13F-HR 1 dm03311213f-hrb.txt FIRST QUARTER 2012 13F-HR 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, 2012 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 14th day of May, 2012. 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: 285 FORM 13F INFORMATION TABLE VALUE TOTAL: $604,549,741 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 PLC CL A Activision Blizzard, Inc. Acuity Brands, Inc. Akamai Technologies Alcoa, Inc. Allergan, Inc. Alliance Holdings GP LP Alliance One International ALR Technologies, Inc. Altria Group, Inc. Amazon Com, Inc. American Capital Mortgage American Electric Power Company American Express Company common common common common common common common common common common common common common common common common 88579Y101 002824100 G1151C101 00507V109 00508Y102 00971T101 13817101 18490102 01861G100 18772103 001630102 02209S103 023135106 02504A104 025537101 25816109 $11,871,532 $6,315,812 $6,892,986 $792,302 $289,018 $307,179 $650,799 $358,244 $888,420 $320,442 $12,800 $1,072,393 $243,012 $217,700 $238,926 $302,897 133,074 103,048 106,868 61,802 4,600 8,370 64,950 3,754 20,400 84,998 160,000 34,739 1,200 10,000 6,193 5,235 133,074 103,048 106,868 61,802 4,600 8,370 64,950 3,754 20,400 84,998 160,000 34,739 1,200 10,000 6,193 5,235
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 PLC CL A Activision Blizzard, Inc. Acuity Brands, Inc. Akamai Technologies Alcoa, Inc. Allergan, Inc. Alliance Holdings GP LP Alliance One International ALR Technologies, Inc. Altria Group, Inc. Amazon Com, Inc. American Capital Mortgage American Electric Power Company American Express Company 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 133,074 103,048 106,868 61,802 4,600 8,370 64,950 3,754 20,400 84,998 160,000 34,739 1,200 10,000 6,193 5,235 0 0 0 0 0 0 0 0 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 Amerigas Partners LP Amex Health Care SPDR Angeion Corp. Apache Corp. Apple, Inc. AT&T Corp. Automatic Data Processing, Inc. Baidu, Inc. ADR Balchem Corp. Bank of America Corp. Bank of the Carolinas Barrick Gold Corp. Baxter International, Inc. BB&T Corporation Becton Dickinson & Co. Berkshire Hathaway, Inc. CL B Berkshire Hathaway, Inc. DEL CL A common common common common common common common common common common common common common common common common common 030975106 81369Y209 03462H404 37411105 037833100 00206R102 53015103 056752108 057665200 60505104 06425J102 67901108 71813109 54937107 075887109 084670207 84670108 $1,073,780 $249,881 $72,611 $5,516,567 $28,042,153 $3,745,944 $518,289 $488,330 $5,229,287 $4,142,459 $2,605 $360,884 $285,031 $10,403,618 $490,981 $14,981,751 $2,194,200 26,500 6,644 12,650 54,924 46,772 119,947 9,391 3,350 172,869 432,859 13,023 8,300 4,768 331,431 6,323 184,618 18 26,500 6,644 12,650 54,924 46,772 119,947 9,391 3,350 172,869 432,859 13,023 8,300 4,768 331,431 6,323 184,618 18
Amerigas Partners LP Amex Health Care SPDR Angeion Corp. Apache Corp. Apple, Inc. AT&T Corp. Automatic Data Processing, Inc. Baidu, Inc. ADR Balchem Corp. Bank of America Corp. Bank of the Carolinas Barrick Gold Corp. Baxter International, Inc. BB&T Corporation Becton Dickinson & Co. Berkshire Hathaway, Inc. CL B Berkshire Hathaway, Inc. DEL CL 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 26,500 6,644 12,650 54,924 46,772 119,947 9,391 3,350 172,869 432,859 13,023 8,300 4,768 331,431 6,323 184,618 18 0 0 0 0 0 0 0 0 0 0 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 BHP Billiton Ltd. ADR Bioclinica, Inc. Biodelivery Sci International, Inc. Boardwalk Pipeline Partners Booz Allen