American Physicians Service 10-Q 2009 Q2 Quarterly report

Exhibit 99.1

APSG Securities Held

As of 6/30/2009

CUSIP	Security Description	Par Value/Shares	Book Value	Market Value
Treasuries
912795-S3-6	US Treasury Bill	4,175,000	4,128,721	4,173,288
912827-7B-2	US Treasury Note	500,000	500,969	540,780
912828-EM-8	US Treasury Note	1,000,000	994,638	1,051,840
912828-FD-7	US Treasury Note	1,000,000	998,982	1,069,060
912828-FN-5	US Treasury Note	300,000	301,954	322,710
912828-FX-3	US Treasury Note	1,000,000	999,121	1,015,940
912828-GG-9	US Treasury Note	1,000,000	999,009	1,026,950
912828-GM-6	US Treasury Note	1,000,000	996,729	1,081,880
912828-GR-5	US Treasury Note	1,500,000	1,494,118	1,552,095
912828-GU-8	US Treasury Note	1,000,000	993,885	1,090,310
912828-HW-3	US Treasury Inflation Protection	11,900,000	11,731,146	11,863,047
	Total Treasuries:	24,375,000	24,139,270	24,787,900
Agencies
3128X7-U3-6	FHLMC Agency Note NC	1,000,000	1,027,162	1,033,060
3128X8-QT-2	FHLMC Agency Note NC	1,000,000	1,000,142	1,009,320
3128X8-QY-1	FHLMC Agency Note NC	2,500,000	2,508,659	2,523,500
3133XC-TF-0	FHLB Agency Note NC	1,000,000	1,002,721	1,008,130
3133XH-RK-0	FHLB Agency Note NC	1,000,000	987,283	1,072,810
3133XL-HQ-9	FHLB Agency Note NC	2,000,000	2,001,962	2,157,500
3133XL-ME-0	FHLB Agency Note 1xC	1,000,000	1,000,000	1,002,500
3133XL-UM-3	FHLB Agency Note NC	1,000,000	1,002,371	1,004,690
3133XT-GH-3	FHLB Agency Note NC	2,500,000	2,500,000	2,511,725
3133XT-L7-9	FHLB Agency Note NC	3,000,000	2,999,731	3,013,140
3134A4-US-1	FHLMC Agency Note NC	1,000,000	1,000,643	1,001,560
31359M-EY-5	FNMA Agency Note NC	1,000,000	1,008,097	1,012,810
31359M-ZL-0	FNMA Agency Note NC	1,000,000	1,047,035	1,057,810
3136F6-DJ-5	FNMA Agency Note NC	1,000,000	998,041	1,007,190
3137EA-BL-2	FHLMC Agency Note NC	1,000,000	1,017,526	1,023,380
31398A-TZ-5	FNMA Agency Note NC	1,000,000	1,018,589	1,027,190
	Total Agencies:	22,000,000	22,119,962	22,466,315

CUSIP	Security Description	Par Value/Shares	Book Value	Market Value
Corporate Bonds
00209A-AE-6	AT&T Wireless NC	1,000,000	1,079,039	1,078,460
002819-AA-8	Abbott Laboratories NC	1,000,000	1,027,158	1,080,480
026609-AM-9	American Home Products S/U NC	2,000,000	2,151,444	2,165,380
06050B-AG-6	Bank of America Corp NC  *	1,000,000	1,007,572	1,001,520
064244-AA-4	Bank of the West NC  *	1,000,000	1,012,863	1,006,370
079857-AG-3	Bellsouth Cap Funding NC	1,250,000	1,301,249	1,298,113
084664-AD-3	Berkshire Hathaway Fin NC	1,000,000	1,004,925	1,044,390
086516-AJ-0	Best Buy Co. NC	500,000	485,714	517,550
14912L-2Y-6	Caterpillar Fin Serv Corp NC	500,000	501,058	494,630
17290C-AB-2	CitiGroup Inc. NC  *	1,000,000	1,000,853	996,090
