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	688	34,350	SH		SOLE		34,350	0	0
Abbott Labs	COM	002824100	11,369	135,190	SH		SOLE		135,190	0	0
Abbvie Inc	COM	00287Y109	10,180	139,990	SH		SOLE		139,990	0	0
Accenture PLC CL A	COM	G1151C101	7,808	42,260	SH		SOLE		42,260	0	0
Activision Blizzard Inc	COM	00507V109	4,432	93,855	SH		SOLE		93,855	0	0
Adidas AG	COM	00687A107	804	5,200	SH		SOLE		5,200	0	0
Adobe Inc	COM	00724F101	23,045	78,254	SH		SOLE		78,254	0	0
Air Products & Chemicals, Inc.	COM	009158106	5,943	26,255	SH		SOLE		26,255	0	0
Albemarle Corp	COM	012653101	2,856	40,565	SH		SOLE		40,565	0	0
Alcon Inc	COM	H01301128	417	6,720	SH		SOLE		6,720	0	0
Alexion Pharmaceuticals Inc	COM	015351109	3,805	29,050	SH		SOLE		29,050	0	0
Alibaba Group Holdings	COM	01609W102	5,610	33,109	SH		SOLE		33,109	0	0
Align Technology	COM	016255101	4,714	17,210	SH		SOLE		17,210	0	0
Allegheny Technologies Inc.	COM	01741R102	214	8,500	SH		SOLE		8,500	0	0
Allergan PLC	COM	G0177J108	4,199	25,080	SH		SOLE		25,080	0	0
AllianceBernstein Holding LP	COM	01881G106	235	7,900	SH		SOLE		7,900	0	0
Allstate Corp	COM	020002101	4,060	39,925	SH		SOLE		39,925	0	0
Alphabet Inc Class A	COM	02079K305	27,503	25,400	SH		SOLE		25,400	0	0
Alphabet Inc Class C	COM	02079K107	27,528	25,467	SH		SOLE		25,467	0	0
Altria Group, Inc.	COM	02209S103	6,842	144,500	SH		SOLE		144,500	0	0
Amadeus IT Group	COM	02263T104	785	9,900	SH		SOLE		9,900	0	0
Amazon.com, Inc.	COM	023135106	54,966	29,070	SH		SOLE		29,070	0	0
Ambev SA ADR	COM	02319V103	543	116,250	SH		SOLE		116,250	0	0
America Movil SA de CV ADR	COM	02364W105	394	27,050	SH		SOLE		27,050	0	0
American Campus Communities	COM	024835100	2,987	64,700	SH		SOLE		64,700	0	0
American Electric Power	COM	025537101	5,260	59,765	SH		SOLE		59,765	0	0
American Express	COM	025816109	16,112	130,525	SH		SOLE		130,525	0	0
American States Water Co	COM	029899101	2,483	33,000	SH		SOLE		33,000	0	0
American Water Works Co Inc	COM	030420103	3,787	32,645	SH		SOLE		32,645	0	0
Anadarko Petroleum Corp.	COM	032511107	5,271	74,700	SH		SOLE		74,700	0	0
Anheuser-Busch	COM	03524A108	7,184	81,170	SH		SOLE		81,170	0	0
Anthem Inc	COM	036752103	11,628	41,205	SH		SOLE		41,205	0	0
Apollo Global Management LLC	COM	037612306	381	11,100	SH		SOLE		11,100	0	0
Apple Inc	COM	037833100	73,660	372,170	SH		SOLE		372,170	0	0
Ares Capital Corp	COM	04010L103	291	16,200	SH		SOLE		16,200	0	0
Arthur J. Gallagher & Co.	COM	363576109	11,847	135,250	SH		SOLE		135,250	0	0
AstraZeneca Group PLC ADR	COM	046353108	1,088	26,350	SH		SOLE		26,350	0	0
AT&T Inc.	COM	00206R102	16,844	502,654	SH		SOLE		502,654	0	0
Atmos Energy Corp.	COM	049560105	1,455	13,781	SH		SOLE		13,781	0	0
AXA SA ADR	COM	054536107	692	26,300	SH		SOLE		26,300	0	0
Baidu.com	COM	056752108	355	3,025	SH		SOLE		3,025	0	0
