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
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
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 744 34,350 SH   SOLE 0 34,350 0 0
Abbott Labs. COM 002824100 5,860 168,000 SH   SOLE 0 168,000 0 0
Abbvie Inc COM 00287y109 6,821 165,000 SH   SOLE 0 165,000 0 0
Adobe Systems COM 00724f101 5,101 111,969 SH   SOLE 0 111,969 0 0
Aecom Technology Corp COM 00766T100 3,011 94,725 SH   SOLE 0 94,725 0 0
Aegon NV ADR COM 007924103 76 11,200 SH   SOLE 0 11,200 0 0
Air Products & Chemicals, Inc. COM 009158106 2,413 26,350 SH   SOLE 0 26,350 0 0
Akamai Technologies Inc. COM 00971t101 4,466 104,950 SH   SOLE 0 104,950 0 0
Alcatel-Lucent ADR COM 013904305 36 19,900 SH   SOLE 0 19,900 0 0
Alcoa Inc. COM 013817101 1,967 251,500 SH   SOLE 0 251,500 0 0
Allegheny Technologies Inc. COM 01741r102 2,374 90,250 SH   SOLE 0 90,250 0 0
Allergan, Inc. COM 018490102 4,159 49,370 SH   SOLE 0 49,370 0 0
AllianceBernstein Holding LP COM 01881G106 244 11,700 SH   SOLE 0 11,700 0 0
Altria Group, Inc. COM 02209s103 11,710 334,675 SH   SOLE 0 334,675 0 0
Amdocs Ltd COM G02602103 3,020 81,425 SH   SOLE 0 81,425 0 0
Amedisys Inc. COM 023436108 726 62,585 SH   SOLE 0 62,585 0 0
America Movil SA de CV ADR COM 02364w105 648 29,800 SH   SOLE 0 29,800 0 0
American Express COM 025816109 10,042 134,325 SH   SOLE 0 134,325 0 0
American States Water Co COM 029899101 886 16,500 SH   SOLE 0 16,500 0 0
Anadarko Petroleum Corp. COM 032511107 8,084 94,075 SH   SOLE 0 94,075 0 0
Anheuser-Busch COM 03524a108 7,347 81,400 SH   SOLE 0 81,400 0 0
Apple Inc COM 037833100 24,991 63,025 SH   SOLE 0 63,025 0 0
Applied Materials Inc. COM 038222105 280 18,775 SH   SOLE 0 18,775 0 0
Arrow Financial Corp COM 042744102 1,363 55,070 SH   SOLE 0 55,070 0 0
Arthur J. Gallagher & Co. COM 363576109 5,916 135,400 SH   SOLE 0 135,400 0 0
AstraZeneca Group PLC ADR COM 046353108 623 13,175 SH   SOLE 0 13,175 0 0
AT&T Inc. COM 00206R102 15,276 431,528 SH   SOLE 0 431,528 0 0
Atmos Energy Corp. COM 049560105 2,047 49,850 SH   SOLE 0 49,850 0 0
AXA SA COM 054536107 516 26,300 SH   SOLE 0 26,300 0 0
Baker Hughes COM 057224107 4,546 98,550 SH   SOLE 0 98,550 0 0
Banco Bilbao Vizcaya Argentari COM 05946K101 898 106,836 SH   SOLE 0 106,836 0 0
Banco Santander Central Hispan COM 05964h105 416 64,300 SH   SOLE 0 64,300 0 0
Bank of New York Mellon Corp. COM 064058100 7,046 251,207 SH   SOLE 0 251,207 0 0
Barclays PLC ADR COM 06738e204 651 38,000 SH   SOLE 0 38,000 0 0
BASF SE ADR COM 055262505 1,289 14,450 SH   SOLE 0 14,450 0 0
Baxter International, Inc. COM 071813109 2,958 42,700 SH   SOLE 0 42,700 0 0
BB&T Corporation COM 054937107 3,236 95,500 SH   SOLE 0 95,500 0 0
Bed Bath & Beyond Inc. COM 075896100 6,786 95,650 SH   SOLE 0 95,650 0 0
BG Group Plc ADR COM 055434203 1,357 80,000 SH   SOLE 0 80,000 0 0
BHP Billiton Ltd. ADR COM 088606108 1,296 22,475 SH   SOLE 0 22,475 0 0
Blackstone Group LP COM 09253u108 4,030 191,375 SH   SOLE 0 191,375 0 0
