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 6/30/99
If amended report check here: [ ]: Amendment Number:
This Amendment (Check Only One): [ ] Is a Restatement
[ ] Adds New Holdings Entries
Salem Investment Counselors, Inc.
- ----------------------------------------
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
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
--------
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
-----------------------
Form 13F Information Table Entry Total: 159
---------------------------
Form 13F Information Table Value Total: $356,374,252
--------------------------
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 1,688 13,500 SH sole 13,500
Abbott Labs common 002824100 531,069 11,704 SH sole 11,704
Acorn Investment Intl. Fund common 004851200 2,372,841 98,173 SH sole 98,173
Allmerica Financial common 019754100 280,760 4,617 SH sole 4,617
America OnLine, Inc. common 02364J104 1,397,880 12,708 SH sole 12,708
American Gen Corp common 026351106 287,782 3,818 SH sole 3,818
American Home Products common 026609107 2,393,742 41,721 SH sole 41,721
Analysts Int'l Corp common 032681108 312,656 21,750 SH sole 21,750
Anchor Financial Corp S C common 033036104 573,563 17,250 SH sole 17,250
Annaly Mortgage Management, Inc. common 035710409 112,500 10,000 SH sole 10,000
Arcadia Financial Ltd. common 039101100 155,000 20,000 SH sole 20,000
Asia Tigers Fund, Inc. common 04516T105 752,875 79,250 SH sole 79,250
AT&T Corp-Liberty Media Group common 001957208 265,629 7,228 SH sole 7,228
Automatic Data Processing, Inc. common 053015103 486,920 11,840 SH sole 11,840
Bank of America Corp. common 060505104 18,779,418 256,154 SH sole 256,154
Bank of Granite Corp. common 062401104 201,531 8,184 SH sole 8,184
Basin Exploration Inc. common 070107107 786,430 39,200 SH sole 39,200
BB&T Corporation common 054937107 1,936,209 52,775 SH sole 52,775
BellSouth Corp common 079860102 374,581 8,121 SH sole 8,121
Berkshire Hathaway, Inc. DEL CL A common 084670108 1,036,500 15 SH sole 15
Blackrock 1999 Term TR Inc. common 09247T100 167,497 16,855 SH sole 16,855
Blackrock 2001 Term TR common 092477108 783,360 87,040 SH sole 87,040
Blackrock Advantage Term TR common 09247A101 143,617 14,825 SH sole 14,825
Blackrock Invt. Quality TRM common 09247J102 815,290 98,080 SH sole 98,080
Blackrock Strategic Term common 09247P108 858,175 94,690 SH sole 94,690
Blackrock Target TRM TR common 092476100 1,346,538 139,900 SH sole 139,900
Boddie-Noell Rest Ppty common 096903109 2,171,775 188,850 SH sole 188,850
BP Amoco PLC ADR common 055622104 1,004,602 9,259 SH sole 9,259
Bristol Myers Squibb Co. common 110122108 982,187 13,944 SH sole 13,944
Broadway Financial Corp common 111444105 65,625 12,500 SH sole 12,500
Cablevision System Corp common 12686C109 427,000 6,100 SH sole 6,100
Cable Design Technologies Corp common 126924109 183,326 11,875 SH sole 11,875
Callon Petroleum common 13123X102 157,011 15,226 SH sole 15,226
Capital Bk Raleigh NC common 139808109 506,250 50,000 SH sole 50,000
CCB Financial Corp common 124875105 2,923,670 55,294 SH sole 55,294
Cenit Bancorp, Inc. common 15131W109 596,688 31,250 SH sole 31,250
Century Bancshares Inc common 156436107 747,696 124,616 SH sole 124,616
Chevron Corporation common 166751107 228,341 2,402 SH sole 2,402
Cincinnati Financial Corp common 172062101 897,455 23,892 SH sole 23,892
Cisco Sys., Inc. common 17275R102 5,384,761 83,565 SH sole 83,565
Coca Cola Company common 191216100 4,841,084 78,082 SH sole 78,082
Coddle Creek Financial Inc common 191891100 3,570,975 60,525 SH sole 60,525
Community Bancshares Inc. SC common 20343F100 1,050,709 89,422 SH sole 89,422
Cooperative Bankshares, Inc. common 216844100 453,611 43,201 SH sole 43,201
Cree Resh Inc. common 225447101 1,603,773 20,845 SH sole 20,845
CT Communication Cl B common 126426204 654,710 15,920 SH sole 15,920
