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<TABLE>
<C> <C>
<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 3/30/97
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 December 31,1998
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 (336)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
1st day of May, 1998.
Salem Investment Counselors. Inc.
By: /s/ Dale M. Brown
Dale M. Brown
Vice President
<PAGE> PAGE 2
1
<PAGE>
FORM 13F
(SEC USE ONLY)
Name, Title and Telephone Number of Person Submitting Report:
DALE M. BROWN VICE PRESIDENT 336-768-7230
Signature, Place and Date of Signing:
/s/ DALE M. BROWN WINSTON SALEM NC 05/01/98
<PAGE> PAGE 3
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
AT & T Corp. COM 001957109 476 7242 SH SOLE 7242
Abbott Labs COM 002824100 959 12728 SH SOLE 12728
Acadiana Bancshares COM 004280103 392 17250 SH SOLE 17250
Acorn International Fund COM 004851200 1576 72527 SH SOLE 72527
Affiliated Community COM 008188104 1046 26647 SH SOLE 26647
Aldila, Inc. COM 014384101 65 11000 SH SOLE 11000
Allmerica Financial Corp COM 019754100 396 6200 SH SOLE 6200
American General Corp COM 026351106 247 3818 SH SOLE 3818
American Home Products COM 026609107 950 9960 SH SOLE 9960
American Stores Co COM 030096101 343 13210 SH SOLE 13210
Ameritech COM 030954101 368 7452 SH SOLE 7452
Amoco Corporation COM 031905102 605 7000 SH SOLE 7000
Analysts Int'l Corp COM 032681108 636 21750 SH SOLE 21750
Archer Daniels Midland COM 039483102 224 10214 SH SOLE 10214
Asia Tigers Fund, Inc. COM 04516T105 750 88215 SH SOLE 88215
Automatic Data Process COM 053015103 415 6100 SH SOLE 6100
BB&T Corporation COM 054937107 1750 25859 SH SOLE 25859
Bank of Granite COM 062401104 222 6935 SH SOLE 6935
BankAtlantic Bancorp COM 065908501 476 34750 SH SOLE 34750
Bankunited Fin Corp CL A COM 065412108 252 18000 SH SOLE 18000
Basin Exploration Inc. COM 070107107 639 31000 SH SOLE 31000
Bayard Drilling Tech COM 072700107 336 23000 SH SOLE 23000
Bellsouth Corp. COM 079860102 625 9273 SH SOLE 9273
Berkshire Hathaway CL A COM 084670108 558 10 SH SOLE 10
Boddie-Noell Rest Ppty COM 096903109 2802 186050 SH SOLE 186050
Bristol Myers Squibb COM 110122108 486 4656 SH SOLE 4656
Broadway Financial Corp COM 111444105 250 20000 SH SOLE 20000
CCB Financial Corp COM 124875105 3106 28095 SH SOLE 28095
CT Communication CL B COM 126426204 259 1980 SH SOLE 1980
CNS Inc. COM 126650100 59 10600 SH SOLE 10600
Callon Petroleum Co Del COM 13123X102 259 15226 SH SOLE 15226
Capital Bank-Raleigh, NC COM 139808109 788 50000 SH SOLE 50000
Cardiovascular Diagnostic COM 14060E106 2197 244063 SH SOLE 244063
Carolina Fincorp, Inc. COM 143874105 989 56100 SH SOLE 56100
Cenit Bancorp COM 15131W109 379 4800 SH SOLE 4800
Century Bancorp COM 156433104 3017 26700 SH SOLE 26700
Century Bancshares COM 156436107 1931 177600 SH SOLE 177600
Chevron Corporation COM 166751107 513 6402 SH SOLE 6402
Cincinnati Financial Corp COM 172062AB7 1010 8064 SH SOLE 8064
Cisco Systems COM 17275R102 1210 17700 SH SOLE 17700
Coca-Cola Corporation COM 191216100 13759 177672 SH SOLE 177672
Coddle Creek Financial COM 191891100 4434 55425 SH SOLE 55425
Colonial Downs Hldgs Cl A COM 195644100 43 10000 SH SOLE 10000
Community Bancshares COM 203433107 1399 86076 SH SOLE 86076
ComSouth Bankshares COM 205648108 664 23000 SH SOLE 23000
Consolidated Products COM 209798107 208 10800 SH SOLE 10800
Consolidation Cap Corp COM 210296109 226 9000 SH SOLE 9000
Cooperative Bancshares COM 216844100 3864 198150 SH SOLE 198150
Corecomm Inc. COM 21386N106 1016 61000 SH SOLE 61000
