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, 2013
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 __May 10, 2013
[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: ___________341_________
Form 13F Information Table Value Total: ________ 1325_________
(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 000375204 782 34350.00000SH Sole 34350.00000
Abbott Labs. 002824100 5934 168000.00000SH Sole 168000.00000
Abbvie Inc 00287y109 6729 165000.00000SH Sole 165000.00000
Adobe Systems 00724f101 4872 111969.00000SH Sole 111969.00000
Aecom Technology Corp 00766T100 3107 94725.00000SH Sole 94725.00000
Aegon NV ADR 007924103 67 11200.00000SH Sole 11200.00000
Air Products & Chemicals, Inc. 009158106 2296 26350.00000SH Sole 26350.00000
Akamai Technologies Inc. 00971t101 3707 104950.00000SH Sole 104950.00000
Alcatel-Lucent ADR 013904305 26 19900.00000SH Sole 19900.00000
Alcoa Inc. 013817101 2143 251500.00000SH Sole 251500.00000
Allegheny Technologies Inc. 01741r102 2862 90250.00000SH Sole 90250.00000
AllianceBernstein Holding LP 01881G106 256 11700.00000SH Sole 11700.00000
Altria Group, Inc. 02209s103 11509 334675.00000SH Sole 334675.00000
Amdocs Ltd G02602103 2952 81425.00000SH Sole 81425.00000
Amedisys Inc. 023436108 696 62585.00000SH Sole 62585.00000
America Movil SA de CV ADR 02364w105 625 29800.00000SH Sole 29800.00000
American Express 025816109 9062 134325.00000SH Sole 134325.00000
American States Water Co 029899101 950 16500.00000SH Sole 16500.00000
Anadarko Petroleum Corp. 032511107 8227 94075.00000SH Sole 94075.00000
Anheuser-Busch 03524a108 8103 81400.00000SH Sole 81400.00000
Apple Inc 037833100 27899 63025.00000SH Sole 63025.00000
Applied Materials Inc. 038222105 253 18775.00000SH Sole 18775.00000
Arrow Financial Corp 042744102 1357 55070.00000SH Sole 55070.00000
Arthur J. Gallagher & Co. 363576109 5593 135400.00000SH Sole 135400.00000
AstraZeneca Group PLC ADR 046353108 658 13175.00000SH Sole 13175.00000
AT&T Inc. 00206R102 15833 431528.00000SH Sole 431528.00000
Atmos Energy Corp. 049560105 2128 49850.00000SH Sole 49850.00000
AXA SA 054536107 453 26300.00000SH Sole 26300.00000
Baker Hughes 057224107 4574 98550.00000SH Sole 98550.00000
Banco Bilbao Vizcaya Argentari 05946K101 937 106836.00006SH Sole 106836.00006
Banco Santander Central Hispan 05964h105 438 64300.00000SH Sole 64300.00000
Bank of New York Mellon Corp. 064058100 7031 251207.00000SH Sole 251207.00000
Barclays PLC ADR 06738e204 675 38000.00000SH Sole 38000.00000
BASF SE ADR 055262505 1268 14450.00000SH Sole 14450.00000
Baxter International, Inc. 071813109 3102 42700.00000SH Sole 42700.00000
Bed Bath & Beyond Inc. 075896100 6162 95650.00000SH Sole 95650.00000
BG Group Plc ADR 055434203 1371 80000.00000SH Sole 80000.00000
BHP Billiton Ltd. ADR 088606108 1538 22475.00000SH Sole 22475.00000
Blackstone Group LP 09253u108 3785 191375.00000SH Sole 191375.00000
Block H&R 093671105 7618 258950.00000SH Sole 258950.00000
BMC Software 055921100 218 4700.00000SH Sole 4700.00000
Boardwalk Pipeline Partners L. 096627104 2236 76300.00000SH Sole 76300.00000
Boeing Company 097023105 11315 131800.00000SH Sole 131800.00000
Boston Properties Inc 101121101 1223 12100.00000SH Sole 12100.00000
Boston Scientific 101137107 117 15000.00000SH Sole 15000.00000
