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 9/30/99
If amended report check here: [ ]: Amendment Number:
This Amendment (Check Only One): [ ] Is a Restatement
[ ] Adds New Holdings Entries
Salem Investment Counselors, Inc.
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Name of Institutional Investment Manager
480 Shepherd Street, Suite 200, Winston-Salem, NC 27103
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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
30th day of July, 1999.
Salem Investment Counselors, Inc.
- ------------------------------------------
(Name of Institutional Investment Manager)
By: /s/ Dale M. Brown, Vice President
- ---------------------------------------
(Signature of Person Duly Authorized to
Submit This Report)
Form 13F file number: 28-03405
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Report Type (check only one):
[ x ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and
all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
List of other managers reporting for this manager: None
<PAGE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
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Form 13F Information Table Entry Total: 147
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Form 13F Information Table Value Total: $340,635,302
--------------------------
List of Other Reporting Managers: None
<PAGE>
<TABLE>
FORM 13F
Name of Reporting Manager:
Salem Investment Counselors, Inc.
VOTING
FAIR AUTHORITY
TITLE OF MARKET SHARES/ SH/ PUT/ INVEST ----------------------
NAME OF ISSUER CLASS CUSIP VALUE PRN AMT PRN CALL DISCRETN MANAGERS SOLE SHARED NONE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Abacan Resource CP New common 002919108 2,363 13,500 SH sole 13,500 0 0
Abbott Labs common 002824100 444,072 12,104 SH sole 12,104 0 0
Acorn Investment Intl. Fund common 004851200 2,665,281 101,806 SH sole 101,806 0 0
Agribiotech Inc common 008494106 40,625 10,000 SH sole 10,000 0 0
America OnLine, Inc. common 02364J104 1,976,677 18,995 SH sole 18,995 0 0
American Gen Corp common 026351106 241,489 3,818 SH sole 3,818 0 0
American Home Products common 026609107 1,883,851 45,394 SH sole 45,394 0 0
American International Group common 026874107 271,506 3,123 SH sole 3,123 0 0
Analysts Int'l Corp common 032681108 225,656 21,750 SH sole 21,750 0 0
Anchor Financial Corp S C common 033036104 625,313 17,250 SH sole 17,250 0 0
Annaly Mortgage Management, Inc. common 035710409 93,130 10,000 SH sole 10,000 0 0
Asia Tigers Fund, Inc. common 04516T105 638,023 76,750 SH sole 76,750 0 0
AT&T Corp common 001957109 261,827 6,019 SH sole 6,019 0 0
AT&T Corp-Liberty Media Group common 001957208 369,324 9,898 SH sole 9,898 0 0
Automatic Data Processing, Inc. common 053015103 502,466 11,840 SH sole 11,840 0 0
Bank of America Corp. common 060505104 14,063,058 252,533 SH sole 252,533 0 0
Bank of Granite Corp. common 062401104 233,244 8,184 SH sole 8,184 0 0
Basin Exploration Inc. common 070107107 240,000 10,000 SH sole 10,000 0 0
BB&T Corporation common 054937107 1,802,543 55,677 SH sole 55,677 0 0
