American Physicians Capital (ACAP) 10-Q 2010 Q1 Quarterly report

Exhibit 99.1

Consolidated Fixed-Income Security and
Cash and Cash Equivalents Portfolio
American Physicians Capital, Inc. and Subsidiaries
As of March 31, 2010

		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		9,870		9,275		9,000
196454-FL-1	CO DEPT TRANSN REV		7,524		6,871		6,575
95667Q-AN-6	WEST VA ST SCH BLDG AUTH REV		7,220		6,767		6,500
718814-XK-7	PHOENIX ARIZ		7,191		6,561		6,300
646135-2Y-8	NEW JERSEY ST TRANSN TR FD AUTH		7,152		6,744		6,500
646039-JA-6	NEW JERSEY ST		7,003		6,469		6,225
452151-7M-9	ILLINOIS ST CTFS		6,903		6,904		6,900
741701-VD-5	PRINCE GEORGES CNTY MD		6,858		6,247		6,000
167723-BD-6	CHICAGO ILL TRAN AUTH		6,635		6,296		6,000
928172-HL-2	VIRGINIA ST PUB BLDG AUTH		6,559		6,165		6,000
709141-Z7-3	PENNSYLVANIA ST		6,507		6,122		5,965
977056-8D-5	WISCONSIN ST		6,494		6,149		6,000
373383-N7-9	GEORGIA ST		5,993		5,718		5,485
186343-UR-8	CLEVELAND OHIO		5,772		5,320		5,050
391554-AP-7	GREATER ALBANY SCH DIST OR		5,691		5,203		5,000
592013-7M-2	METROPOLITAN GOVT NASHVILLE & DAV		5,653		5,184		5,000
527839-BY-9	LEWIS CNTY WASH PUB UTIL		5,453		5,145		5,000
419780-S5-1	HAWAII ST		5,450		5,131		5,000
594700-CA-2	MICHIGAN ST TRUNK LINE FD		5,411		5,141		5,000
181054-7U-5	CLARK CNTY NEV SCH DIST		5,403		5,128		5,000
79575D-LQ-1	SALT RIV PROJ ARIZ AGRIC IMPT		5,403		5,185		5,000
575827-3X-6	MASSACHUSETTS ST CONS LN-SER C		5,400		5,143		5,000
92817F-XF-8	VIRGINIA ST PUB SCH AUTH		5,341		5,131		5,000
452151-PZ-0	ILLINOIS ST		5,301		5,113		5,000
646065-WW-8	NEW JERSEY ST EDL FACS AUTH REV		5,144		5,150		4,585
940858-D7-5	WASHOE CNTY NEV SCH DIST		4,997		5,052		4,645
366119-UV-5	GARLAND TEX		4,695		4,732		4,265
37358M-CN-9	GEORGIA ST RD & TWY AUTH REV		4,417		4,466		4,000
917565-HC-0	UTAH TRAN AUTH SALES TAX REV		4,324		4,363		3,900
416848-NU-9	HARTLAND MICH CONS SCH DIST		3,693		3,691		3,675
972176-6H-9	WILSON CNTY TENN		3,397		3,243		3,075
972176-6J-5	WILSON CNTY TENN		3,263		3,155		3,005
49119G-BQ-1	KENTUCKY ASSET / LIABILITY COMMN		2,673		2,724		2,500
058508-BM-3	BALL ST UNIV IND UNIV REVS		1,973		2,014		1,850
665093-EF-3	NORTHERN COOK CNTY ILL SOLID WASTE		1,342		1,255		1,200
665093-EE-6	NORTHERN COOK CNTY ILL SOLID WASTE		1,334		1,252		1,200
172311-FS-6	CIN OH WTR SYS REV		1,138		1,164		1,070
969073-HN-8	WILL CNTY ILL CMNTY HIGH SCH		1,126		1,066		1,000
76218R-ED-6	RI CLEAN WTR FIN AGY REV		1,113		1,118		1,000
250092-F4-0	DES MOINES IOWA		1,088		1,028		1,000
677520-ZZ-4	OHIO ST		1,078		1,079		1,000
564266-LX-0	MANSFIELD MASS		557		557		550
615401-HU-3	MOON AREA SCH DIST PA		553		518		500
Subtotal States And Political Subdivisions			200,092		190,739		182,520

