Cutler Investment Counsel LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 4, 2025), Cutler Investment Counsel LLC reported 140 stock positions worth $953.8 million. Its top holding was Vngrd Mrngstr MD-Cap ETF-Usd (VO) at 4.9% of the portfolio, followed by iShares 1-5Y Inv Grade (IGSB, 4.5%) and iShares Core MSCI Eafe ETF (IEFA, 4.5%). Compared with Q2 2025, it opened 5 new positions, sold out of 3, added to 55 and reduced 63. The biggest buy was a new position in Lennar Class A (LEN) and the biggest sale an exit from Comcast Class A (CMCSA).

Most Recent 13F
Q2 2026
Location
Jacksonville, OR
CIK
0001285973
Portfolio Value
$953.8M (Q3 2025)
SEC Filing
0002085853-25-000222 ↗ filed Nov 4, 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 Q2 2025 Q3 2025: $953.8M $953.8M Q3 2025 Q4 2025: $961.2M Q4 2025 Q1 2026: $971.1M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 140 stocks · $953.8M
VO Vngrd Mrngstr MD-Cap ETF-Usd 4.87% 157,726 $46.5M Add +3.4%
IGSB iShares 1-5Y Inv Grade Corp. 4.51% 812,018 $43.1M Add +4.1%
IEFA iShares Core MSCI Eafe ETF 4.48% 489,758 $42.8M Add +2.9%
SPEM State Street SP PTF Em ETF 3.94% 803,495 $37.6M Add +2.5%
MSFT Microsoft Corp. 3.77% 69,333 $35.9M Reduce -3.0%
JIRE JPMorgan Int Res Enh Eqty 3.43% 444,745 $32.7M Add +6.0%
IUSG iShares Core S&P U.S. Growth 3.40% 197,105 $32.4M Add +2.0%
CAT Caterpillar Inc. 3.05% 60,916 $29.1M Reduce -0.8%
VUG Vanguard Mrngstar GR ETF-Sui 2.99% 59,424 $28.5M Add +1.7%
SPAB SS SPDR P Agg Bond ETF 2.89% 1,065,835 $27.6M Add +4.3%
GOVT iShares US Treasury Bond ETF 2.56% 1,054,891 $24.4M Add +3.4%
WMT Walmart Inc. 2.46% 227,561 $23.5M Reduce -0.5%
IJR iShares Core S&P Small-Cap E 2.41% 193,104 $22.9M Add +9.9%
BLK BlackRock Inc. 2.23% 18,211 $21.2M Reduce -0.7%
RTX RTX Corp. 2.09% 119,184 $19.9M Reduce -0.4%
HD Home Depot Inc. 2.06% 48,389 $19.6M Reduce -0.0%
SCHW Schwab (charles) Corp. 1.95% 195,145 $18.6M Reduce -0.3%
RSG Republic Services Inc. 1.94% 80,711 $18.5M Reduce -0.6%
MCD McDonald's Corp. 1.67% 52,311 $15.9M Reduce -1.2%
DE Deere & Co. 1.62% 33,621 $15.4M Reduce -0.7%
JPM JPMorgan Chase & Co. 1.58% 47,860 $15.1M Reduce -0.4%
XOM Exxon Mobil Corp. 1.45% 123,003 $13.9M Reduce -0.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.29% 43,709 $12.3M Reduce -0.7%
KR Kroger Co. 1.28% 181,495 $12.2M Reduce -0.6%
MDT Medtronic PLC 1.21% 120,113 $11.5M Reduce -0.5%
