American Physicians Capital (ACAP) 10-Q 2010 Q2 Quarterly report

Exhibit 99.1

Consolidated Fixed-Income Security and Cash and
Cash Equivalents Portfolio
American Physicians Capital, Inc. and Subsidiaries
As of June 30, 2010

		Fair		Amortized		Par
CUSIP	Description	Value (1)		Cost		Value
AVAILABLE-FOR-SALE DEBT SECURITIES				(in thousands)
States And Political Subdivisions
709141-Q5-7	PENNSYLVANIA ST		9,848		9,248		9,000
196454-FL-1	CO DEPT TRANSN REV		7,567		6,857		6,575
95667Q-AN-6	WEST VA ST SCH BLDG AUTH REV		7,269		6,752		6,500
718814-XK-7	PHOENIX ARIZ		7,214		6,547		6,300
646135-2Y-8	NEW JERSEY ST		7,179		6,723		6,500
646039-JA-6	NEW JERSEY ST		7,039		6,455		6,225
741701-VD-5	PRINCE GEORGES CNTY MD		6,889		6,234		6,000
167723-BD-6	CHICAGO ILL TRAN AUTH		6,638		6,280		6,000
440673-YE-5	HORRY CNTY SC SCH DIST		6,567		6,557		6,000
928172-HL-2	VIRGINIA ST PUB BLDG AUTH		6,552		6,148		6,000
709141-Z7-3	PENNSYLVANIA ST		6,489		6,105		5,965
977056-8D-5	WISCONSIN ST		6,480		6,131		6,000
373383-N7-9	GEORGIA ST		6,256		5,708		5,485
186343-UR-8	CLEVELAND OH		5,771		5,306		5,050
391554-AP-7	GREATER ALBANY SCH DIST NO 8J OR		5,703		5,192		5,000
592013-7M-2	METROPOLITAN GOVT NASHVILLE & DAV		5,654		5,173		5,000
880541-LH-8	TENNESSEE ST		5,615		5,515		5,000
527839-BY-9	LEWIS CNTY WASH PUB UTIL DIST		5,447		5,131		5,000
419780-S5-1	HAWAII ST REF-SER DG		5,439		5,117		5,000
594700-CA-2	MICHIGAN ST TRUNK LINE		5,421		5,127		5,000
181054-7U-5	CLARK CNTY NEV SCH DIST		5,391		5,114		5,000
79575D-LQ-1	SALT RIV PROJ ARIZ AGRIC IMPT		5,364		5,166		5,000
575827-3X-6	MASSACHUSETTS ST CONS LN-SER C		5,351		5,122		5,000
92817F-XF-8	VIRGINIA ST PUB SCH AUTH		5,308		5,116		5,000
452151-PZ-0	ILLINOIS ST		5,268		5,099		5,000
646065-WW-8	NEW JERSEY ST EDL FACS AUTH		5,216		5,135		4,585
940858-D7-5	WASHOE CNTY NEV SCH DIST		5,078		5,039		4,645
366119-UV-5	GARLAND TEX		4,756		4,719		4,265
37358M-CN-9	GEORGIA ST RD & TWY AUTH REV		4,544		4,455		4,000
917565-HC-0	UTAH TRAN AUTH SALES TAX REV		4,397		4,351		3,900
438670-NF-4	HONOLULU HAWAII CITY & CNTY		4,393		4,305		4,070
815670-HU-1	SEDGWICK CNTY KANS UNI SCH DIST		3,547		3,502		3,200
972176-6H-9	WILSON CNTY TENN		3,450		3,235		3,075
972176-6J-5	WILSON CNTY TENN		3,287		3,148		3,005
641461-EC-8	NEVADA ST		3,229		3,230		3,000
088281-CR-9	BEXAR CNTY TEX		2,963		2,921		2,655
088281-CQ-1	BEXAR CNTY TEX		2,749		2,713		2,445
49119G-BQ-1	KENTUCKY ASSET / LIABILITY COMMN		2,707		2,717		2,500
058508-BM-3	BALL ST UNIV IND UNIV REVS		2,000		2,010		1,850
665093-EF-3	NORTHERN COOK CNTY ILL SOLID WASTE		1,348		1,252		1,200
665093-EE-6	NORTHERN COOK CNTY ILL SOLID WASTE		1,336		1,249		1,200
172311-FS-6	CIN OH WTR SYS REV		1,173		1,161		1,070

