03-31-10 - PMA Companies by fanzhongqing

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									                                                                           PMA Capital Corporation
                                                                     Total Invested Assets as of March 31, 2010
                                                                                                                                                                                          Net
                                                                                                             Credit    Maturity    Book                                                Unrealized
       Type                             Asset Category      CUSIP                Security Description        Rating     Date       Yield      Par       Amortized Cost   Fair Value    Gain (Loss)
Equity             Preferred Stock                       313586752   FANNIE MAE                                C                   0.00        40,000           33,200        50,420        17,220
AFS Fixed Income   Asset Backed Security                 05522RAR9   BANK OF AMERICA CREDIT CARD TR           AAA      5/15/2013   4.08       150,000          150,699       154,226         3,527
AFS Fixed Income   Asset Backed Security                 06052JAC6   BANK OF AMERICA AUTO TRUST               AAA      3/15/2014   1.40     3,500,000        3,499,876     3,504,095         4,219
AFS Fixed Income   Asset Backed Security                 126673Y71   COUNTRYWIDE ASSET-BACKED CERTS           AA+     10/25/2035   4.89     1,500,000        1,499,060     1,193,295     (305,765)
AFS Fixed Income   Asset Backed Security                 14041NCC3   CAPITAL ONE MULTI-ASSET EXEC             AAA      3/15/2013   4.09     2,000,000        1,999,989     2,008,860         8,871
AFS Fixed Income   Asset Backed Security                 161571AQ7   CHASE ISSUANCE TRUST                     AAA      3/15/2013   3.98     5,000,000        5,023,199     5,154,800      131,601
AFS Fixed Income   Asset Backed Security                 161571BC7   CHASE ISSUANCE TRUST                     AAA      4/16/2018   3.31    10,000,000      10,998,255     10,919,800       (78,455)
AFS Fixed Income   Asset Backed Security                 161571CF9   CHASE ISSUANCE TRUST                     AAA      9/17/2012   4.02     5,025,000        5,046,954     5,127,510        80,556
AFS Fixed Income   Asset Backed Security                 207678AE3   CONNECTICUT SPEC PURPOSE TRUST           AAA     12/30/2011   4.32       383,137          386,732       392,490         5,757
AFS Fixed Income   Asset Backed Security                 21075WBX2   CONTIMTGE HOME EQUITY LOAN TRU           CC       3/15/2027   7.41       452,537          336,072       360,043        23,971
AFS Fixed Income   Asset Backed Security                 43812BAH6   HONDA AUTO RECEIVABLES OWNER             AAA      5/23/2016   2.00     1,000,000          999,754     1,002,060         2,306
AFS Fixed Income   Asset Backed Security                 45325MAE4   InCaps Funding I-Ser Trust I             AAA       6/1/2033   10.75    1,361,503        1,361,503       897,094     (464,409)
AFS Fixed Income   Asset Backed Security                 55264TCZ2   MBNA CREDIT CARD MASTER NOTE             AAA     10/15/2012   3.92     2,000,000        2,000,518     2,008,980         8,462
AFS Fixed Income   Asset Backed Security                 55264TDE8   MBNA CREDIT CARD MASTER NOTE             AAA      1/15/2013   3.92     1,900,000        1,904,166     1,927,645        23,479
AFS Fixed Income   Asset Backed Security                 571628AA4   MARRIOT VACATION CLUB OWNER              AAA      5/20/2029   5.53     1,172,789        1,171,931     1,185,385        13,454
AFS Fixed Income   Asset Backed Security                 575800AE7   MASSACHUSETTS RRB SPEC PURP TR           AAA      3/15/2015   4.40       500,000          499,932       532,510        32,578
AFS Fixed Income   Asset Backed Security                 59549PAA6   MID-STATE TR III                         BBB       4/1/2030   6.86       246,507          213,233       249,626        36,392
AFS Fixed Income   Asset Backed Security                 654746AD8   NISSAN AUTO RECEIVABLES OWNER            AAA      3/17/2014   5.22     1,950,000        1,949,954     2,034,747        84,793
AFS Fixed Income   Asset Backed Security                 65476AAF2   NISSAN AUTO RECEIVABLES OWNER            AAA      8/17/2015   1.86     1,000,000        1,071,081     1,072,410         1,329
AFS Fixed Income   Asset Backed Security                 80281WAF8   SANTANDER DRIVE AUTO TRUST               BBB     10/15/2014   5.59     4,026,564        4,026,357     4,018,511        (7,847)
AFS Fixed Income   Asset Backed Security                 826501AA6   SIERRA RECEIVABLES FUNDING CO           BBB-      5/20/2018   5.91     1,431,196        1,431,111     1,454,597        23,486
AFS Fixed Income   Asset Backed Security                 826502AB2   SIERRA RECEIVABLES FUNDING CO           BBB-      3/20/2019   0.39       141,496          141,496       131,513        (9,983)
AFS Fixed Income   Asset Backed Security                 82651AAA5   SIERRA RECEIVABLES FUNDING CO           BBB-      9/20/2019   5.43     1,619,165        1,619,146     1,646,918        27,772
AFS Fixed Income   Asset Backed Security                 87316YAC5   TXU ELECTRIC DELIVERY TRANS BD           AAA      5/15/2018   5.14     1,000,000        1,007,966     1,109,740      101,774
AFS Fixed Income   Asset Backed Security                 92869AAC8   VOLKSWAGEN AUTO LOAN ENHANCED            AAA      1/20/2014   1.34     1,000,000          999,560     1,001,880         2,320
AFS Fixed Income   Asset Backed Security                 98152DBZ3   WORLD OMNI AUTO REC TRUST                AAA     10/17/2011   5.08       635,783          635,782       636,877         1,095
AFS Fixed Income   Collateralized Mortgage Obligation    000780ET9   ABN AMRO MORTGAGE CORP                   AAA      4/25/2018   5.76     2,044,875        2,011,905     1,956,596       (55,309)
AFS Fixed Income   Collateralized Mortgage Obligation    059469AA4   BANC OF AMERICA ALTERNATIVE               B-     10/25/2036   5.75       151,901          151,352       149,567        (1,786)
AFS Fixed Income   Collateralized Mortgage Obligation    05949AH94   BANK OF AMERICA MTG SECURITIES           BBB      2/25/2035   3.22       858,129          855,745       751,848     (103,897)
AFS Fixed Income   Collateralized Mortgage Obligation    07383FMM7   BEAR STEARNS COMM MORTGAGE SEC           AAA     11/11/2035   5.40       103,586          102,387       105,518         3,131
AFS Fixed Income   Collateralized Mortgage Obligation    12513XAE2   CITIGROUP / DEUTSCHE BANK                AAA      1/15/2046   5.84     1,200,000        1,174,903     1,222,010        47,107
AFS Fixed Income   Collateralized Mortgage Obligation    12513YAF7   CITIGROUP/DEUTSCHE BANK                   A-     12/11/2049   5.29     2,000,000        2,006,391     1,936,009       (70,382)
AFS Fixed Income   Collateralized Mortgage Obligation    12669E5B8   COUNTRYWIDE HOME LOANS                   AAA     11/25/2018   5.57     3,957,200        3,895,713     4,015,321      119,608
AFS Fixed Income   Collateralized Mortgage Obligation    12669FGK3   COUNTRYWIDE HOME LOANS                   AAA      1/25/2034   5.31       959,435          956,036       944,574       (11,462)
AFS Fixed Income   Collateralized Mortgage Obligation    15132EHX9   CENDANT MORTGAGE CORPORATION             AAA      6/25/2034   5.67     3,173,393        3,125,256     2,990,175     (135,081)
AFS Fixed Income   Collateralized Mortgage Obligation    17310MAE0   CITIGROUP COMMERCIAL MORTGAGE            AAA     10/15/2049   5.40     7,250,000        7,271,052     7,282,335        11,283
AFS Fixed Income   Collateralized Mortgage Obligation    22541Q4C3   CS FIRST BOSTON MORTGAGE SEC             AAA     11/25/2018   5.40     2,694,835        2,658,214     2,573,712       (84,502)
AFS Fixed Income   Collateralized Mortgage Obligation    22541SH43   CS FIRST BOSTON MORTGAGE SEC             AAA     10/15/2039   5.24        49,552           49,452        49,635           183
AFS Fixed Income   Collateralized Mortgage Obligation    225470F32   CREDIT SUISSE MORTGAGE CAPITAL           AAA      2/15/2039   5.30        53,485           53,337        53,498           161
AFS Fixed Income   Collateralized Mortgage Obligation    31392EZB9   FED NATL MTG ASSN (FNMA)                 AAA      4/25/2029   4.07           864              862           864             2
AFS Fixed Income   Collateralized Mortgage Obligation    31392WMR8   FED HM LN MTG CORP (FHLMC)               AAA      3/15/2032   5.30       694,627          695,655       728,833        33,177
AFS Fixed Income   Collateralized Mortgage Obligation    31393EFX2   FED NATL MTG ASSN (FNMA)                 AAA      5/25/2022   6.26       126,649          122,660       131,234         8,573
AFS Fixed Income   Collateralized Mortgage Obligation    31393LJD6   FED HM LN MTG CORP (FHLMC)               AAA      8/15/2030   6.46       159,465          158,077       161,211         3,135
AFS Fixed Income   Collateralized Mortgage Obligation    31393MER8   FED HM LN MTG CORP (FHLMC)               AAA      2/15/2030   6.27     2,140,079        2,103,008     2,176,093        73,085
AFS Fixed Income   Collateralized Mortgage Obligation    31393MFK2   FED HM LN MTG CORP (FHLMC)               AAA      2/15/2030   6.24       575,183          566,114       585,821        19,707
AFS Fixed Income   Collateralized Mortgage Obligation    31393WYZ6   FED HM LN MTG CORP (FHLMC)               AAA     10/15/2025   5.49        30,460           30,361        30,540           179
AFS Fixed Income   Collateralized Mortgage Obligation    31394EF29   FED NATL MTG ASSN (FNMA)                 AAA      1/25/2035   5.34     2,250,000        2,264,343     2,386,395      122,052
AFS Fixed Income   Collateralized Mortgage Obligation    31394KZA5   FED HM LN MTG CORP (FHLMC)               AAA     12/15/2018   5.16       402,583          401,202       406,204         5,002