17313Y-AB-7	CitiGroup Funding Inc. *	1,700,000	1,705,738	1,702,397
189054-AM-1	Clorox Company	495,000	503,175	502,034
191216-AK-6	Coca-Cola Co. NC	1,000,000	1,046,804	1,067,950
191219-BR-4	Coca-Cola Enterprises Floater	1,000,000	1,005,430	1,004,390
264399-EQ-5	Duke Energy Corp. NC	1,000,000	1,012,725	1,079,640
36962G-3F-9	General Electric Cap Corp NC	1,000,000	1,009,148	991,630
36967H-AG-2	General Electric Cap Corp NC *	1,250,000	1,262,019	1,262,038
377372-AC-1	GlaxoSmithKline Cap Inc. NC	1,000,000	1,005,080	1,046,040
38146F-AF-8	Goldman Sachs Group Inc. *	2,000,000	2,016,460	2,010,880
38146F-AH-4	Goldman Sachs Group Inc. NC *	1,000,000	1,009,637	1,009,110
478160-AQ-7	Johnson & Johnson NC	1,500,000	1,595,365	1,630,350
481247-AG-9	JPMorgan Chase & Co. NC *	1,000,000	1,009,363	1,008,520
481247-AK-0	JPMorgan Chase & Co. NC *	1,000,000	1,009,843	1,005,060
53079E-AS-3	Liberty Mutual Group	200,000	209,067	167,514
61757U-AB-6	Morgan Stanley NC *	1,000,000	1,039,322	1,037,380
61757U-AF-7	Morgan Stanley NC *	1,000,000	1,014,781	1,012,380
713448-BK-3	Pepsico Inc.	1,000,000	1,006,466	1,020,100
718507-BQ-8	ConocoPhillips NC	1,250,000	1,338,291	1,334,250
72447X-AA-5	Pitney Bowes Inc MTN NC	1,000,000	959,232	975,190
742718-DM-8	Procter & Gamble Co. NC	1,000,000	999,737	1,009,220
846042-AA-7	Sovereign Bank NC *	1,000,000	1,027,672	1,013,350
86801B-AB-1	Suntrust Bank NC *	1,000,000	1,035,422	1,031,740
931422-AD-1	Walgreen Co. NC	1,000,000	1,014,709	1,061,060
	Total Corporate Bonds:	34,645,000	35,407,362	35,665,205
	* These Bonds are FDIC Insured and have a AAA rating

CUSIP	Security Description	Par Value/Shares	Book Value	Market Value
Municipal Bonds
012122-3E-5	Albany Cnty NY GO CC	1,000,000	986,228	990,820
017086-EA-3	Allegany Cnty NY GO DC	1,070,000	1,079,541	1,069,690
121403-WL-9	Burleson ISD TX GO NC	1,960,000	1,992,440	2,070,603
145610-FF-3	Carrollton TX GO CC	250,000	256,024	250,673
162375-3G-2	Chattanooga TN GO CC SNK	1,060,000	1,036,235	1,051,382
199491-YQ-8	Columbus OH GO CC	1,900,000	1,858,431	1,890,519
234685-HL-2	Dallas Cnty TX GO CC	1,500,000	1,548,608	1,566,135
245176-BW-1	Del Mar College TX GO CC	500,000	490,812	485,590
373028-PV-5	Georgetown TX GO CC	410,000	414,845	425,490
386137-4G-5	Grand Prairie TX GO CC	345,000	339,050	334,471
40727E-S5-7	Hamilton Cnty OH GO CC	1,205,000	1,192,748	1,206,277
40727E-T9-8	Hamilton Cnty OH GO CC	500,000	501,376	518,520
442330-T6-3	Houston TX GO CC	1,000,000	1,026,957	1,059,910
442403-BV-2	Houston ISD TX GO CC	1,000,000	969,431	1,012,820
478718-ZH-5	Johnson Cnty USD KS GO CC	1,000,000	937,481	1,003,010
514282-QB-1	Lancaster PA GO NC	1,005,000	1,112,115	1,076,174
528828-SJ-6	Lewisville ISD TX GO CC	1,000,000	953,992	997,590
