. 2.34% 254,048 $17.2M Reduce -0.0%
RSG Republic Services Inc. 2.31% 87,403 $17.0M Reduce -0.7%
BLK BlackRock Finance Inc. 2.15% 20,085 $15.8M Reduce -0.4%
GOVT iShares US Treasury Bond ETF 2.15% 700,340 $15.8M Add +0.2%
SCHW Schwab (charles) Corp. 2.10% 209,864 $15.5M Reduce -0.4%
RPG Invesco S&P 500 Pure Growth 2.08% 409,611 $15.3M Reduce -5.1%
MCD McDonald's Corp. 2.01% 58,044 $14.8M Reduce -0.6%
XOM Exxon Mobil Corp. 2.00% 127,624 $14.7M Reduce -0.6%
DE Deere & Co. 1.89% 37,112 $13.9M Reduce -0.9%
SPAB SS SPDR P Agg Bond ETF 1.75% 513,051 $12.9M Add +0.3%
TXN Texas Instruments Inc. 1.73% 65,529 $12.7M Reduce -0.3%
MRK Merck & Co. Inc. 1.73% 102,204 $12.7M Reduce -0.7%
RTX RTX Corp. 1.73% 126,475 $12.7M Reduce -1.1%
CVX Chevron Corp. 1.51% 71,006 $11.1M Add +0.4%
PG The Procter & Gamble Co. 1.50% 66,807 $11.0M Reduce -0.7%
BDX Becton Dickinson and Co. 1.49% 46,789 $10.9M Reduce -0.3%
VZ Verizon Communications Inc. 1.48% 264,527 $10.9M Add +0.0%
JPM JPMorgan Chase & Co. 1.44% 52,276 $10.6M Reduce -0.3%
PEP Pepsico Inc. 1.42% 63,469 $10.5M Reduce -0.8%
CARR Carrier Global Corp. 1.41% 163,953 $10.4M Reduce -0.0%
PDN Inv Rafi Dev MKT US SM-Usdin 1.41% 320,783 $10.4M Add +1.9%
NEE Nextera Energy Inc. 1.40% 144,997 $10.3M Add +0.6%
MDT Medtronic PLC 1.39% 128,707 $10.2M Reduce -1.1%
KR Kroger Co. 1.35% 199,315 $10.0M Reduce -0.5%
VTV Vanguard Mrngstr Val ETF-Aui 1.28% 58,404 $9.4M Reduce -0.4%
DD Dupont DE Nemours Inc. 1.22% 111,240 $9.0M Reduce -0.4%
CVS CVS Health Corp. 1.21% 150,874 $8.9M Reduce -0.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.13% 47,910 $8.3M Add +0.3%
JNJ Johnson & Johnson 1.12% 56,160 $8.2M Reduce -0.6%
NKE Nike Inc. Class B 1.09% 105,604 $8.0M Reduce -1.0%
PNC PNC Financial Services Group 1.08% 51,128 $7.9M Reduce -0.3%
IVV iShares Core S&P 500 ETF 1.02% 13,682 $7.5M Add +4.0%
EMLC Vaneck JPM Em Local Curr BND 0.99% 305,607 $7.3M Add +0.4%
MTB M & T Bank Corp. filed as M & T BK CORP 0.92% 44,864 $6.8M Reduce -0.3%
VTI VG Morningstar TS MKT ETF-US 0.87% 23,718 $6.4M Add +0.2%
IJR iShares Core S&P Small-Cap E 0.78% 53,924 $5.8M Add +4.2%
NTRS Northern Trust Corp. 0.69% 59,733 $5.1M Reduce -0.3%
AAPL Apple Inc. 0.69% 24,003 $5.1M Reduce -0.6%
CMCSA Comcast Corp. Class A 0.64% 119,744 $4.7M Reduce -0.1%
VEA Vanguard Ftse Developed ETF 0.55% 82,360 $4.1M Add +0.2%
SCHD Schwab US DVD Equity ETF 0.55% 51,132 $4.0M Add +0.9%
SPGI S&P Global Inc. 0.53% 8,702 $3.9M Add +0.1%
SCHA Schwab US Small-Cap ETF 0.52% 80,001 $3.8M Add +4.6%
