American National 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ABB Ltd-Spon ADR	COM	000375204	727	34,350	SH		SOLE		34,350	0	0
Abbott Labs	COM	002824100	6,495	140,200	SH		SOLE		140,200	0	0
Abbvie Inc	COM	00287y109	9,659	165,000	SH		SOLE		165,000	0	0
Actavis PLC	COM	g0083b108	7,494	25,181	SH		SOLE		25,181	0	0
Activision Blizzard Inc	COM	00507v109	4,633	203,858	SH		SOLE		203,858	0	0
Adobe Systems	COM	00724f101	8,279	111,969	SH		SOLE		111,969	0	0
Aegon NV ADR	COM	007924103	80	10,100	SH		SOLE		10,100	0	0
Air Products & Chemicals, Inc.	COM	009158106	3,986	26,350	SH		SOLE		26,350	0	0
Akamai Technologies Inc.	COM	00971t101	7,456	104,950	SH		SOLE		104,950	0	0
Alcatel-Lucent ADR	COM	013904305	67	18,000	SH		SOLE		18,000	0	0
Alcentra Capital Corp	COM	01374t102	630	47,331	SH		SOLE		47,331	0	0
Alibaba Group Holdings	COM	01609w102	5,654	67,930	SH		SOLE		67,930	0	0
Allegheny Technologies Inc.	COM	01741r102	2,693	89,725	SH		SOLE		89,725	0	0
AllianceBernstein Holding LP	COM	01881G106	303	9,800	SH		SOLE		9,800	0	0
Altria Group, Inc.	COM	02209s103	16,740	334,675	SH		SOLE		334,675	0	0
Ambev SA ADR	COM	02319v103	670	116,250	SH		SOLE		116,250	0	0
Amdocs Ltd	COM	G02602103	4,430	81,425	SH		SOLE		81,425	0	0
America Movil SA de CV ADR	COM	02364w105	553	27,050	SH		SOLE		27,050	0	0
American Express	COM	025816109	10,493	134,325	SH		SOLE		134,325	0	0
American States Water Co	COM	029899101	1,316	33,000	SH		SOLE		33,000	0	0
Anadarko Petroleum Corp.	COM	032511107	7,790	94,075	SH		SOLE		94,075	0	0
Anheuser-Busch	COM	03524a108	9,923	81,400	SH		SOLE		81,400	0	0
Anthem Inc	COM	036752103	10,670	69,100	SH		SOLE		69,100	0	0
Apache Corp	COM	037411105	3,582	59,375	SH		SOLE		59,375	0	0
Apollo Global Management LLC	COM	037612306	1,040	48,150	SH		SOLE		48,150	0	0
Apple Inc	COM	037833100	54,895	441,175	SH		SOLE		441,175	0	0
Applied Materials Inc.	COM	038222105	395	17,500	SH		SOLE		17,500	0	0
Ares Capital Corp	COM	04010L103	1,052	61,275	SH		SOLE		61,275	0	0
Arlington Asset Investment Cor	COM	041356205	318	13,228	SH		SOLE		13,228	0	0
Arthur J. Gallagher & Co.	COM	363576109	6,330	135,400	SH		SOLE		135,400	0	0
AstraZeneca Group PLC ADR	COM	046353108	902	13,175	SH		SOLE		13,175	0	0
AT&T Inc.	COM	00206R102	14,089	431,528	SH		SOLE		431,528	0	0
Atmos Energy Corp.	COM	049560105	2,757	49,850	SH		SOLE		49,850	0	0
AXA SA ADR	COM	054536107	663	26,300	SH		SOLE		26,300	0	0
Baker Hughes	COM	057224107	6,266	98,550	SH		SOLE		98,550	0	0
Banco Bilbao Vizcaya Argentari	COM	05946K101	1,072	106,836	SH		SOLE		106,836	0	0
Banco Santander Central Hispan	COM	05964h105	436	58,500	SH		SOLE		58,500	0	0
Bank of New York Mellon Corp.	COM	064058100	10,109	251,207	SH		SOLE		251,207	0	0
Barclays PLC ADR	COM	06738e204	504	34,600	SH		SOLE		34,600	0	0
BASF SE ADR	COM	055262505	1,436	14,450	SH		SOLE		14,450	0	0
Baxter International, Inc.	COM	071813109	2,925	42,700	SH		SOLE		42,700	0	0
BB&T Corporation	COM	054937107	3,724	95,500	SH		SOLE		95,500	0	0
Becton Dickinson and Co	COM	075887109	1,023	7,121	SH		SOLE		7,121	0	0
Bed Bath & Beyond Inc.	COM	075896100	7,344	95,650	SH		SOLE		95,650	0	0
BG Group Plc ADR	COM	055434203	985	80,000	SH		SOLE		80,000	0	0
