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
3M Corp. CS 88579Y101 625 4,408 SH   SOLE   4,408 0 0
A T & T CS 00206R102 840 23,835 SH   SOLE   23,835 0 0
ABB LTD CS 000375204 756 33,746 SH   SOLE   33,746 0 0
AGCO Corp CS 001084102 841 18,500 SH   SOLE   18,500 0 0
AbbVie Inc. CS 00287y109 497 8,608 SH   SOLE   8,608 0 0
Abbott Labs CS 002824100 782 18,808 SH   SOLE   18,808 0 0
Adobe Systems CS 00724F101 237 3,425 SH   SOLE   3,425 0 0
Agrium CS 008916108 623 7,000 SH   SOLE   7,000 0 0
Airgas, Inc. CS 009363102 758 6,850 SH   SOLE   6,850 0 0
Akamai Technologies CS 00971t101 233 3,900 SH   SOLE   3,900 0 0
Alaska Air CS 011659109 549 12,600 SH   SOLE   12,600 0 0
AllianceBernstein Holdings CS 01881G106 934 35,905 SH   SOLE   35,905 0 0
Amgen CS 031162100 1,296 9,225 SH   SOLE   9,225 0 0
Anadarko Petroleum CS 032511107 137 1,350 SH   SOLE   1,350 0 0
Analog Devices CS 032654105 822 16,600 SH   SOLE   16,600 0 0
Ansys, Inc. CS 03662q105 481 6,350 SH   SOLE   6,350 0 0
Apache CS 037411105 77 825 SH   SOLE   825 0 0
Apple Computer CS 037833100 410 4,067 SH   SOLE   4,067 0 0
Astrazeneca CS 046353108 218 3,050 SH   SOLE   3,050 0 0
Avnet CS 053807103 1,141 27,500 SH   SOLE   27,500 0 0
BB&T CS 054937107 1,210 32,515 SH   SOLE   32,515 0 0
BP P.L.C. CS 055622104 602 13,700 SH   SOLE   13,700 0 0
Baker Hughes CS 057224107 429 6,600 SH   SOLE   6,600 0 0
Bank of Montreal CS 063671101 883 12,000 SH   SOLE   12,000 0 0
Bank of Nova Scotia CS 064149107 1,169 18,900 SH   SOLE   18,900 0 0
Baxter International CS 071813109 863 12,025 SH   SOLE   12,025 0 0
Belden Inc. CS 077454106 791 12,350 SH   SOLE   12,350 0 0
Benchmark Electronics CS 08160h101 240 10,825 SH   SOLE   10,825 0 0
Berkshire Hathaway B CS 084670702 735 5,323 SH   SOLE   5,323 0 0
Biomed Realty Trust CS 09063h107 266 13,150 SH   SOLE   13,150 0 0
Boeing CS 097023105 624 4,900 SH   SOLE   4,900 0 0
Bristol Myers Squibb CS 110122108 543 10,600 SH   SOLE   10,600 0 0
Brookfield Infrastructure Part CS g16252101 245 6,450 SH   SOLE   6,450 0 0
CSX Corp CS 126408103 761 23,745 SH   SOLE   23,745 0 0
Canadian Natl Rail CS 136375102 1,497 21,100 SH   SOLE   21,100 0 0
Canadian Pacific CS 13645T100 398 1,917 SH   SOLE   1,917 0 0
Celgene CS 151020104 1,273 13,430 SH   SOLE   13,430 0 0
Century Bancorp CS 156432106 386 11,145 SH   SOLE   11,145 0 0
Chevron Corporation CS 166764100 355 2,975 SH   SOLE   2,975 0 0
Chicago Bridge & Iron CS 167250109 587 10,150 SH   SOLE   10,150 0 0
Church and Dwight CS 171340102 2,568 36,600 SH   SOLE   36,600 0 0
Cisco Systems CS 17275R102 703 27,925 SH   SOLE   27,925 0 0
