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 3/31/99
If amended report check here: [ ]
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 April, 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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FORM 13F
(SEC USE ONLY)
VOTING
AUTHORITY
TITLE OF VALUE SHARES/ SH/ PUT/ INVEST MANAGERS --------------------
NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETN MANAGERS SOLE SHARED NONE
<S><C> <C> <C> <C> <C> <C> <C> <C>
D Abacan Resource CP New common 002919108 2321 13500 SH sole 13500
D Abbott Labs common 002824100 548 11704 SH sole 11704
D Acorn Investment Int'l Fund common 004851200 980 46513 SH sole 46513
D Allmerica Financial common 019754100 204 3700 SH sole 3700
D America OnLine, Inc. common 02364J104 1529 10400 SH sole 10400
D American Gen Corp common 026351106 269 3818 SH sole 3818
D American Home Products common 026609107 2735 41913 SH sole 41913
D Analysts Int'l Corp common 032681108 250 21750 SH sole 21750
D Anchor Financial Corp S C common 033036104 483 17250 SH sole 17250
D Annaly Mortgage Mgmt common 035710409 100 10000 SH sole 10000
D Arcadia Financial Ltd. common 039101100 95 20000 SH sole 20000
D Archer Daniels Midland common 039483102 149 10157 SH sole 10157
D Asia Tigers Fund, Inc. common 04516T105 516 73750 SH sole 73750
D Automatic Data Process common 053015103 459 11840 SH sole 11840
D BankAmerica Corp. common 066050105 18097 256247 SH sole 256247
D Basin Exploration Inc. common 070107107 971 70000 SH sole 70000
D BB&T Corporation common 054937107 1979 54673 SH sole 54673
D Bellsouth Corp common 079860102 265 6617 SH sole 6617
D Berkshire Hathaway CL A common 084670108 1071 15 SH sole 15
D Blackrock 1999 Term TR Inc. common 09247T100 167 16855 SH sole 16855
D Blackrock 2001 Term TR common 092477108 736 81815 SH sole 81815
D Blackrock Inv Qual Term common 09247J102 436 50230 SH sole 50230
D Blackrock Strategic Term common 09247P108 653 71045 SH sole 71045
D Blackrock Target Term TR common 092476100 1249 128960 SH sole 128960
D Boddie-Noell Rest Ppty common 096903109 2280 200450 SH sole 200450
D BP Amoco PLC ADR common 055622104 935 9259 SH sole 9259
D Bristol Myers Squibb common 110122108 687 10712 SH sole 10712
D Broadway Financial Corp common 111444105 140 21600 SH sole 21600
D Building One Services Co common 120114103 383 22300 SH sole 22300
D Callon Petroleum common 13123X102 169 15226 SH sole 15226
D Capital Bk Raleigh NC common 139808109 497 50000 SH sole 50000
D CCB Financial Corp common 124875105 3025 55951 SH sole 55951
D Cenit Bancorp common 15131W109 256 13200 SH sole 13200
D Century Bancorp common 156433104 548 39890 SH sole 39890
D Century Bancshares Inc. common 156436107 864 147024 SH sole 147024
D Chevron Corporation common 166751107 213 2402 SH sole 2402
D Cincinnati Financial Corp common 172062AB7 882 24192 SH sole 24192
D Cisco Systems Inc. common 17275R102 3574 32617 SH sole 32617
D Coca-Cola Corporation common 191216100 5576 90845 SH sole 90845
D Coddle Creek Financial common 191891100 3638 62725 SH sole 62725
D Community Bankshares common 203433107 1179 89422 SH sole 89422
D Compaq Computer common 204493100 328 10350 SH sole 10350
D Cooperative Bancshares common 216844100 1086 90459 SH sole 90459
D Cree Resh Inc. common 225447101 692 14750 SH sole 14750
D CT Communication CL B common 126426204 309 7920 SH sole 7920
D Cypress Semiconductor common 232806109 93 10400 SH sole 10400
D Dallas Semiconductor common 235204104 395 10780 SH sole 10780
D Dell Computer Corp common 247025109 433 10584 SH sole 10584
D Dimon, Inc. common 254394109 10667 2797513 SH sole 2797513