Baker Hughes A GE Co	COM	05722G100	260	10,569	SH		SOLE		10,569	0	0
Banco Bilbao Vizcaya Argentari	COM	05946K101	338	60,716	SH		SOLE		60,716	0	0
Banco de Chile ADR	COM	059520106	444	14,952	SH		SOLE		14,952	0	0
Banco Santander Central Hispan	COM	05964H105	268	58,500	SH		SOLE		58,500	0	0
Bank of New York Mellon Corp.	COM	064058100	6,257	141,727	SH		SOLE		141,727	0	0
Barclays PLC ADR	COM	06738E204	263	34,600	SH		SOLE		34,600	0	0
BASF SE ADR	COM	055262505	1,052	57,800	SH		SOLE		57,800	0	0
BB&T Corporation	COM	054937107	4,677	95,190	SH		SOLE		95,190	0	0
Becton Dickinson and Co	COM	075887109	1,787	7,091	SH		SOLE		7,091	0	0
BHP Billiton Ltd. ADR	COM	088606108	1,306	22,475	SH		SOLE		22,475	0	0
Biomarin Pharmaceutical Inc	COM	09061G101	2,407	28,095	SH		SOLE		28,095	0	0
Blackstone Group Inc NPV	COM	09260d107	2,361	53,155	SH		SOLE		53,155	0	0
Boeing Company	COM	097023105	20,863	57,315	SH		SOLE		57,315	0	0
Boston Properties Inc	COM	101121101	611	4,740	SH		SOLE		4,740	0	0
BP plc ADR	COM	055622104	2,508	60,150	SH		SOLE		60,150	0	0
Brambles LTD	COM	105105209	707	39,000	SH		SOLE		39,000	0	0
Brighthouse Financial Inc	COM	10922N103	512	13,983	SH		SOLE		13,983	0	0
British American Tob SP ADR	COM	110448107	853	24,450	SH		SOLE		24,450	0	0
Broadcom Inc	COM	11135f101	8,548	29,713	SH		SOLE		29,713	0	0
Callon Petroleum Co	COM	13123X102	2,523	382,915	SH		SOLE		382,915	0	0
Canadian Solar Inc	COM	136635109	291	13,325	SH		SOLE		13,325	0	0
Capital One Financial	COM	14040H105	7,593	83,675	SH		SOLE		83,675	0	0
Carrizo Oil & Gas Inc	COM	144577103	774	77,410	SH		SOLE		77,410	0	0
Caterpillar Inc.	COM	149123101	6,376	46,785	SH		SOLE		46,785	0	0
Celgene Corp.	COM	151020104	7,989	86,545	SH		SOLE		86,545	0	0
Cemex SAB de CV ADR	COM	151290889	74	17,486	SH		SOLE		17,486	0	0
CenturyLink Inc	COM	156700106	159	13,500	SH		SOLE		13,500	0	0
CGI Inc	COM	12532h104	915	11,925	SH		SOLE		11,925	0	0
Charles Schwab Corp.	COM	808513105	8,270	205,770	SH		SOLE		205,770	0	0
Chart Industries Inc	COM	16115Q308	5,511	71,680	SH		SOLE		71,680	0	0
Cheniere Energy Inc	COM	16411R208	7,942	116,032	SH		SOLE		116,032	0	0
Chevron Corp.	COM	166764100	18,472	148,445	SH		SOLE		148,445	0	0
Church & Dwight Co.	COM	171340102	13,338	182,560	SH		SOLE		182,560	0	0
Cielo SA	COM	171778202	140	79,725	SH		SOLE		79,725	0	0
Cigna Corp	COM	125523100	4,688	29,757	SH		SOLE		29,757	0	0
Cincinnati Financial	COM	172062101	1,502	14,500	SH		SOLE		14,500	0	0
Cinemark Holdings Inc.	COM	17243V102	650	18,000	SH		SOLE		18,000	0	0
Cisco Systems	COM	17275R102	24,102	441,585	SH		SOLE		441,585	0	0
Citigroup Inc.	COM	172967424	13,338	190,455	SH		SOLE		190,455	0	0
CK Hutchison Holdings Limited	COM	12562Y100	927	94,694	SH		SOLE		94,694	0	0
CMS Energy Corp.	COM	125896100	6,866	118,560	SH		SOLE		118,560	0	0
