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, 2012
Check here if Amendment [ ]; Amendment Number: _______
This Amendment (Check only one.): 	[ ] is a restatement.
[ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:		American National Insurance Company
Address:	One Moody Plaza											Galveston, TX  77550

Form 13F File Number: 28-04382

The institutional investment manager filing this report and the person by
whom it is signed hereby represent that the person signing the report is
authorized to submit it, that all information contained herein is true,
correct and complete, and that it is understood that all required items,
statements, schedules, lists, and tables, are considered integral parts
of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:		Gordon D. Dixon
Title:		Senior Vice President/ Chief Investment Officer
Phone:		(281) 521-3482

Signature, Place, and Date of Signing:


_____________________________     		League City, TX  		__February 13, 2013
[Signature] 					[City, State] 				[Date]

Report Type (Check only one.):

[ ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
 manager are reported in this report.)

[ ] 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(s).)

[X] 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)

List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]


Form 13F File Number 		Name

28-   14457 		 American National Registered Investment Advisor
[Repeat as necessary.]


FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers: ______________0__________

Form 13F Information Table Entry Total: ___________322_________

Form 13F Information Table Value Total: ________  1157_________
(thousands)

List of Other Included Managers:  None

Provide a numbered list of the name(s) and Form 13F file number(s) of
all institutional investment managers with respect to which this report
 is filed, other than the manager filing this report.



FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL
DISCRETION MANAGERS SOLE SHARED NONE
[Repeat as necessary]


                                                                  FORM 13F INFORMATION TABLE
                                                           VALUE   SHARES/  SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
        NAME OF ISSUER          TITLE OF CLASS    CUSIP   (x$1000) PRN AMT  PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
                                                                                           
