EXHIBIT 99.1

ZENITH NATIONAL INSURANCE CORP AND SUBSIDIARIES  Available-For-Sale Investment Portfolio  December 31, 2009

(Dollars in thousands)

Cost or
Amortized
CostCUSIP

Description

Fair
Value

Par Value/
SharesCorporate Debt008685AC3

AHOLD FINANCE USA INC

$
3,992

$
4,105

$
3,960013716AR6

ALCAN ALUMINUM LTD


4,843


5,270


5,000013817AF8

ALCOA INC


7,251


7,462


7,100017363AD4

ALLEGHENY ENERGY SUPPLY


5,138


5,267


5,000017363AE2

ALLEGHENY ENERGY SUPPLY


4,162


4,376


4,000020002AR2

ALLSTATE CORPORATION


10,005


10,532


10,00002003MBQ6

ALLSTATE LIFE GL FN TRST


4,134


4,270


4,000023608AE2

AMEREN CORPORATION


1,991


2,246


2,000025932203

AMERICAN FINANCIAL GROUP


6,502


6,361


6,87502687QBE7

AMERICAN INTERNATIONAL GROUP


5,022


4,966


5,000026874AT4

AMERICAN INTERNATIONAL GROUP


9,707


9,237


10,000031162AN0

AMGEN INC


1,916


1,975


2,000031162AJ9

AMGEN INC


9,757


10,766


10,000032479AC1

ANADARKO FINANCE CO


7,567


7,593


7,185032511AU1

ANADARKO PETROLEUM CORP


2,002


2,075


2,00003523TAG3

ANHEUSER-BUSCH INBEV WOR


2,996


3,014


3,00000184AAB1

AOL TIME WARNER


7,371


7,946


7,50000184AAF2

AOL TIME WARNER


3,101


3,284


3,000037389AS2

AON CORPORATION


8,260


8,745


8,000037411AQ8

APACHE CORP


2,049


2,181


2,000046353AC2

ASTRAZENECA PLC


5,147


5,462


5,000001957BC2

AT&T CORP


3,307


3,303


3,00000206RAF9

AT&T INC


5,311


5,334


5,00000209AAG1

AT&T WIRELESS


9,067


9,039


8,000053611AC3

AVERY DENNISON CORP


3,075


3,091


3,000054303AS1

AVON PRODUCTS INC


5,742


5,987


5,750064057BA9

BANK OF NEW YORK CO INC.


1,025


1,081


1,00006406HBJ7

BANK OF NEW YORK MELLON


3,163


3,168


3,00006739FGP0

BARCLAY'S BANK PLC


10,007


9,989


10,000073902CE6

BEAR STEARNS COMPANIES


5,079


5,163


5,000079860AJ1

BELLSOUTH CORP


1,002


1,068


1,000084423AK8

BERKLEY (WR) CORP


1,539


1,565


1,550084423AJ1

BERKLEY (WR) CORP


7,977


8,308


8,204084664BD2

BERKSHIRE HATHAWAY FINANCE


5,127


5,281


5,000055451AD0

BHP BILLITON FIN USA LTD


1,007


1,064


1,000055451AG3

BHP BILLITON FIN USA LTD


5,047


5,484


5,00009247XAF8

BLACKROCK INC


3,014


2,987


3,00010112RAF1

BOSTON PROPERTIES LP


861


1,081


1,05005565QBF4

BP CAPITAL MARKETS PLC


8,445


8,714


8,000054937AD9

BRANCH BANKING & TRUST


2,458


2,603


2,500134429AM1

CAMPBELL SOUP CO


5,631


5,852


5,500134429AR0

CAMPBELL SOUP CO


4,514


4,860


4,50014170TAC5

CAREFUSION CORP


1,349


1,356


1,315


---



(Dollars in thousands)