Hamilton Holding Co. BP PLC Sponsored ADR Breitburn Energy Partners LP Bristol Myers Squibb Co. Buckeye Partners LP Canadian Nat. Res. Ltd. Capital Bank Corp. Capital One Financial Corp. Cass Information Systems, Inc. Caterpillar, Inc. Cato Corporation Cenovus Energy CenturyLink, Inc. common common common common common common common common common common common common common common common common common 88606108 09071B100 09060J106 096627104 099502106 55622104 106776107 110122108 118230101 136385101 139793103 14040H105 14808P109 149123101 149205106 15135U109 156700106 $3,642,734 $132,257 $79,860 $2,447,550 $851,500 $656,595 $851,930 $1,484,663 $1,839,071 $630,420 $105,343 $983,254 $529,857 $11,662,555 $2,964,279 $224,877 $325,665 50,314 23,830 33,000 92,500 50,000 14,591 44,557 43,990 30,060 19,000 47,028 17,640 13,263 109,487 107,246 6,257 8,426 50,314 23,830 33,000 92,500 50,000 14,591 44,557 43,990 30,060 19,000 47,028 17,640 13,263 109,487 107,246 6,257 8,426
BHP Billiton Ltd. ADR Bioclinica, Inc. Biodelivery Sci International, Inc. Boardwalk Pipeline Partners Booz Allen Hamilton Holding Co. BP PLC Sponsored ADR Breitburn Energy Partners LP Bristol Myers Squibb Co. Buckeye Partners LP Canadian Nat. Res. Ltd. Capital Bank Corp. Capital One Financial Corp. Cass Information Systems, Inc. Caterpillar, Inc. Cato Corporation Cenovus Energy CenturyLink, 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 50,314 23,830 33,000 92,500 50,000 14,591 44,557 43,990 30,060 19,000 47,028 17,640 13,263 109,487 107,246 6,257 8,426 0 0 0 0 0 0 0 0 0 0 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 Chesapeake Energy Corp. Chevron Corporation Cisco Systems, Inc. Citigroup, Inc. Coca-Cola Company Colgate-Palmolive Co. Concepts Direct ConocoPhillips Credit Suisse ETN Crestwood Midstream Partners Crexus Investment Corp. Curis, Inc. CVS Caremark Corp. Data I/O Corp. DCP Midstream Partners LP Deere & Co., Inc. Dentsply Intl. Inc. New common common common common common common common common common common common common common common common common common 165167107 166764100 17275R102 172967101 191216100 194162103 206013104 20825C104 22542D852 226372100 226553105 231269101 126650100 237690102 23311P100 244199105 249030107 $1,333,063 $3,602,149 $7,730,198 $514,587 $5,876,320 $4,898,974 $1,414 $3,588,815 $689,954 $1,282,950 $206,800 $48,200 $2,963,654 $111,363 $2,026,128 $274,251 $481,560 57,534 33,599 365,494 14,079 79,399 50,102 18,850 47,215 27,990 45,000 20,000 10,000 66,153 28,409 44,200 3,390 12,000 57,534 33,599 365,494 14,079 79,399 50,102 18,850 47,215 27,990 45,000 20,000 10,000 66,153 28,409 44,200 3,390 12,000
Chesapeake Energy Corp. Chevron Corporation Cisco Systems, Inc. Citigroup, Inc. Coca-Cola Company Colgate-Palmolive Co. Concepts Direct ConocoPhillips Credit Suisse ETN Crestwood Midstream Partners Crexus Investment Corp. Curis, Inc. CVS Caremark Corp. Data I/O Corp. DCP Midstream Partners LP Deere & Co., Inc. Dentsply Intl. 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 57,534 33,599 365,494 14,079 79,399 50,102 18,850 47,215 27,990 45,000 20,000 10,000 66,153 28,409 44,200 3,390 12,000 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
