13F-HR 1 dm03310713f-hrb.txt 13F 1ST QUARTER, 2007 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, 2007 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, 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 9th day of May, 2007. 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: 237 FORM 13F INFORMATION TABLE VALUE TOTAL: $637,862,099 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 3M Company Abbott Labs Activision, Inc. Acuity Brands, Inc. Alcon, Inc. Alexco Resource Corp. Alliance One International Alltell Corp. Altria Group, Inc. American Express Company American Intl. Group, Inc. Amgen Incorporated Anheuser Busch Company, Inc. Apache Corp. Apple Computer Aqua America, Inc. common common common common common common common common common common common common common common common common 88579Y101 2824100 4930202 00508Y102 H01301102 01535P106 18772103 20039103 02209S103 25816109 26874107 31162100 35229103 37411105 37833100 03836W103 $11,489,493 $1,225,033 $3,134,248 $250,424 $355,914 $1,488,620 $2,904,893 $280,860 $5,935,517 $217,140 $3,651,390 $6,643,406 $555,565 $5,148,374 $1,443,171 $241,899 150,327 21,954 165,483 4,600 2,700 310,000 314,723 4,530 67,595 3,850 54,320 118,887 11,010 72,820 15,533 10,775 150,327 148,067 21,954 24,804 165,483 294,515 4,600 4,600 2,700 2,700 310,000 310,000 314,723 665,523 4,530 4,530 67,595 65,529 3,850 4,050 54,320 55,181 118,887 138,757 11,010 15,810 72,820 70,060 15,533 12,218 10,775 10,775
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 Activision, Inc. Acuity Brands, Inc. Alcon, Inc. Alexco Resource Corp. Alliance One International Alltell Corp. Altria Group, Inc. American Express Company American Intl. Group, Inc. Amgen Incorporated Anheuser Busch Company, Inc. Apache Corp. Apple Computer Aqua America, 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 0 150,327 148,067 21,954 24,804 165,483 294,515 4,600 4,600 2,700 2,700 310,000 310,000 314,723 665,523 4,530 4,530 67,595 65,529 3,850 4,050 54,320 55,181 118,887 138,757 11,010 15,810 72,820 70,060 15,533 12,218 10,775 10,775 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 Arbor Realty Tr., Inc. Arch Coal, Inc. AT&T Corp Automatic Data Processing, Inc. Bank of America Corp. Bank of Carolinas; Mocksville NC Banner Corporation Barclays BK PLC Ipath ETNS Barrick Gold Corp. BB&T Corporation Becton Dickinson & Co. Berkshire Hathaway, Inc. CL B Berkshire Hathaway, Inc. DEL CL A BHP Billiton Ltd. ADR Blackrock Broad Inv. 2009 Blackrock Core Bd. Trust Blackrock Incm. Opportunity TR common common common common common common common common common common common common common common common common common 38923108 39380100 00206R102 53015103 60505104 06423T102 06652V109 06739F291 67901108 54937107 75887109 84670207 84670108 88606108 09247Q106 09249 E101 92475102 $2,713,726 $429,660 $1,518,537 $5,711,103 $27,583,555 $2,921,848 $276,515 $239,509 $228,400 $4,387,212 $203,759 $17,497,480 $2,724,750 $4,603,961 $585,654 $777,886 $784,610 89,150 14,000 38,512 117,998 540,642 216,273 6,655 4,875 8,000 106,953 2,650 4,807 25 95,025 38,785 60,583 73,950 89,150 14,000 38,512 117,998 540,642 216,273 6,655 4,875 8,000 106,953 2,650 4,807 25 95,025 38,785 60,583 73,950
