UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 2012
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: American National Insurance Company, Inc.
Address: One Moody Plaza Galveston, TX 77550
Form 13F File Number: 28-04382
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: Gordon D. Dixon
Title: Senior Vice President/Chief Investment Officer
Phone: (281) 521-3482
Signature, Place, and Date of Signing:
/s/ Gordon D. Dixon League City, TX January 10,2012
[Signature] [City, State] [Date]
Report Type (Check only one.):
[ ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(s).)
[X] 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).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
28-__14457__________ __American National Registered Investment Advisor_
[Repeat as necessary.]
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: ______________0__________
Form 13F Information Table Entry Total: ___________324_________
Form 13F Information Table Value Total: ________ 1,170__________
(thousands)
List of Other Included Managers: None
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.]
FORM 13F INFORMATION TABLE
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 MANAGERS SOLE SHARED NONE
[Repeat as necessary
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
ABB Ltd-Spon ADR COM 000375204 650 31850.00000 SH Sole 31850.00000
Abbott Labs. COM 002824100 10113 165000.00000 SH Sole 165000.00000
Adobe Systems COM 00724f101 6584 191900.00000 SH Sole 191900.00000
Aecom Technology Corp COM 00766T100 2064 92275.00000 SH Sole 92275.00000
Aegon NV ADR COM 007924103 62 11200.00000 SH Sole 11200.00000
Ageas COM 00844w109 47 21600.00000 SH Sole 21600.00000
Akamai Technologies Inc. COM 00971t101 3815 103950.00000 SH Sole 103950.00000
Alcatel-Lucent ADR COM 013904305 45 19900.00000 SH Sole 19900.00000
AllianceBernstein Holding LP COM 01881G106 183 11700.00000 SH Sole 11700.00000
Altria Group, Inc. COM 02209s103 16154 523300.00000 SH Sole 523300.00000
Amdocs Ltd COM G02602103 2571 81425.00000 SH Sole 81425.00000
Amedisys Inc. COM 023436108 905 62585.00000 SH Sole 62585.00000
Ameren Corp. COM 023608102 891 27360.00000 SH Sole 27360.00000
America Movil SA de CV ADR COM 02364w105 715 28800.00000 SH Sole 28800.00000
American Express COM 025816109 7772 134325.00000 SH Sole 134325.00000
American States Water Co COM 029899101 596 16500.00000 SH Sole 16500.00000
Anadarko Petroleum Corp. COM 032511107 6900 88075.00000 SH Sole 88075.00000
Anheuser-Busch COM 03524a108 6243 85850.00000 SH Sole 85850.00000
Apple Inc COM 037833100 37187 62025.00000 SH Sole 62025.00000
Arch Coal Inc COM 039380100 2300 214750.00000 SH Sole 214750.00000
Arrow Financial Corp COM 042744102 1317 53991.00000 SH Sole 53991.00000
Arthur J. Gallagher & Co. COM 363576109 4839 135400.00000 SH Sole 135400.00000
AstraZeneca Group PLC ADR COM 046353108 586 13175.00000 SH Sole 13175.00000
AT&T Inc. COM 00206R102 13477 431528.00000 SH Sole 431528.00000
Atmos Energy Corp. COM 049560105 1568 49850.00000 SH Sole 49850.00000
