13F-HR 1 form13f07q4.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 13F FORM 13F COVER PAGE Report for the Quarter Ended: December 31, 2007 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 January 25, 2008 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: 82 FORM 13F INFORMATION TABLE VALUE TOTAL: $128,199,000 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- AETNA INC NEW COM COM 00817Y108 523 9060 SH SOLE 840 8220 AFLAC INC COM COM 001055102 388 6200 SH SOLE 600 5600 ALCOA INC COM 013817101 3235 88520 SH SOLE 88520 AON CORP COM COM 037389103 471 9880 SH SOLE 910 8970 APPLE COMPUTER INC COM COM 037833100 666 3360 SH SOLE 310 3050 ARCHER-DANIELS-MIDLAND COM 039483102 4370 94125 SH SOLE 94125 AT&T INC COM 00206R102 4461 107330 SH SOLE 92120 15210 CATERPILLAR INC COM 149123101 3871 53345 SH SOLE 53345 CHEVRON CORP COM 166764100 4250 45535 SH SOLE 45535 CISCO SYS INC COM COM 17275R102 573 21160 SH SOLE 1920 19240 CITIGROUP INC COM 172967101 1895 64383 SH SOLE 64383 COCA-COLA COM 191216100 602 9810 SH SOLE 900 8910 CONOCOPHILLIPS COM 20825C104 4345 49209 SH SOLE 49209 DISNEY (WALT) COM 254687106 510 15810 SH SOLE 1410 14400 DOW CHEMICAL COM 260543103 2643 67035 SH SOLE 67035 EMERSON ELECTRIC COM 291011104 3636 64170 SH SOLE 64170 EXELON CORP COM 30161N101 4042 49510 SH SOLE 49510 EXXON MOBIL CORP COM 30231G102 6316 67414 SH SOLE 67414 FORD MOTOR COMPANY COM 345370860 98 14600 SH SOLE 14600 GENERAL ELECTRIC COM 369604103 2542 68560 SH SOLE 68560 HOME DEPOT, INC. 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