Exhibit 99.1

ZENITH NATIONAL INSURANCE CORP. AND SUBSIDIARIES

Available-For-Sale Investment Portfolio

March 31, 2009

(in thousands)

		Cost or		Fair		Par Value /
CUSIP	Description	Amortized Cost		Value		Shares
Corporate Debt
88579EAB1	3M CO	$	3,000	$	3,076	$	3,000
00817YAE8	AETNA INC	14,480		14,546		15,000
008685AC3	AHOLD FINANCE USA INC	4,033		4,013		3,960
010392EM6	ALABAMA POWER	4,000		3,947		4,000
013817AH4	ALCOA INC	6,420		5,555		7,000
013817AF8	ALCOA INC	6,135		5,230		6,000
020002AR2	ALLSTATE CORPORATION	14,814		13,461		15,000
02003MBQ6	ALLSTATE LIFE GL FN TRST	1,998		1,935		2,000
023551AE4	AMERADA HESS CORP	5,062		5,047		5,000
024937AA2	AMERICAN CAPITAL LTD	3,806		1,722		4,000
0258M0CY3	AMERICAN EXPRESS CO	14,739		13,924		15,000
025932AB0	AMERICAN FINANCIAL GROUP	8,001		7,978		8,000
025932203	AMERICAN FINANCIAL GROUP	6,499		4,139		6,875
02635PRT2	AMERICAN GENERAL FINANCE	4,581		2,009		5,000
026609AM9	AMERICAN HOME PRODUCTS	5,338		5,326		5,000
026874AT4	AMERICAN INTERNATIONAL GROUP	14,406		6,065		15,000
02687QBE7	AMERICAN INTERNATIONAL GROUP	10,062		5,201		10,000
031162AJ9	AMGEN INC	9,725		10,250		10,000
032479AC1	ANADARKO FINANCE CO	1,039		1,009		1,000
032511AU1	ANADARKO PETROLEUM CORP	2,002		1,891		2,000
035229CU5	ANHEUSER-BUSCH COS	11,925		11,637		12,000
035229CY7	ANHEUSER-BUSCH COS	1,968		1,864		2,000
00184AAB1	AOL TIME WARNER	7,306		7,612		7,500
00184AAF2	AOL TIME WARNER	3,130		3,053		3,000
037389AS2	AON CORPOARATION	8,320		8,169		8,000
037411AQ8	APACHE CORP	2,064		2,124		2,000
046353AC2	ASTRAZENECA PLC	10,343		10,653		10,000
00206RAF9	AT&T INC	14,830		15,217		15,000
054303AS1	AVON PRODUCTS INC	5,735		5,908		5,750
054303AW2	AVON PRODUCTS INC	2,963		2,959		3,000
054303AM4	AVON PRODUCTS INC	2,010		2,042		2,000
057224AY3	BAKER HUGHES INC	995		1,137		1,000
064057BA9	BANK OF NEW YORK CO INC.	1,033		1,038		1,000
06406HBE8	BANK OF NEW YORK MELLON	4,975		5,103		5,000
071813AU3	BAXTER INTERNATIONAL	4,754		5,084		5,000
079860AJ1	BELLSOUTH CORP	1,002		1,017		1,000
084423AJ1	BERKLEY (WR) CORP	5,481		5,053		5,500
084423AK8	BERKLEY (WR) CORP	1,529		1,510		1,550
084664BD2	BERKSHIRE HATHAWAY FINANCE	1,998		2,028		2,000
084664BE0	BERKSHIRE HATHAWAY FINANCE	1,997		1,987		2,000
055451AG3	BHP BILLITON FIN USA LTD	5,055		5,034		5,000
055451AD0	BHP BILLITON FIN USA LTD	1,009		1,017		1,000
091797AP5	BLACK & DECKER	5,025		5,025		5,000
10112RAF1	BOSTON PROPERTIES LP	841		815		1,050
05565QBF4	BP CAPITAL MARKETS PLC	2,998		3,211		3,000