581663-4F-5	McKinney ISD TX GO CC	1,000,000	1,110,571	1,083,350
590759-N5-1	Mesquite ISD TX GO CC	1,065,000	1,089,340	1,107,621
642169-5J-1	New Bedford MA GO NC	1,600,000	1,676,733	1,717,712
667027-A2-2	Northside ISD TX GO CC	1,000,000	968,772	1,009,040
667825-TW-3	Northwest ISD TX GO CC	1,000,000	1,066,219	1,101,550
702333-N5-0	Pasadena ISD TX GO CC	1,000,000	1,024,189	1,084,110
717095-U3-5	Pflugerville ISD TX GO CC	1,000,000	1,044,668	1,049,630
731197-UL-1	Polk Cnty IA GO CC	500,000	487,901	508,775
83710D-D5-4	South Carolina State SC GO CC	1,440,000	1,414,858	1,452,701
83710D-D7-0	South Carolina State SC GO CC	1,125,000	1,114,577	1,130,029
850000-ZA-1	Spring ISD TX GO CC SNK	1,000,000	1,017,970	1,007,380
889855-TE-2	Tomball ISD TX GO CC	1,000,000	956,164	1,017,080
902307-HK-6	Tyler Jr. College TX REV CC	425,000	414,798	387,209
915137-E9-0	University of Tx TX REV CC	400,000	427,658	448,732
930863-M8-5	Wake Cnty NC GO CC	1,000,000	1,092,768	1,093,500
947100-MF-7	Weatherford TX GO CC	1,000,000	990,730	1,001,560
95308R-AL-3	West Harris Cnty TX REV CC SNK	500,000	523,749	544,135
969887-SD-1	Williamson Cnty TX GO CC	265,000	264,334	273,954
974450-RS-9	Winnebago Cnty IL GO CC SNK	845,000	836,461	820,022
	Total Municipal Bonds:	33,870,000	34,218,771	34,847,763

CUSIP	Security Description	Par Value/Shares	Book Value	Market Value
Mortgage-Backed Bonds
31283K-N4-6	FHLMC Pool #G11311	150,647	149,269	157,840
3128GV-BY-5	FHLMC Pool #E90955	101,436	100,508	106,279
3128GV-BZ-2	FHLMC Pool #E90956	110,557	109,542	115,836
3128H4-E8-8	FHLMC Pool #E96459	542,426	537,130	567,988
3128KL-GN-1	FHLMC Pool #A57405	1,448,807	1,433,818	1,497,690
3128MJ-A4-2	FHLMC Pool #G08026	930,566	901,741	951,177
3128MJ-AQ-3	FHLMC Pool #G08014	1,166,308	1,130,199	1,192,140
31292J-BG-4	FHLMC Pool #C01839	1,794,130	1,738,677	1,833,867
31294K-KT-1	FHLMC Pool #E01206	174,625	173,013	181,450
31294K-KU-8	FHLMC Pool #E01207	163,441	161,936	169,828
31296W-NK-9	FHLMC Pool #A20394	966,837	936,997	988,251
31297P-JS-1	FHLMC Pool #A33873	846,859	819,987	864,689
31371K-GB-1	FNMA Pool # 254094	175,108	173,714	181,864
31371K-UK-5	FNMA Pool #254486	173,953	172,354	182,205
31371K-WE-7	FNMA Pool #254545	184,941	183,231	193,714
31371M-3X-3	FNMA Pool #256514	707,589	702,178	741,213
31371M-KF-3	FNMA Pool #255994	679,688	677,004	706,680
31371M-PJ-0	FNMA Pool #256125	703,843	687,027	721,304
31371M-RT-6	FNMA Pool #256198	610,681	607,690	634,255
31371M-SX-6	FNMA Pool #256234	1,243,369	1,237,278	1,291,368
31371M-T5-6	FNMA Pool #256272	926,877	922,338	962,657
31371N-CL-7	FNMA Pool #256675	744,469	724,057	763,623
31371N-CM-5	FNMA Pool #256676	695,724	687,343	722,421