7 Devon Energy Corp. Disney, Walt Company Dominion Resources Inc. - VA Dover Corporation Duke Energy Corporation Dupont de nemours E.I. Eaton Corp El Paso Pipeline Partners LP Emagin Corp. EMC Corp. MASS Emerson Electric Enbridge Energy Partners LP Encana Corp. Enduro Royalty Trust Energy Transfer Equity LP Energy Transfer Partners LP Enterprise Products Partners common common common common common common common common common common common common common common common common common 25179M103 254687106 25746U109 260003108 264399106 263534109 278058102 283702108 29076N206 268648102 291011104 29250R106 292505104 29269K100 29273V100 29273R109 293792107 $7,946,949 $1,272,466 $619,539 $2,706,861 $1,320,479 $270,848 $463,220 $3,572,736 $54,200 $1,396,173 $1,022,780 $2,285,586 $278,676 $1,075,500 $556,140 $2,453,393 $5,282,846 111,740 29,065 12,098 43,007 62,850 5,120 9,296 102,400 16,677 46,726 19,601 73,800 14,182 50,000 13,800 52,300 104,673 111,740 29,065 12,098 43,007 62,850 5,120 9,296 102,400 16,677 46,726 19,601 73,800 14,182 50,000 13,800 52,300 104,673
Devon Energy Corp. Disney, Walt Company Dominion Resources Inc. - VA Dover Corporation Duke Energy Corporation Dupont de nemours E.I. Eaton Corp El Paso Pipeline Partners LP Emagin Corp. EMC Corp. MASS Emerson Electric Enbridge Energy Partners LP Encana Corp. Enduro Royalty Trust Energy Transfer Equity LP Energy Transfer Partners LP Enterprise Products Partners 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 111,740 29,065 12,098 43,007 62,850 5,120 9,296 102,400 16,677 46,726 19,601 73,800 14,182 50,000 13,800 52,300 104,673 0 0 0 0 0 0 0 0 0 0 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 Exactech, Inc. Examworks Group, Inc. Exterran Partners LP Exxon Mobile Corporation Fidelity National Info. Services Fifth Third Bancorp First Citizens Bancshares CL A Ford Motor Company Freeport McMoran Copper & Gold General Dynamics Corp. General Electric Company Glaxo Smith Kline PLC Goldman Sachs Group, Inc. Google, Inc. CL A Green Mountain Coffee Roaster Guggenhgeim S&P Equal Weight Harold's Stores common common common common common common common common common common common common common common common common common 30064E109 30066A105 30225N105 302290101 31620M106 316773100 31946M103 345370860 35671D857 369550108 369604103 37733W105 38141G104 38259P508 393122106 78355W106 413353202 $317,000 $252,126 $1,294,800 $10,362,587 $781,632 $447,455 $886,047 $130,923 $2,611,066 $395,005 $10,406,857 $269,280 $2,619,108 $9,363,386 $939,564 $466,830 $27 20,000 20,300 60,000 119,481 23,600 31,870 4,850 10,499 68,640 5,383 518,528 5,996 21,059 14,602 20,059 9,000 22,455 20,000 20,300 60,000 119,481 23,600 31,870 4,850 10,499 68,640 5,383 518,528 5,996 21,059 14,602 20,059 9,000 22,455
Exactech, Inc. Examworks Group, Inc. Exterran Partners LP Exxon Mobile Corporation Fidelity National Info. Services Fifth Third Bancorp First Citizens Bancshares CL A Ford Motor Company Freeport McMoran Copper & Gold General Dynamics Corp. General Electric Company Glaxo Smith Kline PLC Goldman Sachs Group, Inc. Google, Inc. CL A Green Mountain Coffee Roaster Guggenhgeim S&P Equal Weight Harold's Stores 0 0 0 0 0 0 0 0 0 0 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 20,300 60,000 119,481 23,600 31,870 4,850 10,499 68,640 5,383 518,528 5,996 21,059 14,602 20,059 9,000 22,455 0 0 0 0 0 0 0 0 0 0 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 Hatteras Financial Corp. Hewlet-Packard Company Highwood Properties, Inc. REIT Home Depot, Inc. Home Loan Servicing Solutions Hubbell Inc. Class B Huntington Bancshares, Inc. Huntsman Corporation IMAX Corp. Inergy LP Inergy Midstream LLC Infinera Corp. ING Emerging Markets Integramed America Intel Corp International Business Machines Ipath MSCI India ETN common common common common common common common common common common common common common common common common common 41902R103 428236103 431284108 437076102 G6648D109 443510201 446150104 447011107 45245E109 456615103 45671U106 45667G103 45685X104 45810N302 458140100 459200101 06739F291 $5,566,748 $458,013 $2,174,930 $405,297 $557,600 $853,457 $569,987 $2,093,935 $221,182 $265,194 $261,375 $128,093 $760,950 $202,879 $10,004,217 $8,500,610 $862,015 199,525 19,220 65,274 8,056 40,000 10,861 88,370 149,460 9,050 16,200 12,500 15,775 47,500 16,753 355,832 40,741 15,265 199,525 19,220 65,274 8,056 40,000 10,861 88,370 149,460 9,050 16,200 12,500 15,775 47,500 16,753 355,832 40,741 15,265