Avalonbay Communities, Inc. COM 053484101 2280 16129.00000 SH Sole 16129.00000
AXA SA COM 054536107 435 26300.00000 SH Sole 26300.00000
Baker Hughes COM 057224107 4007 95550.00000 SH Sole 95550.00000
Banco Bilbao Vizcaya Argentari COM 05946K101 854 106836.00006 SH Sole 106836.00006
Banco Santander Central Hispan COM 05964h105 463 60300.00000 SH Sole 60300.00000
Bank of New York Mellon Corp. COM 064058100 5975 247632.00000 SH Sole 247632.00000
Barclays PLC ADR COM 06738e204 538 35500.00000 SH Sole 35500.00000
BASF SE ADR COM 055262505 1262 14450.00000 SH Sole 14450.00000
Baxter International, Inc. COM 071813109 2302 38500.00000 SH Sole 38500.00000
Bed Bath & Beyond Inc. COM 075896100 6291 95650.00000 SH Sole 95650.00000
BG Group Plc ADR COM 055434203 1805 78000.00000 SH Sole 78000.00000
BHP Billiton Ltd. ADR COM 088606108 1511 20875.00000 SH Sole 20875.00000
Blackstone Group LP COM 09253u108 3051 191375.00000 SH Sole 191375.00000
Block H&R COM 093671105 4023 244250.00000 SH Sole 244250.00000
Boardwalk Pipeline Partners L. COM 096627104 1394 52700.00000 SH Sole 52700.00000
Boeing Company COM 097023105 9802 131800.00000 SH Sole 131800.00000
Boston Properties Inc COM 101121101 1270 12100.00000 SH Sole 12100.00000
Boston Scientific COM 101137107 90 15000.00000 SH Sole 15000.00000
BP plc ADR COM 055622104 2007 44600.00000 SH Sole 44600.00000
BRE Properties COM 05564E106 3418 67615.00000 SH Sole 67615.00000
British American Tob SP ADR COM 110448107 1237 12225.00000 SH Sole 12225.00000
Broadcom Corp COM 111320107 4238 107825.00000 SH Sole 107825.00000
BT Group PLC ADR COM 05577e101 669 18500.00000 SH Sole 18500.00000
California Water Service Group COM 130788102 495 27200.00000 SH Sole 27200.00000
Cameron International Corp COM 13342B105 3968 75100.00000 SH Sole 75100.00000
Canon Inc. ADR COM 138006309 1176 24675.00000 SH Sole 24675.00000
Carefusion Corp. COM 14170T101 2328 89775.00000 SH Sole 89775.00000
Caterpillar Inc. COM 149123101 4895 45950.00000 SH Sole 45950.00000
CBS Corp. COM 124857202 3842 113300.00000 SH Sole 113300.00000
Celgene Corp. COM 151020104 10068 129875.00000 SH Sole 129875.00000
Cemex SAB de CV ADR COM 151290889 124 15964.00000 SH Sole 15964.00000
CenturyLink Inc. COM 156700106 1436 37147.00000 SH Sole 37147.00000
Charles Schwab Corp. COM 808513105 4067 283000.00000 SH Sole 283000.00000
Charter Communications Inc COM 16117m305 292 4596.00000 SH Sole 4596.00000
Chesapeake Energy Corp COM 165167107 2900 125150.00000 SH Sole 125150.00000
Cheung Kong Limited ADR COM 166744201 530 41000.00000 SH Sole 41000.00000
Chevron Corp. COM 166764100 23000 214536.00005 SH Sole 214536.00005
Church & Dwight Co. COM 171340102 6958 141450.00000 SH Sole 141450.00000
Cincinnati Financial COM 172062101 625 18100.00000 SH Sole 18100.00000
Cinemark Holdings Inc. COM 17243v102 2970 135325.00000 SH Sole 135325.00000
Cisco Systems COM 17275R102 11647 550700.00000 SH Sole 550700.00000
CIT Group COM 125581801 1476 35800.00000 SH Sole 35800.00000
Coca-Cola COM 191216100 899 12150.00000 SH Sole 12150.00000