RPG Invesco S&P 500 Pure Growth 1.16% 231,765 $11.1M Reduce -5.1%
CVX Chevron Corp. 1.15% 70,525 $11.0M Add +10.6%
TXN Texas Instruments Inc. 1.14% 59,012 $10.8M Reduce -0.9%
VZ Verizon Communications Inc. 1.12% 242,891 $10.7M Reduce -1.0%
NEE Nextera Energy Inc. 1.09% 138,127 $10.4M Reduce -0.6%
SPYM Ste STR SPDR PT S&P 500 ETF 1.08% 131,302 $10.3M Add +19.7%
CVS CVS Health Corp. 1.03% 130,856 $9.9M Reduce -0.5%
JNJ Johnson & Johnson 1.00% 51,378 $9.5M Reduce -1.1%
PG The Procter & Gamble Co. 1.00% 61,797 $9.5M Reduce -0.9%
PNC PNC Financial Services Group 0.97% 45,984 $9.2M Reduce -0.8%
CARR Carrier Global Corp. 0.95% 151,946 $9.1M Reduce -0.8%
IVV iShares Core S&P 500 ETF 0.93% 13,213 $8.8M Reduce -2.8%
VSS Vanguard Ftse All Wo X-US SC 0.88% 58,685 $8.4M Add +5.8%
EMLC Vaneck JPM Em Local Curr BND 0.88% 327,602 $8.4M Add +2.6%
PEP Pepsico Inc. 0.87% 58,871 $8.3M Reduce -0.9%
BDX Becton Dickinson and Co. 0.85% 43,287 $8.1M Reduce -1.2%
MTB M & T Bank Corp. filed as M & T BK CORP 0.83% 40,115 $7.9M Reduce -1.0%
DD Dupont DE Nemours Inc. 0.83% 101,285 $7.9M Reduce -1.1%
MRK Merck & Co. Inc. 0.82% 92,001 $7.8M Reduce -1.1%
REET iShares Global REIT ETF 0.80% 297,254 $7.6M Add +9.3%
EFAV iShares MSCI Eafe Min Vol Fa 0.78% 87,255 $7.4M Reduce -2.5%
BIV Vanguard Intermediate-Term B 0.74% 90,288 $7.1M Add +0.6%
NKE Nike Inc. Class B 0.70% 95,475 $6.7M Reduce -1.5%
VTI VG Morningstar TS MKT ETF-US 0.69% 20,087 $6.6M Reduce -1.2%
AAPL Apple Inc. 0.65% 24,403 $6.2M Reduce -1.6%
VTV Vanguard Mrngstr Val ETF-Aui 0.64% 32,648 $6.1M Add +0.2%
SPGI S&P Global Inc. 0.60% 11,772 $5.7M Reduce -0.0%
VEA Vanguard Ftse Developed ETF 0.59% 93,982 $5.6M Add +2.7%
SCHA Schwab US Small-Cap ETF 0.53% 181,732 $5.1M Reduce -0.6%
PDN Inv Rafi Dev MKT US SM-Usdin 0.48% 111,615 $4.6M Reduce -3.2%
SCHD Schwab US DVD Equity ETF 0.46% 160,987 $4.4M Add +0.7%
PFE Pfizer Inc. 0.45% 169,404 $4.3M Reduce -1.9%
VWO Vanguard Ftse Emerging Marke 0.41% 71,842 $3.9M Reduce -1.9%
LEN Lennar Corp. Class A 0.35% 26,662 $3.4M New
NOBL Proshares S&P 500 Dividend A 0.35% 32,215 $3.3M Reduce -0.8%
AMZN Amazon.com Inc. 0.30% 13,023 $2.9M Reduce -3.0%
BRK.B Berkshire Hathaway Inc. Class B 0.28% 5,377 $2.7M Add +6.5%
COST Costco Wholesale Corp. 0.28% 2,873 $2.7M Reduce -0.7%
AVO Mission Produce Inc. 0.27% 212,750 $2.6M No change
VT Vanguard Tot World STK ETF 0.27% 18,406 $2.5M Add +6.7%
