UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 6/30/99
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 7/9/99
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: 241
Form 13F Information Table Value Total: 654515
<TABLE>
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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
AFLAC INC EQUITY 001055102 228 4757X 4757
AT&T CORP EQUITY 001957109 4942 88554.0503X 88554.05
ATT CORP LIBERTY MEDIA A EQUITY 001957208 323 8800X 8800
ABBOTT LABORATORIES EQUITY 002824100 4624 101915X 101915
AETNA INC EQUITY 008117103 242 2711X 2711
ALCOA INC EQUITY 013817101 879 14210X 14210
ALLEGHENY ENERGY INC EQUITY 017361106 265 8258X 8258
ALLIED-SIGNAL INC EQUITY 019512102 1703 27030X 27030
ALLSTATE CORP EQUITY 020002101 421 11730X 11730
AMERICA ONLINE INC EQUITY 02364J104 583 5300X 5300
AMERICAN ELECTRIC POWER EQUITY 025537101 336 8951X 8951
AMERICAN EXPRESS EQUITY 025816109 650 4995X 4995
AMERICAN GENERAL CORP EQUITY 026351106 263 3485X 3485
AMERICAN GREETINGS CL A EQUITY 026375105 748 24825X 24825
AMERICAN HOME PRODUCTS EQUITY 026609107 6707 116896X 116896
AMERICAN INTL GROUP INC EQUITY 026874107 609 6562X 6562
AMERITECH CORP NEW EQUITY 030954101 2503 34048X 34048
AMGEN EQUITY 031162100 1383 22715X 22715
AMSOUTH BANCORP EQUITY 032165102 281 12110.5X 12110.5
ANHEUSER-BUSCH COS INC EQUITY 035229103 1432 20182X 20182
ASSOCIATED ESTATES REALTY EQUITY 045604105 245 20700X 20700
ATLANTIC RICHFIELD EQUITY 048825103 1317 15765X 15765
AUTOMATIC DATA PROCESSING EQUITY 053015103 2534 57582X 57582
AVALON BAY COMMUNITIES INC EQUITY 053484101 371 10020X 10020
B B & T CORP EQUITY 054937107 3994 108880X 108880
BP AMOCO PLC - SPSD ADR EQUITY 055622104 4907 45221.4877X 45221.48
BMC SOFTWARE INC EQUITY 055921100 12082 223740X 223740
BANK OF AMERICA CORPORATIO EQUITY 060505104 7546102925.4409X 102925.44
BANK ONE CORP EQUITY 06423A103 12030 201968.2X 201968.2
BARRICK GOLD CORP EQUITY 067901108 264 13647X 13647
BASSETT FURNITURE INDUSTRI EQUITY 070203104 380 16606X 16606
BEAR STEARNS COS EQUITY 073902108 7859 168102.5X 168102.5
BECTON DICKINSON EQUITY 075887109 1059 35295X 35295
BELL ATLANTIC CORP EQUITY 077853109 12583 192467X 192467
BELLSOUTH CORP EQUITY 079860102 3859 83656.9416X 83656.94
BEST BUY INC EQUITY 086516101 209 3100X 3100
BEST FOODS EQUITY 08658U101 447 9036X 9036
BIOCRYST PHARM INC EQUITY 09058V103 629 71889X 71889
H & R BLOCK INC EQUITY 093671105 330 6600X 6600
BOEING CO EQUITY 097023105 1080 24549X 24549
BRISTOL MYERS SQUIBB COMPA EQUITY 110122108 13199187380.9011X 187380.9
BROWN-FORMAN INC CL B EQUITY 115637209 753 11550X 11550
BURLINGTON NORTHERN SANTA EQUITY 12189T104 1434 46263X 46263
