The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
*Huadian Power International C CS 614278901 19 40,000 SH   SOLE   40,000 0 0
*Kingmaker Footwear Holdings* CS 649209905 27 120,000 SH   SOLE   120,000 0 0
*NagaCorp Ltd* CS b1fssm902 134 201,319 SH   SOLE   201,319 0 0
*Restaurant Brands NZ Ltd* CS 600298905 173 45,000 SH   SOLE   45,000 0 0
*Westshore Terminals Investmen CS 96145a960 146 10,120 SH   SOLE   10,120 0 0
3M Corp. CS 88579Y101 1,210 6,908 SH   SOLE   6,908 0 0
A T & T CS 00206R102 1,116 25,836 SH   SOLE   25,836 0 0
AbbVie Inc. CS 00287y109 960 15,508 SH   SOLE   15,508 0 0
Abbott Labs CS 002824100 1,220 31,027 SH   SOLE   31,027 0 0
Air Prod.& Chem. CS 009158106 657 4,625 SH   SOLE   4,625 0 0
Akamai Technologies CS 00971t101 834 14,905 SH   SOLE   14,905 0 0
Alaska Air CS 011659109 357 6,125 SH   SOLE   6,125 0 0
Allergan CS g0177j108 341 1,475 SH   SOLE   1,475 0 0
AllianceBernstein Holdings CS 01881G106 1,310 56,238 SH   SOLE   56,238 0 0
Alphabet Inc Class A CS 02079k305 390 555 SH   SOLE   555 0 0
Alphabet Inc Class C CS 02079k107 419 605 SH   SOLE   605 0 0
Altria Group CS 02209S103 414 6,000 SH   SOLE   6,000 0 0
Amazon, Inc. CS 023135106 301 420 SH   SOLE   420 0 0
American Airlines Group Inc. CS 02376r102 553 19,525 SH   SOLE   19,525 0 0
American Woodmark Corporation CS 030506109 617 9,300 SH   SOLE   9,300 0 0
Amgen CS 031162100 1,421 9,340 SH   SOLE   9,340 0 0
Analog Devices CS 032654105 1,133 20,000 SH   SOLE   20,000 0 0
Anthem CS 036752103 716 5,450 SH   SOLE   5,450 0 0
Apple Computer CS 037833100 1,299 13,590 SH   SOLE   13,590 0 0
Armstrong World Industries CS 04247x102 707 18,050 SH   SOLE   18,050 0 0
Arthur J Gallagher & Co CS 363576109 362 7,600 SH   SOLE   7,600 0 0
Astrazeneca CS 046353108 777 25,750 SH   SOLE   25,750 0 0
Avnet CS 053807103 681 16,800 SH   SOLE   16,800 0 0
BB&T CS 054937107 1,572 44,140 SH   SOLE   44,140 0 0
Bank of America Pfd Ser E CS 060505815 547 22,450 SH   SOLE   22,450 0 0
Bank of Nova Scotia CS 064149107 276 5,625 SH   SOLE   5,625 0 0
Belden Inc. CS 077454106 370 6,125 SH   SOLE   6,125 0 0
Berkshire Hathaway B CS 084670702 894 6,173 SH   SOLE   6,173 0 0
Blackstone Group CS 09253u108 202 8,250 SH   SOLE   8,250 0 0
Boeing CS 097023105 1,273 9,800 SH   SOLE   9,800 0 0
Bristol Myers Squibb CS 110122108 526 7,150 SH   SOLE   7,150 0 0
C.V.S. Caremark CS 126650100 1,023 10,685 SH   SOLE   10,685 0 0
CSX Corp CS 126408103 1,077 41,313 SH   SOLE   41,313 0 0
Canadian Pacific CS 13645T100 578 4,487 SH   SOLE   4,487 0 0
Capital One Finl. CS 14040H105 429 6,750 SH   SOLE   6,750 0 0
Carnival Corp.-Cl A CS 143658300 225 5,100 SH   SOLE   5,100 0 0
Celgene CS 151020104 1,751 17,755 SH   SOLE   17,755 0 0
Century Bancorp CS 156432106 257 6,080 SH   SOLE   6,080 0 0
Chipotle Mexican Grill, Inc. CS 169656105 201 500 SH   SOLE   500 0 0
Church and Dwight CS 171340102 5,937 57,700 SH   SOLE   57,700 0 0
Cisco Systems CS 17275R102 1,647 57,400 SH   SOLE   57,400 0 0
Citigroup CS 172967424 314 7,400 SH   SOLE   7,400 0 0
Citizens Financial Group CS 174610105 217 10,850 SH   SOLE   10,850 0 0
Coca-Cola CS 191216100 620 13,673 SH   SOLE   13,673 0 0
Colgate-Palmolive CS 194162103 534 7,300 SH   SOLE   7,300 0 0
Costco Wholesale CS 22160K105 620 3,950 SH   SOLE   3,950 0 0
