13F-HR 1 dm03310813f-hrb.txt 1ST QUARTER 2008 13F 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, 2008 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 9th day of May, 2008. 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: 252 FORM 13F INFORMATION TABLE VALUE TOTAL: $564,225,724 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 Accenture Ltd Class A Activision, Inc. Alcon, Inc. Alexco Resource Corp. Alliance One International Altria Group, Inc. American Intl. Group, Inc. Ampco Pittsburgh Corp. Anheuser Busch Company, Inc. Apache Corp. Apple, Inc. AT&T Corp. T Atlas Energy Resources LLC Automatic Data Processing, Inc. common common common common common common common common common common common common common common common common 88579Y101 2824100 G1150G111 4930202 H01301102 01535P106 18772103 02209S103 26874107 32037103 35229103 37411105 37833100 00206R102 49303100 53015103 $11,398,471 $1,421,050 $695,170 $1,815,623 $384,075 $1,305,100 $964,727 $1,915,483 $3,012,622 $2,415,178 $471,795 $7,209,934 $3,693,116 $1,086,618 $1,085,000 $3,299,807 144,011 25,767 19,766 66,482 2,700 310,000 159,723 86,283 69,656 56,180 9,943 59,675 25,736 28,371 35,000 77,844 144,011 25,767 19,766 66,482 2,700 310,000 159,723 86,283 69,656 56,180 9,943 59,675 25,736 28,371 35,000 77,844
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 Accenture Ltd Class A Activision, Inc. Alcon, Inc. Alexco Resource Corp. Alliance One International Altria Group, Inc. American Intl. Group, Inc. Ampco Pittsburgh Corp. Anheuser Busch Company, Inc. Apache Corp. Apple, Inc. AT&T Corp. T Atlas Energy Resources LLC Automatic Data Processing, 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 0 144,011 25,767 19,766 66,482 2,700 310,000 159,723 86,283 69,656 56,180 9,943 59,675 25,736 28,371 35,000 77,844 0 0 0 0 0 0 0 0 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 Balchem Corp. BancInsurance Corp Bank of America Corp. Bank of Carolinas; Mocksville NC Barclays Bank Plc Spon ADR Barrick Gold Corp. Baxter International, Inc. BB&T Corporation Becton Dickinson & Co. Berkshire Hathaway, Inc. CL B Berkshire Hathaway, Inc. DEL CL A BHP Billiton Ltd. ADR BHP Billiton PLC SP ADR Blackrock Broad Inv. 2009 Blackrock Core Bd. Trust Blackrock Floating Rate Income Blackrock Incm. Opportunity TR common common common common common common common common common common common common common common common common common 57665200 05945K102 60505104 06423T102 06738 E 204 67901108 71813109 54937107 75887109 84670207 84670108 88606108 05545 E 209 09247Q106 09249 E101 09255X100 92475102 $3,587,118 $883,545 $23,584,683 $1,415,378 $444,355 $360,635 $274,645 $5,929,208 $485,053 $20,378,532 $3,335,000 $6,337,075 $687,375 $513,951 $467,863 $179,500 $580,613 156,506 176,709 622,123 156,603 12,275 8,300 4,750 184,941 5,650 4,556 25 96,235 11,700 38,212 39,683 12,500 59,550 156,506 176,709 622,123 156,603 12,275 8,300 4,750 184,941 5,650 4,556 25 96,235 11,700 38,212 39,683 12,500 59,550
