13F-HR 1 dm06300313f-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: June 30, 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 23rd day of July, 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: 148 FORM 13F INFORMATION TABLE VALUE TOTAL: $400,374,293 3 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 Abbott Labs AES Corp. ALR Technologies, Inc. Altria Group, Inc. American Intl. Group, Inc. Amgen Incorporated Anadarko Pete. Corp. Angiotech Pharm., Inc. 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 common common common common common common common common common common common common common common common common 2824100 00130H105 1630102 02209S103 26874107 31162100 32511107 34918102 2364J104 37604105 38222105 53015103 53611109 60505104 54937107 84670207 $936,026 $330,200 $7,500 $2,075,790 $2,834,045 $6,323,646 $255,703 $894,740 $4,224,542 $469,680 $641,520 $362,505 $5,105,340 $14,571,077 $3,831,482 $10,157,400 21,390 52,000 50,000 45,682 51,360 95,900 5,750 22,000 262,557 7,600 40,500 10,706 101,700 184,374 111,705 4,180 21,390 52,000 50,000 45,682 51,360 95,900 5,750 22,000 262,557 7,600 40,500 10,706 101,700 184,374 111,705 4,180
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 Abbott Labs AES Corp. ALR Technologies, Inc. Altria Group, Inc. American Intl. Group, Inc. Amgen Incorporated Anadarko Pete. Corp. Angiotech Pharm., Inc. 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 21,390 52,000 50,000 45,682 51,360 95,900 5,750 22,000 262,557 7,600 40,500 10,706 101,700 184,374 111,705 4,180 0 0 0 0 0 0 0 0 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 Berkshire Hathaway, Inc. DEL CL A BNP Residential Property, Inc. BP Amoco PLC ADR Canadian Nat. Res. Ltd. Capital Bank Corp. Capital One Financial Corp. Cardinal Health Inc. Certegy, Inc. Chevron Texaco Corporation Choicepoint, Inc. Cincinnati Financial Corp Cinergy Corp. Cisco Systems, Inc. Citigroup, Inc. Coca-Cola Corporation Coddle Creek Financial Inc Colgate-Palmolive Co. common common common common common common common common common common common common common common common common common 84670108 5564T103 55622104 136385101 139793103 14040H105 14149Y108 156880106 166764100 170388102 172062101 172474108 17275R102 172967101 191216100 191891100 194162103 $1,595,000 $296,190 $903,262 $211,523 $1,735,448 $10,604,831 $11,673,729 $1,223,775 $374,213 $2,071,200 $518,264 $600,597 $2,477,717 $8,477,310 $1,577,986 $835,262 $263,673 22 27,425 21,496 5,300 116,239 215,633 181,551 44,100 5,183 60,000 13,992 16,325 147,571 198,068 34,001 27,163 4,550 22 27,425 21,496 5,300 116,239 215,633 181,551 44,100 5,183 60,000 13,992 16,325 147,571 198,068 34,001 27,163 4,550
Berkshire Hathaway, Inc. DEL CL A BNP Residential Property, Inc. BP Amoco PLC ADR Canadian Nat. Res. Ltd. Capital Bank Corp. Capital One Financial Corp. Cardinal Health Inc. Certegy, Inc. Chevron Texaco Corporation Choicepoint, Inc. Cincinnati Financial Corp Cinergy Corp. Cisco Systems, Inc. Citigroup, Inc. Coca-Cola Corporation Coddle Creek Financial Inc Colgate-Palmolive Co. