Exhibit 99.1

ZENITH NATIONAL INSURANCE CORP. AND SUBSIDIARIES

Available-For-Sale Investment Portfolio

March 31, 2010

(in thousands)

CUSIP	Description	Cost or Amortized Cost		Fair Value		Par Value/ Shares
Corporate Debt
008685AC3	AHOLD FINANCE USA INC	$	3,977	$	4,038	$	3,960
013716AR6	ALCAN ALUMINUM LTD	4,857		5,290		5,000
013817AF8	ALCOA INC	7,233		7,494		7,100
017363AD4	ALLEGHENY ENERGY SUPPLY	5,110		5,268		5,000
017363AE2	ALLEGHENY ENERGY SUPPLY	4,146		4,412		4,000
02003MBQ6	ALLSTATE LIFE GL FN TRST	4,124		4,357		4,000
023608AE2	AMEREN CORPORATION	1,992		2,308		2,000
025932203	AMERICAN FINANCIAL GROUP	6,503		6,738		6,875
026874AT4	AMERICAN INTERNATIONAL GROUP	9,727		9,816		10,000
02687QBE7	AMERICAN INTERNATIONAL GROUP	5,019		5,136		5,000
032511AU1	ANADARKO PETROLEUM CORP	2,001		2,133		2,000
03523TAL2	ANHEUSER-BUSCH INBEV WOR	2,996		3,081		3,000
00184AAF2	AOL TIME WARNER	3,090		3,300		3,000
037389AS2	AON CORPORATION	8,239		8,951		8,000
037411AQ8	APACHE CORP	2,044		2,184		2,000
046353AC2	ASTRAZENECA PLC	5,134		5,460		5,000
001957BC2	AT&T CORP	3,266		3,279		3,000
00206RAF9	AT&T INC	5,287		5,371		5,000
00209AAG1	AT&T WIRELESS	8,956		9,028		8,000
053611AC3	AVERY DENNISON CORP	3,069		3,111		3,000
054303AS1	AVON PRODUCTS INC	5,744		5,951		5,750
064057BA9	BANK OF NEW YORK CO INC.	1,023		1,089		1,000
06406HBJ7	BANK OF NEW YORK MELLON	3,151		3,204		3,000
06739FGP0	BARCLAY’S BANK PLC	10,007		10,012		10,000
073902CE6	BEAR STEARNS COMPANIES	5,056		5,114		5,000
079860AJ1	BELLSOUTH CORP	1,002		1,066		1,000
084423AJ1	BERKLEY (WR) CORP	7,992		8,644		8,204
084423AK8	BERKLEY (WR) CORP	1,543		1,569		1,550
084664BD2	BERKSHIRE HATHAWAY FINANCE	5,118		5,331		5,000
055451AD0	BHP BILLITON FIN USA LTD	1,006		1,071		1,000
055451AG3	BHP BILLITON FIN USA LTD	5,045		5,502		5,000
09247XAF8	BLACKROCK INC	3,013		3,025		3,000
097023BB0	BOEING CO	1,328		1,322		1,317
10112RAF1	BOSTON PROPERTIES LP	868		1,109		1,050
10112RAK0	BOSTON PROPERTIES LP	5,167		4,981		5,000
05565QBF4	BP CAPITAL MARKETS PLC	8,418		8,803		8,000
054937AD9	BRANCH BANKING & TRUST	2,462		2,636		2,500
134429AM1	CAMPBELL SOUP CO	5,603		5,797		5,500
134429AR0	CAMPBELL SOUP CO	4,513		4,898		4,500
14170TAD3	CAREFUSION CORP	1,345		1,372		1,315
14912L2W0	CATERPILLAR FINANCIAL SERVICES	741		762		740
14912L4F5	CATERPILLAR FINANCIAL SERVICES	5,488		5,635		5,000
14912L4J7	CATERPILLAR FINANCIAL SERVICES	3,010		3,021		3,000
165167BY2	CHESAPEAKE ENERGY CORP	4,111		4,170		4,000
166751AK3	CHEVRON CORP	6,262		6,246		6,000
166754AC5	CHEVRON PHILLIPS	5,098		5,250		5,000
