American Physicians Service 10-K 2009 FY Annual report

Exhibit 99.1

APSG Securities Held
December 31, 2009
CUSIP	Security Description	Par/ Shares	Book Value	Market Value
Treasuries
912827-7B-2	US Treasury Note	500,000	500,749	533,125
912828-EM-8	US Treasury Note	1,000,000	996,557	1,034,800
912828-FD-7	US Treasury Note	1,000,000	999,252	1,053,280
912828-FN-5	US Treasury	300,000	301,500	318,597
912828-GG-9	US Treasury Note	1,000,000	999,802	1,005,230
912828-GM-6	US Treasury Note	1,000,000	997,298	1,070,310
912828-GR-5	US Treasury Note	1,500,000	1,497,468	1,523,490
912828-GU-8	US Treasury Note	1,000,000	994,879	1,079,920
912828-HW-3	US Treasury Inflation Protection	11,900,000	11,810,631	12,376,288
	Total Treasuries:	19,200,000	19,098,136	19,995,040
Agencies
3128X7-U3-6	FHLMC Agency Note NC	1,000,000	1,014,640	1,017,830
3128X8-QT-2	FHLMC Agency Note NC	1,000,000	1,000,083	1,007,480
3128X8-QY-1	FHLMC Agency Note NC	2,500,000	2,505,704	2,522,275
3128X9-NY-2	FHLMC Agency S/U DC	1,000,000	998,054	974,050
31331G-5P-0	FFCB Agency Note CC	500,000	499,638	495,940
3133XH-RK-0	FHLB Agency Note NC	1,000,000	989,759	1,065,630
3133XL-HQ-9	FHLB Agency Note NC	2,000,000	2,001,476	2,126,880
3133XT-GH-3	FHLB Agency Note NC	2,500,000	2,500,000	2,508,600
3133XT-L7-9	FHLB Agency Note NC	3,000,000	2,999,821	3,017,820
3133XV-L6-6	FHLB Agency S/U DC	2,000,000	1,997,250	1,976,260
3133XV-M2-4	FHLB Agency S/U DC	2,000,000	1,994,624	1,982,500
3133XV-WS-6	FHLB Agency Note DC	500,000	499,760	496,720
31359M-ZL-0	FNMA Agency Note NC	1,000,000	1,030,993	1,039,380
3137EA-BL-2	FHLMC Agency Note NC	1,000,000	1,008,713	1,012,760
31398A-TZ-5	FNMA Agency Note NC	1,000,000	1,011,373	1,017,810
	Total Agencies:	22,000,000	22,051,887	22,261,935
Corporate Bonds
001957-BC-2	AT&T Corp. NC	2,500,000	2,740,737	2,752,675
00209A-AE-6	AT&T Wireless NC	1,000,000	1,055,747	1,074,400
002819-AA-8	Abbott Laboratories NC	1,000,000	1,023,423	1,092,950
025537-AD-3	American Electric Power NC	500,000	504,729	504,540
026609-AM-9	American Home Products S/U NC	2,000,000	2,107,700	2,136,520
037735-CC-9	Appalachian Power Co.	1,000,000	1,012,680	1,011,190
05565Q-BL-1	BC Capital Markets NC	1,000,000	1,032,110	1,023,010
06050B-AG-6	Bank of America Corp NC*	1,000,000	1,006,263	1,009,230
064244-AA-4	Bank of the West NC*	1,000,000	1,010,559	1,012,990
079857-AG-3	Bellsouth Cap Funding NC	1,250,000	1,260,112	1,259,975
084423-AQ-5	Berkley Corporation NC	1,000,000	1,039,285	1,046,680

CUSIP	Security Description	Par/ Shares	Book Value	Market Value
Corporate Bonds (continued)
084664-AD-3	Berkshire Hathaway Fin NC	1,000,000	1,004,398	1,066,090
086516-AJ-0	Best Buy Co. NC	500,000	487,259	549,295
14912L-2Y-6	Caterpillar Fin Serv Corp NC	500,000	500,992	528,115
