UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 2011
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-__04382__________ __American National Insurance Company_
[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: ________ 1,073__________
(thousands)
List of Other Included Managers:
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 File Number Name
28-__04382__________ __American National Insurance Company_
[Repeat as necessary.]
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 600 31850.00000 SH Sole 31850.00000
Abbott Labs. COM 002824100 9340 166100.00000 SH Sole 166100.00000
Adobe Systems COM 00724f101 5500 194550.00000 SH Sole 194550.00000
Aecom Technology Corp COM 00766T100 1923 93475.00000 SH Sole 93475.00000
Aegon NV ADR COM 007924103 45 11200.00000 SH Sole 11200.00000
Ageas COM 00844w109 34 21600.00000 SH Sole 21600.00000
Akamai Technologies Inc. COM 00971t101 3414 105750.00000 SH Sole 105750.00000
Alcatel-Lucent ADR COM 013904305 31 19900.00000 SH Sole 19900.00000
AllianceBernstein Holding LP COM 01881G106 178 13600.00000 SH Sole 13600.00000
Altria Group, Inc. COM 02209s103 15777 532100.00000 SH Sole 532100.00000
Amdocs Ltd COM G02602103 2359 82675.00000 SH Sole 82675.00000
Amedisys Inc. COM 023436108 689 63135.00000 SH Sole 63135.00000
Ameren Corp. COM 023608102 906 27360.00000 SH Sole 27360.00000
America Movil SA de CV ADR COM 02364w105 651 28800.00000 SH Sole 28800.00000
American Express COM 025816109 6423 136175.00000 SH Sole 136175.00000
American States Water Co COM 029899101 576 16500.00000 SH Sole 16500.00000
American Tower Reit Inc COM 03027x100 5654 94225.00000 SH Sole 94225.00000
Anadarko Petroleum Corp. COM 032511107 6723 88075.00000 SH Sole 88075.00000
Anheuser-Busch COM 03524a108 5334 87450.00000 SH Sole 87450.00000
Apple Inc COM 037833100 25396 62705.00000 SH Sole 62705.00000
Arch Coal Inc COM 039380100 3116 214750.00000 SH Sole 214750.00000
Arrow Financial Corp COM 042744102 1266 53991.00000 SH Sole 53991.00000
Arthur J. Gallagher & Co. COM 363576109 4722 141200.00000 SH Sole 141200.00000
AstraZeneca Group PLC ADR COM 046353108 610 13175.00000 SH Sole 13175.00000
AT&T Inc. COM 00206R102 13355 441620.00000 SH Sole 441620.00000
Atmos Energy Corp. COM 049560105 1662 49850.00000 SH Sole 49850.00000
Avalonbay Communities, Inc. COM 053484101 2106 16129.00000 SH Sole 16129.00000
AXA SA COM 054536107 343 26300.00000 SH Sole 26300.00000
Baker Hughes COM 057224107 4727 97175.00000 SH Sole 97175.00000
Banco Bilbao Vizcaya Argentari COM 05946K101 916 106836.00006 SH Sole 106836.00006
Banco Santander Central Hispan COM 05964h105 453 60300.00000 SH Sole 60300.00000
Bank of New York Mellon Corp. COM 064058100 5008 251532.00000 SH Sole 251532.00000
Barclays PLC ADR COM 06738e204 390 35500.00000 SH Sole 35500.00000
BASF SE ADR COM 055262505 1011 14450.00000 SH Sole 14450.00000
Baxter International, Inc. COM 071813109 1922 38850.00000 SH Sole 38850.00000
Bed Bath & Beyond Inc. COM 075896100 5652 97500.00000 SH Sole 97500.00000
BG Group Plc ADR COM 055434203 1669 15600.00000 SH Sole 15600.00000
BHP Billiton Ltd. ADR COM 088606108 1474 20875.00000 SH Sole 20875.00000
Blackstone Group LP COM 09253u108 2719 194100.00000 SH Sole 194100.00000
Block H&R COM 093671105 4016 245925.00000 SH Sole 245925.00000