Comerica, Inc. COM 200340107 518 16000.00000 SH Sole 16000.00000
Companhia De Bebidas-Prf ADR COM 20441W203 961 23250.00000 SH Sole 23250.00000
Companhia Vale do Rio Doce ADR COM 91912e105 289 12400.00000 SH Sole 12400.00000
ConocoPhillips COM 20825c104 349 4592.00000 SH Sole 4592.00000
Consolidated Edison COM 209115104 4912 84075.00000 SH Sole 84075.00000
Cooper Tire & Rubber Co. COM 216831107 381 25000.00000 SH Sole 25000.00000
Corning Inc. COM 219350105 3601 255725.00000 SH Sole 255725.00000
Covidien PLC COM G2554f113 4343 79425.00000 SH Sole 79425.00000
Cummins Inc COM 231021106 4462 37175.00000 SH Sole 37175.00000
CVS Caremark Corp. COM 126650100 10645 237604.00000 SH Sole 237604.00000
Daimler AG ADR COM D1668R123 980 16200.00000 SH Sole 16200.00000
Danaher Corp. COM 235851102 11248 200850.00000 SH Sole 200850.00000
Danone ADR COM 23636t100 515 37000.00000 SH Sole 37000.00000
Darden Restaurants Inc. COM 237194105 6486 126775.00000 SH Sole 126775.00000
Davita Inc COM 23918K108 4281 47475.00000 SH Sole 47475.00000
DDR Corp COM 23317h102 251 17221.00000 SH Sole 17221.00000
Deutsche Bank ADR COM D18190898 438 8800.00000 SH Sole 8800.00000
Deutsche Telekom AG ADR COM 251566105 810 67400.00000 SH Sole 67400.00000
Diageo PLC ADR COM 25243q205 1093 11325.00000 SH Sole 11325.00000
Diamond Offshore Drilling COM 25271c102 1367 20475.00000 SH Sole 20475.00000
Diebold Inc COM 253651103 1475 38300.00000 SH Sole 38300.00000
DirectTV COM 25490a101 338 6845.00000 SH Sole 6845.00000
Donnelley (R.R.) & Sons COM 257867101 416 33600.00000 SH Sole 33600.00000
Dr. Pepper Snapple Group, Inc COM 26138e109 222 5520.00000 SH Sole 5520.00000
Du Pont (E.I.) De Nemours & Co COM 263534109 9182 173571.00000 SH Sole 173571.00000
Duke Energy Corp. COM 26441C105 6261 298000.00000 SH Sole 298000.00000
Duke Realty Corp. COM 264411505 270 18800.00000 SH Sole 18800.00000
Edwards Lifesciences Corp COM 28176E108 283 3892.00000 SH Sole 3892.00000
El Paso Corp. COM 28336l109 4659 157659.00000 SH Sole 157659.00000
EMC Corp. COM 268648102 8450 282800.00000 SH Sole 282800.00000
Endo Pharmaceuticals Holdings COM 29264F205 4351 112350.00000 SH Sole 112350.00000
Energizer Holdings Inc COM 29266R108 4838 65225.00000 SH Sole 65225.00000
ENI SPA ADR COM 26874r108 1125 24025.00000 SH Sole 24025.00000
Enterprise Products Partners L COM 293792107 2105 41700.00000 SH Sole 41700.00000
EOG Resources COM 26875p101 4619 41575.00000 SH Sole 41575.00000
Equity Residential Properties COM 29476l107 1008 16100.00000 SH Sole 16100.00000
Ericsson COM 294821608 1064 103200.00000 SH Sole 103200.00000
Ethan Allen Interiors Inc. COM 297602104 251 9900.00000 SH Sole 9900.00000
Express COM 30219e103 3123 125025.00000 SH Sole 125025.00000
Express Scripts Holding Compan COM 30219g108 4196 77450.00000 SH Sole 77450.00000
Exxon Mobil Corp. COM 30231g102 32578 375625.00000 SH Sole 375625.00000
Family Dollar Stores Inc. COM 307000109 728 11500.00000 SH Sole 11500.00000
Federal Mogul Corp. COM 313549404 589 34237.00000 SH Sole 34237.00000