8Total SA ADR                  COM              89151e109     1789 34400.00000 SH    Sole              34400.00000
ABB Ltd-Spon ADR               COM              000375204      662 31850.00000 SH    Sole              31850.00000
Abbott Labs.                   COM              002824100    10808 165000.00000 SH   Sole             165000.00000
Adobe Systems                  COM              00724f101     7231 191900.00000 SH   Sole             191900.00000
Aecom Technology Corp          COM              00766T100     2254 94725.00000 SH    Sole              94725.00000
Aegon NV ADR                   COM              007924103       72 11200.00000 SH    Sole              11200.00000
Akamai Technologies Inc.       COM              00971t101     4294 104950.00000 SH   Sole             104950.00000
Alcatel-Lucent ADR             COM              013904305       28 19900.00000 SH    Sole              19900.00000
Allegheny Technologies Inc.    COM              01741r102     2740 90250.00000 SH    Sole              90250.00000
AllianceBernstein Holding LP   COM              01881G106      204 11700.00000 SH    Sole              11700.00000
Altria Group, Inc.             COM              02209s103    10522 334675.00000 SH   Sole             334675.00000
Amdocs Ltd                     COM              G02602103     2768 81425.00000 SH    Sole              81425.00000
Amedisys Inc.                  COM              023436108      708 62585.00000 SH    Sole              62585.00000
Ameren Corp.                   COM              023608102      840 27360.00000 SH    Sole              27360.00000
America Movil SA de CV ADR     COM              02364w105      666 28800.00000 SH    Sole              28800.00000
American Express               COM              025816109     7721 134325.00000 SH   Sole             134325.00000
American States Water Co       COM              029899101      792 16500.00000 SH    Sole              16500.00000
Anadarko Petroleum Corp.       COM              032511107     6991 94075.00000 SH    Sole              94075.00000
Anheuser-Busch                 COM              03524a108     7504 85850.00000 SH    Sole              85850.00000
Apple Inc                      COM              037833100    33008 62025.00000 SH    Sole              62025.00000
Applied Materials Inc.         COM              038222105      215 18775.00000 SH    Sole              18775.00000
Arrow Financial Corp           COM              042744102     1374 55070.00000 SH    Sole              55070.00000
Arthur J. Gallagher & Co.      COM              363576109     4692 135400.00000 SH   Sole             135400.00000
AstraZeneca Group PLC ADR      COM              046353108      623 13175.00000 SH    Sole              13175.00000
AT&T Inc.                      COM              00206R102    14547 431528.00000 SH   Sole             431528.00000
Atmos Energy Corp.             COM              049560105     1751 49850.00000 SH    Sole              49850.00000
Avalonbay Communities, Inc.    COM              053484101     2187 16129.00000 SH    Sole              16129.00000
AXA SA                         COM              054536107      463 26300.00000 SH    Sole              26300.00000
Baker Hughes                   COM              057224107     3985 97550.00000 SH    Sole              97550.00000
Banco Bilbao Vizcaya Argentari COM              05946K101     1006 106836.00006 SH   Sole             106836.00006
Banco Santander Central Hispan COM              05964h105      493 60300.00000 SH    Sole              60300.00000
Bank of New York Mellon Corp.  COM              064058100     6364 247632.00000 SH   Sole             247632.00000
Barclays PLC ADR               COM              06738e204      615 35500.00000 SH    Sole              35500.00000
BASF SE ADR                    COM              055262505     1355 14450.00000 SH    Sole              14450.00000
Baxter International, Inc.     COM              071813109     2846 42700.00000 SH    Sole              42700.00000
Bed Bath & Beyond Inc.         COM              075896100     5348 95650.00000 SH    Sole              95650.00000
BG Group Plc ADR               COM              055434203     1284 78000.00000 SH    Sole              78000.00000
BHP Billiton Ltd. ADR          COM              088606108     1637 20875.00000 SH    Sole              20875.00000
Blackstone Group LP            COM              09253u108     2984 191375.00000 SH   Sole             191375.00000
Block H&R                      COM              093671105     4536 244250.00000 SH   Sole             244250.00000
Boardwalk Pipeline Partners L. COM              096627104     1312 52700.00000 SH    Sole              52700.00000
Boeing Company                 COM              097023105     9932 131800.00000 SH   Sole             131800.00000
Boston Properties Inc          COM              101121101     1280 12100.00000 SH    Sole              12100.00000
Boston Scientific              COM              101137107       86 15000.00000 SH    Sole              15000.00000
BP plc ADR                     COM              055622104     1857 44600.00000 SH    Sole              44600.00000
BRE Properties                 COM              05564E106     3437 67615.00000 SH    Sole              67615.00000
