| Stock | 99.77% |
| Cash | 0.14% |
| Other* | 0.09% |
*May include dividends booked but not yet received.
Holdings Detail as of 5/22/2013 (Holdings subject to change)
| Symbol | Name |
% Net Assets |
Market Value ($) |
ISIN | Market | Sector |
Exchange Rate |
|---|---|---|---|---|---|---|---|
| AIG | AMERICAN INTERNATIONAL GROUP | 12.43 | $15,542,707 | US0268747849 | XNYS | Full Line Insurance | 1.00 |
| MET | METLIFE INC | 8.99 | $11,239,301 | US59156R1086 | XNYS | Life Insurance | 1.00 |
| TRV | TRAVELERS COS INC/THE | 6.27 | $7,842,296 | US89417E1091 | XNYS | Property & Casualty Insurance | 1.00 |
| PRU | PRUDENTIAL FINANCIAL INC | 6.26 | $7,825,819 | US7443201022 | XNYS | Life Insurance | 1.00 |
| ACE | ACE LTD | 6.03 | $7,545,304 | CH0044328745 | XNYS | Property & Casualty Insurance | 1.00 |
| AFL | AFLAC INC | 5.20 | $6,502,714 | US0010551028 | XNYS | Life Insurance | 1.00 |
| ALL | ALLSTATE CORP | 4.70 | $5,875,585 | US0200021014 | XNYS | Property & Casualty Insurance | 1.00 |
| CB | CHUBB CORP | 4.64 | $5,796,515 | US1712321017 | XNYS | Property & Casualty Insurance | 1.00 |
| L | LOEWS CORP | 3.01 | $3,759,306 | US5404241086 | XNYS | Property & Casualty Insurance | 1.00 |
| PGR | PROGRESSIVE CORP | 3.01 | $3,757,491 | US7433151039 | XNYS | Property & Casualty Insurance | 1.00 |
| HIG | HARTFORD FINANCIAL SVCS GRP | 2.84 | $3,553,045 | US4165151048 | XNYS | Full Line Insurance | 1.00 |
| PFG | PRINCIPAL FINANCIAL GROUP | 2.22 | $2,781,371 | US74251V1026 | XNYS | Life Insurance | 1.00 |
| LNC | LINCOLN NATIONAL CORP | 2.04 | $2,549,375 | US5341871094 | XNYS | Life Insurance | 1.00 |
| XL | XL GROUP PLC | 2.03 | $2,536,206 | IE00B5LRLL25 | XNYS | Property & Casualty Insurance | 1.00 |
| UNM | UNUM GROUP | 1.62 | $2,028,141 | US91529Y1064 | XNYS | Life Insurance | 1.00 |
| MKL | MARKEL CORP | 1.54 | $1,930,329 | US5705351048 | XNYS | Property & Casualty Insurance | 1.00 |
| CINF | CINCINNATI FINANCIAL CORP | 1.54 | $1,921,221 | US1720621010 | XNGS | Property & Casualty Insurance | 1.00 |
| ACGL | ARCH CAPITAL GROUP LTD | 1.52 | $1,906,291 | BMG0450A1053 | XNGS | Property & Casualty Insurance | 1.00 |
| Y | ALLEGHANY CORP | 1.45 | $1,816,323 | US0171751003 | XNYS | Property & Casualty Insurance | 1.00 |
| TMK | TORCHMARK CORP | 1.34 | $1,670,800 | US8910271043 | XNYS | Life Insurance | 1.00 |
| AJG | ARTHUR J GALLAGHER & CO | 1.26 | $1,571,771 | US3635761097 | XNYS | Property & Casualty Insurance | 1.00 |
| GNW | GENWORTH FINANCIAL INC-CL A | 1.15 | $1,441,147 | US37247D1063 | XNYS | Life Insurance | 1.00 |
| AXS | AXIS CAPITAL HOLDINGS LTD | 1.11 | $1,381,908 | BMG0692U1099 | XNYS | Property & Casualty Insurance | 1.00 |
| AGO | ASSURED GUARANTY LTD | 1.02 | $1,279,801 | BMG0585R1060 | XNYS | Property & Casualty Insurance | 1.00 |
| WRB | WR BERKLEY CORP | 1.02 | $1,271,075 | US0844231029 | XNYS | Property & Casualty Insurance | 1.00 |
| HCC | HCC INSURANCE HOLDINGS INC | 0.96 | $1,201,388 | US4041321021 | XNYS | Property & Casualty Insurance | 1.00 |
| AIZ | ASSURANT INC | 0.90 | $1,121,453 | US04621X1081 | XNYS | Life Insurance | 1.00 |
| BRO | BROWN & BROWN INC | 0.88 | $1,095,834 | US1152361010 | XNYS | Property & Casualty Insurance | 1.00 |
| AFG | AMERICAN FINANCIAL GROUP INC | 0.83 | $1,040,916 | US0259321042 | XNYS | Property & Casualty Insurance | 1.00 |
| ORI | OLD REPUBLIC INTL CORP | 0.78 | $971,908 | US6802231042 | XNYS | Property & Casualty Insurance | 1.00 |
| AWH | ALLIED WORLD ASSURANCE CO | 0.72 | $896,157 | CH0121032772 | XNYS | Property & Casualty Insurance | 1.00 |
| WTM | WHITE MOUNTAINS INSURANCE GP | 0.71 | $892,997 | BMG9618E1075 | XNYS | Property & Casualty Insurance | 1.00 |
