13F-HR 1 dm03310313f-hrb.txt 13F FILING 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2003 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holding entries Salem Investment Counselors, Inc. Name of Institutional Investment Manager 480 Shepherd Street Winston-Salem NC 27103 Business Address (Street) (City) (State) (Zip) Dale M. Brown, Vice President 336.768.7230 Name, Phone No.,and Title of Person Duly Authorized to Submit This Report. ATTENTION INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL VIOLATIONS. See 18 U.S.C. AND 15 U.S.C. 78ff(a) 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 the 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 2 day of May, 2003. Salem Investment Counselors, Inc. (Name of Institutional Investment Manager) /s/ DALE M. BROWN (Manual Signature of Person Duly Authorized To Submit This Report) Name and 13F file numbers of all Institutional Investment Managers with respect to which this schedule is filed (other than the one filing this report): (List in alphabetical order). 13F File Numbers will be assigned to Institutional Investment Managers after they file their first report. Name: 13F File No.: Name: <13F File No.: 1. 6. 2. 7. 3. 8. 4. 9. 5. 10. 2 FORM 13F SUMMARY PAGE REPORT SUMMARY: NUMBER OF OTHER INCLUDED MANAGERS: 0 FORM 13F INFORMATION TABLE ENTRY: 142 FORM 13F INFORMATION TABLE VALUE TOTAL: $355,462,837 2 FORM 13F Name of Reporting Manager: Salem Investment Counselors, Inc.
Item 1 Name of Issuer Item 2 Title of Class Item 3 Cusip Number Item 4 Fair Market Value Item 5 Shares of Principal Amount (a) Sole 3M Company Abbott Labs Allos Therapeutics ALR Technologies, Inc. Altria Group, Inc. Amdocs Ltd. American Intl. Group, Inc. Amgen Incorporated AmSouth Bancorporation Anadarko Pete. Corp. AOL Time Warner Apollo Group Inc. CL A Applied Materials, Inc. Automatic Data Processing, Inc. Avery Dennison Corp. Bank of America Corp. BB&T Corporation Berkshire Hathaway, Inc. CL B BRKB Berkshire Hathaway, Inc. DEL CL A BNP Residential Property, Inc. BP Amoco PLC ADR Capital Bank Corp. Capital One Financial Corp. Cardinal Health Inc. Certegy, Inc. Chevron Texaco Corporation Choicepoint, Inc. Cincinnati Financial Corp Cinergy Corp. Cisco Sys., Inc. Citigroup, Inc. common common common common common common common common common common common common common common common common common common common common common common common common common common common common common common common 88579Y101 2824100 19777101 1630102 02209S103 G02602103 26874107 31162100 32165102 32511107 2364J104 37604105 38222105 53015103 53611109 60505104 54937107 84670207 84670108 5564T103 55622104 139793103 14040H105 14149Y108 156880106 166764100 170388102 172062101 172474108 17275R102 172967101 $7,278,949 $796,956 $60,150 $10,500 $1,343,916 $1,289,488 $2,439,566 $1,515,004 $200,848 $275,275 $2,646,126 $379,240 $648,210 $346,080 $3,653,674 $12,190,747 $3,558,033 $9,028,825 $1,339,800 $257,293 $845,816 $1,557,603 $7,013,577 $10,244,288 $1,111,320 $373,871 $2,034,000 $490,699 $549,336 $1,663,543 $7,063,559 55,979 21,190 15,000 50,000 44,857 97,100 49,334 26,325 10,103 6,050 243,658 7,600 51,527 11,240 62,275 182,387 113,205 4,225 21 26,525 21,918 116,239 233,708 179,819 44,100 5,783 60,000 13,992 16,325 128,162 205,038 55,979 21,190 15,000 50,000 44,857 97,100 49,334 26,325 10,103 6,050 243,658 7,600 51,527 11,240 62,275 182,387 113,205 4,225 21 26,525 21,918 116,239 233,708 179,819 44,100 5,783 60,000 13,992 16,325 128,162 205,038
