VIRGINIA INVESTMENT COUNSELORS INC
13F-HR, 1999-10-18
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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: 9/30/99

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:     Virginia Investment Counselors, Inc.
Address:  999 Waterside Drive, Suite 1925
               Norfolk, VA  23510-3307

13F File Number:  851062

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
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:    John C. Benedict
Title:      Treasurer
Phone:   757-623-2491
Signature, Place, and Date of Signing:

John C. Benedict        Norfolk, Virginia         11/18/99

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.

_______________________________________________

FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:   0

Form 13F Information Table Entry Total: 229

Form 13F Information Table Value Total: 589846

<TABLE>
<S>                            <C>           <C>       <C>    <C>        <C>  <C>    <C>        <C>        <C>      <C>     <C>
                                                       VALUE  SHARES/                           OTHER      VOTING AUTHORITY
NAME OF ISSUER                 TITLE OF CLASSCUSIP     (x$1000PRN AMT    SOLE SHRD. VSHRD. OTHR MANAGERS     SOLE    SHARED NONE

AT&T CORP                      EQUITY        001957109    3364 77338.8293X                                  77338.82
ATT CORP LIBERTY MEDIA A       EQUITY        001957208     341       9144X                                      9144
ABBOTT LABORATORIES            EQUITY        002824100    3940     107401X                                    107401
AEGIS COMMUNICATIONS GROUP     EQUITY        00760B105      20      40000X                                     40000
AEGON NV AMERICAN REG SHR      EQUITY        007924103     786       9083X                                      9083
ALBERTSONS                     EQUITY        013104104     239   6052.676X                                   6052.67
ALCOA INC                      EQUITY        013817101     845      13610X                                     13610
ALLEGHENY ENERGY INC           EQUITY        017361106     263       8258X                                      8258
ALLIED-SIGNAL INC              EQUITY        019512102    1596      26630X                                     26630
AMERICA ONLINE INC             EQUITY        02364J104     401       3850X                                      3850
AMERICAN ELECTRIC POWER        EQUITY        025537101     305       8951X                                      8951
AMERICAN EXPRESS               EQUITY        025816109     671       4970X                                      4970
AMERICAN GENERAL CORP          EQUITY        026351106     220       3485X                                      3485
AMERICAN GREETINGS CL A        EQUITY        026375105     635      24675X                                     24675
AMERICAN HOME PRODUCTS         EQUITY        026609107    4652 112097.756X                                 112097.75
AMERICAN INTL GROUP INC        EQUITY        026874107     684       7868X                                      7868
AMERITECH CORP NEW             EQUITY        030954101    2237      33507X                                     33507
AMGEN                          EQUITY        031162100    1855      22765X                                     22765
AMSOUTH BANCORP                EQUITY        032165102     284      12110X                                     12110
ANHEUSER-BUSCH COS INC         EQUITY        035229103    1463      20882X                                     20882
ASSOCIATED ESTATES REALTY      EQUITY        045604105     182      19800X                                     19800
ATLANTIC RICHFIELD             EQUITY        048825103    1384      15615X                                     15615
AUTOMATIC DATA PROCESSING      EQUITY        053015103    2581      57832X                                     57832
AVALON BAY COMMUNITIES INC     EQUITY        053484101     335       9886X                                      9886
B B & T CORP                   EQUITY        054937107    4235 130809.573X                                 130809.57
BP AMOCO PLC - SPSD ADR        EQUITY        055622104    5018 45287.4877X                                  45287.48
BMC SOFTWARE INC               EQUITY        055921100   11401     159320X                                    159320
BANK OF AMERICA CORPORATIO     EQUITY        060505104    5732102927.8128X                                 102927.81
BANK ONE CORP                  EQUITY        06423A103    7148   205330.2X                                  205330.2
BARRICK GOLD CORP              EQUITY        067901108     222      10197X                                     10197
BASSETT FURNITURE INDUSTRI     EQUITY        070203104     316      16606X                                     16606
BEAR STEARNS COS               EQUITY        073902108    6156     160158X                                    160158
BECTON DICKINSON               EQUITY        075887109    1027      36595X                                     36595
BELL ATLANTIC CORP             EQUITY        077853109   13113     194811X                                    194811
BELLSOUTH CORP                 EQUITY        079860102    3795 84328.9416X                                  84328.94
BEST FOODS                     EQUITY        08658U101     439       9036X                                      9036
BIOCRYST PHARM INC             EQUITY        09058V103    1622      66889X                                     66889