171232AF8	CHUBB CORP	5,024		5,359		5,000
172967CQ2	CITIGROUP INC	9,666		9,986		10,000
12572QAA3	CME GROUP INC	5,012		5,455		5,000
12572QAD7	CME GROUP INC	999		1,098		1,000
191216AL4	COCA-COLA COMPANY	5,147		5,201		5,000
19416QDB3	COLGATE PALMOLIVE CO.	2,000		2,186		2,000
205887BA9	CONAGRA INC	216		227		211
20825RAB7	CONOCOPHIL AU	4,893		5,477		5,000
20825CAM6	CONOCOPHILLIPS	5,242		5,307		5,000

CUSIP	Description	Cost or Amortized Cost	Fair Value	Par Value/ Shares
20825VAA0	CONOCOPHILLIPS CANADA	5,415	5,800	5,400
209111DZ3	CONSOLIDATED EDISON	4,060	4,359	4,000
209111EC3	CONSOLIDATED EDISON	967	1,040	1,000
209615BX0	CONSOLIDATED NATURAL GAS	10,179	10,714	10,000
21701RAB4	COORS BREWING CO	422	445	411
224044BE6	COX COMMUNICATIONS INC	2,027	2,235	2,000
126650BD1	CVS CORP	5,007	5,286	5,000
23331AAT6	D.R. HORTON INC	1,963	1,980	2,000
23383FBU8	DAIMLER FINANCE NA LLC	2,029	2,108	2,000
247109BQ3	DELMARVA POWER & LIGHT	4,663	4,740	4,200
25179SAC4	DEVON FINANCING CORP ULC	3,068	3,237	3,000
25459HAD7	DIRECTV HOLDINGS/FING	5,187	5,194	5,000
254687AV8	DISNEY (WALT) CO	8,466	9,169	8,500
260003AE8	DOVER CORP	2,951	3,258	3,000
26054CAD5	DOW CAPITAL BV	4,026	4,034	4,000
260543BF9	DOW CHEMICAL CO	5,874	6,283	5,700
263534BM0	DU PONT (E I) DE NEMOURS	4,996	5,012	5,000
263534BU2	DU PONT (E I) DE NEMOURS	6,440	6,498	6,000
278058DF6	EATON CORP	5,240	5,326	5,000
291011AP9	EMERSON ELECTRIC CO	8,229	8,915	8,000
291011AT1	EMERSON ELECTRIC CO	741	806	750
518439AA2	ESTEE LAUDER COMPANIES	2,043	2,162	2,000
303901AC6	FAIRFAX FINANCIAL HLDGS	8,188	9,070	8,457
303901AN2	FAIRFAX FINANCIAL HLDGS	23,119	24,413	23,250
303901AP7	FAIRFAX FINANCIAL HLDGS	6,712	7,245	7,000
31331FAN1	FEDERAL EXPRESS	6,442	6,446	6,438
31331FAQ4	FEDERAL EXPRESS	2,682	2,855	2,607
5526E2AC3	FIA CREDIT SERVICES NA	5,242	5,479	5,000
345397TS2	FORD MOTOR CREDIT	10,259	10,250	10,000
361448AG8	GATX CORP	2,975	3,441	3,000
361448AH6	GATX CORP	1,999	2,088	2,000
361477AA0	GATX CORP	3,732	4,321	3,732
369550AK4	GENERAL DYNAMICS CORP	8,629	9,346	8,750
36962G2S2	GENERAL ELECTRIC CAPITAL CORP	4,950	5,147	5,000
36962GWB6	GENERAL ELECTRIC CAPITAL CORP	3,076	3,137	3,000
36962GY24	GENERAL ELECTRIC CAPITAL CORP	1,856	1,860	1,860
369604AY9	GENERAL ELECTRIC CO	5,259	5,390	5,000
370334BG8	GENERAL MILLS INC	2,148	2,183	2,000
37033LFW1	GENERAL MILLS INC	5,116	5,414	5,000
37426@AA4	GETTINGHIRED LLC	1,000	1,000	1,000
38141GAZ7	GOLDMAN SACHS GROUP INC	5,213	5,234	5,000
38141GEF7	GOLDMAN SACHS GROUP INC	10,280	10,324	10,000
38141GFD1	GOLDMAN SACHS GROUP INC	10,289	9,987	10,000