Balchem Corp. BancInsurance Corp Bank of America Corp. Bank of Carolinas; Mocksville NC Barclays Bank Plc Spon ADR Barrick Gold Corp. Baxter International, Inc. BB&T Corporation Becton Dickinson & Co. Berkshire Hathaway, Inc. CL B Berkshire Hathaway, Inc. DEL CL A BHP Billiton Ltd. ADR BHP Billiton PLC SP ADR Blackrock Broad Inv. 2009 Blackrock Core Bd. Trust Blackrock Floating Rate Income 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 0 156,506 176,709 622,123 156,603 12,275 8,300 4,750 184,941 5,650 4,556 25 96,235 11,700 38,212 39,683 12,500 59,550 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 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 Breakwater Resources Ltd 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 106902307 136385101 $916,528 $226,125 $713,091 $424,536 $574,240 $156,668 $435,875 $443,223 $135,100 $137,000 $915,716 $443,208 $501,986 $3,575,338 $1,849,825 $1,178,320 $627,992 157,750 22,500 47,350 26,600 38,800 10,550 27,500 29,450 10,000 10,000 55,599 31,300 44,150 48,075 30,500 1,071,200 9,200 157,750 22,500 47,350 26,600 38,800 10,550 27,500 29,450 10,000 10,000 55,599 31,300 44,150 48,075 30,500 1,071,200 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 Breakwater Resources Ltd 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 0 157,750 22,500 47,350 26,600 38,800 10,550 27,500 29,450 10,000 10,000 55,599 31,300 44,150 48,075 30,500 1,071,200 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. Cardinal Financial Group Cardinal Health, Inc. Carmax, Inc. Cass Information Systems, Inc. Caterpillar, Inc. Celgene Corp. Chesapeake Energy Corp. Chevron Corporation Choicepoint, Inc. Cincinnati Financial Corp Cisco Systems, Inc. Citigroup, Inc. Coca-Cola Company Cognizant Corp. Colgate-Palmolive Co. CommScope, Inc. common common common common common common common common common common common common common common common common common 139793103 14149F109 14149Y108 149123101 14808P109 149123101 151020104 165167107 166764100 170388102 172062101 17275R102 172967101 191216100 192441103 194162103 203372107 $1,457,150 $510,025 $217,917 $1,672,625 $1,474,168 $9,126,344 $1,128,042 $1,532,872 $1,914,283 $714,000 $581,898 $13,146,732 $2,056,491 $3,491,016 $204,693 $6,376,076 $879,458 142,161 57,500 4,150 86,129 46,710 116,571 18,405 33,215 22,426 15,000 15,297 545,734 96,008 57,352 7,100 81,839 25,250 142,161 57,500 4,150 86,129 46,710 116,571 18,405 33,215 22,426 15,000 15,297 545,734 96,008 57,352 7,100 81,839 25,250
Capital Bank Corp. Cardinal Financial Group Cardinal Health, Inc. Carmax, Inc. Cass Information Systems, Inc. Caterpillar, Inc. Celgene Corp. Chesapeake Energy Corp. Chevron Corporation Choicepoint, Inc. Cincinnati Financial Corp Cisco Systems, Inc. Citigroup, Inc. Coca-Cola Company Cognizant Corp. Colgate-Palmolive Co. 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 0 142,161 57,500 4,150 86,129 46,710 116,571 18,405 33,215 22,426 15,000 15,297 545,734 96,008 57,352 7,100 81,839 25,250 0 0 0 0 0 0 0 0 0 0 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 Concepts Direct ConocoPhillips Cooperative Bankshares, Inc. CVS Caremark Corp. D. R. Horton Company Dell, Inc. Dentsply Intl. Inc. New Devon Energy Corp. Diomed Holdings Disney, Walt Company Duke Energy Corporation Dupont de nemours E.I. DWS Dreman Value Income Eaton Corp El Paso Pipeline Partners LP EMC Corp. MASS common common common common common common common common common common common common common common common common common 20343F190 206013104 20825C104 216844100 126650100 23331A109 24702R101 249030107 25179M103 25454R207 254687106 264399106 263534109 23339M105 278058102 283702108 268648102 $977,077 $1,320 $1,488,403 $326,400 $2,238,988 $1,317,078 $1,982,996 $463,200 $11,821,632 $247 $4,090,665 $987,212 $224,822 $375,240 $370,306 $1,087,680 $583,150 81,491 18,850 19,530 30,000 55,270 83,624 99,548 12,000 113,310 19,000 130,359 55,306 4,808 29,500 4,648 48,000 40,666 81,491 18,850 19,530 30,000 55,270 83,624 99,548 12,000 113,310 19,000 130,359 55,306 4,808 29,500 4,648 48,000 40,666
