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	812	34,350	SH		SOLE		34,350	0	0
Abbott Labs	COM	002824100	9,918	135,190	SH		SOLE		135,190	0	0
Abbvie Inc	COM	00287Y109	13,240	139,990	SH		SOLE		139,990	0	0
Accenture PLC CL A	COM	G1151C101	7,193	42,260	SH		SOLE		42,260	0	0
Activision Blizzard Inc	COM	00507V109	7,808	93,855	SH		SOLE		93,855	0	0
Adidas AG	COM	00687A107	637	5,200	SH		SOLE		5,200	0	0
Adobe Inc	COM	00724F101	21,125	78,254	SH		SOLE		78,254	0	0
Air Products & Chemicals, Inc.	COM	009158106	4,386	26,255	SH		SOLE		26,255	0	0
Albemarle Corp	COM	012653101	4,048	40,565	SH		SOLE		40,565	0	0
Alexion Pharmaceuticals Inc	COM	015351109	4,038	29,050	SH		SOLE		29,050	0	0
Alibaba Group Holdings	COM	01609W102	6,765	41,060	SH		SOLE		41,060	0	0
Allegheny Technologies Inc.	COM	01741R102	251	8,500	SH		SOLE		8,500	0	0
Allergan PLC	COM	G0177J108	4,777	25,080	SH		SOLE		25,080	0	0
AllianceBernstein Holding LP	COM	01881G106	241	7,900	SH		SOLE		7,900	0	0
Allstate Corp	COM	020002101	3,941	39,925	SH		SOLE		39,925	0	0
Alphabet Inc Class A	COM	02079K305	30,660	25,400	SH		SOLE		25,400	0	0
Alphabet Inc Class C	COM	02079K107	30,394	25,467	SH		SOLE		25,467	0	0
Altria Group, Inc.	COM	02209S103	17,133	284,075	SH		SOLE		284,075	0	0
Amadeus IT Group	COM	02263T104	918	9,900	SH		SOLE		9,900	0	0
Amazon.com, Inc.	COM	023135106	58,227	29,070	SH		SOLE		29,070	0	0
Ambev SA ADR	COM	02319V103	531	116,250	SH		SOLE		116,250	0	0
America Movil SA de CV ADR	COM	02364W105	434	27,050	SH		SOLE		27,050	0	0
American Campus Communities	COM	024835100	2,663	64,700	SH		SOLE		64,700	0	0
American Electric Power	COM	025537101	4,236	59,765	SH		SOLE		59,765	0	0
American Express	COM	025816109	13,900	130,525	SH		SOLE		130,525	0	0
American States Water Co	COM	029899101	2,018	33,000	SH		SOLE		33,000	0	0
Anadarko Petroleum Corp.	COM	032511107	5,036	74,700	SH		SOLE		74,700	0	0
Andeavor	COM	03349M105	4,476	29,160	SH		SOLE		29,160	0	0
Anheuser-Busch	COM	03524A108	7,108	81,170	SH		SOLE		81,170	0	0
Anthem Inc	COM	036752103	17,802	64,960	SH		SOLE		64,960	0	0
Apollo Global Management LLC	COM	037612306	384	11,100	SH		SOLE		11,100	0	0
Apple Inc	COM	037833100	99,406	440,355	SH		SOLE		440,355	0	0
Ares Capital Corp	COM	04010L103	278	16,200	SH		SOLE		16,200	0	0
Arthur J. Gallagher & Co.	COM	363576109	10,068	135,250	SH		SOLE		135,250	0	0
AstraZeneca Group PLC ADR	COM	046353108	1,043	26,350	SH		SOLE		26,350	0	0
AT&T Inc.	COM	00206R102	16,879	502,654	SH		SOLE		502,654	0	0
Atmos Energy Corp.	COM	049560105	1,294	13,781	SH		SOLE		13,781	0	0
AXA SA ADR	COM	054536107	707	26,300	SH		SOLE		26,300	0	0
Baidu.com	COM	056752108	692	3,025	SH		SOLE		3,025	0	0
Baker Hughes A GE Co	COM	05722G100	358	10,569	SH		SOLE		10,569	0	0
Banco Bilbao Vizcaya Argentari	COM	05946K101	383	60,716	SH		SOLE		60,716	0	0
