13F-HR 1 form13f03q4.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 13F FORM 13F COVER PAGE Report for the Quarter Ended: December 31, 2003 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 & Company, LLC Address: 3555 Lear Way Medford, OR 97504-9759 13F File number: 28-1384 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 2, 2004 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: $126,787,000 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3M COMPANY COM COM 88579Y101 ~~3152~~3854 ~~45630~~45330 SH SOLE ~~41230~~40630 0 ~~4400~~4700 ALCOA INC COM COM 013817101 ~~3739~~4121 ~~142925~~108455 SH SOLE ~~128875~~97105 0 ~~14050~~11350 BANK NEW YORK INC COM COM 064057102 ~~3978~~3708 ~~136647~~111957 SH SOLE ~~123197~~100257 0 ~~13450~~11700 BPBRISTOL ~~AMOCO~~MYERS ~~ADS~~SQUIBB COM ~~055622104~~110122108 ~~200~~4873 ~~4762~~170377 SH SOLE ~~4762~~154177 0 016200 ~~BRISTOL~~CATERPILLAR, ~~MYERS~~INC. ~~SQUIBB~~ COM ~~110122108~~149123101 ~~4499~~4531 ~~175327~~54572 SH SOLE ~~160227~~48972 0 ~~15100~~5600 ~~CATERPILLAR,~~CHEVRONTEXACO ~~INC.~~CORPORATION COM ~~149123101~~166764100 ~~4062~~3904 ~~59007~~45190 SH SOLE ~~53407~~40690 0 ~~5600~~4500 CITIGROUP INC. COM 172967101 ~~6041~~4542 ~~132732~~93572 SH SOLE ~~120232~~84122 0 ~~12500~~9450 CONAGRA INC COM COM 205887102 ~~3108~~3712 ~~146320~~140670 SH SOLE ~~131770~~126120 0 14550 CONOCOPHILLIPS COM COM 20825C104 ~~3474~~4043 ~~63460~~61660 SH SOLE ~~57360~~55210 0 ~~6100~~6450 CONSOLIDATED EDISON INC COM COM 209115104 ~~3135~~3317 ~~76910~~77110 SH SOLE ~~69560~~68960 0 ~~7350~~8150 DOW CHEMICAL COMPANY COM 260543103 ~~3850~~3918 ~~118315~~94240 SH SOLE ~~107215~~84540 0 ~~11100~~9700 DU PONT E.I. DE NEMOURS COM 263534109 ~~3090~~3444 ~~77222~~75042 SH SOLE ~~69622~~67392 0 ~~7600~~7650 EMERSON ELECTRIC CO. COM 291011104 ~~2890~~3454 ~~54885~~53350 SH SOLE ~~49785~~48200 0 ~~5100~~5150 EXELON CORP COM 30161N101 ~~3427~~3878 ~~53975~~58445 SH SOLE ~~48525~~52245 0 ~~5450~~6200 EXXON MOBIL CORP COM 30231G102 ~~5175~~4969 ~~141401~~121206 SH SOLE ~~132601~~112406 0 8800 GENERAL ELECTRIC CO COM 369604103 ~~3410~~3473 ~~114390~~112120 SH SOLE ~~103090~~100770 0 ~~11300~~11350 GENERAL MILLS, INC. COM 370334104 ~~3396~~2881 ~~72155~~63600 SH SOLE ~~64705~~56950 0 ~~7450~~6650 GENERAL MOTORS CORP. COM 370442105 ~~3980~~5140 ~~97240~~96260 SH SOLE ~~87640~~86210 0 ~~9600~~10050 HEWLETT PACKARD COMPANY COM 428236103 ~~3873~~3624 ~~200070~~157790 SH SOLE ~~175420~~141690 0 ~~24650~~16100 ~~HONEYWELL INTERNATIONAL, INC. COM 438516106 3630 137779 SH SOLE 124129 0 13650~~ J.P. MORGAN CHASE & CO COM 46625H100 ~~5620~~3764 ~~163695~~102465 SH SOLE ~~146345~~91765 0 ~~17350~~10700 JOHNSON & JOHNSON COM 478160104 ~~202~~215 ~~4080~~4170 SH SOLE ~~4080~~4170 0 0 KERR MCGEE CORP COM COM 492386107 ~~1818~~1783 ~~40720~~38345 SH SOLE ~~36170~~34295 0 ~~4550~~4050 KIMBERLY-CLARK CORP COM 494368103 ~~3351~~3761 ~~65300~~63650 SH SOLE ~~59050~~56950 0 ~~6250~~6700 LINCOLN NATIONAL CORP COM 534187109 ~~304~~3349 ~~8600~~82950 SH SOLE ~~8600~~75150 0 07800 MARSH & MCLENNAN COS. COM 571748102 ~~286~~287 6000 SH SOLE 6000 0 0 MCGRAW COS. INC. COM 580645109 ~~721~~252 ~~11600~~3600 SH SOLE ~~11600~~3600 0 0 MERCK & COMPANY, INC. COM 589331107 ~~3178~~3138 ~~62772~~67922 SH SOLE ~~57472~~60822 0 ~~5300~~7100 NATIONAL FUEL GAS CO N J COM COM 636180101 ~~4174~~4341 ~~182680~~177625 SH SOLE ~~164580~~159475 0 ~~18100~~18150 PEOPLES ENERGY CORP COM 711030106 2400 57095 SH SOLE 51145 0 5950 PFIZER, INC. COM 717081103 ~~458~~2426 ~~15070~~68660 SH SOLE ~~15070~~61460 0 7200 PITNEY-BOWES INC COM 724479100 2223 54715 SH SOLE 49015 0 5700 PNC FINANCIAL SERVICES GROUP COM 693475105 ~~528~~608 11100 SH SOLE 11100 0 0 PROCTER & GAMBLE COMPANY COM 742718109 ~~3159~~3295 ~~34030~~32990 SH SOLE ~~30780~~29740 0 3250 PUBLIC SERVICE ENTERPRS COM 744573106 ~~589~~337 ~~14025~~7690 SH SOLE ~~14025~~7690 0 0 SBC COMMUNICATIONS INC COM 78387G103 ~~3256~~4079 ~~146355~~156460 SH SOLE ~~132205~~141010 0 ~~14150~~15450 ~~SOUTHERN CO COM COM 842587107 3181 108380 SH SOLE 97630 0 10750~~ U S BANCORP COM 902973304 ~~4182~~4303 ~~174342~~144506 SH SOLE ~~155892~~129356 0 ~~18450~~15150 ~~UNION~~UNITED ~~PAC~~TECHNOLOGIES ~~CORP~~ COM ~~COM~~913017109 ~~907818108~~2626 ~~2068~~27705 ~~35548~~ SH SOLE ~~32198~~24955 0 ~~3350~~2750 VERIZON COMMUNICATIONS COM 92343V104 ~~509~~310 ~~15676~~8828 SH SOLE ~~15676~~8828 0 0 WELLS FARGO NEW COM 949746101 ~~2837~~2960 ~~55097~~50257 SH SOLE ~~49047~~45057 0 ~~6050~~5200 WEYERHAEUSER CO. COM 962166104 ~~3982~~4128 ~~68135~~64500 SH SOLE ~~62135~~58500 0 6000 WYETH COM 983024100 ~~893~~816 ~~19380~~19220 SH SOLE ~~19380~~19220 0 0

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