BIV Vanguard Intermediate-Term B 0.50% 49,018 $3.7M Reduce -1.2%
VIG Vanguard Dividend Apprec ETF 0.45% 18,128 $3.3M Reduce -1.8%
BND Vanguard Total Bond Market 0.42% 42,459 $3.1M Reduce -5.3%
VWO Vanguard Ftse Emerging Marke 0.40% 66,821 $2.9M Add +1.0%
NOBL Proshares S&P 500 Dividend A 0.37% 27,825 $2.7M Add +5.3%
AMZN Amazon.com Inc. 0.34% 12,914 $2.5M Reduce -1.0%
BRK.B Berkshire Hathaway Inc. Class B 0.31% 5,620 $2.3M Reduce -0.9%
COST Costco Wholesale Corp. 0.31% 2,681 $2.3M Add +0.6%
VNQI Vanguard GLBL Ex-US Real Est 0.30% 53,724 $2.2M Reduce -0.7%
AVO Mission Produce Inc. 0.29% 212,750 $2.1M No change
FNDC Schwab Fndmnt Intl SM Eq ETF 0.25% 52,860 $1.9M Add +4.2%
VNQ Vanguard Real Estate ETF 0.23% 20,084 $1.7M Add +5.5%
FNDA Schwab Fndmntl US SM Co. ETF 0.23% 30,012 $1.7M Add +4.6%
VT Vanguard Tot World STK ETF 0.22% 14,062 $1.6M Add +10.1%
FNDF Schwab Fndmn Intl LRG Co. ETF 0.20% 41,572 $1.5M Add +2.8%
GOOG Alphabet Inc. Class C 0.18% 7,274 $1.3M Add +2.3%
SPY SS SPDR S&P 500 ETF Trust-US 0.17% 2,244 $1.2M Reduce -2.3%
VGT Vanguard Info Tech ETF 0.16% 2,016 $1.2M Reduce -4.2%
SCHX Schwab US Large-Cap ETF 0.16% 17,685 $1.1M Add +0.0%
MINT PIMCO Enhanced Short Maturit 0.15% 10,837 $1.1M Reduce -3.3%
BNDX Vanguard Total Intl Bond ETF 0.14% 20,786 $1.0M Reduce -8.5%
FNDE Schwab Fndmntl Em MRK Eq ETF 0.12% 29,618 $883K Add +3.6%
SBUX Starbucks Corp. 0.11% 10,807 $841K Reduce -3.2%
BSV Vanguard Short-Term Bond ETF 0.11% 10,488 $804K Reduce -4.2%
QQQ Invesco QQQ Trust Series 1 0.10% 1,599 $767K Reduce -0.3%
SCHZ Schwab US Aggregate Bond ETF 0.10% 16,735 $763K Add +0.1%
VCSH Vanguard S/T Corp. Bond ETF 0.09% 8,968 $693K No change
VUSB Vanguard Ultra Short Bond Et 0.09% 13,766 $682K No change
LOW Lowe's Cos Inc. 0.09% 3,058 $674K No change
DTD Wisdomtree US Total Dividend 0.09% 9,484 $672K Reduce -2.0%
GOOGL Alphabet Inc. Class A 0.09% 3,602 $656K Reduce -2.6%
ABBV Abbvie Inc. 0.08% 3,425 $587K Add +0.4%
COR Cencora Inc. 0.07% 2,440 $550K No change
NVDA Nvidia Corp. 0.07% 4,366 $539K Reduce -6.7%
GLD SPDR Gold Shares 0.07% 2,506 $539K Reduce -0.0%
IJH iShares Core S&P Midcap ETF 0.07% 8,675 $508K No change
UPS United Parcel Service Class B 0.07% 3,586 $491K Add +9.4%
VYM Vanguard High DVD Yield ETF 0.07% 4,127 $489K No change
VBR Vngrd Mrngst SL-CP Val ETF-U 0.07% 2,633 $483K Reduce -0.9%
WFC Wells Fargo & Co. 0.07% 8,136 $483K No change