14912L-4D-0	Caterpillar Fin Service Corp NC	1,000,000	1,163,764	1,144,710
156700-AA-4	Century Tel Inc. NC	1,000,000	1,052,268	1,049,950
17290C-AB-2	CitiGroup Inc. NC*	1,000,000	1,000,707	1,005,320
17313Y-AB-7	CitiGroup Funding Inc. NC*	3,200,000	3,209,610	3,220,448
17313Y-AC-5	Citigroup Funding, Inc. NC*	3,000,000	2,997,222	3,009,600
17314J-AN-3	CitiBank NA NC*	4,000,000	4,012,882	4,010,600
189054-AM-1	Clorox Company	1,220,000	1,221,585	1,221,110
191216-AK-6	Coca-Cola Co. NC	1,000,000	1,044,488	1,077,220
191219-BR-4	Coca-Cola Enterprises Floater	1,000,000	1,003,840	1,007,920
264399-EQ-5	Duke Energy Corp. NC	1,000,000	1,011,498	1,099,620
36962G-3F-9	General Electric Cap Corp NC	1,000,000	1,008,164	1,063,090
36967H-AG-2	General Electric Cap Corp NC*	3,500,000	3,524,896	3,536,750
377372-AC-1	GlaxoSmithKline Cap Inc. NC	1,000,000	1,004,475	1,073,450
38146F-AF-8	Goldman Sachs Group Inc. NC*	4,000,000	4,028,562	4,035,760
38146F-AH-4	Goldman Sachs Group Inc. NC*	2,500,000	2,518,254	2,527,725
478160-AQ-7	Johnson & Johnson NC	1,500,000	1,590,431	1,654,515
481247-AG-9	JPMorgan Chase & Co. NC*	3,500,000	3,525,666	3,539,200
481247-AK-0	JPMorgan Chase & Co. NC*	1,000,000	1,008,216	1,013,900
487836-AS-7	Kellogg Company NC	1,000,000	1,056,146	1,066,480
53079E-AS-3	Liberty Mutual Group	200,000	208,272	204,994
570535-AH-7	Markel Corporation NC	1,000,000	1,026,435	1,032,560
58405U-AE-2	Medco Health Solutions NC	1,000,000	1,087,108	1,087,050
594918-AC-8	Microsoft Corporation NC	1,000,000	991,814	998,430
61757U-AB-6	Morgan Stanley NC*	2,000,000	2,066,832	2,074,640
61757U-AF-7	Morgan Stanley NC*	3,800,000	3,851,407	3,858,482
713448-BK-3	Pepsico Inc.	1,000,000	1,005,824	1,033,400
718507-BQ-8	ConocoPhillips NC	1,250,000	1,289,334	1,291,650
72447X-AA-5	Pitney Bowes Inc MTN NC	1,000,000	961,865	1,039,990
742718-DM-8	Procter & Gamble Co. NC	1,000,000	999,758	1,023,010
806605-AJ-0	Schering-Plough NC	1,000,000	1,082,439	1,110,740
846042-AA-7	Sovereign Bank NC*	1,000,000	1,022,325	1,026,450
86801B-AB-1	Suntrust Bank NC*	2,500,000	2,567,681	2,579,625
881609-AQ-4	Tesoro Corp. NC	1,000,000	967,605	995,000
931422-AD-1	Walgreen Co. NC	1,000,000	1,013,048	1,073,850
	Total Corporate Bonds:	71,420,000	72,910,411	73,854,899
	* These Bonds are FDIC Insured and have a AAA rating
Municipals
012122-3E-5	Albany Cnty NY GO CC	1,000,000	986,586	1,036,720
017086-EA-3	Allegany Cnty NY GO DC	1,070,000	1,078,968	1,102,421
121403-WL-9	Burleson ISD TX GO NC	1,960,000	1,990,705	2,132,519
145610-FF-3	Carrollton TX GO CC	250,000	255,776	258,208
162375-3G-2	Chattanooga TN GO CC SNK	1,060,000	1,036,876	1,079,197
199491-YQ-8	Columbus OH GO CC	1,900,000	1,859,390	1,935,188
234685-HL-2	Dallas Cnty TX GO CC	1,500,000	1,546,274	1,634,565
