Cutler Investment Counsel LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 28, 2025), Cutler Investment Counsel LLC reported 138 stock positions worth $898.7 million. Its top holding was Vngrd Mrngstr MD-Cap ETF-Usd (VO) at 4.8% of the portfolio, followed by iShares 1-5Y Inv Grade (IGSB, 4.6%) and iShares Core MSCI Eafe ETF (IEFA, 4.4%). Compared with Q1 2025, it opened 6 new positions, added to 56 and reduced 52. The biggest buy was Microsoft (MSFT, shares +0%) and the biggest sale Becton Dickinson and (BDX, shares −1%).

Most Recent 13F
Q2 2026
Location
Jacksonville, OR
CIK
0001285973
Portfolio Value
$898.7M (Q2 2025)
SEC Filing
0001667731-25-000987 ↗ filed Jul 28, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $745.5M Q1 2024 Q2 2024: $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 $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 138 stocks · $898.7M
VO Vngrd Mrngstr MD-Cap ETF-Usd 4.77% 152,497 $42.8M Add +1.8%
IGSB iShares 1-5Y Inv Grade Corp. 4.58% 779,759 $41.1M Add +1.7%
IEFA iShares Core MSCI Eafe ETF 4.42% 476,131 $39.7M Add +2.1%
MSFT Microsoft Corp. 3.96% 71,473 $35.6M Add +0.3%
SPEM State Street SP PTF Em ETF 3.73% 783,482 $33.5M Add +1.1%
JIRE JPMorgan Int Res Enh Eqty 3.31% 419,687 $29.7M Add +8.4%
IUSG iShares Core S&P U.S. Growth 3.23% 193,251 $29.1M Add +0.3%
SPAB SS SPDR P Agg Bond ETF 2.91% 1,021,528 $26.2M Add +3.8%
VUG Vanguard Mrngstar GR ETF-Sui 2.85% 58,433 $25.6M Add +1.1%
CAT Caterpillar Inc. 2.65% 61,422 $23.8M Reduce -0.1%
GOVT iShares US Treasury Bond ETF 2.61% 1,020,595 $23.5M Add +2.3%
WMT Walmart Inc. 2.49% 228,693 $22.4M Reduce -0.3%
RSG Republic Services Inc. 2.23% 81,198 $20.0M Reduce -0.6%
BLK BlackRock Inc. 2.14% 18,345 $19.2M Reduce -0.1%
IJR iShares Core S&P Small-Cap E 2.14% 175,650 $19.2M Add +11.7%
SCHW Schwab (charles) Corp. 1.99% 195,822 $17.9M Reduce -0.3%
HD Home Depot Inc. 1.97% 48,396 $17.7M Add +0.1%
RTX RTX Corp. 1.95% 119,716 $17.5M Reduce -0.8%
DE Deere & Co. 1.92% 33,851 $17.3M Reduce -0.3%
MCD McDonald's Corp. 1.72% 52,965 $15.5M Reduce -0.6%
JPM JPMorgan Chase & Co. 1.55% 48,062 $13.9M Reduce -1.5%
XOM Exxon Mobil Corp. 1.48% 123,602 $13.3M Reduce -0.1%
KR Kroger Co. 1.46% 182,644 $13.1M Reduce -1.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.44% 44,000 $13.0M Reduce -1.4%
TXN Texas Instruments Inc. 1.38% 59,547 $12.4M Reduce -0.3%
CARR Carrier Global Corp. 1.25% 153,169 $11.2M Reduce -0.4%
RPG Invesco S&P 500 Pure Growth 1.24% 244,231 $11.2M Reduce -5.2%
VZ Verizon Communications Inc. 1.18% 245,385 $10.6M Reduce -1.2%
MDT Medtronic PLC 1.18% 120,767 $10.6M Reduce -0.3%
PG The Procter & Gamble Co. 1.11% 62,350 $9.9M Reduce -1.7%
NEE Nextera Energy Inc. 1.07% 138,922 $9.6M Reduce -0.2%
CVX Chevron Corp. 1.02% 63,757 $9.1M Reduce -0.4%
CVS CVS Health Corp. 1.01% 131,487 $9.1M Reduce -0.2%
