Allied World Assurance 8-K Allied World Reports Record Operating Results In Third Quarter 2009; 27.4% Increase In Total Book Value Year to Date; 11% Dividend Increase Announced

Exhibit 99.3

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par			Book Value $			Fair Value $
000780ET9	AMAC CMO03-5 2A3		4/25/2018		1,174,642			1,141,547			1,105,690
001330AK5	AIGMT2007-AA ABS 2007-AA-A 144A		12/15/2011		523,000			523,000			518,110
00206RAC6	AT&T INC CORP BND		2/5/2010		438,000			438,000			438,333
00206RAR3	AT&T INC CORP BND		2/15/2019		22,000,000			23,880,996			23,543,928
00209AAE6	AT&T WIRELESS SERVICES INC CORP BND		3/1/2011		13,012,000			13,482,096			14,119,680
00209AAG1	NEW CINGULAR WIRELESS SERVICES CORP BND		5/1/2012		13,425,000			14,650,629			15,325,579
002451AA0	AXA FINANCIAL INC CORP BND		8/1/2010		10,452,000			10,681,083			10,955,362
002824AS9	ABBOTT LABORATORIES CORP BND		5/15/2011		1,200,000			1,213,818			1,284,304
002824AU4	ABBOTT LABORATORIES SENIOR CORP BND		4/1/2019		4,000,000			3,983,695			4,252,565
008684AA0	AHMA CMO 06-6 A1A		12/25/2046		12,598,404			5,139,123			5,946,572
01F0424A8	FNMA TBA 15 YR		10/1/2019		22,000,000			22,745,781			22,770,000
01F0426A6	FNMA TBA MBS		10/1/2037		18,000,000			18,223,594			18,225,000
01F0506A9	FNMA TBA 30 YR		10/1/2034		(1,000,000	)		(1,018,398	)		(1,032,500	)
01F0526A5	FNMA TBA 30 YR		10/1/2034		4,000,000			4,086,953			4,183,125
01F0606A8	FNMA TBA 30 YR		10/1/2032		21,000,000			22,102,500			22,151,719
01F0606A8	FNMA TBA 30 YR		10/1/2032		(21,000,000	)		(22,095,938	)		(22,151,719	)
01F0606B6	FNMA TBA 30 YR		11/1/2034		21,000,000			22,027,852			22,082,813
01F0606B6	FNMA TBA 30 YR		11/1/2034		(21,000,000	)		(22,033,594	)		(22,082,813	)
01F0606C4	FNMA 30 YR		12/1/2034		21,000,000			21,956,484			22,004,063
01N0506A0	GNMA TBA MBS		10/1/2034		5,000,000			4,969,844			5,172,656
020039DB6	ALLTEL CORPORATION NT		7/1/2012		29,225,000			29,817,398			32,420,867
021087QT1	ALPINE UTAH SCH DIST MUNI BND GO		3/15/2010		4,575,000			4,597,027			4,649,298
021087QU8	ALPINE UTAH SCH DIST MUNI BND GO		3/15/2011		4,775,000			4,819,888			4,996,512
02580EBS1	AMER EXPRESS BK CORP BND		4/26/2010		320,000			320,000			317,142
02580ECN1	AMERICAN EXPRESS BANK FSB CORP BND BKNT		4/16/2013		2,000,000			1,986,589			2,096,824
0258M0BX6	AMERICAN EXPRESS CREDIT CO CORP BND		12/2/2010		73,000			73,000			71,962
0258M0CR8	AMERICAN EXPRESS CREDIT CO SENIOR CORP BND		11/9/2009		654,000			654,001			653,882
02660TBM4	AHM WHOLE CMO 04-3		10/25/2034		2,821,486			2,697,668			1,797,287
02660UAE0	AHMA06-3 WHOLE CMO 06-3 2A11		10/25/2046		12,473,233			5,315,442			5,952,227
02666QXM0	AMERICAN HONDA FINANCE CORP BND 144A		12/15/2010		1,250,000			1,234,234			1,286,231
02R0426A1	FHLMC GOLD TBA MBS		10/1/2035		27,000,000			26,993,945			27,307,969
02R0426A1	FHLMC GOLD TBA MBS		10/1/2035		(27,000,000	)		(27,140,703	)		(27,307,969	)
02R0506A4	FHLMC TBA 30 YR		10/1/2034		(18,000,000	)		(18,384,609	)		(18,585,000	)
031162AZ3	AMGEN INC CORP BND		2/1/2019		2,275,000			2,306,189			2,510,582
03444RAA6	ANDREW W MELLON FNDTN N Y CORP BND		8/1/2014		4,000,000			3,999,170			4,178,400
034863AA8	ANGLO AMERICAN CAPITAL PLC CORP BND 144A		4/8/2014		6,980,000			7,959,445			8,184,050
035229CE1	ANHEUSER-BUSCH CORP BND		3/15/2012		1,600,000			1,581,342			1,754,691
038461AC3	AID-EGYPT GOVT BND		9/15/2015		25,000,000			26,351,230			26,281,250
04057PFH6	ARIZONA SCH FACS BRD CTFS PART MUNI BND REV		9/1/2019		1,775,000			1,691,987			1,930,330
040654MP7	ARIZONA ST TRANSN BRD MUNI BND REV		7/1/2020		500,000			480,693			558,760
040654NY7	ARIZONA ST TRANSN BRD MUNI BND REV		7/1/2021		1,500,000			1,420,769			1,669,815
040688GV9	ARIZONA WTR INFRASTRUCTURE FIN MUNI BND REV		10/1/2021		1,000,000			951,596			1,133,240
041239AR5	ARKLE ABS 06-2A 2A1 144A		11/17/2012		981,000			981,000			941,760
042707AF6	ARRMF ABS 06-2A A1B 144A		9/20/2036		54,858			54,858			54,583
04271AAA9	ARRMF ABS 07-3A A1B 144A		9/16/2036		183,758			183,758			182,093
04271AAB7	ARRMF ABS 07-3A A2B 144A		9/16/2056		719,000			719,000			693,835
044074BZ4	ASHEVILLE N C MUNI BND REV		8/1/2019		2,000,000			1,944,725			2,237,140
05348EAM1	AVALONBAY COMMUNITIES INC SENIOR CORP BND		3/15/2017		2,000,000			2,017,117			2,023,121
053611AC3	AVERY DENNISON CORP CORP BND		1/15/2013		1,500,000			1,441,427			1,509,210
054303AS1	AVON PRODUCTS INC CORP BND		1/15/2011		1,700,000			1,678,037			1,763,619
05522RAR9	BACCT ABS06-A16 A16		5/15/2013		12,000,000			11,893,616			12,487,500
05522RBA5	BANK OF AMERICA CREDIT CARD TR ABS 07-A7 A7		8/15/2012		131,000			131,000			130,708
05522RBS6	BACCT ABS 08-A1 A1		4/15/2013		1,701,000			1,701,000			1,704,402
055451AG3	BHP BILLITON FINANCE (USA) LTD CORP BND		4/1/2014		4,000,000			3,987,898			4,396,958
05565QBH0	BP CAPITAL MARKETS PLC CORP BND		3/10/2015		3,000,000			3,054,070			3,097,448
05565QBL1	BP CAPITAL MARKETS PLC CORP BND		5/8/2014		9,000,000			8,987,551			9,279,398
058508AN2	BALL ST UNIV IND MUNI BND REV		7/1/2018		1,900,000			1,876,640			2,101,400
059469AA4	BOAA CMO06-7 A1		10/25/2036		381,729			378,767			380,736
05947UDP0	BAFU CMBS01-3 A2		4/11/2037		400,000			400,322			412,783

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
05948X6X4	BANK OF AMERICA MTG SEC CMO 04-5 3A2		6/25/2019		8,540,677		8,588,230		8,612,418
05951KAX1	BAFC CMO06-7-T2A1		10/25/2036		745,286		672,640		663,379
05954DAG1	BAFC CMO 07-E 4A1		7/20/2047		8,145,995		4,987,677		4,555,241
060505CT9	BANK OF AMERICA SENIOR CORP BND		11/6/2009		980,000		980,000		980,003
060505CY8	BANK OF AMERICA CORP BND		2/12/2010		980,000		980,000		979,510
060505DA9	BANK OF AMERICA CORP CORP BND		3/15/2017		41,400,000		41,594,523		39,474,811
060505DG6	BANK OF AMERICA CORP BND		8/13/2010		3,270,000		3,270,000		3,265,520
060505DK7	BANK OF AMERICA CORP CORP BND		9/11/2012		3,525,000		3,532,633		3,699,656
06050BAA9	BANK OF AMERICA CORP — GTD CORP BND GOVT GUAR		6/15/2012		94,700,000		94,782,075		98,578,912
06050BAG6	BANK OF AMERICA CORP — GTD CORP BND		4/30/2012		2,500,000		2,499,373		2,537,250
06051GDX4	BANK OF AMERICA CORP BND		5/1/2018		23,170,000		21,921,339		22,923,888
06052DAB1	BAAT09-1A ABS 09-1A A2 144A		12/15/2011		48,000,000		47,996,350		48,139,114
06052FAC4	BAAT09-2 ABS 09-2A A3 144A		9/15/2013		50,000,000		49,999,476		50,000,000
06423AAG8	BANK ONE CO CORP BND		8/1/2010		1,378,000		1,409,439		1,454,939
06423RAK2	BOIT ABS 02-A6 A		6/15/2012		654,000		654,045		654,020
067316AA7	BACARDI LTD CORP BND 144A		4/1/2014		12,100,000		12,089,963		13,634,347
06738CAF6	BARCLAYS BANK PLC CAPSEC CORP BND 144A		6/29/2049		16,777,000		12,101,328		14,260,450
06739FFZ9	BARCLAYS BANK PLC LOCAL BND		7/10/2014		2,950,000		2,946,687		3,106,347
071365ZL7	BATTLE CREEK MICH MUNI BND GO		5/1/2011		2,025,000		2,073,107		2,124,995
071813AZ2	BAXTER INTERNATIONAL INC CORP BND		3/1/2014		5,400,000		5,386,361		5,646,952
07384MWF5	BSARM WHOLE CMO 03-5		8/25/2033		167,229		172,364		146,342
073868AA9	BALTA06-6 CMO 06-6 1A1		11/25/2036		21,378,800		8,128,300		9,951,406
07386HGG0	BALTA04-11 WHOLE CMO 04-3		4/25/2034		1,290,366		1,070,306		948,290
07387AET8	BSARM WHOLE CMO 05-10		10/25/2035		16,000,000		13,557,690		11,021,808
07388LAE0	BEAR STEARNS SENIOR CMBS 06-PW13-A4		9/11/2041		38,000,000		38,477,756		35,622,814
073928X73	BEAR STEARNS CO INC CORP BND		8/10/2012		16,625,000		17,672,187		18,562,159
07401YAQ8	BEAR STEARNS MORTGAGE FUNDING CMO 07-AR4 2A1		6/25/2037		11,705,931		5,518,847		6,108,155
075887AU3	BECTON DICKINSON AND COMPANY CORP BND		5/15/2019		1,625,000		1,614,717		1,712,729
097023AV7	BOEING CO CORP BND		3/15/2014		1,500,000		1,494,024		1,619,732
097023AY1	BOEING CO SENIOR CORP BND		2/15/2015		1,250,000		1,246,156		1,264,053
097023AZ8	BOEING CO SENIOR CORP BND		2/15/2020		3,500,000		3,467,450		3,590,560
10138MAH8	BOTTLING GROUP LLC CORP BND		3/15/2014		3,000,000		3,393,303		3,515,424
10138MAK1	BOTTLING GROUP LLC CORP BND		1/15/2019		3,000,000		2,989,436		3,178,721
108151UZ2	BRIDGEPORT CONN MUNI BND GO		7/15/2017		750,000		770,956		791,198
12500GUP7	CC USA INC. CORP BND 144A		10/23/2009		105,000		105,000		104,643
12513EAG9	CD SENIOR CMBS 05-CD1		7/15/2044		25,000,000		24,917,254		24,660,298
12572QAD7	CME GROUP INC CORP BND		2/15/2014		2,000,000		2,006,126		2,209,115
126175AH1	COMM03-LB1A SENIOR CMBS 03-LB1A 144A		6/10/2010		37,693,757		220,111		369,399
126380AB0	CSMC CMO06-9 2A1		11/25/2036		2,511,047		2,012,228		1,883,285
126384AJ5	CSMC WHOLE CMO 07-2 2A1		3/25/2037		1,665,428		1,478,747		1,385,137
12638PBU2	CSMC CMO07-3 4A5		4/25/2037		1,715,577		1,468,725		1,433,879
126650AV2	CVS CAREMARK CORP CORP BND		9/15/2014		10,160,000		9,835,074		10,733,928
126650BH2	CVS CAREMARK CORP CORP BND		6/1/2017		2,000,000		1,861,573		2,139,304
126671ZJ8	COUNTRYWIDE HOME EQUITY LN TR ABS 2003-D A		6/15/2029		2,406,882		2,081,659		1,080,218
12668BPY3	CWALT CMO 06-4CB 2A4		4/25/2036		14,638,317		9,178,250		10,538,124
126694M96	COUNTRYWIDE HOME LOANS CMO 06-OA5 2A1		4/25/2046		8,086,738		3,468,815		4,043,369
12669E5B8	CWHL CMO03-50 A1		11/25/2018		1,385,659		1,329,715		1,397,299
12669EYQ3	COUNTRYWIDE HOME LOANS TR WHOLE CMO 03-37		8/25/2033		145,265		150,527		104,736
126775RR8	CABARRUS CNTY N C MUNI BND GO		2/1/2018		500,000		499,324		596,050
13063A4V3	STATE OF CALIFORNIA MUNI BND GO		4/1/2031		2,000,000		2,077,087		2,149,940
13170FCV3	CALYON (NEW YORK BRANCH) CORP BND		2/22/2010		163,000		162,988		162,772
13170FEC3	CAYLON NY BRANCH CORP BND		6/11/2010		654,000		654,000		653,411
134429AM1	CAMPBELL SOUP COMPANY CORP BND		2/15/2011		1,550,000		1,583,633		1,655,408
134429AT6	CAMPBELL SOUP COMPANY CORP BND		2/15/2019		3,000,000		3,001,743		3,078,822
135087WX8	CANADA GOVERNMENT GOVT BND		6/1/2010		18,055,000		15,157,152		17,389,524
135087XB5	CANADA GOVERNMENT BND		6/1/2011		21,040,000		19,298,284		21,198,603
135087YN8	CANADA GOVERNMENT GOVT BND		6/1/2013		34,930,000		33,353,709		34,062,056
135087YS7	CANADA GOVERNMENT GOVT BND		6/1/2014		13,780,000		12,611,107		13,142,296
135087ZA5	CANADA GOVERNMENT SENIOR CORP BND		9/10/2014		900,000		894,882		896,409

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
13974CAE8	CARAT ABS07-2 A4A		2/18/2014		12,000,000		11,687,660		12,614,760
14041NDZ1	COMET ABS07-A9 A9		8/15/2012		28,000,000		28,024,095		28,050,400
14312XAC5	CARMX ABS08-2 A3A		10/15/2012		4,000,000		3,994,092		4,200,400
144470AR2	CARRIER CREEK MICH DRAIN DIST MUNI BND GO		6/1/2022		1,000,000		919,448		1,092,330
14912L4F5	CATERPILLAR FINL SERV CORP BND		2/17/2014		3,300,000		3,299,669		3,645,921
15135UAA7	CENOVUS ENERGY INC CORP BND 144A		9/15/2014		1,350,000		1,348,699		1,380,718
152735TB2	CENTRAL BUCKS PA SCH DIST MUNI BND GO		5/15/2010		3,210,000		3,208,067		3,263,158
161045CG2	CHARLOTTE NC WTR & SWR SYS MUNI BND REV		6/1/2019		500,000		514,442		523,280
161571AT1	CHAIT ABS 05-A8		10/15/2012		131,000		130,830		130,611
161571BU7	CHAIT ABS 07-A4 A4		4/16/2012		504,000		504,000		503,516
161571BW3	CHAIT ABS 07-A6 A6		4/16/2012		916,000		916,000		914,010
161571BZ6	CHAIT ABS07-A9 A9		6/16/2014		8,700,000		7,995,540		8,565,498
161571CG7	CHAIT ABS07 A16 - A16		6/16/2014		5,000,000		4,623,841		4,959,350
161571CH5	CHAIT ABS07-A17 A		10/15/2014		10,000,000		9,999,454		10,812,500
161571CL6	CHAIT ABS 08-A1 A1		1/15/2012		1,308,000		1,308,000		1,308,183
161571CW2	CHAIT ABS 08-A9 A9		5/15/2013		5,720,000		5,543,130		5,961,313
161571DP6	CHAIT ABS 09-A5 A5		6/15/2012		50,000,000		50,000,000		50,177,502
16162WLM9	CHASE CMO 05-S2 A1		10/25/2035		17,097,029		14,265,230		15,659,168
161630AC2	CHASE WHOLE CMO07-A1 1A3		2/25/2037		18,277,353		18,497,333		16,236,111
161630AG3	CHASE CMO07-A1-2A1		2/25/2037		32,671,063		33,204,196		29,631,380
161630AN8	CHASE WHOLE CMO07-A1 4A1		2/25/2037		5,264,369		5,316,070		4,655,880
161630AQ1	CHASE CMO07-A1 5A1		2/25/2037		4,261,852		4,190,465		3,757,927
162419AF2	CHATTANOOGA TENN INDL DEV BRD MUNI BND REV		10/1/2011		2,000,000		2,034,560		2,093,420
165573QR0	CHESTER CNTY PA MUNI BND GO		8/15/2022		1,000,000		952,257		1,109,410
166751AK3	CHEVRONTEXACO CORPORATION SENIOR CORP BND		3/3/2012		40,100,000		40,098,070		41,674,563
167485BM2	CHICAGO ILL MUNI BND GO		1/1/2013		5,000,000		5,211,777		5,558,500
167723CG8	CHICAGO ILL TRAN AUTH CAP GRNT MUNI BND REV		6/1/2010		2,070,000		2,089,854		2,132,804
17275RAE2	CISCO SYSTEMS INC CORP BND		2/15/2019		4,000,000		3,992,571		4,196,090
172967BC4	CITIGROUP INC CORP BND		1/18/2011		53,800,000		54,688,378		55,747,775
172967CX7	CITIGROUP INC CORP BND		5/18/2010		2,200,000		2,135,135		2,190,210
172967DW8	CITIGROUP INC CORP BND		12/28/2009		190,000		189,946		189,728
172967EG2	CITIGROUP INC CORP BND		8/13/2010		916,000		915,778		910,312
172967EY3	CITIGROUP INC SENIOR CORP BND		8/12/2014		1,875,000		1,862,603		1,946,524
1729733P2	CMSI CMO 05-7 3A1		10/25/2035		17,406,839		14,888,729		16,063,031
172973L64	CMSI CMO 04-9 2A1		12/25/2019		13,563,862		13,600,541		12,915,509
17305EBC8	CCCIT ABS 02-A8 A8		11/7/2011		65,000		65,000		64,990
17305ECU7	CCCIT ABS05-A7 A7		10/22/2012		500,000		508,587		519,375
17305EDJ1	CCCIT ABS 06-A6 A6		5/24/2012		327,000		326,391		326,169
17307GJG4	CMLTI ABS 04-OPT1		10/25/2034		2,234,561		1,565,329		1,038,624
17310MAE0	CITIGROUP SENIOR CMBS 06-C5 A4		10/15/2049		66,000,000		66,214,328		61,183,403
17310MBQ2	CGCMT CMBS06_C5 AMP2 144A		10/15/2049		500,000		363,098		167,870
17313UAA7	CITIGROUP INC — GTD CORP BND GOVT GUAR		12/9/2011		2,200,000		2,195,974		2,273,964
17313YAB7	CITIGROUP FUNDING INC — GTD CORP BND		5/5/2011		10,000,000		10,013,483		10,066,500
17313YAJ0	CITIGROUP FUNDING INC — GTD SENIOR CORP BND		12/10/2012		5,000,000		5,001,694		5,069,300
17313YAN1	CITIGROUP FUNDING INC — GTD CORP BND		11/15/2012		59,300,000		59,198,004		59,338,545
181059BM7	CLARK CNTY NEV SCH DIST FOR IS MUNI BND GO		6/15/2017		1,500,000		1,495,548		1,667,730
184126UY4	CLAYTON CNTY & CLAYTON CNTY GA MUNI BND REV		5/1/2020		2,000,000		1,893,265		2,225,960
189054AC3	CLOROX COMPANY THE CORP BND		2/1/2011		1,000,000		996,721		1,049,736
189194CL5	CLOVERDALE IND MULTI-SCH BLDG MUNI BND REV		7/15/2019		1,365,000		1,322,353		1,511,151
191216AK6	COCA-COLA COMPANY THE CORP BND		11/15/2017		1,125,000		1,195,944		1,228,729
191216AL4	COCA-COLA COMPANY THE CORP BND		3/15/2014		18,825,000		18,748,422		19,495,780
191219BU7	COCA-COLA ENTERPRISES INC. CORP BND		3/1/2012		13,700,000		13,679,352		14,250,843
19416QDN7	COLGATE PALMOLIVE CO. SENIOR CORP BND		8/5/2015		3,500,000		3,495,182		3,571,384
196632GV9	COLORADO SPRINGS UTILS REV MUNI BND REV		11/15/2039		8,700,000		8,700,000		9,140,046
199491RW3	COLUMBUS OHIO MUNI BND GO		7/1/2012		500,000		522,857		561,660
20030NAE1	COMCAST CORPORATION CORP BND		1/15/2014		2,000,000		2,051,246		2,136,424
20030NAL5	COMCAST CORPORATION CORP BND		3/15/2016		7,500,000		7,943,919		8,057,213
20046PAB4	COMM CMBS00-C1 A2		8/15/2033		206,490		204,446		209,864
20272BAF1	COMMONWEALTH BANK AUSTRALIA, G CORP BND 144A		6/25/2014		50,000,000		50,805,840		51,880,001

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
20774UWJ0	CONNECTICUT ST HEALTH & EDL FA MUNI BND REV		7/1/2010		1,125,000		1,140,939		1,157,681
207758AY9	CONNECTICUT ST SPL TAX OBLIG R MUNI BND REV		7/1/2019		650,000		619,925		727,714
20825CAR5	CONOCOPHILLIPS CORP BND		2/1/2019		1,250,000		1,337,615		1,352,273
20825CAS3	CONOCOPHILLIPS CORP BND		2/1/2014		29,000,000		28,928,284		30,962,600
20825CAT1	CONOCOPHILLIPS CORP BND		1/15/2015		5,000,000		4,995,933		5,320,243
209111DJ9	CONSOLIDATED EDISON CO OF NY CORP BND		9/1/2010		1,000,000		1,012,969		1,050,038
209111DZ3	CONSOLIDATED EDISON CO OF NY CORP BND		7/1/2012		550,000		535,688		590,280
210518CS3	CONSUMERS ENERGY COMPANY CORP BND		9/15/2019		2,000,000		1,999,150		2,296,530
2131838D1	COOK CNTY ILL MUNI BND GO		11/15/2019		1,000,000		955,403		1,111,700
225317AB2	CREDIT AGRICOLE SA CORP BND 144A		5/28/2010		2,191,000		2,191,000		2,181,798
22540VGE6	CSFB SENIOR CMBS 01-CKN5-A4		9/15/2034		45,309,301		45,431,457		46,649,236
22541NQ77	CSFB03-AR9 WHOLE CMO 03-AR9 2A2		3/25/2033		93,318		53,601		74,813
22541NVB2	CSFB SENIOR CMBS 02-CP5 144A		12/15/2035		27,904,308		37,797		69,761
22541QDG4	CSFB CMBS03-C3 A3		5/15/2038		2,031,358		1,979,621		2,036,903
22545BAA9	CSMC CMBS06-C2 A1		3/15/2039		1,455,258		1,426,651		1,481,153
22546QAC1	CREDIT SUISSE FIRST BOSTON CORP BND		8/13/2019		3,000,000		3,000,685		3,055,644
22882MAA6	CRGT ABS 03-2 A		9/18/2034		76,357		76,357		59,992
22942KCD0	CSMC CMO 06-7 10A2		8/25/2036		17,500,478		10,201,317		11,025,301
230822PL6	CUMBERLAND VALLEY PA SCH DIST MUNI BND GO		11/15/2020		1,300,000		1,236,054		1,444,144
231266DM6	CURATORS UNIV MO SYS FACS REV MUNI BND REV		11/1/2021		2,000,000		1,846,929		2,236,980
232434AE0	CWALT06-OC8 CMO 06-0C8 2A3		11/25/2036		26,000,000		3,570,424		2,095,600
23245QAA7	CWALT WHOLE CMO 06-0A21 A1		3/20/2047		7,688,226		3,324,750		3,887,167
23326TAA3	DEN NORSKE BANK ASA CORP BND 144A		10/13/2009		1,465,000		1,465,002		1,464,311
233889AE4	DCAT ABS08-B A3A		9/10/2012		4,950,000		4,819,449		5,116,221
235308KE2	DALLAS TEX INDPT SCH DIST MUNI BND GO		8/15/2021		1,605,000		1,519,709		1,805,465
244217BK0	JOHN DEERE CAPITAL CORPORATION SENIOR CORP BND		1/15/2013		4,000,000		3,896,314		4,252,102
24422EQD4	JOHN DEERE CAPITAL CORPORATION CORP BND		10/17/2011		22,000,000		21,999,612		23,599,816
24702RAH4	DELL INC CORP BND		6/15/2012		14,600,000		14,591,008		15,014,516
249164HG2	DENVER COLO CITY & CNTY MUNI BND GO		8/1/2021		2,000,000		1,899,940		2,255,900
2491817F9	DENVER COLO CITY & CNTY ARPT R MUNI BND REV		11/15/2010		3,000,000		2,995,463		3,117,630
249183LD4	DENVER COLO CITY & CNTY S MUNI BND REV		5/1/2020		2,325,000		2,359,905		2,395,308
249575AM3	DEPFA ACS BANK CORP BND 144A		6/28/2011		2,800,000		2,920,502		2,888,060
250119BY9	DES MOINES IOWA MET WASTEWATER MUNI BND REV		6/1/2019		1,045,000		1,007,320		1,172,250
251255C94	DETROIT MICH WTR SUPPLY SYS MUNI BND REV		7/1/2033		2,000,000		2,082,323		2,181,140
251255ZJ7	DETROIT MICH WTR SUPPLY SYS MUNI BND REV		7/1/2022		1,000,000		1,043,007		1,023,720
25151AAG6	DBALT CMO 06-AR3 A6		8/25/2036		32,000,000		4,335,767		2,876,800
25152XGZ7	DEUTSCHE BANK AG SENIOR CORP BND		10/1/2009		1,243,000		1,243,000		1,243,000
25152XHQ6	DEUTSCHE BANK AG SENIOR CORP BND		1/25/2010		1,112,000		1,112,000		1,114,002
2515A0Q30	DEUTSCHE BK LDN CORP BND		8/18/2014		3,000,000		2,995,041		3,033,962
254760C66	DISTRICT OF COLUMBIA MUNI BND GO		6/1/2010		2,945,000		2,992,398		3,032,408
25746UBH1	DOMINION RESOURCES INC SENIOR CORP BND		8/15/2019		1,000,000		1,001,060		1,038,428
260003AD0	DOVER CORP CORP BND		2/15/2011		1,000,000		1,011,879		1,061,108
263534BM0	EI DUPONT DE NEMOURS & CO CORP BND		4/30/2010		1,700,000		1,694,897		1,734,807
263534BX6	EI DUPONT DE NEMOURS & CO CORP BND		3/15/2015		3,000,000		2,993,907		3,197,127
264399EQ5	DUKE ENERGY CORP CORP BND		2/1/2014		11,150,000		11,131,651		12,314,688
26441YAS6	DUKE REALTY LP CORP BND		2/15/2015		725,000		721,043		745,722
268317AA2	ELECTRICITE DE FRANCE CORP BND 144A		1/26/2014		19,900,000		19,830,557		21,884,317
278058DG4	EATON CORPORATION CORP BND		3/20/2014		4,000,000		3,998,775		4,313,033
282317HC3	EGG HARBOR TWP N J SCH DIST MUNI BND GO		7/15/2019		1,320,000		1,349,035		1,640,206
291011AT1	EMERSON ELECTRIC CO CORP BND		5/1/2013		1,000,000		971,092		1,063,912
291011AY0	EMERSON ELECTRIC CO CORP BND		10/15/2019		1,625,000		1,615,952		1,699,414
29268BAA9	ENEL FINANCE INTERNATIONAL SA CORP BND 144A		1/15/2013		15,000,000		15,015,788		16,079,013
29268BAE1	ENEL FINANCE INTERNATIONAL SA		10/7/2019		28,000,000		27,876,800		27,876,800
293791AN9	ENTERPRISE PROD OPER LP SENIOR CORP BND		10/15/2014		22,000,000		21,501,980		23,263,348
294223LN0	EPHRATA PA AREA SCH DIST MUNI BND GO		3/1/2019		500,000		479,702		550,450
302570AV8	FPL GROUP CAPITAL INC CORP BND		9/1/2011		1,000,000		981,378		1,062,702
302570BD7	FPL GROUP CAPITAL INC CORP BND		3/1/2019		4,375,000		4,373,180		4,835,801
30769PAA0	FARMER MAC AGENCY BND 144A		7/15/2011		15,900,000		15,876,547		17,002,983
31283K2C1	FHLMC GOLD POOL # G11671		11/1/2014		8,799,018		8,658,388		9,255,875

