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 30,2000
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, 10/20/00
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: $157,826,435
LIST OF OTHER INCLUDED MANAGERS:
NO. 13F FILE NUMBER NAME
<PAGE>
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FORM 13F INFORMATION TABLE
AS OF DATE: 09/30/00
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 4629 97334 SH SOLE 49334 0 48000
AIR PRODUCTS & CHEMIC COM 009158106 1309 36360 SH SOLE 9960 0 26400
AKZO N V SPONSORED AD COM 010199305 653 15500 SH SOLE 3500 0 12000
ALCOA INC COM 013817101 506 20000 SH SOLE 0 0 20000
ALLTEL CORP COM COM 020039103 887 17000 SH SOLE 10000 0 7000
AMERICA ONLINE INC COM 02364J104 1672 31100 SH SOLE 21100 0 10000
AMERICAN EXPRESS CO COM 025816109 1893 31159 SH SOLE 31159 0 0
AMERICAN HOME PRODUCT COM 026609107 2750 48721 SH SOLE 47521 0 1200
AMGEN INC COM 031162100 3589 51400 SH SOLE 26400 0 25000
AVNET INC COM 053807103 1328 46800 SH SOLE 34600 0 12200
BANK OF AMERICA COM 060505104 638 12188 SH SOLE 12188 0 0
BANK ONE CORP COM 06423A103 676 17763 SH SOLE 17763 0 0
BARRICK GOLD CORPORAT COM 067901108 153 10000 SH SOLE 0 0 10000
BP AMOCO PLC - ADR COM 055622104 3052 57584 SH SOLE 40118 0 17466
BSCH BANCO SANTANDER COM 05964H105 2546 232804 SH SOLE 152020 0 80784
CARDINAL HEALTH INC COM 14149Y108 538 6100 SH SOLE 6100 0 0
CATERPILLAR INC COM 149123101 223 7200 SH SOLE 0 0 7200
CEMEX S A ADR SPSRD N COM 151290889 905 45100 SH SOLE 35100 0 10000
CHARTER ONE FINANCIAL COM 160903100 501 20566 SH SOLE 20566 0 0
CHEVRON CORP COM 166751107 482 5650 SH SOLE 5650 0 0
CHUBB CORP COM 171232101 1875 23700 SH SOLE 13700 0 10000
CITIGROUP INC. COM 172967101 563 10412 SH SOLE 10412 0 0
CREDENCE SYSTEM CORP COM 225302108 224 7452 SH SOLE 7452 0 0
DELTA AIRLINES INC COM 247361108 266 6000 SH SOLE 0 0 6000
DOW CHEMICAL CORP COM 260543103 1286 51558 SH SOLE 27051 0 24507
DU PONT E I DE NEMOUR COM 263534109 312 7634 SH SOLE 634 0 7000
ELAN PLC ADR COM 284131208 1309 23900 SH SOLE 16900 0 7000
ELECTRONIC DATA SYSTE COM 285661104 1361 32800 SH SOLE 24800 0 8000
EMERSON ELECTRIC CO COM 291011104 456 6800 SH SOLE 6200 0 600
ENRON CORP COM 293561106 4610 52600 SH SOLE 28100 0 24500
EOG RESOURCES INC. COM 26875P101 1415 36400 SH SOLE 29900 0 6500
EXXON MOBIL CORPORATI COM 30231G102 2007 22519 SH SOLE 22519 0 0
FEDERAL NATIONAL MORT COM 313586109 2696 37700 SH SOLE 19600 0 18100
FEDERAL SIGNAL CORP COM 313855108 1524 76672 SH SOLE 49872 0 26800
GATX CORP COM 361448103 1043 24900 SH SOLE 24900 0 0
GENERAL ELECTRIC COMP COM 369604103 20018 346258 SH SOLE 204658 0 141600
GENERAL MOTORS CORP - COM 370442832 2630 70728 SH SOLE 64728 0 6000
GEORGIA PACIFIC CORPO COM 373298108 212 9000 SH SOLE 0 0 9000