BHP Billiton Ltd. ADR	COM	088606108	1,044	22,475	SH		SOLE		22,475	0	0
Blackstone Group LP	COM	09253u108	7,095	182,450	SH		SOLE		182,450	0	0
Block H&R	COM	093671105	8,134	253,625	SH		SOLE		253,625	0	0
Boardwalk Pipeline Partners L.	COM	096627104	1,174	72,900	SH		SOLE		72,900	0	0
Boeing Company	COM	097023105	19,781	131,800	SH		SOLE		131,800	0	0
Boston Properties Inc	COM	101121101	1,447	10,300	SH		SOLE		10,300	0	0
Boston Scientific	COM	101137107	234	13,200	SH		SOLE		13,200	0	0
BP plc ADR	COM	055622104	3,252	83,150	SH		SOLE		83,150	0	0
British American Tob SP ADR	COM	110448107	1,269	12,225	SH		SOLE		12,225	0	0
Broadcom Corp	COM	111320107	4,858	112,200	SH		SOLE		112,200	0	0
BT Group PLC ADR	COM	05577e101	1,206	18,500	SH		SOLE		18,500	0	0
California Resources Corp	COM	13057q107	238	31,220	SH		SOLE		31,220	0	0
California Water Service Group	COM	130788102	667	27,200	SH		SOLE		27,200	0	0
Calpine Corp	COM	131347304	3,633	158,875	SH		SOLE		158,875	0	0
Cameron International Corp	COM	13342B105	3,493	77,425	SH		SOLE		77,425	0	0
Canon Inc. ADR	COM	138006309	873	24,675	SH		SOLE		24,675	0	0
Capital One Financial	COM	14040H105	6,595	83,675	SH		SOLE		83,675	0	0
Carlyle Group	COM	14309l102	1,001	36,950	SH		SOLE		36,950	0	0
Carrizo Oil & Gas Inc	COM	144577103	3,860	77,750	SH		SOLE		77,750	0	0
Caterpillar Inc.	COM	149123101	3,757	46,950	SH		SOLE		46,950	0	0
CBS Corp.	COM	124857202	6,869	113,300	SH		SOLE		113,300	0	0
Celanese Corp	COM	150870103	2,145	38,400	SH		SOLE		38,400	0	0
Celgene Corp.	COM	151020104	25,443	220,710	SH		SOLE		220,710	0	0
Cemex SAB de CV ADR	COM	151290889	147	15,552	SH		SOLE		15,552	0	0
CenturyLink Inc.	COM	156700106	1,424	41,223	SH		SOLE		41,223	0	0
Charles Schwab Corp.	COM	808513105	8,675	285,000	SH		SOLE		285,000	0	0
Chart Industries Inc	COM	16115q308	2,522	71,900	SH		SOLE		71,900	0	0
Chesapeake Energy Corp	COM	165167107	1,588	112,150	SH		SOLE		112,150	0	0
Cheung Kong Limited ADR	COM	166744201	840	41,000	SH		SOLE		41,000	0	0
Chevron Corp.	COM	166764100	17,853	170,060	SH		SOLE		170,060	0	0
Church & Dwight Co.	COM	171340102	8,252	96,600	SH		SOLE		96,600	0	0
Cincinnati Financial	COM	172062101	773	14,500	SH		SOLE		14,500	0	0
Cinemark Holdings Inc.	COM	17243v102	3,718	82,500	SH		SOLE		82,500	0	0
Cisco Systems	COM	17275R102	15,158	550,700	SH		SOLE		550,700	0	0
CIT Group	COM	125581801	1,615	35,800	SH		SOLE		35,800	0	0
Citigroup Inc.	COM	172967424	9,849	191,175	SH		SOLE		191,175	0	0
Citrix Systems Inc	COM	177376100	4,603	72,075	SH		SOLE		72,075	0	0
Cliffs Natural Resources Inc	COM	18683k101	57	11,750	SH		SOLE		11,750	0	0
CMS Energy Corp.	COM	125896100	5,012	143,575	SH		SOLE		143,575	0	0
Coca-Cola	COM	191216100	985	24,300	SH		SOLE		24,300	0	0
Cognizant Tech Solutions Corp.	COM	192446102	4,640	74,377	SH		SOLE		74,377	0	0
Columbia Sportswear Co	COM	198516106	4,902	80,500	SH		SOLE		80,500	0	0
Comerica, Inc.	COM	200340107	857	19,000	SH		SOLE		19,000	0	0
Commvault Systems	COM	204166102	2,950	67,515	SH		SOLE		67,515	0	0
Companhia Vale do Rio Doce ADR	COM	91912e105	80	14,150	SH		SOLE		14,150	0	0
Constellation Brands	COM	21036p108	8,190	70,475	SH		SOLE		70,475	0	0
