Dark
Light
System
Institutional Investment Manager
SALEM CAPITAL MANAGEMENT INC
SALEM CAPITAL MANAGEMENT INC (CIK: 0001049648) incorporated in Massachusetts, located at 400 Unicorn Park Drive, Woburn, MA. Institutional holdings reported to the SEC.

Institutional Holdings (2014Q2)
Original 13F HR (0001049648-14-000003) filed in 2014.07.17
#
Name
Shares
Value ($)
%
Options
Notes
1 WEYERHAEUSER CO 229,582 7,597 3.37%
2 WELLS FARGO & CO NEW 4,660 245 0.11%
3 VODAFONE GROUP PLC NEW 101,749 3,397 1.51%
4 VERIZON COMMUNICATIONS INC 84,634 4,141 1.84%
5 UNITED TECHNOLOGIES CORP 36,691 4,236 1.88%
6 UNION PAC CORP 3,800 379 0.17%
7 UNILEVER PLC 178,926 8,107 3.60%
8 SYSCO CORP 6,333 237 0.11%
9 STRYKER CORP 4,700 396 0.18%
10 SOUTHERN CO 10,350 470 0.21%
11 SCHLUMBERGER LTD 59,933 7,069 3.13%
12 ROYAL DUTCH SHELL PLC 2,433 200 0.09%
13 QUESTAR CORP COM 21,350 529 0.23%
14 PROCTER AND GAMBLE CO 76,885 6,042 2.68%
15 PLUM CREEK TIMBER 41,525 1,873 0.83%
16 PFIZER INC 222,271 6,597 2.93%
17 PAYCHEX INC 20,449 850 0.38%
18 PACCAR INC 95,912 6,026 2.67%
19 OCCIDENTAL PETE CORP DEL 49,600 5,090 2.26%
20 Nextera Enterprises Inc. 30,000 0 0.00%
21 NOVARTIS A G 89,845 8,134 3.61%
22 NEWMONT CORP 16,025 408 0.18%
23 NESTLE SA SPONSORED ADR REPSTG 48,437 3,762 1.67%
24 NATIONAL FUEL GAS CO N J 14,800 1,159 0.51%
25 Management Technologies Inc. 50,000 0 0.00%
26 MICROSOFT CORP 159,646 6,657 2.95%
27 MERCK & CO INC 125,759 7,275 3.23%
28 MARATHON OIL CORP 176,550 7,048 3.13%
29 LILLY ELI & CO 7,150 445 0.20%
30 LA Cent Oil&Gas Co. 225 551 0.24%
31 KONINKLIJKE PHILIPS N V 89,966 2,857 1.27%
32 KIMBERLY CLARK CORP 9,050 1,007 0.45%
33 JPMORGAN CHASE & CO 9,468 542 0.24%
34 JOHNSON & JOHNSON 82,065 8,586 3.81%
35 INTL PAPER CO 135,030 6,815 3.02%
36 INTERNATIONAL BUSINESS MACHS 4,874 884 0.39%
37 INTEL CORP 186,720 5,770 2.56%
38 HONEYWELL INTL INC 79,254 7,367 3.27%
39 HOME DEPOT INC 9,350 757 0.34%
40 HALLIBURTON CO 71,050 5,045 2.24%
41 GLAXOSMITHKLINE PLC 114,380 6,117 2.71%
42 GENERAL MLS INC 11,200 588 0.26%
43 GENERAL ELECTRIC CO 255,308 6,709 2.98%
44 FEDEX CORP 2,950 447 0.20%
45 EXXON MOBIL CORP 3,500 352 0.16%
46 EXXON MOBIL CORP 10,695 1,077 0.48%
47 EXPRESS SCRIPTS HLDG CO 2,922 203 0.09%
48 EOG RES INC 14,050 1,642 0.73%
49 E M C CORP MASS COM 179,085 4,717 2.09%
50 DUKE ENERGY CORP NEW 3,293 244 0.11%
Page 1 of 2