Cypress Semiconductor Corp. common 232806109 162,500 10,400 SH sole 10,400
Dallas Semiconductor Corp. common 235204104 547,085 10,780 SH sole 10,780
Dell Computer Corp. common 247025109 371,850 10,050 SH sole 10,050
Dimon, Inc. common 254394109 14,580,941 2,810,513 SH sole 2,810,513
Disney, Walt Company common 254687106 834,478 27,082 SH sole 27,082
Duke Energy Corp. common 264399106 1,209,340 22,215 SH sole 22,215
DuPont de Nemours E.I. common 263534109 201,113 2,944 SH sole 2,944
ECB Bancorp Inc. common 268253101 154,986 13,000 SH sole 13,000
EMC Corp. MASS common 268648102 508,750 9,250 SH sole 9,250
Eaton Corp common 278058102 213,808 2,324 SH sole 2,324
Emerson Electric common 291011104 268,449 4,166 SH sole 4,166
Engel General Developers Ltd. common M40515104 33,750 15,000 SH sole 15,000
Exxon Corporation common 302290101 1,345,446 17,445 SH sole 17,445
First American Corp, TN common 318900107 948,052 22,810 SH sole 22,810
First Charter Corp. common 319439105 226,685 9,159 SH sole 9,159
First Regional Bancorp common 33615C101 317,213 38,450 SH sole 38,450
First Union Corporation common 337358105 3,039,845 64,506 SH sole 64,506
Firstar Corp common 33763V109 504,000 18,000 SH sole 18,000
Firstfed Financial Corp common 337907109 7,389,748 383,883 SH sole 383,883
Fortune Brands, Inc. common 349631101 237,989 5,752 SH sole 5,752
General Electric common 369604103 3,932,852 34,804 SH sole 34,804
Gillette Co. common 375766102 1,049,026 25,586 SH sole 25,586
Great Lakes Chem. Corp. common 390568103 5,816,836 126,280 SH sole 126,280
Guidant Corporation common 401698105 16,232,239 317,501 SH sole 317,501
Gulfmark Offshore, Inc. common 402629109 803,890 42,310 SH sole 42,310
Harrington Financial Group common 413801101 495,538 68,350 SH sole 68,350
Hewlett Packard common 428236103 11,393,987 113,373 SH sole 113,373
Hubbell Inc. Class B common 443510201 8,721,665 192,213 SH sole 192,213
Intel Corp common 458140100 6,162,118 103,565 SH sole 103,565
International Business Machines common 459200101 1,332,051 10,306 SH sole 10,306
IRT Properties Company common 450058102 708,930 71,754 SH sole 71,754
Jefferson Fed. Svgs & Ln Assn. common 474060100 222,700 13,100 SH sole 13,100
Jefferson Pilot Corp common 475070108 849,986 12,842 SH sole 12,842
Johnson & Johnson common 478160104 322,028 3,286 SH sole 3,286
Koninklijke Philips Electronics NV common 718337540 8,663,549 85,884 SH sole 85,884
KS Bancorp common 48266R108 1,045,143 60,588 SH sole 60,588
Kroger Company common 501044101 558,760 20,000 SH sole 20,000
Latin American Discovery Fund common 51828C106 4,557,600 486,144 SH sole 486,144
Leggett & Platt, Inc. common 524660107 3,956,640 142,274 SH sole 142,274
Lilly, Eli & Co. common 532457108 293,663 4,100 SH sole 4,100
Lowes Companies Inc. common 548661107 2,109,701 37,216 SH sole 37,216
Lucent Technologies Inc. common 549463107 458,103 6,793 SH sole 6,793
MCI Worldcom, Inc. common 55268B106 264,212 3,070 SH sole 3,070
Market America, Inc. common 570556100 58,130 10,000 SH sole 10,000
Martin Marietta Materials common 573284106 234,525 3,975 SH sole 3,975
McDonalds Corporation common 580135101 1,023,026 24,876 SH sole 24,876
MediaOne Group, Inc. common 58440J104 14,217,004 191,153 SH sole 191,153
Medtronics, Inc. common 585055106 264,775 3,400 SH sole 3,400
Mellon Bk. Corp. common 585509102 951,134 26,148 SH sole 26,148
Merck & Co. common 589331107 13,006,445 176,658 SH sole 176,658
Methode Electronics, Inc. Class A common 591520200 583,313 25,500 SH sole 25,500
Microsoft Corporation common 594918104 26,480,820 293,618 SH sole 293,618
Minnesota Mining & Mfg. common 604059105 6,711,787 77,202 SH sole 77,202
MorganStanley/DeanWitter Asia Pac common 61744U106 105,193 11,000 SH sole 11,000
Morgan, JP & Co. common 616880100 281,000 2,000 SH sole 2,000
Newell Rubbermaid, Inc. common 651229106 651,569 14,050 SH sole 14,050