38143UAW1	GOLDMAN SACHS GROUP INC	10,342	10,510	10,000
406216AR2	HALLIBURTON CO	1,004	1,028	1,000
4128A0AB9	HARLEY DAVIDSON	3,601	3,740	3,700
41283DAA1	HARLEY DAVIDSON FUNDING	6,305	7,305	7,000
416515AR5	HARTFORD FINANCIAL SVCS GRP	4,916	5,100	5,000
42217JBE8	HCP INC	6,877	6,937	6,850
428236AY9	HEWLETT-PACKARD CO	1,026	1,033	1,000
43502@AA9	HOLDINGS GAMING BORROWER, L.P.	9,529	9,453	9,950
437076AM4	HOME DEPOT INC	14,983	15,218	15,000
437076AN2	HOME DEPOT INC	2,019	2,077	2,000
438516AN6	HONEYWELL INTERNATIONAL INC	5,097	5,407	5,000
448055AE3	HUSKY ENERGY INC	500	544	500
448579AA0	HYATT HOTELS CORP	7,083	7,144	7,000

CUSIP	Description	Cost or Amortized Cost	Fair Value	Par Value/ Shares
459200AL5	IBM CORP	9,961	10,720	9,200
459200DU2	IBM CORP	7,037	7,278	7,000
459200GN5	IBM CORP	4,987	5,739	5,000
44924EAB6	IBM INTERNATIONAL GROUP CAP	4,107	4,343	4,000
452308AH2	ILLINOIS TOOL WORKS	2,006	2,183	2,000
456866AS1	INGERSOLL RAND PLC	5,714	5,991	5,750
458140AD2	INTEL CORP	10,694	11,285	11,500
460146BU6	INTERNATIONAL PAPER CO	5,969	6,338	6,000
450679BW4	ITT CORP	998	1,062	1,000
244217BG9	JOHN DEERE CAPITAL CORP	5,171	5,530	5,000
244217BK0	JOHN DEERE CAPITAL CORP	8,684	9,222	8,500
24422EQM4	JOHN DEERE CAPITAL CORP	4,651	4,822	4,450
24422EQW2	JOHN DEERE CAPITAL CORP	998	1,086	1,000
478366AM9	JOHNSON CONTROLS INC	8,028	8,504	8,000
478366AQ0	JOHNSON CONTROLS INC	5,919	6,200	6,000
46625HAT7	JPMORGAN CHASE & CO	5,321	5,426	5,000
46625HAX8	JPMORGAN CHASE & CO	4,887	5,268	5,000
46625HGG9	JPMORGAN CHASE & CO	5,161	5,266	5,000
48666KAM1	KB HOME	4,909	4,800	5,000
487836AS7	KELLOGG CO	2,031	2,110	2,000
487836AZ1	KELLOGG CO	5,007	5,415	5,000
494550AR7	KINDER MORGAN ENERGY PRTNRS	2,748	2,948	2,750
49926AAA3	KNOWLEDGE LEARNING CENTER	8,948	8,730	9,000
50075NAH7	KRAFT FOODS INC	5,108	5,472	5,000
50075NAY0	KRAFT FOODS INC	997	1,008	1,000
527288AS3	LEUCADIA NATIONAL CORP	7,013	7,263	7,000
527288BD5	LEUCADIA NATIONAL CORP	4,991	5,181	5,000
55608JAA6	MACQUARIE GROUP LTD	4,151	4,466	4,000
571748AN2	MARSH & MCLENNAN COMPANY	6,423	6,510	6,400
55259PAC0	MARSHALL & ILSLEY BANK	3,487	3,485	3,500
57629WBH2	MASSMUTUAL GLOBAL FUNDING	999	1,035	1,000
58013MDU5	MCDONALD’S CORP	4,879	5,333	5,000
58405UAE2	MEDCO HEALTH SOLUTIONS INC	3,219	3,291	3,000
589331AH0	MERCK & CO INC	5,159	5,349	5,000
59018YJ36	MERRILL LYNCH & CO	10,154	10,680	10,000
590188JF6	MERRILL LYNCH & CO INC	6,458	6,268	6,000
59217EAR5	MET LIFE GLOBAL FUNDING	9,977	10,004	10,000
59217EAU8	MET LIFE GLOBAL FUNDING	4,998	5,061	5,000
59217EBD5	MET LIFE GLOBAL FUNDING	10,027	10,439	10,000