FNDC Schwab Fndmnt Intl SM Eq ETF 0.24% 52,360 $2.3M Reduce -0.4%
BND Vanguard Total Bond Market 0.24% 30,540 $2.3M Add +11.9%
VNQ Vanguard Real Estate ETF 0.24% 24,586 $2.2M Add +6.7%
FNDA Schwab Fndmntl US SM Co. ETF 0.22% 68,495 $2.1M Add +9.6%
FNDF Schwab Fndmn Intl LRG Co. ETF 0.20% 44,450 $1.9M Add +0.3%
SCHX Schwab US Large-Cap ETF 0.20% 72,007 $1.9M Reduce 0.0%
VCSH Vanguard S/T Corp. Bond ETF 0.19% 22,912 $1.8M Reduce -1.4%
VIG Vanguard Dividend Apprec ETF 0.19% 8,436 $1.8M Add +1.1%
GOOG Alphabet Inc. Class C 0.19% 7,275 $1.8M Add +0.7%
SPY SS SPDR S&P 500 ETF Trust-US 0.17% 2,367 $1.6M Add +11.4%
BRK.A Berkshire Hathaway Inc. Class A 0.16% 2 $1.5M No change
NVDA Nvidia Corp. 0.13% 6,817 $1.3M Add +10.5%
TSLA Tesla Inc. 0.12% 2,612 $1.2M Add +17.7%
VTEB Vanguard Tax-Exempt Bond ETF 0.12% 22,944 $1.1M Add +27.9%
FNDE Schwab Fndmntl Em MRK Eq ETF 0.11% 29,075 $1.1M Reduce -0.5%
BNDX Vanguard Total Intl Bond ETF 0.11% 20,814 $1.0M Add +24.5%
VGT Vanguard Info Tech ETF 0.11% 1,374 $1.0M Reduce -6.1%
GLD SPDR Gold Shares 0.10% 2,666 $948K Add +9.5%
QQQ Invesco QQQ Trust Series 1 0.10% 1,533 $921K Add +2.2%
SCHZ Schwab US Aggregate Bond ETF 0.10% 38,889 $913K Reduce -44.6%
SBUX Starbucks Corp. 0.09% 10,020 $848K Reduce -4.3%
GOOGL Alphabet Inc. Class A 0.09% 3,476 $845K Reduce -5.3%
ABBV Abbvie Inc. 0.09% 3,531 $818K Add +6.2%
COR Cencora Inc. 0.08% 2,451 $766K Add +0.0%
LOW Lowe's Cos Inc. 0.08% 3,028 $761K Add +0.1%
WFC Wells Fargo & Co. 0.07% 8,359 $701K Add +2.3%
SCZ iShares MSCI Eafe Small-Cap 0.07% 8,692 $667K Reduce -7.1%
SGOL Abrdn Physical Gold Shares 0.06% 16,586 $611K Add +10.6%
VYM Vanguard High DVD Yield ETF 0.06% 4,310 $607K No change
NSC Norfolk Southern Corp. 0.06% 2,008 $603K No change
EMB iShares JP Morgan Usd Emergi 0.06% 6,055 $576K No change
PEG Public Service Enterprise GP 0.06% 6,768 $565K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.06% 6,119 $534K Reduce -3.2%
SLV iShares Silver Trust 0.05% 12,286 $521K Add +12.7%
IJH iShares Core S&P Midcap ETF 0.05% 7,708 $503K Reduce -8.9%
VSGX Vanguard ESG Intl Stock ETF 0.05% 6,723 $466K No change
EMR Emerson Electric Co. 0.05% 3,550 $466K No change
NFLX Netflix Inc. 0.05% 387 $464K Reduce -14.9%
VXF Vanguard Extended Market ETF 0.05% 2,122 $444K No change
DFAC Dimensional US Core Equity 2 0.05% 11,475 $443K Reduce -2.1%
TQQQ Proshares Ultrapro QQQ 0.04% 4,067 $421K Add +22.6%