Continental Resources Inc	COM	212015101	3,871	88,650	SH		SOLE		88,650	0	0
Cooper Tire & Rubber Co.	COM	216831107	942	22,000	SH		SOLE		22,000	0	0
Corning Inc.	COM	219350105	5,958	262,700	SH		SOLE		262,700	0	0
Costco Co.	COM	22160k105	6,435	42,475	SH		SOLE		42,475	0	0
Cracker Barrel Old Country Sto	COM	22410j106	1,483	9,750	SH		SOLE		9,750	0	0
CTRIP.COM International ADR	COM	22943F100	328	5,600	SH		SOLE		5,600	0	0
Cummins Inc	COM	231021106	5,376	38,775	SH		SOLE		38,775	0	0
CVS Health Corp	COM	126650100	16,266	157,604	SH		SOLE		157,604	0	0
Daimler AG ADR	COM	D1668R123	1,565	16,200	SH		SOLE		16,200	0	0
Danaher Corp.	COM	235851102	13,911	163,850	SH		SOLE		163,850	0	0
Danone ADR	COM	23636t100	498	37,000	SH		SOLE		37,000	0	0
Darden Restaurants Inc.	COM	237194105	9,718	140,150	SH		SOLE		140,150	0	0
Davita Healthcare Partners Inc	COM	23918K108	7,718	94,950	SH		SOLE		94,950	0	0
DCP Midstream Partners LP	COM	23311p100	1,360	36,800	SH		SOLE		36,800	0	0
DDR Corp	COM	23317h102	267	14,351	SH		SOLE		14,351	0	0
Deutsche Bank ADR	COM	D18190898	309	8,900	SH		SOLE		8,900	0	0
Deutsche Telekom AG ADR	COM	251566105	1,115	60,900	SH		SOLE		60,900	0	0
Diageo PLC ADR	COM	25243q205	1,252	11,325	SH		SOLE		11,325	0	0
Diamond Offshore Drilling	COM	25271c102	678	25,300	SH		SOLE		25,300	0	0
Diebold Inc	COM	253651103	1,358	38,300	SH		SOLE		38,300	0	0
Digital Realty	COM	253868103	1,504	22,800	SH		SOLE		22,800	0	0
DirectTV	COM	25490a309	7,819	91,875	SH		SOLE		91,875	0	0
Dollar General	COM	256677105	5,467	72,525	SH		SOLE		72,525	0	0
Dominion Resources	COM	25746u109	3,953	55,775	SH		SOLE		55,775	0	0
Donnelley (R.R.) & Sons	COM	257867101	516	26,900	SH		SOLE		26,900	0	0
Dr. Pepper Snapple Group, Inc	COM	26138e109	433	5,520	SH		SOLE		5,520	0	0
Du Pont (E.I.) De Nemours & Co	COM	263534109	13,872	194,096	SH		SOLE		194,096	0	0
Duke Energy Corp.	COM	26441C204	7,305	95,146	SH		SOLE		95,146	0	0
Duke Realty Corp.	COM	264411505	1,626	74,700	SH		SOLE		74,700	0	0
Edison Int'l	COM	281020107	2,445	39,140	SH		SOLE		39,140	0	0
EMC Corp.	COM	268648102	2,863	112,018	SH		SOLE		112,018	0	0
Emerge Energy Services LP	COM	29102h108	643	13,550	SH		SOLE		13,550	0	0
Enable Midstream Partners LP	COM	292480100	794	48,400	SH		SOLE		48,400	0	0
Enbridge Energy Partners LP	COM	29250r106	3,597	99,900	SH		SOLE		99,900	0	0
Endo International PLC	COM	G30401106	10,275	114,550	SH		SOLE		114,550	0	0
Energizer Holdings Inc	COM	29266R108	9,004	65,225	SH		SOLE		65,225	0	0
Energy XXI Ltd	COM	g10082140	448	123,200	SH		SOLE		123,200	0	0
ENI SPA ADR	COM	26874r108	778	22,475	SH		SOLE		22,475	0	0
Enterprise Products Partners L	COM	293792107	2,746	83,400	SH		SOLE		83,400	0	0
EOG Resources	COM	26875p101	8,027	87,550	SH		SOLE		87,550	0	0
Equity Residential Properties	COM	29476l107	3,994	51,300	SH		SOLE		51,300	0	0
Ericsson ADR	COM	294821608	1,170	93,200	SH		SOLE		93,200	0	0
Essex Property Trust Inc	COM	297178105	4,618	20,085	SH		SOLE		20,085	0	0
Ethan Allen Interiors Inc.	COM	297602104	252	9,100	SH		SOLE		9,100	0	0
Exact Sciences Corp	COM	30063P105	3,650	165,750	SH		SOLE		165,750	0	0
Express	COM	30219e103	1,890	114,325	SH		SOLE		114,325	0	0
