American Physicians Service 10-Q 2010 Q3 Quarterly report

Exhibit 99.1

APSG Securities Held

September 30, 2010

CUSIP	Security Description	Par/ Shares	Book Value		Market Value
Treasuries
912827-7B-2	US Treasury Note	500,000.00	$	500,410	$	520,800
912828-EM-8	US Treasury Note	1,000,000.00		999,503		1,005,270
912828-FD-7	US Treasury Note	1,000,000.00		999,667		1,026,950
912828-FN-5	US Treasury	300,000.00		300,803		311,460
912828-GM-6	US Treasury Note	1,000,000.00		998,168		1,062,540
912828-GU-8	US Treasury Note	1,000,000.00		996,401		1,072,730
912828-HW-3	US Treasury Inflation Protection	11,900,000.00		11,935,887		12,603,083
	Total Treasuries:	16,700,000.00		16,730,839		17,602,833
Agencies
3128X8-QY-1	FHLMC Agency Note NC	2,500,000.00		2,501,235		2,506,725
3133XH-RK-0	FHLB Agency Note NC	1,000,000.00		993,592		1,050,310
3133XL-HQ-9	FHLB Agency Note NC	2,000,000.00		2,000,723		2,070,000
3133XT-L7-9	FHLB Agency Note NC	3,000,000.00		2,999,956		3,007,500
31359M-ZL-0	FNMA Agency Note NC	1,000,000.00		1,006,717		1,009,690
3136FM-X8-2	FNMA Agency Note DC	2,500,000.00		2,500,021		2,503,900
31398A-TZ-5	FNMA Agency Note NC	1,000,000.00		1,000,449		1,000,940
	Total Agencies:	13,000,000.00		13,002,693		13,149,065
Corporate Bonds
001957-BC-2	AT&T Corp. NC	2,500,000.00		2,645,416		2,677,500
00209A-AE-6	AT&T Wireless NC	1,000,000.00		1,020,142		1,029,850
002819-AA-8	Abbott Laboratories NC	1,000,000.00		1,017,673		1,094,150
00724F-AA-9	Adobe Systems Inc. NC	1,000,000.00		1,003,928		1,046,420
020039-DB-6	AllTel Corp. NC	630,000.00		685,424		693,095
026609-AM-9	American Home Products S/U NC	2,000,000.00		2,041,057		2,058,260
053807-AM-5	Avnet Inc. NC	570,000.00		604,050		628,568
05565Q-BL-1	BP Capital Markets NC	1,000,000.00		1,026,854		1,034,460
06048W-BN-9	Bank of America Corp. Fxd/Fltr. NC	1,500,000.00		1,464,822		1,488,750
06050B-AA-9	Bank of America Corp NC*	2,000,000.00		2,064,462		2,083,980
06050B-AG-6	Bank of America Corp NC*	1,000,000.00		1,004,276		1,024,640
064244-AA-4	Bank of the West NC*	1,000,000.00		1,007,064		1,024,720
06740P-CM-6	Barclays Bank PLC NC Fltr.	2,000,000.00		1,950,791		1,969,180
084423-AQ-5	Berkley Corporation NC	1,000,000.00		1,037,072		1,162,510
084664-AD-3	Berkshire Hathaway Fin NC	1,000,000.00		1,003,585		1,100,200
084670-AZ-1	Berkshire Hathaway Inc. NC	1,000,000.00		1,000,711		1,009,120
086516-AJ-0	Best Buy Co. NC	500,000.00		489,680		559,190
14912L-2Y-6	Caterpillar Fin Serv Corp NC	500,000.00		500,888		588,220
14912L-4D-0	Caterpillar Fin Service Corp NC	1,000,000.00		1,152,187		1,267,850
156700-AA-4	Century Tel Inc. NC	1,000,000.00		1,002,601		1,001,470
17290C-AB-2	CitiGroup Inc. NC	1,000,000.00		1,000,485		1,020,860
17313Y-AB-7	CitiGroup Funding Inc. NC*	3,200,000.00		3,204,268		3,223,104
17313Y-AC-5	Citigroup Funding, Inc. NC*	3,000,000.00		2,998,680		3,021,120