1

		Fair		Amortized		Par
CUSIP	Description	Value (1)		Cost		Value
				(in thousands)
Corporate Securities
904764-AG-2	UNILEVER CAP CORP		6,746		6,552		6,500
210805-DP-9	CONTINENTAL AIRLS EETC		6,396		6,500		6,500
26353L-JB-8	DU PONT E I DE NEMOURS & CO		6,309		5,737		6,000
002824-AS-9	ABBOTT LABS		6,305		5,996		6,000
717081-CZ-4	PFIZER INC		5,300		4,995		5,000
456866-AK-8	INGERSOLL RAND CO		5,287		4,780		5,000
24713@-AA-4	DELOITTE & TOUCHE USA LLP		3,966		4,000		4,000
45072G-AA-0	I-PRETSL II COMBINATION		2,157		2,157		2,157
369604-AY-9	GENERAL ELEC CO		1,078		974		1,000
075887-AS-8	BECTON DICKINSON & CO		534		483		500
Subtotal Corporate Securities			44,078		42,174		42,657
Mortgage-Backed Securities
393505-XC-1	GREEN TREE FINANCIAL CORP		83		79		79
Subtotal Mortgage-Backed Securities			83		79		79
TOTAL AVAILABLE-FOR-SALE DEBT SECURITIES		$	244,253	$	232,992	$	225,256

(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
States And Political Subdivisions
64711R-BD-7	NM FIN AUTH ST TRANSN REV		7,498		7,172		6,805
677519-SC-5	OHIO ST		7,369		6,844		6,615
341150-QU-7	FLORIDA ST		7,148		6,785		6,500
29270C-HK-4	ENERGY N W WASH ELEC REV		7,314		6,782		6,500
576002-AS-8	MASSACHUSETTS ST SPL OBLIG		7,258		6,769		6,500
645916-WU-7	NEW JERSEY ECONOMIC DEV AUTH REV		7,076		6,737		6,500
93974A-NH-3	WA ST REF-VAR PURP-SER R-03-A		6,890		6,631		6,500
736742-MA-2	PORTLAND ORE SWR SYS REV		6,674		6,485		6,000
576000-AZ-6	MASSACHUSETTS ST SCH BLDG AUTH		6,523		6,266		6,000
928109-JY-4	VIRGINIA ST		6,833		6,251		6,000
455393-AM-0	INDIANAPOLIS IND THERMAL ENERGY		6,334		6,212		6,000
040654-KT-1	ARIZONA ST TRANSN BRD HWY REV		6,555		6,207		6,000
647310-G3-9	NEW MEXICO ST SEVERANCE TAX		6,182		6,025		6,000
20772F-JN-1	CONNECTICUT ST		6,405		5,983		5,730
246428-TE-6	DELAWARE TRANSN AUTH TRANSN SYS		5,841		5,859		5,445
837147-XX-0	SC ST PUB SVC AUTH REV REF-SER D		5,917		5,634		5,430
341426-PT-5	FLORIDA ST BRD OF ED PUB ED-SER J		5,846		5,521		5,290
167486-HS-1	CHICAGO ILL		5,599		5,485		4,960
472682-LZ-4	JEFFSN CNTY ALA SWR REV CAP IMPT		5,584		5,373		5,230
591745-F5-8	METROPOLITAN ATLANTA RAPID TRAN		5,493		5,330		5,040
478700-B2-2	JOHNSON CNTY KANS UNI SCH DIST		5,528		5,300		5,000
181324-MB-7	CLARK CNTY WASH SCH DIST NO 119		5,407		5,240		5,000