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
31283K4C9	FHLMC GOLD POOL # G11719		6/1/2020		14,249,777		14,070,459		15,110,241
31283K6U7	FHLMC GOLD POOL # G11783		8/1/2015		3,352,947		3,299,687		3,508,361
31283KJU3	FHLMC GOLD POOL # G11175		12/1/2014		1,074,457		1,085,228		1,146,720
31283KN87	FHLMC GOLD POOL # G11315		9/1/2017		5,104		5,402		5,436
31283KS90	FHLMC GOLD POOL # G11444		8/1/2018		24,905		26,357		26,483
31283KSY5	FHLMC GOLD POOL # G11435		6/1/2018		12,380		13,101		13,183
31283KT40	FHLMC GOLD POOL # G11471		11/1/2013		3,296,950		3,220,406		3,432,881
31283KTA6	FHLMC GOLD POOL # G11445		9/1/2018		34,986		37,025		37,202
3128E27C4	FHLMC GOLD POOL # D96291		9/1/2023		1,941,077		1,855,137		2,003,191
3128GNW87	FHLMC GOLD POOL # E86071		11/1/2016		3,360		3,556		3,578
3128GNY77	FHLMC GOLD POOL # E86134		11/1/2016		24,525		25,952		26,117
3128GP3U5	FHLMC GOLD POOL # E87111		1/1/2017		7,695		8,142		8,194
3128GP3V3	FHLMC GOLD POOL # E87112		1/1/2017		32,931		34,847		35,068
3128GP4U4	FHLMC GOLD POOL # E87135		1/1/2017		4,993		5,284		5,317
3128GP7M9	FHLMC GOLD POOL # E87200		1/1/2017		6,229		6,591		6,633
3128GPSA2	FHLMC GOLD POOL # E86813		12/1/2016		5,878		6,219		6,259
3128GPVH3	FHLMC GOLD POOL # E86916		12/1/2016		2,779		2,940		2,959
3128GQ3Q2	FHLMC GOLD POOL # E88007		2/1/2017		11,224		11,878		11,953
3128GQ6E6	FHLMC GOLD POOL # E88069		2/1/2017		9,803		10,373		10,439
3128GQGA3	FHLMC GOLD POOL # E87393		1/1/2017		20,326		21,508		21,645
3128GQJT9	FHLMC GOLD POOL # E87474		1/1/2017		12,713		13,453		13,538
3128GQK26	FHLMC GOLD POOL # E87513		1/1/2017		14,456		15,298		15,395
3128GQK34	FHLMC GOLD POOL # E87514		1/1/2017		4,120		4,360		4,388
3128GQKB6	FHLMC GOLD POOL # E87490		1/1/2017		7,184		7,602		7,650
3128GQP54	FHLMC GOLD POOL # E87644		1/1/2017		9,764		10,332		10,398
3128GQQQ7	FHLMC GOLD POOL # E87663		2/1/2017		10,137		10,726		10,794
3128GQQZ7	FHLMC GOLD POOL # E87672		2/1/2017		34,391		36,392		36,623
3128GQSG7	FHLMC GOLD POOL # E87719		2/1/2017		5,379		5,692		5,728
3128GQU58	FHLMC GOLD POOL # E87804		2/1/2017		13,376		14,154		14,244
3128GQU90	FHLMC GOLD POOL # E87808		2/1/2017		3,504		3,708		3,732
3128GQVB4	FHLMC GOLD POOL # E87810		2/1/2017		7,199		7,618		7,666
3128GQW31	FHLMC GOLD POOL # E87866		2/1/2017		15,944		16,872		16,942
3128GQW49	FHLMC GOLD POOL # E87867		2/1/2017		29,904		31,644		31,845
3128GR3Y3	FHLMC GOLD POOL # E88915		2/1/2017		22,620		23,936		24,088
3128GR6N4	FHLMC GOLD POOL # E88977		4/1/2017		31,280		33,101		33,310
3128GRBH1	FHLMC GOLD POOL # E88140		2/1/2017		11,936		12,630		12,711
3128GRBJ7	FHLMC GOLD POOL # E88141		2/1/2017		3,295		3,487		3,509
3128GRFT1	FHLMC GOLD POOL # E88278		3/1/2017		24,703		26,141		26,307
3128GRJD2	FHLMC GOLD POOL # E88360		3/1/2017		7,831		8,287		8,340
3128GRK81	FHLMC GOLD POOL # E88419		3/1/2017		8,955		9,476		9,536
3128GRLA5	FHLMC GOLD POOL # E88421		3/1/2017		36,381		38,499		38,743
3128GRM71	FHLMC GOLD POOL # E88482		3/1/2017		7,930		8,391		8,444
3128GRP94	FHLMC GOLD POOL # E88548		3/1/2017		4,094		4,332		4,360
3128GRQA0	FHLMC GOLD POOL # E88549		3/1/2017		10,277		10,875		10,944
3128GRSP5	FHLMC GOLD POOL # E88626		3/1/2017		8,808		9,320		9,379
3128GRSY6	FHLMC GOLD POOL # E88635		3/1/2017		17,019		18,009		18,123
3128GRUF4	FHLMC GOLD POOL # E88682		3/1/2017		4,194		4,438		4,466
3128GRUT4	FHLMC GOLD POOL # E88694		3/1/2017		9,400		9,947		10,010
3128GRWQ8	FHLMC GOLD POOL # E88755		2/1/2017		668		707		706
3128GRYD5	FHLMC GOLD POOL # E88808		4/1/2017		4,470		4,730		4,760
3128GS5Y9	FHLMC GOLD POOL # E89863		4/1/2017		7,072		7,483		7,531
3128GSDJ3	FHLMC GOLD POOL # E89105		4/1/2017		14,191		15,017		15,112
3128GSGB7	FHLMC GOLD POOL # E89194		4/1/2017		19,805		20,957		21,090
3128GSGU5	FHLMC GOLD POOL # E89211		4/1/2017		38,197		40,420		40,676
3128GSKE6	FHLMC GOLD POOL # E89293		4/1/2017		44,310		46,889		47,186
3128GSKV8	FHLMC GOLD POOL # E89308		4/1/2017		15,855		16,778		16,884
3128GSLX3	FHLMC GOLD POOL # E89342		4/1/2017		11,219		11,872		11,948
3128GSLY1	FHLMC GOLD POOL # E89343		4/1/2017		19,021		20,128		20,256
3128GSNL7	FHLMC GOLD POOL # E89395		4/1/2017		9,772		10,341		10,406

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
3128GSQN0	FHLMC GOLD POOL # E89461		4/1/2017		11,111		11,758		11,832
3128GSSN8	FHLMC GOLD POOL # E89525		4/1/2017		34,295		36,291		36,521
3128GV2N9	FHLMC GOLD POOL # E91681		10/1/2017		43,688		46,232		46,524
3128GV3C2	FHLMC GOLD POOL # E91695		10/1/2017		21,876		23,150		23,296
3128GV3D0	FHLMC GOLD POOL # E91696		10/1/2017		37,320		39,493		39,742
3128GV3Z1	FHLMC GOLD POOL # E91716		10/1/2017		42,626		45,108		45,392
3128GV7G9	FHLMC GOLD POOL # E91795		10/1/2017		10,753		11,379		11,451
3128GVBY5	FHLMC GOLD POOL # E90955		8/1/2017		3,781		4,001		4,018
3128GVH94	FHLMC GOLD POOL # E91156		9/1/2017		4,771		5,049		5,081
3128GVJA9	FHLMC GOLD POOL # E91157		9/1/2017		19,046		20,155		20,282
3128GVJB7	FHLMC GOLD POOL # E91158		9/1/2017		10,465		11,074		11,144
3128GVJQ4	FHLMC GOLD POOL # E91171		9/1/2017		29,798		31,533		31,732
3128GVLF5	FHLMC GOLD POOL # E91226		9/1/2017		14,174		14,999		15,094
3128GVLH1	FHLMC GOLD POOL # E91228		9/1/2017		20,674		21,878		22,016
3128GVLJ7	FHLMC GOLD POOL # E91229		9/1/2017		27,281		28,869		29,051
3128GVMM9	FHLMC GOLD POOL # E91264		8/1/2017		9,765		10,334		10,399
3128GVNL0	FHLMC GOLD POOL # E91295		9/1/2017		11,584		12,258		12,335
3128GVNM8	FHLMC GOLD POOL # E91296		9/1/2017		15,710		16,625		16,729
3128GVNN6	FHLMC POOL # E91297		9/1/2010		22,270		23,474		23,787
3128GVNV8	FHLMC GOLD POOL # E91304		9/1/2017		12,646		13,383		13,467
3128GVNX4	FHLMC GOLD POOL # E91306		9/1/2017		109,380		115,749		116,478
3128GVPM6	FHLMC GOLD POOL # E91328		9/1/2017		10,338		10,940		11,009
3128GVPN4	FHLMC GOLD POOL # E91329		9/1/2017		6,977		7,383		7,430
3128GVPP9	FHLMC GOLD POOL # E91330		9/1/2017		46,474		49,180		49,490
3128GVQH6	FHLMC GOLD POOL # E91356		9/1/2017		40,490		42,848		43,118
3128GVRA0	FHLMC GOLD POOL # E91381		9/1/2017		11,404		12,068		12,144
3128GVRC6	FHLMC GOLD POOL # E91383		9/1/2017		18,060		19,112		19,232
3128GVRE2	FHLMC GOLD POOL # E91385		9/1/2017		11,442		12,108		12,185
3128GVRS1	FHLMC GOLD POOL # E91397		9/1/2017		7,695		8,144		8,195
3128GVRT9	FHLMC GOLD POOL # E91398		9/1/2017		20,195		21,371		21,506
3128GVRY8	FHLMC GOLD POOL # E91403		9/1/2017		90,476		95,745		96,348
3128GVT83	FHLMC GOLD POOL # E91475		9/1/2017		42,099		44,551		44,831
3128GVTN0	FHLMC GOLD POOL # E91457		9/1/2017		9,031		9,557		9,617
3128GVTW0	FHLMC GOLD POOL # E91465		9/1/2017		31,388		33,216		33,425
3128GVUD0	FHLMC GOLD POOL # E91480		9/1/2017		4,471		4,731		4,761
3128GVUE8	FHLMC GOLD POOL # E91481		9/1/2017		28,408		30,062		30,251
3128GVUX6	FHLMC GOLD POOL # E91498		10/1/2017		7,809		8,263		8,315
3128GVVE7	FHLMC GOLD POOL # E91513		10/1/2017		59,306		62,760		63,155
3128GVVF4	FHLMC GOLD POOL # E91514		10/1/2017		26,333		27,867		28,042
3128GVVJ6	FHLMC GOLD POOL # E91517		10/1/2017		38,838		41,099		41,358
3128GVVY3	FHLMC GOLD POOL # E91531		10/1/2017		28,825		30,504		30,629
3128GVW22	FHLMC GOLD POOL # E91565		9/1/2017		9,598		10,157		10,221
3128GVW89	FHLMC GOLD POOL # E91571		10/1/2017		16,125		17,064		17,172
3128GVZV5	FHLMC GOLD POOL # E91656		10/1/2017		36,972		39,125		39,371
3128GW5Q7	FHLMC GOLD POOL # E92655		11/1/2017		17,530		18,551		18,667
3128GW6G8	FHLMC GOLD POOL # E92671		11/1/2017		10,100		10,689		10,756
3128GWAQ1	FHLMC GOLD POOL # E91815		10/1/2017		8,737		9,245		9,304
3128GWAT5	FHLMC GOLD POOL # E91818		10/1/2017		46,220		48,911		49,112
3128GWAU2	FHLMC GOLD POOL # E91819		10/1/2017		44,464		47,054		47,350
3128GWB49	FHLMC GOLD POOL # E91859		10/1/2017		5,219		5,523		5,558
3128GWB80	FHLMC GOLD POOL # E91863		10/1/2017		29,487		31,204		31,401
3128GWBH0	FHLMC GOLD POOL # E91840		10/1/2017		40,849		43,228		43,500
3128GWC89	FHLMC GOLD POOL # E91895		10/1/2017		14,562		15,410		15,507
3128GWCL0	FHLMC GOLD POOL # E91875		10/1/2017		23,888		25,279		25,438
3128GWCW6	FHLMC GOLD POOL # E91885		10/1/2017		7,046		7,456		7,503
3128GWDP0	FHLMC GOLD POOL # E91910		10/1/2017		19,036		20,145		20,272
3128GWEG9	FHLMC GOLD POOL # E91935		10/1/2017		55,885		59,139		59,511
3128GWEK0	FHLMC GOLD POOL # E91938		10/1/2017		14,127		14,949		15,043
3128GWEP9	FHLMC GOLD POOL # E91942		10/1/2017		9,937		10,515		10,581

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
3128GWF86	FHLMC GOLD POOL # E91991		10/1/2017		19,815		20,969		21,102
3128GWFN3	FHLMC GOLD POOL # E91973		10/1/2017		16,539		17,502		17,612
3128GWHH4	FHLMC GOLD POOL # E92032		10/1/2017		19,366		20,494		20,623
3128GWJG4	FHLMC GOLD POOL # E92063		11/1/2017		42,840		45,335		45,520
3128GWK31	FHLMC GOLD POOL # E92114		10/1/2017		25,384		26,862		27,031
3128GWK56	FHLMC GOLD POOL # E92116		11/1/2017		25,542		27,030		27,199
3128GWMS4	FHLMC GOLD POOL # E92169		11/1/2017		14,163		14,987		15,082
3128GWP85	FHLMC GOLD POOL # E92247		11/1/2017		14,290		15,122		15,217
3128GWQ27	FHLMC GOLD POOL # E92273		11/1/2017		27,030		28,604		28,784
3128GWQ92	FHLMC GOLD POOL # E92280		11/1/2017		23,168		24,517		24,671
3128GWQN1	FHLMC GOLD POOL # E92261		11/1/2017		22,038		23,322		23,469
3128GWQY7	FHLMC GOLD POOL # E92271		11/1/2017		11,435		12,101		12,177
3128GWR42	FHLMC GOLD POOL # E92307		11/1/2017		27,362		28,956		29,138
3128GWRF7	FHLMC GOLD POOL # E92286		11/1/2017		20,298		21,480		21,568
3128GWV21	FHLMC GOLD POOL # E92433		11/1/2017		42,467		44,940		45,223
3128GWVL9	FHLMC GOLD POOL # E92419		11/1/2017		7,781		8,234		8,286
3128GWWM6	FHLMC GOLD POOL # E92452		11/1/2017		5,792		6,130		6,155
3128GWXD5	FHLMC GOLD POOL # E92476		11/1/2017		16,786		17,763		17,875
3128GWXW3	FHLMC GOLD POOL # E92493		11/1/2017		35,214		37,265		37,417
3128GWYS1	FHLMC GOLD POOL # E92521		11/1/2017		8,028		8,496		8,549
3128GWZQ4	FHLMC GOLD POOL # E92551		11/1/2017		19,928		21,089		21,222
3128GX3H7	FHLMC GOLD POOL # E93500		12/1/2017		34,255		36,250		36,398
3128GX3X2	FHLMC GOLD POOL # E93514		12/1/2017		9,314		9,856		9,918
3128GX5V4	FHLMC POOL # E93560		12/1/2017		41,461		43,865		44,055
3128GX7A8	FHLMC GOLD POOL # E93589		1/1/2018		22,081		23,368		23,514
3128GXAX4	FHLMC GOLD POOL # E92722		11/1/2017		44,756		47,362		47,660
3128GXBC9	FHLMC GOLD POOL # E92735		11/1/2017		9,949		10,529		10,595
3128GXD29	FHLMC GOLD POOL # E92821		12/1/2017		10,521		11,134		11,204
3128GXEA0	FHLMC GOLD POOL # E92829		12/1/2017		23,736		25,119		25,221
3128GXEK8	FHLMC GOLD POOL # E92838		12/1/2017		12,140		12,847		12,899
3128GXEV4	FHLMC GOLD POOL # E92848		12/1/2017		4,199		4,443		4,471
3128GXFT8	FHLMC GOLD POOL # E92878		12/1/2017		23,675		25,054		25,212
3128GXGG5	FHLMC GOLD POOL # E92899		12/1/2017		8,081		8,552		8,605
3128GXHA7	FHLMC GOLD POOL # E92925		12/1/2017		36,771		38,913		39,158
3128GXHQ2	FHLMC GOLD POOL # E92939		12/1/2017		45,210		47,844		48,145
3128GXM52	FHLMC GOLD POOL # E93080		12/1/2017		28,259		29,905		30,093
3128GXM60	FHLMC POOL # E93081		12/1/2017		19,810		20,958		21,050
3128GXMW3	FHLMC GOLD POOL # E93073		1/1/2018		5,122		5,420		5,454
3128GXN36	FHLMC GOLD POOL # E93110		12/1/2017		46,076		48,760		49,066
3128GXND4	FHLMC GOLD POOL # E93088		12/1/2017		22,002		23,284		23,430
3128GXQ74	FHLMC GOLD POOL # E93178		12/1/2017		23,986		25,383		25,543
3128GXQ82	FHLMC GOLD POOL # E93179		12/1/2017		15,816		16,737		16,842
3128GXQ90	FHLMC GOLD POOL # E93180		12/1/2017		36,335		38,451		38,693
3128GXRA6	FHLMC GOLD POOL # E93181		12/1/2017		21,426		22,674		22,817
3128GXRT5	FHLMC GOLD POOL # E93198		12/1/2017		10,980		11,620		11,693
3128GXSA5	FHLMC GOLD POOL # E93213		12/1/2017		23,084		24,429		24,582
3128GXST4	FHLMC GOLD POOL # E93230		1/1/2018		15,958		16,888		16,957
3128GXU53	FHLMC GOLD POOL # E93304		12/1/2017		8,648		9,152		9,210
3128GXWM4	FHLMC GOLD POOL # E93352		1/1/2018		11,990		12,689		12,768
3128GXZW9	FHLMC GOLD POOL # E93457		1/1/2018		3,995		4,228		4,255
3128GY2E3	FHLMC GOLD POOL # E94373		2/1/2018		23,223		24,576		24,723
3128GY2H6	FHLMC GOLD POOL # E94376		2/1/2018		23,729		25,111		25,261
3128GY3K8	FHLMC GOLD POOL # E94402		2/1/2018		8,972		9,495		9,552
3128GY3P7	FHLMC GOLD POOL # E94406		2/1/2018		22,151		23,441		23,554
3128GY3Q5	FHLMC GOLD POOL # E94407		2/1/2018		10,411		11,018		11,084
3128GY3V4	FHLMC GOLD POOL # E94412		2/1/2018		17,107		18,104		18,217
3128GY3X0	FHLMC GOLD POOL # E94414		2/1/2018		16,047		16,982		17,089
3128GY4C5	FHLMC GOLD POOL # E94419		2/1/2018		12,134		12,841		12,921
3128GY5H3	FHLMC GOLD POOL # E94448		2/1/2018		14,949		15,820		15,915

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
3128GY7B4	FHLMC GOLD POOL # E94490		2/1/2018		12,045		12,746		12,823
3128GY7J7	FHLMC GOLD POOL # E94497		2/1/2018		394,344		417,319		419,818
3128GYA53	FHLMC GOLD POOL # E93628		1/1/2018		33,187		35,120		35,341
3128GYB29	FHLMC GOLD POOL # E93657		1/1/2018		16,415		17,371		17,480
3128GYBW3	FHLMC GOLD POOL # E93653		1/1/2018		27,657		29,268		29,451
3128GYCK8	FHLMC GOLD POOL # E93674		1/1/2018		27,930		29,557		29,742
3128GYE91	FHLMC GOLD POOL # E93760		1/1/2018		24,411		25,833		25,996
3128GYEL4	FHLMC GOLD POOL # E93739		1/1/2018		11,099		11,745		11,816
3128GYEN0	FHLMC GOLD POOL # E93741		1/1/2018		6,041		6,393		6,431
3128GYET7	FHLMC GOLD POOL # E93746		1/1/2018		8,110		8,582		8,634
3128GYEU4	FHLMC GOLD POOL # E93747		1/1/2018		12,977		13,733		13,816
3128GYF66	FHLMC GOLD POOL # E93789		1/1/2018		5,837		6,177		6,214
3128GYF90	FHLMC GOLD POOL # E93792		1/1/2018		16,192		17,135		17,243
3128GYFH2	FHLMC GOLD POOL # E93768		1/1/2018		4,858		5,141		5,172
3128GYFK5	FHLMC GOLD POOL # E93770		1/1/2018		975		1,032		1,038
3128GYFN9	FHLMC GOLD POOL # E93773		1/1/2018		16,288		17,237		17,340
3128GYFS8	FHLMC GOLD POOL # E93777		1/1/2018		4,811		5,092		5,122
3128GYG73	FHLMC GOLD POOL # E93822		1/1/2018		35,055		37,097		37,320
3128GYGA6	FHLMC GOLD POOL # E93793		1/1/2018		6,221		6,583		6,624
3128GYGG3	FHLMC GOLD POOL # E93799		1/1/2018		8,341		8,826		8,879
3128GYGV0	FHLMC GOLD POOL # E93812		1/1/2018		10,853		11,486		11,555
3128GYHS6	FHLMC GOLD POOL # E93841		1/1/2018		17,271		18,278		18,392
3128GYHT4	FHLMC GOLD POOL # E93842		1/1/2018		30,784		32,577		32,782
3128GYKK9	FHLMC GOLD POOL # E93898		1/1/2018		3,475		3,677		3,699
3128GYKM5	FHLMC GOLD POOL # E93900		1/1/2018		8,835		9,350		9,406
3128GYLA0	FHLMC GOLD POOL # E93921		1/1/2018		36,984		39,138		39,384
3128GYLX0	FHLMC GOLD POOL # E93942		1/1/2018		4,637		4,907		4,936
3128GYLZ5	FHLMC GOLD POOL # E93944		2/1/2018		18,045		19,096		19,210
3128GYNT7	FHLMC GOLD POOL # E94002		2/1/2018		2,643		2,797		2,814
3128GYPS7	FHLMC GOLD POOL # E94033		2/1/2018		9,306		9,848		9,910
3128GYQC1	FHLMC GOLD POOL # E94051		2/1/2018		24,034		25,434		25,587
3128GYQH0	FHLMC GOLD POOL # E94056		2/1/2018		38,119		40,340		40,582
3128GYQR8	FHLMC GOLD POOL # E94064		1/1/2018		3,672		3,886		3,910
3128GYQV9	FHLMC GOLD POOL # E94068		1/1/2018		30,734		32,525		32,729
3128GYQW7	FHLMC GOLD POOL # E94069		1/1/2018		27,782		29,401		29,585
3128GYRS5	FHLMC GOLD POOL # E94097		2/1/2018		12,909		13,661		13,743
3128GYRU0	FHLMC GOLD POOL # E94099		2/1/2018		14,964		15,835		15,930
3128GYS39	FHLMC GOLD POOL # E94138		1/1/2018		42,147		44,602		44,870
3128GYS88	FHLMC GOLD POOL # E94143		2/1/2018		2,527		2,675		2,691
3128GYSH8	FHLMC GOLD POOL # E94120		1/1/2018		9,184		9,719		9,778
3128GYSJ4	FHLMC GOLD POOL # E94121		1/1/2018		11,901		12,595		12,674
3128GYSS4	FHLMC GOLD POOL # E94129		2/1/2018		6,306		6,673		6,713
3128GYSY1	FHLMC GOLD POOL # E94135		1/1/2018		32,404		34,291		34,497
3128GYT46	FHLMC GOLD POOL # E94171		2/1/2018		147,355		147,858		157,772
3128GYTW4	FHLMC GOLD POOL # E94165		2/1/2018		4,485		4,746		4,775
3128GYTY0	FHLMC GOLD POOL # E94167		2/1/2018		9,377		9,923		9,985
3128GYU44	FHLMC GOLD POOL # E94203		2/1/2018		22,128		23,417		23,557
3128GYU51	FHLMC GOLD POOL # E94204		2/1/2018		22,837		24,167		24,312
3128GYUA0	FHLMC GOLD POOL # E94177		1/1/2018		10,489		11,100		11,170
3128GYUR3	FHLMC GOLD POOL # E94192		2/1/2018		5,901		6,245		6,282
3128GYV35	FHLMC GOLD POOL # E94234		2/1/2018		42,115		44,569		44,848
3128GYVB7	FHLMC GOLD POOL # E94210		2/1/2018		76,561		76,849		82,092
3128GYVC5	FHLMC GOLD POOL # E94211		2/1/2018		66,087		66,319		70,759
3128GYVZ4	FHLMC GOLD POOL # E94232		2/1/2018		30,716		32,505		32,709
3128GYW42	FHLMC GOLD POOL # E94267		2/1/2018		8,103		8,575		8,626
3128GYXN9	FHLMC GOLD POOL # E94285		2/1/2018		144,933		145,438		155,180
3128GYYA6	FHLMC GOLD POOL # E94305		2/1/2018		4,591		4,859		4,888
3128GYYV0	FHLMC GOLD POOL # E94324		2/1/2018		5,065		5,360		5,392
3128GYZ64	FHLMC GOLD POOL # E94365		2/1/2018		17,499		18,518		18,629

