Securities and Exchange Commission February 5, 2009 – Federal Register Recent Federal Regulation Documents

Applicant seeks an order declaring that it has ceased to be an investment company. On September 19, 2008, applicant made a liquidating distribution to its shareholders, based on net asset value. Expenses of $14,179 incurred in connection with the liquidation were paid by Salem Investment Counselors, Inc., applicant's investment adviser. Filing Date: The application was filed on December 5, 2008. Applicant's Address: Salem Investment Counselors, Inc., 480 Shepherd St., Winston-Salem, NC 27103.