AFS Fixed Income   Collateralized Mortgage Obligation    31394M4D9   FED HM LN MTG CORP (FHLMC)               AAA      6/15/2020   5.20       409,532          408,210       423,922        15,712
AFS Fixed Income   Collateralized Mortgage Obligation    31395AS89   FED HM LN MTG CORP (FHLMC)               AAA      1/15/2018   5.08       466,010          465,011       480,656        15,645
AFS Fixed Income   Collateralized Mortgage Obligation    31395H6V7   FED HM LN MTG CORP (FHLMC)               AAA     12/15/2018   5.30       322,657          315,362       335,005        19,643
AFS Fixed Income   Collateralized Mortgage Obligation    31395HWA4   FED HM LN MTG CORP (FHLMC)               AAA     11/15/2030   4.91     2,000,000        2,002,643     2,128,947      126,304
AFS Fixed Income   Collateralized Mortgage Obligation    31395K6R9   FED HM LN MTG CORP (FHLMC)               AAA     11/15/2018   5.70       945,801          927,447       986,565        59,118
AFS Fixed Income   Collateralized Mortgage Obligation    31395L6T3   FED HM LN MTG CORP (FHLMC)               AAA      3/15/2030   4.84       500,000          501,734       531,161        29,427
AFS Fixed Income   Collateralized Mortgage Obligation    31395PCK6   FED HM LN MTG CORP (FHLMC)               AAA      7/15/2033   5.47     1,500,000        1,501,275     1,599,620        98,345
AFS Fixed Income   Collateralized Mortgage Obligation    31395RAR9   FED HM LN MTG CORP (FHLMC)               AAA      4/15/2015   5.64       460,076          454,519       471,710        17,191
AFS Fixed Income   Collateralized Mortgage Obligation    31395TDF8   FED HM LN MTG CORP (FHLMC)               AAA     10/15/2033   5.32     2,000,000        2,013,729     2,134,610      120,881
AFS Fixed Income   Collateralized Mortgage Obligation    31395VG45   FED HM LN MTG CORP (FHLMC)               AAA     12/15/2022   3.89       232,973          234,883       238,850         3,967
AFS Fixed Income   Collateralized Mortgage Obligation    31395X3F0   FED HM LN MTG CORP (FHLMC)               AAA     10/15/2034   5.27     1,000,000        1,011,516     1,063,437        51,921

                                                                                     Page 1 of 7
                                                                           PMA Capital Corporation
                                                                     Total Invested Assets as of March 31, 2010
                                                                                                                                                                                          Net
                                                                                                             Credit    Maturity    Book                                                Unrealized
       Type                             Asset Category      CUSIP               Security Description         Rating      Date      Yield      Par       Amortized Cost   Fair Value    Gain (Loss)
AFS Fixed Income   Collateralized Mortgage Obligation    31396C3C2   FREDDIE MAC REFERENCE REMIC              AAA     10/15/2015   5.19       266,530          265,982       273,232         7,250
AFS Fixed Income   Collateralized Mortgage Obligation    31396QF20   FED NATL MTG ASSN (FNMA)                 AAA      4/25/2027   3.56     8,643,984        8,734,748     8,957,588      222,840
AFS Fixed Income   Collateralized Mortgage Obligation    31398JR47   FED HN LN MTG CORP (FHLMC)               AAA      9/15/2024   3.33     1,796,086        1,822,596     1,853,606        31,010
AFS Fixed Income   Collateralized Mortgage Obligation    36158YAZ2   GE CAPITAL COMMERCIAL MTG CORP           AAA      5/15/2033   5.17         5,120            5,109         5,116             7
AFS Fixed Income   Collateralized Mortgage Obligation    36228CWX7   GS MORTGAGE CORPORATION                  AA-      4/10/2038   5.69     1,910,000        1,900,999     1,919,611        18,612
AFS Fixed Income   Collateralized Mortgage Obligation    38373A7L4   GOVT NATL MTG ASSN (GNMA)                AAA     12/16/2035   1.85    10,186,389      10,402,507     10,182,778     (219,729)
AFS Fixed Income   Collateralized Mortgage Obligation    38373AGE0   GOVT NATL MTG ASSN (GNMA)                AAA     12/16/2035   2.68     6,892,067        6,977,413     7,118,074      140,661
AFS Fixed Income   Collateralized Mortgage Obligation    38374BUM3   GOVT NATL MTG ASSN (GNMA)                AAA      4/20/2030   5.97       365,580          360,331       372,671        12,339
AFS Fixed Income   Collateralized Mortgage Obligation    38374JDN3   GOVT NATL MTG ASSN (GNMA)                AAA      4/20/2030   5.82       580,749          578,131       586,104         7,973
AFS Fixed Income   Collateralized Mortgage Obligation    466247ER0   JP MORGAN MORTGAGE TRUST                 AAA      9/25/2034   5.52     4,362,794        4,292,884     4,438,013      145,129
AFS Fixed Income   Collateralized Mortgage Obligation    50179MAE1   LB-UBS COMMERCIAL MTGE TRUST             AAA      9/15/2039   5.34     9,950,000        9,991,323    10,122,552      131,229
AFS Fixed Income   Collateralized Mortgage Obligation    52108MAF0   LB-UBS COMMERCIAL MORTGAGE TRU           AAA     11/15/2030   5.63     5,400,000        5,309,560     5,534,525      224,965
AFS Fixed Income   Collateralized Mortgage Obligation    52108MDH3   LB-UBS COMMERCIAL MORTGAGE TRU           AAA      2/15/2031   5.29     4,750,000        4,730,574     4,816,762        86,188
AFS Fixed Income   Collateralized Mortgage Obligation    52108MFS7   LB-UBS COMMERCIAL MORTGAGE TRU            A       3/15/2039   5.65     1,000,000        1,002,972     1,023,969        20,996
AFS Fixed Income   Collateralized Mortgage Obligation    525221FY8   LEHMAN XS TRUST                           B-      1/25/2036   0.45       277,426          277,426       242,011       (35,415)
AFS Fixed Income   Collateralized Mortgage Obligation    576434MT8   MASTR ALTERNATIVE LOANS TRUST            AAA      3/25/2034   5.49       438,249          433,389       417,326       (16,063)
AFS Fixed Income   Collateralized Mortgage Obligation    617451FL8   MORGAN STANLEY CAPITAL                   AAA      3/12/2044   5.40     4,000,000        4,002,245     4,155,306      153,060
AFS Fixed Income   Collateralized Mortgage Obligation    61745MUC5   MORGAN STANLEY CAPITAL I INC             AAA     12/15/2041   5.23     3,500,000        3,466,870     3,644,339      177,469
AFS Fixed Income   Collateralized Mortgage Obligation    61750HAE6   MORGAN STANLEY CAPITAL                   AAA     11/12/2041   5.36     9,750,000        9,750,390     9,831,945        81,555
AFS Fixed Income   Collateralized Mortgage Obligation    61750WAT0   MORGAN STANLEY CAPITAL I                 AAA     12/15/2043   5.71     5,975,000        5,930,731     6,189,395      258,663
AFS Fixed Income   Collateralized Mortgage Obligation    61750WAX1   MORGAN STANLEY CAPITAL I                 AAA     12/15/2043   5.39     7,700,000        7,684,054     7,744,602        60,548
AFS Fixed Income   Collateralized Mortgage Obligation    61751XAE0   MORGAN STANLEY CAPITAL I                 AAA     11/12/2049   5.48     2,700,000        2,709,077     2,748,421        39,344
AFS Fixed Income   Collateralized Mortgage Obligation    69573CCF0   PAINE WEBBER MTGE ACCEPTANCE             AAA     11/28/2025   7.78        14,560           14,294        14,694           401
AFS Fixed Income   Collateralized Mortgage Obligation    86358HHV4   STRUCTURED ASSET MTGE INVESTME           AAA      5/25/2029   6.75        76,522           76,490        76,361          (128)
AFS Fixed Income   Collateralized Mortgage Obligation    92976BDT6   WACHOVIA BANK COMMERCIAL                 AA-      1/15/2045   5.53     8,600,000        8,559,227     8,717,763      158,536
AFS Fixed Income   Collateralized Mortgage Obligation    92977QAD0   WACHOVIA BANK COMMERCIAL TRUST           AA       7/15/2045   5.94     8,950,000        8,883,914     9,122,380      238,466
AFS Fixed Income   Collateralized Mortgage Obligation    92978MAB2   WACHOVIA BANK COMM MTG TRUST             AAA     10/15/2048   5.70     2,450,000        2,440,428     2,516,038        75,610
AFS Fixed Income   Collateralized Mortgage Obligation    94981NAH8   WELLS FARGO MTG BACKED SECS TR            A       4/25/2035   3.05       806,719          804,737       746,770       (57,968)
AFS Fixed Income   Corporate debt securities             00209TAA3   AT&T BROADBAND CORP                     BBB+      3/15/2013   8.33       656,000          656,741       760,396      103,655
AFS Fixed Income   Corporate debt securities             002824AS9   ABBOTT LABORATORIES                      AA       5/15/2011   5.61     7,750,000        7,748,761     8,144,630      395,869
AFS Fixed Income   Corporate debt securities             025816AQ2   AMERICAN EXPRESS                        BBB+      7/15/2013   4.91       845,000          844,037       891,272        47,235
AFS Fixed Income   Corporate debt securities             0258M0BY4   AMERICAN EXPRESS CREDIT CO              BBB+      12/2/2010   9.26     1,000,000          972,989     1,026,810        53,821
AFS Fixed Income   Corporate debt securities             0258M0CY3   AMERICAN EXPRESS CREDIT CO              BBB+      8/20/2013   7.26     6,000,000        6,006,563     6,734,460      727,897
AFS Fixed Income   Corporate debt securities             026609AM9   AMERICAN HOME PRODUCTS WYETH             AA       3/15/2011   5.54     1,725,000        1,747,314     1,829,604        82,290
AFS Fixed Income   Corporate debt securities             02666QXM0   AMERICAN HONDA FINANCE                    A+     12/15/2010   5.16     3,000,000        2,999,365     3,089,910        90,545
AFS Fixed Income   Corporate debt securities             035229CE1   ANHEUSER-BUSCH COS INC                  BBB+      3/15/2012   4.41       475,000          502,211       526,039        23,828
