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 (2014Q3)
Original 13F HR (0001049648-14-000004) filed in 2014.10.20
#
Name
Shares
Value ($)
%
Options
Notes
51 NESTLE SA SPONSORED ADR REPSTG 48,237 3,552 1.66%
52 NOVARTIS A G 83,665 7,875 3.67%
53 Nextera Enterprises Inc. 30,000 0 0.00%
54 OCCIDENTAL PETE CORP DEL 49,650 4,774 2.23%
55 PACCAR INC 94,987 5,402 2.52%
56 PAYCHEX INC 20,449 904 0.42%
57 PFIZER INC 226,001 6,683 3.11%
58 PLUM CREEK TIMBER 25,325 988 0.46%
59 PROCTER AND GAMBLE CO 76,218 6,382 2.97%
60 QUALCOMM INC 2,980 223 0.10%
61 QUESTAR CORP COM 21,700 484 0.23%
62 SCHLUMBERGER LTD 56,763 5,772 2.69%
63 SOUTHERN CO 9,050 395 0.18%
64 STRYKER CORP 3,950 319 0.15%
65 SYSCO CORP 6,333 240 0.11%
66 UNILEVER PLC 178,526 7,480 3.49%
67 UNION PAC CORP 3,800 412 0.19%
68 UNITED TECHNOLOGIES CORP 36,836 3,890 1.81%
69 VERIZON COMMUNICATIONS INC 86,193 4,309 2.01%
70 VODAFONE GROUP PLC NEW 123,135 4,050 1.89%
71 WELLS FARGO & CO NEW 4,660 242 0.11%
72 WEYERHAEUSER CO 226,532 7,217 3.36%
Page 2 of 2