BOEING CO                      EQUITY        097023105    1044      24499X                                     24499
BRISTOL MYERS SQUIBB COMPA     EQUITY        110122108   12577186330.2301X                                 186330.23
BROWN-FORMAN INC CL B          EQUITY        115637209     692      11100X                                     11100
BURLINGTON NORTHERN SANTA      EQUITY        12189T104    1251      45493X                                     45493
CBS CORP                       EQUITY        12490K107     382       8250X                                      8250
CIGNA CORP                     EQUITY        125509109    4642      59700X                                     59700
CSX CORPORATION                EQUITY        126408103     536      12654X                                     12654
CANADIAN PACIFIC LTD NEW       EQUITY        135923100    3462     151775X                                    151775
CANADIAN NATIONAL RAILWAY      EQUITY        136375102    3209     105880X                                    105880
CAPITAL ONE FINANCIAL CORP     EQUITY        14040H105    1112      28520X                                     28520
CARDINAL HEALTH INC            EQUITY        14149Y108    5097      93517X                                     93517
CAROLINA POWER & LIGHT         EQUITY        144141108     335       9465X                                      9465
CATERPILLAR INC                EQUITY        149123101    2412      44013X                                     44013
CHASE MANHATTAN CORP NEW       EQUITY        16161A108    6505      86296X                                     86296
CHESAPEAKE CORP                EQUITY        165159104     299       9890X                                      9890
CHEVRON CORP                   EQUITY        166751107    2640      29743X                                     29743
CIRCUIT CITY                   EQUITY        172737108     507      12008X                                     12008
CISCO SYSTEMS INC              EQUITY        17275R102    6910     100783X                                    100783
CITIGROUP INC                  EQUITY        172967101    2917 66304.0002X                                     66304
CLAYTON HOMES                  EQUITY        184190106     162 18648.2016X                                   18648.2
CLOROX CORP                    EQUITY        189054109     410      10706X                                     10706
COASTAL CORP                   EQUITY        190441105    6993     170822X                                    170822
COCA COLA BOTTLING CO          EQUITY        191098102     467       8325X                                      8325
COCA-COLA                      EQUITY        191216100   26850 556476.953X                                 556476.95
COLGATE-PALMOLIVE              EQUITY        194162103     990      21640X                                     21640
COMCAST CLASS A SPECIAL        EQUITY        200300200     649      16270X                                     16270
COMPAQ COMPUTER CORP           EQUITY        204493100     579      25306X                                     25306
COMPUTER SCIENCES CORP         EQUITY        205363104    6126      87130X                                     87130
CONAGRA INC                    EQUITY        205887102    4505     199674X                                    199674
CONSOLIDATED EDISON INC        EQUITY        209115104    3410  82177.765X                                  82177.76
CONSOLIDATED NATURAL GAS       EQUITY        209615103     576       9230X                                      9230
COOPER CAMERON CORP            EQUITY        216640102    1284      34000X                                     34000
CORIXA CORP                    EQUITY        21887F100     711      52950X                                     52950
C3 INC                         EQUITY        22942P109    5433     536570X                                    536570
DTE ENERGY COMPANY             EQUITY        233331107     715      19650X                                     19650
DEERE & COMPANY                EQUITY        244199105     629      16250X                                     16250
DELL COMPUTER                  EQUITY        247025109     209       4993X                                      4993
DELPHI AUTOMOTIVE SYSTEMS      EQUITY        247126105     394      24548X                                     24548
DIEBOLD INC                    EQUITY        253651103     279      12050X                                     12050
DISNEY WALT CO                 EQUITY        254687106    1278  49135.369X                                  49135.36
DOLLAR TREE STORES             EQUITY        256747106     719      18005X                                     18005
DOMINION RESOURCES INC VA      EQUITY        257470104    1365      30257X                                     30257
DONNELLEY R R & SONS           EQUITY        257867101     554      19200X                                     19200
DOW CHEMICAL                   EQUITY        260543103     854       7512X                                      7512
DU PONT E I DE NEMOURS         EQUITY        263534109    4762      78717X                                     78717
DUKE ENERGY CORP               EQUITY        264399106    1314      23834X                                     23834
EMC CORPORATION                EQUITY        268648102     641       8975X                                      8975
EASTMAN KODAK                  EQUITY        277461109    7426      98198X                                     98198