Arbor Realty Tr., Inc. Arch Coal, Inc. AT&T Corp Automatic Data Processing, Inc. Bank of America Corp. Bank of Carolinas; Mocksville NC Banner Corporation Barclays BK PLC Ipath ETNS Barrick Gold Corp. BB&T Corporation Becton Dickinson & Co. Berkshire Hathaway, Inc. CL B Berkshire Hathaway, Inc. DEL CL A BHP Billiton Ltd. ADR Blackrock Broad Inv. 2009 Blackrock Core Bd. Trust Blackrock Incm. Opportunity TR 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 89,150 14,000 38,512 117,998 540,642 216,273 6,655 4,875 8,000 106,953 2,650 4,807 25 95,025 38,785 60,583 73,950 0 0 0 0 0 0 0 0 0 0 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 Blackrock Income TR. Inc. Blackrock Insd Mun Term Blackrock Insd Muni 2008 Blackrock Invt. Qlty Muni Blackrock Ltd. Duration Blackrock Mini Bond TR Blackrock Mun 2018 Fd. Blackrock N Y Insd 2008 Blackrock NY Mun. Inc. TST NY Blackrock NY Mun. Income Trust Blackrock Pfd. Opportunity Tr Blackrock Strat. Muni Tr Blackrock Strategic Bond Boeing Company BP Amoco PLC ADR Cablevision Systems Corp. CL A Canadian Nat. Res. Ltd. common common common common common common common common common common common common common common common common common 09247F100 92474105 09247K109 09247D105 09249W101 09249H104 09248C106 09247L107 09249U105 09249R102 09249V103 09248T109 09249G106 97023105 55622104 12686C109 136385101 $1,145,040 $221,400 $1,149,030 $845,170 $902,100 $228,932 $516,975 $672,158 $149,700 $154,400 $2,943,292 $907,613 $539,138 $284,512 $1,767,222 $608,600 $507,748 183,500 22,500 75,100 44,600 46,500 12,100 30,500 44,250 10,000 10,000 110,775 49,300 41,250 3,200 27,293 20,000 9,200 183,500 22,500 75,100 44,600 46,500 12,100 30,500 44,250 10,000 10,000 110,775 49,300 41,250 3,200 27,293 20,000 9,200
Blackrock Income TR. Inc. Blackrock Insd Mun Term Blackrock Insd Muni 2008 Blackrock Invt. Qlty Muni Blackrock Ltd. Duration Blackrock Mini Bond TR Blackrock Mun 2018 Fd. Blackrock N Y Insd 2008 Blackrock NY Mun. Inc. TST NY Blackrock NY Mun. Income Trust Blackrock Pfd. Opportunity Tr Blackrock Strat. Muni Tr Blackrock Strategic Bond Boeing Company BP Amoco PLC ADR Cablevision Systems Corp. CL A Canadian Nat. Res. Ltd. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 183,500 22,500 75,100 44,600 46,500 12,100 30,500 44,250 10,000 10,000 110,775 49,300 41,250 3,200 27,293 20,000 9,200 0 0 0 0 0 0 0 0 0 0 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 Capital Bank Corp. Capital One Financial Corp. Cardinal Financial Group Cardinal Health, Inc. Caterpillar, Inc. Celgen Corp. Chesapeake Energy Corp. Chevron Texaco Corporation Choicepoint, Inc. Cincinnati Financial Corp Cisco Systems, Inc. Citigroup, Inc. Coca-Cola Company Coddle Creek Financial Inc Colgate-Palmolive Co. Comarco, Inc. CommScope, Inc. common common common common common common common common common common common common common common common common common 139793103 14040H105 14149F109 14149Y108 149123101 151020104 165167107 166764100 170388102 172062101 17275R102 172967101 191216100 191891209 194162103 200080109 203372107 $2,507,650 $14,456,643 $499,000 $368,398 $239,967 $828,868 $1,284,608 $1,418,997 $1,122,900 $643,293 $13,229,161 $13,096,415 $1,351,776 $524,700 $5,970,024 $1,049,003 $1,143,285 145,371 191,580 50,000 5,050 3,580 15,800 41,600 19,186 30,000 15,172 518,181 255,092 28,162 18,000 89,385 115,275 26,650 145,371 191,580 50,000 5,050 3,580 15,800 41,600 19,186 30,000 15,172 518,181 255,092 28,162 18,000 89,385 115,275 26,650