Cree Research Inc COM 225447101 249 15000 SH SOLE 15000
<PAGE> PAGE 4
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
Cypress Semiconductor COM 232806109 145 14400 SH SOLE 14400
Dallas Semiconductor COM 235204104 262 7780 SH SOLE 7780
Dell Computer Corp COM 247025109 440 6500 SH SOLE 6500
Disney, Walt Company COM 254687106 1497 14019 SH SOLE 14019
Duke Energy Company COM 264399106 1512 25378 SH SOLE 25378
Dupont de nemours COM 263534109 255 3754 SH SOLE 3754
Eaton Corp COM 283695872 307 3224 SH SOLE 3224
Emerson Electric COM 291011104 284 4166 SH SOLE 4166
Enron Corp COM 293861809 255 5500 SH SOLE 5500
Engel General Developers COM M40515104 264 48000 SH SOLE 48000
Equitable Fed Svgs Bk COM 294487103 224 7000 SH SOLE 7000
Excel Realty Pfd 8.625% PREFERRED 30067R404 495 20000 SH SOLE 20000
Exxon Corporation COM 302290101 1438 21267 SH SOLE 21267
Fannie Mae COM 313586109 614 9700 SH SOLE 9700
First American Corp, TN COM 318900107 1598 32610 SH SOLE 32610
First Chicago NBD Corp COM 31645A100 881 10000 SH SOLE 10000
First Regional Bancorp COM 33615C101 625 75750 SH SOLE 75750
First Republic Bancorp COM 33615F104 212 5900 SH SOLE 5900
First Union Corporation COM 337358105 4511 79394 SH SOLE 79394
First Fed Financial Corp COM 337907109 6641 158589 SH SOLE 158589
FirstSpartan Fin'l Corp COM 337931109 7035 155909 SH SOLE 155909
Fred Meyer Inc COM 592907109 416 9000 SH SOLE 9000
General Electric COM 369604108 4272 49567 SH SOLE 49567
Gillette Co COM 375766102 352 2968 SH SOLE 2968
Golden St Bancorp Inc COM 381197102 382 10000 SH SOLE 10000
Guidant Corporation COM 401698105 11748 160106 SH SOLE 160106
Harbor FL Bancshares Inc COM 411901101 178 15000 SH SOLE 15000
Harrington Financial Group COM 413801101 1780 156500 SH SOLE 156500
Harris Financial Inc. COM 414570101 1193 44800 SH SOLE 44800
Hershey Foods COM 427899108 1316 18370 SH SOLE 18370
Hubbell Inc. Cl B COM 443510201 7389 146684 SH SOLE 146684
IRT Property, Inc. COM 450058102 603 51850 SH SOLE 51850
ISB Financial Corp COM 450091103 2142 77175 SH SOLE 77175
Indiana United Bancorp COM 455149104 1644 28285 SH SOLE 28285
Intel Corp COM 458140100 726 9300 SH SOLE 9300
International Bus Machine COM 459200101 423 4073 SH SOLE 4073
Jefferson Pilot Corp COM 475070108 744 8362 SH SOLE 8362
Jefferson Fed Svgs & Loan COM 474060100 178 12700 SH SOLE 12700
Johnson & Johnson COM 478160104 786 10700 SH SOLE 10700
KS Bancorp COM 48266R108 1639 74482 SH SOLE 74482
Kimberly Clark Corp COM 494368103 221 4400 SH SOLE 4400
Latin American Dis. Fund COM 51828C106 5398 449825 SH SOLE 449825
Leeds Federal Svgs Bank COM 52442P105 338 15000 SH SOLE 15000
Leggett & Platt COM 524660107 4490 87282 SH SOLE 87282
Lilly, Eli & Co. COM 532457108 227 4000 SH SOLE 4000
Long Beach Financial Corp COM 542446109 740 58000 SH SOLE 58000
Lowes Company Inc. COM 548661107 1439 20508 SH SOLE 20508
Lucent Technologies COM 549463107 527 4122 SH SOLE 4122
MLC Holdings Inc. COM 55305V107 275 20000 SH SOLE 20000
McDonalds Corporation COM 580135101 740 12338 SH SOLE 12338
<PAGE> PAGE 5
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
Mellon Bank Corporation COM 585509102 1005 15824 SH SOLE 15824
Merck & Co. COM 589331107 11626 90698 SH SOLE 90698
Methode Electronics ClA COM 591520200 381 25500 SH SOLE 25500
Metromail Corp COM 591680103 12441 359294 SH SOLE 359294
Minnesota Mining & Mfg. COM 594918104 7196 79081 SH SOLE 79081
Microsoft COM 604059105 17643 197128 SH SOLE 197128
Mobil Corporation COM 607059102 666 8694 SH SOLE 8694
NationsBank Corporation COM 638585109 18717 256617 SH SOLE 256617