Cost or
Amortized
CostCUSIP

Description

Fair
Value

Par Value/
Shares14912L2W0

CATERPILLAR FINANCIAL SERVICES


741


770


74014912L4J7

CATERPILLAR FINANCIAL SERVICES


999


996


1,00014912L4F5

CATERPILLAR FINANCIAL SERVICES


5,517


5,588


5,000165167BY2

CHESAPEAKE ENERGY CORP


4,119


4,190


4,000166751AK3

CHEVRON CORP


6,296


6,236


6,000166754AC5

CHEVRON PHILLIPS


5,123


5,256


5,000171232AF8

CHUBB CORP


5,027


5,372


5,000172967CQ2

CITIGROUP INC


9,650


9,640


10,00012572QAA3

CME GROUP INC


5,012


5,396


5,00012572QAD7

CME GROUP INC


999


1,094


1,000191216AL4

COCA-COLA COMPANY


5,155


5,154


5,00019416QDB3

COLGATE PALMOLIVE CO.


2,000


2,164


2,000205887BA9

CONAGRA INC


217


228


21120825RAB7

CONOCOPHIL AU


4,885


5,430


5,00020825CAM6

CONOCOPHILLIPS


5,260


5,275


5,00020825VAA0

CONOCOPHILLIPS CANADA


5,417


5,788


5,400209111DZ3

CONSOLIDATED EDISON


4,066


4,321


4,000209111EC3

CONSOLIDATED EDISON


965


1,020


1,000209615BX0

CONSOLIDATED NATURAL GAS


10,206


10,765


10,00021701RAB4

COORS BREWING CO


423


444


411224044BE6

COX COMMUNICATIONS INC


2,029


2,222


2,000126650BD1

CVS CORP


5,008


5,324


5,00023331AAT6

D.R. HORTON INC


1,962


1,935


2,00023383FBU8

DAIMLER FINANCE NA LLC


2,034


2,101


2,000247109BQ3

DELMARVA POWER & LIGHT


4,692


4,650


4,20025179SAC4

DEVON FINANCING CORP ULC


3,079


3,259


3,000254687AV8

DISNEY (WALT) CO


8,463


9,152


8,500260003AE8

DOVER CORP


2,949


3,249


3,00026054CAD5

DOW CAPITAL BV


4,060


4,067


4,000260543BF9

DOW CHEMICAL CO


5,886


6,190


5,700263534BM0

DU PONT (E I) DE NEMOURS


4,985


5,067


5,000263534BU2

DU PONT (E I) DE NEMOURS


6,472


6,464


6,000278058DF6

EATON CORP


5,258


5,291


5,000291011AT1

EMERSON ELECTRIC CO


740


796


750291011AP9

EMERSON ELECTRIC CO


8,243


8,820


8,000518439AA2

ESTEE LAUDER COMPANIES


2,049


2,138


2,000303901AN2

FAIRFAX FINANCIAL HLDGS


23,105


24,006


23,250303901AP7

FAIRFAX FINANCIAL HLDGS


6,705


7,096


7,000303901AC6

FAIRFAX FINANCIAL HLDGS


8,178


8,594


8,45731331FAN1

FEDERAL EXPRESS


7,575


7,569


7,56931331FAQ4

FEDERAL EXPRESS


3,185


3,305


3,1035526E2AC3

FIA CREDIT SERVICES NA


5,264


5,443


5,000361448AH6

GATX CORP


1,999


2,042


2,000361477AA0

GATX CORP


3,732


4,346


3,732361448AG8

GATX CORP


2,973


3,374


3,000369550AK4

GENERAL DYNAMICS CORP


8,620


9,225


8,75036962GY24

GENERAL ELECTRIC CAPITAL CORP


1,853


1,860


1,86036962G2S2

GENERAL ELECTRIC CAPITAL CORP


4,932


5,200


5,00036962GWB6

GENERAL ELECTRIC CAPITAL CORP


3,096


3,170


3,000369604AY9

GENERAL ELECTRIC CO


5,280


5,290


5,00037033LFW1

GENERAL MILLS INC


5,167


5,418


5,000


---



(Dollars in thousands)

