UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 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
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:
_____________________________ League City, TX __September 30, 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: ___________319_________
Form 13F Information Table Value Total: ________ 1182_________
(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.
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 596 31850.00000 SH Sole 31850.00000
Abbott Labs. COM 002824100 11312 165000.00000 SH Sole 165000.00000
Adobe Systems COM 00724f101 6224 191900.00000 SH Sole 191900.00000
Aecom Technology Corp COM 00766T100 2004 94725.00000 SH Sole 94725.00000
Aegon NV ADR COM 007924103 58 11200.00000 SH Sole 11200.00000
Akamai Technologies Inc. COM 00971t101 4015 104950.00000 SH Sole 104950.00000
Alcatel-Lucent ADR COM 013904305 22 19900.00000 SH Sole 19900.00000
AllianceBernstein Holding LP COM 01881G106 180 11700.00000 SH Sole 11700.00000
Altria Group, Inc. COM 02209s103 17473 523300.00000 SH Sole 523300.00000
Amdocs Ltd COM G02602103 2686 81425.00000 SH Sole 81425.00000
Amedisys Inc. COM 023436108 865 62585.00000 SH Sole 62585.00000
Ameren Corp. COM 023608102 894 27360.00000 SH Sole 27360.00000
America Movil SA de CV ADR COM 02364w105 732 28800.00000 SH Sole 28800.00000
American Express COM 025816109 7638 134325.00000 SH Sole 134325.00000
American States Water Co COM 029899101 733 16500.00000 SH Sole 16500.00000
Anadarko Petroleum Corp. COM 032511107 6578 94075.00000 SH Sole 94075.00000
Anheuser-Busch COM 03524a108 7375 85850.00000 SH Sole 85850.00000
Apple Inc COM 037833100 41377 62025.00000 SH Sole 62025.00000
Applied Materials Inc. COM 038222105 210 18775.00000 SH Sole 18775.00000
Arch Coal Inc COM 039380100 1359 214750.00000 SH Sole 214750.00000
Arrow Financial Corp COM 042744102 1377 55070.82000 SH Sole 55070.82000
Arthur J. Gallagher & Co. COM 363576109 4850 135400.00000 SH Sole 135400.00000
AstraZeneca Group PLC ADR COM 046353108 631 13175.00000 SH Sole 13175.00000
AT&T Inc. COM 00206R102 16269 431528.00000 SH Sole 431528.00000
Atmos Energy Corp. COM 049560105 1784 49850.00000 SH Sole 49850.00000
Avalonbay Communities, Inc. COM 053484101 2193 16129.00000 SH Sole 16129.00000
AXA SA COM 054536107 392 26300.00000 SH Sole 26300.00000
Baker Hughes COM 057224107 4412 97550.00000 SH Sole 97550.00000
Banco Bilbao Vizcaya Argentari COM 05946K101 828 106836.00006 SH Sole 106836.00006
Banco Santander Central Hispan COM 05964h105 450 60300.00000 SH Sole 60300.00000
Bank of New York Mellon Corp. COM 064058100 5601 247632.00000 SH Sole 247632.00000
Barclays PLC ADR COM 06738e204 492 35500.00000 SH Sole 35500.00000
BASF SE ADR COM 055262505 1220 14450.00000 SH Sole 14450.00000
Baxter International, Inc. COM 071813109 2574 42700.00000 SH Sole 42700.00000
Bed Bath & Beyond Inc. COM 075896100 6026 95650.00000 SH Sole 95650.00000
BG Group Plc ADR COM 055434203 1574 78000.00000 SH Sole 78000.00000
BHP Billiton Ltd. ADR COM 088606108 1432 20875.00000 SH Sole 20875.00000
Blackstone Group LP COM 09253u108 2733 191375.00000 SH Sole 191375.00000
Block H&R COM 093671105 4233 244250.00000 SH Sole 244250.00000
Boardwalk Pipeline Partners L. COM 096627104 1470 52700.00000 SH Sole 52700.00000
