# EDGAR Filing Document

**Accession Number:** 0000884423
**File Stem:** 0001420506-25-001616
**Filing Date:** 2025-7
**Character Count:** 25015
**Document Hash:** 372046d3bc12089c09e3de9261caffa8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-25-001616.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001420506-25-001616

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250730

**EFFECTIVENESS DATE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SALEM INVESTMENT COUNSELORS INC
- **CENTRAL INDEX KEY:** 0000884423

**ORGANIZATION NAME:**
- **EIN:** 561225913
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-03405
- **FILM NUMBER:** 251166122

**BUSINESS ADDRESS:**
- **STREET 1:** POP BOX 25427
- **CITY:** WINSTON SALEM
- **STATE:** NC
- **ZIP:** 27114-5427
- **BUSINESS PHONE:** 3367687230

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 25427
- **CITY:** WINSTON-SALEM
- **STATE:** NC
- **ZIP:** 27114-5427

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0000884423

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** SALEM INVESTMENT COUNSELORS INC

**Address:** PO BOX 25427, WINSTON-SALEM, NC 27114-5427

**Telephone number:** 3367687230

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-03405

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                          | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                     | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   | SHARES VOTED FOR OR AGAINST MANAGEMENT   | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|:---|:---|:---|
| ABBOTT LABORATORIES                     | 002824100 | 4/25/2025      | Say on Pay - An Advisory Vote on the Approval of Executive Compensation                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           1400 |                0 |  |  |  |  |
| ABBVIE INC.                             | 00287Y109 | 5/9/2025       | Say on Pay - An advisory vote on the approval of executive compensation                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           1800 |                0 |  |  |  |  |
| ACCENTURE PLC                           | G1151C101 | 2/6/2025       | To approve, in a non-binding vote, the compensation of our named executive officers.                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           1100 |                0 |  |  |  |  |
| ADVANCED MICRO DEVICES, INC.            | 007903107 | 5/14/2025      | Approve on a non-binding, advisory basis the compensation of the named executive officers, as disclosed in this proxy statement pursuant to the compensation disclosure rules of the U.S. Securities and Exchange Commission.        | SECTION 14A SAY-ON-PAY VOTES |            300 |                0 |  |  |  |  |
| ALTRIA GROUP, INC.                      | 02209S103 | 5/15/2025      | Non-Binding Advisory Vote to Approve the Compensation of Altria's Named Executive Officers                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |            400 |                0 |  |  |  |  |
| AMAZON.COM, INC.                        | 023135106 | 5/21/2025      | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           2900 |                0 |  |  |  |  |
| APPLE INC.                              | 037833100 | 2/25/2025      | Advisory vote to approve executive compensation                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          12600 |                0 |  |  |  |  |
| BANK OF AMERICA CORPORATION             | 060505104 | 4/22/2025      | Approving our executive compensation (an advisory, non-binding "Say on Pay" resolution)                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           2000 |                0 |  |  |  |  |
| BOOZ ALLEN HAMILTON HOLDING CORPORATION | 099502106 | 7/24/2024      | Advisory vote to approve the compensation of the Company's named executive officers.                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |            450 |                0 |  |  |  |  |
| CHEVRON CORPORATION                     | 166764100 | 5/28/2025      | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |            400 |                0 |  |  |  |  |
| CISCO SYSTEMS, INC.                     | 17275R102 | 12/9/2024      | Approval, on an advisory basis, of executive compensation.                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |            500 |                0 |  |  |  |  |
| CVS HEALTH CORPORATION                  | 126650100 | 5/15/2025      | Say on Pay, a Proposal to Approve, on an Advisory Basis, the Company's Executive Compensation.                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           2300 |                0 |  |  |  |  |
| DISCOVER FINANCIAL SERVICES             | 254709108 | 2/18/2025      | Approval of, on an advisory (non-binding) basis, the merger related compensation payments that will or may be paid to named executive officers of Discover in connection with the transactions contemplated by the merger agreement. | SECTION 14A SAY-ON-PAY VOTES |           2300 |                0 |  |  |  |  |
| HERC HOLDINGS INC.                      | 42704L104 | 5/15/2025      | Approval, by a non-binding advisory vote, of the named executive officers' compensation.                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |            850 |                0 |  |  |  |  |
| JPMORGAN CHASE  CO.                     | 46625H100 | 5/20/2025      | Advisory resolution to approve executive compensation                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           1200 |                0 |  |  |  |  |