BP plc ADR 055622104 2547 60150.00000SH Sole 60150.00000
BRE Properties 05564E106 3291 67615.00000SH Sole 67615.00000
British American Tob SP ADR 110448107 1309 12225.00000SH Sole 12225.00000
Broadcom Corp 111320107 3891 112200.00000SH Sole 112200.00000
BT Group PLC ADR 05577e101 778 18500.00000SH Sole 18500.00000
California Water Service Group 130788102 541 27200.00000SH Sole 27200.00000
Calpine Corp 131347304 3273 158875.00000SH Sole 158875.00000
Cameron International Corp 13342B105 5073 77800.00000SH Sole 77800.00000
Canon Inc. ADR 138006309 905 24675.00000SH Sole 24675.00000
Capital One Financial 14040H105 4598 83675.00000SH Sole 83675.00000
Carefusion Corp. 14170T101 3208 91675.00000SH Sole 91675.00000
Caterpillar Inc. 149123101 4083 46950.00000SH Sole 46950.00000
CBS Corp. 124857202 5290 113300.00000SH Sole 113300.00000
Celgene Corp. 151020104 15054 129875.00000SH Sole 129875.00000
Cemex SAB de CV ADR 151290889 195 15960.00000SH Sole 15960.00000
CenturyLink Inc. 156700106 1448 41223.00000SH Sole 41223.00000
Charles Schwab Corp. 808513105 5042 285000.00000SH Sole 285000.00000
Chesapeake Energy Corp 165167107 2554 125150.00000SH Sole 125150.00000
Cheung Kong Limited ADR 166744201 605 41000.00000SH Sole 41000.00000
Chevron Corp. 166764100 25319 213086.00005SH Sole 213086.00005
Church & Dwight Co. 171340102 6243 96600.00000SH Sole 96600.00000
Cincinnati Financial 172062101 685 14500.00000SH Sole 14500.00000
Cinemark Holdings Inc. 17243v102 4255 144525.00000SH Sole 144525.00000
Cisco Systems 17275R102 11507 550700.00000SH Sole 550700.00000
CIT Group 125581801 1557 35800.00000SH Sole 35800.00000
Cliffs Natural Resources Inc 18683k101 1699 89375.00000SH Sole 89375.00000
CMS Energy Corp. 125896100 4824 172650.00000SH Sole 172650.00000
Coach Inc 189754104 2536 50725.00000SH Sole 50725.00000
Coca-Cola 191216100 983 24300.00000SH Sole 24300.00000
Cognizant Tech Solutions Corp. 192446102 2994 39075.00000SH Sole 39075.00000
Columbia Sportswear Co 198516106 2590 44750.00000SH Sole 44750.00000
Comerica, Inc. 200340107 755 21000.00000SH Sole 21000.00000
Companhia De Bebidas-Prf ADR 20441W203 984 23250.00000SH Sole 23250.00000
Companhia Vale do Rio Doce ADR 91912e105 245 14150.00000SH Sole 14150.00000
Consolidated Edison 209115104 1533 25126.00000SH Sole 25126.00000
Constellation Brands 21036p108 3357 70475.00000SH Sole 70475.00000
Continental Resources Inc 212015101 3853 44325.00000SH Sole 44325.00000
Cooper Tire & Rubber Co. 216831107 642 25000.00000SH Sole 25000.00000
Corning Inc. 219350105 3613 271075.00000SH Sole 271075.00000
Costco Co. 22160k105 4507 42475.00000SH Sole 42475.00000
Covidien PLC G2554f113 5456 80425.00000SH Sole 80425.00000
Cummins Inc 231021106 4491 38775.00000SH Sole 38775.00000
CVS Caremark Corp. 126650100 8667 157604.00000SH Sole 157604.00000
Daimler AG ADR D1668R123 884 16200.00000SH Sole 16200.00000
Danaher Corp. 235851102 10183 163850.00000SH Sole 163850.00000
Danone ADR 23636t100 516 37000.00000SH Sole 37000.00000
Darden Restaurants Inc. 237194105 7243 140150.00000SH Sole 140150.00000
Davita Healthcare Partners Inc 23918K108 5630 47475.00000SH Sole 47475.00000
DCP Midstream Partners LP 23311p100 1715 36800.00000SH Sole 36800.00000
DDR Corp 23317h102 300 17221.00000SH Sole 17221.00000
