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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, 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: Calvert Investment Counsel
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Address: 206 Village Square/Cross Keys
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Baltimore, Maryland 21210
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Form 13F File Number: 28-_____________________
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: E. Kingdon Hurlock, Jr., CFA
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Title: Principal
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Phone: 410-435-3270
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Signature, Place, and Date of Signing:
/s/ E. Kingdon Hurlock
---------------------------- ---------------------------- -----------
[Signature] [City, State] [Date]
Report Type (Check only one.):
[ X ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.
[ ] 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
NONE
<PAGE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers:
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Form 13F Information Table Entry Total: 85
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Form 13F Information Table Value Total: $ 149,374.56
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(thousands)
List of other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings
and list entries.]
NONE
<PAGE>
<TABLE>
<CAPTION>
Form 13F INFORMATION TABLE
--INVESTMENT DISCRETION-- --VOTING POWER--
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 SHARED
MARKET VALUE SHARES / SOLE SHARED OTHER SOLE SHARED NONE
------------ -------- ---- ----- ----- ---- ------ ----
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PAR VALUE (A) (B) (C) MANAGER (A) (B) (C)
- -------------- -------------- ------ ------------ -------- --- ----- ----- ------- ---- ------ ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADC Telecom 000886101 3,035,341 63,650 X X
Abbott Labs 002824100 3,036,385 64,862 X X
American Express Co. 025816109 4,677,619 39,725 X X
American Home Prod 026609107 219,371 3,362 X X
Automatic Data 053015103 854,146 20,644 X X
Processing
BP Amoco PLC 055622104 236,643 2,343 X X
Baltimore Gas & Elec 059165100 248,472 9,792 X X
Bank of New York 064057102 5,347,574 148,800 X X
Bankers Trust N Y 066365107 977,369 11,075 X X
Bell Atlantic 077853109 248,413 4,806 X X
Bell South 079860102 204,321 5,100 X X
Bristol Myers 110122108 329,603 5,140 X X
Squibb Co.
Carnival Corp. C1 A 143658102 1,626,860 33,500 X X
Cendant Corp. 151313103 1,526,366 95,769 X X
COLUMN TOTALS 22,568,482 508,568
<PAGE>
Chase Manhattan Corp. 16161A108 1,185,959 14,574 X X
Chevron 166751107 1,897,031 21,375 X X
Cisco Systems 17275R102 20,970,578 191,402 X X
Citigroup Inc. 172967101 2,059,841 32,248 X X
Coca Cola 191216100 1,003,481 16,350 X X
Colgate Palmolive 194162103 349,600 3,800 X X
Computer Sciences 205363104 1,283,121 23,250 X X
Conseco, Inc. 208464107 2,335,478 75,643 X X
Conseco Financing 20847D205 374,344 15,125 X X
Trust V 8.7% Pfd
Covance Inc 222816100 694,245 27,700 X X
DeVRY Inc. 251893103 472,700 16,300 X X
Diamond Offshore 25271C102 1,257,094 39,750 X X
Walt Disney Co. 254687106 1,986,740 63,831 X X
DuPont E 1 263534109 2,989,374 51,485 X X
Electronic Data Systems 285661104 787,967 16,184 X X
COLUMN TOTALS 39,647,552 609,017
<PAGE>
Ericsson Tel ADR 294821400 2,456,763 103,169 X X
Exxon 302290101 757,423 10,734 X X
FelCor Lodging Trust 31430F101 943,172 40,675 X X
GTE Corporation 362320103 355,438 5,875 X X
General Electric 369604103 12,472,416 112,745 X X
Gillette Co. 375766012 378,263 6,364 X X
Glaxo Wellcome PLC 37733W105 207,508 3,100 X X
Spons ADR
Health Care 42191510 677,063 23,550 X X
Properties
Hewlett-Packard Co. 428236103 233,955 3,450 X X
Intel Corp. 458140100 4,976,464 41,863 X X
Johnson & Johnson 478160104 376,618 4,028 X X
K Mart Corp. 482584109 1,298,804 77,250 X X
Kimberly Clark Corp. 49436810 413,705 8,630 X X
LTC Properties 502175102 647,657 53,415 X X
COLUMN TOTALS 26,195,248 494,848
<PAGE>
Lear Corp. 521865105 1,366,016 32,000 X X
Eli Lilly & Co. 53245710 1,048,206 12,350 X X
Lowes Cos. 548661107 387,200 6,400 X X
Lucent Technologies 549463107 229,176 2,122 X X
MD ST Hlth & Hghr Ed 574216VCS 204,912 200,000 X X
(Broadmead)
4.9%, 7/1/04
McDonalds Corp. 580135101 2,778,049 61,308 X X
Mediplex Cvt 584945AB5 434,000 620,000 X X
6.5%, 8/1/03
Meditrust Paired Shr 58501T306 720,036 57,890 X X
Merck & Co. 589331107 2,453,908 30,626 X X
Mercury Interactive 589405109 1,503,375 42,200 X X
Micros Systems Inc. 594901100 330,000 10,000 X X
Mobil Corp. 607059102 1,757,888 19,976 X X
Motorola Inc. 620076109 3,409,421 46,545 X X
Mutual Risk Mgmt. 628351108 3,475,241 90,266 X X
COLUMN TOTALS 20,097,429 1,231,683
<PAGE>
Nationwide Health 638620104 506,350 26,650 X X
Properties Inc.
Nextel Communication 65332V103 615,300 16,800 X X
Pepsico 713448108 512,579 13,080 X X
Pfizer Inc. 71708110 1,730,906 12,475 X X
Philip Morris Cos. 718154107 1,614,249 45,875 X X
Proctor & Gamble 742718109 486,654 4,969 X X
Rite Aid 767754104 1,880,000 75,200 X X
SBC Communications 78387G103 333,147 7,060 X X
Sara Lee Corporation 80311110 252,896 10,218 X X
Schering-Plough Corp. 806605101 4,243,974 76,814 X X
Schlumberger Ltd. 806857108 1,823,155 30,291 X X
Service Master Co. 81760N109 2,353,586 115,866 X X
Sonat, Inc. 835415100 848,700 28,290 X X
Southdown, Inc. 841297104 2,557,267 47,632 X X
Staples Inc. 855030102 5,976,116 181,783 X X
COLUMN TOTALS 25,734,879 693,003
<PAGE>
Superior Telecom Inc. 868365107 902,848 47,833 X X
Sylvan Learning 871399101 1,382,438 50,500 X X
Systems
TVA 6.75%, 6/1/28 880591300 264,750 10,590 X X
Ser D Pfd P 6/03
Teva Pharm Inds ADR 881624209 1,767,065 37,250 X X
Texaco, Inc. 881694103 380,225 6,700 X X
Thermo Electron Corp. 883556102 1,218,853 89,866 X X
TOTAL ADS 89151E109 997,350 16,350 X X
Transocean Offshore 893817106 217,538 7,550 X X
Unum Corp. 903192102 884,672 18,600 X X
Viacom Inc. Cl B 925524308 2,123,631 25,300 X X
Wachovia Corp. 929771103 316,633 3,900 X X
Wal-Mart 931142103 4,300,570 46,650 X X
Royal Caribbean V7780T103 374,400 9,600 X X
COLUMN TOTALS 15,130,973 370,689
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REPORT TOTALS 149,374,563 3,907,808
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</TABLE>
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