CSCO Cisco Systems Inc. 0.04% 6,126 $419K Add +0.4%
SCHF Schwab Intl Equity ETF 0.04% 17,122 $399K New
SPDW Ste STR SPDR PT DW Eu ETF 0.04% 9,213 $394K No change
CMI Cummins Inc. 0.04% 933 $394K Reduce -2.5%
VBK Van Morst SML-Cap Gro-Usd Inc. 0.04% 1,306 $389K Add +3.2%
IBIT iShares Bitcoin Trust ETF 0.04% 5,968 $388K Add +7.5%
AVGO Broadcom Inc. 0.04% 1,157 $382K Add +6.7%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.04% 1,798 $377K No change
VB Vanguard Most SM-Cap ETF-Usd 0.04% 1,465 $374K New
ALK Alaska Air Group Inc. 0.04% 7,479 $372K Reduce -3.9%
V Visa Inc. Class A 0.04% 1,062 $363K Add +3.1%
IHI iShares U.S. Medical Devices 0.04% 5,846 $351K Reduce -6.7%
VOO Vanguard S&P 500 ETF 0.03% 542 $333K Add +23.7%
META Meta Platforms Inc. Class A 0.03% 453 $333K Add +1.8%
VNQI Vanguard GLBL Ex-US Real Est 0.03% 6,945 $332K Reduce -1.4%
TSM Taiwan Semiconductor-SP ADR 0.03% 1,134 $318K New
SCHV Schwab US Large-Cap Value 0.03% 10,877 $317K Add +11.8%
AGG iShares Core U.S. Aggregate 0.03% 3,127 $313K No change
VUSB Vanguard Ultra Short Bond Et 0.03% 6,266 $313K Reduce -57.6%
PM Philip Morris International 0.03% 1,909 $310K Add +0.9%
ESGV Vanguard ESG US Stock ETF 0.03% 2,574 $305K Add +0.6%
ORCL Oracle Corp. 0.03% 1,083 $305K Add +0.7%
GVA Granite Construction Inc. 0.03% 2,750 $302K No change
SPYG SS SPDR P S&P 500 Growth ETF 0.03% 2,757 $288K No change
ESGE iShares Inc. iShares ESG Awar 0.03% 6,620 $287K No change
MINT PIMCO Enhanced Short Maturit 0.03% 2,833 $285K Reduce -73.4%
AEP American Electric Power 0.03% 2,406 $271K Reduce -1.9%
RY Royal Bank of Canada 0.03% 1,835 $270K Reduce -3.2%
AIQ Global X Art Intel & Tech 0.03% 5,248 $259K New
IEMG iShares Core MSCI Emerging 0.02% 3,585 $236K Add +3.7%
BP BP PLC-Spons ADR 0.02% 6,729 $232K Add +0.2%
IWF iShares Russell 1000 Growth 0.02% 488 $228K No change
PXF Invesco Rafi Developed Marke 0.02% 3,695 $226K No change
KO The Coca-Cola Co. 0.02% 3,172 $212K Add +2.6%

Portfolio Sells Q2 2025 → Q3 2025
CMCSA Comcast Corp. Class A Sold out 0.00% −0.43
DE Deere & Co. Reduce -0.7% 1.62% −0.30
CARR Carrier Global Corp. Reduce -0.8% 0.95% −0.30
RSG Republic Services Inc. Reduce -0.6% 1.94% −0.29
TXN Texas Instruments Inc. Reduce -0.9% 1.14% −0.24
MSFT Microsoft Corp. Reduce -3.0% 3.77% −0.19
KR Kroger Co. Reduce -0.6% 1.28% −0.18
IBM Intl Business Machines Corp. Reduce -0.7% 1.29% −0.15
PG The Procter & Gamble Co. Reduce -0.9% 1.00% −0.11