Deutsche Bank ADR D18190898 379 9700.00000SH Sole 9700.00000
Deutsche Telekom AG ADR 251566105 714 67400.00000SH Sole 67400.00000
Diageo PLC ADR 25243q205 1425 11325.00000SH Sole 11325.00000
Diamond Offshore Drilling 25271c102 1782 25625.00000SH Sole 25625.00000
Diebold Inc 253651103 1161 38300.00000SH Sole 38300.00000
Digital Realty 253868103 1619 24200.00000SH Sole 24200.00000
DirectTV 25490a309 5199 91875.00000SH Sole 91875.00000
Dollar General 256677105 3689 72925.00000SH Sole 72925.00000
Dominion Resources 25746u109 3014 51800.00000SH Sole 51800.00000
Donnelley (R.R.) & Sons 257867101 324 26900.00000SH Sole 26900.00000
Dr. Pepper Snapple Group, Inc 26138e109 259 5520.00000SH Sole 5520.00000
Du Pont (E.I.) De Nemours & Co 263534109 9542 194096.00000SH Sole 194096.00000
Duke Energy Corp. 26441C204 7339 101096.00001SH Sole 101096.00001
Duke Realty Corp. 264411505 1338 78800.00000SH Sole 78800.00000
Edwards Lifesciences Corp 28176E108 320 3892.00000SH Sole 3892.00000
Embraer SA 29082a107 228 6400.00000SH Sole 6400.00000
EMC Corp. 268648102 6674 279350.00000SH Sole 279350.00000
Enbridge Energy Partners LP 29250r106 3011 99900.00000SH Sole 99900.00000
Endo Health Solutions Inc 29264F205 3524 114550.00000SH Sole 114550.00000
Energizer Holdings Inc 29266R108 6505 65225.00000SH Sole 65225.00000
ENI SPA ADR 26874r108 1078 24025.00000SH Sole 24025.00000
Enterprise Products Partners L 293792107 2514 41700.00000SH Sole 41700.00000
EOG Resources 26875p101 5606 43775.00000SH Sole 43775.00000
Equity Residential Properties 29476l107 2825 51300.00000SH Sole 51300.00000
Ericsson 294821608 1300 103200.00000SH Sole 103200.00000
Ethan Allen Interiors Inc. 297602104 326 9900.00000SH Sole 9900.00000
Exelon Corp. 30161n101 1344 38975.00000SH Sole 38975.00000
Express 30219e103 2268 127325.00000SH Sole 127325.00000
Express Scripts Holding Compan 30219g108 4566 79250.00000SH Sole 79250.00000
Exxon Mobil Corp. 30231g102 34307 380725.00000SH Sole 380725.00000
F5 Networks Inc. 315616102 3073 34500.00000SH Sole 34500.00000
Fedex Corp. 31428x106 3169 32275.00000SH Sole 32275.00000
Finisar Corp 31787a507 2126 161150.00000SH Sole 161150.00000
FirstEnergy Corp. 337932107 2858 67723.00000SH Sole 67723.00000
Flowserve Corp. 34354P105 6901 41150.00000SH Sole 41150.00000
FMC Technologies Inc 30249U101 5162 94900.00000SH Sole 94900.00000
Fomento Economico Mexicana-SP 344419106 812 7150.00000SH Sole 7150.00000
France Telecom ADR 35177q105 371 36500.00000SH Sole 36500.00000
Freeport-McMoRan Copper & Gold 35671d857 5201 157125.00000SH Sole 157125.00000
Frontier Communications Corp 35906a108 556 139428.00000SH Sole 139428.00000
General Electric Co. 369604103 23222 1004400.00000SH Sole 1004400.00000
General Growth Properties 370023103 364 18331.00000SH Sole 18331.00000
Genuine Parts Co. 372460105 3237 41500.00000SH Sole 41500.00000
Gilead Science Inc 375558103 15284 312300.00000SH Sole 312300.00000
GlaxoSmithKline plc ADR 37733W105 1712 36500.00000SH Sole 36500.00000
Goldman Sachs Group 38141g104 8689 59050.00000SH Sole 59050.00000
Goodyear Tire & Rubber Company 382550101 2857 226675.00000SH Sole 226675.00000
Google Inc. Cl A 38259P508 20232 25475.00000SH Sole 25475.00000
Grupo Televisa SA ADR 40049j206 291 10925.00000SH Sole 10925.00000
