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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 0 0
Acorn Int'l Fund, Inc. COM 004851200 968 6600 SH SOLE 66000 0 0
Affiliated Community COM 008188104 1876 79000 SH SOLE 79000 0 0
Aldila Inc. COM 014384101 52 11000 SH SOLE 11000 0 0
Amerco COM 023586100 383 15000 SH SOLE 15000 0 0
American Brands COM 024703100 354 7000 SH SOLE 7000 0 0
American General Corp. COM 02635106 326 8000 SH SOLE 8000 0 0
American Stores Co. COM 030096101 5830 131000 SH SOLE 131000 0 0
Moco Corporation COM 031905102 433 5000 SH SOLE 5000 0 0
Analysts Int'l Corp. COM 032681108 396 18000 SH SOLE 18000 0 0
Asia Tigers Fund, Inc. COM 04516T105 819 78000 SH SOLE 78000 0 0
Auto Data Processing Inc. COM 053015103 293 7000 SH SOLE 7000 0 0
Bank of Granite, NC COM 062401104 944 32000 SH SOLE 32000 0 0
REPORT SUMMARY 13 DATA RECORDS 0 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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