CBS CORP EQUITY 12490K107 372 8550X 8550
CSX CORPORATION EQUITY 126408103 602 13262X 13262
CANADIAN PACIFIC LTD NEW EQUITY 135923100 3871 162550X 162550
CANADIAN NATIONAL RAILWAY EQUITY 136375102 3681 54933X 54933
CAPITAL ONE FINANCIAL CORP EQUITY 14040H105 2404 43170X 43170
CARDINAL HEALTH INC EQUITY 14149Y108 5691 88747X 88747
CAROLINA POWER & LIGHT EQUITY 144141108 401 9364X 9364
CATERPILLAR INC EQUITY 149123101 2632 43863X 43863
CENDANT CORP EQUITY 151313103 201 9825X 9825
CHASE MANHATTAN CORP NEW EQUITY 16161A108 11205 129541X 129541
CHESAPEAKE CORP EQUITY 165159104 388 10356X 10356
CHEVRON CORP EQUITY 166751107 2835 29818X 29818
CHUBB CORP EQUITY 171232101 236 3400X 3400
CIRCUIT CITY EQUITY 172737108 619 6654X 6654
CISCO SYSTEMS INC EQUITY 17275R102 6366 98695X 98695
CITIGROUP INC EQUITY 172967101 2796 58868.4995X 58868.49
CITIZENS UTILS CO DEL SER EQUITY 177342201 124 11178.6786X 11178.67
CLAYTON HOMES EQUITY 184190106 219 19148.2016X 19148.2
CLOROX CORP EQUITY 189054109 564 5284X 5284
COASTAL CORP EQUITY 190441105 6627 164647X 164647
COCA COLA BOTTLING CO EQUITY 191098102 514 9175X 9175
COCA-COLA EQUITY 191216100 34401 554857.468X 554857.46
COLGATE-PALMOLIVE EQUITY 194162103 548 11132X 11132
COLUMBIA ENERGY GROUP (FOR EQUITY 197648108 212 3378X 3378
COMCAST CLASS A SPECIAL EQUITY 200300200 629 16370X 16370
COMPAQ COMPUTER CORP EQUITY 204493100 517 21806X 21806
COMPUTER SCIENCES CORP EQUITY 205363104 5981 86440X 86440
CONSOLIDATED EDISON INC EQUITY 209115104 3852 85126.765X 85126.76
CONSOLIDATED NATURAL GAS EQUITY 209615103 561 9230X 9230
COOPER CAMERON CORP EQUITY 216640102 1269 34250X 34250
CORIXA CORP EQUITY 21887F100 563 31600X 31600
C3 INC EQUITY 22942P109 8087 468800X 468800
DTE ENERGY COMPANY EQUITY 233331107 835 20500X 20500
DEERE & COMPANY EQUITY 244199105 811 20700X 20700
DELPHI AUTOMOTIVE SYSTEMS EQUITY 247126105 206 11112.2619X 11112.26
DIEBOLD INC EQUITY 253651103 346 12050X 12050
DILLARDS INC EQUITY 254067101 295 8397X 8397
DISNEY WALT CO EQUITY 254687106 1461 47418X 47418
DOLLAR TREE STORES EQUITY 256747106 810 18405X 18405
DOMINION RESOURCES INC VA EQUITY 257470104 1300 30008X 30008
DONNELLEY R R & SONS EQUITY 257867101 654 17650X 17650
DOW CHEMICAL EQUITY 260543103 928 7311X 7311
DU PONT E I DE NEMOURS EQUITY 263534109 5500 80507X 80507
DUKE ENERGY CORP EQUITY 264399106 1218 22376.6804X 22376.68
DUN & BRADSTREET INC NEW EQUITY 26483B106 363 10250X 10250
EASTMAN KODAK EQUITY 277461109 6729 99328X 99328
ECOLAB INC EQUITY 278865100 554 12700X 12700
EDISON INTERNATIONAL EQUITY 281020107 201 7500X 7500
EMERSON ELECTRIC EQUITY 291011104 1491 23690.5414X 23690.54
EIF 1ST EXCH SERIES ATT SH EQUITY 294700703 590 2850X 2850