Community Bancshares, Inc. SC Concepts Direct ConocoPhillips Cooperative Bankshares, Inc. CVS Caremark Corp. D. R. Horton Company Dell, Inc. Dentsply Intl. Inc. New Devon Energy Corp. Diomed Holdings Disney, Walt Company Duke Energy Corporation Dupont de nemours E.I. DWS Dreman Value Income Eaton Corp El Paso Pipeline Partners LP 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 18,850 19,530 30,000 55,270 83,624 99,548 12,000 113,310 19,000 130,359 55,306 4,808 29,500 4,648 48,000 40,666 0 0 0 0 0 0 0 0 0 0 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. Energy South, Inc. Equitable Resources, Inc. Exactech, Inc. Express Scripts, Inc. Exxon Mobile Corporation Falconstor Software, Inc. Fidelity National Info. Services First Citizens Bancshares CL A First Solar, Inc. Fiserv, Inc. FNB United Corp. Forest Oil Corp. Fortune Brands, Inc. FPL Group, Inc. FX Energy, Inc. common common common common common common common common common common common common common common common common common 291011104 292505104 292970100 294549100 30064109 302182100 302290101 306137100 31620M106 31946M103 336433107 337738108 302519103 346091705 349631101 302571104 302695101 $2,205,627 $473,968 $1,184,974 $633,175 $503,800 $892,762 $6,074,282 $8,439,581 $919,174 $1,241,469 $931,494 $226,023 $158,250 $2,232,429 $486,083 $308,932 $3,839,657 42,861 6,257 22,705 10,750 20,000 13,880 71,817 1,109,012 24,100 8,909 4,030 4,700 15,000 45,597 6,994 4,924 901,328 42,861 6,257 22,705 10,750 20,000 13,880 71,817 1,109,012 24,100 8,909 4,030 4,700 15,000 45,597 6,994 4,924 901,328
Emerson Electric Encana Corp. Energy South, Inc. Equitable Resources, Inc. Exactech, Inc. Express Scripts, Inc. Exxon Mobile Corporation Falconstor Software, Inc. Fidelity National Info. Services First Citizens Bancshares CL A First Solar, Inc. Fiserv, Inc. FNB United Corp. Forest Oil Corp. Fortune Brands, Inc. FPL Group, Inc. FX Energy, 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 42,861 6,257 22,705 10,750 20,000 13,880 71,817 1,109,012 24,100 8,909 4,030 4,700 15,000 45,597 6,994 4,924 901,328 0 0 0 0 0 0 0 0 0 0 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 Genentech, Inc. New General Dynamics Corp. General Electric Company Gerdau SA Spons ADR Gilead Sciences, Inc. Given Imaging Glaxo Smith Kline PLC Goldman Sachs Group, Inc. Google, Inc. CL A Green Mountain Coffee Roaster Harold's Stores Hawkins, Inc. Hewlet-Packard Company Highwood Properties, Inc. REIT Home Depot, Inc. Hubbell Inc. Class B Intel Corp common common common common common common common common common common common common common common common common common 368710406 369550108 369604103 373737105 375558103 M52020100 37733W105 38141G104 38259P508 393122106 413353202 420261109 428236103 431284108 437076102 443510201 458140100 $2,317,689 $566,916 $20,115,060 $697,607 $751,823 $2,455,517 $257,720 $3,160,603 $5,095,797 $2,372,674 $10,741 $1,139,924 $967,444 $1,343,840 $233,857 $530,615 $7,728,867 28,550 6,800 543,503 22,820 14,590 145,469 6,074 19,110 11,569 74,966 358,048 74,995 21,188 43,252 8,361 12,145 364,913 28,550 6,800 543,503 22,820 14,590 145,469 6,074 19,110 11,569 74,966 358,048 74,995 21,188 43,252 8,361 12,145 364,913