1

		Fair		Amortized		Par
CUSIP	Description	Value (1)		Cost		Value
AVAILABLE-FOR-SALE DEBT SECURITIES				(in thousands)
States And Political Subdivisions (continued)
969073-HN-8	WILL CNTY ILL CMNTY HIGH SCH		1,140		1,063		1,000
76218R-ED-6	RI CLEAN WTR FIN AGY REV		1,128		1,115		1,000
677520-ZZ-4	OHIO ST		1,097		1,077		1,000
250092-F4-0	DES MOINES IOWA		1,085		1,025		1,000
615401-HU-3	MOON AREA SCH DIST PA		554		517		500
Subtotal States And Political Subdivisions			218,896		207,862		197,765
Corporate Securities
904764-AG-2	UNILEVER CAP CORP		6,638		6,530		6,500
210805-DP-9	CONTINENTAL AIRLS EETC		6,445		6,500		6,500
26353L-JB-8	DU PONT E I DE NEMOURS & CO		6,385		5,758		6,000
002824-AS-9	ABBOTT LABS		6,249		5,997		6,000
456866-AK-8	INGERSOLL RAND CO		5,381		4,782		5,000
717081-CZ-4	PFIZER INC NT		5,275		4,996		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		1,072		976		1,000
075887-AS-8	BECTON DICKINSON & CO		539		484		500
Subtotal Corporate Securities			44,107		42,180		42,657
Mortgage-Backed Securities
393505-XC-1	GREEN TREE FINANCIAL CORP		80		75		75
Subtotal Mortgage-Backed Securities			80		75		75
TOTAL AVAILABLE-FOR-SALE DEBT SECURITIES		$	263,083	$	250,117	$	240,497
(1) = Available-for-sale debt securities are carried in the balance sheet at fair value.
		Fair		Amortized		Par
CUSIP	Description	Value		Cost (2)		Value
HELD-TO-MATURITY DEBT SECURITIES		(in thousands)
States And Political Subdivisions
64711R-BD-7	NM FIN AUTH ST TRANSN REV		7,613		7,152		6,805
677519-SC-5	OHIO ST		7,390		6,826		6,615
341150-QU-7	FLORIDA ST		7,167		6,769		6,500
29270C-HK-4	ENERGY N W WASH ELEC REV		7,315		6,761		6,500
576002-AS-8	MASSACHUSETTS ST SPL OBLIG		7,283		6,753		6,500
645916-WU-7	NEW JERSEY ECONOMIC DEV AUTH REV		7,108		6,721		6,500
93974A-NH-3	WA ST REF-VAR PURP-SER R-03-A		6,869		6,612		6,500
736742-MA-2	PORTLAND ORE SWR SYS REV		6,776		6,469		6,000
576000-AZ-6	MASSACHUSETTS ST SCH BLDG AUTH		6,699		6,255		6,000
928109-JY-4	VIRGINIA ST		6,902		6,237		6,000
040654-KT-1	ARIZONA ST TRANSN BRD HWY REV		6,581		6,192		6,000
455393-AM-0	INDIANAPOLIS IND THERMAL ENERGY		6,316		6,187		6,000
647310-G3-9	NEW MEXICO ST SEVERANCE TAX		6,242		6,023		6,000
20772F-JN-1	CONNECTICUT ST		6,395		5,961		5,730
246428-TE-6	DELAWARE TRANSN AUTH TRANSN SYS		5,890		5,841		5,445
837147-XX-0	SC ST PUB SVC AUTH REV REF-SER D		5,914		5,616		5,430