59217EBZ6	MET LIFE GLOBAL FUNDING	2,544	2,541	2,500
626717AB8	MURPHY OIL CORP	5,834	6,107	5,700
636180BJ9	NATIONAL FUEL GAS CO	998	1,196	1,000
638612AG6	NATIONWIDE FINANCIAL SERVICES	3,946	4,072	4,000
64952WAJ2	NEW YORK LIFE GLOBAL FDG	10,058	10,789	10,000
64953BAP3	NEW YORK LIFE GLOBAL FDG	4,994	5,353	5,000
652482BG4	NEWS AMERICA INC	5,367	5,479	5,000
65473QAJ2	NISOURCE FINANCE CORP	4,089	4,153	4,000
665859AJ3	NORTHERN TRUST CORP	1,995	2,213	2,000
66989HAB4	NOVARTIS CAPITAL CORP	1,997	1,999	2,000
674599BV6	OCCIDENTAL PETROLEUM CORP	12,894	13,598	12,440
67612WAC2	ODYSSEY RE HOLDINGS CORP	6,159	6,849	6,250
677415CK5	OHIO POWER COMPANY	4,524	4,615	4,500
68268NAA1	ONEOK PARTNERS LP	4,023	4,288	4,000
68402LAE4	ORACLE CORP	5,071	5,171	5,000
694308GD3	PACIFIC GAS & ELECTRIC	6,052	6,438	6,000
701094AG9	PARKER-HANNIFIN CORP	598	630	600

CUSIP	Description	Cost or Amortized Cost	Fair Value	Par Value/ Shares
704549AC8	PEABODY ENERGY CORP	5,924	6,068	6,000
707271AM4	PENN CENTRAL CORP	1,608	1,650	1,500
10138MAF2	PEPSI BOTTLING GROUP INC	4,935	5,384	5,000
713448BK3	PEPSICO INC	5,168	5,228	5,000
713448BL1	PEPSICO INC	10,000	10,005	10,000
713448BM9	PEPSICO INC	5,040	5,053	5,000
717081CZ4	PFIZER INC	8,103	8,480	8,000
718172AB5	PHILIP MORRIS INTERNATIONAL	8,904	9,128	8,500
72447WAN9	PITNEY BOWES INC	9,764	10,508	10,000
73755LAE7	POTASH CORP-SASKATCHEWAN	4,614	4,865	4,500
74005PAJ3	PRAXAIR INC	713	761	695
74005PAL8	PRAXAIR INC	1,445	1,578	1,500
74005PAS3	PRAXAIR INC	11,357	12,028	11,300
74254PLA8	PRINCIPAL LIFE INC FDG	2,944	3,035	2,950
742718DL0	PROCTER & GAMBLE CO	9,597	9,670	9,000
742718DR7	PROCTER & GAMBLE CO	4,997	5,001	5,000
74432QAP0	PRUDENTIAL FINANCIAL INC	1,577	1,785	1,700
771196AQ5	ROCHE HOLDINGS INC	11,982	12,962	12,000
786514BL2	SAFEWAY INC	5,565	5,643	5,555
803111AK9	SARA LEE CORP	5,080	5,313	5,000
78387GAH6	SBC COMMUNICATIONS INC	5,023	5,365	5,000
816851AN9	SEMPRA ENERGY	998	1,117	1,000
828807AW7	SIMON PROPERTY GROUP INC	5,070	5,248	5,000
828807BE6	SIMON PROPERTY GROUP LP	4,926	5,064	5,000
828807BW6	SIMON PROPERTY GROUP LP	2,512	2,477	2,500
828807BX4	SIMON PROPERTY GROUP LP	4,500	5,263	5,000
842434CE0	SOUTHERN CAL GAS	9,950	10,291	10,000
843646AC4	SOUTHERN POWER CO	3,060	3,280	3,000
852061AE0	SPRINT NEXTEL CORP	4,000	3,986	4,000
854616AK5	STANLEY BLACK & DECKER INC	4,973	5,366	5,000
855030AH5	STAPLES INC	1,034	1,113	1,000
855030AJ1	STAPLES INC	5,093	6,001	4,950
863667AA9	STRYKER CORP	5,016	4,998	5,000
87612EAM8	TARGET CORP	4,140	4,191	4,000
883203BJ9	TEXTRON INC	3,993	4,033	4,000