Block H&R COM 093671105 7,186 258,950 SH   SOLE 0 258,950 0 0
BMC Software COM 055921100 212 4,700 SH   SOLE 0 4,700 0 0
Boardwalk Pipeline Partners L. COM 096627104 2,304 76,300 SH   SOLE 0 76,300 0 0
Boeing Company COM 097023105 13,502 131,800 SH   SOLE 0 131,800 0 0
Boston Properties Inc COM 101121101 1,276 12,100 SH   SOLE 0 12,100 0 0
Boston Scientific COM 101137107 139 15,000 SH   SOLE 0 15,000 0 0
BP plc ADR COM 055622104 2,511 60,150 SH   SOLE 0 60,150 0 0
BRE Properties COM 05564E106 3,382 67,615 SH   SOLE 0 67,615 0 0
British American Tob SP ADR COM 110448107 1,258 12,225 SH   SOLE 0 12,225 0 0
Broadcom Corp COM 111320107 3,792 112,200 SH   SOLE 0 112,200 0 0
BT Group PLC ADR COM 05577e101 869 18,500 SH   SOLE 0 18,500 0 0
California Water Service Group COM 130788102 531 27,200 SH   SOLE 0 27,200 0 0
Calpine Corp COM 131347304 3,373 158,875 SH   SOLE 0 158,875 0 0
Cameron International Corp COM 13342B105 4,758 77,800 SH   SOLE 0 77,800 0 0
Canon Inc. ADR COM 138006309 811 24,675 SH   SOLE 0 24,675 0 0
Capital One Financial COM 14040H105 5,256 83,675 SH   SOLE 0 83,675 0 0
Carefusion Corp. COM 14170T101 3,378 91,675 SH   SOLE 0 91,675 0 0
Caterpillar Inc. COM 149123101 3,873 46,950 SH   SOLE 0 46,950 0 0
CBS Corp. COM 124857202 5,537 113,300 SH   SOLE 0 113,300 0 0
Celgene Corp. COM 151020104 12,909 110,355 SH   SOLE 0 110,355 0 0
Cemex SAB de CV ADR COM 151290889 176 16,596 SH   SOLE 0 16,596 0 0
CenturyLink Inc. COM 156700106 1,457 41,223 SH   SOLE 0 41,223 0 0
Charles Schwab Corp. COM 808513105 6,051 285,000 SH   SOLE 0 285,000 0 0
Chesapeake Energy Corp COM 165167107 2,551 125,150 SH   SOLE 0 125,150 0 0
Cheung Kong Limited ADR COM 166744201 556 41,000 SH   SOLE 0 41,000 0 0
Chevron Corp. COM 166764100 25,217 213,086 SH   SOLE 0 213,086 0 0
Church & Dwight Co. COM 171340102 5,961 96,600 SH   SOLE 0 96,600 0 0
Cincinnati Financial COM 172062101 666 14,500 SH   SOLE 0 14,500 0 0
Cinemark Holdings Inc. COM 17243v102 4,035 144,525 SH   SOLE 0 144,525 0 0
Cisco Systems COM 17275R102 13,401 550,700 SH   SOLE 0 550,700 0 0
CIT Group COM 125581801 1,669 35,800 SH   SOLE 0 35,800 0 0
Cliffs Natural Resources Inc COM 18683k101 1,452 89,375 SH   SOLE 0 89,375 0 0
CMS Energy Corp. COM 125896100 4,691 172,650 SH   SOLE 0 172,650 0 0
Coach Inc COM 189754104 2,896 50,725 SH   SOLE 0 50,725 0 0
Coca-Cola COM 191216100 975 24,300 SH   SOLE 0 24,300 0 0
Cognizant Tech Solutions Corp. COM 192446102 2,448 39,075 SH   SOLE 0 39,075 0 0
Columbia Sportswear Co COM 198516106 2,804 44,750 SH   SOLE 0 44,750 0 0
Comerica, Inc. COM 200340107 836 21,000 SH   SOLE 0 21,000 0 0
Companhia De Bebidas-Prf ADR COM 20441W203 868 23,250 SH   SOLE 0 23,250 0 0
Companhia Vale do Rio Doce ADR COM 91912e105 186 14,150 SH   SOLE 0 14,150 0 0
Consolidated Edison COM 209115104 1,465 25,126 SH   SOLE 0 25,126 0 0
Constellation Brands COM 21036p108 3,673 70,475 SH   SOLE 0 70,475 0 0
Continental Resources Inc COM 212015101 3,815 44,325 SH   SOLE 0 44,325 0 0
