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 31,2000
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:
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: President
Phone: 312-368-1200
Signature, Place, and Date of Signing:
M. Jay Trees, Chicago, 04/26/00
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.
<PAGE> FORM 13F SUMMARY PAGE
REPORT SUMMARY:
NUMBER OF OTHER INCLUDED MANAGERS: 0
FORM 13F INFORMATION TABLE ENTRY TOTAL: 71
FORM 13F INFORMATION TABLE VALUE TOTAL: $102,771,569
LIST OF OTHER INCLUDED MANAGERS:
NO. 13F FILE NUMBER NAME
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FORM 13F INFORMATION TABLE
AS OF DATE: 03/31/00
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
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
ABBOTT LABORATORIES COM 002824100 2322 65984 SH SOLE 65984 0 0
AIR PRODUCTS & CHEMIC COM 009158106 283 9960 SH SOLE 9960 0 0
AKZO N V SPONSORED AD COM 010199305 215 5000 SH SOLE 5000 0 0
ALLTEL CORP COM COM 020039103 486 7700 SH SOLE 7700 0 0
AMERICAN EXPRESS CO COM 025816109 1870 12553 SH SOLE 12553 0 0
AMERICAN HOME PRODUCT COM 026609107 3205 59621 SH SOLE 59621 0 0
AMGEN INC COM 031162100 1706 27800 SH SOLE 27800 0 0
AVNET INC COM 053807103 1109 17600 SH SOLE 17600 0 0
BANK OF AMERICA COM 060505104 639 12188 SH SOLE 12188 0 0
BANK ONE CORP COM 06423A103 944 27458 SH SOLE 27458 0 0
BP AMOCO PLC - ADR COM 055622104 2507 47072 SH SOLE 47072 0 0
BSCH BANCO SANTANDER COM 05964H105 1656 154020 SH SOLE 154020 0 0
CARDINAL HEALTH INC COM 14149Y108 280 6100 SH SOLE 6100 0 0
CEMEX S A ADR SPSRD N COM 151290889 853 37700 SH SOLE 37700 0 0
CHARTER ONE FINANCIAL COM 160903100 499 23772 SH SOLE 23772 0 0
CHEVRON CORP COM 166751107 522 5650 SH SOLE 5650 0 0
CHUBB CORP COM 171232101 959 14200 SH SOLE 14200 0 0
CITIGROUP INC. COM 172967101 572 9560 SH SOLE 9560 0 0
CREDENCE SYSTEM CORP COM 225302108 529 4226 SH SOLE 4226 0 0
DOW CHEMICAL CORP COM 260543103 1028 9017 SH SOLE 9017 0 0
ELAN PLC ADR COM 284131208 831 17500 SH SOLE 17500 0 0
ELECTRONIC DATA SYSTE COM 285661104 1714 26700 SH SOLE 26700 0 0
EMERSON ELECTRIC CO COM 291011104 361 6800 SH SOLE 6800 0 0
ENRON CORP COM 293561106 2306 30800 SH SOLE 30800 0 0
EOG RESOURCES INC. COM 26875P101 697 32900 SH SOLE 32900 0 0
EXXON MOBIL CORPORATI COM 30231G102 1755 22519 SH SOLE 22519 0 0
FEDERAL NATIONAL MORT COM 313586109 1182 20900 SH SOLE 20900 0 0
FEDERAL SIGNAL CORP COM 313855108 939 51972 SH SOLE 51972 0 0
GENERAL ELECTRIC COMP COM 369604103 11187 71886 SH SOLE 71886 0 0
GENERAL MOTORS CORP COM 370442105 275 3320 SH SOLE 3320 0 0
GENERAL MOTORS CORP - COM 370442832 2714 21800 SH SOLE 21800 0 0
HALLIBURTON CO COM 406216101 839 20400 SH SOLE 20400 0 0
HONEYWELL INTERNATION COM 438516106 472 8962 SH SOLE 8962 0 0
ILLINOIS TOOL WORKS I COM 452308109 2447 44290 SH SOLE 44290 0 0
INTEL CORP COM 458140100 3949 29933 SH SOLE 29933 0 0
INTERNATIONAL BUSINES COM 459200101 3013 25536 SH SOLE 25536 0 0
JOHNSON & JOHNSON COM 478160104 393 5600 SH SOLE 5600 0 0
KIMBERLY CLARK CORP COM 494368103 1261 22500 SH SOLE 22500 0 0
M C I WORLDCOM COM 55268B106 228 5035 SH SOLE 5035 0 0
MC DONALD'S CORP COM 580135101 232 6200 SH SOLE 6200 0 0
MELLON FINL CORP COM 58551A108 1049 35250 SH SOLE 35250 0 0
MERCK & CO COM 589331107 1292 20800 SH SOLE 20800 0 0
MICROSOFT CORP COM 594918104 1206 11350 SH SOLE 11350 0 0
MILLER, HERMAN, INC. COM 600544100 1047 37400 SH SOLE 37400 0 0
MOLEX INC COM 608554101 347 5910 SH SOLE 5911 0 0
MOLEX, INC., CLASS A COM 608554200 3055 68841 SH SOLE 68842 0 0
MOTOROLA INC COM 620076109 1329 9100 SH SOLE 9100 0 0
MUTUAL RISK MANAGEMEN COM 628351108 312 15600 SH SOLE 15600 0 0
NORTHERN TRUST CORPOR COM 665859104 12691 187848 SH SOLE 187848 0 0
NOVARTIS AG - ADR COM 66987V109 745 10900 SH SOLE 10900 0 0
NUCOR CORP COM 670346105 250 5000 SH SOLE 5000 0 0
PEPSICO INC COM 713448108 572 16405 SH SOLE 16405 0 0
PFIZER INC COM 717081103 756 20689 SH SOLE 20689 0 0
POTLATCH CORP COM 737628107 628 14600 SH SOLE 14600 0 0
PRAXAIR INC COM 74005P104 654 15700 SH SOLE 15700 0 0
PROCTER & GAMBLE COMP COM 742718109 299 5300 SH SOLE 5300 0 0
ROYAL DUTCH PETROLEUM COM 780257804 231 4000 SH SOLE 4000 0 0
S B C COMMUNICATIONS, COM 78387G103 2104 49948 SH SOLE 49948 0 0
SARA LEE CORP COM 803111103 342 19000 SH SOLE 19000 0 0
SCHLUMBERGER, LTD. COM 806857108 379 4958 SH SOLE 4958 0 0
SERVICEMASTER COMPANY COM 81760N109 1422 126401 SH SOLE 126401 0 0
SNAP-ON INCORPORATED COM 833034101 411 15700 SH SOLE 15700 0 0
STANLEY WORKS COM 854616109 211 8000 SH SOLE 8000 0 0
TALISMAN ENERGY INC COM 87425E103 368 12900 SH SOLE 12900 0 0
TIDEWATER INC COM 886423102 210 6600 SH SOLE 6600 0 0
TRIBUNE CO COM 896047107 940 25700 SH SOLE 25700 0 0
VODAFONE AIRTOUCH PLC COM 92857T107 3402 61234 SH SOLE 61234 0 0
WALGREEN CO COM 931422109 560 21750 SH SOLE 21750 0 0
WELLS FARGO NEW COM 949746101 346 8500 SH SOLE 8500 0 0
WEYERHAEUSER CO COM 962166104 6278 110134 SH SOLE 110134 0 0
WILLAMETTE INDUSTRIES COM 969133107 353 8800 SH SOLE 8800 0 0
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