05565QBG2	BP CAPITAL MARKETS PLC	1,000		1,004		1,000
054937AD9	BRANCH BANKING & TRUST	2,448		2,412		2,500
12189TAW4	BURLINGTON NORTHERN SANTA FE	9,852		9,427		10,000
12200BAA6	BURLINGTON NORTHERN SANTA FE	2,551		2,452		2,645
134429AM1	CAMPBELL SOUP CO	5,715		5,933		5,500
134429AR0	CAMPBELL SOUP CO	4,518		4,752		4,500
14912L4C2	CATERPILLAR FINANCIAL SERVICES	4,971		5,005		5,000
14912L2W0	CATERPILLAR FINANCIAL SERVICES	743		755		740
149123BP5	CATERPILLAR INC	2,999		3,193		3,000
149123BG5	CATERPILLAR INC	1,005		1,019		1,000
152312AT1	CENTEX CORP	4,948		3,850		5,000
165167CD7	CHESAPEAKE ENERGY CORP	4,908		4,863		5,000
166751AK3	CHEVRON CORP	7,000		7,185		7,000
166751AH0	CHEVRON CORP	4,991		5,135		5,000
166754AC5	CHEVRON PHILLIPS	5,197		5,142		5,000
171232AF8	CHUBB CORP	5,037		5,102		5,000
125581CU0	CIT GROUP INC	1,990		1,225		2,000
172967CQ2	CITIGROUP INC	9,602		6,629		10,000
12572QAA3	CME GROUP INC	5,015		5,071		5,000
12572QAD7	CME GROUP INC	998		1,031		1,000
19416QDB3	COLGATE PALMOLIVE CO.	2,000		2,172		2,000
205887BA9	CONAGRA INC	2,099		2,115		2,000
20825RAB7	CONOCOPHIL AU	4,862		5,290		5,000

		Cost or	Fair	Par Value /
CUSIP	Description	Amortized Cost	Value	Shares
20825CAM6	CONOCOPHILLIPS	1,024	1,018	1,000
20825VAA0	CONOCOPHILLIPS CANADA	5,422	5,653	5,400
209111EC3	CONSOLIDATED EDISON	4,791	4,862	5,000
209111DZ3	CONSOLIDATED EDISON	4,084	4,125	4,000
209615BX0	CONSOLIDATED NATURAL GAS	10,284	10,284	10,000
210518CS3	CONSUMERS ENERGY COMPANY	1,999	2,070	2,000
21701RAB4	COORS BREWING CO	427	441	411
126650BD1	CVS CORP	5,011	5,244	5,000
126650AU4	CVS CORP	2,987	3,004	3,000
23331AAT6	D.R. HORTON INC	4,817	3,925	5,000
244199BB0	DEERE & COMPANY, JOHN	5,322	5,468	5,000
247025AE9	DELL COMPUTER CORP	5,259	4,532	5,000
25179SAC4	DEVON FINANCING CORP ULC	4,145	4,183	4,000
254687AV8	DISNEY (WALT) CO	8,455	8,771	8,500
25468PCB0	DISNEY (WALT) CO	3,097	3,176	3,000
260003AE8	DOVER CORP	2,944	3,049	3,000
26054CAD5	DOW CAPITAL BV	4,160	3,956	4,000
260543BF9	DOW CHEMICAL CO	5,920	4,953	5,700
263534BM0	DU PONT (E I) DE NEMOURS	4,951	5,107	5,000
263534BU2	DU PONT (E I) DE NEMOURS	1,046	1,036	1,000
291011AP9	EMERSON ELECTRIC CO	8,286	8,567	8,000
291011AT1	EMERSON ELECTRIC CO	738	766	750
518439AA2	ESTEE LAUDER COMPANIES	2,065	2,058	2,000
303901AN2	FAIRFAX FINANCIAL HLDGS	22,437	21,409	22,625
303901AP7	FAIRFAX FINANCIAL HLDGS	13,193	12,180	14,000
31331FAN1	FEDERAL EXPRESS	7,577	7,417	7,569
31331FAQ4	FEDERAL EXPRESS	3,208	3,103	3,103