PNC PNC Financial Services Group 0.96% 46,353 $8.6M Reduce -0.7%
IVV iShares Core S&P 500 ETF 0.94% 13,597 $8.4M Add +14.4%
EMLC Vaneck JPM Em Local Curr BND 0.90% 319,389 $8.1M Reduce -1.2%
SPYM Ste STR SPDR PT S&P 500 ETF 0.89% 109,680 $8.0M Add +11.1%
JNJ Johnson & Johnson 0.88% 51,937 $7.9M Add +0.1%
MTB M & T Bank Corp. filed as M & T BK CORP 0.87% 40,521 $7.9M Reduce -0.4%
PEP Pepsico Inc. 0.87% 59,423 $7.8M Add +1.0%
BDX Becton Dickinson and Co. 0.84% 43,826 $7.5M Reduce -0.5%
EFAV iShares MSCI Eafe Min Vol Fa 0.84% 89,504 $7.5M Reduce -11.0%
VSS Vanguard Ftse All Wo X-US SC 0.83% 55,495 $7.5M Add +8.8%
MRK Merck & Co. Inc. 0.83% 93,005 $7.4M Reduce -0.3%
DD Dupont DE Nemours Inc. 0.78% 102,438 $7.0M Reduce -0.4%
BIV Vanguard Intermediate-Term B 0.77% 89,780 $6.9M Add +0.6%
NKE Nike Inc. Class B 0.77% 96,926 $6.9M Reduce -0.1%
REET iShares Global REIT ETF 0.75% 272,096 $6.7M Add +9.8%
SPGI S&P Global Inc. 0.69% 11,775 $6.2M Reduce -0.0%
VTI VG Morningstar TS MKT ETF-US 0.69% 20,323 $6.2M Add +2.2%
VTV Vanguard Mrngstr Val ETF-Aui 0.64% 32,579 $5.8M Reduce -1.9%
VEA Vanguard Ftse Developed ETF 0.58% 91,543 $5.2M Add +10.0%
AAPL Apple Inc. 0.57% 24,788 $5.1M Add +3.6%
SCHA Schwab US Small-Cap ETF 0.51% 182,741 $4.6M Add +11.6%
PDN Inv Rafi Dev MKT US SM-Usdin 0.50% 115,253 $4.5M Reduce -15.3%
SCHD Schwab US DVD Equity ETF 0.47% 159,895 $4.2M Reduce -0.5%
PFE Pfizer Inc. 0.47% 172,749 $4.2M Reduce -0.9%
CMCSA Comcast Corp. Class A 0.43% 107,683 $3.8M Reduce -0.3%
VWO Vanguard Ftse Emerging Marke 0.40% 73,253 $3.6M Add +6.1%
NOBL Proshares S&P 500 Dividend A 0.37% 32,491 $3.3M Add +14.6%
AMZN Amazon.com Inc. 0.33% 13,431 $2.9M Add +0.1%
COST Costco Wholesale Corp. 0.32% 2,893 $2.9M Add +12.0%
AVO Mission Produce Inc. 0.28% 212,750 $2.5M No change
BRK.B Berkshire Hathaway Inc. Class B 0.27% 5,050 $2.5M Add +9.8%
VT Vanguard Tot World STK ETF 0.25% 17,243 $2.2M Add +1.8%
FNDC Schwab Fndmnt Intl SM Eq ETF 0.25% 52,591 $2.2M Add +8.7%
VNQ Vanguard Real Estate ETF 0.23% 23,054 $2.1M Reduce -3.6%
BND Vanguard Total Bond Market 0.22% 27,281 $2.0M Add +3.4%
VCSH Vanguard S/T Corp. Bond ETF 0.21% 23,237 $1.8M Add +1.6%
FNDA Schwab Fndmntl US SM Co. ETF 0.20% 62,489 $1.8M Add +4.4%
FNDF Schwab Fndmn Intl LRG Co. ETF 0.20% 44,330 $1.8M Add +10.4%
SCHX Schwab US Large-Cap ETF 0.20% 72,009 $1.8M Add +35.7%
VIG Vanguard Dividend Apprec ETF 0.19% 8,341 $1.7M Add +0.2%
SCHZ Schwab US Aggregate Bond ETF 0.18% 70,204 $1.6M Add +0.0%
BRK.A Berkshire Hathaway Inc. Class A 0.16% 2 $1.5M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.15% 2,124 $1.3M Add +2.0%
GOOG Alphabet Inc. Class C 0.14% 7,225 $1.3M Reduce -1.7%
MINT PIMCO Enhanced Short Maturit 0.12% 10,633 $1.1M Reduce -0.8%
NVDA Nvidia Corp. 0.11% 6,169 $975K Add +16.1%
VGT Vanguard Info Tech ETF 0.11% 1,463 $971K Reduce -7.6%
FNDE Schwab Fndmntl Em MRK Eq ETF 0.11% 29,227 $965K Reduce -0.4%
