Exhibit 99.1
 Consolidated Fixed-Income Security and
Cash and Cash Equivalents Portfolio
American Physicians Capital, Inc. and Subsidiaries
As of March 31, 2010
 Fair
    
    
    Amortized
    
    
    ParCUSIP
    
    Description
    
    Value (1)
    
    
    Cost
    
    
    Value(in thousands)AVAILABLE-FOR-SALE
DEBT SECURITIESStates And Political
Subdivisions709141-Q5-7
    
    PENNSYLVANIA ST
    
    
    9,870
    
    
    
    9,275
    
    
    
    9,000196454-FL-1
    
    CO DEPT TRANSN REV
    
    
    7,524
    
    
    
    6,871
    
    
    
    6,57595667Q-AN-6
    
    WEST VA ST SCH BLDG AUTH REV
    
    
    7,220
    
    
    
    6,767
    
    
    
    6,500718814-XK-7
    
    PHOENIX ARIZ
    
    
    7,191
    
    
    
    6,561
    
    
    
    6,300646135-2Y-8
    
    NEW JERSEY ST TRANSN TR FD AUTH
    
    
    7,152
    
    
    
    6,744
    
    
    
    6,500646039-JA-6
    
    NEW JERSEY ST
    
    
    7,003
    
    
    
    6,469
    
    
    
    6,225452151-7M-9
    
    ILLINOIS ST CTFS
    
    
    6,903
    
    
    
    6,904
    
    
    
    6,900741701-VD-5
    
    PRINCE GEORGES CNTY MD
    
    
    6,858
    
    
    
    6,247
    
    
    
    6,000167723-BD-6
    
    CHICAGO ILL TRAN AUTH
    
    
    6,635
    
    
    
    6,296
    
    
    
    6,000928172-HL-2
    
    VIRGINIA ST PUB BLDG AUTH
    
    
    6,559
    
    
    
    6,165
    
    
    
    6,000709141-Z7-3
    
    PENNSYLVANIA ST
    
    
    6,507
    
    
    
    6,122
    
    
    
    5,965977056-8D-5
    
    WISCONSIN ST
    
    
    6,494
    
    
    
    6,149
    
    
    
    6,000373383-N7-9
    
    GEORGIA ST
    
    
    5,993
    
    
    
    5,718
    
    
    
    5,485186343-UR-8
    
    CLEVELAND OHIO
    
    
    5,772
    
    
    
    5,320
    
    
    
    5,050391554-AP-7
    
    GREATER ALBANY SCH DIST OR
    
    
    5,691
    
    
    
    5,203
    
    
    
    5,000592013-7M-2
    
    METROPOLITAN GOVT NASHVILLE & DAV
    
    
    5,653
    
    
    
    5,184
    
    
    
    5,000527839-BY-9
    
    LEWIS CNTY WASH PUB UTIL
    
    
    5,453
    
    
    
    5,145
    
    
    
    5,000419780-S5-1
    
    HAWAII ST
    
    
    5,450
    
    
    
    5,131
    
    
    
    5,000594700-CA-2
    
    MICHIGAN ST TRUNK LINE FD
    
    
    5,411
    
    
    
    5,141
    
    
    
    5,000181054-7U-5
    
    CLARK CNTY NEV SCH DIST
    
    
    5,403
    
    
    
    5,128
    
    
    
    5,00079575D-LQ-1
    
    SALT RIV PROJ ARIZ AGRIC IMPT
    
    
    5,403
    
    
    
    5,185
    
    
    
    5,000575827-3X-6
    
    MASSACHUSETTS ST CONS LN-SER C
    
    
    5,400
    
    
    
    5,143
    
    
    
    5,00092817F-XF-8
    
    VIRGINIA ST PUB SCH AUTH
    
    
    5,341
    
    
    
    5,131
    
    
    
    5,000452151-PZ-0
    
    ILLINOIS ST
    
    
    5,301
    
    
    
    5,113
    
    
    
    5,000646065-WW-8
    
    NEW JERSEY ST EDL FACS AUTH REV
    
    
    5,144
    
    
    
    5,150
    
    
    
    4,585940858-D7-5
    
    WASHOE CNTY NEV SCH DIST
    
    
    4,997
    
    
    