Hatteras Financial Corp. Hewlet-Packard Company Highwood Properties, Inc. REIT Home Depot, Inc. Home Loan Servicing Solutions Hubbell Inc. Class B Huntington Bancshares, Inc. Huntsman Corporation IMAX Corp. Inergy LP Inergy Midstream LLC Infinera Corp. ING Emerging Markets Integramed America Intel Corp International Business Machines Ipath MSCI India ETN 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 199,525 19,220 65,274 8,056 40,000 10,861 88,370 149,460 9,050 16,200 12,500 15,775 47,500 16,753 355,832 40,741 15,265 0 0 0 0 0 0 0 0 0 0 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 Ipath US Treasury 10-Year Iridium Communications Inc. Irobot Corp. Ishares Dow Jones Select Div. Fund Ishares FTSE XINHUA Ishares Gold Trust Ishares Iboxx Investor Ishares Lehman Treasury Bond Fund Ishares MSCI Brazil Free Index Fund Ishares MSCI Eafe Index Ishares MSCI Emerging Ishares MSCI Hong Kong Ishares MSCI Japan Index Ishares MSCI Pacific Ex-Jap Indx Fd Ishares S&P 500 Index Fund Ishares S&P GLB ERG Sect Ishares S&P Global Telecom common common common common common common common common common common common common common common common common common 06740L451 46269C102 462726100 464287168 464287184 464285105 464287242 464287176 464286400 464287465 464287234 464286871 464286848 464286665 464287200 464287341 464287275 $337,800 $315,360 $349,473 $492,840 $2,659,822 $479,965 $322,030 $420,952 $490,963 $1,249,529 $7,544,640 $583,231 $916,200 $243,668 $5,103,188 $644,436 $202,871 10,000 36,000 12,820 8,807 72,534 29,500 2,785 3,578 7,593 22,764 175,661 33,423 90,000 5,599 36,139 16,200 3,590 10,000 36,000 12,820 8,807 72,534 29,500 2,785 3,578 7,593 22,764 175,661 33,423 90,000 5,599 36,139 16,200 3,590
Ipath US Treasury 10-Year Iridium Communications Inc. Irobot Corp. Ishares Dow Jones Select Div. Fund Ishares FTSE XINHUA Ishares Gold Trust Ishares Iboxx Investor Ishares Lehman Treasury Bond Fund Ishares MSCI Brazil Free Index Fund Ishares MSCI Eafe Index Ishares MSCI Emerging Ishares MSCI Hong Kong Ishares MSCI Japan Index Ishares MSCI Pacific Ex-Jap Indx Fd Ishares S&P 500 Index Fund Ishares S&P GLB ERG Sect Ishares S&P Global Telecom 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10,000 36,000 12,820 8,807 72,534 29,500 2,785 3,578 7,593 22,764 175,661 33,423 90,000 5,599 36,139 16,200 3,590 0 0 0 0 0 0 0 0 0 0 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 Comex Gold Ishares TR Iboxx $ High Yield Corp. Ishares TR RUS 2000 I FD Ishares TR Rusll Midcap Index Fund Ishares TR S&P Citigrp 1-3 Yr, Intl. Johnson & Johnson Kellogg Company Kimberly-Clark Corp Kinder Morgan Energy Partners LP Kinder Morgan Hold Co. LLC Kraft Foods, Inc. CL A Krispy Kreme Doughnuts, Inc. Lab CP of America Holding New Lender Processing Services Lincoln National Corp. Linn Energy Lowes Companies Inc. common common common common common common common common common common common common common common common common common 464285105 464288513 464287655 464287499 464288125 478160104 487836108 494368103 494550106 49456B101 50075N104 501014104 50540R409 52602 E102 534187109 536020100 548661107 $261,947 $1,125,139 $1,842,192 $3,685,758 $1,210,484 $12,789,525 $6,745,903 $391,617 $4,326,998 $203,106 $1,419,750 $90,520 $210,542 $313,300 $258,855 $1,987,615 $10,357,353 16,100 12,402 22,246 33,289 12,200 193,898 125,786 5,300 52,290 5,255 37,352 12,400 2,300 12,050 9,820 52,100 330,062 16,100 12,402 22,246 33,289 12,200 193,898 125,786 5,300 52,290 5,255 37,352 12,400 2,300 12,050 9,820 52,100 330,062
