13F-HR 1 form13f05q3.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 13F FORM 13F COVER PAGE Report for the Quarter Ended: September 30, 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 October 24, 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: 45 FORM 13F INFORMATION TABLE VALUE TOTAL: $122,176,000 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 2934 40000.0000SH SOLE 35950.0000 4050.0000 AETNA INC NEW COM COM 00817Y108 478 5550.0000SH SOLE 850.0000 4700.0000 ALCOA INC COM COM 013817101 2938 120305.0000SH SOLE 107765.0000 12540.0000 BANK NEW YORK INC COM COM 640571022 352 11980.0000SH SOLE 2660.0000 9320.0000 BRISTOL MYERS SQUIBB COM COM 110122108 3733 155155.0000SH SOLE 140455.0000 14700.0000 CATERPILLAR INC DEL COM COM 149123101 3802 64720.0000SH SOLE 58570.0000 6150.0000 CHEVRON CORP COM COM 166764100 4868 75200.0000SH SOLE 66900.0000 8300.0000 CISCO SYS INC COM COM 17275R102 484 27000.0000SH SOLE 4280.0000 22720.0000 CITIGROUP INC COM COM 172967101 3735 82053.0000SH SOLE 71963.0000 10090.0000 COMMERCE BANCORP NJ COM COM 200519106 420 13680.0000SH SOLE 2450.0000 11230.0000 CONOCOPHILLIPS COM COM 20825C104 4834 69144.0000SH SOLE 59794.0000 9350.0000 CONSOLIDATED EDISON COM COM 209115104 228 4700.0000SH SOLE 4700.0000 DELL INC COM COM 24702R101 385 11270.0000SH SOLE 2140.0000 9130.0000 DOW CHEM CO COM COM 260543103 2644 63440.0000SH SOLE 63440.0000 EMERSON ELEC CO COM COM 291011104 3068 42730.0000SH SOLE 42730.0000 EXELON CORP COM COM 30161N101 4172 78060.0000SH SOLE 69950.0000 8110.0000 EXXON MOBIL CORP COM COM 30231G102 6121 96330.0000SH SOLE 89130.0000 7200.0000 GENERAL ELEC CO COM COM 369604103 3147 93460.0000SH SOLE 81710.0000 11750.0000 HCA INC COM COM 404119109 426 8900.0000SH SOLE 1410.0000 7490.0000 HEWLETT PACKARD CO COM COM 428236103 4205 144000.0000SH SOLE 144000.0000 INTEL CORP COM COM 458140100 3223 130740.0000SH SOLE 116720.0000 14020.0000 INTERNATIONAL BUS MACH COM COM 459200101 432 5380.0000SH SOLE 1310.0000 4070.0000 JOHNSON & JOHNSON COM COM 478160104 3341 52800.0000SH SOLE 48040.0000 4760.0000 JPMORGAN CHASE & CO COM COM 46625H100 3482 102635.0000SH SOLE 91185.0000 11450.0000 KIMBERLY CLARK CORP COM COM 494368103 2809 47180.0000SH SOLE 47180.0000 LINCOLN NATL CORP IND COM COM 534187109 4759 91485.0000SH SOLE 83145.0000 8340.0000 MCDONALDS CORP COM COM 580135101 3025 90340.0000SH SOLE 90340.0000 MCGRAW HILL COS INC COM COM 580645109 4258 88640.0000SH SOLE 79240.0000 9400.0000 MICROSOFT CORP COM COM 594918104 556 21610.0000SH SOLE 3980.0000 17630.0000 NATIONAL FUEL GAS N J COM COM 636180101 4927 144055.0000SH SOLE 127605.0000 16450.0000 PEOPLES ENERGY CORP COM COM 711030106 2699 68550.0000SH SOLE 68550.0000 PEPSICO INC COM 713448108 3428 60450.0000SH SOLE 52450.0000 8000.0000 PFIZER INC COM COM 717081103 3375 135145.0000SH SOLE 115425.0000 19720.0000 PITNEY BOWES INC COM COM 724479100 2751 65910.0000SH SOLE 65910.0000 PNC FINL SVCS GROUP COM COM 693475105 534 9200.0000SH SOLE 9200.0000 PROCTER & GAMBLE CO COM COM 742718109 3434 57760.0000SH SOLE 51010.0000 6750.0000 PUBLIC SVC ENTERPRISE COM COM 744573106 389 6040.0000SH SOLE 6040.0000 SBC COMMUNICATIONS INC COM COM 78387G103 2973 124030.0000SH SOLE 124030.0000 SYSCO CORP COM COM 871829107 2965 94520.0000SH SOLE 82730.0000 11790.0000 TARGET CORP COM COM 87612E106 421 8110.0000SH SOLE 1600.0000 6510.0000 UNITED TECHNOLOGIES CP COM COM 913017109 3554 68560.0000SH SOLE 61560.0000 7000.0000 US BANCORP DEL COM NEW COM 902973304 3738 133107.0000SH SOLE 117107.0000 16000.0000 VERIZON COMMUNICATIONS COM COM 92343V104 228 6986.0000SH SOLE 6986.0000 VIACOM INC CL B COM 925524308 431 13070.0000SH SOLE 2300.0000 10770.0000 WELLS FARGO & CO NEW COM COM 949746101 3481 59425.0000SH SOLE 52515.0000 6910.0000 WEYERHAEUSER CO COM COM 962166104 272 3950.0000SH SOLE 3950.0000 WYETH COM COM 983024100 741 16020.0000SH SOLE 16020.0000 APEX SILVER MINES LTD ORD ADR G04074103 196 12500 SH SOLE 2000 10500 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 284 5530 SH SOLE 2330 3200 NOKIA CORP SPONSORED ADR ADR 654902204 215 12700 SH SOLE 2580 10120