D Disney, Walt Company common 254687106 846 27182 SH sole 27182
D Duke Energy Company common 264399106 1095 19978 SH sole 19978
D ECB Bancorp Inc common 268253101 173 15000 SH sole 15000
D EMC Corp. Mass common 268648102 581 4550 SH sole 4550
D Emerson Electric common 291011104 227 4166 SH sole 4166
D Engel General Developers common M40515104 60 30000 SH sole 30000
D Exxon Corporation common 302290101 1019 14438 SH sole 14438
D First American Corp, TN common 318900107 1202 32610 SH sole 32610
D First Regional Bancorp common 33615C101 561 72450 SH sole 72450
D First Union Corporation common 337358105 4043 75664 SH sole 75664
D Firstar Corp common 33763V109 537 6000 SH sole 6000
D First Fed Financial Corp common 337907109 6283 391193 SH sole 391193
D Fortune Brands, Inc. common 349631101 221 5752 SH sole 5752
D Fred Meyer Inc common 592907109 589 10000 SH sole 10000
D Friede Goldman Int'l Inc common 358430106 200 12500 SH sole 12500
D Gaston Federal Bancorp common 367304102 138 11500 SH sole 11500
D General Electric common 369604108 3723 33653 SH sole 33653
D Gillette Co common 375766102 1146 19286 SH sole 19286
D Great Lakes Chem. Corp. common 381197102 1744 47465 SH sole 47465
D Guidant Corporation common 401698105 19808 327403 SH sole 327403
D Gulfmark Offshore, Inc. common 402629109 505 42310 SH sole 42310
D Halliburton Co common 406216101 770 20000 SH sole 20000
D Harrington Financial Group common 413801101 778 98850 SH sole 98850
D Hewlett Packard common 428236103 7912 116677 SH sole 116677
D Hubbell Inc. Cl B common 443510201 7689 192223 SH sole 192223
D Imation Corp. common 455149104 449 25664 SH sole 25664
D Intel Corp common 458140100 2903 24420 SH sole 24420
D International Bus.A109 Machine common 459200101 708 3997 SH sole 3997
D IRT Property, Inc. common 450058102 479 54350 SH sole 54350
D ISB Financial Corp common 450091103 1275 70350 SH sole 70350
D ITLA Cap Corp common 450565106 218 15000 SH sole 15000
D Jefferson Fed Svgs & Loan common 474060100 252 14000 SH sole 14000
D Jefferson Pilot Corp common 475070108 826 12192 SH sole 12192
D Johnson & Johnson common 478160104 317 3386 SH sole 3386
D Koninklijke Philips Elec. NV common 718337540 8134 98665 SH sole 98665
D KS Bancorp common 48266R108 1191 70052 SH sole 70052
D Latin American Dis. Fund common 51828C106 3893 471874 SH sole 471874
D Leggett & Platt common 524660107 3003 150154 SH sole 150154
D Lilly, Eli & Co. common 532457108 355 4185 SH sole 4185
D Long Beach Financial Corp common 542446109 818 85000 SH sole 85000
D Lowes Company Inc. common 548661107 2233 36916 SH sole 36916
D Lucent Technologies common 549463107 290 2682 SH sole 2682
D Market America, Inc. common 565757101 41 10000 SH sole 10000
D McDonalds Corporation common 580135101 1082 23876 SH sole 23876
D MediaOne Group, Inc. common 58440J104 12648 199368 SH sole 199368
D Medtronics Inc common 585055106 244 3400 SH sole 3400
D Mellon Bank Corporation common 585509102 948 13474 SH sole 13474
D Merck & Co. common 589331107 14288 178325 SH sole 178325
D Methode Electronics ClA common 591520200 284 25500 SH sole 25500
D Microsoft common 594918104 26278 293196 SH sole 293196
D Minnesota Mining & Mfg common 604059105 5605 79221 SH sole 79221
D MLC Holdings Inc. common 55305V107 165 20000 SH sole 20000
D Nestor, Inc. common 641074109 9 10000 SH sole 10000
D Newell Rubbermaid, Inc. common 651192106 667 14050 SH sole 14050
D Newsedge Corp common 65249Q106 217 25500 SH sole 25500
D Norrell Corp GA common 656301108 169 12900 SH sole 12900
D O'Reilly Automotive, Inc. common 667328108 448 10000 SH sole 10000