British American Tob SP ADR    COM              110448107     1238 12225.00000 SH    Sole              12225.00000
Broadcom Corp                  COM              111320107     3726 112200.00000 SH   Sole             112200.00000
BT Group PLC ADR               COM              05577e101      704 18500.00000 SH    Sole              18500.00000
California Water Service Group COM              130788102      499 27200.00000 SH    Sole              27200.00000
Cameron International Corp     COM              13342B105     4393 77800.00000 SH    Sole              77800.00000
Canon Inc. ADR                 COM              138006309      968 24675.00000 SH    Sole              24675.00000
Capital One Financial          COM              14040H105     4847 83675.00000 SH    Sole              83675.00000
Carefusion Corp.               COM              14170T101     2620 91675.00000 SH    Sole              91675.00000
Caterpillar Inc.               COM              149123101     4118 45950.00000 SH    Sole              45950.00000
CBS Corp.                      COM              124857202     4311 113300.00000 SH   Sole             113300.00000
Celgene Corp.                  COM              151020104    10191 129875.00000 SH   Sole             129875.00000
Cemex SAB de CV ADR            COM              151290889      158 15960.00000 SH    Sole              15960.00000
CenturyLink Inc.               COM              156700106     1613 41223.00000 SH    Sole              41223.00000
Charles Schwab Corp.           COM              808513105     4093 285000.00000 SH   Sole             285000.00000
Charter Communications Inc     COM              16117m305      350 4596.00000 SH     Sole               4596.00000
Chesapeake Energy Corp         COM              165167107     2080 125150.00000 SH   Sole             125150.00000
Cheung Kong Limited ADR        COM              166744201      629 41000.00000 SH    Sole              41000.00000
Chevron Corp.                  COM              166764100    23043 213086.00005 SH   Sole             213086.00005
Church & Dwight Co.            COM              171340102     7577 141450.00000 SH   Sole             141450.00000
Cincinnati Financial           COM              172062101      568 14500.00000 SH    Sole              14500.00000
Cinemark Holdings Inc.         COM              17243v102     3516 135325.00000 SH   Sole             135325.00000
Cisco Systems                  COM              17275R102    10821 550700.00000 SH   Sole             550700.00000
CIT Group                      COM              125581801     1383 35800.00000 SH    Sole              35800.00000
Cliffs Natural Resources Inc   COM              18683k101     3330 86325.00000 SH    Sole              86325.00000
CMS Energy Corp.               COM              125896100     4195 172075.00000 SH   Sole             172075.00000
Coca-Cola                      COM              191216100      881 24300.00000 SH    Sole              24300.00000
Comerica, Inc.                 COM              200340107      516 17000.00000 SH    Sole              17000.00000
Companhia De Bebidas-Prf ADR   COM              20441W203      976 23250.00000 SH    Sole              23250.00000
Companhia Vale do Rio Doce ADR COM              91912e105      260 12400.00000 SH    Sole              12400.00000
Consolidated Edison            COM              209115104     4670 84075.00000 SH    Sole              84075.00000
Cooper Tire & Rubber Co.       COM              216831107      634 25000.00000 SH    Sole              25000.00000
Corning Inc.                   COM              219350105     3282 260075.00000 SH   Sole             260075.00000
Covidien PLC                   COM              G2554f113     4644 80425.00000 SH    Sole              80425.00000
Cummins Inc                    COM              231021106     4201 38775.00000 SH    Sole              38775.00000
CVS Caremark Corp.             COM              126650100     7620 157604.00000 SH   Sole             157604.00000
Daimler AG ADR                 COM              D1668R123      891 16200.00000 SH    Sole              16200.00000
Danaher Corp.                  COM              235851102     9159 163850.00000 SH   Sole             163850.00000
Danone ADR                     COM              23636t100      487 37000.00000 SH    Sole              37000.00000
Darden Restaurants Inc.        COM              237194105     5714 126775.00000 SH   Sole             126775.00000
Davita Healthcare Partners Inc COM              23918K108     5247 47475.00000 SH    Sole              47475.00000
DDR Corp                       COM              23317h102      270 17221.00000 SH    Sole              17221.00000
Deutsche Bank ADR              COM              D18190898      390 8800.00000 SH     Sole               8800.00000
Deutsche Telekom AG ADR        COM              251566105      764 67400.00000 SH    Sole              67400.00000
Diageo PLC ADR                 COM              25243q205     1320 11325.00000 SH    Sole              11325.00000
Diamond Offshore Drilling      COM              25271c102     1391 20475.00000 SH    Sole              20475.00000
Diebold Inc                    COM              253651103     1172 38300.00000 SH    Sole              38300.00000