245176-BW-1	Del Mar College TX GO CC	500,000	490,992	502,825
373028-PV-5	Georgetown TX GO CC	410,000	414,494	432,202
386137-4G-5	Grand Prairie TX GO CC	345,000	339,172	347,105

CUSIP	Security Description	Par/ Shares	Book Value	Market Value
Municipals (continued
40727E-S5-7	Hamilton Cnty OH GO CC	1,205,000	1,193,174	1,233,281
40727E-T9-8	Hamilton Cnty OH GO CC	500,000	501,295	528,065
442330-T6-3	Houston TX GO CC	1,000,000	1,019,047	1,054,080
442403-BV-2	Houston ISD TX GO CC	1,000,000	970,100	1,041,950
478718-ZH-5	Johnson Cnty USD KS GO CC	1,000,000	939,230	1,032,530
514282-QB-1	Lancaster PA GO NC	1,005,000	1,106,099	1,105,601
528828-SJ-6	Lewisville ISD TX GO CC	1,000,000	954,865	1,037,190
542264-BP-0	Lone Star College TX GO NC	500,000	510,854	515,635
542264-BQ-8	Lone Star College TX GO NC	500,000	523,994	528,845
581663-4F-5	McKinney ISD TX GO CC	1,000,000	1,105,739	1,112,850
590759-N5-1	Mesquite ISD TX GO CC	1,065,000	1,087,595	1,141,030
642169-5J-1	New Bedford MA GO NC	1,600,000	1,672,654	1,754,256
667027-A2-2	Northside ISD TX GO CC	1,000,000	969,426	1,040,800
667825-TW-3	Northwest ISD TX GO CC	1,000,000	1,062,459	1,121,510
702333-N5-0	Pasadena ISD TX GO CC	1,000,000	1,018,665	1,071,440
717095-U3-5	Pflugerville ISD TX GO CC	1,000,000	1,042,161	1,091,160
731197-UL-1	Polk Cnty IA GO CC	500,000	488,342	517,655
83710D-D5-4	South Carolina State SC GO CC	1,440,000	1,415,507	1,488,110
83710D-D7-0	South Carolina State SC GO CC	1,125,000	1,114,801	1,160,584
850000-ZA-1	Spring ISD TX GO CC SNK	1,000,000	1,016,193	1,030,500
889855-TE-2	Tomball ISD TX GO CC	1,000,000	957,793	1,046,020
902307-HK-6	Tyler Jr. College TX REV CC	425,000	415,018	423,062
915137-E9-0	University of Tx TX REV CC	400,000	426,085	458,480
930863-M8-5	Wake Cnty NC GO CC	1,000,000	1,088,761	1,131,540
947100-MF-7	Weatherford TX GO CC	1,000,000	991,071	1,013,130
95308R-AL-3	West Harris Cnty TX REV CC SNK	500,000	521,280	529,765
969887-SD-1	Williamson Cnty TX GO CC	265,000	264,366	278,910
974450-RS-9	Winnebago Cnty IL GO CC SNK	845,000	836,659	846,910
	Total Municpals:	34,870,000	35,212,468	36,795,837
MBS
31283K-N4-6	FHLMC Pool #G11311	124,572	123,477	131,322
3128GV-BY-5	FHLMC Pool #E90955	79,726	79,025	84,046
3128GV-BZ-2	FHLMC Pool #E90956	93,971	93,141	99,063
3128H4-E8-8	FHLMC Pool #E96459	473,681	469,213	499,199
3128KL-GN-1	FHLMC Pool #A57405	1,206,476	1,194,010	1,265,229
3128MJ-A4-2	FHLMC Pool #G08026	850,311	824,046	874,669
3128MJ-AQ-3	FHLMC Pool #G08014	1,062,012	1,029,227	1,092,434
31292J-BG-4	FHLMC Pool #C01839	1,653,295	1,602,398	1,700,655
31294K-KT-1	FHLMC Pool #E01206	150,784	149,444	158,971
31294K-KU-8	FHLMC Pool #E01207	138,299	137,074	145,808
31296W-NK-9	FHLMC Pool #A20394	910,515	882,533	936,597
31297P-JS-1	FHLMC Pool #A33873	753,502	729,656	774,145