EXXON EQUITY 302290101 14914 193379.62X 193379.62
F & M NATIONAL CORP EQUITY 302374103 424 12788X 12788
FPL GROUP EQUITY 302571104 306 5601.989X 5601.98
FANNIE MAE EQUITY 313586109 1124 16471.344X 16471.34
FIRST UNION CORP EQUITY 337358105 3078 65310.04X 65310.04
FIRST VIRGINIA BANKSHARES EQUITY 337477103 1350 27481.0001X 27481
FORD MOTOR COMPANY EQUITY 345370100 12720225378.9678X 225378.96
FRANKLIN COVEY CO EQUITY 353469109 191 25950X 25950
FRANKLIN SELECT REALTY TRU EQUITY 354638108 185 26965X 26965
GTE CORPORATION EQUITY 362320103 4544 60190.7835X 60190.78
GANNETT INC EQUITY 364730101 2114 29612X 29612
GENERAL ELECTRIC EQUITY 369604103 33108292990.7882X 292990.78
GENERAL MILLS EQUITY 370334104 342 4250X 4250
GENERAL MOTORS EQUITY 370442105 1032 15638.857X 15638.85
GENICOM CORP EQUITY 372282103 18 10900X 10900
GENUINE PARTS EQUITY 372460105 711 20325X 20325
GILLETTE COMPANY EQUITY 375766102 515 12566.56X 12566.56
GOODYEAR TIRE & RUBBER CO EQUITY 382550101 987 16790X 16790
GRIFFIN LAND & NURSERIES EQUITY 398231100 256 22750X 22750
GUARANTY FINANCIAL CORP VA EQUITY 401086103 467 41050X 41050
HCR MANOR CARE EQUITY 404134108 276 11405X 11405
HALLIBURTON CO EQUITY 406216101 374 8270X 8270
HARRIS CORP EQUITY 413875105 5703 145540X 145540
HARTFORD FINL SV GROUP INC EQUITY 416515104 5510 94486X 94486
HEINZ H J CO EQUITY 423074103 241 4816X 4816
HEWLETT-PACKARD EQUITY 428236103 15583 155055X 155055
HIGHWOODS PROPERTIES INC EQUITY 431284108 2277 82998.9474X 82998.94
HIRSCH INTERNATIONAL CORP EQUITY 433550100 104 46050X 46050
HOME DEPOT INC EQUITY 437076102 1185 18386X 18386
HONEYWELL INC EQUITY 438506107 228 1970X 1970
HUNTINGTON BANCSHARES EQUITY 446150104 3954112965.9362X 112965.93
IMS HEALTH INC EQUITY 449934108 219 7000X 7000
ITT INDUSTRIES INC EQUITY 450911102 1993 52268X 52268
INTEL CORP EQUITY 458140100 25483428290.2843X 428290.28
INTERNATIONAL BUSINESS MAC EQUITY 459200101 12152 94021.324X 94021.32
INTERNATIONAL PAPER EQUITY 460146103 4029 80175X 80175
JEFFERSON-PILOT EQUITY 475070108 2192 33114X 33114
JOHNSON & JOHNSON EQUITY 478160104 2039 20804X 20804
JOHNSON CONTROLS INC EQUITY 478366107 302 4352X 4352
KELLOGG COMPANY EQUITY 487836108 317 9600X 9600
KIMBERLY CLARK CORP EQUITY 494368103 385 6750X 6750
ELI LILLY EQUITY 532457108 1258 17564X 17564
LOCKHEED MARTIN CORP EQUITY 539830109 1362 36559X 36559
LOEWS CORP EQUITY 540424108 6200 78357X 78357
LUBRIZOL CORP EQUITY 549271104 241 8850X 8850
LUCENT TECHNOLOGIES INC EQUITY 549463107 2970 44041.3102X 44041.31
MCI WORLDCOM INC EQUITY 55268B106 2237 25997X 25997
MFS INTERMEDIATE INCOME TR SENIOR 55273C107 117 18202.1014X 18202.1
MGI PROPERTIES EQUITY 552885105 369 13046.708X 13046.7
MACE SECURITY INTL INC EQUITY 554335109 122 12000X 12000
