Salem Investment Counselors

13F File No.: Name: <13F File No.: 1. 6. 2. 7. 3. 8. 4. 9. 5. 10.2 as of June 30, 2011

Portfolio Holdings for 13F File No.: Name: <13F File No.: 1. 6. 2. 7. 3. 8. 4. 9. 5. 10.2

13F File No.: Name: <13F File No.: 1. 6. 2. 7. 3. 8. 4. 9. 5. 10.2 holds 0 positions in its portfolio as reported in the June 2011 quarterly 13F filing

Sorry, no holdings found in 13F File No.: Name: <13F File No.: 1. 6. 2. 7. 3. 8. 4. 9. 5. 10.2 13F-HR filing.