Coach, Inc. CS 189754104 358 10,040 SH   SOLE   10,040 0 0
Coca-Cola CS 191216100 640 15,000 SH   SOLE   15,000 0 0
Comerica CS 200340107 588 11,800 SH   SOLE   11,800 0 0
Con-way CS 205944101 485 10,200 SH   SOLE   10,200 0 0
ConAgra Foods CS 205887102 745 22,550 SH   SOLE   22,550 0 0
ConocoPhillips CS 20825C104 1,391 18,175 SH   SOLE   18,175 0 0
Cummins CS 231021106 393 2,975 SH   SOLE   2,975 0 0
DaVita Inc. CS 23918k108 307 4,200 SH   SOLE   4,200 0 0
Devon Energy CS 25179M103 835 12,250 SH   SOLE   12,250 0 0
Diageo PLC ADS CS 25243q205 946 8,200 SH   SOLE   8,200 0 0
Donaldson Company Inc. CS 257651109 768 18,900 SH   SOLE   18,900 0 0
Dorman Products, Inc. CS 258278100 723 18,050 SH   SOLE   18,050 0 0
Dril-Quip CS 262037104 362 4,050 SH   SOLE   4,050 0 0
EMC CS 268648102 269 9,200 SH   SOLE   9,200 0 0
EQT Corp CS 26884l109 293 3,203 SH   SOLE   3,203 0 0
Eaton CS g29183103 844 13,325 SH   SOLE   13,325 0 0
Emerson Electric CS 291011104 1,445 23,096 SH   SOLE   23,096 0 0
Ensco Plc CS g3157s106 1,029 24,900 SH   SOLE   24,900 0 0
Exxon Mobil CS 30231G102 2,571 27,341 SH   SOLE   27,341 0 0
Fastenal CS 311900104 1,439 32,049 SH   SOLE   32,049 0 0
First Republic Bank CS 33616c100 295 5,975 SH   SOLE   5,975 0 0
Fluor CS 343412102 922 13,800 SH   SOLE   13,800 0 0
Fortune Brands & Home Security CS 34964c106 940 22,875 SH   SOLE   22,875 0 0
Fract Kinder Morgan Mgt CS eke55u103 0 55,333 SH   SOLE   55,333 0 0
Fulton Financial CS 360271100 387 34,950 SH   SOLE   34,950 0 0
Generac Holdings CS 368736104 409 10,100 SH   SOLE   10,100 0 0
General Electric CS 369604103 2,044 79,769 SH   SOLE   79,769 0 0
Genesee and Wyoming CS 371559105 250 2,625 SH   SOLE   2,625 0 0
Gilead Sciences CS 375558103 1,043 9,800 SH   SOLE   9,800 0 0
GlaxoSmithKline CS 37733W105 1,095 23,820 SH   SOLE   23,820 0 0
HB Fuller CS 359694106 762 19,193 SH   SOLE   19,193 0 0
HSBC Holdings Pfd A CS 404280604 270 10,750 SH   SOLE   10,750 0 0
Holly Frontier Corp CS 436106108 1,383 31,665 SH   SOLE   31,665 0 0
Honeywell Int'l. CS 438516106 843 9,050 SH   SOLE   9,050 0 0
Hornbeck Offshore Services CS 440543106 223 6,800 SH   SOLE   6,800 0 0
Idexx Laboratories CS 45168D104 542 4,600 SH   SOLE   4,600 0 0
Independent Bank CS 453836108 1,523 42,647 SH   SOLE   42,647 0 0
Int'l Bus. Mach. CS 459200101 1,210 6,375 SH   SOLE   6,375 0 0
Intel CS 458140100 263 7,550 SH   SOLE   7,550 0 0
InterContinental Hotels CS 45857p509 1,710 44,230 SH   SOLE   44,230 0 0
J.B. Hunt Transport Services CS 445658107 800 10,800 SH   SOLE   10,800 0 0
