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SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 3/31/97 AMENDMENT 00
Institutional Investment Manager:
SALEM INVESTMENT COUNSELORS INC.
480 SHEPHARD STREET SUITE 200
WINSTON SALEM NC 27103
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS
PURSUANT TO SECTION 13(f) OF THE SECURITIES EXCHANGE ACT OF 1934
AND RULES THEREUNDER
Report for the Calendar Year or Quarter Ended March 31,1997
Salem Investment Counselors, Inc.
Name of Institutional Investment Manager
480 Shepherd Street. Suite 200, Winston-Salem, NC 27103
Business Address
Dale M. Brown, Vice President (910)768-7230
Name, Phone No., and Title of Person Duly Authorized to Submit This Report.
The institutional investment manager submitting this Form and its attachments
and the person by whom it is signed represent hereby that all information
contained therein is true, correct and complete. It is understood that all
required items, statements and schedules are considered integral parts of this
Form and that the submission of any amendment represents that all unamended
items, statements and schedules remain true, correct and complete as previously
submitted.
Pursuant to the requirements of Securities Exchange Act of 1934, the
undersigned institutional investment manager has caused this report to be signed
on its behalf in the City of Winston-Salem and State of North Carolina on the
2nd day of May, 1997.
Salem Investment Counselors. Inc.
By: /s/ Dale M. Brown
Dale M. Brown
Vice President
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FORM 13F
(SEC USE ONLY)
Name, Title and Telephone Number of Person Submitting Report:
DALE M. BROWN VICE PRESIDENT 910-768-7230
Signature, Place and Date of Signing:
/s/ DALE M. BROWN WINSTON SALEM NC 5/02/97
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VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
Acadiana Bancshares, Inc. COM 004280103 600 3200 SH SOLE 32000
Acorn Int'l Fund, Inc. COM 004851200 968 6600 SH SOLE 66000
Affiliated Community COM 008188104 1876 79000 SH SOLE 79000
Aldila Inc. COM 014384101 52 11000 SH SOLE 11000
Amerco COM 023586100 383 15000 SH SOLE 15000
American Brands COM 024703100 354 7000 SH SOLE 7000
American General Corp. COM 02635106 326 8000 SH SOLE 8000
American Stores Co. COM 030096101 5830 131000 SH SOLE 131000
Amoco Corporation COM 031905102 433 5000 SH SOLE 5000
Analysts Int'l Corp. COM 032681108 396 18000 SH SOLE 18000
Asia Tigers Fund, Inc. COM 04516T105 819 78000 SH SOLE 78000
Auto Data Processing Inc. COM 053015103 293 7000 SH SOLE 7000
Bank of Granite, NC COM 062401104 944 32000 SH SOLE 32000
Boddie-Noell Rest. Prop. COM 096903109 1427 113000 SH SOLE 113000
Broadway Financial Corp. COM 111444105 215 20000 SH SOLE 20000
CCB Financial Corp. COM 124875105 2172 34000 SH SOLE 34000
CVS Corp. COM 126650100 231 5000 SH SOLE 5000
Callon Petroleum Co. Del. COM 13123X102 242 15000 SH SOLE 15000
Capital One Financial Corp. COM 14040H105 410 11000 SH SOLE 11000
Cardiovascular Diagnostics COM 14060E106 755 12000 SH SOLE 12000
Carolina Fincorp, Inc. COM 143874105 986 68000 SH SOLE 68000
Cenit Bancorp Inc. COM 15131W109 788 18000 SH SOLE 18000
Century Bancorp Inc. NC COM 156433104 617 9000 SH SOLE 9000
Chevron Corporation COM 166751107 348 5000 SH SOLE 5000
Coastal Bancorp Inc. COM 19041P105 515 20000 SH SOLE 20000
Coca Cola Corporation COM 191216100 2676 48000 SH SOLE 48000
Colonial Downs Hldgs Cl A COM 195644100 184 25000 SH SOLE 25000
Community Bancshares COM 203433107 618 43000 SH SOLE 43000
Computer Network Technol. COM 204925101 538 10000 SH SOLE 10000
Consolidated Products COM 209798107 172 11000 SH SOLE 11000
Cooperative Bankshares COM 216844100 2214 108000 SH SOLE 108000
Cypress Semiconductor COM 232806109 175 14000 SH SOLE 14000
Dallas Semiconductor COM 235204104 239 9000 SH SOLE 9000
Disney, Walt Company COM 254687106 656 9000 SH SOLE 9000
Duke Power Company COM 264399106 1059 24000 SH SOLE 24000
Einstein/Noah Bagel COM 282577105 2261 90000 SH SOLE 90000
Exxon Corporation COM 302290101 1078 10000 SH SOLE 10000
First American Corp, TN COM 318900 5408 85000 SH SOLE 85000
First Bank Systems, Inc. COM 319279105 1168 16000 SH SOLE 16000
First Republic Bancorp COM 33615F104 1980 89000 SH SOLE 89000
First Union Corporation COM 337358105 4300 53000 SH SOLE 53000
First Fed Financial Corp. COM 337907109 4136 176000 SH SOLE 176000
General Electric COM 369604108 1985 20000 SH SOLE 20000