Capital Bank Corp. Capital One Financial Corp. Cardinal Financial Group Cardinal Health, Inc. Caterpillar, Inc. Celgen Corp. Chesapeake Energy Corp. Chevron Texaco Corporation Choicepoint, Inc. Cincinnati Financial Corp Cisco Systems, Inc. Citigroup, Inc. Coca-Cola Company Coddle Creek Financial Inc Colgate-Palmolive Co. Comarco, Inc. CommScope, 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 0 145,371 191,580 50,000 5,050 3,580 15,800 41,600 19,186 30,000 15,172 518,181 255,092 28,162 18,000 89,385 115,275 26,650 0 0 0 0 0 0 0 0 0 0 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 Community Bancshares, Inc. SC ConocoPhillips Cooperative Bankshares, Inc. Countrywide Financial CVS Corp. D. R. Horton Company Dell, Inc. Dentsply Intl. Inc. New Devon Energy Corp. Disney, Walt Company Dominion Resources Inc. - VA Duke Energy Corporation Dupont de nemours E.I. DWS Dreman Value Income Eaton Corp Ebay, Inc. EMC Corp. MASS common common common common common common common common common common common common common common common common common 20343F190 20825C104 216844100 222372104 126650100 23331A109 24702R101 249030107 25179M103 254687106 25746U109 264399106 263534109 23339M105 278058102 278642103 268648102 $1,320,154 $1,062,832 $493,500 $504,600 $964,387 $4,234,120 $2,503,036 $393,000 $7,914,961 $4,906,000 $264,091 $1,850,205 $237,659 $603,840 $388,387 $232,050 $211,116 81,491 15,550 30,000 15,000 28,248 192460 107,843 12,000 114,345 142,492 2,975 91,188 4,808 32,000 4,648 7,000 15,243 81,491 15,550 30,000 15,000 28,248 192460 107,843 12,000 114,345 142,492 2,975 91,188 4,808 32,000 4,648 7,000 15,243
Community Bancshares, Inc. SC ConocoPhillips Cooperative Bankshares, Inc. Countrywide Financial CVS Corp. D. R. Horton Company Dell, Inc. Dentsply Intl. Inc. New Devon Energy Corp. Disney, Walt Company Dominion Resources Inc. - VA Duke Energy Corporation Dupont de nemours E.I. DWS Dreman Value Income Eaton Corp Ebay, 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 81,491 15,550 30,000 15,000 28,248 192460 107,843 12,000 114,345 142,492 2,975 91,188 4,808 32,000 4,648 7,000 15,243 0 0 0 0 0 0 0 0 0 0 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 Emerson Electric Encana Corp. Encore Wire Corp. Equitable Resources, Inc. Exactech, Inc. Exelon Corporation Exxon Mobile Corporation Falconstor Software, Inc. Fedex Corporation Fidelity National Info. Services First Citizens Bancshares CL A First INDL RLTY TR, Inc. Fiserv, Inc. FNB Financial Services Forest Oil Corp. FX Energy, Inc. Genentech, Inc. New common common common common common common common common common common common common common common common common common 291011104 292505104 292562105 294549100 30064 109 30161N101 302290101 306137100 31428X106 31620M106 31946M103 32054K103 337738108 302526108 346091705 302695101 368710406 $1,170,669 $316,792 $441,074 $200,528 $317,800 $267,969 $5,054,320 $12,067,287 $247,089 $1,095,586 $1,789,302 $1,288,785 $238,770 $210,788 $1,207,160 $8,592,142 $983,387 27,168 6,257 17,420 4,150 20,000 3,900 66,989 1,158,089 2,300 24,100 8,902 28,450 4,500 13,750 36,175 1,133,528 11,975 27,168 6,257 17,420 4,150 20,000 3,900 66,989 1,158,089 2,300 24,100 8,902 28,450 4,500 13,750 36,175 1,133,528 11,975