DirectTV                       COM              25490a309     4608 91875.00000 SH    Sole              91875.00000
Dollar General                 COM              256677105     3109 70525.00000 SH    Sole              70525.00000
Donnelley (R.R.) & Sons        COM              257867101      242 26900.00000 SH    Sole              26900.00000
Dr. Pepper Snapple Group, Inc  COM              26138e109      244 5520.00000 SH     Sole               5520.00000
Du Pont (E.I.) De Nemours & Co COM              263534109     7807 173571.00000 SH   Sole             173571.00000
Duke Energy Corp.              COM              26441C204     6337 99329.00001 SH    Sole              99329.00001
Duke Realty Corp.              COM              264411505      261 18800.00000 SH    Sole              18800.00000
Eaton Corp PLC                 COM              g29183103     2025 37375.00000 SH    Sole              37375.00000
Edwards Lifesciences Corp      COM              28176E108      351 3892.00000 SH     Sole               3892.00000
EMC Corp.                      COM              268648102     7068 279350.00000 SH   Sole             279350.00000
Enbridge Energy Partners LP    COM              29250r106     2594 92975.00000 SH    Sole              92975.00000
Endo Health Solutions Inc      COM              29264F205     3005 114550.00000 SH   Sole             114550.00000
Energizer Holdings Inc         COM              29266R108     5217 65225.00000 SH    Sole              65225.00000
ENI SPA ADR                    COM              26874r108     1181 24025.00000 SH    Sole              24025.00000
Enterprise Products Partners L COM              293792107     2088 41700.00000 SH    Sole              41700.00000
EOG Resources                  COM              26875p101     5288 43775.00000 SH    Sole              43775.00000
Equity Residential Properties  COM              29476l107      912 16100.00000 SH    Sole              16100.00000
Ericsson                       COM              294821608     1042 103200.00000 SH   Sole             103200.00000
Ethan Allen Interiors Inc.     COM              297602104      255 9900.00000 SH     Sole               9900.00000
Express                        COM              30219e103     1921 127325.00000 SH   Sole             127325.00000
Express Scripts Holding Compan COM              30219g108     4182 77450.00000 SH    Sole              77450.00000
Exxon Mobil Corp.              COM              30231g102    32865 379725.00000 SH   Sole             379725.00000
F5 Networks Inc.               COM              315616102     3293 33900.00000 SH    Sole              33900.00000
Federal Mogul Corp.            COM              313549404      275 34237.00000 SH    Sole              34237.00000
Fedex Corp.                    COM              31428x106     2960 32275.00000 SH    Sole              32275.00000
Finisar Corp                   COM              31787a507     2625 161150.00000 SH   Sole             161150.00000
FirstEnergy Corp.              COM              337932107     2828 67723.00000 SH    Sole              67723.00000
Flowserve Corp.                COM              34354P105     6041 41150.00000 SH    Sole              41150.00000
FMC Technologies Inc           COM              30249U101     4065 94900.00000 SH    Sole              94900.00000
Fomento Economico Mexicana-SP  COM              344419106      680 6750.00000 SH     Sole               6750.00000
France Telecom ADR             COM              35177q105      403 36500.00000 SH    Sole              36500.00000
Freeport-McMoRan Copper & Gold COM              35671d857     5374 157125.00000 SH   Sole             157125.00000
Frontier Communications Corp   COM              35906a108      597 139428.00000 SH   Sole             139428.00000
General Electric Co.           COM              369604103    20872 994400.00000 SH   Sole             994400.00000
General Growth Properties      COM              370023103      364 18331.00000 SH    Sole              18331.00000
Genuine Parts Co.              COM              372460105     2155 33900.00000 SH    Sole              33900.00000
Gilead Science Inc             COM              375558103    11469 156150.00000 SH   Sole             156150.00000
GlaxoSmithKline plc ADR        COM              37733W105     1587 36500.00000 SH    Sole              36500.00000
Goldman Sachs Group            COM              38141g104     7532 59050.00000 SH    Sole              59050.00000
Goodyear Tire & Rubber Company COM              382550101     3130 226675.00000 SH   Sole             226675.00000
Google Inc. Cl A               COM              38259P508    18021 25475.00000 SH    Sole              25475.00000
Grupo Televisa SA ADR          COM              40049j206      269 10125.00000 SH    Sole              10125.00000
Halliburton Co.                COM              406216101     5286 152375.00000 SH   Sole             152375.00000
Harman International Industrie COM              413086109      500 11200.00000 SH    Sole              11200.00000
HCP Inc                        COM              40414L109      903 20000.00000 SH    Sole              20000.00000
Health Care REIT, Inc.         COM              42217k106     1309 21350.00000 SH    Sole              21350.00000