MARKEL CORP EQUITY 570535104 2113 11300X 11300
MARSH & MCLENNAN COS INC EQUITY 571748102 775 10243X 10243
MAY DEPT STORES COMPANY EQUITY 577778103 408 9981X 9981
MCDONALDS CORP EQUITY 580135101 1484 36095X 36095
MCGRAW HILL INC EQUITY 580645109 3899 72280X 72280
MEAD CORPORATION EQUITY 582834107 18051 432356X 432356
MEDIA GENERAL CLASS A EQUITY 584404107 214 4200X 4200
MEDIAONE GROUP INC EQUITY 58440J104 201 2708X 2708
MEDTRONIC INC EQUITY 585055106 219 2815X 2815
MERCK & COMPANY EQUITY 589331107 10015 136020.485X 136020.48
MICROSOFT CORP EQUITY 594918104 6765 75008X 75008
MINNESOTA MINING & MFG EQUITY 604059105 1442 16581X 16581
MOBIL CORP EQUITY 607059102 9530 96509.409X 96509.4
MONSANTO COMPANY EQUITY 611662107 1063 26864X 26864
MONTANA POWER CO EQUITY 612085100 224 3171X 3171
MORGAN JP & CO EQUITY 616880100 1577 11225X 11225
MORGAN STANLEY DW DISCOVER EQUITY 617446448 250 2436X 2436
MOTOROLA EQUITY 620076109 210 2219X 2219
MYLAN LABORATORIES EQUITY 628530107 6538 246725X 246725
NABISCO GROUP HOLDINGS EQUITY 62952P102 253 12950X 12950
NORFOLK SOUTHERN CORP EQUITY 655844108 5707 189441.195X 189441.19
NORTHERN STATES POWER EQUITY 665772109 5348 221116X 221116
ONE VALLEY BANCORP WEST VA EQUITY 682419106 692 18461.8125X 18461.81
PNC BANK CORP EQUITY 693475105 371 6434X 6434
PPG INDUSTRIES INC EQUITY 693506107 851 14415X 14415
PACIFICARE HEALTH SYSTEMS EQUITY 695112102 7555 105020X 105020
PENNEY JC EQUITY 708160106 230 4740X 4740
PEPSICO EQUITY 713448108 4224 109190X 109190
PHARMACIA & UPJOHN INC EQUITY 716941109 296 5214.5X 5214.5
PFIZER EQUITY 717081103 974 26870X 26870
PHILIP MORRIS EQUITY 718154107 8152 202847.643X 202847.64
PHILLIPS PETROLEUM EQUITY 718507106 1172 23290X 23290
PILGRIM PRIME RATE TRUST EQUITY 72146W103 114 12000X 12000
POTOMAC ELECTRIC POWER EQUITY 737679100 217 7366X 7366
PROCTER & GAMBLE EQUITY 742718109 3065 34337X 34337
QUAKER OATS EQUITY 747402105 351 5286X 5286
QWEST COMMUNICATIONS INTL EQUITY 749121109 250 7550X 7550
RAYONIER INC EQUITY 754907103 569 11415X 11415
RAYTHEON CO CLASS B EQUITY 755111408 11349 160980X 160980
REGIONS FINANCIAL CORP EQUITY 758940100 268 6980X 6980
RELIANT ENERGY INC EQUITY 75952J108 499 18075X 18075
RESOURCE BANKSHARES CORP V EQUITY 76121R104 468 24025.398X 24025.39
REUTERS GROUP PLC SPSD ADR EQUITY 76132M102 675 8332X 8332
REYNOLDS METALS EQUITY 761763101 1397 23670X 23670
RITE AID EQUITY 767754104 228 9250X 9250
ROHM & HAAS CO EQUITY 775371107 1467 34213X 34213
ROWE FURNITURE CORP EQUITY 779528108 209 20000X 20000
ROYAL DUTCH PETRO NY REG S EQUITY 780257804 6279104208.5516X 104208.55
RURAL-METRO CORP EQUITY 781748108 426 44250X 44250