Coca-Cola	COM	191216100	779	15,300	SH		SOLE		15,300	0	0
Cognizant Tech Solutions Corp.	COM	192446102	4,564	72,017	SH		SOLE		72,017	0	0
Columbia Sportswear Co	COM	198516106	8,042	80,200	SH		SOLE		80,200	0	0
Comcast Corp	COM	20030N101	13,626	322,475	SH		SOLE		322,475	0	0
Comerica, Inc.	COM	200340107	1,380	19,000	SH		SOLE		19,000	0	0
Constellation Brands	COM	21036P108	13,042	66,225	SH		SOLE		66,225	0	0
Continental Resources Inc	COM	212015101	3,719	88,355	SH		SOLE		88,355	0	0
Corning Inc.	COM	219350105	5,911	177,880	SH		SOLE		177,880	0	0
Corteva Inc	COM	22052L104	712	24,090	SH		SOLE		24,090	0	0
Costco Co.	COM	22160K105	11,178	42,320	SH		SOLE		42,320	0	0
Covanta Holding Corp	COM	22282E102	377	21,050	SH		SOLE		21,050	0	0
Crown Castle International Cor	COM	22822V101	8,486	65,105	SH		SOLE		65,105	0	0
CTRIP.COM International ADR	COM	22943F100	413	11,200	SH		SOLE		11,200	0	0
Cummins Inc	COM	231021106	6,621	38,640	SH		SOLE		38,640	0	0
CVS Health Corp	COM	126650100	6,825	125,254	SH		SOLE		125,254	0	0
Daimler AG ADR	COM	D1668R123	902	16,200	SH		SOLE		16,200	0	0
Danaher Corp.	COM	235851102	18,670	130,635	SH		SOLE		130,635	0	0
Danone ADR	COM	23636T100	628	37,000	SH		SOLE		37,000	0	0
Darden Restaurants Inc.	COM	237194105	14,077	115,645	SH		SOLE		115,645	0	0
Davita Inc	COM	23918K108	5,336	94,850	SH		SOLE		94,850	0	0
DCP Midstream LP	COM	23311P100	205	7,000	SH		SOLE		7,000	0	0
Delek US Holding Inc	COM	24665A103	4,385	108,223	SH		SOLE		108,223	0	0
Deutsche Post AG ADR	COM	25157Y202	329	10,000	SH		SOLE		10,000	0	0
Diageo PLC ADR	COM	25243Q205	1,952	11,325	SH		SOLE		11,325	0	0
Diamondback Energy Inc	COM	25278X109	2,485	22,828	SH		SOLE		22,828	0	0
Digital Realty	COM	253868103	707	6,000	SH		SOLE		6,000	0	0
Discovery Inc	COM	25470F104	5,372	175,050	SH		SOLE		175,050	0	0
Dollar General	COM	256677105	9,204	68,100	SH		SOLE		68,100	0	0
Dominion Energy Inc	COM	25746U109	3,758	48,600	SH		SOLE		48,600	0	0
Dow Inc	COM	260557103	1,188	24,088	SH		SOLE		24,088	0	0
Du Pont (E.I.) De Nemours & Co	COM	26614N102	1,808	24,089	SH		SOLE		24,089	0	0
Duke Energy Corp.	COM	26441C204	6,937	78,615	SH		SOLE		78,615	0	0
Duke Realty Corp.	COM	264411505	2,361	74,700	SH		SOLE		74,700	0	0
Eagle Materials Inc	COM	26969P108	4,029	43,465	SH		SOLE		43,465	0	0
Edison Int'l	COM	281020107	2,631	39,025	SH		SOLE		39,025	0	0
Electronic Arts Inc.	COM	285512109	4,009	39,575	SH		SOLE		39,575	0	0
Enbridge Inc	COM	29250N105	1,865	51,697	SH		SOLE		51,697	0	0
ENI SPA ADR	COM	26874R108	742	22,475	SH		SOLE		22,475	0	0
Enterprise Products Partners L	COM	293792107	964	33,400	SH		SOLE		33,400	0	0
EOG Resources	COM	26875P101	8,128	87,250	SH		SOLE		87,250	0	0
EPAM Systems Inc	COM	29414B104	3,753	21,682	SH		SOLE		21,682	0	0
EPR Properties	COM	26884U109	3,288	44,080	SH		SOLE		44,080	0	0