Genentech, Inc. New General Dynamics Corp. General Electric Company Gerdau SA Spons ADR Gilead Sciences, Inc. Given Imaging Glaxo Smith Kline PLC Goldman Sachs Group, Inc. Google, Inc. CL A Green Mountain Coffee Roaster Harold's Stores Hawkins, Inc. Hewlet-Packard Company Highwood Properties, Inc. REIT Home Depot, Inc. Hubbell Inc. Class B Intel 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 28,550 6,800 543,503 22,820 14,590 145,469 6,074 19,110 11,569 74,966 358,048 74,995 21,188 43,252 8,361 12,145 364,913 0 0 0 0 0 0 0 0 0 0 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 International Business Machines Ipath MSCI India ETN Ishares D J US Telecom Sctr Ind Fd. Ishares FTSE XINHUA Ishares Lehman Treasury Ishares MSCI Brazil Fr Index Fund Ishares MSCI Eafe Index Ishares MSCI Emerging Ishares MSCI EMU Index Fund Ishares MSCI Hong Kong Ishares MSCI Japan Index Ishares MSCI Pacific Ex-Jap Ind Fd Ishares MSCI South Korea Index Ishares NASDAQ Biotech Ind Fund Ishares S&P 500 Growth Index Fund Ishares S&P GLB ERG Sect Ishares S&P GLB Health Care common common common common common common common common common common common common common common common common common 459200101 06739F291 464287713 464287184 464287176 464286400 464287465 464287234 464286608 464286871 464286848 464286665 464286772 464287556 464287309 464287341 464287325 $1,203,789 $1,024,608 $278,103 $1,118,148 $384,650 $900,481 $4,855,048 $8,781,867 $489,600 $240,548 $1,778,806 $601,026 $630,427 $303,120 $415,388 $1,081,659 $441,252 10,455 15,555 11,900 8,274 3,500 11,690 67,525 65,351 4,500 13,401 143,800 4,433 11,300 4,000 6,625 8,350 8,400 10,455 15,555 11,900 8,274 3,500 11,690 67,525 65,351 4,500 13,401 143,800 4,433 11,300 4,000 6,625 8,350 8,400
International Business Machines Ipath MSCI India ETN Ishares D J US Telecom Sctr Ind Fd. Ishares FTSE XINHUA Ishares Lehman Treasury Ishares MSCI Brazil Fr Index Fund Ishares MSCI Eafe Index Ishares MSCI Emerging Ishares MSCI EMU Index Fund Ishares MSCI Hong Kong Ishares MSCI Japan Index Ishares MSCI Pacific Ex-Jap Ind Fd Ishares MSCI South Korea Index Ishares NASDAQ Biotech Ind Fund Ishares S&P 500 Growth Index Fund Ishares S&P GLB ERG Sect Ishares S&P GLB Health Care 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10,455 15,555 11,900 8,274 3,500 11,690 67,525 65,351 4,500 13,401 143,800 4,433 11,300 4,000 6,625 8,350 8,400 0 0 0 0 0 0 0 0 0 0 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 Ishares TR Russell Midcap Indx Fnd Johnson & Johnson Kellogg Company Kinross Gold Corp. Kraft Foods, Inc. CL A L-3 Communications Holdings, Inc. Lab CP of America Holding New Lauder, Estee Co., Inc. CL A Lee Enterprises, Inc. Lehman Brothers Holding, Inc. Level 3 Communications, Inc. Lilly, Eli & Co. Lincoln National Corp. Linn Energy Lowes Companies Inc. McDonalds Corporation Media General, Inc. common common common common common common common common common common common common common common common common common 464287499 478160104 487836108 496902404 50075N104 502424104 50540R409 518439104 523768109 524908100 52729N100 532457108 534187109 536020100 548661107 580135101 584404107 $222,181 $15,948,776 $4,941,271 $232,155 $515,789 $3,251,990 $338,928 $231,680 $5,544,399 $1,017,597 $33,920 $245,053 $789,620 $533,900 $12,626,911 $3,345,252 $1,911,501 2,375 245,857 94,012 10,500 16,633 29,742 4,600 5,053 553,886 27,035 16,000 4,750 15,185 28,100 550,432 59,983 136,341 2,375 245,857 94,012 10,500 16,633 29,742 4,600 5,053 553,886 27,035 16,000 4,750 15,185 28,100 550,432 59,983 136,341