AFS Fixed Income   Corporate debt securities             037411AV7   APACHE CORP                               A-      9/15/2018   5.33     7,500,000        8,290,549     8,775,375      484,826
AFS Fixed Income   Corporate debt securities             05565QBF4   BP CAPITAL MARKETS PLC                   AA       11/7/2013   5.26     1,000,000          999,516     1,100,420      100,904
AFS Fixed Income   Corporate debt securities             05565QBH0   BP CAPITAL MARKETS PLC                   AA       3/10/2015   3.04     2,500,000        2,595,552     2,596,450           898
AFS Fixed Income   Corporate debt securities             05565QBJ6   BP CAPITAL MARKETS PLC                   AA       3/10/2019   4.94     1,000,000          986,189     1,027,940        41,751
AFS Fixed Income   Corporate debt securities             05565QBL1   BP CAPITAL MARKETS PLC                   AA        5/8/2014   2.87       500,000          514,511       518,670         4,159
AFS Fixed Income   Corporate debt securities             057224AY3   BAKER HUGHES INC                          A      11/15/2018   5.34     1,000,000        1,147,980     1,195,510        47,530
AFS Fixed Income   Corporate debt securities             060505AG9   BANK OF AMERICA CORP                      A-      1/15/2011   4.44       350,000          357,949       366,240         8,291
AFS Fixed Income   Corporate debt securities             060505AQ7   BANK OF AMERICA CORP                      A       4/15/2012   4.81       100,000          102,760       107,607         4,847
AFS Fixed Income   Corporate debt securities             060505BF0   BANK OF AMERICA CORP                      A       12/1/2010   4.48       350,000          349,773       358,187         8,414
AFS Fixed Income   Corporate debt securities             060505BM5   BANK OF AMERICA CORP                      A       6/15/2014   4.56       250,000          257,717       262,400         4,683
AFS Fixed Income   Corporate debt securities             06051GDW6   BANK OF AMERICA CORP                      A        5/1/2013   5.84     1,700,000        1,655,425     1,778,506      123,081
AFS Fixed Income   Corporate debt securities             066048AA7   BANKAMERICA CAP                          BB      12/15/2026   7.90     2,000,000        2,019,115     2,010,000        (9,115)
AFS Fixed Income   Corporate debt securities             06738GUZ1   BARCLAYS BANK PLC                        AA-      9/12/2012   5.32     1,425,000        1,429,066     1,536,136      107,070
AFS Fixed Income   Corporate debt securities             10138MAH8   BOTTLING GROUP LLC                        A       3/15/2014   2.71     4,000,000        4,631,954     4,630,840        (1,114)
AFS Fixed Income   Corporate debt securities             115637AH3   BROWN-FORMAN CORPORATION                  A        4/1/2012   5.21     2,000,000        1,999,631     2,138,500      138,869
AFS Fixed Income   Corporate debt securities             115637AJ9   BROWN-FORMAN CORPORATION                  A        2/1/2014   2.79     1,000,000        1,079,718     1,081,700         1,982
AFS Fixed Income   Corporate debt securities             144141CZ9   PROGRESS ENERGY CAROLINA                  A-      1/15/2019   4.99     1,600,000        1,635,359     1,683,184        47,825
AFS Fixed Income   Corporate debt securities             166751AH0   CHEVRON CORP                             AA        3/3/2014   2.59     5,250,000        5,514,657     5,482,838       (31,820)
AFS Fixed Income   Corporate debt securities             17252MAF7   CINTAS CORP NO 2                          A-       6/1/2012   5.13     5,400,000        5,495,507     5,889,618      394,111
AFS Fixed Income   Corporate debt securities             172967BJ9   CITIGROUP INC                             A       2/21/2012   5.06       100,000          101,681       106,060         4,379
AFS Fixed Income   Corporate debt securities             172967CQ2   CITIGROUP INC                             A-      9/15/2014   4.82       800,000          805,710       798,872        (6,838)
AFS Fixed Income   Corporate debt securities             172967EQ0   CITIGROUP INC                             A       4/11/2013   6.10       750,000          737,810       788,085        50,275
AFS Fixed Income   Corporate debt securities             172967EU1   CITIGROUP INC                             A       8/19/2013   6.48    11,600,000      11,607,260     12,504,916      897,656

                                                                                     Page 2 of 7
                                                                          PMA Capital Corporation
                                                                    Total Invested Assets as of March 31, 2010
                                                                                                                                                                                        Net
                                                                                                            Credit    Maturity    Book                                               Unrealized
       Type                            Asset Category      CUSIP                Security Description        Rating      Date      Yield     Par       Amortized Cost   Fair Value    Gain (Loss)
AFS Fixed Income   Corporate debt securities            191219BT0   COCA COLA CO                              A        3/3/2014   3.06    1,500,000        1,737,373     1,752,630        15,257
AFS Fixed Income   Corporate debt securities            20029PAG4   COMCAST CABLE COM                       BBB+       5/1/2017   6.96    1,225,000        1,354,137     1,481,711      127,575
AFS Fixed Income   Corporate debt securities            20030NAD3   COMCAST CORP                            BBB+      3/15/2011   5.57      690,000          689,558       717,869        28,311
AFS Fixed Income   Corporate debt securities            20825CAR5   CONOCOPHILLIPS                            A        2/1/2019   5.64    3,750,000        3,777,103     4,087,875      310,772
AFS Fixed Income   Corporate debt securities            20825UAB0   CONOCO FUNDING CO                         A      10/15/2011   4.81      100,000          102,251       107,871         5,620
AFS Fixed Income   Corporate debt securities            2254C0TC1   CREDIT SUISSE NEW YORK                    A+      5/15/2013   5.07    9,500,000        9,480,825    10,210,410      729,585
AFS Fixed Income   Corporate debt securities            250847DV9   DETROIT EDISON COMPANY                    A-       8/1/2014   5.41      960,000          959,782     1,032,086        72,304
AFS Fixed Income   Corporate debt securities            25156PAB9   DEUTSCHE TELEKOM INT FIN                BBB+      6/15/2010   5.41    1,120,000        1,126,940     1,136,565         9,625
AFS Fixed Income   Corporate debt securities            2515A0HP1   DEUTSCHE BANK AG LONDON                   A+     10/12/2010   3.52    1,500,000        1,511,534     1,534,965        23,431
AFS Fixed Income   Corporate debt securities            2515A0NY5   DEUTSCHE BANK AG LONDON                   A+      5/20/2013   5.38    3,000,000        2,956,811     3,214,890      258,079
AFS Fixed Income   Corporate debt securities            25179SAC4   DEVON FINANCING CORP ULC                BBB+      9/30/2011   4.81      750,000          772,100       809,258        37,157
AFS Fixed Income   Corporate debt securities            25243YAM1   DIAGEO CAPITAL PLC                        A-     10/23/2017   5.43    2,500,000        2,548,909     2,708,725      159,816
AFS Fixed Income   Corporate debt securities            25243YAN9   DIAGEO CAPITAL PLC                        A-      1/15/2014   6.73    1,950,000        1,991,737     2,267,714      275,976
AFS Fixed Income   Corporate debt securities            25244SAD3   DIAGEO FINANCE BV                         A-       4/1/2013   2.90    4,000,000        4,296,408     4,362,240        65,832
AFS Fixed Income   Corporate debt securities            263534BV0   E.I. DU PONT DE NEMOURS                   A       1/15/2014   2.75    4,345,000        4,831,184     4,831,466           282
AFS Fixed Income   Corporate debt securities            26875PAD3   EOG RESOURCES INC                         A-       6/1/2019   5.65      250,000          249,575       268,313        18,737
AFS Fixed Income   Corporate debt securities            291011AU8   EMERSON ELECTRIC CO                       A      10/15/2015   4.84    1,000,000          995,484     1,079,190        83,706
AFS Fixed Income   Corporate debt securities            30161MAD5   EXELON GENERATION CO LLC                 BBB      1/15/2014   5.35    2,050,000        2,049,745     2,185,895      136,149
AFS Fixed Income   Corporate debt securities            30161NAB7   EXELON CORPORATION                      BBB-      6/15/2010   4.47    1,100,000        1,099,954     1,108,228         8,274
AFS Fixed Income   Corporate debt securities            302570BD7   FPL GROUP CAPITAL INC                   BBB+       3/1/2019   6.01      750,000          749,691       803,153        53,462
AFS Fixed Income   Corporate debt securities            33738MAE1   FIRST UNION NATIONAL BANK                AA-      8/18/2010   4.67    8,200,000        8,296,381     8,411,314      114,933
AFS Fixed Income   Corporate debt securities            341081ER4   FLORIDA POWER & LIGHT                     A       10/1/2033   6.03      300,000          297,116       306,624         9,508
AFS Fixed Income   Corporate debt securities            369550AK4   GENERAL DYNAMICS CORP                     A       5/15/2013   2.57      500,000          525,037       534,055         9,018
AFS Fixed Income   Corporate debt securities            369604BC6   GENERAL ELECTRIC COMPANY                 AA+      12/6/2017   5.80    1,000,000          966,297     1,048,850        82,553
AFS Fixed Income   Corporate debt securities            36962G2S2   GENERAL ELECTRIC CAP CORP                AA+      12/1/2010   6.49    1,000,000          990,421     1,029,450        39,029
