American Physicians Service 10-Q 2010 Q2 Quarterly report

Exhibit 99.1

APSG Securities Held

June 30, 2010

CUSIP	Security Description	Par/ Shares	Book Value	Market Value
Treasuries
912810-QE-1	US Treasury Bond	85,000.00	83,484	95,545
912827-7B-2	US Treasury Note	500,000.00	500,525	525,840
912828-EM-8	US Treasury Note	1,000,000.00	998,506	1,015,900
912828-FD-7	US Treasury Note	1,000,000.00	999,526	1,037,500
912828-FN-5	US Treasury	300,000.00	301,039	314,427
912828-GM-6	US Treasury Note	1,000,000.00	997,871	1,069,800
912828-GU-8	US Treasury Note	1,000,000.00	995,884	1,079,450
912828-HW-3	US Treasury Inflation Protection	11,900,000.00	11,899,126	12,526,248
	Total Treasuries:	16,785,000.00	16,775,961	17,664,710
Agencies
3128X7-U3-6	FHLMC Agency Note NC	1,000,000.00	1,002,042	1,002,760
3128X8-QT-2	FHLMC Agency Note NC	1,000,000.00	1,000,023	1,002,340
3128X8-QY-1	FHLMC Agency Note NC	2,500,000.00	2,502,728	2,514,425
3128X9-L8-1	FHLMC Agency Note S/U DC	1,500,000.00	1,495,409	1,505,970
31331G-5P-0	FFCB Agency Note CC	500,000.00	499,730	500,000
3133XH-RK-0	FHLB Agency Note NC	1,000,000.00	992,300	1,057,810
3133XL-HQ-9	FHLB Agency Note NC	2,000,000.00	2,000,977	2,092,500
3133XT-GH-3	FHLB Agency Note NC	2,500,000.00	2,500,000	2,500,000
3133XT-L7-9	FHLB Agency Note NC	3,000,000.00	2,999,911	3,014,070
3133XV-WS-6	FHLB Agency Note DC	500,000.00	499,821	500,470
31359M-ZL-0	FNMA Agency Note NC	1,000,000.00	1,014,832	1,021,250
31398A-TZ-5	FNMA Agency Note NC	1,000,000.00	1,004,106	1,007,500
	Total Agencies:	17,500,000.00	17,511,880	17,719,095

CUSIP	Security Description	Par/Shares	Book Value	Market Value
Corporate Bonds
001957-BC-2	AT&T Corp. NC	2,500,000.00	2,677,351	2,702,275
00209A-AE-6	AT&T Wireless NC	1,000,000.00	1,032,108	1,045,660
002819-AA-8	Abbott Laboratories NC	1,000,000.00	1,019,608	1,099,780
00724F-AA-9	Adobe Systems Inc. NC	1,000,000.00	1,004,138	1,026,950
020039-DB-6	AllTel Corp. NC	630,000.00	693,175	695,967
026609-AM-9	American Home Products S/U NC	2,000,000.00	2,063,433	2,083,600
053807-AM-5	Avnet Inc. NC	570,000.00	605,588	617,652
05565Q-BL-1	BP Capital Markets NC	1,000,000.00	1,028,619	855,650
06048W-BN-9	Bank of America Corp. Fxd/Fltr. NC	1,500,000.00	1,463,667	1,342,815
06050B-AA-9	Bank of America Corp NC*	2,000,000.00	2,073,789	2,088,660
06050B-AG-6	Bank of America Corp NC*	1,000,000.00	1,004,942	1,024,060
064244-AA-4	Bank of the West NC*	1,000,000.00	1,008,235	1,024,160
084423-AQ-5	Berkley Corporation NC	1,000,000.00	1,037,824	1,101,140
084664-AD-3	Berkshire Hathaway Fin NC	1,000,000.00	1,003,859	1,091,650
084670-AZ-1	Berkshire Hathaway Inc. NC	1,000,000.00	1,000,840	1,005,190
