Exhibit 99.1

ZENITH NATIONAL INSURANCE CORP AND SUBSIDIARIES

Available-For-Sale Investment Portfolio

June 30, 2009

(in thousands)

CUSIP	Description	Cost or Amortized Cost		Fair Value		Par Value/ Shares
Corporate Debt
88579EAB1	3M CO	$	3,000	$	3,052	$	3,000
00817YAE8	AETNA INC	14,493		14,821		15,000
008685AC3	AHOLD FINANCE USA INC	4,020		4,082		3,960
010392EM6	ALABAMA POWER	4,000		4,001		4,000
013716AR6	ALCAN ALUMINUM LTD	4,816		4,803		5,000
013817AF8	ALCOA INC	6,124		6,052		6,000
017363AE2	ALLEGHENY ENERGY SUPPLY	2,087		2,081		2,000
020002AR2	ALLSTATE CORPORATION	10,005		9,912		10,000
02003MBQ6	ALLSTATE LIFE GL FN TRST	1,998		2,068		2,000
023551AE4	AMERADA HESS CORP	5,031		5,043		5,000
023608AE2	AMEREN CORPORATION	1,990		2,064		2,000
024937AA2	AMERICAN CAPITAL LTD	3,819		2,407		4,000
0258M0CY3	AMERICAN EXPRESS CO	7,579		7,798		7,500
026074AA2	AMERICAN FINANCIAL GROUP	10,000		10,003		10,000
025932203	AMERICAN FINANCIAL GROUP	6,500		5,431		6,875
02635PRT2	AMERICAN GENERAL FINANCE	4,586		2,948		5,000
02687QBE7	AMERICAN INTERNATIONAL GROUP	10,057		7,204		10,000
026874AT4	AMERICAN INTERNATIONAL GROUP	14,439		8,689		15,000
031162AN0	AMGEN INC	1,878		1,900		2,000
031162AJ9	AMGEN INC	9,736		10,563		10,000
032479AC1	ANADARKO FINANCE CO	1,034		1,041		1,000
032511AU1	ANADARKO PETROLEUM CORP	2,002		1,969		2,000
00184AAB1	AOL TIME WARNER	7,327		7,849		7,500
00184AAF2	AOL TIME WARNER	3,121		3,209		3,000
037389AS2	AON CORPORATION	8,300		8,462		8,000
037411AQ8	APACHE CORP	2,059		2,161		2,000
046353AC2	ASTRAZENECA PLC	10,320		10,848		10,000
054303AM4	AVON PRODUCTS INC	2,006		2,037		2,000
054303AS1	AVON PRODUCTS INC	5,737		6,002		5,750
064057BA9	BANK OF NEW YORK CO INC.	1,031		1,044		1,000
06406HBE8	BANK OF NEW YORK MELLON	4,976		5,287		5,000
071813AU3	BAXTER INTERNATIONAL	4,762		5,128		5,000
073902CE6	BEAR STEARNS COMPANIES	5,127		5,114		5,000
075887AU3	BECTON DICKINSON & CO	1,490		1,533		1,500
079860AJ1	BELLSOUTH CORP	1,002		1,035		1,000
084423AK8	BERKLEY (WR) CORP	1,532		1,499		1,550
084423AJ1	BERKLEY (WR) CORP	7,750		7,535		8,000
084664BD2	BERKSHIRE HATHAWAY FINANCE	1,998		2,074		2,000
084664BE0	BERKSHIRE HATHAWAY FINANCE	1,997		2,061		2,000
055451AD0	BHP BILLITON FIN USA LTD	1,008		1,050		1,000
055451AG3	BHP BILLITON FIN USA LTD	5,052		5,364		5,000
10112RAF1	BOSTON PROPERTIES LP	848		961		1,050
05565QBF4	BP CAPITAL MARKETS PLC	2,998		3,220		3,000
054937AD9	BRANCH BANKING & TRUST	2,452		2,445		2,500
12200BAA6	BURLINGTON NORTHERN SANTA FE	2,555		2,430		2,645