BellSouth Corp common 079860102 434,520 9,656 SH sole 9,656 0 0
Berkshire Hathaway, Inc. DEL CL A common 084670108 825,000 15 SH sole 15 0 0
Boddie-Noell Rest Ppty common 096903109 1,948,500 194,850 SH sole 194,850 0 0
BP Amoco PLC ADR common 055622104 1,055,267 9,523 SH sole 9,523 0 0
Bristol Myers Squibb Co. common 110122108 1,126,170 16,684 SH sole 16,684 0 0
Cablevision System Corp common 12686C109 560,175 7,700 SH sole 7,700 0 0
Cable Design Technologies Corp common 126924109 268,760 11,781 SH sole 11,781 0 0
Callon Petroleum common 13123X102 232,197 15,226 SH sole 15,226 0 0
Capital Bk Raleigh NC common 139808109 425,970 47,330 SH sole 47,330 0 0
CCB Financial Corp common 124875105 2,260,154 54,298 SH sole 54,298 0 0
Cenit Bancorp, Inc. common 15131W109 890,844 49,150 SH sole 49,150 0 0
Chevron Corporation common 166751107 213,178 2,402 SH sole 2,402 0 0
Cincinnati Financial Corp common 172062101 896,691 23,892 SH sole 23,892 0 0
Cisco Sys., Inc. common 17275 R102 6,639,230 96,834 SH sole 96,834 0 0
Coca Cola Company common 191216100 3,970,589 82,292 SH sole 82,292 0 0
Coddle Creek Financial Inc common 191891100 2,137,391 54,025 SH sole 54,025 0 0
Community Bancshares Inc. SC common 20343F100 1,274,264 89,422 SH sole 89,422 0 0
Conso Products Company common 209798107 55,296 10,800 SH sole 10,800 0 0
Cooperative Bankshares, Inc. common 216844100 177,483 17,859 SH sole 17,859 0 0
Cree Resh Inc. common 225447101 2,765,777 81,495 SH sole 81,495 0 0
CT Communication Cl B common 126426204 391,050 7,920 SH sole 7,920 0 0
Cypress Semiconductor Corp. common 232806109 274,300 10,400 SH sole 10,400 0 0
Dallas Semiconductor Corp. common 235204104 565,908 10,590 SH sole 10,590 0 0
Dell Computer Corp. common 247025109 388,861 9,300 SH sole 9,300 0 0
Dimon, Inc. common 254394109 10,890,738 2,810,513 SH sole 2,810,513 0 0
Disney, Walt Company common 254687106 724,932 27,882 SH sole 27,882 0 0
Duke Energy Corp. common 264399106 1,167,713 21,183 SH sole 21,183 0 0
EMC Corp. MASS common 268648102 710,181 9,950 SH sole 9,950 0 0
Eaton Corp common 278058102 200,591 2,324 SH sole 2,324 0 0
Emerson Electric common 291011104 263,241 4,166 SH sole 4,166 0 0
Engel General Developers Ltd. common M40515104 26,250 15,000 SH sole 15,000 0 0
Exxon Corporation common 302290101 1,325,820 17,445 SH sole 17,445 0 0
First American Corp, TN common 318900107 774,300 17,800 SH sole 17,800 0 0
First Regional Bancorp common 33615C101 93,000 12,000 SH sole 12,000 0 0
First Union Corporation common 337358105 3,142,022 85,789 SH sole 85,789 0 0
Firstar Corp common 33763V109 461,250 18,000 SH sole 18,000 0 0
Firstfed Financial Corp common 337907109 7,122,499 409,928 SH sole 409,928 0 0
General Electric common 369604103 4,828,597 40,726 SH sole 40,726 0 0
Gillette Co. common 375766102 1,265,752 37,296 SH sole 37,296 0 0
Great Lakes Chem. Corp. common 390568103 5,349,374 140,540 SH sole 140,540 0 0
Guidant Corporation common 401698105 17,254,702 321,766 SH sole 321,766 0 0
Gulfmark Offshore, Inc. common 402629109 761,580 42,310 SH sole 42,310 0 0
Harrington Financial Group common 413801101 519,750 69,300 SH sole 69,300 0 0