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 22 27,425 21,496 5,300 116,239 215,633 181,551 44,100 5,183 60,000 13,992 16,325 147,571 198,068 34,001 27,163 4,550 0 0 0 0 0 0 0 0 0 0 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 Collagenex Pharmaceuticals, Inc. CommScope, Inc. Community Bancshares, Inc. SC Conseco, Inc. Cree, 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. Dynamic Oil & Gas, Inc. EMC Corp. MASS common common common common common common common common common common common common common common common common common 19419B100 203372107 20343F190 208464107 225447101 126426402 23331A109 247025109 247916208 249030107 25179M103 254394109 254687106 264399106 263534109 267906105 268648102 $748,550 $279,775 $1,316,080 $300 $235,219 $169,488 $4,409,059 $1,290,730 $188,020 $245,760 $756,945 $9,262,498 $1,135,349 $1,696,867 $238,639 $819,150 $190,952 55,000 29,450 81,491 10,000 14,475 15,840 156,906 40,538 14,000 6,000 14,175 1,293,645 57,486 85,056 5,731 215,000 18,238 55,000 29,450 81,491 10,000 14,475 15,840 156,906 40,538 14,000 6,000 14,175 1,293,645 57,486 85,056 5,731 215,000 18,238
Collagenex Pharmaceuticals, Inc. CommScope, Inc. Community Bancshares, Inc. SC Conseco, Inc. Cree, 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. Dynamic Oil & Gas, Inc. EMC Corp. MASS 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 55,000 29,450 81,491 10,000 14,475 15,840 156,906 40,538 14,000 6,000 14,175 1,293,645 57,486 85,056 5,731 215,000 18,238 0 0 0 0 0 0 0 0 0 0 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 Emerson Electric EOG Resource, Inc. Exxon Mobile Corporation Fannie Mae Frisby Technologies, Inc. General Electric Company General Motors CP CL H New Given Imaging Glaxo Smith Kline PLC Golden West Guidant Corporation Harley Davidson, Inc. Hewlet-Packard Company Highwood Properties, Inc. REIT Home Depot, Inc. Houston Exploration Co. Hubbell Inc. Class B common common common common common common common common common common common common common common common common common 291011104 26875P101 302290101 313586109 358743102 369604103 370442832 M52020100 37733W105 381317106 401698105 412822108 428236103 431284108 437076102 442120101 443510201 $229,132 $418,400 $2,183,687 $562,450 $963 $13,843,893 $551,983 $4,939,642 $260,307 $225,868 $1,381,195 $202,290 $1,700,997 $1,441,695 $865,260 $593,370 $441,455 4,484 10,000 60,810 8,340 87,500 482,702 43,090 584,573 6,421 2,823 31,115 5,075 79,859 64,650 26,125 17,100 13,337 4,484 10,000 60,810 8,340 87,500 482,702 43,090 584,573 6,421 2,823 31,115 5,075 79,859 64,650 26,125 17,100 13,337
Emerson Electric EOG Resource, Inc. Exxon Mobile Corporation Fannie Mae Frisby Technologies, Inc. General Electric Company General Motors CP CL H New Given Imaging Glaxo Smith Kline PLC Golden West Guidant Corporation Harley Davidson, Inc. Hewlet-Packard Company Highwood Properties, Inc. REIT Home Depot, Inc. Houston Exploration Co. Hubbell Inc. Class 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 4,484 10,000 60,810 8,340 87,500 482,702 43,090 584,573 6,421 2,823 31,115 5,075 79,859 64,650 26,125 17,100 13,337 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
7 Hudson City Bancorp Intel Corp International Business Machines Jefferson Pilot Corp Johnson & Johnson KB Home Key Energy Services, Inc. Knight Trading Group, Inc. Koninklijke Philips Electronics NV Kraft Foods, Inc. CL A Krispy Kreme Doughnuts, Inc. Kroger Company KS Bancorp Leggett & Platt, Inc. Level 3 Communications Liberty Acorn Trust International Liberty Media New Ser A common common common common common common common common common common common common common common common common common 443683107 458140100 459200101 475070108 478160104 48666K109 492914106 48266R108 718337540 50075N104 501014104 501044101 48266R108 524660107 502424104 53015P817 530718105 $306,000 $7,981,571 $897,270 $1,343,180 $7,994,836 $415,266 $696,800 $441,000 $208,452 $470,348 $397,387 $542,200 $347,791 $2,450,160 $565,767 $629,972 $6,223,395 12,000 383,545 10,876 32,397 154,639 6,700 65,000 70,000 10,908 14,450 9,650 32,506 19,988 119,520 84,950 36,143 538,356 12,000 383,545 10,876 32,397 154,639 6,700 65,000 70,000 10,908 14,450 9,650 32,506 19,988 119,520 84,950 36,143 538,356
