VIRGINIA INVESTMENT COUNSELORS INC
13F-HR, 1999-07-09
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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: 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>
<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

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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