134429AM1	CAMPBELL SOUP CO	5,688		5,950		5,500
134429AR0	CAMPBELL SOUP CO	4,517		4,813		4,500
14912L2W0	CATERPILLAR FINANCIAL SERVICES	742		771		740
149123BG5	CATERPILLAR INC	1,002		1,011		1,000
149123BP5	CATERPILLAR INC	2,999		3,310		3,000
124857AB9	CBS CORP	9,882		10,255		10,000
152312AT1	CENTEX CORP	4,949		4,525		5,000
166754AC5	CHEVRON PHILLIPS	5,173		5,178		5,000
171232AF8	CHUBB CORP	5,034		5,346		5,000
125581CU0	CIT GROUP INC	1,030		1,030		2,000
172967CQ2	CITIGROUP INC	9,617		8,383		10,000
12572QAA3	CME GROUP INC	5,014		5,253		5,000
12572QAD7	CME GROUP INC	999		1,066		1,000
19416QDB3	COLGATE PALMOLIVE CO.	2,000		2,170		2,000
205887BA9	CONAGRA INC	219		226		211
20825RAB7	CONOCOPHIL AU	4,870		5,318		5,000
20825CAM6	CONOCOPHILLIPS	1,022		1,028		1,000
20825VAA0	CONOCOPHILLIPS CANADA	5,420		5,751		5,400
209111DZ3	CONSOLIDATED EDISON	4,078		4,283		4,000
209111EC3	CONSOLIDATED EDISON	4,802		5,008		5,000
209615BX0	CONSOLIDATED NATURAL GAS	10,259		10,671		10,000
21701RAB4	COORS BREWING CO	425		434		411
224044BE6	COX COMMUNICATIONS INC	2,034		2,150		2,000
126650BD1	CVS CORP	5,010		5,287		5,000
23331AAT6	D.R. HORTON INC	4,824		4,275		5,000
23383FBU8	DAIMLER FINANCE NA LLC	2,043		2,041		2,000
247025AE9	DELL COMPUTER CORP	5,258		5,125		5,000
25179SAC4	DEVON FINANCING CORP ULC	4,131		4,344		4,000
254687AV8	DISNEY (WALT) CO	8,458		9,133		8,500
25468PCB0	DISNEY (WALT) CO	3,095		3,218		3,000
260003AE8	DOVER CORP	2,946		2,993		3,000

CUSIP	Description	Cost or Amortized Cost	Fair Value	Par Value/ Shares
26054CAD5	DOW CAPITAL BV	4,127	4,055	4,000
260543BF9	DOW CHEMICAL CO	5,908	5,677	5,700
263534BM0	DU PONT (E I) DE NEMOURS	4,962	5,109	5,000
263534BU2	DU PONT (E I) DE NEMOURS	1,043	1,052	1,000
291011AT1	EMERSON ELECTRIC CO	738	772	750
291011AP9	EMERSON ELECTRIC CO	8,272	8,544	8,000
518439AA2	ESTEE LAUDER COMPANIES	2,060	2,124	2,000
303901AN2	FAIRFAX FINANCIAL HLDGS	22,450	22,003	22,625
303901AP7	FAIRFAX FINANCIAL HLDGS	13,210	12,530	14,000
31331FAN1	FEDERAL EXPRESS	7,577	7,644	7,569
31331FAQ4	FEDERAL EXPRESS	3,201	3,181	3,103
5526E2AC3	FIA CREDIT SERVICES NA	5,306	5,268	5,000
316773CJ7	FIFTH THIRD BANCORP	2,998	2,948	3,000
35804GAF5	FRESENIUS US FINANCE II	6,146	6,255	6,000
361477AA0	GATX CORP	3,865	3,912	3,865
361448AG8	GATX CORP	4,951	5,257	5,000
369550AK4	GENERAL DYNAMICS CORP	8,602	8,934	8,750
36962GY24	GENERAL ELECTRIC CAPITAL CORP	1,849	1,827	1,860
36962G2S2	GENERAL ELECTRIC CAPITAL CORP	4,896	5,147	5,000
36962GWB6	GENERAL ELECTRIC CAPITAL CORP	3,137	3,144	3,000