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
3128GYZE7	FHLMC GOLD POOL # E94341		2/1/2018		14,401		15,240		15,331
3128H22V4	FHLMC GOLD POOL # E95288		4/1/2018		12,574		13,307		13,386
3128H23F8	FHLMC GOLD POOL # E95298		3/1/2018		37,009		39,166		39,400
3128H24B6	FHLMC GOLD POOL # E95318		4/1/2018		3,903		4,130		4,155
3128H24C4	FHLMC GOLD POOL # E95319		4/1/2018		11,949		12,642		12,706
3128H24E0	FHLMC GOLD POOL # E95321		3/1/2018		36,591		38,723		38,955
3128H24F7	FHLMC GOLD POOL # E95322		3/1/2018		15,307		16,199		16,301
3128H24M2	FHLMC GOLD POOL # E95328		3/1/2018		21,715		22,980		23,118
3128H25H2	FHLMC GOLD POOL # E95348		4/1/2018		9,306		9,848		9,907
3128H25K5	FHLMC GOLD POOL # E95350		4/1/2018		2,826		2,991		3,009
3128H26F5	FHLMC GOLD POOL # E95370		3/1/2018		5,168		5,469		5,502
3128H26M0	FHLMC GOLD POOL # E95376		3/1/2018		1,453,985		1,459,466		1,559,035
3128H26W8	FHLMC GOLD POOL # E95385		2/1/2018		605,692		607,977		649,453
3128H26Z1	FHLMC GOLD POOL # E95388		3/1/2018		62,309		65,940		66,334
3128H27K3	FHLMC GOLD POOL # E95398		4/1/2018		10,681		11,303		11,374
3128H27M9	FHLMC GOLD POOL # E95400		4/1/2018		28,268		29,915		30,102
3128H2B44	FHLMC GOLD POOL # E94559		2/1/2018		2,491		2,636		2,651
3128H2B69	FHLMC GOLD POOL # E94561		2/1/2018		37,576		39,765		40,004
3128H2B77	FHLMC GOLD POOL # E94562		2/1/2018		34,021		36,004		36,219
3128H2B85	FHLMC GOLD POOL # E94563		2/1/2018		26,821		28,384		28,562
3128H2C84	FHLMC GOLD POOL # E94595		2/1/2018		7,179		7,597		7,643
3128H2E41	FHLMC GOLD POOL # E94655		3/1/2018		36,286		38,400		38,630
3128H2ED1	FHLMC GOLD POOL # E94632		2/1/2018		77,312		81,816		82,329
3128H2EG4	FHLMC GOLD POOL # E94635		2/1/2018		44,637		47,238		47,534
3128H2EU3	FHLMC GOLD POOL # E94647		3/1/2018		8,312		8,797		8,849
3128H2GB3	FHLMC GOLD POOL # E94694		2/1/2018		36,900		37,025		39,509
3128H2H30	FHLMC GOLD POOL # E94750		3/1/2018		46,179		48,870		49,163
3128H2JA2	FHLMC GOLD POOL # E94757		3/1/2018		7,290		7,714		7,761
3128H2JR5	FHLMC GOLD POOL # E94772		2/1/2018		31,151		32,966		33,173
3128H2JT1	FHLMC GOLD POOL # E94774		2/1/2018		5,155		5,455		5,489
3128H2K28	FHLMC GOLD POOL # E94813		2/1/2018		12,131		12,838		12,918
3128H2KB8	FHLMC GOLD POOL # E94790		2/1/2018		31,638		33,481		33,691
3128H2KH5	FHLMC GOLD POOL # E94796		3/1/2018		26,560		28,108		28,276
3128H2KP7	FHLMC GOLD POOL # E94802		3/1/2018		9,625		10,186		10,246
3128H2KZ5	FHLMC GOLD POOL # E94812		2/1/2018		18,963		20,068		20,194
3128H2L27	FHLMC GOLD POOL # E94845		3/1/2018		32,350		34,235		34,449
3128H2LC5	FHLMC GOLD POOL # E94823		3/1/2018		37,163		39,328		39,517
3128H2LV3	FHLMC GOLD POOL # E94840		2/1/2018		39,273		41,561		41,821
3128H2LY7	FHLMC GOLD POOL # E94843		3/1/2018		15,269		16,158		16,260
3128H2LZ4	FHLMC GOLD POOL # E94844		3/1/2018		40,734		43,108		43,378
3128H2M26	FHLMC GOLD POOL # E94877		3/1/2018		23,586		24,960		25,116
3128H2MB6	FHLMC GOLD POOL # E94854		3/1/2018		36,688		38,826		39,069
3128H2NY5	FHLMC GOLD POOL # E94907		3/1/2018		32,619		34,520		34,727
3128H2PE7	FHLMC GOLD POOL # E94921		3/1/2018		40,651		43,020		43,289
3128H2PG2	FHLMC GOLD POOL # E94923		3/1/2018		643,722		645,973		689,231
3128H2PP2	FHLMC GOLD POOL # E94930		3/1/2018		30,994		32,800		32,996
3128H2QR7	FHLMC GOLD POOL # E94964		3/1/2018		28,081		29,718		29,895
3128H2QV8	FHLMC GOLD POOL # E94968		3/1/2018		41,406		43,818		44,093
3128H2R21	FHLMC GOLD POOL # E95005		4/1/2018		44,945		47,564		47,862
3128H2RJ4	FHLMC GOLD POOL # E94989		3/1/2018		99,765		105,578		106,210
3128H2RP0	FHLMC GOLD POOL # E94994		3/1/2018		35,283		37,339		37,563
3128H2SJ3	FHLMC GOLD POOL # E95021		3/1/2018		28,639		30,308		30,489
3128H2SX2	FHLMC GOLD POOL # E95034		3/1/2018		11,900		12,593		12,669
3128H2SY0	FHLMC GOLD POOL # E95035		3/1/2018		9,352		9,897		9,959
3128H2SZ7	FHLMC GOLD POOL # E95036		3/1/2018		18,469		19,545		19,668
3128H2T86	FHLMC GOLD POOL # E95075		3/1/2018		5,172		5,473		5,506
3128H2TF0	FHLMC GOLD POOL # E95050		3/1/2018		36,950		39,103		39,337
3128H2TH6	FHLMC GOLD POOL # E95052		3/1/2018		9,426		9,975		10,034
3128H2TJ2	FHLMC GOLD POOL # E95053		3/1/2018		13,890		14,700		14,788

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
3128H2TW3	FHLMC GOLD POOL # E95065		3/1/2018		34,092		36,078		36,304
3128H2TX1	FHLMC GOLD POOL # E95066		3/1/2018		15,228		16,115		16,216
3128H2UB7	FHLMC GOLD POOL # E95078		3/1/2018		22,398		23,703		23,844
3128H2UK7	FHLMC GOLD POOL # E95086		3/1/2018		58,965		59,168		63,134
3128H2VT7	FHLMC GOLD POOL # E95126		3/1/2018		4,849		5,131		5,163
3128H2VW0	FHLMC GOLD POOL # E95129		3/1/2018		50,956		53,925		54,263
3128H2WE9	FHLMC GOLD POOL # E95145		3/1/2018		14,045		14,864		14,953
3128H2WF6	FHLMC GOLD POOL # E95146		3/1/2018		17,447		18,463		18,574
3128H2WM1	FHLMC GOLD POOL # E95152		3/1/2018		15,990		16,922		17,023
3128H2WS8	FHLMC GOLD POOL # E95157		3/1/2018		24,939		26,393		26,550
3128H2WU3	FHLMC GOLD POOL # E95159		3/1/2018		181,324		181,957		194,142
3128H2X32	FHLMC GOLD POOL # E95198		3/1/2018		8,618		9,120		9,175
3128H2XA6	FHLMC GOLD POOL # E95173		3/1/2018		8,138		8,612		8,666
3128H2YM9	FHLMC GOLD POOL # E95216		3/1/2018		13,256		14,028		14,116
3128H2YN7	FHLMC GOLD POOL # E95217		3/1/2018		15,316		16,208		16,305
3128H2YS6	FHLMC GOLD POOL # E95221		3/1/2018		16,338		17,290		17,398
3128H2YW7	FHLMC GOLD POOL # E95225		3/1/2018		9,400		9,948		10,007
3128H2Z30	FHLMC GOLD POOL # E95262		3/1/2018		21,718		22,983		23,121
3128H2ZJ5	FHLMC GOLD POOL # E95245		3/1/2018		10,714		11,338		11,406
3128H2ZT3	FHLMC GOLD POOL # E95254		4/1/2018		18,395		19,467		19,583
3128H2ZU0	FHLMC GOLD POOL # E95255		4/1/2018		26,569		28,117		28,285
3128H32S9	FHLMC GOLD POOL # E96185		5/1/2018		8,774		9,285		9,341
3128H32V2	FHLMC GOLD POOL # E96188		4/1/2018		8,791		9,303		9,361
3128H32W0	FHLMC GOLD POOL # E96189		4/1/2018		20,894		22,112		22,251
3128H33X7	FHLMC GOLD POOL # E96214		5/1/2018		43,649		46,192		46,481
3128H33Z2	FHLMC GOLD POOL # E96216		5/1/2018		11,800		12,488		12,562
3128H3AG6	FHLMC GOLD POOL # E95407		4/1/2018		44,601		47,200		47,496
3128H3AH4	FHLMC GOLD POOL # E95408		4/1/2018		44,845		47,458		47,755
3128H3AY7	FHLMC GOLD POOL # E95423		4/1/2018		36,172		38,280		38,519
3128H3BD2	FHLMC GOLD POOL # E95436		4/1/2018		44,009		46,574		46,852
3128H3BE0	FHLMC GOLD POOL # E95437		4/1/2018		45,150		47,781		48,067
3128H3C25	FHLMC GOLD POOL # E95489		4/1/2018		8,882		9,399		9,455
3128H3CD1	FHLMC GOLD POOL # E95468		4/1/2018		4,977		5,267		5,298
3128H3CN9	FHLMC GOLD POOL # E95477		4/1/2018		12,817		13,564		13,645
3128H3DJ7	FHLMC GOLD POOL # E95505		4/1/2018		29,143		30,841		31,025
3128H3DX6	FHLMC GOLD POOL # E95518		4/1/2018		14,261		15,092		15,183
3128H3EQ0	FHLMC GOLD POOL # E95543		4/1/2018		9,131		9,663		9,724
3128H3EY3	FHLMC GOLD POOL # E95551		4/1/2018		11,580		12,255		12,332
3128H3F48	FHLMC GOLD POOL # E95587		4/1/2018		30,481		32,257		32,450
3128H3F63	FHLMC GOLD POOL # E95589		4/1/2018		22,840		24,171		24,322
3128H3F71	FHLMC GOLD POOL # E95590		4/1/2018		17,389		18,403		18,513
3128H3FG1	FHLMC GOLD POOL # E95567		4/1/2018		24,755		26,198		26,354
3128H3FP1	FHLMC GOLD POOL # E95574		4/1/2018		18,574		19,656		19,774
3128H3GB1	FHLMC GOLD POOL # E95594		4/1/2018		386,931		388,291		414,285
3128H3GE5	FHLMC GOLD POOL # E95597		4/1/2018		17,313		18,322		18,436
3128H3GH8	FHLMC GOLD POOL # E95600		4/1/2018		10,573		11,189		11,259
3128H3GR6	FHLMC GOLD POOL # E95608		4/1/2018		14,454		15,296		15,387
3128H3GY1	FHLMC GOLD POOL # E95615		4/1/2018		14,169		14,995		15,089
3128H3H20	FHLMC GOLD POOL # E95649		4/1/2018		24,821		26,267		26,424
3128H3H87	FHLMC GOLD POOL # E95655		4/1/2018		17,546		18,568		18,679
3128H3HZ7	FHLMC GOLD POOL # E95648		4/1/2018		20,122		21,295		21,422
3128H3JS1	FHLMC GOLD POOL # E95673		4/1/2018		25,043		26,502		26,660
3128H3JT9	FHLMC GOLD POOL # E95674		4/1/2018		37,626		39,819		40,068
3128H3K59	FHLMC GOLD POOL # E95716		5/1/2018		15,432		16,332		16,434
3128H3KA8	FHLMC GOLD POOL # E95689		4/1/2018		19,932		21,093		21,219
3128H3KF7	FHLMC POOL # E95694		4/1/2018		13,934		14,742		14,816
3128H3KL4	FHLMC GOLD POOL # E95699		4/1/2018		43,577		46,117		46,338
3128H3KN0	FHLMC GOLD POOL # E95701		4/1/2018		5,057		5,352		5,384
3128H3L90	FHLMC GOLD POOL # E95752		5/1/2018		36,456		38,580		38,811

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
3128H3LP4	FHLMC GOLD POOL # E95734		3/1/2018		32,209		34,086		34,249
3128H3LR0	FHLMC GOLD POOL # E95736		3/1/2018		11,410		12,074		12,147
3128H3LS8	FHLMC GOLD POOL # E95737		3/1/2018		30,897		32,697		32,902
3128H3MG3	FHLMC GOLD POOL # E95759		4/1/2018		18,116		19,171		19,263
3128H3ML2	FHLMC GOLD POOL # E95763		4/1/2018		7,322		7,748		7,795
3128H3MN8	FHLMC GOLD POOL # E95765		4/1/2018		44,198		46,774		47,067
3128H3N56	FHLMC GOLD POOL # E95812		4/1/2018		10,263		10,861		10,913
3128H3N72	FHLMC GOLD POOL # E95814		4/1/2018		12,592		13,326		13,409
3128H3NC1	FHLMC GOLD POOL # E95787		4/1/2018		17,590		18,615		18,727
3128H3NR8	FHLMC GOLD POOL # E95800		4/1/2018		15,939		16,867		16,968
3128H3NW7	FHLMC GOLD POOL # E95805		4/1/2018		7,118		7,533		7,578
3128H3PT2	FHLMC GOLD POOL # E95834		5/1/2018		7,573		8,014		8,053
3128H3Q87	FHLMC GOLD POOL # E95879		4/1/2018		34,858		36,889		37,109
3128H3QJ3	FHLMC GOLD POOL # E95857		4/1/2018		12,600		13,334		13,414
3128H3QL8	FHLMC GOLD POOL # E95859		4/1/2018		155,553		156,105		166,550
3128H3QM6	FHLMC GOLD POOL # E95860		4/1/2018		10,993		11,633		11,703
3128H3R29	FHLMC GOLD POOL # E95905		4/1/2018		9,824		10,396		10,446
3128H3RY9	FHLMC GOLD POOL # E95903		5/1/2018		44,700		47,305		47,588
3128H3S36	FHLMC GOLD POOL # E95938		4/1/2018		13,856		14,664		14,756
3128H3SB8	FHLMC GOLD POOL # E95914		5/1/2018		28,784		30,462		30,608
3128H3SZ5	FHLMC GOLD POOL # E95936		5/1/2018		23,492		24,861		25,017
3128H3UA7	FHLMC GOLD POOL # E95977		5/1/2018		2,904		3,073		3,091
3128H3V65	FHLMC GOLD POOL # E96037		5/1/2018		8,386		8,874		8,930
3128H3WF4	FHLMC GOLD POOL # E96046		4/1/2018		18,469		19,545		19,668
3128H3XU0	FHLMC GOLD POOL # E96091		5/1/2018		18,553		19,634		19,757
3128H3XW6	FHLMC GOLD POOL # E96093		5/1/2018		19,606		20,748		20,878
3128H3YG0	FHLMC GOLD POOL # E96111		4/1/2018		6,577		6,960		7,002
3128H3YJ4	FHLMC GOLD POOL # E96113		5/1/2018		16,251		17,198		17,301
3128H45V7	FHLMC GOLD POOL # E97160		6/1/2018		26,392		27,930		28,097
3128H4AZ2	FHLMC GOLD POOL # E96324		5/1/2018		12,378		13,100		13,162
3128H4BS7	FHLMC GOLD POOL # E96349		5/1/2018		41,498		43,916		44,178
3128H4CF4	FHLMC GOLD POOL # E96370		5/1/2018		8,293		8,776		8,818
3128H4CH0	FHLMC GOLD POOL # E96372		5/1/2018		35,037		37,079		37,257
3128H4DB2	FHLMC GOLD POOL # E96398		5/1/2018		70,826		71,076		75,833
3128H4ES4	FHLMC GOLD POOL # E96445		6/1/2018		15,147		16,030		16,126
3128H4HQ5	FHLMC GOLD POOL # E96539		5/1/2018		73,418		77,696		78,182
3128H4HS1	FHLMC GOLD POOL # E96541		5/1/2018		77,663		82,188		82,703
3128H4J59	FHLMC GOLD POOL # E96584		6/1/2018		17,222		18,226		18,335
3128H4JG5	FHLMC GOLD POOL # E96563		5/1/2018		18,290		19,356		19,472
3128H4JT7	FHLMC GOLD POOL # E96574		6/1/2018		37,600		39,792		40,029
3128H4KQ1	FHLMC GOLD POOL # E96603		6/1/2018		29,036		30,728		30,912
3128H4ST7	FHLMC GOLD POOL # E96830		6/1/2018		42,547		45,026		45,295
3128H5JX5	FHLMC GOLD POOL # E97478		7/1/2018		30,574		32,356		32,549
3128H5RP3	FHLMC GOLD POOL # E97694		7/1/2018		17,687		18,718		18,830
3128H5TK2	FHLMC GOLD POOL # E97754		7/1/2018		47,574		50,347		50,647
3128H5VJ2	FHLMC GOLD POOL # E97817		7/1/2018		43,307		43,456		46,368
3128H62N3	FHLMC GOLD POOL # E98881		9/1/2018		35,945		38,041		38,267
3128H6BG8	FHLMC GOLD POOL # E98139		7/1/2018		36,647		38,783		39,015
3128H6CZ5	FHLMC GOLD POOL # E98188		7/1/2018		39,276		41,565		41,813
3128H6FR0	FHLMC GOLD POOL # E98276		8/1/2018		26,777		28,338		28,507
3128H6FU3	FHLMC GOLD POOL # E98279		8/1/2018		19,577		20,718		20,842
3128H6SY1	FHLMC GOLD POOL # E98635		8/1/2018		1,836,051		1,842,440		1,965,851
3128H6WU4	FHLMC GOLD POOL # E98759		8/1/2018		360,971		362,222		386,490
3128H6XM1	FHLMC GOLD POOL # E98784		8/1/2018		10,930		11,567		11,636
3128H6ZC1	FHLMC GOLD POOL # E98839		7/1/2018		150,347		150,903		160,976
3128H77K2	FHLMC GOLD POOL # E99898		10/1/2018		228,741		229,582		244,912
3128H7PN6	FHLMC GOLD POOL # E99429		9/1/2013		3,066,797		2,996,106		3,193,238
3128H7QL9	FHLMC GOLD POOL # E99459		9/1/2018		1,110,473		1,114,408		1,188,978
3128H7R95	FHLMC GOLD POOL # E99512		9/1/2018		958,920		962,400		1,026,711

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
3128H7YH9	FHLMC GOLD POOL # E99712		10/1/2018		169,727		170,351		181,726
3128JLDM8	FHLMC POOL # 1B1107		9/1/2033		3,535,641		3,477,723		3,635,302
3128JLEY1	FHLMC POOL # 1B1150		9/1/2033		6,201,704		6,100,459		6,378,625
3128JLHB8	FHLMC POOL # 1B1225		9/1/2033		967,550		952,480		1,006,447
3128JM6N2	FHLMC POOL # 1B2776		2/1/2035		3,504,529		3,463,785		3,601,877
3128JM7E1	FHLMC POOL # 1B2792		2/1/2035		2,437,593		2,409,361		2,505,644
3128JMW45	FHLMC POOL # 1B2566		11/1/2034		1,219,506		1,208,850		1,242,499
3128JMY68	FHLMC POOL # 1B2632		11/1/2034		1,641,415		1,626,948		1,686,689
3128JMZG5	FHLMC POOL # 1B2642		11/1/2034		2,355,788		2,335,337		2,413,202
3128JNAL9	FHLMC POOL # 1B2810		2/1/2035		2,698,710		2,667,276		2,757,735
3128JRKQ8	FHLMC POOL # 847503		12/1/2035		686,578		670,859		710,160
3128JRP26	FHLMC POOL # 847641		12/1/2033		2,651,169		2,630,067		2,736,455
3128K17K1	FHLMC GOLD POOL # A41798		1/1/2036		8,185,183		8,366,978		8,487,216
3128KA4Z1	FHLMC GOLD POOL # A49840		6/1/2036		98,117		103,034		103,857
3128KE5H2	FHLMC GOLD POOL # A52648		9/1/2036		251,180		254,400		267,883
3128KVAR6	FHLMC GOLD POOL # A64516		8/1/2037		289,507		293,222		308,990
3128KWBZ5	FHLMC GOLD POOL # A65456		9/1/2037		29,714		30,857		31,690
3128KWFX6	FHLMC GOLD POOL # A65582		9/1/2037		55,496		57,628		59,185
3128KWFY4	FHLMC GOLD POOL # A65583		9/1/2037		71,054		73,785		75,777
3128KWGT4	FHLMC GOLD POOL # A65610		9/1/2037		72,112		75,612		76,467
3128KWSM6	FHLMC GOLD POOL # A65924		9/1/2037		425,029		445,622		450,694
3128KWT29	FHLMC GOLD POOL # A65969		9/1/2037		38,346		39,820		40,895
3128KWTK9	FHLMC GOLD POOL # A65954		9/1/2037		63,789		66,240		68,030
3128KWTP8	FHLMC GOLD POOL # A65958		9/1/2037		55,336		57,462		59,015
3128KWTZ6	FHLMC GOLD POOL # A65968		9/1/2037		40,753		42,319		43,462
3128KYXE4	FHLMC GOLD POOL # A67877		4/1/2037		27,628		28,690		29,465
3128L0RC8	FHLMC GOLD POOL # A68583		11/1/2037		55,294		57,973		58,490
3128L53D1	FHLMC GOLD POOL # A72596		2/1/2038		1,525,702		1,599,834		1,613,887
3128M4XA6	FHLMC GOLD POOL # G03073		7/1/2037		5,186,874		5,208,218		5,452,798
3128M4ZG1	FHLMC GOLD POOL # G03143		7/1/2037		5,106		5,302		5,445
3128M5GR5	FHLMC GOLD POOL # G03508		7/1/2037		2,293,238		2,403,946		2,431,715
3128M6R83	FHLMC GOLD POOL # G04711		9/1/2038		119,104		124,883		125,857
3128M6UB2	FHLMC GOLD POOL # G04778		7/1/2038		126,822		131,704		135,253
3128M7AZ9	FHLMC GOLD POOL # G05124		12/1/2038		367,803		381,954		392,254
3128M7PN0	FHLMC GOLD POOL # G05529		7/1/2039		1,557,896		1,605,028		1,612,111
3128MMAC7	FHLMC GOLD POOL # G18002		7/1/2019		1,202,076		1,182,564		1,274,663
3128MMLD3	FHLMC GOLD POOL # G18323		9/1/2024		4,500,000		4,608,507		4,663,551
3128NCBF0	FHLMC POOL # 1G0038		1/1/2035		2,875,767		2,847,417		2,950,102
3128NCBH6	FHLMC POOL # 1G0040		1/1/2035		877,020		861,079		887,986
3128NCBW3	FHLMC POOL # 1G0053		2/1/2035		3,302,060		3,264,419		3,384,001
3128NCDH4	FHLMC POOL # 1G0104		2/1/2035		1,448,367		1,433,742		1,482,163
3128QLP54	FHLMC POOL # 1H2544		11/1/2035		20,826,807		20,430,971		21,601,725
3128QLPD7	FHLMC POOL # 1H2520		6/1/2035		32,214,703		31,881,545		33,053,654
3128S4E52	FHLMC POOL # 1Q0156		10/1/2035		10,509,723		10,408,594		10,949,019
3128X9AM2	FHLMC AGENCY BND		8/24/2012		10,000,000		9,954,086		10,052,800
3129275R3	FHLMC GOLD POOL # A81756		9/1/2038		296,516		310,932		313,328
312929CM2	FHLMC GOLD POOL # A82776		1/1/2039		13,175		13,681		14,051
31292KJH1	FHLMC GOLD POOL # C02964		7/1/2037		2,729		2,833		2,910
31292KX93	FHLMC GOLD POOL # C03404		9/1/2039		6,000,000		6,056,116		6,078,000
312930LH1	FHLMC GOLD POOL # A83928		1/1/2039		47,900		49,741		51,085
312930LQ1	FHLMC GOLD POOL # A83935		1/1/2039		50,557		52,501		53,918
312930RC6	FHLMC GOLD POOL # A84083		1/1/2039		32,577		33,833		34,421
312930RV4	FHLMC GOLD POOL # A84100		1/1/2039		18,684		19,403		19,926
312930TB6	FHLMC GOLD POOL # A84146		1/1/2039		15,274		15,863		16,139
312930XY1	FHLMC GOLD POOL # A84295		2/1/2039		2,048,923		2,073,437		2,075,336
312931D62	FHLMC GOLD POOL # A84625		2/1/2039		4,887,603		4,777,153		4,840,853
312931TJ7	FHLMC GOLD POOL # A85053		3/1/2039		4,811,560		4,918,971		4,978,521
3129326W1	FHLMC GOLD POOL # A86285		5/1/2039		41,546		42,881		42,988
312932CX2	FHLMC GOLD POOL # A85486		4/1/2039		3,933,900		4,000,716		3,985,355

