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 18 40,000 SH   SOLE   40,000 0 0
*Kingmaker Footwear Holdings* CS 649209905 26 120,000 SH   SOLE   120,000 0 0
*NagaCorp Ltd* CS b1fssm902 132 201,319 SH   SOLE   201,319 0 0
*Restaurant Brands NZ Ltd* CS 600298905 188 45,000 SH   SOLE   45,000 0 0
*Westshore Terminals Investmen CS 96145a960 184 10,120 SH   SOLE   10,120 0 0
3M Corp. CS 88579Y101 1,217 6,908 SH   SOLE   6,908 0 0
A T & T CS 00206R102 1,082 26,636 SH   SOLE   26,636 0 0
AECOM Technology Corp CS 00766t100 638 21,450 SH   SOLE   21,450 0 0
AbbVie Inc. CS 00287y109 240 3,808 SH   SOLE   3,808 0 0
Abbott Labs CS 002824100 1,010 23,877 SH   SOLE   23,877 0 0
Air Prod.& Chem. CS 009158106 530 3,525 SH   SOLE   3,525 0 0
Akamai Technologies CS 00971t101 742 14,005 SH   SOLE   14,005 0 0
Alaska Air CS 011659109 403 6,125 SH   SOLE   6,125 0 0
Albemarle Corp. CS 012653101 419 4,900 SH   SOLE   4,900 0 0
Allergan CS g0177j108 553 2,400 SH   SOLE   2,400 0 0
AllianceBernstein Holdings CS 01881G106 1,416 62,088 SH   SOLE   62,088 0 0
Alphabet Inc Class C CS 02079k107 435 560 SH   SOLE   560 0 0
Altria Group CS 02209S103 488 7,712 SH   SOLE   7,712 0 0
American Airlines Group Inc. CS 02376r102 653 17,825 SH   SOLE   17,825 0 0
American Campus Communities CS 024835100 237 4,650 SH   SOLE   4,650 0 0
American States Water CS 029899101 212 5,300 SH   SOLE   5,300 0 0
Amgen CS 031162100 1,212 7,265 SH   SOLE   7,265 0 0
Amsurg Corp CS 03232p405 322 4,800 SH   SOLE   4,800 0 0
Apple Computer CS 037833100 1,451 12,835 SH   SOLE   12,835 0 0
Armstrong World Industries CS 04247x102 696 16,850 SH   SOLE   16,850 0 0
Astrazeneca CS 046353108 205 6,225 SH   SOLE   6,225 0 0
Avnet CS 053807103 829 20,200 SH   SOLE   20,200 0 0
BB&T CS 054937107 1,535 40,690 SH   SOLE   40,690 0 0
Bank of America Pfd Ser E CS 060505815 1,050 42,750 SH   SOLE   42,750 0 0
Bank of Nova Scotia CS 064149107 298 5,625 SH   SOLE   5,625 0 0
Belden Inc. CS 077454106 373 5,400 SH   SOLE   5,400 0 0
Berkshire Hathaway B CS 084670702 892 6,173 SH   SOLE   6,173 0 0
Blackstone Group CS 09253u108 231 9,050 SH   SOLE   9,050 0 0
Boeing CS 097023105 1,448 10,990 SH   SOLE   10,990 0 0
Bristol Myers Squibb CS 110122108 1,125 20,867 SH   SOLE   20,867 0 0
Brunswick CS 117043109 268 5,500 SH   SOLE   5,500 0 0
C.V.S. Caremark CS 126650100 1,325 14,885 SH   SOLE   14,885 0 0
CSX Corp CS 126408103 1,551 50,863 SH   SOLE   50,863 0 0
Canadian Pacific CS 13645T100 616 4,037 SH   SOLE   4,037 0 0
Capital One Finl. CS 14040H105 427 5,950 SH   SOLE   5,950 0 0
Carnival Corp.-Cl A CS 143658300 498 10,200 SH   SOLE   10,200 0 0
Celgene CS 151020104 1,542 14,755 SH   SOLE   14,755 0 0
Century Bancorp CS 156432106 240 5,301 SH   SOLE   5,301 0 0
Church and Dwight CS 171340102 5,492 114,600 SH   SOLE   114,600 0 0
Cisco Systems CS 17275R102 1,432 45,150 SH   SOLE   45,150 0 0
Citigroup CS 172967424 282 5,962 SH   SOLE   5,962 0 0
Citizens Financial Group CS 174610105 243 9,850 SH   SOLE   9,850 0 0
Coca-Cola CS 191216100 579 13,673 SH   SOLE   13,673 0 0
Colgate-Palmolive CS 194162103 267 3,600 SH   SOLE   3,600 0 0
Countrywide Capital V 7.00% CS 222388209 309 12,000 SH   SOLE   12,000 0 0
Cynosure CS 232577205 309 6,075 SH   SOLE   6,075 0 0
DaVita Inc. CS 23918k108 281 4,250 SH   SOLE   4,250 0 0
Darden Restaurants CS 237194105 1,309 21,350 SH   SOLE   21,350 0 0
