American Physicians Capital (ACAP) 10-Q 2009 Q3 Quarterly report

Exhibit 99.1

Consolidated Fixed-Income Security and
Cash and Cash Equivalents Portfolio
American Physicians Capital, Inc. and Subsidiaries
As of September 30, 2009

		Fair		Amortized		Par
CUSIP	Description	Value (1)		Cost		Value
		(in thousands)
AVAILABLE-FOR-SALE DEBT SECURITIES
States And Political Subdivisions
709141-Q5-7	PENNSYLVANIA ST	$	10,018	$	9,328	$	9,000
196454-FL-1	CO DEPT TRANSN REV		7,553		6,899		6,575
718814-XK-7	PHOENIX ARIZ		7,283		6,589		6,300
95667Q-AN-6	WEST VA ST SCH BLDG AUTH REV		7,253		6,795		6,500
646135-2Y-8	NEW JERSEY ST TRANSN TR FD AUTH		7,193		6,786		6,500
646039-JA-6	NEW JERSEY ST		7,118		6,497		6,225
741701-VD-5	PRINCE GEORGES CNTY MD		6,960		6,274		6,000
928172-HL-2	VIRGINIA ST PUB BLDG AUTH		6,664		6,199		6,000
167723-BD-6	CHICAGO ILL TRAN AUTH		6,663		6,329		6,000
709141-Z7-3	PENNSYLVANIA ST		6,606		6,155		5,965
977056-8D-5	WISCONSIN ST		6,594		6,183		6,000
373383-N7-9	GEORGIA ST		6,234		5,738		5,485
391554-AP-7	GREATER ALBANY SCH DIST OR		5,757		5,225		5,000
592013-7M-2	METROPOLITAN GOVT NASHVILLE & DAV		5,721		5,207		5,000
186343-UR-8	CLEVELAND OHIO		5,692		5,347		5,050
419780-S5-1	HAWAII ST REF-SER DG		5,530		5,159		5,000
79575D-LQ-1	SALT RIV PROJ ARIZ AGRIC IMPT		5,504		5,222		5,000
575827-3X-6	MASSACHUSETTS ST CONS LN-SER C		5,503		5,184		5,000
594700-CA-2	MICHIGAN ST TRUNK LINE FD		5,479		5,168		5,000
527839-BY-9	LEWIS CNTY WASH PUB UTIL		5,474		5,172		5,000
181054-7U-5	CLARK CNTY NEV SCH DIST		5,462		5,156		5,000
452151-PZ-0	ILLINOIS ST		5,426		5,142		5,000
92817F-XF-8	VIRGINIA ST PUB SCH AUTH		5,409		5,161		5,000
972176-6H-9	WILSON CNTY TENN		3,523		3,258		3,075
972176-6J-5	WILSON CNTY TENN		3,334		3,168		3,005
665093-EF-3	NORTHERN COOK CNTY ILL SOLID WASTE		1,348		1,260		1,200
665093-EE-6	NORTHERN COOK CNTY ILL SOLID WASTE		1,336		1,258		1,200
969073-HN-8	WILL CNTY ILL CMNTY HIGH SCH		1,146		1,071		1,000
250092-F4-0	DES MOINES IOWA		1,107		1,034		1,000
615401-HU-3	MOON AREA SCH DIST PA		564		522		500
708796-AP-2	PENNSYLVANIA HSG FIN AGY		552		500		500
Subtotal States And Political Subdivisions			160,006		148,986		143,080
Corporate Securities
59156R-AU-2	METLIFE INC		7,812		7,028		7,000
459200-AL-5	INTERNATIONAL BUSINESS MACHS		6,977		6,344		6,000
904764-AG-2	UNILEVER CAP CORP		6,939		6,595		6,500
00508Y-AB-8	ACUITY BRANDS INC		6,555		6,497		6,500
002824-AS-9	ABBOTT LABS		6,420		5,995		6,000
084664-AD-3	BERKSHIRE HATHAWAY FIN CORP		6,347		5,775		6,000
26353L-JB-8	DU PONT E I DE NEMOURS & CO		6,313		5,696		6,000
369604-BC-6	GENERAL ELEC CO		6,158		5,389		6,000
210805-DP-9	CONTINENTAL AIRLS EETC		6,149		6,500		6,500
149123-BM-2	CATERPILLAR INC		5,348		4,744		5,000
456866-AK-8	INGERSOLL RAND CO		5,340		4,777		5,000
717081-CZ-4	PFIZER INC		5,311		4,994		5,000
24713@-AA-4	DELOITTE & TOUCHE USA LLP		3,966		4,000		4,000
45072G-AA-0	I-PRETSL II COMBINATION		2,176		2,176		2,176
369604-AY-9	GENERAL ELEC CO		1,055		970		1,000
075887-AS-8	BECTON DICKINSON & CO		533		481		500
Cash and Subtotal Corporate Securities			83,399		77,961		79,176