31371N-EW-1	FNMA Pool #256749	1,170,441	1,158,832	1,224,963
31387A-W6-8	FNMA Pool #578569	257,546	256,325	268,770
31387C-P3-9	FNMA Pool #580142	176,615	175,212	183,430
31390K-3W-6	FNMA Pool #648913	119,721	118,630	125,400
31402D-C4-0	FNMA Pool #725591	1,728,607	1,674,445	1,767,163
31404J-3Y-9	FNMA Pool #770415	699,875	677,950	715,485
31406N-RB-2	FNMA Pool #815082	618,655	612,915	640,979
31409G-GX-8	FNMA Pool #870614	1,310,899	1,267,372	1,337,475
31411D-S7-5	FNMA Pool #905142	1,211,660	1,199,062	1,252,542
31411L-5E-7	FNMA Pool #911745	1,516,275	1,497,992	1,575,883
31413A-WS-8	FNMA Pool #939957	854,743	844,806	894,559
36202E-AY-5	GNMA II Pool #3623	1,100,046	1,068,106	1,120,427
	Total Mortgage-Backed:	26,007,964	25,518,680	26,835,417

CUSIP	Security Description	Par Value/Shares	Book Value	Market Value
Corporate CMO's
05946X-FF-5	BAFC 2003-3 2A2	1,022,141	955,383	955,383
12637H-AV-0	CSMC 2006-4 6A2	1,829,913	768,563	768,563
12667F-7S-8	CWALT 2005-4 B1	3,190,159	265,061	285,676
126694-XX-1	CWHL 2006-J1 3A1	614,460	349,332	379,675
12669D-LJ-5	CWHL 2002-32 3A1	74,275	71,791	71,791
16162T-4J-2	Chase 2003-S4 1A6	36,476	36,370	36,569
22541S-HE-1	CSFB 2004-3 DB2	1,924,192	241,130	241,130
22541S-VQ-8	CSFB 2004-4 DB2	1,853,159	769,061	850,344
22541S-Z7-6	CSFB 2004-8 DB2	1,634,974	245,246	245,246
225458-BS-6	CSFB 2005-1 3A2	690,407	545,482	545,482
225458-LV-8	CSFB 2005-3 DB2	2,935,977	234,878	234,878
2254W0-HF-5	CSFB 2004-6 3A2	768,840	668,594	668,594
23244E-AK-3	CWALT 2006-J6 B1	483,995	23,318	23,318
55265K-3H-0	MASTR 2003-11 5A2	572,220	506,008	506,008
55265K-T2-5	MASTR 2003-10 1A2	940,672	921,699	929,480
576434-QT-4	MALT 2004-4 B1	1,618,027	640,360	640,360
	Total Corporate CMO's:	20,189,886	7,242,277	7,382,498
GSE CMO's
31392H-C9-2	FNR 2003-9 BJ	737,702	728,868	760,047
31392H-RQ-8	FNR 2003-4 AD	605,633	598,176	627,847
31392J-3M-9	FNR 2003-21 PJ	303,078	296,985	310,622
31392J-Y5-2	FNR 2003-21 OV	513,117	487,484	513,763
31393C-AR-4	FNR 2003-34 VD	324,579	317,443	327,445
31393E-AE-9	FNR 2003-74 PJ	524,137	478,688	502,438
31393E-BF-5	FNR 2003-74 AE	686,690	662,325	682,460
31393E-FX-2	FNR 2003-79 NL	535,550	523,194	550,299
31393F-6H-4	FHR 2522 AH	1,228,000	1,201,926	1,276,335
31393F-JK-3	FHR 2527 LG	96,378	95,007	98,139
31393G-Y6-5	FHR 2541 LM	177,689	175,320	180,995
31393H-S4-5	FHR 2558 JS	511,427	502,019	528,243
31393J-4D-7	FHR 2554 JW	274,564	273,212	283,008
31393K-U2-9	FHR 2575 QP	72,184	71,552	73,470
31393L-JD-6	FHR 2564 GC	284,544	281,533	288,856
31393M-RM-5	FHR 2586 HL	699,514	663,706	714,372
31393Q-WR-9	FHR 2610 DG	608,234	585,489	608,658
31393R-4P-2	FHR 2617 BG	370,911	362,355	374,422
31393U-UC-5	FNR 2003-134 ME	419,971	407,959	431,658