88732JAK4	TIME WARNER CABLE INC	5,422	5,517	5,000
88732JAR9	TIME WARNER CABLE INC	1,992	2,309	2,000
8941A0AB1	TRAVELERS LIFE	4,223	4,323	4,250
907818CY2	UNION PACIFIC CORP	4,810	4,876	4,500
911312AG1	UNITED PARCEL SERVICE	3,219	3,207	3,000
913017BD0	UNITED TECHNOLOGIES CORP	507	525	500
913017BF5	UNITED TECHNOLOGIES CORP	5,311	5,687	5,200
91324PAE2	UNITEDHEALTH GROUP INC	4,919	5,314	5,000
91324PBH4	UNITEDHEALTH GROUP INC	1,974	2,139	2,000
91159HGR5	US BANCORP	10,040	10,492	10,000
90331HKP7	US BANK NA	5,143	5,323	5,000
91915WAB8	VALIDUS HOLDINGS INC	9,871	10,262	10,000
920355AD6	VALSPAR CORP	1,993	2,135	2,000
92343VAJ3	VERIZON COMMUNICATIONS	10,116	10,607	10,000
92344UAA3	VERIZON NEW JERSEY INC	2,021	2,130	2,000
92345NAA8	VERIZON VIRGINIA INC	12,729	13,632	13,000
925524BB5	VIACOM INC	2,500	2,762	2,500
931422AD1	WALGREEN CO	5,157	5,443	5,000
931142AS2	WAL-MART STORES INC	2,066	2,307	2,000
931142BT9	WAL-MART STORES INC	8,179	8,602	8,000
931142BV4	WAL-MART STORES INC	4,047	4,118	4,000

CUSIP	Description	Cost or Amortized Cost		Fair Value		Par Value/ Shares
93884PDD9	WASHINGTON GAS LIGHT	3,000		3,104		3,000
94973VAJ6	WELLPOINT INC	749		772		750
949746CL3	WELLS FARGO & COMPANY	4,966		5,310		5,000
94975CAL1	WELLS FARGO FINANCIAL	5,068		5,368		5,000
964152AA0	WHITE MOUNTAINS RE GROUP	4,995		4,875		5,000
96946RAA3	WILLIAM COS INC	4,015		4,074		4,000
976843BC5	WISCONSIN PUBLIC SERVICE	5,018		5,333		5,000
982526AA3	WRIGLEY (WM) JR CO	8,992		9,055		12,000
983024AA8	WYETH	12,447		13,132		12,000
983130AD7	WYNN LAS VEGAS LLC	38,320		38,903		39,000
984121BL6	XEROX CORP	5,001		5,050		5,000
984121BN2	XEROX CORP	3,030		3,186		3,000
98385XAN6	XTO ENERGY INC	2,580		2,675		2,495
Subtotal Corporate Debt		$	1,216,668	$	1,268,445	$	1,208,512
State and Local Government Debt
005482F66	ADAMS & ARAPAHOE CNTYS CO	$	3,194	$	3,325	$	3,000
041790L61	ARLINGTON TEXAS	1,050		1,109		1,000
13033LDN4	CALIFORNIA HEALTH FACS FING	4,531		4,514		4,195
13034PBX4	CALIFORNIA HSG FIN AGY REV	1,000		1,020		1,000
13033WTX1	CALIFORNIA INFRASTRUCTURE	1,075		1,074		1,045
13033WUP6	CALIFORNIA INFRASTRUCTURE	1,576		1,592		1,530
13063BBY7	CALIFORNIA ST	9,550		9,913		10,000
13063BBZ4	CALIFORNIA ST	10,182		10,550		10,000
13062PWZ1	CALIFORNIA STATE	947		952		945
167505FU5	CHICAGO ILL BRD ED	5,359		5,385		5,000
167592QH0	CHICAGO ILL O HARE INTL ARPT	969		1,011		1,000
167664XK2	CHICAGO ILL PUB BLDG COMM REV	3,153		3,342		3,000
181108RS2	CLARK CNTY WASH PUB UTIL DIST	3,140		3,309		3,000
20772F6N5	CONNECTICUT STATE	3,154		3,339		3,000