SPGI S&P Global Inc. Reduce -0.0% 0.60% −0.09
MINT PIMCO Enhanced Short Maturit Reduce -73.4% 0.03% −0.09
SCHZ Schwab US Aggregate Bond ETF Reduce -44.6% 0.10% −0.09
RPG Invesco S&P 500 Pure Growth Reduce -5.1% 1.16% −0.08
NKE Nike Inc. Class B Reduce -1.5% 0.70% −0.07
VZ Verizon Communications Inc. Reduce -1.0% 1.12% −0.06
EFAV iShares MSCI Eafe Min Vol Fa Reduce -2.5% 0.78% −0.06
MCD McDonald's Corp. Reduce -1.2% 1.67% −0.06
VUSB Vanguard Ultra Short Bond Et Reduce -57.6% 0.03% −0.05
IAGG iShares Intl Aggregate Bond Sold out 0.00% −0.04
MTB M & T Bank Corp. Reduce -1.0% 0.83% −0.04
COST Costco Wholesale Corp. Reduce -0.7% 0.28% −0.04
SCHW Schwab (charles) Corp. Reduce -0.3% 1.95% −0.03
MP MP Materials Corp. Sold out 0.00% −0.03
WMT Walmart Inc. Reduce -0.5% 2.46% −0.03
XOM Exxon Mobil Corp. Reduce -0.5% 1.45% −0.03
AMZN Amazon.com Inc. Reduce -3.0% 0.30% −0.03
NFLX Netflix Inc. Reduce -14.9% 0.05% −0.02
PDN Inv Rafi Dev MKT US SM-Usdin Reduce -3.2% 0.48% −0.02
NOBL Proshares S&P 500 Dividend A Reduce -0.8% 0.35% −0.02
SBUX Starbucks Corp. Reduce -4.3% 0.09% −0.02
VCSH Vanguard S/T Corp. Bond ETF Reduce -1.4% 0.19% −0.01
PFE Pfizer Inc. Reduce -1.9% 0.45% −0.01
IVV iShares Core S&P 500 ETF Reduce -2.8% 0.93% −0.01
MRK Merck & Co. Inc. Reduce -1.1% 0.82% −0.01
IHI iShares U.S. Medical Devices Reduce -6.7% 0.04% −0.01
PEP Pepsico Inc. Reduce -0.9% 0.87% −0.01
SCZ iShares MSCI Eafe Small-Cap Reduce -7.1% 0.07% −0.01
IJH iShares Core S&P Midcap ETF Reduce -8.9% 0.05% −0.01
ALK Alaska Air Group Inc. Reduce -3.9% 0.04% −0.00
FNDC Schwab Fndmnt Intl SM Eq ETF Reduce -0.4% 0.24% −0.00
XLU St Sr Utl SL SE SPDR ETF-Usd Reduce -3.2% 0.06% −0.00
VNQI Vanguard GLBL Ex-US Real Est Reduce -1.4% 0.03% −0.00
VGT Vanguard Info Tech ETF Reduce -6.1% 0.11% −0.00
DFAC Dimensional US Core Equity 2 Reduce -2.1% 0.05% −0.00
AEP American Electric Power Reduce -1.9% 0.03% +0.00
RY Royal Bank of Canada Reduce -3.2% 0.03% +0.00
FNDE Schwab Fndmntl Em MRK Eq ETF Reduce -0.5% 0.11% +0.00
SCHX Schwab US Large-Cap ETF Reduce 0.0% 0.20% +0.00
VTI VG Morningstar TS MKT ETF-US Reduce -1.2% 0.69% +0.00
VWO Vanguard Ftse Emerging Marke Reduce -1.9% 0.41% +0.00

Portfolio Buys Q2 2025 → Q3 2025
LEN Lennar Corp. Class A New 0.35% +0.35
IJR iShares Core S&P Small-Cap E Add +9.9% 2.41% +0.27
SPEM State Street SP PTF Em ETF Add +2.5% 3.94% +0.22
SPYM Ste STR SPDR PT S&P 500 ETF Add +19.7% 1.08% +0.19