5526E2AC3	FIA CREDIT SERVICES NA	5,327	4,586	5,000
316773CJ7	FIFTH THIRD BANCORP	2,998	2,864	3,000
35804GAF5	FRESENIUS US FINANCE II	6,150	6,240	6,000
361477AA0	GATX CORP	4,000	3,939	4,000
369550AK4	GENERAL DYNAMICS CORP	8,594	9,057	8,750
36962G2S2	GENERAL ELECTRIC CAPITAL CORP	4,878	4,962	5,000
36962GY24	GENERAL ELECTRIC CAPITAL CORP	1,847	1,705	1,860
369604AY9	GENERAL ELECTRIC CO	1,027	1,000	1,000
37033LFW1	GENERAL MILLS INC	5,319	5,593	5,000
370334BE3	GENERAL MILLS INC	1,998	2,113	2,000
37047RAJ6	GENERAL NUTRITION CENTER	1,430	1,430	2,325
377372AA5	GLAXOSMITHKLINE CAP INC	9,645	10,152	10,000
377372AC1	GLAXOSMITHKLINE CAP INC	1,057	1,040	1,000
38141GFD1	GOLDMAN SACHS GROUP INC	27,307	20,290	30,000
406216AR2	HALLIBURTON CO	1,012	1,039	1,000
41283DAA1	HARLEY DAVIDSON FUNDING	3,002	2,150	3,000
416515AR5	HARTFORD FINANCIAL SVCS GRP	4,905	2,792	5,000
416515AV6	HARTFORD FINANCIAL SVCS GRP	999	566	1,000
423074AH6	HEINZ (HJ) CO	16,374	19,403	15,000
428236AQ6	HEWLETT-PACKARD CO	4,665	5,142	5,000
43502@AA9	HOLDINGS GAMING BORROWER, L.P.	9,458	9,458	10,000
437076AM4	HOME DEPOT INC	14,940	15,030	15,000
437076AN2	HOME DEPOT INC	2,038	2,011	2,000
438516AN6	HONEYWELL INTERNATIONAL INC	5,154	5,439	5,000
459200AL5	IBM CORP	10,174	10,461	9,200
459200DU2	IBM CORP	7,073	7,362	7,000
459200GN5	IBM CORP	4,984	5,531	5,000
44924EAB6	IBM INTERNATIONAL GROUP CAP	3,037	3,171	3,000
452308AF6	ILLINOIS TOOL WORKS	4,996	5,026	5,000
45665QAC7	INFINITY PROPERTY & CASUALTY	4,931	4,470	5,000
456866AS1	INGERSOLL RAND CO	10,593	9,742	10,750
460146BU6	INTERNATIONAL PAPER CO	5,964	4,221	6,000
461202AB9	INTUIT INC	4,828	4,354	5,000
24422EQW2	JOHN DEERE CAPITAL CORP	5,986	6,059	6,000
244217BG9	JOHN DEERE CAPITAL CORP	5,252	5,324	5,000
244217BK0	JOHN DEERE CAPITAL CORP	4,940	5,035	5,000
24422EQP7	JOHN DEERE CAPITAL CORP	3,000	2,972	3,000
24422EQM4	JOHN DEERE CAPITAL CORP	950	1,004	1,000
478366AQ0	JOHNSON CONTROLS INC	5,823	5,813	6,000
478366AM9	JOHNSON CONTROLS INC	5,890	4,920	6,000
48121CJN7	JP MORGAN CHASE BANK	4,996	4,678	5,000
46625HAX8	JPMORGAN CHASE & CO	4,868	4,478	5,000
48666KAM1	KB HOME	9,555	7,750	10,000
48666KAK5	KB HOME	4,949	4,500	5,000
487836AZ1	KELLOGG CO	5,009	5,283	5,000
487836AS7	KELLOGG CO	2,061	2,140	2,000

		Cost or	Fair	Par Value /
CUSIP	Description	Amortized Cost	Value	Shares
494550AR7	KINDER MORGAN ENERGY PRTNRS	2,747	2,596	2,750
49926AAA3	KNOWLEDGE LEARNING CENTER	13,896	12,075	15,000
50075NAH7	KRAFT FOODS INC	5,155	5,276	5,000
