13F-HR 1 form13f06q4.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 13F FORM 13F COVER PAGE Report for the Quarter Ended: December 31, 2006 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 31, 2007 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: 73 FORM 13F INFORMATION TABLE VALUE TOTAL: $113,450,000 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- ALCAN INC COM COM 013716105 336 8430 SH SOLE 880 7550 ALCOA INC COM COM 013817101 2522 89950 SH SOLE 89950 ALLEGHENY TECHNOLOGIES COM COM 01741R102 327 5260 SH SOLE 530 4730 AMGEN COM 031162100 456 6380 SH SOLE 640 5740 ARCHER DANIELS MIDLAND COM COM 039483102 414 10940 SH SOLE 1090 9850 AT&T INC COM 00206R102 3607 110790 SH SOLE 95580 15210 AUTHENTIDATE HLDG CORP COM COM 052666104 65 39900 SH SOLE 39900 BRISTOL MYERS SQUIBB COM COM 110122108 255 10230 SH SOLE 10230 C H ROBINSON WORLDWIDE COM NEW COM 12541W209 403 9040 SH SOLE 900 8140 CATERPILLAR INC DEL COM COM 149123101 3080 46810 SH SOLE 46810 CHEVRON CORP COM COM 166764100 2977 45900 SH SOLE 45900 CHICAGO MERCANTIL HLDG CL A COM 167760107 569 1190 SH SOLE 120 1070 CITIGROUP INC COM COM 172967101 2917 58718 SH SOLE 58718 CONOCOPHILLIPS COM COM 20825C104 3102 52114 SH SOLE 52114 CONSOL ENERGY INC COM COM 20854P109 312 9830 SH SOLE 990 8840 DISNEY (WALT) COM 254687106 494 15990 SH SOLE 1590 14400 DOVER CORP COM COM 260003108 452 9530 SH SOLE 950 8580 DOW CHEM CO COM COM 260543103 2518 64600 SH SOLE 64600 EL PASO CORP COM COM 28336L109 421 30890 SH SOLE 3090 27800 EMERSON ELEC CO COM COM 291011104 2856 34060 SH SOLE 34060 EXELON CORP COM COM 30161N101 3275 54100 SH SOLE 54100 EXXON MOBIL CORP COM COM 30231G102 4722 70370 SH SOLE 70370 FRIEDMAN BILLINGS RMSY CL A COM 358434108 128 15950 SH SOLE 15950 Ford Motor Company COM 345370860 92 11350 SH SOLE 11350 GARMIN LTD ORD COM G37260109 534 10940 SH SOLE 1100 9840 GENERAL ELEC CO COM COM 369604103 2410 68265 SH SOLE 68265 HEWLETT PACKARD CO COM COM 428236103 2487 67790 SH SOLE 54390 13400 HOME DEPOT COM 437076102 2854 78700 SH SOLE 78700 HONEYWELL INTL INC COM COM 438516106 495 12110 SH SOLE 1200 10910 INTEL CORP COM COM 458140100 2229 108360 SH SOLE 108360 JOHNSON & JOHNSON COM COM 478160104 2735 42122 SH SOLE 42122 JPMORGAN CHASE & CO COM COM 46625H100 3661 77970 SH SOLE 68870 9100 KIMBERLY CLARK CORP COM COM 494368103 2712 41500 SH SOLE 41500 KOHLS CORP COM COM 500255104 545 8390 SH SOLE 840 7550 LINCOLN NATL CORP IND COM COM 534187109 3907 62930 SH SOLE 62930 MCDONALDS CORP COM COM 580135101 3067 78390 SH SOLE 78390 MCGRAW HILL COS INC COM COM 580645109 3801 65500 SH SOLE 65500 MOLEX INC COM COM 608554101 368 9440 SH SOLE 940 8500 MORGAN STANLEY COM NEW COM 617446448 553 7580 SH SOLE 760 6820 NATIONAL FUEL GAS N J COM COM 636180101 3090 85000 SH SOLE 85000 NEWS CORP CL B COM 65248E203 600 29050 SH SOLE 2880 26170 NORFOLK SOUTHERN CORP COM COM 655844108 208 4725 SH SOLE 4725 PAYCHEX INC COM COM 704326107 468 12700 SH SOLE 1260 11440 PEPSICO INC COM 713448108 3139 48100 SH SOLE 48100 PFIZER INC COM COM 717081103 2732 96347 SH SOLE 96347 PITNEY BOWES INC COM COM 724479100 2360 53200 SH SOLE 53200 PNC FINL SVCS GROUP COM COM 693475105 543 7500 SH SOLE 7500 PROCTER & GAMBLE CO COM COM 742718109 2898 46760 SH SOLE 46760 PUBLIC SVC ENTERPRISE COM COM 744573106 342 5590 SH SOLE 5590 SCHERING PLOUGH CORP COM COM 806605101 489 22150 SH SOLE 2050 20100 SCHLUMBERGER LTD COM COM 806857108 469 7560 SH SOLE 760 6800 SCHWAB CHARLES CP NEW COM COM 808513105 571 31900 SH SOLE 3120 28780 SEI INVESTMENTS CO COM COM 784117103 573 10200 SH SOLE 1020 9180 SHAW COMMUNICATIONS CL B CONV COM 82028K200 457 15220 SH SOLE 1520 13700 STATE STR CORP COM COM 857477103 503 8060 SH SOLE 800 7260 STRYKER CORP COM COM 863667101 467 9420 SH SOLE 940 8480 SYSCO CORP COM COM 871829107 2786 83290 SH SOLE 83290 UNITED TECHNOLOGIES CP COM COM 913017109 3050 48150 SH SOLE 48150 US BANCORP DEL COM NEW COM 902973304 2914 87732 SH SOLE 87732 VERIZON COMMUNICATIONS COM COM 92343V104 332 8936 SH SOLE 8936 WAL-MART STORES COM 931142103 2732 55400 SH SOLE 55400 WALGREEN CO COM COM 931422109 411 9270 SH SOLE 920 8350 WASHINGTON MUT INC COM COM 939322103 2975 68440 SH SOLE 68440 WASTE MGMT INC DEL COM COM 94106L109 534 14560 SH SOLE 1420 13140 WELLS FARGO & CO NEW COM COM 949746101 3371 93170 SH SOLE 93170 WEYERHAEUSER CO COM COM 962166104 2971 48290 SH SOLE 48290 WYETH COM COM 983024100 680 13370 SH SOLE 13370 APEX SILVER MINES LTD ORD ADR G04074103 312 18725 SH SOLE 18725 BT GROUP PLC ADR ADR 05577E101 396 7840 SH SOLE 1440 6400 GOLD RESV INC CL A ADR 38068N108 214 52350 SH SOLE 52350 INFOSYS TECH LTD SPONSORED ADR ADR 456788108 527 11040 SH SOLE 1100 9940 NOKIA CORP SPONSORED ADR ADR 654902204 467 23720 SH SOLE 2360 21360 STILWELL FINL INC PINES 7.875% PFD 860831304 211 8225 SH SOLE 8225