086516-AJ-0	Best Buy Co. NC	500,000.00	488,861	559,250
14912L-2Y-6	Caterpillar Fin Serv Corp NC	500,000.00	500,923	565,815
14912L-4D-0	Caterpillar Fin Service Corp NC	1,000,000.00	1,156,106	1,206,220
156700-AA-4	Century Tel Inc. NC	1,000,000.00	1,019,242	1,019,160
17290C-AB-2	CitiGroup Inc. NC*	1,000,000.00	1,000,559	1,020,680
17313Y-AB-7	CitiGroup Funding Inc. NC*	3,200,000.00	3,206,054	3,224,480
17313Y-AC-5	Citigroup Funding, Inc. NC*	3,000,000.00	2,998,193	3,021,240
17314J-AN-3	CitiBank NA NC*	4,000,000.00	4,008,904	4,038,320
17314J-AT-0	CitiBank NA NC*	1,500,000.00	1,514,939	1,526,745
191216-AK-6	Coca-Cola Co. NC	1,000,000.00	1,042,117	1,143,600
191219-BR-4	Coca-Cola Enterprises Floater	1,000,000.00	1,002,445	1,005,110
264399-EF-9	Duke Energy Corp NC	1,500,000.00	1,638,025	1,640,790
264399-EQ-5	Duke Energy Corp. NC	1,000,000.00	1,010,235	1,125,510
285661-AD-6	Electronic Data Systems NC	2,500,000.00	2,801,254	2,818,875
36962G-3D-4	General Electric Cap Corp Fltr. NC	500,000.00	456,853	453,515
36962G-3F-9	General Electric Cap Corp NC	1,000,000.00	1,007,155	1,090,050
36962G-Z7-2	General Electric Cap Corp NC Fltr.	1,500,000.00	1,437,327	1,433,700
36967H-AG-2	General Electric Cap Corp NC*	3,500,000.00	3,512,681	3,521,350
36967H-AY-3	General Electric Cap. Corp. NC*	750,000.00	768,398	779,385
377372-AC-1	GlaxoSmithKline Cap Inc. NC	1,000,000.00	1,003,855	1,093,300
38146F-AF-8	Goldman Sachs Group Inc. NC*	4,000,000.00	4,019,338	4,047,000
38146F-AH-4	Goldman Sachs Group Inc. NC*	2,500,000.00	2,510,714	2,523,050
46849L-SB-8	Jackson Natl Life Global NC	1,509,000.00	1,606,732	1,621,119
478160-AQ-7	Johnson & Johnson NC	1,500,000.00	1,585,387	1,751,580
481247-AG-9	JPMorgan Chase & Co. NC*	3,500,000.00	3,514,491	3,528,035
481247-AK-0	JPMorgan Chase & Co. NC*	1,000,000.00	1,006,573	1,027,530
487836-AS-7	Kellogg Company NC	1,000,000.00	1,033,869	1,042,140
53079E-AS-3	Liberty Mutual Group NC	200,000.00	207,452	217,444
570535-AH-7	Markel Corporation NC	1,000,000.00	1,025,455	1,097,100
58405U-AE-2	Medco Health Solutions S/U NC	1,000,000.00	1,074,109	1,106,830

CUSIP	Security Description	Par/Shares	Book Value	Market Value
Corporate Bonds (continued)
594918-AC-8	Microsoft Corporation NC	1,000,000.00	992,171	1,084,170
61745E-2B-6	Morgan Stanley Fltr. NC	1,000,000.00	1,000,000	910,000
61757U-AB-6	Morgan Stanley NC*	2,000,000.00	2,049,580	2,072,220
61757U-AF-7	Morgan Stanley NC*	3,800,000.00	3,836,619	3,865,778
650094-BV-6	Verizon New York Inc. NC	1,000,000.00	1,120,600	1,124,170
70213B-AA-9	Partnerre Finance LLC MWC	1,500,000.00	1,458,992	1,467,750
713448-BK-3	Pepsico Inc.	1,000,000.00	1,005,170	1,066,080