Halliburton Co. 406216101 6157 152375.00000SH Sole 152375.00000
Harman International Industrie 413086109 500 11200.00000SH Sole 11200.00000
Hawaiian Electric Ind. 419870100 1634 58950.00000SH Sole 58950.00000
HCP Inc 40414L109 3154 63250.00000SH Sole 63250.00000
Health Care REIT, Inc. 42217k106 1993 29350.00000SH Sole 29350.00000
Heinz (H.J.) 423074103 8716 120600.00000SH Sole 120600.00000
Hellenic Telecom Organization 423325307 133 44000.00000SH Sole 44000.00000
Hess Corporation 42809h107 3933 54925.00000SH Sole 54925.00000
Hitachi Ltd. ADR 433578507 552 9500.00000SH Sole 9500.00000
Hologic Inc 436440101 4060 179650.00000SH Sole 179650.00000
Home Depot, Inc. 437076102 13251 189900.00000SH Sole 189900.00000
Honda Motor Co Ltd. ADR 438128308 1993 52100.00000SH Sole 52100.00000
Honeywell International, Inc. 438516106 8850 117450.00000SH Sole 117450.00000
Hormel Foods Corp 440452100 1653 40000.00000SH Sole 40000.00000
HSBC Holdings ADR 404280406 763 14300.00000SH Sole 14300.00000
Hunt (J.B.) Transport 445658107 1341 18000.00000SH Sole 18000.00000
Hutchison Whampoa Limited ADR 448415208 818 39250.00000SH Sole 39250.00000
Icon PLC ADR G4705A100 239 7400.00000SH Sole 7400.00000
Infosys Ltd 456788108 2097 38900.00000SH Sole 38900.00000
Ing Groep NV ADR 456837103 102 14200.00000SH Sole 14200.00000
Intel Corp. 458140100 13634 624400.00000SH Sole 624400.00000
International Business Machine 459200101 6788 31825.00000SH Sole 31825.00000
International Game Technology 459902102 337 20400.00000SH Sole 20400.00000
Intesa Sanpaolo ADR 46115h107 106 12041.00000SH Sole 12041.00000
Invesco Ltd g491bt108 5588 192950.00000SH Sole 192950.00000
Itau Unibanco Holding SA ADR 465562106 443 24899.00004SH Sole 24899.00004
Itron, Inc. 465741106 2021 43550.00000SH Sole 43550.00000
Johnson & Johnson 478160104 18501 226925.00000SH Sole 226925.00000
Johnson Controls, Inc. 478366107 5120 146000.00000SH Sole 146000.00000
Jones Group Inc The 48020t101 245 19300.00000SH Sole 19300.00000
Joy Global Inc. 481165108 2292 38500.00000SH Sole 38500.00000
JPMorgan Chase & Co. 46625h100 16227 341907.00000SH Sole 341907.00000
KB Financial Group Inc ADR 48241a105 244 7375.00000SH Sole 7375.00000
Kellogg Co. 487836108 2371 36800.00000SH Sole 36800.00000
Kennametal Inc. 489170100 699 17900.00000SH Sole 17900.00000
Kimco Realty Corp. 49446r109 1908 85175.00000SH Sole 85175.00000
Kinder Morgan Inc. 49456b101 5413 139937.00000SH Sole 139937.00000
Kirin Holdings Co ADR 497350306 487 30300.00000SH Sole 30300.00000
Kohl's Corp. 500255104 4200 91050.00000SH Sole 91050.00000
Koninklijke KPN NV ADR 780641205 56 16600.00000SH Sole 16600.00000
Koninklijke Philips Electronic 500472303 278 9400.00000SH Sole 9400.00000
Kraft Foods Group Inc. 50076q106 578 11211.00002SH Sole 11211.00002
Kubota Corp-Spon ADR 501173207 352 4875.00000SH Sole 4875.00000
L Brands Inc 501797104 5002 112000.00000SH Sole 112000.00000
Leggett & Platt 524660107 1149 34000.00000SH Sole 34000.00000
Lexington Realty Trust 529043101 729 61754.93996SH Sole 61754.93996
Liberty Property Trust 531172104 2429 61100.00000SH Sole 61100.00000
Lilly (Eli) & Co. 532457108 10154 178800.00000SH Sole 178800.00000
Linear Technology Corp. 535678106 1621 42250.00000SH Sole 42250.00000