36962GYY4	GENERAL ELECTRIC CAPITAL CORP	20,363	21,024	20,000
369604AY9	GENERAL ELECTRIC CO	1,025	1,041	1,000
37033LFW1	GENERAL MILLS INC	5,270	5,587	5,000
370334BE3	GENERAL MILLS INC	1,998	2,134	2,000
37047RAJ6	GENERAL NUTRITION CENTER	832	1,060	1,325
377372AC1	GLAXOSMITHKLINE CAP INC	1,054	1,046	1,000
377372AA5	GLAXOSMITHKLINE CAP INC	9,660	10,244	10,000
38141GFD1	GOLDMAN SACHS GROUP INC	27,314	26,670	30,000
406216AR2	HALLIBURTON CO	1,010	1,046	1,000
4128A0AB9	HARLEY DAVIDSON	3,503	3,644	3,700
41283DAA1	HARLEY DAVIDSON FUNDING	6,151	6,558	7,000
416515AR5	HARTFORD FINANCIAL SVCS GRP	4,908	4,005	5,000
416515AV6	HARTFORD FINANCIAL SVCS GRP	999	766	1,000
423074AH6	HEINZ (HJ) CO	16,263	18,680	15,000
428236AQ6	HEWLETT-PACKARD CO	4,684	5,198	5,000
43502@AA9	HOLDINGS GAMING BORROWER, L.P.	9,487	9,487	10,000
437076AM4	HOME DEPOT INC	14,950	15,282	15,000
437076AN2	HOME DEPOT INC	2,033	2,070	2,000
438516AN6	HONEYWELL INTERNATIONAL INC	5,140	5,459	5,000
448055AE3	HUSKY ENERGY INC	499	523	500
459200DU2	IBM CORP	7,064	7,370	7,000
459200AL5	IBM CORP	10,123	10,473	9,200
459200GN5	IBM CORP	4,985	5,588	5,000
44924EAB6	IBM INTERNATIONAL GROUP CAP	3,035	3,211	3,000
452308AF6	ILLINOIS TOOL WORKS	13,063	13,661	13,000
45665QAC7	INFINITY PROPERTY & CASUALTY	4,934	3,894	5,000
456866AS1	INGERSOLL RAND PLC	10,599	10,340	10,750
459902AR3	INTERNATIONAL GAME TECHNOLOGY	1,492	1,513	1,500
460146BU6	INTERNATIONAL PAPER CO	5,965	5,503	6,000
450679BW4	ITT CORP	998	993	1,000
24422EQP7	JOHN DEERE CAPITAL CORP	3,000	3,007	3,000
244217BG9	JOHN DEERE CAPITAL CORP	5,232	5,491	5,000
24422EQW2	JOHN DEERE CAPITAL CORP	5,986	6,338	6,000
24422EQM4	JOHN DEERE CAPITAL CORP	953	1,030	1,000
244217BK0	JOHN DEERE CAPITAL CORP	4,944	5,198	5,000
478366AQ0	JOHNSON CONTROLS INC	5,846	6,065	6,000
478366AM9	JOHNSON CONTROLS INC	5,896	5,772	6,000
48121CJN7	JP MORGAN CHASE BANK	4,996	4,819	5,000
46625HGG9	JPMORGAN CHASE & CO	5,261	5,235	5,000
46625HAX8	JPMORGAN CHASE & CO	4,873	4,808	5,000
46625HHL7	JPMORGAN CHASE & CO	2,996	3,017	3,000
48666KAK5	KB HOME	4,954	4,825	5,000
48666KAM1	KB HOME	9,570	8,550	10,000
487836AS7	KELLOGG CO	2,054	2,142	2,000
487836AZ1	KELLOGG CO	5,009	5,345	5,000
494550AR7	KINDER MORGAN ENERGY PRTNRS	2,748	2,706	2,750
49926AAA3	KNOWLEDGE LEARNING CENTER	13,929	13,950	15,000
50075NAM6	KRAFT FOODS INC	998	1,010	1,000
50075NAH7	KRAFT FOODS INC	5,143	5,389	5,000
50075NAQ7	KRAFT FOODS INC	5,045	5,327	5,000
501044BX8	KROGER CO	3,042	3,083	3,000
527288AS3	LEUCADIA NATIONAL CORP	7,016	6,440	7,000