Cooper Tire & Rubber Co. COM 216831107 829 25,000 SH   SOLE 0 25,000 0 0
Corning Inc. COM 219350105 3,857 271,075 SH   SOLE 0 271,075 0 0
Costco Co. COM 22160k105 4,696 42,475 SH   SOLE 0 42,475 0 0
Covidien PLC COM G2554f113 5,054 80,425 SH   SOLE 0 80,425 0 0
Cummins Inc COM 231021106 4,206 38,775 SH   SOLE 0 38,775 0 0
CVS Caremark Corp. COM 126650100 9,012 157,604 SH   SOLE 0 157,604 0 0
Daimler AG ADR COM D1668R123 978 16,200 SH   SOLE 0 16,200 0 0
Danaher Corp. COM 235851102 10,372 163,850 SH   SOLE 0 163,850 0 0
Danone ADR COM 23636t100 555 37,000 SH   SOLE 0 37,000 0 0
Darden Restaurants Inc. COM 237194105 7,075 140,150 SH   SOLE 0 140,150 0 0
Davita Healthcare Partners Inc COM 23918K108 5,735 47,475 SH   SOLE 0 47,475 0 0
DCP Midstream Partners LP COM 23311p100 1,991 36,800 SH   SOLE 0 36,800 0 0
DDR Corp COM 23317h102 287 17,221 SH   SOLE 0 17,221 0 0
Deutsche Bank ADR COM D18190898 407 9,700 SH   SOLE 0 9,700 0 0
Deutsche Telekom AG ADR COM 251566105 785 67,400 SH   SOLE 0 67,400 0 0
Diageo PLC ADR COM 25243q205 1,302 11,325 SH   SOLE 0 11,325 0 0
Diamond Offshore Drilling COM 25271c102 1,763 25,625 SH   SOLE 0 25,625 0 0
Diebold Inc COM 253651103 1,290 38,300 SH   SOLE 0 38,300 0 0
Digital Realty COM 253868103 1,476 24,200 SH   SOLE 0 24,200 0 0
DirectTV COM 25490a309 5,663 91,875 SH   SOLE 0 91,875 0 0
Dollar General COM 256677105 3,678 72,925 SH   SOLE 0 72,925 0 0
Dominion Resources COM 25746u109 2,943 51,800 SH   SOLE 0 51,800 0 0
Donnelley (R.R.) & Sons COM 257867101 377 26,900 SH   SOLE 0 26,900 0 0
Dr. Pepper Snapple Group, Inc COM 26138e109 254 5,520 SH   SOLE 0 5,520 0 0
Du Pont (E.I.) De Nemours & Co COM 263534109 10,190 194,096 SH   SOLE 0 194,096 0 0
Duke Energy Corp. COM 26441C204 6,824 101,096 SH   SOLE 0 101,096 0 0
Duke Realty Corp. COM 264411505 1,228 78,800 SH   SOLE 0 78,800 0 0
Edwards Lifesciences Corp COM 28176E108 262 3,892 SH   SOLE 0 3,892 0 0
Embraer SA COM 29082a107 236 6,400 SH   SOLE 0 6,400 0 0
EMC Corp. COM 268648102 6,598 279,350 SH   SOLE 0 279,350 0 0
Enbridge Energy Partners LP COM 29250r106 3,046 99,900 SH   SOLE 0 99,900 0 0
Endo Health Solutions Inc COM 29264F205 4,214 114,550 SH   SOLE 0 114,550 0 0
Energizer Holdings Inc COM 29266R108 6,556 65,225 SH   SOLE 0 65,225 0 0
ENI SPA ADR COM 26874r108 986 24,025 SH   SOLE 0 24,025 0 0
Enterprise Products Partners L COM 293792107 2,592 41,700 SH   SOLE 0 41,700 0 0
EOG Resources COM 26875p101 5,764 43,775 SH   SOLE 0 43,775 0 0
Equity Residential Properties COM 29476l107 2,978 51,300 SH   SOLE 0 51,300 0 0
Ericsson COM 294821608 1,164 103,200 SH   SOLE 0 103,200 0 0
Ethan Allen Interiors Inc. COM 297602104 285 9,900 SH   SOLE 0 9,900 0 0
Exelon Corp. COM 30161n101 1,204 38,975 SH   SOLE 0 38,975 0 0
Express COM 30219e103 2,670 127,325 SH   SOLE 0 127,325 0 0
Express Scripts Holding Compan COM 30219g108 4,893 79,250 SH   SOLE 0 79,250 0 0
Exxon Mobil Corp. COM 30231g102 34,399 380,725 SH   SOLE 0 380,725 0 0