Banco de Chile ADR	COM	059520106	454	4,984	SH		SOLE		4,984	0	0
Banco Santander Central Hispan	COM	05964H105	293	58,500	SH		SOLE		58,500	0	0
Bank of New York Mellon Corp.	COM	064058100	12,048	236,272	SH		SOLE		236,272	0	0
Barclays PLC ADR	COM	06738E204	310	34,600	SH		SOLE		34,600	0	0
BASF SE ADR	COM	055262505	1,285	57,800	SH		SOLE		57,800	0	0
BB&T Corporation	COM	054937107	4,621	95,190	SH		SOLE		95,190	0	0
Becton Dickinson and Co	COM	075887109	1,851	7,091	SH		SOLE		7,091	0	0
BHP Billiton Ltd. ADR	COM	088606108	1,120	22,475	SH		SOLE		22,475	0	0
Biomarin Pharmaceutical Inc	COM	09061G101	2,724	28,095	SH		SOLE		28,095	0	0
Blackstone Group LP	COM	09253U108	2,024	53,155	SH		SOLE		53,155	0	0
Bloomin Brands Inc	COM	094235108	3,668	185,325	SH		SOLE		185,325	0	0
Boeing Company	COM	097023105	47,399	127,450	SH		SOLE		127,450	0	0
Boston Properties Inc	COM	101121101	583	4,740	SH		SOLE		4,740	0	0
BP plc ADR	COM	055622104	2,773	60,150	SH		SOLE		60,150	0	0
Brambles LTD	COM	105105209	614	39,000	SH		SOLE		39,000	0	0
Brighthouse Financial Inc	COM	10922N103	619	13,983	SH		SOLE		13,983	0	0
British American Tob SP ADR	COM	110448107	1,140	24,450	SH		SOLE		24,450	0	0
Broadcom Inc	COM	11135f101	7,331	29,713	SH		SOLE		29,713	0	0
Callon Petroleum Co	COM	13123X102	4,591	382,915	SH		SOLE		382,915	0	0
Canadian Solar Inc	COM	136635109	193	13,325	SH		SOLE		13,325	0	0
Capital One Financial	COM	14040H105	7,943	83,675	SH		SOLE		83,675	0	0
Carrizo Oil & Gas Inc	COM	144577103	1,951	77,410	SH		SOLE		77,410	0	0
Caterpillar Inc.	COM	149123101	7,134	46,785	SH		SOLE		46,785	0	0
CBS Corp	COM	124857202	6,087	105,960	SH		SOLE		105,960	0	0
Celgene Corp.	COM	151020104	7,745	86,545	SH		SOLE		86,545	0	0
Cemex SAB de CV ADR	COM	151290889	123	17,486	SH		SOLE		17,486	0	0
CenturyLink Inc	COM	156700106	286	13,500	SH		SOLE		13,500	0	0
Charles Schwab Corp.	COM	808513105	13,487	274,400	SH		SOLE		274,400	0	0
Chart Industries Inc	COM	16115Q308	5,615	71,680	SH		SOLE		71,680	0	0
Chevron Corp.	COM	166764100	18,152	148,445	SH		SOLE		148,445	0	0
Church & Dwight Co.	COM	171340102	10,839	182,560	SH		SOLE		182,560	0	0
Cielo SA	COM	171778202	244	79,725	SH		SOLE		79,725	0	0
CIG Group Inc	COM	39945C109	769	11,925	SH		SOLE		11,925	0	0
Cincinnati Financial	COM	172062101	1,114	14,500	SH		SOLE		14,500	0	0
Cinemark Holdings Inc.	COM	17243V102	724	18,000	SH		SOLE		18,000	0	0
Cisco Systems	COM	17275R102	21,483	441,585	SH		SOLE		441,585	0	0
Citigroup Inc.	COM	172967424	13,663	190,455	SH		SOLE		190,455	0	0
CK Hutchison Holdings Limited	COM	12562Y100	1,083	94,694	SH		SOLE		94,694	0	0
CMS Energy Corp.	COM	125896100	5,809	118,560	SH		SOLE		118,560	0	0
Coca-Cola	COM	191216100	707	15,300	SH		SOLE		15,300	0	0
Cogent Communications Holding	COM	19239V302	7,257	130,055	SH		SOLE		130,055	0	0
Cognizant Tech Solutions Corp.	COM	192446102	5,556	72,017	SH		SOLE		72,017	0	0
