13F-HR 1 form13f08q3.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 13F FORM 13F COVER PAGE Report for the Quarter Ended: September 30, 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 October 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: 67 FORM 13F INFORMATION TABLE VALUE TOTAL: $105,205,000 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 322 8915 SH SOLE 695 8220 AFLAC INC COM COM 001055102 437 7430 SH SOLE 590 6840 ALCOA INC COM 013817101 2003 88687 SH SOLE 88687 AMPHENOL CORP NEW CL A COM 032095101 327 8145 SH SOLE 645 7500 ARCHER-DANIELS-MID COM 039483102 2040 93100 SH SOLE 93100 AT&T INC COM 00206R102 2941 105340 SH SOLE 92130 13210 BARD (C.R.) COM 067383109 371 3910 SH SOLE 310 3600 CATERPILLAR INC COM 149123101 3202 53720 SH SOLE 53720 CHEVRON CORP COM 166764100 3758 45565 SH SOLE 45565 COCA-COLA COM 191216100 510 9650 SH SOLE 740 8910 CONOCOPHILLIPS COM 20825C104 3184 43474 SH SOLE 43474 CONSOLIDATED EDISON COM COM 209115104 3300 76805 SH SOLE 76805 CUMMINS INC COM COM 231021106 219 5000 SH SOLE 400 4600 DISNEY (WALT) COM 254687106 478 15560 SH SOLE 1160 14400 DOW CHEMICAL COM 260543103 2134 67155 SH SOLE 67155 DU PONT E I DE NEMOURS COM COM 263534109 368 9120 SH SOLE 720 8400 EMERSON ELECTRIC COM 291011104 2567 62940 SH SOLE 62940 EXXON MOBIL CORP COM 30231G102 5198 66929 SH SOLE 66929 FLUOR CORP NEW COM COM 343412102 349 6270 SH SOLE 490 5780 GENERAL ELECTRIC COM 369604103 2944 115452 SH SOLE 115452 HOME DEPOT, INC. COM 437076102 2172 83875 SH SOLE 83875 HUDSON CITY BANCORP COM COM 443683107 364 19745 SH SOLE 1565 18180 INTEL CORP COM 458140100 2167 115709 SH SOLE 115709 INTERNATIONAL BUS MACH COM COM 459200101 4199 35900 SH SOLE 33030 2870 JOHNSON & JOHNSON COM 478160104 3210 46328 SH SOLE 46328 JPMORGAN CHASE & CO COM 46625H100 3323 71160 SH SOLE 71160 KIMBERLY CLARK COM 494368103 2883 44470 SH SOLE 44470 LINCOLN NATIONAL COM 534187109 2720 63530 SH SOLE 63530 MCGRAW-HILL COM 580645109 2092 66195 SH SOLE 66195 MERCK & CO INC COM COM 589331107 264 8375 SH SOLE 645 7730 MICROSOFT CORP COM COM 594918104 432 16175 SH SOLE 1265 14910 NATIONAL FUEL GAS COM 636180101 2981 70670 SH SOLE 70670 NIKE INC 'B' COM 654106103 323 4825 SH SOLE 425 4400 NORDSTROM COM 655664100 2349 81520 SH SOLE 81520 NORFOLK SOUTHERN CORP COM COM 655844108 313 4725 SH SOLE 4725 NUCOR CORP COM COM 670346105 232 5865 SH SOLE 465 5400 ORACLE COM 68389X105 419 20610 SH SOLE 1650 18960 PEPSI BOTTLING GROUP COM COM 713409100 349 11960 SH SOLE 1030 10930 PEPSICO INC COM 713448108 3529 49510 SH SOLE 49510 PFIZER INC COM 717081103 2416 131042 SH SOLE 131042 PITNEY BOWES COM 724479100 1857 55830 SH SOLE 55830 PNC FINL SVCS GROUP COM COM 693475105 520 6960 SH SOLE 6960 PRECISION CASTPARTS CP COM COM 740189105 313 3975 SH SOLE 365 3610 PUBLIC SVC ENTERPRISE COM COM 744573106 324 9890 SH SOLE 9890 RAYTHEON CO COM NEW COM 755111507 361 6745 SH SOLE 535 6210 SANMINA SCI CORP COM COM 800907107 35 24875 SH SOLE 24875 SCHLUMBERGER LTD COM COM 806857108 394 5045 SH SOLE 395 4650 SCHWAB CHARLES CP NEW COM COM 808513105 505 19410 SH SOLE 1520 17890 ST JUDE MED INC COM COM 790849103 401 9230 SH SOLE 730 8500 STRYKER CORP COM COM 863667101 436 6995 SH SOLE 675 6320 SYSCO CORP COM 871829107 2767 89755 SH SOLE 89755 TENET HEALTHCARE CORP COM COM 88033G100 60 10820 SH SOLE 10820 TEXAS INSTRUMENTS COM 882508104 2808 130600 SH SOLE 130600 UNISYS CORP COM 909214108 33 11885 SH SOLE 11885 UNITED TECHNOLOGIES COM 913017109 3047 50725 SH SOLE 50725 US BANCORP COM 902973304 3412 94722 SH SOLE 94722 VERIZON COMMUNICATIONS INC COM 92343V104 2436 75906 SH SOLE 75906 VULCAN MATLS CO COM COM 929160109 3604 48375 SH SOLE 48375 WAL-MART STORES COM 931142103 441 7370 SH SOLE 570 6800 WEATHERFORD INT'L COM G95089101 201 8000 SH SOLE 710 7290 WELLS FARGO COM 949746101 3593 95725 SH SOLE 95725 WEYERHAEUSER CORP COM 962166104 2618 43215 SH SOLE 43215 WYETH COM COM 983024100 494 13370 SH SOLE 13370 ALCATEL-LUCENT SPONSORED ADR ADR 013904305 41 10565 SH SOLE 10565 ALCON INC COM SHS ADR H01301102 523 3240 SH SOLE 250 2990 BHP BILLITON LTD SPONSORED ADR ADR 088606108 233 4485 SH SOLE 355 4130 MATSUSHITA ELEC INDL ADR ADR 576879209 363 20950 SH SOLE 1670 19280