F5 Networks Inc. COM 315616102 2,374 34,500 SH   SOLE 0 34,500 0 0
Fedex Corp. COM 31428x106 3,182 32,275 SH   SOLE 0 32,275 0 0
Fifth Third Bancorp COM 316773100 3,256 180,400 SH   SOLE 0 180,400 0 0
Finisar Corp COM 31787a507 2,731 161,150 SH   SOLE 0 161,150 0 0
Flowserve Corp. COM 34354P105 6,668 123,450 SH   SOLE 0 123,450 0 0
FMC Technologies Inc COM 30249U101 5,284 94,900 SH   SOLE 0 94,900 0 0
Fomento Economico Mexicana-SP COM 344419106 738 7,150 SH   SOLE 0 7,150 0 0
Freeport-McMoRan Copper & Gold COM 35671d857 4,338 157,125 SH   SOLE 0 157,125 0 0
Frontier Communications Corp COM 35906a108 565 139,428 SH   SOLE 0 139,428 0 0
General Electric Co. COM 369604103 23,292 1,004,400 SH   SOLE 0 1,004,400 0 0
General Growth Properties COM 370023103 364 18,331 SH   SOLE 0 18,331 0 0
Genuine Parts Co. COM 372460105 3,240 41,500 SH   SOLE 0 41,500 0 0
Gilead Science Inc COM 375558103 13,613 265,525 SH   SOLE 0 265,525 0 0
GlaxoSmithKline plc ADR COM 37733W105 1,824 36,500 SH   SOLE 0 36,500 0 0
Goldman Sachs Group COM 38141g104 8,931 59,050 SH   SOLE 0 59,050 0 0
Goodyear Tire & Rubber Company COM 382550101 3,468 226,675 SH   SOLE 0 226,675 0 0
Google Inc. Cl A COM 38259P508 22,427 25,475 SH   SOLE 0 25,475 0 0
Grupo Televisa SA ADR COM 40049j206 271 10,925 SH   SOLE 0 10,925 0 0
Halliburton Co. COM 406216101 6,357 152,375 SH   SOLE 0 152,375 0 0
Harman International Industrie COM 413086109 607 11,200 SH   SOLE 0 11,200 0 0
Hawaiian Electric Ind. COM 419870100 1,492 58,950 SH   SOLE 0 58,950 0 0
HCP Inc COM 40414L109 2,874 63,250 SH   SOLE 0 63,250 0 0
Health Care REIT, Inc. COM 42217k106 1,967 29,350 SH   SOLE 0 29,350 0 0
Hellenic Telecom Organization COM 423325307 172 44,000 SH   SOLE 0 44,000 0 0
Hess Corporation COM 42809h107 3,652 54,925 SH   SOLE 0 54,925 0 0
Hitachi Ltd. ADR COM 433578507 609 9,500 SH   SOLE 0 9,500 0 0
Hologic Inc COM 436440101 3,467 179,650 SH   SOLE 0 179,650 0 0
Home Depot, Inc. COM 437076102 14,712 189,900 SH   SOLE 0 189,900 0 0
Honda Motor Co Ltd. ADR COM 438128308 1,941 52,100 SH   SOLE 0 52,100 0 0
Honeywell International, Inc. COM 438516106 9,318 117,450 SH   SOLE 0 117,450 0 0
Hormel Foods Corp COM 440452100 1,543 40,000 SH   SOLE 0 40,000 0 0
HSBC Holdings ADR COM 404280406 742 14,300 SH   SOLE 0 14,300 0 0
Hunt (J.B.) Transport COM 445658107 1,300 18,000 SH   SOLE 0 18,000 0 0
Hutchison Whampoa Limited ADR COM 448415208 825 39,250 SH   SOLE 0 39,250 0 0
Icon PLC ADR COM G4705A100 262 7,400 SH   SOLE 0 7,400 0 0
Infosys Ltd COM 456788108 1,602 38,900 SH   SOLE 0 38,900 0 0
Ing Groep NV ADR COM 456837103 129 14,200 SH   SOLE 0 14,200 0 0
Intel Corp. COM 458140100 15,129 624,400 SH   SOLE 0 624,400 0 0
International Business Machine COM 459200101 11,772 61,600 SH   SOLE 0 61,600 0 0
International Game Technology COM 459902102 341 20,400 SH   SOLE 0 20,400 0 0
Intesa Sanpaolo ADR COM 46115h107 116 12,041 SH   SOLE 0 12,041 0 0
Invesco Ltd COM g491bt108 6,136 192,950 SH   SOLE 0 192,950 0 0
