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
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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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