31371K-GB-1	FNMA Pool # 254094	136,748	135,664	143,920
31371K-UK-5	FNMA Pool #254486	149,882	148,556	157,957
31371K-WE-7	FNMA Pool #254545	160,246	158,818	168,879
31371M-3X-3	FNMA Pool #256514	628,241	623,444	667,309
31371M-KF-3	FNMA Pool #255994	603,877	601,506	638,456
31371M-PJ-0	FNMA Pool #256125	622,296	607,518	645,235
31371M-RT-6	FNMA Pool #256198	529,135	526,558	558,694
31371M-SX-6	FNMA Pool #256234	1,052,719	1,047,589	1,111,526
31371M-T5-6	FNMA Pool #256272	772,257	768,496	815,398
31371N-CL-7	FNMA Pool #256675	657,648	639,707	680,583

CUSIP	Security Description	Par/ Shares	Book Value	Market Value
MBS (continued)
31371N-CM-5	FNMA Pool #256676	586,524	579,485	619,006
31371N-EW-1	FNMA Pool #256749	1,052,489	1,042,060	1,116,461
31387A-W6-8	FNMA Pool #578569	220,056	219,018	232,766
31387C-P3-9	FNMA Pool #580142	153,997	152,778	162,074
31390K-3W-6	FNMA Pool #648913	108,257	107,308	114,089
31402D-C4-0	FNMA Pool #725591	1,580,214	1,530,890	1,626,715
31404J-3Y-9	FNMA Pool #770415	629,140	609,508	647,654
31406N-RB-2	FNMA Pool #815082	557,959	552,793	586,090
31409G-GX-8	FNMA Pool #870614	1,140,798	1,103,015	1,172,229
31411D-S7-5	FNMA Pool #905142	1,066,296	1,055,224	1,117,389
31411L-5E-7	FNMA Pool #911745	1,270,145	1,255,047	1,332,220
31413A-WS-8	FNMA Pool #939957	823,499	813,935	873,552
36202E-AY-5	GNMA II Pool #3623	960,329	932,533	993,276
	Total MBS:	22,959,895	22,524,694	23,943,617
GSE CMOs
31392H-C9-2	FNR 2003-9 BJ	623,681	616,651	647,612
31392H-RQ-8	FNR 2003-4 AD	488,967	483,326	��                    509,049
31392J-3M-9	FNR 2003-21 PJ	252,501	247,806	261,510
31392J-Y5-2	FNR 2003-21 OV	446,326	424,332	456,878
31393C-AR-4	FNR 2003-34 VD	246,305	241,673	250,764
31393E-AE-9	FNR 2003-74 PJ	471,290	430,704	466,959
31393E-BF-5	FNR 2003-74 AE	603,794	585,021	610,865
31393E-FX-2	FNR 2003-79 NL	441,705	432,522	455,628
31393F-6H-4	FHR 2522 AH	1,228,000	1,205,653	1,289,408
31393F-JK-3	FHR 2527 LG	73,703	72,800	75,660
31393G-Y6-5	FHR 2541 LM	132,000	130,505	135,297
31393H-S4-5	FHR 2558 JS	414,563	407,562	429,370
31393J-4D-7	FHR 2554 JW	187,077	186,351	191,452
31393K-U2-9	FHR 2575 QP	41,019	40,779	41,980
31393L-JD-6	FHR 2564 GC	166,539	165,274	168,653
31393M-RM-5	FHR 2586 HL	587,400	558,038	607,468
31393Q-WR-9	FHR 2610 DG	459,006	443,279	467,652
31393R-4P-2	FHR 2617 BG	314,299	308,100	320,537
31393U-UC-5	FNR 2003-134 ME	367,541	357,311	382,250
31393V-P9-6	FHR 2628 LE	692,372	663,078	701,006
31393W-6K-0	FHR 2640 AL	530,751	519,484	550,102
31393W-EZ-8	FHR 2643 HJ	1,100,000	1,063,960	1,147,877
31393W-N5-4	FHR 2644 EC	280,753	270,365	285,869
31394E-JC-3	FNR 2005-55 LC	459,274	460,366	480,961
31394E-MW-5	FNR 2005-62 DT	1,000,000	987,828	1,044,630
31394K-ZA-5	FHR 2692 QT	400,318	398,504	405,376