72447X-AA-5	Pitney Bowes Inc MTN NC	1,000,000.00	964,569	1,077,130
742718-DM-8	Procter & Gamble Co. NC	1,000,000.00	999,780	1,065,400
742718-DR-7	Procter & Gamble NC	1,365,000.00	1,367,012	1,378,609
74834L-AL-4	Quest Diagnostic Inc. NC	1,000,000.00	1,083,284	1,099,690
7591EP-AD-2	Regions Financial Corp. Fltr. NC	1,000,000.00	941,137	940,910
806605-AJ-0	Schering-Plough NC	1,000,000.00	1,077,941	1,174,830
846042-AA-7	Sovereign Bank NC*	1,000,000.00	1,016,934	1,033,420
863667-AA-9	Stryker Corp. NC	2,000,000.00	2,041,983	2,065,060
86801B-AB-1	Suntrust Bank NC*	2,500,000.00	2,549,824	2,578,925
88579E-AF-2	3M Company NC	1,500,000.00	1,571,234	1,571,550
89152U-AA-0	Total Capital NC	1,500,000.00	1,518,155	1,526,130
931422-AD-1	Walgreen Co. NC	1,000,000.00	1,011,350	1,099,690
G1279M-HS-8	BP Capital Markets PLC NC	2,500,000.00	2,564,109	2,296,150
	Total Corporate Bonds:	96,024,000.00	98,045,867	99,551,794
	* These Bonds are FDIC Insured and have a AAA rating
Municipals
121403-WL-9	Burleson ISD TX GO NC	1,960,000.00	1,988,936	2,168,309
145610-FF-3	Carrollton TX GO CC	250,000.00	255,523	263,100
162375-3G-2	Chattanooga TN GO CC SNK	1,060,000.00	1,037,532	1,088,811
199491-YQ-8	Columbus OH GO CC	1,900,000.00	1,860,370	1,952,687
234685-HL-2	Dallas Cnty TX GO CC	1,500,000.00	1,543,887	1,626,390
245176-BW-1	Del Mar College TX GO CC	500,000.00	491,177	505,815
373028-PV-5	Georgetown TX GO CC	410,000.00	414,137	438,360
386137-4G-5	Grand Prairie TX GO CC	345,000.00	339,297	349,364
40727E-S5-7	Hamilton Cnty OH GO CC	1,205,000.00	1,193,609	1,254,477
40727E-T9-8	Hamilton Cnty OH GO CC	500,000.00	501,213	539,965
442330-T6-3	Houston TX GO CC	1,000,000.00	1,010,991	1,031,240
442403-BV-2	Houston ISD TX GO CC	1,000,000.00	970,786	1,047,680
478718-ZH-5	Johnson Cnty USD KS GO CC	1,000,000.00	941,019	1,045,140
514282-QB-1	Lancaster PA GO NC	1,005,000.00	1,099,980	1,126,645
528828-SJ-6	Lewisville ISD TX GO CC	1,000,000.00	955,760	1,037,600
542264-BP-0	Lone Star College TX GO NC	500,000.00	509,393	519,730
542264-BQ-8	Lone Star College TX GO NC	500,000.00	520,766	531,245
581663-4F-5	McKinney ISD TX GO CC	1,000,000.00	1,100,799	1,132,520

CUSIP	Security Description	Par/Shares	Book Value	Market Value
Municipals(continued)
590759-N5-1	Mesquite ISD TX GO CC	1,065,000.00	1,085,811	1,126,791
642169-5J-1	New Bedford MA GO NC	1,600,000.00	1,668,508	1,781,040
667027-A2-2	Northside ISD TX GO CC	1,000,000.00	970,095	1,045,840
667825-TW-3	Northwest ISD TX GO CC	1,000,000.00	1,058,624	1,137,210
702333-N5-0	Pasadena ISD TX GO CC	1,000,000.00	1,013,037	1,052,810
717095-U3-5	Pflugerville ISD TX GO CC	1,000,000.00	1,039,601	1,088,590
731197-UL-1	Polk Cnty IA GO CC	500,000.00	488,792	521,265