IHI iShares U.S. Medical Devices 0.06% 8,327 $467K Reduce -10.5%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.06% 6,519 $444K No change
SCZ iShares MSCI Eafe Small-Cap 0.06% 7,101 $438K No change
HDG Proshares Hedge Replicat ETF 0.06% 8,877 $437K Add +4.2%
TSLA Tesla Inc. 0.06% 2,137 $423K Reduce -1.1%
VMBS Vanguard Mortgage-Backed Sec 0.06% 9,073 $412K Reduce -28.7%
EMB iShares JP Morgan Usd Emergi 0.05% 4,543 $402K Reduce -18.8%
EMR Emerson Electric Co. 0.05% 3,550 $391K No change
DFAC Dimensional US Core Equity 2 0.05% 11,925 $384K No change
CMI Cummins Inc. 0.05% 1,387 $384K Add +15.4%
ALK Alaska Air Group Inc. 0.05% 9,195 $371K No change
VXF Vanguard Extended Market ETF 0.05% 2,122 $359K No change
PFF iShares Preferred & Income S 0.05% 11,373 $359K Reduce -13.6%
SGOL Abrdn Physical Gold Shares 0.05% 15,000 $333K No change
VBK Van Morst SML-Cap Gro-Usd Inc. 0.04% 1,266 $317K Reduce -1.4%
VSGX Vanguard ESG Intl Stock ETF 0.04% 5,487 $314K No change
RY Royal Bank of Canada 0.04% 2,837 $302K Add +14.3%
SLV iShares Silver Trust 0.04% 11,024 $293K Reduce -0.0%
VTEB Vanguard Tax-Exempt Bond ETF 0.04% 5,825 $292K Reduce -8.4%
CSCO Cisco Systems Inc. 0.04% 6,040 $287K Reduce -0.0%
V Visa Inc. Class A 0.04% 1,080 $283K Add +3.3%
PEG Public Service Enterprise GP 0.04% 3,628 $267K No change
REET iShares Global REIT ETF 0.04% 11,220 $261K Add +4.6%
BA The Boeing Co. 0.03% 1,328 $242K Reduce -13.3%
VTES Vanguard SH Term Tax-Ex Bond 0.03% 2,377 $238K New
LMT Lockheed Martin Corp. 0.03% 477 $223K Reduce -10.0%
SPYG SS SPDR P S&P 500 Growth ETF 0.03% 2,728 $219K New
NSC Norfolk Southern Corp. 0.03% 1,000 $215K No change
KO The Coca-Cola Co. 0.03% 3,372 $215K Reduce -1.8%
PM Philip Morris International 0.03% 2,078 $213K New
AEP American Electric Power 0.03% 2,417 $212K No change
VOO Vanguard S&P 500 ETF 0.03% 411 $206K Reduce -74.0%
META Meta Platforms Inc. Class A 0.03% 409 $206K New
SPDW Ste STR SPDR PT DW Eu ETF 0.03% 5,840 $205K No change
XNEAX Nuveen Amt-FR QLTY Muni Inc. 0.02% 10,745 $124K No change

Portfolio Sells Q1 2024 → Q2 2024
CVS CVS Health Corp. Reduce -0.4% 1.21% −0.41
CAT Caterpillar Inc. Reduce -1.0% 3.00% −0.29
HD Home Depot Inc. Reduce -0.7% 2.52% −0.27
NKE Nike Inc. Class B Reduce -1.0% 1.09% −0.26
MCD McDonald's Corp. Reduce -0.6% 2.01% −0.19
KR Kroger Co. Reduce -0.5% 1.35% −0.18
DE Deere & Co. Reduce -0.9% 1.89% −0.18
MDT Medtronic PLC Reduce -1.1% 1.39% −0.14
BLK BlackRock Finance Inc. Reduce -0.4% 2.15% −0.10
MRK Merck & Co. Inc. Reduce -0.7% 1.73% −0.10