Columbia Sportswear Co	COM	198516106	7,464	80,200	SH		SOLE		80,200	0	0
Comerica, Inc.	COM	200340107	1,714	19,000	SH		SOLE		19,000	0	0
Constellation Brands	COM	21036P108	14,279	66,225	SH		SOLE		66,225	0	0
Continental Resources Inc	COM	212015101	6,033	88,355	SH		SOLE		88,355	0	0
Corning Inc.	COM	219350105	6,279	177,880	SH		SOLE		177,880	0	0
Costco Co.	COM	22160K105	9,940	42,320	SH		SOLE		42,320	0	0
Covanta Holding Corp	COM	22282E102	342	21,050	SH		SOLE		21,050	0	0
Crown Castle International Cor	COM	22822V101	7,248	65,105	SH		SOLE		65,105	0	0
CTRIP.COM International ADR	COM	22943F100	416	11,200	SH		SOLE		11,200	0	0
Cummins Inc	COM	231021106	5,644	38,640	SH		SOLE		38,640	0	0
CVS Health Corp	COM	126650100	9,860	125,254	SH		SOLE		125,254	0	0
Daimler AG ADR	COM	D1668R123	1,021	16,200	SH		SOLE		16,200	0	0
Danaher Corp.	COM	235851102	17,250	158,750	SH		SOLE		158,750	0	0
Danone ADR	COM	23636T100	573	37,000	SH		SOLE		37,000	0	0
Darden Restaurants Inc.	COM	237194105	12,859	115,645	SH		SOLE		115,645	0	0
Davita Inc	COM	23918K108	6,794	94,850	SH		SOLE		94,850	0	0
DCP Midstream LP	COM	23311P100	277	7,000	SH		SOLE		7,000	0	0
Deutsche Post AG ADR	COM	25157Y202	357	10,000	SH		SOLE		10,000	0	0
Diageo PLC ADR	COM	25243Q205	1,604	11,325	SH		SOLE		11,325	0	0
Diamondback Energy Inc	COM	25278X109	3,086	22,828	SH		SOLE		22,828	0	0
Digital Realty	COM	253868103	675	6,000	SH		SOLE		6,000	0	0
Discovery Inc	COM	25470F104	5,602	175,050	SH		SOLE		175,050	0	0
Dollar General	COM	256677105	7,443	68,100	SH		SOLE		68,100	0	0
Dominion Energy Inc	COM	25746U109	3,416	48,600	SH		SOLE		48,600	0	0
DowDuPont Inc	COM	26078J100	4,648	72,271	SH		SOLE		72,271	0	0
Duke Energy Corp.	COM	26441C204	6,291	78,615	SH		SOLE		78,615	0	0
Duke Realty Corp.	COM	264411505	2,119	74,700	SH		SOLE		74,700	0	0
Eagle Materials Inc	COM	26969P108	3,705	43,465	SH		SOLE		43,465	0	0
Edison Int'l	COM	281020107	2,641	39,025	SH		SOLE		39,025	0	0
Enbridge Energy Partners LP	COM	29250R106	195	17,740	SH		SOLE		17,740	0	0
Enbridge Inc	COM	29250N105	1,477	45,755	SH		SOLE		45,755	0	0
ENI SPA ADR	COM	26874R108	846	22,475	SH		SOLE		22,475	0	0
Enterprise Products Partners L	COM	293792107	960	33,400	SH		SOLE		33,400	0	0
EOG Resources	COM	26875P101	11,130	87,250	SH		SOLE		87,250	0	0
EPAM Systems Inc	COM	29414B104	5,880	42,700	SH		SOLE		42,700	0	0
EPR Properties	COM	26884U109	3,016	44,080	SH		SOLE		44,080	0	0
Equity Residential Properties	COM	29476L107	2,250	33,950	SH		SOLE		33,950	0	0
Essex Property Trust Inc	COM	297178105	1,021	4,140	SH		SOLE		4,140	0	0
Exact Sciences Corp	COM	30063P105	13,031	165,120	SH		SOLE		165,120	0	0
Expedia Group Inc	COM	30212P303	4,627	35,460	SH		SOLE		35,460	0	0
Express Scripts Holding Compan	COM	30219G108	7,316	77,000	SH		SOLE		77,000	0	0