Equity Residential Properties	COM	29476L107	2,577	33,950	SH		SOLE		33,950	0	0
Essex Property Trust Inc	COM	297178105	1,209	4,140	SH		SOLE		4,140	0	0
Evergy Inc	COM	30034W106	3,207	53,320	SH		SOLE		53,320	0	0
Exact Sciences Corp	COM	30063P105	14,886	126,225	SH		SOLE		126,225	0	0
Exelon Corp.	COM	30161N101	4,882	101,840	SH		SOLE		101,840	0	0
Expedia Group Inc	COM	30212P303	4,717	35,460	SH		SOLE		35,460	0	0
Exxon Mobil Corp.	COM	30231G102	19,801	258,404	SH		SOLE		258,404	0	0
Facebook Inc	COM	30303M102	27,947	144,796	SH		SOLE		144,796	0	0
Fanuc Corp	COM	307305102	552	29,825	SH		SOLE		29,825	0	0
Fedex Corp.	COM	31428X106	4,789	29,165	SH		SOLE		29,165	0	0
Ferrovial SA	COM	315437103	749	29,212	SH		SOLE		29,212	0	0
Fifth Third Bancorp	COM	316773100	5,000	179,210	SH		SOLE		179,210	0	0
Flowserve Corp.	COM	34354P105	6,485	123,075	SH		SOLE		123,075	0	0
Fomento Economico Mexicana-SP	COM	344419106	692	7,150	SH		SOLE		7,150	0	0
Ford Motor Co.	COM	345370860	2,725	266,420	SH		SOLE		266,420	0	0
Fortive Corp	COM	34959J108	6,471	79,375	SH		SOLE		79,375	0	0
Four Corners Property Trust In	COM	35086T109	1,386	50,706	SH		SOLE		50,706	0	0
Freeport-McMoRan Inc	COM	35671D857	157	13,500	SH		SOLE		13,500	0	0
Galapagos NV	COM	36315X101	451	3,500	SH		SOLE		3,500	0	0
General Electric Co.	COM	369604103	8,194	780,375	SH		SOLE		780,375	0	0
General Motors Inc	COM	37045V100	4,182	108,545	SH		SOLE		108,545	0	0
Getinge AB	COM	37427X104	528	33,475	SH		SOLE		33,475	0	0
Gilead Science Inc	COM	375558103	6,970	103,165	SH		SOLE		103,165	0	0
GlaxoSmithKline plc ADR	COM	37733W105	1,319	32,950	SH		SOLE		32,950	0	0
Goldman Sachs Group	COM	38141G104	12,051	58,900	SH		SOLE		58,900	0	0
Grifols SA ADR	COM	398438408	457	21,650	SH		SOLE		21,650	0	0
Grupo Televisa SA ADR	COM	40049J206	92	10,925	SH		SOLE		10,925	0	0
Halliburton Co.	COM	406216101	3,136	137,895	SH		SOLE		137,895	0	0
HCP Inc	COM	40414L109	1,124	35,140	SH		SOLE		35,140	0	0
Hitachi Ltd. ADR	COM	433578507	696	9,500	SH		SOLE		9,500	0	0
Hologic Inc	COM	436440101	960	20,000	SH		SOLE		20,000	0	0
Home Depot, Inc.	COM	437076102	25,940	124,730	SH		SOLE		124,730	0	0
Honda Motor Co Ltd. ADR	COM	438128308	1,346	52,100	SH		SOLE		52,100	0	0
Honeywell International, Inc.	COM	438516106	19,936	114,190	SH		SOLE		114,190	0	0
Host Hotels & Resorts Inc.	COM	44107P104	7,831	429,805	SH		SOLE		429,805	0	0
HP Inc	COM	40434L105	346	16,650	SH		SOLE		16,650	0	0
HSBC Holdings ADR	COM	404280406	597	14,300	SH		SOLE		14,300	0	0
Icahn Enterprises LP	COM	451100101	402	5,550	SH		SOLE		5,550	0	0
Icon PLC ADR	COM	G4705A100	1,139	7,400	SH		SOLE		7,400	0	0
Infineon Technologies ADR	COM	45662N103	652	36,825	SH		SOLE		36,825	0	0
Infosys Ltd ADR	COM	456788108	3,330	311,200	SH		SOLE		311,200	0	0
