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 12/31/99
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
7th day of February, 2000.
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: 151
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Form 13F Information Table Value Total: $392,314,767
--------------------------
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 1,283 13,500 SH sole 13,500 0 0
Abbott Labs common 002824100 475,846 13,104 SH sole 13,104 0 0
Acorn Investment Intl. Fund common 004851200 3,614,966 102,320 SH sole 102,320 0 0
America OnLine, Inc. common 02364J104 2,918,911 38,470 SH sole 38,470 0 0
American Gen Corp common 026351106 289,691 3,818 SH sole 3,818 0 0
American Home Products common 026609107 1,704,235 43,420 SH sole 43,420 0 0
American Int'l Group, Inc. common 026874107 511,215 4,728 SH sole 4,728 0 0
AmSouth Bancorporation common 032165102 543,749 28,156 SH sole 28,156 0 0
Analysts Int'l Corp common 032681108 271,875 21,750 SH sole 21,750 0 0
Annaly Mortgage Management, Inc. common 035710409 87,500 10,000 SH sole 10,000 0 0
Archer Daniels Midland Co common 039483102 288,878 23,825 SH sole 23,825 0 0
Asia Pacific Fund common 044901106 128,250 11,400 SH sole 11,400 0 0
Asia Tigers Fund, Inc. common 04516T105 594,756 58,025 SH sole 58,025 0 0
AT&T Corp common 001957109 267,731 5,269 SH sole 5,269 0 0
AT&T Corp Liberty Media Grp Cl A common 001957208 1,312,551 23,103 SH sole 23,103 0 0
Automatic Data Processing, Inc. common 053015103 637,880 11,840 SH sole 11,840 0 0
Bank of America Corp. common 060505104 12,602,865 251,114 SH sole 251,114 0 0
BB&T Corporation common 054937107 1,631,194 59,587 SH sole 59,587 0 0
BMC Software, Inc. common 055921100 5,116,432 64,005 SH sole 64,005 0 0
BellSouth Corp common 079860102 335,599 7,169 SH sole 7,169 0 0
Berkshire Hathaway, Inc. DEL CL A common 084670108 841,500 15 SH sole 15 0 0
Boddie-Noell Rest Ppty common 096903109 1,332,881 159,150 SH sole 159,150 0 0
BP Amoco PLC ADR common 055622104 1,129,666 19,046 SH sole 19,046 0 0
Bristol Myers Squibb Co. common 110122108 1,163,343 18,124 SH sole 18,124 0 0
Broadcom Corp Cl A common 111B20107 292,803 1,075 SH sole 1,075 0 0
CCB Financial Corp common 124875105 2,849,151 65,403 SH sole 65,403 0 0
Cablevision System Corp common 12686C109 596,450 7,900 SH sole 7,900 0 0
Cable Design Technologies Corp common 126924109 270,963 11,781 SH sole 11,781 0 0
Callon Petroleum common 13123X102 225,543 15,226 SH sole 15,226 0 0
Capital Bk Raleigh NC common 139808109 366,808 47,330 SH sole 47,330 0 0
Capital One Financial Corp. common 14040H105 568,618 11,800 SH sole 11,800 0 0
Cardinal Health Inc. common 14149Y108 5,705,838 119,182 SH sole 119,182 0 0
Cenit Bancorp, Inc. common 15131W109 845,691 48,850 SH sole 48,850 0 0
Chevron Corporation common 166751107 208,073 2,402 SH sole 2,402 0 0
Cincinnati Financial Corp common 172062101 745,144 23,892 SH sole 23,892 0 0
Cisco Sys., Inc. common 17275R102 10,691,504 99,804 SH sole 99,804 0 0
Citigroup Inc. common 172967101 3,428,599 61,568 SH sole 61,568 0 0
Clayton Homes common 184190106 1,514,026 164,783 SH sole 164,783 0 0
Coca Cola Company common 191216100 4,924,572 84,542 SH sole 84,542 0 0
Coddle Creek Financial Inc common 191891100 1,649,935 55,460 SH sole 55,460 0 0
Colgate Palmolive Co common 194162103 201,500 3,100 SH sole 3,100 0 0
Comcast Corp Cl A SPL common 200300200 556,193 11,000 SH sole 11,000 0 0
Community Bancshares Inc. SC common 20343F100 1,162,486 89,422 SH sole 89,422 0 0
Cousins Properties Inc common 222795106 339,380 10,000 SH sole 10,000 0 0
Cree Inc. common 225447101 7,974,452 93,405 SH sole 93,405 0 0
CT Communication Cl B common 126426204 400,459 7,920 SH sole 7,920 0 0
Cypress Semiconductor Corp. common 232806109 336,700 10,400 SH sole 10,400 0 0