Cost or
Amortized
CostCUSIP

Description

Fair
Value

Par Value/
Shares370334BG8

GENERAL MILLS INC


2,158


2,158


2,00037426@AA4

GETTINGHIRED LLC


1,000


1,000


1,00038141GAZ7

GOLDMAN SACHS GROUP INC


5,280


5,302


5,00038141GEF7

GOLDMAN SACHS GROUP INC


10,367


10,388


10,00038143UAW1

GOLDMAN SACHS GROUP INC


10,359


10,545


10,000406216AR2

HALLIBURTON CO


1,006


1,041


1,0004128A0AB9

HARLEY DAVIDSON


3,568


3,744


3,70041283DAA1

HARLEY DAVIDSON FUNDING


6,253


7,155


7,000416515AR5

HARTFORD FINANCIAL SVCS GRP


4,913


4,886


5,00042217JBE8

HCP INC


6,891


6,990


6,850428236AY9

HEWLETT-PACKARD CO


1,028


1,020


1,00043502@AA9

HOLDINGS GAMING BORROWER, L.P.


9,523


9,523


9,975437076AM4

HOME DEPOT INC


14,972


15,356


15,000437076AN2

HOME DEPOT INC


2,024


2,075


2,000438516AN6

HONEYWELL INTERNATIONAL INC


5,111


5,451


5,000448055AE3

HUSKY ENERGY INC


499


545


500448579AA0

HYATT HOTELS CORP


7,086


7,042


7,000459200DU2

IBM CORP


7,046


7,308


7,000459200AL5

IBM CORP


10,015


10,662


9,200459200GN5

IBM CORP


4,986


5,714


5,00044924EAB6

IBM INTERNATIONAL GROUP CAP


4,117


4,333


4,000452308AH2

ILLINOIS TOOL WORKS


2,006


2,179


2,000456866AS1

INGERSOLL RAND PLC


5,712


5,819


5,750460146BU6

INTERNATIONAL PAPER CO


5,968


6,185


6,000450679BW4

ITT CORP


998


1,048


1,00024422EQP7

JOHN DEERE CAPITAL CORP


3,000


3,002


3,000244217BG9

JOHN DEERE CAPITAL CORP


5,191


5,547


5,00024422EQW2

JOHN DEERE CAPITAL CORP


3,992


4,320


4,00024422EQM4

JOHN DEERE CAPITAL CORP


4,668


4,772


4,450244217BK0

JOHN DEERE CAPITAL CORP


8,700


9,035


8,500478366AQ0

JOHNSON CONTROLS INC


5,894


6,297


6,000478366AM9

JOHNSON CONTROLS INC


5,907


6,171


6,00046625HGG9

JPMORGAN CHASE & CO


5,194


5,293


5,00046625HAT7

JPMORGAN CHASE & CO


5,348


5,332


5,00046625HAX8

JPMORGAN CHASE & CO


4,882


5,204


5,00048666KAM1

KB HOME


4,906


4,663


5,000487836AS7

KELLOGG CO


2,039


2,132


2,000487836AZ1

KELLOGG CO


5,007


5,426


5,000494550AR7

KINDER MORGAN ENERGY PRTNRS


2,748


2,887


2,75049926AAA3

KNOWLEDGE LEARNING CENTER


8,945


8,640


9,00050075NAH7

KRAFT FOODS INC


5,120


5,389


5,000501044BX8

KROGER CO


3,006


3,014


3,000527288AS3

LEUCADIA NATIONAL CORP


7,014


7,026


7,000527288BD5

LEUCADIA NATIONAL CORP


4,991


5,100


5,00055608JAA6

MACQUARIE GROUP LTD


4,159


4,322


4,000570535AH7

MARKEL CORP


6,989


7,228


7,000571748AN2

MARSH & MCLENNAN COMPANY


6,436


6,561


6,40055259PAC0

MARSHALL & ILSLEY BANK


3,485


3,102


3,50057629WBH2

MASSMUTUAL GLOBAL FUNDING


999


1,026


1,00058013MDU5

MCDONALD'S CORP


4,870


5,228


5,00058405UAE2

MEDCO HEALTH SOLUTIONS INC


3,236


3,210


3,000


---



(Dollars in thousands)