17314J-AN-3	CitiBank NA NC*	4,000,000.00		4,006,906		4,037,400

CUSIP	Security Description	Par/ Shares	Book Value		Market Value
Corporate Bonds (continued)
17314J-AT-0	CitiBank NA NC*	1,500,000.00		1,513,464		1,536,660
191216-AK-6	Coca-Cola Co. NC	1,000,000.00		1,040,911		1,177,220
191219-BR-4	Coca-Cola Enterprises NC Fltr.	1,000,000.00		1,001,708		1,003,370
264399-EF-9	Duke Energy Corp NC	1,500,000.00		1,624,004		1,640,145
264399-EQ-5	Duke Energy Corp. NC	1,000,000.00		1,009,590		1,142,470
278265-AC-7	Eaton Vance Corp. NC	1,000,000.00		1,167,738		1,184,330
285661-AD-6	Electronic Data Systems NC	2,500,000.00		2,777,517		2,841,400
35671D-AR-6	Freeport-McMoran Copper&Gold CC	1,000,000.00		1,070,408		1,070,000
36962G-3D-4	General Electric Cap Corp Fltr. NC	500,000.00		458,342		457,570
36962G-3F-9	General Electric Cap Corp NC	1,000,000.00		1,006,638		1,104,300
36962G-Z7-2	General Electric Cap Corp NC Fltr.	1,500,000.00		1,441,521		1,456,260
36967H-AG-2	General Electric Cap Corp NC*	3,500,000.00		3,506,559		3,513,965
36967H-AY-3	General Electric Cap. Corp. NC*	750,000.00		766,589		781,988
377372-AC-1	GlaxoSmithKline Cap Inc. NC	1,000,000.00		1,003,540		1,099,870
38146F-AF-8	Goldman Sachs Group Inc. NC*	4,000,000.00		4,014,710		4,045,120
38146F-AH-4	Goldman Sachs Group Inc. NC*	2,500,000.00		2,506,926		2,516,725
428236-AS-2	Hewlett-Packard Co. MWC	1,500,000.00		1,732,601		1,771,140
460146-CE-1	Intl Paper Co. MWC	500,000.00		591,089		598,155
46849L-SB-8	Jackson Natl Life Global NC	1,509,000.00		1,598,491		1,637,386
478160-AQ-7	Johnson & Johnson NC	1,500,000.00		1,582,823		1,809,465
481247-AG-9	JPMorgan Chase & Co. NC*	3,500,000.00		3,508,882		3,517,990
481247-AK-0	JPMorgan Chase & Co. NC*	1,000,000.00		1,005,747		1,028,320
487836-AS-7	Kellogg Company NC	1,000,000.00		1,022,618		1,030,400
53079E-AS-3	Liberty Mutual Group NC	200,000.00		207,035		220,962
570535-AH-7	Markel Corporation NC	1,000,000.00		1,024,948		1,131,650
58405U-AE-2	Medco Health Solutions S/U NC	1,000,000.00		1,067,514		1,105,660
594918-AC-8	Microsoft Corporation NC	1,000,000.00		992,352		1,109,360
61745E-2B-6	Morgan Stanley Fltr. NC	1,000,000.00		1,000,000		928,750
61757U-AB-6	Morgan Stanley NC*	2,000,000.00		2,040,912		2,065,380
61757U-AF-7	Morgan Stanley NC*	3,800,000.00		3,829,182		3,861,142
650094-BV-6	Verizon New York Inc. NC	1,000,000.00		1,110,790		1,126,600
70213B-AA-9	Partnerre Finance LLC MWC	1,500,000.00		1,459,761		1,559,460
713448-BK-3	Pepsico Inc. NC	1,000,000.00		1,004,838		1,081,690
72447X-AA-5	Pitney Bowes Inc MTN NC	1,000,000.00		965,943		1,059,740
742718-DM-8	Procter & Gamble Co. NC	1,000,000.00		999,791		1,091,900
742718-DR-7	Procter & Gamble NC	1,365,000.00		1,366,773		1,383,455
74834L-AL-4	Quest Diagnostic Inc. NC	1,000,000.00		1,079,730		1,126,010
7591EP-AD-2	Regions Financial Corp. Fltr. NC	1,000,000.00		948,150		955,150