Heinz (H.J.)                   COM              423074103     6420 111300.00000 SH   Sole             111300.00000
Hellenic Telecom Organization  COM              423325307      138 41000.00000 SH    Sole              41000.00000
Hitachi Ltd. ADR               COM              433578507      554 9500.00000 SH     Sole               9500.00000
Hologic Inc                    COM              436440101     3595 179650.00000 SH   Sole             179650.00000
Home Depot, Inc.               COM              437076102    11750 189975.00000 SH   Sole             189975.00000
Honda Motor Co Ltd. ADR        COM              438128308     1925 52100.00000 SH    Sole              52100.00000
Honeywell International, Inc.  COM              438516106     7455 117450.00000 SH   Sole             117450.00000
Hormel Foods Corp              COM              440452100     1248 40000.00000 SH    Sole              40000.00000
HSBC Holdings ADR              COM              404280406      759 14300.00000 SH    Sole              14300.00000
Hunt (J.B.) Transport          COM              445658107     1075 18000.00000 SH    Sole              18000.00000
Hutchison Whampoa Limited ADR  COM              448415208      778 37250.00000 SH    Sole              37250.00000
Icon PLC ADR                   COM              45103t107      205 7400.00000 SH     Sole               7400.00000
Infosys Ltd                    COM              456788108     1645 38900.00000 SH    Sole              38900.00000
Ing Groep NV ADR               COM              456837103      135 14200.00000 SH    Sole              14200.00000
Intel Corp.                    COM              458140100    12875 624400.00000 SH   Sole             624400.00000
International Business Machine COM              459200101     6096 31825.00000 SH    Sole              31825.00000
International Game Technology  COM              459902102      289 20400.00000 SH    Sole              20400.00000
Intesa Sanpaolo ADR            COM              46115h107      124 12041.00000 SH    Sole              12041.00000
Invesco Ltd                    COM              g491bt108     4932 189050.00000 SH   Sole             189050.00000
Itau Unibanco Holding SA ADR   COM              465562106      385 23399.00004 SH    Sole              23399.00004
Itron, Inc.                    COM              465741106     1940 43550.00000 SH    Sole              43550.00000
Johnson & Johnson              COM              478160104    15837 225925.00000 SH   Sole             225925.00000
Johnson Controls, Inc.         COM              478366107     4456 145300.00000 SH   Sole             145300.00000
Jones Group Inc The            COM              48020t101      213 19300.00000 SH    Sole              19300.00000
Joy Global Inc.                COM              481165108     2456 38500.00000 SH    Sole              38500.00000
JPMorgan Chase & Co.           COM              46625h100    15033 341907.00000 SH   Sole             341907.00000
KB Financial Group Inc ADR     COM              48241a105      265 7375.00000 SH     Sole               7375.00000
Kellogg Co.                    COM              487836108     2055 36800.00000 SH    Sole              36800.00000
Kennametal Inc.                COM              489170100      716 17900.00000 SH    Sole              17900.00000
Kimco Realty Corp.             COM              49446r109     1646 85175.00000 SH    Sole              85175.00000
Kinder Morgan Inc.             COM              49456b101     4000 113208.00000 SH   Sole             113208.00000
Kirin Holdings Co ADR          COM              497350306      322 27500.00000 SH    Sole              27500.00000
Kohl's Corp.                   COM              500255104     3913 91050.00000 SH    Sole              91050.00000
Koninklijke KPN NV ADR         COM              780641205       81 16600.00000 SH    Sole              16600.00000
Koninklijke Philips Electronic COM              500472303      249 9400.00000 SH     Sole               9400.00000
Kraft Foods Group  Inc.        COM              50076q106      510 11211.00002 SH    Sole              11211.00002
Kubota Corp-Spon ADR           COM              501173207      252 4375.00000 SH     Sole               4375.00000
Leggett & Platt                COM              524660107      504 18500.00000 SH    Sole              18500.00000
Lexington Realty Trust         COM              529043101      645 61754.93996 SH    Sole              61754.93996
Liberty Property Trust         COM              531172104     1829 51100.00000 SH    Sole              51100.00000
Lilly (Eli) & Co.              COM              532457108     8818 178800.00000 SH   Sole             178800.00000
Limited Brands Inc.            COM              532716107     5271 112000.00000 SH   Sole             112000.00000
Linear Technology Corp.        COM              535678106     1449 42250.00000 SH    Sole              42250.00000
Logitech International SA      COM              H50430232      302 40020.00000 SH    Sole              40020.00000
Lowe's Co.                     COM              548661107     8564 241100.00000 SH   Sole             241100.00000
Luxottica Group SPA ADR        COM              55068r202      277 6700.00000 SH     Sole               6700.00000