1

		Fair		Amortized		Par
CUSIP	Description	Value (1)		Cost		Value
		(in thousands)
Mortgage-Backed Securities
393505-XC-1	GREEN TREE FINANCIAL CORP		77		87		87
Subtotal Mortgage-Backed Securities			77		87		87
TOTAL AVAILABLE-FOR-SALE DEBT SECURITIES		$	243,482	$	227,034	$	222,343

(1) = Available-for-sale debt securities are carried in the balance sheet at fair value.

		Fair		Amortized		Par
CUSIP	Description	Value		Cost (2)		Value
		(in thousands)
HELD-TO-MATURITY DEBT SECURITIES
U.S. Government and Agency Obligations
31331S-JW-4	FFCB NOTE		15,014		14,953		15,000
Subtotal U.S. Government and Agency Obligations			15,014		14,953		15,000
States And Political Subdivisions
64711R-BD-7	NM FIN AUTH ST TRANSN REV		7,689		7,212		6,805
677519-SC-5	OHIO ST		7,390		6,878		6,615
29270C-HK-4	ENERGY N W WASH ELEC REV		7,383		6,822		6,500
341150-QU-7	FLORIDA ST		7,249		6,817		6,500
576002-AS-8	MASSACHUSETTS ST SPL OBLIG		7,342		6,803		6,500
645916-WU-7	NEW JERSEY ECONOMIC DEV AUTH REV		7,096		6,769		6,500
93974A-NH-3	WA ST REF-VAR PURP-SER R-03-A		6,895		6,667		6,500
736742-MA-2	PORTLAND ORE SWR SYS REV		6,867		6,515		6,000
167484-3S-1	CHICAGO ILL		6,662		6,359		6,000
576000-AZ-6	MASSACHUSETTS ST SCH BLDG AUTH		6,851		6,288		6,000
928109-JY-4	VIRGINIA ST		6,758		6,279		6,000
455393-AM-0	INDIANAPOLIS IND THERMAL ENERGY		6,396		6,261		6,000
040654-KT-1	ARIZONA ST TRANSN BRD HWY REV		6,637		6,237		6,000
647310-G3-9	NEW MEXICO ST SEVERANCE TAX		6,287		6,029		6,000
20772F-JN-1	CONNECTICUT ST		6,522		6,027		5,730
837147-XX-0	SC ST PUB SVC AUTH REV REF-SER D		6,046		5,669		5,430
341426-PT-5	FLORIDA ST BRD OF ED PUB ED-SER J		5,941		5,547		5,290
472682-LZ-4	JEFFSN CNTY ALA SWR REV CAP IMPT		5,638		5,402		5,230