Boardwalk Pipeline Partners L. COM 096627104 1491 53900.00000 SH Sole 53900.00000
Boeing Company COM 097023105 9919 135225.00000 SH Sole 135225.00000
Boston Properties Inc COM 101121101 1225 12300.00000 SH Sole 12300.00000
Boston Scientific COM 101137107 80 15000.00000 SH Sole 15000.00000
BP plc ADR COM 055622104 1906 44600.00000 SH Sole 44600.00000
BRE Properties COM 05564E106 3423 67815.00000 SH Sole 67815.00000
British American Tob SP ADR COM 110448107 1160 12225.00000 SH Sole 12225.00000
Broadcom Corp COM 111320107 3192 108725.00000 SH Sole 108725.00000
BT Group PLC ADR COM 05577e101 548 18500.00000 SH Sole 18500.00000
California Water Service Group COM 130788102 497 27200.00000 SH Sole 27200.00000
Cameron International Corp COM 13342B105 3742 76075.00000 SH Sole 76075.00000
Canon Inc. ADR COM 138006309 1087 24675.00000 SH Sole 24675.00000
Carefusion Corp. COM 14170T101 2307 90775.00000 SH Sole 90775.00000
Caterpillar Inc. COM 149123101 4163 45950.00000 SH Sole 45950.00000
CBS Corp. COM 124857202 3185 117350.00000 SH Sole 117350.00000
Celgene Corp. COM 151020104 8918 131925.00000 SH Sole 131925.00000
Cemex SAB de CV ADR COM 151290889 83 15350.00000 SH Sole 15350.00000
CenturyLink Inc. COM 156700106 1393 37445.00000 SH Sole 37445.00000
Charles Schwab Corp. COM 808513105 3245 288175.00000 SH Sole 288175.00000
Charter Communications Inc COM 16117m305 262 4596.00000 SH Sole 4596.00000
Chesapeake Energy Corp COM 165167107 2790 125150.00000 SH Sole 125150.00000
Cheung Kong Limited ADR COM 166744201 488 41000.00000 SH Sole 41000.00000
Chevron Corp. COM 166764100 23401 219937.00005 SH Sole 219937.00005
Church & Dwight Co. COM 171340102 6601 144250.00000 SH Sole 144250.00000
Cincinnati Financial COM 172062101 551 18100.00000 SH Sole 18100.00000
Cinemark Holdings Inc. COM 17243v102 2539 137325.00000 SH Sole 137325.00000
Cisco Systems COM 17275R102 10132 560400.00000 SH Sole 560400.00000
CIT Group COM 125581801 1248 35800.00000 SH Sole 35800.00000
Coca-Cola COM 191216100 850 12150.00000 SH Sole 12150.00000
Comerica, Inc. COM 200340107 413 16000.00000 SH Sole 16000.00000
Companhia De Bebidas-Prf ADR COM 20441W203 839 23250.00000 SH Sole 23250.00000
Companhia Vale do Rio Doce ADR COM 91912e105 266 12400.00000 SH Sole 12400.00000
ConocoPhillips COM 20825c104 335 4592.00000 SH Sole 4592.00000
Consolidated Edison COM 209115104 5283 85175.00000 SH Sole 85175.00000
Cooper Tire & Rubber Co. COM 216831107 350 25000.00000 SH Sole 25000.00000
Corning Inc. COM 219350105 3349 258025.00000 SH Sole 258025.00000
Covidien PLC COM G2554f113 3633 80725.00000 SH Sole 80725.00000
Cummins Inc COM 231021106 3272 37175.00000 SH Sole 37175.00000
CVS Caremark Corp. COM 126650100 9836 241204.00000 SH Sole 241204.00000
Daimler AG ADR COM D1668R123 711 16200.00000 SH Sole 16200.00000
Danaher Corp. COM 235851102 9561 203250.00000 SH Sole 203250.00000
Danone ADR COM 23636t100 467 37000.00000 SH Sole 37000.00000
Darden Restaurants Inc. COM 237194105 5778 126775.00000 SH Sole 126775.00000
Davita Inc COM 23918K108 3650 48150.00000 SH Sole 48150.00000
DDR Corp COM 23317h102 214 17551.00000 SH Sole 17551.00000
Deutsche Bank ADR COM D18190898 333 8800.00000 SH Sole 8800.00000
Deutsche Telekom AG ADR COM 251566105 776 67400.00000 SH Sole 67400.00000
