Instuitional Investor - Cutler Investment Counsel Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares Tr		705,070	$36,452,124	4.53%
2.	Vanguard Index Fds		136,878	$36,153,518	4.49%
3.	Microsoft Corp	MSFT	72,938	$30,743,276	3.82%
4.	Ishares Tr		406,202	$28,547,844	3.55%
5.	Spdr Index Shs Fds		732,993	$28,124,954	3.49%