31394T-RH-0	FHR 2762 XC	309,955	292,945	317,895
31394W-G5-1	FHR 2779 YA	550,472	524,855	565,142
31394X-K5-4	FHR 2772 QA	1,024,157	1,000,219	1,060,363
31395A-C8-6	FHR 2806 AC	1,620,122	1,610,059	1,688,023
31395C-Q3-8	FHR 2825 LE	1,000,000	991,502	1,038,544
31395D-BP-3	FNR 2006-40 VA	1,088,862	1,092,021	1,154,760
31395H-3S-7	FHR 2874 LC	1,000,000	998,550	1,052,760
31395L-XA-4	FHR 2916 YE	309,841	308,380	320,666
31395M-QS-1	FHR 2935 LM	498,924	489,459	521,097
31395N-QR-1	FHR 2006 QD	1,000,000	1,000,917	1,051,310
31395P-XB-3	FHR 2950 ON	741,938	738,373	771,342

CUSIP	Security Description	Par/ Shares	Book Value	Market Value
GSE CMOs (continued)
31395T-LX-0	FHR 2963 BK	655,050	629,549	671,351
31395U-SY-8	FHR 2977 PC	1,400,000	1,386,205	1,467,266
31395V-KF-5	FHR 2984 NA	192,760	192,719	196,662
31396C-SQ-4	FHR 3048 QA	545,134	540,835	569,235
31396F-FL-2	FHR 3068 JA	872,322	875,895	877,493
31396F-HS-5	FHR 3072 AE	741,608	736,650	770,424
31396G-AV-3	FHR 3087 JB	455,903	457,337	476,731
31396G-UG-4	FHR 3099 PB	1,000,000	1,001,562	1,050,228
31396H-F8-7	FHR 3107 ME	723,272	718,465	749,459
31396H-VV-8	FHR 3117 PC	1,390,369	1,376,554	1,462,044
31396J-A3-9	FHR 3133 PB	2,000,000	2,001,262	2,083,270
31396N-7C-4	FHR 3138 QA	155,447	155,388	158,657
31396N-CW-4	FHR 3145 KC	2,000,000	1,969,670	2,092,194
31396N-M2-9	FHR 3147 YE	431,210	432,286	450,984
31396R-NN-3	FHR 3154 PJ	376,627	376,469	387,107
31396U-NL-0	FHR 3188 CK	640,105	634,963	666,710
31397A-HX-4	FHR 3200 MX	1,460,000	1,446,137	1,499,067
31397A-HY-2	FHR 3200 NA	458,162	458,515	474,109
31397A-QG-1	FHR 3203 MA	523,887	519,939	544,583
31397G-B9-0	FHR 3310 A	635,855	629,771	661,242
31397G-J5-0	FHR 3306 PB	1,400,000	1,390,336	1,473,150
31397J-GE-8	FHR 3330 PB	1,000,000	993,717	1,050,558
31398E-HW-7	FHR 3539 PM	1,798,933	1,769,799	1,780,944
38374F-H4-9	GNR 2004-17 HG	409,398	393,921	415,565
38374M-EQ-8	GNR 2005-84 SC	32,307	31,529	33,045
38374T-NS-9	GNR 2009-13 E	905,721	893,794	941,924
	Total GSE CMOs:	43,357,524	42,761,819	44,930,715
Non-Agency CMOs
12637H-AV-0	CSMC 2006-4 6A2	1,684,166	462,472	462,472
12667F-7S-8	CWALT 2005-4 B1	3,171,371	172,964	172,964
12669D-LJ-5	CWHL 2002-32 3A1	56,085	54,268	57,207
22541S-HE-1	CSFB 2004-3 DB2	1,898,266	238,628	341,688
22541S-VQ-8	CSFB 2004-4 DB2	1,833,056	767,082	770,666
22541S-Z7-6	CSFB 2004-8 DB2	1,620,130	243,020	243,020
225458-LV-8	CSFB 2005-3 DB2	2,913,171	233,054	233,054
2254W0-HF-5	CSFB 2004-6 3A2	680,784	594,632	597,354
23244E-AK-3	CWALT 2006-J6 B1	482,614	6,716	6,716
55265K-3H-0	MASTR 2003-11 5A2	542,482	480,831	482,389
55265K-T2-5	MASTR 2003-10 1A2	822,980	782,783	800,771
576434-QT-4	MALT 2004-4 B1	1,553,877	625,605	633,098
	Total Non-Agency CMOs:	17,258,982	4,662,053	4,801,399
Equities
