UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 13F
FORM 13-F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 1999
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: Telegraph Hill Investment Counsel, LLC
Address: 444 Market Street, Suite 700
San Francisco, CA 94111
13F File Number: 28-7400
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: Edward J. Lorain
Title: Managing Member
Phone: 415-956-4500
Signature, Place and Date of Signing:
Edward J. Lorain San Francisco, CA April 8, 1999
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 AND EXCHANGE ACT
OF 1934.
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 104
Form 13F Information Table Value Total: 146,711 ($000)
List of Other Included Manager:
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<TABLE> <C> <C>
VALUE SHARES SH/ PU/
INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRN AMT PRN CALL
DISCRETN MANAGERS SOLE SHARED OTHER
Bristol-Myers Squibb COM 110122108 5,203 81,134 SH
Sole 5,203
Bristol-Myers Squibb COM 110122108 8,503 132,606 SH
Other 8,503
Browning-Ferris Inds COM 115885105 353 9,150 SH
Sole 353
Browning-Ferris Inds COM 115885105 720 18,675 SH
Other 720
Chevron Corp COM 166751107 1,040 11,713 SH
Sole 1,040
Chevron Corp COM 166751107 1,979 22,296 SH
Other 1,979
Clayton Homes COM 184190106 586 52,970 SH
Sole 586
Clayton Homes COM 184190106 61 5,550 SH
Other 61
AlliedSignal COM 19512102 878 17,850 SH
Sole 878
AlliedSignal COM 19512102 39 800 SH
Other 39
Allstate Corp COM 20002101 1,253 33,796 SH
Sole 1,253
Allstate Corp COM 20002101 1,546 41,718 SH
Other 1,546
Corning COM 219350105 1,101 18,350 SH
Sole 1,101
Corning COM 219350105 1,764 29,400 SH
Other 1,764
Dionex Corp COM 254546104 628 16,636 SH
Sole 628
Dionex Corp COM 254546104 231 6,125 SH
Other 231
RR Donnelley & Sons COM 257867101 925 28,728 SH
Sole 925
RR Donnelley & Sons COM 257867101 2,225 69,141 SH
Other 2,225
Dover Corp COM 260003108 588 17,875 SH
Sole 588
American General COM 26351106 592 8,400 SH
Sole 592
American General COM 26351106 310 4,400 SH
Other 310
American Home Prod COM 26609107 379 5,803 SH
Sole 379
American Home Prod COM 26609107 1,696 25,988 SH
Other 1,696
American Intl Grp COM 26874107 1,768 14,658 SH
Sole 1,768
American Intl Grp COM 26874107 1,925 15,958 SH
Other 1,925
Abbott Laboratories COM 2824100 248 5,308 SH
Sole 248
Abbott Laboratories COM 2824100 908 19,400 SH
Other 908
Emerson Electric COM 291011104 1,094 20,670 SH
Sole 1,094
Emerson Electric COM 291011104 1,948 36,800 SH
Other 1,948
Enron Corp COM 293561106 606 9,425 SH
Sole 606
Enron Corp COM 293561106 99 1,547 SH
Other 99
Exxon Corp COM 302290101 1,100 15,582 SH
Sole 1,100
Exxon Corp COM 302290101 3,386 47,982 SH
Other 3,386
Fannie Mae COM 313586109 846 12,220 SH
Sole 846
Fannie Mae COM 313586109 104 1,500 SH
Other 104
Franklin Resources COM 354613101 611 21,725 SH
Sole 611
Franklin Resources COM 354613101 23 800 SH
Other 23
General Electric COM 369604103 6,748 61,001 SH
Sole 6,748
General Electric COM 369604103 9,348 84,499 SH
Other 9,348
Genuine Parts COM 372460105 473 16,404 SH
Sole 473
Genuine Parts COM 372460105 926 32,138 SH
Other 926
Hewlett-Packard COM 428236103 1,357 20,010 SH
Sole 1,357
Hewlett-Packard COM 428236103 3,869 57,048 SH