AFS Fixed Income   Corporate debt securities            36962GXZ2   GENERAL ELECTRIC CAP CORP                AA+      3/15/2032   6.17      500,000          534,870       528,990        (5,880)
AFS Fixed Income   Corporate debt securities            38141GBU7   GOLDMAN SACHS GROUP INC                   A       1/15/2012   5.72    8,250,000        8,371,474     8,951,663      580,188
AFS Fixed Income   Corporate debt securities            38141GCG7   GOLDMAN SACHS GROUP INC                   A        9/1/2012   5.42      100,000          100,615       108,454         7,839
AFS Fixed Income   Corporate debt securities            38143UAW1   GOLDMAN SACHS GROUP INC                   A       10/1/2014   5.32      500,000          493,632       525,475        31,843
AFS Fixed Income   Corporate debt securities            4041A2AF1   HBOS PLC                                BBB-      11/1/2033   6.09      410,000          405,565       310,784       (94,781)
AFS Fixed Income   Corporate debt securities            40429CCS9   HSBC FINANCE                              A       6/30/2015   5.06      400,000          398,979       416,556        17,577
AFS Fixed Income   Corporate debt securities            41283DAA1   HARLEY DAVIDSON FUNDING                  BBB     12/15/2012   5.28    3,000,000        2,998,057     3,130,530      132,473
AFS Fixed Income   Corporate debt securities            438516AZ9   HONEYWELL INC                             A       2/15/2019   5.02    1,500,000        1,498,036     1,561,995        63,959
AFS Fixed Income   Corporate debt securities            441812GA6   HOUSEHOLD FINANCE CORP                    A        8/1/2010   5.25      225,000          225,832       228,879         3,047
AFS Fixed Income   Corporate debt securities            441812JW5   HOUSEHOLD FINANCE CORP                    A      10/15/2011   4.96      325,000          331,739       345,794        14,054
AFS Fixed Income   Corporate debt securities            46625HAN0   JP MORGAN CHASE & CO                      A       3/15/2012   5.65    1,650,000        1,679,363     1,793,682      114,319
AFS Fixed Income   Corporate debt securities            46625HHB9   JP MORGAN CHASE & CO                      A+       5/1/2013   5.11      700,000          692,938       746,116        53,178
AFS Fixed Income   Corporate debt securities            49337WAB6   KEYSPAN CORP                              A-     11/15/2010   6.46    3,750,000        3,776,123     3,904,988      128,865
AFS Fixed Income   Corporate debt securities            494368BD4   KIMBERLY-CLARK                            A       11/1/2018   5.06    1,250,000        1,460,493     1,518,125        57,632
AFS Fixed Income   Corporate debt securities            500769CR3   KFW                                      AAA      3/15/2018   4.16    6,900,000        7,000,460     7,155,300      154,840
AFS Fixed Income   Corporate debt securities            52517PSC6   LEHMAN BROTHERS HOLDINGS                  D       1/18/2012   5.72    3,350,000          418,750       778,875      360,125
AFS Fixed Income   Corporate debt securities            52517PXT3   LEHMAN BROTHERS HOLDINGS                 NR      11/10/2009   0.00    1,000,000          125,000       125,000             -
AFS Fixed Income   Corporate debt securities            52517PYN5   LEHMAN BROTHERS HOLDINGS                 NR       1/27/2010   0.00    5,000,000          625,000       625,000             -
AFS Fixed Income   Corporate debt securities            53079EAR5   LIBERTY MUTUAL GROUP                     BB       6/15/2058   11.92   5,000,000        4,509,095     5,600,000    1,090,905
AFS Fixed Income   Corporate debt securities            565849AG1   MARATHON OIL CORP                       BBB+      2/15/2014   4.60      500,000          533,402       560,590        27,188
AFS Fixed Income   Corporate debt securities            585515AB5   MELLON FUNDING CORP                       A+      5/14/2011   4.75    1,000,000        1,017,757     1,057,270        39,513
AFS Fixed Income   Corporate debt securities            585515AD1   MELLON FUNDING CORP                       A+      12/1/2014   5.14      500,000          497,148       536,955        39,807
AFS Fixed Income   Corporate debt securities            59018YN56   MERRILL LYNCH & CO                        A       4/25/2013   6.08      500,000          500,910       538,350        37,440
AFS Fixed Income   Corporate debt securities            59018YTZ4   MERRILL LYNCH & CO                        A       7/15/2014   5.48       20,000           19,980        20,917           937
AFS Fixed Income   Corporate debt securities            59018YVV0   MERRILL LYNCH & CO                        A        8/4/2010   5.51    4,000,000        3,990,351     4,051,360        61,009
AFS Fixed Income   Corporate debt securities            617446DX4   MORGAN STANLEY DEAN WITTER                A       6/15/2010   5.00    1,950,000        1,961,754     1,977,924        16,170
AFS Fixed Income   Corporate debt securities            617446HC6   MORGAN STANLEY DEAN WITTER                A        4/1/2012   5.77    2,000,000        2,030,895     2,169,940      139,045
AFS Fixed Income   Corporate debt securities            628958AB6   NB CAPITAL TRUST II                      BB      12/15/2026   7.94      100,000           99,037        98,750          (287)
AFS Fixed Income   Corporate debt securities            63534PAC1   NATIONAL CITY BANK                        A      12/15/2011   4.76    1,600,000        1,637,247     1,724,448        87,201
AFS Fixed Income   Corporate debt securities            638585BF5   BANK OF AMERICA CORP                      A-      3/15/2028   6.00    1,000,000        1,087,777       997,120       (90,657)
AFS Fixed Income   Corporate debt securities            67021CAE7   NSTAR ELECRIC CO                          A+     11/15/2017   4.98    2,000,000        2,081,499     2,152,440        70,941
AFS Fixed Income   Corporate debt securities            693304AM9   PECO ENERGY CO                            A-     10/15/2013   5.66    3,650,000        3,642,605     4,012,774      370,169
AFS Fixed Income   Corporate debt securities            717081DA8   PFIZER INC                               AA       3/15/2015   3.15    1,450,000        1,595,515     1,597,697         2,182
AFS Fixed Income   Corporate debt securities            72447WAN9   PITNEY BOWES INC                          A       6/15/2013   5.91    2,000,000        1,882,639     2,101,580      218,941

                                                                                     Page 3 of 7
                                                                                            PMA Capital Corporation
                                                                                      Total Invested Assets as of March 31, 2010
                                                                                                                                                                                                           Net
                                                                                                                              Credit    Maturity    Book                                                Unrealized
       Type                            Asset Category                        CUSIP               Security Description         Rating      Date      Yield      Par       Amortized Cost   Fair Value    Gain (Loss)
AFS Fixed Income   Corporate debt securities                              74005PAR5   PRAXAIR INC                               A       3/30/2015   3.13     2,000,000        2,137,077     2,131,260        (5,817)
AFS Fixed Income   Corporate debt securities                              742718DA4   PROCTER & GAMBLE                         AA-      8/15/2014   4.99       500,000          499,183       546,515        47,332
AFS Fixed Income   Corporate debt securities                              744448BX8   PUBLIC SERVICE COLORADO                   A        4/1/2014   4.92     6,400,000        6,532,613     6,981,824      449,211
AFS Fixed Income   Corporate debt securities                              744448BY6   PUBLIC SERVICE COLORADO                   A        3/1/2013   4.51     2,500,000        2,524,398     2,706,900      182,502
AFS Fixed Income   Corporate debt securities                              745332BQ8   PUGET SOUND ENERGY INC                    A        2/1/2011   4.35       300,000          307,621       316,044         8,423
AFS Fixed Income   Corporate debt securities                              75884RAL7   REGENCY CENTERS LP                       BBB      4/15/2014   5.27       775,000          766,028       772,071         6,042
AFS Fixed Income   Corporate debt securities                              771196AQ5   ROCHE HLDGS INC                          AA-       3/1/2014   2.80     6,500,000        7,027,324     7,020,845        (6,479)
AFS Fixed Income   Corporate debt securities                              78387GAK9   SBC COMMUNICATIONS INC                    A       8/15/2012   5.30       100,000          101,270       109,307         8,037
AFS Fixed Income   Corporate debt securities                              828807BL0   SIMON PROPERTY GROUP LP                   A-      6/15/2010   4.63       485,000          484,973       488,225         3,252
AFS Fixed Income   Corporate debt securities                              842587CE5   SOUTHERN CO                               A-      5/15/2014   2.66     1,000,000        1,057,807     1,043,720       (14,087)
AFS Fixed Income   Corporate debt securities                              854403AC6   STANFORD UNIVERSITY                      AAA       5/1/2019   4.79       750,000          747,918       779,108        31,189
AFS Fixed Income   Corporate debt securities                              879385AC6   TELEFONICA EUROPE BV                      A-      9/15/2010   4.28     1,500,000        1,523,152     1,545,345        22,193
AFS Fixed Income   Corporate debt securities                              89352HAF6   TRANS-CANADA PIPELINES                    A-      8/15/2018   5.78     5,000,000        5,237,043     5,666,450      429,407
