13F-HR 1 sec13f063006.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 30,2006 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: 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, 07/25/06 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: 67 FORM 13F INFORMATION TABLE VALUE TOTAL: $154,226,178 LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME FORM 13F INFORMATION TABLE AS OF DATE: 06/30/06 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 1377 17050 SH SOLE 0 0 17050 ABBOTT LABORATORIES COM 002824100 2955 67749 SH SOLE 0 0 67749 AIR PRODUCTS & CHEMIC COM 009158106 1023 16000 SH SOLE 0 0 16000 ALCOA INC COM 013817101 2281 70500 SH SOLE 0 0 70500 ALLTEL CORP COM COM 020039103 1270 19889 SH SOLE 0 0 19889 AMERICAN EXPRESS CO COM 025816109 1645 30915 SH SOLE 0 0 30915 AMERICAN INTERNATIONA COM 026874107 2119 35890 SH SOLE 0 0 35890 AMGEN INC COM 031162100 3683 56459 SH SOLE 0 0 56459 BANK OF AMERICA COM 060505104 3313 68881 SH SOLE 0 0 68881 BP PLC - ADR COM 055622104 5185 74483 SH SOLE 0 0 74483 BSCH BANCO SANTANDER COM 05964H105 3896 266484 SH SOLE 0 0 266484 CANADIAN IMPERIAL BK COM 136069101 1094 16300 SH SOLE 0 0 16300 CARDINAL HEALTH INC COM 14149Y108 2279 35424 SH SOLE 0 0 35424 CATERPILLAR INC COM 149123101 5266 70700 SH SOLE 0 0 70700 CEMEX S A ADR SPSRD N COM 151290889 4704 82562 SH SOLE 0 0 82562 CENTRICA PLC SHS COM G2018Z143 871 165150 SH SOLE 0 0 165150 CENTRICA PLC (NEW) COM 15639K300 902 17105 SH SOLE 0 0 17105 CHUBB CORP COM 171232101 2051 41112 SH SOLE 0 0 41112 CITIGROUP INC. 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COM 806857108 8302 127506 SH SOLE 0 0 127506 STARBUCKS CORP COM 855244109 227 6000 SH SOLE 0 0 6000 TALISMAN ENERGY INC COM 87425E103 4119 235650 SH SOLE 0 0 235650 TARGET CORP COM COM 87612E106 2299 47050 SH SOLE 0 0 47050 TRANSATLANTIC HLDGS I COM 893521104 1398 25000 SH SOLE 0 0 25000 TRANSOCEAN INC COM G90078109 917 11423 SH SOLE 0 0 11423 UNITED TECHNOLOGIES C COM 913017109 203 3200 SH SOLE 0 0 3200 VERIZON COMMUNICATION COM 92343V104 635 18957 SH SOLE 0 0 18957 VODAFONE GROUP PLC COM 92857W100 2936 137855 SH SOLE 0 0 137855 WAL MART STORES, INC. COM 931142103 899 18667 SH SOLE 0 0 18667 WALGREEN CO COM 931422109 3405 75940 SH SOLE 0 0 75940 WELLS FARGO NEW COM 949746101 3974 59246 SH SOLE 0 0 59246 WEYERHAEUSER CO COM 962166104 479 7700 SH SOLE 0 0 7700