83710D-D5-4	South Carolina State SC GO CC	1,440,000.00	1,416,170	1,504,498
83710D-D7-0	South Carolina State SC GO CC	1,125,000.00	1,115,030	1,167,480
850000-ZA-1	Spring ISD TX GO CC SNK	1,000,000.00	1,014,378	1,028,770
889855-TE-2	Tomball ISD TX GO CC	1,000,000.00	959,460	1,062,930
902307-HK-6	Tyler Jr. College TX REV CC	425,000.00	415,242	424,511
915137-E9-0	University of Tx TX REV CC	400,000.00	424,481	463,312
930863-U7-8	Wake Cnty NC GO CC PreRef	595,000.00	645,383	702,755
930863-V6-9	Wake Cnty NC GO CC	405,000.00	439,294	460,530
947100-MF-7	Weatherford TX GO CC	1,000,000.00	991,420	1,015,390
95308R-AL-3	West Harris Cnty TX REV CC SNK	500,000.00	518,763	547,190
969887-SD-1	Williamson Cnty TX GO CC	265,000.00	264,400	285,068
	Total Municipals:	31,955,000.00	32,263,661	34,075,058
MBS
31283K-N4-6	FHLMC Pool #G11311	105,384.17	104,496	113,214
3128GV-BY-5	FHLMC Pool #E90955	63,752.65	63,215	68,489
3128GV-BZ-2	FHLMC Pool #E90956	75,084.69	74,448	80,663
3128H4-E8-8	FHLMC Pool #E96459	395,346.00	391,754	424,843
3128KL-GN-1	FHLMC Pool #A57405	927,681.38	918,114	996,684
3128MJ-A4-2	FHLMC Pool #G08026	761,614.92	738,184	808,415
3128MJ-AQ-3	FHLMC Pool #G08014	960,199.84	930,680	1,019,202
31292J-BG-4	FHLMC Pool #C01839	1,505,823.09	1,459,666	1,598,353
31294K-KT-1	FHLMC Pool #E01206	127,589.17	126,502	136,888
31294K-KU-8	FHLMC Pool #E01207	120,359.46	119,336	129,130
31296W-NK-9	FHLMC Pool #A20394	809,596.32	784,831	859,344
31297P-JS-1	FHLMC Pool #A33873	651,996.87	631,437	691,449
31371K-GB-1	FNMA Pool # 254094	133,857.14	132,801	144,449
31371K-UK-5	FNMA Pool #254486	128,501.54	127,412	138,209
31371K-WE-7	FNMA Pool #254545	138,159.15	136,976	148,597
31371M-3X-3	FNMA Pool #256514	483,439.57	479,756	526,148
31371M-KF-3	FNMA Pool #255994	508,786.05	506,805	553,622
31371M-PJ-0	FNMA Pool #256125	521,512.76	509,244	555,761
31371M-RT-6	FNMA Pool #256198	447,085.38	444,925	482,537
31371M-SX-6	FNMA Pool #256234	847,555.61	843,457	914,762
31371M-T5-6	FNMA Pool #256272	645,138.15	642,020	696,294
31371N-CL-7	FNMA Pool #256675	530,655.99	516,293	564,397

CUSIP	Security Description	Par/Shares	Book Value	Market Value
MBS (continued)
31371N-CM-5	FNMA Pool #256676	482,625.46	476,871	520,433
31371N-EW-1	FNMA Pool #256749	816,268.20	808,195	886,850
31387A-W6-8	FNMA Pool #578569	191,496.92	190,599	207,726
31387C-P3-9	FNMA Pool #580142	145,124.88	143,982	156,608
31390K-3W-6	FNMA Pool #648913	95,378.18	94,577	102,584
31402D-C4-0	FNMA Pool #725591	1,430,348.37	1,385,893	1,520,028
31404J-3Y-9	FNMA Pool #770415	574,191.00	556,350	610,192
31406N-RB-2	FNMA Pool #815082	404,915.52	401,177	435,689
31409G-GX-8	FNMA Pool #870614	979,955.48	947,594	1,038,641
