| Stock | 99.90% |
| Cash | 0.05% |
| Other* | 0.05% |
*May include dividends booked but not yet received.
Holdings Detail as of 5/15/2012 (Holdings subject to change)
| Symbol | Name |
% Net Assets |
Market Value ($) |
ISIN | Market | Sector |
Exchange Rate |
|---|---|---|---|---|---|---|---|
| MET | METLIFE INC | 8.27 | $5,560,583 | US59156R1086 | XNYS | Life Insurance | 1.00 |
| ACE | ACE LTD | 7.75 | $5,212,974 | CH0044328745 | XNYS | Property & Casualty Insurance | 1.00 |
| TRV | TRAVELERS COS INC/THE | 7.63 | $5,130,076 | US89417E1091 | XNYS | Property & Casualty Insurance | 1.00 |
| PRU | PRUDENTIAL FINANCIAL INC | 7.15 | $4,812,636 | US7443201022 | XNYS | Life Insurance | 1.00 |
| CB | CHUBB CORP | 6.15 | $4,137,969 | US1712321017 | XNYS | Property & Casualty Insurance | 1.00 |
| AFL | AFLAC INC | 6.07 | $4,081,654 | US0010551028 | XNYS | Life Insurance | 1.00 |
| ALL | ALLSTATE CORP | 4.89 | $3,287,157 | US0200021014 | XNYS | Property & Casualty Insurance | 1.00 |
| L | LOEWS CORP | 4.14 | $2,787,761 | US5404241086 | XNYS | Property & Casualty Insurance | 1.00 |
| AIG | AMERICAN INTERNATIONAL GROUP | 4.07 | $2,737,793 | US0268747849 | XNYS | Full Line Insurance | 1.00 |
| PGR | PROGRESSIVE CORP | 3.78 | $2,542,226 | US7433151039 | XNYS | Property & Casualty Insurance | 1.00 |
| HIG | HARTFORD FINANCIAL SVCS GRP | 2.54 | $1,708,276 | US4165151048 | XNYS | Full Line Insurance | 1.00 |
| PFG | PRINCIPAL FINANCIAL GROUP | 2.11 | $1,420,845 | US74251V1026 | XNYS | Life Insurance | 1.00 |
| XL | XL GROUP PLC | 2.10 | $1,411,228 | IE00B5LRLL25 | XNYS | Property & Casualty Insurance | 1.00 |
| LNC | LINCOLN NATIONAL CORP | 2.03 | $1,363,147 | US5341871094 | XNYS | Life Insurance | 1.00 |
| UNM | UNUM GROUP | 1.86 | $1,252,812 | US91529Y1064 | XNYS | Life Insurance | 1.00 |
| CINF | CINCINNATI FINANCIAL CORP | 1.63 | $1,098,765 | US1720621010 | XNGS | Property & Casualty Insurance | 1.00 |
| Y | ALLEGHANY CORP | 1.63 | $1,098,197 | US0171751003 | XNYS | Property & Casualty Insurance | 1.00 |
| ACGL | ARCH CAPITAL GROUP LTD | 1.57 | $1,053,186 | BMG0450A1053 | XNGS | Property & Casualty Insurance | 1.00 |
| TMK | TORCHMARK CORP | 1.45 | $975,371 | US8910271043 | XNYS | Life Insurance | 1.00 |
| AXS | AXIS CAPITAL HOLDINGS LTD | 1.34 | $902,361 | BMG0692U1099 | XNYS | Property & Casualty Insurance | 1.00 |
| WRB | WR BERKLEY CORP | 1.33 | $893,402 | US0844231029 | XNYS | Property & Casualty Insurance | 1.00 |
| MKL | MARKEL CORP | 1.30 | $874,925 | US5705351048 | XNYS | Property & Casualty Insurance | 1.00 |
| AJG | ARTHUR J GALLAGHER & CO | 1.21 | $810,820 | US3635761097 | XNYS | Property & Casualty Insurance | 1.00 |
| AIZ | ASSURANT INC | 1.04 | $702,599 | US04621X1081 | XNYS | Life Insurance | 1.00 |
| HCC | HCC INSURANCE HOLDINGS INC | 1.03 | $693,838 | US4041321021 | XNYS | Property & Casualty Insurance | 1.00 |
| AFG | AMERICAN FINANCIAL GROUP INC | 1.03 | $693,447 | US0259321042 | XNYS | Property & Casualty Insurance | 1.00 |
| BRO | BROWN & BROWN INC | 0.92 | $619,390 | US1152361010 | XNYS | Property & Casualty Insurance | 1.00 |
| WTM | WHITE MOUNTAINS INSURANCE GP | 0.91 | $612,665 | BMG9618E1075 | XNYS | Property & Casualty Insurance | 1.00 |
| AWH | ALLIED WORLD ASSURANCE CO | 0.89 | $595,366 | CH0121032772 | XNYS | Property & Casualty Insurance | 1.00 |
| GNW | GENWORTH FINANCIAL INC-CL A | 0.81 | $547,520 | US37247D1063 | XNYS | Life Insurance | 1.00 |