Cost or
Amortized
CostCUSIP

Description

Fair
Value

Par Value/
Shares589331AH0

MERCK & CO INC


5,172


5,264


5,00059018YJ36

MERRILL LYNCH & CO


10,169


10,712


10,000590188JF6

MERRILL LYNCH & CO INC


6,468


6,271


6,00059217EAR5

MET LIFE GLOBAL FUNDING


9,932


9,993


10,00059217EAU8

MET LIFE GLOBAL FUNDING


4,996


5,092


5,00059217EBD5

MET LIFE GLOBAL FUNDING


10,031


10,470


10,000552953AG6

MGM GRAND INC


2,957


4,006


5,000626717AB8

MURPHY OIL CORP


5,849


5,991


5,700636180BJ9

NATIONAL FUEL GAS CO


998


1,167


1,000638612AG6

NATIONWIDE FINANCIAL SERVICES


3,943


3,918


4,00064952WAJ2

NEW YORK LIFE GLOBAL FDG


10,063


10,724


10,00064953BAP3

NEW YORK LIFE GLOBAL FDG


4,994


5,252


5,000652482BG4

NEWS AMERICA INC


5,384


5,405


5,00065473QAJ2

NISOURCE FINANCE CORP


4,125


4,193


4,000665859AJ3

NORTHERN TRUST CORP


1,994


2,188


2,000674599BV6

OCCIDENTAL PETROLEUM CORP


12,954


13,611


12,44067612WAC2

ODYSSEY RE HOLDINGS CORP


6,154


6,695


6,250677415CK5

OHIO POWER COMPANY


4,534


4,657


4,50068268NAA1

ONEOK PARTNERS LP


4,026


4,240


4,00068402LAE4

ORACLE CORP


5,093


5,200


5,000694308GD3

PACIFIC GAS & ELECTRIC


6,054


6,372


6,000701094AG9

PARKER-HANNIFIN CORP


598


628


600704549AC8

PEABODY ENERGY CORP


5,918


6,068


6,000707271AM4

PENN CENTRAL CORP


1,632


1,665


1,50010138MAF2

PEPSI BOTTLING GROUP INC


4,930


5,406


5,000713448BK3

PEPSICO INC


5,178


5,167


5,000717081CZ4

PFIZER INC


8,116


8,461


8,000718172AB5

PHILIP MORRIS INTERNATIONAL


8,937


8,973


8,50072447WAN9

PITNEY BOWES INC


9,747


10,320


10,00073755LAE7

POTASH CORP-SASKATCHEWAN


4,620


4,836


4,50074005PAJ3

PRAXAIR INC


715


764


69574005PAL8

PRAXAIR INC


1,441


1,563


1,50074005PAS3

PRAXAIR INC


11,361


11,915


11,30074254PLA8

PRINCIPAL LIFE INC FDG


2,942


3,035


2,950742718DL0

PROCTER & GAMBLE CO


9,634


9,583


9,00074432QAP0

PRUDENTIAL FINANCIAL INC


1,560


1,774


1,700771196AQ5

ROCHE HOLDINGS INC


11,981


12,838


12,000786514BL2

SAFEWAY INC


5,572


5,701


5,555803111AK9

SARA LEE CORP


7,141


7,467


7,00078387GAH6

SBC COMMUNICATIONS INC


5,025


5,407


5,000816851AB5

SEMPRA ENERGY


5,021


5,055


5,000816851AN9

SEMPRA ENERGY


998


1,085


1,000828807AW7

SIMON PROPERTY GROUP INC


5,075


5,124


5,000828807BE6

SIMON PROPERTY GROUP LP


4,879


5,101


5,000828807BX4

SIMON PROPERTY GROUP LP


4,429


5,168


5,000842434CE0

SOUTHERN CAL GAS


9,934


10,292


10,000843646AC4

SOUTHERN POWER CO


3,066


3,267


3,000852061AE0

SPRINT NEXTEL CORP


4,000


3,937


4,000854616AK5

STANLEY WORKS


4,971


5,301


5,000855030AH5

STAPLES INC


1,037


1,101


1,000855030AJ1

STAPLES INC


5,101


6,031


4,950


---



(Dollars in thousands)