Emerson Electric Encana Corp. Encore Wire Corp. Equitable Resources, Inc. Exactech, Inc. Exelon Corporation Exxon Mobile Corporation Falconstor Software, Inc. Fedex Corporation Fidelity National Info. Services First Citizens Bancshares CL A First INDL RLTY TR, Inc. Fiserv, Inc. FNB Financial Services Forest Oil Corp. FX Energy, Inc. Genentech, Inc. New 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 27,168 6,257 17,420 4,150 20,000 3,900 66,989 1,158,089 2,300 24,100 8,902 28,450 4,500 13,750 36,175 1,133,528 11,975 0 0 0 0 0 0 0 0 0 0 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 General Dynamics Corp. General Electric Company Given Imaging Glaxo Smith Kline PLC Goldcorp, Inc. Goldman Sachs Group, Inc. Google, Inc. CL A Harbor Intl. Fund Hertz Global Holdings, Inc. Hewlet-Packard Company Highwood Properties, Inc. REIT Home Depot, Inc. Houston Exploration Co. Hubbell Inc. Class B Hudson City Bancorp, Inc. Intel Corp International Business Machines common common common common common common common common common common common common common common common common common 369550108 369604103 M52020100 37733W105 380956409 38141G104 38259P508 411511306 42805T105 428236103 431284108 437076102 442120101 443510201 443683107 458140100 459200101 $297,960 $19,487,546 $3,506,544 $416,384 $208,109 $4,503,914 $3,498,968 $615,096 $237,000 $770,849 $3,272,102 $367,216 $598,845 $585,875 $1,495,716 $6,547,997 $396,835 3,900 551,118 162,340 7,535 8,664 21,797 7,637 9,617 10,000 19,204 82,859 9,995 11,100 12,145 109,336 342,289 4,210 3,900 551,118 162,340 7,535 8,664 21,797 7,637 9,617 10,000 19,204 82,859 9,995 11,100 12,145 109,336 342,289 4,210
General Dynamics Corp. General Electric Company Given Imaging Glaxo Smith Kline PLC Goldcorp, Inc. Goldman Sachs Group, Inc. Google, Inc. CL A Harbor Intl. Fund Hertz Global Holdings, Inc. Hewlet-Packard Company Highwood Properties, Inc. REIT Home Depot, Inc. Houston Exploration Co. Hubbell Inc. Class B Hudson City Bancorp, Inc. Intel Corp International Business Machines 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3,900 551,118 162,340 7,535 8,664 21,797 7,637 9,617 10,000 19,204 82,859 9,995 11,100 12,145 109,336 342,289 4,210 0 0 0 0 0 0 0 0 0 0 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 Ishares DJ US Telecm Sector Idx Fd. Ishares FTSE XINHUA Ishares Lehman Treasury Ishares MSCI Eafe Index Ishares MSCI Emerging Ishares MSCI EMU Index Fund Ishares MSCI Hong Kong Ishares MSCI Japan Index Ishares MSCI Pac Ex-Japan Index Fd Ishares NASDAQ Biotech Indx Fd Ishares S&P GLB ERG Sect Ishares S&P GLB Health Care Ishares T DJ US UTL S FD Ishares TR Russell Midcap Indx Fd Johnson & Johnson Kellogg Company Kinetic Concepts, Inc. common common common common common common common common common common common common common common common common common 464287713 464287184 464287176 464287465 464287234 464286608 464286871 464286848 464286665 464287556 464287341 464287325 464287697 464287499 478160104 487836108 49460W208 $348,544 $5,479,903 $313,224 $5,033,160 $7,527,182 $487,305 $224,840 $2,133,048 $595,574 $674,442 $1,047,630 $484,176 $310,752 $251,667 $14,878,265 $5,292,661 $714,784 11,200 53,499 3,100 66,000 64,611 4,500 14,000 146,400 4,433 8,900 9,400 8,400 3,200 2,415 246,901 102,910 14,115 11,200 53,499 3,100 66,000 64,611 4,500 14,000 146,400 4,433 8,900 9,400 8,400 3,200 2,415 246,901 102,910 14,115