Boeing Company COM 097023105 9173 131800.00000 SH Sole 131800.00000
Boston Properties Inc COM 101121101 1338 12100.00000 SH Sole 12100.00000
Boston Scientific COM 101137107 86 15000.00000 SH Sole 15000.00000
BP plc ADR COM 055622104 1889 44600.00000 SH Sole 44600.00000
BRE Properties COM 05564E106 3170 67615.00000 SH Sole 67615.00000
British American Tob SP ADR COM 110448107 1255 12225.00000 SH Sole 12225.00000
Broadcom Corp COM 111320107 3879 112200.00000 SH Sole 112200.00000
BT Group PLC ADR COM 05577e101 688 18500.00000 SH Sole 18500.00000
California Water Service Group COM 130788102 507 27200.00000 SH Sole 27200.00000
Cameron International Corp COM 13342B105 4362 77800.00000 SH Sole 77800.00000
Canon Inc. ADR COM 138006309 790 24675.00000 SH Sole 24675.00000
Capital One Financial COM 14040H105 4770 83675.00000 SH Sole 83675.00000
Carefusion Corp. COM 14170T101 2603 91675.00000 SH Sole 91675.00000
Caterpillar Inc. COM 149123101 3954 45950.00000 SH Sole 45950.00000
CBS Corp. COM 124857202 4116 113300.00000 SH Sole 113300.00000
Celgene Corp. COM 151020104 9922 129875.00000 SH Sole 129875.00000
Cemex SAB de CV ADR COM 151290889 133 15960.00000 SH Sole 15960.00000
CenturyLink Inc. COM 156700106 1665 41223.00000 SH Sole 41223.00000
Charles Schwab Corp. COM 808513105 3644 285000.00000 SH Sole 285000.00000
Charter Communications Inc COM 16117m305 345 4596.00000 SH Sole 4596.00000
Chesapeake Energy Corp COM 165167107 2362 125150.00000 SH Sole 125150.00000
Cheung Kong Limited ADR COM 166744201 601 41000.00000 SH Sole 41000.00000
Chevron Corp. COM 166764100 24837 213086.00005 SH Sole 213086.00005
Church & Dwight Co. COM 171340102 7637 141450.00000 SH Sole 141450.00000
Cincinnati Financial COM 172062101 549 14500.00000 SH Sole 14500.00000
Cinemark Holdings Inc. COM 17243v102 3035 135325.00000 SH Sole 135325.00000
Cisco Systems COM 17275R102 10516 550700.00000 SH Sole 550700.00000
CIT Group COM 125581801 1410 35800.00000 SH Sole 35800.00000
Coca-Cola COM 191216100 922 24300.00000 SH Sole 24300.00000
Comerica, Inc. COM 200340107 528 17000.00000 SH Sole 17000.00000
Companhia De Bebidas-Prf ADR COM 20441W203 890 23250.00000 SH Sole 23250.00000
Companhia Vale do Rio Doce ADR COM 91912e105 222 12400.00000 SH Sole 12400.00000
Consolidated Edison COM 209115104 5035 84075.00000 SH Sole 84075.00000
Cooper Tire & Rubber Co. COM 216831107 480 25000.00000 SH Sole 25000.00000
Corning Inc. COM 219350105 3420 260075.00000 SH Sole 260075.00000
Covidien PLC COM G2554f113 4779 80425.00000 SH Sole 80425.00000
Cummins Inc COM 231021106 3575 38775.00000 SH Sole 38775.00000
CVS Caremark Corp. COM 126650100 11505 237604.00000 SH Sole 237604.00000
Daimler AG ADR COM D1668R123 789 16200.00000 SH Sole 16200.00000
Danaher Corp. COM 235851102 9036 163850.00000 SH Sole 163850.00000
Danone ADR COM 23636t100 456 37000.00000 SH Sole 37000.00000
Darden Restaurants Inc. COM 237194105 7068 126775.00000 SH Sole 126775.00000
Davita Inc COM 23918K108 4919 47475.00000 SH Sole 47475.00000
DDR Corp COM 23317h102 265 17221.00000 SH Sole 17221.00000
Deutsche Bank ADR COM D18190898 349 8800.00000 SH Sole 8800.00000
Deutsche Telekom AG ADR COM 251566105 830 67400.00000 SH Sole 67400.00000
Diageo PLC ADR COM 25243q205 1277 11325.00000 SH Sole 11325.00000
Diamond Offshore Drilling COM 25271c102 1347 20475.00000 SH Sole 20475.00000