806605-AJ-0	Schering-Plough NC	1,000,000.00		1,075,644		1,214,950
808513-AC-9	Charles Schwab Corp. NC	1,500,000.00		1,633,215		1,666,485
80851Q-DA-9	Charles Schwab Corp. NC	1,000,000.00		1,156,527		1,175,830
846042-AA-7	Sovereign Bank NC*	1,000,000.00		1,014,225		1,029,680
863667-AA-9	Stryker Corp. NC	2,000,000.00		2,039,797		2,105,960
86801B-AB-1	Suntrust Bank NC*	2,500,000.00		2,540,845		2,568,550
88579E-AF-2	3M Company NC	1,500,000.00		1,557,941		1,565,805
89152U-AA-0	Total Capital NC	1,500,000.00		1,517,348		1,580,010
91159H-GX-2	US Bancorp NC	1,000,000.00		1,022,024		1,027,020
91324P-BJ-0	UnitedHealth Group, Inc. MWC	1,000,000.00		1,175,522		1,167,340
931422-AD-1	Walgreen Co. NC	1,000,000.00		1,010,488		1,109,400
G1279M-HS-8	BP Capital Markets PLC NC	2,500,000.00		2,554,468		2,522,000
	Total Corporate Bonds:	106,524,000.00		109,281,203		112,348,803
	* These Bonds are FDIC Insured and have a AAA rating

CUSIP	Security Description	Par/ Shares	Book Value		Market Value
Municipals
052396-XT-0	Austin Pub Imprv TX GO CC	750,000.00		836,963		845,183
121403-WL-9	Burleson ISD TX GO NC	1,960,000.00		1,988,041		2,220,915
145610-FF-3	Carrollton TX GO CC	250,000.00		255,395		273,898
162375-3G-2	Chattanooga TN GO CC SNK	1,060,000.00		1,037,865		1,121,999
199491-YQ-8	Columbus OH GO CC	1,900,000.00		1,860,866		2,012,556
234685-HL-2	Dallas Cnty TX GO CC	1,500,000.00		1,542,674		1,678,155
245176-BW-1	Del Mar College TX GO CC	500,000.00		491,270		517,845
373028-PV-5	Georgetown TX GO CC	410,000.00		413,955		446,679
386137-4G-5	Grand Prairie TX GO CC	345,000.00		339,360		358,462
40727E-S5-7	Hamilton Cnty OH GO CC	1,205,000.00		1,193,829		1,290,398
40727E-T9-8	Hamilton Cnty OH GO CC	500,000.00		501,171		553,865
442330-T6-3	Houston TX GO CC	1,000,000.00		1,006,901		1,020,040
442402-6K-4	Houston ISD TX GO CC SNK	1,200,000.00		1,248,089		1,240,980
442403-BV-2	Houston ISD TX GO CC	1,000,000.00		971,134		1,075,440
478718-ZH-5	Johnson Cnty USD KS GO CC	1,000,000.00		941,931		1,085,210
514282-QB-1	Lancaster PA GO NC	1,005,000.00		1,096,877		1,157,137
528828-SJ-6	Lewisville ISD TX GO CC	1,000,000.00		956,215		1,072,600
542264-BP-0	Lone Star College TX GO NC	500,000.00		508,659		521,655
542264-BQ-8	Lone Star College TX GO NC	500,000.00		519,142		532,305
581663-4F-5	McKinney ISD TX GO CC	1,000,000.00		1,098,295		1,169,710
590759-N5-1	Mesquite ISD TX GO CC	1,065,000.00		1,084,903		1,186,921
642169-5J-1	New Bedford MA GO NC	1,600,000.00		1,666,400		1,825,872
667027-A2-2	Northside ISD TX GO CC	1,000,000.00		970,436		1,079,630
667825-TW-3	Northwest ISD TX GO CC	1,000,000.00		1,056,678		1,169,760
702333-N5-0	Pasadena ISD TX GO CC	1,000,000.00		1,010,182		1,041,080
717095-U3-5	Pflugerville ISD TX GO CC	1,000,000.00		1,038,300		1,125,110
731197-UL-1	Polk Cnty IA GO CC	500,000.00		489,020		527,440
