13F-HR 1 form13f08q4.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 13F FORM 13F COVER PAGE Report for the Quarter Ended: December 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 January 21, 2009 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: 41 FORM 13F INFORMATION TABLE VALUE TOTAL: $77,641,000 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- ALCOA INC COM 013817101 1429 126897 SH SOLE 126897 AMER EXPRESS COM 025816109 1603 86400 SH SOLE 86400 ARCHER-DANIELS-MID COM 039483102 2669 92585 SH SOLE 92585 AT&T INC COM 00206R102 2578 90440 SH SOLE 90440 BECTON DICKINSON COM 075887109 1497 21890 SH SOLE 21890 CATERPILLAR INC COM 149123101 2260 50595 SH SOLE 50595 CHEVRON CORP COM 166764100 3282 44370 SH SOLE 44370 CONOCOPHILLIPS COM 20825C104 2267 43764 SH SOLE 43764 CONSOLIDATED EDISON COM COM 209115104 2966 76190 SH SOLE 76190 DU PONT E I DE NEMOURS COM COM 263534109 1153 45585 SH SOLE 45585 EMERSON ELECTRIC COM 291011104 2293 62645 SH SOLE 62645 EXXON MOBIL CORP COM 30231G102 4375 54809 SH SOLE 54809 GENERAL ELECTRIC COM 369604103 1870 115438 SH SOLE 115438 HALLIBURTON COM 406216101 1949 107200 SH SOLE 107200 HOME DEPOT, INC. COM 437076102 1946 84525 SH SOLE 84525 INTEL CORP COM 458140100 1690 115309 SH SOLE 115309 INTERNATIONAL BUS MACH COM COM 459200101 2754 32725 SH SOLE 32725 JOHNSON & JOHNSON COM 478160104 2766 46233 SH SOLE 46233 JPMORGAN CHASE & CO COM 46625H100 2234 70865 SH SOLE 70865 KIMBERLY CLARK COM 494368103 2305 43700 SH SOLE 43700 MCGRAW-HILL COM 580645109 1528 65895 SH SOLE 65895 NATIONAL FUEL GAS COM 636180101 2202 70275 SH SOLE 70275 NORDSTROM COM 655664100 1082 81310 SH SOLE 81310 NORFOLK SOUTHERN CORP COM COM 655844108 222 4725 SH SOLE 4725 NUCOR CORP COM COM 670346105 2552 55245 SH SOLE 55245 PEPSICO INC COM 713448108 2670 48755 SH SOLE 48755 PFIZER INC COM 717081103 2294 129537 SH SOLE 129537 PNC FINL SVCS GROUP COM COM 693475105 341 6960 SH SOLE 6960 PUBLIC SVC ENTERPRISE COM COM 744573106 262 8990 SH SOLE 8990 SANMINA SCI CORP COM COM 800907107 12 24875 SH SOLE 24875 SYSCO CORP COM 871829107 2051 89390 SH SOLE 89390 TENET HEALTHCARE CORP COM COM 88033G100 12 10820 SH SOLE 10820 TEXAS INSTRUMENTS COM 882508104 2020 130145 SH SOLE 130145 UNISYS CORP COM 909214108 10 11885 SH SOLE 11885 UNITED TECHNOLOGIES COM 913017109 2694 50255 SH SOLE 50255 US BANCORP COM 902973304 2350 93977 SH SOLE 93977 VERIZON COMMUNICATIONS INC COM 92343V104 2857 84286 SH SOLE 84286 VULCAN MATLS CO COM COM 929160109 3299 47420 SH SOLE 47420 WELLS FARGO COM 949746101 2765 93795 SH SOLE 93795 WYETH COM COM 983024100 502 13370 SH SOLE 13370 ALCATEL-LUCENT SPONSORED ADR ADR 013904305 27 12640 SH SOLE 12640