Diebold Inc COM 253651103 1291 38300.00000 SH Sole 38300.00000
Donnelley (R.R.) & Sons COM 257867101 285 26900.00000 SH Sole 26900.00000
Dr. Pepper Snapple Group, Inc COM 26138e109 246 5520.00000 SH Sole 5520.00000
Du Pont (E.I.) De Nemours & Co COM 263534109 8725 173571.00000 SH Sole 173571.00000
Duke Energy Corp. COM 26441C204 6436 99329.00001 SH Sole 99329.00001
Duke Realty Corp. COM 264411505 276 18800.00000 SH Sole 18800.00000
Eaton Corp. COM 278058102 1767 37375.00000 SH Sole 37375.00000
Edwards Lifesciences Corp COM 28176E108 418 3892.00000 SH Sole 3892.00000
EMC Corp. COM 268648102 7618 279350.00000 SH Sole 279350.00000
Enbridge Energy Partners LP COM 29250r106 2737 92975.00000 SH Sole 92975.00000
Endo Health Solutions Inc COM 29264F205 3634 114550.00000 SH Sole 114550.00000
Energizer Holdings Inc COM 29266R108 4866 65225.00000 SH Sole 65225.00000
ENI SPA ADR COM 26874r108 1053 24025.00000 SH Sole 24025.00000
Enterprise Products Partners L COM 293792107 2235 41700.00000 SH Sole 41700.00000
EOG Resources COM 26875p101 4905 43775.00000 SH Sole 43775.00000
Equity Residential Properties COM 29476l107 926 16100.00000 SH Sole 16100.00000
Ericsson COM 294821608 941 103200.00000 SH Sole 103200.00000
Ethan Allen Interiors Inc. COM 297602104 217 9900.00000 SH Sole 9900.00000
Express COM 30219e103 1887 127325.00000 SH Sole 127325.00000
Express Scripts Holding Compan COM 30219g108 4851 77450.00000 SH Sole 77450.00000
Exxon Mobil Corp. COM 30231g102 34726 379725.00000 SH Sole 379725.00000
Federal Mogul Corp. COM 313549404 313 34237.00000 SH Sole 34237.00000
Fedex Corp. COM 31428x106 2731 32275.00000 SH Sole 32275.00000
Finisar Corp COM 31787a507 2308 161150.00000 SH Sole 161150.00000
FirstEnergy Corp. COM 337932107 2987 67723.00000 SH Sole 67723.00000
Flowserve Corp. COM 34354P105 5257 41150.00000 SH Sole 41150.00000
FMC Technologies Inc COM 30249U101 4394 94900.00000 SH Sole 94900.00000
Fomento Economico Mexicana-SP COM 344419106 621 6750.00000 SH Sole 6750.00000
France Telecom ADR COM 35177q105 446 36500.00000 SH Sole 36500.00000
Freeport-McMoRan Copper & Gold COM 35671d857 6219 157125.00000 SH Sole 157125.00000
Frontier Communications Corp COM 35906a108 685 139428.00000 SH Sole 139428.00000
General Electric Co. COM 369604103 22583 994400.00000 SH Sole 994400.00000
General Growth Properties COM 370023103 357 18331.00000 SH Sole 18331.00000
Genuine Parts Co. COM 372460105 2069 33900.00000 SH Sole 33900.00000
Gilead Science Inc. COM 375558103 10357 156150.00000 SH Sole 156150.00000
GlaxoSmithKline plc ADR COM 37733W105 1688 36500.00000 SH Sole 36500.00000
Goldman Sachs Group COM 38141g104 6713 59050.00000 SH Sole 59050.00000
Goodyear Tire & Rubber Company COM 382550101 2763 226675.00000 SH Sole 226675.00000
Google Inc. Cl A COM 38259P508 19221 25475.00000 SH Sole 25475.00000
Grupo Televisa SA ADR COM 40049j206 238 10125.00000 SH Sole 10125.00000
Halliburton Co. COM 406216101 5134 152375.00000 SH Sole 152375.00000
Harman International Industrie COM 413086109 517 11200.00000 SH Sole 11200.00000
Harris Corp. COM 413875105 8071 157575.00000 SH Sole 157575.00000
HCP Inc COM 40414L109 890 20000.00000 SH Sole 20000.00000
Health Care REIT, Inc. COM 42217k106 1233 21350.00000 SH Sole 21350.00000