Itau Unibanco Holding SA ADR COM 465562106 354 27,387 SH   SOLE 0 27,387 0 0
Itron, Inc. COM 465741106 1,848 43,550 SH   SOLE 0 43,550 0 0
Johnson & Johnson COM 478160104 19,484 226,925 SH   SOLE 0 226,925 0 0
Johnson Controls, Inc. COM 478366107 5,225 146,000 SH   SOLE 0 146,000 0 0
Jones Group Inc The COM 48020t101 265 19,300 SH   SOLE 0 19,300 0 0
Joy Global Inc. COM 481165108 1,868 38,500 SH   SOLE 0 38,500 0 0
JPMorgan Chase & Co. COM 46625h100 18,049 341,907 SH   SOLE 0 341,907 0 0
KB Financial Group Inc ADR COM 48241a105 219 7,375 SH   SOLE 0 7,375 0 0
Kellogg Co. COM 487836108 2,364 36,800 SH   SOLE 0 36,800 0 0
Kennametal Inc. COM 489170100 695 17,900 SH   SOLE 0 17,900 0 0
Kimco Realty Corp. COM 49446r109 1,825 85,175 SH   SOLE 0 85,175 0 0
Kinder Morgan Inc. COM 49456b101 5,339 139,937 SH   SOLE 0 139,937 0 0
Kirin Holdings Co ADR COM 497350306 474 30,300 SH   SOLE 0 30,300 0 0
Koninklijke KPN NV ADR COM 780641205 34 16,600 SH   SOLE 0 16,600 0 0
Koninklijke Philips NV COM 500472303 256 9,400 SH   SOLE 0 9,400 0 0
Kraft Foods Group Inc. COM 50076q106 626 11,211 SH   SOLE 0 11,211 0 0
Kubota Corp-Spon ADR COM 501173207 355 4,875 SH   SOLE 0 4,875 0 0
L Brands Inc COM 501797104 5,516 112,000 SH   SOLE 0 112,000 0 0
Leggett & Platt COM 524660107 1,057 34,000 SH   SOLE 0 34,000 0 0
Lexington Realty Trust COM 529043101 721 61,755 SH   SOLE 0 61,755 0 0
Liberty Property Trust COM 531172104 2,258 61,100 SH   SOLE 0 61,100 0 0
Lilly (Eli) & Co. COM 532457108 8,783 178,800 SH   SOLE 0 178,800 0 0
Linear Technology Corp. COM 535678106 1,556 42,250 SH   SOLE 0 42,250 0 0
Logitech International SA COM H50430232 296 42,020 SH   SOLE 0 42,020 0 0
Lorillard Inc. COM 544147101 2,564 58,700 SH   SOLE 0 58,700 0 0
Lowe's Co. COM 548661107 9,861 241,100 SH   SOLE 0 241,100 0 0
Luxottica Group SPA ADR COM 55068r202 364 7,200 SH   SOLE 0 7,200 0 0
Macerich Co. COM 554382101 1,324 21,719 SH   SOLE 0 21,719 0 0
Mack-Cali Realty Corp. COM 554489104 735 30,000 SH   SOLE 0 30,000 0 0
Marsh & McLennan Companies, In COM 571748102 10,052 251,800 SH   SOLE 0 251,800 0 0
Mattel Inc. COM 577081102 8,301 183,200 SH   SOLE 0 183,200 0 0
Maxim Integrated Products, Inc COM 57772k101 4,325 155,675 SH   SOLE 0 155,675 0 0
McCormick & Co. COM 579780206 6,197 88,075 SH   SOLE 0 88,075 0 0
McDonald's Corp. COM 580135101 8,759 88,475 SH   SOLE 0 88,475 0 0
Mckesson HBOC Inc. COM 58155q103 1,570 13,710 SH   SOLE 0 13,710 0 0
Mercadolibre Inc COM 58733r102 622 5,775 SH   SOLE 0 5,775 0 0
Merck & Co., Inc. COM 58933y105 12,021 258,800 SH   SOLE 0 258,800 0 0
Metlife Inc COM 59156R108 7,060 154,275 SH   SOLE 0 154,275 0 0
Microsoft Corp COM 594918104 23,630 684,048 SH   SOLE 0 684,048 0 0
Mitsubishi UFJ Financial Group COM 606822104 1,699 273,550 SH   SOLE 0 273,550 0 0
Mitsui & Co Ltd-Spons ADR COM 606827202 357 1,425 SH   SOLE 0 1,425 0 0
Molson Coors Brewing Company COM 60871r209 4,542 94,900 SH   SOLE 0 94,900 0 0
Mondelez International Inc COM 609207105 960 33,636 SH   SOLE 0 33,636 0 0