SBUX Starbucks Corp. 0.11% 10,471 $959K No change
VTEB Vanguard Tax-Exempt Bond ETF 0.10% 17,944 $880K Reduce -4.9%
QQQ Invesco QQQ Trust Series 1 0.09% 1,500 $828K Reduce -0.9%
BNDX Vanguard Total Intl Bond ETF 0.09% 16,715 $828K Add +22.0%
GLD SPDR Gold Shares 0.08% 2,435 $742K Add +3.4%
VUSB Vanguard Ultra Short Bond Et 0.08% 14,770 $737K Add +7.3%
COR Cencora Inc. 0.08% 2,450 $735K No change
TSLA Tesla Inc. 0.08% 2,220 $705K Add +14.9%
SCZ iShares MSCI Eafe Small-Cap 0.08% 9,357 $680K No change
LOW Lowe's Cos Inc. 0.07% 3,024 $671K No change
WFC Wells Fargo & Co. 0.07% 8,169 $655K No change
GOOGL Alphabet Inc. Class A 0.07% 3,671 $647K Add +0.0%
ABBV Abbvie Inc. 0.07% 3,324 $617K No change
NFLX Netflix Inc. 0.07% 455 $609K No change
VYM Vanguard High DVD Yield ETF 0.06% 4,310 $575K No change
PEG Public Service Enterprise GP 0.06% 6,768 $570K No change
EMB iShares JP Morgan Usd Emergi 0.06% 6,055 $561K Add +0.1%
IJH iShares Core S&P Midcap ETF 0.06% 8,458 $525K Add +4.5%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.06% 6,319 $516K No change
NSC Norfolk Southern Corp. 0.06% 2,008 $514K No change
EMR Emerson Electric Co. 0.05% 3,550 $473K No change
SGOL Abrdn Physical Gold Shares 0.05% 15,000 $473K No change
VSGX Vanguard ESG Intl Stock ETF 0.05% 6,723 $440K Reduce -3.9%
CSCO Cisco Systems Inc. 0.05% 6,104 $423K No change
DFAC Dimensional US Core Equity 2 0.05% 11,725 $420K Reduce -1.7%
VXF Vanguard Extended Market ETF 0.05% 2,122 $409K No change
IAGG iShares Intl Aggregate Bond 0.04% 7,693 $393K No change
IHI iShares U.S. Medical Devices 0.04% 6,266 $393K Add +11.3%
ALK Alaska Air Group Inc. 0.04% 7,779 $385K Reduce -15.3%
SPDW Ste STR SPDR PT DW Eu ETF 0.04% 9,213 $373K Add +0.1%
V Visa Inc. Class A 0.04% 1,030 $366K Reduce -3.7%
SLV iShares Silver Trust 0.04% 10,906 $358K Reduce -1.1%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.04% 1,798 $352K Add +0.6%
VBK Van Morst SML-Cap Gro-Usd Inc. 0.04% 1,266 $351K No change
PM Philip Morris International 0.04% 1,892 $347K No change
IBIT iShares Bitcoin Trust ETF 0.04% 5,554 $340K Add +12.5%
META Meta Platforms Inc. Class A 0.04% 445 $328K Add +7.8%
VNQI Vanguard GLBL Ex-US Real Est 0.04% 7,045 $325K Reduce -40.6%
CMI Cummins Inc. 0.03% 957 $313K Add +0.1%
AGG iShares Core U.S. Aggregate 0.03% 3,127 $310K Add +5.2%
AVGO Broadcom Inc. 0.03% 1,084 $299K New
MP MP Materials Corp. 0.03% 8,635 $287K New
ESGV Vanguard ESG US Stock ETF 0.03% 2,559 $281K Add +3.1%
TQQQ Proshares Ultrapro QQQ 0.03% 3,316 $276K Reduce -5.8%
SCHV Schwab US Large-Cap Value 0.03% 9,733 $269K Add +14.5%
SPYG SS SPDR P S&P 500 Growth ETF 0.03% 2,757 $263K No change
ESGE iShares Inc. iShares ESG Awar 0.03% 6,620 $259K No change
GVA Granite Construction Inc. 0.03% 2,750 $258K No change
AEP American Electric Power 0.03% 2,452 $254K No change
VOO Vanguard S&P 500 ETF 0.03% 438 $250K Reduce -18.6%