AFS Fixed Income   Corporate debt securities                              90331HKP7   US BANK NA                                A+     10/30/2014   4.65       750,000          759,120       798,443        39,323
AFS Fixed Income   Corporate debt securities                              904764AK3   UNILEVER CAPITAL CORPORATION              A+      2/15/2019   4.91       250,000          248,111       257,758         9,647
AFS Fixed Income   Corporate debt securities                              913017BQ1   UNITED TECH CORP                          A        2/1/2019   5.30     5,000,000        5,286,515     5,623,850      337,335
AFS Fixed Income   Corporate debt securities                              92344GAL0   VERIZON GLOBAL FDG CORP                   A       12/1/2010   6.32       200,000          201,198       208,682         7,484
AFS Fixed Income   Corporate debt securities                              925524AJ9   VIACOM INC                              BBB-      7/30/2010   6.62     4,500,000        4,515,545     4,581,945        66,400
AFS Fixed Income   Corporate debt securities                              92976GAA9   WACHOVIA BANK NA                         AA-      8/15/2015   4.75       300,000          303,492       311,145         7,653
AFS Fixed Income   Corporate debt securities                              92976WBJ4   WACHOVIA CORP                            AA-       5/1/2013   5.23     6,250,000        6,297,915     6,749,813      451,897
AFS Fixed Income   Corporate debt securities                              949746CR0   WELLS FARGO COMPANY                       A+     11/15/2014   4.67       300,000          304,010       313,632         9,622
AFS Fixed Income   Corporate debt securities                              949746NY3   WELLS FARGO COMPANY                      AA-      1/31/2013   5.31     2,750,000        2,683,003     2,902,185      219,182
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   3133XMQ87   FEDERAL HM LN BK (FHLB)                  AAA     11/17/2017   4.73     5,400,000        5,492,219     5,901,174      408,955
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   3133XSAE8   FEDERAL HM LN BK (FHLB)                  AAA     10/18/2013   2.41     5,850,000        6,091,068     6,179,063        87,994
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   3133XXPV3   FEDERAL HM LN BK (FHLB)                  AAA      5/18/2012   1.21     1,400,000        1,397,408     1,396,066        (1,342)
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   31359MWJ8   FED NATL MTG ASSN (FNMA)                 AAA     10/15/2014   4.61     6,595,000        6,599,783     7,161,774      561,991
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   31398AZN5   FED NATL MTG ASSN (FNMA)                 AAA     11/23/2011   1.10       160,000          159,728       160,150           422
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   31398AZV7   FED NATL MTG ASSN (FNMA)                 AAA     11/20/2014   2.57     3,540,000        3,548,788     3,540,000        (8,788)
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   912810FB9   US TREASURY BONDS                        AAA     11/15/2027   5.53       200,000          213,276       239,562        26,286
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   912810FE3   US TREASURY BONDS                        AAA      8/15/2028   5.10       880,000          921,833       985,741        63,908
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   912810QA9   US TREASURY BONDS                        AAA      2/15/2039   3.66     2,000,000        1,942,714     1,618,440     (324,274)
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   9128276R8   US TREASURY NOTES                        AAA      1/15/2011   0.15       175,000          223,634       225,586         1,952
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   912828AP5   US TREASURY NOTES                        AAA     11/15/2012   3.75     1,000,000        1,006,236     1,068,750        62,514
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   912828BA7   US TREASURY NOTES                        AAA      5/15/2013   2.26       300,000          312,251       318,258         6,007
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   912828CT5   US TREASURY NOTES                        AAA      8/15/2014   4.25     6,093,000        6,093,698     6,607,127      513,430
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   912828DM9   US TREASURY NOTES                        AAA      2/15/2015   4.14     2,490,000        2,474,440     2,665,869      191,429
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   912828FN5   US TREASURY NOTES                        AAA      7/31/2011   4.86        60,000           60,011        63,396         3,385
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   912828FW5   US TREASURY NOTES                        AAA     10/31/2011   4.74       115,000          114,801       121,981         7,179
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   912828GF1   US TREASURY NOTES                        AAA      1/31/2012   4.49       920,000          924,161       984,326        60,165
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   912828GM6   US TREASURY NOTES                        AAA      3/31/2012   4.99       700,000          693,573       748,398        54,825
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   912828HT0   US TREASURY NOTES                        AAA      2/28/2013   2.54       600,000          603,556       620,952        17,396
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   912828HY9   US TREASURY NOTES                        AAA      4/30/2013   3.18       105,000          104,833       109,758         4,924
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   912828JM3   US TREASURY NOTES                        AAA      9/30/2013   2.16       850,000          877,578       886,321         8,742
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   912828JX9   US TREASURY NOTES                        AAA      1/15/2019   1.69    28,850,000      30,149,129     30,670,842      521,713
AFS Fixed Income   U.S. Treasury and obligations of Government agencies   912828MB3   US TREASURY NOTES                        AAA     12/15/2012   1.59     2,500,000        2,469,436     2,478,325         8,889
AFS Fixed Income   Mortgage-Backed Securities                             3128LXBK5   FED HM LN MTG CORP (FHLMC)               AAA       6/1/2035   5.87     1,917,628        1,804,031     1,932,552      128,521
AFS Fixed Income   Mortgage-Backed Securities                             3128LXQY9   FED HM LN MTG CORP (FHLMC)               AAA      12/1/2035   5.86       681,790          641,538       687,096        45,558
AFS Fixed Income   Mortgage-Backed Securities                             3128M1L72   FED HM LN MTG CORP (FHLMC)               AAA       6/1/2021   5.95     1,457,036        1,400,737     1,527,396      126,660
AFS Fixed Income   Mortgage-Backed Securities                             3128M1Q77   FED HM LN MTG CORP (FHLMC)               AAA       9/1/2021   5.97     1,886,508        1,812,782     1,977,608      164,827
AFS Fixed Income   Mortgage-Backed Securities                             3128M4UQ4   FED HM LN MTG CORP (FHLMC)               AAA       1/1/2035   6.77       670,968          628,651       697,442        68,791
AFS Fixed Income   Mortgage-Backed Securities                             3128M5AR1   FED HM LN MTG CORP (FHLMC)               AAA       3/1/2036   6.43     6,073,043        5,638,051     6,120,305      482,255
AFS Fixed Income   Mortgage-Backed Securities                             3128MCGZ2   FED HM LN MTG CORP (FHLMC)               AAA       7/1/2024   3.99       451,305          459,682       468,727         9,045
AFS Fixed Income   Mortgage-Backed Securities                             3128MCHE8   FED HM LN MTG CORP (FHLMC)               AAA       8/1/2024   3.95     7,242,259        7,401,543     7,521,831      120,288
AFS Fixed Income   Mortgage-Backed Securities                             3128MMCC5   FED HM LN MTG CORP (FHLMC)               AAA       7/1/2020   4.81       864,922          879,497       931,390        51,893
AFS Fixed Income   Mortgage-Backed Securities                             3128MMLB7   FED HM LN MTG CORP (FHLMC)               AAA       8/1/2024   4.03    10,822,748      11,016,960     11,240,538      223,577
AFS Fixed Income   Mortgage-Backed Securities                             3128PM2T6   FED HM LN MTG CORP (FHLMC)               AAA       6/1/2024   3.77     6,160,247        6,245,273     6,260,520        15,247
AFS Fixed Income   Mortgage-Backed Securities                             3128PM6C9   FED HM LN MTG CORP (FHLMC)               AAA       6/1/2024   3.75       940,665          953,685       955,977         2,292
AFS Fixed Income   Mortgage-Backed Securities                             3128PP4D2   FED HM LN MTG CORP (FHLMC)               AAA      10/1/2024   4.08     7,503,362        7,676,496     7,793,014      116,518
AFS Fixed Income   Mortgage-Backed Securities                             3128PPZT3   FED HM LN MTG CORP (FHLMC)               AAA       9/1/2024   4.02     5,960,098        6,099,996     6,190,175        90,179

                                                                                                      Page 4 of 7
                                                                        PMA Capital Corporation
                                                                  Total Invested Assets as of March 31, 2010
                                                                                                                                                                                      Net
                                                                                                          Credit    Maturity    Book                                               Unrealized
       Type                          Asset Category      CUSIP              Security Description          Rating      Date      Yield     Par       Amortized Cost   Fair Value    Gain (Loss)