Other 3,869
Intel Corp COM 458140100 1,219 10,258 SH
Sole 1,219
Intel Corp COM 458140100 666 5,600 SH
Other 666
Johnson & Johnson COM 478160104 2,696 28,834 SH
Sole 2,696
Johnson & Johnson COM 478160104 4,198 44,900 SH
Other 4,198
Knight-Ridder COM 499040010 70 1,400 SH
Sole 70
Knight-Ridder COM 499040010 445 8,900 SH
Other 445
Lear Corp COM 521865105 826 19,350 SH
Sole 826
Lear Corp COM 521865105 30 700 SH
Other 30
BP Amoco Plc COM 55622104 745 7,380 SH
Sole 745
BP Amoco Plc COM 55622104 521 5,158 SH
Other 521
McGraw-Hill COM 580645109 191 3,500 SH
Sole 191
McGraw-Hill COM 580645109 628 11,530 SH
Other 628
Merck & Company COM 589331107 680 8,490 SH
Sole 680
Merck & Company COM 589331107 2,111 26,352 SH
Other 2,111
Microsoft Corp COM 594918104 1,352 15,080 SH
Sole 1,352
Microsoft Corp COM 594918104 359 4,000 SH
Other 359
J.P. Morgan COM 616880100 574 4,650 SH
Sole 574
J.P. Morgan COM 616880100 830 6,724 SH
Other 830
Newell Rubbermaid COM 651192106 620 13,050 SH
Sole 620
Newell Rubbermaid COM 651192106 43 900 SH
Other 43
Pall Corp COM 696429307 133 8,000 SH
Sole 133
Pall Corp COM 696429307 460 27,780 SH
Other 460
Pfizer COM 717081103 7,245 52,213 SH
Sole 7,245
Pfizer COM 717081103 11,318 81,571 SH
Other 11,318
Philip Morris Cos COM 718154107 1,137 32,320 SH
Sole 1,137
Philip Morris Cos COM 718154107 856 24,330 SH
Other 856
Procter & Gamble COM 742718109 2,440 24,913 SH
Sole 2,440
Procter & Gamble COM 742718109 5,216 53,254 SH
Other 5,216
Royal Dutch Pete COM 780257804 552 10,610 SH
Sole 552
Royal Dutch Pete COM 780257804 519 9,984 SH
Other 519
Safeway COM 786514208 793 15,445 SH
Sole 793
Sara Lee COM 803111103 270 10,900 SH
Sole 270
Sara Lee COM 803111103 51 2,050 SH
Other 51
Schlumberger Ltd COM 806857108 919 15,275 SH
Sole 919
Schlumberger Ltd COM 806857108 241 4,005 SH
Other 241
Sears, Roebuck COM 812387108 159 3,519 SH
Sole 159
Sears, Roebuck COM 812387108 585 12,940 SH
Other 585
Service Corporation COM 817565104 232 16,250 SH
Sole 232
Service Corporation COM 817565104 27 1,900 SH
Other 27
Solectron Corp COM 834182107 684 14,075 SH
Sole 684
Solectron Corp COM 834182107 58 1,200 SH
Other 58
SYSCO Corp COM 871829107 1,042 39,600 SH
Sole 1,042
SYSCO Corp COM 871829107 935 35,524 SH
Other 935
Union Pacific COM 907818108 376 7,040 SH
Sole 376
Union Pacific COM 907818108 486 9,093 SH
Other 486
Union Pacific Resources COM 907834105 56 4,742 SH
Sole 56
Union Pacific Resources COM 907834105 72 6,044 SH
Other 72
Air Prod & Chem COM 9158106 516 15,080 SH
Sole 516
Air Prod & Chem COM 9158106 719 21,004 SH
Other 719
Walgreen Company COM 931422109 2,921 103,400 SH
Sole 2,921
Walgreen Company COM 931422109 4,280 151,500 SH
Other 4,280
Wells Fargo COM 949740104 193 5,500 SH
Sole 193
Wells Fargo COM 949740104 461 13,140 SH
Other 461
Boeing Company COM 97023105 332 9,750 SH
Sole 332
Boeing Company COM 97023105 841 24,746 SH
Other 841
Bestfoods COM 08658U101 926 19,700 SH
Sole 926
Bestfoods COM 08658U101 1,451 30,878 SH
Other 1,451
MBNA Corp COM 55262L100 2,910 121,875 SH
Sole 2,910
MBNA Corp COM 55262L100 4,794 200,815 SH
Other 4,794
Bank One COM 06425A103 455 8,256 SH
Sole 455
Bank One COM 06425A103 259 4,701 SH
Other 259
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