# EDGAR Filing Document

**Accession Number:** 0000884423
**File Stem:** 0001420506-26-000027
**Filing Date:** 2026-1
**Character Count:** 54174
**Document Hash:** 05affb0452ea99e11cc0700172b299f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-26-000027.hdr.sgml**: 20260112

**ACCESSION NUMBER**: 0001420506-26-000027

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260112

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260112

**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:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-03405
- **FILM NUMBER:** 26524309

**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 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** SALEM INVESTMENT COUNSELORS INC<br>**Address:** PO BOX 25427<br>WINSTON-SALEM, NC 27114-5427

**Form 13F File Number:** 028-03405

**CRD Number (if applicable):** 000104855

**SEC File Number (if applicable):** 801-14487

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** David B. Rea<br>**Title:** President<br>**Phone:** 3367687230

**Signature, Place, and Date of Signing:**

David B. Rea President  WINSTON-SALEM, NC  01-09-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 391

**Form 13F Information Table Value Total:** $3540923953

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579Y101 |  | 10960310 | 68459 | SH |  | SOLE | Salem Investment Counselors Inc. | 53331 | 0 | 15128 |
| ABBOTT LABS | COM | 002824100 |  | 9678152 | 77246 | SH |  | SOLE | Salem Investment Counselors Inc. | 60950 | 0 | 16296 |
| ABBVIE INC | COM | 00287Y109 |  | 30070919 | 131607 | SH |  | SOLE | Salem Investment Counselors Inc. | 106245 | 0 | 25362 |
| ACACIA RESH CORP | ACACIA TCH COM | 003881307 |  | 54844 | 14664 | SH |  | SOLE | Salem Investment Counselors Inc. | 14664 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 20981597 | 78202 | SH |  | SOLE | Salem Investment Counselors Inc. | 67020 | 0 | 11182 |
| ACUITY INC | COM | 00508Y102 |  | 1160049 | 3222 | SH |  | SOLE | Salem Investment Counselors Inc. | 3222 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 284542 | 813 | SH |  | SOLE | Salem Investment Counselors Inc. | 752 | 0 | 61 |
| ADVANCE AUTO PARTS INC | COM | 00751Y106 |  | 574763 | 14625 | SH |  | SOLE |  | 0 | 0 | 14625 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 56380405 | 263263 | SH |  | SOLE | Salem Investment Counselors Inc. | 172088 | 0 | 91175 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 321670 | 2364 | SH |  | SOLE | Salem Investment Counselors Inc. | 2364 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 328779 | 2243 | SH |  | SOLE | Salem Investment Counselors Inc. | 1958 | 0 | 285 |
| ALLISON TRANSMISSION HLDGS I | COM | 01973R101 |  | 3354250 | 34262 | SH |  | SOLE | Salem Investment Counselors Inc. | 19892 | 0 | 14370 |
| ALLSTATE CORP | COM | 020002101 |  | 887726 | 4246 | SH |  | SOLE | Salem Investment Counselors Inc. | 4246 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 83885225 | 268004 | SH |  | SOLE | Salem Investment Counselors Inc. | 195503 | 0 | 72501 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 156680789 | 499301 | SH |  | SOLE | Salem Investment Counselors Inc. | 393311 | 0 | 105990 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 3973039 | 84497 | SH |  | SOLE | Salem Investment Counselors Inc. | 32304 | 0 | 52193 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 1586613 | 27029 | SH |  | SOLE | Salem Investment Counselors Inc. | 20896 | 0 | 6133 |
| AMAZON COM INC | COM | 023135106 |  | 110903079 | 480474 | SH |  | SOLE | Salem Investment Counselors Inc. | 380847 | 0 | 99627 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 9504888 | 82429 | SH |  | SOLE | Salem Investment Counselors Inc. | 50494 | 0 | 31935 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 1627780 | 4400 | SH |  | SOLE | Salem Investment Counselors Inc. | 3380 | 0 | 1020 |
| AMGEN INC | COM | 031162100 |  | 9797719 | 29934 | SH |  | SOLE | Salem Investment Counselors Inc. | 17045 | 0 | 12889 |
| ANALOG DEVICES INC | COM | 032654105 |  | 403546 | 1488 | SH |  | SOLE | Salem Investment Counselors Inc. | 862 | 0 | 626 |
| AON PLC | SHS CL A | G0403H108 |  | 269601 | 764 | SH |  | SOLE |  | 0 | 0 | 764 |
| API GROUP CORP | COM STK | 00187Y100 |  | 209053 | 5464 | SH |  | SOLE | Salem Investment Counselors Inc. | 5371 | 0 | 93 |
| APPLE INC | COM | 037833100 |  | 262133740 | 964223 | SH |  | SOLE | Salem Investment Counselors Inc. | 807404 | 0 | 156819 |
| APPLIED MATLS INC | COM | 038222105 |  | 272410 | 1060 | SH |  | SOLE | Salem Investment Counselors Inc. | 706 | 0 | 354 |
| APYX MEDICAL CORPORATION | COM | 03837C106 |  | 159250 | 45500 | SH |  | SOLE | Salem Investment Counselors Inc. | 45500 | 0 | 0 |
| ARCHER AVIATION INC | COM CL A | 03945R102 |  | 75200 | 10000 | SH |  | SOLE | Salem Investment Counselors Inc. | 10000 | 0 | 0 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 5216407 | 257855 | SH |  | SOLE | Salem Investment Counselors Inc. | 134775 | 0 | 123080 |
| ARTIVION INC | COM | 228903100 |  | 255416 | 5600 | SH |  | SOLE | Salem Investment Counselors Inc. | 5600 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 7954410 | 7435 | SH |  | SOLE | Salem Investment Counselors Inc. | 3913 | 0 | 3522 |
| ASTERA LABS INC | COM | 04626A103 |  | 30331587 | 182325 | SH |  | SOLE | Salem Investment Counselors Inc. | 137073 | 0 | 45252 |
| AT INC | COM | 00206R102 |  | 880767 | 35458 | SH |  | SOLE | Salem Investment Counselors Inc. | 5935 | 0 | 29523 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 646140 | 2496 | SH |  | SOLE | Salem Investment Counselors Inc. | 2221 | 0 | 275 |
| AUTOZONE INC | COM | 053332102 |  | 627428 | 185 | SH |  | SOLE | Salem Investment Counselors Inc. | 112 | 0 | 73 |
| AVANTOR INC | COM | 05352A100 |  | 640179 | 55862 | SH |  | SOLE | Salem Investment Counselors Inc. | 36965 | 0 | 18897 |
| AXIS CAP HLDGS LTD | SHS | G0692U109 |  | 319985 | 2988 | SH |  | SOLE | Salem Investment Counselors Inc. | 2988 | 0 | 0 |
| BALCHEM CORP | COM | 057665200 |  | 11708378 | 76345 | SH |  | SOLE | Salem Investment Counselors Inc. | 76343 | 0 | 2 |
| BANK AMERICA CORP | COM | 060505104 |  | 61980827 | 1126924 | SH |  | SOLE | Salem Investment Counselors Inc. | 939454 | 0 | 187470 |
| BARCLAYS BANK PLC | IPATH S 500 SH | 06748M196 |  | 264700 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 7548000 | 10 | SH |  | SOLE | Salem Investment Counselors Inc. | 4 | 0 | 6 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 86485028 | 172058 | SH |  | SOLE | Salem Investment Counselors Inc. | 142727 | 0 | 29331 |