50075NAQ7	KRAFT FOODS INC	5,048	5,267	5,000
50075NAM6	KRAFT FOODS INC	997	1,011	1,000
501044BX8	KROGER CO	3,060	3,103	3,000
527288BD5	LEUCADIA NATIONAL CORP	7,984	6,330	8,000
527288AS3	LEUCADIA NATIONAL CORP	7,017	5,740	7,000
532457AU2	LILLY (ELI) & CO	5,202	5,485	5,000
532457BB3	LILLY (ELI) & CO	5,027	5,160	5,000
55259PAC0	MARSHALL & ILSLEY BANK	3,482	2,259	3,500
58013MDU5	MCDONALD’S CORP	4,845	5,136	5,000
589331AH0	MERCK & CO INC	5,211	5,232	5,000
59018YJ36	MERRILL LYNCH & CO	17,362	14,587	17,000
590188JF6	MERRILL LYNCH & CO INC	13,754	9,736	13,000
59217EAR5	MET LIFE GLOBAL FUNDING	9,797	9,452	10,000
59217EAU8	MET LIFE GLOBAL FUNDING	4,992	4,869	5,000
552953AG6	MGM GRAND INC	14,940	8,750	25,000
617446C23	MORGAN STANLEY	14,411	13,125	15,000
626717AB8	MURPHY OIL CORP	5,894	5,746	5,700
638612AG6	NATIONWIDE FINANCIAL SERVICES	3,936	3,358	4,000
63866EBF6	NATIONWIDE LIFE GBL FUND	3,736	3,947	4,000
64953BAP3	NEW YORK LIFE GLOBAL FDG	4,993	4,869	5,000
650111AD9	NEW YORK TIMES CO	3,716	3,990	4,000
652482BR0	NEWS AMERICA INC	7,899	7,465	8,000
652482BG4	NEWS AMERICA INC	4,721	4,700	5,000
655844AU2	NORFOLK SOUTHERN CORP	5,001	5,083	5,000
664787AB4	NORTHERN BORDER PIPELINE	1,000	1,004	1,000
665859AJ3	NORTHERN TRUST CORP	1,993	2,093	2,000
674599BV6	OCCIDENTAL PETROLEUM CORP	13,132	13,379	12,440
67612WAC2	ODYSSEY RE HOLDINGS CORP	6,139	5,468	6,250
677415CK5	OHIO POWER COMPANY	4,564	4,550	4,500
68268NAA1	ONEOK PARTNERS LP	4,034	3,917	4,000
68402LAE4	ORACLE CORP	5,159	5,242	5,000
701094AG9	PARKER-HANNIFIN CORP	597	608	600
10138MAF2	PEPSI BOTTLING GROUP INC	4,919	5,256	5,000
717081CZ4	PFIZER INC	8,153	8,217	8,000
717081DA8	PFIZER INC	2,996	3,165	3,000
718172AB5	PHILIP MORRIS INTERNATIONAL	2,045	2,022	2,000
72447WAN9	PITNEY BOWES INC	9,696	9,752	10,000
737628AC1	POTLATCH CORP	2,723	2,814	2,700
74005PAS3	PRAXAIR INC	9,968	10,002	10,000
74005PAL8	PRAXAIR INC	1,429	1,501	1,500
74005PAJ3	PRAXAIR INC	722	745	695
74047PAR5	PREMCOR REFINING GROUP	2,055	1,897	2,000
74254PLA8	PRINCIPAL LIFE INC FDG	2,937	2,908	2,950
742718DL0	PROCTER & GAMBLE CO	5,268	5,292	5,000
74438GAE1	PRUDENTIAL HOLDINGS LLC	5,783	4,303	5,000
755111BL4	RAYTHEON COMPANY	4,808	5,060	4,815
771196AQ5	ROCHE HOLDINGS INC	11,976	12,282	12,000
786514BL2	SAFEWAY INC	5,592	5,660	5,555
803111AK9	SARA LEE CORP	7,200	7,298	7,000
78387GAH6	SBC COMMUNICATIONS INC	5,034	5,237	5,000
816851AB5	SEMPRA ENERGY	5,119	5,161	5,000
828807BE6	SIMON PROPERTY GROUP LP	4,741	4,703	5,000