2

		Fair		Amortized		Par
CUSIP	Description	Value		Cost (2)		Value
		(in thousands)
HELD-TO-MATURITY DEBT SECURITIES
States And Political Subdivisions (continued)
677519-3S-7	OHIO ST		5,670		5,192		5,000
262608-NQ-1	DU PAGE & WILL CNTYS ILL CMNTY SCH		5,548		5,191		5,000
576004-ED-3	MASSACHUSETTS ST SPL OBLIG REV		5,461		5,165		5,000
442436-2F-7	HSTN TEX WTR & SWR SYS		5,492		5,156		5,000
199820-QY-0	COMAL TEX INDPT SCH DIST		5,431		5,145		5,000
604128-3H-9	MINNESOTA ST		5,445		5,137		5,000
46613Q-AM-6	JEA FLA ST JOHNS RIV PWR PK SYS		5,296		5,111		5,000
40785E-MW-3	HAMILTON SOUTHEASTERN IND CONS SCH		5,117		5,011		4,725
517840-B2-9	LAS VEGAS VALLEY NEV WTR DIST		4,528		4,623		4,340
235416-ZU-1	DALLAS TEX WTRWKS & SWR SYS REV		5,012		4,599		4,455
385640-FG-7	GRAND IS NEB ELEC REV SYS		4,697		4,553		4,485
509228-EQ-1	LAKE CNTY ILL ADLAI E STEVENSON SCH		4,175		3,918		3,750
491552-PM-1	KENTUCKY ST TPK AUTH		3,796		3,629		3,500
442331-QC-1	HOUSTON TEX		3,594		3,608		3,300
040663-2J-4	ARIZONA ST UNIV REVS		3,622		3,399		3,220
927793-NT-2	RPAR HOLDINGS REF-US RT 58 CORRID		3,336		3,124		3,000
927793-NU-9	VIRGINIA COMWLTH TRANSN BRD		3,326		3,118		3,000
509228-ER-9	LAKE CNTY ILL ADLAI E STEVENSON SCH		3,102		2,908		2,795
040663-2K-1	ARIZONA ST UNIV REVS		2,938		2,779		2,645
259291-DD-1	DOUGLAS CNTY NEB SCH DIST NO 001		2,784		2,594		2,500
97705L-FZ-5	WISCONSIN ST		2,183		2,099		2,000
235416-A7-9	DALLAS TEX WTRWKS & SWR SYS REV		2,253		2,096		2,045
438670-FF-3	HONOLULU HAWAII CITY & CNTY		2,052		1,938		1,855
167486-HV-4	CHICAGO ILL		1,142		1,150		1,040
678519-FD-6	OKLAHOMA CITY OKLA		1,175		1,131		1,075
283734-KX-8	EL PASO TEX		1,121		1,126		1,035
946363-GH-5	WAYNE TWP IND MARION CNTY SCH BLD		1,086		1,098		1,000
345874-PH-8	FOREST LAKE MINN INDPT SCH DIST		1,078		1,052		1,000
463813-GW-9	IRVING TEX INDPT SCH DIST		1,107		1,050		1,000
659048-CN-0	NORTH DAVIESS IND SCH BLDG CORP		1,096		1,040		1,000
718814-UE-4	PHOENIX ARIZ		1,061		1,031		1,000
93974A-NL-4	WA ST REF-VAR PURP-SER R-03-A		1,061		1,016		1,000
452001-WT-3	ILL EDL AUTH REVS		801		766		750
181211-DJ-9	CLARK CNTY WASH SCH DIST NO 101		619		591		570
263417-GJ-0	DU PAGE CNTY ILL CMNTY HS		542		528		520
341535-PW-6	FLORIDA ST BRD ED PUB ED		556		522		500
517840-WW-0	LAS VEGAS VALLEY NEV WTR DIST		542		519		500
799098-DD-7	SAN MIGUEL CNTY COLO SCH DIST		547		518		500
442352-AH-3	HOUSTON TEX AREA WTR CORP		542		516		500
040654-JV-8	AZ ST TRANSN BRD HWY REV SER B		545		516		500
51166F-AD-1	LAKELAND FLA ENERGY SYS REV		533		513		500
54811B-EP-2	LOWER COLO RIV AUTH TEX		517		506		500
159195-MY-9	CHANNELVIEW TEX INDPT SCH DIST		507		483		475
655181-BJ-3	NOBLESVILLE-SOUTHEASTN PUB LIBR		501		477		460
Subtotal States And Political Subdivisions			252,811		241,133		231,085