Logitech International SA H50430232 293 42020.00000SH Sole 42020.00000
Lorillard Inc. 544147101 2369 58700.00000SH Sole 58700.00000
Lowe's Co. 548661107 9143 241100.00000SH Sole 241100.00000
Luxottica Group SPA ADR 55068r202 362 7200.00000SH Sole 7200.00000
Macerich Co. 554382101 1398 21719.00000SH Sole 21719.00000
Mack-Cali Realty Corp. 554489104 858 30000.00000SH Sole 30000.00000
Marsh & McLennan Companies, In 571748102 9561 251800.00000SH Sole 251800.00000
Mattel Inc. 577081102 8019 183200.00000SH Sole 183200.00000
Maxim Integrated Products, Inc 57772k101 5081 155675.00000SH Sole 155675.00000
McCormick & Co. 579780206 6478 88075.00000SH Sole 88075.00000
McDonald's Corp. 580135101 8820 88475.00000SH Sole 88475.00000
Mckesson HBOC Inc. 58155q103 1480 13710.00000SH Sole 13710.00000
Mercadolibre Inc 58733r102 558 5775.00000SH Sole 5775.00000
Merck & Co., Inc. 58933y105 11439 258800.00000SH Sole 258800.00000
Metlife Inc 59156R108 5866 154275.00000SH Sole 154275.00000
Microsoft Corp 594918104 19567 684048.00000SH Sole 684048.00000
Mitsubishi UFJ Financial Group 606822104 1641 273550.00000SH Sole 273550.00000
Mitsui & Co Ltd-Spons ADR 606827202 400 1425.00000SH Sole 1425.00000
Molson Coors Brewing Company 60871r209 4643 94900.00000SH Sole 94900.00000
Mondelez International Inc 609207105 1030 33636.00000SH Sole 33636.00000
Monsanto Co. 61166w101 4949 46850.00000SH Sole 46850.00000
Morgan Stanley, Dean Witter, D 617446448 4724 214900.00000SH Sole 214900.00000
Mylan Inc. 628530107 6130 211700.00000SH Sole 211700.00000
National Fuel Gas Co. 636180101 552 9000.00000SH Sole 9000.00000
National Oilwell Varco Inc 637071101 5184 73275.00000SH Sole 73275.00000
Navistar International 63934E108 207 6000.00000SH Sole 6000.00000
New York Community Bancorp 649445103 1922 133925.00000SH Sole 133925.00000
NextEra Energy Inc 65339f101 3376 43463.00000SH Sole 43463.00000
Nippon Telegraph & Telephone C 654624105 1366 62850.00000SH Sole 62850.00000
Nisource Inc. 65473P105 5112 174250.00000SH Sole 174250.00000
Norsk Hydro ASA ADR 656531605 87 20000.00000SH Sole 20000.00000
Northrop Grumman Corp. 666807102 3513 50075.00000SH Sole 50075.00000
Novartis ADR 66987v109 2394 33600.00000SH Sole 33600.00000
Novo Nordisk ADR 670100205 2003 12400.00000SH Sole 12400.00000
Nuance Communications Inc 67020y100 3771 186875.00000SH Sole 186875.00000
Occidental Petroleum 674599105 6258 79850.00000SH Sole 79850.00000
Oracle Corp. 68389x105 14235 440300.00000SH Sole 440300.00000
Panasonic Corp ADR 69832a205 504 68800.00000SH Sole 68800.00000
Park National 700658107 223 3200.00000SH Sole 3200.00000
Parker Hannifin 701094104 1039 11346.00000SH Sole 11346.00000
Patterson Companies Inc. 703395103 3686 96900.00000SH Sole 96900.00000
Pepco Holdings, Inc. 713291102 329 15384.00000SH Sole 15384.00000
PepsiCo, Inc. 713448108 10059 127150.00000SH Sole 127150.00000
Petroleo Brasileiro SA ADR 71654v408 302 18200.00000SH Sole 18200.00000
Petsmart Inc. 716768106 1025 16500.00000SH Sole 16500.00000
Pfizer, Inc. 717081103 20126 697374.00000SH Sole 697374.00000
Philip Morris International In 718172109 3542 38200.00000SH Sole 38200.00000
Pinnacle West Capital 723484101 747 12900.00000SH Sole 12900.00000
Pitney Bowes Inc. 724479100 297 20000.00000SH Sole 20000.00000