Item 1 Name of Issuer Item 6 (b) Shares as defined in Instr. V. Item 7 Managers See Instr. V. (a) Sole Item 8 (b) Shared (c) None < 3M Company Abbott Labs Allos Therapeutics ALR Technologies, Inc. Altria Group, Inc. Amdocs Ltd. American Intl. Group, Inc. Amgen Incorporated AmSouth Bancorporation Anadarko Pete. Corp. AOL Time Warner Apollo Group Inc. CL A Applied Materials, Inc. Automatic Data Processing, Inc. Avery Dennison Corp. Bank of America Corp. BB&T Corporation Berkshire Hathaway, Inc. CL B BRKB Berkshire Hathaway, Inc. DEL CL A BNP Residential Property, Inc. BP Amoco PLC ADR Capital Bank Corp. Capital One Financial Corp. Cardinal Health Inc. Certegy, Inc. Chevron Texaco Corporation Choicepoint, Inc. Cincinnati Financial Corp Cinergy Corp. Cisco Sys., Inc. Citigroup, Inc. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 55,979 21,190 15,000 50,000 44,857 97,100 49,334 26,325 10,103 6,050 243,658 7,600 51,527 11,240 62,275 182,387 113,205 4,225 21 26,525 21,918 116,239 233,708 179,819 44,100 5,783 60,000 13,992 16,325 128,162 205,038 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
3 Clayton Homes Coca-Cola Corporation Coddle Creek Financial Inc Colgate-Palmolive Co. Collagenex Pharmaceuticals, Inc. CommScope, Inc. Community Bancshares, Inc. SC Conseco, Inc. CT Communications, Inc. D. R. Horton Company Dell Computer Corp. Denbury Resources, Inc. Dentsply Intl. Inc. New Devon Energy Corp. Dimon, Inc. Disney, Walt Company Duke Energy Corporation Dupont de nemours E.I. EMC Corp. MASS Emerson Electric Exxon Mobile Corporation Fannie Mae Fedex Corporation First Charter Corp. Frisby Technologies, Inc. Genentech, Inc. New General Electric Company General Motors CP CL H New Given Imaging Glaxo Smith Kline PLC Golden West common common common common common common common common common common common common common common common common common common common common common common common common common common common common common common common 184190106 191216100 191891100 194162103 19419B100 203372107 20343F190 208464107 126426402 23331A109 247025109 247916208 249030107 25179M103 254394109 254687106 264399106 263534109 268648102 291011104 302290101 313586109 31428X106 319439105 358743102 368710406 369604103 370442832 M52020100 37733W105 381317106 $5,645,006 $1,999,995 $772,787 $285,810 $467,500 $220,875 $1,295,707 $350 $151,430 $1,727,347 $1,111,462 $898,890 $208,740 $775,137 $7,383,936 $1,051,223 $2,044,411 $269,455 $139,901 $203,349 $2,257,246 $533,125 $313,899 $288,967 $5,250 $1,345,084 $12,377,751 $482,608 $4,804,123 $225,955 $203,058 511,323 49,407 27,163 5,250 55,000 29,450 81,491 10,000 15,840 89,966 40,698 83,000 6,000 16,075 1,288,645 61,764 140,606 6,934 19,350 4,484 64,585 8,158 5,700 16,684 87,500 38,420 485,402 43,090 552,198 6,421 2,823 511,323 49,407 27,163 5,250 55,000 29,450 81,491 10,000 15,840 89,966 40,698 83,000 6,000 16,075 1,288,645 61,764 140,606 6,934 19,350 4,484 64,585 8,158 5,700 16,684 87,500 38,420 485,402 43,090 552,198 6,421 2,823
Clayton Homes Coca-Cola Corporation Coddle Creek Financial Inc Colgate-Palmolive Co. Collagenex Pharmaceuticals, Inc. CommScope, Inc. Community Bancshares, Inc. SC Conseco, Inc. CT Communications, Inc. D. R. Horton Company Dell Computer Corp. Denbury Resources, Inc. Dentsply Intl. Inc. New Devon Energy Corp. Dimon, Inc. Disney, Walt Company Duke Energy Corporation Dupont de nemours E.I. EMC Corp. MASS Emerson Electric Exxon Mobile Corporation Fannie Mae Fedex Corporation First Charter Corp. Frisby Technologies, Inc. Genentech, Inc. New General Electric Company General Motors CP CL H New Given Imaging Glaxo Smith Kline PLC Golden West 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 511,323 49,407 27,163 5,250 55,000 29,450 81,491 10,000 15,840 89,966 40,698 83,000 6,000 16,075 1,288,645 61,764 140,606 6,934 19,350 4,484 64,585 8,158 5,700 16,684 87,500 38,420 485,402 43,090 552,198 6,421 2,823 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