Hudson City Bancorp Intel Corp International Business Machines Jefferson Pilot Corp Johnson & Johnson KB Home Key Energy Services, Inc. Knight Trading Group, Inc. Koninklijke Philips Electronics NV Kraft Foods, Inc. CL A Krispy Kreme Doughnuts, Inc. Kroger Company KS Bancorp Leggett & Platt, Inc. Level 3 Communications Liberty Acorn Trust International Liberty Media New Ser A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12,000 383,545 10,876 32,397 154,639 6,700 65,000 70,000 10,908 14,450 9,650 32,506 19,988 119,520 84,950 36,143 538,356 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
8 Lilly, Eli & Co. Lowes Companies Inc. McKesson Corporation Medtronic, Inc. Merck & Co. Methode Electronics, Inc. Class A Microsoft Corporation Minefinders Ltd. Morgan, JP Chase & Co. National Commerce Financial Corp. Natural Gas Services Group Newell Rubbermaid, Inc. Nokia Corp. NovaGold Res. Inc. Oil Service Holders Dep. RCPT Pepsico, Inc. Pfizer, Inc. common common common common common common common common common common common common common common common common common 532457108 548661107 58155Q103 585055106 589331107 591520200 594918104 602900102 46625H100 63545P104 63886Q109 651229106 654902204 66987 E206 678002106 713448108 717081103 $448,305 $13,676,440 $2,245,723 $3,773,368 $11,263,693 $193,500 $14,944,761 $71,640 $376,219 $1,634,271 $280,000 $344,120 $5,206,913 $336,675 $216,540 $14,490,624 $12,736,516 6,500 318,427 62,835 78,661 186,023 18,000 582,869 12,000 11,007 73,649 50,000 12,290 316,915 150,000 3,600 325,632 372,958 6,500 318,427 62,835 78,661 186,023 18,000 582,869 12,000 11,007 73,649 50,000 12,290 316,915 150,000 3,600 325,632 372,958
Lilly, Eli & Co. Lowes Companies Inc. McKesson Corporation Medtronic, Inc. Merck & Co. Methode Electronics, Inc. Class A Microsoft Corporation Minefinders Ltd. Morgan, JP Chase & Co. National Commerce Financial Corp. Natural Gas Services Group Newell Rubbermaid, Inc. Nokia Corp. NovaGold Res. Inc. Oil Service Holders Dep. RCPT Pepsico, Inc. Pfizer, 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 6,500 318,427 62,835 78,661 186,023 18,000 582,869 12,000 11,007 73,649 50,000 12,290 316,915 150,000 3,600 325,632 372,958 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
9 Pharmanetics, Inc. Pilot Therapeutics Holdings Pimco Strategic Global Govt. Fd. Pinnacle Financial Partners Pioneer Natural Res. Co. Polaris Industries, Inc. Procter & Gamble Progress Energy, Inc. Republic Services, Inc. Sara Lee Corporation Schering-Plough Corp ServiceMaster Co. Sonoco Products Southern Community Financial Southern Financial Bancorp Southtrust Corp. Spherion Corporation common common common common common common common common common common common common common common common common common 71713J107 721650109 72200X104 72346Q104 723787107 731068102 742718109 743263105 760759100 803111103 806605101 81760N109 835495102 842632101 842870107 844730101 848420105 $4,517,150 $11,250 $227,016 $3,998,107 $827,370 $368,400 $3,133,874 $201,062 $301,511 $427,213 $388,275 $3,959,342 $3,213,035 $1,206,441 $7,621,988 $222,480 $80,690 778,819 12,500 19,255 250,665 31,700 6,000 35,141 4,580 13,300 22,712 20,875 370,032 133,765 126,594 249,166 8,240 11,610 778,819 12,500 19,255 250,665 31,700 6,000 35,141 4,580 13,300 22,712 20,875 370,032 133,765 126,594 249,166 8,240 11,610