3

		Fair		Amortized		Par
CUSIP	Description	Value		Cost (2)		Value
		(in thousands)
Corporate Securities
74740F-GF-7	QUAKER OATS CO		6,498		6,258		6,000
134429-AM-1	CAMPBELL SOUP CO		6,324		6,113		6,000
41011W-AH-3	HANCOCK JOHN GLOBAL FDG		6,253		6,102		6,000
855707-AB-1	ST AUTO FINL CORP SR NT		5,988		6,039		6,000
035229-CD-3	ANHEUSER BUSCH		4,310		4,310	��	4,310
Subtotal Corporate Securities			29,373		28,822		28,310
Mortgage-Backed Securities
31395L-VJ-7	FHLMC MULTICLASS PREASSIGN 00465		14,394		13,657		13,586
31394N-4U-9	FHLMC MULTICLASS SER 2713		12,927		12,700		12,661
31395K-CV-3	FHLMC MULTICLASS SER 2905		10,478		9,997		10,000
31394P-3P-6	FHLMC MULTICLASS SER 2740		10,092		9,961		9,937
31394K-AD-6	FHLMC MULTICLASS SER 2687		7,983		7,908		7,890
31394K-G6-5	FHLMC MULTICLASS SER 2693		5,709		5,683		5,676
31395K-PG-2	FHLMC MULTICLASS SER 2903		4,726		4,742		4,764
31393T-CP-9	FNMA REMIC TRUST 2003-92		2,494		2,566		2,587
31394G-H7-1	FHLMC REMIC SERIES 2649		2,527		2,420		2,567
31394Y-LZ-5	FHLMC MULTICLASS SER		2,326		2,354		2,369
31394W-HE-1	FHLMC MULTICLASS SER 2784		2,313		2,312		2,314
31393D-DS-7	FNMA REMIC TRUST 2003-58		1,980		1,894		1,933
31394W-HQ-4	FHLMC MULTICLASS SER 2784		1,651		1,604		1,603
31394M-A2-6	FHLMC MULTICLASS SER 2708		1,276		1,276		1,276
31394Y-NA-8	FHLMC MULTICLASS PREASSIGN		1,127		1,105		1,111
31394G-N8-2	FHLMC REMIC SERIES 2659		1,062		1,064		1,072
31395A-LR-4	FHLMC MULTICLASS SER 2807		203		203		202
31362J-E6-8	FNMA ARM #062257		55		54		54
36224V-H5-7	GNMA POOL #339652		34		33		31
36225A-ET-3	GNMA PLATINUM P/T 780146		9		9		8
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			83,374		81,550		81,649
TOTAL HELD-TO-MATURITY DEBT SECURITIES		$	365,558	$	351,505	$	341,044

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

CUSIP	Description	Cost
		(in thousands)
CASH & CASH EQUIVALENTS
31846V-41-9	FIRST AMER TREAS OBLIG		825
665278-70-1	NORTHERN INSTL FDS GOVT SELECT		98,209
Subtotal Money Market Funds			99,034
313385-XP-6	FHLB DISCOUNT NOTES		14,994
313589-XP-3	FNMA DISCOUNT NOTES		14,994
6840C3-DE-0	ORACLE CORP		9,997
Subtotal Commercial Paper			39,985
	CERTIFICATE OF DEPOSIT		100
	ZERO BALANCE CASH SWEEP ACCOUNTS		460
Subtotal Cash and CDs			560
TOTAL CASH & CASH EQUIVALENTS		$	139,580

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