    5,052
    
    
    
    4,645366119-UV-5
    
    GARLAND TEX
    
    
    4,695
    
    
    
    4,732
    
    
    
    4,26537358M-CN-9
    
    GEORGIA ST RD & TWY AUTH REV
    
    
    4,417
    
    
    
    4,466
    
    
    
    4,000917565-HC-0
    
    UTAH TRAN AUTH SALES TAX REV
    
    
    4,324
    
    
    
    4,363
    
    
    
    3,900416848-NU-9
    
    HARTLAND MICH CONS SCH DIST
    
    
    3,693
    
    
    
    3,691
    
    
    
    3,675972176-6H-9
    
    WILSON CNTY TENN
    
    
    3,397
    
    
    
    3,243
    
    
    
    3,075972176-6J-5
    
    WILSON CNTY TENN
    
    
    3,263
    
    
    
    3,155
    
    
    
    3,00549119G-BQ-1
    
    KENTUCKY ASSET / LIABILITY COMMN
    
    
    2,673
    
    
    
    2,724
    
    
    
    2,500058508-BM-3
    
    BALL ST UNIV IND UNIV REVS
    
    
    1,973
    
    
    
    2,014
    
    
    
    1,850665093-EF-3
    
    NORTHERN COOK CNTY ILL SOLID WASTE
    
    
    1,342
    
    
    
    1,255
    
    
    
    1,200665093-EE-6
    
    NORTHERN COOK CNTY ILL SOLID WASTE
    
    
    1,334
    
    
    
    1,252
    
    
    
    1,200172311-FS-6
    
    CIN OH WTR SYS REV
    
    
    1,138
    
    
    
    1,164
    
    
    
    1,070969073-HN-8
    
    WILL CNTY ILL CMNTY HIGH SCH
    
    
    1,126
    
    
    
    1,066
    
    
    
    1,00076218R-ED-6
    
    RI CLEAN WTR FIN AGY REV
    
    
    1,113
    
    
    
    1,118
    
    
    
    1,000250092-F4-0
    
    DES MOINES IOWA
    
    
    1,088
    
    
    
    1,028
    
    
    
    1,000677520-ZZ-4
    
    OHIO ST
    
    
    1,078
    
    
    
    1,079
    
    
    
    1,000564266-LX-0
    
    MANSFIELD MASS
    
    
    557
    
    
    
    557
    
    
    
    550615401-HU-3
    
    MOON AREA SCH DIST PA
    
    
    553
    
    
    
    518
    
    
    
    500Subtotal States And Political Subdivisions
    
    
    200,092
    
    
    
    190,739
    
    
    
    182,520
 1




---



##### 



Fair
    
    
    Amortized
    
    
    ParCUSIP
    
    Description
    
    Value (1)
    
    
    Cost
    
    
    Value(in thousands)Corporate Securities904764-AG-2
    
    UNILEVER CAP CORP
    
    
    6,746
    
    
    
    6,552
    
    
    
    6,500210805-DP-9
    
    CONTINENTAL AIRLS EETC
    
    
    6,396
    
    
    
    6,500
    
    
    
    6,50026353L-JB-8
    
    DU PONT E I DE NEMOURS & CO
    
    
    6,309
    
    
    
    5,737
    
    
    
    6,000002824-AS-9
    
    ABBOTT LABS
    
    
    6,305
    
    
    
    5,996
    
    
    
    6,000717081-CZ-4
    
    PFIZER INC
    
    
    5,300
    
    
    
    4,995
    
    
    
    5,000456866-AK-8
    
    INGERSOLL RAND CO
    
    
    5,287
    
    
    
    4,780
    
    
    
    5,00024713@-AA-4
    
    DELOITTE & TOUCHE USA LLP
    
    
    3,966
    
    
    
    4,000
    
    
    
    4,00045072G-AA-0
    
    I-PRETSL II COMBINATION
    
    
    2,157
    
    
    
    2,157
    
    
    
    2,157369604-AY-9
    
    GENERAL ELEC CO
    
    
    1,078
    
    
    
    974
    
    
    
    1,000075887-AS-8
    
    BECTON DICKINSON & CO
    
    
    534
    
    
    