Express Scripts Holding Compan	COM	30219g108	6,877	79,250	SH		SOLE		79,250	0	0
Exxon Mobil Corp.	COM	30231g102	27,984	329,224	SH		SOLE		329,224	0	0
F5 Networks Inc.	COM	315616102	3,965	34,500	SH		SOLE		34,500	0	0
Fedex Corp.	COM	31428x106	5,340	32,275	SH		SOLE		32,275	0	0
Fifth Street Finance Corp	COM	31678a103	754	103,250	SH		SOLE		103,250	0	0
Fifth Third Bancorp	COM	316773100	3,401	180,400	SH		SOLE		180,400	0	0
Flowserve Corp.	COM	34354P105	6,974	123,450	SH		SOLE		123,450	0	0
FMC Technologies Inc	COM	30249U101	2,897	78,275	SH		SOLE		78,275	0	0
Fomento Economico Mexicana-SP	COM	344419106	669	7,150	SH		SOLE		7,150	0	0
Freeport-McMoRan Inc	COM	35671d857	2,683	141,600	SH		SOLE		141,600	0	0
Frontier Communications Corp	COM	35906a108	421	59,659	SH		SOLE		59,659	0	0
Garmin Ltd	COM	H2906T109	927	19,500	SH		SOLE		19,500	0	0
General Electric Co.	COM	369604103	21,808	879,000	SH		SOLE		879,000	0	0
General Growth Properties	COM	370023103	542	18,331	SH		SOLE		18,331	0	0
Genuine Parts Co.	COM	372460105	2,935	31,500	SH		SOLE		31,500	0	0
Gilead Science Inc	COM	375558103	25,605	260,925	SH		SOLE		260,925	0	0
GlaxoSmithKline plc ADR	COM	37733W105	1,521	32,950	SH		SOLE		32,950	0	0
Goldman Sachs Group	COM	38141g104	11,100	59,050	SH		SOLE		59,050	0	0
Goodyear Tire & Rubber Company	COM	382550101	6,100	225,275	SH		SOLE		225,275	0	0
Google Inc Cl C	COM	38259p706	13,960	25,475	SH		SOLE		25,475	0	0
Google Inc. Cl A	COM	38259P508	14,131	25,475	SH		SOLE		25,475	0	0
Grifols SA ADR	COM	398438408	355	10,825	SH		SOLE		10,825	0	0
Grupo Televisa SA ADR	COM	40049j206	361	10,925	SH		SOLE		10,925	0	0
Halliburton Co.	COM	406216101	6,624	150,950	SH		SOLE		150,950	0	0
Harman International Industrie	COM	413086109	1,416	10,600	SH		SOLE		10,600	0	0
HCP Inc	COM	40414L109	2,640	61,100	SH		SOLE		61,100	0	0
Health Care REIT, Inc.	COM	42217k106	2,271	29,350	SH		SOLE		29,350	0	0
Hellenic Telecom Organization	COM	423325307	178	40,100	SH		SOLE		40,100	0	0
Hess Corporation	COM	42809h107	3,728	54,925	SH		SOLE		54,925	0	0
Hitachi Ltd. ADR	COM	433578507	652	9,500	SH		SOLE		9,500	0	0
Hologic Inc	COM	436440101	661	20,000	SH		SOLE		20,000	0	0
Home Depot, Inc.	COM	437076102	21,575	189,900	SH		SOLE		189,900	0	0
Home Properties Inc	COM	437306103	1,245	17,975	SH		SOLE		17,975	0	0
Honda Motor Co Ltd. ADR	COM	438128308	1,707	52,100	SH		SOLE		52,100	0	0
Honeywell International, Inc.	COM	438516106	12,251	117,450	SH		SOLE		117,450	0	0
HSBC Holdings ADR	COM	404280406	609	14,300	SH		SOLE		14,300	0	0
Hunt (J.B.) Transport	COM	445658107	1,307	15,300	SH		SOLE		15,300	0	0
Hutchison Whampoa Limited ADR	COM	448415208	1,089	39,250	SH		SOLE		39,250	0	0
Icon PLC ADR	COM	G4705A100	522	7,400	SH		SOLE		7,400	0	0
Infineon Technologies ADR	COM	45662n103	440	36,825	SH		SOLE		36,825	0	0
Infosys Ltd ADR	COM	456788108	2,729	77,800	SH		SOLE		77,800	0	0
Ing Groep NV ADR	COM	456837103	207	14,200	SH		SOLE		14,200	0	0
Ingenico ADR	COM	45684w107	406	18,475	SH		SOLE		18,475	0	0
Intel Corp.	COM	458140100	11,692	373,910	SH		SOLE		373,910	0	0
International Business Machine	COM	459200101	5,236	32,622	SH		SOLE		32,622	0	0
International Game Technology	COM	459902102	320	18,400	SH		SOLE		18,400	0	0