Monsanto Co. COM 61166w101 4,629 46,850 SH   SOLE 0 46,850 0 0
Morgan Stanley, Dean Witter, D COM 617446448 5,250 214,900 SH   SOLE 0 214,900 0 0
Mylan Inc. COM 628530107 6,569 211,700 SH   SOLE 0 211,700 0 0
National Fuel Gas Co. COM 636180101 522 9,000 SH   SOLE 0 9,000 0 0
National Oilwell Varco Inc COM 637071101 5,049 73,275 SH   SOLE 0 73,275 0 0
New York Community Bancorp COM 649445103 1,875 133,925 SH   SOLE 0 133,925 0 0
NextEra Energy Inc COM 65339f101 3,541 43,463 SH   SOLE 0 43,463 0 0
Nippon Telegraph & Telephone C COM 654624105 1,635 62,850 SH   SOLE 0 62,850 0 0
Nisource Inc. COM 65473P105 4,991 174,250 SH   SOLE 0 174,250 0 0
Norsk Hydro ASA ADR COM 656531605 79 20,000 SH   SOLE 0 20,000 0 0
Northrop Grumman Corp. COM 666807102 4,146 50,075 SH   SOLE 0 50,075 0 0
Novartis ADR COM 66987v109 2,376 33,600 SH   SOLE 0 33,600 0 0
Novo Nordisk ADR COM 670100205 1,922 12,400 SH   SOLE 0 12,400 0 0
Nuance Communications Inc COM 67020y100 3,439 186,875 SH   SOLE 0 186,875 0 0
Occidental Petroleum COM 674599105 7,125 79,850 SH   SOLE 0 79,850 0 0
Oracle Corp. COM 68389x105 13,522 440,300 SH   SOLE 0 440,300 0 0
Orange SA Adr COM 684060106 345 36,500 SH   SOLE 0 36,500 0 0
Panasonic Corp ADR COM 69832a205 552 68,800 SH   SOLE 0 68,800 0 0
Park National COM 700658107 220 3,200 SH   SOLE 0 3,200 0 0
Parker Hannifin COM 701094104 1,082 11,346 SH   SOLE 0 11,346 0 0
Pepco Holdings, Inc. COM 713291102 310 15,384 SH   SOLE 0 15,384 0 0
PepsiCo, Inc. COM 713448108 10,400 127,150 SH   SOLE 0 127,150 0 0
Petroleo Brasileiro SA ADR COM 71654v408 244 18,200 SH   SOLE 0 18,200 0 0
Petsmart Inc. COM 716768106 1,105 16,500 SH   SOLE 0 16,500 0 0
Pfizer, Inc. COM 717081103 15,535 554,624 SH   SOLE 0 554,624 0 0
Philip Morris International In COM 718172109 3,309 38,200 SH   SOLE 0 38,200 0 0
Pinnacle West Capital COM 723484101 716 12,900 SH   SOLE 0 12,900 0 0
Pitney Bowes Inc. COM 724479100 294 20,000 SH   SOLE 0 20,000 0 0
Plains All American Pipeline L COM 726503105 3,181 57,000 SH   SOLE 0 57,000 0 0
PNC Financial Services Group COM 693475105 12,095 165,862 SH   SOLE 0 165,862 0 0
Polaris Industries COM 731068102 1,520 16,000 SH   SOLE 0 16,000 0 0
Portugal Telecom SGPS SA ADR COM 737273102 42 10,800 SH   SOLE 0 10,800 0 0
Potash Corp of Saskatchewan In COM 73755L107 1,049 27,500 SH   SOLE 0 27,500 0 0
PPG Industries, Inc. COM 693506107 706 4,825 SH   SOLE 0 4,825 0 0
PPL Corp. COM 69351t106 2,203 72,800 SH   SOLE 0 72,800 0 0
Praxair, Inc. COM 74005P104 4,186 36,350 SH   SOLE 0 36,350 0 0
Principal Financial Group COM 74251V102 7,711 205,900 SH   SOLE 0 205,900 0 0
Procter & Gamble, Inc. COM 742718109 21,411 278,100 SH   SOLE 0 278,100 0 0
Prudential Financial, Inc. COM 744320102 13,074 179,025 SH   SOLE 0 179,025 0 0
Public Service Enterprise Grou COM 744573106 1,261 38,600 SH   SOLE 0 38,600 0 0
Qualcomm Inc. COM 747525103 12,325 201,750 SH   SOLE 0 201,750 0 0
Quest Diagnostics Inc COM 74834L100 873 14,400 SH   SOLE 0 14,400 0 0