Exxon Mobil Corp.	COM	30231G102	21,970	258,404	SH		SOLE		258,404	0	0
Facebook Inc	COM	30303M102	24,447	148,651	SH		SOLE		148,651	0	0
Fanuc Corp	COM	307305102	562	29,825	SH		SOLE		29,825	0	0
Fedex Corp.	COM	31428X106	7,023	29,165	SH		SOLE		29,165	0	0
Ferrovial SA	COM	315437103	584	28,142	SH		SOLE		28,142	0	0
Fifth Third Bancorp	COM	316773100	5,004	179,210	SH		SOLE		179,210	0	0
Flowserve Corp.	COM	34354P105	6,731	123,075	SH		SOLE		123,075	0	0
Fomento Economico Mexicana-SP	COM	344419106	708	7,150	SH		SOLE		7,150	0	0
Ford Motor Co.	COM	345370860	2,464	266,420	SH		SOLE		266,420	0	0
Fortinet Inc	COM	34959E109	10,311	111,750	SH		SOLE		111,750	0	0
Fortive Corp	COM	34959J108	6,683	79,375	SH		SOLE		79,375	0	0
Four Corners Property Trust In	COM	35086T109	1,303	50,706	SH		SOLE		50,706	0	0
Freeport-McMoRan Inc	COM	35671D857	188	13,500	SH		SOLE		13,500	0	0
Galapagos NV	COM	36315X101	394	3,500	SH		SOLE		3,500	0	0
General Electric Co.	COM	369604103	8,810	780,375	SH		SOLE		780,375	0	0
General Motors Inc	COM	37045V100	3,655	108,545	SH		SOLE		108,545	0	0
Genuine Parts Co.	COM	372460105	467	4,700	SH		SOLE		4,700	0	0
Getinge AB	COM	37427X104	385	33,475	SH		SOLE		33,475	0	0
Gilead Science Inc	COM	375558103	7,965	103,165	SH		SOLE		103,165	0	0
GlaxoSmithKline plc ADR	COM	37733W105	1,324	32,950	SH		SOLE		32,950	0	0
Goldcorp Inc	COM	380956409	3,225	316,145	SH		SOLE		316,145	0	0
Goldman Sachs Group	COM	38141G104	13,208	58,900	SH		SOLE		58,900	0	0
Grifols SA ADR	COM	398438408	463	21,650	SH		SOLE		21,650	0	0
Grupo Televisa SA ADR	COM	40049J206	194	10,925	SH		SOLE		10,925	0	0
Guidewire Software Inc	COM	40171V100	5,626	55,700	SH		SOLE		55,700	0	0
Halliburton Co.	COM	406216101	5,589	137,895	SH		SOLE		137,895	0	0
HCP Inc	COM	40414L109	925	35,140	SH		SOLE		35,140	0	0
Hitachi Ltd. ADR	COM	433578507	646	9,500	SH		SOLE		9,500	0	0
Hologic Inc	COM	436440101	820	20,000	SH		SOLE		20,000	0	0
Home Depot, Inc.	COM	437076102	39,226	189,360	SH		SOLE		189,360	0	0
Honda Motor Co Ltd. ADR	COM	438128308	1,567	52,100	SH		SOLE		52,100	0	0
Honeywell International, Inc.	COM	438516106	19,001	114,190	SH		SOLE		114,190	0	0
Host Hotels & Resorts Inc.	COM	44107P104	9,069	429,805	SH		SOLE		429,805	0	0
HP Inc	COM	40434L105	429	16,650	SH		SOLE		16,650	0	0
HSBC Holdings ADR	COM	404280406	629	14,300	SH		SOLE		14,300	0	0
Icahn Enterprises LP	COM	451100101	392	5,550	SH		SOLE		5,550	0	0
Icon PLC ADR	COM	G4705A100	1,138	7,400	SH		SOLE		7,400	0	0
Infineon Technologies ADR	COM	45662N103	837	36,825	SH		SOLE		36,825	0	0
Infosys Ltd ADR	COM	456788108	3,165	311,200	SH		SOLE		311,200	0	0
Ingenico Group	COM	45684W107	281	18,475	SH		SOLE		18,475	0	0
Intel Corp.	COM	458140100	15,797	334,055	SH		SOLE		334,055	0	0
International Business Machine	COM	459200101	2,565	16,962	SH		SOLE		16,962	0	0
Intesa Sanpaolo ADR	COM	46115H107	167	10,899	SH		SOLE		10,899	0	0