AFS Fixed Income   Mortgage-Backed Securities         3128PPZU0   FED HM LN MTG CORP (FHLMC)               AAA       9/1/2024   4.11    9,349,444        9,546,752     9,710,360      163,607
AFS Fixed Income   Mortgage-Backed Securities         31292H5N0   FED HM LN MTG CORP (FHLMC)               AAA       1/1/2034   5.00      978,580          978,772     1,017,190       38,418
AFS Fixed Income   Mortgage-Backed Securities         31292HFU3   FED HM LN MTG CORP (FHLMC)               AAA      10/1/2030   7.47       29,595           29,680        33,814         4,134
AFS Fixed Income   Mortgage-Backed Securities         31292HQY3   FED HM LN MTG CORP (FHLMC)               AAA       6/1/2032   5.83      239,695          249,041       268,572       19,531
AFS Fixed Income   Mortgage-Backed Securities         312971XJ8   FED HM LN MTG CORP (FHLMC)               AAA       2/1/2020   5.34    1,045,466        1,074,644     1,132,669       58,025
AFS Fixed Income   Mortgage-Backed Securities         31297HKT5   FED HM LN MTG CORP (FHLMC)               AAA       1/1/2035   5.12      477,540          475,216       494,442       19,226
AFS Fixed Income   Mortgage-Backed Securities         31371HDS4   FED NATL MTG ASSN (FNMA)                 AAA       1/1/2014   5.89       87,215           87,110        94,217         7,107
AFS Fixed Income   Mortgage-Backed Securities         31371J3G7   FED NATL MTG ASSN (FNMA)                 AAA       5/1/2016   6.19      141,379          141,975       153,103       11,128
AFS Fixed Income   Mortgage-Backed Securities         31371J6U3   FED NATL MTG ASSN (FNMA)                 AAA       8/1/2016   5.93      221,803          221,621       240,165       18,544
AFS Fixed Income   Mortgage-Backed Securities         31371K4Y4   FED NATL MTG ASSN (FNMA)                 AAA       4/1/2023   4.99      178,642          184,527       194,079         9,552
AFS Fixed Income   Mortgage-Backed Securities         31371KR45   FED NATL MTG ASSN (FNMA)                 AAA       8/1/2032   6.11      201,325          209,209       226,254       17,045
AFS Fixed Income   Mortgage-Backed Securities         31371LU98   FED NATL MTG ASSN (FNMA)                 AAA       9/1/2024   4.70      365,621          373,731       388,430       14,698
AFS Fixed Income   Mortgage-Backed Securities         31371MGC5   FED NATL MTG ASSN (FNMA)                 AAA       9/1/2035   5.45      700,668          664,233       707,434       43,201
AFS Fixed Income   Mortgage-Backed Securities         31377QXU1   FED NATL MTG ASSN (FNMA)                 AAA       9/1/2011   3.55      299,231          304,140       313,568         9,428
AFS Fixed Income   Mortgage-Backed Securities         31378H2W0   FED NATL MTG ASSN (FNMA)                 AAA       9/1/2012   6.82        2,775            2,770         2,938           168
AFS Fixed Income   Mortgage-Backed Securities         31381CKW6   FED NATL MTG ASSN (FNMA)                 AAA      12/1/2028   6.20      214,229          211,872       233,144       21,272
AFS Fixed Income   Mortgage-Backed Securities         31384VZ21   FED NATL MTG ASSN (FNMA)                 AAA       7/1/2015   6.32      109,270          110,357       118,932         8,575
AFS Fixed Income   Mortgage-Backed Securities         31384WJF8   FED NATL MTG ASSN (FNMA)                 AAA       5/1/2011   3.05      832,696          846,069       857,762       11,692
AFS Fixed Income   Mortgage-Backed Securities         31385JJD1   FED NATL MTG ASSN (FNMA)                 AAA       7/1/2032   5.06      220,607          230,178       243,740       13,562
AFS Fixed Income   Mortgage-Backed Securities         31385W4A4   FED NATL MTG ASSN (FNMA)                 AAA       4/1/2013   4.28       61,802           62,166        65,914         3,748
AFS Fixed Income   Mortgage-Backed Securities         31385XJW8   FED NATL MTG ASSN (FNMA)                 AAA       7/1/2033   5.41    1,353,442        1,354,242     1,436,360       82,119
AFS Fixed Income   Mortgage-Backed Securities         31389Q3J5   FED NATL MTG ASSN (FNMA)                 AAA       2/1/2017   5.71      102,905          104,678       111,438         6,761
AFS Fixed Income   Mortgage-Backed Securities         31390CWL6   FED NATL MTG ASSN (FNMA)                 AAA       4/1/2032   6.23      295,460          290,526       321,548       31,022
AFS Fixed Income   Mortgage-Backed Securities         31400Q6Y4   FED NATL MTG ASSN (FNMA)                 AAA       4/1/2033   5.04      191,423          190,835       198,617         7,783
AFS Fixed Income   Mortgage-Backed Securities         31400SUG2   FED NATL MTG ASSN (FNMA)                 AAA       3/1/2033   4.85      451,632          452,377       468,605       16,228
AFS Fixed Income   Mortgage-Backed Securities         31401JM54   FED NATL MTG ASSN (FNMA)                 AAA       6/1/2033   5.14      555,454          579,012       602,763       23,751
AFS Fixed Income   Mortgage-Backed Securities         31401XH83   FED NATL MTG ASSN (FNMA)                 AAA       7/1/2033   4.19    1,195,710        1,241,650     1,268,965       27,316
AFS Fixed Income   Mortgage-Backed Securities         31402C5S7   FED NATL MTG ASSN (FNMA)                 AAA       4/1/2014   4.52      583,045          582,791       620,663       37,872
AFS Fixed Income   Mortgage-Backed Securities         31402RDA4   FED NATL MTG ASSN (FNMA)                 AAA       5/1/2035   5.84    2,916,837        2,731,138     2,945,005      213,867
AFS Fixed Income   Mortgage-Backed Securities         31404CWM8   FED NATL MTG ASSN (FNMA)                 AAA       1/1/2019   4.82      406,225          407,605       433,507       25,902
AFS Fixed Income   Mortgage-Backed Securities         31404STD7   FED NATL MTG ASSN (FNMA)                 AAA       5/1/2034   5.44      961,999          964,452     1,018,831       54,379
AFS Fixed Income   Mortgage-Backed Securities         31405HJZ2   FED NATL MTG ASSN (FNMA)                 AAA       1/1/2020   5.00      949,241          964,705     1,024,709       60,004
AFS Fixed Income   Mortgage-Backed Securities         31405SLU6   FED NATL MTG ASSN (FNMA)                 AAA       4/1/2020   5.00      902,716          917,528       973,357       55,829
AFS Fixed Income   Mortgage-Backed Securities         31406CD88   FED NATL MTG ASSN (FNMA)                 AAA      12/1/2034   4.62      204,215          209,788       220,332       10,544
AFS Fixed Income   Mortgage-Backed Securities         31406LK98   FED NATL MTG ASSN (FNMA)                 AAA       2/1/2020   5.11      648,499          658,350       699,246       40,897
AFS Fixed Income   Mortgage-Backed Securities         31407BVZ9   FED NATL MTG ASSN (FNMA)                 AAA       7/1/2020   4.87      685,157          696,164       738,773       42,609
AFS Fixed Income   Mortgage-Backed Securities         31407NNP4   FED NATL MTG ASSN (FNMA)                 AAA       9/1/2035   5.75    2,611,014        2,448,859     2,636,229      187,370
AFS Fixed Income   Mortgage-Backed Securities         31407UM46   FED NATL MTG ASSN (FNMA)                 AAA       9/1/2035   5.22    2,944,135        2,801,693     2,972,567      170,875
AFS Fixed Income   Mortgage-Backed Securities         31407YRS0   FED NATL MTG ASSN (FNMA)                 AAA      10/1/2035   6.02      620,993          588,113       626,990       38,876
AFS Fixed Income   Mortgage-Backed Securities         31410GAF0   FED NATL MTG ASSN (FNMA)                 AAA       8/1/2036   6.28    1,059,418        1,004,896     1,095,921       91,025
AFS Fixed Income   Mortgage-Backed Securities         31414CU71   FED NATL MTG ASSN (FNMA)                 AAA       4/1/2023   3.96    3,867,724        3,931,042     4,019,446       88,404
AFS Fixed Income   Mortgage-Backed Securities         31415CNH6   FED NATL MTG ASSN (FNMA)                 AAA       5/1/2023   6.09    1,254,449        1,208,579     1,303,658       95,080
AFS Fixed Income   Mortgage-Backed Securities         31416BDN5   FED NATL MTG ASSN (FNMA)                 AAA      11/1/2023   3.82    1,493,076        1,517,678     1,551,646       33,968
AFS Fixed Income   Mortgage-Backed Securities         31416TJN0   FED NATL MTG ASSN (FNMA)                 AAA       7/1/2024   4.13    5,531,352        5,485,113     5,620,525      135,412
AFS Fixed Income   Mortgage-Backed Securities         36200EAK7   GOVT NATL MTG ASSN (GNMA)                AAA      2/15/2033   4.55      364,577          373,835       388,717       14,883
AFS Fixed Income   Mortgage-Backed Securities         36200MBN2   GOVT NATL MTG ASSN (GNMA)                AAA      2/15/2033   4.43      132,867          139,157       143,796         4,640
AFS Fixed Income   Mortgage-Backed Securities         36200XZF9   GOVT NATL MTG ASSN (GNMA)                AAA      1/15/2032   6.09      170,242          169,742       184,671       14,929
AFS Fixed Income   Mortgage-Backed Securities         36201MGU0   GOVT NATL MTG ASSN (GNMA)                AAA      6/15/2032   5.95      748,124          748,997       811,534       62,537
AFS Fixed Income   Mortgage-Backed Securities         36201S2B4   GOVT NATL MTG ASSN (GNMA)                AAA     10/15/2033   5.20      139,165          143,423       150,612         7,189
AFS Fixed Income   Mortgage-Backed Securities         36201S6P9   GOVT NATL MTG ASSN (GNMA)                AAA      2/15/2033   4.93      717,706          729,616       765,229       35,613
AFS Fixed Income   Mortgage-Backed Securities         36207KQU7   GOVT NATL MTG ASSN (GNMA)                AAA      5/15/2029   6.91      291,391          286,542       320,748       34,206
AFS Fixed Income   Mortgage-Backed Securities         36208YH69   GOVT NATL MTG ASSN (GNMA)                AAA      8/15/2028   6.52      151,877          151,874       167,559       15,685
AFS Fixed Income   Mortgage-Backed Securities         36209FUU1   GOVT NATL MTG ASSN (GNMA)                AAA      6/15/2029   6.74      224,230          225,042       251,773       26,731