83710D-D5-4	South Carolina State SC GO CC	1,440,000.00		1,416,508		1,548,043
83710D-D7-0	South Carolina State SC GO CC	1,125,000.00		1,115,147		1,203,638
850000-ZA-1	Spring ISD TX GO CC SNK	1,000,000.00		1,013,456		1,043,190
889855-TE-2	Tomball ISD TX GO CC	1,000,000.00		960,307		1,086,510
902307-HK-6	Tyler Jr. College TX REV CC	425,000.00		415,356		438,133
915137-E9-0	University of Tx TX REV CC	400,000.00		423,667		475,352
930863-U7-8	Wake Cnty NC GO CC PreRef	595,000.00		644,148		733,296
930863-V6-9	Wake Cnty NC GO CC	405,000.00		438,454		479,771
947100-MF-7	Weatherford TX GO CC	1,000,000.00		991,598		1,020,490
95308R-AL-3	West Harris Cnty TX REV CC SNK	500,000.00		517,491		549,550
969887-SD-1	Williamson Cnty TX GO CC	265,000.00		264,417		290,220
	Total Municipals:	33,905,000.00		34,325,102		37,019,037
MBS
31283K-N4-6	FHLMC Pool #G11311	96,594.79		95,799		103,098
3128GV-BY-5	FHLMC Pool #E90955	54,977.66		54,524		58,679
3128GV-BZ-2	FHLMC Pool #E90956	69,852.67		69,273		74,555
3128H4-E8-8	FHLMC Pool #E96459	359,786.70		356,582		384,008
3128KL-GN-1	FHLMC Pool #A57405	846,944.88		838,218		898,969
3128MJ-A4-2	FHLMC Pool #G08026	716,625.16		694,609		758,210
3128MJ-AQ-3	FHLMC Pool #G08014	893,440.10		866,013		945,285
31292J-BG-4	FHLMC Pool #C01839	1,410,060.12		1,366,903		1,491,883
31294K-KT-1	FHLMC Pool #E01206	118,434.52		117,447		126,327

CUSIP	Security Description	Par/ Shares	Book Value		Market Value
MBS (continued)
31294K-KU-8	FHLMC Pool #E01207	108,701.52		107,798		115,911
31296W-NK-9	FHLMC Pool #A20394	770,061.20		746,543		814,746
31297P-JS-1	FHLMC Pool #A33873	599,420.70		580,544		633,455
31371K-GB-1	FNMA Pool # 254094	132,806.98		131,761		142,775
31371K-UK-5	FNMA Pool #254486	119,492.66		118,501		127,528
31371K-WE-7	FNMA Pool #254545	127,429.26		126,360		135,998
31371M-3X-3	FNMA Pool #256514	445,009.38		441,621		480,644
31371M-KF-3	FNMA Pool #255994	471,837.35		470,007		507,053
31371M-PJ-0	FNMA Pool #256125	485,656.68		474,280		514,743
31371M-RT-6	FNMA Pool #256198	413,541.31		411,550		442,876
31371M-SX-6	FNMA Pool #256234	776,749.18		773,006		829,216
31371M-T5-6	FNMA Pool #256272	597,703.36		594,825		638,076
31371N-CL-7	FNMA Pool #256675	482,085.82		469,084		510,054
31371N-CM-5	FNMA Pool #256676	429,235.72		424,134		458,229
31371N-EW-1	FNMA Pool #256749	767,831.50		760,243		826,197
31387A-W6-8	FNMA Pool #578569	179,585.38		178,746		192,840
31387C-P3-9	FNMA Pool #580142	142,859.28		141,737		153,582
31390K-3W-6	FNMA Pool #648913	92,111.25		91,354		98,305
31402D-C4-0	FNMA Pool #725591	1,339,853.55		1,298,277		1,419,696
31404J-3Y-9	FNMA Pool #770415	529,462.05		513,037		561,013
31406N-RB-2	FNMA Pool #815082	382,337.96		378,812		408,885
31409G-GX-8	FNMA Pool #870614	873,773.19		844,949		922,019
31411D-S7-5	FNMA Pool #905142	829,697.64		821,107		882,723
