13F-HR 1 sec13f093011.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, 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, 10/19/11 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: 60 FORM 13F INFORMATION TABLE VALUE TOTAL: $109,835,741 LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME FORM 13F INFORMATION TABLE AS OF DATE: 09/30/11 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 3070 42757 SH SOLE 1050 0 41707 AT&T INC (NEW) COM 00206R102 212 7421 SH SOLE 3600 0 3821 ABBOTT LABORATORIES COM 002824100 2350 45946 SH SOLE 0 0 45946 ACCENTURE PLC IRELAND COM G1151C101 3123 59287 SH SOLE 0 0 59287 AIR PRODUCTS & CHEMIC COM 009158106 1018 13334 SH SOLE 0 0 13334 ANGLO AMERN PLC ADR N COM 03485P201 1986 114410 SH SOLE 3700 0 110710 BERKSHIRE HATHAWAY IN COM 084670702 334 4700 SH SOLE 0 0 4700 BLACKSTONE GROUP L P COM 09253U108 494 41233 SH SOLE 0 0 41233 BP PLC - ADR COM 055622104 639 17723 SH SOLE 0 0 17723 BSCH BANCO SANTANDER COM 05964H105 1942 241500 SH SOLE 8300 0 233200 BUNGE LIMITED COM COM G16962105 1761 30206 SH SOLE 0 0 30206 CANADIAN IMPERIAL BK COM 136069101 639 9150 SH SOLE 0 0 9150 CEMEX S A ADR SPSRD N COM 151290889 699 221049 SH SOLE 16640 0 204409 CENTRICA PLC SHS COM G2018Z143 649 139850 SH SOLE 0 0 139850 CENTRICA PLC (NEW) COM 15639K300 796 42914 SH SOLE 0 0 42914 CISCO SYSTEMS, INC COM 17275R102 1595 102900 SH SOLE 3700 0 99200 COCA COLA CO COM 191216100 220 3250 SH SOLE 1000 0 2250 DEERE & COMPANY COM 244199105 1831 28350 SH SOLE 1000 0 27350 DISNEY, WALT, COMPANY COM 254687106 1417 46978 SH SOLE 1900 0 45078 ECOLAB INC COM 278865100 2227 45543 SH SOLE 1800 0 43743 EXXON MOBIL CORPORATI COM 30231G102 3465 47704 SH SOLE 2350 0 45354 GENERAL ELECTRIC COMP COM 369604103 3366 221160 SH SOLE 2500 0 218660 GOLDCORP INC NEW COM COM 380956409 2915 63878 SH SOLE 1600 0 62278 ILLINOIS TOOL WORKS I COM 452308109 2430 58403 SH SOLE 1800 0 56603 INTEL CORP COM 458140100 1925 90240 SH SOLE 3700 0 86540 INTERNATIONAL BUSINES COM 459200101 280 1600 SH SOLE 0 0 1600 ISHARES TR MSCI EMERG ETF 464287234 2011 57300 SH SOLE 0 0 57300 J.P. MORGAN CHASE & C COM 46625H100 2743 91059 SH SOLE 2500 0 88559 JOHNSON & JOHNSON COM 478160104 3314 52038 SH SOLE 1500 0 50538 MC DONALD'S CORP COM 580135101 220 2500 SH SOLE 0 0 2500 MDU RES GROUP INC COM COM 552690109 1985 103424 SH SOLE 4400 0 99024 MEDASSETS INC COM COM 584045108 240 25000 SH SOLE 0 0 25000 MERCK & COMPANY COM 58933Y105 536 16400 SH SOLE 0 0 16400 MICROSOFT CORP COM 594918104 880 35356 SH SOLE 4200 0 31156 NESTLE SA ADR COM 641069406 4009 72683 SH SOLE 1700 0 70983 NORTHERN EQUITY INDEX MUTUAL FUND 665130209 476 53805 SH SOLE 0 0 53805 NORTHERN EQUITY INDEX MUTUAL FUND 665130100 219 21122 SH SOLE 0 0 21122 NORTHERN FDS SML CAP MUTUAL FUND 665162723 110 15463 SH SOLE 0 0 15463 NORTHERN FDS STK INDE MUTUAL FUND 665162772 496 35434 SH SOLE 0 0 35434 NORTHERN TRUST CORPOR COM 665859104 2918 83415 SH SOLE 0 0 83415 NOVARTIS AG - ADR COM 66987V109 2556 45833 SH SOLE 1700 0 44133 OCCIDENTAL PETROLEUM COM 674599105 2201 30787 SH SOLE 400 0 30387 OMNICOM GROUP COM 681919106 2282 61955 SH SOLE 1900 0 60055 PEPSICO INC COM 713448108 3459 55875 SH SOLE 667 0 55208 PFIZER INC COM 717081103 1558 88147 SH SOLE 5000 0 83147 QUALCOMM INC COM 747525103 2940 60451 SH SOLE 600 0 59851 ROCKWELL COLLINS INC COM 774341101 3073 58247 SH SOLE 1600 0 56647 SCHLUMBERGER, LTD. COM 806857108 5032 84250 SH SOLE 1200 0 83050 SPDR S&P BIOTECH ETF COM 78464A870 2635 44270 SH SOLE 1600 0 42670 TALISMAN ENERGY INC COM 87425E103 2489 202822 SH SOLE 4500 0 198322 TEVA PHARMACEUTICAL I COM 881624209 1633 43869 SH SOLE 2250 0 41619 TRANSATLANTIC HLDGS I COM 893521104 243 5000 SH SOLE 0 0 5000 VANGUARD MSCI PACIFIC ETF 922042866 1710 35279 SH SOLE 0 0 35279 VERIZON COMMUNICATION COM 92343V104 2399 65196 SH SOLE 0 0 65196 VISA INC COM CL A COM 92826C839 2651 30932 SH SOLE 1250 0 29682 VODAFONE GROUP INC COM 92857W209 2935 114392 SH SOLE 0 0 114392 WAL MART STORES, INC. COM 931142103 416 8025 SH SOLE 3025 0 5000 WALGREEN CO COM 931422109 2540 77241 SH SOLE 2600 0 74641 WELLS FARGO NEW COM 949746101 2727 113080 SH SOLE 3200 0 109880 YUM BRANDS INC COM COM 988498101 2818 57063 SH SOLE 1800 0 55263