AFS Fixed Income   Mortgage-Backed Securities         36209MTW4   GOVT NATL MTG ASSN (GNMA)                AAA      7/15/2028   7.03      172,541          169,569       190,356       20,786
AFS Fixed Income   Mortgage-Backed Securities         36209VGM0   GOVT NATL MTG ASSN (GNMA)                AAA      8/15/2028   6.53      213,322          213,307       235,347       22,040
AFS Fixed Income   Mortgage-Backed Securities         3620AC3U6   GOVT NATL MTG ASSN (GNMA)                AAA      9/15/2039   4.59    5,532,783        5,713,365     5,763,688       50,323
AFS Fixed Income   Mortgage-Backed Securities         3620ADMS8   GOVT NATL MTG ASSN (GNMA)                AAA      9/15/2039   4.82    9,095,080        9,255,233     9,474,653      219,420
AFS Fixed Income   Mortgage-Backed Securities         36210ARV1   GOVT NATL MTG ASSN (GNMA)                AAA     10/15/2028   7.33       50,465           51,342        57,033         5,691
AFS Fixed Income   Mortgage-Backed Securities         36210BYD1   GOVT NATL MTG ASSN (GNMA)                AAA      3/15/2039   4.41    1,690,433        1,728,192     1,760,981       32,789

                                                                                   Page 5 of 7
                                                                          PMA Capital Corporation
                                                                    Total Invested Assets as of March 31, 2010
                                                                                                                                                                                         Net
                                                                                                            Credit    Maturity    Book                                                Unrealized
       Type                            Asset Category      CUSIP               Security Description         Rating      Date      Yield      Par       Amortized Cost   Fair Value    Gain (Loss)
AFS Fixed Income   Mortgage-Backed Securities           36210EYW3   GOVT NATL MTG ASSN (GNMA)                AAA      6/15/2029   7.04       174,235          171,207       191,789        20,582
AFS Fixed Income   Mortgage-Backed Securities           36210JW38   GOVT NATL MTG ASSN (GNMA)                AAA      6/15/2029   6.86       107,659          108,036       120,883        12,847
AFS Fixed Income   Mortgage-Backed Securities           36213CVE7   GOVT NATL MTG ASSN (GNMA)                AAA      8/15/2035   5.25     4,781,137        4,743,515     4,995,614      252,099
AFS Fixed Income   Mortgage-Backed Securities           36213FTE3   GOVT NATL MTG ASSN (GNMA)                AAA      5/15/2033   5.27       156,204          162,647       169,053         6,405
AFS Fixed Income   Mortgage-Backed Securities           36225BCN6   GOVT NATL MTG ASSN (GNMA)                AAA     12/15/2028   6.98       214,866          219,502       242,554        23,052
AFS Fixed Income   Mortgage-Backed Securities           36225BFU7   GOVT NATL MTG ASSN (GNMA)                AAA      8/15/2029   8.47        11,992           11,670        13,560         1,890
AFS Fixed Income   Mortgage-Backed Securities           36225BWB0   GOVT NATL MTG ASSN (GNMA)                AAA      1/15/2033   4.73       246,398          256,989       267,178        10,188
AFS Fixed Income   Mortgage-Backed Securities           36241KV62   GOVT NATL MTG ASSN (GNMA)                AAA     10/15/2038   5.01     1,207,101        1,207,101     1,259,789        52,688
AFS Fixed Income   Mortgage-Backed Securities           36241KV70   GOVT NATL MTG ASSN (GNMA)                AAA     10/15/2038   5.00     1,219,482        1,219,482     1,272,579        53,096
AFS Fixed Income   Mortgage-Backed Securities           36241KV96   GOVT NATL MTG ASSN (GNMA)                AAA     10/15/2038   5.27     3,897,970        3,858,076     4,067,899      209,823
AFS Fixed Income   Mortgage-Backed Securities           36241KWC8   GOVT NATL MTG ASSN (GNMA)                AAA     10/15/2038   5.42     9,860,968        9,706,615    10,290,847      584,232
AFS Fixed Income   Mortgage-Backed Securities           36290S7E5   GOVT NATL MTG ASSN (GNMA)                AAA      8/15/2034   4.65       707,045          732,669       762,553        29,885
AFS Fixed Income   Mortgage-Backed Securities           36296HQ69   GOVT NATL MTG ASSN (GNMA)                AAA      7/15/2038   4.46     4,048,203        4,127,980     4,217,150        89,169
AFS Fixed Income   Mortgage-Backed Securities           36296JSX4   GOVT NATL MTG ASSN (GNMA)                AAA      8/15/2039   4.60     9,679,263      10,008,539     10,083,216        74,678
AFS Fixed Income   Mortgage-Backed Securities           36296UVR8   GOVT NATL MTG ASSN (GNMA)                AAA      4/15/2039   4.54       947,268          982,049       986,801         4,752
AFS Fixed Income   Mortgage-Backed Securities           36297DJB4   GOVT NATL MTG ASSN (GNMA)                AAA      4/15/2039   4.80     2,376,381        2,419,749     2,475,557        55,807
AFS Fixed Income   Mortgage-Backed Securities           36297ECL7   GOVT NATL MTG ASSN (GNMA)                AAA      9/15/2039   4.79       978,755          996,011     1,019,603        23,592
AFS Fixed Income   Mortgage-Backed Securities           36297G2Q2   GOVT NATL MTG ASSN (GNMA)                AAA      4/15/2039   4.66     2,295,561        2,337,673     2,391,363        53,690
AFS Fixed Income   Taxable Muni's                       010869CD5   ALAMEDA CORRIDOR TRAN AUTH REV            A       10/1/2029   6.62     2,500,000        2,494,228     2,212,550     (281,678)
AFS Fixed Income   Taxable Muni's                       05914FFE5   BALTIMORE CNTY MD G.O.                   AAA      11/1/2027   5.35     1,700,000        1,728,762     1,696,328       (32,434)
AFS Fixed Income   Taxable Muni's                       13063A5G5   CALIFORNIA ST G.O.                        A-       4/1/2039   7.31    10,350,000      10,641,720     10,700,555        58,834
AFS Fixed Income   Taxable Muni's                       155888AT7   CENTRAL WEBER UTAH SWR REV               AAA       3/1/2029   6.19     1,500,000        1,494,220     1,500,045         5,825
AFS Fixed Income   Taxable Muni's                       172311GB2   CINCINNATI OHIO WTR SYS REV              AAA      12/1/2034   6.03     1,800,000        1,855,989     1,861,758         5,769
AFS Fixed Income   Taxable Muni's                       196632GU1   COLORADO SPRINGS COLO UTIL REV           AA      11/15/2029   5.45     9,750,000        9,750,000     9,595,365     (154,635)
AFS Fixed Income   Taxable Muni's                       20772GE46   CONNECTICUT ST G.O.                      AA       3/15/2018   4.75     3,500,000        3,500,000     3,549,630        49,630
AFS Fixed Income   Taxable Muni's                       207758KH5   CONNECTICUT ST SPL TAX OBLIG             AA       12/1/2029   5.74     4,900,000        4,900,000     4,819,640       (80,360)
AFS Fixed Income   Taxable Muni's                       232760T57   CYPRESS-FAIRBANKS TEX INDPT SC           AA-      2/15/2038   6.63     7,000,000        7,000,000     7,170,660      170,660
AFS Fixed Income   Taxable Muni's                       41422EBT9   HARRIS CNTY TEX TRAN AUTH REV            AA       11/1/2038   6.99     2,000,000        1,972,775     2,065,080        92,305
AFS Fixed Income   Taxable Muni's                       472719AH6   JEFFERSON COUNTY COLO & JEFFER           AA       12/1/2025   5.90     1,500,000        1,500,000     1,514,865        14,865
AFS Fixed Income   Taxable Muni's                       480780AG0   JORDAN VY WTR CONSER DIST REV            AA+      10/1/2029   6.13     1,000,000        1,000,000       987,790       (12,210)
AFS Fixed Income   Taxable Muni's                       485428ZY5   KANSAS ST DEV FIN AUTH REV               AAA       5/1/2034   5.79     6,000,000        5,780,033     5,877,600        97,567
AFS Fixed Income   Taxable Muni's                       48542KN54   KANSAS ST DEV FIN AUTH REV               AAA       4/1/2025   5.14     3,800,000        3,783,842     3,718,262       (65,580)
AFS Fixed Income   Taxable Muni's                       49151E4G5   KENTUCKY ST PPTY & BLDG REV               A+      11/1/2029   6.16     1,300,000        1,300,000     1,295,229        (4,771)
AFS Fixed Income   Taxable Muni's                       499512U25   KNOX CNTY TENN G.O.                      AA+       6/1/2019   5.39     2,125,000        2,111,317     2,212,040      100,723
AFS Fixed Income   Taxable Muni's                       499512U33   KNOX CNTY TENN G.O.                      AA+       6/1/2022   5.61     2,000,000        1,989,518     2,041,920        52,402
AFS Fixed Income   Taxable Muni's                       567830BU7   MARIN COUNTY CALIF G.O.                  AA+       8/1/2026   5.83     4,750,000        4,542,008     4,488,940       (53,068)
AFS Fixed Income   Taxable Muni's                       59259NZH9   METRO TRANSN AUTH N Y D REV              AA      11/15/2039   6.24       300,000          344,166       340,200        (3,966)
AFS Fixed Income   Taxable Muni's                       59266TBJ9   METRN WTR DIST SOUTHN C REV              AAA       7/1/2039   6.38       100,000           98,351        97,948          (403)
AFS Fixed Income   Taxable Muni's                       60636WPE9   MISSOURI ST HWYS & TRANS COMMN           AA+       5/1/2029   5.70     1,700,000        1,685,948     1,680,042        (5,906)
AFS Fixed Income   Taxable Muni's                       64603RSQ1   NJ SPORTS & EXP ST CON REV               AA-       3/1/2023   6.08     1,675,000        1,675,000     1,656,860       (18,140)
AFS Fixed Income   Taxable Muni's                       646139W35   NEW JERSEY TURNPIKE AUTH REV              A+       1/1/2040   6.51     1,800,000        2,013,957     2,095,974        82,017
AFS Fixed Income   Taxable Muni's                       686053BR9   OREGON SCHOOL BRDS ASSOCIATION            A+      6/30/2023   5.63     1,000,000          987,502       966,050       (21,452)
