13F-HR 1 form13f05q1.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 13F FORM 13F COVER PAGE Report for the Quarter Ended: March 31, 2005 Check here if Amendment [ ]; Amendment Number: This Amendment (check only one.): [ ] is a restatement. [ ] adds new holdings entries Institutional Investment Manager Filing this Report: Name: Cutler Investment Counsel, LLC Address: 3555 Lear Way Medford, OR 97504-9759 13F File number: The Institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists and tables, are considered integral parts of this form. Person signing this report on behalf of Reporting manager: Name: Carol S. Fischer Title: Chief Operating Officer Phone: 541-770-9000 Signature, Place, and Date of Signing /s/ Carol S. Fischer Medford, OR April 29, 2005 Report Type (Check only one.): [X] 13F Holdings Report. [ ] 13F Notice. [ ] 13F Combination Report. List of other Managers Reporting for this Manager: NONE I am signing this report as required by the Securities Exchange Act of 1934. FORM 13F SUMMARY PAGE REPORT SUMMARY: NUMBER OF OTHER INCLUDED MANAGERS: 0 FORM 13F INFORMATION TABLE ENTRY TOTAL: 46 FORM 13F INFORMATION TABLE VALUE TOTAL: $119,902,000 LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3M CO COM COM 88579Y101 3404 39720 SH SOLE 35670 4050 ALCOA INC COM COM 013817101 3386 111415 SH SOLE 99135 12280 BRISTOL MYERS SQUIBB COM COM 110122108 3983 156445 SH SOLE 141995 14450 CATERPILLAR INC DEL COM COM 149123101 3323 36345 SH SOLE 31845 4500 CHEVRONTEXACO CORP COM COM 166764100 4115 70570 SH SOLE 62370 8200 CISCO SYS INC COM COM 17275R102 349 19490 SH SOLE 3840 15650 CITIGROUP INC COM COM 172967101 3658 81403 SH SOLE 71603 9800 CONAGRA FOODS INC COM COM 205887102 3694 136700 SH SOLE 119650 17050 CONOCOPHILLIPS COM COM 20825C104 5241 48597 SH SOLE 43997 4600 CONSOLIDATED EDISON COM COM 209115104 2615 62000 SH SOLE 62000 DELL INC COM COM 24702R101 423 11010 SH SOLE 2060 8950 DOW CHEM CO COM COM 260543103 3602 72250 SH SOLE 63450 8800 DU PONT E I DE NEMOURS COM COM 263534109 1478 28842 SH SOLE 28840 2 EMERSON ELEC CO COM COM 291011104 3193 49175 SH SOLE 43925 5250 EXELON CORP COM COM 30161N101 3679 80180 SH SOLE 70230 9950 EXXON MOBIL CORP COM COM 30231G102 6007 100784 SH SOLE 93584 7200 FEDERAL HOME LN MTG CP COM COM 313400301 446 7060 SH SOLE 1260 5800 GENERAL ELEC CO COM COM 369604103 3426 95000 SH SOLE 83250 11750 HEWLETT PACKARD CO COM COM 428236103 3597 163950 SH SOLE 143850 20100 INTEL CORP COM COM 458140100 256 11035 SH SOLE 1935 9100 INTERNATIONAL BUS MACH COM COM 459200101 483 5290 SH SOLE 1340 3950 JOHNSON & JOHNSON COM COM 478160104 3422 50960 SH SOLE 47360 3600 JPMORGAN CHASE & CO COM COM 46625H100 3159 91295 SH SOLE 79945 11350 KIMBERLY CLARK CORP COM COM 494368103 3763 57250 SH SOLE 50250 7000 LINCOLN NATL CORP IND COM COM 534187109 4113 91125 SH SOLE 82925 8200 MCGRAW HILL COS INC COM COM 580645109 3576 40990 SH SOLE 36290 4700 MERCK & CO INC COM COM 589331107 3501 108170 SH SOLE 94720 13450 MICROSOFT CORP COM COM 594918104 430 17790 SH SOLE 3390 14400 NATIONAL FUEL GAS N J COM COM 636180101 4349 152105 SH SOLE 135955 16150 NORFOLK SOUTHERN CORP COM COM 655844108 231 6225 SH SOLE 6225 PEOPLES ENERGY CORP COM COM 711030106 3005 71690 SH SOLE 68490 3200 PFIZER INC COM COM 717081103 3517 133865 SH SOLE 114365 19500 PITNEY BOWES INC COM COM 724479100 3422 75850 SH SOLE 66400 9450 PNC FINL SVCS GROUP COM COM 693475105 566 11000 SH SOLE 11000 PROCTER & GAMBLE CO COM COM 742718109 3008 56750 SH SOLE 50000 6750 PUBLIC SVC ENTERPRISE COM COM 744573106 418 7690 SH SOLE 7690 SBC COMMUNICATIONS INC COM COM 78387G103 3011 127100 SH SOLE 127100 SYSCO CORP COM COM 871829107 3349 93550 SH SOLE 82000 11550 UNITED TECHNOLOGIES CP COM COM 913017109 3462 34050 SH SOLE 30550 3500 US BANCORP DEL COM NEW COM 902973304 3798 131786 SH SOLE 116036 15750 VERIZON COMMUNICATIONS COM COM 92343V104 313 8828 SH SOLE 8828 WELLS FARGO & CO NEW COM COM 949746101 3296 55125 SH SOLE 48275 6850 WEYERHAEUSER CO COM COM 962166104 339 4950 SH SOLE 4950 WYETH COM COM 983024100 811 19220 SH SOLE 19220 COMPANIA ANONM TEL VEN SPON AD ADR 204421101 427 22590 SH SOLE 3890 18700 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 257 5590 SH SOLE 2390 3200