Ingenico Group	COM	45684W107	327	18,475	SH		SOLE		18,475	0	0
Insulet Corp	COM	45784P101	6,041	50,600	SH		SOLE		50,600	0	0
Intel Corp.	COM	458140100	15,991	334,055	SH		SOLE		334,055	0	0
International Business Machine	COM	459200101	2,339	16,962	SH		SOLE		16,962	0	0
Intesa Sanpaolo ADR	COM	46115H107	140	10,899	SH		SOLE		10,899	0	0
Iqiyi Inc	COM	46267X108	237	11,475	SH		SOLE		11,475	0	0
Iron Mountain Inc.	COM	46284V101	6,324	202,035	SH		SOLE		202,035	0	0
Itau Unibanco Holding SA ADR	COM	465562106	469	49,808	SH		SOLE		49,808	0	0
JD.com Inc	COM	47215P106	3,539	116,850	SH		SOLE		116,850	0	0
Johnson & Johnson	COM	478160104	28,504	204,650	SH		SOLE		204,650	0	0
JPMorgan Chase & Co.	COM	46625H100	34,676	310,157	SH		SOLE		310,157	0	0
Kellogg Co.	COM	487836108	1,962	36,620	SH		SOLE		36,620	0	0
Kimco Realty Corp.	COM	49446R109	914	49,475	SH		SOLE		49,475	0	0
Kinder Morgan Inc.	COM	49456B101	2,000	95,802	SH		SOLE		95,802	0	0
Kingfisher PLC ADR	COM	495724403	142	26,000	SH		SOLE		26,000	0	0
Kirin Holdings Co ADR	COM	497350306	718	33,300	SH		SOLE		33,300	0	0
KKR & Co Inc	COM	48251w104	397	15,700	SH		SOLE		15,700	0	0
Koninklijke Ahold Delhaize NV	COM	500467501	336	14,953	SH		SOLE		14,953	0	0
Koninklijke Philips NV ADR	COM	500472303	370	8,500	SH		SOLE		8,500	0	0
Korea Electric Power Corp	COM	500631106	345	31,075	SH		SOLE		31,075	0	0
Kroger Co	COM	501044101	4,587	211,300	SH		SOLE		211,300	0	0
Kubota Corp-Spon ADR	COM	501173207	406	4,875	SH		SOLE		4,875	0	0
Las Vegas Sands	COM	517834107	276	4,675	SH		SOLE		4,675	0	0
Liberty Property Trust	COM	531172104	2,104	42,040	SH		SOLE		42,040	0	0
Lilly (Eli) & Co.	COM	532457108	15,574	140,570	SH		SOLE		140,570	0	0
Logitech International SA ADR	COM	H50430232	1,671	42,020	SH		SOLE		42,020	0	0
Lowe's Co.	COM	548661107	13,015	128,975	SH		SOLE		128,975	0	0
Lyondellbassel Industries N.V.	COM	N53745100	2,989	34,700	SH		SOLE		34,700	0	0
Macerich Co.	COM	554382101	725	21,659	SH		SOLE		21,659	0	0
Mack-Cali Realty Corp.	COM	554489104	279	12,000	SH		SOLE		12,000	0	0
Marathon Petroleum Corp.	COM	56585A102	3,513	62,872	SH		SOLE		62,872	0	0
Marriott International	COM	571903202	10,224	72,880	SH		SOLE		72,880	0	0
Marriott Vacation World	COM	57164Y107	624	6,473	SH		SOLE		6,473	0	0
Marsh & McLennan Companies, In	COM	571748102	20,285	203,360	SH		SOLE		203,360	0	0
McCormick & Co.	COM	579780206	13,112	84,585	SH		SOLE		84,585	0	0
McDonald's Corp.	COM	580135101	17,789	85,665	SH		SOLE		85,665	0	0
Mckesson HBOC Inc.	COM	58155Q103	1,931	14,370	SH		SOLE		14,370	0	0
Medtronic Inc	COM	G5960L103	7,202	73,945	SH		SOLE		73,945	0	0
Mercadolibre Inc ADR	COM	58733R102	3,533	5,775	SH		SOLE		5,775	0	0
Merck & Co., Inc.	COM	58933Y105	18,354	218,890	SH		SOLE		218,890	0	0
Metlife Inc	COM	59156R108	7,641	153,835	SH		SOLE		153,835	0	0