Plains All American Pipeline L 726503105 3219 57000.00000SH Sole 57000.00000
PNC Financial Services Group 693475105 11030 165862.00000SH Sole 165862.00000
Polaris Industries 731068102 1480 16000.00000SH Sole 16000.00000
Portugal Telecom SGPS SA ADR 737273102 54 10800.00000SH Sole 10800.00000
Potash Corp of Saskatchewan In 73755L107 1079 27500.00000SH Sole 27500.00000
PPG Industries, Inc. 693506107 646 4825.00000SH Sole 4825.00000
PPL Corp. 69351t106 2279 72800.00000SH Sole 72800.00000
Praxair, Inc. 74005P104 4054 36350.00000SH Sole 36350.00000
Principal Financial Group 74251V102 7007 205900.00000SH Sole 205900.00000
Procter & Gamble, Inc. 742718109 21430 278100.00000SH Sole 278100.00000
Prudential Financial, Inc. 744320102 10561 179025.00000SH Sole 179025.00000
Public Service Enterprise Grou 744573106 1326 38600.00000SH Sole 38600.00000
Qualcomm Inc. 747525103 13505 201750.00000SH Sole 201750.00000
Quest Diagnostics Inc 74834L100 813 14400.00000SH Sole 14400.00000
Regal Entertainment Group - A 758766109 2989 179325.00000SH Sole 179325.00000
Regions Financial Corp. 7591EP100 188 22915.00000SH Sole 22915.00000
Repsol SA 76026T205 238 11700.00000SH Sole 11700.00000
Reynolds American Inc. 761713106 1477 33200.00000SH Sole 33200.00000
Rio Tinto Plc ADR 767204100 687 14600.00000SH Sole 14600.00000
Roche Holdings Ltd-Spons ADR 771195104 855 14650.00000SH Sole 14650.00000
Rockwell Collins Inc. 774341101 5921 93800.00000SH Sole 93800.00000
Royal Dutch Shell PLC 780259206 1626 24950.00000SH Sole 24950.00000
Ryder Systems, Inc. 783549108 592 9900.00000SH Sole 9900.00000
Sandisk Corp. 80004c101 396 7200.00000SH Sole 7200.00000
Sanofi 80105n105 2013 39400.00000SH Sole 39400.00000
Santos Limited ADR 803021708 581 44800.00000SH Sole 44800.00000
SAP ADR 803054204 1675 20800.00000SH Sole 20800.00000
Sauer Danfoss Inc 804137107 3396 58125.00000SH Sole 58125.00000
Scana Corp 80589M102 1156 22596.00000SH Sole 22596.00000
Schlumberger Ltd. 806857108 9912 132350.00000SH Sole 132350.00000
Sealed Air Corp. 81211k100 1966 81550.00000SH Sole 81550.00000
Sensata Technologies Holding N7902X106 407 12375.00000SH Sole 12375.00000
Shinhan Financial Grp ADR 824596100 337 9400.00000SH Sole 9400.00000
Simon Property Group, Inc. 828806109 2105 13277.00000SH Sole 13277.00000
Singapore Telecom-SP ADR 82929R304 973 33630.00000SH Sole 33630.00000
Smith A.O. Corp 831865209 1986 27000.00000SH Sole 27000.00000
Sony Corp. ADR 835699307 487 28000.00000SH Sole 28000.00000
Southern Co. 842587107 3861 82286.00000SH Sole 82286.00000
Spectra Energy Corp 847560109 3675 119500.00000SH Sole 119500.00000
Starwood Hotels & Resorts Inc. 85590A401 6220 97600.00000SH Sole 97600.00000
State Street Corp. 857477103 6475 109575.00000SH Sole 109575.00000
Statoil ASA ADR 85771P102 424 17242.00000SH Sole 17242.00000
Subsea 7 Sa 864323100 645 27550.00000SH Sole 27550.00000
Swisscom AG ADR 871013108 352 7600.00000SH Sole 7600.00000
Symantec Corp. 871503108 2988 121063.00000SH Sole 121063.00000
Syngenta AG ADR 87160a100 724 8650.00000SH Sole 8650.00000
Synopsys Inc. 871607107 714 19900.00000SH Sole 19900.00000
Syntel, Inc. 87162H103 484 7175.00000SH Sole 7175.00000
Taiwan Semiconductor Manufactu 874039100 1004 58386.00000SH Sole 58386.00000
