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[ X ] Annual
Report Pursuant to Section 15(d) of the Securities Exchange Act of
1934
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|
[
] Transition Report Pursuant to Section 15(d) of the Securities
Exchange Act of 1934
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2008 | 2007 | ||||
Assets
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|||||
Investments,
at fair value:
|
|||||
Insurance
company pooled separate accounts
|
$
|
15,213,277
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$
|
28,180,381
|
|
Insurance
Company Guaranteed Investment Account
|
22,859,944
|
22,058,056
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|||
Old Republic
International Corporation common stock fund
|
4,418,103
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5,010,873
|
|||
Participant
loans
|
786,454
|
937,721
|
|||
Total
investments
|
43,277,778
|
56,187,031
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|||
Employer
contributions receivable
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848,558
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-
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|||
Total
assets
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44,126,336
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56,187,031
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|||
Liabilities
|
|||||
Refund of
excess participant contributions
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-
|
557
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|||
Net assets
available for benefits at fair value
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44,126,336
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56,186,474
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|||
Adjustment
from fair value to contract value for
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|||||
Insurance
Company Guaranteed Investment Account, a fully
|
|||||
benefit
responsive investment contract
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651,502
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569,768
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|||
Net Assets
Available for Benefits
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$
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44,777,838
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$
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56,756,242
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Additions
(reductions) to net assets attributed to
|
||
Investment
income
|
||
Net (loss)
depreciation in fair value of pooled separate account
investments
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$
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(9,326,221)
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Dividends and
net depreciation in fair value of the Old Republic
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||
International
Corporation common stock fund
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(762,723)
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Interest,
guaranteed investment account
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978,957
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Interest,
participant loans
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61,139
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Investment
loss
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(9,048,848)
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|
Contributions
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||
Employer
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848,558
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|
Participants
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||
Contributions
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741,004
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Rollovers
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1,678
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Total
contributions
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1,591,240
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Total
reductions
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(7,457,608)
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Deductions
from net assets attributed to
|
||
Benefits and
withdrawals
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4,517,881
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Administrative
expenses
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2,915
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Total
deductions
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4,520,796
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Net
decrease
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(11,978,404)
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Net
assets available for benefits
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||
Beginning of
year
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56,756,242
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|
End of
year
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$
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44,777,838
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1.
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Description
of Plan
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2.
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Summary
of Significant Accounting Policies
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3.
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Investments
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A.
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Summary
of Investments
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2008
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2007
|
|||||
Investments
at fair value
|
||||||
Insurance
company pooled separate accounts:
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||||||
Select Large
Cap Value (Davis)
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$2,621,958
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*
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$
5,197,382
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*
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||
Select
Indexed Equity (Northern Trust)
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1,929,058
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3,678,465
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*
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|||
Select
Overseas (MFS/Harris)
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1,451,868
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3,038,287
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*
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|||
Other pooled
separate accounts
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9,210,393
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16,266,247
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||||
15,213,277
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28,180,381
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|||||
Insurance
Company Guaranteed Investment Account (a)
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22,859,944
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*
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22,058,056
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*
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Old Republic
International Corporation (ORI) Common Stock Fund
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4,418,103
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*
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5,010,873
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*
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||
Participant
Loans
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786,454
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937,721
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||||
$43,277,778
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$56,187,031
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|||||
*Exceeds 5%
of net Plan assets at December 31, 2008 and 2007.
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Insurance
Company Pooled Separate Accounts
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$
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(9,326,221)
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ORI Common
Stock Fund
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(762,723)
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$
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(10,088,944)
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B.
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SFAS
157 Fair Value Measurements
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Level
1
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Securities
include publicly traded common
stocks.
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Level
2
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Securities
include pooled separate accounts.
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Level
3
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Securities
include guaranteed investment contracts and participant
loans.