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
312932XE1	FHLMC GOLD POOL # A86077		5/1/2039		42,937		44,316		44,427
312932ZE9	FHLMC GOLD POOL # A86141		5/1/2039		108,075		111,546		111,825
312933E83	FHLMC GOLD POOL # A86459		5/1/2039		35,908		37,061		37,153
312933F41	FHLMC GOLD POOL # A86487		6/1/2039		5,423,635		5,410,941		5,494,143
312933F66	FHLMC GOLD POOL # A86489		6/1/2039		40,386		41,683		41,787
312933T79	FHLMC GOLD POOL # A86874		6/1/2039		1,276,985		1,301,712		1,321,296
312933UD4	FHLMC GOLD POOL # A86880		6/1/2039		295,121		300,627		305,321
312933VG6	FHLMC GOLD POOL # A86915		6/1/2039		990,147		1,008,661		1,023,858
312933WK6	FHLMC GOLD POOL # A86950		6/1/2039		1,383,764		1,409,386		1,431,781
312933WR1	FHLMC GOLD POOL # A86956		6/1/2039		15,848,237		16,105,152		16,395,992
3129345K4	FHLMC GOLD POOL # A88050		8/1/2039		199,277		205,306		206,192
312934JJ2	FHLMC GOLD POOL # A87465		7/1/2039		89,529		92,405		92,635
312934MM1	FHLMC GOLD POOL # A87564		7/1/2039		79,642		82,200		82,406
312934PJ5	FHLMC GOLD POOL # A87625		8/1/2039		105,950		109,353		109,626
312934R38	FHLMC GOLD POOL # A87706		8/1/2039		89,596		92,474		92,705
312934WP3	FHLMC GOLD POOL # A87854		8/1/2039		80,913		83,361		83,720
312934Z47	FHLMC GOLD POOL # A87963		8/1/2039		64,420		66,490		66,656
3129353B3	FHLMC GOLD POOL # A88894		9/1/2039		800,000		806,858		810,400
3129356Q7	FHLMC GOLD POOL # A88979		9/1/2039		200,000		201,715		202,600
312935AT6	FHLMC GOLD POOL # A88118		8/1/2039		223,728		230,497		231,492
312935JT7	FHLMC GOLD POOL # A88374		9/1/2039		299,721		302,734		303,617
312935KN8	FHLMC GOLD POOL # A88401		9/1/2039		129,798		133,725		134,302
312935KY4	FHLMC GOLD POOL # A88411		9/1/2039		299,802		302,816		303,700
312935LV9	FHLMC GOLD POOL # A88440		9/1/2039		199,804		201,813		202,401
312935MQ9	FHLMC GOLD POOL # A88467		9/1/2039		1,000,000		1,011,497		1,013,063
312935MV8	FHLMC GOLD POOL # A88472		9/1/2039		2,000,000		2,020,888		2,026,000
31294KDZ5	FHLMC GOLD POOL # E01020		9/1/2016		2,856		3,023		3,042
31294KFJ9	FHLMC GOLD POOL # E01069		11/1/2016		4,638		4,908		4,929
31294KHD0	FHLMC GOLD POOL # E01128		2/1/2017		10,122		10,711		10,756
31294KHL2	FHLMC GOLD POOL # E01135		3/1/2017		19,330		20,455		20,585
31294KJT3	FHLMC GOLD POOL # E01174		5/1/2017		7,068		7,480		7,527
31294KKU8	FHLMC GOLD POOL # E01207		9/1/2017		11,316		11,972		12,025
31294KN43	FHLMC GOLD POOL # E01311		2/1/2018		1,928,439		1,935,181		2,064,771
31294KNY7	FHLMC GOLD POOL # E01307		2/1/2018		103,340		109,361		109,887
31294KP25	FHLMC GOLD POOL # E01341		3/1/2018		2,741,688		2,751,302		2,935,513
31294KQ73	FHLMC GOLD POOL # E01378		5/1/2018		218,906		231,603		232,774
31294KUR4	FHLMC GOLD POOL # E01492		10/1/2018		1,275,203		1,279,846		1,365,354
31294KUT0	FHLMC GOLD POOL # E01494		9/1/2018		10,856,336		10,895,401		11,623,829
3129624Q3	FHLMC GOLD POOL # B10831		11/1/2018		157,752		158,308		168,904
3129624X8	FHLMC GOLD POOL # B10838		11/1/2018		11,060		11,705		11,761
312962BY8	FHLMC GOLD POOL # B10055		10/1/2018		34,153		36,144		36,316
312962CK7	FHLMC GOLD POOL # B10074		10/1/2018		13,776		14,580		14,666
312962CQ4	FHLMC GOLD POOL # B10079		8/1/2018		16,712		17,687		17,797
312962CT8	FHLMC GOLD POOL # B10082		8/1/2018		3,148		3,331		3,352
312962DE0	FHLMC GOLD POOL # B10101		10/1/2018		14,501		15,346		15,438
312962EY5	FHLMC GOLD POOL # B10151		10/1/2018		28,847		30,529		30,674
312962FM0	FHLMC GOLD POOL # B10172		10/1/2018		22,124		23,414		23,553
312962FN8	FHLMC GOLD POOL # B10173		10/1/2018		12,164		12,873		12,949
312962FW8	FHLMC GOLD POOL # B10181		10/1/2018		35,632		37,710		37,934
312962J53	FHLMC GOLD POOL # B10284		10/1/2018		1,364,342		1,369,348		1,460,794
312962JW4	FHLMC GOLD POOL # B10277		11/1/2018		33,931		35,910		36,123
312962KD4	FHLMC GOLD POOL # B10292		10/1/2018		159,728		160,307		171,020
312962KP7	FHLMC GOLD POOL # B10302		10/1/2018		24,641		26,078		26,233
312962KT9	FHLMC GOLD POOL # B10306		10/1/2018		23,115		24,463		24,609
312962MD2	FHLMC GOLD POOL # B10356		11/1/2018		44,753		47,362		47,644
312962MT7	FHLMC GOLD POOL # B10370		11/1/2018		24,422		25,846		26,000
312962MV2	FHLMC GOLD POOL # B10372		11/1/2018		21,057		22,285		22,417
312962NJ8	FHLMC GOLD POOL # B10393		10/1/2018		35,425		37,490		37,714
312962Q63	FHLMC GOLD POOL # B10477		10/1/2018		25,235		25,325		27,018

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
312962T86	FHLMC GOLD POOL # B10575		11/1/2018		21,501		22,754		22,890
312962TL7	FHLMC GOLD POOL # B10555		11/1/2018		30,217		31,979		32,169
312962UJ0	FHLMC GOLD POOL # B10585		11/1/2018		14,592		15,442		15,534
312962UW1	FHLMC GOLD POOL # B10597		11/1/2018		2,166,175		2,174,099		2,319,314
312962WC3	FHLMC GOLD POOL # B10643		11/1/2018		28,103		29,741		29,883
312963BP5	FHLMC GOLD POOL # B10946		12/1/2018		126,133		126,599		135,050
312963CK5	FHLMC GOLD POOL # B10974		11/1/2018		23,964		25,361		25,482
312963G70	FHLMC GOLD POOL # B11122		11/1/2018		751,224		753,905		804,332
312963L66	FHLMC GOLD POOL # B11249		12/1/2018		11,463		12,131		12,203
312963L74	FHLMC GOLD POOL # B11250		11/1/2018		50,296		50,483		53,852
312963LA7	FHLMC GOLD POOL # B11221		12/1/2018		19,274		20,398		20,519
312963MS7	FHLMC GOLD POOL # B11269		12/1/2018		36,390		38,512		38,695
312963RG8	FHLMC GOLD POOL # B11387		12/1/2018		41,304		43,712		43,920
312963RR4	FHLMC GOLD POOL # B11396		12/1/2018		30,227		31,990		32,180
312963UB5	FHLMC GOLD POOL # B11478		12/1/2018		17,916		18,961		19,074
312963V40	FHLMC GOLD POOL # B11535		1/1/2019		24,554		25,985		26,109
312963VY4	FHLMC GOLD POOL # B11531		12/1/2018		279,251		280,280		298,993
312963WH0	FHLMC GOLD POOL # B11548		12/1/2018		31,879		31,996		34,133
312963XT3	FHLMC GOLD POOL # B11590		12/1/2018		6,488		6,866		6,899
312963Z53	FHLMC GOLD POOL # B11664		1/1/2019		16,487		17,448		17,552
312963ZG9	FHLMC GOLD POOL # B11643		11/1/2018		146,024		146,547		156,347
3129642B4	FHLMC GOLD POOL # B12570		3/1/2019		363,581		364,557		387,746
312964AU3	FHLMC GOLD POOL # B11819		1/1/2019		13,773		14,576		14,645
312964CQ0	FHLMC GOLD POOL # B11879		1/1/2019		13,051		13,812		13,894
312964EJ4	FHLMC GOLD POOL # B11937		1/1/2019		14,963		15,835		15,911
312964EK1	FHLMC GOLD POOL # B11938		1/1/2019		30,545		32,326		32,480
312964FV6	FHLMC GOLD POOL # B11980		1/1/2019		16,272		17,221		17,254
312964GZ6	FHLMC GOLD POOL # B12016		2/1/2019		13,023		13,782		13,822
312964KG3	FHLMC GOLD POOL # B12095		2/1/2019		12,260		12,975		13,052
312964QW2	FHLMC GOLD POOL # B12269		2/1/2019		490,031		491,775		524,674
312964RW1	FHLMC GOLD POOL # B12301		2/1/2014		1,456,971		1,399,681		1,494,722
312964WX3	FHLMC GOLD POOL # B12462		10/1/2018		636,818		639,126		681,838
312965A71	FHLMC GOLD POOL # B12730		3/1/2014		2,602,857		2,538,618		2,670,300
312965CF1	FHLMC GOLD POOL # B12770		1/1/2019		12,956		13,712		13,797
312965CH7	FHLMC GOLD POOL # B12772		3/1/2014		2,661,561		2,556,727		2,730,525
312965DX1	FHLMC GOLD POOL # B12818		3/1/2014		2,018,766		1,939,137		2,071,074
312965DY9	FHLMC GOLD POOL # B12819		3/1/2014		2,413,119		2,353,424		2,475,645
312965FY7	FHLMC GOLD POOL # B12883		3/1/2014		2,186,732		2,099,842		2,243,392
312965GT7	FHLMC GOLD POOL # B12910		3/1/2014		1,650,620		1,585,203		1,693,389
312965GU4	FHLMC GOLD POOL # B12911		3/1/2014		1,855,516		1,782,414		1,903,595
312965HK5	FHLMC GOLD POOL # B12934		3/1/2019		32,916		34,836		34,904
312965MP8	FHLMC GOLD POOL # B13066		3/1/2014		8,395,586		8,187,694		8,613,124
312965QA7	FHLMC GOLD POOL # B13149		11/1/2018		384,974		386,326		412,189
312965WC6	FHLMC GOLD POOL # B13343		4/1/2014		1,151,454		1,105,434		1,181,289
312965WD4	FHLMC GOLD POOL # B13344		4/1/2014		1,542,070		1,480,607		1,582,026
312965WU6	FHLMC GOLD POOL # B13359		4/1/2014		1,393,769		1,338,304		1,429,883
312965WV4	FHLMC GOLD POOL # B13360		4/1/2014		2,019,351		1,938,927		2,071,674
312966WU4	FHLMC GOLD POOL # B14259		5/1/2019		1,734,697		1,739,192		1,849,992
312967MC3	FHLMC GOLD POOL # B14855		6/1/2014		2,130,342		2,095,630		2,240,952
312967MH2	FHLMC GOLD POOL # B14860		5/1/2014		3,879,635		3,797,940		3,980,160
312968QL7	FHLMC GOLD POOL # B15859		12/1/2018		3,128,963		3,141,183		3,355,030
3129696M5	FHLMC GOLD POOL # B17176		11/1/2014		4,587,503		4,497,807		4,706,370
312969VY1	FHLMC GOLD POOL # B16931		10/1/2014		8,044,490		7,916,140		8,462,171
3129714D3	FHLMC GOLD POOL # B18920		3/1/2015		5,990,208		5,870,392		6,101,305
31331S4Z3	FEDERAL FARM CREDIT BANK AGENCY BND		8/8/2011		1,600,000		1,601,291		1,698,880
31331SH97	FEDERAL FARM CREDIT BANK AGENCY BND		4/24/2012		1,000,000		1,001,405		1,069,380
31331SP56	FFCB AGENCY BND		7/13/2012		17,475,000		17,537,395		18,733,200
31331ST29	FEDERAL FARM CREDIT BANK AGENCY BND		4/25/2012		1,400,000		1,395,218		1,499,120
31331VPV2	FFCB AGENCY BND		4/1/2016		2,975,000		2,958,325		3,231,743

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
31331XU75	FFCB AGENCY BND		8/13/2014		5,000,000		5,017,009		5,531,500
31331Y4P2	FFCB AGENCY BND		11/6/2017		11,435,000		11,459,080		12,435,563
31331YEJ5	FFCB AGENCY BND		11/15/2018		28,115,000		28,698,968		30,018,386
31335H2K8	FHLMC GOLD POOL # C90778		11/1/2023		3,106,406		2,968,724		3,205,811
3133MB2B2	FHLB AGENCY BND		2/13/2015		1,800,000		2,045,913		2,212,200
3133X85H1	FHLB AGENCY BND		8/10/2010		1,000,000		996,757		1,033,300
3133XBB20	FHLB AGENCY BND		3/17/2010		250,000		251,389		254,823
3133XBMT9	FHLB AGENCY BND		11/14/2014		43,345,000		42,870,603		46,882,390
3133XBT39	FHLB AGENCY BND		6/8/2012		40,000,000		40,215,685		42,595,996
3133XCZJ5	FHLB AGENCY BND		8/26/2013		1,000,000		1,002,825		1,088,500
3133XLWM1	FHLB AGENCY BND		9/12/2014		15,415,000		15,745,647		17,181,405
3133XUE41	FHLB AGENCY BND		8/22/2012		5,000,000		4,993,499		5,022,550
31342A6F1	FHLMC POOL # 780870		9/1/2033		5,391,886		5,308,043		5,488,063
31349UCW6	FHLMC POOL # 782785		10/1/2034		2,741,038		2,716,485		2,807,962
31349UEJ3	FHLMC POOL # 782837		11/1/2034		4,660,231		4,602,413		4,734,067
31349UJM1	FHLMC POOL # 782968		1/1/2035		2,898,629		2,859,570		2,948,503
31349ULB2	FHLMC POOL # 783022		2/1/2035		5,282,611		5,231,496		5,408,338
31349ULF3	FHLMC POOL # 783026		2/1/2035		3,191,113		3,153,811		3,266,735
31349UMF2	FHLMC POOL # 783058		3/1/2035		9,480,119		9,383,920		9,657,087
3134A35H5	FHLMC AGENCY BND		9/15/2010		721,000		734,823		764,757
3134A4DY7	FHLMC AGENCY NT		3/15/2011		30,000,000		30,565,702		32,114,400
3134A4QD9	FHLMC AGENCY BND		7/15/2012		45,300,000		45,708,772		49,737,135
3134A4UW2	FHLMC AGENCY BND		12/15/2009		100,000		100,132		100,759
31359MFG3	FNMA AGENCY BND		1/15/2010		250,000		251,713		255,133
31368HL43	FNMA POOL # 190347		1/1/2034		20,259		20,704		21,012
31368HLV3	FNMA POOL # 190340		9/1/2033		15,131		15,464		15,694
31371KBQ3	FNMA POOL # 253947		8/1/2031		18,285		18,962		19,930
31371LZJ1	FNMA POOL # 255545		1/1/2015		4,377,485		4,246,647		4,468,099
31371MFY8	FNMA POOL # 255883		8/1/2035		12,316,399		12,059,993		12,740,882
31371QU71	FNMA POOL # 259006		3/1/2030		68,062		70,549		74,313
31375BUQ8	FNMA POOL # 330091		2/1/2023		146,692		152,072		160,159
31375KSE8	FNMA POOL # 337217		12/1/2024		55,923		58,401		61,446
31376CTB0	FNMA POOL # 351646		12/1/2024		11,285		11,706		12,321
31376KKG0	FNMA POOL # 357695		1/1/2020		944		918		993
31376KKK1	FNMA POOL # 357698		1/1/2015		1,978,232		1,940,228		2,038,963
31376KQB5	FNMA POOL # 357850		7/1/2035		183,888		190,299		193,319
31377XSA6	FNMA POOL # 390313		6/1/2027		90,675		94,183		99,062
31379T6G4	FNMA POOL # 429371		2/1/2014		47,732		47,395		49,617
3137EAAD1	FHLMC AGENCY BND		4/18/2016		50,000,000		51,711,932		55,984,500
3137EACC1	FHLMC AGENCY BND		6/15/2012		44,400,000		44,272,760		44,656,632
3137EACE7	FHLMC AGENCY BND		9/21/2012		15,000,000		14,979,398		15,198,600
31382FVJ5	FNMA POOL # 481317		1/1/2029		3,358		3,475		3,514
31382G3H8	FNMA POOL # 482400		1/1/2029		2,850		2,949		3,013
31382NR20	FNMA POOL # 487505		4/1/2029		1,065		1,095		1,115
31382T4R7	FNMA POOL # 492332		4/1/2029		6,931		7,173		7,253
31382WLV2	FNMA POOL # 494540		3/1/2029		2,650		2,742		2,799
31384VP63	FNMA POOL # 535145		2/1/2030		880,991		913,416		960,280
31384VP97	FNMA POOL # 535148		2/1/2030		208,201		215,890		226,940
31384VUE0	FNMA POOL # 535281		4/1/2030		1,085,879		1,125,998		1,183,608
31384WLB4	FNMA POOL # 535922		3/1/2031		59,864		62,066		65,363
31384WVT4	FNMA POOL # 536226		5/1/2030		41,666		43,201		45,493
31384Y2A3	FNMA POOL # 538169		4/1/2030		67,939		70,435		74,178
31385FVZ6	FNMA POOL # 543432		6/1/2030		141,271		146,474		154,246
31385GZH0	FNMA POOL # 544444		9/1/2030		538		558		587
31385QRZ7	FNMA POOL # 549604		8/1/2030		5,599		5,805		6,113
31385RB58	FNMA POOL # 550060		4/1/2030		1,626,727		1,711,259		1,789,400
31385VYT2	FNMA POOL # 554322		9/1/2030		71,919		74,562		78,524
31385W6Z7	FNMA POOL # 555388		3/1/2018		1,459,842		1,437,348		1,564,984
31385XEW3	FNMA POOL # 555549		6/1/2018		571,388		567,019		606,904

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
31385XJY4	FNMA POOL # 555679		8/1/2033		61,321		62,667		63,600
31385XK48	FNMA POOL # 555715		7/1/2033		1,543,460		1,528,570		1,579,404
31385XKD8	FNMA POOL # 555692		7/1/2033		33,665		34,840		35,383
31386XQU3	FNMA POOL # 576567		2/1/2031		2,365,979		2,452,236		2,583,280
31387EBE6	FNMA POOL # 581537		6/1/2031		79,588		82,529		86,751
31388DTM0	FNMA POOL # 601856		1/1/2031		34,236		35,581		37,403
31388HTX7	FNMA POOL # 605466		8/1/2031		23,009		23,866		25,079
31388UJF8	FNMA POOL # 615062		1/1/2017		2,008,031		1,977,950		2,152,655
31388XVV3	FNMA POOL # 618128		8/1/2033		8,123,945		7,942,460		8,187,512
31389EU78	FNMA POOL # 623506		12/1/2011		498,883		500,284		529,415
31389EVA0	FNMA POOL # 623509		12/1/2016		3,118,265		3,142,570		3,324,694
31389EVB8	FNMA POOL # 623510		12/1/2016		3,256,869		3,280,813		3,472,473
31389FPM8	FNMA POOL # 624228		1/1/2017		1,303,695		1,284,127		1,397,591
31389FQ62	FNMA POOL # 624277		1/1/2017		905,651		892,072		970,878
31389XHM8	FNMA POOL # 638436		3/1/2012		423,993		428,688		454,719
31391AKC2	FNMA POOL # 660991		7/1/2032		8,818		9,145		9,611
31391PTM8	FNMA POOL # 672956		12/1/2017		22,201,092		22,213,845		23,456,058
31391PUF1	FNMA POOL # 672982		12/1/2017		588,087		583,604		625,136
31391YV87	FNMA POOL # 681139		1/1/2033		5,264		5,551		5,599	��
31392JTP4	FNMA AGENCY CMO03-20 HP		10/25/2016		112,168		111,560		114,681
31393DL74	FNMA CMO AGENCY CMO03-80 CA		4/25/2030		527,989		516,885		537,915
31393EFX2	FNMA CMO AGENCY CMO 03-79 NL		5/25/2022		1,241,888		1,253,462		1,270,049
31393KLM5	FHLMC AGENCY CMO 2570 CL		7/15/2017		725,947		716,374		744,879
31393M5X5	FHLMC CMO AGENCY CMO 2580		12/15/2016		1,451,852		49,146		41,378
31393QVD1	FHLMC AGENCY CMO 2618 NE		6/15/2013		581,131		578,743		595,543
31393VPH8	FHLMC2627 CMO 2628-OD		7/15/2017		31,560,900		31,021,774		33,142,101
31394EK49	FNMA05-58 AGENCY CMO 05-69		8/25/2035		124,727		—		37
31395RAR9	FHLMC AGENCY CMO R001 AE		4/15/2015		1,221,504		1,212,895		1,252,798
31396A7E8	FHLMC3035 CMO AGENCY 3038 XA		9/15/2035		789,091		787,207		719,178
31396AFE9	FHLMC3035 AGENCY CMO 3028		12/15/2026		7,641,864		7,636,398		7,854,308
31396KS45	FNMA06-65 CMO AGENCY 6-81 LF1		9/25/2036		363,110		376,141		360,278
31396NAL0	FHLMC AGENCY CMO 3138 X		4/15/2036		532,042		544,415		510,175
31396TYH0	FHLMC AGENCY CMO 3167 X		6/15/2036		734,677		727,096		710,874
31396VDA3	FNMA07-41 CMO 7-27 XA		5/25/2035		330,414		326,338		315,480
31396VV21	FNMA07-41 AGENCY CMO 07-42 LF		5/25/2037		523,528		579,671		482,326
31396WBP0	FNR CMO 07-56 FA		6/25/2037		17,011,897		16,328,324		16,559,381
31396WCB0	FNMA07-53 AGENCY CMO 07-56 GY		6/25/2037		63,850		62,732		60,364
31396WDG8	FNMA07-53 AGENCY CMO 07-53 UF		6/25/2037		527,979		581,060		477,187
31397F7E6	FHLMC AGENCY CMO 3274 SX		7/15/2036		269,743		278,698		254,287
31397FES7	FHLMC3271 AGENCY CMO 3275 UF		2/15/2037		476,955		551,528		468,418
31397FYK2	FHLMC AGENCY CMO 3291 XA		3/15/2037		489,941		503,947		481,416
31397KTK7	FHR CMO 3380 FP		11/15/2036		32,462,594		31,644,048		31,810,096
31398AYM8	FNMA AGENCY BND		8/10/2012		3,700,000		3,697,438		3,719,018
31398AYY2	FNMA SENIOR AGENCY BND		9/16/2014		4,000,000		4,062,765		4,071,080
31398AZF2	FNMA UNSEC AGENCY BND		9/28/2012		5,000,000		4,999,501		5,007,400
31400EGH7	FNMA POOL # 685200		3/1/2018		502,675		498,841		533,919
31400JL98	FNMA POOL # 688952		4/1/2033		8,435,443		8,346,177		8,761,480
31400JM55	FNMA POOL # 688980		5/1/2033		2,895		2,999		3,053
31400QJ87	FNMA POOL # 694287		3/1/2033		206,644		204,578		213,933
31400SA33	FNMA POOL # 695826		4/1/2018		444,248		440,850		471,860
31400TTJ6	FNMA POOL # 697253		9/1/2033		30,168		30,829		31,289
31400UQV9	FNMA POOL # 698068		4/1/2033		626,058		619,376		658,613
31400WDQ0	FNMA POOL # 699511		6/1/2033		70,828		72,385		73,460
31401A3C9	FNMA POOL # 702895		4/1/2018		587,047		582,563		623,535
31402DGQ7	FNMA POOL # 725707		8/1/2019		2,003,127		1,987,645		2,121,678
31402DS27	FNMA POOL # 726037		8/1/2033		30,486		31,155		31,619
31402E2N7	FNMA POOL # 727181		8/1/2033		240,785		246,084		249,732
31402EJ41	FNMA POOL # 726683		10/1/2033		41,286		42,195		42,820
31402GP98	FNMA POOL # 728648		7/1/2033		8,572		8,881		8,894

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
31402GZT3	FNMA POOL # 728954		8/1/2033		21,620		22,094		22,423
31402JYY7	FNMA POOL # 730727		8/1/2033		62,075		63,441		64,381
31402LHF2	FNMA POOL # 732030		9/1/2033		18,109		18,507		18,782
31402QXK2	FNMA POOL # 735182		2/1/2031		1,003,313		1,046,721		1,093,611
31402RBY4	FNMA POOL # 735455		3/1/2034		13,340		13,633		13,836
31402RSS9	FNMA POOL # 735929		8/1/2032		1,526,981		1,583,813		1,668,226
31402YFB5	FNMA POOL # 741862		9/1/2033		41,829		43,106		43,963
31402YGR9	FNMA POOL # 741908		11/1/2033		20,053		20,492		20,798
31402YSV7	FNMA POOL # 742232		9/1/2033		170,501		167,885		176,897
31403C2L4	FNMA POOL # 745179		4/1/2019		2,046,078		2,030,310		2,173,255
31403C3B5	FNMA POOL # 745194		5/1/2019		8,078,129		7,951,330		8,659,940
31403C3T6	FNMA POOL # 745210		1/1/2019		15,720,936		15,474,913		16,853,205
31403CWU1	FNMA POOL # 745059		9/1/2035		15,889,416		15,779,958		16,292,966
31403DC56	FNMA POOL # 745392		12/1/2020		12,075,046		11,765,447		12,700,514
31403DC72	FNMA POOL # 745394		11/1/2020		7,300,232		7,113,201		7,688,604
31403DCC1	FNMA POOL # 745367		12/1/2018		7,525,940		7,408,265		8,067,981
31403DCE7	FNMA POOL # 745369		12/1/2019		1,204,962		1,195,632		1,276,275
31403DCZ0	FNMA POOL # 745388		11/1/2018		4,055,711		4,024,571		4,307,797
31403DJG5	FNMA POOL # 745563		8/1/2034		34,017		34,984		35,729
31403DKZ1	FNMA POOL # 745612		7/1/2034		41,467		42,377		43,007
31403FPV0	FNMA POOL # 747536		11/1/2033		93,012		95,058		96,468
31403GJT0	FNMA POOL # 748274		10/1/2033		63,163		64,555		65,509
31403GRW4	FNMA POOL # 748501		11/1/2033		14,255		14,568		14,784
31403KDB6	FNMA POOL # 750798		12/1/2033		166,872		164,372		170,462
31403N4F1	FNMA POOL # 754222		12/1/2033		32,123		33,241		33,761
31403NYJ0	FNMA POOL # 754113		12/1/2033		44,210		45,861		48,189
31403SBL9	FNMA POOL # 756143		7/1/2030		324,505		337,232		354,522
31403U7H8	FNMA POOL # 758796		12/1/2033		19,776		20,210		20,511
31403VBR9	FNMA POOL # 758848		1/1/2019		588,333		583,799		624,902
31404EGE0	FNMA POOL # 766197		2/1/2034		52,876		54,491		55,637
31404NBP0	FNMA POOL # 773246		2/1/2035		2,109,789		2,089,284		2,158,861
31404Q2H1	FNMA POOL # 775776		5/1/2034		131,264		135,838		137,869
31404RA98	FNMA POOL # 775932		6/1/2028		42,862		44,527		46,720
31404RAX5	FNMA POOL # 775922		10/1/2028		178,257		184,769		194,300
31404SFP5	FNMA POOL # 776974		4/1/2034		8,465		8,724		8,926
31404XLJ1	FNMA POOL # 781629		12/1/2034		571,212		588,650		599,955
31405QNR5	FNMA POOL # 796100		10/1/2034		2,272		2,337		2,396
31405UMM8	FNMA POOL # 799664		10/1/2034		907,412		900,428		934,363
31405UTZ2	FNMA POOL # 799868		11/1/2034		317,251		314,481		323,801
31406BB90	FNMA POOL # 804764		1/1/2035		3,473,793		3,442,797		3,548,954
31406BEZ9	FNMA POOL # 804852		12/1/2034		3,112,850		3,085,300		3,187,679
31406BJF8	FNMA POOL # 804962		1/1/2035		3,946,532		3,912,652		4,033,416
31406BQQ6	FNMA POOL # 805163		1/1/2035		4,337,623		4,296,414		4,442,272
31406DG67	FNMA POOL # 806721		11/1/2034		7,282,864		7,222,308		7,532,371
31406MYP5	FNMA POOL # 814418		3/1/2035		4,253,185		4,209,771		4,378,842
31406PD71	FNMA POOL # 815626		5/1/2035		12,941,492		12,828,203		13,281,418
31406Q6S1	FNMA POOL # 817281		6/1/2035		19,426		20,102		20,423
31406QLT2	FNMA POOL # 816738		1/1/2030		1,105,026		1,145,781		1,204,478
31406RRZ0	FNMA POOL # 817804		9/1/2036		126,645		133,556		134,003
31406RYW9	FNMA POOL # 818025		3/1/2037		26,629		27,589		28,069
31406TLC3	FNMA POOL # 819423		4/1/2035		6,087,713		6,032,743		6,343,763
31406TWR8	FNMA POOL # 819756		1/1/2035		1,559,640		1,545,349		1,586,457
31406VHE9	FNMA POOL # 821129		5/1/2035		4,421,078		4,376,617		4,521,984
31406XDU3	FNMA POOL # 822815		4/1/2035		234,525		242,706		246,115
31407CE29	FNMA POOL # 826453		7/1/2035		1,492		1,534		1,573
31407FG53	FNMA POOL # 829220		8/1/2035		3,677		3,781		3,877
31407FUW8	FNMA POOL # 829597		8/1/2035		5,152,622		5,098,937		5,312,722
31407H3M6	FNMA POOL # 831604		6/1/2036		182,427		192,382		193,217
31407HKX3	FNMA POOL # 831110		10/1/2035		18,283		18,921		19,187