| BLACKSTONE INC | COM | 09260D107 |  | 833744 | 5409 | SH |  | SOLE | Salem Investment Counselors Inc. | 4829 | 0 | 580 |
| BLOCK INC | CL A | 852234103 |  | 409352 | 6289 | SH |  | SOLE | Salem Investment Counselors Inc. | 400 | 0 | 5889 |
| BLUE OWL CAPITAL CORPORATION | COM | 69121K104 |  | 4259912 | 342130 | SH |  | SOLE | Salem Investment Counselors Inc. | 227395 | 0 | 114735 |
| BONDBLOXX ETF TRUST | BLOOMBERG ONE YR | 09789C861 |  | 303133 | 6100 | SH |  | SOLE |  | 0 | 0 | 6100 |
| BONDBLOXX ETF TRUST | BLOOMBERG SIX MN | 09789C788 |  | 769290 | 15261 | SH |  | SOLE |  | 0 | 0 | 15261 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 620046 | 7350 | SH |  | SOLE | Salem Investment Counselors Inc. | 6700 | 0 | 650 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 18695466 | 196072 | SH |  | SOLE | Salem Investment Counselors Inc. | 128820 | 0 | 67252 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 1141796 | 21168 | SH |  | SOLE | Salem Investment Counselors Inc. | 3703 | 0 | 17465 |
| BROADCOM INC | COM | 11135F101 |  | 11323700 | 32718 | SH |  | SOLE | Salem Investment Counselors Inc. | 21945 | 0 | 10773 |
| BROOKFIELD RENEWABLE PARTNER | PARTNERSHIP UNIT | G16258108 |  | 249797 | 9262 | SH |  | SOLE |  | 0 | 0 | 9262 |
| BROWN  BROWN INC | COM | 115236101 |  | 1912800 | 24000 | SH |  | SOLE | Salem Investment Counselors Inc. | 24000 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 1261345 | 36800 | SH |  | SOLE | Salem Investment Counselors Inc. | 36800 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 1094764 | 11075 | SH |  | SOLE | Salem Investment Counselors Inc. | 461 | 0 | 10614 |
| CAPITAL GROUP CORE EQUITY ET | SHS CREATION UNI | 14020V108 |  | 835537 | 20769 | SH |  | SOLE |  | 0 | 0 | 20769 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 10764905 | 44417 | SH |  | SOLE | Salem Investment Counselors Inc. | 33043 | 0 | 11374 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 891834 | 16878 | SH |  | SOLE | Salem Investment Counselors Inc. | 8004 | 0 | 8874 |
| CARTERS INC | COM | 146229109 |  | 4057480 | 125115 | SH |  | SOLE | Salem Investment Counselors Inc. | 84235 | 0 | 40880 |
| CATERPILLAR INC | COM | 149123101 |  | 28145104 | 49130 | SH |  | SOLE | Salem Investment Counselors Inc. | 36457 | 0 | 12673 |
| CENCORA INC | COM | 03073E105 |  | 422188 | 1250 | SH |  | SOLE | Salem Investment Counselors Inc. | 158 | 0 | 1092 |
| CHEVRON CORP NEW | COM | 166764100 |  | 4941800 | 32424 | SH |  | SOLE | Salem Investment Counselors Inc. | 20453 | 0 | 11971 |
| CHUBB LIMITED | COM | H1467J104 |  | 226678 | 724 | SH |  | SOLE | Salem Investment Counselors Inc. | 450 | 0 | 274 |
| CINCINNATI FINL CORP | COM | 172062101 |  | 213711 | 1302 | SH |  | SOLE | Salem Investment Counselors Inc. | 1302 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 20749820 | 269373 | SH |  | SOLE | Salem Investment Counselors Inc. | 225211 | 0 | 44162 |
| CITIGROUP INC | COM NEW | 172967424 |  | 3481645 | 29837 | SH |  | SOLE | Salem Investment Counselors Inc. | 25204 | 0 | 4633 |
| COCA COLA CO | COM | 191216100 |  | 7386729 | 105661 | SH |  | SOLE | Salem Investment Counselors Inc. | 89409 | 0 | 16252 |
| COHEN  STEERS QUALITY INCOM | COM | 19247L106 |  | 171300 | 15000 | SH |  | SOLE | Salem Investment Counselors Inc. | 15000 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 5961394 | 75442 | SH |  | SOLE | Salem Investment Counselors Inc. | 52300 | 0 | 23142 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 741542 | 24809 | SH |  | SOLE | Salem Investment Counselors Inc. | 544 | 0 | 24265 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 605564 | 6469 | SH |  | SOLE | Salem Investment Counselors Inc. | 5046 | 0 | 1423 |
| COPART INC | COM | 217204106 |  | 1825682 | 46633 | SH |  | SOLE | Salem Investment Counselors Inc. | 37635 | 0 | 8998 |
| CORNING INC | COM | 219350105 |  | 1717402 | 19614 | SH |  | SOLE | Salem Investment Counselors Inc. | 898 | 0 | 18716 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 20809779 | 24132 | SH |  | SOLE | Salem Investment Counselors Inc. | 15513 | 0 | 8619 |
| COUPANG INC | CL A | 22266T109 |  | 1444652 | 61240 | SH |  | SOLE | Salem Investment Counselors Inc. | 10355 | 0 | 50885 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 7515630 | 16033 | SH |  | SOLE | Salem Investment Counselors Inc. | 13787 | 0 | 2246 |
| CSX CORP | COM | 126408103 |  | 269048 | 7422 | SH |  | SOLE | Salem Investment Counselors Inc. | 3429 | 0 | 3993 |
| CVS HEALTH CORP | COM | 126650100 |  | 3360770 | 42348 | SH |  | SOLE | Salem Investment Counselors Inc. | 35216 | 0 | 7132 |
| CYBERARK SOFTWARE LTD | SHS | M2682V108 |  | 3141155 | 7042 | SH |  | SOLE | Salem Investment Counselors Inc. | 5478 | 0 | 1564 |
| D R HORTON INC | COM | 23331A109 |  | 1623219 | 11270 | SH |  | SOLE | Salem Investment Counselors Inc. | 6849 | 0 | 4421 |
| DARLING INGREDIENTS INC | COM | 237266101 |  | 562896 | 15636 | SH |  | SOLE |  | 0 | 0 | 15636 |
| DAWSON GEOPHYSICAL CO NEW | COM | 239360100 |  | 121368 | 77800 | SH |  | SOLE | Salem Investment Counselors Inc. | 77800 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 585654 | 1254 | SH |  | SOLE | Salem Investment Counselors Inc. | 1080 | 0 | 174 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 1498602 | 11905 | SH |  | SOLE | Salem Investment Counselors Inc. | 8625 | 0 | 3280 |
| DENTSPLY SIRONA INC | COM | 24906P109 |  | 144875 | 12500 | SH |  | SOLE | Salem Investment Counselors Inc. | 12000 | 0 | 500 |
| DIMENSIONAL ETF TRUST | INTL CORE EQT MK | 25434V203 |  | 783885 | 20569 | SH |  | SOLE | Salem Investment Counselors Inc. | 14402 | 0 | 6167 |
| DISNEY WALT CO | COM | 254687106 |  | 1226970 | 10724 | SH |  | SOLE | Salem Investment Counselors Inc. | 9989 | 0 | 735 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 363962 | 6212 | SH |  | SOLE | Salem Investment Counselors Inc. | 1281 | 0 | 4931 |
| DOVER CORP | COM | 260003108 |  | 923486 | 4730 | SH |  | SOLE | Salem Investment Counselors Inc. | 4730 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 3662601 | 31248 | SH |  | SOLE | Salem Investment Counselors Inc. | 18018 | 0 | 13230 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 328233 | 8165 | SH |  | SOLE | Salem Investment Counselors Inc. | 1946 | 0 | 6219 |
| DYCOM INDS INC | COM | 267475101 |  | 4504883 | 13332 | SH |  | SOLE | Salem Investment Counselors Inc. | 12307 | 0 | 1025 |