Ishares TR Russell Midcap Indx Fnd Johnson & Johnson Kellogg Company Kinross Gold Corp. Kraft Foods, Inc. CL A L-3 Communications Holdings, Inc. Lab CP of America Holding New Lauder, Estee Co., Inc. CL A Lee Enterprises, Inc. Lehman Brothers Holding, Inc. Level 3 Communications, Inc. Lilly, Eli & Co. Lincoln National Corp. Linn Energy Lowes Companies Inc. McDonalds Corporation Media General, 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 2,375 245,857 94,012 10,500 16,633 29,742 4,600 5,053 553,886 27,035 16,000 4,750 15,185 28,100 550,432 59,983 136,341 0 0 0 0 0 0 0 0 0 0 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 Medtronic, Inc. Merck & Co. Methode Electronics, Inc. Class A Mettler-Toledo International, Inc. Microchip Technology, Inc. Microsoft Corporation Monsanto Company Moore-Handley, Inc. Morgan, JP Chase & Co. Mosaic Company Nabors Industries Ltd. National Dentex Corp. Nokia Corp. Norfolk Southern Corp. Norvartis A G Spon ADR F NovaGold Resources, Inc. Nuveen Divid Ad Mun Fd. 2 common common common common common common common common common common common common common common common common common 585055106 589331107 591520200 592688105 595017104 594918104 61166W101 615762101 46625H100 61945A107 G6359F103 63563H109 654902204 655844108 66987V109 66987 E206 67070F100 $7,400,852 $3,242,676 $210,420 $883,792 $256,931 $16,525,565 $289,900 $34,200 $490,188 $926,991 $290,422 $2,465,960 $10,923,738 $369,376 $245,904 $9,721,138 $182,625 153,005 85,446 18,000 9,100 7,850 582,296 2,600 17,100 11,413 9,035 8,600 191,308 343,190 6,800 4,800 1,260,848 12,500 153,005 85,446 18,000 9,100 7,850 582,296 2,600 17,100 11,413 9,035 8,600 191,308 343,190 6,800 4,800 1,260,848 12,500
Medtronic, Inc. Merck & Co. Methode Electronics, Inc. Class A Mettler-Toledo International, Inc. Microchip Technology, Inc. Microsoft Corporation Monsanto Company Moore-Handley, Inc. Morgan, JP Chase & Co. Mosaic Company Nabors Industries Ltd. National Dentex Corp. Nokia Corp. Norfolk Southern Corp. Norvartis A G Spon ADR F NovaGold Resources, Inc. Nuveen Divid Ad Mun Fd. 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 153,005 85,446 18,000 9,100 7,850 582,296 2,600 17,100 11,413 9,035 8,600 191,308 343,190 6,800 4,800 1,260,848 12,500 0 0 0 0 0 0 0 0 0 0 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 Nuveen Muni Advantage Fund Nuveen NC Div AD Muni Fund NC Nuveen NC Div AD Muni Fund NC Nuveen Perf Plus Muni Fnd nc. Nuveen Quality Pfd Incm Fd Nuveen Real Estate Inc. Fund Nuveen Select Tax Free Inc Prtflio 3 Oil Service Holders Dep. Old Dominion Freight Lines Old Rep. Intl. Corp. Path 1 Network Techs. Penn Virginia Group Holding LP Pepsico, Inc. Pfizer, Inc. Pharsight Corp. Philip Morris International, Inc. Pimco Corporate Opportunity Fund common common common common common common common common common common common common common common common common common 67062H106 67072D103 67071D104 67062P108 67071S101 67071B108 67063X100 678002106 679580100 680223104 703186205 70788P105 713448108 717081103 71721Q200 718172109 72201B101 $269,000 $475,754 $371,130 $219,268 $336,785 $504,259 $151,250 $1,104,470 $231,945 $474,791 $128 $1,418,992 $24,668,051 $1,115,799 $69,126 $3,681,364 $513,729 20,000 35,241 27,800 16,400 32,825 32,345 11,000 6,247 7,287 36,777 29,000 52,400 341,663 53,311 13,018 72,783 35,900 20,000 35,241 27,800 16,400 32,825 32,345 11,000 6,247 7,287 36,777 29,000 52,400 341,663 53,311 13,018 72,783 35,900