Diageo PLC ADR COM 25243q205 990 11325.00000 SH Sole 11325.00000
Diamond Offshore Drilling COM 25271c102 1131 20475.00000 SH Sole 20475.00000
Diebold Inc COM 253651103 1152 38300.00000 SH Sole 38300.00000
DirectTV COM 25490a101 293 6845.00000 SH Sole 6845.00000
Donnelley (R.R.) & Sons COM 257867101 485 33600.00000 SH Sole 33600.00000
Dr. Pepper Snapple Group, Inc COM 26138e109 218 5520.00000 SH Sole 5520.00000
Du Pont (E.I.) De Nemours & Co COM 263534109 8088 176671.00000 SH Sole 176671.00000
Duke Energy Corp. COM 26441C105 6647 302148.00000 SH Sole 302148.00000
Duke Realty Corp. COM 264411505 227 18800.00000 SH Sole 18800.00000
Edwards Lifesciences Corp COM 28176E108 275 3892.00000 SH Sole 3892.00000
El Paso Corp. COM 28336l109 4189 157659.00000 SH Sole 157659.00000
EMC Corp. COM 268648102 6186 287200.00000 SH Sole 287200.00000
Endo Pharmaceuticals Holdings COM 29264F205 3973 115050.00000 SH Sole 115050.00000
Energizer Holdings Inc COM 29266R108 5154 66525.00000 SH Sole 66525.00000
ENI SPA ADR COM 26874r108 992 24025.00000 SH Sole 24025.00000
Enterprise Products Partners L COM 293792107 1934 41700.00000 SH Sole 41700.00000
EOG Resources COM 26875p101 4096 41575.00000 SH Sole 41575.00000
Equity Residential Properties COM 29476l107 935 16400.00000 SH Sole 16400.00000
Ericsson LM ADR COM 294821608 1045 103200.00000 SH Sole 103200.00000
Ethan Allen Interiors Inc. COM 297602104 235 9900.00000 SH Sole 9900.00000
Express COM 30219e103 2493 125025.00000 SH Sole 125025.00000
Express Scripts COM 302182100 3484 77950.00000 SH Sole 77950.00000
Exxon Mobil Corp. COM 30231g102 32258 380575.00000 SH Sole 380575.00000
Family Dollar Stores Inc. COM 307000109 663 11500.00000 SH Sole 11500.00000
Federal Mogul Corp. COM 313549404 505 34237.00000 SH Sole 34237.00000
Fedex Corp. COM 31428x106 2775 33225.00000 SH Sole 33225.00000
Finisar Corp COM 31787a507 2638 157550.00000 SH Sole 157550.00000
FirstEnergy Corp. COM 337932107 3033 68456.00000 SH Sole 68456.00000
Flowserve Corp. COM 34354P105 4087 41150.00000 SH Sole 41150.00000
FMC Technologies Inc COM 30249U101 4904 93900.00000 SH Sole 93900.00000
Fomento Economico Mexicana-SP COM 344419106 471 6750.00000 SH Sole 6750.00000
Foot Locker Inc. COM 344849104 3833 160800.00000 SH Sole 160800.00000
France Telecom ADR COM 35177q105 572 36500.00000 SH Sole 36500.00000
Frontier Communications Corp COM 35906a108 725 140844.00000 SH Sole 140844.00000
General Electric Co. COM 369604103 17957 1002600.00000 SH Sole 1002600.00000
General Growth Properties COM 370023103 282 18744.15790 SH Sole 18744.15790
Genuine Parts Co. COM 372460105 2166 35400.00000 SH Sole 35400.00000
Gilead Science Inc. COM 375558103 6438 157300.00000 SH Sole 157300.00000
GlaxoSmithKline plc ADR COM 37733W105 1665 36500.00000 SH Sole 36500.00000
Goldman Sachs Group COM 38141g104 5313 58750.00000 SH Sole 58750.00000
Google Inc. Cl A COM 38259P508 16680 25825.00000 SH Sole 25825.00000
Grupo Televisa SA ADR COM 40049j206 213 10125.00000 SH Sole 10125.00000
Halliburton Co. COM 406216101 5120 148350.00000 SH Sole 148350.00000
Harman International Industrie COM 413086109 426 11200.00000 SH Sole 11200.00000
Harris Corp. COM 413875105 5737 159175.00000 SH Sole 159175.00000
HCP Inc COM 40414L109 829 20000.00000 SH Sole 20000.00000
Health Care REIT, Inc. COM 42217k106 983 18025.00000 SH Sole 18025.00000
