Torchmark Corporation as of June 30, 2012

                Column 1           Column 2  Column 3   Column 4            Column 5        Column 6    Column 7        Column 8
     ------------------------  --------  --------   --------   -----------------------  ----------  --------  ---------------------
                                                                                                                     Voting
             Name of           Title of               Value    Shrs or            Put/  Investment   Other          authority
             Issuer              Class     CUSIP    (x $1000)  prn amt   SH/PRN   Call  Discretion  Managers  Sole   Shared    None
---  ------------------------  --------  ---------  ---------  -------  --------  ----  ----------  --------  ----  ---------  ----
{S}  {C}                       {C}       {C}        {C}        {C}      {C}       {C}   {C}         {C}       {C}   {C}        {C}
  1  AFLAC INC                 COMMON    001055102      2300     54000      SH              SOLE                X
  2  ALTRIA GROUP INC          COMMON    02209S103      4111    119000      SH              SOLE                X
  3  AMERICAN EXPRESS CO       COMMON    025816109      4133     71000      SH              SOLE                X
  4  ARGO GROUP INTERNATIONAL
     HOLDINGS LTD.             COMMON    G0464B107       309     10561      SH              SOLE                X
  5  AT^T Inc.                 COMMON    00206R102      1997     56000      SH              SOLE                X
  6  BALL CORP                 COMMON    058498106      2627     64000      SH              SOLE                X
  7  BECTON DICKINSON CO       COMMON    075887109      1944     26000      SH              SOLE                X
  8  CHEVRON CORP              COMMON    166764100      4431     42000      SH              SOLE                X
  9  CVS CORP                  COMMON    126650100      2290     49000      SH              SOLE                X
 10  DIRECTTV                  COMMON    25490A101      2880     59000      SH              SOLE                X
 11  GENERAL ELECTRIC CO       COMMON    369604103      1396     67000      SH              SOLE                X
 12  IBM CORP                  COMMON    459200101     13612     69600      SH              SOLE                X
 13  INTEL CORP                COMMON    458140100      2185     82000      SH              SOLE
 14  JOHNSON & JOHNSON         COMMON    478160104      3513     52000      SH              SOLE                X
 15  KIMBERLY CLARK CORP       COMMON    494368103      2010     24000      SH              SOLE                X
 16  MCDONALD'S CORP           COMMON    580135101      1594     18000      SH              SOLE                X
 17  MEDTRONIC INC             COMMON    585055106      3176     82000      SH              SOLE                X
 18  MICROSOFT CORP            COMMON    594918104      3640    119000      SH              SOLE                X
 19  PHILIP MORRIS INTL INC    COMMON    718172109      1003     11500      SH              SOLE                X
 20  TARGET CORP               COMMON    87612E106      3724     64000      SH              SOLE                X
 21  TORCHMARK CORP            COMMON    891027104     19790    391500      SH              SOLE                X
 22  WAL-MART STORES INC       COMMON    931142103      5898     84600      SH              SOLE                X