Salem Capital Management

Salem Capital Management as of Dec. 31, 2011

Portfolio Holdings for Salem Capital Management

Salem Capital Management holds 74 positions in its portfolio as reported in the December 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Barrick Gold Corp (GOLD) 4.0 $8.5M 188k 45.25
CVS Caremark Corporation (CVS) 3.7 $7.9M 194k 40.78
Unilever (UL) 3.6 $7.6M 228k 33.52
Procter & Gamble Company (PG) 3.4 $7.2M 108k 66.71
Johnson & Johnson (JNJ) 3.4 $7.1M 108k 65.58
Devon Energy Corporation (DVN) 3.0 $6.4M 103k 62.00
Honeywell International (HON) 3.0 $6.3M 117k 54.35
Anadarko Petroleum Corporation 3.0 $6.2M 82k 76.33
Newmont Mining Corporation (NEM) 2.9 $6.2M 103k 60.01
Novartis (NVS) 2.8 $5.9M 103k 57.17
Marathon Oil Corporation (MRO) 2.8 $5.8M 200k 29.27
General Electric Company 2.8 $5.8M 324k 17.91
GlaxoSmithKline 2.7 $5.8M 127k 45.63
Merck & Co (MRK) 2.7 $5.8M 153k 37.70
Pfizer (PFE) 2.5 $5.4M 248k 21.64
Weyerhaeuser Company (WY) 2.5 $5.3M 282k 18.67
Schlumberger (SLB) 2.4 $5.2M 76k 68.31
Intel Corporation (INTC) 2.4 $5.1M 211k 24.25
E.I. du Pont de Nemours & Company 2.4 $5.1M 111k 45.78
ConocoPhillips (COP) 2.4 $5.1M 69k 72.87
Kimberly-Clark Corporation (KMB) 2.2 $4.7M 64k 73.57
Abbott Laboratories (ABT) 2.2 $4.6M 83k 56.23
Microsoft Corporation (MSFT) 2.1 $4.4M 168k 25.96
Duke Energy Corporation 2.1 $4.4M 198k 22.00
Diebold Incorporated 2.0 $4.3M 144k 30.07
Corning Incorporated (GLW) 1.9 $4.1M 313k 12.98
Analog Devices (ADI) 1.9 $3.9M 109k 35.78
Nestle SA Reg Shs. Ser. B Spons (NSRGY) 1.8 $3.8M 66k 57.72
International Paper Company (IP) 1.8 $3.7M 125k 29.60
Walgreen Company 1.7 $3.7M 111k 33.06
Koninklijke Philips Electronics NV (PHG) 1.6 $3.5M 165k 20.95
Eli Lilly & Co. (LLY) 1.5 $3.2M 76k 41.56
Dow Chemical Company 1.4 $3.0M 105k 28.76
United Technologies Corporation 1.3 $2.8M 38k 73.10
Halliburton Company (HAL) 1.3 $2.7M 79k 34.51
Hewlett-Packard Company 1.3 $2.7M 104k 25.76
MDU Resources (MDU) 1.0 $2.2M 101k 21.46
Marathon Petroleum Corp (MPC) 0.9 $2.0M 60k 33.29
3M Company (MMM) 0.9 $1.8M 22k 81.75
Cisco Systems (CSCO) 0.8 $1.7M 93k 18.08
EMC Corporation 0.8 $1.6M 76k 21.55
International Business Machines (IBM) 0.6 $1.3M 6.8k 183.92
Costco Wholesale Corporation (COST) 0.6 $1.2M 15k 83.29
Paychex (PAYX) 0.6 $1.2M 39k 30.12
International Business Machines (IBM) 0.6 $1.2M 6.3k 183.86
Exxon Mobil Corporation (XOM) 0.5 $1.0M 12k 84.75
EOG Resources (EOG) 0.5 $1.0M 10k 98.54
Encana Corp 0.4 $863k 47k 18.52
Colgate-Palmolive Company (CL) 0.4 $825k 8.9k 92.41
National Fuel Gas (NFG) 0.4 $814k 15k 55.56
Chevron Corporation (CVX) 0.3 $736k 6.9k 106.44
At&t (T) 0.3 $672k 22k 30.22
Louisiana Cent master (LCNTU) 0.3 $675k 225.00 3000.00
General Mills (GIS) 0.3 $655k 16k 40.40
AvalonBay Communities (AVB) 0.3 $636k 4.9k 130.62
Southern Company (SO) 0.3 $611k 13k 46.29
Home Depot (HD) 0.3 $580k 14k 42.03
QEP Resources 0.2 $524k 18k 29.27
Plum Creek Timber 0.2 $441k 12k 36.60
Stryker Corporation (SYK) 0.2 $435k 8.8k 49.71
Paccar (PCAR) 0.2 $419k 11k 37.50
Questar Corporation 0.2 $377k 19k 19.84
Union Pacific Corporation (UNP) 0.2 $353k 3.3k 105.94
Exxon Mobil Corporation (XOM) 0.1 $297k 3.5k 84.86
JPMorgan Chase & Co. (JPM) 0.1 $260k 7.8k 33.30
Caterpillar (CAT) 0.1 $245k 2.7k 90.74
FedEx Corporation (FDX) 0.1 $263k 3.2k 83.49
Medco Health Solutions 0.1 $256k 4.6k 55.94
SYSCO Corporation (SYY) 0.1 $247k 8.4k 29.29
Coca-Cola Company (KO) 0.1 $225k 3.2k 70.09
Cintas Corporation (CTAS) 0.1 $231k 6.6k 34.87
Automatic Data Processing (ADP) 0.1 $205k 3.8k 53.95
Comcast Corp 0.1 $205k 8.0k 25.62
General Electric Pfd equs 0.1 $207k 8.0k 25.88