13F-HR 1 sec13f093006.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: September 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, 10/23/06 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: 69 FORM 13F INFORMATION TABLE VALUE TOTAL: $161,706,983 LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME FORM 13F INFORMATION TABLE AS OF DATE: 09/30/06 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 1269 17050 SH SOLE 0 0 17050 AT&T INC (NEW) COM 00206R102 221 6789 SH SOLE 0 0 6789 ABBOTT LABORATORIES COM 002824100 3290 67749 SH SOLE 0 0 67749 AIR PRODUCTS & CHEMIC COM 009158106 1062 16000 SH SOLE 0 0 16000 ALCOA INC COM 013817101 2005 71520 SH SOLE 0 0 71520 ALLTEL CORP COM COM 020039103 1104 19889 SH SOLE 0 0 19889 AMERICAN EXPRESS CO COM 025816109 1678 29915 SH SOLE 0 0 29915 AMERICAN INTERNATIONA COM 026874107 2428 36640 SH SOLE 0 0 36640 AMGEN INC COM 031162100 4017 56159 SH SOLE 0 0 56159 BANK OF AMERICA COM 060505104 1391 25957 SH SOLE 0 0 25957 BP PLC - ADR COM 055622104 5088 77584 SH SOLE 0 0 77584 BSCH BANCO SANTANDER COM 05964H105 4086 258756 SH SOLE 0 0 258756 CANADIAN IMPERIAL BK COM 136069101 1234 16300 SH SOLE 0 0 16300 CARDINAL HEALTH INC COM 14149Y108 2355 35824 SH SOLE 0 0 35824 CATERPILLAR INC COM 149123101 4543 69050 SH SOLE 0 0 69050 CEMEX S A ADR SPSRD N COM 151290889 4856 161436 SH SOLE 0 0 161436 CENTRICA PLC SHS COM G2018Z143 943 155150 SH SOLE 0 0 155150 CENTRICA PLC (NEW) COM 15639K300 1039 17105 SH SOLE 0 0 17105 CHUBB CORP COM 171232101 2136 41112 SH SOLE 0 0 41112 CITIGROUP INC. 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MORGAN CHASE & C COM 46625H100 6196 131952 SH SOLE 0 0 131952 JOHNSON & JOHNSON COM 478160104 3368 51864 SH SOLE 0 0 51864 LILLY, ELI AND COMPAN COM 532457108 676 11852 SH SOLE 0 0 11852 MARSHALL & ILSLEY COR COM 571834100 2496 51800 SH SOLE 0 0 51800 MC DONALD'S CORP COM 580135101 344 8800 SH SOLE 0 0 8800 MEDTRONIC INC COM 585055106 1583 34092 SH SOLE 0 0 34092 MELLON FINL CORP COM 58551A108 712 18200 SH SOLE 0 0 18200 MERCK & CO COM 589331107 373 8900 SH SOLE 0 0 8900 MICROSOFT CORP COM 594918104 808 29528 SH SOLE 0 0 29528 MOLEX INC COM 608554101 687 17627 SH SOLE 0 0 17627 MOLEX, INC., CLASS A COM 608554200 2760 83857 SH SOLE 0 0 83857 NESTLE SA ADR COM 641069406 548 6300 SH SOLE 0 0 6300 NEWMONT MINING CORP COM 651639106 2672 62500 SH SOLE 0 0 62500 NEWS CORP CL A COM 65248E104 3096 157576 SH SOLE 0 0 157576 NORTHERN TRUST CORPOR COM 665859104 5976 102273 SH SOLE 0 0 102273 NOVARTIS AG - ADR COM 66987V109 2386 40828 SH SOLE 0 0 40828 OMNICOM GROUP COM 681919106 2574 27505 SH SOLE 0 0 27505 PEPSICO INC COM 713448108 4053 62102 SH SOLE 0 0 62102 PFIZER INC COM 717081103 3387 119412 SH SOLE 0 0 119412 POPULAR INC COM 733174106 1207 62093 SH SOLE 0 0 62093 PROCTER & GAMBLE COMP COM 742718109 284 4584 SH SOLE 0 0 4584 PROGRESSIVE CORPORATI COM 743315103 589 24000 SH SOLE 0 0 24000 ROCKWELL COLLINS INC COM 774341101 3688 67250 SH SOLE 0 0 67250 SAP AG SPONSORED ADR COM 803054204 2752 55600 SH SOLE 0 0 55600 SCHLUMBERGER, LTD. COM 806857108 7940 128006 SH SOLE 0 0 128006 STARBUCKS CORP COM 855244109 204 6000 SH SOLE 0 0 6000 SYSCO CORPORATION COM 871829107 2515 75200 SH SOLE 0 0 75200 TALISMAN ENERGY INC COM 87425E103 3696 225650 SH SOLE 0 0 225650 TARGET CORP COM COM 87612E106 2635 47695 SH SOLE 0 0 47695 TRANSATLANTIC HLDGS I COM 893521104 1510 25000 SH SOLE 0 0 25000 TRANSOCEAN INC COM G90078109 837 11423 SH SOLE 0 0 11423 VERIZON COMMUNICATION COM 92343V104 704 18957 SH SOLE 0 0 18957 VODAFONE GROUP INC COM 92857W209 2788 121950 SH SOLE 0 0 121950 WACHOVIA GROUP COM COM 929903102 201 3600 SH SOLE 0 0 3600 WAL MART STORES, INC. COM 931142103 901 18267 SH SOLE 0 0 18267 WALGREEN CO COM 931422109 3253 73273 SH SOLE 0 0 73273 WELLS FARGO NEW COM 949746101 4336 119842 SH SOLE 0 0 119842 WEYERHAEUSER CO COM 962166104 357 5800 SH SOLE 0 0 5800