13F-HR 1 xsec13f063005.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: June 30,2005 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: Trees Investment Counsel, LLC Address: 70 West Madison Street Suite 640 Chicago,IL 60602 13F File Number: 28-5659 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: M. Jay Trees Title: President Phone: 312-368-1200 Signature, Place, and Date of Signing: M. Jay Trees, Chicago, 07/25/05 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: 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: 69 FORM 13F INFORMATION TABLE VALUE TOTAL: $147,894,931 LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME FORM 13F INFORMATION TABLE AS OF DATE: 06/30/05 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 857 11850 SH SOLE 0 0 11850 ABBOTT LABORATORIES COM 002824100 3355 68449 SH SOLE 0 0 68449 AIR PRODUCTS & CHEMIC COM 009158106 965 16000 SH SOLE 0 0 16000 ALCOA INC COM 013817101 1563 59800 SH SOLE 0 0 59800 ALLTEL CORP COM COM 020039103 1231 19772 SH SOLE 0 0 19772 AMERICAN EXPRESS CO COM 025816109 1348 25315 SH SOLE 0 0 25315 AMERICAN INTERNATIONA COM 026874107 2104 36205 SH SOLE 0 0 36205 AMGEN INC COM 031162100 3401 56259 SH SOLE 0 0 56259 BANK OF AMERICA COM 060505104 1065 23340 SH SOLE 0 0 23340 BP PLC - ADR COM 055622104 4509 72281 SH SOLE 0 0 72281 BSCH BANCO SANTANDER COM 05964H105 3007 259684 SH SOLE 0 0 259684 CANADIAN IMPERIAL BK COM 136069101 1053 17000 SH SOLE 0 0 17000 CARDINAL HEALTH INC COM 14149Y108 2040 35424 SH SOLE 0 0 35424 CATERPILLAR INC COM 149123101 3445 72300 SH SOLE 0 0 72300 CEMEX S A ADR SPSRD N COM 151290889 3947 93040 SH SOLE 0 0 93040 CENTRICA PLC SHS COM G2018Z143 705 169650 SH SOLE 0 0 169650 CENTRICA PLC (NEW) COM 15639K300 652 15705 SH SOLE 0 0 15705 CHUBB CORP COM 171232101 1785 20856 SH SOLE 0 0 20856 CITIGROUP INC. 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MORGAN CHASE & C COM 46625H100 4470 126566 SH SOLE 0 0 126566 JOHNSON & JOHNSON COM 478160104 1935 29774 SH SOLE 0 0 29774 KIMBERLY CLARK CORP COM 494368103 2536 40521 SH SOLE 0 0 40521 LILLY, ELI AND COMPAN COM 532457108 660 11852 SH SOLE 0 0 11852 M B N A CORPORATION COM 55262L100 2388 91300 SH SOLE 0 0 91300 MARSHALL & ILSLEY COR COM 571834100 2007 45150 SH SOLE 0 0 45150 MC DONALD'S CORP COM 580135101 244 8800 SH SOLE 0 0 8800 MELLON FINL CORP COM 58551A108 580 20200 SH SOLE 0 0 20200 MERCK & CO COM 589331107 893 29000 SH SOLE 0 0 29000 MICROSOFT CORP COM 594918104 674 27128 SH SOLE 0 0 27128 MOLEX INC COM 608554101 459 17627 SH SOLE 0 0 17627 MOLEX, INC., CLASS A COM 608554200 1875 79857 SH SOLE 0 0 79857 NESTLE SA ADR COM 641069406 403 6300 SH SOLE 0 0 6300 NEWMONT MINING CORP COM 651639106 2389 61200 SH SOLE 0 0 61200 NEWS CORP CL A COM 65248E104 2421 149616 SH SOLE 0 0 149616 NORTHERN TRUST CORPOR COM 665859104 4891 107273 SH SOLE 0 0 107273 NOVARTIS AG - ADR COM 66987V109 1787 37678 SH SOLE 0 0 37678 OMNICOM GROUP COM 681919106 1995 24975 SH SOLE 0 0 24975 PEPSICO INC COM 713448108 3234 59972 SH SOLE 0 0 59972 PFIZER INC COM 717081103 3012 109204 SH SOLE 0 0 109204 PRAXAIR INC COM 74005P104 2799 60059 SH SOLE 0 0 60059 PROGRESSIVE CORPORATI COM 743315103 593 6000 SH SOLE 0 0 6000 ROCKWELL COLLINS INC COM 774341101 3266 68500 SH SOLE 0 0 68500 SAP AG SPONSORED ADR COM 803054204 2163 49950 SH SOLE 0 0 49950 SCHLUMBERGER, LTD. COM 806857108 5153 67853 SH SOLE 0 0 67853 TALISMAN ENERGY INC COM 87425E103 2989 79550 SH SOLE 0 0 79550 TARGET CORP COM COM 87612E106 2516 46250 SH SOLE 0 0 46250 TRANSOCEAN SEDCO FORE COM G90078109 616 11423 SH SOLE 0 0 11423 TRIBUNE CO COM 896047107 1674 47585 SH SOLE 0 0 47585 VERIZON COMMUNICATION COM 92343V104 331 9591 SH SOLE 0 0 9591 VODAFONE GROUP PLC COM 92857W100 3310 136105 SH SOLE 0 0 136105 WAL MART STORES, INC. COM 931142103 958 19867 SH SOLE 0 0 19867 WALGREEN CO COM 931422109 3406 74050 SH SOLE 0 0 74050 WELLS FARGO NEW COM 949746101 3647 59216 SH SOLE 0 0 59216 WEYERHAEUSER CO COM 962166104 522 8200 SH SOLE 0 0 8200 WYETH COM 983024100 286 6433 SH SOLE 0 0 6433