    483
    
    
    
    500Subtotal Corporate Securities
    
    
    44,078
    
    
    
    42,174
    
    
    
    42,657Mortgage-Backed Securities393505-XC-1
    
    GREEN TREE FINANCIAL CORP
    
    
    83
    
    
    
    79
    
    
    
    79Subtotal Mortgage-Backed Securities
    
    
    83
    
    
    
    79
    
    
    
    79TOTAL AVAILABLE-FOR-SALE DEBT SECURITIES
    
    $
    244,253
    
    
    $
    232,992
    
    
    $
    225,256
 
 (1)
    =
    Available-for-sale debt securities are carried in the balance sheet at fair value. Fair
    
    
    Amortized
    
    
    ParCUSIP
    
    Description
    
    Value
    
    
    Cost (2)
    
    
    Value(in thousands)HELD-TO-MATURITY DEBT SECURITIESStates And Political Subdivisions64711R-BD-7
    
    NM FIN AUTH ST TRANSN REV
    
    
    7,498
    
    
    
    7,172
    
    
    
    6,805677519-SC-5
    
    OHIO ST
    
    
    7,369
    
    
    
    6,844
    
    
    
    6,615341150-QU-7
    
    FLORIDA ST
    
    
    7,148
    
    
    
    6,785
    
    
    
    6,50029270C-HK-4
    
    ENERGY N W WASH ELEC REV
    
    
    7,314
    
    
    
    6,782
    
    
    
    6,500576002-AS-8
    
    MASSACHUSETTS ST SPL OBLIG
    
    
    7,258
    
    
    
    6,769
    
    
    
    6,500645916-WU-7
    
    NEW JERSEY ECONOMIC DEV AUTH REV
    
    
    7,076
    
    
    
    6,737
    
    
    
    6,50093974A-NH-3
    
    WA ST REF-VAR PURP-SER R-03-A
    
    
    6,890
    
    
    
    6,631
    
    
    
    6,500736742-MA-2
    
    PORTLAND ORE SWR SYS REV
    
    
    6,674
    
    
    
    6,485
    
    
    
    6,000576000-AZ-6
    
    MASSACHUSETTS ST SCH BLDG AUTH
    
    
    6,523
    
    
    
    6,266
    
    
    
    6,000928109-JY-4
    
    VIRGINIA ST
    
    
    6,833
    
    
    
    6,251
    
    
    
    6,000455393-AM-0
    
    INDIANAPOLIS IND THERMAL ENERGY
    
    
    6,334
    
    
    
    6,212
    
    
    
    6,000040654-KT-1
    
    ARIZONA ST TRANSN BRD HWY REV
    
    
    6,555
    
    
    
    6,207
    
    
    
    6,000647310-G3-9
    
    NEW MEXICO ST SEVERANCE TAX
    
    
    6,182
    
    
    
    6,025
    
    
    
    6,00020772F-JN-1
    
    CONNECTICUT ST
    
    
    6,405
    
    
    
    5,983
    
    
    
    5,730246428-TE-6
    
    DELAWARE TRANSN AUTH TRANSN SYS
    
    
    5,841
    
    
    
    5,859
    
    
    
    5,445837147-XX-0
    
    SC ST PUB SVC AUTH REV REF-SER D
    
    
    5,917
    
    
    
    5,634
    
    
    
    5,430341426-PT-5
    
    FLORIDA ST BRD OF ED PUB ED-SER J
    
    
    5,846
    
    
    
    5,521
    
    
    
    5,290167486-HS-1
    
    CHICAGO ILL
    
    
    5,599
    
    
    
    5,485
    
    
    
    4,960472682-LZ-4
    
    JEFFSN CNTY ALA SWR REV CAP IMPT
    
    
    5,584
    
    
    
    5,373
    
    
    
    5,230591745-F5-8
    
    METROPOLITAN ATLANTA RAPID TRAN
    
    
    5,493
    
    
    
    5,330
    
    
    
    5,040478700-B2-2
    
    JOHNSON CNTY KANS UNI SCH DIST
    
    
    5,528
    
    
    
    5,300
    
    
    
    5,000181324-MB-7
    
    CLARK CNTY WASH SCH DIST NO 119
    
    
    5,407
    
    
    