HALLIBURTON CO COM 406216101 998 20400 SH SOLE 20400 0 0
HONEYWELL INTERNATION COM 438516106 319 8962 SH SOLE 8962 0 0
I M S HEALTH INCORPOR COM 449934108 246 11840 SH SOLE 0 0 11840
ILLINOIS TOOL WORKS I COM 452308109 2385 42690 SH SOLE 40690 0 2000
IMPERIAL OIL LTD COM 453038408 469 18000 SH SOLE 0 0 18000
INTEL CORP COM 458140100 2854 68666 SH SOLE 47466 0 21200
INTERNATIONAL BUSINES COM 459200101 3067 27236 SH SOLE 23636 0 3600
JOHNSON & JOHNSON COM 478160104 902 9600 SH SOLE 4600 0 5000
KIMBERLY CLARK CORP COM 494368103 1563 28000 SH SOLE 21900 0 6100
LEHMAN BROTHERS HOLDI COM 524908100 300 2019 SH SOLE 2019 0 0
MELLON FINL CORP COM 58551A108 1389 29950 SH SOLE 29950 0 0
MERCK & CO COM 589331107 2531 34000 SH SOLE 16800 0 17200
MICROSOFT CORP COM 594918104 588 9750 SH SOLE 9750 0 0
MILLER, HERMAN, INC. COM 600544100 1151 35900 SH SOLE 30900 0 5000
MINNESOTA MINING & MA COM 604059105 219 2400 SH SOLE 400 0 2000
MOLEX INC COM 608554101 1158 21279 SH SOLE 4602 0 16677
MOLEX, INC., CLASS A COM 608554200 3436 82909 SH SOLE 60374 0 22535
MORGAN JP & CO INC COM 616880100 1405 8600 SH SOLE 400 0 8200
MOTOROLA INC COM 620076109 1487 50400 SH SOLE 26400 0 24000
MUTUAL RISK MANAGEMEN COM 628351108 693 31596 SH SOLE 15600 0 15996
NESTLE SA ADR COM 641069406 240 2300 SH SOLE 0 0 2300
NEWS CORPORATION LTD PFR 652487802 750 16000 SH SOLE 0 0 16000
NORTHERN TRUST CORPOR COM 665859104 24072 270848 SH SOLE 180848 0 90000
NOVARTIS AG - ADR COM 66987V109 843 21800 SH SOLE 21800 0 0
NUCOR CORP COM 670346105 270 8900 SH SOLE 4000 0 4900
PEPSICO INC COM 713448108 728 15830 SH SOLE 15830 0 0
PFIZER INC COM 717081103 2521 56133 SH SOLE 18789 0 37344
POTLATCH CORP COM 737628107 452 14300 SH SOLE 14300 0 0
PRAXAIR INC COM 74005P104 833 22300 SH SOLE 15300 0 7000
S B C COMMUNICATIONS, COM 78387G103 3092 61993 SH SOLE 47517 0 14476
SARA LEE CORP COM 803111103 650 32000 SH SOLE 19000 0 13000
SCHLUMBERGER, LTD. COM 806857108 6475 78658 SH SOLE 4958 0 73700
SERVICEMASTER COMPANY COM 81760N109 2066 209248 SH SOLE 119201 0 90047
SNAP-ON INCORPORATED COM 833034101 382 16200 SH SOLE 13200 0 3000
TALISMAN ENERGY INC COM 87425E103 435 12400 SH SOLE 12400 0 0
TIDEWATER INC COM 886423102 300 6600 SH SOLE 6600 0 0
TRANSOCEAN SEDCO FORE COM G90078109 961 16386 SH SOLE 957 0 15429
TRIBUNE CO COM 896047107 1086 24900 SH SOLE 24900 0 0
VODAFONE AIRTOUCH PLC COM 92857W100 4626 125034 SH SOLE 59034 0 66000
WALGREEN CO COM 931422109 806 21250 SH SOLE 21250 0 0
WELLS FARGO NEW COM 949746101 1952 42500 SH SOLE 8500 0 34000
WEYERHAEUSER CO COM 962166104 3895 96034 SH SOLE 96034 0 0
WILLAMETTE INDUSTRIES COM 969133107 246 8800 SH SOLE 8800 0 0
YORK INTL CORP NEW CO COM 986670107 249 10000 SH SOLE 0 0 10000
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