Ishares DJ US Telecm Sectr Indx Fd Ishares FTSE XINHUA Ishares Lehman Treasury Ishares MSCI Eafe Index Ishares MSCI Emerging Ishares MSCI EMU Index Fund Ishares MSCI Hong Kong Ishares MSCI Japan Index Ishares MSCI Pac Ex-Japan Index Fd Ishares NASDAQ Biotech Indx Fd Ishares S&P GLB ERG Sect Ishares S&P GLB Health Care Ishares T DJ US UTL S FD Ishares TR Russell Midcap Indx Fd Johnson & Johnson Kellogg Company Kinetic Concepts, 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 11,200 53,499 3,100 66,000 64,611 4,500 14,000 146,400 4,433 8,900 9,400 8,400 3,200 2,415 246,901 102,910 14,115 0 0 0 0 0 0 0 0 0 0 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 L-3 Communications Holdings, Inc. Lab CP of America Holding New Lauder, Estee Co., Inc. CL A Lehman Brothers Holding, Inc. Level 3 Communications, Inc. Lilly, Eli & Co. Lincoln National Corp. Linn Energy Lowes Companies Inc. McDonalds Corporation Medtronic, Inc. Merck & Co. Merrill Lynch & Co., Inc. Methode Electronics, Inc. Class A Mettler-Toledo International, Inc. Microsoft Corporation Morgans Hotel Group common common common common common common common common common common common common common common common common common 502424104 50540R409 518439104 524908100 52729N100 532457108 534187109 536020100 548661107 580135101 585055106 589331107 590188108 591520200 592688105 594918104 61748W108 $3,138,637 $225,153 $244,250 $1,074,944 $146,400 $252,558 $1,003,089 $955,962 $19,018,882 $2,477,750 $7,333,342 $3,919,602 $436,281 $265,860 $815,087 $16,296,653 $1,050,500 35,882 3,100 5,000 15,341 24,000 4,750 14,797 28,100 603,966 55,000 149,477 88,739 5,342 18,000 9,100 584,738 50,000 35,882 3,100 5,000 15,341 24,000 4,750 14,797 28,100 603,966 55,000 149,477 88,739 5,342 18,000 9,100 584,738 50,000
L-3 Communications Holdings, Inc. Lab CP of America Holding New Lauder, Estee Co., Inc. CL A Lehman Brothers Holding, Inc. Level 3 Communications, Inc. Lilly, Eli & Co. Lincoln National Corp. Linn Energy Lowes Companies Inc. McDonalds Corporation Medtronic, Inc. Merck & Co. Merrill Lynch & Co., Inc. Methode Electronics, Inc. Class A Mettler-Toledo International, Inc. Microsoft Corporation Morgans Hotel Group 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 35,882 3,100 5,000 15,341 24,000 4,750 14,797 28,100 603,966 55,000 149,477 88,739 5,342 18,000 9,100 584,738 50,000 0 0 0 0 0 0 0 0 0 0 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 Motorola, Inc. Nabors Industries Ltd. Nokia Corp. NovaGold Resources, Inc. Novogen Limited Sponsored ADR Nuveen CT Div Ad Muni Fd CT Fd Nuveen CT Div Ad Muni Fd CT Nuveen Muni Advantage Fund Nuveen NC Div AD Muni Fund Fd Nuveen NC Div AD Muni Fund NC Nuveen NC Div AD Muni Fund NC Nuveen Perf Plus Muni Fund, Inc. Nuveen Preferred & Conv. Incm. Nuveen Quality Pfd Incm Fd Nuveen Real Estate Inc. Fund Nuveen Select Tax Fr Inc Portfolio 3 Oil Service Holders Dep. RCPT common common common common common common common common common common common common common common common common common 620076109 G6359F103 654902204 66987 E206 67010F103 67071R103 67069T103 67062H106 67070F100 67072D103 67071D104 67062P108 67073D102 67071S101 67071B108 67063X100 678002106 $1,419,431 $207,690 $8,976,503 $24,014,726 $213,644 $250,536 $322,200 $321,200 $212,875 $750,942 $626,471 $157,664 $238,700 $506,880 $983,845 $154,110 $910,313 80,330 7,000 391,645 1,416,798 20,925 15,600 22,500 20,000 12,500 50,808 39,625 10,400 17,050 36,000 36,615 11,000 6,247 80,330 7,000 391,645 1,416,798 20,925 15,600 22,500 20,000 12,500 50,808 39,625 10,400 17,050 36,000 36,615 11,000 6,247