Nestor, Inc. COM 641074109 20 10000 SH SOLE 10000
Newell Co COM 651192106 802 16550 SH SOLE 16550
Newsedge Corp COM 65249Q106 360 25500 SH SOLE 25500
Norrell Corp GA COM 656301108 291 12900 SH SOLE 12900
Northwest Savings Bank COM 667794101 588 35000 SH SOLE 35000
Norwest Corp COM 669380107 208 5000 SH SOLE 5000
Ohio St Fin'l Svcs Inc. COM 677911109 503 29600 SH SOLE 29600
Park Bancorp Inc. COM 700164106 281 15000 SH SOLE 15000
Pennsylvania REIT COM 708160106 257 10500 SH SOLE 10500
Pepsico, Inc. COM 713448108 13153 308117 SH SOLE 308117
Philip Morris Holding Co. COM 718154107 3553 85231 SH SOLE 85231
Phillips Electronics NV COM 718337504 793 10800 SH SOLE 10800
Pitney Bowes COM 724479100 321 6400 SH SOLE 6400
Pluma Corp COM 729272104 261 38602 SH SOLE 38602
Proffitts Inc COM 742925100 276 7600 SH SOLE 7600
Proctor & Gamble COM 742718109 1052 12468 SH SOLE 12468
Provident Bankshares Gp COM 743859100 1963 55500 SH SOLE 55500
Ralston Purina Group COM 751277302 445 4200 SH SOLE 4200
River Valley Bancorp COM 768475105 692 36400 SH SOLE 36400
Royal Dutch Pete Co NY COM 780257804 290 5100 SH SOLE 5100
SBC Communications Inc COM 78387G103 658 15160 SH SOLE 15160
SGV Bancorp Inc COM 78422T102 2297 129425 SH SOLE 129425
Sara Lee Corporation COM 803111103 2190 35464 SH SOLE 35464
Schering Plough COM 806605101 1422 17400 SH SOLE 17400
Schlumberger Ltd COM 806857108 254 3350 SH SOLE 3350
Security Bancorp Inc TN COM 813771102 449 27200 SH SOLE 27200
ServiceMaster Co COM 817615107 7136 249851 SH SOLE 249851
Service Merchandise COM 817587108 778 389196 SH SOLE 389196
Sisterville Bancorp Inc COM 829793108 536 34300 SH SOLE 34300
Sonoco Products COM 835495102 7149 178446 SH SOLE 178446
Southern Financial Bancorp COM 842870107 2708 106198 SH SOLE 106198
Spaghetti Warehouse COM 846329100 1701 245181 SH SOLE 245181
Star Banc Corp COM 855083101 310 5240 SH SOLE 5240
Staten Island Bancorp Inc COM 857550107 611 30000 SH SOLE 30000
Stone Street Bancorp, Inc COM 861747103 1229 59597 SH SOLE 59597
SunTrust Banks, Inc. COM 867914103 916 12146 SH SOLE 12146
Symons Intl Group Inc COM 87154P105 374 22000 SH SOLE 22000
Sysco COM 871829107 6544 255366 SH SOLE 255366
TCF Financial Corp COM 872275102 343 10094 SH SOLE 10094
Teche Holding Co COM 878330109 975 43800 SH SOLE 43800
Thermo Electron Corp COM 883556102 315 7800 SH SOLE 7800
360 Communications COM 88557H097 221 7083 SH SOLE 7083
<PAGE> PAGE 6
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
Three Rivers Financial Corp COM 88562H107 2281 109250 SH SOLE 109250
TriContinental Corp COM 895436103 269 9071 SH SOLE 9071
Triad Guaranty Inc. COM 895925105 25981 633686 SH SOLE 633686
Tribune Co COM 896047107 9435 133823 SH SOLE 133823
Tricon Global Restaurants COM 895953107 320 10632 SH SOLE 10632
Trigon Healthcare Inc. COM 89618L100 5087 169225 SH SOLE 169225
UMB Financial Corp COM 902788108 8356 136981 SH SOLE 136981
Unifirst Corporation COM 904708104 7534 269072 SH SOLE 269072
US Bancorp Del COM 911596104 1435 11500 SH SOLE 11500
US West Inc. Media Group COM 912889201 8020 230794 SH SOLE 230794
VF Corporation COM 918204108 5767 109713 SH SOLE 109713
Wachovia Corporation COM 929771103 2155 25414 SH SOLE 25414
Wallace Computer COM 932270101 4070 117536 SH SOLE 117536
Walter Industries Inc COM 93317Q105 534 25000 SH SOLE 25000
Wellington Hall Ltd COM 949535207 3 12500 SH SOLE 12500
Worthington Inc. COM 981811102 571 31505 SH SOLE 31505
REPORT SUMMARY 166 DATA RECORDS 357942 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
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