Invesco Ltd	COM	G491BT108	3,016	131,815	SH		SOLE		131,815	0	0
Iqiyi Inc	COM	46267X108	311	11,475	SH		SOLE		11,475	0	0
Iron Mountain Inc.	COM	46284V101	6,974	202,035	SH		SOLE		202,035	0	0
Itau Unibanco Holding SA ADR	COM	465562106	365	33,206	SH		SOLE		33,206	0	0
JD.com Inc	COM	47215P106	3,049	116,850	SH		SOLE		116,850	0	0
Johnson & Johnson	COM	478160104	28,276	204,650	SH		SOLE		204,650	0	0
JPMorgan Chase & Co.	COM	46625H100	34,998	310,157	SH		SOLE		310,157	0	0
Kellogg Co.	COM	487836108	2,564	36,620	SH		SOLE		36,620	0	0
Kimco Realty Corp.	COM	49446R109	828	49,475	SH		SOLE		49,475	0	0
Kinder Morgan Inc.	COM	49456B101	1,699	95,802	SH		SOLE		95,802	0	0
Kingfisher PLC ADR	COM	495724403	175	26,000	SH		SOLE		26,000	0	0
Kirin Holdings Co ADR	COM	497350306	853	33,300	SH		SOLE		33,300	0	0
KKR & Co Inc	COM	48251w104	428	15,700	SH		SOLE		15,700	0	0
Koninklijke Ahold Delhaize NV	COM	500467501	342	14,953	SH		SOLE		14,953	0	0
Koninklijke Philips NV ADR	COM	500472303	387	8,500	SH		SOLE		8,500	0	0
Korea Electric Power Corp	COM	500631106	409	31,075	SH		SOLE		31,075	0	0
Kroger Co	COM	501044101	6,151	211,300	SH		SOLE		211,300	0	0
Kubota Corp-Spon ADR	COM	501173207	414	4,875	SH		SOLE		4,875	0	0
L Brands Inc	COM	501797104	2,921	96,390	SH		SOLE		96,390	0	0
Las Vegas Sands	COM	517834107	277	4,675	SH		SOLE		4,675	0	0
Liberty Property Trust	COM	531172104	1,776	42,040	SH		SOLE		42,040	0	0
Lilly (Eli) & Co.	COM	532457108	15,085	140,570	SH		SOLE		140,570	0	0
Logitech International SA ADR	COM	H50430232	1,879	42,020	SH		SOLE		42,020	0	0
Lowe's Co.	COM	548661107	26,164	227,870	SH		SOLE		227,870	0	0
Luxottica Group SPA ADR	COM	55068R202	489	7,200	SH		SOLE		7,200	0	0
Lyondellbassel Industries N.V.	COM	N53745100	3,557	34,700	SH		SOLE		34,700	0	0
Macerich Co.	COM	554382101	1,198	21,659	SH		SOLE		21,659	0	0
Mack-Cali Realty Corp.	COM	554489104	255	12,000	SH		SOLE		12,000	0	0
Marriott International	COM	571903202	9,622	72,880	SH		SOLE		72,880	0	0
Marriott Vacation World	COM	57164Y107	723	6,473	SH		SOLE		6,473	0	0
Marsh & McLennan Companies, In	COM	571748102	16,822	203,360	SH		SOLE		203,360	0	0
Mattel Inc.	COM	577081102	1,485	94,570	SH		SOLE		94,570	0	0
Maxim Integrated Products, Inc	COM	57772K101	5,694	100,975	SH		SOLE		100,975	0	0
McCormick & Co.	COM	579780206	11,144	84,585	SH		SOLE		84,585	0	0
McDonald's Corp.	COM	580135101	14,331	85,665	SH		SOLE		85,665	0	0
Mckesson HBOC Inc.	COM	58155Q103	1,906	14,370	SH		SOLE		14,370	0	0
Medtronic Inc	COM	G5960L103	7,274	73,945	SH		SOLE		73,945	0	0
Mercadolibre Inc ADR	COM	58733R102	1,966	5,775	SH		SOLE		5,775	0	0
Merck & Co., Inc.	COM	58933Y105	15,528	218,890	SH		SOLE		218,890	0	0
Metlife Inc	COM	59156R108	7,187	153,835	SH		SOLE		153,835	0	0
Micron Technology Inc.	COM	595112103	4,598	101,650	SH		SOLE		101,650	0	0