Ishares TR Comex Gold Ishares TR Iboxx $ High Yield Corp. Ishares TR RUS 2000 I FD Ishares TR Rusel Midcap Index Fund Ishares TR S&P Citigrp 1-3 Yr, Intl. Johnson & Johnson Kellogg Company Kimberly-Clark Corp Kinder Morgan Energy Partners LP Kinder Morgan Hold Co. LLC Kraft Foods, Inc. CL A Krispy Kreme Doughnuts, Inc. Lab CP of America Holding New Lender Processing Services Lincoln National Corp. Linn Energy Lowes Companies 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 16,100 12,402 22,246 33,289 12,200 193,898 125,786 5,300 52,290 5,255 37,352 12,400 2,300 12,050 9,820 52,100 330,062 0 0 0 0 0 0 0 0 0 0 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 Magellan Midstream Partners Market Vectors ETF Brazil Small Market Vectors ETF Jr Gold Miners Market Vectors ETF TR Global Market Vectors ETF TR Gold Miners Market Vectors Oil Services McCormick & Co., Inc. McDonalds Corporation Mediware Information Sys. Medtronic, Inc. Merck & Co. Methode Electronics, Inc. Class A Mettler-Toledo International, Inc. Microsoft Corporation Morgan, JP Chase & Co. Morgan, JP Exch. Traded NT Alrn MLP Mosaic Company common common common common common common common common common common common common common common common common common 559080106 57060U613 57060U589 57060U605 57060U100 57060U191 579780206 580135101 584946107 585055106 58933Y105 591520200 592688105 594918104 46625H100 46625H365 61945A107 $1,815,879 $1,610,254 $502,170 $2,668,179 $1,244,346 $231,006 $277,593 $8,754,150 $146,900 $1,788,044 $7,012,416 $167,040 $1,367,150 $15,977,572 $4,915,952 $1,282,814 $3,111,002 25,102 36,655 20,455 50,505 25,118 5,687 5,100 89,237 10,000 45,625 182,615 18,000 7,400 495,275 106,915 32,775 56,267 25,102 36,655 20,455 50,505 25,118 5,687 5,100 89,237 10,000 45,625 182,615 18,000 7,400 495,275 106,915 32,775 56,267
Magellan Midstream Partners Market Vectors ETF Brazil Small Market Vectors ETF Jr Gold Miners Market Vectors ETF TR Global Market Vectors ETF TR Gold Miners Market Vectors Oil Services McCormick & Co., Inc. McDonalds Corporation Mediware Information Sys. Medtronic, Inc. Merck & Co. Methode Electronics, Inc. Class A Mettler-Toledo International, Inc. Microsoft Corporation Morgan, JP Chase & Co. Morgan, JP Exch. Traded NT Alrn MLP Mosaic Company 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 25,102 36,655 20,455 50,505 25,118 5,687 5,100 89,237 10,000 45,625 182,615 18,000 7,400 495,275 106,915 32,775 56,267 0 0 0 0 0 0 0 0 0 0 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 National Presto Industries, Inc. Newbridge Bancorp Nextera Energy, Inc. Nokia Corp. Norfolk Southern Corp. Northstar Realty Financial Corp. NovaGold Resources, Inc. Novartis A G Spon ADR F NuStar Energy LP Nuveen Energy MLP Total Return Occidental Pete. Corp. Old Dominion Freight Lines Old Rep. Intl. Corp. Oneok Partners LP Oracle Corp. Path 1 Network Techs. Patriot Coal Corp. common common common common common common common common common common common common common common common common common 6706D8104 65080T102 65339F101 654902204 655844108 66704R100 66987E206 66987V109 67058H102 67074U103 674599105 679580100 680223104 68268N103 68389X105 703186205 70336T104 $2,353,784 $111,300 $300,147 $98,683 $245,085 $541,000 $321,039 $493,703 $1,358,840 $920,000 $1,021,247 $354,760 $367,319 $820,050 $2,469,881 $0 $92,352 31,028 23,236 4,914 17,975 3,723 100,000 44,713 8,910 23,000 50,000 10,724 7,442 34,817 15,000 84,701 29,000 14,800 31,028 23,236 4,914 17,975 3,723 100,000 44,713 8,910 23,000 50,000 10,724 7,442 34,817 15,000 84,701 29,000 14,800