Hewlett Packard common 428236103 10,491,880 115,613 SH sole 115,613 0 0
Highwood Properties Inc REIT common 431284108 435,994 16,850 SH sole 16,850 0 0
Home Depot Inc common 437076102 483,120 7,040 SH sole 7,040 0 0
Hubbell Inc. Class B common 443510201 6,017,554 188,786 SH sole 188,786 0 0
Intel Corp common 458140100 10,160,816 136,730 SH sole 136,730 0 0
Interim Services Inc common 45868P100 190,114 11,610 SH sole 11,610 0 0
International Business Machines common 459200101 1,319,626 10,906 SH sole 10,906 0 0
IRT Properties Company common 450058102 623,250 69,250 SH sole 69,250 0 0
Jefferson Fed. Svgs & Ln Assn. common 474060100 162,000 10,800 SH sole 10,800 0 0
Jefferson Pilot Corp common 475070108 836,735 13,242 SH sole 13,242 0 0
Johnson & Johnson common 478160104 429,148 4,671 SH sole 4,671 0 0
Koninklijke Philips Electronics NV common 718337540 9,566,013 94,713 SH sole 94,713 0 0
KS Bancorp common 48266R108 1,151,318 63,521 SH sole 63,521 0 0
Kroger Company common 501044101 441,260 20,000 SH sole 20,000 0 0
Latin American Discovery Fund common 51828C106 3,962,481 491,440 SH sole 491,440 0 0
Leggett & Platt, Inc. common 524660107 2,801,091 142,274 SH sole 142,274 0 0
Lilly, Eli & Co. common 532457108 263,171 4,100 SH sole 4,100 0 0
Lowes Companies Inc. common 548661107 1,799,655 36,916 SH sole 36,916 0 0
Lucent Technologies Inc. common 549463107 512,123 7,894 SH sole 7,894 0 0
MCI Worldcom, Inc. common 55268B106 509,234 7,085 SH sole 7,085 0 0
Market America, Inc. common 570556100 51,875 10,000 SH sole 10,000 0 0
Martin Marietta Materials common 573284106 418,345 10,475 SH sole 10,475 0 0
McDonalds Corporation common 580135101 717,085 16,580 SH sole 16,580 0 0
MediaOne Group, Inc. common 58440J104 12,909,654 188,978 SH sole 188,978 0 0
Medtronics, Inc. common 585055106 241,828 6,800 SH sole 6,800 0 0
Mellon Bk. Corp. common 585509102 855,689 25,448 SH sole 25,448 0 0
Merck & Co. common 589331107 11,878,214 183,269 SH sole 183,269 0 0
Methode Electronics, Inc. Class A common 591520200 481,313 25,500 SH sole 25,500 0 0
Microsoft Corporation common 594918104 27,351,656 302,018 SH sole 302,018 0 0
Minnesota Mining & Mfg. common 604059105 7,931,538 82,566 SH sole 82,566 0 0
Morgan, JP & Co. common 616880100 252,835 2,213 SH sole 2,213 0 0
Newell Rubbermaid, Inc. common 651229106 401,310 14,050 SH sole 14,050 0 0
Newsedge Corp common 65249Q106 189,625 20,500 SH sole 20,500 0 0
Nokia Corp. common 654902204 982,783 10,935 SH sole 10,935 0 0
Ohio St Finl Svcs Inc common 677911109 144,375 15,000 SH sole 15,000 0 0
Pennsylvania Real Estate Invt. common 709102107 198,188 10,500 SH sole 10,500 0 0
Peoples Bank Newton NC common 710215104 586,260 33,263 SH sole 33,263 0 0
Pepsico, Inc. common 713448108 11,742,409 384,997 SH sole 384,997 0 0
Pfizer, Inc. common 717081103 454,716 12,675 SH sole 12,675 0 0
Pharmanetics, Inc. common 71713J107 1,534,093 278,926 SH sole 278,926 0 0
Philip Morris Cos. Inc. common 718154107 791,623 23,155 SH sole 23,155 0 0
Pitney Bowes, Inc. common 724479100 389,952 6,400 SH sole 6,400 0 0