31393V-P9-6	FHR 2628 LE	281,664	269,371	281,302
31393V-P9-6	FHR 2628 LE	619,660	592,617	618,865
31393W-6K-0	FHR 2640 AL	662,715	647,396	685,281
31393W-EZ-8	FHR 2643 HJ	1,100,000	1,060,057	1,152,432
31393W-N5-4	FHR 2644 EC	327,366	314,485	330,109
31394E-JC-3	FNR 2005-55 LC	535,020	536,424	558,080
31394E-MW-5	FNR 2005-62 DT	1,000,000	984,215	1,033,450
31394K-ZA-5	FHR 2692 QT	670,668	665,978	681,111
31394T-RH-0	FHR 2762 XC	345,681	326,398	345,521
31394W-G5-1	FHR 2779 YA	620,846	591,052	619,368
31394X-K5-4	FHR 2772 QA	1,177,730	1,148,402	1,198,103
31395A-C8-6	FHR 2806 AC	1,830,557	1,817,872	1,886,745
31395C-Q3-8	FHR 2825 LE	1,000,000	988,193	1,024,763
31395D-BP-3	FNR 2006-40 VA	1,149,914	1,153,651	1,224,705
31395H-3S-7	FHR 2874 LC	1,000,000	998,213	1,050,175

CUSIP	Security Description	Par Value/Shares	Book Value	Market Value
GSE CMO's (continued)
31395L-XA-4	FHR 2916 YE	404,281	401,908	417,300
31395M-QS-1	FHR 2935 LM	551,785	541,252	568,671
31395N-QR-1	FHR 2006 QD	1,000,000	1,001,277	1,038,590
31395P-XB-3	FHR 2950 ON	850,527	845,364	878,395
31395P-ZJ-4	FHR 2949 BV	644,210	644,210	648,652
31395T-LX-0	FHR 2963 BK	726,050	696,918	726,821
31395U-SY-8	FHR 2977 PC	1,400,000	1,383,405	1,465,832
31395V-KF-5	FHR 2984 NA	291,794	291,684	298,908
31396C-SQ-4	FHR 3048 QA	629,565	624,110	653,633
31396F-HS-5	FHR 3072 AE	908,141	900,818	942,344
31396G-AV-3	FHR 3087 JB	538,798	540,715	562,933
31396G-UG-4	FHR 3099 PB	1,000,000	1,002,614	1,040,773
31396H-F8-7	FHR 3107 ME	926,256	919,077	955,448
31396H-VV-8	FHR 3117 PC	1,500,000	1,482,804	1,569,123
31396J-A3-9	FHR 3133 PB	2,000,000	2,002,563	2,060,179
31396N-7C-4	FHR 3138 QA	223,466	223,319	229,127
31396N-CW-4	FHR 3145 KC	2,000,000	1,964,804	2,088,505
31396N-M2-9	FHR 3147 YE	534,839	536,342	557,307
31396R-NN-3	FHR 3154 PJ	481,647	481,347	495,489
31396U-NL-0	FHR 3188 CK	724,220	717,714	745,238
31397A-HX-4	FHR 3200 MX	1,460,000	1,441,631	1,519,089
31397A-HY-2	FHR 3200 NA	625,424	626,050	640,517
31397A-QG-1	FHR 3203 MA	625,378	620,033	641,293
31397G-B9-0	FHR 3310 A	729,865	721,988	752,773
31397G-J5-0	FHR 3306 PB	1,400,000	1,385,803	1,450,551
31397J-GE-8	FHR 3330 PB	1,000,000	990,531	1,035,152
31398E-HW-7	FHR 3539 PM	1,000,000	977,889	997,500
32051G-LE-3	FHASI 2005-2 2A2	654,674	522,597	522,597
38374F-H4-9	GNR 2004-17 HG	487,065	468,364	501,485
38374M-EQ-8	GNR 2005-84 SC	73,015	67,606	72,842
38374T-NS-9	GNR 2009-13 E	977,843	963,374	995,697
	Total GSE CMO’s:	47,664,564	46,795,677	48,895,852

CUSIP	Security Description	Par Value/Shares	Book Value	Market Value
Equities
00206R-10-2	AT&T Inc	5,364	142,771	133,242
002824-10-0	Abbott Laboratories	517	27,387	24,320
00724F-10-1	Adobe Systems Inc	1,019	26,472	28,838