Motorola, Inc. Nabors Industries Ltd. Nokia Corp. NovaGold Resources, Inc. Novogen Limited Sponsored ADR Nuveen CT Div Ad Muni Fd CT Fd Nuveen CT Div Ad Muni Fd CT Nuveen Muni Advantage Fund Nuveen NC Div AD Muni Fund Fd Nuveen NC Div AD Muni Fund NC Nuveen NC Div AD Muni Fund NC Nuveen Perf Plus Muni Fund, Inc. Nuveen Preferred & Conv. Incm. Nuveen Quality Pfd Incm Fd Nuveen Real Estate Inc. Fund Nuveen Select Tax Fr Inc Portfolio 3 Oil Service Holders Dep. RCPT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 80,330 7,000 391,645 1,416,798 20,925 15,600 22,500 20,000 12,500 50,808 39,625 10,400 17,050 36,000 36,615 11,000 6,247 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Old Rep. Intl. Corp. Penn Virginia Group Holding LP Pepsico, Inc. PetroChina Co. ADR Petrohawk Energy Corp. Pfizer, Inc. Pimco Corporate Opportunity Fund Pimco Strategic Global Pioneer Natural Res. Co. Polaris Industries, Inc. Praxair, Inc. Procter & Gamble Progress Energy, Inc. Provident Bankshares Corp Regions Financial Corp. Republic Property Trust Republic Services, Inc. common common common common common common common common common common common common common common common common common 680223104 70788P105 713448108 71646E 100 716495106 717081103 72201B101 72200X104 723787107 731068102 74005P104 742718109 743263105 743859100 758940100 760737106 760759100 $755,863 $1,310,000 $22,029,182 $3,463,522 $1,708,478 $9,679,371 $390,078 $988,559 $371,824 $659,725 $472,200 $14,927,506 $305,364 $974,233 $595,065 $810,045 $279,591 34,171 52,400 346,589 29,580 129,725 383,190 23,400 89,950 8,625 13,750 7,500 236,344 6,054 29,648 16,824 70,500 10,050 34,171 52,400 346,589 29,580 129,725 383,190 23,400 89,950 8,625 13,750 7,500 236,344 6,054 29,648 16,824 70,500 10,050
Old Rep. Intl. Corp. Penn Virginia Group Holding LP Pepsico, Inc. PetroChina Co. ADR Petrohawk Energy Corp. Pfizer, Inc. Pimco Corporate Opportunity Fund Pimco Strategic Global Pioneer Natural Res. Co. Polaris Industries, Inc. Praxair, Inc. Procter & Gamble Progress Energy, Inc. Provident Bankshares Corp Regions Financial Corp. Republic Property Trust Republic Services, 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 34,171 52,400 346,589 29,580 129,725 383,190 23,400 89,950 8,625 13,750 7,500 236,344 6,054 29,648 16,824 70,500 10,050 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 Saic, Inc. Sara Lee Corporation Schering-Plough Corp Security Bank Corp. Sempra Energy ServiceMaster Co. Sirius Satellite Radio Solar Enertech Corp. Sonoco Products Southern Community Financial Spectra Energy Corp. Staples, Inc. Starbucks Corp. Stericycle, Inc. Suncor Energy, Inc. Suntrust Banks, Inc. SVB Financial Group, Inc. common common common common common common common common common common common common common common common common common 78390X101 803111103 806605101 814047106 816851109 81760N109 82966U103 834156101 835495102 842632101 847560109 855030102 855244109 858912108 867229106 867914103 78486Q101 $604,468 $243,953 $263,263 $1,889,213 $238,244 $5,541,003 $64,000 $17,600 $4,439,025 $2,819,551 $962,191 $209,304 $827,904 $815,000 $446,266 $3,009,037 $242,950 34,900 14,418 10,320 93,804 3,905 360,039 20,000 10,000 118,122 274,810 36,627 8,100 26,400 10,000 5,845 36,236 5,000 34,900 14,418 10,320 93,804 3,905 360,039 20,000 10,000 118,122 274,810 36,627 8,100 26,400 10,000 5,845 36,236 5,000