| EAGLE MATLS INC | COM | 26969P108 |  | 233004 | 1126 | SH |  | SOLE |  | 0 | 0 | 1126 |
| EATON CORP PLC | SHS | G29183103 |  | 10342339 | 32471 | SH |  | SOLE | Salem Investment Counselors Inc. | 26334 | 0 | 6137 |
| ECOLAB INC | COM | 278865100 |  | 513605 | 1951 | SH |  | SOLE | Salem Investment Counselors Inc. | 1156 | 0 | 795 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 756253 | 8871 | SH |  | SOLE | Salem Investment Counselors Inc. | 3978 | 0 | 4893 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 459221 | 1310 | SH |  | SOLE | Salem Investment Counselors Inc. | 1152 | 0 | 158 |
| ELI LILLY  CO | COM | 532457108 |  | 85173933 | 79255 | SH |  | SOLE | Salem Investment Counselors Inc. | 61149 | 0 | 18106 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 611790 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| EMERSON ELEC CO | COM | 291011104 |  | 2120866 | 15980 | SH |  | SOLE | Salem Investment Counselors Inc. | 15038 | 0 | 942 |
| ENBRIDGE INC | COM | 29250N105 |  | 7614536 | 159200 | SH |  | SOLE | Salem Investment Counselors Inc. | 101779 | 0 | 57421 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 6320634 | 383301 | SH |  | SOLE | Salem Investment Counselors Inc. | 255561 | 0 | 127740 |
| ENOVIX CORPORATION | COM | 293594107 |  | 102319 | 13997 | SH |  | SOLE | Salem Investment Counselors Inc. | 5227 | 0 | 8770 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 8156898 | 254426 | SH |  | SOLE | Salem Investment Counselors Inc. | 206671 | 0 | 47755 |
| EQUIFAX INC | COM | 294429105 |  | 213943 | 986 | SH |  | SOLE | Salem Investment Counselors Inc. | 986 | 0 | 0 |
| EVOLV TECHNOLOGIES HLDNGS IN | COM CL A | 30049H102 |  | 476856 | 66600 | SH |  | SOLE | Salem Investment Counselors Inc. | 66600 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 881998 | 7992 | SH |  | SOLE |  | 0 | 0 | 7992 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 10890891 | 90501 | SH |  | SOLE | Salem Investment Counselors Inc. | 75902 | 0 | 14599 |
| EZCORP INC | CL A NON VTG | 302301106 |  | 599884 | 30890 | SH |  | SOLE | Salem Investment Counselors Inc. | 30890 | 0 | 0 |
| F N B CORP | COM | 302520101 |  | 589711 | 34486 | SH |  | SOLE | Salem Investment Counselors Inc. | 33388 | 0 | 1098 |
| FABRINET | SHS | G3323L100 |  | 1471010 | 3231 | SH |  | SOLE | Salem Investment Counselors Inc. | 100 | 0 | 3131 |
| FEDEX CORP | COM | 31428X106 |  | 6761454 | 23292 | SH |  | SOLE | Salem Investment Counselors Inc. | 17950 | 0 | 5342 |
| FIRST CTZNS BANCSHARES INC D | CL A | 31946M103 |  | 397044 | 185 | SH |  | SOLE | Salem Investment Counselors Inc. | 115 | 0 | 70 |
| FIRST HORIZON CORPORATION | COM | 320517105 |  | 207672 | 8635 | SH |  | SOLE | Salem Investment Counselors Inc. | 8635 | 0 | 0 |
| FIRST TR EXCHANGE TRADED FD | NASDQ CLN EDGE | 33737A108 |  | 221879 | 1450 | SH |  | SOLE | Salem Investment Counselors Inc. | 1070 | 0 | 380 |
| FIRST TR EXCHANGE-TRADED FD | SMID RISNG ETF | 33741X102 |  | 216010 | 5637 | SH |  | SOLE |  | 0 | 0 | 5637 |
| FLOWERS FOODS INC | COM | 343498101 |  | 1025256 | 94233 | SH |  | SOLE | Salem Investment Counselors Inc. | 73930 | 0 | 20303 |
| FORTINET INC | COM | 34959E109 |  | 645524 | 8129 | SH |  | SOLE | Salem Investment Counselors Inc. | 6750 | 0 | 1379 |
| FRP HLDGS INC | COM | 30292L107 |  | 2614788 | 114734 | SH |  | SOLE | Salem Investment Counselors Inc. | 85616 | 0 | 29118 |
| GE AEROSPACE | COM NEW | 369604301 |  | 3150566 | 10217 | SH |  | SOLE | Salem Investment Counselors Inc. | 10050 | 0 | 167 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 14472594 | 176452 | SH |  | SOLE | Salem Investment Counselors Inc. | 94834 | 0 | 81618 |
| GE VERNOVA INC | COM | 36828A101 |  | 1703204 | 2606 | SH |  | SOLE | Salem Investment Counselors Inc. | 2511 | 0 | 95 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 1092462 | 3245 | SH |  | SOLE | Salem Investment Counselors Inc. | 2829 | 0 | 416 |
| GENERAL MLS INC | COM | 370334104 |  | 221573 | 4765 | SH |  | SOLE | Salem Investment Counselors Inc. | 1467 | 0 | 3298 |
| GENERAL MTRS CO | COM | 37045V100 |  | 253312 | 3115 | SH |  | SOLE | Salem Investment Counselors Inc. | 3115 | 0 | 0 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 924776 | 11948 | SH |  | SOLE |  | 0 | 0 | 11948 |
| GLOBAL X FDS | ARTIFICIAL ETF | 37954Y632 |  | 466841 | 9171 | SH |  | SOLE | Salem Investment Counselors Inc. | 5129 | 0 | 4042 |
| GLOBE LIFE INC | COM | 37959E102 |  | 839160 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA US LG | 381430503 |  | 417098 | 3151 | SH |  | SOLE | Salem Investment Counselors Inc. | 2634 | 0 | 517 |
| GOLDMAN SACHS ETF TR | S 500 PREMIUM | 38149W622 |  | 242880 | 4600 | SH |  | SOLE |  | 0 | 0 | 4600 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 6200466 | 7054 | SH |  | SOLE | Salem Investment Counselors Inc. | 4584 | 0 | 2470 |
| GRAPHIC PACKAGING HLDG CO | COM | 388689101 |  | 726126 | 47859 | SH |  | SOLE |  | 0 | 0 | 47859 |
| GREEN BRICK PARTNERS INC | COM | 392709101 |  | 40401414 | 644772 | SH |  | SOLE | Salem Investment Counselors Inc. | 493157 | 0 | 151615 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 1517762 | 3251 | SH |  | SOLE | Salem Investment Counselors Inc. | 3225 | 0 | 26 |
| HEALTHPEAK PROPERTIES INC | COM | 42250P103 |  | 287430 | 17875 | SH |  | SOLE |  | 0 | 0 | 17875 |
| HENRY SCHEIN INC | COM | 806407102 |  | 2346759 | 31050 | SH |  | SOLE | Salem Investment Counselors Inc. | 26345 | 0 | 4705 |
| HERC HLDGS INC | COM | 42704L104 |  | 3282314 | 22121 | SH |  | SOLE | Salem Investment Counselors Inc. | 16650 | 0 | 5471 |
| HIMS  HERS HEALTH INC | COM CL A | 433000106 |  | 8690044 | 267633 | SH |  | SOLE | Salem Investment Counselors Inc. | 186060 | 0 | 81573 |
| HOME DEPOT INC | COM | 437076102 |  | 8017347 | 23299 | SH |  | SOLE | Salem Investment Counselors Inc. | 14217 | 0 | 9082 |
| HONEYWELL INTL INC | COM | 438516106 |  | 8485563 | 43496 | SH |  | SOLE | Salem Investment Counselors Inc. | 36015 | 0 | 7481 |
| HUBBELL INC | COM | 443510607 |  | 7412196 | 16690 | SH |  | SOLE | Salem Investment Counselors Inc. | 13127 | 0 | 3563 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 3465423 | 197982 | SH |  | SOLE | Salem Investment Counselors Inc. | 122745 | 0 | 75237 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 251629 | 1015 | SH |  | SOLE | Salem Investment Counselors Inc. | 427 | 0 | 588 |
| INDIE SEMICONDUCTOR INC | CLASS A COM | 45569U101 |  | 145768 | 41294 | SH |  | SOLE |  | 0 | 0 | 41294 |