Fedex Corp. COM 31428x106 2968 32275.00000 SH Sole 32275.00000
Finisar Corp COM 31787a507 3175 157550.00000 SH Sole 157550.00000
FirstEnergy Corp. COM 337932107 3087 67723.00000 SH Sole 67723.00000
Flowserve Corp. COM 34354P105 4753 41150.00000 SH Sole 41150.00000
FMC Technologies Inc COM 30249U101 4674 92700.00000 SH Sole 92700.00000
Fomento Economico Mexicana-SP COM 344419106 555 6750.00000 SH Sole 6750.00000
Foot Locker Inc. COM 344849104 4931 158800.00000 SH Sole 158800.00000
France Telecom ADR COM 35177q105 542 36500.00000 SH Sole 36500.00000
Frontier Communications Corp COM 35906a108 581 139428.00000 SH Sole 139428.00000
General Electric Co. COM 369604103 19827 987900.00000 SH Sole 987900.00000
General Growth Properties COM 370023103 311 18330.38790 SH Sole 18330.38790
Genuine Parts Co. COM 372460105 2127 33900.00000 SH Sole 33900.00000
Gilead Science Inc. COM 375558103 7629 156150.00000 SH Sole 156150.00000
GlaxoSmithKline plc ADR COM 37733W105 1639 36500.00000 SH Sole 36500.00000
Goldman Sachs Group COM 38141g104 7182 57750.00000 SH Sole 57750.00000
Google Inc. Cl A COM 38259P508 16336 25475.00000 SH Sole 25475.00000
Grupo Televisa SA ADR COM 40049j206 213 10125.00000 SH Sole 10125.00000
Halliburton Co. COM 406216101 4924 148350.00000 SH Sole 148350.00000
Harman International Industrie COM 413086109 524 11200.00000 SH Sole 11200.00000
Harris Corp. COM 413875105 7103 157575.00000 SH Sole 157575.00000
HCP Inc COM 40414L109 789 20000.00000 SH Sole 20000.00000
Health Care REIT, Inc. COM 42217k106 980 17825.00000 SH Sole 17825.00000
Heinz (H.J.) COM 423074103 5960 111300.00000 SH Sole 111300.00000
Hellenic Telecom Organization COM 423325307 87 41000.00000 SH Sole 41000.00000
Hewlett-Packard Co. COM 428236103 4540 190500.00000 SH Sole 190500.00000
Hitachi Ltd. ADR COM 433578507 615 9500.00000 SH Sole 9500.00000
Hologic Inc COM 436440101 3764 174650.00000 SH Sole 174650.00000
Home Depot, Inc. COM 437076102 9683 192475.00000 SH Sole 192475.00000
Honda Motor Co Ltd. ADR COM 438128308 2002 52100.00000 SH Sole 52100.00000
Honeywell International, Inc. COM 438516106 7097 116250.00000 SH Sole 116250.00000
Hormel Foods Corp COM 440452100 1181 40000.00000 SH Sole 40000.00000
Hunt (J.B.) Transport COM 445658107 979 18000.00000 SH Sole 18000.00000
Hutchison Whampoa Limited ADR COM 448415208 745 37250.00000 SH Sole 37250.00000
Infosys Ltd COM 456788108 2218 38900.00000 SH Sole 38900.00000
Ing Groep NV ADR COM 456837103 118 14200.00000 SH Sole 14200.00000
Intel Corp. COM 458140100 17555 624400.00000 SH Sole 624400.00000
International Business Machine COM 459200101 6672 31975.00000 SH Sole 31975.00000
International Game Technology COM 459902102 343 20400.00000 SH Sole 20400.00000
International Power ADR COM 46018m104 207 3200.00000 SH Sole 3200.00000
Intesa Sanpaolo ADR COM 46115h107 129 12041.00000 SH Sole 12041.00000
Itau Unibanco Holding SA ADR COM 465562106 449 23399.00004 SH Sole 23399.00004
Itron, Inc. COM 465741106 1931 42525.00000 SH Sole 42525.00000