    5,240
    
    
    
    5,000
 2




---



##### 



Fair
    
    
    Amortized
    
    
    ParCUSIP
    
    Description
    
    Value
    
    
    Cost (2)
    
    
    Value(in thousands)HELD-TO-MATURITY DEBT SECURITIESStates And Political Subdivisions (continued)677519-3S-7
    
    OHIO ST
    
    
    5,670
    
    
    
    5,192
    
    
    
    5,000262608-NQ-1
    
    DU PAGE & WILL CNTYS ILL CMNTY SCH
    
    
    5,548
    
    
    
    5,191
    
    
    
    5,000576004-ED-3
    
    MASSACHUSETTS ST SPL OBLIG REV
    
    
    5,461
    
    
    
    5,165
    
    
    
    5,000442436-2F-7
    
    HSTN TEX WTR & SWR SYS
    
    
    5,492
    
    
    
    5,156
    
    
    
    5,000199820-QY-0
    
    COMAL TEX INDPT SCH DIST
    
    
    5,431
    
    
    
    5,145
    
    
    
    5,000604128-3H-9
    
    MINNESOTA ST
    
    
    5,445
    
    
    
    5,137
    
    
    
    5,00046613Q-AM-6
    
    JEA FLA ST JOHNS RIV PWR PK SYS
    
    
    5,296
    
    
    
    5,111
    
    
    
    5,00040785E-MW-3
    
    HAMILTON SOUTHEASTERN IND CONS SCH
    
    
    5,117
    
    
    
    5,011
    
    
    
    4,725517840-B2-9
    
    LAS VEGAS VALLEY NEV WTR DIST
    
    
    4,528
    
    
    
    4,623
    
    
    
    4,340235416-ZU-1
    
    DALLAS TEX WTRWKS & SWR SYS REV
    
    
    5,012
    
    
    
    4,599
    
    
    
    4,455385640-FG-7
    
    GRAND IS NEB ELEC REV SYS
    
    
    4,697
    
    
    
    4,553
    
    
    
    4,485509228-EQ-1
    
    LAKE CNTY ILL ADLAI E STEVENSON SCH
    
    
    4,175
    
    
    
    3,918
    
    
    
    3,750491552-PM-1
    
    KENTUCKY ST TPK AUTH
    
    
    3,796
    
    
    
    3,629
    
    
    
    3,500442331-QC-1
    
    HOUSTON TEX
    
    
    3,594
    
    
    
    3,608
    
    
    
    3,300040663-2J-4
    
    ARIZONA ST UNIV REVS
    
    
    3,622
    
    
    
    3,399
    
    
    
    3,220927793-NT-2
    
    RPAR HOLDINGS REF-US RT 58 CORRID
    
    
    3,336
    
    
    
    3,124
    
    
    
    3,000927793-NU-9
    
    VIRGINIA COMWLTH TRANSN BRD
    
    
    3,326
    
    
    
    3,118
    
    
    
    3,000509228-ER-9
    
    LAKE CNTY ILL ADLAI E STEVENSON SCH
    
    
    3,102
    
    
    
    2,908
    
    
    
    2,795040663-2K-1
    
    ARIZONA ST UNIV REVS
    
    
    2,938
    
    
    
    2,779
    
    
    
    2,645259291-DD-1
    
    DOUGLAS CNTY NEB SCH DIST NO 001
    
    
    2,784
    
    
    
    2,594
    
    
    
    2,50097705L-FZ-5
    
    WISCONSIN ST
    
    
    2,183
    
    
    
    2,099
    
    
    
    2,000235416-A7-9
    
    DALLAS TEX WTRWKS & SWR SYS REV
    
    
    2,253
    
    
    
    2,096
    
    
    
    2,045438670-FF-3
    
    HONOLULU HAWAII CITY & CNTY
    
    
    2,052
    
    
    
    1,938
    
    
    
    1,855167486-HV-4
    
    CHICAGO ILL
    
    
    1,142
    
    
    
    1,150
    
    
    
    1,040678519-FD-6
    
    OKLAHOMA CITY OKLA
    
    
    1,175
    
    
    
    1,131
    
    
    