SBC COMMUNICATIONS INC EQUITY 78387G103 2563 44191.6886X 44191.68
STANDARD & POORS DEPOSITOR EQUITY 78462F103 582 4245X 4245
THE ST JOE COMPANY EQUITY 790148100 4158154000.2475X 154000.24
SCANA CORP EQUITY 805898103 474 20278X 20278
SCHERING-PLOUGH EQUITY 806605101 1323 25202X 25202
SCHLUMBERGER LTD EQUITY 806857108 544 8549X 8549
SEARS ROEBUCK & CO EQUITY 812387108 9103 204276X 204276
SELECT COMFORT CORPORATION EQUITY 81616X103 467 52300X 52300
SERVICE CORP INTL EQUITY 817565104 931 48376X 48376
SHELL TRANS & TRADING PLC EQUITY 822703609 379 8175X 8175
SHORE FINANCIAL CORP EQUITY 82511E109 271 30150X 30150
SIGMA ALDRICH CORP EQUITY 826552101 431 12525X 12525
SMITHFIELD FOODS EQUITY 832248108 5876 175732X 175732
SMITHKLINE BEECHAM PLC ADR EQUITY 832378301 930 14084X 14084
SONOCO PRODUCTS EQUITY 835495102 694 23179X 23179
SOUTHDOWN INC EQUITY 841297104 757 11783X 11783
SOUTHTRUST CORP EQUITY 844730101 1004 26162X 26162
SPRINT CORP EQUITY 852061100 416 7858X 7858
SUN MICROSYSTEMS EQUITY 866810104 236 3430X 3430
SUNTRUST BANKS INC EQUITY 867914103 6238 89842.76X 89842.76
TELEFONICA DE ESPANA ADS EQUITY 879382208 443 3009X 3009
TEMPLETON GLOBAL GOVT INCO SENIOR 879929107 164 24551.999X 24551.99
TEMPLETON GLOBAL INCOME SENIOR 880198106 248 37850X 37850
TEXACO EQUITY 881694103 1796 28790.1786X 28790.17
TEXAS INSTRUMENTS EQUITY 882508104 518 3600X 3600
THERMO ELECTRON CORP EQUITY 883556102 666 33200X 33200
THERMO INSTRUMENT SENIOR 883559AE6 386 465000X 465000
3 D SYSTEMS CORPORATION EQUITY 88554D205 181 32975X 32975
TORCHMARK CORPORATION EQUITY 891027104 253 7408X 7408
TRANSAMERICA CORP EQUITY 893485102 925 12330X 12330
TREDEGAR INDUSTRIES INC EQUITY 894650100 547 24325X 24325
TULTEX CORP EQUITY 899900104 12 18008X 18008
TYCO INTERNATIONAL LTD NEW EQUITY 902124106 13529 142785X 142785
UNION PACIFIC EQUITY 907818108 691 11847X 11847
UNION PACIFIC RESOURCES GR EQUITY 907834105 191 11732X 11732
UNITED DOMINION REALTY TR EQUITY 910197102 5472 465737.507X 465737.5
UNITED MOBILE HOMES INC EQUITY 911024107 235 24850X 24850
US WEST INC EQUITY 91273H101 8793 149665.452X 149665.45
VODAFONE GRP PLC SPN ADR EQUITY 92857T107 817 4147.5X 4147.5
WLR FOODS EQUITY 929286102 629 77400X 77400
WACHOVIA CORP EQUITY 929771103 6382 74588X 74588
WAL-MART STORES INC EQUITY 931142103 719 14894X 14894
WARNER-LAMBERT EQUITY 934488107 2064 29858X 29858
WASHINGTON REIT SBI EQUITY 939653101 1486 87725X 87725
WASTE MANAGEMENT INC EQUITY 94106L109 9596 178521X 178521
WELLS FARGO COMPANY EQUITY 949746101 547 12800X 12800
WESTVACO EQUITY 961548104 225 7763X 7763
WIRELESS TELECOM GROUP INC EQUITY 976524108 116 50000X 50000
XEROX EQUITY 984121103 1572 26620X 26620
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