Micron Technology Inc.	COM	595112103	3,923	101,650	SH		SOLE		101,650	0	0
Microsoft Corp	COM	594918104	81,642	609,448	SH		SOLE		609,448	0	0
Minerals Technologies Inc	COM	603158106	2,758	51,540	SH		SOLE		51,540	0	0
Mitsubishi UFJ Financial Group	COM	606822104	1,171	246,550	SH		SOLE		246,550	0	0
Mitsui & Co Ltd-Spons ADR	COM	606827202	464	1,425	SH		SOLE		1,425	0	0
Molson Coors Brewing Company	COM	60871R209	5,299	94,630	SH		SOLE		94,630	0	0
Momo Inc	COM	60879B107	336	9,375	SH		SOLE		9,375	0	0
Morgan Stanley, Dean Witter, D	COM	617446448	7,925	180,900	SH		SOLE		180,900	0	0
MRC Global Inc	COM	55345K103	2,600	151,850	SH		SOLE		151,850	0	0
National Grid PLC	COM	636274409	500	9,400	SH		SOLE		9,400	0	0
Netflix Inc	COM	64110L106	12,142	33,055	SH		SOLE		33,055	0	0
New York Community Bancorp	COM	649445103	101	10,100	SH		SOLE		10,100	0	0
Newmont Goldcorp Corp.	COM	651639106	3,989	103,693	SH		SOLE		103,693	0	0
NextEra Energy Inc	COM	65339F101	8,155	39,810	SH		SOLE		39,810	0	0
NICE Ltd ADR	COM	653656108	952	6,950	SH		SOLE		6,950	0	0
Nintendo Co Ltd	COM	654445303	427	9,325	SH		SOLE		9,325	0	0
Nippon Telegraph & Telephone C	COM	654624105	2,927	62,850	SH		SOLE		62,850	0	0
Nisource Inc.	COM	65473P105	4,746	164,780	SH		SOLE		164,780	0	0
Nokia Corp ADR	COM	654902204	432	86,225	SH		SOLE		86,225	0	0
Norsk Hydro ASA ADR	COM	656531605	72	20,000	SH		SOLE		20,000	0	0
Northrop Grumman Corp.	COM	666807102	16,118	49,885	SH		SOLE		49,885	0	0
Novartis ADR	COM	66987V109	3,068	33,600	SH		SOLE		33,600	0	0
Novo Nordisk ADR	COM	670100205	3,164	62,000	SH		SOLE		62,000	0	0
Nutrien LTD	COM	67077M108	4,703	87,972	SH		SOLE		87,972	0	0
NVIDIA Corp.	COM	67066G104	6,643	40,450	SH		SOLE		40,450	0	0
Omega Healthcare Investors	COM	681936100	332	9,025	SH		SOLE		9,025	0	0
Oracle Corp.	COM	68389X105	13,814	242,484	SH		SOLE		242,484	0	0
Outfront Media Inc	COM	69007J106	334	12,950	SH		SOLE		12,950	0	0
Pacwest Bancorp	COM	695263103	247	6,350	SH		SOLE		6,350	0	0
Palo Alto Networks Inc	COM	697435105	3,635	17,840	SH		SOLE		17,840	0	0
Panasonic Corp ADR	COM	69832A205	518	62,200	SH		SOLE		62,200	0	0
Parsley Energy Inc	COM	701877102	1,543	81,185	SH		SOLE		81,185	0	0
Pattern Energy Group Inc	COM	70338P100	267	11,550	SH		SOLE		11,550	0	0
PepsiCo, Inc.	COM	713448108	16,180	123,390	SH		SOLE		123,390	0	0
Pfizer, Inc.	COM	717081103	21,161	488,492	SH		SOLE		488,492	0	0
Philip Morris International In	COM	718172109	2,965	37,760	SH		SOLE		37,760	0	0
Plains All American Pipeline L	COM	726503105	289	11,865	SH		SOLE		11,865	0	0
PNC Financial Services Group	COM	693475105	11,385	82,934	SH		SOLE		82,934	0	0
PPG Industries, Inc.	COM	693506107	776	6,650	SH		SOLE		6,650	0	0
PPL Corp.	COM	69351T106	2,082	67,130	SH		SOLE		67,130	0	0
Prada SPA ADR	COM	73942H100	190	31,100	SH		SOLE		31,100	0	0