| INFUSYSTEM HLDGS INC | COM | 45685K102 |  | 201081 | 22417 | SH |  | SOLE | Salem Investment Counselors Inc. | 22417 | 0 | 0 |
| INGERSOLL RAND INC | COM | 45687V106 |  | 952225 | 12020 | SH |  | SOLE | Salem Investment Counselors Inc. | 7057 | 0 | 4963 |
| INGEVITY CORP | COM | 45688C107 |  | 2646648 | 44722 | SH |  | SOLE | Salem Investment Counselors Inc. | 438 | 0 | 44284 |
| INTEL CORP | COM | 458140100 |  | 2281674 | 61834 | SH |  | SOLE | Salem Investment Counselors Inc. | 59784 | 0 | 2050 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1859014 | 6276 | SH |  | SOLE | Salem Investment Counselors Inc. | 5512 | 0 | 764 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 336103 | 4958 | SH |  | SOLE |  | 0 | 0 | 4958 |
| INTUIT | COM | 461202103 |  | 380230 | 574 | SH |  | SOLE | Salem Investment Counselors Inc. | 507 | 0 | 67 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 35090533 | 61958 | SH |  | SOLE | Salem Investment Counselors Inc. | 43285 | 0 | 18673 |
| INVESCO EXCH TRADED FD TR II | NASDAQ 100 ETF | 46138G649 |  | 236481 | 935 | SH |  | SOLE |  | 0 | 0 | 935 |
| INVESCO EXCH TRADED FD TR II | S SMLCP INDL | 46138E123 |  | 3720981 | 24793 | SH |  | SOLE | Salem Investment Counselors Inc. | 24793 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | RAFI US 1000 ETF | 46137V613 |  | 412896 | 8800 | SH |  | SOLE |  | 0 | 0 | 8800 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 934622 | 4879 | SH |  | SOLE |  | 0 | 0 | 4879 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 3900400 | 6349 | SH |  | SOLE | Salem Investment Counselors Inc. | 4062 | 0 | 2287 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 340144 | 1509 | SH |  | SOLE | Salem Investment Counselors Inc. | 339 | 0 | 1170 |
| IRON MTN INC DEL | COM | 46284V101 |  | 6437273 | 77478 | SH |  | SOLE | Salem Investment Counselors Inc. | 56870 | 0 | 20608 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 2922201 | 58856 | SH |  | SOLE | Salem Investment Counselors Inc. | 43306 | 0 | 15550 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 562430 | 8367 | SH |  | SOLE | Salem Investment Counselors Inc. | 3638 | 0 | 4729 |
| ISHARES INC | MSCI JAPAN ETF | 46434G822 |  | 592390 | 7337 | SH |  | SOLE | Salem Investment Counselors Inc. | 7337 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 371704 | 5770 | SH |  | SOLE | Salem Investment Counselors Inc. | 2670 | 0 | 3100 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 |  | 1008819 | 10050 | SH |  | SOLE |  | 0 | 0 | 10050 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 1250581 | 13979 | SH |  | SOLE | Salem Investment Counselors Inc. | 7263 | 0 | 6716 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 1246015 | 18879 | SH |  | SOLE | Salem Investment Counselors Inc. | 8956 | 0 | 9923 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 589114 | 4902 | SH |  | SOLE | Salem Investment Counselors Inc. | 2997 | 0 | 1905 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 651277 | 4380 | SH |  | SOLE | Salem Investment Counselors Inc. | 4380 | 0 | 0 |
| ISHARES TR | CORE S US GWT | 464287671 |  | 284323 | 1693 | SH |  | SOLE | Salem Investment Counselors Inc. | 90 | 0 | 1603 |
| ISHARES TR | CORE S ETF | 464287200 |  | 7491528 | 10937 | SH |  | SOLE | Salem Investment Counselors Inc. | 7031 | 0 | 3906 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 4134533 | 41395 | SH |  | SOLE | Salem Investment Counselors Inc. | 26984 | 0 | 14411 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 952479 | 9012 | SH |  | SOLE | Salem Investment Counselors Inc. | 8207 | 0 | 805 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 |  | 606099 | 11917 | SH |  | SOLE |  | 0 | 0 | 11917 |
| ISHARES TR | GLOBAL ENERG ETF | 464287341 |  | 213843 | 5100 | SH |  | SOLE | Salem Investment Counselors Inc. | 5100 | 0 | 0 |
| ISHARES TR | GLOBAL TECH ETF | 464287291 |  | 1421280 | 13536 | SH |  | SOLE | Salem Investment Counselors Inc. | 13200 | 0 | 336 |
| ISHARES TR | ISHARES BIOTECH | 464287556 |  | 358806 | 2126 | SH |  | SOLE |  | 0 | 0 | 2126 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 926210 | 9645 | SH |  | SOLE | Salem Investment Counselors Inc. | 3257 | 0 | 6388 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 728026 | 13307 | SH |  | SOLE | Salem Investment Counselors Inc. | 8632 | 0 | 4675 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 |  | 1613715 | 17138 | SH |  | SOLE | Salem Investment Counselors Inc. | 8852 | 0 | 8286 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 331696 | 1670 | SH |  | SOLE | Salem Investment Counselors Inc. | 967 | 0 | 703 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 293006 | 9464 | SH |  | SOLE | Salem Investment Counselors Inc. | 7064 | 0 | 2400 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 836506 | 2240 | SH |  | SOLE | Salem Investment Counselors Inc. | 592 | 0 | 1648 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 2338576 | 4941 | SH |  | SOLE | Salem Investment Counselors Inc. | 4299 | 0 | 642 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 460224 | 2188 | SH |  | SOLE | Salem Investment Counselors Inc. | 1351 | 0 | 837 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 228690 | 1670 | SH |  | SOLE | Salem Investment Counselors Inc. | 500 | 0 | 1170 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 7299577 | 75824 | SH |  | SOLE | Salem Investment Counselors Inc. | 63980 | 0 | 11844 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 3374362 | 13708 | SH |  | SOLE | Salem Investment Counselors Inc. | 12563 | 0 | 1145 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 1000255 | 8115 | SH |  | SOLE | Salem Investment Counselors Inc. | 7204 | 0 | 911 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 1541749 | 7270 | SH |  | SOLE | Salem Investment Counselors Inc. | 2000 | 0 | 5270 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 2152796 | 15253 | SH |  | SOLE | Salem Investment Counselors Inc. | 14878 | 0 | 375 |
| ISHARES TR | TRUST ISHARE 0-1 | 464288679 |  | 357988 | 3250 | SH |  | SOLE | Salem Investment Counselors Inc. | 3250 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | BETABUILDRS US | 46641Q399 |  | 1192038 | 9667 | SH |  | SOLE | Salem Investment Counselors Inc. | 14 | 0 | 9653 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT ETF | 46641Q837 |  | 3945722 | 77719 | SH |  | SOLE | Salem Investment Counselors Inc. | 23862 | 0 | 53857 |