| KINDER MORGAN, INC.                     | 49456B101 | 5/15/2025      | Approval, on an advisory basis, of the compensation of our named executive officers, as disclosed in the Proxy Statement                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          12500 |                0 |  |  |  |  |
| LOWE'S COMPANIES, INC.                  | 548661107 | 5/30/2025      | Advisory vote to approve the Company's named executive officer compensation in fiscal 2024.                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |            600 |                0 |  |  |  |  |
| META PLATFORMS, INC.                    | 30303M102 | 5/28/2025      | To approve, on a non-binding advisory basis, the compensation program for Meta Platforms, Inc.'s named executive officers as disclosed in Meta Platforms, Inc.'s proxy statement.                                                    | SECTION 14A SAY-ON-PAY VOTES |            100 |                0 |  |  |  |  |
| META PLATFORMS, INC.                    | 30303M102 | 5/28/2025      | To vote, on a non-binding advisory basis, whether a non-binding advisory vote on the compensation program for Meta Platforms, Inc.'s named executive officers should be held every one, two or three years.                          | SECTION 14A SAY-ON-PAY VOTES |            100 |                0 |  |  |  |  |
| NVIDIA CORPORATION                      | 67066G104 | 6/25/2025      | Advisory approval of our executive compensation.                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |            650 |                0 |  |  |  |  |
| PEPSICO, INC.                           | 713448108 | 5/7/2025       | Advisory approval of the Company's executive compensation.                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |            150 |                0 |  |  |  |  |
| QUALCOMM INCORPORATED                   | 747525103 | 3/18/2025      | Approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           3800 |                0 |  |  |  |  |
| RTX CORPORATION                         | 75513E101 | 5/1/2025       | Advisory Vote to Approve Executive Compensation.                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           3233 |                0 |  |  |  |  |
| THE CHARLES SCHWAB CORPORATION          | 808513105 | 5/22/2025      | Advisory approval of named executive officer compensation                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |           1900 |                0 |  |  |  |  |
| VIATRIS INC.                            | 92556V106 | 12/6/2024      | Approval of, on a non-binding advisory basis, the 2023 compensation of the named executive officers of the Company.                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           1500 |                0 |  |  |  |  |
| VISA INC.                               | 92826C839 | 1/28/2025      | To approve, on an advisory basis, the compensation paid to our named executive officers.                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           1300 |                0 |  |  |  |  |
| ADVANCED MICRO DEVICES, INC.            | 007903107 | 5/14/2025      | Approve on a non-binding, advisory basis the compensation of the named executive officers, as disclosed in this proxy statement pursuant to the compensation disclosure rules of the U.S. Securities and Exchange Commission.        | SECTION 14A SAY-ON-PAY VOTES |           3500 |                0 |  |  |  |  |
| AMAZON.COM, INC.                        | 023135106 | 5/21/2025      | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           8000 |                0 |  |  |  |  |
| APPLE INC.                              | 037833100 | 2/25/2025      | Advisory vote to approve executive compensation                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          12130 |                0 |  |  |  |  |
| BANK OF AMERICA CORPORATION             | 060505104 | 4/22/2025      | Approving our executive compensation (an advisory, non-binding "Say on Pay" resolution)                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          26000 |                0 |  |  |  |  |
| CISCO SYSTEMS, INC.                     | 17275R102 | 12/9/2024      | Approval, on an advisory basis, of executive compensation.                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          16923 |                0 |  |  |  |  |
| COLGATE-PALMOLIVE COMPANY               | 194162103 | 5/9/2025       | Advisory vote on executive compensation.                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           3000 |                0 |  |  |  |  |
| D.R. HORTON, INC.                       | 23331A109 | 1/16/2025      | Approval of the advisory resolution on executive compensation.                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           3243 |                0 |  |  |  |  |
| ELI LILLY AND COMPANY                   | 532457108 | 5/5/2025       | Approval, on an advisory basis, of the compensation paid to the company's named executive officers.                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |            800 |                0 |  |  |  |  |
| HONEYWELL INTERNATIONAL INC.            | 438516106 | 5/20/2025      | Advisory Vote to Approve Executive Compensation.                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           1500 |                0 |  |  |  |  |
| JOHNSON  JOHNSON                        | 478160104 | 4/24/2025      | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           3000 |                0 |  |  |  |  |
| LENNAR CORPORATION                      | 526057104 | 4/9/2025       | Approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           8000 |                0 |  |  |  |  |