Intesa Sanpaolo ADR	COM	46115h107	222	10,899	SH		SOLE		10,899	0	0
Invesco Ltd	COM	g491bt108	7,658	192,950	SH		SOLE		192,950	0	0
Itau Unibanco Holding SA ADR	COM	465562106	304	27,446	SH		SOLE		27,446	0	0
Johnson & Johnson	COM	478160104	22,829	226,925	SH		SOLE		226,925	0	0
Johnson Controls, Inc.	COM	478366107	7,323	145,175	SH		SOLE		145,175	0	0
Joy Global Inc.	COM	481165108	1,508	38,500	SH		SOLE		38,500	0	0
JPMorgan Chase & Co.	COM	46625h100	20,955	345,907	SH		SOLE		345,907	0	0
Kamada Ltd ADR	COM	m6240t109	78	17,750	SH		SOLE		17,750	0	0
KB Financial Group Inc ADR	COM	48241a105	235	6,675	SH		SOLE		6,675	0	0
Kellogg Co.	COM	487836108	2,427	36,800	SH		SOLE		36,800	0	0
Kennametal Inc.	COM	489170100	549	16,300	SH		SOLE		16,300	0	0
Kimco Realty Corp.	COM	49446r109	2,287	85,175	SH		SOLE		85,175	0	0
Kinder Morgan Inc.	COM	49456b101	5,886	139,937	SH		SOLE		139,937	0	0
Kirin Holdings Co ADR	COM	497350306	398	30,300	SH		SOLE		30,300	0	0
KKR & Co LP	COM	48248m102	1,170	51,300	SH		SOLE		51,300	0	0
Koninklijke KPN NV ADR	COM	780641205	51	15,000	SH		SOLE		15,000	0	0
Koninklijke Philips NV ADR	COM	500472303	241	8,500	SH		SOLE		8,500	0	0
Kraft Foods Group Inc.	COM	50076q106	573	6,575	SH		SOLE		6,575	0	0
Kubota Corp-Spon ADR	COM	501173207	387	4,875	SH		SOLE		4,875	0	0
L Brands Inc	COM	501797104	10,560	112,000	SH		SOLE		112,000	0	0
Lamar Advertising Co	COM	512816109	1,215	20,500	SH		SOLE		20,500	0	0
Leggett & Platt	COM	524660107	1,567	34,000	SH		SOLE		34,000	0	0
Lexington Realty Trust	COM	529043101	320	32,562	SH		SOLE		32,562	0	0
Liberty Property Trust	COM	531172104	2,181	61,100	SH		SOLE		61,100	0	0
Lilly (Eli) & Co.	COM	532457108	12,990	178,800	SH		SOLE		178,800	0	0
Linear Technology Corp.	COM	535678106	1,977	42,250	SH		SOLE		42,250	0	0
Logitech International SA ADR	COM	H50430232	553	42,020	SH		SOLE		42,020	0	0
Lorillard Inc.	COM	544147101	3,836	58,700	SH		SOLE		58,700	0	0
Lowe's Co.	COM	548661107	17,935	241,100	SH		SOLE		241,100	0	0
Luxottica Group SPA ADR	COM	55068r202	452	7,200	SH		SOLE		7,200	0	0
Macerich Co.	COM	554382101	1,832	21,719	SH		SOLE		21,719	0	0
Mack-Cali Realty Corp.	COM	554489104	501	26,000	SH		SOLE		26,000	0	0
Mallinckrodt PLC	COM	g5785g107	1,273	10,050	SH		SOLE		10,050	0	0
Marsh & McLennan Companies, In	COM	571748102	14,123	251,800	SH		SOLE		251,800	0	0
Mattel Inc.	COM	577081102	4,186	183,200	SH		SOLE		183,200	0	0
Maxim Integrated Products, Inc	COM	57772k101	5,419	155,675	SH		SOLE		155,675	0	0
McCormick & Co.	COM	579780206	6,791	88,075	SH		SOLE		88,075	0	0
McDonald's Corp.	COM	580135101	8,621	88,475	SH		SOLE		88,475	0	0
Medtronic Inc	COM	g5960l103	5,996	76,883	SH		SOLE		76,883	0	0
Mercadolibre Inc ADR	COM	58733r102	708	5,775	SH		SOLE		5,775	0	0
Merck & Co., Inc.	COM	58933y105	14,876	258,800	SH		SOLE		258,800	0	0
Metlife Inc	COM	59156R108	7,799	154,275	SH		SOLE		154,275	0	0
Michael Kors Holdings	COM	G60754101	2,145	32,625	SH		SOLE		32,625	0	0
Micron Technology Inc.	COM	595112103	2,653	97,770	SH		SOLE		97,770	0	0
Microsoft Corp	COM	594918104	27,403	674,041	SH		SOLE		674,041	0	0
Mitsubishi UFJ Financial Group	COM	606822104	1,534	246,550	SH		SOLE		246,550	0	0