Heinz (H.J.) COM 423074103 6071 112350.00000 SH Sole 112350.00000
Hellenic Telecom Organization COM 423325307 77 41000.00000 SH Sole 41000.00000
Hewlett-Packard Co. COM 428236103 4963 192650.00000 SH Sole 192650.00000
Hitachi Ltd. ADR COM 433578507 495 9500.00000 SH Sole 9500.00000
Hologic Inc COM 436440101 3079 175850.00000 SH Sole 175850.00000
Home Depot, Inc. COM 437076102 8247 196175.00000 SH Sole 196175.00000
Honda Motor Co Ltd. ADR COM 438128308 1592 52100.00000 SH Sole 52100.00000
Honeywell International, Inc. COM 438516106 6533 120200.00000 SH Sole 120200.00000
Hormel Foods Corp COM 440452100 1172 40000.00000 SH Sole 40000.00000
Hunt (J.B.) Transport COM 445658107 811 18000.00000 SH Sole 18000.00000
Hutchison Whampoa Limited ADR COM 448415208 624 37250.00000 SH Sole 37250.00000
Infosys Ltd COM 456788108 1999 38900.00000 SH Sole 38900.00000
Ing Groep NV ADR COM 456837103 102 14200.00000 SH Sole 14200.00000
Intel Corp. COM 458140100 15391 634700.00000 SH Sole 634700.00000
International Business Machine COM 459200101 6027 32775.00000 SH Sole 32775.00000
International Game Technology COM 459902102 351 20400.00000 SH Sole 20400.00000
Intesa Sanpaolo ADR COM 46115h107 121 12041.00000 SH Sole 12041.00000
Itau Unibanco Holding SA ADR COM 465562106 434 23399.00004 SH Sole 23399.00004
Itron, Inc. COM 465741106 1535 42900.00000 SH Sole 42900.00000
Johnson & Johnson COM 478160104 15115 230475.00000 SH Sole 230475.00000
Johnson Controls, Inc. COM 478366107 4517 144500.00000 SH Sole 144500.00000
Jones Group Inc The COM 48020t101 204 19300.00000 SH Sole 19300.00000
Joy Global Inc. COM 481165108 2804 37400.00000 SH Sole 37400.00000
JPMorgan Chase & Co. COM 46625h100 11784 354415.00000 SH Sole 354415.00000
KB Financial Group Inc ADR COM 48241a105 231 7375.00000 SH Sole 7375.00000
Kellogg Co. COM 487836108 1881 37200.00000 SH Sole 37200.00000
Kennametal Inc. COM 489170100 654 17900.00000 SH Sole 17900.00000
Kimco Realty Corp. COM 49446r109 1388 85475.00000 SH Sole 85475.00000
Kinder Morgan Inc. COM 49456b101 1518 47200.00000 SH Sole 47200.00000
Kirin Holdings Co ADR COM 497350306 335 27500.00000 SH Sole 27500.00000
Knight Capital Group COM 499005106 239 20200.00000 SH Sole 20200.00000
Kohl's Corp. COM 500255104 4493 91050.00000 SH Sole 91050.00000
Koninklijke KPN NV ADR COM 780641205 199 16600.00000 SH Sole 16600.00000
Kraft Foods Inc. COM 50075N104 1287 34436.00000 SH Sole 34436.00000
Leggett & Platt COM 524660107 532 23100.00000 SH Sole 23100.00000
Lexington Realty Trust COM 529043101 463 61754.93996 SH Sole 61754.93996
Liberty Property Trust COM 531172104 1590 51500.00000 SH Sole 51500.00000
Lilly (Eli) & Co. COM 532457108 7568 182100.00000 SH Sole 182100.00000
Limited Brands Inc. COM 532716107 4519 112000.00000 SH Sole 112000.00000
Linear Technology Corp. COM 535678106 1416 47150.00000 SH Sole 47150.00000
Lowe's Co. COM 548661107 6203 244400.00000 SH Sole 244400.00000
Lukoil ADR COM 677862104 333 6275.00000 SH Sole 6275.00000
Macerich Co. COM 554382101 806 15932.00000 SH Sole 15932.00000
Mack-Cali Realty Corp. COM 554489104 427 16000.00000 SH Sole 16000.00000
Marsh & McLennan Companies, In COM 571748102 8028 253900.00000 SH Sole 253900.00000
Marvell Technology Group COM g5876h105 1637 118225.00000 SH Sole 118225.00000