591745-F5-8	METROPOLITAN ATLANTA RAPID TRAN		5,721		5,350		5,040
478700-B2-2	JOHNSON CNTY KANS UNI SCH DIST		5,649		5,324		5,000
181324-MB-7	CLARK CNTY WASH SCH DIST NO 119		5,535		5,261		5,000
262608-NQ-1	DU PAGE & WILL CNTYS ILL CMNTY SCH		5,616		5,224		5,000
677519-3S-7	OHIO ST		5,584		5,214		5,000
576004-ED-3	MASSACHUSETTS ST SPL OBLIG REV		5,517		5,202		5,000
442436-2F-7	HSTN TEX WTR & SWR SYS		5,601		5,183		5,000
199820-QY-0	COMAL TEX INDPT SCH DIST		5,386		5,169		5,000
604128-3H-9	MINNESOTA ST		5,529		5,165		5,000
46613Q-AM-6	JEA FLA ST JOHNS RIV PWR PK SYS		5,327		5,147		5,000
40785E-MW-3	HAMILTON SOUTHEASTERN IND CONS SCH		5,240		5,036		4,725
235416-ZU-1	DALLAS TEX WTRWKS & SWR SYS REV		5,081		4,618		4,455
385640-FG-7	GRAND IS NEB ELEC REV SYS		4,769		4,580		4,485
509228-EQ-1	LAKE CNTY ILL ADLAI E STEVENSON SCH		4,239		3,935		3,750
491552-PM-1	KENTUCKY ST TPK AUTH		3,909		3,640		3,500
040663-2J-4	ARIZONA ST UNIV REVS		3,699		3,418		3,220
927793-NT-2	RPAR HOLDINGS REF-US RT 58 CORRID		3,376		3,138		3,000
927793-NU-9	VIRGINIA COMWLTH TRANSN BRD		3,376		3,132		3,000
509228-ER-9	LAKE CNTY ILL ADLAI E STEVENSON SCH		3,164		2,919		2,795
040663-2K-1	ARIZONA ST UNIV REVS		2,983		2,794		2,645
259291-DD-1	DOUGLAS CNTY NEB SCH DIST NO 001		2,796		2,605		2,500
97705L-FZ-5	WISCONSIN ST		2,236		2,108		2,000
235416-A7-9	DALLAS TEX WTRWKS & SWR SYS REV		2,286		2,103		2,045
438670-FF-3	HONOLULU HAWAII CITY & CNTY		2,097		1,947		1,855
678519-FD-6	OKLAHOMA CITY OKLA		1,204		1,136		1,075
345874-PH-8	FOREST LAKE MINN INDPT SCH DIST		1,108		1,057		1,000
463813-GW-9	IRVING TEX INDPT SCH DIST		1,121		1,054		1,000
659048-CN-0	NORTH DAVIESS IND SCH BLDG CORP		1,123		1,043		1,000
718814-UE-4	PHOENIX ARIZ		1,088		1,034		1,000