527288BD5	LEUCADIA NATIONAL CORP	7,984	7,240	8,000
571748AN2	MARSH & MCLENNAN COMPANY	6,461	6,414	6,400
55259PAC0	MARSHALL & ILSLEY BANK	3,483	2,934	3,500
57629WBH2	MASSMUTUAL GLOBAL FUNDING	999	1,000	1,000
58013MDU5	MCDONALD’S CORP	4,853	5,145	5,000

CUSIP	Description	Cost or Amortized Cost	Fair Value	Par Value/ Shares
589331AH0	MERCK & CO INC	5,198	5,182	5,000
59018YJ36	MERRILL LYNCH & CO	17,337	17,045	17,000
590188JF6	MERRILL LYNCH & CO INC	13,738	11,711	13,000
59217EAR5	MET LIFE GLOBAL FUNDING	9,841	9,928	10,000
59217EAU8	MET LIFE GLOBAL FUNDING	4,994	5,033	5,000
59217EBD5	MET LIFE GLOBAL FUNDING	10,039	10,337	10,000
552953AG6	MGM GRAND INC	10,694	11,565	18,000
617446C23	MORGAN STANLEY	14,426	14,007	15,000
626717AB8	MURPHY OIL CORP	5,879	5,947	5,700
636180BJ9	NATIONAL FUEL GAS CO	998	1,129	1,000
638612AG6	NATIONWIDE FINANCIAL SERVICES	3,939	3,584	4,000
63866EBF6	NATIONWIDE LIFE GBL FUND	3,827	3,966	4,000
64952WAJ2	NEW YORK LIFE GLOBAL FDG	10,074	10,589	10,000
64953BAP3	NEW YORK LIFE GLOBAL FDG	4,993	5,072	5,000
652482BG4	NEWS AMERICA INC	4,731	5,036	5,000
65473QAJ2	NISOURCE FINANCE CORP	4,194	4,132	4,000
664787AB4	NORTHERN BORDER PIPELINE	1,000	1,008	1,000
665859AJ3	NORTHERN TRUST CORP	1,993	2,120	2,000
674599BV6	OCCIDENTAL PETROLEUM CORP	13,073	13,558	12,440
67612WAC2	ODYSSEY RE HOLDINGS CORP	6,144	5,909	6,250
677415CK5	OHIO POWER COMPANY	4,555	4,670	4,500
68268NAA1	ONEOK PARTNERS LP	4,032	4,104	4,000
68402LAE4	ORACLE CORP	5,137	5,242	5,000
694308GD3	PACIFIC GAS & ELECTRIC	6,060	6,317	6,000
701094AG9	PARKER-HANNIFIN CORP	598	614	600
704549AC8	PEABODY ENERGY CORP	1,926	1,980	2,000
10138MAF2	PEPSI BOTTLING GROUP INC	4,922	5,196	5,000
717081CZ4	PFIZER INC	8,141	8,394	8,000
718172AB5	PHILIP MORRIS INTERNATIONAL	2,043	2,099	2,000
72447WAN9	PITNEY BOWES INC	9,713	10,124	10,000
73755LAE7	POTASH CORP-SASKATCHEWAN	2,993	3,096	3,000
737628AC1	POTLATCH CORP	2,714	2,772	2,700
74005PAJ3	PRAXAIR INC	720	766	695
74005PAL8	PRAXAIR INC	1,433	1,528	1,500
74005PAS3	PRAXAIR INC	9,970	10,354	10,000
74047PAR5	PREMCOR REFINING GROUP	2,050	1,981	2,000
74254PLA8	PRINCIPAL LIFE INC FDG	2,939	2,902	2,950
74432QAP0	PRUDENTIAL FINANCIAL INC	1,528	1,687	1,700
74438GAE1	PRUDENTIAL HOLDINGS, LLC	10,044	9,569	10,000
755111BL4	RAYTHEON COMPANY	4,808	5,240	4,815
771196AQ5	ROCHE HOLDINGS INC	11,979	12,551	12,000
786514BL2	SAFEWAY INC	5,585	5,669	5,555
803111AK9	SARA LEE CORP	7,179	7,399	7,000
78387GAH6	SBC COMMUNICATIONS INC	5,031	5,337	5,000
816851AB5	SEMPRA ENERGY	5,087	5,179	5,000
816851AN9	SEMPRA ENERGY	998	1,044	1,000
