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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: 3/31/99
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
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 ____________________________
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: 228
Form 13F Information Table Value Total: 584592
<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$1000) PRN AMT SOLE SHRD. VSHRD. OTHR MANAGERS SOLE SHARED NONE
AFLAC INC EQUITY 001055102 247 4532X 4532
AT&T CORP EQUITY 001957109 3191 59021X 59021
ATT CORP LIBERTY MEDIA A EQUITY 001957208 231 4400X 4400
ABBOTT LABORATORIES EQUITY 002824100 11540 246513X 246513
AIRTOUCH COMMUNICATIONS EQUITY 00949T100 759 7859X 7859
ALCOA INC EQUITY 013817101 569 13810X 13810
ALLEGHENY ENERGY INC EQUITY 017361106 244 8258X 8258
ALLIED-SIGNAL INC EQUITY 019512102 1252 25452X 25452
ALLSTATE CORP EQUITY 020002101 469 12642X 12642
AMERICA ONLINE INC EQUITY 02364J104 566 3850X 3850
AMERICAN ELECTRIC POWER EQUITY 025537101 274 6901X 6901
AMERICAN EXPRESS EQUITY 025816109 588 4995X 4995
AMERICAN GREETINGS CL A EQUITY 026375105 641 25275X 25275
AMERICAN HOME PRODUCTS EQUITY 026609107 7319 112165X 112165
AMERICAN INTL GROUP INC EQUITY 026874107 756 6264X 6264
AMERICAN SAFETY RAZOR EQUITY 029362100 284 20500X 20500
AMERITECH CORP NEW EQUITY 030954101 1981 34384X 34384
AMGEN EQUITY 031162100 2066 27590X 27590
AMSOUTH BANCORP EQUITY 032165102 561 12329X 12329
ANHEUSER-BUSCH COS INC EQUITY 035229103 1605 21082X 21082
ASSOCIATED ESTATES REALTY EQUITY 045604105 224 21500X 21500
ATLANTIC RICHFIELD EQUITY 048825103 1143 15630X 15630
AUTOMATIC DATA PROCESSING EQUITY 053015103 2373 57342X 57342
AVALON BAY COMMUNITIES INC EQUITY 053484101 319 10020X 10020
B B & T CORP EQUITY 054937107 4031 111392X 111392
BP AMOCO PLC - SPSD ADR EQUITY 055622104 4574 45286X 45286
BMC SOFTWARE INC EQUITY 055921100 8014 216245X 216245
BANK ONE CORP EQUITY 06423A103 10939 198658X 198658
BANKAMERICA CORP NEW EQUITY 06605F102 6621 93744X 93744
BARRICK GOLD CORP EQUITY 067901108 248 14547X 14547
BASSETT FURNITURE INDUSTRI EQUITY 070203104 367 16606X 16606
BEAR STEARNS COS EQUITY 073902108 7479 167364X 167364
BECTON DICKINSON EQUITY 075887109 1552 40500X 40500
BELL ATLANTIC CORP EQUITY 077853109 9199 177982X 177982
BELLSOUTH CORP EQUITY 079860102 3387 84537X 84537
BEST FOODS EQUITY 08658U101 443 9436X 9436
BIOCRYST PHARM INC EQUITY 09058V103 458 71889X 71889
H & R BLOCK INC EQUITY 093671105 426 9000X 9000
BOEING CO EQUITY 097023105 828 24347X 24347
BRISTOL MYERS SQUIBB COMPA EQUITY 110122108 12648 197241X 197241
BROWN-FORMAN INC CL B EQUITY 115637209 717 12450X 12450
BURLINGTON NORTHERN SANTA EQUITY 12189T104 1574 47888X 47888
CBS CORP EQUITY 12490K107 365 8950X 8950
CIGNA CORP EQUITY 125509109 218 2602X 2602
CSX CORPORATION EQUITY 126408103 485 12462X 12462
CANADIAN PACIFIC LTD NEW EQUITY 135923100 3266 166950X 166950
CANADIAN NATIONAL RAILWAY EQUITY 136375102 3218 57848X 57848
CAPITAL ONE FINANCIAL CORP EQUITY 14040H105 210 1390X 1390
CAROLINA POWER & LIGHT EQUITY 144141108 468 12364X 12364
CATERPILLAR INC EQUITY 149123101 7588 165192X 165192