2

		Fair		Amortized		Par
CUSIP	Description	Value		Cost (2)		Value
		(in thousands)
States And Political Subdivisions (continued)
93974A-NL-4	WA ST REF-VAR PURP-SER R-03-A		1,068		1,020		1,000
452001-WT-3	ILL EDL AUTH REVS		812		770		750
181211-DJ-9	CLARK CNTY WASH SCH DIST NO 101		629		594		570
263417-GJ-0	DU PAGE CNTY ILL CMNTY HS		549		532		520
341535-PW-6	FLORIDA ST BRD ED PUB ED		561		525		500
517840-WW-0	LAS VEGAS VALLEY NEV WTR DIST		544		522		500
799098-DD-7	SAN MIGUEL CNTY COLO SCH DIST		548		521		500
442352-AH-3	HOUSTON TEX AREA WTR CORP		551		520		500
040654-JV-8	AZ ST TRANSN BRD HWY REV SER B		554		519		500
51166F-AD-1	LAKELAND FLA ENERGY SYS REV		542		517		500
54811B-EP-2	LOWER COLO RIV AUTH TEX		514		509		500
159195-MY-9	CHANNELVIEW TEX INDPT SCH DIST		513		484		475
655181-BJ-3	NOBLESVILLE-SOUTHEASTN PUB LIBR		503		479		460
Subtotal States And Political Subdivisions			239,897		225,629		215,965
Corporate Securities
74740F-GF-7	QUAKER OATS CO		6,585		6,313		6,000
134429-AM-1	CAMPBELL SOUP CO		6,439		6,175		6,000
41011W-AH-3	HANCOCK JOHN GLOBAL FDG		6,292		6,156		6,000
855707-AB-1	ST AUTO FINL CORP SR NT		5,906		6,043		6,000
035229-CD-3	ANHEUSER BUSCH		4,414		4,338		4,310
438516-AK-2	HONEYWELL INTL INC		3,092		3,037		3,000
615337-AA-0	THE MONY GROUP		2,572		2,550		2,510
075887-AR-0	BECTON DICKINSON CO		1,000		1,000		1,000
751277-AM-6	RALSTON PURINA CO		501		501		500
Subtotal Corporate Securities			36,801		36,113		35,320
Mortgage-Backed Securities
31394N-4U-9	FHLMC MULTICLASS SER 2713		15,463		15,073		15,000
31394P-3P-6	FHLMC MULTICLASS SER 2740		15,394		15,066		15,000
31394K-AD-6	FHLMC MULTICLASS SER 2687		15,152		14,919		14,858
31395L-VJ-7	FHLMC MULTICLASS PREASSIGN 00465		14,382		13,680		13,586
31394M-A2-6	FHLMC MULTICLASS SER 2708		11,063		10,967		10,932
31394K-G6-5	FHLMC MULTICLASS SER 2693		10,196		10,035		10,000
31395K-CV-3	FHLMC MULTICLASS SER 2905		10,362		9,996		10,000
31395K-PG-2	FHLMC MULTICLASS SER 2903		7,080		7,010		7,047
31394W-HE-1	FHLMC MULTICLASS SER 2784		5,172		5,112		5,125
31393T-CP-9	FNMA REMIC TRUST 2003-92		3,666		3,612		3,644
31394G-H7-1	FHLMC REMIC SERIES 2649		3,665		3,494		3,592
31394Y-LZ-5	FHLMC MULTICLASS SER		2,745		2,666		2,684
31394G-N8-2	FHLMC REMIC SERIES 2659		2,307		2,272		2,296
31393D-DS-7	FNMA REMIC TRUST 2003-58		2,308		2,239		2,295
31394W-HQ-4	FHLMC MULTICLASS SER 2784		2,197		2,166		2,164
31394Y-NA-8	FHLMC MULTICLASS PREASSIGN		1,324		1,291		1,299
31395A-LR-4	FHLMC MULTICLASS SER 2807		1,074		1,080		1,066
31393Y-XE-0	FNMA REMIC SER 2004-45		883		881		881
31362J-E6-8	FNMA ARM #062257		58		58		58
36224V-H5-7	GNMA POOL #339652		35		34		32
36225A-ET-3	GNMA PLATINUM P/T 780146		10		10		9
31375A-G3-7	FNMA P/T 328818		6		6		6
31368H-US-0	FNMA ARM MEGA POOL #190593		2		2		2
Subtotal Mortgage-Backed Securities			124,544		121,669		121,576
TOTAL HELD-TO-MATURITY DEBT SECURITIES		$	416,256	$	398,364	$	387,861

(2) Held-to-maturity debt securities are carried in the balance sheet at amortized cost.

3

CUSIP		Description	Cost
			(in thousands)
CASH & CASH EQUIVALENTS
	31846V-41-9	FIRST AMER TREAS OBLIG		825
	665278-70-1	NORTHERN INSTL FDS GOVT SELECT		132,281
Subtotal Money Market Funds				133,106
2470C2-ZE-8		DELL INC		10,495
89233G-XP-6		TOYOTA MOTOR CREDIT		1,000
Subtotal Commercial Paper				11,495
		CERTIFICATE OF DEPOSIT		100
		ZERO BALANCE CASH SWEEP ACCOUNTS		319
Subtotal Cash and CDs				419
TOTAL CASH & CASH EQUIVALENTS			$	145,020

4