National Presto Industries, Inc. Newbridge Bancorp Nextera Energy, Inc. Nokia Corp. Norfolk Southern Corp. Northstar Realty Financial Corp. NovaGold Resources, Inc. Novartis A G Spon ADR F NuStar Energy LP Nuveen Energy MLP Total Return Occidental Pete. Corp. Old Dominion Freight Lines Old Rep. Intl. Corp. Oneok Partners LP Oracle Corp. Path 1 Network Techs. Patriot Coal 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 31,028 23,236 4,914 17,975 3,723 100,000 44,713 8,910 23,000 50,000 10,724 7,442 34,817 15,000 84,701 29,000 14,800 0 0 0 0 0 0 0 0 0 0 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 Penn Virginia Resource Partners LP PennyMac Mortgage Investment Reit Pepsico, Inc. Perrigo Company Petroleo Brasileiro Petroleum & Res. Corp. Pfizer, Inc. Philip Morris International, Inc. Piedmont Natural Gas Pimco Corporate Opportunity Fund Pioneer Natural Res. Co. Plains All American Pipeline LP Praxair, Inc. Priceline Com, Inc. Procter & Gamble Progress Energy, Inc. Proshares Short MSCI EAFE common common common common common common common common common common common common common common common common common 707884102 70931T103 713448108 714290103 71654V408 716549100 717081103 718172109 720186105 72201B101 723787107 726503105 74005P104 741503403 742718109 743263105 74347R370 $2,096,553 $746,800 $22,340,111 $756,229 $862,908 $276,014 $6,892,499 $10,078,856 $204,130 $223,320 $468,678 $1,835,259 $281,212 $215,250 $14,153,418 $531,790 $460,200 96,040 40,000 336,701 7,320 32,489 10,620 304,439 113,744 6,570 12,000 4,200 23,394 2,453 300 210,585 10,013 10,000 96,040 40,000 336,701 7,320 32,489 10,620 304,439 113,744 6,570 12,000 4,200 23,394 2,453 300 210,585 10,013 10,000
Penn Virginia Resource Partners LP PennyMac Mortgage Investment Reit Pepsico, Inc. Perrigo Company Petroleo Brasileiro Petroleum & Res. Corp. Pfizer, Inc. Philip Morris International, Inc. Piedmont Natural Gas Pimco Corporate Opportunity Fund Pioneer Natural Res. Co. Plains All American Pipeline LP Praxair, Inc. Priceline Com, Inc. Procter & Gamble Progress Energy, Inc. Proshares Short MSCI EAFE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 96,040 40,000 336,701 7,320 32,489 10,620 304,439 113,744 6,570 12,000 4,200 23,394 2,453 300 210,585 10,013 10,000 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 Proshares Short MSCI Emerging Qualcomm, Inc. Rait Financial Trust Ralph Lauren Corporation Regency Energy Partners LP Regions Financial Corp. Resource Cap Corp. RLJ Lodging Trust Royal Gold, Inc. Ruddick Corp. Sara Lee Corporation SCBT Finanical Corp. Schlumberger Ltd. SCHW Emerging Market EQ ETF Sempra Energy Silver Wheaton Corporation So. Community Cap TR II common common common common common common common common common common common common common common common common common 74347R396 747525103 749227609 751212101 75885Y107 758940100 76120W302 74965L101 780287108 781258108 803111103 78401V102 806857108 808524706 816851109 828336107 842633208 $291,600 $9,676,839 $124,250 $261,495 $1,256,549 $82,006 $404,250 $197,478 $426,213 $1,006,630 $270,029 $545,439 $237,272 $2,001,559 $234,144 $528,710 $1,224,535 10,000 142,181 25,000 1,500 51,100 12,444 75,000 10,600 6,535 25,103 12,542 16,675 3,393 77,640 3,905 15,925 126,371 10,000 142,181 25,000 1,500 51,100 12,444 75,000 10,600 6,535 25,103 12,542 16,675 3,393 77,640 3,905 15,925 126,371