31411D-S7-5	FNMA Pool #905142	886,904.05	877,714	953,289
31411L-5E-7	FNMA Pool #911745	999,654.88	987,955	1,070,177
31413A-WS-8	FNMA Pool #939957	487,873.86	482,218	530,060
36202E-AY-5	GNMA II Pool #3623	875,980.98	850,730	939,920
	Total MBS:	19,259,837.68	18,886,203	20,623,645
GSE CMOs
31392H-C9-2	FNR 2003-9 BJ	517,557.95	512,082	549,346
31392H-RQ-8	FNR 2003-4 AD	408,377.26	403,991	427,461
31392J-3M-9	FNR 2003-21 PJ	207,727.62	204,178	217,464
31392J-Y5-2	FNR 2003-21 OV	362,965.12	345,339	385,592
31393C-AR-4	FNR 2003-34 VD	171,925.68	169,265	175,356
31393E-AE-9	FNR 2003-74 PJ	382,037.58	349,370	394,763
31393E-BF-5	FNR 2003-74 AE	537,842.94	523,185	548,417
31393E-FX-2	FNR 2003-79 NL	360,171.72	353,448	373,466
31393F-6H-4	FHR 2522 AH	1,228,000.00	1,209,928	1,290,998
31393F-JK-3	FHR 2527 LG	52,792.87	52,252	54,170
31393G-Y6-5	FHR 2541 LM	92,324.80	91,466	94,584
31393H-S4-5	FHR 2558 JS	334,929.78	329,771	350,847
31393J-4D-7	FHR 2554 JW	120,059.30	119,722	122,040
31393K-U2-9	FHR 2575 QP	5,227.48	5,218	5,245
31393L-JD-6	FHR 2564 GC	55,418.38	55,206	55,688
31393M-RM-5	FHR 2586 HL	497,928.03	473,658	523,194
31393Q-WR-9	FHR 2610 DG	349,343.08	338,607	356,995
31393R-4P-2	FHR 2617 BG	267,969.00	263,486	273,167
31393U-UC-5	FNR 2003-134 ME	316,744.78	308,175	333,995
31393V-P9-6	FHR 2628 LE	535,858.29	514,003	545,251
31393W-6K-0	FHR 2640 AL	426,167.68	417,936	445,236
31393W-EZ-8	FHR 2643 HJ	1,100,000.00	1,068,117	1,178,402
31393W-N5-4	FHR 2644 EC	236,169.69	228,033	242,696
31394E-JC-3	FNR 2005-55 LC	392,277.83	393,130	409,589
31394E-MW-5	FNR 2005-62 DT	1,000,000.00	990,256	1,050,580
31394K-ZA-5	FHR 2692 QT	138,578.86	138,316	138,895
31394T-RH-0	FHR 2762 XC	278,616.30	263,578	293,689

CUSIP	Security Description	Par/Shares	Book Value	Market Value
GSE CMOs (continued)
31394W-G5-1	FHR 2779 YA	484,925.05	463,051	506,650
31394X-K5-4	FHR 2772 QA	883,863.62	864,601	919,005
31395A-C8-6	FHR 2806 AC	1,282,855.04	1,275,741	1,335,042
31395C-Q3-8	FHR 2825 LE	1,000,000.00	994,399	1,030,182
31395D-BP-3	FNR 2006-40 VA	1,026,111.70	1,028,750	1,092,768
31395H-3S-7	FHR 2874 LC	1,000,000.00	998,895	1,056,258
31395L-XA-4	FHR 2916 YE	218,352.81	217,576	223,949
31395M-QS-1	FHR 2935 LM	444,106.54	435,947	472,979
31395N-QR-1	FHR 2006 QD	1,000,000.00	1,000,672	1,040,150
31395P-XB-3	FHR 2950 ON	636,684.48	634,067	656,792
31395T-LX-0	FHR 2963 BK	562,285.29	541,047	586,315
31395U-SY-8	FHR 2977 PC	1,400,000.00	1,388,412	1,490,490
31395V-KF-5	FHR 2984 NA	96,775.16	96,765	97,642
31396C-SQ-4	FHR 3048 QA	435,971.17	432,811	455,935
31396F-FL-2	FHR 3068 JA	510,936.00	512,382	506,843
31396F-HS-5	FHR 3072 AE	538,205.02	535,174	554,096