Principal Financial Group	COM	74251V102	7,095	122,490	SH		SOLE		122,490	0	0
Procter & Gamble Inc	COM	742718109	29,288	267,100	SH		SOLE		267,100	0	0
Prologis Trust	COM	74340W103	10,959	136,820	SH		SOLE		136,820	0	0
Prudential Financial, Inc.	COM	744320102	10,680	105,745	SH		SOLE		105,745	0	0
PTC Inc	COM	69370C100	5,221	58,164	SH		SOLE		58,164	0	0
Public Service Enterprise Grou	COM	744573106	2,270	38,600	SH		SOLE		38,600	0	0
Qualcomm Inc.	COM	747525103	7,218	94,882	SH		SOLE		94,882	0	0
Quest Diagnostics Inc	COM	74834L100	1,105	10,850	SH		SOLE		10,850	0	0
Regions Financial Corp.	COM	7591EP100	278	18,610	SH		SOLE		18,610	0	0
Repsol SA ADR	COM	76026T205	184	11,700	SH		SOLE		11,700	0	0
Rexnord Corp	COM	76169B102	3,799	125,710	SH		SOLE		125,710	0	0
RingCentral Inc	COM	76680R206	8,127	70,717	SH		SOLE		70,717	0	0
Roche Holdings Ltd-Spons ADR	COM	771195104	1,032	29,300	SH		SOLE		29,300	0	0
Royal Dutch Shell PLC ADR	COM	780259206	1,623	24,950	SH		SOLE		24,950	0	0
Sabra Health Care REIT Inc	COM	78573L106	221	11,201	SH		SOLE		11,201	0	0
Salesforce.com Inc	COM	79466L302	9,607	63,314	SH		SOLE		63,314	0	0
Sanofi ADR	COM	80105N105	1,705	39,400	SH		SOLE		39,400	0	0
Santos Ltd ADR	COM	803021807	218	44,800	SH		SOLE		44,800	0	0
SAP SE	COM	803054204	2,845	20,800	SH		SOLE		20,800	0	0
Schlumberger Ltd.	COM	806857108	7,071	177,936	SH		SOLE		177,936	0	0
Schneider Electric SE ADR	COM	80687P106	377	20,775	SH		SOLE		20,775	0	0
Seagate Technology	COM	G7945M107	434	9,200	SH		SOLE		9,200	0	0
Sealed Air Corp.	COM	81211K100	3,375	78,900	SH		SOLE		78,900	0	0
Sensata Technologies Holding P	COM	g8060n102	606	12,375	SH		SOLE		12,375	0	0
Servicenow Inc	COM	81762P102	7,872	28,671	SH		SOLE		28,671	0	0
Ship Finance Intl Ltd	COM	G81075106	230	18,400	SH		SOLE		18,400	0	0
Simon Property Group, Inc.	COM	828806109	2,104	13,172	SH		SOLE		13,172	0	0
Singapore Telecom-SP ADR	COM	82929R304	870	33,630	SH		SOLE		33,630	0	0
Splunk Inc	COM	848637104	4,816	38,301	SH		SOLE		38,301	0	0
Starbucks Corp.	COM	855244109	9,246	110,290	SH		SOLE		110,290	0	0
STMicroelect4ronics NV	COM	861012102	619	35,150	SH		SOLE		35,150	0	0
Subsea 7 Sa ADR	COM	864323100	288	23,900	SH		SOLE		23,900	0	0
Sun Hung Kai Prop Ltd	COM	86676H302	420	24,775	SH		SOLE		24,775	0	0
Swisscom AG ADR	COM	871013108	382	7,600	SH		SOLE		7,600	0	0
T Mobile US Inc	COM	872590104	4,595	61,975	SH		SOLE		61,975	0	0
Taiwan Semiconductor Manufactu	COM	874039100	2,287	58,386	SH		SOLE		58,386	0	0
Take-Two Interactive Software	COM	874054109	3,863	34,030	SH		SOLE		34,030	0	0
Target Corp.	COM	87612E106	13,041	150,575	SH		SOLE		150,575	0	0
TC Energy Corp	COM	87807b107	674	13,605	SH		SOLE		13,605	0	0
TDK Corp. ADR	COM	872351408	302	3,900	SH		SOLE		3,900	0	0
Telenor ASA ADR	COM	87944W105	574	27,000	SH		SOLE		27,000	0	0