Johnson & Johnson COM 478160104 14902 225925.00000 SH Sole 225925.00000
Johnson Controls, Inc. COM 478366107 4693 144500.00000 SH Sole 144500.00000
Jones Group Inc The COM 48020t101 242 19300.00000 SH Sole 19300.00000
Joy Global Inc. COM 481165108 2710 36875.00000 SH Sole 36875.00000
JPMorgan Chase & Co. COM 46625h100 15905 345907.00000 SH Sole 345907.00000
KB Financial Group Inc ADR COM 48241a105 271 7375.00000 SH Sole 7375.00000
Kellogg Co. COM 487836108 1974 36800.00000 SH Sole 36800.00000
Kennametal Inc. COM 489170100 797 17900.00000 SH Sole 17900.00000
Kimco Realty Corp. COM 49446r109 1640 85175.00000 SH Sole 85175.00000
Kinder Morgan Inc. COM 49456b101 1824 47200.00000 SH Sole 47200.00000
Kirin Holdings Co ADR COM 497350306 358 27500.00000 SH Sole 27500.00000
Knight Capital Group COM 499005106 260 20200.00000 SH Sole 20200.00000
Kohl's Corp. COM 500255104 4555 91050.00000 SH Sole 91050.00000
Koninklijke KPN NV ADR COM 780641205 182 16600.00000 SH Sole 16600.00000
Kraft Foods Inc. COM 50075N104 1279 33636.00000 SH Sole 33636.00000
Kubota Corp-Spon ADR COM 501173207 212 4375.00000 SH Sole 4375.00000
Leggett & Platt COM 524660107 532 23100.00000 SH Sole 23100.00000
Lexington Realty Trust COM 529043101 555 61754.93996 SH Sole 61754.93996
Liberty Property Trust COM 531172104 1825 51100.00000 SH Sole 51100.00000
Lilly (Eli) & Co. COM 532457108 7199 178800.00000 SH Sole 178800.00000
Limited Brands Inc. COM 532716107 5376 112000.00000 SH Sole 112000.00000
Linear Technology Corp. COM 535678106 1508 44750.00000 SH Sole 44750.00000
Lowe's Co. COM 548661107 7566 241100.00000 SH Sole 241100.00000
Lukoil ADR COM 677862104 380 6275.00000 SH Sole 6275.00000
Luxottica Group SPA ADR COM 55068r202 242 6700.00000 SH Sole 6700.00000
Macerich Co. COM 554382101 908 15719.00000 SH Sole 15719.00000
Mack-Cali Realty Corp. COM 554489104 461 16000.00000 SH Sole 16000.00000
Marsh & McLennan Companies, In COM 571748102 8257 251800.00000 SH Sole 251800.00000
Marvell Technology Group COM g5876h105 1828 116200.00000 SH Sole 116200.00000
Mattel Inc. COM 577081102 5986 177850.00000 SH Sole 177850.00000
Maxim Integrated Products, Inc COM 57772k101 4361 152525.00000 SH Sole 152525.00000
McCormick & Co. COM 579780206 4794 88075.00000 SH Sole 88075.00000
McDonald's Corp. COM 580135101 8571 87375.00000 SH Sole 87375.00000
McGraw-Hill Corp. COM 580645109 969 20000.00000 SH Sole 20000.00000
Mckesson HBOC Inc. COM 58155q103 1203 13710.00000 SH Sole 13710.00000
Mercadolibre Inc COM 58733r102 565 5775.00000 SH Sole 5775.00000
Merck & Co., Inc. COM 58933y105 9631 250800.00000 SH Sole 250800.00000
Metlife Inc COM 59156R108 5714 152975.00000 SH Sole 152975.00000
Microsoft Corp COM 594918104 28446 881900.00000 SH Sole 881900.00000
Mitsubishi UFJ Financial Group COM 606822104 1362 273550.00000 SH Sole 273550.00000
Mitsui & Co Ltd-Spons ADR COM 606827202 470 1425.00000 SH Sole 1425.00000
Molson Coors Brewing Company COM 60871r209 4294 94900.00000 SH Sole 94900.00000
Monsanto Co. COM 61166w101 3737 46850.00000 SH Sole 46850.00000