001055-10-2	Aflac Inc.	538	21,998	24,883
00206R-10-2	AT&T	10,144	259,427	284,336
002824-10-0	Abbott Laboratories	517	27,387	27,913
00724F-10-1	Adobe Systems Inc	915	23,684	33,654
025537-10-1	American Electric Power Co.	10,000	274,740	347,900
025816-10-9	American Express Co.	2,615	52,965	105,960
03073E-10-5	AmeriSourceBergen Corp	1,073	20,093	27,973

CUSIP	Security Description	Par/ Shares	Book Value	Market Value
Equities (continued)
037411-10-5	Apache Corp	241	22,105	24,864
037833-10-0	Apple Computer Inc	196	26,896	41,303
038222-10-5	Applied Materials Inc	8,225	142,012	114,657
053015-10-3	Automatic Data Processing Inc	2,790	119,342	119,468
053611-10-9	Avery Dennison Corp	752	27,994	27,440
071813-10-9	Baxter International Inc.	461	23,610	27,051
125071-10-0	CDI Corp	3,875	40,812	50,181
134429-10-9	Campbell Soup Co.	949	32,571	32,076
143130-10-2	Carmax Inc.	490	6,810	11,883
17275R-10-2	Cisco Systems Inc	1,483	39,705	35,503
172908-10-5	Cintas Corp	850	17,859	22,160
189754-10-4	Coach Inc.	848	25,862	30,977
191216-10-0	Coca-Cola Co	2,610	131,598	148,770
191219-10-4	Coca-Cola Enterprises	1,488	30,453	31,546
194162-10-3	Colgate Palmolive Co	1,936	128,165	159,042
20030N-20-0	Comcast Corp Special Cl A	2,125	29,025	34,021
209115-10-4	Consolidated Edison Inc.	50,000	2,091,819	2,271,500
23918K-10-8	Davita Inc.	439	22,735	25,787
24702R-10-1	Dell Inc.	6,200	99,985	89,032
25243Q-20-5	Diageo PLC-Sponsored ADR	455	36,754	31,582
254687-10-6	Disney, Walt	2,185	54,919	70,466
263534-10-9	EI Dupont De Nemours & Co	1,355	30,257	45,623
26441C-10-5	Duke Energy Corp	35,000	633,326	602,350
268648-10-2	EMC Corp	2,135	24,906	37,298
278642-10-3	Ebay Inc.	1,338	24,148	31,483
291011-10-4	Emerson Electric Co	950	30,240	40,470
302491-30-3	FMC Corp	357	15,366	19,906
302563-10-1	FPIC Insurance Group, Inc.	10,000	344,191	386,200
302571-10-4	FPL Group Inc.	238	14,473	12,571
31428X-10-6	FedEx Corp	205	12,854	17,107
33734X-18-4	1st Trust Utilities AlphaDEX ETF	86,500	1,346,243	1,332,100
35671D-85-7	Freeport-McMoran Copper	287	20,207	23,043
35914P-10-5	Frontier Oil Corp	2,925	34,177	35,217
369604-10-3	General Electric	5,450	55,100	82,459
370334-10-4	General Mills Inc	255	14,846	18,057
38259P-50-8	Google Inc.	67	34,033	41,539
42222L-10-7	HealthTronics Inc.	48,565	109,271	128,212
428236-10-3	Hewlett-Packard Co	671	30,014	34,563
443683-10-7	Hudson City Bancorp Inc.	1,639	21,813	22,503
458140-10-0	Intel Corp	3,750	67,718	76,500
459200-10-1	Intl Business Machines Corp	263	27,407	34,427
464287-22-6	IShares Lehman Aggr. Bond Fund	10,000	1,004,573	1,031,900
464287-24-2	IShares IBOXX Inv Grade Corp BF	3,000	295,025	312,450
464288-41-4	Ishares S&P National Municipal	5,000	506,582	513,750
46625H-10-0	JP Morgan Chase & Co	509	21,525	21,210