Heinz (H.J.) COM 423074103 6227 111300.00000 SH Sole 111300.00000
Hellenic Telecom Organization COM 423325307 77 41000.00000 SH Sole 41000.00000
Hewlett-Packard Co. COM 428236103 3250 190500.00000 SH Sole 190500.00000
Hitachi Ltd. ADR COM 433578507 530 9500.00000 SH Sole 9500.00000
Hologic Inc COM 436440101 3633 179650.00000 SH Sole 179650.00000
Home Depot, Inc. COM 437076102 11620 192475.00000 SH Sole 192475.00000
Honda Motor Co Ltd. ADR COM 438128308 1610 52100.00000 SH Sole 52100.00000
Honeywell International, Inc. COM 438516106 7018 117450.00000 SH Sole 117450.00000
Hormel Foods Corp COM 440452100 1170 40000.00000 SH Sole 40000.00000
Hunt (J.B.) Transport COM 445658107 937 18000.00000 SH Sole 18000.00000
Hutchison Whampoa Limited ADR COM 448415208 723 37250.00000 SH Sole 37250.00000
Infosys Ltd COM 456788108 1888 38900.00000 SH Sole 38900.00000
Ing Groep NV ADR COM 456837103 112 14200.00000 SH Sole 14200.00000
Intel Corp. COM 458140100 14146 624400.00000 SH Sole 624400.00000
International Business Machine COM 459200101 6602 31825.00000 SH Sole 31825.00000
International Game Technology COM 459902102 267 20400.00000 SH Sole 20400.00000
Intesa Sanpaolo ADR COM 46115h107 110 12041.00000 SH Sole 12041.00000
Invesco Ltd COM g491bt108 4724 189050.00000 SH Sole 189050.00000
Itau Unibanco Holding SA ADR COM 465562106 358 23399.00004 SH Sole 23399.00004
Itron, Inc. COM 465741106 1878 43550.00000 SH Sole 43550.00000
Johnson & Johnson COM 478160104 15568 225925.00000 SH Sole 225925.00000
Johnson Controls, Inc. COM 478366107 3981 145300.00000 SH Sole 145300.00000
Jones Group Inc The COM 48020t101 248 19300.00000 SH Sole 19300.00000
Joy Global Inc. COM 481165108 2158 38500.00000 SH Sole 38500.00000
JPMorgan Chase & Co. COM 46625h100 14002 345907.00000 SH Sole 345907.00000
KB Financial Group Inc ADR COM 48241a105 260 7375.00000 SH Sole 7375.00000
Kellogg Co. COM 487836108 1901 36800.00000 SH Sole 36800.00000
Kennametal Inc. COM 489170100 664 17900.00000 SH Sole 17900.00000
Kimco Realty Corp. COM 49446r109 1726 85175.00000 SH Sole 85175.00000
Kinder Morgan Inc. COM 49456b101 4055 114150.42500 SH Sole 114150.42500
Kirin Holdings Co ADR COM 497350306 369 27500.00000 SH Sole 27500.00000
Kohl's Corp. COM 500255104 4664 91050.00000 SH Sole 91050.00000
Koninklijke KPN NV ADR COM 780641205 127 16600.00000 SH Sole 16600.00000
Koninklijke Philips Electronic COM 500472303 220 9400.00000 SH Sole 9400.00000
Kraft Foods Inc COM 50075n104 1391 33636.00000 SH Sole 33636.00000
Kubota Corp-Spon ADR COM 501173207 221 4375.00000 SH Sole 4375.00000
Leggett & Platt COM 524660107 463 18500.00000 SH Sole 18500.00000
Lexington Realty Trust COM 529043101 597 61754.93996 SH Sole 61754.93996
Liberty Property Trust COM 531172104 1852 51100.00000 SH Sole 51100.00000
Lilly (Eli) & Co. COM 532457108 8477 178800.00000 SH Sole 178800.00000
Limited Brands Inc. COM 532716107 5517 112000.00000 SH Sole 112000.00000
Linear Technology Corp. COM 535678106 1344 42250.00000 SH Sole 42250.00000
Lowe's Co. COM 548661107 7291 241100.00000 SH Sole 241100.00000
Lukoil ADR COM 677862104 387 6275.00000 SH Sole 6275.00000
Luxottica Group SPA ADR COM 55068r202 236 6700.00000 SH Sole 6700.00000
Macerich Co. COM 554382101 900 15719.00000 SH Sole 15719.00000
Mack-Cali Realty Corp. COM 554489104 426 16000.00000 SH Sole 16000.00000