Regal Entertainment Group - A COM 758766109 3,210 179,325 SH   SOLE 0 179,325 0 0
Regions Financial Corp. COM 7591EP100 218 22,915 SH   SOLE 0 22,915 0 0
Repsol SA COM 76026T205 247 11,700 SH   SOLE 0 11,700 0 0
Reynolds American Inc. COM 761713106 1,606 33,200 SH   SOLE 0 33,200 0 0
Rio Tinto Plc ADR COM 767204100 600 14,600 SH   SOLE 0 14,600 0 0
Roche Holdings Ltd-Spons ADR COM 771195104 910 14,650 SH   SOLE 0 14,650 0 0
Rockwell Collins Inc. COM 774341101 5,948 93,800 SH   SOLE 0 93,800 0 0
Royal Dutch Shell PLC COM 780259206 1,592 24,950 SH   SOLE 0 24,950 0 0
Ryder Systems, Inc. COM 783549108 602 9,900 SH   SOLE 0 9,900 0 0
Sandisk Corp. COM 80004c101 440 7,200 SH   SOLE 0 7,200 0 0
Sanofi COM 80105n105 2,029 39,400 SH   SOLE 0 39,400 0 0
Santos Limited ADR COM 803021708 514 44,800 SH   SOLE 0 44,800 0 0
SAP ADR COM 803054204 1,515 20,800 SH   SOLE 0 20,800 0 0
Scana Corp COM 80589M102 1,109 22,596 SH   SOLE 0 22,596 0 0
Schlumberger Ltd. COM 806857108 9,484 132,350 SH   SOLE 0 132,350 0 0
Seadrill Ltd COM G7945e105 2,216 54,400 SH   SOLE 0 54,400 0 0
Sealed Air Corp. COM 81211k100 1,953 81,550 SH   SOLE 0 81,550 0 0
Sensata Technologies Holding COM N7902X106 432 12,375 SH   SOLE 0 12,375 0 0
Shinhan Financial Grp ADR COM 824596100 306 9,400 SH   SOLE 0 9,400 0 0
Simon Property Group, Inc. COM 828806109 2,097 13,277 SH   SOLE 0 13,277 0 0
Singapore Telecom-SP ADR COM 82929R304 1,000 33,630 SH   SOLE 0 33,630 0 0
Smith A.O. Corp COM 831865209 1,959 54,000 SH   SOLE 0 54,000 0 0
Sony Corp. ADR COM 835699307 593 28,000 SH   SOLE 0 28,000 0 0
Southern Co. COM 842587107 3,631 82,286 SH   SOLE 0 82,286 0 0
Spectra Energy Corp COM 847560109 4,118 119,500 SH   SOLE 0 119,500 0 0
Starwood Hotels & Resorts Inc. COM 85590A401 6,167 97,600 SH   SOLE 0 97,600 0 0
State Street Corp. COM 857477103 7,145 109,575 SH   SOLE 0 109,575 0 0
Statoil ASA ADR COM 85771P102 357 17,242 SH   SOLE 0 17,242 0 0
Subsea 7 Sa COM 864323100 481 27,550 SH   SOLE 0 27,550 0 0
Swisscom AG ADR COM 871013108 332 7,600 SH   SOLE 0 7,600 0 0
Symantec Corp. COM 871503108 2,721 121,063 SH   SOLE 0 121,063 0 0
Syngenta AG ADR COM 87160a100 673 8,650 SH   SOLE 0 8,650 0 0
Synopsys Inc. COM 871607107 711 19,900 SH   SOLE 0 19,900 0 0
Syntel, Inc. COM 87162H103 451 7,175 SH   SOLE 0 7,175 0 0
Taiwan Semiconductor Manufactu COM 874039100 1,070 58,386 SH   SOLE 0 58,386 0 0
Target Corp. COM 87612e106 11,401 165,575 SH   SOLE 0 165,575 0 0
Telecom Italia ADR COM 87927y102 147 21,140 SH   SOLE 0 21,140 0 0
Telefonica SA ADR COM 879382208 626 48,883 SH   SOLE 0 48,883 0 0
Telenor ASA COM 87944W105 532 9,000 SH   SOLE 0 9,000 0 0
Tenaris SA-ADR COM 88031M109 238 5,900 SH   SOLE 0 5,900 0 0
Teradata Corp COM 88076w103 2,293 45,650 SH   SOLE 0 45,650 0 0
Tessera Technologies Inc. COM 88164L100 3,060 147,100 SH   SOLE 0 147,100 0 0
Teva Pharmaceutical Industries COM 881624209 640 16,325 SH   SOLE 0 16,325 0 0
Texas Instruments COM 882508104 6,730 193,100 SH   SOLE 0 193,100 0 0
