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