Marsh & McLennan Companies, In COM 571748102 8544 251800.00000 SH Sole 251800.00000
Marvell Technology Group COM g5876h105 1064 116200.00000 SH Sole 116200.00000
Mattel Inc. COM 577081102 6308 177850.00000 SH Sole 177850.00000
Maxim Integrated Products, Inc COM 57772k101 4144 155675.00000 SH Sole 155675.00000
McCormick & Co. COM 579780206 5464 88075.00000 SH Sole 88075.00000
McDonald's Corp. COM 580135101 8118 88475.00000 SH Sole 88475.00000
Mckesson HBOC Inc. COM 58155q103 1179 13710.00000 SH Sole 13710.00000
Mercadolibre Inc COM 58733r102 477 5775.00000 SH Sole 5775.00000
Merck & Co., Inc. COM 58933y105 11535 255800.00000 SH Sole 255800.00000
Metlife Inc COM 59156R108 5316 154275.00000 SH Sole 154275.00000
Microsoft Corp COM 594918104 26245 881900.00000 SH Sole 881900.00000
Mitsubishi UFJ Financial Group COM 606822104 1272 273550.00000 SH Sole 273550.00000
Mitsui & Co Ltd-Spons ADR COM 606827202 402 1425.00000 SH Sole 1425.00000
Molson Coors Brewing Company COM 60871r209 4275 94900.00000 SH Sole 94900.00000
Monsanto Co. COM 61166w101 4264 46850.00000 SH Sole 46850.00000
Morgan Stanley, Dean Witter, D COM 617446448 3597 214900.00000 SH Sole 214900.00000
Mylan Inc. COM 628530107 5159 211700.00000 SH Sole 211700.00000
National Fuel Gas Co. COM 636180101 486 9000.00000 SH Sole 9000.00000
National Oilwell Varco Inc COM 637071101 5870 73275.00000 SH Sole 73275.00000
New York Community Bancorp COM 649445103 1896 133925.00000 SH Sole 133925.00000
NextEra Energy Inc COM 65339f101 5479 77900.00000 SH Sole 77900.00000
Nippon Telegraph & Telephone C COM 654624105 1490 62850.00000 SH Sole 62850.00000
Nisource Inc. COM 65473P105 4440 174250.00000 SH Sole 174250.00000
Norsk Hydro ASA ADR COM 656531605 94 20000.00000 SH Sole 20000.00000
Northrop Grumman Corp. COM 666807102 3326 50075.00000 SH Sole 50075.00000
Novartis ADR COM 66987v109 1997 32600.00000 SH Sole 32600.00000
Novo Nordisk ADR COM 670100205 1957 12400.00000 SH Sole 12400.00000
Occidental Petroleum COM 674599105 6872 79850.00000 SH Sole 79850.00000
Oracle Corp. COM 68389x105 10589 336600.00000 SH Sole 336600.00000
Panasonic Corp ADR COM 69832a205 452 68800.00000 SH Sole 68800.00000
Park National COM 700658107 224 3200.00000 SH Sole 3200.00000
Parker Hannifin COM 701094104 948 11346.00000 SH Sole 11346.00000
Patterson Companies Inc. COM 703395103 3318 96900.00000 SH Sole 96900.00000
Pepco Holdings, Inc. COM 713291102 291 15384.00000 SH Sole 15384.00000
PepsiCo, Inc. COM 713448108 8998 127150.00000 SH Sole 127150.00000
Petroleo Brasileiro SA ADR COM 71654v408 417 18200.00000 SH Sole 18200.00000
Petsmart Inc. COM 716768106 1138 16500.00000 SH Sole 16500.00000
Pfizer, Inc. COM 717081103 17330 697374.00000 SH Sole 697374.00000
Philip Morris International In COM 718172109 3436 38200.00000 SH Sole 38200.00000
Pinnacle West Capital COM 723484101 681 12900.00000 SH Sole 12900.00000
Pitney Bowes Inc. COM 724479100 276 20000.00000 SH Sole 20000.00000
Plains All American Pipeline L COM 726503105 2223 25200.00000 SH Sole 25200.00000
PNC Financial Services Group COM 693475105 9955 157762.00000 SH Sole 157762.00000
Polaris Industries COM 731068102 1294 16000.00000 SH Sole 16000.00000
Portugal Telecom SGPS SA ADR COM 737273102 54 10800.00000 SH Sole 10800.00000