828807BX4	SIMON PROPERTY GROUP LP	4,227	4,256	5,000
828807BM8	SIMON PROPERTY GROUP LP	4,606	3,819	5,000
842434CE0	SOUTHERN CAL GAS	9,889	10,209	10,000
843646AC4	SOUTHERN POWER CO	3,084	3,105	3,000
852061AE0	SPRINT NEXTEL CORP	4,000	3,702	4,000
854616AK5	STANLEY WORKS	4,964	5,020	5,000
855030AJ1	STAPLES INC	5,123	5,182	4,950
855030AH5	STAPLES INC	1,046	992	1,000
85744NAA9	STATE STREET CORP	7,974	7,313	8,000
86764PAE9	SUNOCO INC	3,083	3,089	3,000
88319QL27	TEXTRON FINANACIAL CORP	3,966	3,241	4,000
883203BH3	TEXTRON INC	4,481	3,467	5,000
883203BJ9	TEXTRON INC	3,972	3,242	4,000
88732JAR9	TIME WARNER CABLE INC	1,991	2,039	2,000
88731EAF7	TIME WARNER ENTERTAINMENT	11,390	9,685	10,000
893521AA2	TRANSATLANTIC HOLDINGS	3,126	3,030	5,000
8935268Y2	TRANS-CANADA PIPLINES	8,148	8,347	8,000
907818CT3	UNION PACIFIC CORP	4,938	5,028	5,000

		Cost or		Fair		Par Value /
CUSIP	Description	Amortized Cost		Value		Shares
907818DC9	UNION PACIFIC CORP	2,000		1,987		2,000
907818CN6	UNION PACIFIC CORP	1,033		1,038		1,000
913017BF5	UNITED TECHNOLOGIES CORP	5,360		5,575		5,200
913017BH1	UNITED TECHNOLOGIES CORP	4,853		5,239		5,000
913017BD0	UNITED TECHNOLOGIES CORP	514		533		500
91324PAE2	UNITEDHEALTH GROUP INC	4,894		4,858		5,000
91324PBC5	UNITEDHEALTH GROUP INC	4,946		4,474		5,000
91159HGL8	US BANCORP	1,999		2,000		2,000
92343VAN4	VERIZON COMMUNICATIONS	4,626		5,104		5,000
92344UAA3	VERIZON NEW JERSEY INC	2,032		2,055		2,000
92345NAA8	VERIZON VIRGINIA INC	12,651		12,611		13,000
925524AZ3	VIACOM INC	2,500		2,435		2,500
925524BB5	VIACOM INC	2,500		2,195		2,500
929043AE7	VORNADO REALTY TRUST	4,236		3,900		5,000
92976GAB7	WACHOVIA BANK NA	9,651		8,312		10,000
929903AJ1	WACHOVIA CORP	4,904		4,152		5,000
931422AD1	WALGREEN CO	6,242		6,358		6,000
931142BT9	WAL-MART STORES INC	6,049		6,372		6,000
931142BV4	WAL-MART STORES INC	4,100		4,178		4,000
931142AS2	WAL-MART STORES INC	2,084		2,305		2,000
93884PDD9	WASHINGTON GAS LIGHT	3,000		3,046		3,000
94973VAK3	WELLPOINT INC	6,818		6,387		7,000
94973VAJ6	WELLPOINT INC	748		752		750
949746CL3	WELLS FARGO & COMPANY	4,953		4,715		5,000
949746JD4	WELLS FARGO & COMPANY	2,000		1,981		2,000
94975CAL1	WELLS FARGO FINANCIAL	5,095		4,844		5,000
962166BP8	WEYERHAEUSER CO	2,061		1,924		2,000
964152AA0	WHITE MOUNTAINS RE GROUP	4,995		2,988		5,000
976843BC5	WISCONSIN PUBLIC SERVICE	5,024		5,160		5,000
982526AA3	WRIGLEY (WM) JR CO	6,966		6,939		7,000
983024AA8	WYETH	5,555		5,726		5,500
983130AD7	WYNN LAS VEGAS LLC	38,022		30,200		40,000