Delta Airlines CS 247361702 293 7,450 SH   SOLE   7,450 0 0
Diamond Offshore Drilling CS 25271c102 291 16,550 SH   SOLE   16,550 0 0
Emerson Electric CS 291011104 1,113 20,420 SH   SOLE   20,420 0 0
Enterprise Products Partners L CS 293792107 690 24,980 SH   SOLE   24,980 0 0
Exxon Mobil CS 30231G102 2,659 30,468 SH   SOLE   30,468 0 0
FedEx CS 31428X106 996 5,700 SH   SOLE   5,700 0 0
First Republic Preferred C CS 33616c605 512 20,025 SH   SOLE   20,025 0 0
Fortinet CS 34959e109 407 11,025 SH   SOLE   11,025 0 0
General Dynamics CS 369550108 287 1,851 SH   SOLE   1,851 0 0
General Electric CS 369604103 2,674 90,286 SH   SOLE   90,286 0 0
General Mills CS 370334104 275 4,300 SH   SOLE   4,300 0 0
General Motors CS 37045v100 340 10,695 SH   SOLE   10,695 0 0
Gildan Activewear CS 375916103 243 8,700 SH   SOLE   8,700 0 0
Gilead Sciences CS 375558103 703 8,890 SH   SOLE   8,890 0 0
GlaxoSmithKline CS 37733W105 485 11,250 SH   SOLE   11,250 0 0
HSBC Holdings Pfd A CS 404280604 265 10,350 SH   SOLE   10,350 0 0
Halyard Health CS 40650v100 612 17,657 SH   SOLE   17,657 0 0
Hanesbrands, Inc. CS 410345102 684 27,100 SH   SOLE   27,100 0 0
Headwaters Inc CS 42210p102 1,126 66,537 SH   SOLE   66,537 0 0
Henry Schein, Inc CS 806407102 212 1,300 SH   SOLE   1,300 0 0
Hess Corporation CS 42809h107 214 4,000 SH   SOLE   4,000 0 0
Home Depot CS 437076102 383 2,973 SH   SOLE   2,973 0 0
Honeywell Int'l. CS 438516106 917 7,862 SH   SOLE   7,862 0 0
Hormel Foods Corp CS 440452100 713 18,800 SH   SOLE   18,800 0 0
Hubbell CS 443510607 773 7,175 SH   SOLE   7,175 0 0
Independent Bank CS 453836108 1,074 19,853 SH   SOLE   19,853 0 0
Installed Building Products In CS 45780r101 714 19,900 SH   SOLE   19,900 0 0
Int'l Bus. Mach. CS 459200101 1,148 7,225 SH   SOLE   7,225 0 0
Intel CS 458140100 1,619 42,883 SH   SOLE   42,883 0 0
JPMorgan Pfd Ser O CS 48126e750 628 24,300 SH   SOLE   24,300 0 0
Johnson & Johnson CS 478160104 3,584 30,343 SH   SOLE   30,343 0 0
Kansas City So. CS 485170302 511 5,475 SH   SOLE   5,475 0 0
Kellogg CS 487836108 1,234 15,932 SH   SOLE   15,932 0 0
KeyCorp CS 493267108 174 14,300 SH   SOLE   14,300 0 0
Kimberly Clark CS 494368103 3,070 24,338 SH   SOLE   24,338 0 0
Kinder Morgan Inc CS 49456b101 313 13,538 SH   SOLE   13,538 0 0
L Brands Inc CS 501797104 315 4,450 SH   SOLE   4,450 0 0
Lennar CS 526057104 634 14,975 SH   SOLE   14,975 0 0
LyondellBasell Industries CS n53745100 581 7,200 SH   SOLE   7,200 0 0
MaxLinear, Inc. CS 57776j100 255 12,577 SH   SOLE   12,577 0 0
McDonald's CS 580135101 965 8,367 SH   SOLE   8,367 0 0
Merck CS 58933y105 869 13,922 SH   SOLE   13,922 0 0
MetLife CS 59156R108 1,089 24,500 SH   SOLE   24,500 0 0
Microsoft CS 594918104 858 14,902 SH   SOLE   14,902 0 0
Mohawk Industries CS 608190104 651 3,250 SH   SOLE   3,250 0 0
Mondelez International CS 609207105 387 8,810 SH   SOLE   8,810 0 0
Morgan Stanley CS 617446448 808 25,214 SH   SOLE   25,214 0 0
Mylan Labs CS n59465109 379 9,950 SH   SOLE   9,950 0 0
National Grid PLC CS 636274300 548 7,700 SH   SOLE   7,700 0 0
New York Community Bancorp CS 649445103 208 14,650 SH   SOLE   14,650 0 0
Nike Inc Class B CS 654106103 1,265 24,027 SH   SOLE   24,027 0 0
Nordstrom CS 655664100 800 15,425 SH   SOLE   15,425 0 0
Norfolk Southern CS 655844108 393 4,050 SH   SOLE   4,050 0 0
Northrop Grumman CS 666807102 440 2,057 SH   SOLE   2,057 0 0
Novartis AG ADS CS 66987V109 766 9,704 SH   SOLE   9,704 0 0