| J P MORGAN EXCHANGE TRADED F | US QUALTY FCTR | 46641Q761 |  | 1732143 | 27416 | SH |  | SOLE | Salem Investment Counselors Inc. | 7930 | 0 | 19486 |
| JABIL INC | COM | 466313103 |  | 206359 | 905 | SH |  | SOLE | Salem Investment Counselors Inc. | 505 | 0 | 400 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 36789424 | 177770 | SH |  | SOLE | Salem Investment Counselors Inc. | 137413 | 0 | 40357 |
| JOURNEY MED CORP | COM | 48115J109 |  | 110253 | 14300 | SH |  | SOLE | Salem Investment Counselors Inc. | 14300 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 77649518 | 240983 | SH |  | SOLE | Salem Investment Counselors Inc. | 181043 | 0 | 59940 |
| KB HOME | COM | 48666K109 |  | 7825196 | 138720 | SH |  | SOLE | Salem Investment Counselors Inc. | 121431 | 0 | 17289 |
| KENVUE INC | COM | 49177J102 |  | 788377 | 45703 | SH |  | SOLE | Salem Investment Counselors Inc. | 26995 | 0 | 18708 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 3662127 | 35568 | SH |  | SOLE | Salem Investment Counselors Inc. | 20685 | 0 | 14883 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 9570809 | 348156 | SH |  | SOLE | Salem Investment Counselors Inc. | 268953 | 0 | 79203 |
| KLARNA GROUP PLC | SHS | G5279N105 |  | 644693 | 22300 | SH |  | SOLE | Salem Investment Counselors Inc. | 300 | 0 | 22000 |
| KRATOS DEFENSE  SEC SOLUTIO | COM NEW | 50077B207 |  | 986830 | 13000 | SH |  | SOLE | Salem Investment Counselors Inc. | 9975 | 0 | 3025 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 519326 | 1769 | SH |  | SOLE | Salem Investment Counselors Inc. | 876 | 0 | 893 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 2503030 | 9977 | SH |  | SOLE | Salem Investment Counselors Inc. | 2678 | 0 | 7299 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 818720 | 4776 | SH |  | SOLE | Salem Investment Counselors Inc. | 4065 | 0 | 711 |
| LENNAR CORP | CL A | 526057104 |  | 26930721 | 261972 | SH |  | SOLE | Salem Investment Counselors Inc. | 213796 | 0 | 48176 |
| LIBERTY ENERGY INC | COM CL A | 53115L104 |  | 1392254 | 75420 | SH |  | SOLE |  | 0 | 0 | 75420 |
| LINCOLN NATL CORP IND | COM | 534187109 |  | 327964 | 7365 | SH |  | SOLE | Salem Investment Counselors Inc. | 6687 | 0 | 678 |
| LINDE PLC | SHS | G54950103 |  | 605474 | 1420 | SH |  | SOLE | Salem Investment Counselors Inc. | 1234 | 0 | 186 |
| LIVE OAK BANCSHARES INC | COM | 53803X105 |  | 1312342 | 38205 | SH |  | SOLE | Salem Investment Counselors Inc. | 14995 | 0 | 23210 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 456604 | 944 | SH |  | SOLE | Salem Investment Counselors Inc. | 665 | 0 | 279 |
| LOWES COS INC | COM | 548661107 |  | 336320038 | 1394593 | SH |  | SOLE | Salem Investment Counselors Inc. | 383875 | 0 | 1010718 |
| MARATHON PETE CORP | COM | 56585A102 |  | 670361 | 4122 | SH |  | SOLE | Salem Investment Counselors Inc. | 3822 | 0 | 300 |
| MARKEL GROUP INC | COM | 570535104 |  | 4183219 | 1946 | SH |  | SOLE | Salem Investment Counselors Inc. | 740 | 0 | 1206 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 4631346 | 7438 | SH |  | SOLE | Salem Investment Counselors Inc. | 7284 | 0 | 154 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 9433630 | 111010 | SH |  | SOLE | Salem Investment Counselors Inc. | 66445 | 0 | 44565 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 859175 | 1505 | SH |  | SOLE | Salem Investment Counselors Inc. | 357 | 0 | 1148 |
| MCDONALDS CORP | COM | 580135101 |  | 16145517 | 52827 | SH |  | SOLE | Salem Investment Counselors Inc. | 41437 | 0 | 11390 |
| MCKESSON CORP | COM | 58155Q103 |  | 357192 | 435 | SH |  | SOLE | Salem Investment Counselors Inc. | 184 | 0 | 251 |
| MEDPACE HLDGS INC | COM | 58506Q109 |  | 418430 | 745 | SH |  | SOLE | Salem Investment Counselors Inc. | 716 | 0 | 29 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 4832210 | 2399 | SH |  | SOLE | Salem Investment Counselors Inc. | 1045 | 0 | 1354 |
| MERCK  CO INC | COM | 58933Y105 |  | 19978321 | 188483 | SH |  | SOLE | Salem Investment Counselors Inc. | 141979 | 0 | 46504 |
| META PLATFORMS INC | CL A | 30303M102 |  | 103012675 | 156059 | SH |  | SOLE | Salem Investment Counselors Inc. | 122783 | 0 | 33276 |
| METHODE ELECTRS INC | COM | 591520200 |  | 119520 | 18000 | SH |  | SOLE | Salem Investment Counselors Inc. | 18000 | 0 | 0 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 4600827 | 3300 | SH |  | SOLE | Salem Investment Counselors Inc. | 3300 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 58954876 | 206483 | SH |  | SOLE | Salem Investment Counselors Inc. | 175042 | 0 | 31441 |
| MICROSOFT CORP | COM | 594918104 |  | 188433811 | 389632 | SH |  | SOLE | Salem Investment Counselors Inc. | 313334 | 0 | 76298 |
| MILLROSE PPTYS INC | COM CL A | 601137102 |  | 1644822 | 55066 | SH |  | SOLE | Salem Investment Counselors Inc. | 41693 | 0 | 13373 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 5526268 | 101728 | SH |  | SOLE | Salem Investment Counselors Inc. | 69664 | 0 | 32064 |
| MOODYS CORP | COM | 615369105 |  | 350954 | 687 | SH |  | SOLE | Salem Investment Counselors Inc. | 303 | 0 | 384 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 5486565 | 30905 | SH |  | SOLE | Salem Investment Counselors Inc. | 21156 | 0 | 9749 |
| NATERA INC | COM | 632307104 |  | 3729586 | 16280 | SH |  | SOLE | Salem Investment Counselors Inc. | 9620 | 0 | 6660 |
| NEBIUS GROUP N.V. | SHS CLASS A | N97284108 |  | 2254176 | 26930 | SH |  | SOLE | Salem Investment Counselors Inc. | 23780 | 0 | 3150 |
| NETFLIX INC | COM | 64110L106 |  | 2646923 | 28231 | SH |  | SOLE | Salem Investment Counselors Inc. | 24090 | 0 | 4141 |
| NEWMONT CORP | COM | 651639106 |  | 2432546 | 24362 | SH |  | SOLE | Salem Investment Counselors Inc. | 7775 | 0 | 16587 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 5365835 | 66839 | SH |  | SOLE | Salem Investment Counselors Inc. | 42227 | 0 | 24612 |
| NIKE INC | CL B | 654106103 |  | 720297 | 11240 | SH |  | SOLE | Salem Investment Counselors Inc. | 6337 | 0 | 4903 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 1208005 | 4184 | SH |  | SOLE | Salem Investment Counselors Inc. | 3322 | 0 | 862 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 429387 | 753 | SH |  | SOLE | Salem Investment Counselors Inc. | 277 | 0 | 476 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 735813 | 5337 | SH |  | SOLE | Salem Investment Counselors Inc. | 4746 | 0 | 591 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 493129 | 9692 | SH |  | SOLE | Salem Investment Counselors Inc. | 2169 | 0 | 7523 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 34936581 | 2087012 | SH |  | SOLE | Salem Investment Counselors Inc. | 1236805 | 0 | 850207 |