CHASE MANHATTAN CORP NEW EQUITY 16161A108 10450 128423X 128423
CHESAPEAKE CORP EQUITY 165159104 405 14940X 14940
CHEVRON CORP EQUITY 166751107 2744 30921X 30921
CIRCUIT CITY EQUITY 172737108 512 6679X 6679
CISCO SYSTEMS INC EQUITY 17275R102 5357 48895X 48895
CITIGROUP INC EQUITY 172967101 2603 40744X 40744
CITIZENS UTILS CO DEL SER EQUITY 177342201 100 12932X 12932
CLAYTON HOMES EQUITY 184190106 224 20248X 20248
CLOROX CORP EQUITY 189054109 596 5084X 5084
COASTAL CORP EQUITY 190441105 5220 158172X 158172
COCA COLA BOTTLING CO EQUITY 191098102 728 13175X 13175
COCA-COLA EQUITY 191216100 33960 553321X 553321
COLGATE-PALMOLIVE EQUITY 194162103 1061 11532X 11532
COMCAST CLASS A SPECIAL EQUITY 200300200 267 4235X 4235
COMPAQ COMPUTER CORP EQUITY 204493100 670 21151X 21151
CONSOLIDATED EDISON INC EQUITY 209115104 4054 89477X 89477
CONSOLIDATED NATURAL GAS EQUITY 209615103 371 7630X 7630
COOPER CAMERON CORP EQUITY 216640102 3553 104890X 104890
CORIXA CORP EQUITY 21887F100 156 19500X 19500
C3 INC EQUITY 22942P109 2556 239150X 239150
DTE ENERGY COMPANY EQUITY 233331107 901 23450X 23450
DEERE & COMPANY EQUITY 244199105 3918 101435X 101435
DIEBOLD INC EQUITY 253651103 286 11900X 11900
DILLARDS INC EQUITY 254067101 213 8397X 8397
DISNEY WALT CO EQUITY 254687106 1959 62948X 62948
DOLLAR TREE STORES EQUITY 256747106 599 19355X 19355
DOMINION RESOURCES INC VA EQUITY 257470104 1003 27166X 27166
DONNELLEY R R & SONS EQUITY 257867101 542 16850X 16850
DOW CHEMICAL EQUITY 260543103 681 7311X 7311
DU PONT E I DE NEMOURS EQUITY 263534109 4720 81300X 81300
DUKE ENERGY CORP EQUITY 264399106 1407 25677X 25677
DUN & BRADSTREET INC NEW EQUITY 26483B106 376 10550X 10550
EASTMAN KODAK EQUITY 277461109 4841 75784X 75784
ECOLAB INC EQUITY 278865100 451 12700X 12700
EMERSON ELECTRIC EQUITY 291011104 1271 24016X 24016
EIF 1ST EXCH SERIES ATT SH EQUITY 294700703 505 2850X 2850
EXXON EQUITY 302290101 13246 187718X 187718
FPL GROUP EQUITY 302571104 256 4802X 4802
FANNIE MAE EQUITY 313586109 1269 18321X 18321
FIRST UNION CORP EQUITY 337358105 2800 52392X 52392
FIRST VIRGINIA BANKSHARES EQUITY 337477103 774 16934X 16934
FORD MOTOR COMPANY EQUITY 345370100 12266 216389X 216389
FRANKLIN SELECT REALTY TRU EQUITY 354638108 202 26965X 26965
GTE CORPORATION EQUITY 362320103 3669 60643X 60643
GANNETT INC EQUITY 364730101 1870 29687X 29687
GENENTECH INC EQUITY 368710307 1575 17775X 17775
GENERAL ELECTRIC EQUITY 369604103 32878 297200X 297200
GENERAL MILLS EQUITY 370334104 321 4250X 4250
GENERAL MOTORS EQUITY 370442105 1534 17637X 17637
GENICOM CORP EQUITY 372282103 23 11900X 11900
GENUINE PARTS EQUITY 372460105 592 20550X 20550
GILLETTE COMPANY EQUITY 375766102 662 11130X 11130
GLAXO PLC SPSD EQUITY 37733W105 206 3075X 3075
GRIFFIN LAND & NURSERIES EQUITY 398231100 210 22750X 22750
GUARANTY FINANCIAL CORP VA EQUITY 401086103 462 41050X 41050
HCR MANOR CARE EQUITY 404134108 281 12305X 12305
HALLIBURTON CO EQUITY 406216101 218 5670X 5670
HARRIS CORP EQUITY 413875105 4107 143465X 143465
HARTFORD FINL SV GROUP INC EQUITY 416515104 5487 96586X 96586
HEILIG-MEYERS EQUITY 422893107 74 14300X 14300
HEINZ H J CO EQUITY 423074103 228 4816X 4816