| LOWE'S COMPANIES, INC.                  | 548661107 | 5/30/2025      | Advisory vote to approve the Company's named executive officer compensation in fiscal 2024.                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           2000 |                0 |  |  |  |  |
| MCDONALD'S CORPORATION                  | 580135101 | 5/20/2025      | Advisory Vote to Approve Executive Compensation.                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           2854 |                0 |  |  |  |  |
| MICRON TECHNOLOGY, INC.                 | 595112103 | 1/16/2025      | PROPOSAL BY THE COMPANY TO APPROVE, ON A NON- BINDING ADVISORY BASIS, THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS AS DESCRIBED IN THE PROXY STATEMENT.                                                                          | SECTION 14A SAY-ON-PAY VOTES |          18470 |                0 |  |  |  |  |
| MICROSOFT CORPORATION                   | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote").                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          26671 |                0 |  |  |  |  |
| NVIDIA CORPORATION                      | 67066G104 | 6/25/2025      | Advisory approval of our executive compensation.                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          18525 |                0 |  |  |  |  |
| ORACLE CORPORATION                      | 68389X105 | 11/14/2024     | Advisory Vote to Approve the Compensation of our Named Executive Officers.                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           2239 |                0 |  |  |  |  |
| PEPSICO, INC.                           | 713448108 | 5/7/2025       | Advisory approval of the Company's executive compensation.                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           3200 |                0 |  |  |  |  |
| PHILIP MORRIS INTERNATIONAL INC.        | 718172109 | 5/7/2025       | Advisory Vote Approving Executive Compensation                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           2500 |                0 |  |  |  |  |
| SYSCO CORPORATION                       | 871829107 | 11/15/2024     | To approve, by advisory vote, the compensation paid to Sysco's named executive officers, as disclosed in Sysco's 2024 proxy statement.                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           4628 |                0 |  |  |  |  |
| THE COCA-COLA COMPANY                   | 191216100 | 4/30/2025      | Advisory vote to approve executive compensation                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           4000 |                0 |  |  |  |  |
| THE HOME DEPOT, INC.                    | 437076102 | 5/22/2025      | Advisory Vote to Approve Executive Compensation ("Say-on-Pay")                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           2000 |                0 |  |  |  |  |
| THE J. M. SMUCKER COMPANY               | 832696405 | 8/14/2024      | Advisory approval of the Company's executive compensation.                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| THE PROCTER  GAMBLE COMPANY             | 742718109 | 10/8/2024      | Advisory Vote to Approve the Company's Executive Compensation (the "Say on Pay" vote).                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          15251 |                0 |  |  |  |  |
| TRANE TECHNOLOGIES PLC                  | G8994E103 | 6/5/2025       | Advisory approval of the compensation of the Company's named executive officers.                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           2500 |                0 |  |  |  |  |
| UBIQUITI INC.                           | 90353W103 | 12/5/2024      | The approval of Ubiquiti's named executive officer compensation, on an advisory and non-binding basis.                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           2707 |                0 |  |  |  |  |
| UBIQUITI INC.                           | 90353W103 | 12/5/2024      | The frequency of holding future advisory stockholder votes on executive officer compensation, on an advisory and non-binding basis.                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           2707 |                0 |  |  |  |  |
| VISA INC.                               | 92826C839 | 1/28/2025      | To approve, on an advisory basis, the compensation paid to our named executive officers.                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           2298 |                0 |  |  |  |  |
| WORTHINGTON ENTERPRISES, INC.           | 981811102 | 9/24/2024      | Approve, on an advisory basis, a resolution to approve the compensation of the Company's named executive officers.                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           1687 |                0 |  |  |  |  |
| WORTHINGTON STEEL INC                   | 982104101 | 9/25/2024      | Approve, on an advisory basis, a resolution to approve the compensation of the Company's named executive officers.                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           1687 |                0 |  |  |  |  |
| WORTHINGTON STEEL INC                   | 982104101 | 9/25/2024      | Select, on an advisory basis, the frequency of future advisory votes on the compensation of the Company's named executive officers.                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           1687 |                0 |  |  |  |  |

## N-PX: Signature Block

**Reporting Person:** SALEM INVESTMENT COUNSELORS INC

**By (Signature):** David B. Rea

**By (Printed Signature):** David B. Rea

**By (Title):** President

**Date:** 07/29/2025