PEP Pepsico Inc. Reduce -0.8% 1.42% −0.09
JNJ Johnson & Johnson Reduce -0.6% 1.12% −0.08
VOO Vanguard S&P 500 ETF Reduce -74.0% 0.03% −0.07
BDX Becton Dickinson and Co. Reduce -0.3% 1.49% −0.07
CMCSA Comcast Corp. Class A Reduce -0.1% 0.64% −0.06
RPG Invesco S&P 500 Pure Growth Reduce -5.1% 2.08% −0.05
UNP Union Pacific Corp. Sold out 0.00% −0.03
NTRS Northern Trust Corp. Reduce -0.3% 0.69% −0.03
PNC PNC Financial Services Group Reduce -0.3% 1.08% −0.03
GBTC Grayscale Bitcoin Trust ETF Sold out 0.00% −0.03
BP BP PLC-Spons ADR Sold out 0.00% −0.03
SBUX Starbucks Corp. Reduce -3.2% 0.11% −0.02
VMBS Vanguard Mortgage-Backed Sec Reduce -28.7% 0.06% −0.02
EFAV iShares MSCI Eafe Min Vol Fa Reduce -0.1% 2.49% −0.02
BND Vanguard Total Bond Market Reduce -5.3% 0.42% −0.02
EMB iShares JP Morgan Usd Emergi Reduce -18.8% 0.05% −0.01
BNDX Vanguard Total Intl Bond ETF Reduce -8.5% 0.14% −0.01
IHI iShares U.S. Medical Devices Reduce -10.5% 0.06% −0.01
VNQI Vanguard GLBL Ex-US Real Est Reduce -0.7% 0.30% −0.01
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.9% 0.31% −0.01
PFF iShares Preferred & Income S Reduce -13.6% 0.05% −0.01
BA The Boeing Co. Reduce -13.3% 0.03% −0.01
VTEB Vanguard Tax-Exempt Bond ETF Reduce -8.4% 0.04% −0.00
BSV Vanguard Short-Term Bond ETF Reduce -4.2% 0.11% −0.00
MINT PIMCO Enhanced Short Maturit Reduce -3.3% 0.15% −0.00
VBR Vngrd Mrngst SL-CP Val ETF-U Reduce -0.9% 0.07% −0.00
XOM Exxon Mobil Corp. Reduce -0.6% 2.00% −0.00
BIV Vanguard Intermediate-Term B Reduce -1.2% 0.50% −0.00
LMT Lockheed Martin Corp. Reduce -10.0% 0.03% −0.00
VBK Van Morst SML-Cap Gro-Usd Inc. Reduce -1.4% 0.04% −0.00
CSCO Cisco Systems Inc. Reduce -0.0% 0.04% −0.00
DTD Wisdomtree US Total Dividend Reduce -2.0% 0.09% −0.00
VIG Vanguard Dividend Apprec ETF Reduce -1.8% 0.45% +0.00
KO The Coca-Cola Co. Reduce -1.8% 0.03% +0.00
VTV Vanguard Mrngstr Val ETF-Aui Reduce -0.4% 1.28% +0.00
GLD SPDR Gold Shares Reduce -0.0% 0.07% +0.00
SPY SS SPDR S&P 500 ETF Trust-US Reduce -2.3% 0.17% +0.01
SLV iShares Silver Trust Reduce -0.0% 0.04% +0.01
TSLA Tesla Inc. Reduce -1.1% 0.06% +0.01
QQQ Invesco QQQ Trust Series 1 Reduce -0.3% 0.10% +0.01

Portfolio Buys Q1 2024 → Q2 2024
VUG Vanguard Mrngstar GR ETF-Sui Add +4.3% 2.36% +0.31
SPEM State Street SP PTF Em ETF Add +1.5% 3.48% +0.23
NEE Nextera Energy Inc. Add +0.6% 1.40% +0.16
IVV iShares Core S&P 500 ETF Add +4.0% 1.02% +0.09
COST Costco Wholesale Corp. Add +0.6% 0.31% +0.05
VTI VG Morningstar TS MKT ETF-US Add +0.2% 0.87% +0.04