Macerich Co.                   COM              554382101      916 15719.00000 SH    Sole              15719.00000
Mack-Cali Realty Corp.         COM              554489104      418 16000.00000 SH    Sole              16000.00000
Marsh & McLennan Companies, In COM              571748102     8680 251800.00000 SH   Sole             251800.00000
Mattel Inc.                    COM              577081102     6513 177850.00000 SH   Sole             177850.00000
Maxim Integrated Products, Inc COM              57772k101     4577 155675.00000 SH   Sole             155675.00000
McCormick & Co.                COM              579780206     5595 88075.00000 SH    Sole              88075.00000
McDonald's Corp.               COM              580135101     7804 88475.00000 SH    Sole              88475.00000
Mckesson HBOC Inc.             COM              58155q103     1329 13710.00000 SH    Sole              13710.00000
Mercadolibre Inc               COM              58733r102      454 5775.00000 SH     Sole               5775.00000
Merck & Co., Inc.              COM              58933y105    10472 255800.00000 SH   Sole             255800.00000
Metlife Inc                    COM              59156R108     5082 154275.00000 SH   Sole             154275.00000
Microsoft Corp                 COM              594918104    23555 881900.00000 SH   Sole             881900.00000
Mitsubishi UFJ Financial Group COM              606822104     1483 273550.00000 SH   Sole             273550.00000
Mitsui & Co Ltd-Spons ADR      COM              606827202      423 1425.00000 SH     Sole               1425.00000
Molson Coors Brewing Company   COM              60871r209     4061 94900.00000 SH    Sole              94900.00000
Mondelez International Inc     COM              609207105      856 33636.00000 SH    Sole              33636.00000
Monsanto Co.                   COM              61166w101     4434 46850.00000 SH    Sole              46850.00000
Morgan Stanley, Dean Witter, D COM              617446448     4109 214900.00000 SH   Sole             214900.00000
Mylan Inc.                     COM              628530107     5811 211700.00000 SH   Sole             211700.00000
National Fuel Gas Co.          COM              636180101      456 9000.00000 SH     Sole               9000.00000
National Oilwell Varco Inc     COM              637071101     5008 73275.00000 SH    Sole              73275.00000
New York Community Bancorp     COM              649445103     1754 133925.00000 SH   Sole             133925.00000
NextEra Energy Inc             COM              65339f101     5390 77900.00000 SH    Sole              77900.00000
Nippon Telegraph & Telephone C COM              654624105     1322 62850.00000 SH    Sole              62850.00000
Nisource Inc.                  COM              65473P105     4337 174250.00000 SH   Sole             174250.00000
Norsk Hydro ASA ADR            COM              656531605      100 20000.00000 SH    Sole              20000.00000
Northrop Grumman Corp.         COM              666807102     3384 50075.00000 SH    Sole              50075.00000
Novartis ADR                   COM              66987v109     2064 32600.00000 SH    Sole              32600.00000
Novo Nordisk ADR               COM              670100205     2024 12400.00000 SH    Sole              12400.00000
Nuance Communications Inc      COM              67020y100     4171 186875.00000 SH   Sole             186875.00000
Occidental Petroleum           COM              674599105     6117 79850.00000 SH    Sole              79850.00000
Oracle Corp.                   COM              68389x105    11216 336600.00000 SH   Sole             336600.00000
Panasonic Corp ADR             COM              69832a205      418 68800.00000 SH    Sole              68800.00000
Park National                  COM              700658107      207 3200.00000 SH     Sole               3200.00000
Parker Hannifin                COM              701094104      965 11346.00000 SH    Sole              11346.00000
Patterson Companies Inc.       COM              703395103     3317 96900.00000 SH    Sole              96900.00000
Pepco Holdings, Inc.           COM              713291102      302 15384.00000 SH    Sole              15384.00000
PepsiCo, Inc.                  COM              713448108     8701 127150.00000 SH   Sole             127150.00000
Petroleo Brasileiro SA ADR     COM              71654v408      354 18200.00000 SH    Sole              18200.00000
Petsmart Inc.                  COM              716768106     1128 16500.00000 SH    Sole              16500.00000
Pfizer, Inc.                   COM              717081103    17490 697374.00000 SH   Sole             697374.00000
Philip Morris International In COM              718172109     3195 38200.00000 SH    Sole              38200.00000
Pinnacle West Capital          COM              723484101      658 12900.00000 SH    Sole              12900.00000
Pitney Bowes Inc.              COM              724479100      213 20000.00000 SH    Sole              20000.00000
Plains All American Pipeline L COM              726503105     2280 50400.00000 SH    Sole              50400.00000
PNC Financial Services Group   COM              693475105     9199 157762.00000 SH   Sole             157762.00000