2

		Fair		Amortized		Par
CUSIP	Description	Value		Cost (2)		Value
HELD-TO-MATURITY DEBT SECURITIES		(in thousands)
States And Political Subdivisions (continued)
341426-PT-5	FLORDIA ST BRD OF ED PUB ED-SER J		5,855		5,508		5,290
167486-HS-1	CHICAGO ILL		5,656		5,451		4,960
472682-LZ-4	JEFFSN CNTY ALA SWR REV CAP IMPT		5,596		5,358		5,230
591745-F5-8	METROPOLITAN ATLANTA RAPID TRAN		5,584		5,320		5,040
478700-B2-2	JOHNSON CNTY KANS UNI SCH DIST		5,567		5,288		5,000
181324-MB-7	CLARK CNTY WASH SCH DIST NO 119		5,554		5,230		5,000
677519-3S-7	OHIO ST		5,707		5,180		5,000
262608-NQ-1	DU PAGE & WILL CNTYS ILL CMNTY SCH		5,543		5,174		5,000
576004-ED-3	MASSACHUSETTS ST SPL OBLIG REV		5,455		5,147		5,000
442436-2F-7	HSTN TEX WTR & SWR SYS		5,506		5,142		5,000
199820-QY-0	COMAL TEX INDPT SCH DIST		5,392		5,133		5,000
604128-3H-9	MINNESOTA ST		5,420		5,123		5,000
46613Q-AM-6	JEA FLA ST JOHNS RIV PWR PK SYS		5,260		5,093		5,000
40785E-MW-3	HAMILTON SOUTHEASTERN IND CONS SCH		5,192		4,999		4,725
517840-B2-9	LAS VEGAS VALLEY NEV WTR DIST		4,611		4,613		4,340
235416-ZU-1	DALLAS TEX WTRWKS & SWR SYS REV		5,036		4,589		4,455
385640-FG-7	GRAND IS NEB ELEC REV SYS		4,657		4,540		4,485
509228-EQ-1	LAKE CNTY ILL ADLAI E STEVENSON SCH		4,197		3,910		3,750
491552-PM-1	KENTUCKY ST TPK AUTH		3,894		3,623		3,500
442331-QC-1	HOUSTON TEX		3,637		3,600		3,300
040663-2J-4	ARIZONA ST UNIV REVS		3,641		3,389		3,220
927793-NT-2	RPAR HOLDINGS REF-US RT 58 CORRID		3,342		3,117		3,000
927793-NU-9	VIRGINIA COMWLTH TRANSN BRD		3,342		3,112		3,000
509228-ER-9	LAKE CNTY ILL ADLAI E STEVENSON SCH		3,121		2,903		2,795
040663-2K-1	ARIZONA ST UNIV REVS		2,983		2,772		2,645
259291-DD-1	DOUGLAS CNTY NEB SCH DIST NO 001		2,778		2,588		2,500
97705L-FZ-5	WISCONSIN ST		2,203		2,094		2,000
235416-A7-9	DALLAS TEX WTRWKS & SWR SYS REV		2,259		2,093		2,045
438670-FF-3	HONOLULU HAWAII CITY & CNTY		2,075		1,933		1,855
167486-HV-4	CHICAGO ILL		1,152		1,143		1,040
678519-FD-6	OKLAHOMA CITY OKLA		1,186		1,129		1,075
283734-KX-8	EL PASO TEX		1,135		1,123		1,035
946363-GH-5	WAYNE TWP IND MARION CNTY SCH		1,100		1,095		1,000
345874-PH-8	FOREST LAKE MINN INDPT SCH DIST		1,087		1,050		1,000
463813-GW-9	IRVING TEX INDPT SCH DIST		1,106		1,047		1,000
659048-CN-0	NORTH DAVIESS IND SCH BLDG CORP		1,112		1,038		1,000
718814-UE-4	PHOENIX ARIZ		1,074		1,029		1,000
93974A-NL-4	WA ST REF-VAR PURP-SER R-03-A		1,052		1,014		1,000
452001-WT-3	ILL EDL AUTH REVS		796		763		750
181211-DJ-9	CLARK CNTY WASH SCH DIST NO 101		617		589		570
263417-GJ-0	DU PAGE CNTY ILL CMNTY HS		535		525		520
341535-PW-6	FLORIDA ST BRD ED PUB ED		556		521		500