D Ohio St Fin'l Svcs Inc. common 677911109 169 15000 SH sole 15000
D Pennsylvania REIT common 709102107 196 10500 SH sole 10500
D Peoples Bank Newton NC common 710215104 600 30000 SH sole 30000
D Pepsico, Inc. common 713448108 12028 306928 SH sole 306928
D Pfizer, Inc. common 717081103 403 2904 SH sole 2904
D Pharmanetics, Inc. common 71713J107 1047 257813 SH sole 257813
D Philip Morris Cos. Inc. common 718154107 842 23926 SH sole 23926
D Pitney Bowes Inc common 724479100 408 6400 SH sole 6400
D Pluma Corp common 729272104 22 43602 SH sole 43602
D Polymer Group, Inc. common 731745105 231 25000 SH sole 25000
D Post PPTYS, Inc. common 737464107 421 11600 SH sole 11600
D Proctor & Gamble common 742718109 1209 12348 SH sole 12348
D Provident Bankshares Gp common 743859100 1712 65537 SH sole 65537
D Quitman Bancorp common 748803103 242 23900 SH sole 23900
D Raven Ind. common 74912E101 207 14800 SH sole 14800
D Resource Amer, Inc. Cl A common 760516104 173 20000 SH sole 20000
D Saks, Inc common 79377R109 315 12100 SH sole 12100
D Sara Lee Corporation common 803111103 1355 54752 SH sole 54752
D Schering Plough common 806605101 915 16556 SH sole 16556
D Schlumberger Ltd common 806857108 683 11350 SH sole 11350
D Scottish Bank Charlotte common 81013N104 200 12500 SH sole 12500
D Sealed Air Corp common 81211K100 494 10050 SH sole 10050
D Security Bancorp Inc TN common 813771102 480 29550 SH sole 29550
D Service Merchandise common 817587108 3 10600 SH sole 10600
D ServiceMaster Co. common 81760N109 9508 468093 SH sole 468093
D SGV Bancorp Inc. common 78422T102 758 65175 SH sole 65175
D Sistersville Bancorp Inc common 829793108 419 33500 SH sole 33500
D Sonoco Products common 835495102 5307 230731 SH sole 230731
D Southcoast Community Bk common 83689P108 176 22000 SH sole 22000
D Southern Financial Bancorp common 842870107 2720 133895 SH sole 133895
D Stone Street Bancorp Inc common 861747103 487 35725 SH sole 35725
D SunTrust Banks, Inc. common 867914103 271 4356 SH sole 4356
D Symons Intl Group Inc common 87154P105 474 80650 SH sole 80650
D Sysco Corp. common 871829107 7647 290606 SH sole 290606
D TCF Financial Corp common 872275102 384 14752 SH sole 14752
D Teche Holding Co common 878330109 150 10350 SH sole 10350
D Three Rivers Financial Corp common 88562H107 152 11770 SH sole 11770
D Tri-Continental Corp common 895436103 285 9831 SH sole 9831
D Triad Guaranty Inc. common 895925105 9926 731846 SH sole 731846
D Tribune Co common 896047107 9325 142505 SH sole 142505
D Tricon Global Restaurants common 895953107 201 2862 SH sole 2862
D UMB Financial Corp common 902788108 4646 119900 SH sole 119900
D Unifirst Corporation common 904708104 7429 351687 SH sole 351687
D US Airways Group Inc common 911905107 6672 136678 SH sole 136678
D US Bancorp Del common 911596104 1175 34500 SH sole 34500
D Vaughn Bassett Furniture common 92238J109 244 5428 SH sole 5428
D VF Corporation common 918204108 5034 105988 SH sole 105988
D Wachovia Corporation common 929771103 2519 31026 SH sole 31026
D Wallace Computer Services common 932270101 2916 147161 SH sole 147161
D Wal-Mart Stores common 931142103 219 2380 SH sole 2380
D Walter Industries Inc. common 93317Q105 4457 396190 SH sole 396190
D Warner Lambert Co common 934488107 331 5000 SH sole 5000
D Wellington Hall Ltd common 949535207 1 12500 SH sole 12500
D William Companies common 969457100 237 6000 SH sole 6000
D Worthington Inc. common 981811102 332 28275 SH sole 28275
S Report Summary 160 DATA RECORDS 336156 0 MANAGERS ON WHOSE BEHALF REPORT IS FILED
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