RY Royal Bank of Canada 0.03% 1,895 $249K Reduce -0.5%
ORCL Oracle Corp. 0.03% 1,075 $235K New
KO The Coca-Cola Co. 0.02% 3,091 $220K Reduce -0.2%
PXF Invesco Rafi Developed Marke 0.02% 3,695 $212K New
IEMG iShares Core MSCI Emerging 0.02% 3,456 $207K New
IWF iShares Russell 1000 Growth 0.02% 488 $207K New
BP BP PLC-Spons ADR 0.02% 6,718 $201K Add +0.2%

Portfolio Sells Q1 2025 → Q2 2025
BDX Becton Dickinson and Co. Reduce -0.5% 0.84% −0.37
XOM Exxon Mobil Corp. Reduce -0.1% 1.48% −0.28
MCD McDonald's Corp. Reduce -0.6% 1.72% −0.28
CVX Chevron Corp. Reduce -0.4% 1.02% −0.27
PG The Procter & Gamble Co. Reduce -1.7% 1.11% −0.19
MRK Merck & Co. Inc. Reduce -0.3% 0.83% −0.19
VZ Verizon Communications Inc. Reduce -1.2% 1.18% −0.17
RSG Republic Services Inc. Reduce -0.6% 2.23% −0.15
DD Dupont DE Nemours Inc. Reduce -0.4% 0.78% −0.14
MDT Medtronic PLC Reduce -0.3% 1.18% −0.14
NEE Nextera Energy Inc. Reduce -0.2% 1.07% −0.11
EFAV iShares MSCI Eafe Min Vol Fa Reduce -11.0% 0.84% −0.10
SCHD Schwab US DVD Equity ETF Reduce -0.5% 0.47% −0.07
PFE Pfizer Inc. Reduce -0.9% 0.47% −0.06
CVS CVS Health Corp. Reduce -0.2% 1.01% −0.06
CMCSA Comcast Corp. Class A Reduce -0.3% 0.43% −0.05
PDN Inv Rafi Dev MKT US SM-Usdin Reduce -15.3% 0.50% −0.05
KR Kroger Co. Reduce -1.1% 1.46% −0.04
VTV Vanguard Mrngstr Val ETF-Aui Reduce -1.9% 0.64% −0.04
VNQ Vanguard Real Estate ETF Reduce -3.6% 0.23% −0.03
SPGI S&P Global Inc. Reduce -0.0% 0.69% −0.03
EMLC Vaneck JPM Em Local Curr BND Reduce -1.2% 0.90% −0.03
PNC PNC Financial Services Group Reduce -0.7% 0.96% −0.02
VNQI Vanguard GLBL Ex-US Real Est Reduce -40.6% 0.04% −0.02
VTEB Vanguard Tax-Exempt Bond ETF Reduce -4.9% 0.10% −0.01
ALK Alaska Air Group Inc. Reduce -15.3% 0.04% −0.01
MINT PIMCO Enhanced Short Maturit Reduce -0.8% 0.12% −0.01
VOO Vanguard S&P 500 ETF Reduce -18.6% 0.03% −0.01
V Visa Inc. Class A Reduce -3.7% 0.04% −0.00
KO The Coca-Cola Co. Reduce -0.2% 0.02% −0.00
SLV iShares Silver Trust Reduce -1.1% 0.04% −0.00
FNDE Schwab Fndmntl Em MRK Eq ETF Reduce -0.4% 0.11% −0.00
VSGX Vanguard ESG Intl Stock ETF Reduce -3.9% 0.05% −0.00
DFAC Dimensional US Core Equity 2 Reduce -1.7% 0.05% −0.00
DE Deere & Co. Reduce -0.3% 1.92% −0.00
MTB M & T Bank Corp. Reduce -0.4% 0.87% +0.00
RY Royal Bank of Canada Reduce -0.5% 0.03% +0.00
GOOG Alphabet Inc. Class C Reduce -1.7% 0.14% +0.00
VGT Vanguard Info Tech ETF Reduce -7.6% 0.11% +0.00
TQQQ Proshares Ultrapro QQQ Reduce -5.8% 0.03% +0.01
QQQ Invesco QQQ Trust Series 1 Reduce -0.9% 0.09% +0.01
RTX RTX Corp. Reduce -0.8% 1.95% +0.03
NKE Nike Inc. Class B Reduce -0.1% 0.77% +0.03
BLK BlackRock Inc. Reduce -0.1% 2.14% +0.05
RPG Invesco S&P 500 Pure Growth Reduce -5.2% 1.24% +0.06
WMT Walmart Inc. Reduce -0.3% 2.49% +0.06
CARR Carrier Global Corp. Reduce -0.4% 1.25% +0.08
TXN Texas Instruments Inc. Reduce -0.3% 1.38% +0.09