Microsoft Corp	COM	594918104	68,565	599,498	SH		SOLE		599,498	0	0
Minerals Technologies Inc	COM	603158106	3,484	51,540	SH		SOLE		51,540	0	0
Mitsubishi UFJ Financial Group	COM	606822104	1,526	246,550	SH		SOLE		246,550	0	0
Mitsui & Co Ltd-Spons ADR	COM	606827202	507	1,425	SH		SOLE		1,425	0	0
Mohawk Industries Inc.	COM	608190104	3,190	18,195	SH		SOLE		18,195	0	0
Molson Coors Brewing Company	COM	60871R209	5,820	94,630	SH		SOLE		94,630	0	0
Momo Inc	COM	60879B107	411	9,375	SH		SOLE		9,375	0	0
Morgan Stanley, Dean Witter, D	COM	617446448	8,425	180,900	SH		SOLE		180,900	0	0
MRC Global Inc	COM	55345K103	2,850	151,850	SH		SOLE		151,850	0	0
National Grid PLC	COM	636274409	487	9,400	SH		SOLE		9,400	0	0
Netflix Inc	COM	64110L106	12,367	33,055	SH		SOLE		33,055	0	0
New York Community Bancorp	COM	649445103	105	10,100	SH		SOLE		10,100	0	0
NextEra Energy Inc	COM	65339F101	6,672	39,810	SH		SOLE		39,810	0	0
NICE Ltd ADR	COM	653656108	796	6,950	SH		SOLE		6,950	0	0
Nintendo Co Ltd	COM	654445303	425	9,325	SH		SOLE		9,325	0	0
Nippon Telegraph & Telephone C	COM	654624105	2,840	62,850	SH		SOLE		62,850	0	0
Nisource Inc.	COM	65473P105	4,106	164,780	SH		SOLE		164,780	0	0
Nokia Corp ADR	COM	654902204	481	86,225	SH		SOLE		86,225	0	0
Norsk Hydro ASA ADR	COM	656531605	120	20,000	SH		SOLE		20,000	0	0
Northrop Grumman Corp.	COM	666807102	15,832	49,885	SH		SOLE		49,885	0	0
Novartis ADR	COM	66987V109	2,895	33,600	SH		SOLE		33,600	0	0
Novo Nordisk ADR	COM	670100205	2,923	62,000	SH		SOLE		62,000	0	0
Nutrien LTD	COM	67077M108	5,076	87,972	SH		SOLE		87,972	0	0
NVIDIA Corp.	COM	67066G104	11,367	40,450	SH		SOLE		40,450	0	0
Omega Healthcare Investors	COM	681936100	296	9,025	SH		SOLE		9,025	0	0
Oracle Corp.	COM	68389X105	12,502	242,484	SH		SOLE		242,484	0	0
Outfront Media Inc	COM	69007J106	258	12,950	SH		SOLE		12,950	0	0
Pacwest Bancorp	COM	695263103	303	6,350	SH		SOLE		6,350	0	0
Palo Alto Networks Inc	COM	697435105	4,019	17,840	SH		SOLE		17,840	0	0
Panasonic Corp ADR	COM	69832A205	725	62,200	SH		SOLE		62,200	0	0
Parsley Energy Inc	COM	701877102	2,375	81,185	SH		SOLE		81,185	0	0
Pattern Energy Group Inc	COM	70338P100	229	11,550	SH		SOLE		11,550	0	0
PepsiCo, Inc.	COM	713448108	13,795	123,390	SH		SOLE		123,390	0	0
Pfizer, Inc.	COM	717081103	21,528	488,492	SH		SOLE		488,492	0	0
Philip Morris International In	COM	718172109	3,079	37,760	SH		SOLE		37,760	0	0
Plains All American Pipeline L	COM	726503105	297	11,865	SH		SOLE		11,865	0	0
PNC Financial Services Group	COM	693475105	19,303	141,734	SH		SOLE		141,734	0	0
PPG Industries, Inc.	COM	693506107	726	6,650	SH		SOLE		6,650	0	0
PPL Corp.	COM	69351T106	1,964	67,130	SH		SOLE		67,130	0	0
Prada SPA ADR	COM	73942H100	300	31,100	SH		SOLE		31,100	0	0
Principal Financial Group	COM	74251V102	7,177	122,490	SH		SOLE		122,490	0	0