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
31407JXG2	FNMA POOL # 832379		8/1/2035		2,067,754		2,046,042		2,125,526
31407RQD9	FNMA POOL # 838452		9/1/2035		70,418		72,571		74,074
31408AG53	FNMA POOL # 845420		2/1/2036		89,745		94,642		95,053
31408BKL1	FNMA POOL # 846399		5/1/2029		2,475,326		2,566,022		2,698,105
31408FJR1	FNMA POOL # 849972		2/1/2029		2,001,643		2,075,170		2,181,791
31408GFA0	FNMA POOL # 850761		12/1/2035		728,535		768,286		771,741
31409A5P0	FNMA POOL # 865854		3/1/2036		288,996		304,765		306,090
31409AFL8	FNMA POOL # 865171		2/1/2036		1,732		1,785		1,819
31409AYE3	FNMA POOL # 865709		3/1/2036		690,996		728,701		731,143
31409C5N1	FNMA POOL # 867653		5/1/2036		134,152		141,472		142,087
31409CRY3	FNMA POOL # 867303		2/1/2036		479,677		505,474		508,049
31409GKJ4	FNMA POOL # 870697		8/1/2036		48,969		51,590		51,865
31409GL46	FNMA POOL # 870747		7/1/2036		476,148		501,757		504,312
31409GML7	FNMA POOL # 870763		7/1/2036		3,411,363		3,563,913		3,646,263
31409GTT3	FNMA POOL # 870962		11/1/2036		2,027,768		2,136,902		2,147,709
31409JWL0	FNMA POOL # 872851		6/1/2036		327,432		345,299		346,799
31409TU22	FNMA POOL # 878201		9/1/2036		159,508		168,212		168,943
31409UB38	FNMA POOL # 878558		3/1/2036		90,328		95,257		95,520
31409VYW7	FNMA POOL # 880125		4/1/2036		126,503		133,406		133,774
31409YCS4	FNMA POOL # 882181		8/1/2036		109,389		115,358		115,859
31410CJV5	FNMA POOL # 885076		5/1/2036		39,326		41,472		41,611
31410DUT5	FNMA POOL # 886294		8/1/2036		166,363		175,442		176,204
31410DYB0	FNMA POOL # 886406		8/1/2036		1,770,279		1,866,883		1,874,990
31410E2G2	FNMA POOL # 887375		7/1/2036		274,645		289,549		290,431
31410EP77	FNMA POOL # 887046		8/1/2036		684,971		722,350		725,487
31410F5M3	FNMA POOL # 888352		5/1/2037		2,753,796		2,849,542		2,891,798
31410FU60	FNMA POOL # 888105		8/1/2020		1,644,479		1,631,694		1,746,694
31410G6J7	FNMA POOL # 889273		4/1/2038		99,353		102,357		104,332
31410GBJ1	FNMA POOL # 888441		5/1/2037		257,634		271,694		272,872
31410GC84	FNMA POOL # 888495		7/1/2035		3,868,394		3,830,857		4,042,441
31410GD83	FNMA POOL # 888527		4/1/2034		625,601		614,163		648,130
31410GDF7	FNMA POOL # 888502		6/1/2033		2,165,032		2,137,756		2,236,600
31410GDL4	FNMA POOL # 888507		2/1/2035		10,035,934		9,867,165		10,294,836
31410GDN0	FNMA POOL # 888509		6/1/2033		271,912		266,208		279,868
31410GDP5	FNMA POOL # 888510		6/1/2035		9,680,230		9,486,295		10,117,292
31410GDS9	FNMA POOL # 888513		2/1/2034		400,153		394,943		408,836
31410GDY6	FNMA POOL # 888519		1/1/2035		1,091,397		1,073,384		1,121,042
31410GJ46	FNMA POOL # 888683		12/1/2019		5,785,585		5,740,788		6,146,606
31410KCT9	FNMA POOL # 889382		4/1/2038		65,035		67,383		68,553
31410KDT8	FNMA POOL # 889414		11/1/2037		1,992,576		2,099,928		2,110,435
31410KEQ3	FNMA POOL # 889443		4/1/2038		3,099,958		3,194,792		3,255,307
31410KFE9	FNMA POOL # 889465		3/1/2038		4,584,387		4,744,066		4,804,438
31410KJB1	FNMA POOL # 889558		6/1/2038		422,957		438,269		445,838
31410KLY8	FNMA POOL # 889643		3/1/2038		900,349		949,490		953,604
31410KNM2	FNMA POOL # 889696		6/1/2038		135,062		142,434		143,051
31410KS47	FNMA POOL # 889839		12/1/2035		16,740		17,216		17,582
31410KTP9	FNMA POOL # 889858		7/1/2038		60,199		62,489		63,625
31410KX74	FNMA POOL # 890002		9/1/2036		24,367,805		24,410,668		25,610,963
31410KXA7	FNMA POOL # 889973		9/1/2038		849,809		874,000		889,641
31410KXQ2	FNMA POOL # 889987		8/1/2038		415,313		431,946		438,948
31410KXR0	FNMA POOL # 889988		8/1/2038		1,832,709		1,902,181		1,931,855
31410KXT6	FNMA POOL # 889990		9/1/2038		571,371		591,296		600,005
31410MJZ4	FNMA POOL # 891380		12/1/2031		50,453		51,559		52,328
31410MMX5	FNMA POOL # 891474		4/1/2036		626,523		660,709		663,581
31410NSR0	FNMA POOL # 892528		9/1/2036		532,947		562,029		564,470
31410PCJ0	FNMA POOL # 892973		9/1/2036		306,721		323,459		324,863
31410PN90	FNMA POOL # 893316		8/1/2036		280,956		296,288		297,575
31410PXR9	FNMA POOL # 893588		9/1/2036		177,615		187,307		187,934
31410Q4H1	FNMA POOL # 894624		11/1/2036		421,169		443,854		446,081

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
31410QD40	FNMA POOL # 893923		10/1/2036		144,420		152,301		152,963
31410QGN5	FNMA POOL # 894005		10/1/2036		576,713		608,185		610,825
31410RHZ5	FNMA POOL # 894948		8/1/2036		218,173		229,912		231,078
31410SX85	FNMA POOL # 896303		7/1/2036		98,493		103,868		104,216
31410SZH3	FNMA POOL # 896344		10/1/2036		104,575		110,281		110,760
31410TBJ3	FNMA POOL # 896541		9/1/2036		222,465		234,604		235,623
31410UGR7	FNMA POOL # 897608		3/1/2037		93,661		97,231		98,728
31410V4A5	FNMA POOL # 899117		4/1/2037		45,284		47,009		47,733
31410V4C1	FNMA POOL # 899119		4/1/2037		9,535		9,809		10,013
31410VAG5	FNMA POOL # 898307		11/1/2036		232,125		244,792		245,611
31410VR69	FNMA POOL # 898809		11/1/2036		118,815		125,209		125,842
31410WL55	FNMA POOL # 899548		6/1/2037		148,945		154,135		156,095
31410YXT6	FNMA POOL # 901690		10/1/2036		251,419		265,139		266,290
31411A5E1	FNMA POOL # 902745		11/1/2036		2,045,105		2,156,708		2,163,925
31411AJH9	FNMA POOL # 902164		11/1/2036		414,846		437,485		438,948
31411ASA4	FNMA POOL # 902413		11/1/2036		1,127,888		1,189,438		1,193,418
31411AYF6	FNMA POOL # 902610		11/1/2036		187,095		197,305		197,849
31411AZ40	FNMA POOL # 902663		11/1/2036		601,399		634,217		636,971
31411BBW2	FNMA POOL # 902853		12/1/2036		15,286		15,726		16,052
31411BJC8	FNMA POOL # 903059		12/1/2036		221,740		230,185		233,736
31411BLG6	FNMA POOL # 903127		10/1/2036		12,567		13,020		13,165
31411C5W7	FNMA POOL # 904561		11/1/2036		275,652		290,694		291,956
31411CKK6	FNMA POOL # 903998		12/1/2036		54,834		57,783		57,986
31411DQK8	FNMA POOL # 905058		11/1/2036		115,103		121,384		121,911
31411E2C0	FNMA POOL # 906271		1/1/2037		348,879		361,040		366,362
31411EPM3	FNMA POOL # 905928		1/1/2037		74,122		78,167		78,506
31411EUP0	FNMA POOL # 906090		1/1/2037		215,538		223,045		226,056
31411EVY0	FNMA POOL # 906131		1/1/2037		502,170		529,213		531,873
31411EYW1	FNMA POOL # 906225		1/1/2037		33,738		35,087		35,658
31411EZV2	FNMA POOL # 906256		1/1/2037		27,914		28,887		29,313
31411FLP7	FNMA POOL # 906734		1/1/2037		1,405,102		1,481,781		1,486,738
31411GNS7	FNMA POOL # 907701		2/1/2037		93,776		97,528		99,112
31411HXH8	FNMA POOL # 908880		2/1/2037		62,336		64,688		65,258
31411J7B6	FNMA POOL # 909990		3/1/2037		71,720		74,586		75,801
31411JLZ7	FNMA POOL # 909444		2/1/2037		33,559		35,390		35,479
31411JUS3	FNMA POOL # 909693		2/1/2037		92,741		97,802		98,046
31411KDP5	FNMA POOL # 910110		3/1/2037		5,862		6,083		6,195
31411KE82	FNMA POOL # 910159		3/1/2037		6,553		6,815		6,926
31411KG64	FNMA POOL # 910221		3/1/2037		280,622		290,388		294,685
31411LTN1	FNMA POOL # 911457		3/1/2037		36,516		37,832		38,491
31411LXD8	FNMA POOL # 911576		4/1/2037		2,511		2,588		2,637
31411N6G7	FNMA POOL # 912671		3/1/2037		37,816		39,111		39,711
31411NWC7	FNMA POOL # 912443		3/1/2037		43,489		45,129		45,527
31411RFD5	FNMA POOL # 912864		2/1/2037		99,630		103,387		104,299
31411RFF0	FNMA POOL # 912866		2/1/2037		160,043		166,144		168,701
31411S5Q5	FNMA POOL # 914455		4/1/2037		517,019		535,023		542,928
31411S7J9	FNMA POOL # 914497		3/1/2037		75,168		78,020		79,446
31411SP42	FNMA POOL # 914043		2/1/2037		40,956		42,435		43,171
31411SP91	FNMA POOL # 914048		3/1/2037		81,886		86,355		86,729
31411UZT1	FNMA POOL # 915254		4/1/2037		102,373		107,960		108,428
31411VFE4	FNMA POOL # 915565		4/1/2037		100,529		104,551		106,250
31411VJR1	FNMA POOL # 915672		5/1/2037		174,114		183,616		184,413
31411VTQ2	FNMA POOL # 915959		4/1/2037		84,068		87,179		88,009
31411WVZ7	FNMA POOL # 916932		5/1/2037		31,821		32,931		33,416
31411WWC7	FNMA POOL # 916943		6/1/2037		193,589		200,343		202,881
31411WXG7	FNMA POOL # 916979		4/1/2037		84,269		87,641		89,064
31411WXL6	FNMA POOL # 916983		4/1/2037		167,321		173,703		176,373
31411WXP7	FNMA POOL # 916986		4/1/2037		1,794,461		1,807,608		1,884,388
31411WZZ3	FNMA POOL # 917060		5/1/2037		1,281,213		1,325,857		1,342,711

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
31411X3C7	FNMA POOL # 917995		5/1/2037		29,421		30,445		30,896
31411X7D1	FNMA POOL # 918092		5/1/2037		31,731		32,836		33,321
31411XMU6	FNMA POOL # 917571		4/1/2037		92,453		95,921		97,454
31411XU94	FNMA POOL # 917808		5/1/2037		71,378		75,273		75,426
31411XXG5	FNMA POOL # 917879		5/1/2037		35,760		37,051		37,436
31411YCA9	FNMA POOL # 918165		5/1/2037		1,751,713		1,767,935		1,839,497
31411YCT8	FNMA POOL # 918182		5/1/2037		1,810,426		1,823,641		1,901,153
31411YEK5	FNMA POOL # 918238		5/1/2037		11,699		12,034		12,286
31411YKM4	FNMA POOL # 918400		5/1/2037		44,107		45,691		46,174
31411YNU3	FNMA POOL # 918503		6/1/2037		120,117		123,936		126,137
31411YNW9	FNMA POOL # 918505		5/1/2037		35,672		36,959		37,601
31411YSG9	FNMA POOL # 918619		6/1/2037		48,871		50,562		51,320
31411YZX4	FNMA POOL # 918858		4/1/2037		34,161		35,145		35,872
31412DX37	FNMA POOL # 922398		1/1/2037		26,350		27,788		27,881
31412ESY3	FNMA POOL # 923135		1/1/2037		68,449		72,132		72,497
31412FK69	FNMA POOL # 923817		4/1/2037		54,861		56,616		57,610
31412FMY6	FNMA POOL # 923875		4/1/2037		1,978,928		2,086,926		2,091,160
31412HZK8	FNMA POOL # 926046		4/1/2038		77,571		80,277		81,459
31412L2N9	FNMA POOL # 928781		10/1/2037		188,667		194,116		198,122
31412LB74	FNMA POOL # 928062		2/1/2037		5,172		5,321		5,431
31412LBJ8	FNMA POOL # 928041		12/1/2036		171,172		178,018		180,913
31412LD64	FNMA POOL # 928125		3/1/2037		48,110		49,578		50,521
31412LDY3	FNMA POOL # 928119		3/1/2037		124,333		129,308		131,409
31412LEH9	FNMA POOL # 928136		2/1/2037		6,807		7,080		7,195
31412LFX3	FNMA POOL # 928182		4/1/2037		180,269		187,077		188,719
31412LKE9	FNMA POOL # 928293		5/1/2037		1,267,587		1,277,127		1,331,110
31412LQU7	FNMA POOL # 928467		7/1/2037		17,276		17,900		18,211
31412LQW3	FNMA POOL # 928469		7/1/2037		18,718		19,271		19,656
31412LQZ6	FNMA POOL # 928472		6/1/2037		12,951		13,419		13,573
31412LTN0	FNMA POOL # 928557		7/1/2037		171,875		177,867		180,489
31412MJ82	FNMA POOL # 929187		3/1/2038		1,390,755		1,432,508		1,460,451
31412MLU0	FNMA POOL # 929239		2/1/2038		307,021		315,889		322,407
31412MX29	FNMA POOL # 929597		6/1/2038		3,383		3,506		3,544
31412MYX0	FNMA POOL # 929626		6/1/2038		601,956		621,472		632,122
31412N2A3	FNMA POOL # 930569		2/1/2039		436,938		450,415		458,834
31412N2F2	FNMA POOL # 930574		2/1/2039		38,031		39,197		39,834
31412NAX4	FNMA POOL # 929822		8/1/2038		607,839		629,769		640,722
31412NEH5	FNMA POOL # 929936		9/1/2038		30,142		31,228		31,773
31412NHJ8	FNMA POOL # 930033		10/1/2038		152,812		157,161		161,078
31412NHL3	FNMA POOL # 930035		10/1/2038		314,726		324,521		330,499
31412NLN4	FNMA POOL # 930133		11/1/2038		114,007		117,475		119,720
31412NLS3	FNMA POOL # 930137		11/1/2038		251,415		258,913		264,015
31412NP83	FNMA POOL # 930247		12/1/2038		730,895		758,678		772,491
31412NQS8	FNMA POOL # 930265		12/1/2038		179,762		189,574		190,395
31412NR24	FNMA POOL # 930305		12/1/2038		345,719		358,871		365,394
31412NRG3	FNMA POOL # 930287		12/1/2038		1,246,666		1,291,563		1,305,883
31412NU38	FNMA POOL # 930402		1/1/2039		279,764		288,408		293,784
31412NU87	FNMA POOL # 930407		1/1/2039		144,627		152,393		152,899
31412NUL8	FNMA POOL # 930387		1/1/2039		2,361,957		2,439,435		2,443,444
31412NUP9	FNMA POOL # 930390		1/1/2039		2,316,877		2,393,407		2,398,431
31412NUQ7	FNMA POOL # 930391		1/1/2039		255,091		263,459		263,892
31412NUT1	FNMA POOL # 930394		1/1/2039		143,263		147,957		148,206
31412NUW4	FNMA POOL # 930397		1/1/2039		1,454,686		1,505,222		1,527,585
31412NXB7	FNMA POOL # 930474		1/1/2039		1,851,159		1,910,999		1,915,024
31412NXE1	FNMA POOL # 930477		1/1/2039		2,985,062		3,086,658		3,098,793
31412NZ33	FNMA POOL # 930562		2/1/2039		113,177		116,829		117,501
31412PF30	FNMA POOL # 930886		4/1/2039		204,883		216,066		216,602
31412PJD4	FNMA POOL # 930960		4/1/2039		61,499		63,723		64,420
31412PJF9	FNMA POOL # 930962		4/1/2039		59,295		61,364		62,112

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
31412PJQ5	FNMA POOL # 930971		4/1/2039		49,266		50,985		51,740
31412PP88	FNMA POOL # 931147		5/1/2039		336,504		346,892		348,113
31412PQF1	FNMA POOL # 931154		5/1/2039		177,835		183,325		183,970
31412PS44	FNMA POOL # 931239		5/1/2039		59,037		60,860		61,074
31412PXF3	FNMA POOL # 931378		6/1/2039		151,339		152,494		153,488
31412TL84	FNMA POOL # 934251		1/1/2039		142,078		147,203		148,812
31412TLQ4	FNMA POOL # 934235		1/1/2039		305,289		314,356		320,588
31412TM26	FNMA POOL # 934277		6/1/2038		8,467,053		8,723,890		8,869,238
31412TMZ3	FNMA POOL # 934276		6/1/2038		92,820		95,968		97,472
31412TRT2	FNMA POOL # 934398		9/1/2038		13,632		14,020		14,370
31412TXD0	FNMA POOL # 934576		10/1/2038		84,739		87,320		88,986
31412TYS6	FNMA POOL # 934621		11/1/2038		104,097		107,273		109,314
31412UPR5	FNMA POOL # 935232		5/1/2039		260,588		269,700		272,940
31412UZE3	FNMA POOL # 935541		8/1/2039		110,339		113,745		114,134
31412WP91	FNMA POOL # 937048		4/1/2037		37,869		39,236		39,918
31412X4X9	FNMA POOL # 938338		7/1/2037		326,274		344,080		345,573
31412XNM2	FNMA POOL # 937896		7/1/2037		121,785		128,432		128,692
31412XS47	FNMA POOL # 938039		7/1/2037		22,776		23,434		23,918
31412XSX3	FNMA POOL # 938034		7/1/2037		168,688		175,055		176,595
31412XZL1	FNMA POOL # 938247		7/1/2037		1,156,437		1,219,548		1,222,022
31412YCZ3	FNMA POOL # 938488		5/1/2037		17,455		17,989		18,330
31413A5E9	FNMA POOL # 940145		5/1/2037		140,472		148,138		148,507
31413AGA5	FNMA POOL # 939493		6/1/2037		3,596		3,699		3,776
31413AH22	FNMA POOL # 939549		7/1/2037		34,752		36,007		36,381
31413BGG0	FNMA POOL # 940399		6/1/2037		195,405		206,069		206,964
31413BGL9	FNMA POOL # 940403		6/1/2037		5,231		5,379		5,514
31413BP39	FNMA POOL # 940642		8/1/2037		349,520		368,596		370,194
31413BSE2	FNMA POOL # 940717		10/1/2037		573,938		605,262		607,886
31413BWA5	FNMA POOL # 940841		8/1/2037		1,173		1,209		1,232
31413CLH0	FNMA POOL # 941428		7/1/2037		8,044,528		8,331,682		8,504,675
31413D2T3	FNMA POOL # 942786		8/1/2037		2,049,804		2,160,084		2,171,049
31413D6C6	FNMA POOL # 942867		8/1/2037		17,223		18,163		18,241
31413DBH9	FNMA POOL # 942040		7/1/2037		773,093		814,693		816,938
31413DHR1	FNMA POOL # 942240		7/1/2037		711,453		750,280		752,148
31413DJ40	FNMA POOL # 942283		8/1/2037		117,695		124,027		124,656
31413DK97	FNMA POOL # 942320		8/1/2037		555,361		585,670		588,210
31413DLM7	FNMA POOL # 942332		8/1/2037		118,103		122,188		124,021
31413DT23	FNMA POOL # 942569		8/1/2037		422,396		445,141		447,380
31413EBT1	FNMA POOL # 942950		9/1/2037		2,775,467		2,924,798		2,939,633
31413ECR4	FNMA POOL # 942980		9/1/2037		158,532		167,184		167,909
31413FGZ9	FNMA POOL # 944016		8/1/2037		3,929		4,041		4,142
31413H2P2	FNMA POOL # 946382		9/1/2037		544,759		574,490		575,919
31413H7A0	FNMA POOL # 946489		9/1/2037		67,191		70,858		71,166
31413HU71	FNMA POOL # 946206		9/1/2037		408,821		431,133		433,002
31413HW38	FNMA POOL # 946266		9/1/2037		7,922		8,208		8,351
31413JCR3	FNMA POOL # 946580		9/1/2037		424,757		447,939		449,053
31413JUX0	FNMA POOL # 947098		10/1/2037		6,507,890		6,863,074		6,892,827
31413KHV6	FNMA POOL # 947644		10/1/2037		667,415		703,292		706,893
31413KY70	FNMA POOL # 948134		11/1/2037		131,161		138,320		138,919
31413LNN5	FNMA POOL # 948697		8/1/2037		3,812,656		3,944,311		4,031,619
31413LUD9	FNMA POOL # 948880		9/1/2037		75,182		79,285		79,629
31413NY66	FNMA POOL # 950833		11/1/2037		7,264,564		7,550,774		7,680,097
31413R2P0	FNMA POOL # 953582		12/1/2037		9,063,211		9,553,394		9,581,626
31413RE77	FNMA POOL # 952958		10/1/2037		267,908		282,529		283,754
31413RU79	FNMA POOL # 953406		11/1/2037		53,125		54,977		55,787
31413SA20	FNMA POOL # 953725		11/1/2037		1,058,446		1,115,421		1,121,052
31413SCQ5	FNMA POOL # 953779		11/1/2037		429,420		452,856		454,820
31413SDR2	FNMA POOL # 953812		12/1/2037		623,152		656,713		660,011
31413TPF3	FNMA POOL # 955022		9/1/2037		25,417		26,334		26,637

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
31413TUR1	FNMA POOL # 955192		11/1/2037		135,894		143,311		143,932
31413UQX0	FNMA POOL # 955970		10/1/2037		296,134		312,296		313,650
31413USF7	FNMA POOL # 956018		11/1/2037		776,546		801,910		820,587
31413YLZ2	FNMA POOL # 959444		12/1/2037		322,274		339,614		340,552
31413YNC1	FNMA POOL # 959487		12/1/2037		21,202		21,967		22,349
31414BNQ9	FNMA POOL # 961299		1/1/2038		305,244		314,044		320,541
31414BVF4	FNMA POOL # 961514		2/1/2038		35,331		36,562		37,102
31414CEG9	FNMA POOL # 961935		3/1/2038		207,672		213,664		218,079
31414CJH2	FNMA POOL # 962064		3/1/2038		1,469,160		1,520,456		1,538,946
31414CJK5	FNMA POOL # 962066		3/1/2038		826,845		856,730		866,120
31414CLB2	FNMA POOL # 962122		3/1/2038		52,463		54,294		54,955
31414CXE3	FNMA POOL # 962477		4/1/2038		16,111		16,693		16,884
31414CYF9	FNMA POOL # 962510		4/1/2038		232,970		240,097		244,645
31414CZ35	FNMA POOL # 962562		4/1/2038		218,865		225,559		229,833
31414DAG1	FNMA POOL # 962707		4/1/2038		18,728		19,404		19,618
31414DDA1	FNMA POOL # 962797		4/1/2038		144,983		149,305		152,248
31414DT48	FNMA POOL # 963271		5/1/2038		168,123		174,517		177,691
31414DV45	FNMA POOL # 963335		5/1/2038		437,853		461,423		463,752
31414E5L4	FNMA POOL # 964451		7/1/2038		29,066		30,171		30,720
31414E5M2	FNMA POOL # 964452		7/1/2038		369,286		382,611		389,264
31414E5W0	FNMA POOL # 964461		7/1/2038		61,026		63,069		64,084
31414EAG9	FNMA POOL # 963607		6/1/2038		6,663		6,867		6,997
31414EBW3	FNMA POOL # 963653		6/1/2038		13,928		14,424		14,590
31414EHC1	FNMA POOL # 963827		6/1/2038		34,083		35,314		35,702
31414EHG2	FNMA POOL # 963831		6/1/2038		16,403		17,026		17,336
31414EHJ6	FNMA POOL # 963833		6/1/2038		16,489		17,084		17,272
31414EMG6	FNMA POOL # 963959		7/1/2038		20,806		21,597		21,990
31414ENN0	FNMA POOL # 963997		6/1/2038		72,913		75,547		76,376
31414EV84	FNMA POOL # 964239		7/1/2038		98,174		101,022		103,093
31414FKA8	FNMA POOL # 964789		8/1/2038		1,447,900		1,525,775		1,533,542
31414FMQ1	FNMA POOL # 964867		8/1/2038		567,641		598,624		599,656
31414FPP0	FNMA POOL # 964930		8/1/2038		6,761		6,957		7,100
31414FQA2	FNMA POOL # 964949		8/1/2038		1,553,727		1,638,531		1,641,357
31414FUR0	FNMA POOL # 965092		9/1/2038		26,395		27,159		27,718
31414HDG9	FNMA POOL # 966403		12/1/2037		1,954		2,010		2,052
31414HFC6	FNMA POOL # 966463		1/1/2038		259,073		273,004		274,396
31414HKV8	FNMA POOL # 966608		2/1/2038		3,612		3,717		3,793
31414KJQ4	FNMA POOL # 968371		9/1/2038		16,394		16,891		17,215
31414LZL5	FNMA POOL # 969747		2/1/2038		2,316,661		2,443,104		2,447,321
31414M7A8	FNMA POOL # 970789		11/1/2038		159,586		164,343		167,584
31414MHG4	FNMA POOL # 970131		3/1/2038		10,975		11,292		11,525
31414MXJ0	FNMA POOL # 970581		10/1/2038		6,261		6,442		6,575
31414MXU5	FNMA POOL # 970591		10/1/2038		557,963		577,384		585,924
31414MYF7	FNMA POOL # 970610		10/1/2038		165,669		171,445		173,971
31414NCH5	FNMA POOL # 970872		12/1/2038		3,476,110		3,641,142		3,672,163
31414NCL6	FNMA POOL # 970875		12/1/2038		278,759		287,056		292,729
31414NH31	FNMA POOL # 971050		2/1/2039		2,853,803		2,947,049		2,962,856
31414NH49	FNMA POOL # 971051		2/1/2039		3,742,839		3,865,554		3,880,016
31414NHX5	FNMA POOL # 971046		1/1/2039		175,305		180,525		184,090
31414NHY3	FNMA POOL # 971047		1/1/2039		1,809,258		1,879,426		1,895,198
31414NHZ0	FNMA POOL # 971048		1/1/2039		1,792,475		1,862,048		1,877,617
31414PNQ8	FNMA POOL # 972099		2/1/2038		21,246		22,012		22,283
31414QAF4	FNMA POOL # 972606		4/1/2038		154,553		159,272		162,298
31414QZK6	FNMA POOL # 973346		2/1/2038		16,680		17,282		17,583
31414RLM5	FNMA POOL # 973832		3/1/2038		192,816		200,152		203,789
31414RLP8	FNMA POOL # 973834		3/1/2038		72,870		75,253		76,812
31414RNK7	FNMA POOL # 973894		3/1/2038		84,169		86,745		88,387
31414RQR9	FNMA POOL # 973964		5/1/2038		16,616		17,217		17,405
31414STX1	FNMA POOL # 974966		4/1/2038		158,796		164,341		166,339