| NUCOR CORP | COM | 670346105 |  | 2621165 | 16015 | SH |  | SOLE | Salem Investment Counselors Inc. | 15202 | 0 | 813 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 264896680 | 1420358 | SH |  | SOLE | Salem Investment Counselors Inc. | 1140768 | 0 | 279590 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 218744 | 1003 | SH |  | SOLE | Salem Investment Counselors Inc. | 228 | 0 | 775 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 439407 | 10610 | SH |  | SOLE | Salem Investment Counselors Inc. | 3555 | 0 | 7055 |
| OLD REP INTL CORP | COM | 680223104 |  | 254580 | 5578 | SH |  | SOLE | Salem Investment Counselors Inc. | 5578 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 1248912 | 16992 | SH |  | SOLE | Salem Investment Counselors Inc. | 5848 | 0 | 11144 |
| ORACLE CORP | COM | 68389X105 |  | 6776242 | 34766 | SH |  | SOLE | Salem Investment Counselors Inc. | 27897 | 0 | 6869 |
| OSISKO DEVELOPMENT CORP | COM NEW | 68828E809 |  | 48511 | 13900 | SH |  | SOLE |  | 0 | 0 | 13900 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 830000 | 9502 | SH |  | SOLE | Salem Investment Counselors Inc. | 3169 | 0 | 6333 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 113449116 | 638251 | SH |  | SOLE | Salem Investment Counselors Inc. | 477091 | 0 | 161160 |
| PAYCHEX INC | COM | 704326107 |  | 288415 | 2571 | SH |  | SOLE | Salem Investment Counselors Inc. | 556 | 0 | 2015 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 822516 | 14089 | SH |  | SOLE | Salem Investment Counselors Inc. | 10808 | 0 | 3281 |
| PEPSICO INC | COM | 713448108 |  | 41207511 | 284874 | SH |  | SOLE | Salem Investment Counselors Inc. | 226161 | 0 | 58713 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 |  | 5962011 | 502831 | SH |  | SOLE | Salem Investment Counselors Inc. | 223026 | 0 | 279805 |
| PFIZER INC | COM | 717081103 |  | 2697414 | 108330 | SH |  | SOLE | Salem Investment Counselors Inc. | 73401 | 0 | 34929 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 3789841 | 23415 | SH |  | SOLE | Salem Investment Counselors Inc. | 20451 | 0 | 2964 |
| PHILLIPS 66 | COM | 718546104 |  | 5941131 | 46041 | SH |  | SOLE | Salem Investment Counselors Inc. | 32141 | 0 | 13900 |
| PINTEREST INC | CL A | 72352L106 |  | 2111226 | 81546 | SH |  | SOLE | Salem Investment Counselors Inc. | 69758 | 0 | 11788 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 4271660 | 20465 | SH |  | SOLE | Salem Investment Counselors Inc. | 15692 | 0 | 4773 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 4223790 | 41256 | SH |  | SOLE | Salem Investment Counselors Inc. | 29823 | 0 | 11433 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 14848075 | 103608 | SH |  | SOLE | Salem Investment Counselors Inc. | 77115 | 0 | 26493 |
| PROFESIONALLY MANAGED PORTFO | AKRE FOCUS ETF | 74316P579 |  | 2492328 | 38045 | SH |  | SOLE | Salem Investment Counselors Inc. | 37393 | 0 | 652 |
| QNITY ELECTRONICS INC | COMMON STOCK | 74743L100 |  | 333214 | 4081 | SH |  | SOLE | Salem Investment Counselors Inc. | 972 | 0 | 3109 |
| QUALCOMM INC | COM | 747525103 |  | 19407641 | 113462 | SH |  | SOLE | Salem Investment Counselors Inc. | 94228 | 0 | 19234 |
| QUANTA SVCS INC | COM | 74762E102 |  | 444430 | 1053 | SH |  | SOLE | Salem Investment Counselors Inc. | 1000 | 0 | 53 |
| QXO INC | COM NEW | 82846H405 |  | 1822423 | 94475 | SH |  | SOLE | Salem Investment Counselors Inc. | 48440 | 0 | 46035 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 387504 | 2413 | SH |  | SOLE | Salem Investment Counselors Inc. | 2325 | 0 | 88 |
| RED VIOLET INC | COM | 75704L104 |  | 1569429 | 27558 | SH |  | SOLE | Salem Investment Counselors Inc. | 27558 | 0 | 0 |
| REDDIT INC | CL A | 75734B100 |  | 1366578 | 5945 | SH |  | SOLE | Salem Investment Counselors Inc. | 5065 | 0 | 880 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 7961625 | 99483 | SH |  | SOLE | Salem Investment Counselors Inc. | 64088 | 0 | 35395 |
| ROYAL BK CDA | COM | 780087102 |  | 880922 | 5167 | SH |  | SOLE | Salem Investment Counselors Inc. | 5167 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 40334607 | 219927 | SH |  | SOLE | Salem Investment Counselors Inc. | 177423 | 0 | 42504 |
| S GLOBAL INC | COM | 78409V104 |  | 300490 | 575 | SH |  | SOLE | Salem Investment Counselors Inc. | 500 | 0 | 75 |
| SALESFORCE INC | COM | 79466L302 |  | 1057516 | 3989 | SH |  | SOLE | Salem Investment Counselors Inc. | 599 | 0 | 3390 |
| SANARA MEDTECH INC | COM | 79957L100 |  | 254445 | 10897 | SH |  | SOLE | Salem Investment Counselors Inc. | 10897 | 0 | 0 |
| SAVERS VALUE VLG INC | COM | 80517M109 |  | 168120 | 18000 | SH |  | SOLE | Salem Investment Counselors Inc. | 18000 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 2546207 | 25485 | SH |  | SOLE | Salem Investment Counselors Inc. | 13269 | 0 | 12216 |
| SCHWAB STRATEGIC TR | EMRG MKTEQ ETF | 808524706 |  | 474843 | 14499 | SH |  | SOLE | Salem Investment Counselors Inc. | 13972 | 0 | 527 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524755 |  | 1935531 | 42812 | SH |  | SOLE | Salem Investment Counselors Inc. | 25651 | 0 | 17161 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US L | 808524771 |  | 1509802 | 55487 | SH |  | SOLE | Salem Investment Counselors Inc. | 18745 | 0 | 36742 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 3293312 | 136993 | SH |  | SOLE | Salem Investment Counselors Inc. | 104785 | 0 | 32208 |
| SCHWAB STRATEGIC TR | INT-TRM U.S TRES | 808524854 |  | 2669892 | 106455 | SH |  | SOLE | Salem Investment Counselors Inc. | 81248 | 0 | 25207 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 3548902 | 135299 | SH |  | SOLE | Salem Investment Counselors Inc. | 104797 | 0 | 30502 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 1041353 | 37964 | SH |  | SOLE | Salem Investment Counselors Inc. | 18083 | 0 | 19881 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 310168 | 9508 | SH |  | SOLE | Salem Investment Counselors Inc. | 1477 | 0 | 8031 |
| SCHWAB STRATEGIC TR | US LCAP VA ETF | 808524409 |  | 200322 | 6765 | SH |  | SOLE | Salem Investment Counselors Inc. | 6765 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 25219725 | 937188 | SH |  | SOLE | Salem Investment Counselors Inc. | 683838 | 0 | 253350 |