Proshares Short MSCI Emerging Qualcomm, Inc. Rait Financial Trust Ralph Lauren Corporation Regency Energy Partners LP Regions Financial Corp. Resource Cap Corp. RLJ Lodging Trust Royal Gold, Inc. Ruddick Corp. Sara Lee Corporation SCBT Finanical Corp. Schlumberger Ltd. SCHW Emerging Market EQ ETF Sempra Energy Silver Wheaton Corporation So. Community Cap TR II 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10,000 142,181 25,000 1,500 51,100 12,444 75,000 10,600 6,535 25,103 12,542 16,675 3,393 77,640 3,905 15,925 126,371 0 0 0 0 0 0 0 0 0 0 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 Solar Enertech Corp. Solar Senior Capital Ltd. Sonoco Products Southern Community Financial Southern Copper Corp. SPDR DJ Wilshire Int'l Real Est ETF SPDR Gold Trust SPDR S&P 400 Midcap Grow ETF SPDR S&P 500 ETF SPDR S&P China ETF SPDR Ser TR S&P Dividends ETF Spectra Energy Corp. St. Jude Medical, Inc. Starwood Property Trust - Reit Stericycle, Inc. Stryker Corporation Suburban Propane Partners LP common common common common common common common common common common common common common common common common common 834156101 83416M105 835495102 842632101 84265V105 78463X863 78463V107 78467Y107 78462F103 78463X400 78464A763 847560109 790849103 85571B105 858912108 863667101 864482104 $100 $241,650 $4,442,724 $73,989 $870,947 $292,535 $1,945,440 $430,993 $2,387,011 $2,680,104 $243,552 $2,270,496 $3,315,230 $1,051,000 $752,760 $477,128 $222,525 10,000 15,000 133,817 28,240 27,466 7,945 12,000 2,385 16,952 39,200 4,300 71,965 74,819 50,000 9,000 8,600 5,175 10,000 15,000 133,817 28,240 27,466 7,945 12,000 2,385 16,952 39,200 4,300 71,965 74,819 50,000 9,000 8,600 5,175
Solar Enertech Corp. Solar Senior Capital Ltd. Sonoco Products Southern Community Financial Southern Copper Corp. SPDR DJ Wilshire Int'l Real Est ETF SPDR Gold Trust SPDR S&P 400 Midcap Grow ETF SPDR S&P 500 ETF SPDR S&P China ETF SPDR Ser TR S&P Dividends ETF Spectra Energy Corp. St. Jude Medical, Inc. Starwood Property Trust - Reit Stericycle, Inc. Stryker Corporation Suburban Propane Partners LP 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10,000 15,000 133,817 28,240 27,466 7,945 12,000 2,385 16,952 39,200 4,300 71,965 74,819 50,000 9,000 8,600 5,175 0 0 0 0 0 0 0 0 0 0 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 Sunoco Logistics Partners LP Suntrust Banks, Inc. SVB Financial Group, Inc. Sysco Corporation T H Q, Inc. Tanger Fact. Outlet Ctrs Targa Resources Partners LP Target Corporation Teva Pharmaceutical Tiffany & Company Tortoise MLP Fund, Inc. Toyota Motor CP ADR Tupperware Brands Corp. UltraShort Lehman 20+YR Proshares Unifirst Corporation - Mass Unilever PLC ADR Union Pacific Corp. common common common common common common common common common common common common common common common common common 86764L108 867914103 78486Q101 871829107 872443403 875465106 87611X105 87612E106 881624209 886547108 89148B101 892331307 899896104 74347R297 904708104 904767704 907818108 $2,231,168 $233,035 $266,368 $8,145,927 $42,451 $308,954 $2,724,579 $586,313 $4,336,800 $1,514,085 $995,337 $3,215,292 $514,350 $204,500 $906,016 $2,351,508 $203,890 59,010 9,642 4,140 272,804 75,805 10,392 65,700 10,062 96,245 21,902 38,850 37,034 8,100 10,000 14,720 71,150 1,897 59,010 9,642 4,140 272,804 75,805 10,392 65,700 10,062 96,245 21,902 38,850 37,034 8,100 10,000 14,720 71,150 1,897