31411L-5E-7	FNMA Pool #911745	925,480.15		914,732		983,953
31413A-WS-8	FNMA Pool #939957	443,303.13		438,168		477,000
36202E-AY-5	GNMA II Pool #3623	816,982.64		793,476		876,772
	Total MBS:	17,849,725.44		17,504,020		18,995,303
GSE CMOs
31393F-6H-4	FHR 2522 AH	1,228,000.00		1,212,975		1,278,851
31393F-JK-3	FHR 2527 LG	45,078.08		44,670		46,151
31393G-Y6-5	FHR 2541 LM	80,512.70		79,860		82,154
31393H-S4-5	FHR 2558 JS	299,650.94		295,285		312,473
31393J-4D-7	FHR 2554 JW	83,143.02		82,963		83,935
31393L-JD-6	FHR 2564 GC	1,102.74		1,103		1,103
31393M-RM-5	FHR 2586 HL	458,765.42		436,711		486,086
31393Q-WR-9	FHR 2610 DG	292,310.83		283,855		298,214
31393R-4P-2	FHR 2617 BG	241,851.00		238,200		246,459
31393V-P9-6	FHR 2628 LE	435,530.84		418,086		443,559
31393W-6K-0	FHR 2640 AL	391,296.52		384,176		407,301
31393W-EZ-8	FHR 2643 HJ	1,100,000.00		1,070,419		1,195,914
31393W-N5-4	FHR 2644 EC	213,590.28		206,526		219,203
31394K-ZA-5	FHR 2692 QT	10,856.37		10,856		10,852
31394T-RH-0	FHR 2762 XC	263,599.46		249,504		279,290
31394W-G5-1	FHR 2779 YA	457,245.00		436,991		479,817
31394X-K5-4	FHR 2772 QA	807,465.38		790,800		836,189
31395A-C8-6	FHR 2806 AC	1,167,034.65		1,161,032		1,209,792
31395C-Q3-8	FHR 2825 LE	1,000,000.00		995,716		1,020,567
31395H-3S-7	FHR 2874 LC	1,000,000.00		999,109		1,044,726
31395L-XA-4	FHR 2916 YE	173,687.35		173,173		177,170
31395M-QS-1	FHR 2935 LM	412,381.19		404,921		439,076
31395N-QR-1	FHR 2006 QD	1,000,000.00		1,000,522		1,030,120

CUSIP	Security Description	Par/ Shares	Book Value		Market Value
GSE CMOs(continued)
31395P-XB-3	FHR 2950 ON	585,276.31		583,118		599,773
31395T-LX-0	FHR 2963 BK	522,944.24		503,565		547,437
31395U-SY-8	FHR 2977 PC	1,400,000.00		1,389,746		1,478,689
31395V-KF-5	FHR 2984 NA	49,896.74		49,894		50,065
31396C-SQ-4	FHR 3048 QA	384,684.04		382,033		403,340
31396F-FL-2	FHR 3068 JA	339,397.82		340,086		343,483
31396F-HS-5	FHR 3072 AE	470,049.41		467,663		483,361
31396G-AV-3	FHR 3087 JB	320,856.74		321,706		334,989
31396G-UG-4	FHR 3099 PB	1,000,000.00		1,000,701		1,029,727
31396H-F8-7	FHR 3107 ME	429,777.44		427,550		441,959
31396H-VV-8	FHR 3117 PC	1,150,153.08		1,140,463		1,195,782
31396J-A3-9	FHR 3133 PB	752,643.92		752,844		759,115
31396N-CW-4	FHR 3145 KC	2,000,000.00		1,976,622		2,111,039
31396N-M2-9	FHR 3147 YE	266,288.73		266,840		277,150
31396R-NN-3	FHR 3154 PJ	104,723.78		104,711		104,966
31396U-NL-0	FHR 3188 CK	484,945.88		481,666		501,884
31397A-HX-4	FHR 3200 MX	1,460,000.00		1,451,405		1,524,673
31397A-HY-2	FHR 3200 NA	182,468.15		182,552		184,968
31397A-QG-1	FHR 3203 MA	353,524.17		351,389		362,207
31397G-B9-0	FHR 3310 A	422,175.20		418,870		433,384
31397G-J5-0	FHR 3306 PB	1,400,000.00		1,394,602		1,447,549
31397J-GE-8	FHR 3330 PB	1,000,000.00		996,828		1,029,608
31398E-HW-7	FHR 3539 PM	1,155,181.10		1,139,023		1,212,760