Mitsui & Co Ltd-Spons ADR	COM	606827202	383	1,425	SH		SOLE		1,425	0	0
Molson Coors Brewing Company	COM	60871r209	7,065	94,900	SH		SOLE		94,900	0	0
Mondelez International Inc	COM	609207105	712	19,727	SH		SOLE		19,727	0	0
Monsanto Co.	COM	61166w101	5,272	46,850	SH		SOLE		46,850	0	0
Morgan Stanley, Dean Witter, D	COM	617446448	7,227	202,500	SH		SOLE		202,500	0	0
Mylan NV	COM	n59465109	12,214	205,800	SH		SOLE		205,800	0	0
National Fuel Gas Co.	COM	636180101	543	9,000	SH		SOLE		9,000	0	0
National Oilwell Varco Inc	COM	637071101	3,644	72,900	SH		SOLE		72,900	0	0
New York Community Bancorp	COM	649445103	2,241	133,925	SH		SOLE		133,925	0	0
Newell Rubbermaid Inc.	COM	651229106	234	6,000	SH		SOLE		6,000	0	0
NextEra Energy Inc	COM	65339f101	4,351	41,816	SH		SOLE		41,816	0	0
NICE Systems Ltd ADR	COM	653656108	423	6,950	SH		SOLE		6,950	0	0
Nippon Telegraph & Telephone C	COM	654624105	1,937	62,850	SH		SOLE		62,850	0	0
Nisource Inc.	COM	65473P105	7,695	174,250	SH		SOLE		174,250	0	0
Norsk Hydro ASA ADR	COM	656531605	105	20,000	SH		SOLE		20,000	0	0
Northen Tier Energy LP	COM	665826103	1,188	46,900	SH		SOLE		46,900	0	0
Northrop Grumman Corp.	COM	666807102	8,060	50,075	SH		SOLE		50,075	0	0
Novartis ADR	COM	66987v109	3,313	33,600	SH		SOLE		33,600	0	0
Novo Nordisk ADR	COM	670100205	3,310	62,000	SH		SOLE		62,000	0	0
Now Inc	COM	67011p100	394	18,222	SH		SOLE		18,222	0	0
NRG Energy, Inc.	COM	629377508	2,492	98,925	SH		SOLE		98,925	0	0
Occidental Petroleum	COM	674599105	5,698	78,050	SH		SOLE		78,050	0	0
Oracle Corp.	COM	68389x105	10,974	254,324	SH		SOLE		254,324	0	0
Orange SA ADR	COM	684060106	528	33,000	SH		SOLE		33,000	0	0
Owens-Illinois Inc	COM	690768403	870	37,300	SH		SOLE		37,300	0	0
Panasonic Corp ADR	COM	69832a205	818	62,200	SH		SOLE		62,200	0	0
Park National	COM	700658107	231	2,700	SH		SOLE		2,700	0	0
Parker Hannifin	COM	701094104	998	8,400	SH		SOLE		8,400	0	0
Pepco Holdings, Inc.	COM	713291102	2,310	86,109	SH		SOLE		86,109	0	0
PepsiCo, Inc.	COM	713448108	12,158	127,150	SH		SOLE		127,150	0	0
Petroleo Brasileiro SA ADR	COM	71654v408	99	16,400	SH		SOLE		16,400	0	0
Pfizer, Inc.	COM	717081103	19,295	554,624	SH		SOLE		554,624	0	0
Philip Morris International In	COM	718172109	2,878	38,200	SH		SOLE		38,200	0	0
Pinnacle West Capital	COM	723484101	822	12,900	SH		SOLE		12,900	0	0
Pitney Bowes Inc.	COM	724479100	466	20,000	SH		SOLE		20,000	0	0
Plains All American Pipeline L	COM	726503105	2,780	57,000	SH		SOLE		57,000	0	0
PNC Financial Services Group	COM	693475105	14,427	154,734	SH		SOLE		154,734	0	0
Polaris Industries	COM	731068102	1,975	14,000	SH		SOLE		14,000	0	0
Potash Corp of Saskatchewan In	COM	73755L107	813	25,200	SH		SOLE		25,200	0	0
PPG Industries, Inc.	COM	693506107	1,088	4,825	SH		SOLE		4,825	0	0
PPL Corp.	COM	69351t106	2,450	72,800	SH		SOLE		72,800	0	0
Praxair, Inc.	COM	74005P104	4,389	36,350	SH		SOLE		36,350	0	0
Principal Financial Group	COM	74251V102	10,577	205,900	SH		SOLE		205,900	0	0
Procter & Gamble, Inc.	COM	742718109	22,788	278,100	SH		SOLE		278,100	0	0
Prospect Capital Corp	COM	74348t102	793	93,825	SH		SOLE		93,825	0	0
Prudential Financial, Inc.	COM	744320102	14,377	179,025	SH		SOLE		179,025	0	0