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
31414SX57	FNMA POOL # 975100		6/1/2038		233,740		241,050		245,454
31414TBX8	FNMA POOL # 975354		5/1/2038		195,065		205,712		206,603
31414TNK3	FNMA POOL # 975694		8/1/2038		550,437		569,634		578,022
31414TRX1	FNMA POOL # 975802		4/1/2038		89,271		91,850		93,745
31414TSG7	FNMA POOL # 975819		4/1/2038		45,856		47,457		48,154
31414U3X4	FNMA POOL # 977014		5/1/2038		21,692		22,319		22,744
31414U4V7	FNMA POOL # 977036		5/1/2038		180,061		185,268		189,085
31414XW24	FNMA POOL # 979565		10/1/2038		15,166		15,742		16,029
31414XWJ7	FNMA POOL # 979549		10/1/2038		305,096		314,156		320,385
31415A4A6	FNMA POOL # 981517		7/1/2038		935		963		982
31415AUQ2	FNMA POOL # 981291		6/1/2038		24,995		25,718		26,248
31415AV32	FNMA POOL # 981334		7/1/2038		20,530		21,272		21,641
31415AV57	FNMA POOL # 981336		7/1/2038		188,563		194,379		198,012
31415AVE8	FNMA POOL # 981313		6/1/2038		13,341		13,750		14,009
31415BCB3	FNMA POOL # 981666		6/1/2038		65,051		67,398		68,570
31415BHZ5	FNMA POOL # 981848		6/1/2038		15,192		15,740		15,913
31415BKW8	FNMA POOL # 981909		6/1/2038		13,829		14,355		14,616
31415BKX6	FNMA POOL # 981910		6/1/2038		430,053		445,593		453,318
31415BP86	FNMA POOL # 982047		5/1/2038		17,669		18,307		18,625
31415BP94	FNMA POOL # 982048		5/1/2038		405,733		419,848		425,005
31415BQA0	FNMA POOL # 982049		5/1/2038		396,530		410,370		415,365
31415BQG7	FNMA POOL # 982055		5/1/2038		369,958		382,860		387,531
31415CPY7	FNMA POOL # 982939		10/1/2038		603,259		635,631		638,942
31415LAC1	FNMA POOL # 983003		5/1/2038		3,842		3,953		4,035
31415LCT2	FNMA POOL # 983082		5/1/2038		121,743		126,131		127,526
31415LNZ6	FNMA POOL # 983408		6/1/2038		86,324		89,605		90,994
31415MAH8	FNMA POOL # 983908		6/1/2038		38,503		39,894		40,332
31415MDW2	FNMA POOL # 984017		6/1/2038		27,472		28,517		29,036
31415MP74	FNMA POOL # 984346		5/1/2038		2,096		2,157		2,201
31415MPA7	FNMA POOL # 984317		5/1/2038		21,242		21,856		22,307
31415MSJ5	FNMA POOL # 984421		6/1/2038		108,942		112,748		114,401
31415PKV9	FNMA POOL # 985108		7/1/2038		12,288		12,645		12,903
31415PKW7	FNMA POOL # 985109		7/1/2038		39,189		40,681		41,420
31415PKX5	FNMA POOL # 985110		7/1/2038		200,760		208,016		210,296
31415PL30	FNMA POOL # 985146		9/1/2038		10,435		10,832		10,930
31415PM88	FNMA POOL # 985183		8/1/2038		14,983		15,525		15,695
31415PNP9	FNMA POOL # 985198		6/1/2038		448,396		472,870		473,686
31415PYL6	FNMA POOL # 985515		6/1/2038		42,817		44,055		44,963
31415PYM4	FNMA POOL # 985516		6/1/2038		618,673		637,597		649,677
31415PYN2	FNMA POOL # 985517		6/1/2038		103,974		107,159		109,185
31415Q2V7	FNMA POOL # 986488		8/1/2038		365,970		385,612		387,617
31415R3X0	FNMA POOL # 987414		7/1/2038		1,700		1,749		1,785
31415RE91	FNMA POOL # 986760		7/1/2038		69,206		71,327		72,674
31415RFA7	FNMA POOL # 986761		7/1/2038		1,391,471		1,413,160		1,461,202
31415RLS1	FNMA POOL # 986937		9/1/2038		163,544		169,236		171,739
31415RPR9	FNMA POOL # 987032		8/1/2038		10,832		11,146		11,375
31415RPT5	FNMA POOL # 987034		8/1/2038		24,810		25,706		25,988
31415RRS5	FNMA POOL # 987097		9/1/2038		678,213		715,231		718,328
31415SK43	FNMA POOL # 987815		9/1/2038		920		947		966
31415SPF3	FNMA POOL # 987922		11/1/2038		586,958		618,997		620,063
31415SPX4	FNMA POOL # 987938		12/1/2038		110,619		116,658		116,858
31415SWQ1	FNMA POOL # 988155		11/1/2038		83,722		86,146		87,917
31415TFD7	FNMA POOL # 988564		8/1/2038		140,603		145,156		147,649
31415TFQ8	FNMA POOL # 988575		8/1/2038		137,483		141,993		144,373
31415UZG5	FNMA POOL # 990043		9/1/2038		49,047		50,725		51,505
31415VAH8	FNMA POOL # 990208		9/1/2038		2,359,450		2,488,232		2,492,523
31415VCH6	FNMA POOL # 990272		10/1/2038		1,527,162		1,610,521		1,613,294
31415VP58	FNMA POOL # 990644		9/1/2038		28,010		28,824		29,414
31415VP66	FNMA POOL # 990645		9/1/2038		40,033		41,424		42,040

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
31415VP74	FNMA POOL # 990646		9/1/2038		53,911		55,734		56,612
31415VYV1	FNMA POOL # 990924		9/1/2038		28,539		29,530		29,969
31415VZW8	FNMA POOL # 990957		9/1/2023		587,105		574,366		616,028
31415WAD5	FNMA POOL # 991104		12/1/2038		629,088		653,017		664,890
31415WAK9	FNMA POOL # 991110		12/1/2038		689,548		727,187		730,335
31415WBC6	FNMA POOL # 991135		10/1/2038		219,607		231,594		232,596
31415WC27	FNMA POOL # 991189		9/1/2038		518,133		546,414		547,356
31415WN90	FNMA POOL # 991516		11/1/2038		297,835		306,316		313,947
31415WNC3	FNMA POOL # 991487		10/1/2038		22,627		23,417		23,761
31415WPM9	FNMA POOL # 991528		11/1/2038		677,002		713,954		715,185
31415XEM9	FNMA POOL # 992140		10/1/2038		579,342		597,011		608,375
31415XEN7	FNMA POOL # 992141		10/1/2038		1,639,403		1,698,108		1,736,372
31415XJM4	FNMA POOL # 992268		11/1/2038		329,817		339,640		346,345
31415XS28	FNMA POOL # 992537		11/1/2038		200,205		205,895		211,036
31415XS51	FNMA POOL # 992540		11/1/2038		115,849		119,138		122,116
31415XSZ5	FNMA POOL # 992536		11/1/2038		104,190		107,362		109,411
31415YEX3	FNMA POOL # 993050		12/1/2038		5,680		5,845		5,965
31415YFV6	FNMA POOL # 993080		12/1/2038		197,164		204,665		208,385
31415YG78	FNMA POOL # 993122		1/1/2039		546,552		567,344		572,513
31415YG86	FNMA POOL # 993123		1/1/2039		273,563		283,450		286,530
31415YZM4	FNMA POOL # 993648		12/1/2038		125,046		130,051		132,162
31416A2A7	FNMA POOL # 994569		1/1/2039		27,891		28,687		29,213
31416A7B0	FNMA POOL # 994690		2/1/2039		92,554		95,411		95,946
31416AHJ2	FNMA POOL # 994033		1/1/2039		194,235		201,642		203,442
31416ARW2	FNMA POOL # 994301		1/1/2039		154,667		160,650		161,998
31416ASV3	FNMA POOL # 994332		1/1/2039		344,960		363,790		364,416
31416BB80	FNMA POOL # 994763		11/1/2038		925,450		975,963		977,645
31416BHR2	FNMA POOL # 994940		10/1/2038		1,108,847		1,147,484		1,162,959
31416BMS4	FNMA POOL # 995069		10/1/2038		2,435,210		2,566,316		2,579,251
31416H2S3	FNMA POOL # AA0784		4/1/2039		105,747		109,012		109,623
31416H5E1	FNMA POOL # AA0844		12/1/2038		5,622,406		5,835,553		5,889,470
31416H5F8	FNMA POOL # AA0845		1/1/2039		4,660,240		4,837,124		4,925,456
31416H5G6	FNMA POOL # AA0846		1/1/2039		1,253,265		1,298,264		1,312,795
31416H5L5	FNMA POOL # AA0850		12/1/2038		323,853		341,531		342,118
31416H6M2	FNMA POOL # AA0875		1/1/2039		1,151,100		1,194,741		1,216,610
31416H6S9	FNMA POOL # AA0880		1/1/2039		168,475		174,525		176,477
31416HGM1	FNMA POOL # AA0203		1/1/2039		47,854		49,580		50,123
31416HKQ7	FNMA POOL # AA0302		1/1/2039		309,885		321,718		324,574
31416HLE3	FNMA POOL # AA0324		2/1/2039		33,858		34,824		35,462
31416HLF0	FNMA POOL # AA0325		3/1/2039		92,094		94,921		96,469
31416HTH8	FNMA POOL # AA0551		1/1/2039		32,724		34,510		34,570
31416HXW0	FNMA POOL # AA0692		12/1/2038		170,828		177,343		180,069
31416HZX6	FNMA POOL # AA0757		3/1/2039		62,366		64,622		65,322
31416J4P3	FNMA POOL # AA1729		1/1/2039		5,664,301		5,879,505		5,986,659
31416J4Y4	FNMA POOL # AA1738		1/1/2039		902,220		951,468		953,105
31416JBK6	FNMA POOL # AA0941		12/1/2038		1,648,042		1,705,290		1,726,323
31416JH20	FNMA POOL # AA1148		1/1/2039		176,635		183,347		186,687
31416JH38	FNMA POOL # AA1149		1/1/2039		98,365		101,913		103,038
31416JS93	FNMA POOL # AA1443		1/1/2039		101,021		104,666		105,809
31416JYC9	FNMA POOL # AA1606		1/1/2039		156,477		162,092		163,910
31416JYD7	FNMA POOL # AA1607		1/1/2039		483,560		501,930		511,080
31416JZM6	FNMA POOL # AA1647		2/1/2039		5,021,732		5,187,491		5,194,982
31416JZV6	FNMA POOL # AA1655		2/1/2039		97,746		101,277		102,379
31416KA32	FNMA POOL # AA1825		1/1/2039		142,949		148,473		149,724
31416KA40	FNMA POOL # AA1826		1/1/2039		187,001		194,142		195,865
31416KA73	FNMA POOL # AA1829		1/1/2039		34,372		36,248		36,307
31416KD47	FNMA POOL # AA1922		1/1/2039		451,551		469,606		477,249
31416KEB0	FNMA POOL # AA1929		1/1/2039		351,669		370,865		371,503
31416KEG9	FNMA POOL # AA1934		1/1/2039		693,850		720,253		731,385

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
31416KEQ7	FNMA POOL # AA1942		1/1/2039		159,559		164,434		167,555
31416KG36	FNMA POOL # AA2017		1/1/2039		42,886		44,437		44,919
31416KHA9	FNMA POOL # AA2024		1/1/2039		81,599		84,543		85,475
31416KHH4	FNMA POOL # AA2031		1/1/2039		35,105		37,021		37,084
31416KHU5	FNMA POOL # AA2042		2/1/2039		82,048		84,581		85,055
31416KHX9	FNMA POOL # AA2045		2/1/2039		55,718		57,735		58,359
31416KNC8	FNMA POOL # AA2186		2/1/2039		24,917		25,628		26,098
31416L2D7	FNMA POOL # AA3471		3/1/2039		147,925		153,271		154,952
31416LGF7	FNMA POOL # AA2897		3/1/2039		54,453		56,418		57,039
31416LJE7	FNMA POOL # AA2960		4/1/2039		79,036		81,793		82,782
31416LLK0	FNMA POOL # AA3029		3/1/2039		86,528		89,200		89,700
31416LTW6	FNMA POOL # AA3264		2/1/2039		113,358		116,835		118,742
31416M5A8	FNMA POOL # AA4440		3/1/2039		12,523,449		12,919,055		12,953,088
31416MR48	FNMA POOL # AA4106		7/1/2039		104,846		108,083		108,453
31416NKL5	FNMA POOL # AA4798		3/1/2039		90,086		93,348		94,365
31416NUH3	FNMA POOL # AA5083		4/1/2039		41,763		43,052		43,293
31416NYM8	FNMA POOL # AA5215		3/1/2039		77,226		79,932		80,894
31416PK89	FNMA POOL # AA5718		4/1/2039		55,304		57,011		57,331
31416PK97	FNMA POOL # AA5719		4/1/2039		70,199		72,740		73,533
31416PZA8	FNMA POOL # AA6136		5/1/2039		67,261		69,338		69,582
31416PZR1	FNMA POOL # AA6151		5/1/2039		78,300		80,827		80,994
31416QCU7	FNMA POOL # AA6382		6/1/2039		35,382		36,474		36,603
31416QJZ9	FNMA POOL # AA6579		5/1/2039		110,615		114,185		114,420
31416QTH8	FNMA POOL # AA6851		5/1/2039		102,639		105,951		106,170
31416QV51	FNMA POOL # AA6935		8/1/2039		44,414		44,753		45,045
31416QV77	FNMA POOL # AA6937		9/1/2039		92,883		95,750		96,078
31416QVS1	FNMA POOL # AA6924		8/1/2024		7,441,962		7,576,611		7,715,753
31416QYY5	FNMA POOL # AA7026		6/1/2039		592,592		604,218		612,889
31416RQ89	FNMA POOL # AA7678		6/1/2039		991,799		1,011,976		1,025,768
31416S6B2	FNMA POOL # AA8965		7/1/2039		124,397		125,347		126,164
31416SD40	FNMA POOL # AA8222		7/1/2039		132,080		133,088		133,955
31416SED9	FNMA POOL # AA8231		7/1/2039		102,381		105,686		105,903
31416SEE7	FNMA POOL # AA8232		7/1/2039		106,017		109,290		109,664
31416SFL0	FNMA POOL # AA8270		7/1/2039		67,235		67,675		68,190
31416SLA7	FNMA POOL # AA8420		6/1/2039		71,976		72,525		72,998
31416SLC3	FNMA POOL # AA8422		6/1/2039		149,482		150,623		151,605
31416SVB4	FNMA POOL # AA8709		6/1/2039		1,386,343		1,413,670		1,433,508
31416SWL1	FNMA POOL # AA8750		7/1/2039		987,035		1,004,819		1,020,615
31416T7K9	FNMA POOL # AA9897		7/1/2039		70,002		70,536		70,996
31416TAG4	FNMA POOL # AA9006		7/1/2039		110,766		111,611		112,339
31416TAL3	FNMA POOL # AA9010		7/1/2039		105,087		108,478		108,702
31416TAM1	FNMA POOL # AA9011		7/1/2039		84,055		86,650		86,946
31416TE39	FNMA POOL # AA9153		8/1/2039		71,650		72,197		72,668
31416TE47	FNMA POOL # AA9154		8/1/2039		123,428		124,235		125,180
31416TEE5	FNMA POOL # AA9132		8/1/2039		130,742		131,740		132,598
31416TEF2	FNMA POOL # AA9133		8/1/2039		127,848		128,684		129,729
31416TEP0	FNMA POOL # AA9141		8/1/2039		102,782		106,100		106,318
31416TEQ8	FNMA POOL # AA9142		8/1/2039		102,522		105,687		106,049
31416TF46	FNMA POOL # AA9186		8/1/2039		91,925		94,763		95,088
31416TFQ7	FNMA POOL # AA9174		8/1/2039		68,684		69,209		69,660
31416TKG3	FNMA POOL # AA9294		6/1/2039		108,787		112,298		112,540
31416TKJ7	FNMA POOL # AA9296		6/1/2039		119,014		122,689		123,120
31416UDB9	FNMA POOL # AA9997		8/1/2039		33,506		34,587		34,659
31417J2B5	FNMA POOL # AC0769		9/1/2039		68,729		71,328		71,083
31417JSB7	FNMA POOL # AC0513		7/1/2039		38,150		38,399		38,691
31417JYM6	FNMA POOL # AC0715		9/1/2024		8,464,206		8,617,361		8,775,605
31417JYR5	FNMA POOL # AC0719		8/1/2039		82,008		82,633		83,172
31417KAZ0	FNMA POOL # AC0923		7/1/2039		42,497		42,822		43,101
31417LLG8	FNMA POOL # AC2126		8/1/2039		66,181		68,224		68,457

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
31417LLX1	FNMA POOL # AC2141		7/1/2039		203,062		209,616		210,068
31417LLY9	FNMA POOL # AC2142		7/1/2039		135,676		139,864		140,356
31417LPJ8	FNMA POOL # AC2224		8/1/2039		42,006		43,303		43,451
31417LX42	FNMA POOL # AC2498		8/1/2039		53,183		54,825		55,013
31417MF81	FNMA POOL # AC2890		9/1/2039		25,746		26,675		26,628
31417MFB4	FNMA POOL # AC2861		8/1/2039		242,225		243,809		245,664
31417MPN7	FNMA POOL # AC3128		9/1/2039		114,167		118,484		118,077
31417MQK2	FNMA POOL # AC3157		10/1/2039		80,230		83,126		82,978
31417MQT3	FNMA POOL # AC3165		10/1/2039		77,941		80,888		80,610
31417MSZ7	FNMA POOL # AC3235		9/1/2039		600,000		618,897		620,640
31417MTC7	FNMA POOL # AC3246		9/1/2039		400,000		403,677		405,680
31417MTD5	FNMA POOL # AC3247		10/1/2039		700,000		705,888		709,940
31417MU68	FNMA POOL # AC3304		10/1/2039		700,000		722,047		724,080
31417MVC4	FNMA POOL # AC3310		10/1/2039		300,000		302,757		304,260
31417MVD2	FNMA POOL # AC3311		10/1/2039		700,000		705,888		709,940
31417MVJ9	FNMA POOL # AC3316		10/1/2039		939,163		970,674		971,470
31417MWB5	FNMA POOL # AC3341		8/1/2039		36,078		37,243		37,319
31417NB83	FNMA POOL # AC3662		10/1/2039		585,452		606,583		605,504
31417NRJ2	FNMA POOL # AC4088		8/1/2039		45,958		46,309		46,610
31417NRQ6	FNMA POOL # AC4094		8/1/2039		43,664		45,012		45,167
31421AAU7	FNMA POOL # MC0018		12/1/2038		4,805		4,988		5,033
31428XAQ9	FEDERAL EXPRESS CORP CORP BND		1/15/2014		1,000,000		1,067,714		1,130,915
32029GAB0	FFML ABS 07-FF2 A2A		3/25/2037		43,293		43,293		33,413
32052DAG6	FHAMS06-FA8 CMO 06-FA8 1A7		2/25/2037		10,577,766		7,755,693		7,450,978
33736XAB5	FIRST UNION NAT BANK CMBS00-C1 A2		5/17/2032		368,522		365,397		373,586
33736XAX7	FIRST UNION NAT BANK CMBS00-C2 A2		10/15/2032		423,399		427,055		435,330
34528XAG4	FORDO ABS08-C A4B		4/15/2013		14,000,000		13,213,342		14,374,500
34529GAF2	FORDO09-D ABS 09-D A3		10/15/2013		32,000,000		31,996,281		32,191,360
346604FJ5	FORSYTH CNTY GA SCH DIST MUNI BND GO		2/1/2020		1,430,000		1,370,723		1,593,606
349545C76	FORT ZUMWALT MO SCH DIST MUNI BND GO		3/1/2020		2,245,000		2,182,030		2,544,169
35177PAK3	FRANCE TELECOM CORP BND		3/1/2011		47,975,000		51,238,580		51,975,476
36158YDC0	GECMC CMBS01-3 A1		6/10/2038		125,269		121,058		128,022
36158YEK1	GECMC CMBS02-1A A2		12/10/2035		174,686		172,903		170,756
36158YFT1	GECCMC02-2 CMBS 02-2A		8/11/2036		24,929,000		24,999,857		25,790,807
36159JBD2	GEMNT ABS 07-3 AI		6/15/2013		981,000		981,000		973,790
361849ZS4	GMACC CMBS03-C3 A3		4/10/2040		500,000		491,185		508,313
36186CBF9	GMAC LLC — (LT) GTD CORP BND		12/19/2012		5,000,000		4,992,737		5,065,250
36206XC43	GNMA POOL # 424091		5/15/2031		2,802		2,903		3,081
3620A5MW6	GNMA POOL # 719573		9/15/2039		2,259,682		2,341,417		2,343,290
3620A8NA7	GNMA POOL # 722285		9/15/2039		1,833,243		1,899,547		1,901,073
3620A9SC6	GNMA POOL # 723315		9/15/2039		1,391,521		1,406,286		1,414,899
3620A9ST9	GNMA POOL # 723330		9/15/2039		3,009,000		3,117,012		3,120,333
3620A9SW2	GNMA POOL # 723333		9/15/2039		508,479		513,874		517,021
3620AC3E2	GNMA POOL # 726297		9/15/2039		1,000,000		1,029,731		1,037,000
3620AC3F9	GNMA POOL # 726298		9/15/2039		3,000,000		3,097,052		3,108,938
36212PPP1	GNMA POOL # 539630		4/15/2031		14,098		14,599		15,502
36212U5G2	GNMA POOL # 544547		5/15/2031		21,714		22,491		23,876
36213GCV1	GNMA POOL # 553684		4/15/2031		33,095		34,278		36,391
36213HGU7	GNMA POOL # 554711		3/15/2031		1,769		1,832		1,945
36213LGR5	GNMA POOL # 557408		5/15/2031		8,249		8,545		9,071
36225DM43	GNMA POOL # 081278		3/20/2035		14,525,386		13,784,858		14,308,357
36228CVQ3	GSMS CMBS05-GG4 A3		7/10/2039		500,000		486,291		469,412
36241KV39	GNMA POOL # 782434		8/15/2038		12,535,015		11,738,030		12,745,604
36241KV47	GNMA POOL # 782435		9/15/2038		8,691,890		8,139,651		8,837,914
36241KWA2	GNMA POOL # 782441		10/15/2038		6,195,951		5,802,269		6,300,043
36295QK82	GNMA POOL # 677219		8/15/2038		5,452,920		5,269,424		5,653,706
36295QLF5	GNMA POOL # 677226		8/15/2038		235,662		243,378		249,006
36295QPB0	GNMA POOL # 677318		9/15/2038		324,513		335,140		342,888
36296JCV5	GNMA POOL # 692284		8/15/2039		1,997,748		2,062,050		2,071,664

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date			Par		Book Value $		Fair Value $
36297CTE9	GNMA POOL # 708049		9/15/2039			444,774		460,858		461,231
36297CTF6	GNMA POOL # 708050		9/15/2039			200,343		207,588		207,756
36297CTG4	GNMA POOL # 708051		9/15/2039			642,866		666,112		666,652
36297KCC3	GNMA POOL # 713867		9/15/2039			2,619,092		2,713,820		2,715,998
365653GZ1	GARFIELD CNTY COLO SCH DIST NO MUNI BND GO		12/1/2020			1,610,000		1,540,351		1,837,107
36828QQE9	GE CAPITAL COMM MTG CORP SENIOR CMBS 05-C4		11/10/2045			25,000,000		25,051,788		24,162,434
369550AK4	GENERAL DYNAMICS CORPORATION CORP BND		5/15/2013			1,250,000		1,186,496		1,311,144
369604BC6	GE CAPITAL CORP CORP BND		12/6/2017			8,750,000		8,632,435		9,008,380
36962G2H6	GE CAPITAL CORP CORP BND		3/12/2010			157,000		157,000		156,989
36962G2J2	GE CAPITAL CORP CORP BND		3/12/2010			1,341,000		1,341,000		1,341,268
36962G3Q5	GE CAPITAL CORP CORP BND		2/1/2011			1,105,000		1,103,942		1,100,226
36962G4C5	GE CAPITAL CORP CORP BND		5/13/2014			2,600,000		2,597,307		2,804,058
36962GT38	GE CAPITAL CORP CORP BND		11/15/2011			275,000		280,832		289,920
36962GX25	GE CAPITAL CORP SENIOR CORP BND		1/15/2010			556,000		556,029		555,833
36962GX90	GE CAPITAL CORP CORP BND		3/12/2010			654,000		654,054		653,869
36962GXS8	GENERAL ELEC CAP CO CORP BND		2/15/2012			55,000		53,111		58,741
36962GY99	GE CAPITAL CORP SENIOR CORP BND		10/26/2009			1,799,000		1,799,000		1,798,603
36962GYY4	GENERAL ELEC CAP CO CORP BND		6/15/2012			16,300,000		15,718,375		17,501,032
36967HAD9	GENERAL ELECTRIC CAPITAL CORPO CORP BND GOVT GUAR		12/9/2011			20,200,000		20,172,404		20,935,482
36967HAH0	GENERAL ELECTRIC CAPITAL CORPO CORP BND		6/8/2012			35,000,000		35,200,781		35,575,400
36967HAN7	GENERAL ELECTRIC CAPITAL CORPO CORP BND		3/12/2012			1,750,000		1,749,425		1,782,445
36967HAZ0	GENERAL ELECTRIC CAPITAL CORPO CORP BND MTNG		12/5/2012			4,000,000		3,994,687		4,079,600
370334BG8	GENERAL MILLS INC. SENIOR CORP BND		8/15/2013			9,075,000		9,338,018		9,861,192
370334BH6	GENERAL MILLS INC. CORP BND		2/15/2019			2,000,000		2,021,362		2,161,780
373334FN6	GEORGIA POWER COMPANY CORP BND		11/15/2012			1,250,000		1,246,272		1,358,062
373384GS9	GEORGIA ST MUNI BND GO		7/1/2016			5,000,000		5,308,825		5,936,000
377372AC1	GLAXOSK CAP INC CORP BND		5/15/2013			14,603,000		15,075,290		15,669,058
38141EA25	GOLDMAN SACHS GROUP INC CORP BND		2/15/2019			4,000,000		4,156,997		4,576,868
38405JAD1	GMFM WHOLE CMO 06-1 A4 144A		11/20/2056			201,976		201,976		200,682
38405JCD9	GMFM ABS 07-1A 2A1 144A		11/20/2056			1,320,225		1,320,225		1,265,462
385244HG6	GRAND BLANC MICH CMNTY SCHS MUNI BND GO		5/1/2020	��		1,000,000		962,248		1,092,810
38741QAC0	GRAN ABS 03-2 1A3		7/20/2043			120,826		120,826		100,890
38741SAF9	GRAN ABS 04-3 2A1		9/20/2044			50,332		50,332		41,272
38741YBJ7	GRANM WHOLE CMO 06-1A 144A		12/20/2054			445,077		306,750		369,414
38741YCD9	GRANM GRANM 06-3 A7		12/20/2054			36,473,099		25,067,939		30,272,672
38741YDB2	GRANM ABS 06-4 A4		12/20/2054			248,017		248,017		212,055
38741YDF3	GRANM ABS 07-1 2A1		12/20/2054			276,466		276,466		223,938
396789EM7	GCCFC SENIOR CMBS 03-C1 144A		7/5/2035			8,733,631		60,696		119,130
396789EQ8	GCCFC CMBS03-C2 A2		1/5/2036			281,421		278,227		279,299
396789FH7	GCCFC SENIOR CMBS 03-C2 144A		1/5/2036			22,544,329		137,015		178,100
396789JS9	GCCFC CMBS05-GG3 A3		8/10/2042			500,000		498,191		481,651
396789LL1	GCCFC SENIOR CMBS 05-GG5		4/10/2037			37,000,000		36,893,825		34,200,142
40411EAB4	BANK OF SCOTLAND PLC CORP BND 144A		2/21/2017			2,000,000		1,758,320		1,950,500
4041A0CL0	BANK OF SCOTLAND CORP BND 144A		6/11/2010			1,308,000		1,308,000		1,280,401
4041A0CN6	HBOS PLC CORP BND 144A		6/18/2010			621,000		621,000		611,685
40429CAA0	HOUSEHOLD FINANCE CORPORATION CORP BND		5/15/2011			18,000,000		18,372,644		18,983,166
40429CFT4	HSBC FINANCE CORP SENIOR CORP BND		10/21/2009			719,000		719,000		719,007
40429CFQ0	HSBC FINANCE CORP SENIOR CORP BND		6/1/2011			33,260,000		33,431,543		34,728,485
40429CFX5	HSBC FINANCE CORP SENIOR CORP BND		3/12/2010			294,000		294,000		293,021
4042EPAA5	HSBC USA INC — GTD CORP BND GOVT GUAR		12/16/2011			10,500,000		10,495,544		10,919,580
40431HAJ6	HALO CMO 06-2 1A9		12/25/2036			6,559,653		1,542,545		2,337,860
406036EP4	HALL CNTY NEB SCH DIST NO 2 GR MUNI BND GO		12/15/2019			1,080,000		1,047,544		1,204,243
407288NT2	HAMILTON CNTY OHIO MUNI BND REV		12/1/2010			1,000,000		1,019,193		1,049,660
41162NAC1	HVMLT 06-14-2A1A		2/19/2037			5,976,345		2,915,118		2,830,625
4140033N1	HARRIS CNTY TEX MUNI BND GO		8/15/2011			8,140,000		7,581,221		8,009,353
4197804K4	HAWAII ST MUNI BND GO		3/1/2021			2,000,000		1,905,975		2,234,420
41981VBQ0	HAWAII ST HSG & CMNTY DEV CORP MUNI BND REV		1/1/2033			1,925,000		1,601,135		1,886,885
425506E73	HENNEPIN CNTY MINN MUNI BND GO		12/1/2009			805,000		807,231		810,394
425538AM7	HENNEPIN CNTY MINN FIRST LIEN MUNI BND REV		12/15/2019			1,560,000		1,537,975		1,880,377