Jacobs Engineering CS 469814107 705 14,450 SH   SOLE   14,450 0 0
Johnson & Johnson CS 478160104 3,076 28,854 SH   SOLE   28,854 0 0
Johnson Controls CS 478366107 1,055 23,975 SH   SOLE   23,975 0 0
Kansas City So. CS 485170302 930 7,675 SH   SOLE   7,675 0 0
Kellogg CS 487836108 522 8,473 SH   SOLE   8,473 0 0
Kimberly-Clark CS 494368103 1,103 10,253 SH   SOLE   10,253 0 0
Kinder Morgan Energy CS 494550106 1,075 11,525 SH   SOLE   11,525 0 0
Kinder Morgan Management CS 49455u100 338 3,592 SH   SOLE   3,592 0 0
Knowles Corp CS 49926d109 243 9,156 SH   SOLE   9,156 0 0
Lincoln Electric Holdings CS 533900106 294 4,250 SH   SOLE   4,250 0 0
Lululemon Athletica CS 550021109 493 11,725 SH   SOLE   11,725 0 0
Marathon Oil CS 565849106 1,073 28,550 SH   SOLE   28,550 0 0
Mastercard Inc CS 57636q104 503 6,800 SH   SOLE   6,800 0 0
McDonald's CS 580135101 577 6,085 SH   SOLE   6,085 0 0
Medtronic CS 585055106 863 13,935 SH   SOLE   13,935 0 0
Merck CS 58933y105 1,146 19,336 SH   SOLE   19,336 0 0
Microsoft CS 594918104 564 12,175 SH   SOLE   12,175 0 0
Mohawk Industries CS 608190104 560 4,150 SH   SOLE   4,150 0 0
Mondelez International CS 609207105 399 11,650 SH   SOLE   11,650 0 0
Mylan Labs CS 628530107 744 16,365 SH   SOLE   16,365 0 0
NetApp Inc. CS 64110d104 511 11,900 SH   SOLE   11,900 0 0
NextEra Energy Inc. CS 65339f101 296 3,150 SH   SOLE   3,150 0 0
Nike Inc Class B CS 654106103 830 9,300 SH   SOLE   9,300 0 0
Noble Corp PLC CS g65431101 355 15,975 SH   SOLE   15,975 0 0
Noble Energy CS 655044105 284 4,150 SH   SOLE   4,150 0 0
Nordstrom CS 655664100 327 4,779 SH   SOLE   4,779 0 0
Norfolk Southern CS 655844108 452 4,050 SH   SOLE   4,050 0 0
Occidental Petroleum CS 674599105 1,327 13,800 SH   SOLE   13,800 0 0
Oracle Systems CS 68389X105 415 10,850 SH   SOLE   10,850 0 0
PDC Energy CS 69327r101 708 14,075 SH   SOLE   14,075 0 0
Pall CS 696429307 994 11,875 SH   SOLE   11,875 0 0
Parexel International Corp CS 699462107 308 4,875 SH   SOLE   4,875 0 0
PennyMac Financial Services CS 70932b101 164 11,200 SH   SOLE   11,200 0 0
Pentair CS g7s00t104 350 5,350 SH   SOLE   5,350 0 0
Pepsico CS 713448108 410 4,400 SH   SOLE   4,400 0 0
Pfizer CS 717081103 927 31,335 SH   SOLE   31,335 0 0
Pharmacyclics, Inc. CS 716933106 385 3,275 SH   SOLE   3,275 0 0
Pioneer Natural Resources CS 723787107 241 1,225 SH   SOLE   1,225 0 0
Potash Saskatchewan CS 73755L107 387 11,200 SH   SOLE   11,200 0 0
Precision Castparts CS 740189105 355 1,500 SH   SOLE   1,500 0 0
Private Bancorp CS 742962103 238 7,950 SH   SOLE   7,950 0 0
Procter & Gamble CS 742718109 1,007 12,030 SH   SOLE   12,030 0 0