| SCHWAB STRATEGIC TR | US MID-CAP ETF | 808524508 |  | 19094330 | 634996 | SH |  | SOLE | Salem Investment Counselors Inc. | 516401 | 0 | 118595 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 |  | 8661566 | 304128 | SH |  | SOLE | Salem Investment Counselors Inc. | 215478 | 0 | 88650 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 |  | 976378 | 21838 | SH |  | SOLE | Salem Investment Counselors Inc. | 6780 | 0 | 15058 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 |  | 437394 | 7986 | SH |  | SOLE | Salem Investment Counselors Inc. | 5473 | 0 | 2513 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 |  | 2487017 | 16066 | SH |  | SOLE | Salem Investment Counselors Inc. | 9581 | 0 | 6485 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 |  | 2235423 | 15527 | SH |  | SOLE | Salem Investment Counselors Inc. | 5014 | 0 | 10513 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 |  | 810684 | 18990 | SH |  | SOLE | Salem Investment Counselors Inc. | 7000 | 0 | 11990 |
| SEMPRA | COM | 816851109 |  | 718595 | 8080 | SH |  | SOLE | Salem Investment Counselors Inc. | 8080 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 3444018 | 22482 | SH |  | SOLE | Salem Investment Counselors Inc. | 15480 | 0 | 7002 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 778645 | 2403 | SH |  | SOLE | Salem Investment Counselors Inc. | 2240 | 0 | 163 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 253046 | 1367 | SH |  | SOLE | Salem Investment Counselors Inc. | 199 | 0 | 1168 |
| SMURFIT WESTROCK PLC | SHS | G8267P108 |  | 21425385 | 554057 | SH |  | SOLE | Salem Investment Counselors Inc. | 309312 | 0 | 244745 |
| SOLSTICE ADVANCED MATLS INC | COM SHS | 83443Q103 |  | 5066069 | 104283 | SH |  | SOLE | Salem Investment Counselors Inc. | 69143 | 0 | 35140 |
| SOLVENTUM CORP | COM SHS | 83444M101 |  | 461257 | 5821 | SH |  | SOLE | Salem Investment Counselors Inc. | 4329 | 0 | 1492 |
| SOMNIGROUP INTERNATIONAL INC | COM | 88023U101 |  | 1714176 | 19200 | SH |  | SOLE |  | 0 | 0 | 19200 |
| SONOCO PRODS CO | COM | 835495102 |  | 4615585 | 105765 | SH |  | SOLE | Salem Investment Counselors Inc. | 82181 | 0 | 23584 |
| SOUTHERN CO | COM | 842587107 |  | 810623 | 9296 | SH |  | SOLE | Salem Investment Counselors Inc. | 3997 | 0 | 5299 |
| SOUTHSTATE BK CORP | COM | 84472E102 |  | 1077278 | 11447 | SH |  | SOLE | Salem Investment Counselors Inc. | 10192 | 0 | 1255 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 386255 | 802 | SH |  | SOLE | Salem Investment Counselors Inc. | 620 | 0 | 182 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 619829 | 1564 | SH |  | SOLE | Salem Investment Counselors Inc. | 35 | 0 | 1529 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 20469504 | 29945 | SH |  | SOLE | Salem Investment Counselors Inc. | 20608 | 0 | 9337 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 2541132 | 4197 | SH |  | SOLE | Salem Investment Counselors Inc. | 4197 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A763 |  | 378516 | 2720 | SH |  | SOLE | Salem Investment Counselors Inc. | 2220 | 0 | 500 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R853 |  | 312463 | 6668 | SH |  | SOLE | Salem Investment Counselors Inc. | 6668 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A631 |  | 723720 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A870 |  | 509187 | 4176 | SH |  | SOLE | Salem Investment Counselors Inc. | 1476 | 0 | 2700 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R556 |  | 232950 | 1845 | SH |  | SOLE | Salem Investment Counselors Inc. | 1845 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A821 |  | 554580 | 6000 | SH |  | SOLE | Salem Investment Counselors Inc. | 6000 | 0 | 0 |
| SSGA ACTIVE ETF TR | STATE STREET ULT | 78467V707 |  | 795762 | 19646 | SH |  | SOLE |  | 0 | 0 | 19646 |
| STARBUCKS CORP | COM | 855244109 |  | 352419 | 4185 | SH |  | SOLE | Salem Investment Counselors Inc. | 3852 | 0 | 333 |
| STRYKER CORPORATION | COM | 863667101 |  | 2788620 | 7929 | SH |  | SOLE | Salem Investment Counselors Inc. | 5610 | 0 | 2319 |
| SYSCO CORP | COM | 871829107 |  | 3322609 | 45089 | SH |  | SOLE | Salem Investment Counselors Inc. | 44339 | 0 | 750 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 24880032 | 81844 | SH |  | SOLE | Salem Investment Counselors Inc. | 53452 | 0 | 28392 |
| TARGET CORP | COM | 87612E106 |  | 222004 | 2271 | SH |  | SOLE | Salem Investment Counselors Inc. | 2218 | 0 | 53 |
| TEMPUS AI INC | CL A | 88023B103 |  | 1782129 | 30180 | SH |  | SOLE | Salem Investment Counselors Inc. | 25405 | 0 | 4775 |
| TESLA INC | COM | 88160R101 |  | 5609416 | 12473 | SH |  | SOLE | Salem Investment Counselors Inc. | 6555 | 0 | 5918 |
| TEXAS INSTRS INC | COM | 882508104 |  | 1409126 | 8122 | SH |  | SOLE | Salem Investment Counselors Inc. | 117 | 0 | 8005 |
| TEXTRON INC | COM | 883203101 |  | 4055510 | 46524 | SH |  | SOLE | Salem Investment Counselors Inc. | 32570 | 0 | 13954 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 9539881 | 16460 | SH |  | SOLE | Salem Investment Counselors Inc. | 6378 | 0 | 10082 |
| TIDEWATER INC NEW | COM | 88642R109 |  | 681279 | 13488 | SH |  | SOLE |  | 0 | 0 | 13488 |
| TJX COS INC NEW | COM | 872540109 |  | 877574 | 5713 | SH |  | SOLE | Salem Investment Counselors Inc. | 639 | 0 | 5074 |
| TOYOTA MOTOR CORP | ADS | 892331307 |  | 997948 | 4662 | SH |  | SOLE | Salem Investment Counselors Inc. | 3574 | 0 | 1088 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 372725 | 7453 | SH |  | SOLE | Salem Investment Counselors Inc. | 4178 | 0 | 3275 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 6296478 | 16178 | SH |  | SOLE | Salem Investment Counselors Inc. | 7531 | 0 | 8647 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 432202 | 325 | SH |  | SOLE | Salem Investment Counselors Inc. | 217 | 0 | 108 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 230308 | 794 | SH |  | SOLE | Salem Investment Counselors Inc. | 609 | 0 | 185 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 13513123 | 274601 | SH |  | SOLE | Salem Investment Counselors Inc. | 217890 | 0 | 56711 |
| TYSON FOODS INC | CL A | 902494103 |  | 405182 | 6912 | SH |  | SOLE |  | 0 | 0 | 6912 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 423749 | 5186 | SH |  | SOLE | Salem Investment Counselors Inc. | 3513 | 0 | 1673 |
| UBIQUITI INC | COM | 90353W103 |  | 11078621 | 20021 | SH |  | SOLE | Salem Investment Counselors Inc. | 20021 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 292825 | 484 | SH |  | SOLE | Salem Investment Counselors Inc. | 30 | 0 | 454 |