Newsedge Corp common 65249Q106 160,167 20,500 SH sole 20,500
Nokia Corp. common 654902204 595,160 6,500 SH sole 6,500
Norrell Corp Ga common 656301108 242,681 12,900 SH sole 12,900
Ohio St Finl Svcs Inc common 677911109 144,375 15,000 SH sole 15,000
Pennsylvania Real Estate Invt. common 709102107 240,787 11,500 SH sole 11,500
Peoples Bank Newton NC common 710215104 541,500 28,500 SH sole 28,500
Pepsico, Inc. common 713448108 11,417,641 295,121 SH sole 295,121
Pfizer, Inc. common 717081103 622,390 5,710 SH sole 5,710
Pharmanetics, Inc. common 71713J107 1,716,639 249,693 SH sole 249,693
Philip Morris Cos. Inc. common 718154107 917,532 22,831 SH sole 22,831
Pitney Bowes, Inc. common 724479100 411,200 6,400 SH sole 6,400
Pluma Corp common 729272104 6,815 43,602 SH sole 43,602
Polaris Industries, Inc. common 731068102 261,000 6,000 SH sole 6,000
Polymer Group, Inc. common 731745105 293,750 25,000 SH sole 25,000
Post PPTYS, Inc. common 737464107 496,100 12,100 SH sole 12,100
Proctor & Gamble common 742718109 1,106,522 12,398 SH sole 12,398
Provident Bankshares Corp common 743859100 1,469,795 63,217 SH sole 63,217
Quitman Bancorp common 748803103 243,313 22,900 SH sole 22,900
Raven Ind. common 754212108 220,800 13,800 SH sole 13,800
RF Micro Devices, Inc. common 749941100 626,850 8,400 SH sole 8,400
Saks, Inc. common 79377R109 349,388 12,100 SH sole 12,100
Sara Lee Corporation common 803111103 848,123 37,382 SH sole 37,382
SBC Communications Inc. common 78387G103 200,854 3,463 SH sole 3,463
Schering-Plough Corp common 806605101 869,190 16,556 SH sole 16,556
Scottish Bk Charlotte, NC common 81013N104 200,000 12,500 SH sole 12,500
Sealed Air Corp. New common 812211K100 720,113 11,100 SH sole 11,100
Security Bancorp Inc TN common 81377P109 333,200 23,800 SH sole 23,800
ServiceMaster Co. common 81760N109 8,866,875 472,900 SH sole 472,900
SGV Bancorp Inc common 78422T102 572,500 28,625 SH sole 28,625
Sistersville Bancorp Inc common 829793108 346,938 30,500 SH sole 30,500
Sonoco Products common 835495102 6,802,931 227,234 SH sole 227,234
Southcoast Community Bank common 840903108 203,500 22,000 SH sole 22,000
Southern Financial Bancorp common 842870107 2,365,130 116,080 SH sole 116,080
Stone Street Bancorp, Inc. common 861747103 704,500 35,225 SH sole 35,225
Sun Microsystems, Inc. common 866810104 253,460 3,680 SH sole 3,680
Suntrust Banks, Inc. common 867914103 302,472 4,356 SH sole 4,356
Sysco Corporation common 871829107 8,558,984 287,089 SH sole 287,089
TCF Financial Corp common 872275102 411,212 14,752 SH sole 14,752
Three Rivers Financial Corp common 88562H107 136,043 11,220 SH sole 11,220
Tri Continental Corp common 895436103 312,484 10,354 SH sole 10,354
Triad Guaranty Inc. common 895925105 13,066,136 728,446 SH sole 728,446
Tribune Co common 896047107 11,671,701 133,965 SH sole 133,965
UMB Financial Corp common 902788108 534,866 12,475 SH sole 12,475
Unifirst Corporation - Mass common 904708104 6,742,872 366,959 SH sole 366,959
United Payors & United Providers common 911319101 927,520 40,000 SH sole 40,000
US Airways Group, Inc. common 911905107 6,087,232 139,734 SH sole 139,734
US Bancorp Del common 911596104 1,151,438 34,500 SH sole 34,500
Vaughn-Bassett Furniture Co. common 92238J109 244,260 5,428 SH sole 5,428
VF Corporation common 918204108 4,495,718 105,163 SH sole 105,163
Wachovia Corporation common 929771103 2,698,058 31,533 SH sole 31,533
Wallace Computer Service common 932270101 3,707,875 148,315 SH sole 148,315
Wal-Mart Stores common 931142103 234,495 4,860 SH sole 4,860
Walter Inds. Inc. common 93317Q105 5,465,787 422,460 SH sole 422,460
Warner-Lambert Co. - W/I common 934488107 331,800 4,800 SH sole 4,800
Wellington Hall Ltd. common 949535207 2,125 12,500 SH sole 12,500
William Companies common 969457100 255,360 6,000 SH sole 6,000
Worthington Inc. common 981811102 442,829 26,941 SH sole 26,941
356,374,252
</TABLE>