Procter & Gamble Inc	COM	742718109	22,231	267,100	SH		SOLE		267,100	0	0
Prologis Trust	COM	74340W103	9,275	136,820	SH		SOLE		136,820	0	0
Prudential Financial, Inc.	COM	744320102	10,714	105,745	SH		SOLE		105,745	0	0
PTC Inc	COM	69370C100	6,176	58,164	SH		SOLE		58,164	0	0
Public Service Enterprise Grou	COM	744573106	2,038	38,600	SH		SOLE		38,600	0	0
Qualcomm Inc.	COM	747525103	6,834	94,882	SH		SOLE		94,882	0	0
Quest Diagnostics Inc	COM	74834L100	1,171	10,850	SH		SOLE		10,850	0	0
Red Hat Inc.	COM	756577102	5,882	43,160	SH		SOLE		43,160	0	0
Regions Financial Corp.	COM	7591EP100	341	18,610	SH		SOLE		18,610	0	0
Repsol SA ADR	COM	76026T205	233	11,700	SH		SOLE		11,700	0	0
Rexnord Corp	COM	76169B102	3,872	125,710	SH		SOLE		125,710	0	0
RingCentral Inc	COM	76680R206	10,269	110,360	SH		SOLE		110,360	0	0
Roche Holdings Ltd-Spons ADR	COM	771195104	891	29,300	SH		SOLE		29,300	0	0
Rockwell Collins Inc.	COM	774341101	12,864	91,580	SH		SOLE		91,580	0	0
Royal Dutch Shell PLC ADR	COM	780259206	1,700	24,950	SH		SOLE		24,950	0	0
Sabra Health Care REIT Inc	COM	78573L106	259	11,201	SH		SOLE		11,201	0	0
Salesforce.com Inc	COM	79466L302	10,069	63,314	SH		SOLE		63,314	0	0
Sanofi ADR	COM	80105N105	1,760	39,400	SH		SOLE		39,400	0	0
Santos Ltd ADR	COM	803021807	237	44,800	SH		SOLE		44,800	0	0
SAP SE	COM	803054204	2,558	20,800	SH		SOLE		20,800	0	0
Schlumberger Ltd.	COM	806857108	10,840	177,936	SH		SOLE		177,936	0	0
Schneider Electric SE ADR	COM	80687P106	334	20,775	SH		SOLE		20,775	0	0
Seagate Technology	COM	G7945M107	436	9,200	SH		SOLE		9,200	0	0
Sealed Air Corp.	COM	81211K100	3,168	78,900	SH		SOLE		78,900	0	0
Sensata Technologies Holding P	COM	g8060n102	613	12,375	SH		SOLE		12,375	0	0
Servicenow Inc	COM	81762P102	5,609	28,671	SH		SOLE		28,671	0	0
Ship Finance Intl Ltd	COM	G81075106	256	18,400	SH		SOLE		18,400	0	0
Simon Property Group, Inc.	COM	828806109	2,328	13,172	SH		SOLE		13,172	0	0
Singapore Telecom-SP ADR	COM	82929R304	797	33,630	SH		SOLE		33,630	0	0
Splunk Inc	COM	848637104	6,964	57,600	SH		SOLE		57,600	0	0
Starbucks Corp.	COM	855244109	6,269	110,290	SH		SOLE		110,290	0	0
STMicroelect4ronics NV	COM	861012102	645	35,150	SH		SOLE		35,150	0	0
Subsea 7 Sa ADR	COM	864323100	353	23,900	SH		SOLE		23,900	0	0
Sun Hung Kai Prop Ltd	COM	86676H302	361	24,775	SH		SOLE		24,775	0	0
Swisscom AG ADR	COM	871013108	344	7,600	SH		SOLE		7,600	0	0
T Mobile US Inc	COM	872590104	4,349	61,975	SH		SOLE		61,975	0	0
Taiwan Semiconductor Manufactu	COM	874039100	2,578	58,386	SH		SOLE		58,386	0	0
Target Corp.	COM	87612E106	13,282	150,575	SH		SOLE		150,575	0	0
Taro Pharmaceutical Indus	COM	M8737E108	204	2,075	SH		SOLE		2,075	0	0
TDK Corp. ADR	COM	872351408	425	3,900	SH		SOLE		3,900	0	0
Telenor ASA ADR	COM	87944W105	528	27,000	SH		SOLE		27,000	0	0
Tencent Holdings LTD-UNS ADR	COM	88032Q109	540	13,225	SH		SOLE		13,225	0	0