HEWLETT-PACKARD EQUITY 428236103 10115 149160X 149160
HIGHWOODS PROPERTIES INC EQUITY 431284108 2132 90499X 90499
HIRSCH INTERNATIONAL CORP EQUITY 433550100 103 45950X 45950
HOME DEPOT INC EQUITY 437076102 1154 18536X 18536
HUNTINGTON BANCSHARES EQUITY 446150104 3556 114950X 114950
IMS HEALTH INC EQUITY 449934108 239 7200X 7200
ITT INDUSTRIES INC EQUITY 450911102 2008 56768X 56768
INTEL CORP EQUITY 458140100 25722 216382X 216382
INTERNATIONAL BUSINESS MAC EQUITY 459200101 8509 48008X 48008
INTERNATIONAL PAPER EQUITY 460146103 1546 36650X 36650
JEFFERSON-PILOT EQUITY 475070108 2254 33264X 33264
JOHNSON & JOHNSON EQUITY 478160104 1922 20556X 20556
KELLOGG COMPANY EQUITY 487836108 325 9600X 9600
KIMBERLY CLARK CORP EQUITY 494368103 324 6750X 6750
ELI LILLY EQUITY 532457108 1694 19964X 19964
LOCKHEED MARTIN CORP EQUITY 539830109 1325 35094X 35094
LOEWS CORP EQUITY 540424108 5616 75262X 75262
LUCENT TECHNOLOGIES INC EQUITY 549463107 1278 23643X 23643
MCI WORLDCOM INC EQUITY 55268B106 2215 25012X 25012
MFS INTERMEDIATE INCOME TR SENIOR 55273C107 125 18802X 18802
MGI PROPERTIES EQUITY 552885105 288 10522X 10522
MACE SECURITY INTL INC EQUITY 554335109 59 10000X 10000
MARKEL CORP EQUITY 570535104 2340 12983X 12983
MARSH & MCLENNAN COS INC EQUITY 571748102 770 10376X 10376
MAY DEPT STORES COMPANY EQUITY 577778103 408 10431X 10431
MCDONALDS CORP EQUITY 580135101 1704 37600X 37600
MCGRAW HILL INC EQUITY 580645109 4021 73780X 73780
MEAD CORPORATION EQUITY 582834107 13425 436596X 436596
MEDIAONE GROUP INC EQUITY 58440J104 210 3308X 3308
MERCK & COMPANY EQUITY 589331107 10857 135497X 135497
MICROSOFT CORP EQUITY 594918104 6666 74380X 74380
MINNESOTA MINING & MFG EQUITY 604059105 1173 16586X 16586
MOBIL CORP EQUITY 607059102 3648 41454X 41454
MONSANTO COMPANY EQUITY 611662107 1245 27094X 27094
MORGAN JP & CO EQUITY 616880100 1332 10800X 10800
MORGAN STANLEY DW DISCOVER EQUITY 617446448 243 2436X 2436
MYLAN LABORATORIES EQUITY 628530107 6515 237450X 237450
NORFOLK SOUTHERN CORP EQUITY 655844108 4969 188388X 188388
NORTHERN STATES POWER EQUITY 665772109 4958 213831X 213831
NUVEEN MUNI VALUE FUND EQUITY 670928100 109 11000X 11000
ONE VALLEY BANCORP WEST VA EQUITY 682419106 644 18462X 18462
PNC BANK CORP EQUITY 693475105 383 6901X 6901
PPG INDUSTRIES INC EQUITY 693506107 739 14415X 14415
PACIFICARE HEALTH SYSTEMS- EQUITY 695112201 6753 98950X 98950
PEPSICO EQUITY 713448108 4440 113291X 113291
PHARMACIA & UPJOHN INC EQUITY 716941109 359 5760X 5760
PFIZER EQUITY 717081103 3977 28660X 28660
PHILIP MORRIS EQUITY 718154107 7044 200188X 200188
PHILLIPS PETROLEUM EQUITY 718507106 1195 25300X 25300
PROCTER & GAMBLE EQUITY 742718109 3571 36462X 36462
QUAKER OATS EQUITY 747402105 329 5286X 5286
RJR NABISCO HOLDINGS NEW EQUITY 74960K876 2482 99275X 99275
RAYONIER INC EQUITY 754907103 545 13615X 13615
RAYTHEON CO CLASS B EQUITY 755111408 9157 156195X 156195
REGIONS FINANCIAL CORP EQUITY 758940100 400 11560X 11560
RELIANT ENERGY INC EQUITY 75952J108 496 19025X 19025
RESOURCE BANKSHARES CORP V EQUITY 76121R104 432 21877X 21877
REUTERS GROUP PLC SPSD ADR EQUITY 76132M102 747 8597X 8597
REYNOLDS METALS EQUITY 761763101 1312 27150X 27150
