13F-HR 1 sec13f033111.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, 2011 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, 04/26/11 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: $147,143,239 LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME FORM 13F INFORMATION TABLE AS OF DATE: 03/31/11 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 4369 46728 SH SOLE 1050 0 45678 AT&T INC (NEW) COM 00206R102 227 7421 SH SOLE 3600 0 3821 ABBOTT LABORATORIES COM 002824100 2403 48994 SH SOLE 0 0 48994 ACCENTURE PLC IRELAND COM G1151C101 3480 63316 SH SOLE 0 0 63316 AIR PRODUCTS & CHEMIC COM 009158106 1202 13334 SH SOLE 0 0 13334 ANGLO AMERN PLC ADR N COM 03485P201 3331 129600 SH SOLE 3700 0 125900 BANK OF AMERICA COM 060505104 136 10230 SH SOLE 0 0 10230 BANK OF NEW YORK MELL COM 064058100 227 7600 SH SOLE 0 0 7600 BERKSHIRE HATHAWAY INC COM 084670702 414 4950 SH SOLE 0 0 4950 BLACKSTONE GROUP L P COM 09253U108 856 47900 SH SOLE 0 0 47900 BP PLC - ADR COM 055622104 910 20623 SH SOLE 0 0 20623 BSCH BANCO SANTANDER COM 05964H105 2775 237000 SH SOLE 8300 0 228700 BUNGE LIMITED COM COM G16962105 2301 31817 SH SOLE 0 0 31817 CANADIAN IMPERIAL BK COM 136069101 1028 11900 SH SOLE 0 0 11900 CEMEX S A ADR SPSRD N COM 151290889 2011 225180 SH SOLE 8320 0 216860 CENTRICA PLC SHS COM G2018Z143 710 136250 SH SOLE 0 0 136250 CENTRICA PLC (NEW) COM 15639K300 934 44762 SH SOLE 0 0 44762 CISCO SYSTEMS, INC COM 17275R102 1821 106200 SH SOLE 3700 0 102500 COCA COLA CO COM 191216100 251 3781 SH SOLE 1000 0 2781 ECOLAB INC COM 278865100 2440 47827 SH SOLE 1800 0 46027 EXXON MOBIL CORPORATI COM 30231G102 4753 56501 SH SOLE 2350 0 54151 GENERAL ELECTRIC COMP COM 369604103 4834 241105 SH SOLE 2500 0 238605 GOLDCORP INC NEW COM COM 380956409 3413 68533 SH SOLE 700 0 67833 ILLINOIS TOOL WORKS I COM 452308109 3198 59526 SH SOLE 1800 0 57726 INTEL CORP COM 458140100 1912 94770 SH SOLE 3700 0 91070 INTERNATIONAL BUSINES COM 459200101 380 2333 SH SOLE 0 0 2333 ISHARES TR MSCI EAFE ETF 464287465 218 3630 SH SOLE 2330 0 1300 ISHARES TR MSCI EMERG ETF 464287234 3050 62670 SH SOLE 0 0 62670 J.P. MORGAN CHASE & C COM 46625H100 5902 128028 SH SOLE 2200 0 125828 JOHNSON & JOHNSON COM 478160104 3074 51886 SH SOLE 1500 0 50386 LILLY, ELI AND COMPAN COM 532457108 417 11852 SH SOLE 0 0 11852 MDU RES GROUP INC COM COM 552690109 2599 113134 SH SOLE 4400 0 108734 MEDASSETS INC COM COM 584045108 381 25000 SH SOLE 0 0 25000 MEDTRONIC INC COM 585055106 1698 43157 SH SOLE 2000 0 41157 MEDTRONIC INC CONVERT NOTE 585055AL0 100 100000 PRN SOLE 0 0 100000 MERCK & COMPANY COM 58933Y105 541 16400 SH SOLE 0 0 16400 MICROSOFT CORP COM 594918104 1118 44023 SH SOLE 4200 0 39823 NESTLE SA ADR COM 641069406 5070 88091 SH SOLE 1700 0 86391 NORTHERN TRUST CORPOR COM 665859104 4481 88299 SH SOLE 0 0 88299 NOVARTIS AG - ADR COM 66987V109 2754 50672 SH SOLE 1700 0 48972 OCCIDENTAL PETROLEUM COM 674599105 3446 32981 SH SOLE 400 0 32581 OMNICOM GROUP COM 681919106 3355 68383 SH SOLE 1900 0 66483 PEPSICO INC COM 713448108 4035 62638 SH SOLE 667 0 61971 PFIZER INC COM 717081103 2038 100361 SH SOLE 5000 0 95361 PROGRESSIVE CORPORATI COM 743315103 539 25500 SH SOLE 0 0 25500 QUALCOMM INC COM 747525103 3543 64617 SH SOLE 600 0 64017 ROCKWELL COLLINS INC COM 774341101 4297 66283 SH SOLE 1600 0 64683 SCHLUMBERGER, LTD. COM 806857108 8059 86412 SH SOLE 1200 0 85212 SPDR S&P BIOTECH ETF COM 78464A870 3153 47226 SH SOLE 1600 0 45626 SYSCO CORPORATION COM 871829107 2182 78767 SH SOLE 0 0 78767 TALISMAN ENERGY INC COM 87425E103 6120 247790 SH SOLE 4500 0 243290 TEVA PHARMACEUTICAL I COM 881624209 2180 43450 SH SOLE 2250 0 41200 TRANSATLANTIC HLDGS I COM 893521104 243 5000 SH SOLE 0 0 5000 TRANSOCEAN LTD ZUG NA COM H8817H100 312 4000 SH SOLE 0 0 4000 UNITED TECHNOLOGIES C COM 913017109 220 2600 SH SOLE 1600 0 1000 VANGUARD MSCI PACIFIC ETF 922042866 2157 38633 SH SOLE 0 0 38633 VERIZON COMMUNICATION COM 92343V104 2967 76991 SH SOLE 0 0 76991 VISA INC COM CL A COM 92826C839 2497 33917 SH SOLE 1250 0 32667 VODAFONE GROUP INC COM 92857W209 3499 121701 SH SOLE 0 0 121701 WAL MART STORES, INC. COM 931142103 418 8025 SH SOLE 3025 0 5000 WALGREEN CO COM 931422109 3386 84348 SH SOLE 2600 0 81748 WELLS FARGO NEW COM 949746101 3624 114270 SH SOLE 3200 0 111070 YUM BRANDS INC COM COM 988498101 3150 61316 SH SOLE 1800 0 59516