13F-HR 1 sec13f063007.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 30,2007 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, 07/24/07 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: 66 FORM 13F INFORMATION TABLE VALUE TOTAL: $182,183,230 LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME FORM 13F INFORMATION TABLE AS OF DATE: 06/30/07 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 3706 42700 SH SOLE 0 0 42700 AT&T INC (NEW) COM 00206R102 348 8384 SH SOLE 0 0 8384 ABBOTT LABORATORIES COM 002824100 3170 59194 SH SOLE 0 0 59194 AIR PRODUCTS & CHEMIC COM 009158106 1286 16000 SH SOLE 0 0 16000 ALLTEL CORP COM COM 020039103 1295 19172 SH SOLE 0 0 19172 AMERICAN EXPRESS CO COM 025816109 1812 29615 SH SOLE 0 0 29615 AMERICAN INTERNATIONA COM 026874107 2846 40640 SH SOLE 0 0 40640 AMGEN INC COM 031162100 3155 57059 SH SOLE 0 0 57059 BANK OF AMERICA COM 060505104 1152 23557 SH SOLE 0 0 23557 BP PLC - ADR COM 055622104 5927 82162 SH SOLE 0 0 82162 BSCH BANCO SANTANDER COM 05964H105 4575 248936 SH SOLE 0 0 248936 CANADIAN IMPERIAL BK COM 136069101 1403 15650 SH SOLE 0 0 15650 CARDINAL HEALTH INC COM 14149Y108 2485 35174 SH SOLE 0 0 35174 CATERPILLAR INC COM 149123101 5508 70350 SH SOLE 0 0 70350 CEMEX S A ADR SPSRD N COM 151290889 6157 166847 SH SOLE 0 0 166847 CENTRICA PLC SHS COM G2018Z143 1145 146850 SH SOLE 0 0 146850 CENTRICA PLC (NEW) COM 15639K300 1263 16205 SH SOLE 0 0 16205 CHEVRON CORPORATION COM 166764100 223 2646 SH SOLE 0 0 2646 CHUBB CORP COM 171232101 2134 39412 SH SOLE 0 0 39412 CITIGROUP INC. COM 172967101 625 12177 SH SOLE 0 0 12177 DOW CHEMICAL CORP COM 260543103 4148 93804 SH SOLE 0 0 93804 EXELON CORP COM COM 30161N101 4040 55650 SH SOLE 0 0 55650 EXXON MOBIL CORPORATI COM 30231G102 2611 31122 SH SOLE 0 0 31122 GENERAL ELECTRIC COMP COM 369604103 9955 260048 SH SOLE 0 0 260048 HOME DEPOT INC COM 437076102 2999 76225 SH SOLE 0 0 76225 ILLINOIS TOOL WORKS I COM 452308109 3972 73302 SH SOLE 0 0 73302 INTEL CORP COM 458140100 1956 82384 SH SOLE 0 0 82384 INTERNATIONAL BUSINES COM 459200101 277 2633 SH SOLE 0 0 2633 J.P. MORGAN CHASE & C COM 46625H100 6689 138052 SH SOLE 0 0 138052 JOHNSON & JOHNSON COM 478160104 3335 54114 SH SOLE 0 0 54114 LILLY, ELI AND COMPAN COM 532457108 662 11852 SH SOLE 0 0 11852 MARSHALL & ILSLEY COR COM 571834100 2558 53700 SH SOLE 0 0 53700 MC DONALD'S CORP COM 580135101 396 7800 SH SOLE 0 0 7800 MEDTRONIC INC COM 585055106 2193 42292 SH SOLE 0 0 42292 MELLON FINL CORP COM 58551A108 598 13600 SH SOLE 0 0 13600 MERCK & CO COM 589331107 393 7900 SH SOLE 0 0 7900 MICROSOFT CORP COM 594918104 1197 40628 SH SOLE 0 0 40628 MOLEX INC COM 608554101 529 17627 SH SOLE 0 0 17627 MOLEX, INC., CLASS A COM 608554200 2259 85091 SH SOLE 0 0 85091 NESTLE SA ADR COM 641069406 694 7300 SH SOLE 0 0 7300 NEWS CORP CL A COM 65248E104 3378 159276 SH SOLE 0 0 159276 NORTHERN TRUST CORPOR COM 665859104 6467 100673 SH SOLE 0 0 100673 NOVARTIS AG - ADR COM 66987V109 2402 42839 SH SOLE 0 0 42839 OMNICOM GROUP COM 681919106 3266 61710 SH SOLE 0 0 61710 PEPSICO INC COM 713448108 4306 66402 SH SOLE 0 0 66402 PFIZER INC COM 717081103 3048 119212 SH SOLE 0 0 119212 PLUM CREEK TIMBER CO COM 729251108 4081 97950 SH SOLE 0 0 97950 POPULAR INC COM 733174106 837 52093 SH SOLE 0 0 52093 PROGRESSIVE CORPORATI COM 743315103 574 24000 SH SOLE 0 0 24000 PROLOGIS COM 743410102 3286 57750 SH SOLE 0 0 57750 RAYONIER INC COM COM 754907103 347 7678 SH SOLE 0 0 7678 ROCKWELL COLLINS INC COM 774341101 4532 64150 SH SOLE 0 0 64150 SAP AG SPONSORED ADR COM 803054204 3159 61850 SH SOLE 0 0 61850 SCHLUMBERGER, LTD. COM 806857108 10266 120862 SH SOLE 0 0 120862 SYSCO CORPORATION COM 871829107 2793 84650 SH SOLE 0 0 84650 TALISMAN ENERGY INC COM 87425E103 4719 244150 SH SOLE 0 0 244150 TARGET CORP COM COM 87612E106 3595 56525 SH SOLE 0 0 56525 TRANSATLANTIC HLDGS I COM 893521104 1423 20000 SH SOLE 0 0 20000 TRANSOCEAN INC COM G90078109 1211 11423 SH SOLE 0 0 11423 VANGUARD INTL EQUITY ETF 922042866 3329 47200 SH SOLE 0 0 47200 VERIZON COMMUNICATION COM 92343V104 789 19157 SH SOLE 0 0 19157 VODAFONE GROUP INC COM 92857W209 4249 126348 SH SOLE 0 0 126348 WAL MART STORES, INC. COM 931142103 481 10000 SH SOLE 0 0 10000 WALGREEN CO COM 931422109 3253 74723 SH SOLE 0 0 74723 WELLS FARGO NEW COM 949746101 4372 124310 SH SOLE 0 0 124310 WEYERHAEUSER CO COM 962166104 347 4400 SH SOLE 0 0 4400