Potash Corp of Saskatchewan In COM 73755L107 1194 27500.00000 SH Sole 27500.00000
PPG Industries, Inc. COM 693506107 554 4825.00000 SH Sole 4825.00000
PPL Corp. COM 69351t106 2115 72800.00000 SH Sole 72800.00000
Praxair, Inc. COM 74005P104 3776 36350.00000 SH Sole 36350.00000
Principal Financial Group COM 74251V102 5403 200575.00000 SH Sole 200575.00000
Procter & Gamble, Inc. COM 742718109 19289 278100.00000 SH Sole 278100.00000
Prologis Trust COM 74340w103 886 25291.00000 SH Sole 25291.00000
Prudential Financial, Inc. COM 744320102 9759 179025.00000 SH Sole 179025.00000
Public Service Enterprise Grou COM 744573106 1242 38600.00000 SH Sole 38600.00000
Public Storage COM 74460d109 3173 22800.00000 SH Sole 22800.00000
Qualcomm Inc. COM 747525103 12603 201750.00000 SH Sole 201750.00000
Quest Diagnostics Inc COM 74834L100 787 12400.00000 SH Sole 12400.00000
Regal Entertainment Group - A COM 758766109 2105 149625.00000 SH Sole 149625.00000
Regions Financial Corp. COM 7591EP100 124 17220.00000 SH Sole 17220.00000
Repsol SA COM 76026T205 227 11700.00000 SH Sole 11700.00000
Research In Motion Limited COM 760975102 354 47200.00000 SH Sole 47200.00000
Reynolds American Inc. COM 761713106 1439 33200.00000 SH Sole 33200.00000
Rio Tinto Plc ADR COM 767204100 683 14600.00000 SH Sole 14600.00000
Roche Holdings Ltd-Spons ADR COM 771195104 685 14650.00000 SH Sole 14650.00000
Rockwell Collins Inc. COM 774341101 5031 93800.00000 SH Sole 93800.00000
Royal Dutch Shell PLC COM 780259206 993 14300.00000 SH Sole 14300.00000
Ryder Systems, Inc. COM 783549108 387 9900.00000 SH Sole 9900.00000
Sandisk Corp. COM 80004c101 313 7200.00000 SH Sole 7200.00000
Sanofi COM 80105n105 1697 39400.00000 SH Sole 39400.00000
Santos Limited ADR COM 803021708 529 44800.00000 SH Sole 44800.00000
SAP ADR COM 803054204 1448 20300.00000 SH Sole 20300.00000
Sasol Ltd ADR COM 803866300 468 10500.00000 SH Sole 10500.00000
Sauer Danfoss Inc COM 804137107 2337 58125.00000 SH Sole 58125.00000
Scana Corp COM 80589M102 1091 22596.00000 SH Sole 22596.00000
Schlumberger Ltd. COM 806857108 9573 132350.00000 SH Sole 132350.00000
Shinhan Financial Grp ADR COM 824596100 287 4275.00000 SH Sole 4275.00000
Siemens AG ADR COM 826197501 1422 14200.00000 SH Sole 14200.00000
Simon Property Group, Inc. COM 828806109 2016 13277.00000 SH Sole 13277.00000
Singapore Telecom-SP ADR COM 82929R304 877 33630.00000 SH Sole 33630.00000
Smith A.O. Corp COM 831865209 1554 27000.00000 SH Sole 27000.00000
Sony Corp. ADR COM 835699307 328 28000.00000 SH Sole 28000.00000
Southern Co. COM 842587107 6136 133125.00000 SH Sole 133125.00000
Spectra Energy Corp COM 847560109 3509 119500.00000 SH Sole 119500.00000
Staples Inc. COM 855030102 2270 197075.00000 SH Sole 197075.00000
Starwood Hotels & Resorts Inc. COM 85590A401 5657 97600.00000 SH Sole 97600.00000
State Street Corp. COM 857477103 4598 109575.00000 SH Sole 109575.00000
Statoil ASA ADR COM 85771P102 445 17242.00000 SH Sole 17242.00000
Subsea 7 Sa COM 864323100 636 27550.00000 SH Sole 27550.00000
Swisscom AG ADR COM 871013108 306 7600.00000 SH Sole 7600.00000
Symantec Corp. COM 871503108 2176 121063.00000 SH Sole 121063.00000
Syngenta AG ADR COM 87160a100 647 8650.00000 SH Sole 8650.00000
Synopsys Inc. COM 871607107 657 19900.00000 SH Sole 19900.00000
Syntel, Inc. COM 87162H103 448 7175.00000 SH Sole 7175.00000