31396G-AV-3	FHR 3087 JB	361,680.37	362,700	376,550
31396G-UG-4	FHR 3099 PB	1,000,000.00	1,000,977	1,036,787
31396H-F8-7	FHR 3107 ME	503,053.38	500,169	518,105
31396H-VV-8	FHR 3117 PC	1,228,964.23	1,217,830	1,287,414
31396J-A3-9	FHR 3133 PB	1,206,465.22	1,206,932	1,223,040
31396N-7C-4	FHR 3138 QA	59,966.99	59,961	60,074
31396N-CW-4	FHR 3145 KC	2,000,000.00	1,973,716	2,120,381
31396N-M2-9	FHR 3147 YE	322,710.17	323,432	336,112
31396R-NN-3	FHR 3154 PJ	266,355.83	266,295	268,542
31396U-NL-0	FHR 3188 CK	534,521.24	530,638	554,991
31397A-HX-4	FHR 3200 MX	1,460,000.00	1,449,502	1,480,941
31397A-HY-2	FHR 3200 NA	254,788.24	254,936	259,509
31397A-QG-1	FHR 3203 MA	407,886.57	405,182	420,416
31397G-B9-0	FHR 3310 A	520,758.40	516,311	539,412
31397G-J5-0	FHR 3306 PB	1,400,000.00	1,393,086	1,457,089
31397J-GE-8	FHR 3330 PB	1,000,000.00	995,724	1,035,322
31398E-HW-7	FHR 3539 PM	1,265,141.12	1,246,647	1,300,723
31398M-VX-1	FNR 2010-19 CK	951,493.07	958,399	972,884
38374F-H4-9	GNR 2004-17 HG	364,823.22	351,259	383,143
38374M-EQ-8	GNR 2005-84 SC	15,604.71	15,590	15,867
38374T-NS-9	GNR 2009-13 E	833,422.12	823,498	885,339
38375Q-X7-9	GNR 2008-51 PE	368,485.34	377,400	388,732
38376P-R5-1	GNR 2009-116 KC	1,462,927.84	1,447,291	1,495,461
	Total GSE CMOs:	39,687,131.96	39,219,477	41,279,055

CUSIP	Security Description	Par/Shares	Book Value	Market Value
Non-Agency CMOs
12637H-AV-0	CSMC 2006-4 6A2	1,559,466.86	369,130	428,230
12667F-7S-8	CWALT 2005-4 B1	3,153,742.80	107,896	107,896
12669D-LJ-5	CWHL 2002-32 3A1	46,719.75	45,245	48,927
22541S-HE-1	CSFB 2004-3 DB2	1,880,041.93	237,870	263,206
22541S-VQ-8	CSFB 2004-4 DB2	1,810,661.03	761,220	806,831
22541S-Z7-6	CSFB 2004-8 DB2	1,609,675.23	241,451	241,451
225458-LV-8	CSFB 2005-3 DB2	2,896,234.75	211,408	211,408
2254W0-HF-5	CSFB 2004-6 3A2	597,464.91	524,063	550,771
23244E-AK-3	CWALT 2006-J6 B1	482,613.88	0	0
55265K-3H-0	MASTR 2003-11 5A2	474,230.29	421,129	443,469
55265K-T2-5	MASTR 2003-10 1A2	732,691.48	697,203	733,371
576434-QT-4	MALT 2004-4 B1	1,480,689.19	598,484	651,992
	Total Non-Agency CMOs:	16,724,232.10	4,215,100	4,487,551
Equities
001055-10-2	Aflac Inc.	464	18,972	19,799
00206R-10-2	AT&T Inc	11,194	285,023	270,783
002824-10-0	Abbott Laboratories	517	27,387	24,185
00724F-10-1	Adobe Systems Inc	915	23,684	24,183
023608-10-2	Ameren Corporation	8,000	200,724	190,160
025537-10-1	American Electric Power Co.	10,000	274,740	323,000
025816-10-9	American Express Co.	1,585	30,236	62,925
03073E-10-5	AmeriSourceBergen Corp	1,073	20,093	34,068
037411-10-5	Apache Corp	241	22,105	20,290
037833-10-0	Apple Computer Inc	196	26,896	49,300
038222-10-5	Applied Materials Inc	8,225	142,012	98,865