3

		Fair		Amortized		Par
CUSIP	Description	Value		Cost (2)		Value
HELD-TO-MATURITY DEBT SECURITIES		(in thousands)
States And Political Subdivisions (continued)
517840-WW-0	LAS VEGAS VALLEY NEV WTR DIST		541		517		500
799098-DD-7	SAN MIGUEL CNTY COLO SCH DIST		543		517		500
040654-JV-8	AZ ST TRANSN BRD HWY REV SER B		543		514		500
442352-AH-3	HOUSTON TEX AREA WTR CORP		540		514		500
51166F-AD-1	LAKELAND FLA ENERGY SYS REV		528		511		500
54811B-EP-2	LOWER COLO RIV AUTH TEX		514		505		500
159195-MY-9	CHANNELVIEW TEX INDPT SCH DIST		506		482		475
655181-BJ-3	NOBLESVILLE-SOUTHEASTN PUB LIBR		503		476		460
Subtotal States And Political Subdivisions			254,249		240,499		231,085
Corporate Securities
74740F-GF-7	QUAKER OATS CO		6,502		6,231		6,000
134429-AM-1	CAMPBELL SOUP CO		6,226		6,081		6,000
41011W-AH-3	HANCOCK JOHN GLOBAL FDG		6,174		6,075		6,000
855707-AB-1	ST AUTO FINL CORP		6,120		6,036		6,000
Subtotal Corporate Securities			25,022		24,423		24,000
Mortgage-Backed Securities
31395L-VJ-7	FHLMC MULTICLASS PREASSIGN 00465		14,384		13,646		13,586
31394N-4U-9	FHLMC MULTICLASS SER 2713		10,522		10,393		10,367
31395K-CV-3	FHLMC MULTICLASS SER 2905		10,393		9,997		10,000
31394P-3P-6	FHLMC MULTICLASS SER 2740		6,497		6,454		6,442
31394K-AD-6	FHLMC MULTICLASS SER 2687		5,106		5,084		5,076
31395K-PG-2	FHLMC MULTICLASS SER 2903		3,896		3,931		3,948
31394Y-LZ-5	FHLMC MULTICLASS SER		2,231		2,248		2,263
31394G-H7-1	FHLMC REMIC SERIES 2649		2,305		2,236		2,336
31393T-CP-9	FNMA REMIC TRUST 2003-92		1,893		1,920		1,935
31394K-G6-5	FHLMC MULTICLASS SER 2693		1,706		1,707		1,706
31393D-DS-7	FNMA REMIC TRUST 2003-58		1,725		1,686		1,718
31394W-HQ-4	FHLMC MULTICLASS SER 2784		1,374		1,349		1,348
31394W-HE-1	FHLMC MULTICLASS SER 2784		1,280		1,282		1,282
31394Y-NA-8	FHLMC MULTICLASS PREASSIGN		985		980		985
31394G-N8-2	FHLMC REMIC SERIES 2659		790		795		800
31362J-E6-8	FNMA ARM #062257		53		52		52
36224V-H5-7	GNMA POOL #339652		31		29		27
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			65,188		63,806		63,887
TOTAL HELD-TO-MATURITY DEBT SECURITIES		$	344,459	$	328,728	$	318,972

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

4

CUSIP	Description		Cost
CASH & CASH EQUIVALENTS		(in thousands)
31846V-41-9	FIRST AMER TREAS OBLIG			825
665278-70-1	NORTHERN INSTL FDS GOVT SELECT			41,497
Subtotal Money Market Funds				42,322
313385-E9-3	FHLB DISC NT			14,993
31315L-YU-6	FARMER MAC DISC NT			14,993
313397-C9-0	FHLMC DISC NT			14,993
47803L-HB-2	JOHNS HOPKINS UNIV			10,900
2470C3-GK-3	DELL INC			9,999
91302D-GU-3	UNITED TECHNOLOGIES			9,998
459053-YZ-1	IBRD DISC NT			9,997
19121B-G7-8	COCA-COLA CO			9,996
19121B-HH-5	COCA-COLA CO			999
Subtotal Commercial Paper				96,869
	CERTIFICATE OF DEPOSIT			100
	ZERO BALANCE CASH SWEEP ACCOUNTS			1,361
Subtotal Cash and CDs				1,461
TOTAL CASH & CASH EQUIVALENTS			$	140,651

5