ECOLAB INC                     EQUITY        278865100     450      13200X                                     13200
EMERSON ELECTRIC               EQUITY        291011104    1497 23690.5414X                                  23690.54
EIF 1ST EXCH SERIES ATT SH     EQUITY        294700703     561       2850X                                      2850
EXXON                          EQUITY        302290101   14561 191587.568X                                 191587.56
F & M NATIONAL CORP            EQUITY        302374103     243    9354.59X                                   9354.59
FPL GROUP                      EQUITY        302571104     282   5601.989X                                   5601.98
FANNIE MAE                     EQUITY        313586109    1011  16122.389X                                  16122.38
FIRST UNION CORP               EQUITY        337358105    2381   66822.04X                                  66822.04
FIRST VIRGINIA BANKSHARES      EQUITY        337477103    1121 25731.0001X                                     25731
FORD MOTOR COMPANY             EQUITY        345370100   11200222886.9678X                                 222886.96
FRANKLIN COVEY CO              EQUITY        353469109     347      45150X                                     45150
FRANKLIN SELECT REALTY TRU     EQUITY        354638108     128      19665X                                     19665
GTE CORPORATION                EQUITY        362320103    4894 63656.7835X                                  63656.78
GANNETT INC                    EQUITY        364730101    1903      27512X                                     27512
GENERAL DYNAMICS CORP          EQUITY        369550108    4419      70780X                                     70780
GENERAL ELECTRIC               EQUITY        369604103   34195288414.7882X                                 288414.78
GENERAL MILLS                  EQUITY        370334104     345       4250X                                      4250
GENERAL MOTORS                 EQUITY        370442105     853  13560.857X                                  13560.85
GENICOM CORP                   EQUITY        372282103       9      10900X                                     10900
GENUINE PARTS                  EQUITY        372460105     414      15600X                                     15600
GILLETTE COMPANY               EQUITY        375766102     409  12047.127X                                  12047.12
GOODYEAR TIRE & RUBBER CO      EQUITY        382550101     806      16740X                                     16740
GRIFFIN LAND & NURSERIES       EQUITY        398231100     230      21250X                                     21250
GUARANTY FINANCIAL CORP VA     EQUITY        401086103     399      39450X                                     39450
HALLIBURTON CO                 EQUITY        406216101     298       7270X                                      7270
HARRIS CORP                    EQUITY        413875105     630      22800X                                     22800
HARTFORD FINL SV GROUP INC     EQUITY        416515104    3897      95340X                                     95340
HEINZ H J CO                   EQUITY        423074103     207       4816X                                      4816
HEWLETT-PACKARD                EQUITY        428236103   14031     154610X                                    154610
HIGHWOODS PROPERTIES INC       EQUITY        431284108    2043 78973.9474X                                  78973.94
HIRSCH INTERNATIONAL CORP      EQUITY        433550100      48      35550X                                     35550
HOME DEPOT INC                 EQUITY        437076102    1346      19610X                                     19610
HONEYWELL INC                  EQUITY        438506107     219       1970X                                      1970
HUNTINGTON BANCSHARES          EQUITY        446150104    3326125209.6467X                                 125209.64
ITT INDUSTRIES INC             EQUITY        450911102    1676      52695X                                     52695
INTEL CORP                     EQUITY        458140100   32131432376.6433X                                 432376.64
INTERNATIONAL BUSINESS MAC     EQUITY        459200101   11100  91737.765X                                  91737.76
INTERNATIONAL PAPER            EQUITY        460146103    3786      78772X                                     78772
JEFFERSON-PILOT                EQUITY        475070108    1991      31509X                                     31509
JOHNSON & JOHNSON              EQUITY        478160104    1905   20734.35X                                  20734.35
JOHNSON CONTROLS INC           EQUITY        478366107     289       4352X                                      4352
KELLOGG COMPANY                EQUITY        487836108     359       9600X                                      9600
KIMBERLY CLARK CORP            EQUITY        494368103     357       6761X                                      6761
ELI LILLY                      EQUITY        532457108    1127      17564X                                     17564
LOCKHEED MARTIN CORP           EQUITY        539830109    1148      35119X                                     35119
LOEWS CORP                     EQUITY        540424108    5433      77407X                                     77407
LUBRIZOL CORP                  EQUITY        549271104     226       8800X                                      8800
LUCENT TECHNOLOGIES INC        EQUITY        549463107    2831  43635.016X                                  43635.01