Mattel Inc. COM 577081102 4970 179050.00000 SH Sole 179050.00000
Maxim Integrated Products, Inc COM 57772k101 3972 152525.00000 SH Sole 152525.00000
McCormick & Co. COM 579780206 4481 88875.00000 SH Sole 88875.00000
McDonald's Corp. COM 580135101 8766 87375.00000 SH Sole 87375.00000
McGraw-Hill Corp. COM 580645109 899 20000.00000 SH Sole 20000.00000
Mckesson HBOC Inc. COM 58155q103 1068 13710.00000 SH Sole 13710.00000
Mercadolibre Inc COM 58733r102 459 5775.00000 SH Sole 5775.00000
Merck & Co., Inc. COM 58933y105 9663 256300.00000 SH Sole 256300.00000
Metlife Inc COM 59156R108 4838 155150.00000 SH Sole 155150.00000
Microsoft Corp COM 594918104 23399 901350.00000 SH Sole 901350.00000
Mitsubishi UFJ Financial Group COM 606822104 1146 273550.00000 SH Sole 273550.00000
Mitsui & Co Ltd-Spons ADR COM 606827202 443 1425.00000 SH Sole 1425.00000
Molson Coors Brewing Company COM 60871r209 4210 96700.00000 SH Sole 96700.00000
Monsanto Co. COM 61166w101 3325 47450.00000 SH Sole 47450.00000
Morgan Stanley, Dean Witter, D COM 617446448 3309 218700.00000 SH Sole 218700.00000
Mylan Inc. COM 628530107 4550 212000.00000 SH Sole 212000.00000
National Fuel Gas Co. COM 636180101 500 9000.00000 SH Sole 9000.00000
National Oilwell Varco Inc COM 637071101 5047 74225.00000 SH Sole 74225.00000
Navistar International COM 63934E108 227 6000.00000 SH Sole 6000.00000
New York Community Bancorp COM 649445103 1678 135650.00000 SH Sole 135650.00000
NextEra Energy Inc COM 65339f101 4810 79000.00000 SH Sole 79000.00000
Nippon Telegraph & Telephone C COM 654624105 1592 62850.00000 SH Sole 62850.00000
Nisource Inc. COM 65473P105 4180 175550.00000 SH Sole 175550.00000
Norsk Hydro ASA ADR COM 656531605 93 20000.00000 SH Sole 20000.00000
Northrop Grumman Corp. COM 666807102 2975 50875.00000 SH Sole 50875.00000
Novartis ADR COM 66987v109 1864 32600.00000 SH Sole 32600.00000
Novo Nordisk ADR COM 670100205 1429 12400.00000 SH Sole 12400.00000
Occidental Petroleum COM 674599105 7426 79250.00000 SH Sole 79250.00000
Oracle Corp. COM 68389x105 8803 343200.00000 SH Sole 343200.00000
Panasonic Corp ADR COM 69832a205 577 68800.00000 SH Sole 68800.00000
Park National COM 700658107 208 3200.00000 SH Sole 3200.00000
Parker Hannifin COM 701094104 865 11346.00000 SH Sole 11346.00000
Patterson Companies Inc. COM 703395103 2819 95500.00000 SH Sole 95500.00000
Pepco Holdings, Inc. COM 713291102 312 15384.00000 SH Sole 15384.00000
PepsiCo, Inc. COM 713448108 12928 194850.00000 SH Sole 194850.00000
Petroleo Brasileiro SA ADR COM 71654v408 452 18200.00000 SH Sole 18200.00000
Petsmart Inc. COM 716768106 846 16500.00000 SH Sole 16500.00000
Pfizer, Inc. COM 717081103 15355 709563.00000 SH Sole 709563.00000
Philip Morris International In COM 718172109 2998 38200.00000 SH Sole 38200.00000
Pinnacle West Capital COM 723484101 641 13300.00000 SH Sole 13300.00000
Pitney Bowes Inc. COM 724479100 464 25000.00000 SH Sole 25000.00000
Plains All American Pipeline L COM 726503105 1886 25675.00000 SH Sole 25675.00000
PNC Financial Services Group COM 693475105 9406 163105.00000 SH Sole 163105.00000
Polaris Industries COM 731068102 896 16000.00000 SH Sole 16000.00000
Portugal Telecom SGPS SA ADR COM 737273102 62 10800.00000 SH Sole 10800.00000
Potash Corp of Saskatchewan In COM 73755L107 1135 27500.00000 SH Sole 27500.00000
