UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30,2000
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: 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: President
Phone: 312-368-1200
Signature, Place, and Date of Signing:
M. Jay Trees, Chicago, 07/24/00
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: 82
FORM 13F INFORMATION TABLE VALUE TOTAL: $145,848,141
LIST OF OTHER INCLUDED MANAGERS:
NO. 13F FILE NUMBER NAME
<PAGE>
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FORM 13F INFORMATION TABLE
AS OF DATE: 06/30/00
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 4337 97334 SH SOLE 49334 0 48000
AIR PRODUCTS & CHEMIC COM 009158106 1127 36360 SH SOLE 9960 0 26400
AKZO N V SPONSORED AD COM 010199305 778 18500 SH SOLE 3500 0 15000
ALCOA INC COM 013817101 580 20000 SH SOLE 0 0 20000
ALLTEL CORP COM COM 020039103 1053 17000 SH SOLE 10000 0 7000
AMERICAN EXPRESS CO COM 025816109 1728 33159 SH SOLE 33159 0 0
AMERICAN HOME PRODUCT COM 026609107 2862 48721 SH SOLE 47521 0 1200
AMGEN INC COM 031162100 3611 51400 SH SOLE 26400 0 25000
AVNET INC COM 053807103 1386 23400 SH SOLE 17300 0 6100
BANK OF AMERICA COM 060505104 529 12188 SH SOLE 12188 0 0
BANK ONE CORP COM 06423A103 498 18743 SH SOLE 18743 0 0
BARRICK GOLD CORPORAT COM 067901108 182 10000 SH SOLE 0 0 10000
BP AMOCO PLC - ADR COM 055622104 3317 58584 SH SOLE 41118 0 17466
BSCH BANCO SANTANDER COM 05964H105 2415 232804 SH SOLE 152020 0 80784
CARDINAL HEALTH INC COM 14149Y108 451 6100 SH SOLE 6100 0 0
CATERPILLAR INC COM 149123101 244 7200 SH SOLE 0 0 7200
CEMEX S A ADR SPSRD N COM 151290889 1054 45100 SH SOLE 35100 0 10000
CHARTER ONE FINANCIAL COM 160903100 451 19587 SH SOLE 19587 0 0
CHEVRON CORP COM 166751107 480 5650 SH SOLE 5650 0 0
CHUBB CORP COM 171232101 1488 24200 SH SOLE 14200 0 10000
CITIGROUP INC. COM 172967101 517 8560 SH SOLE 8560 0 0
CREDENCE SYSTEM CORP COM 225302108 466 8452 SH SOLE 8452 0 0
DELTA AIRLINES INC COM 247361108 303 6000 SH SOLE 0 0 6000
DOW CHEMICAL CORP COM 260543103 1579 51558 SH SOLE 27051 0 24507
DU PONT E I DE NEMOUR COM 263534109 336 7634 SH SOLE 634 0 7000
ELAN PLC ADR COM 284131208 1158 23900 SH SOLE 16900 0 7000
ELECTRONIC DATA SYSTE COM 285661104 1436 34800 SH SOLE 26800 0 8000
EMERSON ELECTRIC CO COM 291011104 411 6800 SH SOLE 6200 0 600
ENRON CORP COM 293561106 3496 54200 SH SOLE 29700 0 24500
EOG RESOURCES INC. COM 26875P101 1219 36400 SH SOLE 29900 0 6500
EXXON MOBIL CORPORATI COM 30231G102 1768 22519 SH SOLE 22519 0 0
FEDERAL NATIONAL MORT COM 313586109 2014 38500 SH SOLE 20400 0 18100
FEDERAL SIGNAL CORP COM 313855108 1290 78172 SH SOLE 51372 0 26800
GANNETT COMPANY INC COM 364730101 203 3400 SH SOLE 0 0 3400
GATX CORP COM 361448103 847 24900 SH SOLE 24900 0 0
GENERAL ELECTRIC COMP COM 369604103 18161 346758 SH SOLE 205158 0 141600
GENERAL MOTORS CORP - COM 370442832 2069 70728 SH SOLE 64728 0 6000