Novo Nordisk CS 670100205 495 11,900 SH   SOLE   11,900 0 0
Owens-Illinois Inc CS 690768403 298 16,200 SH   SOLE   16,200 0 0
PPG Industries CS 693506107 504 4,875 SH   SOLE   4,875 0 0
Palo Alto Networks CS 697435105 586 3,679 SH   SOLE   3,679 0 0
Parexel International Corp CS 699462107 319 4,600 SH   SOLE   4,600 0 0
Patterson Companies CS 703395103 577 12,568 SH   SOLE   12,568 0 0
PennyMac Financial Services CS 70932b101 287 16,900 SH   SOLE   16,900 0 0
Pentair CS g7s00t104 752 11,700 SH   SOLE   11,700 0 0
Pepsico CS 713448108 765 7,029 SH   SOLE   7,029 0 0
Pfizer CS 717081103 2,001 59,067 SH   SOLE   59,067 0 0
Phillips 66 CS 718546104 443 5,500 SH   SOLE   5,500 0 0
Praxair CS 74005P104 284 2,350 SH   SOLE   2,350 0 0
Procter & Gamble CS 742718109 1,241 13,826 SH   SOLE   13,826 0 0
Prosperity Bancshares, Inc. CS 743606105 1,206 21,975 SH   SOLE   21,975 0 0
Quanta Services CS 74762e102 456 16,300 SH   SOLE   16,300 0 0
Radian CS 750236101 262 19,350 SH   SOLE   19,350 0 0
Regeneron Pharmaceuticals CS 75886f107 344 855 SH   SOLE   855 0 0
Restaurant Brands Int'l CS 76131d103 391 8,761 SH   SOLE   8,761 0 0
Roche Holdings Ltd CS 771195104 503 16,200 SH   SOLE   16,200 0 0
Rollins CS 775711104 902 30,800 SH   SOLE   30,800 0 0
Salesforce.com CS 79466l302 449 6,300 SH   SOLE   6,300 0 0
Schlumberger CS 806857108 889 11,302 SH   SOLE   11,302 0 0
Skyworks Solutions Inc CS 83088M102 453 5,950 SH   SOLE   5,950 0 0
Snap-On Tools CS 833034101 503 3,311 SH   SOLE   3,311 0 0
Spirit Airlines CS 848577102 335 7,875 SH   SOLE   7,875 0 0
Starbucks CS 855244109 466 8,600 SH   SOLE   8,600 0 0
State Street Preferred C CS 857477509 303 11,900 SH   SOLE   11,900 0 0
Synaptics CS 87157d109 539 9,204 SH   SOLE   9,204 0 0
Sysco Corp CS 871829107 476 9,720 SH   SOLE   9,720 0 0
Target CS 87612E106 690 10,050 SH   SOLE   10,050 0 0
The FRS Company CS aci076053 0 114,324 SH   SOLE   114,324 0 0
The Gap Inc. CS 364760108 417 18,750 SH   SOLE   18,750 0 0
Toll Brothers CS 889478103 525 17,575 SH   SOLE   17,575 0 0
Trinity Industries CS 896522109 234 9,665 SH   SOLE   9,665 0 0
Tyler Tech CS 902252105 265 1,550 SH   SOLE   1,550 0 0
UPS CS 911312106 558 5,100 SH   SOLE   5,100 0 0
Unifi, Inc. CS 904677200 266 9,050 SH   SOLE   9,050 0 0
Union Pacific CS 907818108 703 7,213 SH   SOLE   7,213 0 0
United Rentals, Inc. CS 911363109 1,695 21,600 SH   SOLE   21,600 0 0
United Technologies CS 913017109 718 7,070 SH   SOLE   7,070 0 0
Valero CS 91913Y100 1,655 31,225 SH   SOLE   31,225 0 0
Verizon Comm. CS 92343V104 259 4,983 SH   SOLE   4,983 0 0
W.P. Carey & Co. CS 92936u109 367 5,684 SH   SOLE   5,684 0 0
Wal-Mart Stores CS 931142103 226 3,137 SH   SOLE   3,137 0 0
Walgreens Boots Alliance CS 931427108 312 3,875 SH   SOLE   3,875 0 0
Walt Disney CS 254687106 1,632 17,575 SH   SOLE   17,575 0 0
Washington Trust CS 940610108 2,538 63,093 SH   SOLE   63,093 0 0
Waste Management Inc. CS 94106l109 434 6,800 SH   SOLE   6,800 0 0
Wells Fargo CS 949746101 2,057 46,447 SH   SOLE   46,447 0 0
Whirlpool CS 963320106 336 2,075 SH   SOLE   2,075 0 0
WhiteWave Foods CS 966244105 239 4,400 SH   SOLE   4,400 0 0
Whole Foods CS 966837106 364 12,836 SH   SOLE   12,836 0 0
World Fuel Services CS 981475106 319 6,900 SH   SOLE   6,900 0 0
Wyndham Worldwide CS 98310w108 1,161 17,250 SH   SOLE   17,250 0 0
Zoetis Inc CS 98978v103 686 13,195 SH   SOLE   13,195 0 0