053015-10-3	Automatic Data Processing Inc	2,790	119,342	112,325
086516-10-1	Best Buy Inc	702	33,358	23,770
125071-10-0	CDI Corp	3,875	40,812	60,179
143130-10-2	Carmax Inc.	490	6,810	9,751
166764-10-0	Chevron Corp.	294	24,323	19,951
171340-10-2	Church & Dwight Co Inc	497	31,906	31,167
17275R-10-2	Cisco Systems Inc	1,483	39,705	31,603
172908-10-5	Cintas Corp	850	17,859	20,375
189754-10-4	Coach Inc.	848	25,862	30,994
191216-10-0	Coca-Cola Co	2,610	131,598	130,813
194162-10-3	Colgate Palmolive Co	1,936	128,165	152,479
20030N-20-0	Comcast Corp Special Cl A	2,125	29,025	34,914
205887-10-2	Conagra Foods Inc.	1,377	32,122	32,112
209115-10-4	Consolidated Edison Inc.	50,000	2,091,819	2,155,000
218681-10-4	Core-Mark Holding Co. Inc.	1,225	34,947	33,565
23918K-10-8	Davita Inc.	439	22,735	27,411
24702R-10-1	Dell Inc.	6,200	99,985	74,772

CUSIP	Security Description	Par/Shares	Book Value	Market Value
Equities (continued)
25243Q-20-5	Diageo PLC-Sponsored ADR	455	36,754	28,547
254687-10-6	Disney, Walt	2,185	54,919	68,828
260003-10-8	Dover Corp	634	27,144	26,495
26441C-10-5	Duke Energy Corp	15,000	257,578	240,000
268648-10-2	EMC Corp	2,135	24,906	39,071
291011-10-4	Emerson Electric Co	950	30,240	41,506
30161N-10-1	Exelon Corp	850	35,365	32,275
30231G-10-2	Exxon Mobil Corp.	570	33,567	32,530
302491-30-3	FMC Corp	357	15,366	20,503
302563-10-1	FPIC Insurance Group, Inc.	5,000	135,336	128,250
31428X-10-6	FedEx Corp	205	12,854	14,373
35671D-85-7	Freeport-McMoran Copper	287	20,207	16,970
35914P-10-5	Frontier Oil Corp	2,925	34,177	39,341
369604-10-3	General Electric	5,450	55,100	78,589
370334-10-4	General Mills Inc	510	14,846	18,115
38259P-50-8	Google Inc.	67	34,033	29,812
415864-10-7	Harsco Corp	2,985	76,450	70,148
42222L-10-7	HealthTronics Inc.	48,565	109,271	234,569
428236-10-3	Hewlett-Packard Co	671	30,014	29,041
458140-10-0	Intel Corp	3,750	67,718	72,938
459200-10-1	Intl Business Machines Corp	292	31,213	36,056
464287-22-6	IShares Barclays Aggr. Bond Fund	5,000	505,382	536,250
464287-24-2	IShares IBOXX Inv Grade Corp BF	3,000	295,025	325,380
46625H-10-0	JP Morgan Chase & Co	509	21,525	18,634
478160-10-4	Johnson & Johnson	453	25,892	26,754
494368-10-3	Kimberly Clark Corp	501	32,708	30,376
50540R-40-9	Laboratory Corp of America Holding	343	26,235	25,845
522015-10-6	Learning Tree Int'l Inc	1,295	14,530	14,051
549271-10-4	Lubrizol Corp	229	16,469	18,391
550819-10-6	Lydall Inc.	2,100	16,611	16,044
552676-10-8	MDC Holdings Inc.	2,540	73,832	68,453
552715-10-4	MEMC Electronic Materials	4,680	65,382	46,238
571748-10-2	Marsh & McLennan Co	3,845	106,445	86,705
57636Q-10-4	MasterCard Inc. - Class A	150	38,614	29,930