GEORGIA PACIFIC CORPO COM 373298108 236 9000 SH SOLE 0 0 9000
HALLIBURTON CO COM 406216101 963 20400 SH SOLE 20400 0 0
HONEYWELL INTERNATION COM 438516106 302 8962 SH SOLE 8962 0 0
I M S HEALTH INCORPOR COM 449934108 213 11840 SH SOLE 0 0 11840
ILLINOIS TOOL WORKS I COM 452308109 2319 40690 SH SOLE 40690 0 0
IMPERIAL OIL LTD COM 453038408 439 18000 SH SOLE 0 0 18000
INTEL CORP COM 458140100 4590 34333 SH SOLE 23733 0 10600
INTERNATIONAL BUSINES COM 459200101 2984 27236 SH SOLE 23636 0 3600
JOHNSON & JOHNSON COM 478160104 1080 10600 SH SOLE 5600 0 5000
KIMBERLY CLARK CORP COM 494368103 1607 28000 SH SOLE 21900 0 6100
MC DONALD'S CORP COM 580135101 204 6200 SH SOLE 6200 0 0
MELLON FINL CORP COM 58551A108 1248 34250 SH SOLE 34250 0 0
MERCK & CO COM 589331107 2759 36000 SH SOLE 18800 0 17200
MICROSOFT CORP COM 594918104 860 10750 SH SOLE 10750 0 0
MILLER, HERMAN, INC. COM 600544100 960 37100 SH SOLE 32100 0 5000
MOLEX INC COM 608554101 1024 21279 SH SOLE 4602 0 16677
MOLEX, INC., CLASS A COM 608554200 2902 82909 SH SOLE 60374 0 22535
MORGAN JP & CO INC COM 616880100 1167 10600 SH SOLE 400 0 10200
MOTOROLA INC COM 620076109 1512 50400 SH SOLE 26400 0 24000
MUTUAL RISK MANAGEMEN COM 628351108 547 31596 SH SOLE 15600 0 15996
NESTLE SA ADR COM 641069406 472 4700 SH SOLE 0 0 4700
NEWS CORPORATION LTD PFR 652487802 760 16000 SH SOLE 0 0 16000
NORTHERN TRUST CORPOR COM 665859104 17947 275848 SH SOLE 185848 0 90000
NOVARTIS AG - ADR COM 66987V109 872 21800 SH SOLE 21800 0 0
NUCOR CORP COM 670346105 295 8900 SH SOLE 4000 0 4900
PEPSICO INC COM 713448108 729 16405 SH SOLE 16405 0 0
PFIZER INC COM 717081103 2694 56133 SH SOLE 18789 0 37344
POTLATCH CORP COM 737628107 474 14300 SH SOLE 14300 0 0
PRAXAIR INC COM 74005P104 835 22300 SH SOLE 15300 0 7000
S B C COMMUNICATIONS, COM 78387G103 2681 61993 SH SOLE 47517 0 14476
SARA LEE CORP COM 803111103 614 32000 SH SOLE 19000 0 13000
SCHLUMBERGER, LTD. COM 806857108 6019 80658 SH SOLE 4958 0 75700
SERVICEMASTER COMPANY COM 81760N109 2380 209248 SH SOLE 119201 0 90047
SNAP-ON INCORPORATED COM 833034101 479 18000 SH SOLE 15000 0 3000
TALISMAN ENERGY INC COM 87425E103 411 12400 SH SOLE 12400 0 0
TIDEWATER INC COM 886423102 238 6600 SH SOLE 6600 0 0
TRANSOCEAN SEDCO FORE COM G90078109 876 16386 SH SOLE 957 0 15429
TRIBUNE CO COM 896047107 872 24900 SH SOLE 24900 0 0
VODAFONE AIRTOUCH PLC COM 92857T107 5220 125034 SH SOLE 59034 0 66000
WALGREEN CO COM 931422109 699 21750 SH SOLE 21750 0 0
WELLS FARGO NEW COM 949746101 1668 42500 SH SOLE 8500 0 34000
WEYERHAEUSER CO COM 962166104 4129 96034 SH SOLE 96034 0 0
WILLAMETTE INDUSTRIES COM 969133107 240 8800 SH SOLE 8800 0 0
WORLDCOM INC GA NEW C COM 98157D106 231 5035 SH SOLE 5035 0 0
YORK INTL CORP NEW CO COM 986670107 253 10000 SH SOLE 0 0 10000
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