GOOG Alphabet Inc. Class C Add +2.3% 0.18% +0.04
VTES Vanguard SH Term Tax-Ex Bond New 0.03% +0.03
SPGI S&P Global Inc. Add +0.1% 0.53% +0.03
SPYG SS SPDR P S&P 500 Growth ETF New 0.03% +0.03
PM Philip Morris International New 0.03% +0.03
META Meta Platforms Inc. Class A New 0.03% +0.03
VWO Vanguard Ftse Emerging Marke Add +1.0% 0.40% +0.03
VT Vanguard Tot World STK ETF Add +10.1% 0.22% +0.03
PDN Inv Rafi Dev MKT US SM-Usdin Add +1.9% 1.41% +0.02
SPAB SS SPDR P Agg Bond ETF Add +0.3% 1.75% +0.02
GOVT iShares US Treasury Bond ETF Add +0.2% 2.15% +0.02
IJR iShares Core S&P Small-Cap E Add +4.2% 0.78% +0.02
CVX Chevron Corp. Add +0.4% 1.51% +0.02
FNDE Schwab Fndmntl Em MRK Eq ETF Add +3.6% 0.12% +0.01
SCHA Schwab US Small-Cap ETF Add +4.6% 0.52% +0.01
VNQ Vanguard Real Estate ETF Add +5.5% 0.23% +0.01
FNDC Schwab Fndmnt Intl SM Eq ETF Add +4.2% 0.25% +0.01
IEFA iShares Core MSCI Eafe ETF Add +1.0% 2.88% +0.01
SCHX Schwab US Large-Cap ETF Add +0.0% 0.16% +0.01
RY Royal Bank of Canada Add +14.3% 0.04% +0.01
NOBL Proshares S&P 500 Dividend A Add +5.3% 0.37% +0.01
FNDF Schwab Fndmn Intl LRG Co. ETF Add +2.8% 0.20% +0.01
FNDA Schwab Fndmntl US SM Co. ETF Add +4.6% 0.23% +0.01
CMI Cummins Inc. Add +15.4% 0.05% +0.00
HDG Proshares Hedge Replicat ETF Add +4.2% 0.06% +0.00
REET iShares Global REIT ETF Add +4.6% 0.04% +0.00
UPS United Parcel Service Class B Add +9.4% 0.07% +0.00
SCHZ Schwab US Aggregate Bond ETF Add +0.1% 0.10% +0.00
VEA Vanguard Ftse Developed ETF Add +0.2% 0.55% +0.00
V Visa Inc. Class A Add +3.3% 0.04% −0.00
SCHD Schwab US DVD Equity ETF Add +0.9% 0.55% −0.00
ABBV Abbvie Inc. Add +0.4% 0.08% −0.00
VZ Verizon Communications Inc. Add +0.0% 1.48% −0.00
EMLC Vaneck JPM Em Local Curr BND Add +0.4% 0.99% −0.01
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +0.1% 3.71% −0.04
IBM Intl Business Machines Corp. Add +0.3% 1.13% −0.10

Options Activity Q1 2024 → Q2 2024
COST Costco Wholesale Corp. call Sold out 300 $220Kbefore exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 157$1.1BVO, IEFA, IGSB, SPEM, JIRE
Q1 2026 146$971.1MVO, IGSB, IEFA, SPEM, JIRE
Q4 2025 143$961.2MVO, IEFA, IGSB, SPEM, JIRE
Q3 2025 140$953.8MVO, IGSB, IEFA, SPEM, MSFT
Q2 2025 138$898.7MVO, IGSB, IEFA, MSFT, SPEM
Q1 2025 132$832.3MIGSB, VO, IEFA, SPEM, MSFT
Q4 2024 128$803.8MIGSB, VO, MSFT, IEFA, SPEM
Q3 2024 127$792.7MIGSB, VO, MSFT, SPEM, IEFA
Q2 2024 128$734.9MMSFT, IGSB, VO, SPEM, CAT
Q1 2024 127$745.5MMSFT, IGSB, VO, CAT, SPEM