Nuveen Muni Advantage Fund Nuveen NC Div AD Muni Fund NC Nuveen NC Div AD Muni Fund NC Nuveen Perf Plus Muni Fnd nc. Nuveen Quality Pfd Incm Fd Nuveen Real Estate Inc. Fund Nuveen Select Tax Free Inc Prtflio 3 Oil Service Holders Dep. Old Dominion Freight Lines Old Rep. Intl. Corp. Path 1 Network Techs. Penn Virginia Group Holding LP Pepsico, Inc. Pfizer, Inc. Pharsight Corp. Philip Morris International, Inc. Pimco Corporate Opportunity Fund 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 20,000 35,241 27,800 16,400 32,825 32,345 11,000 6,247 7,287 36,777 29,000 52,400 341,663 53,311 13,018 72,783 35,900 0 0 0 0 0 0 0 0 0 0 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 Pimco Strategic Global Pioneer Natural Res. Co. Potash Corp. Sask, Inc. Praxair, Inc. Procter & Gamble Progress Energy, Inc. Provident Bankshares Corp Qualcomm, Inc. Range Resources, Inc. Regions Financial Corp. Republic Services, Inc. Research in Motion Ruddick Corp. Saic, Inc. Sara Lee Corporation SCBT Finanical Corp. Schering-Plough Corp common common common common common common common common common common common common common common common common common 72200X104 723787107 73755L107 74005P104 742718109 743263105 743859100 747525103 75281A109 758940100 760759100 760975102 781258108 78390X101 803111103 78401V102 806605101 $877,885 $423,660 $788,467 $635,937 $16,791,925 $352,490 $181,409 $595,525 $775,994 $413,723 $349,418 $235,683 $1,069,603 $754,754 $201,564 $852,335 $148,711 84,250 8,625 5,080 7,550 239,645 8,453 16,891 14,525 12,230 20,948 11,950 2,100 29,018 40,600 14,418 25,217 10,320 84,250 8,625 5,080 7,550 239,645 8,453 16,891 14,525 12,230 20,948 11,950 2,100 29,018 40,600 14,418 25,217 10,320
Pimco Strategic Global Pioneer Natural Res. Co. Potash Corp. Sask, Inc. Praxair, Inc. Procter & Gamble Progress Energy, Inc. Provident Bankshares Corp Qualcomm, Inc. Range Resources, Inc. Regions Financial Corp. Republic Services, Inc. Research in Motion Ruddick Corp. Saic, Inc. Sara Lee Corporation SCBT Finanical Corp. Schering-Plough 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 84,250 8,625 5,080 7,550 239,645 8,453 16,891 14,525 12,230 20,948 11,950 2,100 29,018 40,600 14,418 25,217 10,320 0 0 0 0 0 0 0 0 0 0 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 Schlumberger Ltd. Sempra Energy Sirius Satellite Radio Solar Enertech Corp. Sonoco Products Southern Community Financial Spartan Motors Spectra Energy Corp. Starbucks Corp. Stericycle, Inc. Stryker Corporation Sunpower Corp. - CL A Suntrust Banks, Inc. SVB Financial Group, Inc. Sysco Corporation Target Corporation Teva Pharmaceutical common common common common common common common common common common common common common common common common common 806857108 816851109 82966U103 834156101 835495102 842632101 846819100 847560109 855244109 858912108 863667101 867652109 867914103 78486Q101 871829107 87612E106 881624209 $234,900 $208,058 $57,200 $5,900 $3,218,613 $451,037 $138,406 $320,821 $346,500 $1,030,000 $439,088 $735,414 $2,012,996 $200,744 $8,036,770 $2,653,199 $2,775,326 2,700 3,905 20,000 10,000 112,421 62,994 16,360 14,102 19,800 20,000 6,750 9,870 36,507 4,600 276,939 52,352 60,085 2,700 3,905 20,000 10,000 112,421 62,994 16,360 14,102 19,800 20,000 6,750 9,870 36,507 4,600 276,939 52,352 60,085