Polaris Industries, Inc. common 731068102 207,750 6,000 SH sole 6,000 0 0
Polymer Group, Inc. common 731745105 413,000 28,000 SH sole 28,000 0 0
Post PPTYS, Inc. common 737464107 479,619 12,200 SH sole 12,200 0 0
Proctor & Gamble common 742718109 1,148,250 12,248 SH sole 12,248 0 0
Provident Bankshares Corp common 743859100 293,065 13,771 SH sole 13,771 0 0
Quitman Bancorp common 748803103 197,000 19,700 SH sole 19,700 0 0
Raven Ind. common 754212108 182,563 11,500 SH sole 11,500 0 0
RF Micro Devices, Inc. common 749941100 3,114,203 68,070 SH sole 68,070 0 0
SGV Bancorp Inc common 78422T102 619,016 28,625 SH sole 28,625 0 0
Safeguard Scientifics Inc common 786449108 367,200 5,400 SH sole 5,400 0 0
Sara Lee Corporation common 803111103 884,510 37,840 SH sole 37,840 0 0
Schering-Plough Corp common 806605101 863,601 19,796 SH sole 19,796 0 0
Scottish Bk Charlotte, NC common 81013N104 200,000 12,500 SH sole 12,500 0 0
Sealed Air Corp. New common 812211K100 610,106 11,890 SH sole 11,890 0 0
Security Bancorp Inc TN common 81377P109 345,100 23,800 SH sole 23,800 0 0
ServiceMaster Co. common 81760N109 7,908,977 492,403 SH sole 492,403 0 0
Sistersville Bancorp Inc common 829793108 236,500 21,500 SH sole 21,500 0 0
Sonoco Products common 835495102 5,382,336 235,938 SH sole 235,938 0 0
Southern Financial Bancorp common 842870107 2,482,536 125,698 SH sole 125,698 0 0
Steelcase Inc common 858155203 1,293,655 92,815 SH sole 92,815 0 0
Stone Street Bancorp, Inc. common 861747103 701,103 35,725 SH sole 35,725 0 0
Suiza Foods Corporation common 865077101 375,000 10,000 SH sole 10,000 0 0
Sun Microsystems, Inc. common 866810104 392,925 4,225 SH sole 4,225 0 0
Suntrust Banks Inc common 867914103 272,600 4,146 SH sole 4,146 0 0
Sysco Corporation common 871829107 10,365,289 295,619 SH sole 295,619 0 0
TCF Financial Corp common 872275102 421,361 14,752 SH sole 14,752 0 0
Terra Industries common 880915103 36,396 21,568 SH sole 21,568 0 0
Three Rivers Financial Corp common 88562H107 159,885 11,220 SH sole 11,220 0 0
Tri Continental Corp common 895436103 312,566 10,686 SH sole 10,686 0 0
Triad Guaranty Inc. common 895925105 12,881,886 763,371 SH sole 763,371 0 0
Tribune Co common 896047107 13,965,323 280,710 SH sole 280,710 0 0
Unifirst Corporation - Mass common 904708104 4,838,474 351,889 SH sole 351,889 0 0
United Payors & United Providers common 911319101 1,202,025 68,200 SH sole 68,200 0 0
US Airways Group, Inc. common 911905107 3,693,034 140,687 SH sole 140,687 0 0
US Bancorp Del common 911596104 1,041,486 34,500 SH sole 34,500 0 0
VF Corporation common 918204108 3,260,053 105,163 SH sole 105,163 0 0
Wachovia Corporation common 929771103 2,513,091 31,963 SH sole 31,963 0 0
Wallace Computer Service common 932270101 3,597,838 177,671 SH sole 177,671 0 0
Wal-Mart Stores common 931142103 247,565 5,205 SH sole 5,205 0 0
Walter Inds. Inc. common 93317Q105 5,857,110 433,860 SH sole 433,860 0 0
Warner-Lambert Co. common 934488107 1,141,916 17,204 SH sole 17,204 0 0
Wellington Hall Ltd. common 949535207 1,375 12,500 SH sole 12,500 0 0
William Companies common 969457100 225,750 6,000 SH sole 6,000 0 0
</TABLE>