984121BL6	XEROX CORP	5,006		5,103		5,000
984121BN2	XEROX CORP	2,042		1,909		2,000
Subtotal Corporate Debt		$	1,345,579	$	1,266,039	$	1,365,868
State and Local Government Debt
005482F66	ADAMS & ARAPAHOE CNTYS CO	$	3,243	$	3,350	$	3,000
041790L61	ARLINGTON TEXAS	1,064		1,117		1,000
066617GL9	BANNING CALIF UNI SCH DIST	5,248		5,099		5,225
098203RB0	BONITA CALIF UNI SCH DIST	5,018		4,914		5,000
13034PBX4	CALIFORNIA HSG FIN AGY REV	1,000		1,004		1,000
13033WUP6	CALIFORNIA INFRASTRUCTURE	1,589		1,561		1,530
13033WTX1	CALIFORNIA INFRASTRUCTURE	1,082		1,051		1,045
13062PWZ1	CALIFORNIA STATE	960		995		945
167592QH0	CHICAGO ILL O HARE INTL ARPT	966		985		1,000
167664XK2	CHICAGO ILL PUB BLDG COMM REV	3,202		3,395		3,000
181059KG0	CLARK CNTY NEV SCH DIST	5,021		4,637		5,000
181108RS2	CLARK CNTY WASH PUB UTIL DIST	3,174		3,388		3,000
20772F6N5	CONNECTICUT STATE	3,202		3,391		3,000
2131833N4	COOK CNTY ILL	3,257		3,379		3,000
235416UJ1	DALLAS TEX WTRWKS & SWR S	2,142		2,265		2,000
251129J37	DETROIT MICH CITY SCH DIST	1,060		1,053		1,000
303820G81	FAIRFAX CNTY VA	2,051		2,142		2,000
34161CAX5	FLORIDA ST DEPT ED CMNTY	6,186		6,149		7,765
343136A56	FLORIDA ST TPK AUTH	4,418		4,424		4,415
403760DA6	GWINNETT CNTY GA WTR & SEW AUT	3,169		3,310		3,000
414004LG4	HARRIS CNTY TEX	2,099		2,171		2,000
4424362S9	HOUSTON TEX WTR & SWR SYS REV	3,213		3,433		3,000
4424366F3	HOUSTON TEX WTR & SWR SYS REV	1,129		1,165		1,065
4424366E6	HOUSTON TEX WTR & SWR SYS REV	991		1,044		935
452151MS9	ILLINOIS ST	3,159		3,328		3,000
452151DD2	ILLINOIS ST	3,218		3,267		3,000
495289JC5	KING CNTY WASH SWR REV	2,120		2,195		2,000
544495FN9	LOS ANGELES CALIF WTR & PWR	2,085		2,193		2,000
546589NH1	LOUISVILLE & JEFFERSON CNTY	4,951		5,000		5,000
556547EX1	MADISON & JERSEY CNTYS ILL SD	3,250		3,387		3,000
574192SH4	MARYLAND ST	2,276		2,437		2,085
576004FA8	MASSACHUSETTS ST SPL OBLIG	3,146		3,301		3,000
576004FB6	MASSACHUSETTS ST SPL OBLIG	3,221		3,292		3,000
590536CB2	MESA ARIZ STR & HWY REV	2,006		2,093		2,000
63877NES2	NATOMAS UNI SCH DIST CALIF	5,015		4,879		5,000
645918KQ5	NEW JERSEY ECONOMIC DEV AUTH	6,331		6,234		6,265
645918KR3	NEW JERSEY ECONOMIC DEV AUTH	5,030		4,906		5,000
66285WCM6	NORTH TEX TWY AUTH REV	5,096		5,122		5,000
6775183J9	OHIO STATE	3,129		3,197		3,000
696617XJ3	PALM DESERT CALIF FING AUTH	4,043		3,911		3,835
709141D36	PENNSYLVANIA ST	3,195		3,332		3,000
736688EW8	PORTLAND ORE CMNTY COLLEGE	3,202		3,299		3,000

		Cost or		Fair		Par Value /