MCI WORLDCOM INC               EQUITY        55268B106    2610      36317X                                     36317
MFS INTERMEDIATE INCOME TR     SENIOR        55273C107      98 15433.1014X                                   15433.1
MGI PROPERTIES                 EQUITY        552885105     108  12046.708X                                   12046.7
MACE SECURITY INTL INC         EQUITY        554335109     107      12000X                                     12000
MARKEL CORP                    EQUITY        570535104    2033      11168X                                     11168
MARSH & MCLENNAN COS INC       EQUITY        571748102     702      10243X                                     10243
MAY DEPT STORES COMPANY        EQUITY        577778103     362       9945X                                      9945
MCDONALDS CORP                 EQUITY        580135101    1665      38495X                                     38495
MCGRAW HILL INC                EQUITY        580645109    3487      72080X                                     72080
MEAD CORPORATION               EQUITY        582834107   13112     381439X                                    381439
MEDTRONIC INC                  EQUITY        585055106     220       6200X                                      6200
MERCK & COMPANY                EQUITY        589331107    8903 137364.265X                                 137364.26
MICROSOFT CORP                 EQUITY        594918104    6959      76847X                                     76847
MINNESOTA MINING & MFG         EQUITY        604059105    1605      16706X                                     16706
MOBIL CORP                     EQUITY        607059102    9756  96831.799X                                  96831.79
MONSANTO COMPANY               EQUITY        611662107    1002      28064X                                     28064
MORGAN JP & CO                 EQUITY        616880100    1362      11925X                                     11925
MORGAN STANLEY DW DISCOVER     EQUITY        617446448     217       2436X                                      2436
MYLAN LABORATORIES             EQUITY        628530107    4583     249425X                                    249425
NABISCO GROUP HOLDINGS         EQUITY        62952P102     185      12300X                                     12300
NOKIA CORP ADR A               EQUITY        654902204     324       3600X                                      3600
NORFOLK SOUTHERN CORP          EQUITY        655844108    4556 185971.855X                                 185971.85
NORTHERN STATES POWER          EQUITY        665772109    4727     219241X                                    219241
ONE VALLEY BANCORP WEST VA     EQUITY        682419106     622 18040.8125X                                  18040.81
PNC BANK CORP                  EQUITY        693475105     334       6334X                                      6334
PPG INDUSTRIES INC             EQUITY        693506107     865      14415X                                     14415
PACIFICARE HEALTH SYSTEMS      EQUITY        695112102    4785     110635X                                    110635
PEPSICO                        EQUITY        713448108    3320     108840X                                    108840
PHARMACIA & UPJOHN INC         EQUITY        716941109     249     5024.5X                                    5024.5
PFIZER                         EQUITY        717081103    3121      87008X                                     87008
PHILIP MORRIS                  EQUITY        718154107    6884 201357.643X                                 201357.64
PHILLIPS PETROLEUM             EQUITY        718507106    1157      23740X                                     23740
PILGRIM PRIME RATE TRUST       EQUITY        72146W103     114      12000X                                     12000
PROCTER & GAMBLE               EQUITY        742718109    3163      33737X                                     33737
QUAKER OATS                    EQUITY        747402105     327       5286X                                      5286
QWEST COMMUNICATIONS INTL      EQUITY        749121109     223       7550X                                      7550
RAYONIER INC                   EQUITY        754907103     484      11521X                                     11521
RAYTHEON CO CLASS B            EQUITY        755111408    8424     169755X                                    169755
REGIONS FINANCIAL CORP         EQUITY        758940100     209       6980X                                      6980
RELIANT ENERGY INC             EQUITY        75952J108     454      16775X                                     16775
RESOURCE BANKSHARES CORP V     EQUITY        76121R104     328  22044.153X                                  22044.15
REUTERS GROUP PLC SPSD ADR     EQUITY        76132M102     556       8074X                                      8074
ROHM & HAAS CO                 EQUITY        775371107    1236      34210X                                     34210
THE ROWE COMPANIES             EQUITY        779528108     184      20000X                                     20000
ROYAL DUTCH PETRO NY REG S     EQUITY        780257804    6057102558.5516X                                 102558.55
RURAL-METRO CORP               EQUITY        781748108     465      70250X                                     70250
SBC COMMUNICATIONS INC         EQUITY        78387G103    2218 43436.4316X                                  43436.43
STANDARD & POORS DEPOSITOR     EQUITY        78462F103     753       5845X                                      5845