Tencent Holdings LTD-UNS ADR	COM	88032Q109	599	13,225	SH		SOLE		13,225	0	0
Texas Instruments	COM	882508104	3,679	32,057	SH		SOLE		32,057	0	0
The Travelers Companies, Inc.	COM	89417E109	8,989	60,116	SH		SOLE		60,116	0	0
Thermo Fisher Scientific Inc	COM	883556102	19,280	65,650	SH		SOLE		65,650	0	0
Thomson Reuters Corp	COM	884903709	750	11,642	SH		SOLE		11,642	0	0
Tokio Marine Holdings Inc ADR	COM	889094108	1,215	24,250	SH		SOLE		24,250	0	0
Total SA ADR	COM	89151E109	1,919	34,400	SH		SOLE		34,400	0	0
Total System Services	COM	891906109	9,896	77,150	SH		SOLE		77,150	0	0
Toyota Motor Corp. ADR	COM	892331307	3,559	28,700	SH		SOLE		28,700	0	0
Tractor Supply Company	COM	892356106	2,774	25,500	SH		SOLE		25,500	0	0
Tupperware Brands Corp	COM	899896104	620	32,600	SH		SOLE		32,600	0	0
U.S. Bancorp	COM	902973304	8,397	160,242	SH		SOLE		160,242	0	0
UBS Group AG	COM	H42097107	321	27,120	SH		SOLE		27,120	0	0
Unilever PLC ADR	COM	904767704	2,271	36,640	SH		SOLE		36,640	0	0
Union Pacific	COM	907818108	9,825	58,100	SH		SOLE		58,100	0	0
United Health Group Inc.	COM	91324P102	21,470	87,990	SH		SOLE		87,990	0	0
United Parcel Services Cl B	COM	911312106	6,669	64,575	SH		SOLE		64,575	0	0
United Technologies	COM	913017109	17,193	132,053	SH		SOLE		132,053	0	0
Valero Energy Corp.	COM	91913Y100	3,551	41,475	SH		SOLE		41,475	0	0
Verizon Communications Inc	COM	92343V104	14,869	260,273	SH		SOLE		260,273	0	0
Vertex Pharmaceuticals Inc	COM	92532F100	5,139	28,025	SH		SOLE		28,025	0	0
Visa Inc	COM	92826C839	13,137	75,698	SH		SOLE		75,698	0	0
Vulcan Materials	COM	929160109	3,681	26,810	SH		SOLE		26,810	0	0
Wabtec Corp	COM	929740108	245	3,419	SH		SOLE		3,419	0	0
Walgreens Boots Alliance Inc	COM	931427108	5,735	104,905	SH		SOLE		104,905	0	0
Walmart Stores Inc	COM	931142103	16,366	148,120	SH		SOLE		148,120	0	0
Walt Disney Co.	COM	254687106	19,127	136,975	SH		SOLE		136,975	0	0
Weibo Corp	COM	948596101	210	4,825	SH		SOLE		4,825	0	0
Wells Fargo Co.	COM	949746101	14,626	309,093	SH		SOLE		309,093	0	0
Welltower Inc	COM	95040Q104	1,482	18,180	SH		SOLE		18,180	0	0
Western Digital	COM	958102105	1,522	31,999	SH		SOLE		31,999	0	0
Westpac Banking Corp. Ltd ADR	COM	961214301	3,029	152,000	SH		SOLE		152,000	0	0
Williams Cos.	COM	969457100	813	29,000	SH		SOLE		29,000	0	0
WNS Holdings LTD	COM	92932M101	6,818	115,175	SH		SOLE		115,175	0	0
WPP PLC ADR	COM	92937A102	371	5,900	SH		SOLE		5,900	0	0
Wright Medical Group NV	COM	N96617118	616	20,650	SH		SOLE		20,650	0	0
Yum China Holdings Inc	COM	98850P109	736	15,925	SH		SOLE		15,925	0	0
YY Inc	COM	98426T106	307	4,400	SH		SOLE		4,400	0	0
Zoetis	COM	98978V103	9,737	85,795	SH		SOLE		85,795	0	0
Tidewater Inc-wts	COM	88642R133	258	7,643	SH		SOLE		7,643	0	0
Wisdomtree Emerging Markets Hi	COM	97717W315	755	16,900	SH		SOLE		16,900	0	0