DaVita Inc. CS 23918k108 392 5,075 SH   SOLE   5,075 0 0
Darden Restaurants CS 237194105 570 9,000 SH   SOLE   9,000 0 0
Delta Airlines CS 247361702 297 8,150 SH   SOLE   8,150 0 0
Diageo PLC ADS CS 25243q205 711 6,300 SH   SOLE   6,300 0 0
EOG Resources CS 26875p101 300 3,595 SH   SOLE   3,595 0 0
Eaton CS g29183103 505 8,450 SH   SOLE   8,450 0 0
Eli Lilly CS 532457108 583 7,400 SH   SOLE   7,400 0 0
Emerson Electric CS 291011104 1,099 21,070 SH   SOLE   21,070 0 0
Enterprise Products Partners L CS 293792107 353 12,055 SH   SOLE   12,055 0 0
Expedia CS 30212p303 324 3,050 SH   SOLE   3,050 0 0
Express Scripts CS 30219g108 262 3,450 SH   SOLE   3,450 0 0
Exxon Mobil CS 30231G102 3,049 32,526 SH   SOLE   32,526 0 0
FedEx CS 31428X106 1,299 8,560 SH   SOLE   8,560 0 0
Fortinet CS 34959e109 494 15,625 SH   SOLE   15,625 0 0
General Dynamics CS 369550108 383 2,750 SH   SOLE   2,750 0 0
General Electric CS 369604103 2,586 82,154 SH   SOLE   82,154 0 0
General Mills CS 370334104 474 6,650 SH   SOLE   6,650 0 0
Gentherm Inc. CS 37253a103 255 7,445 SH   SOLE   7,445 0 0
Gildan Activewear CS 375916103 285 9,700 SH   SOLE   9,700 0 0
Gilead Sciences CS 375558103 272 3,265 SH   SOLE   3,265 0 0
GlaxoSmithKline CS 37733W105 423 9,750 SH   SOLE   9,750 0 0
HSBC Holdings Pfd A CS 404280604 270 10,400 SH   SOLE   10,400 0 0
Halyard Health CS 40650v100 438 13,457 SH   SOLE   13,457 0 0
Hanesbrands, Inc. CS 410345102 691 27,500 SH   SOLE   27,500 0 0
Harris CS 413875105 576 6,900 SH   SOLE   6,900 0 0
Headwaters Inc CS 42210p102 602 33,531 SH   SOLE   33,531 0 0
Hess Corporation CS 42809h107 240 4,000 SH   SOLE   4,000 0 0
Home Depot CS 437076102 437 3,423 SH   SOLE   3,423 0 0
Honeywell Int'l. CS 438516106 295 2,537 SH   SOLE   2,537 0 0
Hormel Foods Corp CS 440452100 522 14,250 SH   SOLE   14,250 0 0
Hubbell CS 443510607 216 2,050 SH   SOLE   2,050 0 0
Independent Bank CS 453836108 1,098 24,028 SH   SOLE   24,028 0 0
Int'l Bus. Mach. CS 459200101 839 5,525 SH   SOLE   5,525 0 0
Intel CS 458140100 1,569 47,833 SH   SOLE   47,833 0 0
JPMorgan Pfd Ser O CS 48126e750 604 23,300 SH   SOLE   23,300 0 0
Johnson & Johnson CS 478160104 3,066 25,280 SH   SOLE   25,280 0 0
Kansas City So. CS 485170302 592 6,575 SH   SOLE   6,575 0 0
Kellogg CS 487836108 1,334 16,332 SH   SOLE   16,332 0 0
KeyCorp CS 493267108 211 19,100 SH   SOLE   19,100 0 0
Kimberly Clark CS 494368103 3,401 24,738 SH   SOLE   24,738 0 0
Kinder Morgan Inc CS 49456b101 351 18,742 SH   SOLE   18,742 0 0
L Brands Inc CS 501797104 420 6,250 SH   SOLE   6,250 0 0
Lennar CS 526057104 754 16,350 SH   SOLE   16,350 0 0
LyondellBasell Industries CS n53745100 502 6,750 SH   SOLE   6,750 0 0
Marathon Petroleum CS 56585a102 459 12,100 SH   SOLE   12,100 0 0
MaxLinear, Inc. CS 57776j100 421 23,400 SH   SOLE   23,400 0 0
McDonald's CS 580135101 423 3,517 SH   SOLE   3,517 0 0
Merck CS 58933y105 2,196 38,124 SH   SOLE   38,124 0 0
Merit Medical Systems, Inc. CS 589889104 413 20,840 SH   SOLE   20,840 0 0
MetLife CS 59156R108 486 12,200 SH   SOLE   12,200 0 0
Microsoft CS 594918104 1,641 32,077 SH   SOLE   32,077 0 0
Mohawk Industries CS 608190104 1,370 7,220 SH   SOLE   7,220 0 0
Morgan Stanley CS 617446448 680 26,164 SH   SOLE   26,164 0 0
Mylan Labs CS n59465109 439 10,150 SH   SOLE   10,150 0 0
Nike Inc Class B CS 654106103 1,390 25,177 SH   SOLE   25,177 0 0