577767-10-6	Maxwell Technologies, Inc	2,415	30,236	27,531
58405U-10-2	MedCo Health Solutions Inc.	482	22,534	26,549
585055-10-6	Medtronic Inc	900	34,830	32,643
594918-10-4	Microsoft Corp	22,779	594,091	524,145
595017-10-4	Microchip Technology Inc.	1,266	40,614	35,119
595137-10-0	Microsemi Corp.	2,042	36,411	29,874
628530-10-7	Mylan Inc.	1,424	23,894	24,265
651824-10-4	Newport Corp	1,870	16,449	16,942
65248E-10-4	News Corp - Class A	2,635	30,816	31,515
664397-10-6	NorthEast Utilities Co.	15,000	336,383	382,200
666807-10-2	Northrop Grumman Corp.	451	28,486	24,552

CUSIP	Security Description	Par/Shares	Book Value	Market Value
Equities (continued)
680223-10-4	Old Republic International Corp	10,000	113,424	121,300
68389X-10-5	Oracle Corp	1,379	30,564	29,593
704326-10-7	Paychex Inc	1,105	28,134	28,697
713448-10-8	Pepsico Inc	503	29,056	30,658
714290-10-3	Perrigo Co.	548	25,731	32,370
736508-84-7	Portland General Electric Co.	20,000	401,982	366,600
740189-10-5	Precision Castparts Corp	245	15,279	25,215
741503-40-3	Priceline.com Inc.	137	13,170	24,186
74267C-10-6	ProAssurance Corp	5,000	290,120	283,800
742718-10-9	Procter & Gamble	960	59,799	57,581
743263-10-5	Progress Energy Inc.	4,000	157,342	156,880
775109-20-0	Rogers Communications Inc.-B	573	20,395	18,771
803111-10-3	Sara Lee Corp.	2,397	32,987	33,798
811656-10-7	Seabright Insurance Holdings	1,675	18,154	15,879
81369Y-60-5	Sector Spdr Trust (Financial)	4,585	40,394	63,319
858155-20-3	Steelcase Inc. Class-A	2,425	16,570	18,794
87612E-10-6	Target Corp	554	26,580	27,240
881624-20-9	Teva Pharmaceutical Inds. Ltd.	508	26,564	26,411
882508-10-4	Texas Instruments Inc.	3,359	68,884	78,198
88579Y-10-1	3M Company	1,468	110,766	115,957
886423-10-2	Tidewater Inc.	1,855	76,863	71,826
907818-10-8	Union Pacific Corp	396	22,834	27,526
911312-10-6	United Parcel Service Class B	1,360	83,961	77,370
913017-10-9	United Technologies Corp	419	25,878	27,197
91324P-10-2	UnitedHealth Group Inc.	4,475	135,037	127,090
91913Y-10-0	Valero Energy Corp	1,900	35,084	34,162
92343V-10-4	Verizon Communications	16,845	513,085	471,997
92553P-20-1	Viacom Inc. Class B	912	28,511	28,609
931142-10-3	Wal-Mart Stores Inc	2,814	135,630	135,269
931422-10-9	Walgreen Company	2,280	85,902	60,876
949746-10-1	Wells Fargo Co.	3,793	73,865	97,101
963320-10-6	Whirlpool Corp	306	24,559	26,873
969457-10-0	Williams Cos Inc.	1,028	17,806	18,792
983919-10-1	Xilinx Inc.	1,327	35,092	33,520
FEMPTN-RS-4	FemPartners	449,617	55,000	55,000
G1151C-10-1	Accenture Ltd. Ireland - Class A	855	33,216	33,046
H0023R-10-5	ACE Ltd.	5,000	247,290	257,400
	Total Equities:	846,506	10,708,205	10,933,977
	Grand Total:		237,626,354	246,334,886