AFS Fixed Income   Taxable Muni's                       73358TR94   PORT AUTH NY & NJ REV                    AA-      9/15/2017   5.02     4,750,000        4,707,584     4,805,718        98,133
AFS Fixed Income   Taxable Muni's                       73358WAH7   PORT AUTH N Y & N J REV                  AA-      12/1/2024   5.72       745,000          755,103       764,810         9,706
AFS Fixed Income   Taxable Muni's                       745145WC2   PUERTO RICO COMMONWEALTH                BBB-       7/1/2013   3.38       100,000          106,474       107,522         1,048
AFS Fixed Income   Taxable Muni's                       745235C66   PUERTO RICO PUB BLDGS AUTH REV          BBB-       7/1/2029   2.40       400,000          445,806       454,452         8,646
AFS Fixed Income   Taxable Muni's                       74526QCU4   PUERTO RICO ELEC PWR AUTH PWR           BBB+       7/1/2018   4.35       500,000          539,491       547,015         7,524
AFS Fixed Income   Taxable Muni's                       786005PM4   SACRAMENTOCA MUN UTIL DIST REV            A+      5/15/2036   6.32     6,600,000        6,600,000     6,667,386        67,386
AFS Fixed Income   Taxable Muni's                       815626GQ3   SEDGWICK CNTY KANS UNI SCH DIS           AA       10/1/2028   6.12     5,090,000        5,147,113     5,390,921      243,808
AFS Fixed Income   Taxable Muni's                       8371476A0   S CAROLINA ST PUB SVC AUTH REV           AA-       1/1/2029   6.12       800,000          808,845       825,232        16,387
AFS Fixed Income   Taxable Muni's                       837542CP2   S DAKOTA BRD REGTS HSG & A REV           AAA       4/1/2031   6.18     1,300,000        1,291,392     1,278,342       (13,050)
AFS Fixed Income   Taxable Muni's                       882722KD2   TEXAS ST G.O.                            AA+      10/1/2029   6.07       700,000          700,000       734,916        34,916
AFS Fixed Income   Taxable Muni's                       91739RAQ0   UTAH CTY UTAH TRANSN SALES REV           AAA      12/1/2024   5.79       680,000          684,096       686,242         2,146
AFS Fixed Income   Taxable Muni's                       91739RBA4   UTAH CTY UTAH TRANSN SALES REV           AAA      12/1/2034   6.51       400,000          400,000       411,096        11,096
AFS Fixed Income   Non-Taxable Muni's                   709221QY4   PENN ST TPK COMMN OIL REV                AA       12/1/2032   5.70       850,000          774,819       873,409        98,590
AFS Fixed Income   Non-Taxable Muni's                   987388BU8   YOSEMITE CALIF CMNTY COLLEGE             AAA       8/1/2032   6.04     1,600,000        1,396,849     1,630,416      233,567
AFS Fixed Income   Long-term Construction Bridge Loan   125432$23   CD MURRIETTA LLC                         NR       11/1/2008   0.00       500,000          305,124       305,124             -
AFS Fixed Income   Long-term Construction Bridge Loan   361234$23   GASPARILLA FISHERY, INC                  NR        2/1/2009   0.00       250,000          152,210       152,210             -
AFS Fixed Income   Long-term Construction Bridge Loan   501234$23   LAKE AWESOME, LLC                        NR        3/1/2009   0.00       500,000          303,003       303,003             -

                                                                                    Page 6 of 7
                                                                                                 PMA Capital Corporation
                                                                                          Total Invested Assets as of March 31, 2010
                                                                                                                                                                                                                   Net
                                                                                                                                      Credit    Maturity    Book                                                Unrealized
       Type                          Asset Category                            CUSIP                  Security Description            Rating     Date       Yield      Par       Amortized Cost   Fair Value    Gain (Loss)
AFS Fixed Income Long-term Construction Bridge Loan                        750123$23      RAILYARD COMPANY LLC                         NR       11/1/2009   0.00     1,000,000        1,000,000     1,000,000             -
AFS Fixed Income Long-term Construction Bridge Loan                        764532$23      RIVER 148, LLC                               NR        2/1/2009   0.00       250,000          152,843       152,843             -
AFS Fixed Income Long-term Construction Bridge Loan                        92648@AB9      VICTORY LANE LLC                             NR        6/1/2009   0.00     1,000,000          655,808       655,808             -
                                              Total Fixed Maturities Available for Sale                                                                                            776,739,455    800,611,694   23,872,239


Other              Other Investments                                      091927848       BLACKROCK Asset Allocation Fund                                   1.72        15,524         216,730        220,440        3,710
Other              Other Investments                                      091928283       BLACKROCK Low Duration Bond Fund                                  3.52       349,667       3,319,051      3,342,815       23,763
Other              Other Investments                                      091928390       BLACKROCK Government Income Fund                                  4.65       246,736       2,598,281      2,551,246      (47,035)
Other              Other Investments                                      091928747       BLACKROCK Total Return II Fund                                    4.98       174,456       1,589,536      1,589,290         (246)
Other              Other Investments                                      091928861       BLACKROCK Mid-Cap Growth Equity Fund                              0.00        13,078         140,285        153,277       12,992
Other              Other Investments                                      091929638       BLACKROCK High Yield Bond Fund                                    8.31       132,581         893,988        974,473       80,484
Other              Other Investments                                      09250J817       BLACKROCK Large Cap Value Fund                                    1.14        32,209         494,700        457,366      (37,334)
Other              Other Investments                                      09250J874       BLACKROCK Large Cap Growth Fund                                   0.26        28,292         273,762        283,770       10,008
Other              Other Investments                                      09CHPT100       Charter Partners Surplus Note                         12/1/2014   0.48       500,000         500,000        500,000            -
Other              Other Investments                                      09PPIF106       Wellington Public-Private Investment Fund                         6.01     2,250,000       2,250,000      2,304,234       54,234
Other              Other Investments                                      4594567$8       Excalibur Re Promissory Note                         12/31/2015   0.00     4,000,000       4,000,000      4,000,000            -
Other              Other Investments                                      949999809       WELLS CAPITAL High Yield Bond Fund                                6.12     1,445,378      11,445,523     14,827,842    3,382,320
                                                       Total Other Investments                                                                                                      27,721,856     31,204,753    3,482,897


Short Term         Short-Term Securities                                  0870781$9       TRISTATE CAPITAL CDARS                                4/29/2010   0.50     1,000,000       1,000,000      1,000,000             -
Short Term         Short-Term Securities                                  0876292$5       TRISTATE CAPITAL CDARS                                 5/6/2010   0.40     1,000,000       1,000,000      1,000,000             -
Short Term         Short-Term Securities                                  0882404$1       TRISTATE CAPITAL CDARS                                5/13/2010   0.40     1,500,000       1,500,000      1,500,000             -
Short Term         Short-Term Securities                                  09248U643       BLACKROCK Temp Cash Fund                                          0.13    14,042,094      14,042,094     14,042,094             -
Short Term         Short-Term Securities                                  0928334$6       TRISTATE CAPITAL CDARS                                4/15/2010   0.20     1,500,000       1,500,000      1,500,000             -
Short Term         Short-Term Securities                                  300237443       EVERGREEN TREASURY MMKT                                           0.01     5,110,955       5,110,955      5,110,955             -
Short Term         Short-Term Securities                                  928991876       JPMORGAN PRIME SHARES MMKT                                        0.01     1,767,815       1,767,815      1,767,815             -
Short Term         Short-Term Securities                                  9499998$1       WELLS FARGO ADVANTAGE MMKT                                        0.09           250             250            250             -
                                                    Total Short-Term Investments                                                                                                    25,921,114     25,921,114

                                                          Total Investments                                                                                                        830,382,424    857,737,560   27,355,136




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