828807BE6	SIMON PROPERTY GROUP LP	4,786	5,039	5,000
828807BX4	SIMON PROPERTY GROUP LP	4,291	4,984	5,000
828807BM8	SIMON PROPERTY GROUP LP	4,618	4,566	5,000
842434CE0	SOUTHERN CAL GAS	9,904	10,298	10,000
843646AC4	SOUTHERN POWER CO	3,078	3,211	3,000
852061AE0	SPRINT NEXTEL CORP	4,000	3,771	4,000
854616AK5	STANLEY WORKS	4,966	4,964	5,000
855030AH5	STAPLES INC	1,043	1,045	1,000
855030AJ1	STAPLES INC	5,116	5,529	4,950
85744NAA9	STATE STREET CORP	7,974	7,642	8,000
86764PAE9	SUNOCO INC	3,080	3,372	3,000
88319QL27	TEXTRON FINANCIAL CORP	3,977	3,861	4,000
883203BJ9	TEXTRON INC	3,977	3,842	4,000
88732JAR9	TIME WARNER CABLE INC	1,991	2,203	2,000
88731EAF7	TIME WARNER ENTERTAINMENT	11,374	11,026	10,000
893521AA2	TRANSATLANTIC HOLDINGS	3,169	4,131	5,000
8941A0AB1	TRAVELERS LIFE	4,183	4,255	4,250
907818CN6	UNION PACIFIC CORP	2,055	2,090	2,000
913017BD0	UNITED TECHNOLOGIES CORP	512	535	500
913017BF5	UNITED TECHNOLOGIES CORP	5,347	5,602	5,200
91324PBH4	UNITEDHEALTH GROUP INC	1,968	2,022	2,000
91324PAE2	UNITEDHEALTH GROUP INC	4,900	5,022	5,000
91324PBC5	UNITEDHEALTH GROUP INC	4,948	4,763	5,000
91159HGR5	US BANCORP	10,047	10,113	10,000
90331HKP7	US BANK NA	5,163	5,160	5,000
920355AD6	VALSPAR CORP	1,991	2,003	2,000
92343VAJ3	VERIZON COMMUNICATIONS	10,144	10,215	10,000
92343VAN4	VERIZON COMMUNICATIONS	4,646	5,247	5,000
92344UAA3	VERIZON NEW JERSEY INC	2,029	2,097	2,000
92345NAA8	VERIZON VIRGINIA INC	12,671	13,028	13,000
925524AZ3	VIACOM INC	2,500	2,559	2,500

CUSIP	Description	Cost or Amortized Cost		Fair Value		Par Value/ Shares
925524BB5	VIACOM INC	2,500		2,463		2,500
929043AE7	VORNADO REALTY TRUST	4,301		4,525		5,000
92976GAB7	WACHOVIA BANK NA	9,665		9,692		10,000
929903AJ1	WACHOVIA CORP	4,908		4,893		5,000
931422AD1	WALGREEN CO	6,234		6,366		6,000
931142BV4	WAL-MART STORES INC	4,087		4,151		4,000
931142BT9	WAL-MART STORES INC	6,047		6,287		6,000
931142AS2	WAL-MART STORES INC	2,079		2,286		2,000
93884PDD9	WASHINGTON GAS LIGHT	3,000		3,119		3,000
92933DAA8	WEA FINANCE LLC	4,950		4,958		5,000
94973VAJ6	WELLPOINT INC	748		769		750
94973VAK3	WELLPOINT INC	6,823		6,632		7,000
949746CL3	WELLS FARGO & COMPANY	4,956		5,129		5,000
94975CAL1	WELLS FARGO FINANCIAL	5,088		5,198		5,000
962166BP8	WEYERHAEUSER CO	2,056		2,001		2,000
964152AA0	WHITE MOUNTAINS RE GROUP	4,995		4,286		5,000
96946RAA3	WILLIAM COS INC	4,037		3,999		4,000
976843BC5	WISCONSIN PUBLIC SERVICE	5,023		5,118		5,000
982526AA3	WRIGLEY (WM) JR CO	8,972		8,978		9,000
983024AA8	WYETH	10,912		11,226		10,500