Pharmanetics, Inc. Pilot Therapeutics Holdings Pimco Strategic Global Govt. Fd. Pinnacle Financial Partners Pioneer Natural Res. Co. Polaris Industries, Inc. Procter & Gamble Progress Energy, Inc. Republic Services, Inc. Sara Lee Corporation Schering-Plough Corp ServiceMaster Co. Sonoco Products Southern Community Financial Southern Financial Bancorp Southtrust Corp. Spherion Corporation 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 778,819 12,500 19,255 250,665 31,700 6,000 35,141 4,580 13,300 22,712 20,875 370,032 133,765 126,594 249,166 8,240 11,610 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
10 Starbucks Corp. Stericycle, Inc. Suntrust Banks, Inc. Sysco Corporation Target Corporation TCF Financial Corp Terra Industries Texas Instruments 3M Company Travelers Property Casualty CL B Triad Guaranty Inc. Tribune Co Tyco Intl Ltd New Unifirst Corporation - Mass Union Planters Corp. Unumprovident Corp. US Bancorp Del common common common common common common common common common common common common common common common common common 855244109 858912108 867914103 871829107 87612E106 872275102 880915103 882508104 88579Y101 89420G406 895925105 896047107 902124106 904708104 908068109 91529Y106 902973304 $397,710 $767,200 $222,288 $14,835,765 $303,855 $402,145 $14,781 $286,264 $7,073,779 $285,059 $21,404,315 $13,391,755 $236,491 $470,981 $251,281 $1,206,900 $1,211,819 16,200 20,000 3,746 493,867 8,030 10,094 13,814 16,265 54,844 18,076 563,865 277,262 12,460 21,506 8,098 90,000 49,462 16,200 20,000 3,746 493,867 8,030 10,094 13,814 16,265 54,844 18,076 563,865 277,262 12,460 21,506 8,098 90,000 49,462
Starbucks Corp. Stericycle, Inc. Suntrust Banks, Inc. Sysco Corporation Target Corporation TCF Financial Corp Terra Industries Texas Instruments 3M Company Travelers Property Casualty CL B Triad Guaranty Inc. Tribune Co Tyco Intl Ltd New Unifirst Corporation - Mass Union Planters Corp. Unumprovident Corp. US Bancorp Del 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 16,200 20,000 3,746 493,867 8,030 10,094 13,814 16,265 54,844 18,076 563,865 277,262 12,460 21,506 8,098 90,000 49,462 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
11 VF Corporation Vialink Company Viceroy Resource Corp. 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 918204108 92552Q101 92564C108 929903102 931422109 931142103 939322103 94106L109 94973H108 949746101 983024100 98385X106 988498101 $2,333,433 $4,896 $4,268 $6,712,121 $7,692,958 $4,874,309 $5,020,965 $7,088,483 $2,539,538 $263,491 $1,599,352 $931,696 $2,403,346 68,691 36,000 10,000 167,971 255,580 90,820 121,573 294,250 30,125 5,228 35,112 46,330 81,304 68,691 36,000 10,000 167,971 255,580 90,820 121,573 294,250 30,125 5,228 35,112 46,330 81,304 Grand Total 06/30/03 400,374,293
VF Corporation Vialink Company Viceroy Resource Corp. 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 68,691 36,000 10,000 167,971 255,580 90,820 121,573 294,250 30,125 5,228 35,112 46,330 81,304 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0