The Mosaic Co COM 61945c103 2,062 38,325 SH   SOLE 0 38,325 0 0
The Travelers Companies, Inc. COM 89417E109 12,847 160,751 SH   SOLE 0 160,751 0 0
Thermo Fisher Scientific Inc COM 883556102 5,581 65,950 SH   SOLE 0 65,950 0 0
Tibco Software COM 88632Q103 467 21,800 SH   SOLE 0 21,800 0 0
Tiffany & Co. COM 886547108 3,232 44,375 SH   SOLE 0 44,375 0 0
Timken Co COM 887389104 962 17,100 SH   SOLE 0 17,100 0 0
Tokio Marine Holdings Inc ADR COM 889094108 768 24,250 SH   SOLE 0 24,250 0 0
Tornier NV COM n87237108 361 20,650 SH   SOLE 0 20,650 0 0
Total SA ADR COM 89151e109 1,675 34,400 SH   SOLE 0 34,400 0 0
Toyota Motor Corp. ADR COM 892331307 4,320 35,800 SH   SOLE 0 35,800 0 0
Transcanada Pipelines Ltd COM 89353d107 1,666 38,650 SH   SOLE 0 38,650 0 0
Transocean Ltd COM H8817H100 1,786 37,238 SH   SOLE 0 37,238 0 0
Tupperware Brands Corp COM 899896104 2,533 32,600 SH   SOLE 0 32,600 0 0
U.S. Bancorp COM 902973304 9,978 276,017 SH   SOLE 0 276,017 0 0
UBS AG COM H89231338 506 29,850 SH   SOLE 0 29,850 0 0
Unilever PLC ADR COM 904767704 1,482 36,640 SH   SOLE 0 36,640 0 0
Union Pacific COM 907818108 4,482 29,050 SH   SOLE 0 29,050 0 0
United Health Group Inc. COM 91324P102 7,758 118,475 SH   SOLE 0 118,475 0 0
United Parcel Services Cl B COM 911312106 9,431 109,050 SH   SOLE 0 109,050 0 0
United Technologies COM 913017109 9,471 101,900 SH   SOLE 0 101,900 0 0
Varian Medical Systems Inc COM 92220P105 4,334 64,250 SH   SOLE 0 64,250 0 0
Verifone Holdings Inc COM 92342Y109 2,117 125,950 SH   SOLE 0 125,950 0 0
Verizon Communications Inc. COM 92343v104 14,556 289,150 SH   SOLE 0 289,150 0 0
Vodafone Group PLC ADR COM 92857w209 1,655 57,574 SH   SOLE 0 57,574 0 0
Volvo AB ADR COM 928856400 291 21,875 SH   SOLE 0 21,875 0 0
Vulcan Materials COM 929160109 1,302 26,900 SH   SOLE 0 26,900 0 0
Waddell & Reed Financial, Inc. COM 930059100 900 20,700 SH   SOLE 0 20,700 0 0
Wal-Mart COM 931142103 12,097 162,400 SH   SOLE 0 162,400 0 0
Walgreen Co. COM 931422109 5,725 129,525 SH   SOLE 0 129,525 0 0
Walt Disney Co. COM 254687106 17,107 270,900 SH   SOLE 0 270,900 0 0
Weingarten Realty Investors COM 948741103 2,358 76,625 SH   SOLE 0 76,625 0 0
WellPoint, Inc. COM 94973V107 5,655 69,100 SH   SOLE 0 69,100 0 0
Wells Fargo Co. COM 949746101 14,832 359,393 SH   SOLE 0 359,393 0 0
Western Gas Partners COM 958254104 1,930 29,750 SH   SOLE 0 29,750 0 0
Westpac Banking Corp. Ltd ADR COM 961214301 4,009 30,400 SH   SOLE 0 30,400 0 0
Williams Cos. COM 969457100 2,166 66,700 SH   SOLE 0 66,700 0 0
Windstream Corporation COM 97381W104 3,359 435,663 SH   SOLE 0 435,663 0 0
Wisconsin Energy Corp. COM 976657106 3,371 82,250 SH   SOLE 0 82,250 0 0
WPP PLC ADR COM 92937a102 478 5,600 SH   SOLE 0 5,600 0 0
Xerox Corp. COM 984121103 2,937 323,850 SH   SOLE 0 323,850 0 0
Yum! Brands, Inc. COM 988498101 971 14,000 SH   SOLE 0 14,000 0 0
zoetis COM 98978v103 2,659 86,075 SH   SOLE 0 86,075 0 0
Kinder Morgan Inc Del Warrant COM 49456b119 517 100,903 SH   SOLE 0 100,903 0 0