| PRA | PROASSURANCE CORP | 0.79 | $530,562 | US74267C1062 | XNYS | Property & Casualty Insurance | 1.00 |
| PL | PROTECTIVE LIFE CORP | 0.69 | $460,993 | US7436741034 | XNYS | Life Insurance | 1.00 |
| ORI | OLD REPUBLIC INTL CORP | 0.68 | $459,025 | US6802231042 | XNYS | Property & Casualty Insurance | 1.00 |
| AGO | ASSURED GUARANTY LTD | 0.66 | $442,356 | BMG0585R1060 | XNYS | Property & Casualty Insurance | 1.00 |
| DFG | DELPHI FINANCIAL GROUP-CL A | 0.66 | $441,459 | US2471311058 | XNYS | Life Insurance | 1.00 |
| ERIE | ERIE INDEMNITY COMPANY-CL A | 0.58 | $390,817 | US29530P1021 | XNGS | Property & Casualty Insurance | 1.00 |
| THG | HANOVER INSURANCE GROUP INC/ | 0.54 | $361,728 | US4108671052 | XNYS | Property & Casualty Insurance | 1.00 |
| FAF | FIRST AMERICAN FINANCIAL | 0.51 | $342,954 | US31847R1023 | XNYS | Property & Casualty Insurance | 1.00 |
| SFG | STANCORP FINANCIAL GROUP | 0.49 | $331,036 | US8528911006 | XNYS | Life Insurance | 1.00 |
| CNO | CNO FINANCIAL GROUP INC | 0.45 | $304,447 | US12621E1038 | XNYS | Life Insurance | 1.00 |
| MBI | MBIA INC | 0.44 | $295,549 | US55262C1009 | XNYS | Property & Casualty Insurance | 1.00 |
| KMPR | KEMPER CORP | 0.40 | $269,364 | US4884011002 | XNYS | Full Line Insurance | 1.00 |
| RLI | RLI CORP | 0.37 | $247,117 | US7496071074 | XNYS | Property & Casualty Insurance | 1.00 |
| MCY | MERCURY GENERAL CORP | 0.33 | $223,280 | US5894001008 | XNYS | Property & Casualty Insurance | 1.00 |
| PRI | PRIMERICA INC | 0.31 | $209,562 | US74164M1080 | XNYS | Life Insurance | 1.00 |
| ANAT | AMERICAN NATIONAL INSURANCE | 0.30 | $202,637 | US0285911055 | XNGS | Full Line Insurance | 1.00 |
| SIGI | SELECTIVE INSURANCE GROUP | 0.29 | $192,218 | US8163001071 | XNGS | Property & Casualty Insurance | 1.00 |
| SYA | SYMETRA FINANCIAL CORP | 0.28 | $190,779 | US87151Q1067 | XNYS | Life Insurance | 1.00 |
| AGII | ARGO GROUP INTERNATIONAL | 0.27 | $182,112 | BMG0464B1072 | XNGS | Property & Casualty Insurance | 1.00 |
| CNA | CNA FINANCIAL CORP | 0.26 | $177,316 | US1261171003 | XNYS | Full Line Insurance | 1.00 |
| TWGP | TOWER GROUP INC | 0.22 | $147,789 | US8917771045 | XNGS | Full Line Insurance | 1.00 |
| HMN | HORACE MANN EDUCATORS | 0.21 | $140,515 | US4403271046 | XNYS | Property & Casualty Insurance | 1.00 |
| AFSI | AMTRUST FINANCIAL SERVICES | 0.21 | $140,287 | US0323593097 | XNMS | Property & Casualty Insurance | 1.00 |
| AEL | AMERICAN EQUITY INVT LIFE HL | 0.20 | $135,296 | US0256762065 | XNYS | Life Insurance | 1.00 |
| IPCC | INFINITY PROPERTY & CASUALTY | 0.19 | $128,218 | US45665Q1031 | XNGS | Property & Casualty Insurance | 1.00 |
| SAFT | SAFETY INSURANCE GROUP INC | 0.19 | $125,360 | US78648T1007 | XNGS | Property & Casualty Insurance | 1.00 |
| NAVG | NAVIGATORS GROUP INC | 0.18 | $119,016 | US6389041020 | XNGS | Property & Casualty Insurance | 1.00 |
| UFCS | UNITED FIRE GROUP INC | 0.14 | $96,490 | US9103401082 | XNGS | Full Line Insurance | 1.00 |
| MIG | MEADOWBROOK INSURANCE GROUP | 0.13 | $90,557 | US58319P1084 | XNYS | Property & Casualty Insurance | 1.00 |
| EIG | EMPLOYERS HOLDINGS INC | 0.13 | $85,784 | US2922181043 | XNYS | Life Insurance | 1.00 |
| OB | ONEBEACON INSURANCE GROUP-A | 0.09 | $62,318 | BMG677421098 | XNYS | Property & Casualty Insurance | 1.00 |
| NWLI | NATL WESTERN LIFE INS-CL A | 0.09 | $58,435 | US6385221022 | XNGS | Life Insurance | 1.00 |
| -- | BLACKROCK FDS III | 0.05 | $34,332 | -- | S-T Securities | 1.00 |