983130AD7	WYNN LAS VEGAS LLC	38,086		35,200		40,000
984121BL6	XEROX CORP	5,005		5,163		5,000
984121BN2	XEROX CORP	3,048		3,107		3,000
984121BY8	XEROX CORP	500		520		500
Subtotal Corporate Debt		$	1,357,917	$	1,361,292	$	1,374,994
State and Local Government Debt
005482F66	ADAMS & ARAPAHOE CNTYS CO	$	3,231	$	3,331	$	3,000
041790L61	ARLINGTON TEXAS	1,060		1,102		1,000
066617GL9	BANNING CALIF UNI SCH DIST	5,246		5,190		5,225
098203RB0	BONITA CALIF UNI SCH DIST	5,018		4,967		5,000
13034PBX4	CALIFORNIA HSG FIN AGY REV	1,000		1,015		1,000
13033WUP6	CALIFORNIA INFRASTRUCTURE	1,586		1,558		1,530
13033WTX1	CALIFORNIA INFRASTRUCTURE	1,081		1,048		1,045
13062PWZ1	CALIFORNIA STATE	957		984		945
167592QH0	CHICAGO ILL O HARE INTL ARPT	967		1,008		1,000
167664XK2	CHICAGO ILL PUB BLDG COMM REV	3,190		3,380		3,000
181059KG0	CLARK CNTY NEV SCH DIST	5,021		4,824		5,000
181108RS2	CLARK CNTY WASH PUB UTIL DIST	3,166		3,375		3,000
20772F6N5	CONNECTICUT STATE	3,190		3,371		3,000
2131833N4	COOK CNTY ILL	3,244		3,345		3,000
235416UJ1	DALLAS TEX WTRWKS & SWR S	2,132		2,248		2,000
251129J37	DETROIT MICH CITY SCH DIST	1,056		1,025		1,000
303820G81	FAIRFAX CNTY VA	2,048		2,135		2,000
343136A56	FLORIDA ST TPK AUTH	4,418		4,461		4,415
403760DA6	GWINNETT CNTY GA WTR & SEW AUT	3,160		3,293		3,000
414004LG4	HARRIS CNTY TEX	2,089		2,153		2,000
4424366E6	HOUSTON TEX WTR & SWR SYS REV	986		1,033		935
4424366F3	HOUSTON TEX WTR & SWR SYS REV	1,123		1,155		1,065
4424362S9	HOUSTON TEX WTR & SWR SYS REV	3,200		3,405		3,000
452151DD2	ILLINOIS ST	3,203		3,226		3,000
452151MS9	ILLINOIS ST	3,151		3,281		3,000
495289JC5	KING CNTY WASH SWR REV	2,114		2,169		2,000
544495FN9	LOS ANGELES CALIF WTR & PWR	2,081		2,166		2,000
556547EX1	MADISON & JERSEY CNTYS ILL SD	3,237		3,371		3,000
574192SH4	MARYLAND ST	2,268		2,422		2,085
576004FA8	MASSACHUSETTS ST SPL OBLIG	3,139		3,340		3,000
576004FB6	MASSACHUSETTS ST SPL OBLIG	3,212		3,358		3,000
590536CB2	MESA ARIZ STR & HWY REV	2,006		2,087		2,000
63877NES2	NATOMAS UNI SCH DIST CALIF	5,015		4,979		5,000
645918KQ5	NEW JERSEY ECONOMIC DEV AUTH	6,328		6,285		6,265
6775183J9	OHIO STATE	3,117		3,192		3,000
696617XJ3	PALM DESERT CALIF FING AUTH	4,033		3,918		3,835
709141D36	PENNSYLVANIA ST	3,184		3,303		3,000
736688EW8	PORTLAND ORE CMNTY COLLEGE	3,186		3,271		3,000
738800MN8	POWAY CALIF REDEV AGY TAX	1,000		950		1,000
785849SK7	SACRAMENTO CALIF CITY FING AUT	1,032		1,038		1,000
79575DLN8	SALT RIVER PROJ ARIZ AGRIC IMP	3,145		3,268		3,000
7962364F1	SAN ANTONIO TEX	2,981		3,139		2,800