478160-10-4	Johnson & Johnson	405	22,755	26,086
494368-10-3	Kimberly Clark Corp	501	32,708	31,919
50540R-40-9	Laboratory Corp of America Holding	343	26,235	25,670
522015-10-6	Learning Tree Int'l Inc	1,295	14,530	15,462
549271-10-4	Lubrizol Corp	281	20,209	20,499
552676-10-8	MDC Holdings Inc.	2,380	73,414	73,875
552715-10-4	MEMC Electronic Materials	4,680	65,382	63,742
571748-10-2	Marsh & McLennan Co	3,845	106,445	84,898
577767-10-6	Maxwell Technologies, Inc	2,415	30,236	43,084

CUSIP	Security Description	Par/ Shares	Book Value	Market Value
Equities (continued)
580037-10-9	McDermott Intl. Inc.	986	24,751	23,674
582839-10-6	Mead Johnson Nutrition Co. Class-A	762	29,703	33,299
58405U-10-2	MedCo Health Solutions Inc.	405	17,839	25,884
594918-10-4	Microsoft Corp	7,779	217,348	237,104
595017-10-4	Microchip Technology Inc.	1,162	37,470	33,756
595137-10-0	Microsemi Corp.	2,042	36,411	36,266
628530-10-7	Mylan Inc.	1,578	25,451	29,083
651229-10-6	Newell Rubbermaid Inc	1,863	25,888	27,964
65248E-10-4	News Corp - Class A	3,935	47,383	53,870
664397-10-6	NorthEast Utilites Co.	15,000	336,383	386,850
66987V-10-9	Novartis AG-ADR	479	26,154	26,072
680223-10-4	Old Republic International Corp	10,000	113,424	100,400
68389X-10-5	Oracle Corp	1,379	30,564	33,827
69840W-10-8	Panera Bread Company-Class A	477	21,192	31,930
704326-10-7	Paychex Inc	1,105	28,134	33,857
713448-10-8	Pepsico Inc	503	29,056	30,582
736508-84-7	Portland General Electric Co.	20,000	401,982	408,200
740189-10-5	Precision Castparts Corp	259	16,153	28,581
741503-40-3	Priceline.com Inc.	137	13,170	29,922
742718-10-9	Procter & Gamble	960	59,799	58,205
747525-10-3	Qualcomm Inc	641	27,793	29,653
81369Y-60-5	Sector Spdr Trust (Financial)	4,585	40,394	66,024
87612E-10-6	Target Corp	554	26,580	26,797
881624-20-9	Teva Pharmaceutical Inds. Ltd.	469	24,278	26,348
882508-10-4	Texas Instruments Inc.	3,359	68,884	87,536
88579Y-10-1	3M Company	1,468	110,766	121,360
907818-10-8	Union Pacific Corp	396	22,834	25,304
911312-10-6	United Parcel Service Class B	1,360	83,961	78,023
913017-10-9	United Technologies Corp	419	25,878	29,083
91324P-10-2	UnitedHealth Group Inc.	4,475	135,037	136,398
92343V-10-4	Verizon Communications	10,000	305,723	331,300
92553P-20-1	Viacom Inc. Class B	912	28,511	27,114
931142-10-3	Wal-Mart Stores Inc	2,814	135,630	150,408
931422-10-9	Walgreen Company	2,280	85,902	83,722
949746-10-1	Wells Fargo Co.	4,620	99,833	124,694
969457-10-0	Williams Cos Inc.	1,217	21,080	25,654
FEMPTN-RS-4	FemPartners	449,617	55,000	55,000
G1151C-10-1	Accenture Ltd. Ireland - Class A	855	33,216	35,483
H0023R-10-5	ACE Ltd.	5,000	247,290	252,000
H5833N-10-3	Noble Corp	604	22,263	24,583
	Total Equities:	917,460	12,080,642	12,943,908
	Grand Total:		231,302,110	239,527,351