Prosperity Bancshares, Inc. CS 743606105 1,229 21,500 SH   SOLE   21,500 0 0
Quaker Chemical CS 747316107 708 9,875 SH   SOLE   9,875 0 0
Qualcomm CS 747525103 2,102 28,115 SH   SOLE   28,115 0 0
Raytheon CS 755111507 163 1,600 SH   SOLE   1,600 0 0
Regions Financial CS 7591EP100 183 18,200 SH   SOLE   18,200 0 0
Rock-Tenn Company CS 772739207 324 6,800 SH   SOLE   6,800 0 0
Rockwood Holdings, Inc. CS 774415103 667 8,725 SH   SOLE   8,725 0 0
Ryland Group CS 783764103 232 6,975 SH   SOLE   6,975 0 0
Schlumberger CS 806857108 874 8,590 SH   SOLE   8,590 0 0
Sigma-Aldrich CS 826552101 295 2,168 SH   SOLE   2,168 0 0
Southwestern Energy CS 845467109 662 18,950 SH   SOLE   18,950 0 0
Starbucks CS 855244109 611 8,100 SH   SOLE   8,100 0 0
State Street CS 857477103 344 4,675 SH   SOLE   4,675 0 0
State Street Preferred C CS 857477509 274 11,900 SH   SOLE   11,900 0 0
SunTrust Banks CS 867914103 830 21,825 SH   SOLE   21,825 0 0
Suncor Energy CS 867224107 495 13,700 SH   SOLE   13,700 0 0
Sysco Corp CS 871829107 664 17,500 SH   SOLE   17,500 0 0
T. R. Price CS 74144T108 482 6,150 SH   SOLE   6,150 0 0
Target CS 87612E106 229 3,650 SH   SOLE   3,650 0 0
Textron CS 883203101 325 9,030 SH   SOLE   9,030 0 0
The FRS Company CS aci076053 0 114,324 SH   SOLE   114,324 0 0
Tibco Software CS 88632q103 672 28,450 SH   SOLE   28,450 0 0
Timken CS 887389104 1,086 25,630 SH   SOLE   25,630 0 0
Timken Steel CS 887399103 595 12,804 SH   SOLE   12,804 0 0
Toll Brothers CS 889478103 313 10,050 SH   SOLE   10,050 0 0
TriNet Group CS 896288107 494 19,200 SH   SOLE   19,200 0 0
UPS CS 911312106 1,024 10,420 SH   SOLE   10,420 0 0
Ultra Petroleum CS 903914109 237 10,200 SH   SOLE   10,200 0 0
Unilever CS 904767704 1,133 27,050 SH   SOLE   27,050 0 0
Union Pacific CS 907818108 23 210 SH   SOLE   210 0 0
United Rentals, Inc. CS 911363109 789 7,100 SH   SOLE   7,100 0 0
United Technologies CS 913017109 714 6,763 SH   SOLE   6,763 0 0
Valero CS 91913Y100 703 15,203 SH   SOLE   15,203 0 0
Verizon Comm. CS 92343V104 272 5,450 SH   SOLE   5,450 0 0
Viacom Cl B CS 92553p201 383 4,975 SH   SOLE   4,975 0 0
W.P. Carey & Co. CS 92936u109 413 6,484 SH   SOLE   6,484 0 0
W.W. Grainger, Inc CS 384802104 535 2,125 SH   SOLE   2,125 0 0
Wal-Mart Stores CS 931142103 185 2,419 SH   SOLE   2,419 0 0
Walgreen CS 931422109 963 16,250 SH   SOLE   16,250 0 0
Waters CS 941848103 597 6,025 SH   SOLE   6,025 0 0
West Pharmaceutical Services CS 955306105 804 17,956 SH   SOLE   17,956 0 0
Yum Brands Inc. CS 988498101 462 6,425 SH   SOLE   6,425 0 0
Zoetis Inc CS 98978v103 201 5,450 SH   SOLE   5,450 0 0