Sunoco Logistics Partners LP Suntrust Banks, Inc. SVB Financial Group, Inc. Sysco Corporation T H Q, Inc. Tanger Fact. Outlet Ctrs Targa Resources Partners LP Target Corporation Teva Pharmaceutical Tiffany & Company Tortoise MLP Fund, Inc. Toyota Motor CP ADR Tupperware Brands Corp. UltraShort Lehman 20+YR Proshares Unifirst Corporation - Mass Unilever PLC ADR Union Pacific 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 59,010 9,642 4,140 272,804 75,805 10,392 65,700 10,062 96,245 21,902 38,850 37,034 8,100 10,000 14,720 71,150 1,897 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
18 United Health Group, Inc. United Technologies Corp. Vale SA ADR Vanguard S&P 500 ETF Vanguard Dividend Apprec. ETF Vanguard Emerging Markets Vipers Vanguard Growth ETF Vanguard Indx FDS Vangrd Tot Stk Vanguard Intermediate Term Bd Fd Vanguard Mega Cap 300 Growth Vanguard Mid-Cap ETF Vanguard National Res. LLC Vanguard Reit Vanguard Small Cap Verifone Systems, Inc. Verizon Communications VF Corporation common common common common common common common common common common common common common common common common common 91324P102 913017109 91912E105 922908413 921908844 922042858 922908736 922908769 921937819 921910816 922908629 92205F106 922908553 922908751 92342Y109 92343V104 918204108 $225,210 $9,575,672 $3,948,859 $4,974,449 $464,009 $5,615,114 $383,238 $307,033 $1,295,965 $1,075,749 $889,630 $2,399,488 $337,475 $920,412 $435,449 $859,143 $1,552,205 3,821 115,453 169,261 77,279 7,925 129,172 5,400 4,249 14,903 19,460 10,905 86,875 5,302 11,692 8,395 22,473 10,633 3,821 115,453 169,261 77,279 7,925 129,172 5,400 4,249 14,903 19,460 10,905 86,875 5,302 11,692 8,395 22,473 10,633
United Health Group, Inc. United Technologies Corp. Vale SA ADR Vanguard S&P 500 ETF Vanguard Dividend Apprec. ETF Vanguard Emerging Markets Vipers Vanguard Growth ETF Vanguard Indx FDS Vangrd Tot Stk Vanguard Intermediate Term Bd Fd Vanguard Mega Cap 300 Growth Vanguard Mid-Cap ETF Vanguard National Res. LLC Vanguard Reit Vanguard Small Cap Verifone Systems, Inc. Verizon Communications VF 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 3,821 115,453 169,261 77,279 7,925 129,172 5,400 4,249 14,903 19,460 10,905 86,875 5,302 11,692 8,395 22,473 10,633 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Virnetx Holding Corp. Vodafone Grp PLC Sponsored ADR Wabco Holdings, Inc. Walgreen Company Wal-Mart Stores, Inc. Walter Energy, Inc. Wells Fargo & Co. Westport Innovation, Inc. Whiting Petroleum Corp. Williams Partners LP Wisdomtree TR Emrgng SCAP Fund Yum Brands, Inc. Zimmer Holdings, Inc. Zynga, Inc. common common common common common common common common common common common common common common 92823T108 92857T107 92927K102 931422109 931142103 93317Q105 949746101 960908309 966387102 96950F104 97717W281 988498101 98956P102 98986T108 $501,812 $252,682 $549,763 $2,539,346 $10,547,453 $603,942 $2,195,646 $368,894 $345,348 $2,325,849 $406,855 $417,115 $220,866 $400,681 20,970 9,132 9,090 75,824 172,344 10,200 64,313 9,015 6,360 41,100 8,455 5,860 3,436 30,470 20,970 9,132 9,090 75,824 172,344 10,200 64,313 9,015 6,360 41,100 8,455 5,860 3,436 30,470 Grand Total 03/31/12 $604,549,741
Virnetx Holding Corp. Vodafone Grp PLC Sponsored ADR Wabco Holdings, Inc. Walgreen Company Wal-Mart Stores, Inc. Walter Energy, Inc. Wells Fargo & Co. Westport Innovation, Inc. Whiting Petroleum Corp. Williams Partners LP Wisdomtree TR Emrgng SCAP Fund Yum Brands, Inc. Zimmer Holdings, Inc. Zynga, 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 20,970 9,132 9,090 75,824 172,344 10,200 64,313 9,015 6,360 41,100 8,455 5,860 3,436 30,470 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0