PPG Industries, Inc. COM 693506107 403 4825.00000 SH Sole 4825.00000
PPL Corp. COM 69351t106 2089 71000.00000 SH Sole 71000.00000
Praxair, Inc. COM 74005P104 3950 36950.00000 SH Sole 36950.00000
Principal Financial Group COM 74251V102 5010 203675.00000 SH Sole 203675.00000
Procter & Gamble, Inc. COM 742718109 18819 282100.00000 SH Sole 282100.00000
Prologis Trust COM 74340w103 726 25380.00000 SH Sole 25380.00000
Prudential Financial, Inc. COM 744320102 8968 178925.00000 SH Sole 178925.00000
Public Service Enterprise Grou COM 744573106 1136 34400.00000 SH Sole 34400.00000
Public Storage COM 74460d109 3294 24500.00000 SH Sole 24500.00000
Qualcomm Inc. COM 747525103 11118 203250.00000 SH Sole 203250.00000
Quest Diagnostics Inc COM 74834L100 743 12800.00000 SH Sole 12800.00000
Regal Entertainment Group - A COM 758766109 1811 151650.00000 SH Sole 151650.00000
Regions Financial Corp. COM 7591EP100 74 17220.00000 SH Sole 17220.00000
Repsol-YPF SA ADR COM 76026T205 360 11700.00000 SH Sole 11700.00000
Research In Motion Limited COM 760975102 696 47975.00000 SH Sole 47975.00000
Reynolds American Inc. COM 761713106 2021 48800.00000 SH Sole 48800.00000
Rio Tinto Plc ADR COM 767204100 714 14600.00000 SH Sole 14600.00000
Roche Holdings Ltd-Spons ADR COM 771195104 624 14650.00000 SH Sole 14650.00000
Rockwell Collins Inc. COM 774341101 5255 94900.00000 SH Sole 94900.00000
Royal Dutch Shell PLC COM 780259206 1045 14300.00000 SH Sole 14300.00000
Ryder Systems, Inc. COM 783549108 526 9900.00000 SH Sole 9900.00000
Sanofi COM 80105n105 1440 39400.00000 SH Sole 39400.00000
Santos Limited ADR COM 803021708 562 44800.00000 SH Sole 44800.00000
SAP ADR COM 803054204 1075 20300.00000 SH Sole 20300.00000
Sasol Ltd ADR COM 803866300 498 10500.00000 SH Sole 10500.00000
sauer-danfoss inc COM 804137107 2088 57675.00000 SH Sole 57675.00000
Scana Corp COM 80589M102 1018 22596.00000 SH Sole 22596.00000
Schlumberger Ltd. COM 806857108 8853 129600.00000 SH Sole 129600.00000
Shinhan Financial Grp ADR COM 824596100 292 4275.00000 SH Sole 4275.00000
Siemens AG ADR COM 826197501 1358 14200.00000 SH Sole 14200.00000
Simon Property Group, Inc. COM 828806109 1739 13484.00000 SH Sole 13484.00000
Singapore Telecom-SP ADR COM 82929R304 801 33630.00000 SH Sole 33630.00000
SLM Corp COM 78442p106 462 34500.00000 SH Sole 34500.00000
Smith A.O. Corp COM 831865209 1083 27000.00000 SH Sole 27000.00000
Sony Corp. ADR COM 835699307 505 28000.00000 SH Sole 28000.00000
Southern Co. COM 842587107 6324 136625.00000 SH Sole 136625.00000
Spectra Energy Corp COM 847560109 3728 121224.00000 SH Sole 121224.00000
Staples Inc. COM 855030102 2750 197975.00000 SH Sole 197975.00000
Starwood Hotels & Resorts Inc. COM 85590A401 4706 98100.00000 SH Sole 98100.00000
State Street Corp. COM 857477103 4216 104600.00000 SH Sole 104600.00000
Statoil ASA ADR COM 85771P102 442 17242.00000 SH Sole 17242.00000
Subsea 7 Sa COM 864323100 512 27550.00000 SH Sole 27550.00000
Swisscom AG ADR COM 871013108 289 7600.00000 SH Sole 7600.00000
Symantec Corp. COM 871503108 1937 123760.00000 SH Sole 123760.00000
Syngenta AG ADR COM 87160a100 510 8650.00000 SH Sole 8650.00000
Synopsys Inc. COM 871607107 541 19900.00000 SH Sole 19900.00000
Syntel, Inc. COM 87162H103 407 8700.00000 SH Sole 8700.00000