Texas Instruments	COM	882508104	6,969	64,952	SH		SOLE		64,952	0	0
The Travelers Companies, Inc.	COM	89417E109	19,394	149,516	SH		SOLE		149,516	0	0
Thermo Fisher Scientific Inc	COM	883556102	16,024	65,650	SH		SOLE		65,650	0	0
Thomson Reuters Corp	COM	884903105	586	12,825	SH		SOLE		12,825	0	0
Tokio Marine Holdings Inc ADR	COM	889094108	1,203	24,250	SH		SOLE		24,250	0	0
Total SA ADR	COM	89151E109	2,215	34,400	SH		SOLE		34,400	0	0
Total System Services	COM	891906109	7,618	77,150	SH		SOLE		77,150	0	0
Toyota Motor Corp. ADR	COM	892331307	3,569	28,700	SH		SOLE		28,700	0	0
Tractor Supply Company	COM	892356106	2,317	25,500	SH		SOLE		25,500	0	0
Transcanada Corp	COM	89353D107	550	13,605	SH		SOLE		13,605	0	0
Tupperware Brands Corp	COM	899896104	1,090	32,600	SH		SOLE		32,600	0	0
U.S. Bancorp	COM	902973304	14,547	275,467	SH		SOLE		275,467	0	0
UBS Group AG	COM	H42097107	427	27,120	SH		SOLE		27,120	0	0
Unilever PLC ADR	COM	904767704	2,014	36,640	SH		SOLE		36,640	0	0
Union Pacific	COM	907818108	9,460	58,100	SH		SOLE		58,100	0	0
United Health Group Inc.	COM	91324P102	29,590	111,225	SH		SOLE		111,225	0	0
United Parcel Services Cl B	COM	911312106	11,523	98,700	SH		SOLE		98,700	0	0
United Technologies	COM	913017109	13,658	97,690	SH		SOLE		97,690	0	0
Valero Energy Corp.	COM	91913Y100	4,718	41,475	SH		SOLE		41,475	0	0
Verizon Communications Inc	COM	92343V104	13,896	260,273	SH		SOLE		260,273	0	0
Vertex Pharmaceuticals Inc	COM	92532F100	5,402	28,025	SH		SOLE		28,025	0	0
Visa Inc	COM	92826C839	11,362	75,698	SH		SOLE		75,698	0	0
Vulcan Materials	COM	929160109	2,981	26,810	SH		SOLE		26,810	0	0
Walgreens Boots Alliance Inc	COM	931427108	7,648	104,905	SH		SOLE		104,905	0	0
Walmart Stores Inc	COM	931142103	13,910	148,120	SH		SOLE		148,120	0	0
Walt Disney Co.	COM	254687106	30,428	260,200	SH		SOLE		260,200	0	0
Weibo Corp	COM	948596101	353	4,825	SH		SOLE		4,825	0	0
Weingarten Realty Investors	COM	948741103	2,386	80,165	SH		SOLE		80,165	0	0
Wells Fargo Co.	COM	949746101	16,246	309,093	SH		SOLE		309,093	0	0
Welltower Inc	COM	95040Q104	1,169	18,180	SH		SOLE		18,180	0	0
Western Digital	COM	958102105	4,131	70,575	SH		SOLE		70,575	0	0
Westpac Banking Corp. Ltd ADR	COM	961214301	3,042	152,000	SH		SOLE		152,000	0	0
Williams Cos.	COM	969457100	789	29,000	SH		SOLE		29,000	0	0
WNS Holdings LTD	COM	92932M101	5,845	115,175	SH		SOLE		115,175	0	0
WPP PLC ADR	COM	92937A102	432	5,900	SH		SOLE		5,900	0	0
Wright Medical Group NV	COM	N96617118	599	20,650	SH		SOLE		20,650	0	0
Yum China Holdings Inc	COM	98850P109	559	15,925	SH		SOLE		15,925	0	0
YY Inc	COM	98426T106	330	4,400	SH		SOLE		4,400	0	0
Zoetis	COM	98978V103	7,855	85,795	SH		SOLE		85,795	0	0
Tidewater Inc-wts	COM	88642R133	271	7,643	SH		SOLE		7,643	0	0
Wisdomtree Emerging Markets Hi	COM	97717W315	735	16,900	SH		SOLE		16,900	0	0