31392H-C9-2	FNR 2003-9 BJ	473,971.17		469,134		507,524
31392H-RQ-8	FNR 2003-4 AD	358,017.36		354,355		373,011
31392J-3M-9	FNR 2003-21 PJ	185,842.42		182,840		194,005
31392J-Y5-2	FNR 2003-21 OV	335,141.83		319,007		357,787
31393C-AR-4	FNR 2003-34 VD	149,325.42		147,308		151,910
31393E-AE-9	FNR 2003-74 PJ	360,087.08		329,424		377,504
31393E-BF-5	FNR 2003-74 AE	506,984.14		494,320		517,540
31393E-FX-2	FNR 2003-79 NL	316,747.28		311,213		327,118
31393U-UC-5	FNR 2003-134 ME	297,046.19		289,147		312,237
31394E-JC-3	FNR 2005-55 LC	360,365.40		361,110		378,535
31394E-MW-5	FNR 2005-62 DT	1,000,000.00		991,597		1,046,600
31395D-BP-3	FNR 2006-40 VA	994,084.93		996,434		1,053,432
31398M-VX-1	FNR 2010-19 CK	914,922.46		921,195		944,902
38374F-H4-9	GNR 2004-17 HG	343,606.87		330,947		360,190
38374M-EQ-8	GNR 2005-84 SC	9,336.36		9,336		9,513
38374T-NS-9	GNR 2009-13 E	775,494.20		766,641		825,090
38375Q-X7-9	GNR 2008-51 PE	311,580.67		318,984		331,381
38376P-R5-1	GNR 2009-116 KC	1,437,630.42		1,423,239		1,489,799
	Total GSE CMOs:	36,528,272.72		36,117,561		38,044,985
Non-Agency CMOs
12637H-AV-0	CSMC 2006-4 6A2	1,509,076.27		301,815		301,815
12667F-7S-8	CWALT 2005-4 B1	3,143,806.37		101,979		101,979
12669D-LJ-5	CWHL 2002-32 3A1	42,700.42		41,372		44,487
22541S-HE-1	CSFB 2004-3 DB2	1,870,566.74		237,463		261,879
22541S-VQ-8	CSFB 2004-4 DB2	1,801,352.06		639,480		639,480
22541S-Z7-6	CSFB 2004-8 DB2	1,602,856.64		160,286		160,286

CUSIP	Security Description	Par/ Shares	Book Value		Market Value
Non-Agency CMOs(continued)
225458-LV-8	CSFB 2005-3 DB2	2,896,234.75		99,793		99,793
2254W0-HF-5	CSFB 2004-6 3A2	571,010.83		501,957		534,411
23244E-AK-3	CWALT 2006-J6 B1	482,613.88		0		0
55265K-3H-0	MASTR 2003-11 5A2	451,962.54		401,747		431,749
55265K-T2-5	MASTR 2003-10 1A2	598,452.31		569,595		607,282
576434-QT-4	MALT 2004-4 B1	1,451,229.41		587,768		769,152
	Total Non-Agency CMOs:	16,421,862.22		3,643,255		3,952,313
Equities
001055-10-2	Aflac Inc.	464.00		18,972		23,993
00206R-10-2	AT&T Inc	1,194.00		30,969		34,148
002824-10-0	Abbott Laboratories	578.00		30,286		30,195
023608-10-2	Ameren Corporation	8,000.00		200,724		227,200
025537-10-1	American Electric Power Co.	10,000.00		274,740		362,300
025816-10-9	American Express Co.	1,585.00		30,236		66,618
03073E-10-5	AmeriSourceBergen Corp	859.00		16,086		26,337
037411-10-5	Apache Corp	312.00		28,186		30,501
037833-10-0	Apple Computer Inc	174.00		23,221		49,373
038222-10-5	Applied Materials Inc	8,225.00		142,012		96,068
052800-10-9	Autoliv Inc.	543.00		27,592		35,474
053015-10-3	Automatic Data Processing Inc	2,790.00		119,342		117,264
053332-10-2	Autozone Inc.	135.00		27,566		30,903
086516-10-1	Best Buy Inc	702.00		33,358		28,663
125071-10-0	CDI Corp	3,875.00		40,812		50,065
125902-10-6	CPI Corp.	800.00		16,344		20,704
143130-10-2	Carmax Inc.	490.00		6,810		13,651
