13F-HR 1 form13f09q1.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 13F FORM 13F COVER PAGE Report for the Quarter Ended: March 31, 2009 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, 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: 45 FORM 13F INFORMATION TABLE VALUE TOTAL: $70,348,000 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- AMER EXPRESS COM 025816109 1185 86960 SH SOLE 86105 ARCHER-DANIELS-MID COM 039483102 2586 93080 SH SOLE 92260 AT&T INC COM 00206R102 2288 90810 SH SOLE 89920 BECTON DICKINSON COM 075887109 1993 29645 SH SOLE 29355 BRISTOL MYERS SQUIBB CO COM 110122108 1505 68640 SH SOLE 67990 CATERPILLAR INC COM 149123101 1426 51010 SH SOLE 50530 CHEVRON CORP COM 166764100 2997 44565 SH SOLE 44165 CONOCOPHILLIPS COM 20825C104 1723 43999 SH SOLE 43569 CONSOLIDATED EDISON COM COM 209115104 3012 76045 SH SOLE 75295 DU PONT E I DE NEMOURS COM COM 263534109 1984 88845 SH SOLE 87970 EMERSON ELECTRIC COM 291011104 1776 62130 SH SOLE 61540 EXXON MOBIL CORP COM 30231G102 3595 52794 SH SOLE 52389 HALLIBURTON COM 406216101 1668 107795 SH SOLE 106745 HOME DEPOT, INC. COM 437076102 1995 84685 SH SOLE 83845 HONEYWELL INTL INC COM COM 438516106 1408 50555 SH SOLE 50005 INTEL CORP COM 458140100 1742 115869 SH SOLE 114544 INTERNATIONAL BUS MACH COM COM 459200101 3173 32745 SH SOLE 32435 JOHNSON & JOHNSON COM 478160104 2444 46468 SH SOLE 46008 JPMORGAN CHASE & CO COM 46625H100 1893 71225 SH SOLE 70535 KIMBERLY CLARK COM 494368103 2025 43910 SH SOLE 43500 MCGRAW-HILL COM 580645109 1513 66170 SH SOLE 65570 NATIONAL FUEL GAS COM 636180101 2167 70645 SH SOLE 69945 NORDSTROM COM 655664100 1369 81755 SH SOLE 80965 NUCOR CORP COM COM 670346105 2117 55475 SH SOLE 54940 PEPSICO INC COM 713448108 2523 49005 SH SOLE 48565 PUBLIC SVC ENTERPRISE COM COM 744573106 265 8990 SH SOLE 8990 SANMINA SCI CORP COM COM 800907107 8 24875 SH SOLE 24875 SYSCO CORP COM 871829107 2047 89765 SH SOLE 88965 TENET HEALTHCARE CORP COM COM 88033G100 13 10820 SH SOLE 10820 TEXAS INSTRUMENTS COM 882508104 2160 130850 SH SOLE 129550 UNION PACIFIC COM 907818108 1508 36685 SH SOLE 36295 UNITED TECHNOLOGIES COM 913017109 2170 50500 SH SOLE 50040 VERIZON COMMUNICATIONS INC COM 92343V104 2559 84746 SH SOLE 83891 VULCAN MATLS CO COM COM 929160109 2113 47715 SH SOLE 47245 WELLS FARGO COM 949746101 1342 94240 SH SOLE 93330 WYETH COM COM 983024100 510 11850 SH SOLE 11850 ALCATEL-LUCENT SPONSORED ADR ADR 013904305 24 12640 SH SOLE 12640 ISHARES TR HIGH YLD CORP OTHER 464288513 318 4696 SH SOLE 4696 VANGUARD BD INDEX FD SHORT TRM OTHER 921937827 379 4805 SH SOLE 4805 VANGUARD BD INDEX FD TOTAL BND OTHER 921937835 364 4716 SH SOLE 4716 WISDOMTREE TRUST EARNING 500 F OTHER 97717W588 607 21939 SH SOLE 21939 WISDOMTREE TRUST EMRG MKT HGHY OTHER 97717W315 430 13752 SH SOLE 13752 WISDOMTREE TRUST INTL LRGCAP D OTHER 97717W794 595 18711 SH SOLE 18711 WISDOMTREE TRUST MDCP EARN FUN OTHER 97717W570 453 17238 SH SOLE 17238 WISDOMTREE TRUST SMLCAP EARN F OTHER 97717W562 377 16106 SH SOLE 16106