Dallas Semiconductor Corp. common 235204104 621,182 9,640 SH sole 9,640 0 0
Dell Computer Corp. common 247025109 219,300 4,300 SH sole 4,300 0 0
Dimon, Inc. common 254394109 9,134,167 2,810,513 SH sole 2,810,513 0 0
Disney, Walt Company common 254687106 1,313,705 44,913 SH sole 44,913 0 0
Duke Energy Corp. common 264399106 1,093,878 21,823 SH sole 21,823 0 0
Dupont de Nemours E.I. common 263534109 207,111 3,144 SH sole 3,144 0 0
EMC Corp. MASS common 268648102 6,898,591 63,145 SH sole 63,145 0 0
Emerson Electric common 291011104 229,898 3,968 SH sole 3,968 0 0
Exxon Corporation common 302290101 1,872,284 23,240 SH sole 23,240 0 0
First Commonwealth Fund, Inc. common 319829107 147,008 16,000 SH sole 16,000 0 0
First Regional Bancorp common 33615C101 103,250 14,000 SH sole 14,000 0 0
First Union Corporation common 337358105 2,404,046 72,987 SH sole 72,987 0 0
Firstar Corp common 33763V109 490,016 23,196 SH sole 23,196 0 0
Firstfed Financial Corp common 337907109 5,770,794 410,353 SH sole 410,353 0 0
General Electric common 369604103 5,763,913 40,184 SH sole 40,184 0 0
Gillette Co. common 375766102 1,472,471 35,750 SH sole 35,750 0 0
Great Lakes Chem. Corp. common 390568103 5,568,574 145,820 SH sole 145,820 0 0
Guidant Corporation common 401698105 15,163,422 322,626 SH sole 322,626 0 0
Gulfmark Offshore, Inc. common 402629109 441,529 30,190 SH sole 30,190 0 0
Hewlett Packard common 428236103 13,418,860 117,968 SH sole 117,968 0 0
Highwood Properties Inc REIT common 431284108 385,088 16,300 SH sole 16,300 0 0
Home Depot, Inc. common 437076102 717,750 10,440 SH sole 10,440 0 0
Hubbell Inc. Class B common 443510201 927,154 34,024 SH sole 34,024 0 0
Intel Corp common 458140100 11,983,567 145,585 SH sole 145,585 0 0
Interim Services, Inc. common 45868P100 287,348 11,610 SH sole 11,610 0 0
International Business Machines common 459200101 1,645,741 15,256 SH sole 15,256 0 0
IRT Properties Company common 450058102 543,066 69,508 SH sole 69,508 0 0
Jefferson Pilot Corp common 475070108 903,767 13,242 SH sole 13,242 0 0
Johnson & Johnson common 478160104 461,401 4,948 SH sole 4,948 0 0
Kaufman & Broad Home Corp common 486168107 568,418 23,500 SH sole 23,500 0 0
Kimberly Clark Corp common 494368103 290,090 4,600 SH sole 4,600 0 0
Koninklijke Philips Electronics NV common 718337540 12,434,985 92,111 SH sole 92,111 0 0
KS Bancorp common 48266R108 1,140,984 63,388 SH sole 63,388 0 0
Kroger Company common 501044101 377,500 20,000 SH sole 20,000 0 0
Latin American Discovery Fund common 51828C106 1,724,252 161,326 SH sole 161,326 0 0
Leggett & Platt, Inc. common 524660107 2,773,953 142,254 SH sole 142,254 0 0
Lilly, Eli & Co. common 532457108 259,350 3,900 SH sole 3,900 0 0
Lowes Companies Inc. common 548661107 2,217,681 37,116 SH sole 37,116 0 0
Lucent Technologies Inc. common 549463107 594,075 7,921 SH sole 7,921 0 0
MCI Worldcom, Inc. common 55268B106 7,318,820 137,927 SH sole 137,927 0 0
Martin Marietta Materials common 573284106 1,980,300 47,150 SH sole 47,150 0 0
McDonalds Corporation common 580135101 1,645,496 40,818 SH sole 40,818 0 0
MediaOne Group, Inc. common 58440J104 12,013,937 156,405 SH sole 156,405 0 0
Medicalcontrol, Inc. common 584636104 136,275 15,800 SH sole 15,800 0 0
Medtronics, Inc. common 585055106 249,050 6,800 SH sole 6,800 0 0
Mellon Financial Corp common 58551A108 914,523 26,848 SH sole 26,848 0 0
Merck & Co. common 589331107 12,500,596 186,054 SH sole 186,054 0 0
Methode Electronics, Inc. Class A common 591520200 819,188 25,500 SH sole 25,500 0 0
Microsoft Corporation common 594918104 34,985,072 299,658 SH sole 299,658 0 0
Midwest Express common 597911106 372,938 11,700 SH sole 11,700 0 0
Minnesota Mining & Mfg. common 604059105 7,811,646 83,771 SH sole 83,771 0 0