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Fair value measurements as of December 31,
2008:
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||||||||
Level 1
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Level 2
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Level 3
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Total
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|||||
Old Republic
International
|
||||||||
Corporation
common
|
||||||||
stock
fund
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$
4,418,103
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-
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-
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$4,418,103
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||||
Pooled
Separate Accounts
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-
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$15,213,277
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-
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15,213,277
|
||||
Guaranteed
Investment Account
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$22,859,944
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22,859,944
|
||||||
Participant
Loans
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-
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-
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786,454
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786,454
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||||
$
4,418,103
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$15,213,277
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$23,646,398
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$43,277,778
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Guaranteed
Investment Account
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Participant
Loans
|
|||
Balance,
beginning of year
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$22,058,056
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$937,721
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Interest
Income
|
978,957
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-
|
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Contract to
fair value adjustment
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(81,734)
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-
|
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Purchases,
sales, issuances and settlements (net)
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(95,335)
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-
|
||
New loans and
repayments (net)
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-
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(151,267)
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Balance, end
of year
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$22,859,944
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$786,454
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C.
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Guaranteed
Investment Account
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Average
Yields:
|
2008
|
2007
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Based on actual
earnings
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4.36%
|
4.57%
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Based on
interest rate credited to participants
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4.36%
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4.57%
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4.
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Related
Party Transactions
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5.
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Plan
Termination
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6.
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Risks
and Uncertainties
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(a)
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(b)
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(c)
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(d)
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(e)
|
||||
Identity
of Issue,
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||||||||
Borower,
Lessor,
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Description
of Investment Including
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Current
|
||||||
or Similar Party
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Number of Units and Rate of
Interest
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Cost**
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Value
|
|||||
Pooled
Separate Accounts
|
||||||||
*
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Mass
Mutual
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Dow Jones
Target 2015 (SSGA)
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$
317,898
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|||||
*
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Mass
Mutual
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Dow Jones
Target 2025 (SSGA)
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994,932
|
|||||
*
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Mass
Mutual
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Dow Jones
Target 2035 (SSGA)
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887,197
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|||||
*
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Mass
Mutual
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Dow Jones
Target 2045 (SSGA)
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17,382
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|||||
*
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Mass
Mutual
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Dow Jones
Today (SSGA)
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31,704
|
|||||
*
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Mass
Mutual
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International
New Discovery (MFS)
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752,204
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|||||
*
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Mass
Mutual
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Premier
Capital Appreciation (OFI)
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279,657
|
|||||
*
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Mass
Mutual
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Premier
Enhanced Index Growth (Babson)
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4,368
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|||||
*
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Mass
Mutual
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Premier
Enhanced Index Value (Babson)
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2,901
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|||||
*
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Mass
Mutual
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Premier
Inflation Protection Bond (Babson)
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684,402
|
|||||
*
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Mass
Mutual
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Premier Small
Co Opportunity II (OFI Instl)
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1,534,120
|
|||||
*
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Mass
Mutual
|
Select
Aggressive Growth (Sands/Delaware)
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442,044
|
|||||
*
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Mass
Mutual
|
Select
Focused Value (Harris/C&B)
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823,528
|
|||||
*
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Mass
Mutual
|
Select
Indexed Equity (Northern Trust)
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1,929,058
|
|||||
*
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Mass
Mutual
|
Select Large
Cap Value (Davis)
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2,621,958
|
|||||
*
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Mass
Mutual
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Select Mid
Cap Growth II (TRP)
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284,028
|
|||||
*
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Mass
Mutual
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Select Mid
Cap Value (Cooke & Bieler)
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9,638
|
|||||
*
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Mass
Mutual
|
Select
Overseas (MFS/Harris)
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1,451,868
|
|||||
*
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Mass
Mutual
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Select Small
Cap Grwth Equity (W&R/Wellington)
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820,803
|
|||||
*
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Mass
Mutual
|
Select
Strategic Bond (Western)
|
1,323,587
|
|||||
15,213,277
|
||||||||
Guaranteed
Investment Account at Fair Value
|
||||||||
*
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Mass
Mutual
|
Guaranteed
Investment Account
|
22,859,944
|
|||||
Old
Republic International Corporation
|
||||||||
*
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Stock
Account
|
Old Republic
International Corporations (ORI)
|
||||||
Common Stock
Fund
|
4,418,103
|
|||||||
*
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Participants
loans receivable
|
Interest
rates of 4.0% to 8.25%
|
||||||
maturity
through November 30, 2013
|
$0
|
786,454
|
||||||
$ 43,277,778
|
||||||||
* Indicates
an asset which is a party-in-interest to the Plan.
|
||||||||
** Cost
information may be omitted as Plan assets are participant
directed.
|