| UNIFIRST CORP MASS | COM | 904708104 |  | 2220615 | 11490 | SH |  | SOLE | Salem Investment Counselors Inc. | 9159 | 0 | 2331 |
| UNION PAC CORP | COM | 907818108 |  | 808001 | 3493 | SH |  | SOLE | Salem Investment Counselors Inc. | 2702 | 0 | 791 |
| UNITED RENTALS INC | COM | 911363109 |  | 413563 | 511 | SH |  | SOLE | Salem Investment Counselors Inc. | 504 | 0 | 7 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 3031533 | 9183 | SH |  | SOLE | Salem Investment Counselors Inc. | 3553 | 0 | 5630 |
| US BANCORP DEL | COM NEW | 902973304 |  | 394751 | 7348 | SH |  | SOLE | Salem Investment Counselors Inc. | 80 | 0 | 7268 |
| V F CORP | COM | 918204108 |  | 388124 | 21467 | SH |  | SOLE | Salem Investment Counselors Inc. | 12191 | 0 | 9276 |
| V2X INC | COM | 92242T101 |  | 916659 | 16804 | SH |  | SOLE | Salem Investment Counselors Inc. | 8994 | 0 | 7810 |
| VANGUARD BD INDEX FDS | VANGUARD ULTRA | 92203C303 |  | 5095592 | 102239 | SH |  | SOLE | Salem Investment Counselors Inc. | 43025 | 0 | 59214 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 2879838 | 5903 | SH |  | SOLE | Salem Investment Counselors Inc. | 5570 | 0 | 333 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 239563 | 761 | SH |  | SOLE | Salem Investment Counselors Inc. | 761 | 0 | 0 |
| VANGUARD INDEX FDS | MCAP GR IDXVIP | 922908538 |  | 1150616 | 4122 | SH |  | SOLE | Salem Investment Counselors Inc. | 1421 | 0 | 2701 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 20335932 | 70071 | SH |  | SOLE | Salem Investment Counselors Inc. | 55625 | 0 | 14446 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 653145 | 7381 | SH |  | SOLE | Salem Investment Counselors Inc. | 6855 | 0 | 526 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 7377251 | 11764 | SH |  | SOLE | Salem Investment Counselors Inc. | 8720 | 0 | 3044 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 19262159 | 74674 | SH |  | SOLE | Salem Investment Counselors Inc. | 58993 | 0 | 15681 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 |  | 380961 | 1261 | SH |  | SOLE | Salem Investment Counselors Inc. | 712 | 0 | 549 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 2073305 | 6184 | SH |  | SOLE | Salem Investment Counselors Inc. | 4837 | 0 | 1347 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 663861 | 3476 | SH |  | SOLE | Salem Investment Counselors Inc. | 2535 | 0 | 941 |
| VANGUARD INSTL INDEX FD | 0-3 MO TREAS BIL | 922040845 |  | 4350199 | 57672 | SH |  | SOLE |  | 0 | 0 | 57672 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 |  | 414288 | 4955 | SH |  | SOLE | Salem Investment Counselors Inc. | 2320 | 0 | 2635 |
| VANGUARD INTL EQUITY INDEX F | FTSE PACIFIC ETF | 922042866 |  | 479120 | 5300 | SH |  | SOLE | Salem Investment Counselors Inc. | 3905 | 0 | 1395 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 989689 | 12413 | SH |  | SOLE |  | 0 | 0 | 12413 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 6015587 | 27371 | SH |  | SOLE | Salem Investment Counselors Inc. | 17242 | 0 | 10129 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 1126022 | 18025 | SH |  | SOLE | Salem Investment Counselors Inc. | 4840 | 0 | 13185 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 240827 | 1678 | SH |  | SOLE | Salem Investment Counselors Inc. | 1163 | 0 | 515 |
| VANGUARD WORLD FD | ENERGY ETF | 92204A306 |  | 1038715 | 8249 | SH |  | SOLE | Salem Investment Counselors Inc. | 7469 | 0 | 780 |
| VANGUARD WORLD FD | ESG US STK ETF | 921910733 |  | 232244 | 1920 | SH |  | SOLE |  | 0 | 0 | 1920 |
| VANGUARD WORLD FD | HEALTH CAR ETF | 92204A504 |  | 327862 | 1139 | SH |  | SOLE | Salem Investment Counselors Inc. | 1119 | 0 | 20 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 1037956 | 1377 | SH |  | SOLE | Salem Investment Counselors Inc. | 322 | 0 | 1055 |
| VANGUARD WORLD FD | MEGA CAP INDEX | 921910873 |  | 2035985 | 8106 | SH |  | SOLE | Salem Investment Counselors Inc. | 5429 | 0 | 2677 |
| VANGUARD WORLD FD | MEGA CAP VAL ETF | 921910840 |  | 754642 | 5346 | SH |  | SOLE |  | 0 | 0 | 5346 |
| VANGUARD WORLD FD | MEGA GRWTH IND | 921910816 |  | 22657359 | 54891 | SH |  | SOLE | Salem Investment Counselors Inc. | 41334 | 0 | 13557 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 1227643 | 30141 | SH |  | SOLE | Salem Investment Counselors Inc. | 23788 | 0 | 6353 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 223960 | 494 | SH |  | SOLE | Salem Investment Counselors Inc. | 301 | 0 | 193 |
| VIATRIS INC | COM | 92556V106 |  | 223403 | 17944 | SH |  | SOLE | Salem Investment Counselors Inc. | 12944 | 0 | 5000 |
| VIEMED HEALTHCARE INC | COM | 92663R105 |  | 468886 | 63107 | SH |  | SOLE | Salem Investment Counselors Inc. | 63107 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 28341981 | 80813 | SH |  | SOLE | Salem Investment Counselors Inc. | 63244 | 0 | 17569 |
| WABTEC | COM | 929740108 |  | 275991 | 1293 | SH |  | SOLE | Salem Investment Counselors Inc. | 1247 | 0 | 46 |
| WALMART INC | COM | 931142103 |  | 37310095 | 334890 | SH |  | SOLE | Salem Investment Counselors Inc. | 280631 | 0 | 54259 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 2001694 | 69455 | SH |  | SOLE | Salem Investment Counselors Inc. | 1192 | 0 | 68263 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 6566693 | 29888 | SH |  | SOLE | Salem Investment Counselors Inc. | 20546 | 0 | 9342 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1269408 | 13620 | SH |  | SOLE | Salem Investment Counselors Inc. | 11584 | 0 | 2036 |
| WEST PHARMACEUTICAL SVSC INC | COM | 955306105 |  | 1805194 | 6561 | SH |  | SOLE | Salem Investment Counselors Inc. | 210 | 0 | 6351 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 357496 | 3042 | SH |  | SOLE | Salem Investment Counselors Inc. | 2875 | 0 | 167 |
| WP CAREY INC | COM | 92936U109 |  | 207656 | 3181 | SH |  | SOLE | Salem Investment Counselors Inc. | 176 | 0 | 3005 |
| WW GRAINGER INC | COM | 384802104 |  | 764860 | 758 | SH |  | SOLE | Salem Investment Counselors Inc. | 608 | 0 | 150 |
| YUM BRANDS INC | COM | 988498101 |  | 2802311 | 18524 | SH |  | SOLE | Salem Investment Counselors Inc. | 12871 | 0 | 5653 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 572928 | 12001 | SH |  | SOLE | Salem Investment Counselors Inc. | 8391 | 0 | 3610 |
| ZSCALER INC | COM | 98980G102 |  | 2230982 | 9919 | SH |  | SOLE | Salem Investment Counselors Inc. | 7625 | 0 | 2294 |

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