| PRA | PROASSURANCE CORP | 0.71 | $890,200 | US74267C1062 | XNYS | Property & Casualty Insurance | 1.00 |
| PL | PROTECTIVE LIFE CORP | 0.69 | $862,610 | US7436741034 | XNYS | Life Insurance | 1.00 |
| FAF | FIRST AMERICAN FINANCIAL | 0.61 | $768,036 | US31847R1023 | XNYS | Property & Casualty Insurance | 1.00 |
| CNO | CNO FINANCIAL GROUP INC | 0.60 | $746,558 | US12621E1038 | XNYS | Life Insurance | 1.00 |
| THG | HANOVER INSURANCE GROUP INC/ | 0.53 | $662,482 | US4108671052 | XNYS | Property & Casualty Insurance | 1.00 |
| MBI | MBIA INC | 0.49 | $613,031 | US55262C1009 | XNYS | Property & Casualty Insurance | 1.00 |
| ERIE | ERIE INDEMNITY COMPANY-CL A | 0.48 | $604,510 | US29530P1021 | XNGS | Property & Casualty Insurance | 1.00 |
| SFG | STANCORP FINANCIAL GROUP | 0.46 | $576,145 | US8528911006 | XNYS | Life Insurance | 1.00 |
| KMPR | KEMPER CORP | 0.44 | $545,831 | US4884011002 | XNYS | Full Line Insurance | 1.00 |
| PRI | PRIMERICA INC | 0.37 | $468,706 | US74164M1080 | XNYS | Life Insurance | 1.00 |
| MCY | MERCURY GENERAL CORP | 0.34 | $419,068 | US5894001008 | XNYS | Property & Casualty Insurance | 1.00 |
| SIGI | SELECTIVE INSURANCE GROUP | 0.32 | $396,495 | US8163001071 | XNGS | Property & Casualty Insurance | 1.00 |
| RLI | RLI CORP | 0.30 | $380,245 | US7496071074 | XNYS | Property & Casualty Insurance | 1.00 |
| AGII | ARGO GROUP INTERNATIONAL | 0.27 | $332,200 | BMG0464B1072 | XNGS | Property & Casualty Insurance | 1.00 |
| SYA | SYMETRA FINANCIAL CORP | 0.25 | $318,376 | US87151Q1067 | XNYS | Life Insurance | 1.00 |
| AEL | AMERICAN EQUITY INVT LIFE HL | 0.24 | $304,313 | US0256762065 | XNYS | Life Insurance | 1.00 |
| CNA | CNA FINANCIAL CORP | 0.23 | $287,850 | US1261171003 | XNYS | Full Line Insurance | 1.00 |
| HMN | HORACE MANN EDUCATORS | 0.22 | $279,427 | US4403271046 | XNYS | Property & Casualty Insurance | 1.00 |
| AFSI | AMTRUST FINANCIAL SERVICES | 0.21 | $258,131 | US0323593097 | XNMS | Property & Casualty Insurance | 1.00 |
| TWGP | TOWER GROUP INTERNATIONAL LT | 0.20 | $245,184 | BMG8988C1055 | XNGS | Full Line Insurance | 1.00 |
| ANAT | AMERICAN NATIONAL INSURANCE | 0.18 | $228,521 | US0285911055 | XNGS | Full Line Insurance | 1.00 |
| IPCC | INFINITY PROPERTY & CASUALTY | 0.17 | $212,368 | US45665Q1031 | XNGS | Property & Casualty Insurance | 1.00 |
| SAFT | SAFETY INSURANCE GROUP INC | 0.17 | $210,418 | US78648T1007 | XNGS | Property & Casualty Insurance | 1.00 |
| HTH | HILLTOP HOLDINGS INC | 0.16 | $197,129 | US4327481010 | XNYS | Property & Casualty Insurance | 1.00 |
| NAVG | NAVIGATORS GROUP INC | 0.16 | $194,929 | US6389041020 | XNGS | Property & Casualty Insurance | 1.00 |
| UFCS | UNITED FIRE GROUP INC | 0.15 | $193,567 | US9103401082 | XNGS | Full Line Insurance | 1.00 |
| AMSF | AMERISAFE INC | 0.15 | $187,500 | US03071H1005 | XNGS | Property & Casualty Insurance | 1.00 |
| -- | BLACKROCK FDS III | 0.14 | $177,350 | -- | S-T Securities | 1.00 | |
| EHTH | EHEALTH INC | 0.13 | $163,489 | US28238P1093 | XNGS | Life Insurance | 1.00 |
| NATL | NATIONAL INTERSTATE CORP | 0.13 | $161,590 | US63654U1007 | XNGS | Property & Casualty Insurance | 1.00 |
| NWLI | NATL WESTERN LIFE INS-CL A | 0.11 | $141,149 | US6385221022 | XNGS | Life Insurance | 1.00 |
| EIG | EMPLOYERS HOLDINGS INC | 0.10 | $125,691 | US2922181043 | XNYS | Property & Casualty Insurance | 1.00 |
| MIG | MEADOWBROOK INSURANCE GROUP | 0.09 | $118,241 | US58319P1084 | XNYS | Property & Casualty Insurance | 1.00 |
| OB | ONEBEACON INSURANCE GROUP-A | 0.08 | $105,424 | BMG677421098 | XNYS | Property & Casualty Insurance | 1.00 |