Moody's Corp COM 615369105 211 5000.00000 SH Sole 5000.00000
Morgan Stanley, Dean Witter, D COM 617446448 4221 214900.00000 SH Sole 214900.00000
Mylan Inc. COM 628530107 4908 209300.00000 SH Sole 209300.00000
National Fuel Gas Co. COM 636180101 433 9000.00000 SH Sole 9000.00000
National Oilwell Varco Inc COM 637071101 5823 73275.00000 SH Sole 73275.00000
Navistar International COM 63934E108 243 6000.00000 SH Sole 6000.00000
New York Community Bancorp COM 649445103 1863 133925.00000 SH Sole 133925.00000
NextEra Energy Inc COM 65339f101 4758 77900.00000 SH Sole 77900.00000
Nippon Telegraph & Telephone C COM 654624105 1422 62850.00000 SH Sole 62850.00000
Nisource Inc. COM 65473P105 4243 174250.00000 SH Sole 174250.00000
Norsk Hydro ASA ADR COM 656531605 109 20000.00000 SH Sole 20000.00000
Northrop Grumman Corp. COM 666807102 3059 50075.00000 SH Sole 50075.00000
Novartis ADR COM 66987v109 1806 32600.00000 SH Sole 32600.00000
Novo Nordisk ADR COM 670100205 1720 12400.00000 SH Sole 12400.00000
Occidental Petroleum COM 674599105 7452 78250.00000 SH Sole 78250.00000
Oracle Corp. COM 68389x105 9728 333600.00000 SH Sole 333600.00000
Panasonic Corp ADR COM 69832a205 636 68800.00000 SH Sole 68800.00000
Park National COM 700658107 221 3200.00000 SH Sole 3200.00000
Parker Hannifin COM 701094104 959 11346.00000 SH Sole 11346.00000
Patterson Companies Inc. COM 703395103 3160 94600.00000 SH Sole 94600.00000
Pepco Holdings, Inc. COM 713291102 291 15384.00000 SH Sole 15384.00000
PepsiCo, Inc. COM 713448108 12799 192900.00000 SH Sole 192900.00000
Petroleo Brasileiro SA ADR COM 71654v408 483 18200.00000 SH Sole 18200.00000
Petsmart Inc. COM 716768106 944 16500.00000 SH Sole 16500.00000
Pfizer, Inc. COM 717081103 15792 697374.00000 SH Sole 697374.00000
Philip Morris International In COM 718172109 3385 38200.00000 SH Sole 38200.00000
Pinnacle West Capital COM 723484101 618 12900.00000 SH Sole 12900.00000
Pitney Bowes Inc. COM 724479100 440 25000.00000 SH Sole 25000.00000
Plains All American Pipeline L COM 726503105 1977 25200.00000 SH Sole 25200.00000
PNC Financial Services Group COM 693475105 10072 156175.00000 SH Sole 156175.00000
Polaris Industries COM 731068102 1154 16000.00000 SH Sole 16000.00000
Portugal Telecom SGPS SA ADR COM 737273102 58 10800.00000 SH Sole 10800.00000
Potash Corp of Saskatchewan In COM 73755L107 1256 27500.00000 SH Sole 27500.00000
PPG Industries, Inc. COM 693506107 462 4825.00000 SH Sole 4825.00000
PPL Corp. COM 69351t106 1987 70300.00000 SH Sole 70300.00000
Praxair, Inc. COM 74005P104 4167 36350.00000 SH Sole 36350.00000
Principal Financial Group COM 74251V102 5919 200575.00000 SH Sole 200575.00000
Procter & Gamble, Inc. COM 742718109 18691 278100.00000 SH Sole 278100.00000
Prologis Trust COM 74340w103 911 25291.00000 SH Sole 25291.00000
Prudential Financial, Inc. COM 744320102 11114 175325.00000 SH Sole 175325.00000
Public Service Enterprise Grou COM 744573106 1053 34400.00000 SH Sole 34400.00000
Public Storage COM 74460d109 3150 22800.00000 SH Sole 22800.00000
