13F-HR 1 sec13f033108.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: March 31,2008 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: Chairman Phone: 312-368-1200 Signature, Place, and Date of Signing: M. Jay Trees, Chicago, 04/18/08 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: 74 FORM 13F INFORMATION TABLE VALUE TOTAL: $178,176,149 LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME FORM 13F INFORMATION TABLE AS OF DATE: 03/31/08 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 3502 44250 SH SOLE 0 0 44250 AT&T INC (NEW) COM 00206R102 321 8384 SH SOLE 0 0 8384 ABBOTT LABORATORIES COM 002824100 3089 56009 SH SOLE 0 0 56009 AIR PRODUCTS & CHEMIC COM 009158106 1472 16000 SH SOLE 0 0 16000 AMERICAN EXPRESS CO COM 025816109 1229 28115 SH SOLE 0 0 28115 AMERICAN INTERNATIONA COM 026874107 1919 44359 SH SOLE 0 0 44359 AMGEN INC COM 031162100 2678 64109 SH SOLE 0 0 64109 ANGLO AMERN PLC ADR N COM 03485P201 3504 117700 SH SOLE 0 0 117700 APTARGROUP INC COM 038336103 584 15000 SH SOLE 0 0 15000 BANK OF AMERICA COM 060505104 821 21656 SH SOLE 0 0 21656 BANK OF NEW YORK MELL COM 064058100 359 8600 SH SOLE 0 0 8600 BERKSHIRE HATHAWAY INC COM 084670207 760 170 SH SOLE 0 0 170 BLACKSTONE GROUP L P COM 09253U108 1626 102400 SH SOLE 0 0 102400 BP PLC - ADR COM 055622104 5030 82943 SH SOLE 0 0 82943 BSCH BANCO SANTANDER COM 05964H105 4914 246420 SH SOLE 0 0 246420 CANADIAN IMPERIAL BK COM 136069101 866 13450 SH SOLE 0 0 13450 CARDINAL HEALTH INC COM 14149Y108 2084 39679 SH SOLE 0 0 39679 CATERPILLAR INC COM 149123101 5574 71200 SH SOLE 0 0 71200 CEMEX S A ADR SPSRD N COM 151290889 4613 176600 SH SOLE 0 0 176600 CENTRICA PLC SHS COM G2018Z143 870 146850 SH SOLE 0 0 146850 CENTRICA PLC (NEW) COM 15639K300 961 16205 SH SOLE 0 0 16205 CHUBB CORP COM 171232101 1950 39412 SH SOLE 0 0 39412 CIMAREX ENERGY CO COM COM 171798101 821 15000 SH SOLE 0 0 15000 CISCO SYSTEMS, INC COM 17275R102 2245 93200 SH SOLE 0 0 93200 CITIGROUP INC. COM 172967101 239 11177 SH SOLE 0 0 11177 DOW CHEMICAL CORP COM 260543103 3491 94729 SH SOLE 0 0 94729 EXELON CORP COM COM 30161N101 4490 55250 SH SOLE 0 0 55250 EXXON MOBIL CORPORATI COM 30231G102 2506 29634 SH SOLE 0 0 29634 FASTENAL COMPANY COM 311900104 551 12000 SH SOLE 0 0 12000 GENERAL ELECTRIC COMP COM 369604103 9603 259475 SH SOLE 0 0 259475 HOME DEPOT INC COM 437076102 2268 81075 SH SOLE 0 0 81075 HUTCHISON TELECOMM IN COM 44841T107 2841 132100 SH SOLE 0 0 132100 ILLINOIS TOOL WORKS I COM 452308109 3305 68520 SH SOLE 0 0 68520 INTEL CORP COM 458140100 1703 80417 SH SOLE 0 0 80417 INTERNATIONAL BUSINES COM 459200101 286 2483 SH SOLE 0 0 2483 J.P. MORGAN CHASE & C COM 46625H100 6071 141350 SH SOLE 0 0 141350 JOHNSON & JOHNSON COM 478160104 3601 55514 SH SOLE 0 0 55514 LILLY, ELI AND COMPAN COM 532457108 611 11852 SH SOLE 0 0 11852 MARSHALL & ILSLEY COR COM 571837103 1339 57712 SH SOLE 0 0 57712 MC DONALD'S CORP COM 580135101 335 6000 SH SOLE 0 0 6000 MDU RES GROUP INC COM COM 552690109 2293 93400 SH SOLE 0 0 93400 MEDTRONIC INC COM 585055106 2152 44492 SH SOLE 0 0 44492 MERCK & CO COM 589331107 300 7900 SH SOLE 0 0 7900 MICROSOFT CORP COM 594918104 1181 41628 SH SOLE 0 0 41628 MOLEX INC COM 608554101 408 17627 SH SOLE 0 0 17627 MOLEX, INC., CLASS A COM 608554200 1726 78941 SH SOLE 0 0 78941 NESTLE SA ADR COM 641069406 916 7300 SH SOLE 0 0 7300 NEWS CORP CL A COM 65248E104 3170 169076 SH SOLE 0 0 169076 NORTHERN TRUST CORPOR COM 665859104 6468 97300 SH SOLE 0 0 97300 NOVARTIS AG - ADR COM 66987V109 2570 50172 SH SOLE 0 0 50172 OMNICOM GROUP COM 681919106 2952 66810 SH SOLE 0 0 66810 PEPSICO INC COM 713448108 4922 68169 SH SOLE 0 0 68169 PFIZER INC COM 717081103 2877 137465 SH SOLE 0 0 137465 PLUM CREEK TIMBER CO COM 729251108 4044 99350 SH SOLE 0 0 99350 POPULAR INC COM 733174106 491 42093 SH SOLE 0 0 42093 PROGRESSIVE CORPORATI COM 743315103 386 24000 SH SOLE 0 0 24000 PROLOGIS COM 743410102 3596 61100 SH SOLE 0 0 61100 RAYONIER INC COM COM 754907103 334 7678 SH SOLE 0 0 7678 ROCKWELL COLLINS INC COM 774341101 3678 64350 SH SOLE 0 0 64350 SCHLUMBERGER, LTD. COM 806857108 10458 120212 SH SOLE 0 0 120212 SIGMA-ALDRICH CORPORA COM 826552101 477 8000 SH SOLE 0 0 8000 STERICYCLE INC COM 858912108 670 13000 SH SOLE 0 0 13000 SYSCO CORPORATION COM 871829107 2536 87400 SH SOLE 0 0 87400 TALISMAN ENERGY INC COM 87425E103 4326 244400 SH SOLE 0 0 244400 TARGET CORP COM COM 87612E106 2928 57775 SH SOLE 0 0 57775 TRANSATLANTIC HLDGS I COM 893521104 796 12000 SH SOLE 0 0 12000 TRANSOCEAN INC COM NE COM G90073100 1080 7990 SH SOLE 0 0 7990 VANGUARD INTL EQUITY ETF 922042866 3235 52450 SH SOLE 0 0 52450 VERIZON COMMUNICATION COM 92343V104 698 19157 SH SOLE 0 0 19157 VODAFONE GROUP INC COM 92857W209 3670 124377 SH SOLE 0 0 124377 WAL MART STORES, INC. COM 931142103 527 10000 SH SOLE 0 0 10000 WALGREEN CO COM 931422109 3255 85448 SH SOLE 0 0 85448 WELLS FARGO NEW COM 949746101 3737 128420 SH SOLE 0 0 128420 WEYERHAEUSER CO COM 962166104 286 4400 SH SOLE 0 0 4400