025537-10-1	American Electric Power Co.	10,000	274,740	288,900
025816-10-9	American Express Co.	4,938	128,130	114,759
03073E-10-5	AmeriSourceBergen Corp	1,242	23,258	22,033
037833-10-0	Apple Computer Inc	235	33,411	33,471
038222-10-5	Applied Materials Inc	8,225	142,012	90,557
053015-10-3	Automatic Data Processing Inc	2,790	119,342	98,878
053611-10-9	Avery Dennison Corp	3,550	79,307	91,164
055921-10-0	BMC Software Inc.	799	27,619	26,998
064058-10-0	Bank of New York Mellon Corp	763	21,557	22,364
067383-10-9	CR Bard Inc.	300	24,031	22,335
071813-10-9	Baxter International Inc.	461	23,610	24,415
075887-10-9	Becton Dickinson & Co	360	27,013	25,672
111320-10-7	Broadcom Corp- Class A	1,207	27,538	29,922
125071-10-0	CDI Corp	2,490	24,203	27,764
12572Q-10-5	CME Group, Inc.	73	13,752	22,712
126650-10-0	CVS Corp	843	29,871	26,866
143130-10-2	Carmax Inc.	1,475	20,501	21,683
17275R-10-2	Cisco Systems Inc	1,483	39,705	27,658
172908-10-5	Cintas Corp	850	17,859	19,414
191216-10-0	Coca-Cola Co	3,176	161,699	152,416
194162-10-3	Colgate Palmolive Co	2,461	163,229	174,091
20030N-20-0	Comcast Corp Special Cl A	1,100	14,301	15,510
209115-10-4	Consolidated Edison Inc.	50,000	2,091,819	1,871,000
24702R-10-1	Dell Inc.	6,200	99,985	85,126
25243Q-20-5	Diageo PLC-Sponsored ADR	455	36,754	26,049
254687-10-6	Disney, Walt	2,185	54,919	50,976
263534-10-9	EI Dupont De Nemours & Co	2,705	60,403	69,302
26441C-10-5	Duke Energy Corp	35,000	633,326	510,650
268648-10-2	EMC Corp	2,135	24,906	27,969
278642-10-3	Ebay Inc.	1,519	27,414	26,020
291011-10-4	Emerson Electric Co	950	30,240	30,780
302491-30-3	FMC Corp	357	15,366	16,886
302563-10-1	FPIC Insurance Group, Inc.	13,000	447,141	398,060
302571-10-4	FPL Group Inc.	491	29,219	27,918
307000-10-9	Family Dollar Stores	797	24,602	22,555
31428X-10-6	FedEx Corp	835	60,025	46,443
33734X-18-4	1st Trust Utilities AlphaDEX ETF	86,500	1,346,243	1,134,015
34354P-10-5	Flowserve Corp	337	23,448	23,526
36467W-10-9	Gamestop Corp. Class A	851	23,857	18,731
369300-10-8	General Cable Corp	638	24,313	23,976
369550-10-8	General Dynamics Corp	435	39,129	24,095
369604-10-3	General Electric	5,450	55,100	63,874
370334-10-4	General Mills Inc	255	14,846	14,285
372917-10-4	Genzyme Corp	391	25,894	21,767
375558-10-3	Gilead Sciences Inc.	526	27,872	24,638
38259P-50-8	Google Inc.	77	39,289	32,462
42222L-10-7	HealthTronics Inc.	48,565	109,271	97,616
423074-10-3	HJ Heinz Co.	625	26,841	22,313
428236-10-3	Hewlett-Packard Co	748	33,468	28,910
458140-10-0	Intel Corp	3,750	67,718	62,063

CUSIP	Security Description	Par Value/Shares	Book Value	Market Value
Equities (continued)
459200-10-1	Intl Business Machines Corp	263	27,407	27,462