Cost or
Amortized
CostCUSIP

Description

Fair
Value

Par Value/
Shares85744NAA9

STATE STREET CORP


7,976


8,129


8,00086764PAE9

SUNOCO INC


3,075


3,570


3,00087612EAM8

TARGET CORP


4,151


4,168


4,000883203BJ9

TEXTRON INC


3,987


4,016


4,00088732JAK4

TIME WARNER CABLE INC


5,453


5,492


5,00088732JAR9

TIME WARNER CABLE INC


1,992


2,304


2,00088731EAF7

TIME WARNER ENTERTAINMENT


11,341


11,846


10,0008941A0AB1

TRAVELERS LIFE


4,210


4,353


4,250907818CN6

UNION PACIFIC CORP


2,045


2,174


2,000907818CY2

UNION PACIFIC CORP


4,836


4,842


4,500913017BD0

UNITED TECHNOLOGIES CORP


508


530


500913017BF5

UNITED TECHNOLOGIES CORP


5,323


5,687


5,20091324PBH4

UNITEDHEALTH GROUP INC


1,972


2,093


2,00091324PAE2

UNITEDHEALTH GROUP INC


4,913


5,240


5,00091159HGR5

US BANCORP


10,042


10,380


10,00090331HKP7

US BANK NA


5,150


5,303


5,000920355AD6

VALSPAR CORP


1,992


2,096


2,00092343VAJ3

VERIZON COMMUNICATIONS


10,128


10,460


10,00092344UAA3

VERIZON NEW JERSEY INC


2,024


2,131


2,00092345NAA8

VERIZON VIRGINIA INC


12,715


13,499


13,000925524BB5

VIACOM INC


2,500


2,725


2,500931422AD1

WALGREEN CO


5,168


5,369


5,000931142BV4

WAL-MART STORES INC


4,060


4,143


4,000931142BT9

WAL-MART STORES INC


8,193


8,524


8,000931142AS2

WAL-MART STORES INC


2,070


2,307


2,00093884PDD9

WASHINGTON GAS LIGHT


3,000


3,117


3,00094973VAJ6

WELLPOINT INC


749


775


75094973VAK3

WELLPOINT INC


4,899


5,047


5,000949746CL3

WELLS FARGO & COMPANY


4,963


5,257


5,00094975CAL1

WELLS FARGO FINANCIAL


5,075


5,352


5,000964152AA0

WHITE MOUNTAINS RE GROUP


4,995


4,692


5,00096946RAA3

WILLIAM COS INC


4,022


4,072


4,000976843BC5

WISCONSIN PUBLIC SERVICE


5,020


5,268


5,000982526AA3

WRIGLEY (WM) JR CO


8,985


9,086


12,000983024AA8

WYETH


12,484


13,047


12,000983130AD7

WYNN LAS VEGAS LLC


38,292


37,684


39,000984121BL6

XEROX CORP


5,002


5,114


5,000984121BN2

XEROX CORP


3,036


3,206


3,00098385XAN6

XTO ENERGY INC


2,587


2,653


2,495Subtotal Corporate Debt

$
1,218,304

$
1,262,902

$
1,210,032State and Local Government Debt005482F66

ADAMS & ARAPAHOE CNTYS CO

$
3,206

$
3,376

$
3,000041790L61

ARLINGTON TEXAS


1,053


1,118


1,00013033LDN4

CALIFORNIA HEALTH FACS FING


4,554


4,510


4,19513034PBX4

CALIFORNIA HSG FIN AGY REV


1,000


1,022


1,00013033WUP6

CALIFORNIA INFRASTRUCTURE


1,579


1,595


1,53013033WTX1

CALIFORNIA INFRASTRUCTURE


1,077


1,082


1,04513063BBZ4

CALIFORNIA STATE


10,185


10,230


10,00013063BBY7

CALIFORNIA STATE


9,549


9,728


10,000


---



(Dollars in thousands)