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
42809HAA5	AMERADA HESS CORPORATION CORP BND		2/15/2014		1,000,000		997,688		1,101,522
428236AU7	HEWLETT-PACKARD COMPANY CORP BND		2/24/2012		27,550,000		27,540,126		29,002,710
428236AX1	HEWLETT-PACKARD COMPANY CORP BND		5/27/2011		8,500,000		8,497,671		8,623,008
428236AY9	HEWLETT-PACKARD COMPANY CORP BND		8/15/2012		750,000		749,883		765,857
429827AB4	HEF10-401 ABS 04-1 A2 144A		1/1/2044		2,100,000		1,722,217		1,722,000
429827AE8	HIGHER EDUCATION FUNDING HEF0 ABS 04-1		1/1/2044		2,100,000		1,722,222		1,722,000
429827AF5	HEF10-401 ABS 04-1 A6 144A		1/1/2044		2,100,000		1,722,216		1,722,000
429827AJ7	HIGHER EDUCATION FUNDING HEF0 ABS 04-1 A9		1/1/2044		2,100,000		1,724,968		1,724,352
429827AK4	HIGHER EDUCATION FUNDING HEF0 SECURED ABS 04-1 144A		1/1/2044		2,300,000		1,888,558		1,886,000
429827AN8	HEF04-1 ABS 04-1 A13 144A		1/1/2044		2,100,000		1,722,237		1,722,000
429827AQ1	HEF04-1 ABS 04-1 A15 144A		1/1/2044		2,950,000		2,419,176		2,419,000
43641NAL8	HMI ABS 07-2A 2A1		7/15/2020		1,472,000		1,472,000		1,460,666
43641RAB1	HOLMES MASTER ISSUER PLC CMO 144A		7/15/2021		490,500		490,500		490,255
43812TAD6	HAROT ABS08-1 A4		9/18/2014		12,250,000		11,698,265		12,911,990
43812WAC1	HONDA AUTO RECIEVABLES OWNER T ABS 09-3 A3		5/15/2013		1,750,000		1,749,722		1,769,338
438516AY2	HONEYWELL INTERNATIONAL INC CORP BND		2/15/2014		3,500,000		3,491,820		3,629,007
438670EB3	HONOLULU HAWAII CITY & CNTY MUNI BND GO		7/1/2010		2,000,000		1,998,597		2,039,660
438670KA8	HONOLULU HAWAII CITY & CNTY MUNI BND GO		7/1/2020		1,500,000		1,427,695		1,669,515
440452AD2	HORMEL FOODS CORP CORP BND		6/1/2011		1,500,000		1,555,628		1,605,102
441812KH6	HOUSEHOLD FINANCE CORPORATION SENIOR CORP BND		11/16/2009		600,000		598,641		602,006
44914PAR8	HYPOTHEKENBANK IN ESSEN AG CORP BND 144A		1/20/2012		2,500,000		2,581,376		2,639,900
449670EQ7	IMC HOME EQUITY LOAN TRUST ABS 98-3		8/20/2029		293,205		294,936		240,369
44978NAA3	ING CAP FNDG TR III SECURED CORP BND		12/31/2049		10,000,000		8,413,842		6,400,000
44982XAD9	ING USA GLBL FDG SECURED CORP BND		10/9/2009		759,000		759,000		759,000
450679BX2	ITT INDUSTRIES INC. CORP BND		5/1/2019		1,150,000		1,148,439		1,242,219
45074GAA8	IBERDROLA FINANCE IRELAND LTD CORP BND 144A		9/11/2014		4,000,000		4,010,349		4,059,590
45138LAK9	IDAHO POWER COMPANY CORP BND		11/15/2012		1,750,000		1,696,951		1,839,250
452308AG4	ILLINOIS TOOL WORKS INC. CORP BND 144A		4/1/2019		1,000,000		1,097,103		1,129,284
452308AH2	ILLINOIS TOOL WORKS INC. CORP BND		4/1/2014		5,000,000		5,275,726		5,369,500
455057ER6	INDIANA ST FIN AUTH MUNI BND REV		2/1/2019		1,000,000		1,008,063		1,196,660
455141PZ8	IN TRANS FIN AUTH MUNI BND REV		12/1/2020		2,000,000		2,006,632		2,432,420
455280YR2	INDIANAPOLIS IND LOC PUB IMPT MUNI BND REV		2/1/2010		700,000		705,923		712,061
455398MB0	INDIANAPOLIS IND MUNI BND REV		6/1/2011		2,600,000		2,632,670		2,720,380
45660NQ24	INDX CMO 04-AR4 1A		8/25/2034		485,909		282,110		358,400
45668WAC1	INX CMO 07-FLX1 A-3		2/25/2037		5,000,000		409,375		683,986
4581X0BG2	INTER AMERICAN DEV BK CORP BND EMTN		9/17/2019		4,000,000		3,993,780		4,022,760
459200BA8	IBM CORP CORP BND		11/29/2012		20,000		19,923		21,589
459200GN5	IBM CORP CORP BND		10/15/2013		20,810,000		22,951,519		23,885,843
46070MAA7	IMT CMO 02-1G A2		7/7/2034		31,215		31,215		32,657
46263RHE8	IPS MULTI-SCH BLDG CORP IND MUNI BND REV		7/15/2029		6,700,000		6,700,000		6,700,000
46513EGV8	STATE OF ISRAEL AGENCY BND		12/4/2023		13,165,000		14,056,600		14,538,110
46623EHH5	JPMORGAN CHASE & CO CORP BND		6/22/2010		1,112,000		1,112,000		1,111,846
46625HAJ9	JP MORGAN CHASE & CO CORP BND		2/1/2011		22,930,000		23,336,580		24,445,538
46625HHB9	JPMORGAN CHASE & CO CORP BND		5/1/2013		26,895,000		26,879,641		28,417,283
46625YNC3	JPMCC CMBS 05_LDP2 A4		7/15/2042		30,415,000		29,499,153		28,959,435
46625YQR7	JPMCC CMBS05-CB12 A4		9/12/2037		500,000		467,591		485,090
46625YSG9	JPMCC CMBS05-LDP3 A4A		8/15/2042		400,000		372,855		394,436
46630GAA3	JPMMT WHOLE CMO 07-A1 1A1		7/25/2035		10,614,809		10,796,926		9,749,219
46630GAD7	JPMMT WHOLE CMO 07-A1 2A2		7/25/2035		4,084,213		4,140,262		3,694,579
46630GAN5	JPMMT07-A1 WHOLE CMO 07-A1 4A2		7/25/2035		2,807,850		2,872,622		2,427,692
46630GAS4	JPMMT WHOLE CMO 07-A1 5A2		7/25/2035		10,742,889		10,638,253		9,810,870
467520QY1	JACKSON CNTY MO REORG SCH DIST MUNI BND GO		3/1/2015		1,250,000		1,268,243		1,403,000
468312DN0	JACKSON MICH PUB SCHS MUNI BND GO		5/1/2020		1,000,000		956,048		1,092,810
480772PN6	JORDAN UTAH SCH DIST MUNI BND GO		6/15/2010		900,000		906,259		923,184
481247AA2	JPMORGAN CHASE & CO-GTD CORP BND GOVT GUAR		12/1/2011		10,200,000		10,307,864		10,606,674
484873FM1	KANSAS CITY MO MUNI BND GO		2/1/2020		1,000,000		963,298		1,154,480
485424GX7	KS ST DEPT TRANSN HWY MUNI BND REV		9/1/2015		2,000,000		2,051,196		2,100,060
485428UU8	KANSAS ST DEV FIN AUTH REV MUNI BND REV		10/1/2009		1,030,000		1,030,000		1,030,000
48542KHX0	KANSAS ST DEV FIN AUTH REV MUNI BND REV		11/1/2020		2,000,000		1,897,953		2,236,260

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
48542KN62	KANSAS ST DEV FIN AUTH REV MUNI BND REV		4/1/2026		5,835,000		5,808,743		5,889,090
48542KNH8	KANSAS ST DEV FIN AUTH REV MUNI BND REV		6/1/2012		500,000		515,287		549,095
49151EXA6	KENTUCKY ST PRP & BLDG COM MUNI BND REV		10/1/2017		565,000		561,617		641,422
493897AB8	KDRE ABS 07-1A A2 144A		12/10/2043		201,744		201,753		166,705
49474EWA7	KING CNTY WASH MUNI BND GO		1/1/2011		3,000,000		3,021,002		3,125,550
500635AB3	KOREA GAS CORP CORP BND 144A		7/15/2014		675,000		669,568		711,511
50065LAA8	KOREA NATIONAL OIL CORP CORP BND 144A		7/30/2014		1,005,000		998,606		1,030,829
500769CD4	KFW INTERNATIONAL FINANCE INC CORP BND		5/15/2012		60,000,000		61,671,877		64,802,400
501044CM1	KROGER CO CORP BND		10/1/2015		1,200,000		1,198,668		1,206,438
50179MAE1	LBUBS CMBS 06_C6 A4		9/15/2039		50,000,000		49,865,007		44,481,594
508205GV7	LAKE COOK KANE AND MCHENRY CNT MUNI BND GO		12/1/2016		2,385,000		2,422,279		2,776,259
52108H6Y5	LBUBS CMBS 05-C5 AM		9/15/2040		550,000		482,890		405,453
52108HMU5	LBUBS COMM MTG TR CMBS 02_C4 A5		9/15/2031		88,000,000		87,299,039		90,162,570
52108HRB2	LBUBS CMBS03-C3 A3		5/15/2027		706,462		657,681		707,210
52108HUG7	LBUBS SENIOR CMBS03-C5 XCP144A		4/15/2037		41,654,198		150,256		202,902
52108MAF0	LBUBS CMBS05_C7 A4		11/15/2030		1,450,000		1,217,148		1,410,765
52205VAA3	LEASEPLAN CORPORATION NV — GTD CORP BND 144A		5/7/2012		19,200,000		19,195,481		19,744,704
525170BL9	LABS WHOLE CMO 03-1 A1		12/25/2033		16,048,567		14,882,286		15,306,321
52520MBY8	LMT05-2 CMO 05-2 3A1		12/25/2035		4,183,430		2,521,582		2,480,356
525221FY8	LXS ABS05-10 2A1		1/25/2036		384,390		365,062		335,788
525221HA8	LXS WHOLE CMO 06-2N		2/25/2046		5,474,187		2,293,311		2,627,899
52524PAG7	LXS07-16N ABS 07-6 3A1		5/25/2037		15,001,693		8,861,693		8,742,987
532457BD9	ELI LILLY AND COMPANY CORP BND		3/6/2012		16,775,000		16,761,002		17,516,446
542388AD5	LBART06-A 06-A_A4		5/15/2013		23,132,579		23,405,714		23,252,636
546415QH6	LOUISIANA ST MUNI BND GO		4/1/2014		5,000,000		5,266,021		5,520,000
5525V0AU0	MARSHALL & ILSLEY BANK SENIOR CORP BND MTN		6/16/2010		221,000		221,000		211,132
5525V0BC9	MARSHALL & ILSLEY CORPORATION CORP BND		2/12/2010		752,000		752,000		743,878
55262TFJ7	MBNAS ABS 00-E A		10/15/2012		100,000		100,673		103,978
55264TCA7	MBNAS ABS 03-A8 A8		12/17/2012		327,000		325,269		325,458
55265K5Q8	MASTR CMO04-1 3A1		1/25/2034		1,535,084		1,464,676		1,506,482
55608JAB4	MACQUARIE BK LTD CORP BND 144A		8/13/2019		3,000,000		3,036,423		3,173,656
559080AA4	MAGELLAN MIDSTREAM PARTNERS LP SENIOR CORP BND		6/1/2014		15,550,000		15,032,762		16,765,477
565849AG1	MARATHON OIL CORP CORP BND		2/15/2014		2,000,000		2,122,055		2,213,909
567505GY2	MARICOPA CNTY ARIZ UN HIGH SCH MUNI BND GO		7/1/2016		1,125,000		1,156,275		1,321,144
57164TAA6	MVCOT ABS02-1A A1 144A		12/20/2024		149,158		149,158		137,956
574192K66	MARYLAND ST MUNI BND GO		7/15/2013		5,000,000		5,285,412		5,698,750
575296FP8	MASON OHIO CITY SCH DIST MUNI BND GO		12/1/2019		1,000,000		987,627		1,195,710
575579GA9	MASSACHUSETTS BAY TRANSN AUTH MUNI BND REV		7/1/2015		5,000,000		5,419,779		5,982,400
575579RS8	MASSACHUSETTS BAY TRANSN AUTH MUNI BND REV		7/1/2020		35,000		35,222		41,991
575579SL2	MASSACHUSETTS BAY TRANSN AUTH MUNI BND REV		7/1/2020		1,575,000		1,500,579		1,851,617
57582NDE2	MASSACHUSETTS ST MUNI BND GO		2/1/2010		2,000,000		2,016,361		2,034,820
57582PDK3	MASSACHUSETTS ST MUNI BND GO		11/1/2018		2,000,000		1,446,171		1,859,020
57583PDB2	MASSACHUSETTS ST FED HWY MUNI BND REV		6/15/2011		3,250,000		3,328,300		3,439,118
576000AK9	MASSACHUSETTS ST SCH BLDG AUTH MUNI BND REV		8/15/2010		2,000,000		2,031,018		2,079,320
576000BE2	MASSACHUSETTS ST SCH BLDG AUTH MUNI BND REV		8/15/2022		2,000,000		1,873,521		2,259,920
576433QQ2	MARM04-8 WHOLE CMO 04-8		9/25/2034		1,372,045		1,320,298		1,016,685
576433RP3	MARM04-8 WHOLE CMO 04-9		11/25/2034		21,910		23,885		21,803
57643LLC8	MABS ABS 05-AB1 A4		11/25/2035		10,000,000		3,942,787		4,312,000
579780AD9	MCCORMICK & CO INC CORP BND		12/15/2015		1,500,000		1,450,889		1,645,350
58013MEG5	MCDONALD’S CORPORATION SENIOR CORP BND		2/1/2019		450,000		449,867		479,035
58403GAB1	MEDL CMO 07-1G-A1		2/27/2039		552,678		552,678		513,979
585055AP1	MEDTRONIC INC CORP BND		3/15/2014		2,750,000		2,853,927		2,954,166
585907AM0	MELLON BANK N.A. CORP BND		12/15/2014		4,000,000		3,640,927		4,271,366
586158KZ9	MEMPHIS TENN ELEC SYS REV MUNI BND REV		12/1/2014		2,000,000		2,025,269		2,229,140
589331AP2	MERCK & CO INC CORP BND		6/30/2015		9,550,000		9,664,347		9,989,069
589331AR8	MERCK & CO INC CORP BND		6/30/2011		4,000,000		4,000,388		4,049,122
589929W53	MLMI WHOLE 03-A4		7/25/2033		229,087		229,152		211,585
59018YN64	MERRILL LYNCH & CO INC CORP BND MTN		4/25/2018		8,750,000		7,807,266		9,162,280
590645HK6	MESA CNTY COLO MUNI BND REV		6/1/2011		2,090,000		2,136,375		2,230,929

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
592098XJ1	METROPOLITAN GOVT NASHVILLE & MUNI BND REV		1/1/2010		2,000,000		2,015,948		2,028,460
592179JG1	METLIFE INC SENIOR CORP BND 144A		4/10/2013		5,000,000		4,810,477		5,210,915
594918AB0	MICROSOFT CORPORATION CORP BND		6/1/2014		40,350,000		40,313,282		40,719,212
595620AD7	MIDAMERICAN ENERGY HOLDINGS CO CORP BND		10/1/2014		25,800,000		25,977,416		27,369,943
59562VAT4	MIDAMERICAN ENERGY HOLDINGS CO CORP BND		4/1/2018		2,000,000		1,850,185		2,130,183
602248AR7	MILWAUKEE CNTY WIS ARPT REV MUNI BND REV		12/1/2017		1,675,000		1,675,928		1,718,299
603827EJ1	MINN & ST PAUL MET ARPTS REV MUNI BND REV		1/1/2026		2,000,000		2,049,378		2,116,140
604129DZ6	MINNESOTA ST MUNI BND GO		8/1/2010		5,000,000		5,096,010		5,192,000
615337AA0	MONY GRP INC. CORP BND		3/15/2010		8,000,000		8,115,670		8,196,800
615401JW7	MOON AREA SCH DIST PA MUNI BND GO		11/15/2018		1,360,000		1,342,776		1,521,609
617446V71	MORGAN STANLEY CORP BND MTN		8/28/2017		20,500,000		21,248,203		21,263,817
61744YAD0	MORGAN STANLEY CORP BND MTN		12/28/2017		7,000,000		7,193,598		7,109,386
61745M5G4	MSC CMBS05-T19 A4A		6/12/2047		500,000		465,502		479,384
61745M6D0	MSC CMBS05-HQ6 A2A		8/13/2042		500,000		505,133		502,150
61746SBR9	MORGAN STANLEY CORP BND		10/15/2015		3,000,000		2,048,944		3,056,688
61746SBS7	MORGAN STANLEY CORP BND		1/21/2011		20,000,000		20,208,873		20,647,078
61747YCF0	MORGAN STANLEY CORP BND		5/13/2014		1,000,000		1,006,754		1,063,166
61750HAE6	MSC CMBS06-HQ10 A4		11/12/2041		2,500,000		1,981,198		2,471,179
61757UAB6	MORGAN STANLEY CORP BND GOVT GUAR		12/1/2011		9,200,000		9,319,959		9,591,092
61757UAH3	MORGAN STANLEY-GTD CORP BND		6/20/2012		3,750,000		3,748,719		3,791,588
625574HL5	MULTNOMAH CNTY ORE SCH DIST NO MUNI BND GO		6/15/2018		500,000		490,448		580,525
635405AR4	NATIONAL CITY CORPORATION CORP BND		6/16/2010		500,000		452,215		497,540
637432LT0	NATIONAL RURAL UTILITIES SECURED CORP BND		9/16/2012		1,450,000		1,447,868		1,459,835
638539AH9	NATIONAL WESTMINSTER BANK PLC CORP BND		10/1/2009		1,000,000		1,000,000		1,000,000
63866EBL3	NATIONWIDE LIFE GLOBAL FUNDING CORP BND 144A		10/2/2012		600,000		604,228		595,620
63968AQF5	NEBRASKA PUB PWR DIST MUNI BND REV		1/1/2014		6,500,000		6,500,000		6,912,295
64032EAA5	NELNET ABS 07-1 A1		11/27/2018		1,007,706		1,007,706		993,699
644682UL8	NEW HAMPSHIRE ST MUNI BND GO		6/1/2017		1,730,000		1,722,602		2,012,820
64468TRZ2	NEW HAMPSHIRE ST HSG FIN AUTH MUNI BND REV		7/1/2021		60,000		53,115		61,624
64711NJU0	NEW MEXICO FIN AUTH REV MUNI BND REV		6/1/2029		3,790,000		3,790,000		3,848,177
64953BAP3	NEW YORK LIFE GLOBAL FUNDING CORP BND 144A		5/9/2013		5,000,000		4,895,375		5,250,254
64983QWY1	NEW YORK ST DORM AUTH REVS NON MUNI BND REV		8/1/2018		2,000,000		1,978,934		2,289,360
650013T21	NEW YORK ST TWY AUTH MUNI BND REV		4/1/2019		2,000,000		1,933,927		2,231,620
650034X89	NEW YORK ST URBAN DEV CORP MUNI BND REV		3/15/2017		2,050,000		2,116,772		2,457,745
652482BG4	NEWS AMERICA INC CORP BND		12/15/2014		10,000,000		9,934,393		10,805,210
65364UAA4	NIAGARA MOHAWK POWER CORPORATI SENIOR CORP BND 144A		8/15/2019		3,000,000		3,016,508		3,040,393
656491KZ9	NORRISTOWN PA AREA SCH DIST MUNI BND GO		9/1/2021		1,000,000		1,032,210		1,125,280
663903CA8	NORTHEAST OHIO REGL SWR DIST W MUNI BND REV		11/15/2016		1,900,000		1,944,512		2,237,763
66567EBF1	NORTHERN ROCK PLC SENIOR CORP BND 144A		10/20/2009		824,000		824,000		823,415
665859AK0	NORTHERN TRUST COMPANY THE CORP BND		5/1/2014		4,000,000		4,091,264		4,246,513
66989HAA6	NOVARTIS CAPITAL CORP CORP BND		2/10/2014		21,775,000		21,755,266		22,841,620
67021CAB3	NSTAR ELEC CO CORP BND		4/15/2014		5,000,000		5,308,308		5,113,351
674599BX2	OCCIDENTAL PETROLEUM CORP BND		6/1/2016		4,000,000		3,973,027		4,078,864
677520SW9	OHIO ST MUNI BND GO		11/1/2020		2,000,000		1,901,827		2,251,780
677632HM6	OHIO ST UNIV MUNI BND REV		6/1/2011		2,000,000		2,043,941		2,134,860
67766WGU0	OHIO ST WTR DEV AUTH MUNI BND REV		12/1/2019		1,970,000		1,974,626		2,409,724
67908NLN9	OKLAHOMA ST CAPITOL IMPT AUTH MUNI BND REV		7/1/2020		2,000,000		1,915,069		2,194,860
680616PF0	OLENTANGY LOC SCH DIST OHIO MUNI BND GO		12/1/2017		2,000,000		2,006,752		2,310,920
681793T88	OMAHA PUB PWR DIST NEB ELEC RE MUNI BND REV		2/1/2018		2,000,000		1,967,959		2,231,320
68389XAC9	ORACLE CORPORATION CORP BND		4/15/2018		4,000,000		3,798,207		4,417,379
68389XAD7	ORACLE CORPORATION SENIOR CORP BND		4/15/2013		6,675,000		7,083,444		7,232,790
68402LAE4	ORACLE CORP CORP BND		1/15/2011		25,125,000		25,071,145		26,288,214
69331CAE8	PG&E CORPORATION CORP BND		4/1/2014		10,000,000		9,951,234		10,855,959
693476AV5	PNC FUNDING CORP CORP BND		3/10/2010		16,500,000		16,475,783		16,740,565
69371RZJ8	PACCAR FINL SENIOR CORP BND		10/26/2009		360,000		359,995		360,072
69373UAB3	PACCAR INC CORP BND		2/15/2012		4,000,000		3,996,676		4,325,000
694308GP6	PACIFIC GAS AND ELECTRIC CO SENIOR CORP BND		12/1/2013		13,000,000		12,918,519		14,605,126
695114BU1	PACIFICORP CORP BND		11/15/2011		1,000,000		1,010,133		1,106,527
699490AA6	BANQUE NATIONALE DE PARIBAS/NY CORP BND		7/22/2013		500,000		537,271		548,455

