Source of Information: Cutler Investment Counsel, LLC.  The holdings’ percentages reflected above are based on the Cutler Equity Income strategy composite and as such, individual account holdings and percentages will vary.   Also, the percentages are inclusive of cash and cash equivalents.  A complete list of portfolio holdings and specific securities transactions for the preceding 12 months is available upon request. 
 
The strategies are actively managed.  Holdings and weightings are subject to change at any time without notice. This data is provided for informational purposes only and should not be considered a recommendation or solicitation to purchase any type of securities or considered investment advice. This information provided should not be used as the sole basis to make any investment decision. The data have been obtained from sources believed to be reliable, but the accuracy and completeness of this information cannot be guaranteed. 
 
Risks for the equity strategy include, but are not limited to liquidity risk (inability to trade a security in stressed market conditions), company‐ specific underperformance or event‐driven risks, and the risk that equities as an asset class have volatility and may decrease in value. The equity strategy also holds from time to time, small‐ capitalization and mid‐capitalization stocks, which have greater liquidity risk and more volatility in general than large‐capitalization stocks.
 
The above is not a list of all risks and Cutler does not provide any guarantee that our advisory services or methods of analysis will provide positive results or insulate clients from losses.  All investments involve risk, including possible loss of principal amount invested, which investors should be prepared to bear.  As outlined above, different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be profitable or suitable for a particular investor's financial situation or risk tolerance. Asset allocation and portfolio diversification cannot assure or guarantee better performance and cannot eliminate the risk of investment losses.
 
Cutler Investment Counsel, LLC or one or more of its officers, may have a position in the securities discussed herein and may purchase or sell such securities from time to time.
 
For comparison purposes, the composite is measured against the S&P 500. The S&P 500 TR Index is a stock market index based on the common stock prices of the 500 top publicly traded American companies, as determined by S&P.  You cannot invest directly in an index.