Cost or
Amortized
CostCUSIP

Description

Fair
Value

Par Value/
Shares13062PWZ1

CALIFORNIA STATE


950


963


945167505FU5

CHICAGO ILL BRD ED


5,368


5,329


5,000167592QH0

CHICAGO ILL O HARE INTL ARPT


969


1,011


1,000167664XK2

CHICAGO ILL PUB BLDG COMM REV


3,165


3,397


3,000181108RS2

CLARK CNTY WASH PUB UTIL DIST


3,149


3,338


3,00020772F6N5

CONNECTICUT STATE


3,166


3,393


3,0002131833N4

COOK CNTY ILL


3,218


3,373


3,000235416UJ1

DALLAS TEX WTRWKS & SWR S


2,112


2,236


2,000251129J37

DETROIT MICH CITY SCH DIST


1,050


1,052


1,000303820G81

FAIRFAX CNTY VA


2,042


2,169


2,000359900B63

FULTON CNTY GA DEV AUTH REV


5,964


6,017


6,000403760DA6

GWINNETT CNTY GA WTR & SEW AUT


3,142


3,309


3,000414004LG4

HARRIS CNTY TEX


2,070


2,155


2,0004424366E6

HOUSTON TEX WTR & SWR SYS REV


976


1,021


9354424366F3

HOUSTON TEX WTR & SWR SYS REV


1,111


1,158


1,0654424362S9

HOUSTON TEX WTR & SWR SYS REV


3,172


3,410


3,000452151DD2

ILLINOIS STATE


3,173


3,269


3,000452151MS9

ILLINOIS STATE


3,134


3,318


3,000495289JC5

KING CNTY WASH SWR REV


2,100


2,223


2,000544495FN9

LOS ANGELES CALIF WTR & PWR


2,071


2,203


2,000556547EX1

MADISON & JERSEY CNTYS ILL SD


3,212


3,403


3,000574192SH4

MARYLAND STATE


2,251


2,457


2,0855741924H0

MARYLAND STATE


5,055


4,995


5,000576004FA8

MASSACHUSETTS ST SPL OBLIG


3,124


3,359


3,000576004FB6

MASSACHUSETTS ST SPL OBLIG


3,194


3,384


3,000590536CB2

MESA ARIZ STR & HWY REV


2,005


2,083


2,0006775183J9

OHIO STATE


3,093


3,236


3,000696617XJ3

PALM DESERT CALIF FING AUTH


4,011


4,037


3,83570914PLE0

PENNSYLVANIA STATE


522


561


49570914PLJ9

PENNSYLVANIA STATE


2,641


2,789


2,505736688EW8

PORTLAND ORE CMNTY COLLEGE


3,156


3,281


3,000785849SK7

SACRAMENTO CALIF CITY FING AUT


1,029


1,069


1,00079575DLN8

SALT RIVER PROJ ARIZ AGRIC IMP


3,123


3,270


3,0007962364F1

SAN ANTONIO TEX


2,960


3,172


2,8007962363U9

SAN ANTONIO TEX


248


268


235796253WA6

SAN ANTONIO TEX ELEC & GAS


3,148


3,422


3,000798153DW9

SAN JOSE CALIF FING AUTH LEASE


3,084


3,162


3,000798147XL3

SAN JOSE CALIF REDEV AGY TAX


5,191


5,263


5,000798147XN9

SAN JOSE CALIF REDEV AGY TAX


3,731


3,742


3,525833085SJ3

SNOHOMISH CNTY WASH


3,778


4,032


3,670791434TD5

ST LOUIS CNTY MO ROCKWOOD SD


3,171


3,369


3,000930863XQ3

WAKE CNTY NORTH CAROLINA


2,006


2,164


2,00093974AA61

WASHINGTON STATE


2,064


2,212


2,00093974AXW9

WASHINGTON STATE


2,068


2,236


2,00093974BFX5

WASHINGTON STATE


2,903


2,871


2,500969871LM2

WILLIAMSON CNTY TENN


3,129


3,292


3,0009770565Q9

WISCONSIN STATE


3,177


3,379


3,000Subtotal State and Local Government Debt

$
161,379

$
167,513

$
155,365


---



(Dollars in thousands)