THE ST JOE COMPANY             EQUITY        790148100    3217149200.2475X                                 149200.24
SCANA CORP                     EQUITY        805898103     415      17178X                                     17178
SCHERING-PLOUGH                EQUITY        806605101    1023      23452X                                     23452
SCHLUMBERGER LTD               EQUITY        806857108     593       9524X                                      9524
SEARS ROEBUCK & CO             EQUITY        812387108    6534     208246X                                    208246
SELECT COMFORT CORPORATION     EQUITY        81616X103     508      73200X                                     73200
SERVICE CORP INTL              EQUITY        817565104    1072     101536X                                    101536
SHELL TRANS & TRADING PLC      EQUITY        822703609     372       8175X                                      8175
SHORE FINANCIAL CORP           EQUITY        82511E109     251      29115X                                     29115
SIGMA ALDRICH CORP             EQUITY        826552101     409      12895X                                     12895
SMITHFIELD FOODS               EQUITY        832248108    5089     190228X                                    190228
SMITHKLINE BEECHAM PLC ADR     EQUITY        832378301     812      14084X                                     14084
SONOCO PRODUCTS                EQUITY        835495102     557      24407X                                     24407
SOUTHDOWN INC                  EQUITY        841297104     630      11783X                                     11783
SOUTHTRUST CORP                EQUITY        844730101     925      25787X                                     25787
SPRINT CORP                    EQUITY        852061100     437       8058X                                      8058
SUN MICROSYSTEMS               EQUITY        866810104     503       5405X                                      5405
SUNTRUST BANKS INC             EQUITY        867914103    5897   89692.76X                                  89692.76
TELEFONICA DE ESPANA ADS       EQUITY        879382208     442       9204X                                      9204
TEMPLETON GLOBAL GOVT INCO     SENIOR        879929107     137  21751.999X                                  21751.99
TEMPLETON GLOBAL INCOME        SENIOR        880198106     242      36500X                                     36500
TEXACO                         EQUITY        881694103    1882 29821.1786X                                  29821.17
TEXAS INSTRUMENTS              EQUITY        882508104     879      10688X                                     10688
TEXAS UTILITIES                EQUITY        882848104     209       5591X                                      5591
THERMO ELECTRON CORP           EQUITY        883556102     659      49050X                                     49050
THERMO INSTRUMENT              SENIOR        883559AE6     367     465000X                                    465000
3 D SYSTEMS CORPORATION        EQUITY        88554D205     147      32225X                                     32225
TREDEGAR INDUSTRIES INC        EQUITY        894650100     506      23650X                                     23650
TYCO INTERNATIONAL LTD NEW     EQUITY        902124106    7421     145500X                                    145500
UNION PACIFIC                  EQUITY        907818108     557      11592X                                     11592
UNION PACIFIC RESOURCES GR     EQUITY        907834105     186      11442X                                     11442
UNITED DOMINION REALTY TR      EQUITY        910197102    5258 470012.507X                                  470012.5
UNITED MOBILE HOMES INC        EQUITY        911024107     693      77550X                                     77550
US WEST INC                    EQUITY        91273H101    8547 149792.406X                                  149792.4
VERTEX COMM CORP               EQUITY        925320103     532      47550X                                     47550
VODAFONE GRP PLC SPN ADR       EQUITY        92857T107     922       3877X                                      3877
WLR FOODS                      EQUITY        929286102     525      76400X                                     76400
WACHOVIA CORP                  EQUITY        929771103    5821      74038X                                     74038
WAL-MART STORES INC            EQUITY        931142103    1022      21494X                                     21494
WARNER-LAMBERT                 EQUITY        934488107    1849      27858X                                     27858
WASHINGTON REIT SBI            EQUITY        939653101    1342      85225X                                     85225
WASTE MANAGEMENT INC           EQUITY        94106L109    3240     168331X                                    168331
WELLS FARGO COMPANY            EQUITY        949746101     586      14800X                                     14800
WESTVACO                       EQUITY        961548104     218       8488X                                      8488
WIRELESS TELECOM GROUP INC     EQUITY        976524108      88      50000X                                     50000
XEROX                          EQUITY        984121103     861      20520X                                     20520
YORK GROUP INC                 EQUITY        986632107     185      49350X                                     49350
DAIMLER-CHRYSLER AG            EQUITY        D1668R12      682       9816X                                      9816


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