IBM Intl Business Machines Corp. Reduce -1.4% 1.44% +0.11
JPM JPMorgan Chase & Co. Reduce -1.5% 1.55% +0.11

Portfolio Buys Q1 2025 → Q2 2025
MSFT Microsoft Corp. Add +0.3% 3.96% +0.74
JIRE JPMorgan Int Res Enh Eqty Add +8.4% 3.31% +0.34
IUSG iShares Core S&P U.S. Growth Add +0.3% 3.23% +0.29
VUG Vanguard Mrngstar GR ETF-Sui Add +1.1% 2.85% +0.28
IEFA iShares Core MSCI Eafe ETF Add +2.1% 4.42% +0.18
IJR iShares Core S&P Small-Cap E Add +11.7% 2.14% +0.16
IVV iShares Core S&P 500 ETF Add +14.4% 0.94% +0.14
VSS Vanguard Ftse All Wo X-US SC Add +8.8% 0.83% +0.12
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +1.8% 4.77% +0.11
SPYM Ste STR SPDR PT S&P 500 ETF Add +11.1% 0.89% +0.11
VEA Vanguard Ftse Developed ETF Add +10.0% 0.58% +0.07
SPEM State Street SP PTF Em ETF Add +1.1% 3.73% +0.06
SCHX Schwab US Large-Cap ETF Add +35.7% 0.20% +0.06
SCHA Schwab US Small-Cap ETF Add +11.6% 0.51% +0.05
NVDA Nvidia Corp. Add +16.1% 0.11% +0.04
FNDC Schwab Fndmnt Intl SM Eq ETF Add +8.7% 0.25% +0.04
AVGO Broadcom Inc. New 0.03% +0.03
VTI VG Morningstar TS MKT ETF-US Add +2.2% 0.69% +0.03
MP MP Materials Corp. New 0.03% +0.03
VWO Vanguard Ftse Emerging Marke Add +6.1% 0.40% +0.03
ORCL Oracle Corp. New 0.03% +0.03
REET iShares Global REIT ETF Add +9.8% 0.75% +0.03
COST Costco Wholesale Corp. Add +12.0% 0.32% +0.03
PXF Invesco Rafi Developed Marke New 0.02% +0.02
IEMG iShares Core MSCI Emerging New 0.02% +0.02
FNDF Schwab Fndmn Intl LRG Co. ETF Add +10.4% 0.20% +0.02
IWF iShares Russell 1000 Growth New 0.02% +0.02
AMZN Amazon.com Inc. Add +0.1% 0.33% +0.02
TSLA Tesla Inc. Add +14.9% 0.08% +0.02
NOBL Proshares S&P 500 Dividend A Add +14.6% 0.37% +0.02
BNDX Vanguard Total Intl Bond ETF Add +22.0% 0.09% +0.01
VT Vanguard Tot World STK ETF Add +1.8% 0.25% +0.01
IBIT iShares Bitcoin Trust ETF Add +12.5% 0.04% +0.01
META Meta Platforms Inc. Class A Add +7.8% 0.04% +0.01
SPY SS SPDR S&P 500 ETF Trust-US Add +2.0% 0.15% +0.01
GOOGL Alphabet Inc. Class A Add +0.0% 0.07% +0.00
IHI iShares U.S. Medical Devices Add +11.3% 0.04% +0.00
SCHV Schwab US Large-Cap Value Add +14.5% 0.03% +0.00
FNDA Schwab Fndmntl US SM Co. ETF Add +4.4% 0.20% +0.00
ESGV Vanguard ESG US Stock ETF Add +3.1% 0.03% +0.00
IJH iShares Core S&P Midcap ETF Add +4.5% 0.06% +0.00
SPDW Ste STR SPDR PT DW Eu ETF Add +0.1% 0.04% +0.00
GLD SPDR Gold Shares Add +3.4% 0.08% +0.00
VUSB Vanguard Ultra Short Bond Et Add +7.3% 0.08% −0.00
AGG iShares Core U.S. Aggregate Add +5.2% 0.03% −0.00
VBR Vngrd Mrngst SL-CP Val ETF-U Add +0.6% 0.04% −0.00
CMI Cummins Inc. Add +0.1% 0.03% −0.00
VIG Vanguard Dividend Apprec ETF Add +0.2% 0.19% −0.00
EMB iShares JP Morgan Usd Emergi Add +0.1% 0.06% −0.00
BP BP PLC-Spons ADR Add +0.2% 0.02% −0.00

Options Activity Q1 2025 → Q2 2025
COST Costco Wholesale Corp. call Sold out 100 $95Kbefore 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