Cost or
Amortized
CostCUSIP

Description

Fair
Value

Par Value/
SharesRedeemable Preferred Stocks055188205

BAC

$
3,600

$
3,204


14408449Q203

BERKLEY (W.R.) CORP


905


824


3642307T306

HEINZ(H.J) CO.


22,348


22,825


220Subtotal Redeemable Preferred Stocks

$
26,853

$
26,853Mortgage Backed Securities03027WAD4

AMERICAN TOWER TRUST

$
2,028

$
2,004

$
1,96505947U5E4

BACM


9,793


9,763


12,437Subtotal Mortgage Backed Securities

$
11,821

$
11,767

$
14,402U.S. Government Debt912828JL5

U S TREASURY NOTES

$
2,020

$
2,024

$
2,000912828KU3

U S TREASURY NOTES


200


200


200912828LV0

U S TREASURY NOTES


1,121


1,120


1,120Subtotal U.S. Government Debt

$
3,341

$
3,344

$
3,320Foreign Government Debt Securities46513EHJ4

STATE OF ISRAEL

$
2,661

$
2,688

$
2,500Subtotal Foreign Government Debt Securities

$
2,661

$
2,688

$
2,500Equity Securities31943X102

1st CENTURY BANCSHARES INC

$
346

$
254


74015351109

ALEXION PHARMACEUTICALS INC


96


98


200163U106

AMAG PHARMACEUTICALS INC


78


76


2031162100

AMGEN INC


254


255


505334D107

AUXILIUM PHARMACEUTICALS INC


126


120


4090931106

BIOSPECIFICS TECHNOLOGIES


100


103


412189T104

BURLINGTON NORTHERN SANTA FE


9,742


9,862


100151020104

CELGENE CORP


136


139


3156708109

CEPHALON INC


180


187


3203485107

COMMUNITY BANK OF THE BAY


32


28


822282E102

COVANTA HOLDING CORP


1


1


51126650100

CVS CORP


64


64


2302182100

EXPRESS SCRIPTS INC


172


173


2375558103

GILEAD SCIENCES INC


106


104


2G4413Q108

HERON INTERNATIONAL LIMITED


26,405


30,788


5,292444903108

HUMAN GENOME SCIENCES INC


97


104


3452327109

ILLUMINA INC


59


61


258405U102

MEDCO HEALTH SOLUTIONS INC


126


128


258501N101

MEDIVATION INC


73


75


2589400100

MERCURY GENERAL CORP


2,609


2,945


7562855J104

MYRIAD GENETICS INC


51


52


26399123*3

NEIGHBORHOOD BANCORP


250


250


17639912104

NEIGHBORHOOD BANCORP


200


200


20683399109

ONYX PHARMACEUTICALS INC


56


59


269331C108

P G & E CORP


2,150


2,231


5073174C100

POLYMEDIX INC


423


411


30069351T106

PPL CORPORATION


1,866


1,939


60744573106

PUBLIC SERVICE ENTERPRISE GP


1,907


1,995


60


---



(Dollars in thousands)

Cost or
Amortized
CostCUSIP

Description

Fair
Value

Par Value/
Shares75886F107

REGENERON PHARMACEUTICALS


25


24


1816851109

SEMPRA ENERGY


1,618


1,679


3091307C102

UNITED THERAPEUTICS CORP


205


211


492532F100

VERTEX PHARMACEUTICALS INC


85


86


298389B100

XCEL ENERGY INC


1,237


1,273


60Subtotal Equity Securities

$
50,875

$
55,975Short-Term Investments

$
416,097

$
416,363


N/ATOTAL AVAILABLE-FOR-SALE INVESTMENT PORTFOLIO

$
1,891,331

$
1,947,405


---



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