Qualcomm Inc. COM 747525103 13663 200750.00000 SH Sole 200750.00000
Quest Diagnostics Inc COM 74834L100 758 12400.00000 SH Sole 12400.00000
Regal Entertainment Group - A COM 758766109 2035 149625.00000 SH Sole 149625.00000
Regions Financial Corp. COM 7591EP100 113 17220.00000 SH Sole 17220.00000
Repsol-YPF SA ADR COM 76026T205 293 11700.00000 SH Sole 11700.00000
Research In Motion Limited COM 760975102 694 47200.00000 SH Sole 47200.00000
Reynolds American Inc. COM 761713106 2022 48800.00000 SH Sole 48800.00000
Rio Tinto Plc ADR COM 767204100 812 14600.00000 SH Sole 14600.00000
Roche Holdings Ltd-Spons ADR COM 771195104 637 14650.00000 SH Sole 14650.00000
Rockwell Collins Inc. COM 774341101 5399 93800.00000 SH Sole 93800.00000
Royal Dutch Shell PLC COM 780259206 1003 14300.00000 SH Sole 14300.00000
Ryder Systems, Inc. COM 783549108 523 9900.00000 SH Sole 9900.00000
Sanofi COM 80105n105 1527 39400.00000 SH Sole 39400.00000
Santos Limited ADR COM 803021708 661 44800.00000 SH Sole 44800.00000
SAP ADR COM 803054204 1417 20300.00000 SH Sole 20300.00000
Sasol Ltd ADR COM 803866300 511 10500.00000 SH Sole 10500.00000
Sauer-Danfoss inc COM 804137107 2711 57675.00000 SH Sole 57675.00000
Scana Corp COM 80589M102 1031 22596.00000 SH Sole 22596.00000
Schlumberger Ltd. COM 806857108 9063 129600.00000 SH Sole 129600.00000
Shinhan Financial Grp ADR COM 824596100 330 4275.00000 SH Sole 4275.00000
Siemens AG ADR COM 826197501 1432 14200.00000 SH Sole 14200.00000
Simon Property Group, Inc. COM 828806109 1934 13277.00000 SH Sole 13277.00000
Singapore Telecom-SP ADR COM 82929R304 843 33630.00000 SH Sole 33630.00000
SLM Corp COM 78442p106 544 34500.00000 SH Sole 34500.00000
Smith A.O. Corp COM 831865209 1214 27000.00000 SH Sole 27000.00000
Sony Corp. ADR COM 835699307 582 28000.00000 SH Sole 28000.00000
Southern Co. COM 842587107 5981 133125.00000 SH Sole 133125.00000
Spectra Energy Corp COM 847560109 3770 119500.00000 SH Sole 119500.00000
Staples Inc. COM 855030102 3161 195250.00000 SH Sole 195250.00000
Starwood Hotels & Resorts Inc. COM 85590A401 5506 97600.00000 SH Sole 97600.00000
State Street Corp. COM 857477103 4692 103125.00000 SH Sole 103125.00000
Statoil ASA ADR COM 85771P102 467 17242.00000 SH Sole 17242.00000
Subsea 7 Sa COM 864323100 728 27550.00000 SH Sole 27550.00000
Swisscom AG ADR COM 871013108 307 7600.00000 SH Sole 7600.00000
Symantec Corp. COM 871503108 2264 121063.00000 SH Sole 121063.00000
Syngenta AG ADR COM 87160a100 595 8650.00000 SH Sole 8650.00000
Synopsys Inc. COM 871607107 610 19900.00000 SH Sole 19900.00000
Syntel, Inc. COM 87162H103 487 8700.00000 SH Sole 8700.00000
Taiwan Semiconductor Manufactu COM 874039100 2343 153314.00000 SH Sole 153314.00000
Target Corp. COM 87612e106 12101 207675.00000 SH Sole 207675.00000
TDK Corp. ADR COM 872351408 222 3900.00000 SH Sole 3900.00000
TE Connectivity Ltd COM h84989104 2887 78550.00000 SH Sole 78550.00000
Teco Energy Inc. COM 872375100 3185 181500.00000 SH Sole 181500.00000
Telecom Italia ADR COM 87927y102 251 21140.00000 SH Sole 21140.00000