2131833N4	COOK CNTY ILL	3,204		3,338		3,000
235416UJ1	DALLAS TEX WTRWKS & SWR S	2,103		2,209		2,000
251129J37	DETROIT MICH CITY SCH DIST	1,046		1,075		1,000
303820G81	FAIRFAX CNTY VA	2,039		2,157		2,000
359900B63	FULTON CNTY GA DEV AUTH REV	5,964		6,096		6,000
403760DA6	GWINNETT CNTY GA WTR & SEW AUT	3,132		3,305		3,000
414005EQ7	HARRIS CNTY TEX	1,262		1,312		1,225
414005EU8	HARRIS CNTY TEX	798		822		775
4424366E6	HOUSTON TEX WTR & SWR SYS REV	971		1,010		935
4424362S9	HOUSTON TEX WTR & SWR SYS REV	3,158		3,365		3,000
4424366F3	HOUSTON TEX WTR & SWR SYS REV	1,106		1,144		1,065
452151DD2	ILLINOIS ST	3,158		3,310		3,000
452151MS9	ILLINOIS ST	3,126		3,289		3,000
495289JC5	KING CNTY WASH SWR REV	2,094		2,205		2,000
544495FN9	LOS ANGELES CALIF WTR & PWR	2,067		2,210		2,000
556547EX1	MADISON & JERSEY CNTYS ILL SD	3,199		3,357		3,000
5741924H0	MARYLAND ST	5,053		5,018		5,000
574192SH4	MARYLAND ST	2,243		2,427		2,085
576004FA8	MASSACHUSETTS ST SPL OBLIG	3,117		3,327		3,000
576004FB6	MASSACHUSETTS ST SPL OBLIG	3,186		3,345		3,000
590536CB2	MESA ARIZ STR & HWY REV	2,004		2,076		2,000
6775183J9	OHIO STATE	3,080		3,204		3,000
696617XJ3	PALM DESERT CALIF FING AUTH	4,000		4,047		3,835
70914PLE0	PENNSYLVANIA ST	520		554		495
70914PLJ9	PENNSYLVANIA ST	2,631		2,774		2,505
736688EW8	PORTLAND ORE CMNTY COLLEGE	3,140		3,252		3,000

CUSIP	Description	Cost or Amortized Cost		Fair Value		Par Value/ Shares
785849SK7	SACRAMENTO CALIF CITY FING AUT	1,028		1,075		1,000
79575DLN8	SALT RIVER PROJ ARIZ AGRIC IMP	3,111		3,232		3,000
7962363U9	SAN ANTONIO TEX	248		264		235
7962364F1	SAN ANTONIO TEX	2,949		3,137		2,800
796253WA6	SAN ANTONIO TEX ELEC & GAS	3,138		3,404		3,000
798153DW9	SAN JOSE CALIF FING AUTH LEASE	3,072		3,145		3,000
798147XL3	SAN JOSE CALIF REDEV AGY TAX	5,173		5,282		5,000
798147XN9	SAN JOSE CALIF REDEV AGY TAX	3,718		3,747		3,525
833085SJ3	SNOHOMISH CNTY WASH	3,770		3,997		3,670
791434TD5	ST LOUIS CNTY MO ROCKWOOD SD	3,158		3,320		3,000
930863XQ3	WAKE CNTY NORTH CAROLINA	2,006		2,151		2,000
93974AA61	WASHINGTON ST	2,060		2,210		2,000
93974AXW9	WASHINGTON ST	2,063		2,212		2,000
93974BFX5	WASHINGTON ST	2,886		2,876		2,500
969871LM2	WILLIAMSON CNTY TENN	3,116		3,246		3,000
9770565Q9	WISCONSIN ST	3,165		3,343		3,000
Subtotal State and Local Government Debt		$	160,942	$	167,304	$	155,365
Redeemable Preferred Stocks
055188205	BAC	$	3,600	$	3,347	144
08449Q203	BERKLEY (W.R.) CORP	905		889		36
42307T306	HEINZ(H.J) CO.	22,327		23,216		220
Subtotal Redeemable Preferred Stocks		$	26,832	$	27,452
Commercial Mortgage Backed Securities
