13F-HR/A 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 [X]; Amendment Number: This Amendment (check only one.): [X] 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: 74 FORM 13F INFORMATION TABLE VALUE TOTAL: $122,686.000 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 249 5100 SH SOLE 500 4600 ALCOA INC COM 013817101 2766 92175 SH SOLE 92175 ALLEGHENY TECHNOLOGIES COM COM 01741R102 330 3640 SH SOLE 330 3310 AMER INT'L GROUP COM 026874107 451 6300 SH SOLE 630 5670 AMGEN INC COM 031162100 430 6300 SH SOLE 560 5740 ARCHER DANIELS MIDLAND COM 039483102 3403 106475 SH SOLE 96625 9850 AT&T INC COM 00206R102 3876 108425 SH SOLE 93215 15210 AUTHENTIDATE HLDG CORP COM COM 052666104 61 38300 SH SOLE 38300 BRISTOL MYERS SQUIBB COM COM 110122108 300 11405 SH SOLE 11405 CATERPILLAR INC COM 149123101 3370 54945 SH SOLE 54945 CHEVRON CORP COM 166764100 3451 46935 SH SOLE 46935 CHICAGO MERCANTIL HLDG CL A COM 167760107 596 1170 SH SOLE 100 1070 CISCO SYS INC COM COM 17275R102 583 21340 SH SOLE 1860 19480 CITIGROUP INC COM 172967101 3339 59953 SH SOLE 59953 CONOCOPHILLIPS COM 20825C104 3711 51584 SH SOLE 51584 DISNEY (WALT) COM 254687106 541 15790 SH SOLE 1390 14400 DOW CHEMICAL COM 260543103 2643 66235 SH SOLE 66235 DU PONT E I DE NEMOURS COM COM 263534109 426 8750 SH SOLE 780 7970 EL PASO CORP COM COM 28336L109 466 30500 SH SOLE 2700 27800 EMERSON ELECTRIC COM 291011104 3062 69460 SH SOLE 69460 EXELON CORP COM 30161N101 3433 55465 SH SOLE 55465 EXXON MOBIL CORP COM 30231G102 5458 71225 SH SOLE 71225 FORD MOTOR COMPANY COM 345370860 109 14550 SH SOLE 14550 FRIEDMAN BILLINGS RMSY CL A COM 358434108 155 19350 SH SOLE 19350 GENERAL ELECTRIC COM 369604103 2598 69810 SH SOLE 69810 HARLEY DAVIDSON INC COM COM 412822108 440 6250 SH SOLE 550 5700 HEWLETT PACKARD COM 428236103 2823 68530 SH SOLE 55130 13400 HOME DEPOT COM 437076102 3242 80735 SH SOLE 80735 HONEYWELL INTL INC COM COM 438516106 541 11960 SH SOLE 1050 10910 INTEL CORP COM 458140100 2141 105710 SH SOLE 105710 JOHNSON & JOHNSON COM 478160104 2845 43087 SH SOLE 43087 JPMORGAN CHASE & CO COM 46625H100 3826 79210 SH SOLE 70110 9100 KIMBERLY CLARK COM 494368103 2894 42590 SH SOLE 42590 KOHLS CORP COM COM 500255104 567 8280 SH SOLE 730 7550 LINCOLN NATIONAL COM 534187109 4102 61770 SH SOLE 61770 LOCKHEED MARTIN CORP COM COM 539830109 416 4520 SH SOLE 400 4120 MCDONALDS CORP COM 580135101 3483 78570 SH SOLE 78570 MCGRAW HILL COM 580645109 4419 64960 SH SOLE 64960 MORGAN STANLEY COM NEW COM 617446448 610 7490 SH SOLE 670 6820 NATIONAL FUEL GAS COM 636180101 3372 87490 SH SOLE 87490 NEWS CORP CL B COM 65248E203 509 22880 SH SOLE 2060 20820 NORFOLK SOUTHERN CORP COM COM 655844108 238 4725 SH SOLE 4725 ORACLE COM 68389X105 395 23060 SH SOLE 2050 21010 PAYCHEX INC COM COM 704326107 496 12540 SH SOLE 1100 11440 PEPSICO INC COM 713448108 2971 47495 SH SOLE 47495 PFIZER INC COM 717081103 2569 99207 SH SOLE 99207 PITNEY BOWES COM 724479100 2526 54680 SH SOLE 54680 PNC FINL SVCS GROUP COM COM 693475105 541 7310 SH SOLE 7310 PROCTER & GAMBLE COM 742718109 3087 48025 SH SOLE 48025 PUBLIC SVC ENTERPRISE COM COM 744573106 371 5590 SH SOLE 5590 SAFEWAY INC COM NEW COM 786514208 495 14310 SH SOLE 1270 13040 SCHERING PLOUGH CORP COM COM 806605101 517 21880 SH SOLE 1780 20100 SCHLUMBERGER LTD COM COM 806857108 472 7470 SH SOLE 670 6800 SEI INVESTMENTS CO COM COM 784117103 600 10070 SH SOLE 890 9180 SHAW COMMUNICATIONS CL B CONV COM 82028K200 477 15030 SH SOLE 1330 13700 STRYKER CORP COM COM 863667101 513 9300 SH SOLE 820 8480 SYSCO CORP COM 871829107 3142 85470 SH SOLE 85470 TARGET CORP COM COM 87612E106 240 4210 SH SOLE 400 3810 UNITED TECHNOLOGIES COM 913017109 3068 49075 SH SOLE 49075 US BANCORP COM 902973304 3268 90307 SH SOLE 90307 VERIZON COMMUNICATIONS COM COM 92343V104 312 8386 SH SOLE 8386 WALGREEN CO COM COM 931422109 420 9160 SH SOLE 810 8350 WASHINGTON MUTUAL COM 939322103 3178 69860 SH SOLE 69860 WASTE MANAGEMENT INC COM 94106L109 529 14380 SH SOLE 1240 13140 WELLS FARGO COM 949746101 3381 95090 SH SOLE 95090 WEYERHAEUSER CORP COM 962166104 3499 49525 SH SOLE 49525 WYETH COM COM 983024100 681 13370 SH SOLE 13370 APEX SILVER MINES LTD ORD ADR G04074103 347 21825 SH SOLE 21825 BT GROUP PLC ADR ADR 05577E101 460 7680 SH SOLE 1280 6400 GOLD RESV INC CL A ADR 38068N108 291 61550 SH SOLE 61550 INFOSYS TECH LTD SPONSORED ADR ADR 456788108 595 10900 SH SOLE 960 9940 NOKIA CORP SPONSORED ADR ADR 654902204 484 23830 SH SOLE 2470 21360 PETROLEO BRASILEIRO SA SPONSOR ADR 71654V408 277 2685 SH SOLE 2685 STILWELL FINL INC PINES 7.875% PFD 860831304 209 8225 SH SOLE 8225