Taiwan Semiconductor Manufactu COM 874039100 2425 153314.00000 SH Sole 153314.00000
Target Corp. COM 87612e106 10509 165575.00000 SH Sole 165575.00000
TE Connectivity Ltd COM h84989104 2671 78550.00000 SH Sole 78550.00000
Teco Energy Inc. COM 872375100 3250 183175.00000 SH Sole 183175.00000
Telecom Italia ADR COM 87927y102 212 21140.00000 SH Sole 21140.00000
Telefonica SA ADR COM 879382208 649 48883.00000 SH Sole 48883.00000
Telenor ASA COM 87944W105 527 9000.00000 SH Sole 9000.00000
Tenaris SA-ADR COM 88031M109 216 5300.00000 SH Sole 5300.00000
Tessera Technologies Inc. COM 88164L100 2012 147100.00000 SH Sole 147100.00000
Teva Pharmaceutical Industries COM 881624209 651 15725.00000 SH Sole 15725.00000
Texas Instruments COM 882508104 5321 193100.00000 SH Sole 193100.00000
The Travelers Companies, Inc. COM 89417E109 10973 160751.00000 SH Sole 160751.00000
Thermo Fisher Scientific Inc COM 883556102 3880 65950.00000 SH Sole 65950.00000
Tibco Software COM 88632Q103 659 21800.00000 SH Sole 21800.00000
Timken Co COM 887389104 635 17100.00000 SH Sole 17100.00000
Tokio Marine Holdings Inc ADR COM 889094108 622 24250.00000 SH Sole 24250.00000
Total SA ADR COM 89151e109 1723 34400.00000 SH Sole 34400.00000
Toyota Motor Corp. ADR COM 892331307 2811 35800.00000 SH Sole 35800.00000
Transcanada Pipelines Ltd COM 89353d107 1372 30150.00000 SH Sole 30150.00000
Transocean Ltd COM H8817H100 1672 37238.00000 SH Sole 37238.00000
Tupperware Brands Corp COM 899896104 1747 32600.00000 SH Sole 32600.00000
U.S. Bancorp COM 902973304 9262 270017.00000 SH Sole 270017.00000
UBS AG COM H89231338 345 28350.00000 SH Sole 28350.00000
Unilever PLC ADR COM 904767704 1302 35640.00000 SH Sole 35640.00000
Union Pacific COM 907818108 3258 27450.00000 SH Sole 27450.00000
United Health Group Inc. COM 91324P102 6565 118475.00000 SH Sole 118475.00000
United Parcel Services Cl B COM 911312106 7805 109050.00000 SH Sole 109050.00000
United Technologies COM 913017109 7978 101900.00000 SH Sole 101900.00000
Varian Medical Systems Inc COM 92220P105 3876 64250.00000 SH Sole 64250.00000
Verizon Communications Inc. COM 92343v104 13036 286075.00000 SH Sole 286075.00000
Vodafone Group PLC ADR COM 92857w209 1641 57574.00000 SH Sole 57574.00000
Volvo AB ADR COM 928856400 279 19875.00000 SH Sole 19875.00000
Waddell & Reed Financial, Inc. COM 930059100 678 20700.00000 SH Sole 20700.00000
Wal-Mart COM 931142103 11985 162400.00000 SH Sole 162400.00000
Walgreen Co. COM 931422109 4720 129525.00000 SH Sole 129525.00000
Walt Disney Co. COM 254687106 14267 272900.00000 SH Sole 272900.00000
Weingarten Realty Investors COM 948741103 1873 66625.00000 SH Sole 66625.00000
WellPoint, Inc. COM 94973V107 4008 69100.00000 SH Sole 69100.00000
Wells Fargo Co. COM 949746101 12306 356393.00000 SH Sole 356393.00000
Westpac Banking Corp. Ltd ADR COM 961214301 3901 30400.00000 SH Sole 30400.00000
Whirlpool Corp. COM 963320106 6212 74925.00000 SH Sole 74925.00000
Williams Partners LP COM 96950F104 5244 95900.00000 SH Sole 95900.00000
Windstream Corporation COM 97381W104 4396 435663.00000 SH Sole 435663.00000
WPP PLC ADR COM 92933h101 382 5600.00000 SH Sole 5600.00000
Yum! Brands, Inc. COM 988498101 929 14000.00000 SH Sole 14000.00000
Kinder Morgan Inc Del Warrant 49456b119 609 174488.90 SH Sole 174488.90