Telefonica SA ADR COM 879382208 800 48765.00000 SH Sole 48765.00000
Telenor ASA COM 87944W105 500 9000.00000 SH Sole 9000.00000
Tenaris SA-ADR COM 88031M109 203 5300.00000 SH Sole 5300.00000
Tessera Technologies Inc. COM 88164L100 2486 144125.00000 SH Sole 144125.00000
Teva Pharmaceutical Industries COM 881624209 709 15725.00000 SH Sole 15725.00000
Texas Instruments COM 882508104 6490 193100.00000 SH Sole 193100.00000
The Travelers Companies, Inc. COM 89417E109 9516 160751.00000 SH Sole 160751.00000
Thermo Fisher Scientific Inc COM 883556102 3593 63725.00000 SH Sole 63725.00000
Tibco Software COM 88632Q103 695 22800.00000 SH Sole 22800.00000
Timken Co COM 887389104 868 17100.00000 SH Sole 17100.00000
Tokio Marine Holdings Inc ADR COM 889094108 669 24250.00000 SH Sole 24250.00000
Total SA ADR COM 89151e109 1759 34400.00000 SH Sole 34400.00000
Toyota Motor Corp. ADR COM 892331307 3108 35800.00000 SH Sole 35800.00000
Transcanada Pipelines Ltd COM 89353d107 1296 30150.00000 SH Sole 30150.00000
Transocean Ltd COM H8817H100 2185 39938.00000 SH Sole 39938.00000
Tupperware Brands Corp COM 899896104 2070 32600.00000 SH Sole 32600.00000
Tyco International Ltd. COM h89128104 1433 25500.00000 SH Sole 25500.00000
Tyson Foods Inc. COM 902494103 538 28095.00000 SH Sole 28095.00000
U.S. Bancorp COM 902973304 8427 266017.00000 SH Sole 266017.00000
UBS AG COM H89231338 397 28350.00000 SH Sole 28350.00000
Unilever PLC ADR COM 904767704 1178 35640.00000 SH Sole 35640.00000
Union Pacific COM 907818108 2950 27450.00000 SH Sole 27450.00000
United Health Group Inc. COM 91324P102 6983 118475.00000 SH Sole 118475.00000
United Parcel Services Cl B COM 911312106 8803 109050.00000 SH Sole 109050.00000
United Technologies COM 913017109 8452 101900.00000 SH Sole 101900.00000
Varian Medical Systems Inc COM 92220P105 4431 64250.00000 SH Sole 64250.00000
Verizon Communications Inc. COM 92343v104 11964 312950.00000 SH Sole 312950.00000
Vodafone Group PLC ADR COM 92857w209 1593 57574.00000 SH Sole 57574.00000
Volvo AB ADR COM 928856400 289 19875.00000 SH Sole 19875.00000
Waddell & Reed Financial, Inc. COM 930059100 671 20700.00000 SH Sole 20700.00000
Wal-Mart COM 931142103 14627 239000.00000 SH Sole 239000.00000
Walgreen Co. COM 931422109 4338 129525.00000 SH Sole 129525.00000
Walt Disney Co. COM 254687106 11948 272900.00000 SH Sole 272900.00000
Weingarten Realty Investors COM 948741103 1761 66625.00000 SH Sole 66625.00000
WellPoint, Inc. COM 94973V107 5026 68100.00000 SH Sole 68100.00000
Wells Fargo Co. COM 949746101 11672 341893.00000 SH Sole 341893.00000
Westpac Banking Corp. Ltd ADR COM 961214301 3458 30400.00000 SH Sole 30400.00000
Whirlpool Corp. COM 963320106 5759 74925.00000 SH Sole 74925.00000
Williams Partners LP COM 96950F104 5427 95900.00000 SH Sole 95900.00000
Windstream Corporation COM 97381W104 5099 435663.00000 SH Sole 435663.00000
WPP PLC ADR COM 92933h101 383 5600.00000 SH Sole 5600.00000
Yum! Brands, Inc. COM 988498101 997 14000.00000 SH Sole 14000.00000