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
705220AM3	PECO ENERGY TRANS TR ABS01-A A1		12/31/2010		485,000		488,207		501,708
70686AAB7	PENDE ABS 07-1A 3A 144A		2/12/2016		654,000		654,000		614,760
7091412F1	PENNSYLVANIA ST MUNI BND GO		7/1/2020		1,995,000		1,919,881		2,343,546
713448BK3	PEPSICO INC SENIOR CORP BND		3/1/2014		21,350,000		21,309,554		22,079,660
71419GAB6	PERMM06-1 ABS 06-1 2A		10/15/2015		981,000		981,000		979,646
71419GAJ9	PERMM ABS 07-1 2A1		1/15/2016		981,000		981,000		975,673
717081CZ4	PFIZER INC. CORP BND		3/15/2012		23,925,000		23,897,409		25,360,438
717081DA8	PFIZER INC. CORP BND		3/15/2015		6,000,000		6,443,317		6,628,594
718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND		5/16/2013		25,875,000		25,978,573		27,511,291
718814CX2	PHOENIX ARIZ MUNI BND GO		7/1/2010		1,350,000		1,388,747		1,416,258
718849AG7	PHOENIX ARIZ STR & HWY USER RE MUNI BND REV		7/1/2012		1,905,000		1,971,970		2,090,928
721799PX6	PIMA CNTY ARIZ UNI SCH DIST NO MUNI BND GO		7/1/2010		500,000		515,989		523,825
73358WAG9	PORT AUTH NY & NJ MUNI BND REV		12/1/2019		3,500,000		3,500,000		3,774,155
73755LAF4	POTASH CORPORATION OF SASKETCH CORP BND		5/15/2019		2,000,000		2,044,017		2,238,433
737679CW8	POTOMAC ELECTRIC POWER COMPANY CORP BND		11/15/2013		1,200,000		1,080,475		1,260,360
74005PAJ3	PRAXAIR INC. CORP BND		4/1/2012		1,000,000		1,015,064		1,102,663
74005PAU8	PRAXAIR INC. SENIOR CORP BND		8/15/2019		3,000,000		2,999,513		3,070,014
741701WX0	PRINCE GEORGES CNTY MD MUNI BND GO		7/15/2014		4,630,000		4,729,476		5,157,496
742633PD6	PRIOR LAKE MINN INDPT SCH DIST MUNI BND GO		2/1/2020		1,195,000		1,163,999		1,321,957
742651DE9	PRIVATE EXPORT FUNDING CORP AGENCY BND		9/15/2017		44,100,000		44,023,950		48,645,387
742651DG4	PRIVATE EXPORT FUNDING CORP AGENCY BND		3/15/2019		20,000,000		19,900,553		20,284,399
742718DM8	PROCTER & GAMBLE COMPANY CORP BND		2/15/2015		4,000,000		3,984,921		4,094,626
743263AD7	PROGRESS ENERGY INC CORP BND		3/1/2011		10,700,000		11,039,758		11,309,398
743263AM7	PROGRESS ENERGY INC. CORP BND		3/15/2014		8,000,000		7,981,584		8,724,680
744448BU4	PUBLIC SERVICE COLORADO CORP BND		10/1/2012		8,770,000		9,541,910		10,141,936
744448CC3	PUBLIC SERVICE COLORADO CORP BND		6/1/2019		5,000,000		5,151,756		5,319,894
74451PAA1	PUB SERV NC INC CORP BND		2/15/2011		1,550,000		1,593,148		1,637,885
749241AA3	RALI07-QH9 WHOLE CMO 07-QH9 A1		11/25/2037		15,777,534		10,232,553		6,675,869
74958XAB0	RFMSI CMO 07-SA2 2A1		4/25/2037		8,637,902		5,671,897		5,258,754
75405UAE6	RAS LAFFAN LNG 3 SECURED CORP BND 144A		9/30/2012		825,000		824,704		854,469
758202AE5	REED ELSEVIER CAPITAL INC CORP BND		6/15/2010		1,750,000		1,733,634		1,696,800
758202AF2	REED ELSEVIER PLC CORP BND		1/15/2014		16,825,000		16,793,843		19,131,847
759136LA0	REGIONAL TRANSN DIST COLO MUNI BND REV		11/1/2017		1,550,000		1,550,015		1,765,357
75953MAD2	CENTERPOINT ENERGY TRANSITION ABS 01-1 A4		9/15/2015		7,679,577		8,007,016		8,246,253
76110H2P3	RES ASSET SEC WHOLE CMO 05-QA3		3/25/2035		2,136,948		1,982,781		1,284,733
76110HHG7	RFMSI03-Q16 CMO 03-QS16 A1		8/25/2018		10,057,490		9,721,288		9,538,524
761118QM3	RALI05-QS17 WHOLE CMO 05-QO5 A1		1/25/2046		498,750		224,048		270,009
771196AN2	ROCHE HOLDINGS INC CORP BND 144A		3/1/2012		29,000,000		28,875,406		30,570,824
771196AQ5	ROCHE HOLDINGS INC CORP BND 144A		3/1/2014		3,750,000		3,890,282		4,046,846
774341AB7	ROCKWELL COLLINS INC. CORP BND		7/15/2019		1,625,000		1,616,542		1,719,461
77509NAD5	ROGERS CABLE INC. CORP BND		5/1/2012		9,675,000		10,142,688		10,893,713
78008EJT5	ROYAL BANK OF CANADA CORP BND		6/8/2010		1,701,000		1,701,000		1,702,325
780097AE1	ROYAL BANK OF SCOTLAND GRP PLC CORP BND		3/31/2049		4,000,000		3,262,286		3,680,000
780427KA7	ROYAL OAK CITY MICH SCH DIST MUNI BND GO		5/1/2019		2,000,000		1,917,407		2,219,780
7832434J4	RUTHERFORD CNTY TENN MUNI BND GO		6/1/2018		1,430,000		1,431,619		1,641,683
78387GAP8	AT&T INC CORP BND		9/15/2014		4,000,000		3,842,556		4,313,490
78442GHW9	SLMA ABS03-10A A1A 144A		12/15/2016		22,350,000		22,276,746		22,350,000
78442GHZ2	SLMA ABS 03-10A A1D 144A		12/15/2016		5,000,000		4,935,258		4,972,916
78442GJD9	REP FHLP ABS 03-10A A1H 144A		12/15/2016		54,650,000		53,952,857		53,941,258
78442GQR0	SLMA ABS05-8 A4		1/25/2028		425,000		424,911		412,080
78443DAA0	SLMA ABS 07-A A1		9/15/2022		414,775		414,775		379,299
78443YAA4	SLMA ABS 07-3 A1		10/27/2014		218,835		218,835		218,470
78443YAB2	SLMA ABS 07-3 A2		10/25/2017		916,000		916,000		847,098
79548CAB2	SBM7 CMBS00-C3 A2		12/18/2033		430,389		435,457		440,129
795560AR2	SALT LAKE & SANDY UTAH MUNI BND REV		7/1/2020		1,820,000		1,725,374		1,990,589
795685BZ8	SALT LAKE CNTY UTAH SALES TAX MUNI BND REV		8/1/2017		1,550,000		1,551,546		1,773,185
802072KA5	SANTA FE N M GROSS RCPTS TAX MUNI BND REV		6/1/2019		2,000,000		1,920,641		2,162,260
806640PN2	SCHERTZ-CIBOLO-UNVL CITY TEX I MUNI BND GO		2/1/2020		2,025,000		1,924,624		2,242,526
806860AA0	SCHLUMBERGER TECH CORP CORP BND 144A		4/15/2012		1,150,000		1,232,087		1,226,291

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
809326AC5	SCOTLAND INTERNATIONAL FINANCE CORP BND 144A		8/15/2010		600,000		599,187		601,560
812643AP9	SEATTLE WASH MUN LT & PWR REV MUNI BND REV		8/1/2016		1,535,000		1,552,684		1,712,891
822582AF9	SHELL INTL FINAN CORP BND		3/21/2014		1,000,000		1,024,486		1,047,140
822582AG7	SHELL INTL FINAN SENIOR CORP BND		9/22/2011		2,550,000		2,549,899		2,554,339
826502AA4	SRFC ABS07-1A A1 144A		3/20/2019		816,882		703,112		748,100
82651AAA5	SRFC ABS07-2A A1 144A		9/20/2019		2,018,067		1,728,654		1,852,384
82651CAA1	SRFC ABS 09-1A A1 144A		12/22/2025		2,229,182		2,228,971		2,236,003
828807BZ9	SIMON PROPERTY GROUP L.P. CORP BND		5/30/2018		4,000,000		2,674,400		4,030,837
828807CB1	SIMON PROPERTY GROUP L.P. SENIOR CORP BND		5/15/2014		17,675,000		18,542,060		18,921,782
832110AK6	SMITH INTERNATIONAL INC. CORP BND		3/15/2014		2,000,000		1,993,981		2,259,147
833034AC5	SNAP-ON INCORPORATED CORP BND		8/15/2011		1,400,000		1,440,603		1,514,432
833656AD3	SOCIETE FINANCEMENT DE L ECONO CORP BND 144A		10/29/2010		18,000,000		18,011,445		18,167,580
833656AE1	SOCIETE FINANCEMENT DE L ECONO CORP BND 144A		5/5/2014		40,000,000		40,183,110		41,232,000
837562KS5	SOUTH DAKOTA ST UNIV MUNI BND REV		4/1/2020		1,545,000		1,455,755		1,635,491
842434CA8	SOUTHERN CALIFORNIA GAS CO CORP BND		10/1/2012		700,000		678,601		758,024
842434CF7	SOUTHERN CALIFORNIA GAS CO CORP BND		12/1/2009		1,000,000		998,379		1,000,496
842587CE5	SOUTHERN COMPANY CORP BND		5/15/2014		13,675,000		13,687,226		13,864,580
846042AA7	SOVEREIGN BANK — GTD CORP BND GOVT GUAR		1/17/2012		2,000,000		1,998,588		2,063,360
851018HL8	SPRINGFIELD MO PUB UTIL REV MUNI BND REV		8/1/2014		1,000,000		1,028,891		1,144,210
855030AJ1	STAPLES INC. CORP BND		1/15/2014		2,000,000		2,044,151		2,395,000
857477AE3	STATE STREET CORPORATION CORP BND		5/30/2014		1,750,000		1,748,454		1,835,101
85771SAA4	STATOIL ASA CORP BND		4/15/2019		6,000,000		6,057,818		6,462,483
85771SAB2	STATOIL ASA CORP BND		4/15/2014		16,000,000		15,993,775		16,611,061
863579J90	SARM CMO SARM 05-22 1A4		12/25/2035		9,945,000		3,008,429		3,885,360
863579KY3	SARM WHOLE CMO 05-1		2/25/2035		3,023,553		2,804,544		1,957,751
86359A5B5	SASC CMO 03-34A 3A3		11/25/2033		438,215		321,346		390,012
86359BGD7	STRUCTURED ASSET SEC CORP WHOLE CMO 04-1		2/25/2034		158,686		166,111		122,458
86359BVE8	STRUCTURED ASSET SEC CORP WHOLE CMO 04-6		6/25/2034		11,445,607		10,900,130		9,156,486
86364RAA7	SAMI07-AR6 WHOLE CMO 07-AR6 A1		8/25/2047		17,818,006		7,234,374		8,194,501
86787ARV9	SUNTRUST BK ATLANTA GA CORP BND		1/29/2010		1,190,000		1,190,000		1,189,262
86959LAA1	SVENSKA HANDELSBANKEN AB CORP BND 144A		6/10/2014		4,000,000		3,989,560		4,189,520
87244EAA0	TIAA GLOBAL MARKETS CORP BND 144A		1/12/2011		10,250,000		10,248,369		10,645,298
87244EAC6	TIAA GLOBAL MARKETS CORP BND 144A		10/10/2012		3,000,000		3,182,993		3,252,130
879385AC6	TELEFONICA EUROPE CORP BND		9/15/2010		19,500,000		20,101,317		20,669,998
880557WZ2	TENNESSEE ST SCH BD AUTH MUNI BND REV		5/1/2013		400,000		405,661		411,888
880591DT6	TENNESSEE VALLEY AUTHORITY AGENCY BND		5/23/2012		22,679,000		23,492,616		25,614,570
882720R56	TEXAS ST MUNI BND GO		10/1/2010		2,000,000		2,035,158		2,090,120
88283LCS3	TEXAS TRANSN COMMN ST HWY FD MUNI BND REV		4/1/2022		2,000,000		1,882,509		2,235,340
884903AU9	THOMSON REUTERS CORP CORP BND		5/28/2010		1,600,000		1,597,312		1,640,018
88522AAC5	THORNBURG MORTGAGE SECURITIES CMO 06-4 A2B		7/25/2036		11,378,756		10,403,541		10,923,606
88732JAS7	TIME WARNER CABLE INC CORP BND		4/1/2019		10,250,000		10,611,737		12,375,850
8935268Y2	TRANSCANADA PIPELINES LIMITED CORP BND		1/15/2019		4,000,000		4,578,610		4,671,034
893526CC5	TRANSCANADA PIPELINES LIMITED CORP BND		5/15/2012		11,675,000		12,701,936		13,343,576
89352HAA7	TRANS-CANADA PIPELINES CORP BND		6/15/2013		1,800,000		1,567,348		1,832,883
90331HKP7	U.S. BANK NATIONAL ASSOCIATION CORP BND		10/30/2014		2,750,000		2,776,491		2,944,736
90466GAB8	UNICREDITO LUXEM FIN CORP BND 144A		1/13/2017		21,750,000		21,750,000		18,690,260
904764AG2	UNILEVER CAPITAL CORP CORP BND		11/1/2010		1,500,000		1,539,144		1,595,984
904764AJ6	UNILEVER CAPITAL CORP CORP BND		2/15/2014		28,000,000		27,967,488		28,891,705
907818CV8	UNION PACIFIC CO CORP BND		1/15/2015		1,150,000		1,158,202		1,207,588
911312AL0	UNITED PARCEL SERVICE INC CORP BND		4/1/2014		3,450,000		3,443,089		3,617,830
91159HGJ3	US BANCORP CORP BND		7/29/2010		24,000,000		24,160,555		24,781,722
91159HGR5	US BANCORP CORP BND		5/15/2014		3,700,000		3,747,634		3,854,593
91160HAA5	US BANCORP — (LT) GTD CORP BND		3/13/2012		4,100,000		4,099,596		4,179,950
912810DW5	UNITED STATES TREASURY GOVT BND		5/15/2016		310,000		371,046		392,730
912810EZ7	UNITED STATES TREASURY GOVT BND		2/15/2027		2,475,000		3,067,973		3,282,889
912810FS2	UNITED STATES TREASURY GOVT IBND TIPS		1/15/2026		4,000,000		3,710,574		4,343,465
912810FT0	UNITED STATES TREASURY GOVT BND		2/15/2036		8,000,000		7,781,540		8,596,480
912810PS1	UNITED STATES TREASURY GOVT IBND TIPS		1/15/2027		6,900,000		7,247,636		7,773,560
9128275Z1	UNITED STATES TREASURY GOVT BND		2/15/2010		1,550,000		1,568,948		1,586,254

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
9128277L0	UNITED STATES TREASURY GOVT BND		2/15/2012		1,155,000		1,215,895		1,256,455
912828AJ9	UNITED STATES TREASURY GOVT BND		8/15/2012		500,000		516,891		542,845
912828AP5	UNITED STATES TREASURY GOVT BND		11/15/2012		2,465,000		2,631,545		2,658,379
912828BA7	UNITED STATES TREASURY GOVT BND		5/15/2013		7,565,000		8,102,618		8,072,763
912828BR0	UNITED STATES TREASURY GOVT BND		11/15/2013		335,000		353,736		365,874
912828CA6	UNITED STATES TREASURY GOVT BND		2/15/2014		1,490,000		1,626,721		1,611,808
912828CP3	UNITED STATES TREASURY GOVT IBND TIPS		7/15/2014		11,000,000		10,709,659		13,087,576
912828CT5	UNITED STATES TREASURY GOVT BND		8/15/2014		16,440,000		16,040,213		17,974,838
912828DE7	UNITED STATES TREASURY GOVT BND		12/15/2009		7,000,000		6,999,474		7,047,460
912828DG2	UNITED STATES TREASURY GOVT BND		1/15/2010		50,000		49,870		50,500
912828DM9	UNITED STATES TREASURY GOVT BND		2/15/2015		6,955,000		7,624,395		7,494,222
912828DV9	UNITED STATES TREASURY GOVT BND		5/15/2015		9,100,000		10,074,500		9,855,392
912828EA4	UNITED STATES TREASURY GOVT IBND TIPS		7/15/2015		5,800,000		6,284,259		6,653,221
912828EE6	UNITED STATES TREASURY GOVT BND		8/15/2015		1,000,000		1,117,390		1,089,220
912828EM8	UNITED STATES TREASURY GOVT BND		11/15/2010		1,700,000		1,699,653		1,776,534
912828EN6	UNITED STATES TREASURY GOVT BND		11/15/2015		250,000		294,235		275,718
912828EW6	UNITED STATES TREASURY GOVT BND		2/15/2016		1,000,000		1,132,864		1,103,200
912828FA3	UNITED STATES TREASURY GOVT BND		3/31/2011		1,090,000		1,153,230		1,156,523
912828FN5	UNITED STATES TREASURY GOVT BND		7/31/2011		4,500,000		4,745,528		4,830,345
912828FQ8	UNITED STATES TREASURY GOVT BND		8/15/2016		128,000,000		128,926,310		144,042,236
912828FY1	UNITED STATES TREASURY GOVT BND		11/15/2016		5,235,000		5,552,596		5,803,678
912828GA2	UNITED STATES TREASURY GOVT BND		11/30/2011		1,050,000		1,124,539		1,127,511
912828GC8	UNITED STATES TREASURY GOVT BND		12/31/2011		500,000		528,462		539,140
912828GM6	UNITED STATES TREASURY GOVT BND		3/31/2012		1,025,000		1,106,012		1,108,251
912828HA1	UNITED STATES TREASURY GOVT BND		8/15/2017		9,000,000		9,533,738		10,030,950
912828HC7	UNITED STATES TREASURY GOVT BND		8/31/2012		1,000,000		1,080,276		1,078,660
912828HH6	UNITED STATES TREASURY GOVT BND		11/15/2017		57,700,000		58,004,361		62,186,753
912828HN3	UNITED STATES TREASURY GOVT IBND TIPS		1/15/2018		3,000,000		3,075,771		3,125,297
912828HT0	UNITED STATES TREASURY GOVT BND		2/28/2013		6,000,000		6,249,963		6,229,620
912828HY9	UNITED STATES TREASURY GOVT BND		4/30/2013		1,200,000		1,262,915		1,260,132
912828JF8	UNITED STATES TREASURY GOVT BND		7/31/2010		7,750,000		7,829,530		7,903,838
912828JK7	UNITED STATES TREASURY GOVT BND		8/31/2013		1,525,000		1,604,154		1,598,276
912828JQ4	UNITED STATES TREASURY GOVT BND		10/31/2013		1,500,000		1,499,420		1,548,285
912828JX9	UNITED STATES TREASURY GOVT IBND		1/15/2019		1,000,000		1,075,918		1,056,160
912828JZ4	UNITED STATES TREASURY GOVT BND		1/31/2014		6,000,000		5,972,300		5,925,420
912828KJ8	UNITED STATES TREASURY GOVT BND		3/31/2014		50,300,000		50,050,097		49,504,254
912828KN9	UNITED STATES TREASURY GOVT BND		4/30/2014		750,000		745,771		741,225
912828KQ2	UNITED STATES TREASURY GOVT BND		5/15/2019		60,000,000		57,209,140		59,044,199
912828KW9	UNITED STATES TREASURY GOVT BND		5/31/2016		126,800,000		127,212,600		129,934,486
912828KY5	UNITED STATES TREASURY GOVT BND		6/30/2014		211,995,000		213,769,925		215,789,713
912828LL2	UNITED STATES TREASURY GOVT BND		8/31/2016		17,200,000		17,210,750		17,306,122
912833JY7	UNITED STATES TREASURY PO		5/15/2012		600,000		537,699		582,714
913017BC2	UNITED TECHNOLOGIES CORP CORP BND		11/15/2010		1,000,000		1,027,158		1,061,615
914119HX3	UNIVERSITY CINCINNATI OHIO MUNI BND REV		6/1/2018		2,015,000		1,942,133		2,226,918
914437PF9	UNIVERSITY MASS BLDG AUTH MUNI BND REV		11/1/2019		1,530,000		1,456,588		1,668,434
915506KJ7	UPPER ARLINGTON OHIO CITY SCH MUNI BND GO		12/1/2021		1,250,000		1,178,842		1,397,600
92343VAN4	VERIZON COMMUNICATIONS INC. SENIOR CORP BND		4/15/2013		4,000,000		3,907,927		4,332,281
92344SAH3	CELLCO PARTNERSHIP CORP BND 144A		11/15/2013		4,550,000		4,894,338		5,217,481
92344SAL4	VERIZON WIRELESS CAPITAL CORP BND 144A		2/1/2014		6,150,000		6,115,029		6,647,597
92344SAM2	VERIZON WIRELESS CAPITAL CORP BND 144A		2/1/2012		3,750,000		3,838,233		3,961,556
92344SAR1	VERIZON WIRELESS CAPITAL CORP BND 144A		5/20/2011		33,275,000		33,253,547		34,265,581
92553PAE2	VIACOM INC SENIOR CORP BND		9/15/2014		2,000,000		2,012,846		2,040,587
927749DT5	VIRGINIA BEACH VA MUNI BND REV		10/1/2019		1,735,000		1,691,680		1,930,361
927790BK0	VIRGINIA COMWLTH TRANSN BRD MUNI BND REV		10/1/2011		5,000,000		5,182,202		5,418,500
928109SB4	VIRGINIA ST MUNI BND GO		6/1/2012		950,000		993,127		1,051,327
928109SK4	VIRGINIA ST MUNI BND GO		6/1/2012		4,050,000		4,233,859		4,489,223
928172MS1	VIRGINIA ST PUB BLDG AUTH MUNI BND REV		8/1/2017		1,260,000		1,271,291		1,437,962
92817LEM1	VIRGINIA ST RES AUTH CLEAN WTR MUNI BND REV		10/1/2010		2,000,000		2,041,469		2,090,540
92817LFB4	VIRGINIA ST RES AUTH CLEAN WTR MUNI BND REV		10/1/2020		2,500,000		2,551,685		3,173,400

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as at September 30, 2009

Security ID	Description	Maturity Date		Par		Book Value $		Fair Value $
92857TAG2	VODAFONE GROUP PLC CORP BND		2/15/2010		16,800,000		16,951,987		17,226,369
92867AAD8	VALET ABS 07-1 A4		7/22/2013		159,651		159,651		159,032
92922F4M7	WASHINGTON MUTUAL CMO 2005-AR13 A1A1		10/25/2045		1,459,908		804,908		839,301
92922F4P0	WAMU CMO05-AR13 A1A3		10/25/2045		7,189,179		3,878,966		4,264,621
92922F7P7	WASHINGTON MUTUAL CMO 2005-AR17 A1A1		12/25/2045		10,362,385		6,120,884		6,424,678
92922FB49	WASHINGTON MUTUAL CMO 04-A13-A1A		11/25/2034		484,883		262,982		274,473
92922FZF8	WAMU04-A12 CMO 2004-A12 A2A		10/25/2044		8,995,206		5,038,625		3,210,516
92925DAB6	WAMU CMO06-AR17 1A1A		12/25/2046		4,261,529		2,010,371		2,023,374
92927BAA0	WAMU07-OA6 CMO 07-OA6 1A		7/25/2047		24,610,705		11,674,231		13,185,825
92933WAA6	WEA FINANCE LLC/WT FINANCE AUS CORP BND 144A		9/2/2015		3,000,000		2,971,170		3,004,427
9297664Q3	WBCMT CMBS 05_C20 A7		7/15/2042		500,000		470,418		483,774
9297667G2	WACHOVIA BANK COMM MTG TR SENIOR CMBS 05-C21		10/15/2044		26,000,000		25,882,959		25,672,163
92976WBE5	WACHOVIA CORPORATION CORP BND		7/26/2010		1,046,000		1,046,000		1,046,418
92979EAG8	WAOT ABS08-A A4B		3/20/2014		3,000,000		2,734,531		2,956,260
929903DT6	WACHOVIA CORPORATION CORP BND		6/15/2017		25,300,000		26,051,653		26,734,017
931142CN1	WAL-MART STORES INC CORP BND		2/3/2014		4,000,000		3,983,919		4,053,796
931142CQ4	WAL-MART STORES INC CORP BND		5/15/2014		29,800,000		29,796,305		30,483,071
931422AE9	WALGREEN CO CORP BND		1/15/2019		1,500,000		1,490,271		1,631,071
938234MJ7	WASHINGTON CNTY ORE MUNI BND GO		6/1/2020		1,035,000		989,281		1,188,232
93974A7Q1	WASHINGTON STATE MUNI BND GO		1/1/2020		2,000,000		1,911,937		2,210,360
940773U28	WASHOE CNTY NEV MUNI BND GO		7/1/2023		3,000,000		3,025,683		3,045,300
949744AA4	WELLS FARGO & COMPANY — GTD CORP BND GOVT GUAR		12/9/2011		24,800,000		24,770,984		25,716,608
949746NJ6	WELLS FARGO & COMPANY CORP BND		8/26/2011		6,000,000		6,008,059		6,372,093
94974BAZ3	WELLS FARGO & COMPANY SENIOR CORP BND		10/29/2010		14,000,000		13,808,696		14,413,512
94974BBT6	WELLS FARGO & COMPANY SENIOR CORP BND		3/22/2010		1,439,000		1,439,000		1,439,288
94974BEJ5	WELLS FARGO & COMPANY CORP BND		6/18/2010		2,119,000		2,119,000		2,114,514
94974BEP1	WELLS FARGO & COMPANY CORP BND		1/24/2011		1,177,000		1,175,537		1,176,388
949781AA6	WFMBS WHOLE CMO 05-AR1		2/25/2035		4,727,792		4,669,178		4,065,901
94981QAA6	WFMBS WHOLE CMO 05-AR16		10/25/2035		723,490		590,194		691,716
94982BAG5	WFMBS WHOLE CMO 05-AR8 3A2		6/25/2035		7,240,984		7,331,727		6,795,663
952030WE0	WEST CHESTER PA AREA SCH DIST MUNI BND GO		5/15/2013		1,510,000		1,556,257		1,704,941
961214BH5	WESTPAC BANKING SENIOR CORP BND		2/27/2015		42,775,000		42,732,048		43,353,761
967338KS2	WICHITA KANS MUNI BND REV		10/1/2010		2,000,000		2,035,942		2,075,380
971567KU5	WILMINGTON DEL MUNI BND GO		6/1/2017		1,000,000		998,869		1,177,430
977056D31	WISCONSIN ST MUNI BND GO		5/1/2014		5,000,000		5,215,060		5,402,550
97705LFY8	WISCONSIN ST MUNI BND GO		5/1/2017		2,500,000		2,482,718		2,821,125
983024AA8	WYETH CORP BND		3/15/2013		5,000,000		5,375,403		5,438,330
98385XAT3	XTO ENERGY INC. CORP BND		12/15/2018		18,375,000		18,333,325		20,233,027
D20658NG7	DEUTSCHE BUNDESREPUBLIK GOVT BND		1/4/2010		12,280,000		15,871,789		18,163,138
D20658YB6	GOVERNMENT OF GERMANY GOVT BND		7/4/2014		5,600,000		9,057,588		8,867,211
D4085B7F2	KREDITANSTALT FUER WIDERAUFBAU CORP BND		5/28/2013		42,000,000		42,411,417		42,395,640
G0501WAD8	ARRAN ABS 05-B A1		12/15/2012		240,000		240,000		232,968
G92444AB7	UK CONV GILT GOVT BND		3/7/2011		1,750,000		3,380,068		2,934,048
G92450DU9	UNITED KINGDOM GILT		12/7/2009		9,370,000		17,086,340		15,132,771
U45818RF7	INTER-AMERICAN DEV BK SENIOR CORP BND EMTN		3/24/2015		23,000,000		18,945,958		20,787,399
U45942EV4	INTERNATIONAL FINANCE CO SENIOR CORP BND MTN		5/20/2011		5,500,000		5,538,459		5,883,130
V05973JU3	AFRICAN DEVELOPMENT BANK SENIOR CORP BND MTN		2/27/2014		20,000,000		16,241,278		18,291,780
Y0338TDY5	ASIAN DEVELOPMENT BANK CORP BND MTN		12/10/2014		10,000,000		8,138,930		9,011,090
Y0338TGD8	ASIAN DEVELOPMENT BANK SENIOR CORP BND MTN		5/22/2015		27,700,000		22,162,396		24,365,473
Grand Total					7,162,790,317		6,815,657,522		7,046,079,865