IUSG iShares Core S&P U.S. Growth Add +2.0% 3.40% +0.17
VUG Vanguard Mrngstar GR ETF-Sui Add +1.7% 2.99% +0.14
CVX Chevron Corp. Add +10.6% 1.15% +0.13
JIRE JPMorgan Int Res Enh Eqty Add +6.0% 3.43% +0.12
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +3.4% 4.87% +0.11
IEFA iShares Core MSCI Eafe ETF Add +2.9% 4.48% +0.06
REET iShares Global REIT ETF Add +9.3% 0.80% +0.05
VSS Vanguard Ftse All Wo X-US SC Add +5.8% 0.88% +0.05
TSLA Tesla Inc. Add +17.7% 0.12% +0.04
GOOG Alphabet Inc. Class C Add +0.7% 0.19% +0.04
SCHF Schwab Intl Equity ETF New 0.04% +0.04
VB Vanguard Most SM-Cap ETF-Usd New 0.04% +0.04
TSM Taiwan Semiconductor-SP ADR New 0.03% +0.03
AIQ Global X Art Intel & Tech New 0.03% +0.03
NVDA Nvidia Corp. Add +10.5% 0.13% +0.02
FNDA Schwab Fndmntl US SM Co. ETF Add +9.6% 0.22% +0.02
VTEB Vanguard Tax-Exempt Bond ETF Add +27.9% 0.12% +0.02
SPY SS SPDR S&P 500 ETF Trust-US Add +11.4% 0.17% +0.02
VT Vanguard Tot World STK ETF Add +6.7% 0.27% +0.02
ABBV Abbvie Inc. Add +6.2% 0.09% +0.02
GLD SPDR Gold Shares Add +9.5% 0.10% +0.02
BNDX Vanguard Total Intl Bond ETF Add +24.5% 0.11% +0.02
SLV iShares Silver Trust Add +12.7% 0.05% +0.01
BND Vanguard Total Bond Market Add +11.9% 0.24% +0.01
TQQQ Proshares Ultrapro QQQ Add +22.6% 0.04% +0.01
SGOL Abrdn Physical Gold Shares Add +10.6% 0.06% +0.01
BRK.B Berkshire Hathaway Inc. Class B Add +6.5% 0.28% +0.01
VEA Vanguard Ftse Developed ETF Add +2.7% 0.59% +0.01
VNQ Vanguard Real Estate ETF Add +6.7% 0.24% +0.01
VOO Vanguard S&P 500 ETF Add +23.7% 0.03% +0.01
AVGO Broadcom Inc. Add +6.7% 0.04% +0.01
ORCL Oracle Corp. Add +0.7% 0.03% +0.01
LOW Lowe's Cos Inc. Add +0.1% 0.08% +0.01
QQQ Invesco QQQ Trust Series 1 Add +2.2% 0.10% +0.00
SCHV Schwab US Large-Cap Value Add +11.8% 0.03% +0.00
IBIT iShares Bitcoin Trust ETF Add +7.5% 0.04% +0.00
FNDF Schwab Fndmn Intl LRG Co. ETF Add +0.3% 0.20% +0.00
BP BP PLC-Spons ADR Add +0.2% 0.02% +0.00
IEMG iShares Core MSCI Emerging Add +3.7% 0.02% +0.00
VBK Van Morst SML-Cap Gro-Usd Inc. Add +3.2% 0.04% +0.00
VIG Vanguard Dividend Apprec ETF Add +1.1% 0.19% +0.00
ESGV Vanguard ESG US Stock ETF Add +0.6% 0.03% +0.00
WFC Wells Fargo & Co. Add +2.3% 0.07% +0.00
COR Cencora Inc. Add +0.0% 0.08% −0.00
META Meta Platforms Inc. Class A Add +1.8% 0.03% −0.00
KO The Coca-Cola Co. Add +2.6% 0.02% −0.00

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