149123-10-1	Caterpillar Inc.	443.00		28,766		34,855
166764-10-0	Chevron Corp.	369.00		29,739		29,907
171340-10-2	Church & Dwight Co Inc	350.00		22,469		22,729
171798-10-1	Cimarex Energy Co.	366.00		26,533		24,222
17275R-10-2	Cisco Systems Inc	1,483.00		39,705		32,478
172908-10-5	Cintas Corp	850.00		17,859		23,418
189754-10-4	Coach Inc.	848.00		25,862		36,430
191216-10-0	Coca-Cola Co	2,610.00		131,598		152,737
194162-10-3	Colgate Palmolive Co	1,565.00		104,526		120,286
20030N-20-0	Comcast Corp Special Cl A	2,125.00		29,025		36,146
205887-10-2	Conagra Foods Inc.	960.00		22,395		21,062
209115-10-4	Consolidated Edison Inc.	50,000.00		2,091,819		2,411,000
218681-10-4	Core-Mark Holding Co. Inc.	1,225.00		34,947		37,926
24702R-10-1	Dell Inc.	6,200.00		99,985		80,414
25243Q-20-5	Diageo PLC-Sponsored ADR	455.00		36,754		31,400
253868-10-3	Digital Realty Trust Inc.	406.00		24,776		25,050
254687-10-6	Disney, Walt	2,185.00		54,919		72,324
260003-10-8	Dover Corp	634.00		27,144		33,101
26138E-10-9	Dr. Pepper Snapple Group Inc.	591.00		22,981		20,992
26441C-10-5	Duke Energy Corp	15,000.00		257,578		265,650
268648-10-2	EMC Corp	1,643.00		19,166		33,369
291011-10-4	Emerson Electric Co	950.00		30,240		50,027
30161N-10-1	Exelon Corp	850.00		35,365		36,193

CUSIP	Security Description	Par/ Shares	Book Value		Market Value
Equities(continued)
30231G-10-2	Exxon Mobil Corp.	1,023.00		60,083		63,211
302491-30-3	FMC Corp	357.00		15,366		24,422
302563-10-1	FPIC Insurance Group, Inc.	8,000.00		208,651		280,720
31428X-10-6	FedEx Corp	205.00		12,854		17,528
35671D-85-7	Freeport-McMoran Copper	287.00		20,207		24,507
35906A-10-8	Frontier Communications Corp	442.00		3,385		3,611
35914P-10-5	Frontier Oil Corp	2,925.00		34,177		39,195
369604-10-3	General Electric	5,450.00		55,100		88,563
38259P-50-8	Google Inc.	67.00		34,033		35,228
387328-10-7	Granite Construction Inc.	1,520.00		34,590		34,565
415864-10-7	Harsco Corp	3,785.00		92,795		93,035
423452-10-1	Helmerich & Payne Inc	689.00		26,655		27,877
428236-10-3	Hewlett-Packard Co	671.00		30,014		28,229
441060-10-0	Hospira Inc.	474.00		27,442		27,023
458140-10-0	Intel Corp	5,309.00		101,276		101,933
459200-10-1	Intl Business Machines Corp	258.00		27,670		34,608
462846-10-6	Iron Mountain Inc.	775.00		17,056		17,314
464287-22-6	IShares Barclays Aggr. Bond Fund	5,000.00		505,382		543,250
464287-24-2	IShares IBOXX Inv Grade Corp BF	3,000.00		295,025		339,270
469814-10-7	Jacobs Engineering Group Inc.	950.00		33,786		36,765
549271-10-4	Lubrizol Corp	229.00		16,469		24,267
550819-10-6	Lydall Inc.	2,100.00		16,611		15,456
552676-10-8	MDC Holdings Inc.	2,540.00		73,832		73,736
552715-10-4	MEMC Electronic Materials	4,680.00		65,382		55,786
571748-10-2	Marsh & McLennan Co	3,845.00		106,445		92,741
57636Q-10-4	MasterCard Inc. - Class A	150.00		38,614		33,600
577767-10-6	Maxwell Technologies, Inc	2,415.00		30,236		35,283