Polaris Industries             COM              731068102     1346 16000.00000 SH    Sole              16000.00000
Portugal Telecom SGPS SA ADR   COM              737273102       54 10800.00000 SH    Sole              10800.00000
Potash Corp of Saskatchewan In COM              73755L107     1119 27500.00000 SH    Sole              27500.00000
PPG Industries, Inc.           COM              693506107      653 4825.00000 SH     Sole               4825.00000
PPL Corp.                      COM              69351t106     2084 72800.00000 SH    Sole              72800.00000
Praxair, Inc.                  COM              74005P104     3979 36350.00000 SH    Sole              36350.00000
Principal Financial Group      COM              74251V102     5720 200575.00000 SH   Sole             200575.00000
Procter & Gamble, Inc.         COM              742718109    18880 278100.00000 SH   Sole             278100.00000
Prologis Trust                 COM              74340w103      923 25291.00000 SH    Sole              25291.00000
Prudential Financial, Inc.     COM              744320102     9547 179025.00000 SH   Sole             179025.00000
Public Service Enterprise Grou COM              744573106     1181 38600.00000 SH    Sole              38600.00000
Public Storage                 COM              74460d109     3305 22800.00000 SH    Sole              22800.00000
Qualcomm Inc.                  COM              747525103    12480 201750.00000 SH   Sole             201750.00000
Quest Diagnostics Inc          COM              74834L100      723 12400.00000 SH    Sole              12400.00000
Regal Entertainment Group - A  COM              758766109     2087 149625.00000 SH   Sole             149625.00000
Regions Financial Corp.        COM              7591EP100      123 17220.00000 SH    Sole              17220.00000
Repsol SA                      COM              76026T205      237 11700.00000 SH    Sole              11700.00000
Research In Motion             COM              760975102      560 47200.00000 SH    Sole              47200.00000
Reynolds American Inc.         COM              761713106     1375 33200.00000 SH    Sole              33200.00000
Rio Tinto Plc ADR              COM              767204100      848 14600.00000 SH    Sole              14600.00000
Roche Holdings Ltd-Spons ADR   COM              771195104      736 14650.00000 SH    Sole              14650.00000
Rockwell Collins Inc.          COM              774341101     5456 93800.00000 SH    Sole              93800.00000
Royal Dutch Shell PLC          COM              780259206      986 14300.00000 SH    Sole              14300.00000
Ryder Systems, Inc.            COM              783549108      494 9900.00000 SH     Sole               9900.00000
Sandisk Corp.                  COM              80004c101      313 7200.00000 SH     Sole               7200.00000
Sanofi                         COM              80105n105     1867 39400.00000 SH    Sole              39400.00000
Santos Limited ADR             COM              803021708      516 44800.00000 SH    Sole              44800.00000
SAP ADR                        COM              803054204     1632 20300.00000 SH    Sole              20300.00000
Sauer Danfoss Inc              COM              804137107     3102 58125.00000 SH    Sole              58125.00000
Scana Corp                     COM              80589M102     1031 22596.00000 SH    Sole              22596.00000
Schlumberger Ltd.              COM              806857108     9172 132350.00000 SH   Sole             132350.00000
Sensata Technologies Holding   COM              N7902X106      402 12375.00000 SH    Sole              12375.00000
Shinhan Financial Grp ADR      COM              824596100      313 8550.00000 SH     Sole               8550.00000
Simon Property Group, Inc.     COM              828806109     2099 13277.00000 SH    Sole              13277.00000
Singapore Telecom-SP ADR       COM              82929R304      909 33630.00000 SH    Sole              33630.00000
Smith A.O. Corp                COM              831865209     1703 27000.00000 SH    Sole              27000.00000
Sony Corp. ADR                 COM              835699307      314 28000.00000 SH    Sole              28000.00000
Southern Co.                   COM              842587107     5699 133125.00000 SH   Sole             133125.00000
Spectra Energy Corp            COM              847560109     3272 119500.00000 SH   Sole             119500.00000
Staples Inc.                   COM              855030102     2247 197075.00000 SH   Sole             197075.00000
Starwood Hotels & Resorts Inc. COM              85590A401     5598 97600.00000 SH    Sole              97600.00000
State Street Corp.             COM              857477103     5151 109575.00000 SH   Sole             109575.00000
Statoil ASA ADR                COM              85771P102      432 17242.00000 SH    Sole              17242.00000
Subsea 7 Sa                    COM              864323100      654 27550.00000 SH    Sole              27550.00000
Swisscom AG ADR                COM              871013108      327 7600.00000 SH     Sole               7600.00000
Symantec Corp.                 COM              871503108     2278 121063.00000 SH   Sole             121063.00000
