13F-HR 1 form13f08q1.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 13F FORM 13F COVER PAGE Report for the Quarter Ended: March 31, 2008 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 28, 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: 74 FORM 13F INFORMATION TABLE VALUE TOTAL: $117,205,000 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 373 8870 SH SOLE 650 8220 AFLAC INC COM COM 001055102 480 7390 SH SOLE 550 6840 ALCOA INC COM 013817101 3217 89217 SH SOLE 89217 AMPHENOL CORP NEW CL A COM 032095101 302 8100 SH SOLE 600 7500 APPLE COMPUTER INC COM COM 037833100 472 3290 SH SOLE 240 3050 ARCHER-DANIELS-MIDLAND COM 039483102 3690 89645 SH SOLE 89645 AT&T INC COM 00206R102 4131 107870 SH SOLE 92660 15210 BARD (C.R.) 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