580135-10-1	McDonald's Corp	394.00		27,509		29,357
58405U-10-2	MedCo Health Solutions Inc.	482.00		22,534		25,093
585055-10-6	Medtronic Inc	900.00		34,830		30,222
594918-10-4	Microsoft Corp	22,779.00		594,091		557,858
595017-10-4	Microchip Technology Inc.	1,266.00		40,614		39,816
595137-10-0	Microsemi Corp.	2,042.00		36,411		34,964
628530-10-7	Mylan Inc.	1,424.00		23,894		26,785
651824-10-4	Newport Corp	1,870.00		16,449		21,206
65248E-10-4	News Corp - Class A	2,635.00		30,816		34,413
664397-10-6	NorthEast Utilities Co.	15,000.00		336,383		443,550
666807-10-2	Northrop Grumman Corp.	451.00		28,486		27,344
680223-10-4	Old Republic International Corp	10,000.00		113,424		138,500
68389X-10-5	Oracle Corp	1,379.00		30,564		37,026
704326-10-7	Paychex Inc	1,105.00		28,134		30,376
713448-10-8	Pepsico Inc	368.00		21,257		24,450
714290-10-3	Perrigo Co.	497.00		23,336		31,917
736508-84-7	Portland General Electric Co.	20,000.00		401,982		405,600
740189-10-5	Precision Castparts Corp	266.00		17,562		33,875
742718-10-9	Procter & Gamble	960.00		59,799		57,571
743263-10-5	Progress Energy Inc.	4,000.00		157,342		177,680
775109-20-0	Rogers Communications Inc.-B	573.00		20,395		21,447
811656-10-7	Seabright Insurance Holdings	3,445.00		35,421		27,767
847560-10-9	Spectra Energy Corp	1,267.00		26,512		28,571
855030-10-2	Staples Inc.	1,375.00		24,316		28,765
858155-20-3	Steelcase Inc. Class-A	2,425.00		16,570		20,200
88076W-10-3	Teradata Corp	1,058.00		33,565		40,796

CUSIP	Security Description	Par/ Shares	Book Value		Market Value
Equities (continued)
882508-10-4	Texas Instruments Inc.	2,075.00		37,473		56,316
883556-10-2	Thermo Fisher Scientific Inc.	755.00		33,340		36,149
88579Y-10-1	3M Company	1,404.00		106,094		121,741
886423-10-2	Tidewater Inc.	1,855.00		76,863		83,123
889478-10-3	Toll Brothers Inc.	1,025.00		16,379		19,496
892356-10-6	Tractor Supply Company	820.00		27,679		32,521
907818-10-8	Union Pacific Corp	396.00		22,834		32,393
911312-10-6	United Parcel Service Class B	1,360.00		83,961		90,698
913017-10-9	United Technologies Corp	419.00		25,878		29,845
91913Y-10-0	Valero Energy Corp	3,925.00		67,810		68,727
92343V-10-4	Verizon Communications	1,845.00		50,313		60,129
92553P-20-1	Viacom Inc. Class B	912.00		28,511		33,005
931142-10-3	Wal-Mart Stores Inc	2,692.00		129,017		144,076
931422-10-9	Walgreen Company	2,280.00		85,902		76,380
949746-10-1	Wells Fargo Co.	3,793.00		73,865		95,261
963320-10-6	Whirlpool Corp	306.00		24,559		24,774
983919-10-1	Xilinx Inc.	1,177.00		31,126		31,355
FEMPTN-RS-4	FemPartners	474,617.00		0		0
G1151C-10-1	Accenture Ltd. Ireland - Class A	855.00		33,216		36,329
G4412G-10-1	Herbalife Ltd.	485.00		26,798		29,270
H0023R-10-5	ACE Ltd.	5,000.00		247,290		291,250
	Total Equities:	795,937		9,695,653		10,834,883
	Grand Total:		$	240,300,326	$	251,947,222