Morgan, JP & Co. common 616880100 305,546 2,413 SH sole 2,413 0 0
New York Times Cl A common 650111107 591,760 12,046 SH sole 12,046 0 0
Newell Rubbermaid, Inc. common 651229106 413,250 14,250 SH sole 14,250 0 0
Newsedge Corp common 65249Q106 239,604 20,500 SH sole 20,500 0 0
Nokia Corp. common 654902204 2,414,081 12,635 SH sole 12,635 0 0
Paradyne Corp. common 69911G107 272,500 10,000 SH sole 10,000 0 0
Peoples Bancorp NC common 710577107 490,629 33,263 SH sole 33,263 0 0
Pepsico, Inc. common 713448108 10,732,286 304,462 SH sole 304,462 0 0
Pfizer, Inc. common 717081103 391,326 12,064 SH sole 12,064 0 0
Pharmanetics, Inc. common 71713J107 2,509,238 271,269 SH sole 271,269 0 0
Philip Morris Cos. Inc. common 718154107 676,223 29,401 SH sole 29,401 0 0
Pitney Bowes, Inc. common 724479100 309,184 6,400 SH sole 6,400 0 0
Polaris Industries, Inc. common 731068102 217,500 6,000 SH sole 6,000 0 0
Post PPTYS, Inc. common 737464107 466,650 12,200 SH sole 12,200 0 0
Proctor & Gamble common 742718109 1,446,012 13,198 SH sole 13,198 0 0
Quitman Bancorp common 748803103 155,800 16,400 SH sole 16,400 0 0
Raven Ind. common 754212108 146,250 10,000 SH sole 10,000 0 0
RF Micro Devices, Inc. common 749941100 6,133,756 89,625 SH sole 89,625 0 0
Safeguard Scientifics Inc common 786449108 854,120 5,240 SH sole 5,240 0 0
Sara Lee Corporation common 803111103 809,933 36,710 SH sole 36,710 0 0
SBC Communications Inc. common 78387G103 221,715 4,548 SH sole 4,548 0 0
Schering-Plough Corp common 806605101 762,581 17,996 SH sole 17,996 0 0
Scottish Bk Charlotte, NC common 81013N104 200,000 12,500 SH sole 12,500 0 0
Sealed Air Corp. New common 812211K100 429,526 8,290 SH sole 8,290 0 0
Security Bancorp Inc TN common 81377P109 368,900 23,800 SH sole 23,800 0 0
ServiceMaster Co. common 81760N109 6,205,937 504,015 SH sole 504,015 0 0
SGV Bancorp Inc common 78422T102 632,734 28,925 SH sole 28,925 0 0
Sistersville Bancorp Inc common 829793108 193,500 21,500 SH sole 21,500 0 0
Sonoco Products common 835495102 4,255,251 187,044 SH sole 187,044 0 0
Southcoast Financial Corp common 84129R100 162,250 22,000 SH sole 22,000 0 0
Southern Financial Bancorp common 842870107 2,092,943 126,845 SH sole 126,845 0 0
Steelcase Inc. common 858155203 354,600 29,550 SH sole 29,550 0 0
Suiza Foods Corporation common 865077101 990,625 25,000 SH sole 25,000 0 0
Sun Microsystems, Inc. common 866810104 808,060 10,435 SH sole 10,435 0 0
Suntrust Banks, Inc. common 867914103 309,727 4,501 SH sole 4,501 0 0
Sysco Corporation common 871829107 11,666,891 294,894 SH sole 294,894 0 0
TCF Financial Corp common 872275102 366,956 14,752 SH sole 14,752 0 0
Terra Industries common 880915103 33,700 21,568 SH sole 21,568 0 0
Tri Continental Corp common 895436103 310,165 11,127 SH sole 11,127 0 0
Triad Guaranty Inc. common 895925105 18,032,765 792,649 SH sole 792,649 0 0
Tribune Co common 896047107 15,702,591 285,175 SH sole 285,175 0 0
Tyco International Ltd common 902124106 812,370 20,830 SH sole 20,830 0 0
Unifirst Corporation - Mass common 904708104 638,131 50,545 SH sole 50,545 0 0
United Payors & United Providers common 911319101 968,877 58,500 SH sole 58,500 0 0
US Airways Group, Inc. common 911905107 4,339,535 135,344 SH sole 135,344 0 0
US Bancorp Del common 911596104 821,549 34,500 SH sole 34,500 0 0
VF Corporation common 918204108 3,106,650 103,555 SH sole 103,555 0 0
Wachovia Corporation common 929771103 2,111,029 33,810 SH sole 33,810 0 0
Wallace Computer Service common 932270101 2,921,445 175,726 SH sole 175,726 0 0
Wal-Mart Stores common 931142103 390,211 5,645 SH sole 5,645 0 0
Walter Inds. Inc. common 93317Q105 4,032,276 372,910 SH sole 372,910 0 0
Warner-Lambert Co. - W/I common 934488107 1,518,229 18,529 SH sole 18,529 0 0
Wellington Hall Ltd. common 949535207 1,705 15,500 SH sole 15,500 0 0
</TABLE>