RITE AID EQUITY 767754104 231 9250X 9250
ROHM & HAAS CO EQUITY 775371107 1525 45453X 45453
ROWE FURNITURE CORP EQUITY 779528108 200 20000X 20000
ROYAL DUTCH PETRO NY REG S EQUITY 780257804 5481 105408X 105408
SBC COMMUNICATIONS INC EQUITY 78387G103 2085 44194X 44194
STANDARD & POORS DEPOSITOR EQUITY 78462F103 296 2305X 2305
THE ST JOE COMPANY EQUITY 790148100 3947 162770X 162770
SARA LEE CORP EQUITY 803111103 231 9336X 9336
SCANA CORP EQUITY 805898103 453 20878X 20878
SCHERING-PLOUGH EQUITY 806605101 1373 24855X 24855
SCHLUMBERGER LTD EQUITY 806857108 533 8849X 8849
SEARS ROEBUCK & CO EQUITY 812387108 8707 192685X 192685
SECURITY BANK CORPORATION EQUITY 814044103 288 17480X 17480
SERVICE CORP INTL EQUITY 817565104 693 48601X 48601
SHELL TRANS & TRADING PLC EQUITY 822703609 222 5475X 5475
SHORE FINANCIAL CORP EQUITY 82511E109 288 28800X 28800
SIGMA ALDRICH CORP EQUITY 826552101 363 12425X 12425
SMITHFIELD FOODS EQUITY 832248108 3545 156267X 156267
SMITHKLINE BEECHAM PLC ADR EQUITY 832378301 1007 14084X 14084
SONOCO PRODUCTS EQUITY 835495102 536 23294X 23294
SOUTHDOWN INC EQUITY 841297104 633 11783X 11783
SOUTHTRUST CORP EQUITY 844730101 1110 29762X 29762
SPRINT CORP EQUITY 852061100 375 3819X 3819
SUN MICROSYSTEMS EQUITY 866810104 219 1750X 1750
SUNTRUST BANKS INC EQUITY 867914103 5158 82855X 82855
TELEFONICA DE ESPANA ADS EQUITY 879382208 384 3009X 3009
TELESPECTRUM WORLDWIDE INC EQUITY 87951U109 238 27750X 27750
TEMPLETON GLOBAL GOVT INCO SENIOR 879929107 167 25752X 25752
TEMPLETON GLOBAL INCOME SENIOR 880198106 293 43850X 43850
TEXACO EQUITY 881694103 1669 29404X 29404
TEXAS INSTRUMENTS EQUITY 882508104 357 3600X 3600
THERMO ELECTRON CORP EQUITY 883556102 292 21550X 21550
THERMO INSTRUMENT SENIOR 883559AE6 377 465000X 465000
3 D SYSTEMS CORPORATION EQUITY 88554D205 207 34475X 34475
TORCHMARK CORPORATION EQUITY 891027104 371 11736X 11736
TRANSAMERICA CORP EQUITY 893485102 900 12680X 12680
TREDEGAR INDUSTRIES INC EQUITY 894650100 727 23500X 23500
TRIGON HEALTHCARE INC EQUITY 89618L100 263 7679X 7679
TULTEX CORP EQUITY 899900104 11 18008X 18008
TYCO INTERNATIONAL LTD NEW EQUITY 902124106 4563 63600X 63600
UNION CAMP EQUITY 905530101 2133 31770X 31770
UNION PACIFIC EQUITY 907818108 1126 21078X 21078
UNION PACIFIC RESOURCES GR EQUITY 907834105 143 12028X 12028
UNITED DOMINION REALTY TR EQUITY 910197102 4754 463758X 463758
UNITED MOBILE HOMES INC EQUITY 911024107 165 18000X 18000
U S FILTER EQUITY 911843209 248 8100X 8100
US WEST INC EQUITY 91273H101 7799 141633X 141633
VESTA INSURANCE GROUP INC EQUITY 925391104 79 15425X 15425
WLR FOODS EQUITY 929286102 563 76300X 76300
WACHOVIA CORP EQUITY 929771103 5481 67513X 67513
WAL-MART STORES INC EQUITY 931142103 381 8128X 8128
WARNER-LAMBERT EQUITY 934488107 1963 29625X 29625
WASHINGTON REIT SBI EQUITY 939653101 1477 90525X 90525
WASTE MANAGEMENT INC EQUITY 94106L109 7086 159680X 159680
WELLS FARGO COMPANY EQUITY 949746101 477 13600X 13600
WIRELESS TELECOM GROUP INC EQUITY 976524108 84 50000X 50000
XEROX EQUITY 984121103 1338 25670X 25670
DAIMLER-CHRYSLER AG EQUITY D1668R12 3868 45080X 45080
</TABLE>
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