    1,075283734-KX-8
    
    EL PASO TEX
    
    
    1,121
    
    
    
    1,126
    
    
    
    1,035946363-GH-5
    
    WAYNE TWP IND MARION CNTY SCH BLD
    
    
    1,086
    
    
    
    1,098
    
    
    
    1,000345874-PH-8
    
    FOREST LAKE MINN INDPT SCH DIST
    
    
    1,078
    
    
    
    1,052
    
    
    
    1,000463813-GW-9
    
    IRVING TEX INDPT SCH DIST
    
    
    1,107
    
    
    
    1,050
    
    
    
    1,000659048-CN-0
    
    NORTH DAVIESS IND SCH BLDG CORP
    
    
    1,096
    
    
    
    1,040
    
    
    
    1,000718814-UE-4
    
    PHOENIX ARIZ
    
    
    1,061
    
    
    
    1,031
    
    
    
    1,00093974A-NL-4
    
    WA ST REF-VAR PURP-SER R-03-A
    
    
    1,061
    
    
    
    1,016
    
    
    
    1,000452001-WT-3
    
    ILL EDL AUTH REVS
    
    
    801
    
    
    
    766
    
    
    
    750181211-DJ-9
    
    CLARK CNTY WASH SCH DIST NO 101
    
    
    619
    
    
    
    591
    
    
    
    570263417-GJ-0
    
    DU PAGE CNTY ILL CMNTY HS
    
    
    542
    
    
    
    528
    
    
    
    520341535-PW-6
    
    FLORIDA ST BRD ED PUB ED
    
    
    556
    
    
    
    522
    
    
    
    500517840-WW-0
    
    LAS VEGAS VALLEY NEV WTR DIST
    
    
    542
    
    
    
    519
    
    
    
    500799098-DD-7
    
    SAN MIGUEL CNTY COLO SCH DIST
    
    
    547
    
    
    
    518
    
    
    
    500442352-AH-3
    
    HOUSTON TEX AREA WTR CORP
    
    
    542
    
    
    
    516
    
    
    
    500040654-JV-8
    
    AZ ST TRANSN BRD HWY REV SER B
    
    
    545
    
    
    
    516
    
    
    
    50051166F-AD-1
    
    LAKELAND FLA ENERGY SYS REV
    
    
    533
    
    
    
    513
    
    
    
    50054811B-EP-2
    
    LOWER COLO RIV AUTH TEX
    
    
    517
    
    
    
    506
    
    
    
    500159195-MY-9
    
    CHANNELVIEW TEX INDPT SCH DIST
    
    
    507
    
    
    
    483
    
    
    
    475655181-BJ-3
    
    NOBLESVILLE-SOUTHEASTN PUB LIBR
    
    
    501
    
    
    
    477
    
    
    
    460Subtotal States And Political Subdivisions
    
    
    252,811
    
    
    
    241,133
    
    
    
    231,085
 3




---



##### 



Fair
    
    
    Amortized
    
    
    ParCUSIP
    
    Description
    
    Value
    
    
    Cost (2)
    
    
    Value(in thousands)Corporate Securities74740F-GF-7
    
    QUAKER OATS CO
    
    
    6,498
    
    
    
    6,258
    
    
    
    6,000134429-AM-1
    
    CAMPBELL SOUP CO
    
    
    6,324
    
    
    
    6,113
    
    
    
    6,00041011W-AH-3
    
    HANCOCK JOHN GLOBAL FDG
    
    
    6,253
    
    
    
    6,102
    
    
    
    6,000855707-AB-1
    
    ST AUTO FINL CORP SR NT
    
    
    5,988
    
    
    
    6,039
    
    
    
    6,000035229-CD-3
    
    ANHEUSER BUSCH
    
    
    4,310
    
    
    
    4,310
    
    
    
    4,310Subtotal Corporate Securities
    
    
    29,373
    
    
    
    28,822
    
    
    
    28,310Mortgage-Backed Securities31395L-VJ-7
    
    FHLMC MULTICLASS PREASSIGN 00465
    
    
    14,394
    
    
    
    13,657
    
    
    
    13,58631394N-4U-9
    
    FHLMC MULTICLASS SER 2713
    
    
    12,927
    
    
    