4 Guidant Corporation Harley Davidson, Inc. HCA, Inc. Hewlet-Packard Company Highwood Properties, Inc. REIT Home Depot, Inc. Houston Exploration Co. Hubbell Inc. Class B Hudson City Bancorp Intel Corp International Business Machines Jefferson Pilot Corp Johnson & Johnson KB Home Key Energy Services, Inc. Koninklijke Philips Electronics NV Kraft Foods, Inc. CL A Krispy Kreme Doughnuts, Inc. Kroger Company KS Bancorp Leggett & Platt, Inc. Liberty Media New Ser A Lilly, Eli & Co. Lowes Companies Inc. McKesson Corporation Medtronic, Inc. Merck & Co. Methode Electronics, Inc. Class A Microsoft Corporation Morgan, JP Chase & Co. National Commerce Financial Corp. common common common common common common common common common common common common common common common common common common common common common common common common common common common common common common common 401698105 412822108 404119109 428236103 431284108 437076102 442120101 443510201 443683107 458140100 459200101 475070108 478160104 48666K109 492914106 718337540 50075N104 501014104 501044101 48266R108 524660107 530718105 532457108 548661107 58155Q103 585055106 589331107 591520200 594918104 46625H100 63545P104 $1,310,947 $221,383 $227,480 $1,360,298 $1,236,620 $700,959 $461,700 $417,448 $242,880 $6,224,544 $1,000,296 $1,292,043 $8,833,277 $395,415 $786,240 $197,868 $394,800 $326,749 $502,080 $455,723 $2,184,826 $5,124,927 $448,227 $13,110,078 $1,468,626 $3,745,501 $10,028,794 $145,800 $14,218,920 $260,976 $1,745,481 36,214 5,575 5,500 87,479 60,500 28,775 17,100 13,337 12,000 382,343 12,754 33,577 152,640 8,700 78,000 12,692 14,000 9,650 38,181 25,820 119,520 526,714 7,843 321,168 58,910 83,012 183,074 18,000 587,316 11,007 73,649 36,214 5,575 5,500 87,479 60,500 28,775 17,100 13,337 12,000 382,343 12,754 33,577 152,640 8,700 78,000 12,692 14,000 9,650 38,181 25,820 119,520 526,714 7,843 321,168 58,910 83,012 183,074 18,000 587,316 11,007 73,649
Guidant Corporation Harley Davidson, Inc. HCA, Inc. Hewlet-Packard Company Highwood Properties, Inc. REIT Home Depot, Inc. Houston Exploration Co. Hubbell Inc. Class B Hudson City Bancorp Intel Corp International Business Machines Jefferson Pilot Corp Johnson & Johnson KB Home Key Energy Services, Inc. Koninklijke Philips Electronics NV Kraft Foods, Inc. CL A Krispy Kreme Doughnuts, Inc. Kroger Company KS Bancorp Leggett & Platt, Inc. Liberty Media New Ser A Lilly, Eli & Co. Lowes Companies Inc. McKesson Corporation Medtronic, Inc. Merck & Co. Methode Electronics, Inc. Class A Microsoft Corporation Morgan, JP Chase & Co. National Commerce Financial Corp. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 36,214 5,575 5,500 87,479 60,500 28,775 17,100 13,337 12,000 382,343 12,754 33,577 152,640 8,700 78,000 12,692 14,000 9,650 38,181 25,820 119,520 526,714 7,843 321,168 58,910 83,012 183,074 18,000 587,316 11,007 73,649 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
5 Newell Rubbermaid, Inc. Nokia Corp. NovaGold Res. Inc. Novogen Limited Sponsored ADR Oil Service Holders Dep. RCPT Pepsico, Inc. Pfizer, Inc. Pharmacia Corp. Pharmanetics, Inc. Pilot Therapeutics Holdings Pimco Strategic Global Govt. Fd. Pinnacle Financial Partners Polaris Industries, Inc. Procter & Gamble Sara Lee Corporation Schering-Plough Corp ServiceMaster Co. Sonoco Products Southcoast Financial Corp. Southern Community Financial Southern Financial Bancorp Southtrust Corp. Spherion Corporation Starbucks Corp. Stericycle, Inc. Sysco Corporation Target Corporation TCF Financial Corp Terra Industries Texas Instruments Travelers Property Casualty CL B common common common common common common common common common common common common common common common common common common common common common common common common common common common common common common