PTC Inc	COM	69370c100	3,362	92,950	SH		SOLE		92,950	0	0
Public Service Enterprise Grou	COM	744573106	1,618	38,600	SH		SOLE		38,600	0	0
Qualcomm Inc.	COM	747525103	13,989	201,750	SH		SOLE		201,750	0	0
Quest Diagnostics Inc	COM	74834L100	838	10,900	SH		SOLE		10,900	0	0
Regal Entertainment Group - A	COM	758766109	4,096	179,325	SH		SOLE		179,325	0	0
Regions Financial Corp.	COM	7591EP100	176	18,610	SH		SOLE		18,610	0	0
Repsol SA ADR	COM	76026T205	218	11,700	SH		SOLE		11,700	0	0
Rexnord Corp	COM	76169b102	3,366	126,100	SH		SOLE		126,100	0	0
Reynolds American Inc.	COM	761713106	2,288	33,200	SH		SOLE		33,200	0	0
Rio Tinto Plc ADR	COM	767204100	604	14,600	SH		SOLE		14,600	0	0
Roche Holdings Ltd-Spons ADR	COM	771195104	1,011	29,300	SH		SOLE		29,300	0	0
Rockwell Collins Inc.	COM	774341101	9,056	93,800	SH		SOLE		93,800	0	0
Royal Dutch Shell PLC ADR	COM	780259206	2,383	39,950	SH		SOLE		39,950	0	0
Ryder Systems, Inc.	COM	783549108	797	8,400	SH		SOLE		8,400	0	0
Sandisk Corp.	COM	80004c101	2,322	36,500	SH		SOLE		36,500	0	0
Sanofi ADR	COM	80105n105	1,948	39,400	SH		SOLE		39,400	0	0
Santos Limited ADR	COM	803021708	244	44,800	SH		SOLE		44,800	0	0
SAP SE	COM	803054204	1,501	20,800	SH		SOLE		20,800	0	0
Scana Corp	COM	80589M102	1,243	22,596	SH		SOLE		22,596	0	0
Schlumberger Ltd.	COM	806857108	11,043	132,350	SH		SOLE		132,350	0	0
Seadrill Ltd	COM	G7945e105	611	65,400	SH		SOLE		65,400	0	0
Sealed Air Corp.	COM	81211k100	3,715	81,550	SH		SOLE		81,550	0	0
Sensata Technologies Holding A	COM	N7902X106	711	12,375	SH		SOLE		12,375	0	0
Servicenow Inc	COM	81762p102	4,400	55,851	SH		SOLE		55,851	0	0
Shinhan Financial Grp ADR	COM	824596100	351	9,400	SH		SOLE		9,400	0	0
Ship Finance Intl Ltd	COM	g81075106	1,032	69,700	SH		SOLE		69,700	0	0
Simon Property Group, Inc.	COM	828806109	2,598	13,277	SH		SOLE		13,277	0	0
Singapore Telecom-SP ADR	COM	82929R304	1,074	33,630	SH		SOLE		33,630	0	0
Sony Corp. ADR	COM	835699307	678	25,300	SH		SOLE		25,300	0	0
Southern Co.	COM	842587107	566	12,774	SH		SOLE		12,774	0	0
Spectra Energy Corp	COM	847560109	2,863	79,150	SH		SOLE		79,150	0	0
Spectra Energy Partners LP	COM	84756n109	1,044	20,150	SH		SOLE		20,150	0	0
Starbucks Corp.	COM	855244109	5,242	55,350	SH		SOLE		55,350	0	0
Starwood Hotels & Resorts Inc.	COM	85590A401	8,150	97,600	SH		SOLE		97,600	0	0
State Street Corp.	COM	857477103	8,057	109,575	SH		SOLE		109,575	0	0
Statoil ASA ADR	COM	85771P102	303	17,242	SH		SOLE		17,242	0	0
Subsea 7 Sa ADR	COM	864323100	206	23,900	SH		SOLE		23,900	0	0
Swisscom AG ADR	COM	871013108	442	7,600	SH		SOLE		7,600	0	0
Syngenta AG ADR	COM	87160a100	587	8,650	SH		SOLE		8,650	0	0
Synopsys Inc.	COM	871607107	783	16,900	SH		SOLE		16,900	0	0
Syntel, Inc.	COM	87162H103	608	11,750	SH		SOLE		11,750	0	0
Taiwan Semiconductor Manufactu	COM	874039100	1,371	58,386	SH		SOLE		58,386	0	0
Target Corp.	COM	87612e106	13,589	165,575	SH		SOLE		165,575	0	0
TDK Corp. ADR	COM	872351408	278	3,900	SH		SOLE		3,900	0	0
Telecom Italia ADR	COM	87927y102	219	18,880	SH		SOLE		18,880	0	0
Telefonica SA ADR	COM	879382208	701	48,883	SH		SOLE		48,883	0	0
Telenor ASA ADR	COM	87944W105	546	9,000	SH		SOLE		9,000	0	0