Saic, Inc. Sara Lee Corporation Schering-Plough Corp Security Bank Corp. Sempra Energy ServiceMaster Co. Sirius Satellite Radio Solar Enertech Corp. Sonoco Products Southern Community Financial Spectra Energy Corp. Staples, Inc. Starbucks Corp. Stericycle, Inc. Suncor Energy, Inc. Suntrust Banks, Inc. SVB Financial Group, 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 34,900 14,418 10,320 93,804 3,905 360,039 20,000 10,000 118,122 274,810 36,627 8,100 26,400 10,000 5,845 36,236 5,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Sysco Corporation T H Q, Inc. T S B Financial Corp. Target Corporation TCF Financial Corp Teva Pharmaceutical Texas Instruments Thermogenesis Corp. Tidelands Bancshares, Inc. Toyota Motor CP ADR Tri Continental Corp Triad Guaranty Inc. U S G Corporation Ultra Petroleum Corp. Unifirst Corporation - Mass United Health Group, Inc. United Parcel Service CL B common common common common common common common common common common common common common common common common common 871829107 872443403 872805106 87612E106 872275102 881624209 882508104 883623209 886374107 892331307 895436103 895925105 903293405 903914109 904708104 91324P102 911312106 $13,853,114 $444,983 $427,335 $2,967,800 $532,156 $307,487 $394,310 $1,171,527 $353,750 $8,805,874 $212,671 $13,698,966 $6,714,918 $1,450,449 $740,771 $3,850,919 $767,595 409,492 13,015 23,288 50,081 20,188 8,215 13,100 321,848 25,000 68,710 9,369 330,813 143,850 27,300 19,306 72,700 10,950 409,492 13,015 23,288 50,081 20,188 8,215 13,100 321,848 25,000 68,710 9,369 330,813 143,850 27,300 19,306 72,700 10,950
Sysco Corporation T H Q, Inc. T S B Financial Corp. Target Corporation TCF Financial Corp Teva Pharmaceutical Texas Instruments Thermogenesis Corp. Tidelands Bancshares, Inc. Toyota Motor CP ADR Tri Continental Corp Triad Guaranty Inc. U S G Corporation Ultra Petroleum Corp. Unifirst Corporation - Mass United Health Group, Inc. United Parcel Service 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 0 409,492 13,015 23,288 50,081 20,188 8,215 13,100 321,848 25,000 68,710 9,369 330,813 143,850 27,300 19,306 72,700 10,950 0 0 0 0 0 0 0 0 0 0 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 United Technologies Corp. Unumprovident Corp. US Bancorp Del Valero Energy Corp. Vanguard Growth ETF Verizon Communications VF Corporation Wachovia Corporation New Walgreen Company Wal-Mart Stores, Inc. Washington Mutual, Inc. Webzen, Inc. WellPoint, Inc. Wells Fargo & Co. Wyeth XTO Energy, Inc. Zimmer Holdings, Inc. common common common common common common common common common common common common common common common common common 913017109 91529Y106 902973304 91913Y100 922908736 92343V104 918204108 929903102 931422109 931142103 939322103 94846M102 94973V107 949746101 983024100 98385X106 98956P102 $1,162,915 $230,300 $1,685,764 $644,900 $815,099 $297,672 $2,221,900 $10,300,075 $9,151,200 $5,911,568 $206,948 $141,697 $6,518,575 $947,169 $1,331,398 $7,309,845 $3,404,870 17,891 10,000 48,206 10,000 13,950 7,850 26,893 187,104 199,416 125,912 5,125 33,980 80,377 27,510 26,612 133,367 39,865 17,891 10,000 48,206 10,000 13,950 7,850 26,893 187,104 199,416 125,912 5,125 33,980 80,377 27,510 26,612 133,367 39,865 Grand Total 03/31/07 $637,862,099
United Technologies Corp. Unumprovident Corp. US Bancorp Del Valero Energy Corp. Vanguard Growth ETF Verizon Communications VF Corporation Wachovia Corporation New Walgreen Company Wal-Mart Stores, Inc. Washington Mutual, Inc. Webzen, Inc. WellPoint, Inc. Wells Fargo & Co. Wyeth XTO Energy, Inc. Zimmer Holdings, 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 17,891 10,000 48,206 10,000 13,950 7,850 26,893 187,104 199,416 125,912 5,125 33,980 80,377 27,510 26,612 133,367 39,865 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0