Instuitional Investor - Cutler Investment Counsel Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares Tr		623,017	$31,945,195	4.56%
2.	Microsoft Corp	MSFT	77,722	$29,226,732	4.17%
3.	Vanguard Index Fds		105,509	$24,545,601	3.5%
4.	Caterpillar Inc	CAT	79,051	$23,373,060	3.33%
5.	Spdr Index Shs Fds		643,001	$22,768,650	3.25%