464287-22-6	IShares Lehman Aggr. Bond Fund	10,000	1,004,573	1,021,500
464287-24-2	IShares IBOXX Inv Grade Corp BF	3,000	295,025	300,840
464288-41-4	Ishares S&P National Municipal	5,000	506,582	498,275
522015-10-6	Learning Tree Int'l Inc	1,295	14,530	13,339
524660-10-7	Leggett & Platt Inc	2,615	33,969	39,826
539830-10-9	Lockheed Martin Corp	280	22,817	22,582
552676-10-8	MDC Holdings Inc.	2,380	73,414	71,662
552715-10-4	MEMC Electronic Materials	1,675	24,513	29,832
571748-10-2	Marsh & McLennan Co	3,045	89,188	61,296
577767-10-6	Maxwell Technologies, Inc	2,415	30,236	33,399
579780-20-6	McCormick & Co-Non Vtg Shrs	802	25,261	26,089
580135-10-1	McDonald's Corp	352	20,886	20,236
580645-10-9	McGraw-Hill Companies Inc.	766	23,256	23,064
58405U-10-2	MedCo Health Solutions Inc.	500	22,023	22,805
594918-10-4	Microsoft Corp	9,807	274,446	233,112
595017-10-4	Microchip Technology Inc.	1,310	42,677	29,541
608190-10-4	Mohawk Industries Inc.	205	8,203	7,314
61166W-10-1	Monsanto Co.	215	18,125	15,983
61945A-10-7	The Mosaic Co.	328	15,434	14,530
637071-10-1	National Oilwell Varco Inc.	740	35,691	24,168
65248E-10-4	News Corp - Class A	5,250	64,887	47,828
655044-10-5	Noble Energy Inc.	350	27,803	20,640
664397-10-6	NorthEast Utilities Co.	15,000	336,383	334,650
68389X-10-5	Oracle Corp	1,379	30,564	29,538
695257-10-5	Pactiv Corporation	813	12,436	17,642
69840W-10-8	Panera Bread Company-Class A	395	16,754	19,695
704326-10-7	Paychex Inc	1,105	28,134	27,846
704549-10-4	Peabody Energy Corp	729	22,372	21,987
736508-84-7	Portland General Electric Co.	20,000	401,982	389,600
740189-10-5	Precision Castparts Corp	333	20,768	24,319
741503-40-3	Priceline.com Inc.	241	23,168	26,884
74267C-10-6	ProAssurance Corp	8,000	359,738	369,680
742718-10-9	Procter & Gamble	960	59,799	49,056
747525-10-3	Qualcomm Inc	641	27,793	28,973
81369Y-60-5	Sector Spdr Trust (Financial)	6,115	53,873	73,074
882508-10-4	Texas Instruments Inc.	2,075	37,473	44,198
88579Y-10-1	3M Company	1,570	119,995	94,357
907818-10-8	Union Pacific Corp	486	28,471	25,301
911312-10-6	United Parcel Service Class B	1,360	83,961	67,986
91324P-10-2	UnitedHealth Group Inc.	4,475	135,037	111,786
920253-10-1	Valmont Industries Inc	342	20,112	24,651
92343V-10-4	Verizon Communications	5,000	153,621	153,650
931142-10-3	Wal-Mart Stores Inc	2,699	130,121	130,740
931422-10-9	Walgreen Company	2,280	85,902	67,032
949746-10-1	Wells Fargo Co.	4,620	99,833	112,081
969457-10-0	Williams Cos Inc.	1,430	24,769	22,322
FEMPTN-RS-4	FemPartners	449,617	55,000	55,000
G1150G-11-1	Accenture Ltd. CL-A	766	30,031	25,630
H8817H-10-0	TransOcean Ltd.	313	29,040	23,253
	Total Equities:	906,835	12,254,801	11,344,238
	Grand Total	209,659,250	207,696,799	212,225,188