Teradata Corp	COM	88076w103	242	5,475	SH		SOLE		5,475	0	0
Tessera Technologies Inc.	COM	88164L100	5,865	145,600	SH		SOLE		145,600	0	0
Teva Pharmaceutical Industries	COM	881624209	1,017	16,325	SH		SOLE		16,325	0	0
Texas Instruments	COM	882508104	6,051	105,817	SH		SOLE		105,817	0	0
The Travelers Companies, Inc.	COM	89417E109	17,382	160,751	SH		SOLE		160,751	0	0
Thermo Fisher Scientific Inc	COM	883556102	8,860	65,950	SH		SOLE		65,950	0	0
Tiffany & Co.	COM	886547108	3,905	44,375	SH		SOLE		44,375	0	0
Timken Co	COM	887389104	657	15,600	SH		SOLE		15,600	0	0
TimkenSteel corp	COM	887399103	206	7,800	SH		SOLE		7,800	0	0
Tokio Marine Holdings Inc ADR	COM	889094108	918	24,250	SH		SOLE		24,250	0	0
Tornier NV ADR	COM	n87237108	541	20,650	SH		SOLE		20,650	0	0
Total SA ADR	COM	89151e109	1,708	34,400	SH		SOLE		34,400	0	0
Toyota Motor Corp. ADR	COM	892331307	5,008	35,800	SH		SOLE		35,800	0	0
Transcanada Pipelines Ltd	COM	89353d107	1,651	38,650	SH		SOLE		38,650	0	0
Tupperware Brands Corp	COM	899896104	2,250	32,600	SH		SOLE		32,600	0	0
Twenty First Century Fox Inc	COM	90130a101	4,211	124,425	SH		SOLE		124,425	0	0
Two Harbors Investment Corp	COM	90187b101	1,083	102,000	SH		SOLE		102,000	0	0
U.S. Bancorp	COM	902973304	12,054	276,017	SH		SOLE		276,017	0	0
UBS Group AG	COM	h42097107	506	27,120	SH		SOLE		27,120	0	0
Unilever PLC ADR	COM	904767704	1,528	36,640	SH		SOLE		36,640	0	0
Union Pacific	COM	907818108	6,293	58,100	SH		SOLE		58,100	0	0
United Health Group Inc.	COM	91324P102	14,014	118,475	SH		SOLE		118,475	0	0
United Parcel Services Cl B	COM	911312106	9,990	103,050	SH		SOLE		103,050	0	0
United Technologies	COM	913017109	11,943	101,900	SH		SOLE		101,900	0	0
Varian Medical Systems Inc	COM	92220P105	6,045	64,250	SH		SOLE		64,250	0	0
Verizon Communications Inc	COM	92343v104	14,798	304,290	SH		SOLE		304,290	0	0
Visa Inc	COM	92826c839	4,963	75,868	SH		SOLE		75,868	0	0
Vodafone Group PLC ADR	COM	92857w308	924	28,265	SH		SOLE		28,265	0	0
Volvo AB ADR	COM	928856400	265	21,875	SH		SOLE		21,875	0	0
Vulcan Materials	COM	929160109	2,268	26,900	SH		SOLE		26,900	0	0
Waddell & Reed Financial, Inc.	COM	930059100	892	18,000	SH		SOLE		18,000	0	0
Wal-Mart	COM	931142103	13,357	162,400	SH		SOLE		162,400	0	0
Walgreens Boots Alliance Inc	COM	931427108	10,968	129,525	SH		SOLE		129,525	0	0
Walt Disney Co.	COM	254687106	28,415	270,900	SH		SOLE		270,900	0	0
Weingarten Realty Investors	COM	948741103	1,049	29,150	SH		SOLE		29,150	0	0
Wells Fargo Co.	COM	949746101	19,551	359,393	SH		SOLE		359,393	0	0
Western Gas Partners	COM	958254104	655	9,950	SH		SOLE		9,950	0	0
Westpac Banking Corp. Ltd ADR	COM	961214301	4,546	152,000	SH		SOLE		152,000	0	0
Williams Cos.	COM	969457100	3,374	66,700	SH		SOLE		66,700	0	0
Windstream Holdings Inc	COM	97382a101	3,224	435,663	SH		SOLE		435,663	0	0
Wisconsin Energy Corp.	COM	976657106	4,472	90,350	SH		SOLE		90,350	0	0
WPP PLC ADR	COM	92937a102	637	5,600	SH		SOLE		5,600	0	0
Zoetis	COM	98978v103	3,984	86,075	SH		SOLE		86,075	0	0
Kinder Morgan Inc Del Warrant	*W EXP 05/25/201	49456b119	179	43,564	SH		SOLE		43,564	0	0
Wisdomtree Emerging Markets Eq	EMERG MKTS ETF	97717w315	6,705	157,775	SH		SOLE		157,775	0	0