13F-HR 1 sec13f033110.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, 2010 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, 04/22/10 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: 63 FORM 13F INFORMATION TABLE VALUE TOTAL: $136,486,192 LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME FORM 13F INFORMATION TABLE AS OF DATE: 03/31/10 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 3912 46816 SH SOLE 0 0 46816 ABBOTT LABORATORIES COM 002824100 2712 51474 SH SOLE 0 0 51474 ACCENTURE PLC IRELAND COM G1151C101 2821 67250 SH SOLE 0 0 67250 AIR PRODUCTS & CHEMIC COM 009158106 1080 14600 SH SOLE 0 0 14600 ANGLO AMERN PLC ADR N COM 03485P201 2962 135900 SH SOLE 0 0 135900 APTARGROUP INC COM 038336103 472 12000 SH SOLE 0 0 12000 BANK OF NEW YORK MELL COM 064058100 235 7600 SH SOLE 0 0 7600 BERKSHIRE HATHAWAY INC COM 084670702 890 10950 SH SOLE 0 0 10950 BLACKSTONE GROUP L P COM 09253U108 841 60100 SH SOLE 0 0 60100 BOSTON PROP LP CONVT NOTE 10112RAG9 926 875000 PRN SOLE 0 0 875000 BP PLC - ADR COM 055622104 4292 75199 SH SOLE 0 0 75199 BSCH BANCO SANTANDER COM 05964H105 3232 243520 SH SOLE 0 0 243520 BUNGE LIMITED COM COM G16962105 1941 31500 SH SOLE 0 0 31500 CANADIAN IMPERIAL BK COM 136069101 807 11050 SH SOLE 0 0 11050 CEMEX S A ADR SPSRD N COM 151290889 2034 199188 SH SOLE 0 0 199188 CENTRICA PLC SHS COM G2018Z143 581 130250 SH SOLE 0 0 130250 CENTRICA PLC (NEW) COM 15639K300 798 44762 SH SOLE 0 0 44762 CIMAREX ENERGY CO COM COM 171798101 653 11000 SH SOLE 0 0 11000 CISCO SYSTEMS, INC COM 17275R102 3034 116550 SH SOLE 0 0 116550 ECOLAB INC COM 278865100 1944 44233 SH SOLE 0 0 44233 EXXON MOBIL CORPORATI COM 30231G102 3735 55770 SH SOLE 0 0 55770 GENERAL ELECTRIC COMP COM 369604103 4417 242675 SH SOLE 0 0 242675 GOLDCORP INC NEW COM COM 380956409 2591 69600 SH SOLE 0 0 69600 HOLOGIC INC COM COM 436440101 1567 84500 SH SOLE 0 0 84500 ILLINOIS TOOL WORKS I COM 452308109 2939 62047 SH SOLE 0 0 62047 INTEL CORP COM 458140100 2077 93170 SH SOLE 0 0 93170 INTERNATIONAL BUSINES COM 459200101 299 2333 SH SOLE 0 0 2333 J.P. MORGAN CHASE & C COM 46625H100 5546 123931 SH SOLE 0 0 123931 JOHNSON & JOHNSON COM 478160104 3446 52851 SH SOLE 0 0 52851 LILLY, ELI AND COMPAN COM 532457108 429 11852 SH SOLE 0 0 11852 MC DONALD'S CORP COM 580135101 347 5200 SH SOLE 0 0 5200 MDU RES GROUP INC COM COM 552690109 2238 103700 SH SOLE 0 0 103700 MEDASSETS INC COM COM 584045108 735 35000 SH SOLE 0 0 35000 MEDTRONIC INC COM 585055106 1877 41690 SH SOLE 0 0 41690 MEDTRONIC INC CONVERT NOTE 585055AL0 102 100000 PRN SOLE 0 0 100000 MERCK & COMPANY COM 58933Y105 351 9400 SH SOLE 0 0 9400 MICROSOFT CORP COM 594918104 1176 40138 SH SOLE 0 0 40138 NESTLE SA ADR COM 641069406 4607 89791 SH SOLE 0 0 89791 NORTHERN TRUST CORPOR COM 665859104 5266 95300 SH SOLE 0 0 95300 NOVARTIS AG - ADR COM 66987V109 2739 50622 SH SOLE 0 0 50622 OCCIDENTAL PETROLEUM COM 674599105 2681 31715 SH SOLE 0 0 31715 OMNICOM GROUP COM 681919106 2742 70643 SH SOLE 0 0 70643 PEPSICO INC COM 713448108 4409 66635 SH SOLE 0 0 66635 PFIZER INC COM 717081103 1897 110628 SH SOLE 0 0 110628 PROGRESSIVE CORPORATI COM 743315103 533 27915 SH SOLE 0 0 27915 QUIDEL CORP COM 74838J101 204 14000 SH SOLE 0 0 14000 ROCKWELL COLLINS INC COM 774341101 4262 68100 SH SOLE 0 0 68100 SCHLUMBERGER, LTD. COM 806857108 5687 89612 SH SOLE 0 0 89612 SIGMA-ALDRICH CORPORA COM 826552101 394 7344 SH SOLE 0 0 7344 SPDR S&P BIOTECH ETF COM 78464A870 2944 49110 SH SOLE 0 0 49110 STERICYCLE INC COM 858912108 709 13000 SH SOLE 0 0 13000 SYSCO CORPORATION COM 871829107 2483 84183 SH SOLE 0 0 84183 TALISMAN ENERGY INC COM 87425E103 4509 264290 SH SOLE 0 0 264290 TEVA PHARMACEUTICAL I COM 881624209 2454 38900 SH SOLE 0 0 38900 TRANSATLANTIC HLDGS I COM 893521104 264 5000 SH SOLE 0 0 5000 TRANSOCEAN LTD ZUG NA COM H8817H100 458 5304 SH SOLE 0 0 5304 VANGUARD INTL EQUITY ETF 922042866 2764 50650 SH SOLE 0 0 50650 VERIZON COMMUNICATION COM 92343V104 2421 78057 SH SOLE 0 0 78057 VODAFONE GROUP INC COM 92857W209 2867 122982 SH SOLE 0 0 122982 WAL MART STORES, INC. COM 931142103 417 7500 SH SOLE 0 0 7500 WALGREEN CO COM 931422109 3025 81548 SH SOLE 0 0 81548 WELLS FARGO NEW COM 949746101 3435 110370 SH SOLE 0 0 110370 YUM BRANDS INC COM COM 988498101 2280 59483 SH SOLE 0 0 59483