    12,700
    
    
    
    12,66131395K-CV-3
    
    FHLMC MULTICLASS SER 2905
    
    
    10,478
    
    
    
    9,997
    
    
    
    10,00031394P-3P-6
    
    FHLMC MULTICLASS SER 2740
    
    
    10,092
    
    
    
    9,961
    
    
    
    9,93731394K-AD-6
    
    FHLMC MULTICLASS SER 2687
    
    
    7,983
    
    
    
    7,908
    
    
    
    7,89031394K-G6-5
    
    FHLMC MULTICLASS SER 2693
    
    
    5,709
    
    
    
    5,683
    
    
    
    5,67631395K-PG-2
    
    FHLMC MULTICLASS SER 2903
    
    
    4,726
    
    
    
    4,742
    
    
    
    4,76431393T-CP-9
    
    FNMA REMIC TRUST 2003-92
    
    
    2,494
    
    
    
    2,566
    
    
    
    2,58731394G-H7-1
    
    FHLMC REMIC SERIES 2649
    
    
    2,527
    
    
    
    2,420
    
    
    
    2,56731394Y-LZ-5
    
    FHLMC MULTICLASS SER
    
    
    2,326
    
    
    
    2,354
    
    
    
    2,36931394W-HE-1
    
    FHLMC MULTICLASS SER 2784
    
    
    2,313
    
    
    
    2,312
    
    
    
    2,31431393D-DS-7
    
    FNMA REMIC TRUST 2003-58
    
    
    1,980
    
    
    
    1,894
    
    
    
    1,93331394W-HQ-4
    
    FHLMC MULTICLASS SER 2784
    
    
    1,651
    
    
    
    1,604
    
    
    
    1,60331394M-A2-6
    
    FHLMC MULTICLASS SER 2708
    
    
    1,276
    
    
    
    1,276
    
    
    
    1,27631394Y-NA-8
    
    FHLMC MULTICLASS PREASSIGN
    
    
    1,127
    
    
    
    1,105
    
    
    
    1,11131394G-N8-2
    
    FHLMC REMIC SERIES 2659
    
    
    1,062
    
    
    
    1,064
    
    
    
    1,07231395A-LR-4
    
    FHLMC MULTICLASS SER 2807
    
    
    203
    
    
    
    203
    
    
    
    20231362J-E6-8
    
    FNMA ARM #062257
    
    
    55
    
    
    
    54
    
    
    
    5436224V-H5-7
    
    GNMA POOL #339652
    
    
    34
    
    
    
    33
    
    
    
    3136225A-ET-3
    
    GNMA PLATINUM P/T 780146
    
    
    9
    
    
    
    9
    
    
    
    831375A-G3-7
    
    FNMA P/T 328818
    
    
    6
    
    
    
    6
    
    
    
    631368H-US-0
    
    FNMA ARM MEGA POOL #190593
    
    
    2
    
    
    
    2
    
    
    
    2Subtotal Mortgage-Backed Securities
    
    
    83,374
    
    
    
    81,550
    
    
    
    81,649TOTAL HELD-TO-MATURITY DEBT SECURITIES
    
    $
    365,558
    
    
    $
    351,505
    
    
    $
    341,044
 
 (2)
    
    Held-to-maturity debt securities are carried in the balance sheet at amortized cost. CUSIP
    
    Description
    
    Cost(in thousands)CASH & CASH EQUIVALENTS31846V-41-9
    
    FIRST AMER TREAS OBLIG
    
    
    825665278-70-1
    
    NORTHERN INSTL FDS GOVT SELECT
    
    
    98,209Subtotal Money Market Funds
    
    
    99,034313385-XP-6
    
    FHLB DISCOUNT NOTES
    
    
    14,994313589-XP-3
    
    FNMA DISCOUNT NOTES
    
    
    14,9946840C3-DE-0
    
    ORACLE CORP
    
    
    9,997Subtotal Commercial Paper
    
    
    39,985CERTIFICATE OF DEPOSIT
    
    
    100ZERO BALANCE CASH SWEEP ACCOUNTS
    
    
    460Subtotal Cash and CDs
    
    
    560TOTAL CASH & CASH EQUIVALENTS
    
    $
    139,580
 4