Nordstrom CS 655664100 1,261 33,150 SH   SOLE   33,150 0 0
Norfolk Southern CS 655844108 417 4,900 SH   SOLE   4,900 0 0
Novartis AG ADS CS 66987V109 753 9,129 SH   SOLE   9,129 0 0
Owens-Illinois Inc CS 690768403 301 16,700 SH   SOLE   16,700 0 0
Packaging Corp of America CS 695156109 330 4,925 SH   SOLE   4,925 0 0
Palo Alto Networks CS 697435105 522 4,254 SH   SOLE   4,254 0 0
Parexel International Corp CS 699462107 1,315 20,911 SH   SOLE   20,911 0 0
PennyMac Financial Services CS 70932b101 211 16,900 SH   SOLE   16,900 0 0
Pentair CS g7s00t104 602 10,325 SH   SOLE   10,325 0 0
Pepsico CS 713448108 678 6,399 SH   SOLE   6,399 0 0
Performance Sports Group CS 71377g100 70 23,309 SH   SOLE   23,309 0 0
Pfizer CS 717081103 1,562 44,350 SH   SOLE   44,350 0 0
Phillips 66 CS 718546104 413 5,200 SH   SOLE   5,200 0 0
Polaris Industries CS 731068102 433 5,300 SH   SOLE   5,300 0 0
Praxair CS 74005P104 264 2,350 SH   SOLE   2,350 0 0
Procter & Gamble CS 742718109 1,040 12,280 SH   SOLE   12,280 0 0
Prosperity Bancshares, Inc. CS 743606105 1,169 22,925 SH   SOLE   22,925 0 0
Radian CS 750236101 243 23,350 SH   SOLE   23,350 0 0
Regeneron Pharmaceuticals CS 75886f107 400 1,145 SH   SOLE   1,145 0 0
Restaurant Brands Int'l CS 76131d103 364 8,761 SH   SOLE   8,761 0 0
Rollins CS 775711104 354 12,100 SH   SOLE   12,100 0 0
Schlumberger CS 806857108 755 9,552 SH   SOLE   9,552 0 0
Skyworks Solutions Inc CS 83088M102 373 5,900 SH   SOLE   5,900 0 0
Snap-On Tools CS 833034101 450 2,850 SH   SOLE   2,850 0 0
Spirit Airlines CS 848577102 376 8,375 SH   SOLE   8,375 0 0
Starbucks CS 855244109 491 8,600 SH   SOLE   8,600 0 0
State Street Preferred C CS 857477509 314 11,900 SH   SOLE   11,900 0 0
Synaptics CS 87157d109 546 10,154 SH   SOLE   10,154 0 0
Sysco Corp CS 871829107 493 9,720 SH   SOLE   9,720 0 0
Target CS 87612E106 307 4,400 SH   SOLE   4,400 0 0
The FRS Company CS aci076053 0 114,324 SH   SOLE   114,324 0 0
The Gap Inc. CS 364760108 401 18,900 SH   SOLE   18,900 0 0
Toll Brothers CS 889478103 328 12,175 SH   SOLE   12,175 0 0
Tyler Tech CS 902252105 496 2,976 SH   SOLE   2,976 0 0
UPS CS 911312106 571 5,300 SH   SOLE   5,300 0 0
Unifi, Inc. CS 904677200 246 9,050 SH   SOLE   9,050 0 0
Union Pacific CS 907818108 832 9,538 SH   SOLE   9,538 0 0
United Rentals, Inc. CS 911363109 810 12,075 SH   SOLE   12,075 0 0
United Technologies CS 913017109 725 7,070 SH   SOLE   7,070 0 0
Valero CS 91913Y100 1,530 30,000 SH   SOLE   30,000 0 0
Verizon Comm. CS 92343V104 239 4,283 SH   SOLE   4,283 0 0
W.P. Carey & Co. CS 92936u109 450 6,484 SH   SOLE   6,484 0 0
Wal-Mart Stores CS 931142103 229 3,137 SH   SOLE   3,137 0 0
Walgreens Boots Alliance CS 931427108 339 4,075 SH   SOLE   4,075 0 0
Walt Disney CS 254687106 1,582 16,175 SH   SOLE   16,175 0 0
Washington Trust CS 940610108 2,430 64,093 SH   SOLE   64,093 0 0
Waste Management Inc. CS 94106l109 288 4,350 SH   SOLE   4,350 0 0
Wells Fargo CS 949746101 2,054 43,397 SH   SOLE   43,397 0 0
Whirlpool CS 963320106 387 2,325 SH   SOLE   2,325 0 0
WhiteWave Foods CS 966244105 207 4,400 SH   SOLE   4,400 0 0
World Fuel Services CS 981475106 280 5,900 SH   SOLE   5,900 0 0
Wyndham Worldwide CS 98310w108 1,188 16,675 SH   SOLE   16,675 0 0
Zoetis Inc CS 98978v103 515 10,845 SH   SOLE   10,845 0 0