Georgia Pwr Capital Trt II PREFERRED 373332204 240 10000 SH SOLE 10000
Guidant Corporation COM 401698105 6581 107000 SH SOLE 107000
HF Bancorp Inc. COM 403910102 446 35000 SH SOLE 35000
Harrington Financial Group COM 413801101 198 18000 SH SOLE 18000
Hewlett Packard, Inc. COM 428236103 4911 92000 SH SOLE 92000
Horizon Financial Svcs Corp COM 44041Q101 175 10000 SH SOLE 10000
Household International COM 441815107 345 4000 SH SOLE 4000
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VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
Hubbell Inc. Cl B COM 443510201 6676 158000 SH SOLE 158000
IRT Property, Inc. COM 450058102 539 49000 SH SOLE 49000
ISB Financial Corp. COM 450091103 2107 86000 SH SOLE 86000
ITLA Capital Corp. COM 450565106 298 20000 SH SOLE 20000
Indiana United Bancorp COM 455149104 931 28000 SH SOLE 28000
Insteel Industry Inc. COM 45774W108 157 19000 SH SOLE 19000
Jefferson Pilot Corp. COM 475070108 816 15000 SH SOLE 15000
Johnson & Johnson COM 478160104 687 13000 SH SOLE 13000
KS Bancorp COM 48266R108 1276 63000 SH SOLE 63000
Latin Amer. Discovery Fund SHARES 51828C106 5369 355000 SH SOLE 355000
Leggett & Platt COM 524660107 2860 88000 SH SOLE 88000
Lilly, Eli & Co. COM 532457108 247 3000 SH SOLE 3000
Lowes Company Inc. COM 548661107 748 20000 SH SOLE 20000
MLC Holdings Inc. COM 55305V107 120 10000 SH SOLE 10000
McDonalds Corporation COM 580135101 1181 25000 SH SOLE 25000
Mellon Bank Corporation COM 585509102 1091 15000 SH SOLE 15000
Merck & Company COM 589331107 7077 84000 SH SOLE 84000
Meritrust Fed Savings Bank COM 59000X103 288 8000 SH SOLE 8000
Methode Electronics Cl A COM 591520200 350 25000 SH SOLE 25000
Metromail Corp COM 591680103 5189 303000 SH SOLE 303000
Microsoft Corporation COM 594918104 9627 105000 SH SOLE 105000
Minnesota Mining & Mfg. COM 604059105 5501 65000 SH SOLE 65000
Mobil Corporation COM 607059102 261 2000 SH SOLE 2000
Monsanto Co. COM 611662107 344 9000 SH SOLE 9000
Motorola Inc. COM 620076109 424 7000 SH SOLE 7000
NationsBank Corporation COM 638585109 278 5000 SH SOLE 5000
Nestor, Inc. COM 641074109 19 10000 SH SOLE 10000
Newell Co. COM 651192106 670 20000 SH SOLE 20000
Norrell Corp. COM 656301108 345 14000 SH SOLE 14000
Palfed, Inc. COM 696370105 1138 70000 SH SOLE 70000
PennFed Financial Svcs COM 708167101 564 24000 SH SOLE 24000
Pepsico Inc. COM 713448108 9583 296000 SH SOLE 296000
Philip Morris Holding Co. COM 718154107 1826 16000 SH SOLE 16000
Plasti-Line Inc. COM 727540106 1828 215000 SH SOLE 215000
Proctor & Gamble COM 742718109 1033 9000 SH SOLE 9000
Provident Financial Hldgs COM 743868101 272 18000 SH SOLE 18000
Providian Corporation COM 744061102 535 10000 SH SOLE 10000
Raytheon Company COM 755111101 316 7000 SH SOLE 7000
Sara Lee Corporation COM 803111103 1499 37000 SH SOLE 37000
Schering Plough Corp. COM 806605701 509 7000 SH SOLE 7000
ServiceMaster L.P. COM 817615107 10955 402000 SH SOLE 402000
Service Merchandise COM 817587108 1073 318000 SH SOLE 318000
Sonoco Products COM 835495102 4563 169000 SH SOLE 169000
South Street Financial Corp. COM 840468102 1693 105000 SH SOLE 105000
Southern Financial Bancorp COM 842870107 880 69000 SH SOLE 69000
Southern National Corp. COM 843444410 1118 30000 SH SOLE 30000
Spaghetti Warehouse COM 846329100 1840 359000 SH SOLE 359000
Stone Street Bancorp Inc. COM 861747103 1807 73000 SH SOLE 73000
SunTrust Banks, Inc. COM 867914103 278 6000 SH SOLE 6000
Sysco COM 871829107 3583 105000 SH SOLE 105000
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VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
TR Financial Corp COM 872630108 728 20000 SH SOLE 20000
360 Communications COM 88557H097 380 22000 SH SOLE 22000
Three Rivers Fin'l Corp. COM 88562H107 833 59000 SH SOLE 59000
Triad Guaranty Inc. COM 895925105 11240 381000 SH SOLE 381000
Tribune Co. COM 896047107 5144 127000 SH SOLE 127000
Unifirst Corporation COM 904708104 4563 234000 SH SOLE 234000
US West Inc Media Group COM 912889201 3182 172000 SH SOLE 172000
Uno Restaurants COM 914900105 70 11000 SH SOLE 11000
VF Corporation COM 918204108 4079 61000 SH DEFINED 61000
Wachovia Corporation COM 929771103 1417 26000 SH SOLE 26000
Wallace Computer COM 932270101 2981 90000 SH SOLE 90000
Winn Dixie COM 974280109 495 15000 SH SOLE 15000
World Color Press COM 981443104 204 10000 SH SOLE 10000
Worthington Inc. COM 981811102 784 41000 SH SOLE 41000
REPORT SUMMARY 114 DATA RECORDS 204192 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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