7962363U9	SAN ANTONIO TEX	250		266		235
796253WA6	SAN ANTONIO TEX ELEC & GAS	3,165		3,344		3,000
798153DW9	SAN JOSE CALIF FING AUTH LEASE	3,109		3,151		3,000
798147XL3	SAN JOSE CALIF REDEV AGY TAX	5,225		5,179		5,000
798147XN9	SAN JOSE CALIF REDEV AGY TAX	3,758		3,614		3,525
798306MN3	SAN JUAN CALIF UNI SCH DIST	4,755		4,709		4,740
833085SJ3	SNOHOMISH CNTY WASH	3,796		3,996		3,670
791434TD5	ST LOUIS CNTY MO ROCKWOOD SD	3,197		3,351		3,000

CUSIP	Description	Cost or Amortized Cost		Fair Value		Par Value/ Shares
930863XQ3	WAKE CNTY NORTH CAROLINA	2,007		2,136		2,000
93974AA61	WASHINGTON ST SER B	2,072		2,179		2,000
93974AXW9	WASHINGTON ST SER B	2,077		2,204		2,000
969871LM2	WILLIAMSON CNTY TENN	3,157		3,302		3,000
9770565Q9	WISCONSIN ST	3,202		3,369		3,000
Subtotal State and Local Government Debt		$	155,371	$	158,969	$	149,315
Foreign Government Debt
46513EGA4	STATE OF ISRAEL	$	5,000	$	5,007	$	5,000
Subtotal Foreign Government Debt		$	5,000	$	5,007	$	5,000
Redeemable Preferred Stocks
055188205	BAC	$	3,600	$	2,751	144
08449Q203	BERKLEY (W.R.) CORP	905		814		36
Subtotal Redeemable Preferred Stocks		$	4,505	$	3,565
U.S. Government Debt
912828FX3	U S TREASURY NOTES	$	2,020	$	2,032	$	2,000
912828JL5	U S TREASURY NOTES	2,033		2,035		2,000
912828KU3	U S TREASURY NOTES	200		199		200
Subtotal U.S. Government Debt		$	4,253	$	4,266	$	4,200
Equity Securities
31943X102	1st CENTURY BANCSHARES INC	$	346	$	294	74
00206R102	AT&T INC	3,105		3,105		125
055622104	BP PLC	1,142		954		20
191216100	COCA-COLA COMPANY	410		480		10
203485107	COMMUNITY BANK OF THE BAY	32		32		8
22282E102	COVANTA HOLDING CORP	1		1		51
29476L107	EQUITY RESIDENTIAL	200		200		9
369604103	GENERAL ELECTRIC CO	4,747		4,747		405
G4413Q108	HERON INTERNATIONAL LIMITED	26,405		31,333		5,292
458140100	INTEL CORP	1,908		2,069		125
478160104	JOHNSON & JOHNSON	2,122		1,988		35
589331107	MERCK & CO INC	3,283		3,076		110
589400100	MERCURY GENERAL CORP	2,347		2,507		75
594918104	MICROSOFT CORP	997		1,189		50
6399123*3	NEIGHBORHOOD BANCORP	250		250		17
639912104	NEIGHBORHOOD BANCORP	200		240		20
742718109	PROCTER & GAMBLE CO	3,463		3,064		60
780259206	ROYAL DUTCH SHELL PLC	1,332		1,004		20
92343V104	VERIZON COMMUNICATIONS	904		768		25
929042109	VORNADO REALTY TRUST	637		608		14
948741103	WEINGARTEN REALTY INVESTORS	179		179		12
Subtotal Equity Securities		$	54,010	$	58,088
Short-Term Investments		$	347,875	$	347,909	N/A
TOTAL AVAILABLE-FOR-SALE INVESTMENT PORTFOLIO		$	1,928,931	$	1,939,096

N/A - Not Applicable