CUSIP	Description	Amortized Cost		Value		Shares
738800MN8	POWAY CALIF REDEV AGY TAX	1,000		947		1,000
785849SK7	SACRAMENTO CALIF CITY FING AUT	1,033		1,050		1,000
79575DLN8	SALT RIVER PROJ ARIZ AGRIC IMP	3,156		3,288		3,000
7962364F1	SAN ANTONIO TEX	2,991		3,156		2,800
7962363U9	SAN ANTONIO TEX	251		267		235
796253WA6	SAN ANTONIO TEX ELEC & GAS	3,173		3,354		3,000
798153DW9	SAN JOSE CALIF FING AUTH LEASE	3,121		3,169		3,000
798147XL3	SAN JOSE CALIF REDEV AGY TAX	5,243		5,425		5,000
798147XN9	SAN JOSE CALIF REDEV AGY TAX	3,771		3,846		3,525
798306MN3	SAN JUAN CALIF UNI SCH DIST	4,755		4,658		4,740
833085SJ3	SNOHOMISH CNTY WASH	3,804		4,026		3,670
791434TD5	ST LOUIS CNTY MO ROCKWOOD SD	3,210		3,371		3,000
930863XQ3	WAKE CNTY NORTH CAROLINA	2,007		2,143		2,000
93974AXW9	WASHINGTON ST SER B	2,081		2,219		2,000
93974AA61	WASHINGTON ST SER B	2,077		2,196		2,000
969871LM2	WILLIAMSON CNTY TENN	3,171		3,330		3,000
9770565Q9	WISCONSIN ST	3,215		3,388		3,000
Subtotal State and Local Government Debt		$	177,016	$	180,628	$	172,080
Foreign Government Debt
46513EGA4	STATE OF ISRAEL	$	5,000	$	5,045	$	5,000
Subtotal Foreign Government Debt		$	5,000	$	5,045	$	5,000
Redeemable Preferred Stocks
055188205	BAC	$	3,600	$	1,692	144
08449Q203	BERKLEY (W.R.) CORP	905		697		36
Subtotal Redeemable Preferred Stocks		$	4,505	$	2,389
U. S. Government Debt
912828FX3	U S TREASURY NOTES	$	2,033	$	2,051	$	2,000
912828CE8	U S TREASURY NOTES	2,001		2,002		2,000
Subtotal U. S. Government Debt		$	4,034	$	4,053	$	4,000
Equity Securities
31943X102	1st CENTURY BANCSHARES INC	$	346	$	247	74
00206R102	AT&T INC	4,642		3,151		125
055622104	BP PLC	1,142		802		20
191216100	COCA-COLA COMPANY	410		440		10
203485107	COMMUNITY BANK OF THE BAY	32		32		8
369604103	GENERAL ELECTRIC CO	11,628		4,095		405
G4413Q108	HERON INTERNATIONAL LIMITED	26,405		27,315		5,292
458140100	INTEL CORP	1,908		1,879		125
478160104	JOHNSON & JOHNSON	2,124		1,839		35
589331107	MERCK & CO INC	3,283		2,943		110
589400100	MERCURY GENERAL CORP	2,347		2,227		75
594918104	MICROSOFT CORP	997		919		50
639912104	NEIGHBORHOOD BANCORP	200		240		20
6399123*3	NEIGHBORHOOD BANCORP	250		250		17
742718109	PROCTER & GAMBLE CO	3,461		2,825		60
780259206	ROYAL DUTCH SHELL PLC	1,332		886		20
92343V104	VERIZON COMMUNICATIONS	904		755		25
Subtotal Equity Securities		$	61,411	$	50,845
Short-Term Investments		$	353,289	$	353,358	N/A
TOTAL AVAILABLE-FOR-SALE INVESTMENT PORTFOLIO		$	1,950,834	$	1,862,357

N/A - Not Applicable