Taiwan Semiconductor Manufactu COM 874039100 1979 153314.00000 SH Sole 153314.00000
Target Corp. COM 87612e106 10822 211275.00000 SH Sole 211275.00000
TE Connectivity Ltd COM h84989104 2448 79450.00000 SH Sole 79450.00000
Teco Energy Inc. COM 872375100 3499 182800.00000 SH Sole 182800.00000
Telecom Italia ADR COM 87927y102 225 21140.00000 SH Sole 21140.00000
Telefonica SA ADR COM 879382208 838 48765.00000 SH Sole 48765.00000
Telenor ASA COM 87944W105 444 9000.00000 SH Sole 9000.00000
Tessera Technologies Inc. COM 88164L100 2434 145325.00000 SH Sole 145325.00000
Teva Pharmaceutical Industries COM 881624209 635 15725.00000 SH Sole 15725.00000
Texas Instruments COM 882508104 5802 199300.00000 SH Sole 199300.00000
The Travelers Companies, Inc. COM 89417E109 9635 162843.00000 SH Sole 162843.00000
Thermo Fisher Scientific Inc COM 883556102 2947 65525.00000 SH Sole 65525.00000
Tibco Software COM 88632Q103 545 22800.00000 SH Sole 22800.00000
Timken Co COM 887389104 662 17100.00000 SH Sole 17100.00000
Tokio Marine Holdings Inc ADR COM 889094108 537 24250.00000 SH Sole 24250.00000
Total SA ADR COM 89151e109 1758 34400.00000 SH Sole 34400.00000
Toyota Motor Corp. ADR COM 892331307 2367 35800.00000 SH Sole 35800.00000
Transcanada Pipelines Ltd COM 89353d107 1317 30150.00000 SH Sole 30150.00000
Transocean Ltd COM H8817H100 1597 41606.00000 SH Sole 41606.00000
Tupperware Brands Corp COM 899896104 1825 32600.00000 SH Sole 32600.00000
Tyco International Ltd. COM h89128104 1252 26800.00000 SH Sole 26800.00000
Tyson Foods Inc. COM 902494103 586 28395.00000 SH Sole 28395.00000
U.S. Bancorp COM 902973304 7309 270217.00000 SH Sole 270217.00000
UBS AG COM H89231338 335 28350.00000 SH Sole 28350.00000
Unilever PLC ADR COM 904767704 1195 35640.00000 SH Sole 35640.00000
Union Pacific COM 907818108 2972 28050.00000 SH Sole 28050.00000
United Health Group Inc. COM 91324P102 6047 119325.00000 SH Sole 119325.00000
United Parcel Services Cl B COM 911312106 8084 110450.00000 SH Sole 110450.00000
United Technologies COM 913017109 7514 102800.00000 SH Sole 102800.00000
Varian Medical Systems Inc COM 92220P105 4412 65725.00000 SH Sole 65725.00000
Verizon Communications Inc. COM 92343v104 12792 318850.00000 SH Sole 318850.00000
Vodafone Group PLC ADR COM 92857w209 1614 57574.00000 SH Sole 57574.00000
Volvo AB ADR COM 928856400 218 19875.00000 SH Sole 19875.00000
Waddell & Reed Financial, Inc. COM 930059100 513 20700.00000 SH Sole 20700.00000
Wal-Mart COM 931142103 14522 243000.00000 SH Sole 243000.00000
Walgreen Co. COM 931422109 4365 132025.00000 SH Sole 132025.00000
Walt Disney Co. COM 254687106 10493 279800.00000 SH Sole 279800.00000
Weingarten Realty Investors COM 948741103 1462 67025.00000 SH Sole 67025.00000
WellPoint, Inc. COM 94973V107 4551 68700.00000 SH Sole 68700.00000
Wells Fargo Co. COM 949746101 9574 347393.00000 SH Sole 347393.00000
Westpac Banking Corp. Ltd ADR COM 961214301 3113 30400.00000 SH Sole 30400.00000
Whirlpool Corp. COM 963320106 3555 74925.00000 SH Sole 74925.00000
Williams Partners LP COM 96950F104 5825 97100.00000 SH Sole 97100.00000
Windstream Corporation COM 97381W104 5165 439922.00000 SH Sole 439922.00000
WPP PLC ADR COM 92933h101 292 5600.00000 SH Sole 5600.00000
Yum! Brands, Inc. COM 988498101 826 14000.00000 SH Sole 14000.00000