Syngenta AG ADR                COM              87160a100      699 8650.00000 SH     Sole               8650.00000
Synopsys Inc.                  COM              871607107      634 19900.00000 SH    Sole              19900.00000
Syntel, Inc.                   COM              87162H103      385 7175.00000 SH     Sole               7175.00000
Taiwan Semiconductor Manufactu COM              874039100     2631 153314.00000 SH   Sole             153314.00000
Target Corp.                   COM              87612e106     9797 165575.00000 SH   Sole             165575.00000
Telecom Italia ADR             COM              87927y102      191 21140.00000 SH    Sole              21140.00000
Telefonica SA ADR              COM              879382208      659 48883.00000 SH    Sole              48883.00000
Telenor ASA                    COM              87944W105      544 9000.00000 SH     Sole               9000.00000
Tenaris SA-ADR                 COM              88031M109      222 5300.00000 SH     Sole               5300.00000
Tessera Technologies Inc.      COM              88164L100     2420 147100.00000 SH   Sole             147100.00000
Teva Pharmaceutical Industries COM              881624209      587 15725.00000 SH    Sole              15725.00000
Texas Instruments              COM              882508104     5965 193100.00000 SH   Sole             193100.00000
The Travelers Companies, Inc.  COM              89417E109    11545 160751.00000 SH   Sole             160751.00000
Thermo Fisher Scientific Inc   COM              883556102     4206 65950.00000 SH    Sole              65950.00000
Tibco Software                 COM              88632Q103      479 21800.00000 SH    Sole              21800.00000
Timken Co                      COM              887389104      818 17100.00000 SH    Sole              17100.00000
Tokio Marine Holdings Inc ADR  COM              889094108      668 24250.00000 SH    Sole              24250.00000
Tornier NV                     COM              n87237108      322 19150.00000 SH    Sole              19150.00000
Toyota Motor Corp. ADR         COM              892331307     3338 35800.00000 SH    Sole              35800.00000
Transcanada Pipelines Ltd      COM              89353d107     1427 30150.00000 SH    Sole              30150.00000
Transocean Ltd                 COM              H8817H100     1663 37238.00000 SH    Sole              37238.00000
Tupperware Brands Corp         COM              899896104     2090 32600.00000 SH    Sole              32600.00000
U.S. Bancorp                   COM              902973304     8624 270017.00000 SH   Sole             270017.00000
UBS AG                         COM              H89231338      446 28350.00000 SH    Sole              28350.00000
Unilever PLC ADR               COM              904767704     1380 35640.00000 SH    Sole              35640.00000
Union Pacific                  COM              907818108     3451 27450.00000 SH    Sole              27450.00000
United Health Group Inc.       COM              91324P102     6426 118475.00000 SH   Sole             118475.00000
United Parcel Services Cl B    COM              911312106     8040 109050.00000 SH   Sole             109050.00000
United Technologies            COM              913017109     8357 101900.00000 SH   Sole             101900.00000
Varian Medical Systems Inc     COM              92220P105     4513 64250.00000 SH    Sole              64250.00000
Verifone Holdings Inc          COM              92342Y109     3701 124700.00000 SH   Sole             124700.00000
Verizon Communications Inc.    COM              92343v104    12378 286075.00000 SH   Sole             286075.00000
Vodafone Group PLC ADR         COM              92857w209     1450 57574.00000 SH    Sole              57574.00000
Volvo AB ADR                   COM              928856400      271 19875.00000 SH    Sole              19875.00000
Waddell & Reed Financial, Inc. COM              930059100      721 20700.00000 SH    Sole              20700.00000
Wal-Mart                       COM              931142103    11081 162400.00000 SH   Sole             162400.00000
Walgreen Co.                   COM              931422109     4794 129525.00000 SH   Sole             129525.00000
Walt Disney Co.                COM              254687106    13488 270900.00000 SH   Sole             270900.00000
Weingarten Realty Investors    COM              948741103     1784 66625.00000 SH    Sole              66625.00000
WellPoint, Inc.                COM              94973V107     4210 69100.00000 SH    Sole              69100.00000
Wells Fargo Co.                COM              949746101    12182 356393.00000 SH   Sole             356393.00000
Westpac Banking Corp. Ltd ADR  COM              961214301     4192 30400.00000 SH    Sole              30400.00000
Windstream Corporation         COM              97381W104     3607 435663.00000 SH   Sole             435663.00000
WPP PLC ADR                    COM              92933h101      404 5600.00000 SH     Sole               5600.00000
Yum! Brands, Inc.              COM              988498101      930 14000.00000 SH    Sole              14000.00000
Kinder Morgan Inc Del Warrant                   49456b119      381 100902.78 SH      Sole                100902.78