Schlumberger Ltd. Sempra Energy Sirius Satellite Radio Solar Enertech Corp. Sonoco Products Southern Community Financial Spartan Motors Spectra Energy Corp. Starbucks Corp. Stericycle, Inc. Stryker Corporation Sunpower Corp. - CL A Suntrust Banks, Inc. SVB Financial Group, Inc. Sysco Corporation Target Corporation Teva Pharmaceutical 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,700 3,905 20,000 10,000 112,421 62,994 16,360 14,102 19,800 20,000 6,750 9,870 36,507 4,600 276,939 52,352 60,085 0 0 0 0 0 0 0 0 0 0 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 Texas Instruments Toyota Motor CP ADR Triad Guaranty Inc. TriStone Community Bank U S G Corporation Ultra Petroleum Corp. Unifirst Corporation - Mass Union Pacific Corp. United Health Group, Inc. United Parcel Service CL B United Technologies Corp. Unumprovident Corp. US Bancorp Del Valero Energy Corp. Vanguard FTSE All World Vanguard Growth ETF Vanguard Health Care Vipers common common common common common common common common common common common common common common common common common 882508104 892331307 895925105 89676R106 903293405 903914109 904708104 907818108 91324P102 911312106 913017109 91529Y106 902973304 91913Y100 922042775 922908736 92204A504 $383,200 $6,388,960 $2,823,460 $597,643 $3,005,874 $2,038,250 $678,970 $941,228 $2,173,957 $513,623 $3,189,188 $220,100 $1,726,244 $1,051,150 $695,310 $706,868 $313,619 13,555 63,326 564,692 84,772 81,637 26,300 18,306 7,507 63,270 7,034 46,341 10,000 53,345 21,404 12,900 12,200 5,850 13,555 63,326 564,692 84,772 81,637 26,300 18,306 7,507 63,270 7,034 46,341 10,000 53,345 21,404 12,900 12,200 5,850
Texas Instruments Toyota Motor CP ADR Triad Guaranty Inc. TriStone Community Bank U S G Corporation Ultra Petroleum Corp. Unifirst Corporation - Mass Union Pacific Corp. United Health Group, Inc. United Parcel Service CL B United Technologies Corp. Unumprovident Corp. US Bancorp Del Valero Energy Corp. Vanguard FTSE All World Vanguard Growth ETF Vanguard Health Care Vipers 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13,555 63,326 564,692 84,772 81,637 26,300 18,306 7,507 63,270 7,034 46,341 10,000 53,345 21,404 12,900 12,200 5,850 0 0 0 0 0 0 0 0 0 0 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 Vanguard Information Tech. Vanguard Intl. Equity Index Fd. Vanguard Intl. Equity Index Fd. Verizon Communications VF Corporation Wachovia Corporation New Walgreen Company Wal-Mart Stores, Inc. Weatherford Intl., Inc. WellPoint, Inc. Wells Fargo & Co. Weyco Group, Inc. Wyeth XTO Energy, Inc. Zimmer Holdings, Inc. common common common common common common common common common common common common common common common 92204A702 922042866 922042858 92343V104 918204108 929903102 931422109 931142103 G95089101 94973V107 949746101 962149100 983024100 98385X106 98956P102 $859,196 $382,354 $1,278,808 $301,660 $2,065,099 $7,411,986 $5,539,543 $5,258,096 $922,181 $3,401,629 $1,094,451 $442,617 $969,458 $9,036,138 $2,983,206 16,900 6,200 13,600 8,276 26,643 274,518 145,433 99,812 12,725 77,082 37,610 14,918 23,215 146,074 38,315 16,900 6,200 13,600 8,276 26,643 274,518 145,433 99,812 12,725 77,082 37,610 14,918 23,215 146,074 38,315 Grand Total 03/31/08 $564,225,724
Vanguard Information Tech. Vanguard Intl. Equity Index Fd. Vanguard Intl. Equity Index Fd. Verizon Communications VF Corporation Wachovia Corporation New Walgreen Company Wal-Mart Stores, Inc. Weatherford Intl., Inc. WellPoint, Inc. Wells Fargo & Co. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 16,900 6,200 13,600 8,276 26,643 274,518 145,433 99,812 12,725 77,082 37,610 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weyco Group, Inc. Wyeth XTO Energy, Inc. Zimmer Holdings, Inc. 0 0 0 0 0 0 0 0 14,918 23,215 146,074 38,315 0 0 0 0 0 0 0 0