03027WAD4	AMERICAN TOWER TRUST	$	2,025	$	2,068	$	1,965
05947U5E4	BACM	9,854		10,296		12,404
Subtotal Commercial Mortgage Backed Securities		$	11,879	$	12,364	$	14,369
U.S. Government Debt
912828JL5	U S TREASURY NOTES	$	2,013	$	2,017	$	2,000
912828KU3	U S TREASURY NOTES	200		201		200
912828LV0	U S TREASURY NOTES	1,121		1,125		1,120
Subtotal U.S. Government Debt		$	3,334	$	3,343	$	3,320
Foreign Government Debt Securities
46513EHJ4	STATE OF ISRAEL	$	2,652	$	2,714	$	2,500
Subtotal Foreign Government Debt Securities		$	2,652	$	2,714	$	2,500
Equity Securities
31943X102	1st CENTURY BANCSHARES INC	$	346	$	291	74
015351109	ALEXION PHARMACEUTICALS INC	496		544		10
00163U106	AMAG PHARMACEUTICALS INC	476		419		12
031162100	AMGEN INC	711		718		12
032346108	AMYLIN PHARMACEUTICALS INC	362		360		16
05334D107	AUXILIUM PHARMACEUTICALS INC	323		318		10
090931106	BIOSPECIFICS TECHNOLOGIES	259		250		9
101137107	BOSTON SCIENTIFIC CORP	143		144		20
203485107	COMMUNITY BANK OF THE BAY	32		28		8
209115104	CONSOLIDATED EDISON INC	2,755		2,672		60
22282E102	COVANTA HOLDING CORP	1		1		51
126650100	CVS CORP	408		439		12
25746U109	DOMINION RESOURCES INC	2,364		2,467		60
26441C105	DUKE ENERGY CORP	2,588		2,448		150
302182100	EXPRESS SCRIPTS INC	541		611		6
372917104	GENZYME CORP	800		726		14

CUSIP	Description	Cost or Amortized Cost		Fair Value		Par Value/ Shares
375558103	GILEAD SCIENCES INC	574		546		12
G4413Q108	HERON INTERNATIONAL LIMITED	26,405		28,925		5,292
444903108	HUMAN GENOME SCIENCES INC	295		302		10
452327109	ILLUMINA INC	301		311		8
50075N104	KRAFT FOODS INC	5,688		6,046		200
58501N101	MEDIVATION INC	162		52		5
589400100	MERCURY GENERAL CORP	2,610		3,277		75
D55535104	MUENCHENER RUECKVER AG-REG	5,386		5,694		35
62855J104	MYRIAD GENETICS INC	237		241		10
639912104	NEIGHBORHOOD BANCORP	200		200		20
6399123*3	NEIGHBORHOOD BANCORP	250		250		17
683399109	ONYX PHARMACEUTICALS INC	381		379		13
69331C108	P G & E CORP	2,150		2,121		50
73174C100	POLYMEDIX INC	423		351		300
69351T106	PPL CORPORATION	1,866		1,663		60
744573106	PUBLIC SERVICE ENTERPRISE GP	1,907		1,771		60
75886F107	REGENERON PHARMACEUTICALS	164		159		6
80517Q100	SAVIENT PHARMACEUTICALS INC	128		130		9
816851109	SEMPRA ENERGY	1,618		1,497		30
842587107	SOUTHERN CO	2,678		2,653		80
91307C102	UNITED THERAPEUTICS CORP	349		360		7
98389B100	XCEL ENERGY INC	1,237		1,272		60
Subtotal Equity Securities		$	67,614	$	70,636
Short-Term Investments		$	344,736	$	344,851	N/A
TOTAL AVAILABLE-FOR-SALE INVESTMENT PORTFOLIO		$	1,834,657	$	1,897,109

N/A = Not Applicable.