CIC

Cutler Investment Counsel Portfolio holdings

AUM $832M

AUM

$832M

AUM Growth

+$28.5M (+4%)

Cap. Flow

+$24.8M

Cap. Flow % of AUM

2.98%

Top 10 Holdings %Top 10 Hldgs %

34.86%

Holding

136

New

8

Increased

41

Reduced

67

Closed

4

Top Buys

1	JPMorgan International Research Enhanced Equity ETF JIRE	$8.44M
2	iShares Core MSCI EAFE ETF IEFA	$4.56M
3	iShares Core S&P Small-Cap ETF IJR	$3.64M
4	SPDR Portfolio Aggregate Bond ETF SPAB	$3.45M
5	Vanguard Mid-Cap ETF VO	$3.35M

Top Sells

1	iShares MSCI EAFE Min Vol Factor ETF EFAV	$3.53M
2	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF PDN	$2.03M
3	Invesco S&P 500 Pure Growth ETF RPG	$1.43M
4	Walmart WMT	$1.24M
5	Home Depot HD	$1.15M

Sector Composition

1	Industrials	10.05%
2	Financials	8.58%
3	Consumer Staples	6.91%
4	Technology	6.59%
5	Healthcare	6.35%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
126	126 BP BP $76.1B	$227K	0.03%	6,706	New	+$227K
127	127 Schwab US Large-Cap Value ETF SCHV $12.3B	$226K	0.03%	8,502	New	+$226K
128	128 Coca-Cola KO $307B	$223K	0.03%	3,096	New	+$223K
129	129 SPDR Portfolio S&P 500 Growth ETF SPYG $35.3B	$222K	0.03%	2,757	–	–
130	130 Royal Bank of Canada RY $180B	$215K	0.03%	1,905 -344	-15%	-$38.8K
131	131 Granite Construction GVA $4.02B	$208K	0.03%	2,750	–	–
132	132 ProShares UltraPro QQQ TQQQ $25.5B	$202K	0.02%	3,520	New	+$202K
133	133 Broadcom AVGO $1.16T	$0	0%	0 -1,030	Closed	–
134	134 iShares Preferred and Income Securities ETF PFF $13.6B	$0	0%	0 -7,504	Closed	–
135	135 Southern Company SO $97.1B	$0	0%	0 -5,627	Closed	–
136	136 Vanguard Mortgage-Backed Securities ETF VMBS $14.2B	$0	0%	0 -5,412	Closed	–