common 651229106 654902204 66987 E206 67010F103 678002106 713448108 717081103 71713U102 71713J107 721650109 72200X104 72346Q104 731068102 742718109 803111103 806605101 81760N109 835495102 84129R100 842632101 842870107 844730101 848420105 855244109 858912108 871829107 87612E106 872275102 880915103 882508104 89420G406 $348,422 $4,207,413 $418,880 $229,500 $325,670 $13,013,320 $10,513,914 $443,002 $7,023,056 $29,375 $224,308 $3,590,328 $298,320 $2,888,782 $437,804 $411,427 $3,943,220 $2,773,560 $348,840 $905,471 $7,729,371 $210,367 $46,092 $417,312 $751,800 $12,537,010 $253,801 $544,064 $26,068 $268,714 $286,574 12,290 300,315 160,000 25,000 5,800 325,333 337,417 10,231 739,269 12,500 19,505 269,140 6,000 32,440 23,412 23,075 394,322 132,516 20,520 116,835 259,114 8,240 11,610 16,200 20,000 492,807 8,674 13,588 19,168 16,415 20,310 12,290 300,315 160,000 25,000 5,800 325,333 337,417 10,231 739,269 12,500 19,505 269,140 6,000 32,440 23,412 23,075 394,322 132,516 20,520 116,835 259,114 8,240 11,610 16,200 20,000 492,807 8,674 13,588 19,168 16,415 20,310
Newell Rubbermaid, Inc. Nokia Corp. NovaGold Res. Inc. Novogen Limited Sponsored ADR Oil Service Holders Dep. RCPT Pepsico, Inc. Pfizer, Inc. Pharmacia Corp. Pharmanetics, Inc. Pilot Therapeutics Holdings Pimco Strategic Global Govt. Fd. Pinnacle Financial Partners Polaris Industries, Inc. Procter & Gamble Sara Lee Corporation Schering-Plough Corp ServiceMaster Co. Sonoco Products Southcoast Financial Corp. Southern Community Financial Southern Financial Bancorp Southtrust Corp. Spherion Corporation Starbucks Corp. Stericycle, Inc. Sysco Corporation Target Corporation TCF Financial Corp Terra Industries Texas Instruments Travelers Property Casualty CL B 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12,290 300,315 160,000 25,000 5,800 325,333 337,417 10,231 739,269 12,500 19,505 269,140 6,000 32,440 23,412 23,075 394,322 132,516 20,520 116,835 259,114 8,240 11,610 16,200 20,000 492,807 8,674 13,588 19,168 16,415 20,310 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
6 Triad Guaranty Inc. Tribune Co Tyco Intl Ltd New Unifirst Corporation - Mass Union Planters Corp. US Bancorp Del VF Corporation Vialink Company Wachovia Corporation New Walgreen Company Wal-Mart Stores, Inc. Washington Mutual, Inc. Waste Management, Inc. DEL Wellpoint Health Networks Wells Fargo & Co. Wyeth XTO Energy, Inc. Yum Brands, Inc. common common common common common common common common common common common common common common common common common common 895925105 896047107 902124106 904708104 908068109 902973304 918204108 92552Q101 929903102 931422109 931142103 939322103 94106L109 94973H108 949746101 983024100 98385X106 988498101 $19,621,450 $12,645,605 $319,841 $332,268 $212,896 $946,381 $2,627,552 $3,780 $5,699,741 $6,543,528 $4,541,699 $4,567,218 $5,469,629 $1,535,000 $245,196 $1,722,474 $397,670 $1,817,548 571,055 280,951 24,871 21,506 8,098 49,862 69,826 36,000 167,295 221,965 87,290 129,493 258,245 20,000 5,450 45,544 20,930 74,704 571,055 280,951 24,871 21,506 8,098 49,862 69,826 36,000 167,295 221,965 87,290 129,493 258,245 20,000 5,450 45,544 20,930 74,704 Grand Total 03/31/03 355,462,837
Triad Guaranty Inc. Tribune Co Tyco Intl Ltd New Unifirst Corporation - Mass Union Planters Corp. US Bancorp Del VF Corporation Vialink Company Wachovia Corporation New Walgreen Company Wal-Mart Stores, Inc. Washington Mutual, Inc. Waste Management, Inc. DEL Wellpoint Health Networks Wells Fargo & Co. Wyeth XTO Energy, Inc. Yum Brands, Inc. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 571,055 280,951 24,871 21,506 8,098 49,862 69,826 36,000 167,295 221,965 87,290 129,493 258,245 20,000 5,450 45,544 20,930 74,704 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0