Target Corp. 87612e106 11334 165575.00000SH Sole 165575.00000
Telecom Italia ADR 87927y102 151 21140.00000SH Sole 21140.00000
Telefonica SA ADR 879382208 660 48883.00000SH Sole 48883.00000
Telenor ASA 87944W105 591 9000.00000SH Sole 9000.00000
Tenaris SA-ADR 88031M109 241 5900.00000SH Sole 5900.00000
Teradata Corp 88076w103 2671 45650.00000SH Sole 45650.00000
Tessera Technologies Inc. 88164L100 2758 147100.00000SH Sole 147100.00000
Teva Pharmaceutical Industries 881624209 648 16325.00000SH Sole 16325.00000
Texas Instruments 882508104 6851 193100.00000SH Sole 193100.00000
The Mosaic Co 61945c103 2285 38325.00000SH Sole 38325.00000
The Travelers Companies, Inc. 89417E109 13534 160751.00000SH Sole 160751.00000
Thermo Fisher Scientific Inc 883556102 5045 65950.00000SH Sole 65950.00000
Tibco Software 88632Q103 441 21800.00000SH Sole 21800.00000
Tiffany & Co. 886547108 3086 44375.00000SH Sole 44375.00000
Timken Co 887389104 968 17100.00000SH Sole 17100.00000
Tokio Marine Holdings Inc ADR 889094108 697 24250.00000SH Sole 24250.00000
Tornier NV n87237108 389 20650.00000SH Sole 20650.00000
Total SA ADR 89151e109 1651 34400.00000SH Sole 34400.00000
Toyota Motor Corp. ADR 892331307 3675 35800.00000SH Sole 35800.00000
Transcanada Pipelines Ltd 89353d107 1851 38650.00000SH Sole 38650.00000
Transocean Ltd H8817H100 1935 37238.00000SH Sole 37238.00000
Tupperware Brands Corp 899896104 2665 32600.00000SH Sole 32600.00000
U.S. Bancorp 902973304 9365 276017.00000SH Sole 276017.00000
UBS AG H89231338 459 29850.00000SH Sole 29850.00000
Unilever PLC ADR 904767704 1548 36640.00000SH Sole 36640.00000
Union Pacific 907818108 4137 29050.00000SH Sole 29050.00000
United Health Group Inc. 91324P102 6778 118475.00000SH Sole 118475.00000
United Parcel Services Cl B 911312106 9367 109050.00000SH Sole 109050.00000
United Technologies 913017109 9521 101900.00000SH Sole 101900.00000
Varian Medical Systems Inc 92220P105 4626 64250.00000SH Sole 64250.00000
Verifone Holdings Inc 92342Y109 2605 125950.00000SH Sole 125950.00000
Verizon Communications Inc. 92343v104 14212 289150.00000SH Sole 289150.00000
Vodafone Group PLC ADR 92857w209 1635 57574.00000SH Sole 57574.00000
Volvo AB ADR 928856400 319 21875.00000SH Sole 21875.00000
Vulcan Materials 929160109 1391 26900.00000SH Sole 26900.00000
Waddell & Reed Financial, Inc. 930059100 906 20700.00000SH Sole 20700.00000
Wal-Mart 931142103 12152 162400.00000SH Sole 162400.00000
Walgreen Co. 931422109 6176 129525.00000SH Sole 129525.00000
Walt Disney Co. 254687106 15387 270900.00000SH Sole 270900.00000
Weingarten Realty Investors 948741103 2418 76625.00000SH Sole 76625.00000
WellPoint, Inc. 94973V107 4576 69100.00000SH Sole 69100.00000
Wells Fargo Co. 949746101 13294 359393.00000SH Sole 359393.00000
Western Gas Partners 958254104 1767 29750.00000SH Sole 29750.00000
Westpac Banking Corp. Ltd ADR 961214301 4896 30400.00000SH Sole 30400.00000
Williams Cos. 969457100 2499 66700.00000SH Sole 66700.00000
Windstream Corporation 97381W104 3455 435663.00000SH Sole 435663.00000
Wisconsin Energy Corp. 976657106 3528 82250.00000SH Sole 82250.00000
WPP PLC ADR 92937a102 449 5600.00000SH Sole 5600.00000
Yum! Brands, Inc. 988498101 1007 14000.00000SH Sole 14000.00000
Kinder Morgan Inc Del Warrant 49456b119 519 100902.78SH Sole 100902.78